Bonaventure, multifamily real estate investment firm, has launched Promenade Pointe DST, a 1031 exchange-eligible, Class A waterfront multifamily property located in Norfolk, Virginia.

The DST 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.

“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.

The property maintains approximately 96% average occupancy, supported by long-term sponsor ownership. The community comprises 183 apartment homes with open layouts and the property offers direct river access and a private dock for launching kayaks and other recreational uses.