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Bonaventure Acquires Virginia Communities

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Bonaventure has completed its purchase of Pinnacle and Magnolia Chase Apartments, two luxury multifamily communities located in Hampton and Virginia Beach, Va., respectively. Bonaventure acquired ownership of the properties in two separate UPREIT transactions, which were negotiated for an undisclosed amount.

Pinnacle Apartments was built in 2016 and is located at 200 Freeman Drive, in Hampton. The community hosts a five building, 296-unit mix of one-, two- and three-bedroom offerings totaling 282,382 square feet, according to Yardi Matrix data. Community amenities include a fitness center, business center, clubhouse, and swimming pool.

Magnolia Chase Apartments is located at 5700 Magnolia Chase Way, and hosts a 10-building, 230,280-square-foot garden-style arrangement. The buildings themselves are divided into one-, two- and three-bedroom units, complete with luxury finishes and amenities. The community’s features include a fitness center, playground and club house, connected through landscaped courtyards.

Both communities are situated close to the heart of the Hampton Roads metro, within 15 miles of Newport News, Norfolk, Chesapeake and Virginia Beach, with nearby highway access for each.

 

BONAVENTURE’S OTHER LUXURY VENTURES

The acquisition of the two communities is part of Bonaventure’s expansion of its luxury development and investment presence in Virginia, having begun construction on two luxury housing projects in Fredericksburg: the second phase of its Palmer’s Creek development, a 200-unit garden-style community, and its recent groundbreaking of Attain at Spotsylvania Town Centre, a 271-unit project.

The larger Hampton Roads submarket remains steady in its growth, having experienced $4 billion in transactions and $490 million in multifamily investment activity over the second quarter of 2022, according to a report from Newmark from the same period. Despite a slight decrease in its occupancy rate, the overall percentage is above the national average at 97.2, the report shows.

Understanding the purchase of the community in this context, Dwight Dunton, founder & CEO of Bonaventure said in prepared remarks these acquisitions not only align with the firm’s Mid-Atlantic growth strategy but further demonstrate Bonaventure’s unique ability to engineer deals that offer superior flexibility and tax-advantaged benefits to partners.

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Bonaventure Acquires Ownership in Two Multifamily Properties in UPREIT Transactions

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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 it acquired ownership in two multifamily properties in separate UPREIT transactions.

Through these separate strategic off-market purchases, Bonaventure expands its footprint in Virginia with the additions of the 296-unit Pinnacle Apartments located at 600 Freeman Drive in Hampton; and the 185-unit Magnolia Chase Apartments located at 5700 Magnolia Chase Way in Virginia Beach.

“We are pleased to become the new owner and manager of two exceptionally well-located, income producing multifamily communities in our home market,” said Dwight Dunton, founder and CEO of Bonaventure. “These acquisitions not only align with our Mid-Atlantic growth strategy, they further demonstrate Bonaventure’s unique ability to engineer deals that offer superior flexibility and tax-advantaged benefits to our partners.”

The additions of Pinnacle Apartments and Magnolia Chase Apartments bring Bonaventure’s total number of lifestyle-centric properties in Virginia to 28. At Magnolia Chase Apartments, Bonaventure plans to acquire 24 additional units that are currently under construction later this year. This property is situated adjacent to three other multifamily communities that Bonaventure currently owns and operates (The Cascades, Infinity at Centerville Crossing and Magnolia Run Apartments), providing it with significant scale in the fast-growing Hampton Roads submarket.

Details on the newly acquired multifamily communities can be found below:

Pinnacle Apartments: Built in 2016, the mid-rise apartment community is located in the Coliseum Central neighborhood in proximity to I-64 and Peninsula Town Center. It offers one-two and three-bedroom units with high-end features and a wealth of amenities including a resort-style pool and 24-hour fitness center.

Magnolia Chase Apartments: Completed in 1999, the amenity-rich, garden-style luxury apartment complex features one-two and three-bedroom units as well as a pool and lounge area, 24-hour fitness center, playground and club house.

