Promenade Pointe
Messenger Place
ALEXANDRIA, Va., June 29, 2026 (GLOBE NEWSWIRE) — Bonaventure, an operator-led multifamily real estate investment firm, today announced the full subscription and closing of two Delaware Statutory Trust (DST) offerings: Promenade Pointe, a 183-unit waterfront multifamily community in Norfolk, Va., and Messenger Place, a 94-unit multifamily community in downtown Manassas, Va. Together, the offerings raised more than $54 million in total equity from 86 investors.
The subscription completion reflects continued investor demand for institutional-quality multifamily assets in supply-constrained markets, particularly when paired with experienced ownership, operational expertise, and tax-efficient investment structures.
“Different investors need different paths, and the right structure depends on where someone is in their life and their portfolio. Some are completing a 1031 exchange; others are seeking diversification or a step toward long-term ownership. What they share is a need for replacement property operated by a tenured sponsor with a proven track record, local market expertise, and a durable investment strategy,” said Casey MacMaster, Senior Vice President, Investments and Portfolio Manager, BMIT® at Bonaventure. “Promenade Pointe and Messenger Place checked those boxes and are a strong example of how Bonaventure’s platform enables investors to transition, diversify, and preserve capital while remaining invested in real estate, whether it’s through a Custom 1031 Exchange, DST, or UPREIT.”
Both DST offerings provided investors access to Class A multifamily communities owned and operated by Bonaventure, with Promenade also developed in-house. The assets are in markets supported by diverse employment bases, favorable housing fundamentals, and limited new multifamily supply.
Promenade Pointe, a 183-unit waterfront community in Norfolk, Virginia, was developed by Bonaventure in 2013 and has remained under the firm’s ownership and management since stabilization. Located just four miles from downtown Norfolk, the property provides convenient access to the broader Hampton Roads region and its major employment centers. Over the past 12 years, the community has maintained an average occupancy of approximately 94%, reflecting the area’s consistent rental demand and long-term market stability. The offering raised $20.1 million in equity from 45 investors.
| KEY ASSET ATTRIBUTES – PROMENADE | |
| Operational Stability | |
| • | 94% average occupancy |
| • | A stable on-site management team that includes a property manager who has been on-site for six years. |
| Prime Location and Amenities | |
| • | Close to major expressways and downtown |
| • | Located in a strong labor market in the healthcare, logistics and government sectors. |
| • | Lifestyle amenities include a saltwater pool, cabana lounge, fitness center and business center, as well as direct river access for recreational uses. |
| Compelling Market Dynamics | |
| • | A supply-constrained multifamily market with limited new construction expected – only about 12,000 units are scheduled to deliver in 2026. |
| • | Consistently high occupancy is driven in part by a stable renter base of long-term military tenants who receive housing assistance. |
Messenger Place, a 94-unit Class A community located in the heart of downtown Manassas, Virginia, was built in 2019 and acquired by Bonaventure in 2021. The property benefits from its walkable location, proximity to restaurants and retail, and access to employment centers throughout Northern Virginia and the Washington, D.C. metropolitan area. The combination of small-town character and regional connectivity has helped support steady rental demand. The offering raised $34.1 million in equity from 41 investors.
| KEY ASSET ATTRIBUTES – MESSENGER PLACE | |
| Operational Stability | |
| • | 95.7% occupancy |
| • | No debt |
| • | 94-Unit Property |
| Prime Location and Amenities | |
| • | 18 miles from Dulles International Airport |
| • | Rapidly growing data center and technology industries in the region support high-paying jobs. |
| • | Developed in 2019, the property has near-new amenities and modern finishes including stainless steel appliances and granite countertops. |
| Compelling Market Dynamics | |
| • | Consistently high occupancy is driven by young professionals and families. |
In addition to providing access to institutional-quality multifamily assets, both offerings were structured with tax-deferred exit optionality, including 721 Exchange (UPREIT) eligibility into Bonaventure Multifamily Income Trust (BMIT), the firm’s diversified multifamily investment platform comprising more than 4,200 apartment units.
“Our investment strategy is rooted in long-term ownership and rigorous, hands-on management,” added MacMaster. “We believe that combination of boots-on-the-ground operational expertise, strong supply and demand market fundamentals, and meaningful alignment through co-investment continues to resonate with investors looking to allocate in commercial real estate.”
About Bonaventure
Bonaventure is an operator-led real estate investment firm specializing in multifamily assets across the Mid-Atlantic and Southeast. With more than $2.9 billion in assets under management and a 26-year track record, Bonaventure combines deep real estate operating expertise with significant principal alignment, including more than $600 million invested alongside clients across its platform. The firm’s vertically integrated capabilities span development, asset management, property management, and design. With one of the industry’s largest HUD lending relationships and a predominantly fixed-rate, long-duration debt profile, Bonaventure is structured to manage risk across market cycles and to support investor objectives across income, tax efficiency, and long-term ownership of multifamily real estate. For more information, visit bonaventure.com.
Media Contact
Shreena Saheba, Akrete
shreena.saheba@akrete.com
Cautionary Note Regarding Forward-Looking Statements
Certain matters discussed within this press release are forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The Company does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date hereof, and the Company assumes no obligation to update such statements, except as may be required by applicable law. Past performance is not indicative of future results.
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