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Bonaventure Closes on Royal Pointe Apartments in Virginia Beach, Expanding Multifamily Value-Add Portfolio

Written by Customer Service on . Posted in Mergers And Acquisitions.

ALEXANDRIA, Va., April 21, 2026 (GLOBE NEWSWIRE) — Bonaventure, an operator-led multifamily real estate investment firm with approximately $2.8 billion in assets under management (AUM), announced the closing of Royal Pointe Apartments, a 208-unit multifamily community in Virginia Beach, VA.

The $39.5M acquisition was completed through Bonaventure Multifamily Income Trust (BMIT) and demonstrates the company’s continued focus on value-add multifamily investments across the Mid-Atlantic and Southeast regions.

The transaction incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange (UPREIT), providing flexibility and liquidity options for the investors. Bonaventure 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.”

Royal Pointe Apartments is a 1987 vintage, garden-style community located in the Hampton Roads region. Bonaventure plans to execute a series of planned enhancements focused on improving unit interiors and refreshing the community’s exterior. Interior upgrades will include modern LVP flooring, updated appliances, cabinets, lighting and fixtures, and the addition of in-unit washers and dryers. Exterior improvements will focus on enhancing curb appeal and maintaining the overall quality of the asset. “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.”

About Bonaventure
Bonaventure is an operator-led real estate investment firm specializing in multifamily assets across the Mid-Atlantic and Southeast regions. With over $2.8B in assets under management and a 25-year track record, Bonaventure offers investment opportunities built on strong investment performance, significant principal alignment, tax efficiency, and long-term compounding. Our owner/operator model, deep real estate expertise, and experience-backed decision-making empower investors to achieve stable returns and grow their wealth. Bonaventure’s comprehensive capabilities span development, asset management, property management, and design, delivering solutions that meet the needs of high-net-worth individuals, RIAs, broker-dealers, and family offices. For more information, please visit bonaventure.com.

Media Contact:
Shreena Saheba, Akrete
shreena.saheba@akrete.com

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