Bonaventure-Sponsored Private REIT Acquires Three Multifamily Properties
March 28, 2023
A private REIT affiliated with Bonaventure acquired three multifamily properties in separate UPREIT transactions.
The company furthers its footprint in Virginia and expands into Florida with the strategic off-market purchases of three properties. In Virginia, Bonaventure’s private REIT acquired Cedar Broad Apartments and East Beach Marina, 204-unit and 137-unit communities in the Richmond and Norfolk markets, respectively. In Florida, Bonaventure’s REIT acquired Shadetree Apartments, a 260-unit community located in Ruskin, a submarket of the Tampa MSA.
Cedar Broad Apartments was constructed in 2011. It is mid-rise apartment community well located in the Shockoe Bottom district, featuring one-, two-, and three-bedroom units as well as a breakfast/coffee concierge, a rooftop terrace with full kitchen, an electric vehicle charging station and gym.
East Beach Marina Apartments were built in 2015. The Chesapeake Bay waterfront apartment community is located in the East Beach submarket and offers one- and two-bedroom units with modern open floor plans and high-end features.
Shadetree Apartments were constructed in 2009. The garden-style apartment community offers one, two, and three-bedroom units.
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