Penzance Real Estate Acquires Multifamily Asset From Boyd Homes In Virginia Beach For $62.8M
548 Newtown Road
$62,800,000
$232/SF
Building Size
269,838 SF
Asset Type
MultiFamily
Closing
Dec 17, 2025
AI
The property asset involved in this transaction is a multifamily building located at 548 Newtown Road in Virginia Beach, VA. The sale price of the asset is $62,800,000, encompassing 268 units. With a total square footage of 269,838, the price per unit is $234,328 and the price per square foot is $232.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $62,800,000
- Units: 268
- Square Footage: 269,838
- Price Per Unit: $234,328
- Price Per Square Foot: $232
- Buyer: Penzance Real Estate
- Seller: Boyd Homes
- Broker Representatives: Jonathan Brody, Ari Sokol & Michael Schattner - Base Realty Group
The deal involves key individuals from Base Realty Group, with Jonathan Brody, Ari Sokol, and Michael Schattner representing the buyer and seller in this transaction. Their expertise facilitated the successful closing of this multifamily asset sale.
Players
Virginia Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93