Bonaventure Multifamily Income Trust Provides Portfolio Update, Year-to-Date NOI Up 3.1%
Alternative asset manager Bonaventure announced that the Bonaventure Multifamily Income Trust – a perpetual life multifamily investment fund – had, for the year-to-date period ending May 31, 2024, increased its same-store net operating income by 3.1%, as compared to the same period in 2023. The firm also reported that, excluding its properties in “new supply-challenged markets,” the trust’s same-store NOI has increased by 4.5%.
“Acquiring approximately $100 million in core multifamily properties and maintaining strong rent growth in today’s market conditions speaks to the resilience of our platform and the depth of our relationships,” said Dwight Dunton, chief executive officer and founder of Bonaventure. “BMIT’s performance and ability to transact at a time when deal activity is low reflects our team’s skill in sourcing, structuring, and executing high-value investment opportunities. With a strong and growing investment pipeline, we look forward to advancing BMIT’s investment mandate.”
Bonaventure also reported that, over the past 12 months, BMIT has acquired three multifamily communities comprising a total of 369 units and a combined capitalization of $96.5 million. These acquisitions have included Monticello Station in Norfolk, Va., consisting of 121 units and 33,000 square feet of retail; Commons on Potomac Square in Sterling, Va., consisting of 104 units; and Cavalier Crossing in Charlottesville, Va., consisting of 144 units. According to Bonaventure, these transactions have expanded BMIT’s presence in its targeted Virginia markets and marked its entry into Charlottesville, which exhibits favorable long-term fundamentals.
Bonaventure also stated that the portfolio now includes 20 properties, consisting of 3,790 units and more than $1 billion of gross assets under management, with more than 97% of property-level fixed-rate debt and an average loan maturity of over 20 years. BMIT will not face its next loan maturity until May 2027, with the latest currently scheduled for December 2061.
As previously reported by The DI Wire, Bonaventure also recently announced the hiring of veteran financial services executive Andy Marshall as senior vice president, head of capital markets.
Through its fund, other investor offerings, and tax-advantaged investing, Bonaventure focuses on the investment, development, construction, and management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions. It is headquartered in Alexandria, Va.
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