NORFOLK, Va., July 13, 2026 (GLOBE NEWSWIRE) -- Bonaventure, a Virginia based, operator-led multifamily real estate investment management firm, today announced on the groundbreaking of Attain at Newtown, a 320-unit Class A multifamily development at 6659 E. Virginia Beach Boulevard in Norfolk, Virginia. This marks the firm’s second Attain development to break ground in less than a month, underscoring Bonaventure’s continued investment in the region’s housing supply. 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, alongside long-term, fully amortizing financing through a HUD Section 221(d)(4) loan originated by Greystone. First unit deliveries are expected in Fall 2027.
Attain at Newtown is the newest community in Bonaventure’s growing Attain portfolio — a Class A multifamily brand delivering elevated design, amenities, and finishes at attainable price points relative to the broader luxury market. The community will offer a mix of 1-, 2-, and 3-bedroom residences averaging 1,010 square feet. The groundbreaking follows Bonaventure’s recent commencement of construction on Attain at Greenbrier, a 268-unit Attain community in Chesapeake, marking two Attain groundbreakings in Hampton Roads in close succession. Together, the two developments will deliver nearly 600 new Class A apartment homes to the region, reflecting Bonaventure's continued conviction in the long-term fundamentals of Hampton Roads and its commitment to addressing housing demand through thoughtful, long-term investment.
A Long-Term Family Office Partnership
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 long-standing 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.
“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.”
“Sponsor selection matters as much as deal selection,” said Nick Cafritz, Principal of Cafritz Asset Management. “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.”
A Long-Term Investment in a Federally Designated Opportunity Zone
Attain at Newtown is being developed within a federally designated Qualified Opportunity Zone — an area identified as a candidate for long-term private investment. The 10-plus-year hold period required by the Opportunity Zone program aligns naturally 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. This structure emphasizes the firm’s disciplined execution, long-duration ownership and capital structures designed to withstand market cycles.
The project joins Bonaventure’s active pipeline of Opportunity Zone and HUD-financed developments across Virginia — long-term investments in communities where the firm’s ownership horizon aligns with being a great corporate citizen.
Community and Economic Impact
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, anchor the community with an onsite team focused on resident service every day, and most importantly create 320 new homes for local residents. 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.
About Bonaventure
Bonaventure is an operator-led real estate investment firm specializing in multifamily assets across the Mid-Atlantic and Southeast. With more than $2.9 billion in assets under management and a 26-year track record, Bonaventure combines deep real estate operating expertise with significant principal alignment, including more than $600 million invested alongside clients across its platform. The firm’s vertically integrated capabilities span development, asset management, property management, and design. With one of the industry’s largest HUD lending relationships and a predominantly fixed-rate, long-duration debt profile, Bonaventure is structured to manage risk across market cycles and to support investor objectives across income, capital preservation, and long-term ownership of multifamily real estate. The firm’s brand promise — Built to Perform. Structured to Withstand. — reflects its commitment to durable, institutional-quality real estate. For more information, visit bonaventure.com.
Media Contact:
Shreena Saheba, Akrete
shreena.saheba@akrete.com
Photos accompanying this announcement are available at
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