Bonaventure Purchases Virginia Beach Apartment Community for $39.5M

VIRGINIA BEACH, VA. — Bonaventure, a multifamily owner-operator based in Alexandria, Va., has purchased Royal Pointe Apartments, a 208-unit garden-style community in Virginia Beach. The firm acquired the value-add apartment property for $39.5 million via its Bonaventure Multifamily Income Trust investment vehicle.

The seller was not disclosed. Bonaventure worked with Greystone to assume the property’s existing debt as part of the acquisition.

Built in 1987, Royal Pointe Apartments will be updated with new LVP flooring, appliances, cabinets, lighting and fixtures for unit interiors. Exterior improvements will center on improving the property’s curb appeal.