A $50-million financing package has closed for the acquisition; Bonaventure will utilize $10 million of the funds for a renovation program. Meridian Capital Group orchestrated the first mortgage and construction facility.

The financing was delivered from an unnamed lender in the form of a seven-year loan with three years interest-only, and a five-year option. Located off Interstate 395 at 4647 Seminary Rd., Seminary Forest features 14 three- and four-story residential structures situated on a 16-acre parcel in the west end. According to Alexandria city records, the property has a current assessed value of approximately $19.7 million.

Seminary Forest's location is in an area where apartment vacancy rates are low--0.9% among class B garden-style developments and 2.6% at class A garden-style sites, according to Delta Associates' Year End 2004 Apartment & Condo Report. And Bonaventure Realty is not alone in renovating an older property in Northern Virginia. The 711-unit high rise known as Arlington Overlook in nearby Arlington is undergoing a $13.5-million renovation, and the Prestwick, a 310-unit mid-rise apartment community in Falls Church, is scheduled for a nearly $4.7-million upgrade.