Bonaventure Private REIT Acquires 3 Properties
The deal includes the company's first Florida asset.
A Bonaventure private REIT has acquired three properties, solidifying the firm’s Virginia presence and facilitating its expansion into Florida. The portfolio, purchased in separate UPREIT transactions, consists of multifamily communities in Richmond and Norfolk, Va., and suburban Tampa, Fla.
The company acquired Cedar Broad Apartments, a 204-unit community in the Richmond, Va., market, and East Beach Marina, a 137-unit property in the Norfolk, Va., market, in separate transactions. Bonaventure also acquired Shadetree Apartments, a 260-unit property in the Tampa submarket of Ruskin, Fla.
“Despite the uncertainty in the market, there are still sellers willing to transact at a fair price,” Dwight Dunton, Bonaventure founder and CEO, told Multi-Housing News.
“This is especially true for owners of multifamily properties who want to capitalize on the tax advantages associated with UPREIT transactions. With these transactions, it was a win-win scenario for all parties involved. We pride ourselves on being a creative, fair and a reliable transaction partner.”
Situated in the Shockoe Bottom district of Richmond, Cedar Broad is a mid-rise apartment community constructed in 2011. It features one-, two- and three-bedroom apartments offering balconies with city views. Common-area amenities include a rooftop terrace with a full kitchen.
East Beach Marina Apartments, on the Chesapeake Bay waterfront, was built in 2015. Comprising one- and two-bedroom residences featuring kitchen islands, granite countertops and open floor plans, it is located in the East Beach submarket of Norfolk. Among common-area amenities at the property are complimentary umbrellas and beach chairs.
The garden-style Shadetree Apartments community was constructed in 2009 and features one-, two- and three-bedroom apartments. Among the features and finishes of the units are wood-style vinyl flooring, large walk-in closets and walk-in showers with glass enclosures. Private entertaining cabanas are included among the common-area amenities.
Bonaventure has been active in recent months, acquiring and Atlanta-are mixed use property at the end of last year.