Bonaventure, a Virginia-based multifamily investment management firm, has broken ground on Attain at Newtown, a 320-unit Class A apartment development at 6659 E. Virginia Beach Boulevard in Norfolk, Virginia. The $85.3 million project is being developed within a federally designated Qualified Opportunity Zone and is capitalized in partnership with Cafritz Asset Management, LLC, a private family office. The development is financed through a HUD Section 221(d)(4) loan originated by Greystone, with first unit deliveries expected in Fall 2027.

The groundbreaking marks Bonaventure's second Attain development to break ground in less than a month. The firm recently commenced construction on Attain at Greenbrier, a 268-unit community in Chesapeake. Together, the two developments will deliver nearly 600 new Class A apartment homes to the Hampton Roads region. Attain at Newtown will offer a mix of one-, two-, and three-bedroom residences averaging 1,010 square feet, positioned as elevated design and amenities at attainable price points relative to the broader luxury market.

The project is structured around a long-term, 10-plus-year ownership horizon, directly aligned with both the Opportunity Zone tax benefits and Bonaventure's build-and-hold investment philosophy. Cafritz Asset Management serves as Bonaventure's equity partner. Marlyn Development Corporation serves as the general contractor, Cox, Kliewer & Company as the architect, Timmons Group as the civil engineer, and Bonaventure affiliate Vest Residential as the property manager.

Chris Cobb, President of Bonaventure Development, said, "Family offices and Bonaventure share a long-term mindset. 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."

Nick Cafritz, Principal of Cafritz Asset Management, said, "Sponsor selection matters as much as deal selection. Bonaventure does what they say they're going to do, communicates honestly, and executes. The Opportunity Zone structure on Attain at Newtown requires a 10-plus-year hold, and Bonaventure was the right partner to steward this community over that timeline."

The 10-plus-year hold period required by the Opportunity Zone program aligns with Bonaventure's long-term owner-operator model and with HUD's 40-year fully amortizing permanent financing, creating a durable capital structure that keeps Bonaventure invested in this Norfolk neighborhood for decades. The project joins Bonaventure's active pipeline of Opportunity Zone and HUD-financed developments across Virginia, representing long-term investments in communities where the firm's ownership horizon aligns with sustained local engagement.

Attain at Newtown will deliver 320 new units of Class A housing into a Hampton Roads submarket facing sustained supply constraints. The project will create construction-period employment, contribute to Norfolk's long-term tax base, and anchor the community with an onsite team focused on resident service. As a long-term owner-operator with a 10-plus-year ownership horizon, Bonaventure intends to remain an active stakeholder in the community for decades to come.

Bonaventure is an operator-led real estate investment firm specializing in multifamily assets across the Mid-Atlantic and Southeast. The firm manages more than $2.9 billion in assets under management with a 26-year track record. Bonaventure has invested more than $600 million of principal capital alongside clients across its platform. The firm's vertically integrated capabilities span development, asset management, property management, and design, supported by one of the industry's largest HUD lending relationships and a predominantly fixed-rate, long-duration debt profile.