NEWPORT NEWS, VA. — Berkadia has arranged the sale of Compass at City Center, a 396-unit, garden-style apartment community located in Newport News. Drew White, Carter Wood and Cole Carns of Berkadia represented the sellers, C-III Capital Partners and Drucker + Falk, in the transaction. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey, also with Berkadia, secured an acquisition loan on behalf of the buyer, a joint venture between Penzance and Kettler. The sales price and loan amount were not disclosed.
Originally built in 1985, Compass at City Center comprises 33 three-story buildings across a 25-acre site. The complex offers a mix of one-, two- and three-bedroom floorplans, averaging about 1,000 square feet in size. Amenities include a resident lounge and clubhouse, sun deck and fire pits, fitness center, swimming pool, playground, barbecue and outdoor dining areas and a dog park.