FAQs

Bonaventure is a vertically integrated multifamily investment firm offering a private NAV REIT (BMIT®), co-investments, and tax-efficient 1031, DST, and 721 Exchange (UPREIT) solutions for accredited investors, advisors, and institutions. We source, design, operate, and manage our investments end-to-end, aligning outcomes and unlocking long-term, compounding value.

We combine vertical integration, tax-forward design, and meaningful sponsor co-investment. Our focus is on after-tax total return, not yield. As long-term compounders, we avoid financing risk and stay aligned across cycles, creating durable value through thoughtful structuring and execution. See why investors choose Bonaventure.

We’ve invested through multiple cycles with a 25+ year history in multifamily and disciplined leverage. Past performance does not guarantee future results. Review our track record for more details.

Bonaventure demonstrates alignment by investing its own capital alongside clients across our strategies. To date, the firm has committed more than $565 million of sponsor capital, underscoring our confidence in the same investments we offer to our investors. While co-investment is not present in every individual offering, it has been a consistent part of our approach. You can explore examples of our projects in the Portfolio.

We control the full investment lifecycle, sourcing, acquiring, developing, financing, asset managing, and ultimately disposing of properties, to deliver better cost control, timing, and outcomes. Explore our strategy.

Our offerings are open to accredited investors, family offices, RIAs, broker-dealers, and institutions. An accredited investor generally has a net worth of $1 million or more (excluding a primary residence) or annual income of at least $200,000 individually or $300,000 jointly. For the full definition, visit the U.S. Securities and Exchange Commission’s Accredited Investor guidelines.

Yes. Our offerings require accreditation and verification through a 506C verification form.

BMIT® starts at $25,000, while DST and co-investment opportunities depend on deal structure. Each Private Placement Memorandum (PPM) outlines the specific minimums.

Bonaventure can accept IRA dollars through our partner custodians, but eligibility depends on the specific offering. For example, IRA investment is possible in BMIT®, while certain structures like DSTs may not be eligible. Other vehicles can vary. All requirements and custodian options are detailed in the Private Placement Memorandum (PPM) for each offering. We recommend reviewing the PPM and confirming with your custodian or advisor before investing.

Start by contacting our Capital Markets team. They’ll guide you through the right structure — BMIT, DST, UPREIT, or co-investment — and provide access to deal materials, subscription documents, and accreditation verification.

It depends on how you invest. Investors holding REIT shares typically receive a 1099-DIV, while those holding Operating Partnership units usually receive a K-1. Your investment structure determines your form type and will be available in the investor portal when issued.

BMIT offers a quarterly redemption program (not guaranteed) after a 12-month hold period. DSTs and co-investments are generally illiquid until exit. Consult PPM for complete details. Bonaventure can suspend the redemption program at any time at its sole discretion.

BMIT is a perpetual NAV REIT structured as an UPREIT, enabling 721 exchanges for property owners. It invests in stabilized and value-add multifamily communities across high-growth, supply-constrained markets. The Fund targets long-term appreciation and after-tax total return through value creation, operational efficiency, and Bonaventure’s vertically integrated platform.

BMIT calculates its Net Asset Value (NAV) monthly. NAV reflects the estimated fair value of the REIT’s assets, adjusted for all property-level and REIT-level balance sheet items, and divided by the number of shares outstanding. The process incorporates property valuations, third-party market data, and internal analysis to reflect current market conditions. As a private REIT offered under Rule 506(c), full methodology and assumptions are detailed in the Private Placement Memorandum (PPM).

BMIT offers a quarterly share repurchase program, generally capped at 5% of NAV and subject to sponsor discretion. The Private Placement Memorandum (PPM) details specific terms, procedures, and limitations. Consult PPM for complete details. Bonaventure can suspend the redemption program at any time at its sole discretion.

Distributions are paid monthly. Investors can take cash or enroll in our distribution re-investment program (DRIP). Distributions and return of principal cannot be assured.

BMIT includes management and acquisition fees, along with fund-level expenses such as pursuit and transaction-related costs (excluding payroll). A performance allocation may apply, payable only if returns exceed the targeted threshold. The Private Placement Memorandum (PPM) outlines full details, including fee structure, timing, and expense definitions.

