Bonaventure

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Why Longer Hold Times, Lower Risk Are Key for CRE Investment Firm Bonaventure

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April 20, 2022

It was Dwight Dunton’s grandfather who demonstrated the true value of investing in real estate. In the 1950s, he contributed land to a joint venture for a new apartment complex in Alexandria, Va.—an investment that generated a steady stream of “mailbox checks” over a 40-year period.

In 1999, when the majority partner in the JV wanted to sell the property, 25-year-old Dunton decided to buy out the partner and form his own multifamily investment firm called Bonaventure. Reflecting on that decision, he describes his younger self as “blissfully ignorant” of the challenges associated with owning and managing an apartment building.

“Sometimes not knowing stops you from stopping before you start,” Dunton says.

As founder and CEO, Dunton has built Bonaventure into an integrated alternative asset management company that employs more than 300 people and specializes in multifamily design, development, construction, asset management and property management. The Alexandria, Va.-based firm manages more than 6,000 apartment units across 31 communities, primarily in the Mid-Atlantic and Southeast.

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Multifamily Sponsors Target Lucrative RIA Channel to Raise Capital

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March 28, 2022

Retail investor appetite for alternative investments—particularly commercial real estate—is bigger than ever, compelling RIAs to establish relationships with real estate investment firms. It’s a mutually beneficial arrangement—by working with real estate sponsors, RIAs can give their clients a broader range of investment products, and sponsors can efficiently access trillions of dollars in investment capital.

San Francisco-based Ashfield Capital Partners, an employee-owned independent RIA, has been working with real estate sponsors for several years. It currently serves more than 100 high-net-worth and ultra-high-net-worth families and has roughly $2 billion under management.

Related: When it Comes to Real Estate Returns, HNWIs are Realists

The firm’s objective to deliver the best risk-adjusted and tax-adjusted returns to its clients requires a highly customized approach, says Adrian Fadrhonc, chief compliance officer and portfolio manager for Ashfield Capital Partners. “Since everybody’s situation is different, we must have a full quiver of arrows, including direct access to real estate investments.”

Ashfield Capital Partners works with several real estate sponsors to meet that firm-wide objective. “We’re very judicious about who we work with, and we really try to find excellent real estate sponsors,” Fadrhonc notes. “Once we find them, do the due diligence and have a good experience, we keep going back to them.”

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Bonaventure Acquires Stake in Virginia Mulitfamily

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March 23, 2022

Bonaventure has formed a strategic partnership with SNP Properties to acquire an ownership interest in the five-story Vida East at Church Hill in the Church Hill neighborhood of Richmond, Va. The company partnered with SNP through an umbrella partnership real estate investment trust transaction.

According to NASDAQ, an UPREIT is an entity that REITs use to let property owners contribute their real estate property in exchange for operating partnership units that can be converted into REIT shares. Like a 1031 exchange, this transaction lets property owners avoid capital gains taxes on appreciated real estate.

“In today’s heady market, simply selling an asset for cash may not accomplish an owner’s needs or may not be feasible. UPREIT transactions help traditional owners accomplish their goals when a traditional sale won’t allow for that,” Dwight Dunton, founder & CEO of Bonaventure, told Multi-Housing News.

The 178-unit Vida East at Church Hill, located at 1903 E. Marshall St., offers studio, one- and two-bedroom units, ranging from 351 square feet to 1,192 square feet. Apartment amenities include controlled access, above-standard ceiling heights, hardwood floors, energy-efficient appliances, washers/dryers, microwaves, designer slate cabinetry, granite countertops and open floorplans.

Residents have access to conveniences that include a rooftop mezzanine with a fire pit, a skyline entertainment lounge, a private theater room, a courtyard area with a fire pit, a coffee bar, a quite study/reading room, a swimming pool and sundeck and a 24/7 fitness center. The property has 270 parking spaces, with covered parking available for an additional fee.

“Vida East represents the strategic growth that we’re looking for. Bonaventure invests in Southeastern growth markets and submarkets that will continue to grow and great buildings within them. Vida East checks all those boxes. Bonaventure is a people business that just happens to own real estate. SNP is the kind of partner we want to do business with,” said Dunton.

Bonaventure was represented in-house in the UPREIT transaction by Dunton and Jimmy Parker. SNP was represented in-house by Eric Phipps.

