Bonaventure Realty Group Acquires Monticello Station Apartments In Norfolk, VA For $42M
380 East Freemason Street
$42,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 23, 2023
AI
Bonaventure Realty Group has acquired the Monticello Station Apartments, a multifamily property located at 380 East Freemason Street in Norfolk, Virginia. The property consists of 121 units and was sold for a total of $42 million.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Units: 121
- Price Per Unit: $347,107
The buyer, Dwight Dunton, represented the Bonaventure Realty Group in the transaction. The seller, Miles Leon, was represented by S.L. Nusbaum.
Note: Bonaventure Realty Group made the acquisition through its multifamily fund.
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