Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.