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jeffdashley

Bonaventure Buys Greater Atlanta Mixed-Use Community

December 16, 2022 by jeffdashley

LAWRENCEVILLE, GA. — JLL Capital Markets has brokered the sale of The Fieldhouse, a multifamily community featuring 252 residential units and 10,112 square feet of commercial space in Lawrenceville, roughly 30 miles northeast of Atlanta. Built in 2021, the property overlooks Coolray Field, home ballpark of the Minor League Baseball team Gwinnett Stripers.

The Fieldhouse comprises three buildings with units in studio, one- and two-bedroom layouts. Amenities include a rooftop lounge, pool deck, grilling stations, two dog parks, a club and game room, workspace, a kitchen and bar for entertaining, a yoga studio and a fitness center.

John Weber, Vic Ciancetta and Cade Songy of JLL represented the seller, Brand Properties, in the transaction. Bonaventure Realty Group was the buyer. The sales price was not disclosed.

See article online

Filed Under: In the News

Community overlooking Gwinnett minor-league field sold

December 16, 2022 by jeffdashley

An Alexandria, Virginia-based real estate developer purchased the 252-unit, baseball-themed Fieldhouse apartment community overlooking the triple-A Gwinnett Stripers’ home field in Lawrenceville. 

Built in 2021, The Fieldhouse is “filled with baseball-themed amenities” that provide views of Coolray Field, home of the Atlanta Braves’ minor-league team, including a rooftop lounge with outdoor party deck, pool deck and two grilling stations with viewing platforms.  

The buyer, Bonaventure Realty Group, said it is “looking forward to working on another deal” in 2023 with JLL, which represented the seller, Brand Properties. The JLL Capital Markets team involved in the deal was led by Senior Managing Director John Weber, Director Vic Ciancetta and Associate Cade Songy.

ituated at 44 Braves Ave., The Fieldhouse is approximately 35 miles from downtown Atlanta. Community amenities include two dog parks, a club and game room, team workspace with private offices, entertaining kitchen and bar, yoga studio and fitness center.  

The apartments come in studio, one- and two-bedroom formats averaging 833 square feet. Amenities include stainless-steel appliances, wood-style flooring, patios and balconies and walk-in closets.  

“Brand Properties delivered a best-in-class asset in The Fieldhouse with unmatched unit finishes and amenities,” Ciancetta said in a press release. “The attention to detail and thought that went into the project is evident the second you step foot on the property. Additionally, we are excited to see the property continue to flourish under Bonaventure Realty Group’s ownership and are pleased to have been involved their first purchase in the Atlanta area.” 

See article online

Filed Under: In the News

JLL Arranges Sale of 252-Unit Multifamily Community in Metro Atlanta

December 16, 2022 by jeffdashley

LAWRENCEVILLE, GA. — JLL Capital Markets has brokered the sale of The Fieldhouse, a multifamily community featuring 252 residential units and 10,112 square feet of commercial space in Lawrenceville, roughly 30 miles northeast of Atlanta. Built in 2021, the property overlooks Coolray Field, home ballpark of the Minor League Baseball team Gwinnett Stripers.

The Fieldhouse comprises three buildings with units in studio, one- and two-bedroom layouts. Amenities include a rooftop lounge, pool deck, grilling stations, two dog parks, a club and game room, workspace, a kitchen and bar for entertaining, a yoga studio and a fitness center.

John Weber, Vic Ciancetta and Cade Songy of JLL represented the seller, Brand Properties, in the transaction. Bonaventure Realty Group was the buyer. The sales price was not disclosed.

See article online

Filed Under: In the News

‘You’re Not Going To See Us Make Mistakes’: Why Big Banks Are Pulling Back From CRE Financing

December 13, 2022 by jeffdashley

A lack of available debt is one of the biggest issues slowing commercial real estate development today, but institutional lenders say their pullback is rational given the risks in the market. 

“You can sit there and say the lender is the boogeyman, but one of the mantras in our hallway is, ‘The best way to make money in fixed income is not to lose it,'” Northwestern Mutual Regional Director Eric Ekeroth said at a Bisnow event last week. “So we’re not going to take risks until it feels like we understand it.”

Ekeroth, along with executives from PNC, MetLife and other big capital sources, shared their reasoning for slowing activity during this turbulent time at Bisnow‘s D.C. Region Finance and Deal-Makers Summit, held Thursday at 1900 Reston Metro Plaza in Reston, Virginia.

The pullback is happening across all asset classes, given how this year’s sharp rise in interest rates has dramatically altered the math for new deals. But Ekeroth said it is especially pronounced in office, given that sector’s uncertain demand and high vacancy rates. 

He said Northwestern Mutual isn’t unloading its office loans, but it also isn’t doubling down with new deals. He acknowledged that many older office assets need substantial upgrades to stay competitive, but banks are unlikely to be the ones financing those renovations. 

“From lenders, particularly institutional lenders, you’re not going to see us make mistakes,” he said. “We’re not going to jump into a 70% occupied building that needs to be repositioned. That capital may have been available at one time, but it’s called equity now.”

For large financial institutions like Northwestern Mutual, which has more than $550B in total assets under management, the share that real estate comprises of its overall portfolio is an important consideration. This year, Ekeroth said changes in asset values have increased the relative size of its real estate exposure. 

“All of our assets have essentially lost value,” he said. “But real estate has actually come down slower than many of the other asset classes, so we find ourselves overweight. Does that mean we won’t do deals? No … but they have to make sense.”

PNC Real Estate Senior Originator Christian Gorissen, whose institution also has more than $550B in assets under management, said this was a record year for the bank’s construction lending business. But most of that activity happened in the first half of the year. 

