jeffdashley

February 28, 2022

As cap rates continue to stay low and capital flows into multiple asset classes and property types, there are many emerging opportunities to take advantage of in the U.S. multifamily sector, according to lending and capital expert panelists at the GlobeSt. MULTIFAMILY Conference.

Speaking to an audience in Hollywood, Florida, senior managing director of Meridian Capital Group, Morris Betesh, singled out Manhattan as being especially full of opportunities. But there are a couple of big questions on his mind: where are people working and moving to, and are they staying there or is it temporary?

“Where are the structural changes in terms of employment sticking? And where’s the fluff?” said Betesh.

For investors, the ‘smile states’ in the Southeast and Southwest offer a lot of investment opportunities. And Miami is in a new stage of its development, in Betesh’s view.

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February 16, 2022

Bonaventure, an integrated asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, is proud to announce the recent ground-breaking of the firm’s first senior living community in North Carolina.

Located in the Olde Carpenter neighborhood of Cary, just 20 minutes from the center of Raleigh with its thriving restaurants and cultural activities, the four-story Acclaim at Cary Pointe will feature 138 apartment homes with 1-bed, 1-bed + den, and 2-bedroom units ranging in size from 681 to 1,164 square feet. Each apartment unit will include modern kitchens and bathrooms including high quality appliances and fixtures while the community itself features common amenities that bring a new standard of luxury to the North Carolina Triangle’s senior living market.

Some of the exceptional amenities planned for the community at Acclaim at Cary Pointe include a full-service restaurant, full-service salon, laundry service, transportation, housekeeping, specialized gym with workout classes, guest suites, concierge services, resort-style indoor pool, manicured walking trails, fire pit courtyard and all in a secure, controlled-access environment.

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By Mike Platania, February 15, 2022

It would take a whole lot of tune-ups to equal the return the owners of Ironwood Automotive just hauled in on their Scott’s Addition real estate.

The shop, which specializes in repairs on Honda, Acura, Toyota and Lexus cars and is owned by local couple Kayla and Aaron Williams, this month sold its building at 1704 Belleville St. to real estate developer Bonaventure for $2 million.

The Williamses bought the building for $490,000 in 2019, the same year they launched the business.

Kayla and Aaron Williams

Ironwood took over the 3,500-square-foot building that was home to Cosby’s Auto Service for 40 years. The Williamses made some upgrades to the shop, opened for business and then realized they had stumbled into the path of development in one of the city’s most sought-after neighborhoods.

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By James Cullum, February 9, 2022

Local developer Bonaventure hopes their new shopping center in the middle of Del Ray could be constructed as early as summer 2025. That’s if all goes according to their plan.

Right now the plan for 2525 Mount Vernon Avenue is still in its conceptual phase, but includes a four-story, 43-foot-tall building with 12,530 square feet of retail and 79 rental units on the one acre lot. Bonaventure is not planning on including any affordable housing units in the project, and will instead contribute to the city’s Housing Trust Fund.

The 88,500-square-foot building is the former Alexandria Department of Community and Human Services. Bonaventure bought it for $22.5 million in the summer of 2019, along with the properties at 2401, 2403 and 2411-2419 Mount Vernon Avenue.

Bonaventure also owns the 144-space parking lot across from Pat Miller Square on Mount Vernon Avenue and E. Oxford Avenue, which will be available for residents of the new building, but shoppers will be relegated to parking on the street.

Barring unforeseen circumstances, the developer wants the plan to go to the City for review in November, followed by the final site plan and building permit process, and then upward of a year-and-a-half for construction.

“If things go according to our schedule, we would go to public hearing in November,” said Cathy Puskar, an attorney for Bonaventure. “Following the public hearing, there’s a final site plan process and building permit process, and we would look to start construction in the fourth quarter of 2023, and the building would be completed in 18-to-20 months.”

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By Keith Loria, Commercial Observer, November 18, 2021

Bonaventure has acquired two multifamily assets in Virginia in separate off-market transactions, sealing the deals with $85 million in financing from Fannie Mae.

One of the assets is Messenger Place, a newly built 94-unit multifamily property in Manassas, Va., which sold for $25.5 million.

The Rector Companies, which developed Messenger Place in 2019, was the seller. 

“Messenger Place is a community that is well aligned with our investment strategy of acquiring stabilized, amenity-rich, newer communities in a high-performing suburban market,” Connor Reece, an analyst at Bonaventure, told Commercial Observer. “One of our primary investment objectives is investing in core plus multifamily apartment communities in which we can drive additional cash flows through relatively minor property enhancements and improved management efficiencies.” 

Located at 9009 Church Street, the property is just 30 miles from the buyer’s corporate headquarters in Alexandria, adding to the appeal, Reece said. 

Messenger Place consists of one- and two-bedroom luxury apartments, with 3,000 square feet of retail space on the ground floor.

It is located in the heart of Old Town Manassas, just footsteps away from restaurants and shops, convenient to major employers, Washington D.C., and Dulles Airport.

The seller did not immediately respond to requests for comment.

Bonaventure also acquired Magnolia Run, a 200-unit property in Virginia Beach, Va., for $52.1 million. The seller was not disclosed.

Bonaventure  closed an $85 million Fannie Mae credit facility through KeyBank to acquire both properties.  

Melnick Real Estate Advisors initiated the off-market deals.

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