ALEXANDRIA, VA – Bonaventure, an operator-led multifamily real estate investment firm with approximately $2.8 billion in assets under management (AUM), announced the closing of Royal Pointe Apartments, a 208-unit multifamily community in Virginia Beach, VA.
The $39.5 Million acquisition was completed through Bonaventure Multifamily Income Trust (BMIT) and demonstrates the company s continued focus on value-add multifamily investments across the Mid-Atlantic and Southeast regions.
The transaction incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange (UPREIT), providing flexibility and liquidity options for the 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, 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 to execute a series of planned enhancements focused on improving unit interiors and refreshing the community s exterior. Interior upgrades will include modern LVP flooring, updated appliances, cabinets, lighting and fixtures, and the addition of in-unit washers and dryers. Exterior improvements will focus on enhancing curb appeal and maintaining the overall quality of the asset.
We remain focused on identifying well-located multifamily assets where we can apply a proven value-add strategy, explained 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.