Chase Arbor Apartments Snapped up for $33M

VIRGINIA BEACH, VA-Ownership of the Chase Arbor Apartments, a complex of 430 residential units, has changed hands in a recent $33-million transaction. With the assistance of CB Richard Ellis, the owner–a UBS Realty Advisors client–sold the luxury property to Edwin A. Joseph. Joseph is owner and chairman of Great Atlantic Management Co., which will take on the management activities at Chase Arbor.

“Mr. Joseph owns a number of other properties in the area, and he has a really good knowledge of that market,” a Great Atlantic spokesperson tells GlobeSt.com. The apartment community’s command of nearly $77,000 per-unit marks the highest price doled out for an existing multifamily property in the Hampton Roads area.

Developed two decades ago, Chase Arbor sits within close proximity of the Hampton Roads area’s three military bases. The sprawling nine-acre property features a fitness center, tennis and volleyball courts, and a covered carwash area.