ALEXANDRIA, VA - Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, announced that its affiliated private REIT acquired three multifamily properties in separate UPREIT transactions.
Bonaventure furthers its footprint in Virginia and expands into Florida with the strategic off-market purchases of three properties. Within Virginia, Bonaventure’s private REIT acquired Cedar Broad Apartments and East Beach Marina, 204-unit and 137-unit communities in the Richmond and Norfolk markets, respectively. In Florida, Bonaventure’s REIT acquired Shadetree Apartments, a 260-unit community located in Ruskin, a submarket of the Tampa MSA.
“These transactions demonstrate our ability to continually source and close on attractive opportunities that meet our strict investment criteria,” said Dwight Dunton, Bonaventure’s CEO and Founder. “As a well-capitalized, cycle-tested investor, we pride ourselves on serving as a reliable transaction partner and our ability to steadily expand our footprint in our target markets.”
Dunton continued, “UPREIT transactions like these continue to serve an important purpose for property owners who are seeking long-term tax efficient compounding growth and greater after-tax returns. As a company, we will continue to pursue acquisition and development opportunities where we believe we can achieve the best risk-adjusted returns.”
Details on the three multifamily communities, which were sourced through Bonaventure’s extensive network of relationships, can be found below:
Cedar Broad Apartments: Constructed in 2011, the mid-rise apartment community is well located in the Shockoe Bottom district. It features one-, two-, and three-bedroom units as well as a breakfast/coffee concierge, a rooftop terrace with full kitchen, an electric vehicle charging station, covered parking, fully equipped gym and more.
East Beach Marina Apartments: Built in 2015, the Chesapeake Bay waterfront apartment community is located in the East Beach submarket and offers one- and two-bedroom units with modern open floor plans and high-end features and a wealth of outdoor amenities to complement its waterfront positioning.
Shadetree Apartments: Constructed in 2019, the garden-style apartment community offers one, two, and three-bedroom units. Top-of-the-line amenities include expansive windows, private entertaining cabanas, a clubhouse with state-of-the-art fitness equipment, a swimming pool and sauna.