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Bonaventure specializes in multi-family residential properties in the Mid-Atlantic and Southeastern US.
While it would be nice to define a "typical" transaction, the truth is, Bonaventure does not have a typical transaction. Investment decisions are based solely on property fundamentals, projected returns, and the probability of those returns. Beyond those requirements, just about any proposal is given consideration. Bonaventure has purchased majority stakes in properties, underwritten partnership units, or looked to purchase real estate outright. Financing may come entirely from internal sources, or include raised capital or joint venture participants. Bonaventure provides a full suite of services to meet any project's needs - property management, leasing, marketing, asset management, property management accounting services, financial reporting, audit preparation, and cap-ex supervision.
Our investments to date include:
(brochure)
Carriage Hill
Richmond, VA (Acquired September 2001)
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A 664 unit garden-style senior community purchased from a large REIT that was managing it poorly and not focusing on the property's needs for renovation
Underwent extensive repairs and updating, including HVAC repairs and roof replacements, brand new office technology/equipment and a beautifully remodeled clubhouse
On-site management has dramatically cut expenses and increased occupancy level by a solid 11%
Purchased for $41,620,000 and has provided cash-on-cash returns of 14% and 10%, respectively, in first two years
Anticipated 10% or better cash on cash returns and Internal Rate of Return on a levered basis of 15% for the next 7 years |
The Villages at Crowfield
Charleston, SC (Acquired December 2004)
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Identified as unique for its community duplex feel, ideal for potential condo conversion
Slated for extensive deferred maintenance and infrastructure updates under Bonaventure's management
Acquisition is through a 1031 tenants-in-common structure, with Bonaventure leading the group of investors
Initial investment of $20.7 million, projected cash on cash return of 10% and Internal Rate of Return on a levered basis of approximately 11% |
Oak Lake
Chesapeake, Virginia (Acquired August 2005)
IvyStone Apartments
Chesapeake, Virginia (Acquired August 2005)
The Encore
Alexandria, VA (Acquired March 2005)
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A 400+ unit garden-style apartment complex currently under contract; this "A" location property is under managed, but with a solid physical infrastructure with opportunity for massive renovation
Upon closing extensive renovations will take place, including remodeling for a much more sophisticated interior/exterior appearance and signage; a brand new clubhouse will also be added
Bonaventure Property Management will take over the property- which is charging below-market rental rates, to raise rents and simultaneously improve occupancy rates
This transaction is a 1031 tenants-in-common structure with an initial investment of $50 million; projected cash-on-cash return of 11% and an internal rate of return on a levered basis of 17% in the first seven years |
Glen Arbor
Woodbridge, VA (Acquired 2007)
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A 400+ unit garden-style apartment complex currently under contract; this "A" location property is under managed, but with a solid physical infrastructure with opportunity for massive renovation
Upon closing extensive renovations will take place, including remodeling for a much more sophisticated interior/exterior appearance and signage; a brand new clubhouse will also be added
Bonaventure Property Management will take over the property- which is charging below-market rental rates, to raise rents and simultaneously improve occupancy rates
This transaction is a 1031 tenants-in-common structure with an initial investment of $50 million; projected cash-on-cash return of 11% and an internal rate of return on a levered basis of 17% in the first seven years |
Brookfield
Virginia Beach VA (Acquired 2006)
The Gates of Westbay
Norfolk, VA (Acquired 2006)
St. Croix
Virginia Beach, VA (Acquired 2006)
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Cedar Grove
Charleston, SC ( Acquired April 2007)
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Ashton Village
Portsmouth, VA (Acquired October 2007) |
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Ashton at Oyster Point
Newport News, VA (Acquired October 2007)
Apex at Ashton Green
Newport News, VA (Acquired October 2007)
SOLD PROPERTIES
Jamestowne Village
Alexandria, VA (Acquired February 2000 / Sold September 2004)
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A 378 unit garden-style apartment complex which had suffered from years of substandard management and sat in an "A" location
Townhouse designs and solid infrastructure provided a good starting point for dramatic improvements by Bonaventure
A complete renovation of the community, including window replacements and remodeling, upgraded this apartment community from a C- to a B+ in quality
Purchased for $23,000,000 and sold for $56.5 million, with total annualized return after expenses of 66%
Currently partnered with local developer to complete conversion from rentals to owned condominiums; $2.9 million was invested into the condo
conversion with anticipated 47% Internal Rate of Return and average cash on cash returns of 30% per year |
Wheaton Square
Wheaton, MD (Acquired March 2004)
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A 64 unit mid-rise apartment community identified as under-managed and in need of revitalization; unique split-level design and spacious units had recently undergone interior remodeling
In nine months, we have replaced the roofing, repairedconcrete and done much exterior painting; windows and HVAC's will be replaced in 2005
Acquired at below-market value for $6,250,000 and achieved cash on cash return of 10% for the first six months; the property was purchased in a 1031tenants-in-common exchange
Anticipated 10% or better cash on cash returns and Internal Rate of Return on a levered basis of approximately 15% for the next 7 years |
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