Bonaventure Buys Virginia Beach Asset for $40M
The buyers plan to make value-add improvements to the property, which was built in the late 1980s.
Bonaventure, an Alexandria, Va.-based multifamily real estate investment firm, is expanding its footprint in the Mid-Atlantic region with the $39.5 million acquisition of the 208-unit Royal Pointe Apartments in Virginia Beach, Va.
The seller was not disclosed, but the most recent owner of the asset at 1749 Lacrosse Drive was listed as Featherstone Partners, according to Yardi Matrix data. Featherstone purchased the property from Clark Whitehill Enterprises in November 2022 for $36 million, the same source shows. At that time, Featherstone secured a $22.6 million, 10-year Fannie Mae loan originated by Greystone, Yardi Matrix reported.
Bonaventure stated it worked with Greystone to assume the existing financing as part of the acquisition.
The latest transaction was made through Bonaventure Multifamily Income Trust and incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange.
A closer look at Royal Pointe
Completed in 1987, the garden-style community is located in the Hampton Roads region and spans 14 two-story buildings acorss nearly 11 acres. Royal Pointe has a mix of one- and two-bedroom apartments and townhomes ranging in size from 680 to 1,130 square feet, with an average of 849 square feet. The mean rent is $1,626, according to Yardi Matrix data.
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Community amenities include a clubhouse, a fitness center, tennis and pickleball courts and a swimming pool. There are 268 parking spaces on the property.
Bonaventure is planning improvements to the unit interiors and community’s exterior. Interior upgrades will include adding 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.
A focus on value-add investments
The purchase is part of Bonaventure’s strategy to make value-add multifamily investments in high-growth, supply-constrained markets across the Mid-Atlantic and Southeast regions.
Bonaventure has more than $2.8 billion in assets under management, including 9,000 apartment units. While most of its assets are located in Virginia, the firm also has multifamily investments in Georgia, Florida, Alabama and North Carolina. In March 2025, the firm acquired an ownership interest in Solace Apartments, a 250-unit community in Virginia Beach, also using an UPREIT structure.
In November 2023, Bonaventure purchased Monticello Station Apartments, a 121-unit community in Norfolk, Va., for $42 million. The acquisition was also made through the firm’s multifamily fund. S.L. Nusbaum sold the asset, according to Yardi Matrix data. Bonaventure has rebranded the property under its upscale flag, Attain, as Attain Downtown East.
