Bonaventure Gets to Work on Hampton Roads-Area Apartments
The $85 million project is being built within an Opportunity Zone.
Bonaventure has broken ground on Attain at Newtown, an $85.3 million, 320-unit, Class A community in Norfolk, Va. The development’s first units are expected to come online in Fall 2027.
Attain at Newtown, part of the firm’s growing Attain-branded portfolio of Class A multifamily residences, is being developed within a federally designated Qualified Opportunity Zone. The capital stack includes an equity investment from partner Cafritz Asset Management LLC, a private family office based in Washington, D.C.
The private equity is being paired with long-term, fully amortizing financing through a HUD Section 221(d)(4) loan originated by Greystone. The 10-plus-year hold period required by the Opportunity Zone program aligns with Bonaventure’s long-term owner-operator model and with HUD’s 40-year fully amortizing permanent financing.
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The project, taking shape at 6659 E. Virginia Beach Blvd. in the Hampton Roads area, will have a mix of one-, two- and three-bedroom apartments averaging 1,010 square feet. Vest Residential will be the property manager.
Marlyn Development Corp. is the general contractor for the project. Other team members include architect Cox, Kliewer & Co. and Timmons Group as the civil engineer.
Second recent development start
Construction is beginning about a month after Bonaventure broke ground on Attain at Greenbrier, a $74.5 million, 268-unit mid-rise property in Chesapeake, Va., also within the Hampton Roads market. Located at 1553 River Birch Run, Attain at Greenbrier will feature three four-story buildings with a mix of one-, two- and three-bedroom units averaging 1,037 square feet. The project is expected to be completed late next year.
Bonaventure raised equity from its network of accredited high-net-worth investors for part of the project’s capital stack and also combined it with a long-term, fixed-rate HUD Section 221(d)(4) loan.
Rents, sales rise in supply-constrained market
Attain at Newtown will provide new Class A housing for a market facing sustained supply constraints. The shortage of entitled, developable land continues to prevent meaningful supply, according to Newmark’s Richmond & Hampton Roads Multifamily Overview for the first quarter of 2026. The report notes that absorption outpaced deliveries in Hampton Roads during the first quarter, a figure down 63 percent compared with one year ago. The number of new apartments to come online dropped by 61.6 percent over the same period.
Hampton Roads deliveries peaked at 2,268 units in 2024 while absorption kept pace. In 2025, demand accelerated to 2,640 units absorbed against 1,118 completions, according to Colliers in its Virginia Multifamily Mid-Year 2026 report for Richmond and Hampton Roads.
After rising rates drove investment volume below $525 million in 2023 and 2024, sales in 2025 approached nearly $825 million, reflecting renewed confidence in the market’s fundamentals as rent growth and occupancy strengthened, Colliers reported.
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 from Featherstone Partners for $39.5 million.
