Penzance Acquires Compass At City Center Multifamily In Newport News For $75.5M
502 Waters Edge Drive
$75,500,000
Units
396
Asset Type
MultiFamily
Closing
Dec 30, 2025
AI
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.
Newport News MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93