Virginia Beach, Manassas apartment complexes sell for $77.6M

Alexandria-based Bonaventure buys properties

Published December 21, 2021 by Katherine Schulte

An apartment complex in Virginia Beach sold for $52.1 million, and an apartment building in Manassas for $25.5 million, Alexandria-based real estate company Bonaventure announced Monday.

Sitting on 19.83 acres, Magnolia Run is a 200-unit, 421,272-square-foot apartment complex in Virginia Beach with two- and three-bedroom units, a pool, 24-hour fitness center, playground and clubhouse. Bonaventure did not disclose the seller, and the city of Virginia Beach’s property records also did not include the information.

Messenger Place is a five-story, 94-unit apartment building in Manassas occupying 1.64 acres. It offers one- and two-bedroom units. The building has a total of 94,305 square feet, of which 3,000 are ground-floor retail. Bonaventure bought the property from its Manassas-based owner-developer, The Rector Cos.

Bonaventure financed its purchases with an $85 million Fannie Mae credit facility through Cleveland-based KeyBank, a subsidiary of KeyCorp. The firm also used the facility to refinance a previously owned property.

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