Bonaventure was featured in citybiz in an article highlighting the company’s completion of fundraising for two fully subscribed multifamily Delaware Statutory Trust offerings.
The article notes that Bonaventure raised more than $54 million in equity across the two offerings, which support investments in two Virginia apartment communities: Promenade Pointe, a 183-unit waterfront community in Norfolk, and Messenger Place, a 94-unit Class A property in downtown Manassas.
Together, the offerings attracted 86 investors and reflect continued demand for tax-advantaged multifamily real estate investment vehicles. citybiz also notes that DST structures can allow property owners completing 1031 exchanges to defer capital gains taxes while investing in institutional-quality real estate without taking on direct property management responsibilities.
The larger offering, Messenger Place, raised $34.1 million from 41 investors. The community was built in 2019, acquired by Bonaventure in 2021 and operates at 95.7 percent occupancy with no property-level debt.
Promenade Pointe raised $20.1 million from 45 investors. The waterfront Norfolk community was developed by Bonaventure in 2013 and has remained under the firm’s ownership and management since stabilization, maintaining average occupancy of roughly 94 percent over the past 12 years.
The article also highlights future tax-deferred exit flexibility through potential 721 exchange eligibility into Bonaventure Multifamily Income Trust, the firm’s diversified multifamily investment platform.