Bonaventure Expands Va. Multifamily Portfolio with Acquisition of Messenger Place, Manassas and Magnolia Run, Virginia Beach Financed by New $85M Fannie Mae Credit Facility
Summary
ALEXANDRIA, Va.--(BUSINESS WIRE)--Bonaventure, an integrated investment asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the MidAtlantic and Southeastern regions announced today the acquisition of two luxury apartment communities in Virginia, Messenger Place and Magnolia Run. Commented Dwight Dunton, founder and CEO of Bonaventure: “We’re excited to welcome these two new stabilized, core-plus multifamily assets into our expanding portfolio and to do so drawing on our deep market relationships as well as transactional skills and favorable rates backed by Fannie Mae. The luxury property is a five-story, 94-unit apartment community in Manassas, VA, offering one- and two-bedroom homes furnished with premium materials, finishes and appliances. Magnolia Run, which comprises 200 units, is an amenity-rich apartment community located in Virginia Beach, VA with 2- and 3-bedroom luxury homes, onsite pool and lounge area, 24-hour fitness center, playground and club house. Concluded Mr. Dunton: “With two decades of experience owning, developing and operating residential communities in the Mid-Atlantic and Southeastern states, Bonaventure enjoys a very strong reputation among the region’s apartment renters and we look forward to integrating Magnolia Run and Messenger Place under our banner so our newest residents and the communities which they call home can experience for themselves our tireless commitment to superior property management.” Headquartered in Alexandria, Virginia, Bonaventure is an integrated investment asset management company specialized in multifamily design, development, construction, asset management and property management with over 6,000 apartment units across 26 communities primarily in the Mid-Atlantic and Southeastern regions of the United States.