Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Gateway Beltline Land, 8.5 acres of land located inAtlanta, GA, according to John M. Leonard, regional manager of the firm’s Atlanta office.

Paul Johnson and Marvin Chapman, investment specialists in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured by Paul Johnson and Marvin Chapman. 

Gateway Beltline Land is located at 1246 Allene Avenue SW in Atlanta, GA. Overcoming environmental challenges on the federal and state levels, its sale represents a trend in a south Atlanta market transitioning from previous industrial uses into mixed-use and dense, multi-residential development. The buyer, a leading apartment developer in the Atlanta market, will develop the property into 323 multi-family units. This Class A asset will have one-third of a mile of frontage along the Atlanta Beltline, a paved 22-mile transit path that will connect 45 neighborhoods, 33 miles of multi-use trails and 1,300 acres of land. The Atlanta Beltline has driven $7 billion of investment around Atlanta to date. Upon full completion, this project will be the first Class A apartment community developed in the West End Submarket of south Atlanta.