Since its inception in 1999, Bonaventure has established itself as one of the most prolific multifamily developers and operators in the Mid-Atlantic region, and is currently expanding throughout the Southeast. Its portfolio includes a mix of affordable, luxury and senior living communities.

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Real Estate Finance Veteran Joins Bonaventure as CFO

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A longtime real estate finance veteran who has served as chief financial officer at several shops in the Washington, D.C., area has joined Bonaventure as its new CFO.

Barry H. Bass brings more than three decades of real estate finance experience to the alternative asset management company. His experience includes serving as CFO both at Carr Properties and First Potomac Realty Trust, where he assisted the office and industrial real estate investment trust in completing its initial public offering in 2003 before it was acquired by Government Properties Income Trust in 2017.

Most recently, Bass served as CFO at Holistic Industries, one of the largest multi-state cannabis operators in the country.

At Bonaventure, Bass will oversee the finance functions of the company and its private REIT, including financing activities, financial reporting, accounting, treasury and tax. The company operates a portfolio of over 6,000 apartments across 26 properties primarily in the mid-Atlantic and Southeast U.S., according to the firm.

Bass will be based in the company’s Alexandria, Virginia, headquarters.

“His broad financial expertise, deep capital markets knowledge and vast network of industry relationships will be of significant value to the company as we accelerate our growth plans, expand our investor base and introduce new product offerings,” Dwight Dunton, founder and CEO of Bonaventure, said in a release announcing the hire.

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This Week’s DC Deal Sheet

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Enterprise Community Partners has acquired the Skyland Apartments from WC Smith for $24M. 

The 224-unit garden-style apartment community, located along Good Hope Road SE and Skyland Place SE, is 80% affordable, according to property records. A WC Smith spokesperson confirmed the sale. 

The community is catty-cornered from Skyland Town Center, a mixed-use project that a joint venture between WC Smith and Rappaport has been developing for two decades.  

Last year, the JV delivered The Crest, a project containing 263 apartment units, 53 of which are affordable to those making 80% of area median income and 26 for those making between 80% and 120% of AMI. Retailers like Roaming Rooster and Starbucks have opened at Skyland Town Center, and a Lidl anchoring the development is under construction. 

SALES 

Nonprofit affordable housing provider MHP acquired the 185-unit Franklin Apartments for $37.2M, property records show. 

The acquisition was funded in part by the Robert I. Schattner Foundation, which also backed MHP and Washington Housing Conservancy’s acquisition of the 140-unit Earle Manor in Wheaton in March. 

The Franklin Apartments, located at 7620 Maple Ave. in Takoma Park, Maryland, is housing reserved for Section 8-qualified residents that are either 62 years or older or have a disability, according to a property website. As part of the deal with Schattner, some units across both properties will be reserved for veterans. Key Bank provided the primary debt for Franklin, and the Montgomery County Department of Housing and Community Affairs provided subordinate debt through Community Development Block Grant funds, according to a press release.   

 

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Tokyo-based Mori Trust Co. has acquired the office property at 601 Massachusetts Ave. NW for $531M from Boston Properties. The 460K SF property was developed by Boston Properties for $350M and opened in 2015. Anchored by law firm Arnold & Porter, the property is Mori’s first acquisition in D.C. proper, but the Japanese firm previously acquired a pair of Herndon office properties earlier this year, Bisnow reported. 

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Comstock acquired an 8-acre parcel for $60M to expand its Reston Station development. The seller, JBG Smith, has been developing the adjacent mixed-use Midline project with EYA for several years, which includes at least 80 townhomes. Comstock said in a statement to Bisnow it acquired the parcel to enhance connectivity to its 80-acre Reston Station project. 

MILESTONES 

Amazon Fresh opened its 46K SF property anchoring the Chevy Chase Lake development, a mixed-use development from partners Chevy Chase Land Co. and Bozzuto Development. The new grocer, located at 8525 Chevy Chase Lake Terrace, features the chain’s Just Walk Out technology, which allows users to swipe in using their Amazon Prime account and exit with their groceries. Other area Amazon Fresh locations include a D.C. location at 14th and Riggs streets NW and three in Northern Virginia. 

