June BonaBlast

Balance plays a big role in our ability to grow here at Bonaventure. Over the years, we’ve welcomed many amazing new faces and talents to our team. Their focus, determination and hard work have helped push us to new levels. However, the state of our growth runs deeper than that.?

Bonaventure is known to be a people company that happens to be in real estate. The quality of character, integrity, and support displayed by our team members is truly remarkable and I believe it’s the balance that differentiates us from others. It’s what holds Bonaventure together and moves us forward. ?

With that being said, the well-being of our team members will always be a priority because without a top-notch team to build a strong foundation we won't be able to achieve our growth goals. How do you focus on the well-being of your fellow team members? Tell us about it on our Facebook , Instagram, LinkedIn , or Twitter pages.?

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Bonaventure’s First Investor Day ?

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In early June,?Bonaventure ?hosted current and prospective investors at our first annual Investor Day. It was wonderful to see so many new and familiar faces. The event included a welcome reception, programming with guest speaker?Greg Lindsay, ?a review of our annual report and concluded with an Investor’s lunch. Thank you to everyone that was able to join us both in person and virtually. We are looking forward to another successful year and seeing you all again very soon.?

BonaCares - Pride Month?

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Celebrate your Pride! This month is all about celebrating love and equality. In support of our LGBTQ+ community, Bonaventure donated to?The Attic Youth Center.?This organization creates opportunities for LGBTQ youth to develop into healthy, independent, civic-minded adults within a safe and supportive community and promotes the acceptance of LGBTQ youth in society.?

Juneteenth?Open Dialogue ?

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On Monday, June 20th, 2022, Bonaventure hosted our Annual Juneteenth Open Dialogue Call. We invited Dr. Donna A. Patterson, Professor & Chair of the Department of History, Political Science, and Philosophy & Director of Africana Studies at Delaware State University.?Our guest speaker delivered a 30-minute commentary discussing her background celebrating Juneteenth and the history behind the holiday. The Bonaventure team was encouraged to ask questions and share thoughts on the second half of the call. Overall, it was a tremendous success with over 100 participants in attendance. We look forward to celebrating, learning, and reflecting as a team to continue working together in moving the needle of progress forward.?

Thought Leadership?

Thought Leadership is important for any business. We are excited to share Dwight’s perspective on industry news, timely topics, and relevant perspectives in future BonaBlasts. Stay up to date on Dwight Dunton Founder & CEO of Bonaventure Thought Leadership topics by following him on LinkedIn .?

There’s a difference between affordable housing and housing affordability. For many, the latter has become little more than a dream. Or a nightmare.?At one end of the spectrum, formal housing assistance programs (what we think of as “affordable housing”) help those in the lowest quadrant of earners. But there aren’t enough units, because there aren’t enough subsidized dollars to make it affordable to develop, operate, and sustain the volume of affordable housing our nation needs.??

At the other end, the highest earners will always be able to find and afford the homes they desire; “housing affordability” isn’t a problem for them, even in a hyperinflated for-sale market. Despite the expense, the ratio between their housing costs and income is much lower, making it easier for them to carry a high mortgage payment and still have plenty left over for both necessities and luxuries.?

Similarly, renters-by-choice earning above an area’s median income can choose from an incredible selection of luxury MDUs. Especially in urban cores where development surged in the years leading up to the pandemic.???

But many who earn in the range of 50%-100% of an area’s median - below average, but not at the bottom - once planned to rent until they saved enough to afford a home. Instead, they find themselves rent poor through no fault of their own.??

These renters now worry they’ve been permanently excluded from the for-sale market, and with good reason. For many others, owning has simply never been in the cards, despite years of hard work. In both groups, people find themselves rent poor.?????

Bonaventure ?has chosen to provide housing access in this middle space. We serve those whose housing costs have climbed out of proportion in recent years, especially against the backdrop of stagnant wages, pandemic uncertainty, and soaring inflation.??

Our goal - and that of others in the space - is to provide desirable, high-quality, well-located housing that’s affordable for renters who can’t realistically save up a down payment or chase an exploding housing market that’s being corporatized even as I write.??

The Bonaventure business is modeled around a higher volume of products, driving down costs, and passing those savings on to others. If our rents are too high, our residents can’t afford them. Too low and we don’t generate adequate returns for investors - and those investors won’t finance the next project, and the next. So we focus on driving economies of scale.?

That’s how we can deliver housing that’s cost-effective for those who don’t qualify for formal assistance programs - yet shouldn’t have to go it alone in an industry that could leave them behind in meeting this most basic human need.???

Saluted To All Residents #BONASTARDAY ?

