ALEXANDRIA, Va.--(BUSINESS WIRE)--Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the commencement of construction on Phase II of Palmer’s Creek, an attainable garden-style multifamily community located in Fredericksburg, Virginia.
This project will deliver two additional residential buildings, located at 9000 and 9014 Spring Valley Lane, adding 200 new units to the soon-to-be-delivered Phase I of Palmer’s Creek Apartments. In total, Palmer’s Creek will offer local residents 400 high-quality housing units across four 4-story buildings. Phase II construction is expected to be completed in the fourth quarter of 2023.
“Bonaventure is pleased to move forward with our plan to add scale to this market-leading property, ideally situated just outside of the Fredericksburg town center,” said Dwight Dunton, founder and CEO of Bonaventure. “With the addition of these two well-amenitized buildings, we will be able to welcome hundreds of additional residents, helping to address the shortage of attainable housing options in the market.”
Residents of Palmer’s Creek will have the option of choosing from one, two and three-bedroom units, ranging in size from 707 to 1,326 square feet, and featuring modern designs and finishes. The lifestyle-oriented community’s high-end amenities include a fitness center and gym, a pool and pool deck, a social events and activities calendar, a playground, a clubroom, a media room, and more.
“Bonaventure is known for providing best-in-class amenities, quality service and a solutions-first mindset to housing needs,” continued Dunton. “We look forward to delivering an exceptional community that adds meaningful value to the lives of our residents and expanding our footprint across our target markets.”
Since its inception in 1999, Bonaventure has established itself as one of the most prolific multifamily developers and operators in the Mid-Atlantic region, and is currently expanding throughout the Southeast. Its portfolio includes a mix of affordable, luxury and senior living communities.
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.