Bonaventure’s Private REIT Acquires Three Multifamily Properties and Enters FL Market
Alexandria, VA-based 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, said Tuesday that its affiliated private REIT acquired three multifamily properties in separate UPREIT transactions.
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, the REIT acquired Shadetree Apartments, a 260-unit community located in Ruskin, within the Tampa MSA. The company didn’t disclose pricing.
“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,” said Dwight Dunton, Bonaventure’s founder and CEO. “As a company, we will continue to pursue acquisition and development opportunities where we believe we can achieve the best risk-adjusted returns.”