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On June 16th, 2022, Bonaventure Saluted To All Residents?in appreciation for choosing our communities to call home. Each Bonaventure community was responsible for?creating a star-studded event to show our residents how much they are appreciated. The results? Our teams knocked it out of the park! The themes were incredible, ranging from Comedy Night to Frank Sinatra Under the Stars. All the stops were pulled for #BonaStarDay!?It was a pleasure celebrating our residents because they are the real S.T.A.R’s of Bonaventure! ?

Follow us on?Facebook and Instagram ?to see BONASTAR Day and more resident content in action! ??

Alate Old Town?- Bonaventure Construction has broken ground in Alexandria, VA!?

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Construction has broken ground in Alexandria, VA! Alate Old Town is a senior living community with 133 units in a 6-story development. Community amenities will include on-site management, dining facility, a theater, libraries, activity room and a salon. ?

Acclaim at Greenbrier?- Bonaventure Construction has broken ground in Chesapeake, Virginia!?

Bonaventure Construction is excited to share our newest ground break in Chesapeake, Virginia. Acclaim at Greenbrier is a senior-living community featuring 142 units in a 4-story wood-framed building. Community amenities will include on-site management, dining facility, media room, indoor pool, gym, salon, and lounge. (pic in folder)?

What We’re Reading ?

“The Impact of Interest Rates and Inflation on Industrial Real Estate” By?Katie Parsons?

Commercial Property Executive, June 15, 2022 ?

Industrial leasing fundamentals are still positive after a banner 2021. Despite a hearty influx of new deliveries, national vacancy rates fell for the sixth straight quarter to 3.4 percent as occupiers absorbed 110.8 million square feet in first quarter 2022. ???

As such, the average national asking rent climbed to $7.62 per square foot, marking a 7 percent increase over fourth quarter 2021 and becoming the largest quarter-over-quarter increase since at least 2000.?

In addition, investor transaction volume for the first quarter 2022 was strong, reaching $33.2 billion, the second-highest total ever for a first quarter showing and a notable achievement following a year that saw a record amount of capital pour into the industrial sector. There is still record levels of liquidity in the domestic markets, and overseas capital has an even longer runway.?

In first quarter 2022, developers delivered 90 million square feet of new inventory, effectively equal to first quarter 2021. While strong by historical standards, this influx of new space barely moved the needle on vacancy for most markets. According to JLL research, the pipeline of under-construction space grew to 531 million square feet, of which more than a quarter is in the mega-box size category of 1 million square feet and larger.?

What to continue this read??See the full article by clicking here . Happy reading!?

Movers and Shakers?

?At Bonaventure, one of our Core Values is growth. Each month, we celebrate the growth within our own company. Please join us in congratulating Bonaventure's movers and shakers!?

• Jessica Turner has accepted a role as Talent Development Specialist with the Training and Development team. Jessica currently leads the team at Meridian Parkside as Property Manager. She was awarded the Helping Hand Award in 2021 as well as maintained perfect shops in 2019 and 2020. During her tenure at Meridian as Property Manager, she maintained the outstanding performance of her community in NOI and Occupancy while pursuing her TDS Development plan. She truly embodies #growth in herself and those around her.? As the newest addition to the Talent Development Team, Jessica will be contributing to the onboarding experience, facilitating training, and helping with TDT initiatives. We celebrate Jessica’s accomplishments and look forward to watching her thrive in her new role.???
• Holly Barnett and Samantha Huckstep joined the Bonaventure team for the summer to complete their summer internship.? Holly and Samantha are enrolled at Virginia Tech in the Residential Property Management Major.? Their 8 week program includes different weekly experiences with subject matter specialists.?? We are really excited to have Holly and Samantha part of our team, and look forward to this fantastic experience.??

We’re Hiring?

Featured Positions:??

Service Manager in Norfolk-The Maintenance Supervisor?is responsible for the general maintenance of the apartment community including performing repairs, troubleshooting, a-apartment turnover, and performing preventative maintenance.?This is an outstanding career opportunity for an experienced professional to be part of a passionate team of A players, committed to Bonaventure’s Core Values: Growth, Reputation, Attitude, Collaboration, Impact, and Accountability.?

Project Engineer -Is Bonaventure looking for you? You are a results-oriented Construction Project Engineer assisting the Project Manager and Construction Superintendent throughout the entire lifecycle of the project(s) from pre-construction through closeout. You are driven to success, analyzing project’s critical activities and milestone dates, anticipating problems/issues that may arise and suggesting course correcting activities!?The Project Engineer performs administrative and office engineering functions for one or more assigned projects.?

At Bonaventure, we provide a dynamic company culture, driven by creative professionals who live and breathe our Core Values. As a rapidly expanding company, we offer dedicated resources for employee development and the potential to blaze your own trail as we grow. Your success is our success, so join us today. ?