Acquires six multifamily communities comprising 1,399 units
Delivers 500 multifamily units and commences construction on seven projects comprising 1,381 units
ALEXANDRIA, Va.–(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 announced that its investment activities exceeded $1 billion in 2022, demonstrating sustained growth and the company’s proven ability to successfully navigate changing market conditions.
Over the past year, Bonaventure acquired six multifamily communities across its target markets, comprising 1,399 units for $358 million. Five assets are located in Virginia (Norfolk, Virginia Beach, Richmond, Hampton and Newport News) and one is located in Lawrenceville, Georgia.
As it relates to development activities, Bonaventure delivered phase one of Palmer’s Creek, a 200-unit luxury attainable multifamily community located in Fredericksburg, Virginia, and Attain at Harbour View, a 300-unit luxury market rate multifamily community located in Suffolk, Virginia. The company also continued to build out its development pipeline with the addition of seven properties under construction. These projects include:
- Four senior living communities totaling 560 units in Virginia (Chesapeake, Spotsylvania, and Alexandria) and Cary, North Carolina, which represents a new market for Bonaventure.
- Three multifamily communities comprising 821 units located in Fredericksburg and Spotsylvania, Virginia, as well as Huntsville, Alabama, which is also a new market for Bonaventure.
Bonaventure also took over management of a multifamily community in Richmond, Virginia and sold one luxury multifamily property in Williamsburg, Virginia for $100 million, delivering an attractive return on invested capital.
Commenting on the year’s business activity, Bonaventure founder and CEO, Dwight Dunton, said: “2022 was a highly productive and very successful year for Bonaventure on a number of fronts. We significantly increased our acquisition activity year-over-year and executed our development pipeline, demonstrating our ability to consistently source transactions and investment opportunities that meet our strict investment criteria. Moreover, we entered new markets, added great talent across the enterprise and formed mutually beneficial partnerships with organizations that enable us to reach new investors, expand our professional network and help cultivate the next generation of industry talent. Our team has acted with diligence and patience at every turn of the market and stayed the course of our strategies, delivering remarkable results in the process.”
Bonaventure continued to add exceptional talent to its team in 2022 with the hiring of Barry H. Bass as Chief Financial Officer, a key role to advance the company’s strategic growth priorities. Furthermore, Bonaventure formed strategic partnerships with third parties to support its business and ESG goals. Its partnership with iCapital provides a customized end-to-end technology solution that enables financial advisors and their accredited clients to access Bonaventure’s alternative investment offerings. A partnership with Family Office Networks (FON) expanded the firm’s investor universe, providing Bonaventure access to more than 500,000+ subscriber participants, including more than 10,000 family offices. The company’s partnership with Project Destined provides training in financial literacy, entrepreneurship, and real estate to students from underserved communities.
Given Bonaventure’s vertically-integrated platform, deep knowledge of its target markets, extensive capital relationships, and experience investing through multiple economic cycles, the company is uniquely positioned to grow and deliver enduring value to its stakeholders.
Headquartered in Alexandria, Virginia, Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment and property management. Bonaventure has over $1.5 billion of assets under management, is an expert at utilizing low-cost financing, and manages over 6,000 apartment units across 31 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.