$49M Buys Two Multifamily Properties

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CHESAPEAKE, VA-Real estate asset manager Bonaventure Realty Group acquired two multifamily properties, the Ivystone and Oak Lake Apartments, in a $49.3-million transaction. They account for an aggregate 540 residences and were purchased from a buyer who prefers to remain unidentified.

Featuring 368 units off Interstate 64 and near the Greenbrier Country Club , Ivystone was developed at 1150 Volvo Pkwy. in 1984 and subsequently expanded to its current size three years later. The 172-unit, 16-year-old Oak Lake property is also located within close proximity I-64, and is straddled between Chesapeake General Hospital and Chesapeake City Park. The properties are located within four miles of each other and have occupancy levels just over 99%.