PERSONNEL 

The Meridian Group has elevated senior vice president Jason Phillips to lead its new construction division, Meridian Construction Group. As president of MCG, Phillips will oversee a general contractor slated to oversee several Meridian office renovation projects already underway. MCG will also pursue ground-up development projects, and will partner with ARCO Design/Build Industrial for its Hagerstown warehouse project, according to a press release.  

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Bonaventure has hired real estate veteran Barry Bass as chief financial officer. Bass joins after a three-and-a-half year stint as chief financial officer at Holistic Industries, a multistate cannabis operator. Prior to that role, he also served as chief business officer at Willco Cos. and CFO at Carr Properties, according to his LinkedIn profile. 

Bass also spent a decade as the chief financial officer at First Potomac Realty Trust, but left as the Bethesda-based real estate investment trust’s board of trustees launched an investigation into the REIT’s financial reporting compliance, the Washington Business Journal reported in 2012. 

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Transwestern has hired a 10-year JLL veteran to join its tenant advisory and workplace solutions team, the brokerage announced Tuesday. Chris Coccaro is now an executive vice president and will help drive an expansion of the Transwestern team, according to a press release. Coccaro spent a decade at JLL working with clients like NewPoint Real Estate Capital, Lerch Early Brewer, Northwestern Mutual and the Cystic Fibrosis Foundation. He is a former guest lecturer at the University of Maryland, where he earned his MBA. He received a bachelor’s degree from Georgetown University. 

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Barry H. Bass Named CFO of Apartment Investor Bonaventure

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Bonaventure has named long-time real estate finance executive Barry H. Bass as chief financial officer.

 

Bass most recently was chief financial officer of Holistic Industries, a cannabis grower and marketer in Potomac, Md., but before that had been with commercial real estate companies. Those include Willco, a family office in the Washington, D.C., area, where he was managing director of capital markets; Carr Properties; and First Potomac Realty Trust, where he was chief financial officer. He was instrumental in taking First Potomac public in 2003.

 

Bonaventure is an Alexandria, Va., investment manager that specializes in the apartment sector in the Mid-Atlantic and Southeastern regions. Bass will oversee the company’s finance functions and that of an affiliated private REIT.

 

“His broad financial expertise, deep capital markets knowledge and vast network of industry relationships will be of significant value to the company as we accelerate our growth plans, expand our investor base and introduce new product offerings,” explained Dwight Dunton, founder and chief executive of Bonaventure.

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Bonaventure Appoints New Chief Financial Officer, Barry Bass

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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 a partnership in which iCapital1 will provide a customized end-to-end technology solution that will enable financial advisors and their accredited clients to access Bonaventure’s alternative investment offerings.

iCapital is the leading global fintech platform driving access and efficiency in alternative investing for the asset and wealth management industries. Through this partnership, Bonaventure will leverage iCapital’s full suite of technology and service capabilities to provide wealth advisors and investors with streamlined access to its real estate offerings and end-to-end digital subscription, administration, operational and reporting processes. This fully configurable and highly scalable digital solution is designed to ease operational burdens and improve the user experience.

“Partnering with iCapital represents another important milestone in our ongoing effort to further build out and institutionalize our alternative investments platform,” said Hank Loughran, Senior Vice President of Capital Markets at Bonaventure. “Not only are we committed to introducing attractive rental housing -focused real estate offerings that have the potential to generate attractive risk-adjusted returns, we are working hard to ensure we accomplish this in an innovative way that drives an exceptional user experience. Partnering with iCapital allows us to expand our capabilities in this regard while delivering high-touch service.”

“We are pleased to partner with the Bonaventure team to provide our robust technology solution to support broader access to Bonaventure’s real estate offerings,” said Dan Vene, Co-Founder and Managing Partner, Head of Client Solutions at iCapital. “Advisors are increasingly seeking access to alternative investments, and this partnership enables Bonaventure with an efficient platform to achieve their goals across the private wealth segment.”

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