California Investor Pays Highest Amount In 2025 For An Atlanta-Area Apartment: The Atlanta Deal Sheet
Newport Beach-based Olen Properties paid top dollar among 2025 multifamily sales in Metro Atlanta for an Alpharetta apartment complex.
Olen purchased Magnolia at Milton, an upscale apartment complex at 13125 Morris Road, for $179.7M from Sherman Oaks, California-based IMT Residential, according to tax records filed in the Georgia Superior Court Clerks' Cooperative Authority database.
Magnolia’s purchase price is some $29M more than the two previous top apartment sales in Metro Atlanta: Bell Partners’ acquisition of Rock Springs Village in Druid Hills in November and Cortland’s purchase of Cortland at Buckhead Village from Adam Neumann’s Flow earlier this year. Each of those properties traded for $150M, according to data compiled by Partners Real Estate.
IMT purchased Magnolia in 2015 for $104.5M, according to Fulton County property records. According to Trulia, rents range from $1,400 to more than $2,300 per month.
SALES
Miami-based Highline Real Estate Capital purchased Salem Gate Market, a 178K SF shopping center at the intersection of Old Salem Road and Highway 138 in Conyers, for $25.4M. The property, anchored by Floor & Decor and Academy Sports, was previously owned by an LLC tied to Illinois-based Tri-Land Properties.
Highline also sold Conyers Commons, a 27K SF strip center off Georgia Highway 20, to CenterSquare Investment Management for an undisclosed sum. The center is home to Panda Express, FedEx and Smoothie King and is an outparcel to a larger 92K SF center, of which Highline retained ownership.
JLL’s Brad Buchanan and Jim Hamilton brokered the deal on behalf of the seller. CBRE’s Matt Karempelis, Rachel Smith, Kevin Hurley and Joe Morrison represented Highline.
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An affiliate of GEM Realty Capital acquired The Phoenix at Braselton, a 162-unit senior housing community in Hoschton, from Phoenix Senior Living for an undisclosed sum. The Phoenix, built in 2020, boasts 90 independent living units, 48 assisted-living units and 24 memory care units. It is 93% leased, according to a press release.
JLL’s Jay Wagner, Rick Swartz, Aaron Rosenzweig, Timothy Hosmer and Sean Kirk brokered the sale.
LEASES
Nonsurgical hair growth studio Great Many has inked an 1,800 SF lease to bring its first facility to the Southeast at Buckhead Village.
Jamestown Properties’ Jonny Isbitt represented the landlord in the lease, while Isaacs and Co.’s Nick Cowan represented Great Many.
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Juneau Construction Co. renewed and expanded its lease from 20K SF to 40K SF at Pennant Park at The Battery Atlanta in a long-term commitment to the project, according to a press release. The deal gives Juneau two full floors through 2037.
Colliers’ Jodi Selvey and Meredith Selvey represented Juneau in the transaction. Pennant Park is owned by the real estate arm of the Atlanta Braves.
PERSONNEL
Melanie Garlock-Wolfe has departed Partners Real Estate and joined JLL’s office leasing team of Adam Viente and Brooke Dewey. Wolfe joined Partners in September 2024 when the firm snagged the office leasing agency team from Cushman & Wakefield, including Aileen Almassy, Will Porter and Andy Sumlin.
With more than five years of experience, Wolfe has helped lease more than 2M SF.
