{"id":19445,"date":"2026-07-12T21:04:55","date_gmt":"2026-07-13T02:04:55","guid":{"rendered":"https:\/\/1reason.com\/re\/bonaventure-breaks-ground-on-attain-at-newtown-a-320-unit-class-a-opportunity-zone-multifamily-development-in-norfolk\/19445\/"},"modified":"2026-07-13T16:04:55","modified_gmt":"2026-07-13T21:04:55","slug":"bonaventure-breaks-ground-on-attain-at-newtown-a-320-unit-class-a-opportunity-zone-multifamily-development-in-norfolk","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/bonaventure-breaks-ground-on-attain-at-newtown-a-320-unit-class-a-opportunity-zone-multifamily-development-in-norfolk\/19445\/","title":{"rendered":"Bonaventure Breaks Ground on Attain at Newtown, a 320-Unit Class A Opportunity Zone Multifamily Development in Norfolk"},"content":{"rendered":"
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Attain at Newtown rendering<\/p>\n

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Attain at Newtown, a 320-unit Class A multifamily development at 6659 E. Virginia Beach Boulevard in Norfolk, Virginia<\/figcaption>
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Attain at Newtown rendering<\/p>\n

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\n \"Attain
Attain at Newtown, a 320-unit Class A multifamily development at 6659 E. Virginia Beach Boulevard in Norfolk, Virginia.<\/figcaption>
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NORFOLK, Va., July 13, 2026 (GLOBE NEWSWIRE) — Bonaventure, a Virginia based, operator-led multifamily real estate investment management firm, today announced on the groundbreaking of Attain at Newtown<\/strong>, a 320-unit Class A multifamily development at 6659 E. Virginia Beach Boulevard in Norfolk, Virginia. This marks the firm\u2019s second Attain development to break ground in less than a month, underscoring Bonaventure\u2019s continued investment in the region\u2019s housing supply. The $85.3 million project is being developed within a federally designated Qualified Opportunity Zone<\/strong> and is capitalized in partnership with Cafritz Asset Management, LLC<\/strong>, a private family office, alongside long-term, fully amortizing financing through a HUD Section 221(d)(4) loan originated by Greystone. First unit deliveries are expected in Fall 2027.<\/p>\n

Attain at Newtown is the newest community in Bonaventure\u2019s growing Attain portfolio \u2014 a Class A multifamily brand delivering elevated design, amenities, and finishes at attainable price points relative to the broader luxury market. The community will offer a mix of 1-, 2-, and 3-bedroom residences averaging 1,010 square feet. The groundbreaking follows Bonaventure\u2019s recent commencement of construction on Attain at Greenbrier, a 268-unit Attain community in Chesapeake, marking two Attain groundbreakings in Hampton Roads in close succession. Together, the two developments will deliver nearly 600 new Class A apartment homes to the region, reflecting Bonaventure’s continued conviction in the long-term fundamentals of Hampton Roads and its commitment to addressing housing demand through thoughtful, long-term investment.<\/p>\n

A Long-Term Family Office Partnership<\/strong><\/p>\n

The project is structured around a long-term, 10-plus-year ownership horizon \u2014 directly aligned with both the Opportunity Zone tax benefits and Bonaventure\u2019s long-standing build-and-hold investment philosophy. Cafritz Asset Management serves as Bonaventure\u2019s equity partner. Marlyn Development Corporation<\/strong> serves as the general contractor, Cox, Kliewer & Company<\/strong> as the architect, Timmons Group<\/strong> as the civil engineer, and Bonaventure affiliate Vest Residential<\/strong> as the property manager.<\/p>\n

\u201cFamily offices and Bonaventure share a long-term mindset,\u201d said Chris Cobb, President of Bonaventure Development<\/strong>. \u201cWe are not trying to flip assets \u2014 we\u2019re building great communities that we intend to own, operate, and reinvest in for decades to come, and compound value patiently. When your partner shares that horizon, every decision \u2014 from design to construction quality to resident experience \u2014 gets made the right way. Attain at Newtown is a model for the kind of partnership we want to build many more of; long-term, patient capital paired with deep commitment to the communities where we develop and operate.\u201d<\/p>\n

\u201cSponsor selection matters as much as deal selection,\u201d said Nick Cafritz, Principal of Cafritz Asset Management<\/strong>. \u201cBonaventure does what they say they\u2019re going to do, communicates honestly, and executes. The Opportunity Zone structure on Attain at Newtown requires a 10-plus-year hold, and Bonaventure was the right partner to steward this community over that timeline.\u201d<\/p>\n

A Long-Term Investment in a Federally Designated Opportunity Zone<\/strong><\/p>\n

Attain at Newtown is being developed within a federally designated Qualified Opportunity Zone \u2014 an area identified as a candidate for long-term private investment. The 10-plus-year hold period required by the Opportunity Zone program aligns naturally with Bonaventure\u2019s long-term owner-operator model and with HUD\u2019s 40-year fully amortizing permanent financing, creating a durable capital structure that keeps Bonaventure invested in this Norfolk neighborhood for decades. This structure emphasizes the firm\u2019s disciplined execution, long-duration ownership and capital structures designed to withstand market cycles.<\/p>\n

The project joins Bonaventure\u2019s active pipeline of Opportunity Zone and HUD-financed developments across Virginia \u2014 long-term investments in communities where the firm\u2019s ownership horizon aligns with being a great corporate citizen.<\/p>\n

Community and Economic Impact<\/strong><\/p>\n

Attain at Newtown will deliver 320 new units of Class A housing into a Hampton Roads submarket facing sustained supply constraints. The project will create construction-period employment, contribute to Norfolk\u2019s long-term tax base, anchor the community with an onsite team focused on resident service every day, and most importantly create 320 new homes for local residents. As a long-term owner-operator with a 10-plus-year ownership horizon, Bonaventure intends to remain an active stakeholder in the community for decades to come.<\/p>\n

About Bonaventure<\/strong><\/p>\n

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\u2019s vertically integrated capabilities span development, asset management, property management, and design. With one of the industry\u2019s 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, capital preservation, and long-term ownership of multifamily real estate. The firm\u2019s brand promise \u2014 Built to Perform. Structured to Withstand.<\/em> \u2014 reflects its commitment to durable, institutional-quality real estate. For more information, visit bonaventure.com.<\/p>\n

Media Contact:<\/strong><\/p>\n

Shreena Saheba, Akrete
shreena.saheba@akrete.com<\/p>\n

Photos accompanying this announcement are available at
https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/b7c48840-85be-4265-b0df-c86f20038f2f<\/a>
https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/1a360a34-4723-4b89-b678-4cee50499823<\/a><\/p>\n

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Bonaventure\u2019s second Attain groundbreaking in Hampton Roads in recent weeks brings 320 new Class A homes to Norfolk\u2019s Newtown neighborhood through a long-term partnership of private capital and HUD-insured financing<\/p>\n

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