Milton Apartments Trade for $179.7M
Olen Properties Corp. purchased the development formerly known as IMT Deerfield in Milton for $179.7 million. IMT Residential was the seller. The sales price comes out to nearly $600,000 a unit.
The Atlanta Business Chronicle reports the company paid $104.5 million for the property in 2015. It has since been rebranded as Magnolia at Milton.
Situated near the Milton-Alpharetta border, the community spans two adjacent parcels located at 13125 Morris Road.
Magnolia at Milton features more than 300 multifamily units sprawled across nearly 60 combined acres, per county property records. The community offers one-, two- and three-bedroom floor plans, according to its website.
Resident amenities include three pools, a kids’ playground, a pet park, a pair of tennis courts and a 6,000-square-foot two-story fitness center.
Olen Properties owns another dozen metro Atlanta apartment communities located in Alpharetta, Dunwoody and Sandy Springs.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout