Bonaventure, an integrated alternative asset management firm focused on multifamily development and property management in the Mid-Atlantic and Southeast, has acquired three communities through its affiliated private REIT in separate transactions.
The off-market purchases expand Bonaventure’s footprint in Virginia and Florida. In Virginia, its private REIT has acquired the 204-unit Cedar Broad Apartments in the Richmond market and the 137-unit East Beach Marina Apartments in the Norfolk market. The acquisition of the 260-unit Shadetree Apartments in Ruskin, Florida, marks the firm’s entry into the Tampa market.
“These transactions demonstrate our ability to continually source and close on attractive opportunities that meet our strict investment criteria,” said founder and CEO Dwight Dunton. “As a well-capitalized, cycle-tested investor, we pride ourselves on serving as a reliable transaction partner and our ability to expand our footprint in target markets.”
Constructed in 2011, Cedar Broad Apartments is a mid-rise community in Richmond’s Shockoe Bottom district. It is comprised of one-, two-, and three-bedroom units. In addition, residents have access to a breakfast and coffee concierge, a rooftop terrace with a full kitchen, an electric vehicle charging station, covered parking, and a fitness center.
East Beach Marina Apartments is a waterfront community in Norfolk’s East Beach submarket. Built in 2015, it offers one- and two-bedroom units with open floor plans as well as high-end amenities to complement the waterfront setting.
A garden-style community with one-, two-, and three-bedroom units, Shadetree Apartments was constructed in 2019. Its amenity package includes private entertaining cabanas, a clubhouse with state-of-the-art fitness equipment, a swimming pool, and a sauna.
“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,” Dunton added. “As a company, we will continue to pursue acquisitions and development opportunities where we believe we can achieve the best risk-adjusted returns.”
Founded in 1999, the Alexandria, Virginia-based firm has over $1.5 billion of assets under management and manages over 6,000 apartment units in 32 communities.
