Bonaventure was featured in AltsWire in an article highlighting the company’s completion of two fully subscribed Delaware Statutory Trust offerings in Virginia.
The article notes that Bonaventure raised a combined $54.2 million in equity from 86 investors across Promenade Pointe DST in Norfolk and Messenger Place DST in Manassas.
Promenade Pointe DST is a 183-unit waterfront multifamily community located four miles from downtown Norfolk in the Hampton Roads region. Bonaventure developed the property in 2013 and has owned and managed it since stabilization. The offering raised $20.1 million in equity from 45 investors.
Messenger Place DST is a 94-unit Class A community in downtown Manassas that Bonaventure acquired in 2021. The offering raised $34.1 million in equity from 41 investors. The article notes that the property is located in the Washington, D.C. metropolitan area.
AltsWire also highlights that both offerings were structured with 721 exchange optionality, allowing investors to transition into Bonaventure Multifamily Income Trust through a tax-deferred UPREIT contribution. Casey MacMaster, Senior Vice President of Investments and Portfolio Manager for BMIT at Bonaventure, is quoted in the article discussing how different investors may need different investment structures depending on their goals, including 1031 exchanges, diversification and long-term ownership.
The article further notes that Bonaventure has completed more than 38 tax-deferred transactions since 1999, placing more than $515 million in equity.
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