Bonaventure has acquired two Virginia apartment properties in separate transactions totaling $77.6 million. The firm bought Messenger Place in Manassas from The Rector Cos. for $25.5 million and Magnolia Run in Virginia Beach from a private company for $52.1 million. The firm financed the purchases with an $85 million Fannie Mae credit facility through KeyBank.
“Messenger Place and Magnolia Run are great representations of Bonaventure’s investment strategy of buying and holding high quality, core, stabilized multifamily assets in growing Mid-Atlantic and Southeastern markets,” Jimmy Parker, acquisitions associate with Bonaventure, told Multi-Housing News. “The two communities have broad and sustainable (resident) appeal due to their central locations near key transportation, commercial and leisure centers.”
The five-story, 94-unit Messenger Place is located at 9009 Church St. in Manassas. Constructed in 2019, it offers one- and two-bedroom homes, averaging 750 square feet. The property has 3,500 square feet of ground-floor retail occupied by Gold’s Gym.
Unit amenities at Messenger Place include controlled access, private balconies or patios, vaulted ceilings and above-standard ceiling heights, birch-simulated wood flooring, walk-in closets, breakfast bar or island, and washer/dryer and fireplaces in all units. Resident amenities include a fitness center, a business center and a clubhouse.
Messenger Place is in the heart of Old Town Manassas, within walking distance of the town’s commercial district and a short drive to Washington D.C. and Dulles Airport. The property is close to two Virginia Railway Express stations, Manassas Park Station and Manassas Station, connecting residents to Washington and Tysons Corner and Dulles, Va.
The 10-building, 200-units Magnolia Run is located at 5697 Magnolia Run Circle in Virginia Beach. Constructed in 2002, the property is pet friendly and features two- and three-bedroom homes, averaging 1,332 square feet.
Unit amenities include a private balcony/patio, monitored security and washer/dryer and fireplaces in all units, with detached garages also available. Resident amenities include 24-hour fitness center, a clubhouse, a playground, a swimming pool and lounge, a large outdoor chess board, an outdoor cabana, a theater room, outdoor community grills and lounge swings, a bocce ball court, a business center and Wi-Fi lounge, a fire pit, a dog park and a playground.
Magnolia Run is within walking distance of Kempsville Crossing and near Woods Corner Shopping Center and Orchard Square. The property is about 20 minutes from Norfolk International Airport in Norfolk, Va.
Parker noted that Magnolia Run illustrates Bonaventure’s portfolio management skills. “By providing the option of an UPREIT structure to the property’s seller, we were able to arrange a tax efficient transaction that resulted in the trade of their ownership in a single property for interests in a diversified and growing portfolio of properties,” he said.
Bonaventure has completed more than $2.25 billion in transactions, $500 million in U.S. Department of Housing and Urban Development loans and manages 5,848 residential units in the Mid-Atlantic regions that surround the nation’s capital.
Prior to acquiring Messenger Place and Magnolia Run, Bonaventure’s bought East Mason Apartments in Alexandria in the fourth quarter of 2020. It also owns the Palmer’s Creek garden-style property in Fredericksburg and the Acclaim at East Beach senior housing community in Norfolk. The firm expects to pursue a strong acquisition and development strategy in 2022 and beyond.