A Presidential Sale

Chandler Management Co. sold the 397-unit Presidential Greens apartment complex in Alexandria, VA, to United Dominion Resources for $29.8 million. The sales price represents $99 per square foot and $75,063 per unit. The 397-unit Presidential Greens is located at 3801 Executive Ave. in the Colonial Park area of Alexandria. The apartments encompass 300,000 rentable square feet on a 9.5-acre parcel. The property was constructed in 1938 and underwent a comprehensive renovation in 1988, which included the installation of new kitchens, bathrooms, laundry facilities and heating and air conditioning. The unit mix consists of one- and two-bedroom apartments, ranging in size from 590 to 776 square feet. Monthly rental rates range from $645 to $1,125. At the time of the sale, the property was approximately 97% occupied. Shawn Donahue, an investment specialist in Marcus & Millichap Real Estate Investment Brokerage Company’s Washington, D.C., office, had the exclusive listing to market the property for the seller, Chandler Management Company, a Williamsburg, Va.-based private investor group. Donahue is a member of Marcus & Millichap’s National Multi Housing Group, a division of the company focused exclusively on the marketing of multi-family investment properties. Donahue submitted the property into the firm’s national marketing system and generated a competitive bidding environment before securing and representing the ultimate buyer, United Dominion Resources, a Richmond, Va.-based investment partnership.