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Presidential Greens Sells for $30M

ALEXANRDIA, VA-The Presidential Greens, a 64-year old, 397-unit apartment complex, gets a new owner as United Dominion Realty Trust acquires the property in a $30.2 million deal. The sale also includes United Dominion's assumption of a $20.3 million financing loan for the complex.

By Barbra Murray | Updated on May 29, 2002

ALEXANDRIA, VA-United Dominion Realty Trust Inc. has acquired the 397-unit Presidential Greens Apartments for $30.2 million, a purchase price that comes with an 8.9% cap rate. The deal includes United Dominion’s assumption of $20.3 million in financing attained last year from GE Capital Real Estate through the Henry S. Miller Capital Markets Group. The financing deal was the largest single asset loan Capital Markets had ever closed.

Built in 1938 at 3804 Executive Ave., the colonial-designed Presidential Greens has undergone extensive renovations over the years and is currently 98.5% occupied with tenants. The apartment building is also home to the Arlandria Health Center for Women and Children, a free clinic established in the building in 1993 by the Alexandria Health Department to serve low-income area residents.

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