Offering Status: Now Closed
Promenade Pointe DST
183-Unit Class A Waterfront Multifamily Property | Norfolk, VA
A Closed 1031 Exchange DST Offering Designed for Tax Deferral, Passive Ownership, and Stable Multifamily Income
Promenade Pointe DST was a 183-unit Delaware Statutory Trust offering structured for property owners and accredited investors, including those working with financial advisors to complete a 1031 exchange.1
Developed, owned, and operated by Bonaventure since inception, this offering provided fractional ownership in a stabilized, institutional-quality multifamily asset that delivered stable income since 2014, even during challenging rate environments.
$ 50.1 M
Total Offering
$ 20.1 M
Offering Equity
$ 1,879
Average Rent
~ 95 %
Occupancy Since 2014 | ~96% current2
~ 60 %
Fixed-Rate Financing
Structured for 1031 Exchange Investors
Promenade Pointe DST was structured to address the most common constraints investors face when completing a 1031 exchange.
- Pre-qualified status allowed identification within the 45-day IRS window.
- Fixed-rate trust-level financing addressed debt replacement requirements at transition
- Passive ownership structure eliminated direct management responsibilities
Bonaventure works directly with you and your advisory team, including CPAs, qualified intermediaries, and legal counsel, to align replacement property selection with your exchange timeline and transaction requirements.
Promenade Pointe DST: Investment Profile
Market
Hampton Roads, the metropolitan region surrounding Norfolk, Virginia, is one of the most high-growth, supply-constrained multifamily markets in the Mid-Atlantic, anchored by resilient, essential-service employment and limited new Class A waterfront supply.
- 96.7 % regional occupancy (Q3 2025)
- ~1,200 units delivering over the next 12 to 18 months, insufficient to meaningfully shift the regional supply-demand balance
- Home to 19 U.S. military installations and 100,000+ active-duty service members, with the U.S. Navy, Huntington Ingalls Industries, Sentara Health, and Old Dominion University anchoring long-term employment demand
- Historically low delinquency supported by an essential-service workforce
Asset
Promenade Pointe’s waterfront positioning, light-turn program, and resilient podium construction supported ~95% occupancy and ~$100 rent premiums, with ~$1,879 in-place rent.2
Capital Structure
Promenade Pointe carried ~60% LTV fixed-rate financing, eliminating refinancing risk and satisfying debt replacement requirements for 1031 exchange investors while supporting income stability across the hold period.
Property Amenities and Features
Promenade Pointe’s waterfront amenities and coastal lifestyle supported strong resident retention and consistent occupancy in a market with limited Class A waterfront competition.
- Waterfront boardwalk with kayak and paddleboard dock
- Saltwater pool and fitness center
- Clubhouse with resident lounge
- Covered parking
- Internet Subway fiber platform
- Walkable access to retail and dining
- Central Hampton Roads location with direct access to major employment corridors
The Bonaventure Difference
Aligned Capital at Scale
Bonaventure is the largest investor across its own platform, with $600M+ of principal capital committed alongside investors.3 Every structuring decision, underwriting standard, and hold-period strategy is held to the same standard as Bonaventure’s own capital. That position produces a platform where protecting investor capital and protecting sponsor capital are the same objective.
Downside-First Underwriting
Bonaventure stress-tests every asset across occupancy, rent growth, and exit cap rate scenarios before committing capital. Return potential is evaluated only after the asset demonstrates the ability to preserve capital under adverse conditions. As the largest investor in each opportunity, Bonaventure applies that standard to its own capital before anyone else’s.
Disciplined NOI Creation
Bonaventure actively manages income at the asset level through capital improvements, proprietary operating programs, and disciplined expense management.4 That operational approach produces cash flow growth independent of market conditions, supporting income stability across the hold period. Bonaventure is the only multifamily platform growing NOI through sponsored, developed, and executed programs that add millions of dollars of revenue directly to its properties.
Exchange Execution Track Record
Executing a 1031 exchange within IRS timelines demands precision across identification, structuring, and closing. Bonaventure has facilitated more than $1.6 billion in exchange value across 42 completed transactions, spanning debt replacement requirements, partnership restructuring, and compressed identification windows.5 That experience delivers execution certainty for investors working against a live timeline.
Explore Current DST Opportunities
Promenade Pointe DST is closed, but Bonaventure continues to structure 1031-eligible DST offerings backed by Bonaventure-owned and operated multifamily assets, with additional DST opportunities planned across its Mid-Atlantic and Southeast multifamily portfolio.
Whether you’re evaluating 1031 exchange replacement properties, reviewing offerings alongside your advisory team, or requesting due diligence materials on active or closed offerings, Bonaventure’s investment team is available to share offering details, provide due diligence documentation, and walk through next steps based on your specific transaction timeline.