Bonaventure Acquires Ownership in Two Multifamily Properties in UPREIT Transactions
Summary
ALEXANDRIA, Va.--(BUSINESS WIRE)--Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced that it acquired ownership in two multifamily properties in separate UPREIT transactions. “We are pleased to become the new owner and manager of two exceptionally well-located, income producing multifamily communities in our home market,” said Dwight Dunton, founder and CEO of Bonaventure. “These acquisitions not only align with our Mid-Atlantic growth strategy, they further demonstrate Bonaventure’s unique ability to engineer deals that offer superior flexibility and tax-advantaged benefits to our partners.” The additions of Pinnacle Apartments and Magnolia Chase Apartments bring Bonaventure’s total number of lifestyle-centric properties in Virginia to 28. This property is situated adjacent to three other multifamily communities that Bonaventure currently owns and operates (The Cascades, Infinity at Centerville Crossing and Magnolia Run Apartments), providing it with significant scale in the fast-growing Hampton Roads submarket. It offers one-two and three-bedroom units with high-end features and a wealth of amenities including a resort-style pool and 24-hour fitness center.