A garden-style apartment complex in Milton, just north of Atlanta, has become the most expensive multifamily property sold in the metro area for 2025. Olen Properties, based in Newport Beach, California, purchased the 300-plus-unit community now called Magnolia at Milton for $179.7 million. The sale was finalized on December 11 and surpasses previous records for apartment sales in the region this year.
The complex is located at 13125 Morris Road near the border between Milton and Alpharetta. Olen acquired it from IMT Residential, a Sherman Oaks, California-based company that had owned the property for about ten years. In 2015, IMT paid $104.5 million for the site, according to county records. This latest transaction represents an increase of roughly $75 million over that period.
Magnolia at Milton covers nearly 60 acres across two parcels and was developed in phases starting in 2001. The community offers more than 300 one-, two-, and three-bedroom units with monthly rents ranging from approximately $1,400 to over $2,300. Amenities include three swimming pools, a two-story fitness center measuring about 6,000 square feet, tennis courts, a playground, and a dog park.
This deal eclipses earlier major transactions this year: Bell Partners’ acquisition of Rock Springs Village in Druid Hills and Cortland’s purchase of Cortland at Buckhead Village from Adam Neumann’s Flow venture—each closing at $150 million.
Olen Properties owns around a dozen other apartment communities throughout metro Atlanta suburbs such as Alpharetta, Dunwoody, and Sandy Springs but declined to comment on this latest acquisition.
