Bonaventure Nabs $85M in Fannie Mae Financing for Two Multifamily Assets
By Keith Loria November 18, 2021 4:32 pm
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Bonaventure has acquired two multifamily assets in Virginia in separate off-market transactions, sealing the deals with $85 million in financing from Fannie Mae (FNMA).
One of the assets is Messenger Place, a newly built 94-unit multifamily property in Manassas, Va., which sold for $25.5 million.
The Rector Companies, which developed Messenger Place in 2019, was the seller.
“Messenger Place is a community that is well aligned with our investment strategy of acquiring stabilized, amenity-rich, newer communities in a high-performing suburban market,” Connor Reece, an analyst at Bonaventure, told Commercial Observer. “One of our primary investment objectives is investing in core plus multifamily apartment communities in which we can drive additional cash flows through relatively minor property enhancements and improved management efficiencies.”
Located at 9009 Church Street, the property is just 30 miles from the buyer’s corporate headquarters in Alexandria, adding to the appeal, Reece said.
Messenger Place consists of one- and two-bedroom luxury apartments, with 3,000 square feet of retail space on the ground floor.
It is located in the heart of Old Town Manassas, just footsteps away from restaurants and shops, convenient to major employers, Washington D.C., and Dulles Airport.
The seller did not immediately respond to requests for comment.
Bonaventure also acquired Magnolia Run, a 200-unit property in Virginia Beach, Va., for $52.1 million. The seller was not disclosed.
Bonaventure closed an $85 million Fannie Mae credit facility through Keybank (KEY) to acquire both properties.
Melnick Real Estate Advisors initiated the off-market deals.
Keith Loria can be reached at Kloria@commercialobserver.com.
