Bonaventure Sells Virginia Community for $100m
June 24, 2022
Bonaventure has sold its 289-unit community in Williamsburg, Va., after completing it two years prior. The firm sold The Bend at Arbordale for $100 million to The Inland Real Estate Group. Berkadia’s Drew White and Carter Wood facilitated the sale on behalf of Bonaventure.
“The demand for the asset was strong due to its location, amenities, vintage, renter profile and the market’s strong fundamentals,” Dwight Dunton, founder & CEO of Bonaventure, told MHN. “The demand also demonstrates the strength and resiliency of the multifamily asset class.”
Bonaventure developed The Bend at Arbordale, delivering its first units in January 2020 and completing the entire community in July 2020. The garden-style community offers two- and three-bedroom units that range in size from 756 to 1,328 square feet. The developer built the units with keyless entry, in-unit washers and dryers, and private balconies or patios, while the common area amenities include a sun deck with fire pits, business center, clubhouse, fitness center, pool, coffee bar and dog park.
Located at 401 Bulifants Blvd., the community is near a major employer, the Sentara Williamsburg Regional Medical Center. The Bend at Arbordale is also located near Williamsburg’s many retail and restaurant options near Route 199 and Interstate 64.
“With inflation and homes prices continuing to rise, there’s an expectation that high quality rental properties will remain in demand,” Dunton also told MHN. “Multifamily properties are also benefiting from the renter by choice cohort who prefer this lifestyle and want the flexibility that a lease affords.”
CONTINUING TO BOLSTER VIRGINIA PRESENCE
Despite the recent sale, Bonaventure is still building out its Virginia portfolio. The firm broke ground on a 271-unit luxury apartment community in April, which will be replacing a shuttered Sears location. The first move-ins are expected in 18 months, but the overall project will take two years.
Bonaventure is also still acquiring apartment communities throughout the state. In December, the firm acquired two Virginia apartment communities, a 94-unit community in Manassas and a 200-unit community in Virginia Beach.