Bonaventure Raises Over $54M for Two Virginia Multifamily DSTs

Bonaventure has fully subscribed two Delaware Statutory Trust offerings backed by Class A multifamily properties in Virginia, raising more than $54 million in total equity from 86 investors.

Promenade Pointe, a 183-unit waterfront community in Norfolk that Bonaventure developed in-house in 2013 and has owned and managed since stabilization, raised $20.1 million from 45 investors. Messenger Place, a 94-unit community in downtown Manassas built in 2019 and acquired by Bonaventure in 2021, raised $34.1 million from 41 investors.

Both offerings were structured with tax-deferred exit optionality, including eligibility for a 721 Exchange, or UPREIT transaction, into Bonaventure Multifamily Income Trust; the firm’s diversified multifamily platform comprising more than 4,200 apartment units. The structure allows DST investors to eventually convert their holdings into shares of the broader trust without triggering a taxable event.

“We believe that combination of boots-on-the-ground operational expertise, strong supply and demand market fundamentals, and meaningful alignment through co-investment continues to resonate with investors looking to allocate in commercial real estate,” said Casey MacMaster, SVP, investments and portfolio manager, BMIT at Bonaventure.

Pictured: Promenade Pointe in Norfolk, VA.