Messenger Place
Multifamily (Class A) property in Manassas, VA — sponsored by Bonaventure
Files with the SEC as Messenger Place DST
Minimum investment
$100k
Offering size
$34.1M
How much has sold
51.0%
Asset type
Multifamily (Class A) property
Location
Manassas, VA
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Messenger Place DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in a single property — that owns a Class A apartment community in Manassas, Virginia, completed in 2019 and bought by Bonaventure in 2021.1 On June 29, 2026 Bonaventure announced the offering fully subscribed, raising $34.1 million in equity from 41 investors.2
Built 2019; debt-free (0% LTV); 95.7% occ. at launch; raised $34.1M from 41 investors; closed Jul 2026
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These links support the public record as a whole; individual details may come from different sources.
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What exactly is the property?
Bonaventure bought the two-year-old community from owner-developer The Rector Companies for $25.5 million in December 2021.3 Multi-Housing News described it at the time as a five-story building in Manassas.4 Sponsor material says construction finished in 2019, in a Washington, D.C. suburb, and that Bonaventure has owned and operated it since the purchase.1 At the July 2025 launch the sponsor reported the community 95.7% occupied.1
- Property address
- 9009 Church St, Manassas, VA
- Property size
- 94 units
Who is the tenant, and what's the lease?
There is no single corporate tenant here: income comes from residents on individual apartment leases, which the community advertises at three to fifteen months, so rents reset as units turn over rather than sitting fixed under one long-term contract.5
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
51.0% reported sold
- Amount sold
- $17,256,401
- Still available
- $16,866,921
- Investors reported
- 6
- Total offering
- $34,123,322
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
With no mortgage on the property, there is no lender, no maturity date and no refinancing event to manage; the sponsor marketed the offering as unlevered.6 There is also no replacement debt — a 1031 investor who carried a loan on the property they sold generally must replace it elsewhere to defer the full gain.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Bonaventure is a Virginia-based multifamily developer, owner and operator. The Form D names Bonaventure MIT Operating Partnership as sponsor and operating partnership, and Bonaventure Holdings as an affiliate of the issuer.7 On June 29, 2026 the firm announced that this Trust and its Promenade Pointe DST were both fully subscribed, together raising more than $54 million in equity from 86 investors.2
- Sponsor
- Bonaventure
- Legal Trust name
- Messenger Place DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 2 total offerings from Bonaventure
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The issuer's single notice was submitted while the raise was still under way and reports a first sale on May 27, 2025; nothing on EDGAR records the June 2026 close.7 Interests were offered under the exemption that permits public advertising, provided the sponsor verifies that every buyer is an accredited investor.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
Is Messenger Place still raising money?
Top1031 lists Messenger Place as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Messenger Place?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in Messenger Place DST?
Not as a new subscriber. Bonaventure announced on June 29, 2026 that the offering was fully subscribed, reporting $34.1 million in equity from 41 investors.[2] The only Form D on record was filed on June 16, 2025, roughly a year earlier, so the SEC file still shows a mid-raise snapshot rather than the final result. Any participation now would depend on a secondary transfer, if the trust documents permit one.
What exactly does the Trust own?
A Class A apartment community called Messenger Place, at 9009 Church St. in Manassas, Virginia, a Washington, D.C. suburb. Multi-Housing News described it as a five-story building.[4] Bonaventure says construction was completed in 2019 and that the firm has owned and operated it since 2021.[1] Bonaventure acquired it from owner-developer The Rector Companies for $25.5 million in December 2021.[3] What the Trust itself paid, along with offering costs and fees, appears in the PPM — the private placement memorandum given to prospective investors — not in any public filing.
Is there a mortgage on the property?
No, according to the sponsor. Bonaventure's 1031 exchange properties page describes the offering as unlevered.[6] The July 2, 2025 launch material likewise reported no debt on the property.[1] No mortgage means no lender payments, no maturity date and no refinancing risk — but also no replacement debt for a 1031 exchanger who needs to match a loan on the property they sold in order to defer the full gain.
What is publicly known about occupancy?
Bonaventure's July 2, 2025 launch material reported 95.7% occupancy, and the June 29, 2026 closing announcement repeated that figure.[2] The offering deck circulated through DST Investments reported 96.8% occupancy as of July 2025.[5] Connect CRE's July 1, 2026 recap of the two closed Bonaventure DSTs cited roughly 94% average occupancy across both. These are sponsor-sourced snapshots from different dates; no audited figure is public.
Is there a 721 or UPREIT exit built into this Trust?
Top1031's structured record for this Trust does not flag a REIT conversion provision. A 721 or UPREIT exit means contributing the trust property to a REIT's operating partnership in exchange for units; interests received that way are generally no longer eligible for a future 1031 exchange, so the deferral chain typically ends there. Whether any such option exists here would be spelled out in the PPM and the trust agreement, not in the SEC filing.
What does the Form D actually tell me here?
It identifies Messenger Place DST as the issuer under CIK 0002073346, reports a total offering amount of $34,123,322 and a $100,000 minimum investment from an outside investor, records a first sale on May 27, 2025, and names Bonaventure MIT Operating Partnership as sponsor and operating partnership with Bonaventure Holdings as an affiliate.[7] The build year, unit count, occupancy and debt-free structure come from sponsor materials and trade press, not from the filing itself.
Chapter 9Messenger PlaceYieldPRO republishes Bonaventure press release announcing full subscription of Messenger Place DST (94-unit Manassas property) and Promenade Pointe DST. Bonaventure Fully Subscribes Two Multifamily DST Offerings, Raising More Than $54 MillionBonaventure announced full subscription of Messenger Place (94-unit Manassas) and Promenade Pointe (183-unit Norfolk) DSTs, raising more than $54M from 86 investors. Bonaventure Launches $34.1 Million Messenger Place DST in D.C. SuburbTrade-press launch article (republished on sponsor website) covering Bonaventure's launch of the 94-unit Class A Messenger Place DST in Manassas, VA.