Bonaventure Sells Luxury Multifamily Community in Williamsburg, Virginia for $100 Million

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 sale of a 289-unit garden-style multifamily property Williamsburg, Virginia, to Illinois-based The Inland Real Estate Group.

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“We are very pleased with the outcome of this transaction,” said Dwight Dunton, founder and CEO of Bonaventure. “The price we were able to command reflects the asset’s high quality and the strong investor appetite for stabilized multifamily communities in markets with solid employment fundamentals. We take great pride in our proven ability to create meaningful value for our residents and investors.”

The property is extremely well located at 401 Bulifants Blvd. and features a diverse collection of two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. The luxury community’s many amenities include a swimming pool, a fitness center, a business center, a clubhouse and a dog park. The property benefits from its proximity to Sentara Williamsburg Regional Medical Center and the shops and restaurants near Route 199 and Interstate 64.

As one of the nation’s largest and most active developers and owners of multifamily communities, Bonaventure has established a track record of delivering exceptionally well-designed and highly amenitized properties that residents want to live in and investors want to own. This strategic disposition further demonstrates how Bonaventure’s vertically-integrated platform is capable of generating compelling risk-adjusted returns for its investors.

Drew White, Senior Managing Director of Berkadia D.C. Metro, and Carter Wood, Senior Director of Berkadia Norfolk, facilitated the sale of the community on behalf of Bonaventure.

About Bonaventure

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.

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Source: Bonaventure

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