Bonaventure Acquires in Virginia Beach
The company purchased an ownership interest through an UPREIT transaction.
Bonaventure has acquired an ownership interest in Solace Apartments, a 250-unit community in Virginia Beach, Va. The company made the purchase through an UPREIT transaction.
Solace Apartments, located at 400 South Military Highway, offers one- and two-bedroom units. The community features a pool, a fitness center, grilling stations and a community clubhouse.
Completed in 2015, the community stood out due to its high-quality construction, attractive amenities and Virginia Beach location with consistently strong housing demand and limited new development, Dwight Dunton, founder, CEO & CIO, Bonaventure, told Multi-Housing News.
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At the time of the sale, the community was 97 percent occupied, according to Yardi Matrix data. It last traded in 2021 for an estimated $51 million.
Bonaventure assumed the seller’s in-place loan as part of the transaction. Dunton told MHN that the company has increasingly employed UPREIT transactions due to their significant tax and strategic advantages.
“Beyond tax efficiency, UPREITs help clients achieve critical personal and financial objectives, from asset diversification to legacy planning,” he said. He continued to note that the benefits to UPREIT structures extend beyond tax efficiency to supportive estate planning, succession planning, diversification and strategic growth.
