RADCO Acquires 615-Unit Community in Atlanta
The property last traded in 2021 for $56 million.
RADCO Cos. has purchased Legacy at Riverdale, a 615-unit community in Riverdale, Ga., from Filmore Capital Partners, according to Yardi Matrix information. The new ownership rebranded the property as Rhythm at Riverdale. RADCO’s management arm will be in charge of day-to-day operations.
The property last traded in 2021, when Filmore Capital Partners bought it for $55.5 million, the same data provider shows. Arbor Realty Trust financed that transaction with a 12-year, $34.4 million loan.
Completed in three phases between 1969 and 1971, Rhythm at Riverdale consists of 57 two-story buildings across a 48-acre site. The units have studio, one-, two- and three-bedroom layouts ranging from 550 to 1,450 square feet. Community amenities include several swimming pools, tennis and pickleball courts, laundry facilities and grade-level parking with more than 200 spots.
The property is at 750 Chateau Lane, some 13 miles south of downtown Atlanta and within 6 miles of Hartsfield-Jackson Atlanta International Airport. Most eateries and retail options in the area are clustered on both sides of Georgia State Route 85, also located near Rhythm at Riverdale.
RADCO owns several other multifamily properties in the Atlanta area, the majority acquired in 2022. The list includes the 228-unit Lyra by Radius in Duluth, Ga., the 320-unit M by Radius and the 205-unit Gibson by Radius, the last two located in Atlanta proper.
Fewer multifamily transactions, more deliveries in Atlanta
Mirroring national trends, transaction volumes in Atlanta have fallen over the past two years to the lowest levels in at least a decade, according to a recent Yardi Matrix market report. Transaction volumes fell short of the $4 billion threshold for both 2023 and 2024, against a prepandemic 5-year average in the $7 billion ballpark.
Meanwhile, a development surge is affecting advertised asking rents, even as absorption remains healthy. The average Atlanta rental rate was down 1.6 percent year-over-year as of March, while the national figure rose 1.0 percent over 12 months, another recent report shows.
