Bonaventure, an Alexandria-based company that focuses on the development, construction, and property management of multifamily communities, recently announced it bought two separate apartment complexes in the Hampton Roads region.
On September 16, it was announced that Bonaventure acquired properties in Hampton as well as in Virginia Beach.
Bonaventure is now the owner of Pinnacle Apartments, a 296-unit complex located at 600 Freeman Dr. in Hampton. The development, first built in 2016, features one-, two-, and three-bedroom apartments near Coliseum Central.
In a separate transaction, the company also bought Magnolia Chase Apartments, located at 5700 Magnolia Chase Way in Virginia Beach. That development also has one-, two- and three-bedroom apartment options and opened in 1999. Bonaventure also plans to purchase 24 additional units currently under construction within the complex.
“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, in a statement. “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.”
Bonaventure, which was founded in 1999, now owns 28 properties in Virginia.