Source: Drucker + Falk / #Apartments #Multifamily
NEWPORT NEWS, VA - DF Ventures, a Drucker + Falk business unit, one of the nation’s most prominent multifamily management companies, recently closed on the purchase of Compass at City Center, formerly known as Waypoint at City Center in Newport News, Virginia for $46.65M. The acquisition was achieved through a $52.675 million joint venture investment including closing costs and reserves for renovation.
Compass at City Center is a garden style community built in 1985 consisting of 396 apartment homes and is strategically positioned near City Center, Port Warwick, and The Marketplace at Tech Center with great accessibility to I-64.
DF Ventures, a team of seasoned investment managers, with the expertise of the DF Multifamily Management team will execute the value-add business plan for Compass at City Center. This plan includes building a clubhouse for the residents to use, transforming the existing office to a state-of-the-art fitness center, adding a pet spa, grilling areas and renovating apartments interiors.
“The acquisition of Compass at City Center presents us with the opportunity to purchase a high-quality apartment community with a great location and further increase its value through employing our multifamily management expertise and enhancing the amenities and apartment homes with a renovation program,” said Guy Buck, Chief Financial Officer at Drucker + Falk.