Bonaventure Launches $50.1M Waterfront Multifamily DST
Bonaventure has launched Promenade Pointe DST, a 1031 exchange–eligible offering centered on a Class A waterfront multifamily community in Norfolk, Virginia. The Delaware statutory trust carries approximately $50.1 million in total capitalization, including $20.1 million of investor equity.
Promenade Pointe is a 183-unit property developed by Bonaventure in 2013, with the firm serving as owner-operator since 2014. The asset is part of Bonaventure’s broader portfolio of more than 9,000 multifamily units.
“In today’s volatile environment, 1031 investors are prioritizing assets that have a proven track record of stability, and stability isn’t built overnight,” said Mike Auerbach, Head of Tax Deferral Solutions at Bonaventure. “Today’s 1031 investors want real estate assets that are built to last, operate efficiently, and allow them to preserve wealth without the burden of active management.”
The property has maintained average occupancy near 96%, supported by long-term sponsor ownership and a consistent on-site management team. Notably, the community’s property manager has been in place for six years, providing continuity that Bonaventure views as a key contributor to operating performance.
The DST is structured with a conservative 60% loan-to-value, a feature aimed at appealing to tax-deferred investors seeking income and downside protection amid ongoing market uncertainty.
Bonaventure currently oversees more than $2.8 billion in assets under management, with a focus on multifamily investments across the Mid-Atlantic and Southeast.
