Bonaventure acquires Norfolk apartments for $42M

Alexandria-based real estate company Bonaventure has acquired Monticello Station, a Class A apartment building in downtown Norfolk, for $42 million, the company announced last week. 

The 121-unit building at 328 Freemason St. has one-, two- and three-bedroom apartments. S.L. Nusbaum previously owned the property, according to Bonaventure. 

Bonaventure will rename the building Attain Downtown East. In addition to the apartments, it has 33,000 square feet of ground-floor retail space, including Buffalo Wild Wings, 7-Eleven and Sushi King as tenants. 

“With its prime location, numerous amenities and long-term financing, Monticello Station directly aligns with the type of assets we seek to acquire and manage in our perpetual life multifamily fund,” Bonaventure CEO and founder Dwight Dunton said in a statement. “As part of our investment management platform, this vehicle provides investors access to strategic diversification across our target markets as well as predictable income. We are pleased [to] expand our footprint in Norfolk and the greater Hampton Roads area, and look forward to capitalizing on the opportunities in our investment pipeline to grow our carefully constructed portfolio.”

Bonaventure also owns Attain Downtown, another apartment building at 450 Boush St. in downtown Norfolk. 

Bonaventure has $2.3 billion of assets under management and manages more than 6,500 apartment units across 35 communities in the mid-Atlantic and Southeastern regions.