Bonaventure has acquired an ownership interest in Crescent at Chevy Chase, a 111-home multifamily community located at 3929 Landmark Court in Chevy Chase, Maryland. The interest was purchased from Landmark Realty, Inc., the Chevy Chase-based firm that developed the property.
The investment was made through Bonaventure Multifamily Income Trust, a non-traded real estate investment trust sponsored by Bonaventure. Through this vehicle, Bonaventure has taken a direct equity position in the asset while expanding its portfolio of multifamily holdings.
As part of the transaction, Bonaventure has assumed asset management responsibilities for Crescent at Chevy Chase. Willow Bridge Property Company has been retained as the property manager for the community, taking on day-to-day operational oversight.
Landmark Realty, which designed, developed and has operated Crescent at Chevy Chase since the property was delivered, remains a partner in the ownership group following the recapitalization. Specific financial terms of the transaction were not disclosed.
The advisory team of Jorge Rosa, Marshall Scallan, TJ Liberto, Mac Hollensteiner and Jack Hillman of Cushman & Wakefield advised Landmark Realty on the transaction. Cushman & Wakefield and Greystone arranged financing for the deal, providing debt capital to support the new ownership structure.
Delivered in 2024, Crescent at Chevy Chase comprises 111 apartment homes. The residences average 846 square feet and are offered in a mix of studio, one-bedroom, two-bedroom and three-bedroom floor plans, positioning the property to serve a range of renter household types within the Chevy Chase market.
The transaction brings together Bonaventure, Landmark Realty, Willow Bridge Property Company, Cushman & Wakefield and Greystone in a refreshed capital and management structure for Crescent at Chevy Chase, reflecting continued institutional interest in recently delivered multifamily assets in Chevy Chase, Maryland.
