DF Ventures Sells Virginia Community for $76M
The property previously traded in 2018 for 62 percent less.
DF Ventures, the investment arm of Drucker + Falk, has sold Compass at City Center, a 396-unit upscale community in Newport News, Va. Penzance acquired the asset for $75.5 million, or $190,656 per unit. Berkadia arranged the deal on behalf of the seller.
The transaction is also expected to retire a 10-year, $49.8 million permanent loan issued by Lument in October 2025, according to Yardi Matrix information.
DF Ventures had previously acquired the asset in 2018 from Federal Capital Partners—now FCP—for $46.7 million, or $117,803 per unit. After the acquisition, DF Ventures rebranded the community from Waypoint at City Center to its current name.
Located at 502 Waters Edge Drive, the community is close to U.S. routes 17 and 60, as well as Interstate 64 and Virginia State Route 143, which connect Compass at City Center to Norfolk, Va., some 25 miles southeast.
Berkadia Senior Managing Director Drew White and Managing Director Carter Wood led the team that marketed the asset and arranged the deal on behalf of the seller.
The upgraded Compass at City Center
Completed in 1985, Compass at City Center consists of 34 three-story buildings across a 25-acre site. The community encompasses 96 one-bedroom, 264 two-bedroom and 36 three-bedroom residences, with layouts ranging from 774 to 1,184 square feet, the same data provider shows.
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Shared amenities include a fitness center, tennis and pickleball courts, a volleyball court, a basketball court, a swimming pool and grade-level parking with 450 spots. While under DF Ventures’ ownership, the property underwent a $6 million capital improvement program that added a new clubhouse, interior upgrades and overall curb appeal. Over the course of seven years, the program and the property management generated a 24 percent internal rate of return, as well as a 2.85 equity multiple.
Nationwide, the multifamily transaction volume in the first half of 2025 registered a slight uptick, compared to last year’s somewhat sluggish performance. Sales rose almost 20 percent year-over-year, from $29.2 billion in the first half of 2024, to $35 billion during the same time this year. Similarly, on a 12-month trailing basis, the average price per unit across the country increased from $191,038 to $213,092.
