Virginia Beach apartment complex sells for $44 million

Atlanta-based ARA has announced the sale of Chase Arbor, a 430-unit, garden-style community in Virginia Beach.

According to ARA, the property sold for $44 million to Los Angeles-based JRK Property Holdings, a subsidiary of JRK Investors, an apartment, hotel, and real estate investment management firm.

ARA mid-Atlantic principals Drew White and Mike Marshall and Richmond-based broker, Wink Ewing, represented the seller, Harbor Group International LLC in Norfolk.

Constructed in 1985, Chase Arbor is located off South Independence Boulevard, less than two miles from Interstate 264. Wink Ewing said in a statement that “investors are drawn to assets in central Virginia Beach, such as Chase Arbor, due to the continued development of the Town Center at Virginia Beach — one of the hottest destinations in Hampton Roads. The new owners will easily increase rents with modest unit upgrades given the property’s excellent location and above market occupancy.”

ARA said occupancy at the time of the sale was 94 percent.

ARA, based out of Atlanta, is the largest privately held, full-service investment advisory firm in the country that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties.