Bonaventure Closes Royal Pointe Apartments Acquisition in Virginia Beach

Bonaventure has closed on Royal Pointe Apartments, a 208-unit garden-style community in Virginia Beach, marking a $39.5 million acquisition completed by Bonaventure Multifamily Income Trust (BMIT). The company, an operator-led multifamily real estate investment firm with approximately $2.8 billion in assets under management, completed the transaction using tax-efficient structures and assumed financing to maintain flexibility for investors.

The acquisition incorporated a combination of tax-efficient structures, including a partial 1031 exchange and a 721 exchange (UPREIT), and Bonaventure partnered with Greystone to assume the property’s existing financing. Royal Pointe, built in 1987 and located in the Hampton Roads region, aligns with the firm’s ongoing focus on value-add multifamily investments across the Mid-Atlantic and Southeast regions.

"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."

Planned enhancements are targeted at both interiors and exteriors. Interior work will include modern LVP flooring, updated appliances, cabinets, lighting and fixtures, and the addition of in-unit washers and dryers. Exterior improvements will emphasize curb appeal and ongoing maintenance to preserve the asset’s long-term quality.

" 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 transaction underscores a strategy centered on property-level execution in markets with constrained supply. For investors and operators, it highlights the role of tax-efficient structuring and financing continuity in facilitating portfolio expansion. For residents, the planned renovations signal a focus on improving unit functionality and community appearance without relying solely on broader market rent trends.

Multifamily Leadership will continue to monitor how operator-led, value-add plays like this one shape performance across supply-constrained submarkets and inform best practices for execution, resident experience, and scalable renovation strategies.