Penzance Real Estate Acquires Multifamily Asset From Boyd Homes In Virginia Beach For $62.8M
SOLD
$62,800,000
Virginia
See Similar DealsMultiFamily269,838 SF
Sold 12/18/2025
SOLD
Penzance Real Estate Acquires Multifamily Asset From Boyd Homes In Virginia Beach For $62.8M
548 Newtown Road
See Similar DealsMultiFamily269,838 SF
Sold 12/18/2025
Summary
VIRGINIA
Asset Type:MultiFamily
Price Per Square Foot:$232
Total Square Footage:269,838 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,349,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$223,115.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$297,704.04
Annual Debt Service$3,572,448.47
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