VIRGINIA BEACH, VA. — Bonaventure has acquired Royal Pointe Apartments in Virginia Beach for $39.5 million. The purchase of the 208-unit property was completed through Bonaventure Multifamily Income Trust (BMIT) and incorporated a combination of tax-saving structures, including a partial 1031 exchange and a 721 exchange (UPREIT). Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition. The seller was not specifically disclosed, but Featherstone acquired the property in 2022.
Royal Pointe Apartments was built in 1987. Bonaventure plans to execute a series of enhancements to unit interiors and to provide exterior updates. Interior work will include adding luxury vinyl plank flooring, new appliances, cabinets, lighting, fixtures and new washers and dryers.