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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.

The complex’s owner Presidential Gardens Partnership donated the space, three 400-sf apartments within the Presidential Greens, for the clinic’s use. There has been no indication that the center will be moved under the new ownership. However, area congressman Rep. Jim Moran did request $600,000 in a housing appropriations bill to fund a new and larger site for the clinic.

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