BMIT Closes 1031 Exchange and Acquires Property in Charlottesville 

Bonaventure, an integrated asset manager specializing in multifamily communities in the Mid-Atlantic and Southeastern regions, has closed two transactions. The company sold an $18 million interest in Attain Downtown, a 156-unit Class-A multifamily community in downtown Norfolk, Va., and acquired Cavalier Crossing, a 144-unit apartment community in Charlottesville, Va., through Bonaventure Multifamily Income Trust, Inc. (BMIT).  

BMIT retains a majority stake in Attain Downtown and will continue its operations. The sale, structured as a Tenancy-in-Common (TIC) transaction, allowed for a tax-efficient 1031 exchange. Cavalier Crossing, located near the University of Virginia, will undergo renovations to enhance its amenities and curb appeal. Cavalier Crossing is now part of BMIT’s 20-property portfolio. 

“The 1031 transaction type allows for all involved parties to benefit. BMIT retained an ownership stake in Attain Downtown and continues to manage the property, and the new co-owner enjoys the potential for risk-adjusted returns without having to actively manage the property,” said Bonaventure CEO and Founder Dwight Dunton.