Bonaventure Closes Two Virginia DST Offerings, Raising $54.2M Across 86 Investors

Multifamily investment firm Bonaventure has fully subscribed two Delaware statutory trust offerings, raising a combined $54.2 million in equity from 86 investors across its Promenade Pointe DST in Norfolk, Va., and Messenger Place DST in Manassas, Va.

Promenade Pointe DST, a 183-unit waterfront multifamily community that Bonaventure developed in 2013 and has owned and managed since stabilization, raised $20.1 million in equity from 45 investors. AltsWire reported the offering’s January 2026 launch, when Bonaventure said the property had maintained approximately 96% average occupancy and carried a 60% loan-to-value capital structure. The property is located four miles from downtown Norfolk in the Hampton Roads region.

Messenger Place DST, a 94-unit Class A community in downtown Manassas that Bonaventure acquired in 2021, raised $34.1 million in equity from 41 investors. AltsWire reported the offering’s July 2025 launch, when Bonaventure said the property carried a 95.7% occupancy rate and no debt. The property is located in the Washington, D.C. metropolitan area.

Both offerings were structured with 721 exchange optionality, allowing investors to transition into Bonaventure Multifamily Income Trust, the firm’s nontraded real estate investment trust comprising more than 4,200 apartment units, through a tax-deferred UPREIT contribution. AltsWire reported in April that Bonaventure completed an UPREIT transaction at Attain Downtown East, a 121-unit Norfolk property, transferring it into BMIT via a Section 721 exchange. The following month, BMIT acquired Royal Pointe Apartments, a 208-unit Virginia Beach community, for $39.5 million in a transaction that also incorporated a partial 1031 exchange.

“Different investors need different paths, and the right structure depends on where someone is in their life and their portfolio,” said Casey MacMaster, senior vice president of investments and portfolio manager for BMIT at Bonaventure. “Some are completing a 1031 exchange; others are seeking diversification or a step toward long-term ownership. What they share is a need for replacement property operated by a tenured sponsor with a proven track record, local market expertise, and a durable investment strategy.”

Bonaventure said it has completed more than 38 tax-deferred transactions since 1999, placing more than $515 million in equity. The firm reported more than $2.9 billion in assets under management with vertically integrated capabilities spanning development, asset management, property management, and design. The firm said it has more than $600 million invested alongside clients across its platform.

The closings come amid recent hiring at Bonaventure. Earlier this month, the firm appointed Michelle Moore as head of national accounts and promoted Kerry Peoples to head of capital markets. Earlier this year, the firm added two senior capital markets hires covering its eastern and Northeast regions.

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