Search
 

148-Unit Acquisition Tops $12M

VIRGINIA BEACH-Bonaventure Realty Group adds St. Croix Apartments to its stable of more than 1,000 local units it owns and manages.

By Melissa Kress | Updated on August 25, 2006

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

VIRGINIA BEACH-St. Croix Apartments has joined Bonaventure Realty Group’s portfolio in a $12.05-million deal with SL Nusbaum Realty Co. The 148-unit acquisition brings the Arlington-based company’s total units owned or managed in the Tidewater market to approximately 1,250 in the past year.

Built in 1988, 80% of the multifamily property’s units are two bedrooms; 20% are one bedrooms. The average rent is $877 per month, Brian Gill, vice president of acquisitions at Bonaventure, tells GlobeSt.com. The property is 99% occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.