Bonaventure Launches $34.1 Million Messenger Place DST in D.C. Suburb
Alternative investment manager Bonaventure Holdings LLC has launched Messenger Place DST, a 1031 exchange investment vehicle tied to a 94-unit Class A multifamily community located in Manassas, Va. The offering seeks to raise approximately $34.1 million.
Messenger Place DST is a Delaware statutory trust offering providing investors with fractional ownership in a multifamily property while deferring capital gains taxes through a 1031 exchange. Bonaventure said the structure complements its “longstanding expertise in tax-advantaged real estate strategies.”
Built in 2019, the Messenger Place property has a 95.7% occupancy rate, according to the company, and no debt. It offers amenities, such as on-site management, parking, a video entry system, stainless steel appliances and granite countertops, and attracts both young professionals and families. Located less than 18 miles from Dulles International Airport, its location in Northern Virginia within the Washington, D.C., metro is near corporate and business centers, including expansions from Amazon’s HQ2, Micron’s extensive semiconductor operations, and rapidly growing data centers throughout the region.
“Launching the Messenger Place DST leverages our long-standing and deep-rooted experience in structuring tax-sensitive solutions for sophisticated investors seeking sustainable, compounding returns,” said Dwight Dunton, founder and chief executive officer of Bonaventure. “As the property’s owner and operator since 2021, the Bonaventure team offers investors significant risk reduction, ensuring strong operational performance and seamless execution.”
Since 1999, Bonaventure has completed over 38 tax-deferred transactions, such as with the Attain Downtown property in Norfolk, Va., last year – altogether placing more than $515 million in equity.
As of March 31, 2025, the firm owns, manages, or is developing multifamily assets with an aggregate value of approximately $2.6 billion and comprising 9,451 units. To date, Bonaventure has executed more than $3.35 billion in transactions.
The company noted that in recent years, capital inflows into DST structures have surged, fueled by both increased sponsor sophistication and a tightening regulatory environment around other investment vehicles. DST fundraising reached $5.7 billion in 2024, has already surpassed $3 billion as of May 2025 – a 56.6% year-over-year increase compared to the same period in 2024 – and some industry analysts project continued robust growth, potentially reaching between $7.5 billion in 2025.
“Messenger Place DST represents a compelling core-plus investment that reflects Bonaventure’s continued commitment to delivering institutional-quality, tax-deferred offerings,” continued Dunton. “We are proud to expand our platform with a Class A asset in a high-demand submarket, reinforcing our legacy of helping investors preserve and grow wealth through strategic, tax-efficient real estate solutions.”
Moreover, multifamily assets are historically more economically resilient than other real estate sectors, Bonaventure said, especially during periods of uncertainty. “Because risk is spread across multiple units, periodic vacancies have less impact on overall income.”
In December 2024, Bonaventure added David Pittman as head of capital markets. Based in Atlanta, Pittman brings more than 22 years of experience in the financial services industry. Prior to Bonaventure, Pittman served as senior vice president, capital markets for Cottonwood Communities where he raised capital in the Southeast and Puerto Rico.
Through Bonaventure Multifamily Income Trust fund, other investor offerings and tax-advantage investing, Bonaventure focuses on the investment, development, construction, and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions. It is headquartered in Alexandria, Va.
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