“Now it reached the point that the appetite to push for additional business is not there, considering where we are in cycle,” Gorissen said. “The capital right now is really reserved for existing clients of the bank that we can allocate to the best use of our capital resources.”

“Hopefully by mid-next year we’ll be able to go back and serve the broader market,” he added.

Gorrison said PNC’s pullback from the broader market came in part because it has become increasingly difficult to predict how much projects will cost and how long they will take to build, even in sectors with strong fundamentals like multifamily.

Spencer Levy, global client strategist and senior economic advisor for CBRE, said this phenomenon of big banks only providing capital to their largest clients has become common.

“Midsized banks have actually been propping up the economy because Wall Streetis out of money,” Levy said. “The money center banks are not lending unless you are one of their top one or two clients. CMBS is not there … The biggest problem is there’s illiquidity in the debt markets.”

MetLife Investment Management Managing Director Jeanine Lester, who leads the firm’s D.C. office, said it is still an active lender and equity investor, but new construction projects have become harder to finance. 

She said MetLife is looking to finance high-quality “build-to-core” developments that are outperforming older assets in today’s market. An example of this is Trammell Crow‘s Armature Works mixed-use project that just delivered in D.C.’s NoMa neighborhood, in which MetLife is an equity investor. The development, sitting less than a mile from Union Station, features a 203-room hotel and two apartment buildings totaling 630 units. 

“We saw obsolescence occurring, so we wanted to have the newest product out there,” she said. “It is challenging now with the construction market, but some of the opportunities we have in the pipeline are build-to-core, and we’re just kind of waiting to see when things stabilize in the market.” 

Smaller private equity firms, like Alexandria-based Bonaventure, have also become hesitant to fund new development in today’s environment. 

Bonaventure CEO Dwight Dunton said the firm has invested in projects that are under construction and still proceeding, but it is now pausing new activity. 

“Our development business is in the process of freezing,” he said. “New sites are not really moving ahead because costs have gotten to the point that we can buy that same building brand new across the street built, leased up with no construction risk for less than it takes to build it today.”

“We’re putting our pipeline into suspended animation so hopefully costs moderate somewhat, rents rise or something happens where on a relative value development makes sense,” Dunton added. 

Read full article here

 

Filed Under: Press Releases

Bonaventure Expands into Huntsville Area Market

December 8, 2022 by jeffdashley

HUNTSVILLE, AL – 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 hosted the ground-breaking of Attain at Bradford Creek located at 556 Martin Road in Huntsville, Alabama to celebrate entering a new Southeastern market.

The 350-unit Class A multifamily community, located 15 miles from downtown Huntsville in the Madison/Airport submarket, will deliver much-needed additional high-quality housing to the community.

Birmingham, Alabama-based Doster Construction is leading the onsite construction of Attain at Bradford Creek and Bonaventure is overseeing the property’s development and management. Attain at Bradford Creek’s first units will be delivered in March of 2024, with the full project expected to be completed by the end of September 2024.

“The Bonaventure team is excited to bring our decades of experience in building best-in-class multifamily communities to Huntsville,” said Dwight Dunton, founder and CEO of Bonaventure. “We are thrilled to partner with Doster to deliver an exceptional rental housing property that will bring luxury living to a market with high demand for quality housing. Delivering this project advances our growth strategy in the Southeast, which will continue to be a major focus for our company in the years ahead.”

Residents of Attain at Bradford Creek will enjoy not only the finest in interior design and state-of-the-art appliances, but also close proximity to major transportation routes and many of the city’s major employers including Boeing, Lockheed Martin and the U.S. Space & Rocket Center. The 22-acre community in the Madison/Airport Submarket is one of Huntsville’s most desirable areas, known for its excellent school system and accessibility to job and retail centers across the metro.

“Doster Construction is excited to partner with Bonaventure, a leading multi-family developer, on their first project in Huntsville,” said Conn Crabtree, Doster Vice President and Huntsville Division Manager. “Our teams share a commitment to building quality facilities, and we are extremely pleased to add Attain at Bradford Creek to our growing portfolio of work in North Alabama.”

Attain at Bradford Creek will include a mix of one-, two- and three-bedroom units with square footage ranging from 839 to 1,375 SF per unit, totaling 359,050 SF. The community will feature a mix of high-end amenities including a pond and dog park, Amazon lockers and clubhouse with a state-of-the-art pool and fitness center.

SEE ARTICLE ONLINE

 

Filed Under: In the News

350-unit Huntsville-area development breaks ground near airport

December 8, 2022 by jeffdashley

Work is beginning on a 350-unit apartment development in the Huntsville area.

Attain at Bradford Creek will be located at 556 Martin Road, near Huntsville International Airport.

Virginia-based Bonaventure is developing the 22-acre project, while Birmingham-based Doster Construction is leading the onsite construction.

First units are expected to be delivered in March 2024, with the full project completed by the end of September 2024.

Attain at Bradford Creek will include one-, two- and three-bedroom units with square footage ranging from 839 to 1,375-square-feet per unit. Amenities will include a pond, dog park, Amazon lockers and a clubhouse with pool and fitness center.

It is Bonaventure’s first project in the Huntsville area.

“The Bonaventure team is excited to bring our decades of experience in building best-in-class multifamily communities to Huntsville,” Bonaventure CEO Dwight Dunton said. “We are thrilled to partner with Doster to deliver an exceptional rental housing property that will bring luxury living to a market with high demand for quality housing. Delivering this project advances our growth strategy in the Southeast, which will continue to be a major focus for our company in the years ahead.”

VIEW ARTICLE ONLINE

Filed Under: Press Releases

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