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Afraid That Treasuries Are The Only Options For The Next 12 Months? This CRE Firm Says No

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As market uncertainty continues, more investors seeking low-risk investment opportunities are turning to treasury assets, such as certificates of deposit, or CDs, mutual funds and savings bonds.

CDs have reached a return rate of upward of 5%, a figure that the market hasn’t seen in more than 20 years. In 2021, CDs sank to record lows of 0.26%, leaving investors to weigh their chances on riskier investments in exchange for a higher return.

Many investors, however, don’t have the same appetite for risk they did several years ago due to persistent interest rate hikes over the past 18 months and recessionary fears. This volatility has led to a decline in CRE investment, leaving some investors sitting on the sidelines with an abundance of capital, unsure of where to best allocate their money.

“One of the sectors that performs the best during inflationary periods is leveraged real estate,” said Dwight Dunton, CEO of Bonaventure. “And Bonaventure’s risk-adjusted, tax-efficient investment solutions provide a balance between market exposure and safety.”

FCA Management and Bonaventure Launching Expanded Property Management Firm

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CHARLOTTE, N.C. & ALEXANDRIA, Va.–(BUSINESS WIRE)–FCA Management, a regional leader in customer and data-driven property management services, is combining forces with Bonaventure, an alternative asset manager focused on investment, development, and construction of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions to create an enhanced third-party property management firm and platform.

As part of the agreement, Bonaventure’s Property Management Services will become part of FCAM which will manage all current and future Bonaventure market-rate communities. The combined property management platform includes more than 17,000 Class A and Class B multifamily units, and a pipeline of more than 5,000 units currently under development. This strategic combination enables both companies to leverage their respective strengths and geographic footprints, facilitating mutual growth and market penetration across desired regions.

“We are excited to integrate with Bonaventure, a company whose leadership shares our vision of building a best-in-class management company that will benefit our clients, employees, and residents,” said Bob Moore, CEO and Founder of FCA Management. “By combining the strengths of our two platforms and talent of our people, we are poised to accelerate growth, generate economies of scale and establish a new benchmark in third-party multifamily property management. In addition, we will continue to stay true to our roots and align ourselves with select portfolio clients focused on creating long-term value for their assets.”

Dwight Dunton, CEO and founder of Bonaventure stated, “We’ve been traveling on a parallel path to FCA for years and found we share a common DNA focused on operational excellence. They have a talented team who makes their signature approach to asset success and customer service possible. I am confident that the addition of our dedicated property management experts will help the platform reach new heights.”

The property management services agreement is exclusively between the property management operations of FCA Management and Bonaventure Property Management Services. Other Bonaventure business units will continue to operate independently. Bonaventure will still operate as a vertically integrated alternative asset management firm and is an investor in the affiliated property management company. Terms of the deal were not disclosed.

A new brand is being created for FCA Management and will be announced at a later date.

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Bonaventure Pays $42M for Hampton Roads Asset

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Through its multifamily fund, Bonaventure Realty Grouphas purchased Monticello Station Apartments, a 121-unit community in Norfolk, Va., for $42 million. S.L. Nusbaumsold the asset, according to Yardi Matrix information. The new owner will rebrand the property under its upscale flag, Attain, dubbing it Attain Downtown East.

The property is part of a 1.3 million-square-foot mixed-use development that includes Wells Fargo Center, a 22-story office tower. The community also comprises 33,000 square feet of ground-floor retail.

Dating back to 2011, the Class A community encompasses three four-story buildings on 1.3 acres. Apartments include one- to four-bedroom floorplans, ranging from 770 to 1,610 square feet. Common-area amenities comprise a fitness center, swimming pool, conference room, storage units and EV charging stations.

Located at 380 E. Freemason St., in the downtown area, the property is close to Norfolk Scope Arena, along with numerous dining and retail options, including the MacArthur Center shopping mall. Norfolk State University is less than 1 mile away, while Old Dominion University is within 3 miles.

Bonaventure’s extensive Richmond-area portfolio

Bonaventure owns 20 communities in the Richmond-Tidewater market, with an additional four projects in the pipeline, Yardi Matrix data shows. Earlier this year, a Bonaventure private REIT acquired two assets in Virginia as part of a three-property portfolio transaction. Located in Richmond and Norfolk, the properties encompass 341 units.

Richmond-Tidewater year-to-date transactions as of October amounted to almost $660 million, a steep decline compared to the $2.8 billion registered through the same period of last year, Yardi Matrix also shows. The per-unit price also dropped to $151,069 over the first ten months of this year, from $170,352 during the same time frame of 2022.

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Bonaventure Purchases Monticello Station Apartments in Downtown Norfolk for $42M

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NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit community located at 328 E. Freemason St. in downtown Norfolk, for $42 million. The Alexandria, Va.-based firm plans to rebrand the property as Attain Downtown East. The seller was not disclosed.

In addition to apartments in one- to four-bedroom layouts, the property includes 33,000 square feet of retail space leased to tenants including Buffalo Wild Wings, 7-Eleven and Sushi King. Amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits and a conference room.

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Bonaventure Acquires Class-A Multifamily Community in Norfolk, VA for $42M

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ALEXANDRIA, Va.–(BUSINESS WIRE)–Bonaventure, an integrated alternative asset manager focused on the investment, development, construction and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the $42 million acquisition of Monticello Station Apartments, a 121-unit Class-A multifamily community in downtown Norfolk, Va. on behalf of its perpetual life multifamily fund. As part of the transaction, Monticello Station will be rebranded and operated as Attain Downtown East. Attain is Bonaventure’s luxury brand, aiming to help residents to attain the highest level of comfort, belonging and happiness at its communities.

Ideally located at 328 East Freemason Street just one block from popular Granby Street, Attain Downtown East offers one-, two-, three-, and four-bedroom oversized units. The property features luxury finishes, including full-size washer and dryers, granite countertops, private patios, stainless steel appliances, and energy efficient design throughout. Its many amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits, and a conference room. Attain Downtown East also has 33,000 square feet of ground-floor retail space providing residents ease of access to dining and convenience options including Buffalo Wild Wings, 7-Eleven and Sushi King.

“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,” said Bonaventure CEO and Founder Dwight Dunton. “As part of our investment management platform, this vehicle provides investors access to strategic diversification across our target markets as well as predictable income. We are pleased expand our footprint in Norfolk and the greater Hampton Roads area, and look forward to capitalizing on the opportunities in our investment pipeline to grow our carefully constructed portfolio.”

Located in the heart of downtown Norfolk which boasts a mile-long retail strip with many food and entertainment options, Tidewater Community College, and offices, Monticello Station Apartments is only one mile from I-264, providing accessibility to the broader Hampton Roads region and Richmond, as well as the downtown employers and attractions found there. The property allows residents to enjoy proximity to a variety of economic centers and benefits from multiple housing demand and population growth drivers; Norfolk is also home to four Fortune 500 Companies, the Port of Virginia, the third busiest port on the East Coast, and is adjacent to the Norfolk Naval Station, the largest naval base in the world.

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Bonaventure Buys Monticello Station in Norfolk, Virginia’s Biggest Multifamily Deal This Year

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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.

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