Bonaventure Buys NoVA Apartment Complex from HGI for $50M
By Nick Trombola October 17, 2024 6:01 pm
reprints
Alexandria, Va.-based alternative asset management firm Bonaventure has acquired a garden-style apartment complex right in its backyard.
The firm purchased the 258-unit Braddock Lee Apartments, a block of parcels at 2400, 2409 and 2425 Menokin Drive and 2601 North Van Dorn Street, from an affiliate of Harbor Group International (HGI) for $49.5 million, according to property records. Bonaventure completed the deal via its perpetual fund Bonaventure Multifamily Income Trust.
A Cushman & Wakefield (CWK) team led by Jorge Rosa represented HGI in the deal, according to the Business Journals, which first reported the news. It wasn’t immediately clear who represented Bonaventure.
Bonaventure intends to renovate the 258 apartments, which were built in the mid-1950s and are located just four miles from the firm’s headquarters. The acquisition brings Bonaventure’s Northern Virginia portfolio to nine properties totaling 1,632 units.
“Alexandria, together with the broader Northern Virginia region, continues to present healthy multifamily investment fundamentals and Braddock Lee comes with the added benefit of being down the street from Bonaventure’s headquarters,” Casey McMaster, vice president and portfolio manager for Bonaventure, said in a statement.
Representatives for HGI could not immediately be reached for comment.
Braddock Lee is actually the second apartment complex in Northern Virginia that HGI has shed in recent months. The Norfolk, Va.-based investment and management company in August sold 244 apartments at 8525 Burling Wood Drive in West Springfield to Eagle Rock Properties for $70.5 million. HGI made a sizable profit on the property, having acquired it for $45.9 million in 2017.
That same month, HGI also bought a 352-unit multifamily complex in Reston from Brookfield for $133 million. The property, built in 2021 and dubbed The Edmund, was the first housing block developed at Brookfield’s 30-acre, $1.4 billion Halley Rise mixed-use district.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
