Bonaventure Gets to Work on Its Largest Project to Date
The development also includes the firm's biggest HUD loan.
Bonaventure has broken ground on Attain at Swift Creek, a $93.3 million 344-unit, Class A multifamily community in Chester, Va., near Richmond. The first units are expected to deliver in early 2028.
It’s the largest project in Bonaventure’s 26-year history and the third groundbreaking in its Attain line this year. Attain is the firm’s portfolio of Class A multifamily communities, concentrated along the Interstates 95 and 64 corridors, from Northern Virginia to the Hampton Roads region.
The financing and building story
Located at 6805 Greenyard Road in the Swift Creek submarket of Chesterfield County, Attain at Swift Creek will have a mix of one-, two- and three-bedroom units averaging 1,058 square feet. The property is adjacent to a Kroger-anchored retail center on a major Chesterfield County corridor.
Financing for the project comes in the form of a $79.9 million 40-year, fixed-rate HUD Section 221(d)(4) loan originated by Walker & Dunlop, which is also the firm’s largest HUD-sourced loan to date. Bonaventure is backing the project on its balance sheet during construction while it seeks a long-term equity partner. The HUD Section 221(d)(4) loan provides both construction and permanent financing in a single, fully amortizing execution at a locked interest rate.
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The firm successfully rezoned 31 acres of the site in October 2023 and secured site approval in September 2025. Bonaventure closed on the land acquisition in June, at the same time it received an initial HUD endorsement for the funding.
KBS Inc., is the project’s general contractor. RBA Architects is the architect and Timmons Group is the civil engineer. A property management partner will be named ahead of lease-up.
Bonaventure also began construction of Attain at Newtown, a 320-unit community in Norfolk, Va., last month and Attain at Greenbrier, a 268-unit property in Chesapeake, Va., in June. Together, the three developments will deliver nearly 950 Class A apartment homes, with a combined investment of $246.2 million, across Virginia.
Strong market fundamentals
Fundamentals in the Richmond, Va., multifamily market remained strong in the second quarter of 2026, with occupancy climbing 40 basis points to 95.7 percent, according to the Newmark Richmond & Hampton Roads Multifamily Overview for the quarter. Absorption was down significantly by 55.3 percent year-over-year in Q2, with less than 300 units delivered, 76.5 percent fewer than the same period the previous year, Newmark noted.
Average effective rental rates rose 1.4 percent year-over-year. Richmond recorded one of the country’s year-over-year rent improvements, at 3.6 percent through February, according to the Yardi Matrix Richmond multifamily report for April. Chesterfield County, where Attain at Swift Creek will be located, saw one of the market’s highest effective rents at $1,783 in the second quarter, up approximately 2.8 percent year-over-year, according to the Colliers Virginia Multifamily Mid-Year Report. Colliers notes the rental performance is supported by strong occupancy and steady demand from higher-income households.
