Bonaventure Realty Group Continues Expansion in Hampton Roads with Purchase of Brookfield Apartments; Group Expects to Announce Another Major Hampton Roads Acquisition Within a Month.VIRGINIA BEACH Virginia Beach, resort city (1990 pop. 393,069), independent and in no county, SE Va., on the Atlantic coast; inc. 1906. In 1963, Princess Anne co. and the former small town of Virginia Beach were merged, giving the present city an area of 302 sq mi (782 sq km). , Va. -- Bonaventure Bon·a·ven·ture also Bon·a·ven·tu·ra , Saint Originally Giovanni di Fidanza. Known as "the Seraphic Doctor." 1217?-1274. Italian theologian and philosopher who taught that the goal of all the arts and sciences is the direct Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Group has acquired Brookfield Apartments from S.L. Nusbaum Realty Company, bringing its total multi-family units owned and managed in the Hampton Roads Hampton Roads, roadstead, 4 mi (6.4 km) long and 40 ft (12.2 m) deep, SE Va., through which the waters of the James, Nansemond, and Elizabeth rivers pass into Chesapeake Bay. market to nearly 900 in the last nine months. Bonaventure purchased the 352-unit, 1973 vintage property for $24 million, using equity from its Bonaventure Real Estate Opportunity Fund I and the assumption of S.L. Nusbaum Realty Company's existing loan from the Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Housing Development Authority (VHDA VHDA Virginia Housing Development Authority VHDA very high density amorphous ice VHDA Virginia Hunting Dog Alliance VHDA Vietnam Dog Handler Association ). The property is 97% occupied. Bonaventure will continue to operate the property as affordable rental apartments per the requirements of the VHDA affordable housing program. "Bonaventure is committed to the Hampton Roads market for the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. ," said Dwight Dunton, President of Bonaventure. "We believe the recent positive economic growth trends in the market will continue, and we hope to be a top-ten owner in the market by the end of the year." Cushman & Wakefield's Drew White brokered the direct deal between Bonaventure and S.L. Nusbaum's Taylor Franklin. In August of 2005, Bonaventure purchased Ivystone Apartments, with 368 units, and Oak Lake Apartments, with 172 units, both located in Chesapeake. Both properties have been running at near-100% occupancy since Bonaventure acquired them. Bonaventure is expected to announce yet another major multi-family acquisition in the Hampton Roads market within the next 30 days. ABOUT BONAVENTURE Founded in 1999 in Washington, D.C., Bonaventure Realty Group is a fully integrated real estate asset manager built around 40 years of experience in the multi-family industry. Bonaventure specializes in multi-family asset management, with services ranging from large-scale property development and re-development, investment advisory and property management. Bonaventure is the owner and manager of real estate assets valued in excess of $250 million, all located in the Mid-Atlantic and Southeastern US. For more information, visit www.bonaventure.com. |
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