The Inland Real Estate Group Buys $100M Virginia Community

The Inland Real Estate Group has acquired The Bend Arbordale, a 289-unit garden-style property in Williamsburg, Va., for $100 million. Berkadia arranged the sale on behalf of the seller and developer, Bonaventure.

The property encompasses a mix of two- and three-bedroom units, ranging from 756 square feet to 1,328 square feet. The units feature in-unit washers and dryers and private balconies or patios. Community amenities include a swimming pool, fitness center, business center, clubhouse, and a dog park. Bonaventure delivered the community in 2020, Multi-Housing News reported.

Located at 401 Bulifants Blvd., The Bend Arbordale is near Route 199 and Interstate 64, providing access to Sentara Regional Medical Center and a cluster of retail and dining options. Downtown Williamsburg is situated roughly 6 miles from the property.

According to a prepared remark from Bonaventure Founder & CEO Dwight Dunton, the sale of the property mirrors investors’ “appetite for stabilized multifamily communities in markets with solid employment fundamentals.”

Development Pipeline

Bonaventure has recently broken ground on Attain at Spotsylvania Towne Centre, a 271-unit development replacing a former Sears store in Fredericksburg, Va. The developer partnered with mall owner Cafaro Properties to deliver the property within 18 months, with the project’s estimated cost reaching $61.5 million, according to MHN.

Bonaventure currently has 12 properties under construction out of which 10 are located in Virginia and the other two in North Carolina and Missouri, the company’s website reveals.