Bonaventure Completes Acquisition of Royal Pointe Apartments in Virginia Beach
Bonaventure has closed on Royal Pointe Apartments, a 208-unit garden-style community in Virginia Beach, VA, completing the $39.5 million acquisition through Bonaventure Multifamily Income Trust (BMIT). The operator-led firm, which manages approximately $2.8 billion in assets, said the purchase aligns with its continued focus on value-add multifamily investments across the Mid-Atlantic and Southeast.
Royal Pointe, a 1987 vintage property in the Hampton Roads region, will undergo a series of planned enhancements intended to improve unit interiors and refresh the community exterior. Interior upgrades will include luxury vinyl plank flooring, updated appliances, cabinets, lighting and fixtures, and the addition of in-unit washers and dryers. Exterior work will concentrate on curb appeal and maintaining the asset’s overall condition.
The transaction employed tax-efficient structures to provide investor flexibility, including a partial 1031 exchange and a 721 exchange (UPREIT). Bonaventure also worked with Greystone to assume the property’s existing financing as part of the acquisition.
” In a transitional market, value creation is increasingly driven by execution at the property level rather than reliance on market-driven rent growth, said Casey MacMaster, Senior Vice President, Investments and Portfolio Manager for BMIT at Bonaventure. We continue to target assets in supply-constrained markets like Virginia Beach, where strong fundamentals and limited new development create a favorable backdrop for thoughtful, resident-focused improvements. ”
” We remain focused on identifying well-located multifamily assets where we can apply a proven value-add strategy, explained Jimmy Parker, Director of Investments. We have a large portfolio in the area, and this acquisition was a natural extension allowing us to build on an already strong asset while leveraging our economies of scale in the market. ”
This acquisition underscores a common approach among multifamily operators today: targeting markets with constrained supply and applying hands-on property-level execution to create value. The combination of capital structure tools and an operational upgrade plan positions Royal Pointe for a midlife refresh intended to enhance resident experience and asset performance.
Multifamily stakeholders evaluating investment or operational strategies can look to transactions like this as practical examples of deploying tax-efficient capital structures while prioritizing resident-focused, on-site execution in markets with supply limitations.