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Bonaventure Acquires Two Multifamily Properties in UPREIT Transactions

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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, acquired ownership in two multifamily properties in separate UPREIT transactions.

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, announced the acquisition of two multifamily properties in separate UPREIT transactions.

According to SEC filings, Bonaventure is the sponsor of Bonaventure Multifamily Income Trust Inc., a Reg. D 506(b) private placement REIT, which is apparently the acquiring entity.

Through these separate off-market purchases, Bonaventure acquired the 296-unit Pinnacle Apartments located at 600 Freeman Drive in Hampton and the 185-unit Magnolia Chase Apartments at 5700 Magnolia Chase Way in Virginia Beach.

“We are pleased to become the new owner and manager of two exceptionally well-located, income producing multifamily communities in our home market,” said Dwight Dunton, founder and chief executive officer of Bonaventure. “These acquisitions not only align with our mid-Atlantic growth strategy, but they also further demonstrate Bonaventure’s unique ability to engineer deals that offer superior flexibility and tax-advantaged benefits to our partners.”

Including Pinnacle Apartments and Magnolia Chase Apartments, Bonaventure has 28 properties in Virginia. At Magnolia Chase Apartments, Bonaventure plans to acquire 24 additional units that are currently under construction. Magnolia Chase is adjacent to three other multifamily communities that the company currently owns and operates; The Cascades, Infinity at Centerville Crossing and Magnolia Run Apartments.

Pinnacle Apartments was built in 2016, and the mid-rise apartment community offers one-two and three-bedroom units. Community amenities include a resort-style pool and 24-hour fitness center.

Magnolia Chase Apartments was completed in 1999, and the garden-style apartment complex has one-two and three-bedroom units. Community amenities include a pool and lounge area, 24-hour fitness center, playground and club house.

Bonaventure is an integrated alternative asset management company specializing in multifamily design, development, construction, asset management and property management with more than 6,000 apartment units across 29 communities, primarily in the Mid-Atlantic and Southeastern regions of the United States.

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