Bonaventure Acquires Richmond, VA’s Vida East Apartments as Part of UPREIT Transaction
March 22, 2022
ALEXANDRIA, Va.–(BUSINESS WIRE)–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, today announced the formation of a strategic partnership with Richmond, Va.-based SNP Properties LLC to acquire ownership interest in Richmond’s Vida East Apartments as part of an UPREIT transaction.
Commented Dwight Dunton, Bonaventure founder and CEO: “We’re thrilled to announce that Vida East is now a part of the Bonaventure portfolio of multifamily communities and that we were able to acquire ownership of the property by partnering with SNP Properties on an UPREIT transaction. In arranging the transaction this way, SNP exchanged ownership in Vida East in a tax advantaged manner for interests in a diversified and growing portfolio of multifamily properties. The Bonaventure team is very excited to partner with SNP through this transaction.”
Located within walking distance of award-winning restaurants, galleries, museums, shops & boutiques, and parks in the heart of Richmond’s historic Church Hill neighborhood, Vida East Apartments is one of Richmond’s newest and most coveted multifamily communities and represents the ideal addition to Bonaventure’s existing portfolio of Class A residential communities. Completed in 2018, the core plus, stabilized apartment community with 178 units including studios, 1BR, and 2BRs boasts top of the line amenities including a rooftop mezzanine with fire pit, controlled access building and parking garage, skyline entertainment lounge, swimming pool and sundeck and 24/7 fitness center.
“As a Richmond-based developer and landlord, we’ve long been familiar with Bonaventure and their founder and CEO, Dwight Dunton,” added Eric Phipps, Principle of SNP Properties. “Under Dwight’s leadership, Bonaventure has amassed an impressive multifamily footprint in the region. With the completion of the Vida East transaction, we get to participate with them as they pursue their strategic growth in the multifamily and senior housing sectors throughout the mid-Atlantic and Southeast. Working with Bonaventure on this transaction was a real pleasure.”
Both as a company and as a corporate family Bonaventure enjoys deep roots in the Richmond area. Just recently the firm expanded its footprint in the market acquiring the remaining land parcel adjacent to Scott’s Edge. Additionally, Bonaventure’s own Hank Loughranwho serves as the company’s SVP of Capital Markets is a Richmond native with strong community and professional ties to the area.