Bonaventure, an integrated alternative asset manager specializing in multifamily investments, development, construction, and management in the Mid-Atlantic and Southeastern U.S., announced two major transactions completed by its Bonaventure Multifamily Income Trust (BMIT®). In May 2024, BMIT® initiated a partial sale of Attain Downtown, a 156-unit Class-A property in Norfolk, Virginia, and has now sold its remaining $24 million stake in the property. Bonaventure customized the sale to meet an investor’s 1031 exchange requirement, restructuring the investment and selling the fractional ownership of Attain Downtown, enabling the investor to execute a tax-efficient transaction. Despite the sale, Bonaventure will continue managing the property.
This sale aligns with BMIT®’s strategy of unlocking equity from core or core-plus assets and reinvesting in value-add opportunities with higher potential returns. Leveraging the proceeds from Attain Downtown, BMIT® completed a 1031 exchange to acquire Braddock Lee Apartments, a 258-unit garden-style community in Alexandria, Virginia. This acquisition enhances Bonaventure’s presence in Northern Virginia, where it now owns 9 properties totaling 1,632 units. Braddock Lee presents a prime value-add opportunity with planned in-unit renovations and is located just 4 miles from Bonaventure’s headquarters.
Dwight Dunton, Bonaventure’s Founder and CEO, highlighted the company’s deep roots in Alexandria, where his family has owned and operated apartments for over 60 years. “Our long-standing presence has allowed us to forge strong relationships and gain a deep understanding of our residents’ needs. This connection drives our commitment to delivering exceptional living experiences,” said Dunton.
About BMIT®
BMIT® is a Bonaventure sponsored and managed perpetual life multifamily fund designed to capitalize on the systematic housing shortage and population migration to the Southeast. As a perpetual fund, its investment tactics are constantly evolving to efficiently deploy capital at any time within the real estate economic cycles. BMIT® allows high net worth investors to participate in institutional grade real estate by offering individuals the opportunity to invest in a diversified pool of assets with attractive risk-adjusted returns, stable cash flow, and tax advantages. To date, the fund has 3,892 units and over $1.1B of gross assets under management in its portfolio which has a weighted average loan maturity of over 21 years. BMIT® also leverages Bonaventure’s expertise in design, development, construction, and management to create value and enhance the resident experience.
About Bonaventure
Headquartered in Alexandria, Virginia, Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, and investments. 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.
