April 29, 2022
WATCH NOW: Groundbreaking Ceremony held for apartments at Spotsylvania Towne Centre.
by jeffdashley
by jeffdashley
April 27, 2022
FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond.
The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall.
The apartment project will include amenities such as a resort-style pool, artificial turf recreation area, outdoor kitchen, clubhouse, business center and fitness center.
According to Bonaventure, the development of Attain is projected to create 388 new construction-related jobs and generate more than $1.1 million in real estate and other tax revenues annually. A timeline for completion and construction costs were not provided.
“As an experienced local developer that owns its assets for the long term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service,” says Dwight Dunton, founder and CEO of Bonaventure. “We look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.”
Owned by Cafaro Co., Spotsylvania Towne Centre is home to numerous retailers and restaurants. Early last year, the Spotsylvania Board of Supervisors approved a request for 4.8 acres of the property to be rezoned from commercial to mixed-use, paving the way for the apartments to be built. The 1.3 million-square-foot mall first opened in 1980 and underwent a renovation project in 2009.
Alexandria, Va.-based Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment and property management. The company manages more than 6,000 apartment units across 31 communities located primarily in the Mid-Atlantic and Southeast.
Cafaro is a retail developer based in Niles, Ohio. The firm has developed more than 30 million square feet across 14 states. Cafaro’s current portfolio encompasses over 50 properties.
by jeffdashley
April 27, 2022
Alternative asset manager Bonaventure has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, Va. The 271-unit luxury apartment community will replace the shopping mall’s shuttered Sears store.
Bonaventure partnered with mall owner Cafaro Properties to repurpose the mall, which is one of Fredericksburg’s largest retail shopping centers.
The project’s completion is expected in two years, with first move-ins to take place in 18 months. The project’s total cost is projected to be $61.5 million, according to the announcement. Average rent across one-, two- and three-bedroom units at the development is expected to be $1,973.
The property’s residences will feature upscale interior design and state-of-the-art appliances, according to Bonaventure. An artificial turf recreational area will be among the amenities offered to residents.
“The project started out six years ago, when I drove by and saw a giant banner saying, ‘Land Available,’” Bonaventure founder and CEO Dwight Dunton told Multi-Housing News.
“First challenge was deciding what jurisdiction we wanted to build in,” Dunton said. “The mall footprint falls within both the city of Fredericksburg and the county of Spotsylvania. Depending on where we placed the property, we were dealing with differing zoning ordinances.”
Another obstacle Dunton encountered was the usable area’s small size. “While there were many acres of land available, when you overlaid the constraints—existing parking requirements for mall tenants, underground utilities like storm sewer and water crisscrossing the parcel—what remained was a very small envelope of about five acres to build on,” he said.
Looking forward, Dunton expects the most daunting hurdle will be the same one most projects face in the current economic climate: Procurement of materials and labor in an orderly manner at prices that can be forecast. “We got a head start on that, because we have our own internal general contracting firm,” Dunton said.
Attain at Spotsylvania Towne Centre’s development is expected to create 388 new construction-related jobs, while also producing more than $1.1 million in real estate and other tax revenues per annum. Last month, Bonaventure partnered with SNP Properties to acquire a stake in Vida East at Church Hill, an apartment community in Richmond, Va.
by jeffdashley
April 26, 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, yesterday hosted the ground-breaking of Attain at Spotsylvania Towne Centre located in Fredericksburg, Virginia. The 271-unit Class A multifamily community will replace the former Sears store, providing local residents with additional high-quality housing and helping to advance the revitalization of the mall.
“We are excited to partner with Cafaro Properties to reimagine a large portion of Fredericksburg’s premier retail center to meet the needs of the community,” said Dwight Dunton, founder and CEO of Bonaventure. “As an experienced local developer that owns its assets for the long-term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service. Creating exceptional living communities is what we do best, and we look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.”
Residents of Attain at Spotsylvania Towne Centre will enjoy not only the finest in interior design and state-of-the-art appliances, but also close proximity to major transportation routes as well as exciting stores, restaurants and experiences offered by the Spotsylvania Towne Centre. Attain at Spotsylvania Towne Centre will feature a mix of high-end amenities including:
The development of Attain at Spotsylvania Towne Centre is projected to have a significant economic impact on the Fredericksburg community. An impact study estimated that the project will create 388 new construction-related jobs and generate more than $1.15 million in real estate and other tax revenues annually.
With a long track record of creating value, Virginia-based Bonaventure is recognized among residents, investors and townships for its operational excellence, creative vision, and commitment to the communities it serves.
by jeffdashley
April 25, 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, announced today that it has rebranded Aura, its luxury lifestyle product, as Attain. The name Attain better reflects Bonaventure’s commitment to help its residents attain the highest level of comfort, belonging and happiness at its communities.
As a result of this strategic decision, all luxury multifamily communities in Bonaventure’s existing and future development pipeline will be delivered as Attain properties. Furthermore, as of April 30, 2022, Bonaventure’s four existing Aura-branded properties will begin operating under the Attain brand. Along with the name change, Bonaventure is introducing a new logo that closely aligns with its corporate brand as well as its senior living brand, Acclaim, creating a consistent and harmonious visual connection.
“Bonaventure has enjoyed sustained success over the past two decades because we consistently challenge the status quo to produce the best outcomes for our stakeholders,” said Christine Bentley, Senior Vice President of Operations. “Rebranding our luxury product is an outcome of this mentality and represents our strengthened commitment to attain our residents’ trust by consistently delivering a best-in-class experience. As we continue to grow, it’s more important than ever to ensure this value proposition is clear and that we have unity across our family of brands.”
Since its inception in 1999, Bonaventure has established itself as one of the most prolific multifamily developers and operators in the Mid-Atlantic region, and is currently expanding throughout the Southeast. Its portfolio includes a mix of affordable, luxury and senior living communities comprising more than 6,000 apartment units across 31 properties. Bonaventure currently has 11 properties under construction or close to completion, along with 35 projects across various stages of development. These communities are all linked by Bonaventure’s unwavering promise to deliver its residents an exceptional living experience.
by jeffdashley
April 20, 2022
It was Dwight Dunton’s grandfather who demonstrated the true value of investing in real estate. In the 1950s, he contributed land to a joint venture for a new apartment complex in Alexandria, Va.—an investment that generated a steady stream of “mailbox checks” over a 40-year period.
In 1999, when the majority partner in the JV wanted to sell the property, 25-year-old Dunton decided to buy out the partner and form his own multifamily investment firm called Bonaventure. Reflecting on that decision, he describes his younger self as “blissfully ignorant” of the challenges associated with owning and managing an apartment building.
“Sometimes not knowing stops you from stopping before you start,” Dunton says.
As founder and CEO, Dunton has built Bonaventure into an integrated alternative asset management company that employs more than 300 people and specializes in multifamily design, development, construction, asset management and property management. The Alexandria, Va.-based firm manages more than 6,000 apartment units across 31 communities, primarily in the Mid-Atlantic and Southeast.