Bonaventure Starts Work on $75M Virginia Property
The project will add more than 250 units to a particularly supply-constrained market.
Bonaventure has broken ground on Attain at Greenbrier, a $74.5 million development that will bring 268 units of Class A housing to the Greenbrier submarket of Chesapeake, Va. Delivery is expected in late 2027.
Located at 1553 River Birch Run, the development will be the latest addition to the Alexandria, Va.-based multifamily real estate investment firm’s growing Attain-branded portfolio of Class A multifamily apartments.
Attain at Greenbrier will feature three four-story buildings with a mix of one-, two- and three-bedroom units averaging 1,037 square feet. Vest Residential will be the property manager.
Marlyn Development Corp. is the general contractor for the project. Other team members include RBA as the architect and Timmons Group as the civil engineer.
The capital stack
Bonaventure raised equity from its network of accredited high-net worth investors for part of the Attain at Greenbrier’s capital stack. The private equity is being paired with long-duration debt provided through a fixed-rate HUD Section 221(d)(4) loan originated through Walker & Dunlop. The loan provides both construction and permanent financing in a single, fully amortizing 40-year execution.
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In May, Walker & Dunlop arranged a deal for GM Development to secure a $130 million HUD 221(d)(4) loan for the adaptive reuse of a former Veterans Affairs hospital campus in Denver into a 493-unit, Class A, mixed-use and mixed-income development. It was the largest HUD 221(d)(4) construction loan in Walker & Dunlop’s history. That project incorporated historic tax credits as part of its capital stack.
Lack of supply boosts rents
Bonaventure acquired the property, the site of a former call center, in 2022. It was rezoned to allow residential density in the Greenbrier submarket where there is a lack of supply to meet increasing demand.
Company officials note Greenbrier is one of the strongest-performing multifamily submarkets in the Hampton Roads region of Virginia. The submarket has sustained occupancy above 97 percent and demand continues to outpace new supply, according to Bonaventure.
Newmark’s Richmond & Hampton Roads Multifamily Overview for the first quarter of 2026 states that effective rental rates were up 4.1 percent between 2021 and 2023 in Hampton Roads, giving the market the third highest annual rent growth among the top 50 U.S. markets.
Absorption outpaced deliveries during Q1, though both decreased year-over-year. According to the report, absorption was down 63.4 percent compared to the first quarter of 2025, and deliveries were down 63.4 percent for the same period.
The largest transaction for the first quarter in the Hampton Roads market was Bonaventure’s acquisition of the 208-unit Royal Pointe Apartments in Virginia Beach, Va., according to Newmark. The company purchased the property in the Virginia Beach West submarket from Featherstone Partners for $39.5 million. The purchase was made through Bonaventure Multifamily Income Trust and incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange.
