ATLANTA, GA – Crown Bay Group, a Georgia based real estate investment firm, has bought The Pines at Greenbriar in Atlanta and Mountain Oaks in Stone Mountain. The communities total 544 units and are located in high demand areas. The value of the acquisition was $27.7 million. Crown Bay now owns 10 communities throughout the state of Georgia.

“These were perfect properties for our investors’ portfolio,” said Steve Firestone, managing partner and CEO of Crown Bay Group, LLC. “The portfolio emphasizes properties that are cash flowing but offer multiple opportunities for added value. With both communities, we plot to update units with our standard package to include, new appliances, flooring and lighting as appropriate, as well as update community amenities, and implement management operating efficiencies through our own Crown Bay Management Company.”

The Pines at Greenbriar was originally built in 1972 and rehabbed in 2016-17. The 376-unit community is located in Atlanta near the Greenbriar Mall and Hartsfield Airport. Its three-tale buildings include 1-, 2- and 3-bedroom apartments with up to 1,175 square feet.

“Southwest Atlanta has become a fantastic place to live and work,” said Firestone. “It has fantastic shopping, food and entertainment being close to the Camp Creek Marketplace, and is located on a MARTA line, making transportation easily accessible for residents.”

Mountain Oaks is a 168-unit community that was built in 1972 and has undergone some renovations, which Crown Bay will continue to work on. The development offers both apartments and townhomes in a woodland and park-like setting. Mountain Oaks includes a community pool and clubhouse with a fitness center as well as a neighborhood playground and even a full size soccer field! Units include upgraded standard features like hardwood floors, plush carpeting, upgraded appliances and walk-in closets.  

“Both The Pines and Mountain Oaks are gated communities, which makes them even more attractive to potential tenants and long-term renters,” said Firestone.

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PROVIDENCE, RI – GMH Capital Partners, along with Wexford Science & Technology and Shawmut Design and Construction, will celebrate the ‘Topping Off’ of River House on May 22, 2018. River House is the newest residential community on the Providence River and will complete the South Street Landing Development. A typical ‘Topping Off’ event is the builders’ rite traditionally held when the last beam is placed atop a structure during construction.

“It is fitting that this ceremony marks the start to making of a whole new approach to a residential property for a life science mixed-use community combining two key focus points: residents in our student housing properties as well as professionals living in our conventional multi-family communities,” said Gary Holloway, Jr., president of GMH. “It will make an ideal environment for all residents to thrive and succeed,” finished Holloway.

River House is being developed by GMH Capital Partners and being constructed by Shawmut Design and Construction. River House, compiled of 174 units and 270 beds, is a life science purpose built Class-A, riverfront residential community located on the Providence River just north of Point Street Bridge and in the heart of the New Providence Innovation and Design District of Downtown Providence. River House is pedestrian to Brown’s Alpert Medical School and a small distance to main College Hill Campus for Brown University, URI, RIC Nursing Education Center and other nearby institutions, universities, offices, retail, restaurants and more. The unit mix will contain studio, one and two bedroom apartments. River House will enhance the community’s ability to access the River and experience convenient pedestrian living.

River House is a critical component of the live, work, play, learn community under development in downtown Providence,” said Joe Reagan, senior vice president, development for Wexford Science & Technology.  “We are thrilled to work with GMH Capital Partners on this addition to South Street Landing and celebrate with them this project milestone.”

“We are proud to combine residential and commercial spaces to make a vibrant ecosystem that will not only serve future tenants, but the entire community, said Ron Simoneau, Vice President at Shawmut Design and Construction. “At Shawmut, we’ve been fortunate to partner on a number of collaborative live/work/play projects in Providence and beyond, and we are exciting to reach this vital milestone.”

The construction of River House started in October 2017 and is set to commence by May 2019. Leasing will start fall 2018 with an August 2019 go in. Community features include bike storage, self-serve complimentary coffee bar, health and fitness center, private and group collaborative space, business center and outdoor grilling and entertainment area complimented by perfectly designed apartments. 

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DENVER, CO – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., announced it has broken ground on Modera West Wash Park, a luxury apartment community in the city’s Washington Park neighborhood just southeast of downtown. 

The community, which will feature 241 apartment homes, will be distinguished by its 9,300 square-foot rooftop deck that will provide scintillating views of the Rocky Mountains, Downtown and the Denver skyline. The deck will also feature a resort-style swimming pool, spa, cabana, outdoor TV lounge, fire pits and grilling stations. Mill Creek is targeting early 2020 for first go-ins. 

“Denver is a vintage market right now that possesses an incredible combination of job growth, housing demand and positive demographic trends,” said Brian Wynne, senior managing director of the Mountain States for Mill Creek Residential. “That’s not to mention that Wash Park is the epitome of Denver living both in aesthetic appeal and the lifestyle Denverites aspire to live. As the most well loved neighborhood in the city, Wash Park is flanked by gorgeous mountain views and loaded with lifestyle-rich neighborhood amenities.” 

Situated at 400 N. Grant Street just southeast of downtown, Modera West Wash Park is being constructed in a well loved hub for young professionals just southeast of downtown. Washington Park and its adjacent neighborhoods, such as Cap Hill and Cherry Creek, are home to an eclectic array of local retailers, nightlife establishments, dining options and recreational opportunities. The Cherry Creek Trail, for instance, contains 42 miles of trails that connect to several distinct sectors of the metro area. An entrance to the trail is directly adjacent to the community. 

Modera West Wash Park will be extremely commuter-friendly, boasting near-immediate access to the city’s key thoroughfares such as Speer Boulevard, Sixth Avenue and the north-south combination of Lincoln and Broadway. The site also boast a Walk Score of 93 and Bike Score of 95. The state’s key vessels of Interstate 25 (north-south) and Interstate 70 (east-west) are within a few-minute drive of the community, which is in prime position to benefit from Denver’s thriving and diverse employment sector. 

The city’s economy is driven by nine distinct industries, including aerospace, aviation, bioscience and energy. Technology/software experienced a 9.4 percent job growth in the region in 2015 and financial services experienced the greatest boost in 2016. Forbes ranked Denver as the best place for business and careers in both 2015 and 2016. The city is home to Fortune 500 companies such as Wells Fargo, CenturyLink, DaVita and BP. 

Modera West Wash Park, being developed in an area that will isolate it from most of the city’s incoming inventory, will contain studio, 1- and 2-bedroom homes with an average square footage of 864 and townhomes available. In addition to the magnificent rooftop deck, community amenities will consist of a club-quality fitness center on a glass-walled mezzanine overlooking the pool deck, a dog wash and dog run, bike maintenance and storage and reserved parking. 

Apartment interiors will include nine-foot ceilings, wood plank-style flooring, quartz countertops, stainless-steel Energy Star appliances, custom 42-inch cabinetry, upgraded fixtures, pendant lighting, tile backsplashes, king-size bedrooms with walk-in closets and full-size frontloading washers and dryers. Select homes feature premium views, a private patio or balcony, double vanities, Roman-style tubs, pass-through closets and built-in storage and shelving. 

Modera West Wash Park is the eighth Denver-based development for Mill Creek. Others include Modera Observatory Park and Modera River North.

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