Bonaventure Multifamily Income Trust has added another Williamsburg apartment community to its growing Hampton Roads portfolio, acquiring an interest in Colonial Towne through a 1031 exchange that pushes the firm's local footprint to 524 units across three properties. The deal closed as regional vacancy rates tighten and rents keep climbing across the Hampton Roads multifamily market.
The real estate investment trust, known as BMIT and sponsored and managed by Bonaventure, acquired its interest in Colonial Towne through a 1031 exchange, according to a company release distributed via GlobeNewswire. Colonial Towne served as the second replacement property in that exchange, following BMIT's earlier acquisition of Royal Pointe Apartments in Virginia Beach earlier this year, the release states. Multifamily Housing News reported separately that Bonaventure acquired Royal Pointe, a 208-unit Virginia Beach property, in April 2026, and that the exchange began with the sale of Promenade Pointe, a 183-unit Norfolk community.
Colonial Towne sits at 327 Merrimac Trail in Williamsburg, directly across the street from Bonaventure's existing Parkway Apartments and roughly three miles from the company's Attain at Quarterpath community, per the release. Together, Colonial Towne and Parkway Apartments total 296 units, which the release says allows Bonaventure to share on-site staff, maintenance, and vendor contracts across both properties. Multifamily Housing News additionally reported that Bonaventure's Parkway Apartments holding comprises 68 units and that Attain at Quarterpath totals 228 units.
A 1970s Property Near Colonial Williamsburg's Biggest Employers
Multifamily Housing News reported that Colonial Towne was completed in 1970 and consists of two-story buildings mixing townhome units and apartments, with one-, two-, and three-bedroom floorplans averaging 949 square feet. The same outlet described the community as pet-friendly and said it includes a swimming pool, an on-site playground, and laundry facilities.
The property sits less than three miles from downtown Williamsburg and near Interstate 64 and the Colonial Parkway, according to the trade publication's reporting, placing it within reach of major area employers including Colonial Williamsburg, William & Mary, and Busch Gardens. Multifamily Housing News also reported that the prior owner, a private individual, sold Colonial Towne for $27 million, an attribution the outlet credited to data from Yardi Matrix, and that Bellwether Enterprise Real Estate Capital originated a $17.6 million Fannie Mae note carrying a 5.45 percent interest rate and maturing in 2031.
Williamsburg Portfolio Now Tops 500 Units
With Colonial Towne added, Bonaventure's Williamsburg portfolio totals 524 units across three communities, the GlobeNewswire release states. The release also cites RealPage data showing Williamsburg has had no new apartment deliveries since the first quarter of 2025 and no units under construction as of November 2, 2026 — a supply gap that helps explain why Bonaventure is doubling down in the small college and tourism town rather than chasing new construction elsewhere.
Bonaventure's broader portfolio comprises 46 properties totaling 9,192 apartments across the Mid-Atlantic and Southeast, according to the company's own website as cited by Multifamily Housing News. The firm's history in the region includes completing the 289-unit Aura at Arbordale in 2020 and selling it in 2022 for approximately $100 million, per the release.
Tightening Market Backdrop
The Colonial Towne purchase lands amid a broader squeeze in Hampton Roads apartment supply. Overall vacancy across the region closed the third quarter of 2026 at 4.4%, a drop of 60 basis points quarter over quarter and 110 basis points year over year, according to a Cushman & Wakefield MarketBeat report. Effective rental rates in the region were up 6.4% year over year and 11.2% since the start of 2024 by the close of the same quarter, per the same report.
The active construction pipeline across Hampton Roads included 2,156 units in development with six groundbreakings since the start of 2026, Cushman & Wakefield's data shows, while year-to-date sales volume topped $893.2 million, including more than $282.6 million closed in the third quarter alone. A separate Q2 2026 report from NorthMarq found that vacancy had tightened sharply and rent growth had accelerated to its fastest pace since 2022 as new supply slowed, though that same report noted transaction counts and dollar volume had moderated year to date, with median price per unit declining from 2025.
Comparable Williamsburg trades underscore how active the submarket has been. Hamilton Zanze sold Parkway Apartments, a 148-unit garden-style community, closing that deal on July 23, 2025, according to a company announcement. The same firm had previously sold Woods of Williamsburg, a 125-unit community it had owned since 2018, closing that sale on October 17, 2024. Elsewhere in Hampton Roads, the 280-unit Allure at Edinburg in Chesapeake set the year-to-date high mark for price per unit in the second quarter of 2026, trading for more than $327,000 per unit, per Cushman & Wakefield's figures.