Private NAV REITs like BMIT have lower volatility and quarterly liquidity options vs. public REITs’ daily trading and market swings.

A 1031 exchange allows investors to defer capital gains taxes by reinvesting proceeds from the sale of investment property into another “like-kind” property. To qualify, investors must identify replacement property within 45 days and complete the exchange within 180 days, following IRS Section 1031 guidelines.

Bonaventure helps investors execute exchanges through Delaware Statutory Trust (DST) offerings and custom 1031 solutions designed to maintain tax deferral and optimize long-term compounding. See our 1031 exchange guide.

Generally, any real property held for investment or business use can qualify for a 1031 exchange. This includes multifamily, retail, industrial, and certain land assets. The replacement property must also be “like-kind,” meaning it’s another real estate investment of the same nature or character, not necessarily the same type. Personal-use properties, such as primary residences or vacation homes, do not qualify.

The IRS requires investors to identify potential replacement properties within 45 days of selling their relinquished property and to complete the acquisition within 180 days. These timeframes are strict and run concurrently, meaning both deadlines start on the day the original property closes. Missing either deadline typically disqualifies the exchange and triggers taxation.

A Delaware Statutory Trust (DST) is a structure that allows multiple investors to own fractional interests in institutional-quality real estate while maintaining eligibility for a 1031 exchange. Each investor holds a beneficial interest in the trust, which owns and operates the property. Income, appreciation, and depreciation flow through to investors proportionally. DSTs are professionally managed, removing day-to-day landlord responsibilities while preserving passive ownership benefits and tax deferral potential under IRS guidelines.

DSTs provide access to institutional-quality real estate and maintain 1031 exchange eligibility while eliminating landlord duties. They offer diversification, professional management, and potential passive income. However, DSTs are generally illiquid, controlled by the sponsor, and subject to property and market risks. Investors should review offering documents carefully and confirm suitability with their tax and financial advisors.

A DST interest itself cannot be directly contributed into a REIT. However, in some instances, when a DST’s underlying property is sold, the sponsor may facilitate a two-step process: first, the investor exchanges into a DST via a 1031; then, if the REIT acquires that same property, the investor may have the opportunity to complete a 721 exchange by contributing the property interest. This DST-to-UPREIT path can allow investors to maintain tax deferral while transitioning into a diversified, professionally managed REIT structure like BMIT.

A 721 exchange, also known as an UPREIT, allows property owners to contribute real property to a REIT in exchange for Operating Partnership (OP) units, deferring capital gains taxes while gaining diversification and liquidity potential. Unlike a 1031 exchange, which involves purchasing a replacement property, a 721 exchange requires contributing the entire property directly to the REIT’s operating partnership. DST interests cannot be contributed unless the entire underlying property is exchanged.

Bonaventure’s BMIT® REIT is structured as an UPREIT, enabling qualifying property owners to complete 721 exchanges into the Fund.

A 721 exchange can benefit property owners who want to defer capital gains taxes while transitioning out of active property management. It’s also well-suited for those seeking diversification, passive income potential, and simplified estate planning through ownership in a professionally managed REIT.

A 721 exchange can help property owners transition from direct ownership to a more passive, diversified structure while maintaining tax deferral. By exchanging property for Operating Partnership (OP) units in a REIT, investors simplify management responsibilities and can more easily transfer fractional interests to heirs. Upon inheritance, those OP units, like other appreciated assets, may receive a step-up in basis, potentially eliminating deferred gains. Investors should consult an estate planner or CPA to understand how this strategy fits into their overall estate plan.

“Boot” is any cash or non-like-kind property you receive in a 1031 exchange instead of fully reinvesting your sale proceeds. Since it isn’t rolled into new real estate, boot is taxable in the year of the exchange. Common examples include taking some cash out at closing or receiving personal property. While you can still complete the exchange, any boot amount may trigger capital gains tax.

