Berkadia successfully arranged the sale and financing of Compass at City Center, a 396-unit multifamily community in Newport News, Virginia, emphasizing its strong market position and growth potential.

Target Information

The target of this deal is Compass at City Center, a multifamily community consisting of 396 garden-style units located in Newport News, Virginia. This property features a diverse range of offerings, including one-, two-, and three-bedroom units that average 995 square feet. Built in 1985, Compass at City Center is strategically positioned on a 25-acre site, consisting of 33 three-story buildings.

This multifamily asset benefits from its location within a vibrant urban-suburban environment. The community is surrounded by approximately one million square feet of Class A office space, as well as over 230,000 square feet of premium retail and dining options, providing residents with convenient access to necessary amenities and services.

Industry Overview

The multifamily rental housing market in Newport News and the broader Hampton Roads area continues to show resilience and growth potential. This region is characterized by a diverse economic base, supported