Thalhimer Pays $34M for Chesapeake M-F Complex

The Birches apartment community in Chesapeake stepped into the New Year with a new owner. Harbor Group International sold the property last month, for $34.4 million.

The Birches, a 312-unit apartment community in Chesapeake, started the New Year with a new owner. TRP Birches L.L.C., an affiliate of Thalhimer Realty Partners Inc., acquired the property from Harbor Group International last month for $34.4 million.

Harbor Group had owned the property since 2011, when it acquired The Birches from Great Atlantic as part of a 9-property, 2,500-unit portfolio. At that time, it paid $26.3 million for the property.

Completed in 1985, The Birches is located at 1700 Birch Trail Circle in Chesapeake’s Greenbrier neighborhood. The complex includes 16 two- and three-story residential buildings, as well as a clubhouse and a fitness center.

Cushman & Wakefield | Thalhimer has been selected to manage The Birches. Cindy Scanlan is the regional manager overseeing operations.

Besides The Birches, Harbor Group sold three other multi-family assets in December: Sun Lake, a 600-unit complex in Orlando, The Brazos, a 286-unit property in Dallas, and Creekside Corners, a 444-unit community in Atlanta. In all, the four properties fetched about $166 million.

Photo credit: Cushman & Wakefield | Thalhimer