Yes. You can choose to keep part of your sale proceeds in cash instead of reinvesting the full amount. However, the portion you keep — called “boot” — might be taxable, typically as a capital gain in the year of the exchange. The rest of your reinvested proceeds can still qualify for tax deferral under 1031 rules. Always confirm the impact with your Qualified Intermediary and tax advisor.

The valuation process is similar to a property sale. You market and list your property, and Bonaventure evaluates it for acquisition. Value is determined using standard appraisals, comparable sales, and underwriting, just as in a traditional sale. Once terms are agreed upon, the contribution value determines how many operating partnership units you receive in exchange. Final details are outlined in the transaction documents.

Many investors use a two-step strategy: first, they complete a 1031 exchange into a DST to defer taxes and maintain passive ownership; later, when eligible, they can contribute that property through a 721 exchange into a REIT for ongoing tax deferral, diversification, and estate-planning flexibility. Others may choose to hold until disposition, sell outright, or reinvest through another 1031. The best path depends on each investor’s goals, timeline, and tax considerations.

Co-investments are direct deals in single assets or even portfolios, often higher minimums, higher risk/reward, and K-1 reporting.

Most include a management fee and promote after a preferred return.

Usually 3–7 years, depending on the project type.

Concentration in one asset, financing risk, and tenant risk.

Common paths include:

• Sell and recognize taxes on any gains/depreciation recapture.
• 1031 exchange into replacement property, such as a DST (or a custom 1031), to defer taxes.
• 721 exchange (UPREIT) by contributing qualifying real property to a REIT’s operating partnership for OP units, to defer taxes and gain diversification.

If you’re exploring a 721 into BMIT®, our team first evaluates fit (e.g., asset type, size, geography, business plan, and financing). Start with our Investments team; they’ll triage to BMIT, DST/custom 1031, or general marketing resources as appropriate.

Contributing property into a REIT through a 721 exchange can provide several advantages. Investors may defer capital gains taxes while exchanging direct ownership for Operating Partnership (OP) units in a professionally managed, diversified portfolio. This structure removes day-to-day management responsibilities and offers potential access to income, appreciation, and liquidity over time. Additionally, holding OP units can simplify estate planning by allowing for fractional transfers and a potential step-up in basis at inheritance. Learn more in our tax-deferred exchange guide.

When you contribute your property through a 721 exchange, you become part of BMIT®, our private REIT. Instead of collecting rent or managing expenses on your own, you receive regular distributions from the REIT, typically on a monthly basis. These payments represent your share of the income generated across the broader portfolio of multifamily assets, so cash flow is more diversified than from a single property. While distributions are not guaranteed and can vary with performance, the structure is designed to provide consistent income over time. To learn more about current policies, connect with our Investor Relations Team.

Advisors can access Bonaventure strategies in several ways, including through our Capital Markets team and, where available, selecting alternative investment platforms. Beyond simply providing access to individual offerings, we take a holistic approach to supporting advisors. That means offering comprehensive due diligence kits, fact sheets, and track record materials, as well as education, CE webinars, and client-ready resources that help position tax-efficient real estate within broader portfolio conversations. Our goal is to serve as a long-term partner, not just a product provider. To begin a conversation, contact our Capital Markets team.

Yes. Bonaventure hosts CE-eligible webinars covering 1031 exchanges, DSTs, 721 UPREITs, NAV REITs, and multifamily market trends. Advisors can earn credit while also equipping themselves with knowledge to share with clients. To view upcoming sessions, visit our Events page or contact us.

We work with RIAs, broker-dealers, family office advisors, CPAs, and Qualified Intermediaries. Each group has different needs, and our Capital Markets team provides customized support, from CE credits to co-branded resources.

Yes. We offer educational guides, fact sheets, and whitepapers that can be co-branded with your firm’s logo. These resources help advisors introduce complex structures like DSTs or UPREITs in a clear and compliant way. Connect with our Investor Relations Team to learn more.

We focus on long-term partnerships. That means providing continuous education, timely market commentary, client-ready communications, and access to our leadership team for strategy discussions. Advisors gain not just products, but a partner that helps build credibility and client trust.

You can start by scheduling a call with our Capital Markets team. From there, we’ll introduce you to our strategies and advisor support resources. Schedule a conversation to get started.