Saratoga Capital Pays $98.4M at Auction for Atlanta Apartment Community
Saratoga Capital Partners bought the 336-unit Generation Atlanta community on Centennial Olympic Park Drive for $98.4 million in a foreclosure auction.
Frankforter Group was the building’s previous owner. In late 2021, Frankforter bought the project from Kaplan Residential for $126.9 million, then a record sale.
The Atlanta Business Chronicle reports that since then, Frankforter has defaulted on a $104.4 million loan, and the lender, Arbor Realty Trust, filed for foreclosure in July. As a result of a $4 million grant from Invest Atlanta, the Frankforter Group converted 66 market-rate apartments to affordable options at 60 percent AMI.
Located a few blocks north of renowned Downtown landmarks such as the Georgia Aquarium, the World of Coke and Centennial Olympic Park, Generation Atlanta offers studio, one- and two-bedroom floor plans.
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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