Bonaventure, an integrated alternative asset manager specializing in the investment, development, construction, and management of multifamily communities across the Mid-Atlantic and Southeastern regions, has announced two significant transactions completed by Bonaventure Multifamily Income Trust (BMIT®). After its partial sale in May 2024 of Attain Downtown, a 156-unit Class-A multifamily community in downtown Norfolk, Virginia, BMIT® has finalized the sale of its remaining $24 million interest in the property. To facilitate this, Bonaventure crafted a tailored solution for an investor needing a 1031 exchange, restructuring the investment to sell the remaining fractional ownership of Attain Downtown and enabling a tax-efficient transaction. As part of this deal, Bonaventure will continue to manage Attain Downtown.
“This deep-rooted connection to the community is what drives our commitment to providing exceptional living experiences,” said Dwight Dunton, Bonaventure’s Founder and CEO.
The sale of Attain Downtown aligns with BMIT®’s investment strategy of unlocking equity from slower-growing core or core-plus assets and reallocating funds into value-add investments with potential for higher risk-adjusted returns. Utilizing the proceeds from the sale, BMIT® successfully completed a 1031 exchange to acquire Braddock Lee Apartments, a 258-unit garden-style community located in Alexandria, Virginia. With this acquisition, Bonaventure now owns nine properties totaling 1,632 units in Northern Virginia, a region that continues to show promising fundamentals for multifamily investing. Braddock Lee offers a value-add opportunity through in-unit renovations and is ideally situated just four miles from Bonaventure’s headquarters.
Dwight Dunton emphasized the company’s long-standing ties to the Alexandria market, stating, “Our family has owned and operated apartments in Alexandria for over 60 years, providing us with deep insights into this market. This connection helps us understand the needs and preferences of our residents, driving our commitment to exceptional living experiences.”
About BMIT®
BMIT® is a perpetual life multifamily fund sponsored and managed by Bonaventure, designed to address the ongoing housing shortage and population migration to the Southeast. Its investment strategies continuously adapt to effectively deploy capital throughout various real estate economic cycles. BMIT® enables high-net-worth investors to engage in institutional-grade real estate by offering the opportunity to invest in a diversified asset pool, yielding attractive risk-adjusted returns, stable cash flow, and tax benefits. Currently, the fund manages a portfolio of 3,892 units and over $1.1 billion in gross assets, with a weighted average loan maturity exceeding 21 years. BMIT® also leverages Bonaventure’s expertise in design, development, construction, and management to enhance value and improve the resident experience.
