Promenade Pointe
Multifamily (Class A waterfront) property in Norfolk, Virginia — sponsored by Bonaventure
Files with the SEC as Promenade Pointe DST
Minimum investment
$100k
Offering size
$20.1M
How much has sold
51.0%
Asset type
Multifamily (Class A waterfront) property
Location
Norfolk, Virginia
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Promenade Pointe DST is a Delaware statutory trust — fractional property ownership that can serve as 1031 exchange replacement property — holding a 183-unit Class A waterfront apartment community in Norfolk, Virginia.1 Bonaventure developed the property in 2013 and has operated it since 2014.2 On June 29, 2026 the sponsor announced the offering was fully subscribed and closed after raising $20.1 million from 45 investors.3
60% LTV; ~$50.1M total cap; ~95% avg occ. since 2014; built 2013 by sponsor; raised $20.1M from 45 investors; closed Jul 2026
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These links support the public record as a whole; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Bonaventure developed this waterfront community in 2013 and has been its owner-operator since 2014, so the operating record behind the Trust is the sponsor's own.2 In its June 29, 2026 closing release, Bonaventure reported average occupancy of approximately 94% over the prior 12 years.3 No purchase price or separate acquisition transaction for the transfer into the Trust appears in public sources.
- Property address
- 6115 Tidewater Dr, Norfolk, Virginia
- Property size
- 183 units
Who is the tenant, and what's the lease?
There is no single corporate tenant: income comes from individual resident leases across the apartment community, so ordinary turnover rather than one expiration date drives revenue. No master lease or rent roll appears in public materials; those mechanics sit in the PPM, the private placement memorandum that governs the offering.
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
- $10,330,176
- Still available
- $9,802,017
- Investors reported
- 14
- Total offering
- $20,132,193
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
Mortgage debt sits alongside investor equity here — the arrangement that lets an exchanger replace debt carried on a relinquished property. IREI reported total capitalization of approximately $50.1 million, including roughly $20.1 million of investor equity.2 No lender is identified in public sources.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Loan-to-value
- 60%globenewswire.com
Who's behind it?
Bonaventure is a Virginia apartment developer and operator active in Hampton Roads; here it both built the community and still runs it.2 The Form D names Bonaventure MIT Operating Partnership LP as sponsor, BMIT Promenade Pointe Signatory Trustee, LLC as the Trust's manager, and Bonaventure Holdings LLC as an affiliate.1 A 721/UPREIT exit would contribute the property to that operating partnership in exchange for units rather than cash. The sponsor broke ground on Attain at Newtown, a 320-unit Norfolk project, on July 13, 2026.
- Sponsor
- Bonaventure
- Legal Trust name
- Promenade Pointe DST
- May convert to a REIT
- Yes
- 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?
No amendment has followed the original notice, so the SEC record still shows a raise in progress while Bonaventure has announced the offering closed.3 The Form D also discloses a $465,000 sponsor fee plus loan- and closing-cost reimbursements, and the exemption used allows general advertising provided each buyer's accredited status is verified with documents.1
- 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 Promenade Pointe still raising money?
Top1031 lists Promenade Pointe 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 Promenade Pointe?
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 Promenade Pointe DST?
Bonaventure announced on June 29, 2026 that the Trust was fully subscribed and closed, and its Promenade Pointe DST page labels the offering status as now closed. The SEC file contains only the original January 21, 2026 Form D, with no closing amendment, so the public filing record lags the sponsor's announcement. Current availability would have to be confirmed with the sponsor or a selling broker-dealer.
How much did the Trust raise?
Bonaventure reported on June 29, 2026 that Promenade Pointe DST closed with $20.1 million of equity from 45 investors, part of more than $54 million raised across this Trust and Messenger Place DST. IREI reported total capitalization of roughly $50.1 million, including about $20.1 million of investor equity. Bonaventure's offering page states a $100,000 minimum investment, matching the Form D.
Who is the tenant?
There is no single tenant. Promenade Pointe is a 183-unit apartment community, so revenue comes from individual residents on their own leases and vacancy is managed unit by unit. No master lease, rent roll or lease schedule appears in public sources, so the PPM — the private placement memorandum, the offering's governing disclosure document — is where those mechanics and expense responsibilities are set out.
Is the sponsor also the developer?
Yes. IREI reported that Bonaventure developed Promenade Pointe in 2013 and continued as the property's owner-operator from 2014. That differs from DSTs where a sponsor buys a stabilized building shortly before the offering: here the operating record presented is the sponsor's own at the same asset. No deed or purchase price for the transfer into the Trust appears in public records.
What does the 721/UPREIT option mean here?
A 721 exchange, sometimes called an UPREIT, lets a DST's property be contributed to a REIT's operating partnership in exchange for partnership units instead of cash. The Form D identifies Bonaventure MIT Operating Partnership LP as the sponsor and operating partnership behind this Trust. The PPM sets out who controls that decision, its timing, how units would be valued, and what happens to an investor's tax deferral afterward.
What do the public filings not tell me?
The Form D is an issuer-filed notice the SEC does not review for accuracy. It does not name the lender, state loan terms, describe a hold period, or explain the 721 exit mechanics, and no amendment reflects the June 2026 close. Reported occupancy also varies by source and measurement period: Bonaventure's January 8, 2026 launch material cited 96% alongside 13 years of ownership, the June 29, 2026 closing release cited approximately 94% over the prior 12 years, and the sponsor's offering page cites approximately 95% since 2014 as of September 30, 2025. No deed, loan document or audited operating statement was located in public sources.
Chapter 9Bonaventure Featured in Connect CRE on Fully Subscribed Multifamily DST OfferingsSponsor's newsroom post highlighting Connect CRE coverage of the two fully subscribed Bonaventure DSTs including Promenade Pointe. Bonaventure Fully Subscribes Two Multifamily DST Offerings, Raising More Than $54 MillionBonaventure announced full subscription of Promenade Pointe (183-unit Norfolk waterfront) and Messenger Place DSTs, raising more than $54M from 86 investors. Stability by Design: Bonaventure Launches Promenade Pointe DSTOfficial Bonaventure press release announcing the launch of the $50.1M total-cap (~$20.1M equity) Promenade Pointe DST, a 183-unit Class A waterfront community in Norfolk, VA.