Bonaventure Recaps 2021 Business Activities

·3 min read

ALEXANDRIA, Va., January 26, 2022--(BUSINESS WIRE)--Bonaventure, an integrated asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today provided a recap of its business activities in 2021.

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Bonaventure adds Messenger Place, Manassas, VA to growing portfolio of Mid-Atlantic and Southeast multifamily communities in 2021. (Photo: Business Wire)

Over the past twelve months, Bonaventure completed multifamily transactions valued at $408 million across 9 assets comprising 3,872 apartment units. This activity included the build out of Bonaventure’s development pipeline with the addition of six properties under construction. Five of these projects are in Virginia at Norfolk (2), Spotsylvania, Suffolk, Virginia Beach and one is in Cary, North Carolina. The new developments underscore Bonaventure’s expertise in navigating the real estate markets of the Mid-Atlantic and Southeast where the company has traditionally operated and continues to see strong value.

In addition, Bonaventure acquired two multifamily communities in Virginia – Magnolia Run in Virginia Beach and Messenger Place in Manassas – for approximately $78 million and sold one asset, Patriots Crossing, in Newport News for $13 million. Bonaventure also launched a private REIT focused on investing in core plus, stabilized multifamily properties, advancing its capabilities and diversifying its product offering in the alternative asset management space.

Commenting on the year’s business activity, Bonaventure founder and CEO, Dwight Dunton, said: "With 20 years’ experience building out our capabilities as a leading multifamily owner, developer and investor in the Southeast and Mid-Atlantic states, 2021 was an especially pivotal year for our firm. While market trends were favorable, our achievements are a testament to the effectiveness of our vertically integrated operating platform as well as our deep industry relationships and close alignment of interests with our investors. Moreover, our relentless pursuit of creative and flexible approaches contributed to our growth and evolution as a firm."

With the introduction of Bonaventure’s private REIT came the firm’s ability to offer an UPREIT structure. This strategic decision has aided in the expansion of Bonaventure’s acquisition pipeline by providing parties looking to sell their multifamily assets with a tax advantaged mechanism affording them the ability to trade ownership in their property(s) for interests in a limited partnership that owns a diversified and growing portfolio of properties. By way of example, in December Bonaventure acquired Magnolia Run, a luxury apartment community located in Virginia Beach, in an UPREIT transaction.

About Bonaventure

Headquartered in Alexandria, Virginia Bonaventure is an integrated asset management company specializing 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. Since its founding in 1999 by Dwight Dunton, Bonaventure has become one of the top 15 most experienced HUD developers in the nation and has completed $500 million in HUD loans and over $2.25 billion in transactions. With its focus on building enduring value through ingenuity, Bonaventure boasts a full suite of investment capabilities


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