Dwight Dunton Of Bonaventure Acquires Royal Pointe Apartments In Virginia Beach For $39.5M

The asset involved in this transaction is a 208-unit multifamily property located at 1749 Lacrosse Drive, Virginia Beach, VA. The sale price for the Royal Pointe Apartments was $39,500,000, with a per unit price of $189,904. The transaction reflects Bonaventure's strategy to invest in value-add multifamily opportunities in a slower rent-growth environment.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $39,500,000
• Units: 208
• Price Per Unit: $189,904
• Buyer: Dwight Dunton
• Agency: Bonaventure
• Market: Virginia Beach, VA

Bonaventures' acquisition was executed through its Bonaventure Multifamily Income Trust. This significant transaction highlights the company’s continued focus on multifamily investments amidst market trends that indicate slower rent growth.