Bonaventure Launches $20.1 Million Promenade Pointe DST in Norfolk
Bonaventure, a vertically integrated multifamily real estate investment firm, has launched Promenade Pointe DST, a 1031 exchange-eligible, Class A waterfront multifamily property located in Norfolk, Va. The Delaware statutory trust represents approximately $50.1 million in total capitalization, including $20.1 million in investor equity.
Promenade Pointe was developed by Bonaventure in 2013, and has continued to be the property’s owner-operator since 2014. The 183-unit property is part of Bonaventure’s approximately 9,000+-unit portfolio.
The Class A community comprises apartment homes with open layouts and high-quality finishes, complemented by amenities such as a saltwater pool, cabana lounge, fitness center, and business center. The property offers residents direct river access and a private dock for launching kayaks and other recreational uses.
Stability is central to the Promenade Pointe DST offering. The asset is positioned within a supply-constrained market – only about 12,000 units are scheduled to deliver in 2026, according to the firm – and supported by fundamentals that reinforce long-term performance and cash flow stability. Key asset attributes for investors include: operational stability, prime location and amenities and compelling market dynamics.
The property maintains approximately 96% average occupancy, supported by long-term sponsor ownership and a stable on-site management team. Bonaventure said the DST offering is further strengthened by a conservative capital structure of 60% loan-to-value, which provides a predictable cash flow for 1031 investors.
The property is located in the Norfolk, Va. submarket, which is home to approximately 1.8 million residents. Its proximity to major expressways and downtown Norfolk provides residents with convenient commuting options. The market is bolstered by a strong labor market in the healthcare, logistics and government sectors.
“In today’s volatile environment, 1031 investors are prioritizing assets that have a proven track record of stability, and stability isn’t built overnight,” said Mike Auerbach, head of tax deferral solutions at Bonaventure. “Today’s 1031 investors want real estate assets that are built to last, operate efficiently, and allow them to preserve wealth without the burden of active management.”
Headquartered in Alexandria, Va., Bonaventure is a vertically integrated real estate investment firm focusing on the investment, development, construction, and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions. With over $2.8 billion in assets under management, the firm offers investment opportunities built on performance, tax efficiency, and long-term compounding, and works with high-net-worth individuals, registered investment advisers, broker-dealers, and family offices.
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