Bonaventure Acquires Class-A Multifamily Community in Norfolk, VA for $42M
Bonaventure, an integrated alternative asset manager focused on the investment, development, construction and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the $42 million acquisition of Monticello Station Apartments, a 121-unit Class-A multifamily community in downtown Norfolk, Va. on behalf of its perpetual life multifamily fund. As part of the transaction, Monticello Station will be rebranded and operated as Attain Downtown East. Attain is Bonaventure's luxury brand, aiming to help residents to attain the highest level of comfort, belonging and happiness at its communities.
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Bonaventure acquires Monticello Station in Norfolk, VA (Photo: Business Wire)
Ideally located at 328 East Freemason Street just one block from popular Granby Street, Attain Downtow East offers one-, two-, three-, and four-bedroom oversized units. The property features luxury finishes, including full-size washer and dryers, granite countertops, private patios, stainless steel appliances, and energy efficient design throughout. Its many amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits, and a conference room. Attain Downtown East also has 33,000 square feet of ground-floor retail space providing residents ease of access to dining and convenience options including Buffalo Wild Wings, 7-Eleven and Sushi King.
"With its prime location, numerous amenities and long-term financing, Monticello Station directly aligns with the type of assets we seek to acquire and manage in our perpetual life multifamily fund," said Bonaventure CEO and Founder Dwight Dunton. "As part of our investment management platform, this vehicle provides investors access to strategic diversification across our target markets as well as predictable income. We are pleased expand our footprint in Norfolk and the greater Hampton Roads area, and look forward to capitalizing on the opportunities in our investment pipeline to grow our carefully constructed portfolio."
Located in the heart of downtown Norfolk which boasts a mile-long retail strip with many food and entertainment options, Tidewater Community College, and offices, Monticello Station Apartments is only one mile from I-264, providing accessibility to the broader Hampton Roads region and Richmond, as well as the downtown employers and attractions found there. The property allows residents to enjoy proximity to a variety of economic centers and benefits from multiple housing demand and population growth drivers; Norfolk is also home to four Fortune 500 Companies, the Port of Virginia, the third busiest port on the East Coast, and is adjacent to the Norfolk Naval Station, the largest naval base in the world.
Headquartered in Alexandria, Virginia, Bonaventure is an integrated alternative asset management firm focused on the investment, development, construction and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions. Bonaventure has over $2.3 billion of assets under management, is an expert at utilizing low-cost financing and manages over 6,500 apartment units across 35 communities primarily in the Mid-Atlantic and Southeastern regions. Since its founding in 1999 by Dwight Dunton, with the intent to create best-in-class capabilities connecting capital to assets, the focus of the firm has been to generate excess returns on a risk-adjusted basis while building enduring value through ingenuity. To learn more, visit www.bonaventure.com.
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