Bonaventure Breaks Ground on Attain at Greenbrier - a $74.5 Million Development Transforming an Underutilized Site into Much-Needed Housing
Bonaventure Development broke ground on Attain at Greenbrier, a $74.5 million Class A multifamily project in Chesapeake, Virginia, featuring 268 units backed by long-term HUD financing and high-net-worth investor capital. The site, previously a commercial call center, was repurposed to address the undersupplied housing market in the Greenbrier submarket, with completion expected in late 2027.
Bonaventure Development has begun construction on Attain at Greenbrier, a 268-unit Class A multifamily community in Chesapeake, Virginia. Located at 1553 River Birch Run in the Greenbrier submarket, the $74.5 million project is part of Bonaventure’s Attain portfolio, offering elevated design and amenities at attainable prices. The development will include three four-story buildings with a mix of 1-, 2-, and 3-bedroom residences, averaging 1,037 square feet each, and is set to deliver in late 2027. The site was previously occupied by a commercial call center that had outlived its utility. Bonaventure acquired and rezoned the property in 2022 to convert it into residential housing, addressing the submarket’s structural housing shortage. The project is financed through a combination of equity from Bonaventure’s high-net-worth investor network and a 40-year HUD Section 221(d)(4) loan, ensuring long-term ownership and stability. Unlike typical merchant builders, Bonaventure retains ownership of its developments, allowing for sustained investment in the community. Chris Cobb, President of Bonaventure Development, emphasized the firm’s commitment to long-term stewardship, stating the capital structure aligns with their philosophy of enduring community impact. The Greenbrier submarket currently boasts occupancy rates above 97 percent, with demand exceeding new supply, making this project a strategic addition. Attain at Greenbrier joins Bonaventure’s growing portfolio of Attain-branded communities across Virginia. The project involves Marlyn Development Corporation as the general contractor, RBA as the architect, Timmons Group as the civil engineer, and Vest Residential as the property manager. Bonaventure, with over $2.9 billion in assets under management, specializes in multifamily real estate across the Mid-Atlantic and Southeast, combining development, asset management, and property management expertise.
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