Bonaventure Multifamily Income Trust (BMIT®) Completes 1031 Exchange and Acquires Property in Alexandria, VA

Barchart · 10/15 11:10

Bonaventure, an integrated alternative asset manager focused on the investment, development, construction and management of multifamily communities in the Mid-Atlantic and Southeastern regions, today announced two transactions successfully completed by Bonaventure Multifamily Income Trust (BMIT®). Following its May 2024 partial sale of Attain Downtown, a 156-unit Class-A multifamily community in downtown Norfolk, Virginia, BMIT® completed the sale of its remaining $24 million interest in the property. Specifically, Bonaventure created a custom solution for an investor who had a 1031 exchange need, restructuring the investment and selling the remaining fractional ownership of Attain Downtown to allow the investor to complete a tax-efficient transaction. As part of the transaction, Bonaventure will retain management of Attain Downtown.

BMIT®’s sale of Attain Downtown follows the perpetual life fund’s investment tactic of unlocking equity trapped in slower growing, core or core-plus assets and redeploying into value-add investments that present opportunity for higher risk-adjusted returns. Using the sale proceeds from Attain Downtown, BMIT® successfully completed a 1031 exchange into Braddock Lee Apartments, a 258-unit garden-style community located in Alexandria, Virginia. Bonaventure now owns 9 properties totaling 1,632 units in the Northern Virginia market, a region that continues to present increasingly attractive fundamentals for multifamily investing. Braddock Lee presents a value-add opportunity through in-unit renovations and is ideally located in the heart of Alexandria, just 4 miles from Bonaventure’s headquarters.

Bonaventure’s Founder and CEO, Dwight Dunton and his family have owned and operated apartments in Alexandria for over 60 years, giving Bonaventure a deep understanding of this market. “Our long-standing presence in Alexandria has allowed us to build strong relationships and gain invaluable insights into the needs and preferences of our residents” Dwight said. “This deep-rooted connection to the community is what drives our commitment to providing exceptional living experiences.”

About BMIT®

BMIT® is a Bonaventure sponsored and managed perpetual life multifamily fund designed to capitalize on the systematic housing shortage and population migration to the Southeast. As a perpetual fund, its investment tactics are constantly evolving to efficiently deploy capital at any time within the real estate economic cycles. BMIT® allows high net worth investors to participate in institutional grade real estate by offering individuals the opportunity to invest in a diversified pool of assets with attractive risk-adjusted returns, stable cash flow, and tax advantages. To date, the fund has 3,892 units and over $1.1B of gross assets under management in its portfolio which has a weighted average loan maturity of over 21 years. BMIT® also leverages Bonaventure's expertise in design, development, construction, and management to create value and enhance the resident experience.

About Bonaventure

Headquartered in Alexandria, Virginia, Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, and investments. 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.