Overview
- Bonaventure closed the $39.5 million purchase of the 208-unit Royal Pointe Apartments in Virginia Beach through its Bonaventure Multifamily Income Trust.
- The firm used a partial 1031 exchange, which defers taxes by reinvesting sale proceeds, and a 721 UPREIT that swaps property for operating-partnership units, and it worked with Greystone to assume the existing loan.
- Built in 1987, the garden-style community in the Hampton Roads area will see interior upgrades such as LVP flooring, new appliances, refreshed cabinets and lighting, and the addition of in-unit washers and dryers.
- Exterior work will target curb appeal and upkeep as the operator pursues value creation through property-level execution in supply-constrained markets.
- With more than $2.8 billion in assets and about 9,000 apartments, Bonaventure is adding scale in its Mid-Atlantic and Southeast focus, including a growing presence in the Virginia Beach region.