Featured Project: Clear Bay Capital Acquires First Multifamily Asset in Atlanta
Check out our newest featured project submitted by a CREC member!
Parker Stone ‘16, Principal at Clear Bay Capital and member of the Cornell Real Estate Council, co-led the firm’s first acquisition: an off-market, distressed multifamily community in Atlanta, Georgia. Situated in the booming submarket of Coweta County, the asset, Forest Glen, presents significant upside for the firm. At the time of purchase, nearly 20% of units were uninhabitable and required a complete renovation. Once completed, the total capex invested will approach $1 million and allow the firm to capture the exceedingly fast rental price growth. With revenue already surpassing the month twelve underwritten target after just four months of ownership, Clear Bay is expecting to return most, if not all, of the original equity invested via a cash-out refinancing—ultimately facilitating an “infinite” cash-on-cash yield to investors for the remainder of the hold period.
“We are pleased with the progress we have seen so far, and having the Cornell real estate community in my corner has been immensely helpful. Throughout the process, from acquisition to refinancing, I’ve talked to numerous alumni that have been helping me think through problems and cheering me on as I reach different milestones,” said Stone. “I’m very excited to have the opportunity to work with Cornell alumni on future projects.”