Washington DC + DC Metro + Apartments | March 28, 2023

Bonaventure’s Private REIT Acquires Three Multifamily Properties and Enters FL Market

Alexandria, VA-based Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, said Tuesday that its affiliated private REIT acquired three multifamily properties in separate UPREIT transactions.

Within Virginia, Bonaventure’s private REIT acquired Cedar Broad Apartments and East Beach Marina, 204-unit and 137-unit communities in the Richmond and Norfolk markets, respectively. In Florida, the REIT acquired Shadetree Apartments, a 260-unit community located in Ruskin, within the Tampa MSA. The company didn’t disclose pricing.

“UPREIT transactions like these continue to serve an important purpose for property owners who are seeking long-term tax efficient compounding growth and greater after-tax returns,” said Dwight Dunton, Bonaventure’s founder and CEO. “As a company, we will continue to pursue acquisition and development opportunities where we believe we can achieve the best risk-adjusted returns.”

Pictured: East Beach Marina in Norfolk, VA.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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