The apartment tower that once set the record for the most expensive property trade in downtown Atlanta sold last week on the courthouse steps, for roughly $28 million less than it fetched five years ago.
An affiliate of New York-based private equity and alternative asset management firm Saratoga Capital Partners bought the 336-unit Generation Atlanta community on Centennial Olympic Park Drive for $98.4 million at an Aug. 4 foreclosure auction, according to Fulton County deeds. A representative for the firm could not be reached.
The seller's path there was a long default. An affiliate of Montreal-based asset management firm Frankforter Group owned the building and defaulted on a $104.4 million loan; the lender, an affiliate of New York-based Arbor Realty Trust, filed to foreclose in July. It was not the first attempt — the lender had also filed after a 2024 default, though Frankforter held onto the property that time. Frankforter did not respond to a request for comment.
One piece of the building's public commitments survives the ownership change. Frankforter was still listed as owner in a 2025 Invest Atlanta fact sheet, and in March 2025 the city's economic development arm authorized a Westside TAD Ascension Fund grant of up to $4 million to convert 66 apartments into affordable units. An Invest Atlanta spokesperson said those conversions are still slated to happen: the agency placed a land use restriction agreement on the property, and it remains in force regardless of who owns the building.
Generation Atlanta sits a few blocks north of the Georgia Aquarium, World of Coca-Cola and Centennial Olympic Park, and offers studio, one- and two-bedroom floor plans. Florida-based Kaplan Residential delivered it in 2020. Frankforter bought it from Kaplan in late 2021 for $126.9 million — at the time, the priciest downtown Atlanta multifamily sale on record. The gap between that number and last week's is a reasonably precise measure of what has happened to downtown apartment values since.
Original reporting: Atlanta Business Chronicle (2026-08-11)
