So I'm pretty sure they made the mini-neighborhood for the set, but... are they near "real" homeowner property where people still live? Or did they buyout all nearby land and homes to turn them into part of the set as well?
They showed it on the Talking Dead at some point. That's a real neighborhood with people living in those houses. But the developer of the community is also the owner of the studio they film in down the road. So the community itself was built to be used as sets for movies/shows, but also for people to live.
http://www.ew.com/article/2015/03/27/walking-dead-you-can-live-alexandria
“It’s called the Gin Property development outside of Senoia where our studios are,” Hurd tells EW. “And luckily the community was developed by the same people who own the studios. Part of the covenant in the CC&Rs of that community is that it is designed to be a haven and a draw for filming, so that’s something that all the residents there were aware of—[though they] may have forgotten. But I have a feeling the blasting lights at three in the morning probably reminded them.”
CC&Rs stands for Covenants, Conditions & Restrictions, which basically are rules placed on homes by—in this case—a developer. So if you want to buy a house and live there, you agree to the conditions. And now one of those conditions has become a giant 15-foot wall around the majority of the property to simulate the wall around Alexandria in the comic books on which the show is based. According to the Newnan Times-Herald, the studio has a wall permit that extends to Nov. 30, 2015, with the option for annual renewals through 2019. That’s a lot of wall. (It should also be noted that Alexandria is still an active community in the comic books, so folks could be there for a while.)