Drucker + Falk buys The Compass at City Center for $46.7m

Drucker + Falk acquired The Compass at City Center for $46.7m. Formerly known as Waypoint at City Center, the apartment complex is located Newport News, Virginia. The property includes 96 one-bedroom, 264 two-bedroom and 36 three-bedroom units, ranging from 774 to 1,184 sq ft. Common-area amenities include a fitness and business center, swimming pool and parking for 450 vehicles. Located in downtown Newport News, nearby employers include Christopher Newport University, Riverside Regional Medical Center and Newport News Shipbuilding. The seller, Federal Capital Partners, sold the asset after a seven-year holding period.