Alexandria, Virginia-based Bonaventure continued to add to its portfolio in a difficult financing environment by purchasing three off-market apartment properties.

After closing on two properties last fall, Bonaventure’s affiliated REIT recently expanded its footprint in Virginia and moved into Florida. The firm used the umbrella partnership real estate investment trust structure, which allows property owners to exchange their property for share ownership in the UPREIT.

Bonaventure, an alternative asset manager focused on the development, construction and property management of multifamily communities in the Mid-Atlantic and Southeastern regions, acquired the following properties:

  • Cedar Broad Apartments in Richmond, Virginia.
  • East Beach Marina in Norfolk, Virginia.
  • Shadetree Apartments in Ruskin, Florida.

“We have been operating in Virginia for many years and know the Richmond and Norfolk markets very well,” Dwight Dunton, Bonaventure’s CEO and founder, told Multifamily Dive. “We have also been studying Florida for some time and like the fundamentals in Ruskin.”

Dunton said that supply-demand fundamentals play major roles in where Bonaventure chooses to invest.

“All of the markets we invest in are supported by strong long-term job and population trends,” Dunton said. “We intend to remain active over the course of the year, and beyond, with a growing pipeline of potential investment opportunities. If we believe we can generate a strong risk-adjusted return for our investors, we will execute on transactions.”

Three new additions

The 204-unit, mid-rise Cedar Broad Apartments features one-, two- and three-bedroom units. The property, constructed in 2011, also includes a breakfast and coffee concierge, a rooftop terrace with a full kitchen, an electric vehicle charging station, covered parking, a fully equipped gym and more.

The 137-unit East Beach Marina Apartments offers one- and two-bedroom apartments. Built in 2015, the property offers modern open floor plans and outdoor amenities to complement its waterfront positioning.

The 260-unit, garden-style Shadetree Apartments offers one-, two- and three-bedroom units. Constructed in 2009, the property’s amenities include private entertaining cabanas, a clubhouse with state-of-the-art fitness equipment, a swimming pool and a sauna.

Bonaventure has over $1.5 billion of assets under management and manages over 6,000 apartment units across 32 communities. Dunton said the company continues seeking new properties.

“While the financing environment is challenging, we have long relationships with our lenders and sufficient access to capital to remain acquisitive,” he said.

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