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VIRGINIA BEACH-Continuing its march through Southern Virginia, Bonaventure Realty Group has acquired Brookfield Apartments in the Hamptons Road market for $24 million. SL Nusbaum Realty Co. was the seller of the 352-unit multifamily property.

Built in 1973, the apartment community is 97% occupied and rents average $825 per month, Brian Gill, vice president of Bonaventure, tells GlobeSt.com. The Arlington, VA-based firm used equity from its Bonaventure Real Estate Opportunity Fund I and the assumption of SL Nusbaum's existing loan from the Virginia Housing Development Authority. The company states it will continue to operate Brookfield Apartments as an affordable housing community as required by the VHDA affordable housing program.

The transaction gives Bonaventure a total of nearly 900 units it owns or manages in the Hamptons Roads market in the past nine months. In August, it acquired the 368-unit Ivystone Apartments and the 172-unit Oak Lake Apartments, both in Chesapeake. The two multifamily communities are close to 100% occupied, according to Bonaventure.

"Bonaventure is aggressively expanding in Hamptons Roads to the favorable demographics and long-term economics of the region," Gill says. "The rent growth in that market is among the best in the country and the barriers to new development are high."The company expects to announce another multifamily acquisition in the next 30 days. "Our goal is to acquire at least 1,500 more units in the region before the year ends and own at least 5,000 units there by the end of 2007," Gill adds.

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