The building, proposed by LV Collective, would house 480 units on the top 27 stories.
The move comes less than six months after the builder, McKinley Homes, brought in a full-time sales staff and boosted property tours.
The seller, Hudson Capital Properties, acquired the property for $68.2 million in 2016.
Jair Lynch Real Estate Partners said the purchase will be the first of many it will make in Atlanta and the Southeast.
The acquisition of Collier Flats brings the new real estate company’s Upper Westside apartment portfolio to four communities.
The initial phase of Waterside, which is situated on the Chattahoochee River in Peachtree Corners, featured single-family, detached homes and two-story front-entry and three-story rear-entry townhomes.
A developer is building a 186-apartment community where Reid’s Body Shop stood for more than 60 years.
The 294-unit community is within walking distance of Sugar Hill’s new E-Center, a 150,000-square-foot mixed-use facility in the city’s central business district.
The Monroe apartment community encompasses 217 units and is located on the Northside BeltLine and Bobby Jones Golf Club.
The Cove at Covington Town Center, as the apartments will be called, is one component of the overall mixed-use development, which will also include townhomes, a movie theater, Publix supermarket, office space and hotels.