137
VIRGINIA BEACH, VA. — Alexandria, Va.-based Bonaventure has purchased Solace Apartments, a 250-unit multifamily community located at 400 S. Military Highway in Virginia Beach.
The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income Trust (BMIT), in the UPREIT acquisition. The seller and sales price were not disclosed.
Built in 2014, Solace features one- and two-bedroom apartments, as well as a pool, fitness center, grilling stations and a community clubhouse.