Bonaventure acquires ownership in two multifamily properties in UPREIT Transactions

Bonaventure has acquired ownership in two multifamily properties in separate UPREIT transactions. The financial terms were not disclosed.

Through these separate strategic off-market purchases, Bonaventure expands its footprint in Virginia with the additions of the 296-unit Pinnacle Apartments located at 600 Freeman Drive in Hampton and the 185-unit Magnolia Chase Apartments, located at 5700 Magnolia Chase Way in Virginia Beach, Va.

The additions of Pinnacle Apartments and Magnolia Chase Apartments bring Bonaventure’s total number of lifestyle-centric properties in Virginia to 28. At Magnolia Chase Apartments, Bonaventure plans to acquire later this year 24 additional units that are under construction. The property is adjacent to three other multifamily communities that Bonaventure now owns and operates (The Cascades, Infinity at Centerville Crossing and Magnolia Run Apartments), providing it with significant scale in the fast-growing Hampton Roads submarket.