jeffdashley

In January, the White House released its Blueprint for a Renters Bill of Rights. The goal of the proposal, according to the Biden administration, was to “lay out a set of principles to drive action by the federal government, state and local partners, and the private sector to strengthen tenant protections and encourage rental affordability.” 

The announcement was met with mixed reactions from the multifamily commercial real estate industry, with some organizations calling for the administration to move away from its focus on renter protections and renew its commitment to the Housing Supply Action plan it issued in 2022, which is focused on creating more affordable housing. 

Dwight Dunton, founder and CEO of Bonaventure, an integrated alternative asset manager specializing in design, property management and investment management of multifamily properties, echoed some of these organizations’ concerns. Specifically, he said the Renters Bill of Rights could result in overregulated processes for building and managing multifamily communities.

He said that while Bonaventure advocates for housing availability and accessibility at every price level, too many regulations on development can have an adverse impact on supply.

“Bonaventure owns and manages a few Low-Income Housing Tax Credit communities,” he said. “There are regulations in certain jurisdictions that state apartments must be inspected before individuals can move in or renew. Currently, there’s a backlog of these inspections in the system creating unintended consequences for vulnerable segments of our communities.”

That being said, Bonaventure is already working to achieve some of the goals set out by the proposed bill. The first principle of the Renters Bill of Rights states “Renters should have access to housing that is safe, decent and affordable.” 

Dunton said Bonaventure positions itself in the market for its ability to deliver affordable housing to its customers by conducting competitor and market analysis. The company owns and manages several different types of asset classes including market-rate, luxury and senior lifestyle communities.

The company offers what Dunton calls “The Bonaventure Promise,” which states that residents may terminate their lease within the first 30 days with no break-lease penalty fees. He said this helps the company maintain its strong reputation and a culture of excellence for its residents.

“We feel that a myriad of product offerings and our strong reputation ensures renters can trust us as their landlords,” Dunton said. “Likewise, investors know we have our renters’ best interests in mind and their trust means a consistent flow of capital. This gives us the ability to move into new markets and build more of the housing we love, which is affordable, dependable and exceptional for all who meet our qualification criteria.”

Recently, Dunton facilitated a roundtable discussion with the Federal Reserve Bank of Richmond. The group focused its discussions on policies and programs that could increase the supply of workforce housing in the Northern Virginia area. 

“Many of the nation’s housing concerns, like the ones this bill is trying to correct and protect, need to start at a local level,” he said. 

The second principle of the Blueprint states that renters should have “a clear and fair lease that has defined rental terms, rights and responsibilities.” Dunton said that Bonaventure accomplishes this by using the National Apartment Association lease agreement at all its communities, which is considered best practice by most professional property management companies. 

The lease is tailored to the state where the property resides and is constantly updated with the most accurate policies. Property management companies can also add addendums to the lease concerning pets, lead paint disclosure for properties built before 1978, bedbugs and more. The terms are clearly spelled out for both the renter and the landlord.

Dunton added that leases like this are among the reasons why renters who are looking for a fair deal should consider working with a property management company. 

“While there may be price breaks here and there from renting privately, renters risk the legal protection that a property management company can offer,” he said. “Leases are legally binding agreements and should be treated as such. A simple handshake to rent out someone’s basement isn’t a wise choice for either party.”

Dunton said that as the Biden administration continues to work on developing protections for renters, Bonaventure will continue its commitment to its properties and residents.

“Bonaventure is already going above and beyond what this piece of legislation says is the bare minimum,” he said. “Sound, smart business owners should want to deliver on the items listed in the Renters Bill of Rights. From affordable to market-rate, we will continue to develop and manage properties that provide a first-class experience for all our residents.”

This article was produced in collaboration between Studio B and Bonaventure. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.  

See article online

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 that its affiliated private REIT acquired three multifamily properties in separate UPREIT transactions.

Bonaventure furthers its footprint in Virginia and expands into Florida with the strategic off-market purchases of three properties. Within 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.

“These transactions demonstrate our ability to continually source and close on attractive opportunities that meet our strict investment criteria,” said Dwight Dunton, Bonaventure’s CEO and Founder. “As a well-capitalized, cycle-tested investor, we pride ourselves on serving as a reliable transaction partner and our ability to steadily expand our footprint in our target markets.”

Dunton continued, “UPREIT transactions like these continue to serve an important purpose for property owners who are seeking long-term tax efficient compounding growth and greater after-tax returns. As a company, we will continue to pursue acquisition and development opportunities where we believe we can achieve the best risk-adjusted returns.”

Details on the three multifamily communities, which were sourced through Bonaventure’s extensive network of relationships, can be found below: 

• Cedar Broad Apartments: Constructed in 2011, the mid-rise apartment community is well located in the Shockoe Bottom district. It features one-, two-, and three-bedroom units as well as a breakfast/coffee concierge, a rooftop terrace with full kitchen, an electric vehicle charging station, covered parking, fully equipped gym and more.

• East Beach Marina Apartments: 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 and a wealth of outdoor amenities to complement its waterfront positioning.

• Shadetree Apartments: Constructed in 2009, the garden-style apartment community offers one, two, and three-bedroom units. Top-of-the-line amenities include expansive windows, private entertaining cabanas, a clubhouse with state-of-the-art fitness equipment, a swimming pool and sauna.

See Article Online

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 that its affiliated private REIT acquired three multifamily properties in separate UPREIT transactions.

Bonaventure furthers its footprint in Virginia and expands into Florida with the strategic off-market purchases of three properties. Within 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.

“These transactions demonstrate our ability to continually source and close on attractive opportunities that meet our strict investment criteria,” said Dwight Dunton, Bonaventure’s CEO and Founder. “As a well-capitalized, cycle-tested investor, we pride ourselves on serving as a reliable transaction partner and our ability to steadily expand our footprint in our target markets.”

Dunton continued, “UPREIT transactions like these continue to serve an important purpose for property owners who are seeking long-term tax efficient compounding growth and greater after-tax returns. As a company, we will continue to pursue acquisition and development opportunities where we believe we can achieve the best risk-adjusted returns.”

Details on the three multifamily communities, which were sourced through Bonaventure’s extensive network of relationships, can be found below: 

• Cedar Broad Apartments: Constructed in 2011, the mid-rise apartment community is well located in the Shockoe Bottom district. It features one-, two-, and three-bedroom units as well as a breakfast/coffee concierge, a rooftop terrace with full kitchen, an electric vehicle charging station, covered parking, fully equipped gym and more.

• East Beach Marina Apartments: 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 and a wealth of outdoor amenities to complement its waterfront positioning.

• Shadetree Apartments: Constructed in 2009, the garden-style apartment community offers one, two, and three-bedroom units. Top-of-the-line amenities include expansive windows, private entertaining cabanas, a clubhouse with state-of-the-art fitness equipment, a swimming pool and sauna.

See Article Online

Alexandria, VA-based 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, said Tuesday that its affiliated private REIT acquired three multifamily properties in separate UPREIT transactions.

Within 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, the REIT acquired Shadetree Apartments, a 260-unit community located in Ruskin, within the Tampa MSA. The company didn’t disclose pricing.

“UPREIT transactions like these continue to serve an important purpose for property owners who are seeking long-term tax efficient compounding growth and greater after-tax returns,” said Dwight Dunton, Bonaventure’s founder and CEO. “As a company, we will continue to pursue acquisition and development opportunities where we believe we can achieve the best risk-adjusted returns.”

See Article Online

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.

See article online