Bonaventure has completed the full subscription and closing of two Delaware statutory trust (DST) offerings backed by multifamily properties in Virginia. The programs are structured around Promenade Pointe, a 183-unit waterfront multifamily community in Norfolk, and Messenger Place, a 94-unit multifamily community in downtown Manassas. Both offerings are now fully subscribed, with equity commitments sourced from individual investors.
Across the two vehicles, Bonaventure raised more than $54 million in total equity from 86 investors. The firm reported that investor demand was sufficient to fully subscribe both DSTs, allocating capital between the two communities based on their individual offerings. Each DST is tied to a distinct stabilized property, giving investors exposure to separate multifamily assets under the Bonaventure platform.
Promenade Pointe, the larger of the two communities, totals 183 units and is described as a waterfront multifamily property in Norfolk. Bonaventure developed Promenade Pointe in 2013 and has retained ownership and management since the asset reached stabilization. The DST offering for Promenade Pointe raised $20,100,000 in equity from 45 investors, according to the firm.
Messenger Place is a 94-unit multifamily community located in downtown Manassas. The property was built in 2019 and was acquired by Bonaventure in 2021. For this asset, Bonaventure raised $34,100,000 in equity through the Messenger Place DST, attracting commitments from 41 investors. With both offerings now fully subscribed, the firm has completed the equity raise associated with each property-specific trust.
Commenting on investor demand and structuring, Casey MacMaster, Senior Vice President, Investments and Portfolio Manager at Bonaventure, noted that different investors require different approaches depending on their life stage and portfolio objectives. He pointed to Promenade Pointe and Messenger Place as examples of how Bonaventure uses its platform to help investors transition, diversify, and preserve capital while remaining invested in real estate. MacMaster referenced structures such as Custom 1031 Exchanges, DSTs, and UPREITs as among the options the firm employs for its investor base.
The completion of these two fully subscribed DST offerings underscores Bonaventure’s continued activity in multifamily investment programs tied to stabilized assets, with capital sourced from a diversified group of individual investors seeking real estate exposure through tax-efficient and structured ownership vehicles.
