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Penzance Acquires Compass At City Center Multifamily In Newport News For $75.5M
SOLD
$75,500,000
Virginia
See Similar DealsMultiFamily
Sold 12/30/2025
SOLD
Penzance Acquires Compass At City Center Multifamily In Newport News For $75.5M
502 Waters Edge Drive
See Similar DealsMultiFamily
Sold 12/30/2025
Summary
VIRGINIA
Asset Type:MultiFamily
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 502 Waters Edge Drive, Newport News, VA. The property comprises 396 units and was sold for a total of $75,500,000, resulting in a price per unit of approximately $190,657.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $75,500,000
- Address: 502 Waters Edge Drive
- Market: Newport News, VA
- Units: 396
- PPU: $190,657
- Buyer: Penzance
- Seller: DF Ventures
This transaction involved DF Ventures selling the Compass at City Center community to Penzance. The sale price reflects a significant increase of more than 60% compared to its purchase price in 2018.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$268,235.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$357,908.52
Annual Debt Service$4,294,902.22
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