ATLANTA, GA - CBRE, Inc. announced the sale of the multifamily property AMLI at Milton Park in Alpharetta, Ga. Renamed Lakeside at Milton Park, the 461-unit mixed-use complex was purchased by Olen Properties. CBRE’s Paul Berry, Ashish Cholia, Malcolm McComb and John Whitlow represented the seller, a venture of AMLI Residential and Northwestern Mutual.
Completed in 2004, AMLI at Milton Park was far ahead of its time. The overall Milton Park development utilized its highly landscaped street grid to combine class A apartments, class A office, for-sale residential and a picturesque park with lake into one of Metro Atlanta’s most pleasing mixed-use environments. The apartment buildings themselves reflected classical architecture inspired by Charleston’s “Rainbow Row,” creating the look of dozens of attached urban row homes. The underlying buildings, however, possessed the layouts and modern operational efficiencies of institutional grade garden apartments. That combination, plus abundant amenities, have proven effective at attracting many of Alpharetta’s most discerning residents for 13 years.
Paul Berry, who led the sale assignment for CBRE, noted, “AMLI at Milton Park is the rare ‘Perfect 10’ apartment investment. AMLI and Northwestern Mutual infused the property with inspired site design and building architecture, then diligently maintained it for 13 years. By 2017, those features combined with significant value-add potential, Alpharetta’s demographics and employment characteristics and North Fulton barriers to development made AMLI at Milton Park the ideal buy-and-hold investment for a long-term investor like Olen Properties.”
The new owner will look to enhance unit interior details and amenities to keep the property among Alpharetta’s leaders.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com