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NORFOLK, VA-Bonaventure Realty Group has acquired the Gates of West Bay Apartments here for $15.5 million. Chandler Management was the seller of the 202-unit property.
Bonaventure took title to the multifamily property, which was built in 1966, in partnership with New Boston Funds, Inc. The partners assumed an existing $11.7-million loan from Gemsa Loan Services.
"The Gates at West Bay is a well-located property right outside the Norfolk Naval Station. It has historically run at a 97%-plus occupancy," Brian Gill, vice president of acquisitions at Bonaventure, tells GlobeSt.com. However, the property had been running at below historic occupancy levels, so Bonaventure saw an opportunity to purchase the asset and improve the management, he adds.
The transaction was just the latest in a string of multifamily acquisitions Bonaventure has completed in the Hampton Roads market over the past nine months. Gates at West Bay brings the Washington, DC-based firm's total for that time frame to more than 1,000 units. In May, Bonaventure acquired Brookfield Apartments for $24 million, as GlobeSt.com previously reported. In addition, Bonaventure acquired Ivy Apartments, with 368 units, and Oak Lane Apartments, with 172 units, last summer for a total $49 million, as GlobeSt.com also reported. Both multifamily assets are in Chesapeake.
On the heels of the market-area deals, Bonaventure is working on a new Real Estate Opportunity Fund devoted to the Hampton Roads market. Bonaventure plans to release the details on the fund in the coming weeks.
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