A private REIT affiliated with Bonaventure acquired three multifamily properties in separate UPREIT transactions.
The company furthers its footprint in Virginia and expands into Florida with the strategic off-market purchases of three properties. In Virginia, Bonaventure's private REIT acquired Cedar Broad Apartments and East Beach Marina, 204-unit and 137-unit communities in the Richmond and Norfolk markets, respectively. In Florida, Bonaventure's REIT acquired Shadetree Apartments, a 260-unit community located in Ruskin, a submarket of the Tampa MSA.
Cedar Broad Apartments was constructed in 2011. It is mid-rise apartment community well located in the Shockoe Bottom district, featuring one-, two-, and three-bedroom units as well as a breakfast/coffee concierge, a rooftop terrace with full kitchen, an electric vehicle charging station and gym.
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East Beach Marina Apartments were built in 2015. The Chesapeake Bay waterfront apartment community is located in the East Beach submarket and offers one- and two-bedroom units with modern open floor plans and high-end features.
Shadetree Apartments were constructed in 2009. The garden-style apartment community offers one, two, and three-bedroom units.
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