Dashiell Realty Sells Atlanta Community for $38M

The company had purchased the 615-unit asset in 2017 for almost half the current price.
Legacy at Riverdale
Legacy at Riverdale

Dashiell Realty has sold Legacy at Riverdale, a 615-unit community in Riverdale, Ga., according to Clayton public records. A private investor paid $38 million for the Class C property, making use of a $33.5 million acquisition loan from Bancorp Bank, which is due to mature in 2023. Yardi Matrix data shows Dashiell purchased the asset in 2017 for $18.5 million from a private owner.

Located at 6603 Church St., Legacy at Riverdale consists of 57 two-story buildings developed between 1969 and 1971 across almost 49 acres. The unit mix features studio, one-, two- and three-bedroom floorplans, as well as two-story townhouses, averaging 877 square feet. Amenities include a tennis court and five swimming pools. According to Yardi Matrix files, the community was 96.2 percent occupied as of January. Stonemark will serve as property manager.

Legacy at Riverdale is some 13 miles south of downtown Atlanta, near a dense retail area alongside State Route 85 that includes Riverdale Plaza Shopping Center. Hartsfield-Jackson Atlanta International Airport is 6.5 miles north of the community. The property is also less than 3 miles north of a 294-unit community that traded for almost $31 million last February.