Bonaventure Buys Hampton Roads Asset for $27M
The property traded as part of a 1031 exchange.
Bonaventure Multifamily Income Trust, a REIT managed by Bonaventure, has acquired Colonial Towne, a 148-unit, garden-style community in Williamsburg, Va. A private individual sold the asset for $27 million, according to Yardi Matrix information.
Bellwether Enterprise Real Estate Capital originated a $17.6 million Fannie Mae note carrying a 5.45 percent interest rate. The loan will mature in 2031.
Colonial Towne marked the second replacement property in a 1031 exchange that began with the sale of Promenade Pointe, an 183-unit community in Norfolk, Va. The first was the 208-unit Royal Pointe Apartments in Virginia Beach, Va., which Bonaventure acquired in April.
Bonaventure now owns 524 units across three Williamsburg communities, including the 228-unit Attain at Quarterpath and the 68-unit Parkway Apartments. The firm’s portfolio comprises 46 properties totaling 9,192 apartments across the Mid-Atlantic and Southeast, according to its website.
READ ALSO: Bonaventure CFO on Why Multifamily Distress Remains Contained—for Now
Colonial Towne is at 327 Merrimac Trail, near Parkway Apartments and roughly 3 miles from Attain at Quarterpath. Located less than 3 miles from downtown Williamsburg, the property is close to several employers such as Colonial Williamsburg, William & Mary and Busch Gardens. Interstate 64 and Colonial Parkway are also nearby.
Completed in 1970, the asset consists of two-story buildings with townhome units and apartments. The unit mix features one-, two- and three-bedroom floorplans averaging 949 square feet. Amenities at the pet-friendly community incorporate a swimming pool, on-site playground and laundry facilities.
