Updated Dec 4, 2024
Bonaventure Acquires Monticello Station Apartments In Norfolk For $42M
328 East Freemason Street
$42,000,000
Units
121
Asset Type
MultiFamily
Closing
Nov 20, 2023
About this deal
AI
Bonaventure, represented by Dwight Dunton, has acquired the Monticello Station Apartments in downtown Norfolk, Virginia. The multifamily property, located at 328 East Freemason Street, consists of 121 units. The sale price for the transaction was $42,000,000, resulting in a per unit price of $347,107.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Address: 328 East Freemason Street, Norfolk, VA
- Market: Norfolk, VA
- Buyer: Dwight Dunton - Bonaventure
- Units: 121
- Price Per Unit: $347,107
Bonaventure's perpetual life multifamily fund facilitated the acquisition of Monticello Station Apartments. The deal marks an important addition to Bonaventure's portfolio, expanding its presence in the Norfolk market.
On the Map
$42,000,000
MultiFamily
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Players
Norfolk MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93