Virginia-based Bonaventure continues to be bullish on the long-term fundamentals of the Hampton Roads region of its home state. The operator-led multifamily real estate investment management firm has broken ground on Attain at Newtown, a 320-unit Class A community in Norfolk. This follows the start of construction in June on Attain at Greenbrier, a 268-unit Class A multifamily community in nearby Chesapeake.
These two communities add to Bonaventure’s growing Attain portfolio, a Class A multifamily brand aimed at delivering elevated design, amenities, and finishes at attainable price points relative to the broader luxury market.
Attain at Newtown, which will begin welcoming residents in fall 2027, will comprise a mix of one-, two-, and three-bedroom residences averaging 1,010 square feet. The $85.3 million project is being developed within a federally designated Qualified Opportunity Zone (OZ) and is capitalized in partnership with private family office Cafritz Asset Management as well as long-term, fully amortizing financing through a Department of Housing and Urban Development (HUD) Section 221(d)(4) loan originated by Greystone.
According to Bonaventure, the development is structured around a long-term, 10-plus-year ownership horizon, which is aligned with both the OZ tax benefits and the firm’s build-and-hold investment philosophy. Cafritz Asset Management serves as Bonaventure’s equity partner. Additional team members include Marlyn Development Corp. as general contractor; Cox, Kliewer & Co. as architect; Timmons Group as civil engineer; Bonaventure affiliate Vest Residential as property manager.
“Family offices and Bonaventure share a long-term mindset,” said Chris Cobb, president of Bonaventure Development. “We are not trying to flip assets—we’re building great communities that we intend to own, operate, and reinvest in for decades to come, and compound value patiently. When your partner shares that horizon, every decision—from design to construction quality to resident experience—gets made the right way. Attain at Newtown is a model for the kind of partnership we want to build many more of; long-term, patient capital paired with deep commitment to the communities where we develop and operate.”
The development joins Bonaventure’s active pipeline of OZ and HUD-financed developments across Virginia.
The capital stack for the $74.5 million Attain at Greenbrier, which is expected to deliver in late 2027, includes equity raised from Bonaventure’s network of accredited high-net-worth investors paired with a HUD Section 221(d)(4) loan originated through Walker & Dunlop that provides both construction and permanent financing in a single, fully amortizing 40-year execution.
The site, which was previously home to a commercial call center that had outlived its useful life, was acquired and rezoned by Bonaventure in 2022 to enable residential density, converting the underutilized parcel to add to Chesapeake’s undersupplied housing market.
“Greenbrier is one of the strongest-performing multifamily submarkets in Hampton Roads, with sustained occupancy above 97% and housing demand outpacing new supply,” added Cobb. “Taking a site that no longer served its original purpose and turning it into homes for hundreds of Chesapeake residents is exactly the kind of project we believe in.”
The development will comprise three four-story buildings with a mix of one-, two-, and three-bedroom residences averaging 1,037 square feet. Partners include Marlyn Development Corp. as general contractor, RBA as architect, Timmons Group as civil engineer, and Vest Residential as property manager.