A large apartment complex in Milton, north of Atlanta, has been sold for nearly $180 million, setting a new record for multifamily property sales in the metro area for 2025. Olen Properties, based in Newport Beach, California, purchased the community—now called Magnolia at Milton—for $179.7 million. The transaction was finalized on December 11 and is currently the highest-priced apartment sale in Atlanta this year.
The property is located at 13125 Morris Road near the border of Milton and Alpharetta. It was previously known as IMT Deerfield and owned by IMT Residential from Sherman Oaks, California. IMT acquired it in 2015 for $104.5 million, according to Fulton County records. Over roughly ten years, the value increased by about $75 million—a rise of more than 70 percent.
This deal surpasses two other significant apartment transactions in Atlanta earlier this year: Bell Partners’ purchase of Rock Springs Village in Druid Hills and Cortland’s acquisition of Cortland at Buckhead Village from Adam Neumann’s Flow venture. Both those deals closed at $150 million each.
Magnolia at Milton covers almost 60 acres across two parcels and was built in phases starting in 2001. The complex offers over 300 units with one-, two-, and three-bedroom options. Current asking rents range from around $1,400 to over $2,300 per month, reflecting steady demand for higher-end suburban apartments despite tighter capital markets.
Amenities include three swimming pools, a two-story fitness center measuring approximately 6,000 square feet, tennis courts, a playground, and a dog park. Its proximity to major employment centers in Alpharetta and North Fulton likely contributed to its high sale price.
Olen Properties owns about a dozen other apartment communities throughout metro Atlanta suburbs such as Alpharetta, Dunwoody, and Sandy Springs but did not provide comment on this recent acquisition.
