DF Ventures sells Newport News multifamily property for more than $75M
An investor has sold a garden-style apartment community in Newport News, Virginia, as demand for multifamily properties across the Hampton Roads region continues to remain strong.
DF Ventures, the investment division of Newport News-based property management firm Drucker & Falk, announced Monday that it has sold Compass at City Center to Penzance for $75.5 million. According to CoStar data and the company, Drucker & Falk originally purchased the property for $46.65 million in 2018.
Located at 500 Waters Edge Drive, the apartment community was built in 1985 and includes 396 residential units. The property is currently 4% vacant, CoStar data shows.
Investor interest in the region remains firm, supported by strong market fundamentals. In its latest multifamily market report, CoStar noted that demand in Hampton Roads has continued to outpace new supply in 2025. The region is outperforming national averages on several indicators, including rent growth, which stands at 3.8% annually compared to the national rate of 0.3%.
DF Ventures said it completed a $6 million capital improvement program aimed at enhancing the property’s value. The upgrades included the construction of a new clubhouse, interior unit renovations and other property enhancements. Additional amenities at the complex include a fitness center, a sundeck and a swimming pool, according to the property’s website.
“This investment represented a strong opportunity to utilize DF Multifamily’s property management platform, and we are pleased to have achieved solid returns for our investors,” said Eric Skow, director of acquisitions at Drucker & Falk, in a statement.
The firm reported that the investment delivered a 24% internal rate of return over a seven-year holding period.
For the record
Berkadia brokers Drew White and Carter Wood marketed the property for sale and managed the transaction through closing.
Source: Original reporting by Jonathan Lehrfeld, CoStar News.
