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(To read more on the multifamily market, click here.)

CHESAPEAKE, VA-Real estate asset manager Bonaventure Realty Group acquired two multifamily properties, the Ivystone and Oak Lake Apartments, in a $49.3-million transaction. They account for an aggregate 540 residences and were purchased from a buyer who prefers to remain unidentified.

Featuring 368 units off Interstate 64 and near the Greenbrier Country Club , Ivystone was developed at 1150 Volvo Pkwy. in 1984 and subsequently expanded to its current size three years later. The 172-unit, 16-year-old Oak Lake property is also located within close proximity I-64, and is straddled between Chesapeake General Hospital and Chesapeake City Park. The properties are located within four miles of each other and have occupancy levels just over 99%.

Speaking about Arlington-headquartered Bonaventure’s activity in the Chesapeake-Virginia Beach market, company president Dwight Dunton says, “We believe the positive economic growth in the area will continue, and we plan to actively pursue more acquisitions in this area in the near future.”

New York’s Meridian Capital Group helped facilitate the acquisition by closing a financing deal totaling approximately $39.5 million for Bonaventure. With the assistance of Meridian’s Matthew Texler and Jacob Katz, the borrower was able to secure a 10-year loan at an interest rate in the low 5% range. Additional funds for the purchase were obtained through Tenants-in-Common investments in both properties, which the buyer plans to upgrade. The deal marks the second financing transaction Meridian has orchestrated on behalf of Bonaventure this year; Meridian closed on $50 million in acquisition and construction financing for the Seminary Forest Apartments in Alexandria.

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