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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.

“The Hampton Roads MSA, which includes Chase Arbor, is one of the strongest multifamily markets in the country,” says CBRE’s Jeff Dunne. Dunne and colleague Jim Tully–both from the brokerage firm’s New York City office–worked with the CBRE Norfolk, VA office to close the deal.

Chase Harbor was last renovated in 2000, but the new owner intends to institute additional upgrades. “We plan to put about half-a-million dollars in upgrades into the property,” Goodman notes.

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