ALEXANDRIA, Va., April 03, 2026 (GLOBE NEWSWIRE) — Bonaventure, an operator-led multifamily real estate investment firm with approximately $2.8 billion in assets under management (AUM), is pleased to announce today the contribution of Attain Downtown East (fka Monticello Station) to Bonaventure Multifamily Income Trust (BMIT®), a non-traded real estate investment trust sponsored by Bonaventure. The acquisition was completed as an UPREIT transaction, which is a strategy where property owners contribute real estate to a REIT’s operating partnership, in exchange for ownership interest in that partnership. This transaction strategy allows owners to defer capital gains taxes on the sale of appreciated real estate while gaining access to a diversified portfolio managed by the REIT.
Attain Downtown East was originally acquired by Bonaventure in 2023 as a 1031 exchange replacement property on behalf of a private investment client. Bonaventure facilitated the acquisition of the property and co-invested alongside the partner while overseeing asset management, operations and investor services since 2023. In 2026, Bonaventure and its investment partner reached an agreement to contribute the partners’ ownership interest in Attain Downtown East to BMIT, in exchange for ownership interest in the REIT through a tax-advantaged transaction under Section 721 of the Internal Revenue Code. This structure allows the investors to continue deferring capital gains taxes while gaining access to a diversified, institutional multifamily portfolio. With this completion, BMIT now owns 100% of the property and welcomes new investors to the fund.
“Attain Downtown East is a strategic acquisition that strengthens our portfolio and aligns with our focus on long-term value, pairing exceptionally large unit sizes in the heart of Norfolk with a 3.11% fixed-rate HUD note that provides debt certainty through 2061,” said Jimmy Parker, Director of Investments at Bonaventure. “By structuring the initial 1031 investment and ultimately executing the UPREIT contribution into BMIT, we were able to deliver a strong outcome for our partners while bringing a high-quality asset fully into the REIT.”
Located in downtown Norfolk, the property features 121 apartment units averaging more than 1,100 square feet, along with 32,866 square feet of ground-floor retail, including Buffalo Wild Wings, 7-Eleven, Sushi King, and more. The community sits near Bonaventure’s Attain Downtown property and benefits from the surrounding area’s walkability, employment centers and retail amenities nearby.
“The transaction is an example of the growing appeal of UPREIT structures among real estate owners who are interested in selling a property but are hesitant because of the tax implications,” added Parker. “We are working on several other transactions and expect to continue seeing strong demand for these types of solutions as investors look for flexible ways to transition their real estate holdings.”
About Bonaventure
Bonaventure is an operator-led real estate investment firm specializing in multifamily assets across the Mid-Atlantic and Southeast regions. With over $2.8B in assets under management and a 26-year track record, Bonaventure offers investment opportunities built on strong investment performance, significant principal alignment, tax efficiency, and long-term compounding. Our owner/operator model, deep real estate expertise, and experience-backed decision-making empower investors to achieve stable returns and grow their wealth. Bonaventure’s comprehensive capabilities span development, asset management, property management, and design, delivering solutions that meet the needs of high-net-worth individuals, RIAs, broker-dealers, and family offices. For more information, please visit bonaventure.com.
Contacts
Media Contact:
Shreena Saheba, Akrete
Shreena.saheba@akrete.com
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheNewsHeadliner.com takes no editorial responsibility for the same.