Bonaventure’s fourth DST in 16 months gives accredited investors access to an institutional-quality senior living asset with an eight-year operating track record
Aspire West End
Aspire West Outdoors
Aspire West End
ALEXANDRIA, Va., Sept. 23, 2026 (GLOBE NEWSWIRE) — Bonaventure, a vertically integrated real estate investment firm with more than $2.9 billion in assets under management, today announced the launch of the Aspire West End DST, a $32 million Delaware Statutory Trust (DST) offering accredited investors fractional ownership in Aspire West End, a 148-unit, purpose-built Class A independent living community in Richmond, Virginia. The DST is designed for investors seeking passive ownership, tax deferral, and investment exposure to institutional-quality real estate. Beneficial interests in the trust are structured to serve as replacement property for investors completing a Section 1031 exchange, with a minimum investment of $100,000.
Aspire West End is the fourth DST Bonaventure has brought to market in the past 16 months. The firm’s three prior DST offerings, in Alexandria, Manassas and Norfolk, Virginia, were each fully subscribed. Another multifamily DST is expected to follow later this year.
“Most DST sponsors meet a property at the same time their investors do,” said Dwight Dunton, Founder and CEO of Bonaventure. “We built Aspire West End in 2018 and have owned and operated it for eight years, giving us an established operating history with the asset before bringing it to DST investors. We already know the building, the systems, the leases, and the operating costs. The strong response to our previous DST offerings reinforces our belief that investors value the opportunity to invest alongside an experienced operator in assets we know well.”
Purpose-Built for Independent Living
Aspire West End DST was designed and built specifically for independent senior living, with 148 residences comprising 112 one-bedroom and 36 two-bedroom residences averaging 892 square feet. The community pairs condominium-quality finishes with amenities and programming designed to foster a sense of community.
Amenities include an indoor pool, fitness center, movie theater, salon and spa, art studio, meeting and game rooms, walking paths, outdoor patios, fire pit and gazebo areas, private gardens, bistro and private dining rooms, and resort-style dining. The community is stabilized, cash-flowing, and was 91.9% occupied as of September 9, 2026.
Senior Housing: Structural Demand, Constrained Supply
Senior housing is benefiting from a demographic demand curve that is less cyclical than other real estate sectors. The first baby boomers turned 80 in 2026, and the 80+ age population is expected to grow significantly over the next two decades. At the same time, new senior housing supply remains constrained, with construction starts near historic lows and new development delivering only a fraction of the supply needed to meet growing demand.
That imbalance is already visible in operations. National senior housing occupancy climbed above 90% in the second quarter of 2026, its first reading above that mark since 2007, with independent living leading the way.
“Bonaventure has been investing in senior housing for more than 20 years,” Dwight added, “and has developed seven senior housing communities, including Aspire West End. We see compelling long-term fundamentals in the sector and are excited to continue growing our senior housing platform and creating opportunities for investors to invest alongside us.”
Richmond’s West End: Affluent, Aging, and Built Out
Aspire West End sits in Henrico County’s West End, a premier suburban submarket in Richmond, with access to employment centers, retail, dining, and entertainment, and is convenient for families across the region. Residents are also close to two leading healthcare facilities in western Henrico County and to VCU Health, the largest teaching hospital in Virginia.
Within five miles of Aspire West End, approximately 19,600 residents are age 75 or older, and the 75+ population in western Henrico County is projected to grow by more than 21% over the next five years. While the surrounding submarket is largely developed, recent senior housing deliveries elsewhere in the Richmond market have been income-restricted or entrance-fee CCRC communities that do not compete directly with Aspire West End.
“Demand for senior housing is being driven by a structural demographic shift, while new supply remains constrained,” said Casey MacMaster, Senior Vice President, Investments and Portfolio Manager, BMIT®. “Aspire West End combines those favorable market dynamics with a property we have operated for years, giving investors the benefit of both a strong location and an established operating platform.”
For more details on the offering and a tour of the property, click here.
About Bonaventure
Bonaventure is a vertically led real estate investment firm specializing in multifamily assets across the Mid-Atlantic, Southeast, and Midwest. With over $2.9B in assets under management and a 26-year track record, Bonaventure offers investment opportunities built on significant principal alignment, disciplined capital structure, and tax-efficient ownership of multifamily real estate. With $615 million of its own capital invested across its platform alongside clients, Bonaventure’s alignment-first owner/operator model, deep real estate expertise, and experience-backed decision-making support investors seeking durable income and long-term participation in multifamily real estate. As one of the largest HUD borrowers, with a conservative 92.9% fixed-rate, long-duration debt profile, Bonaventure is structured to reduce refinancing risk across market cycles. Bonaventure’s comprehensive capabilities span development, asset management, property management, and design, and include custom and off-the-shelf tax-efficient solutions. For more information, visit bonaventure.com.
Media Contact
Shreena Saheba
Akrete Communications
shreena.saheba@akrete.com
An investment in the Interests is speculative, illiquid, and involves a high degree of risk. There is no public market for the Interests. The offering uses leverage, which increases both potential returns and risk, including the risk of loss. Real estate, interest-rate, refinancing, valuation, key-personnel, conflict-of-interest, and regulatory/tax risks all apply.
THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS QUALIFIED IN ITS ENTIRETY BY THE CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (PPM), WHICH SHOULD BE REVIEWED CAREFULLY BEFORE INVESTING. THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITY; AN OFFERING IS MADE ONLY BY THE PPM.
Interests are offered solely to accredited investors under Rule 506 of Regulation D of the Securities Act of 1933. Forward-looking statements are subject to risks and uncertainties; actual results may differ materially. Tax treatment depends on individual circumstances; consult your own tax, legal, and financial advisors. Past performance is not indicative of future results.
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