May 2022 BonaBlast

Spring is gearing up for departure and before we know it, we will all be welcoming the summer season. I think it’s safe to say that with summer, comes much excitement for brighter days and new adventures. It’s as if there is something in the air that automatically switches the mood and uplifts us all.??

This rings true to us here at Bonaventure. Just like the changing season, we’re headed into a new climate as we swim into new territories. With this expansion we now cross over new state lines, have formed new partnerships and are creating new systems and processes to support our rapid growth. The changes are happening, and the excitement is felt by everyone.??

It’s truly inspiring to see this transformation unfold right before my eyes. There are endless possibilities and new adventures that await us, and we are ready to embrace them with open arms. Are you feeling just as motivated this season? Tell us about it on our Facebook , Instagram, LinkedIn , or Twitter pages.???

Bonaventure Bus Tour?

Bonaventure recently held a 2-day bus tour led by Jeff Price the VP of Production. In attendance were many members from Bonaventure’s Design, Development, Construction and HR. The tour included visits to 25 properties and featured past, present, and future projects. Everyone who joined had the opportunity to further connect with the Bonaventure story by having a firsthand look at each property and learning the backstory. After the tour, the team wrapped up with a celebratory happy hour at the Alexandria headquarters.?

Star Development, Bonaventure Break Ground in North Kansas City?

?Bonaventure's Construction and Design Teams have their eyes set forward on the latest project. On May 11th, 2022, Star Development and Bonaventure teamed up to celebrate 23rd & Swift’s Groundbreaking Ceremony. Star Development is a fully integrated commercial real estate company that will take lead on the development of 23rd & Swift and Bonaventure will oversee the property’s design and construction.??

Bonaventure Cares?

?Together we build strong communities! On May 13th, 2022, Bonaventure had the privilege to team up with Habitat for Humanity by donating to help with cost for their latest build. A few of our awesome BPMS and Corporate Team Members volunteered to help paint the home as well. The team building started February 2022 and?is on its way to completion. About 85% of the work done to the house was all through the help of compassionate volunteers. The Bonaventure Team was also privileged to meet the homeowner, Rozita, who stopped by that day to say hi to all the volunteers. We thank Habitat for Humanity for allowing us to take part in this amazing cause and journey and we look forward to visiting back for the final reveal.?

Bonaventure's Accounting/Finance/Debt Service Summit ’22?

?The recent summit?touched on many vital topics regarding long term goals?and solutions that will support the company’s growth. The focus was to ensure that Bonaventure’s Accounting Department is equipped with all the needed resources for guaranteed success. A few speakers from various department joined including but not limited to: Chris Cobb SVP, Chief Development Officer, Chris Morris EVP, Chief Operating Officer, Valecia Suser VP, Property Management and Ginni Wilkerson, Director of Human Resources. The two day summit was a huge success and a great opportunity for the entire team to collectively pool their efforts in making a bigger impact moving forward.?

Thought Leadership?

Thought Leadership is important for any business. We’re 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 .?

“For multifamily market trends, covid has been a microwave. Stay with me on this. A microwave has no finesse. It heats indiscriminately, and whatever comes out takes a lot longer to cool down. There’s a reason we used to say “nuke it.” That’s exactly what covid has done to multifamily. Related trends have been slowly heating up over decades. Alternative work schedules took off. Global collaboration became the norm. So did increased opportunities to work from home. By the time the pandemic hit, remote work was familiar to many. And of course, we’ve seen the continued migration from primary urban markets into secondary and tertiary markets. Sprawl was nothing new in early 2020. When covid hit, these trends started to cook.??

People suddenly needed more space, as they were forced to stay home instead of congregating at work and school. Many realized it just wasn’t feasible to live, work, and learn in cramped quarters, especially in urban metro markets. At the same time, the friction between where to live and where to work disappeared for many. Deciding to move used to mean looking for a new job - or two. So when work became decoupled from location, everyone had the same idea. And they were able to act on it immediately, because they could keep working remotely in their current roles.??

While the new normal is still evolving, the world is clearly moving forward. And the result of these trends coming together is a tremendous acceleration in demands for multifamily housing. Investors have taken notice, particularly in the suburbs and exurbs of larger metro areas. The southeast, where Bonaventure has its largest presence, has become especially popular as a result of those factors converging.????

How do we, as multifamily investors, developers, and operators, navigate this particular boom? Do we answer the moment by changing our strategy, or by leaning into it? How do we choose to handle the heat??

It shouldn’t shock you to hear me say that Bonaventure will continue to do business as we’ve always done, rather than shifting to a shorter hold to capitalize on current multifamily trends. We know our investors and our residents. We also know that our risk-reward calculus impacts entire communities, not just individual assets. I believe the kind of housing we build is right for this moment and will continue to be for decades to come. “ -Dwight Dunton??

What We’re Reading?

No End in Sight for Strong Demand for Class- A Multifamily Units by Bendix Anderson, wealthmanagement.com?

“Renter incomes are still surging and lease-ups are still filling up fast,” says Parsons. “The high-income renter demand pool for new luxury apartments has proven far deeper than even the most bullish developer could have ever anticipated.”?

The net demand for apartments was 75 percent higher than its previous peak in the 30 years that RealPage has gathered data about apartments.?

“If anyone had modeled and forecasted such a number going into 2021, they would have been laughed out of the room,” says Parsons. “When you look at that type of demand combined with huge increases in market-rate renter household incomes plus a severe housing shortage, the rent growth isn’t so surprising.”?

Read the full piece here to learn more about the growing demand for Class-A Multifamily.

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 Miller was promoted to Area Manager in Richmond, VA. Jessica had previously led the team at Attain at Quarterpath as Property Manager since September 2019. During her time at Attain Quarterpath she experienced record rent growth while maintaining stabilized occupancy. As Area Manager, Jessica will lead the teams at Vida East and Rockwood in this new position that helps our team members who wish to become Regional Managers step lightly into the role to ensure success. We celebrate Jessica’s accomplishments and look forward to watching her thrive in her new role.??
• Sarah Bernier was recently awarded by IREM the title of Certified Property Manager. The CPM is the premier certification in real estate management worldwide. Bonaventure supports all team members’ desire to earn designations recognized in the industry as a part of their commitment to continued development of their team members.?

We’re Hiring?

Featured Position: Property Accountant?

You are a results-oriented Accountant supporting Bonaventure. In this position you will report to the Assistant Controller and will be responsible for financial statement reporting. You will assist in the development and consolidation of reports and assist in financial audits. You are detailed, ensuring deliverables are met with urgency and quality.?

?Are you ready to join a company that is experiencing exceptional growth despite the economic challenges of Covid; Do you want to reach your full potential, surrounded by stunning and exceptional colleagues, collaborating in achieving and exceeding personal and professional goals, then Bonaventure is the place to be!?

?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. ?