Drucker + Falk Buys 396-Unit Hampton Roads Asset
Federal Capital Partners sold the Newport News community for $46.7 million after a 7-year holding period. The new owner is planning on implementing several upgrades.
Drucker + Falk has acquired a 396-unit community in Newport News, Va., through its DF Ventures business unit. Federal Capital Partners sold Compass at City Center for $46.7 million after a 7-year holding period.
The buyer shelled out a total of $52.7 million for the property, which includes closing costs and reserves for renovations. According to Yardi Matrix, the transaction was subject to a $35.3 million loan held by Hunt Mortgage Group.
Formerly known as Waypoint at City Center, the 1985-built community is located at 502 Waters Edge Drive. Compass at City Center comprises 96 one-bedroom, 264 two-bedroom and 36 three-bedroom units, ranging from 774 to 1,184 square feet. Common-area amenities include:
- fitness center
- business center
- tennis court
- volleyball court
- basketball court
- swimming pool
- 450 parking spaces
The property is situated in downtown Newport News, providing easy access to restaurants, shopping and entertainment. Nearby employers include Christopher Newport University, Riverside Regional Medical Center and Newport News Shipbuilding.
Drucker + Falk is planning on implementing several upgrades at the community, with slated upgrades including a clubhouse, a revamping of the fitness center, a pet spa, grilling area, as well as interior renovations. The company was recently tapped by Rockwell Management for a $1 million renovation program at another community in Newport News.
Image courtesy of Yardi Matrix