A multifamily investor with 10 properties in Metro Atlanta has acquired a 17-story luxury apartment tower from its embattled borrower.

New York-based Saratoga Capital Partners purchased Generation Atlanta, a 336-unit high-rise at 369 Centennial Olympic Park Drive, for $98.4M in a foreclosure auction on Aug. 4, according to records in the Georgia Superior Court Clerks' Cooperative Authority database.

Quebec-based Frankforter Group was the previous owner of the property and held a $104.4M loan that was originally executed by Arbor Realty Trust but transferred in 2024 to a new LLC that included Synovus Bank. 

The loan was set to mature in December, according to property database Reonomy, but an affiliate of the lenders — an LLC titled Generations Property Owner — advertised to foreclose on Generation Atlanta last month in the South Fulton Neighbor newspaper.

According to the foreclosure notice, the lenders accelerated the maturity date on the loan “because of, among other possible events of default, failure to pay the secured indebtedness.”

Saratoga and Frankforter didn’t respond to requests for comment in time for publication.

This isn’t the first time Frankforter has faced foreclosure on Generation Atlanta. 

The firm’s 2021 purchase of the Downtown apartment tower from Kaplan Residential for nearly $127M set sales price records at the time. By 2024, Generations Property Owner filed to foreclose on its loan after Frankforter defaulted on its debt servicer and failed to maintain at least $7.4M in liquidity, Bisnow previously reported. 

But in May of that year, Generations Property Owner revised the loan’s maturity date, according to the latest foreclosure documents. 

Generation Atlanta is Saratoga’s first urban apartment complex in Metro Atlanta. It owns 10 other properties in the metro area in mainly suburban settings, including Dunwoody Exchange off Shallowford Road, Hillcrest at Brookhaven and 1700 Exchange in Norcross, according to its website. 

Invest Atlanta, the economic development agency for the city of Atlanta, approved a $4M tax allocation district grant in March of last year for Frankforter to convert 66 units into affordable housing for renters earning no more than 60% of the area median income.

While the work was never completed, the units are still slated to undergo the affordable conversion due to a land use restriction agreement on the property, Invest Atlanta told the Atlanta Business Chronicle.