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Bonaventure Pays $42M for Hampton Roads Asset

Through its multifamily fund, Bonaventure Realty Grouphas purchased Monticello Station Apartments, a 121-unit community in Norfolk, Va., for $42 million. S.L. Nusbaumsold the asset, according to Yardi Matrix information. The new owner will rebrand the property under its upscale flag, Attain, dubbing it Attain Downtown East.

The property is part of a 1.3 million-square-foot mixed-use development that includes Wells Fargo Center, a 22-story office tower. The community also comprises 33,000 square feet of ground-floor retail.

Dating back to 2011, the Class A community encompasses three four-story buildings on 1.3 acres. Apartments include one- to four-bedroom floorplans, ranging from 770 to 1,610 square feet. Common-area amenities comprise a fitness center, swimming pool, conference room, storage units and EV charging stations.

Located at 380 E. Freemason St., in the downtown area, the property is close to Norfolk Scope Arena, along with numerous dining and retail options, including the MacArthur Center shopping mall. Norfolk State University is less than 1 mile away, while Old Dominion University is within 3 miles.

Bonaventure’s extensive Richmond-area portfolio

Bonaventure owns 20 communities in the Richmond-Tidewater market, with an additional four projects in the pipeline, Yardi Matrix data shows. Earlier this year, a Bonaventure private REIT acquired two assets in Virginia as part of a three-property portfolio transaction. Located in Richmond and Norfolk, the properties encompass 341 units.

Richmond-Tidewater year-to-date transactions as of October amounted to almost $660 million, a steep decline compared to the $2.8 billion registered through the same period of last year, Yardi Matrix also shows. The per-unit price also dropped to $151,069 over the first ten months of this year, from $170,352 during the same time frame of 2022.

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