Bonaventure, an operator-led multifamily real estate investment firm with approximately $2.8 billion in assets under management (AUM), has announced the contribution of Attain Downtown East (formerly known as Monticello Station) in Norfolk, Va., to Bonaventure Multifamily Income Trust (BMIT), a non-traded real estate investment trust sponsored by Bonaventure. The acquisition was completed as an UPREIT transaction, which is a strategy where property owners contribute real estate to a REIT’s operating partnership, in exchange for ownership interest in that partnership. This transaction strategy allows owners to defer capital gains taxes on the sale of appreciated real estate while gaining access to a diversified portfolio managed by the REIT.
Attain Downtown East was originally acquired by Bonaventure in 2023 as a 1031 exchange replacement property on behalf of a private investment client. Bonaventure facilitated the acquisition of the property and co-invested alongside the p
