Bonaventure Buys Monticello Station in Norfolk, Virginia’s Biggest Multifamily Deal This Year
November 17, 2023
Bonaventure has acquired the Monticello Station apartments in the priciest multifamily deal in Norfolk, Virginia, this year, according to CoStar data.
The company, an alternative asset management firm out of Alexandria, paid $42 million for the complex at 420 Monticello Ave. on behalf of its perpetual life multifamily fund. The deal with seller S.L. Nusbaum Realty Co. marks the seventh-priciest multifamily sale in the greater Hampton Roads market this year in addition to being the top deal in Norfolk, according to CoStar.
At roughly $347,100 per unit, the sale also registered the highest per-unit price for an apartment complex with at least 100 units in the Hampton Roads area in over the year, falling just shy of the $347,222 per-unit price Bonaventure netted last year with its sale of the 289-unit Bend Arbordale in Williamsburg for $100 million.
“With its prime location, numerous amenities and long-term financing, Monticello Station directly aligns with the type of assets we seek to acquire and manage in our perpetual life multifamily fund,” Bonaventure founder and CEO Dwight Dunton said in a statement. “As part of our investment management platform, this vehicle provides investors access to strategic diversification across our target markets as well as predictable income.”
Monticello Station was built in 2011 one block from Granby Street and about 1 mile from Interstate 264. The 121-unit property includes one- to four-bedroom floor plans that average 1,129 square feet and have an average rent of $1,811 per month, according to CoStar data.
Currently about 95% leased, the complex features a swim spa, fitness center, garden-style courtyards with gas grills and firepits, and a conference room. It also has 33,000 square feet of ground-floor retail space home to such tenants as Buffalo Wild Wings, 7-Eleven and Sushi King.
Founded in 1999, Bonaventure has over $2.3 billion of assets under management and manages over 6,500 apartments across 35 properties primarily in the mid-Atlantic and Southeastern regions, according to the firm. The company owns more than two dozen properties in the Hampton Roads area, according to CoStar data.
Following the acquisition, Bonaventure rebranded Monticello Station as Attain Downtown East to put the property under its Attain luxury brand.
Disclosures
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