Olen Nabs Magnolia at Milton in Record $180M Atlanta Deal

A sprawling garden-style apartment complex north of Atlanta just set a new high water mark for metro multifamily deals in 2025.

Newport Beach, California-based Olen Properties bought the 300-plus-unit community formerly known as IMT Deerfield in Milton for $179.7 million, according to Fulton County deeds. The purchase closed Dec. 11 and now stands as the priciest apartment sale in the Atlanta area in 2025, Bisnow reported.

The property, rebranded as Magnolia at Milton, is at 13125 Morris Road near the Milton-Alpharetta border. Olen acquired the complex from Sherman Oaks, California-based IMT Residential, which had owned it for about a decade. IMT paid $104.5 million for the property in 2015, county records show, marking a roughly $75 million jump in value over that span, or more than 70 percent.

At nearly $180 million, the deal leapfrogs two earlier nine-figure apartment trades that had topped the charts in 2025. 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 each closed at $150 million, according to data compiled by Partners Real Estate.

Magnolia at Milton spans nearly 60 acres across two adjacent parcels and was completed in phases beginning in 2001, according to the Atlanta Business Chronicle. The community includes more than 300 one-, two- and three-bedroom units. Asking rents range from about $1,400 to more than $2,300 per month, according to Trulia, reflecting continued demand for upscale suburban apartments, even as capital markets remain tight.

Amenities include three pools, a two-story fitness center totaling about 6,000 square feet, tennis courts, a playground and a dog park. That mix, paired with the property’s location near major job centers in Alpharetta and North Fulton, likely helped justify the premium pricing.

Olen, which owns roughly a dozen other apartment communities across metro Atlanta in suburbs like Alpharetta, Dunwoody and Sandy Springs, did not comment on the acquisition.

— Eric Weilbacher