ALEXANDRIA, VA – Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, announced the formation of a strategic partnership with Richmond, Va.-based SNP Properties LLC to buy ownership interest in Richmond’s Vida East Apartments as part of an UPREIT transaction.
Commented Dwight Dunton, Bonaventure founder and CEO: We re thrilled to announce that Vida East is now a part of the Bonaventure portfolio of multifamily communities and that we were able to buy ownership of the property by partnering with SNP Properties on an UPREIT transaction. In arranging the transaction this way, SNP exchanged ownership in Vida East in a tax advantaged manner for interests in a diversified and growing portfolio of multifamily properties. The Bonaventure team is very excited to partner with SNP through this transaction.
Located within walking distance of award-winning restaurants, galleries, museums, shops & boutiques, and parks in the heart of Richmond s historic Church Hill neighborhood, Vida East Apartments is one of Richmond s newest and most coveted multifamily communities and represents the ideal addition to Bonaventure s existing portfolio of Class A residential communities. Completed in 2018, the core plus, stabilized apartment community with 178 units including studios, 1BR, and 2BRs boasts top of the line amenities including a rooftop mezzanine with fire pit, controlled access building and parking garage, skyline entertainment lounge, swimming pool and sundeck and 24/7 fitness center.
As a Richmond-based developer and landlord, we ve long been familiar with Bonaventure and their founder and CEO, Dwight Dunton, added Eric Phipps, Principle of SNP Properties. Under Dwight s leadership, Bonaventure has amassed an impressive multifamily footprint in the region. With the completion of the Vida East transaction, we get to participate with them as they pursue their strategic growth in the multifamily and senior housing sectors throughout the mid-Atlantic and Southeast. Working with Bonaventure on this transaction was a real pleasure.
Both as a company and as a corporate family Bonaventure enjoys deep roots in the Richmond area. Just recently the firm expanded its footprint in the market acquiring the remaining land parcel adjacent to Scott s Edge. Additionally, Bonaventure s own Hank Loughran who serves as the company s SVP of Capital Markets is a Richmond native with strong community and professional ties to the area.

Powered by WPeMatico

HOUSTON, TX – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has bought Stonebridge at City Park, a 240-unit apartment complex in Houston, Texas.
“This is Civitas’ first multfamily acquisition in 2022, and our fourth acquisition in the Houston market in the past year,” says Rootvik Patel, Managing Director for Civitas, who led the transaction along with colleague Justin Temple. “With the employment growth we’ve seen in Texas markets like Houston, Dallas-Fort Worth, and Austin, coupled with a lack of supply, we reckon the multifamily space will continue to be a very attractive asset class for us in 2022 and beyond.”
Stonebridge at City Park, built in 2004, sits just 15 minutes from downtown Houston. The property is near major demand drivers such as Texas Medical Center, the largest medical city in the world with more than 60 medical institutions, 10 million patient interactions, and over 100,000 employees.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to over 10% of the national average.
Stonebridge at City Park is the seventh multifamily property Civitas has bought since this past summer. Renovation will be underway soon to enhance this value-add acquisition.

Powered by WPeMatico

CHARLOTTE, NC – GID has bought Addison Park, a Class B apartment community located in Charlotte, NC. This 426-unit community is managed by GID s wholly-owned property management company, Windsor Communities, and has been rebranded Windsor Addison Park.
Options abound at this garden-style community with spacious one-, two-, and three-bedroom apartments. Apartment homes feature hardwood flooring, 9 ft ceilings, and a mix of contemporary and original finishes, as well as conveniences like full-size washer dryer machines, and fireplaces. Residents of this community delight in upscale amenities, including two pools, a resort-style pool deck with an outdoor kitchen, a playground and picnic area, a business center, a fitness center, a car care center, and a pet park.
Windsor Addison Park s location offers residents an simple commute to the Charlotte CBD and the University submarket, an vital employment, shopping and entertainment center. With quick access to major thoroughfares, this community also offers convenient access to UNC Charlotte, Atrium Health University City, and Uptown Charlotte.
GID is a privately-held, vertically-integrated real estate company that owns and operates a portfolio of multifamily and industrial assets, as well as develops mixed-use projects. The current portfolio includes over 46,000 residential units, 20 million square feet of industrial space, and 1 million square feet of retail and office space.

Powered by WPeMatico