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Bonaventure Acquires Richmond, VA’s Vida East Apartments as Part of UPREIT Transaction

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March 22, 2022

ALEXANDRIA, Va.–(BUSINESS WIRE)–Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the formation of a strategic partnership with Richmond, Va.-based SNP Properties LLC to acquire ownership interest in Richmond’s Vida East Apartments as part of an UPREIT transaction.

Commented Dwight Dunton, Bonaventure founder and CEO: “We’re thrilled to announce that Vida East is now a part of the Bonaventure portfolio of multifamily communities and that we were able to acquire ownership of the property by partnering with SNP Properties on an UPREIT transaction. In arranging the transaction this way, SNP exchanged ownership in Vida East in a tax advantaged manner for interests in a diversified and growing portfolio of multifamily properties. The Bonaventure team is very excited to partner with SNP through this transaction.”

Located within walking distance of award-winning restaurants, galleries, museums, shops & boutiques, and parks in the heart of Richmond’s historic Church Hill neighborhood, Vida East Apartments is one of Richmond’s newest and most coveted multifamily communities and represents the ideal addition to Bonaventure’s existing portfolio of Class A residential communities. Completed in 2018, the core plus, stabilized apartment community with 178 units including studios, 1BR, and 2BRs boasts top of the line amenities including a rooftop mezzanine with fire pit, controlled access building and parking garage, skyline entertainment lounge, swimming pool and sundeck and 24/7 fitness center.

“As a Richmond-based developer and landlord, we’ve long been familiar with Bonaventure and their founder and CEO, Dwight Dunton,” added Eric Phipps, Principle of SNP Properties. “Under Dwight’s leadership, Bonaventure has amassed an impressive multifamily footprint in the region. With the completion of the Vida East transaction, we get to participate with them as they pursue their strategic growth in the multifamily and senior housing sectors throughout the mid-Atlantic and Southeast. Working with Bonaventure on this transaction was a real pleasure.”

Both as a company and as a corporate family Bonaventure enjoys deep roots in the Richmond area. Just recently the firm expanded its footprint in the market acquiring the remaining land parcel adjacent to Scott’s Edge. Additionally, Bonaventure’s own Hank Loughranwho serves as the company’s SVP of Capital Markets is a Richmond native with strong community and professional ties to the area.

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New Senior Living Community Underway in Cary is Developer’s First NC Project

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March 3, 2022

A developer has kicked off construction on a senior living community in Cary with plans calling for a 4-story complex to deliver by fall of next year. 

Bonaventure of Alexandria, Virginia, has started work on Acclaim at Cary Pointe, calling for 138 apartments for residents 55 years old and older.

The project is situated on 8.2 acres at 2525 Morrisville Parkway near Highway 55 and Carpenter Elementary School west Cary. 

Bonaventure founder and CEO Dwight Dunton said it’s the company’s first project in the state. 

“We’re thrilled to expand Bonaventure’s footprint to North Carolina and contribute to the fabric of Cary and its citizens with the amenity-rich Acclaim at Cary Pointe,” Dunton said. “Located in a wooded setting with quick access to the I-40 and just minutes to downtown Raleigh, this impeccable senior residential community maintains the look and feel of a small town community while also representing a uniquely elevated quality of living for the market.” 

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Bonaventure Announces Two New Senior-Level Appointments

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March 1, 2022

ALEXANDRIA, Va.–(BUSINESS WIRE)–Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the appointment of Henry “Hank” Loughran as Senior Vice President of Capital Markets and Gregory Proctor as Vice President of Business Development. Both appointments are integral to Bonaventure’s strategic plan which targets growing the company tenfold within ten years.

In his new role, Richmond, V.A. native, Loughran will report to Bonaventure founder and CEO Dwight Dunton III and will oversee all capital fundraising activities to meet the company’s growth goals. His responsibilities will include executing capital strategies, leading the firm’s distribution team, cultivating institutional, family office, RIA and high net worth clients, and managing Broker-Dealer operations.

Proctor, who will report to Bonaventure’s SVP of Operations, Christine Bentley, will focus on driving Bonaventure’s strategic growth by developing, nurturing and extending third party design/build and property management client relationships as well as corporate LMA. With a professional background steeped in successful relationship building, Proctor’s skills will result in mutually beneficial rewards between third parties and Bonaventure alike and also help to grow Bonaventure’s assets under management.

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