Bonaventure announced the closing of Royal Pointe Apartments, a 208-unit multifamily community in Virginia Beach, Virginia.
The $39.5 million acquisition was completed through Bonaventure Multifamily Income Trust (BMIT) and demonstrates the company’s continued focus on value-add multifamily investments across the Mid-Atlantic and Southeast regions.
The transaction incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange. Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition.
“We continue to target assets in supply-constrained markets like Virginia Beach, where strong fundamentals and limited new development create a favorable backdrop for thoughtful, resident-focused improvements,” said Casey MacMaster, Senior Vice President, Investments and Portfolio Manager for BMIT at Bonaventure.
Royal Pointe Apartments is a 1987 vintage, garden-style community located in the Hampton Roads region. Bonaventure plans to execute a series of enhancements focused on improving unit interiors and refreshing the community’s exterior.
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