ALEXANDRIA, Virginia, January 26, 2022–(BUSINESS WIRE)–Bonaventurean integrated asset manager focused on the development, construction and property management of innovative multi-family communities in the Mid-Atlantic and Southeast regions, today provided a summary of its business activities in 2021.
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Bonaventure is adding Messenger Place, Manassas, VA, to its growing portfolio of Mid-Atlantic and Southeast multi-family communities in 2021. (Photo: Business Wire)
Over the past twelve months, Bonaventure has completed multi-family transactions worth $408 million in 9 assets comprising 3,872 apartments. This activity included the construction of the Bonaventure development pipeline with the addition of six properties under construction. Five of these projects are in Virginia in Norfolk (2), Spotsylvania, Suffolk, Virginia Beach and one in Cary, North Carolina. The new developments underscore Bonaventure’s expertise in navigating the Mid-Atlantic and Southeast real estate markets where the company has traditionally operated and continues to see strong value.
Additionally, Bonaventure acquired two multi-family communities in Virginia – Magnolia Run in Virginia Beach and Messenger Place in Manassas – for approximately $78 million and sold an asset, Patriots Crossing, to Newport News for $13 million. Bonaventure also launched a private REIT focused on investing in more basic stabilized multi-family properties, enhancing its capabilities and diversifying its product offering in the area of alternative asset management.
Commenting on the Business Activity of the Year, Bonaventure Founder and CEO Dwight Dunton said, “With 20 years of experience building our capabilities as a leading multi-family owner, developer and investor in In the Southeast and Mid-Atlantic states, 2021 has been a particularly pivotal year for our business.While market trends were supportive, our accomplishments speak to the effectiveness of our operating platform. vertically integrated as well as our deep industry relationships and close alignment of interests with our investors, and our relentless pursuit of creative and flexible approaches have contributed to our growth and evolution as a company.”
With the introduction of Bonaventure’s private REIT came the company’s ability to offer an UPREIT structure. This strategic move has contributed to the expansion of Bonaventure’s acquisition pipeline by providing parties seeking to sell their multi-family assets with a tax-efficient mechanism to exchange ownership of their property(ies) for equity interests in a limited partnership that holds a diversified and growing portfolio of properties. For example, in December Bonaventure acquired Magnolia Run, a luxury apartment community located in Virginia Beach, as part of an UPREIT transaction.
Based in Alexandria, Virginia Bonaventure is an integrated asset management company specializing in the design, development, construction, asset management and multi-family real estate management with more than 6,000 apartments in 26 communities, mainly in the regions of the mid-Atlantic and southeastern United States. Since its founding in 1999 by Dwight Dunton, Bonaventure has become one of the 15 most experienced HUD developers in the country and has completed $500 million in HUD loans and over $2.25 billion in transactions. With a focus on creating sustainable value through ingenuity, Bonaventure has a full range of investment capabilities
THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
To learn more about Bonaventure, visit www.bonaventure.com.
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