ALEXANDRIA, Va.–(BUSINESS WIRE)–Bonaventure, an integrated alternative asset manager specializing in multifamily real estate, announced it has acquired ownership interest in Solace Apartments, a premier 250-unit multifamily community in Virginia Beach, Virginia. The acquisition was completed as an UPREIT transaction, which is a strategy where property owners contribute real estate to a REIT’s operating partnership, in exchange for ownership interest in that partnership. This transaction strategy allows owners to defer capital gains taxes on the sale of appreciated real estate while gaining access to a diversified portfolio managed by the REIT.
Built in 2014, Solace Apartments offers residents upscale living spaces and attractive amenities in one of Virginia Beach’s most desirable locations. The community features contemporary one- and two-bedroom units complemented by resort-style amenities, including a luxurious pool, a fully equipped fitness center, grilling stations, a community clubhouse, and meticulously landscaped grounds.
This strategic acquisition further enhances Bonaventure’s established footprint in the Hampton Roads region, a market characterized by consistently strong housing demand, high barriers to entry and limited new housing supply. Bonaventure’s continued investment demonstrates a long-term commitment to providing residents with modern, high-quality housing options. The company’s expertise in executing complex UPREIT transactions allows it to uniquely facilitate beneficial tax-deferred opportunities for property owners, differentiating Bonaventure in the competitive multifamily real estate market.
“Solace Apartments represents exactly the kind of strategic acquisition Bonaventure actively pursues,” said Dwight Dunton, Founder and CEO of Bonaventure. “Our ability to execute complex UPREIT transactions provides unique value to property owners seeking tax-efficient alternatives while simultaneously creating enduring value for our investors. We remain committed to thoughtfully expanding our multifamily presence, particularly in thriving markets like Virginia Beach.”
“Solace represents our second UPREIT with Bonaventure and the transaction that Dwight and his extremely knowledgeable team are able to execute offered a perfect solution for our family,” said Robert Prodan, the contributor to the transaction. “BMIT allows us to reduce our risk profile while maintaining exposure to the thriving multifamily market, guided by a fantastic team. We couldn’t be happier and look forward to an exciting future with Bonaventure.”
This acquisition underscores Bonaventure’s ability to deliver innovative and value-driven investment solutions, further positioning the company for continued growth and market leadership within the multifamily investment community. In addition to its expertise in UPREIT transactions, Bonaventure’s integrated approach, encompassing design, development, investment, and management, continues to create enduring value for property owners and investors.
About Bonaventure
Headquartered in Alexandria, Virginia, Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment, and property management. Since its founding in 1999 by Dwight Dunton, Bonaventure has built a reputation for generating excess returns on a risk-adjusted basis through innovative approaches to real estate investing. For more information, please visit bonaventure.com.
About BMIT®
BMIT® is a Bonaventure-sponsored and managed perpetual life multifamily fund designed to capitalize on housing demand and population migration to the Southeast and Mid-Atlantic regions. The fund offers investors diversified exposure to institutional-quality real estate, providing stable cash flows, attractive risk-adjusted returns, and significant tax advantages.
