ALEXANDRIA, Va.--(BUSINESS WIRE)--Bonaventure, an integrated investment asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the MidAtlantic and Southeastern regions announced today the acquisition of two luxury apartment communities in Virginia, Messenger Place and Magnolia Run. The two properties were acquired in separate off-market transactions. To finance the acquisitions the company successfully closed an $85 million Fannie Mae credit facility through KeyBank. Bonaventure also drew from the flexible FNMA facility to refinance one of the company’s previously owned properties, effectively giving the firm flexibility at the portfolio level, versus the property level, to lock in favorable interest rates, expand strategically, and build value for investors.
Commented Dwight Dunton, founder and CEO of Bonaventure: “We’re excited to welcome these two new stabilized, core-plus multifamily assets into our expanding portfolio and to do so drawing on our deep market relationships as well as transactional skills and favorable rates backed by Fannie Mae. Messenger Place and Magnolia Run are superior properties in thriving suburban markets and are excellent representations of the quality of strategic portfolio management for which Bonaventure is widely recognized.”
Added Bonaventure Chief Investment Officer, Chris Cobb, “Magnolia Run, in particular, is a prime example of Bonaventure’s strategic portfolio management skills in engineering deals that offer superior flexibility to our partners. By providing the option of an UPREIT structure to the property’s seller, we were able to arrange a tax efficient transaction that resulted in the trade of their ownership in a single property for interests in a diversified and growing portfolio of properties.”
Bonaventure acquired two-year old Messenger Place from owner/developer, The Rector Companies, for $25.5 million. The luxury property is a five-story, 94-unit apartment community in Manassas, VA, offering one- and two-bedroom homes furnished with premium materials, finishes and appliances. Boasting 3,000 square feet of ground floor retail and a partnership with market-leading Gold’s Gym, Messenger Place is located in the heart of Old Town Manassas, within walking distance of the town’s commercial district and a short drive to Washington D.C. and Dulles Airport.
Magnolia Run, which comprises 200 units, is an amenity-rich apartment community located in Virginia Beach, VA with 2- and 3-bedroom luxury homes, onsite pool and lounge area, 24-hour fitness center, playground and club house. The property was acquired for $52.1 million.
Concluded Mr. Dunton: “With two decades of experience owning, developing and operating residential communities in the Mid-Atlantic and Southeastern states, Bonaventure enjoys a very strong reputation among the region’s apartment renters and we look forward to integrating Magnolia Run and Messenger Place under our banner so our newest residents and the communities which they call home can experience for themselves our tireless commitment to superior property management.”
Headquartered in Alexandria, Virginia, Bonaventure is an integrated investment asset management company specialized in multifamily design, development, construction, asset management and property management with over 6,000 apartment units across 26 communities primarily in the Mid-Atlantic and Southeastern regions of the United States. Since its founding in 1999 by Dwight Dunton, Bonaventure has become one of the top 15 most experienced HUD developers in the nation and has completed $500 million in HUD loans and over $2.25 billion in transactions. With its focus on building enduring value through ingenuity, Bonaventure boasts a full suite of investment capabilities.
To learn more about Bonaventure, visit www.Bonaventure.com.