ATLANTA – February 21, 2020 – Berkadia today announced the sale of Legacy Riverdale, a 615-unit garden-style multifamily property in Riverdale, Georgia. Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matthew White of Berkadia’s Atlanta office completed the $38 million sale on behalf of the seller, Atlanta-based DRI Legacy LLC. The buyer was California-based Northport Realty LLC, and the deal closed on February 4.
“This sale represents the largest multifamily community to trade in Atlanta’s southside market since 2017,” said Vetter. “Over the next few years, Metro Atlanta is forecast to have some of the strongest job and population growth in the nation, which will continue to drive the multifamily demand we are seeing throughout the area.”
Located at 6630 Church St., the property affords convenient access to Interstate 285 and the state’s largest employer, Hartsfield-Jackson Atlanta International Airport. Renovated in 2019, Legacy Riverdale features one-, two- and three-bedroom spacious floor plans, averaging 934 square feet per-unit, with wood-laminate flooring, fully equipped kitchens and private patios or balconies. Community amenities include laundry facilities, a playground, a swimming pool and barbecue areas.
The same Berkadia team also recently completed the $19 million sale of 2800 Capital Square, a 232-unit garden-style multifamily property located at 2800 Capital St. in Savannah, Georgia. The team completed the sale on behalf of the seller, New York-based URS Capital Partners. The buyer was Har Zahav, LLC, also based in New York, and the deal closed on January 8.