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Bonaventure Adds 352 Units to Portfolio

VIRGINIA BEACH-The Arlington, VA-based firm expects to acquire at least 1,500 more multifamily units in the Hamptons Roads market by the end of the year and bring its total in the market to 5,000 units by the end of 2007.

By Melissa Kress | Updated on May 19, 2006

(To read more on the multifamily market, click here.)

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.

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