A Macon apartment development sitting on 50 acres with a pond in the center of the site has been sold to an Atlanta company.
Kenilworth Manor, formerly known as Crystal Lake Apartments, on Crystal Lake Circle, has been bought by Crown Bay Group, according to a news release. The company has already change the name back to Crystal Lake Apartments.
“This is a very interesting property and we are very excited to bring it back to a high standard,” Crown Bay CEO Steve Firestone said in an email.
Work on the properties has already begun and “some big improvements” should be seen soon, he said.
Kenilworth Manor is comprised of an 11-story apartment block, a five-story midrise block as well as a mix of two-story garden apartments, townhouses and “even a cluster of odd cubed-shaped single-story houses,” the release said. “This was built as a cutting edge dynamic community project at the time, but has gone into some disrepair over the years.”
The buildings are surrounded by trees with a nature trail around a 6-acre lake.
“On the first day this came on the market I knew I wanted it,” Firestone said in the release. “I drove down the next day and made a deal. We are going to bring this back to its former glory and more.”
The company also bought an apartment complex in Atlanta at about the same time.
Crown Bay Group is a privately held real estate investment and asset management company with a focus on multifamily properties, the release said. The company specializes in value-add properties in markets with good growth potential. The company is expanding its footprint within the Southeast.