Bonaventure Nontraded REIT Acquires $39.5M Virginia Beach Multifamily Asset in 721 Exchange
Bonaventure Multifamily Income Trust, a nontraded real estate investment trust sponsored by Bonaventure, has acquired Royal Pointe Apartments, a 208-unit multifamily community in Virginia Beach, Va., for $39.5 million.
The transaction incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange, providing flexibility and liquidity options for investors. Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition.
“In a transitional market, value creation is increasingly driven by execution at the property level rather than reliance on market-driven rent growth,” said Casey MacMaster, senior vice president of investments and portfolio manager for BMIT at Bonaventure. “We continue to target assets in supply-constrained markets like Virginia Beach, where strong fundamentals and limited new development create a favorable backdrop for thoughtful, resident-focused improvements.”
Royal Pointe Apartments is a 1987 vintage, garden-style community located in the Hampton Roads region. Bonaventure plans several enhancements focused on improving unit interiors and refreshing the community’s exterior, including modern flooring, in-unit washers and dryers, and curb-appeal upgrades.
“We remain focused on identifying well-located multifamily assets where we can apply a proven value-add strategy,” said Jimmy Parker, director of investments. “We have a large portfolio in the area, and this acquisition was a natural extension allowing us to build on an already strong asset while leveraging our economies of scale in the market.”
Earlier this month, Bonaventure completed an UPREIT transaction transferring ownership of Attain Downtown East, another multifamily property in Virginia, to BMIT.
Bonaventure is an operator-led real estate investment firm specializing in multifamily assets across the Mid-Atlantic and Southeast regions, with more than $2.8 billion in assets under management.
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