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Saratoga Capital buys Atlanta apartment community for $98.4M at auction
The 336-unit Generation Atlanta was purchased after the previous owner defaulted on a $104.4 million loan and the lender filed for foreclosure in July.
Saratoga Capital Partners purchased the 336-unit Generation Atlanta apartment community on Centennial Olympic Park Drive for $98.4 million in a foreclosure auction, ConnectCRE said.
ConnectCRE reported that Frankforter Group previously owned the property and that it later defaulted on a $104.4 million loan. The lender, Arbor Realty Trust, filed for foreclosure in July, according to the outlet.
The project last changed hands in late 2021, when Frankforter bought it from Kaplan Residential for $126.9 million, a record sale at the time, ConnectCRE added.
ConnectCRE also said Invest Atlanta provided a $4 million grant that helped convert 66 market-rate apartments to affordable units at 60 percent AMI. The community offers studio, one- and two-bedroom floor plans.