Bonaventure buys Chevy Chase stake, Landmark stays partner

Bonaventure has taken an ownership stake in Crescent at Chevy Chase, the 111-unit apartment community at 3929 Landmark Court in Chevy Chase, Maryland, from Landmark Realty, according to Connect CRE. The investment was made through Bonaventure Multifamily Income Trust, the non-traded REIT Bonaventure sponsors, and includes assumption of asset management, while the Chevy Chase-based firm that developed the property stays on as partner. Terms were not disclosed, and Willow Bridge Property Company has been engaged as property manager.

For Landmark, which designed, developed, and operated Crescent since its 2024 delivery, the sale provides liquidity while preserving a piece of what it built. For Bonaventure, the deal provides a position in 111 homes averaging 846 square feet—studio through three-bedroom floor plans—without carrying the full development risk of the Chevy Chase market.

The deal fits a broader multifamily pattern: buyers are moving beyond core assets, and small to mid-sized transactions are repricing on current cash flow. A non-traded REIT taking partial interests in newly delivered buildings is one more version of that bid, pairing ownership with the management role.

Cushman & Wakefield advised Landmark Realty with a team that included Jorge Rosa, Marshall Scallan, TJ Liberto, Mac Hollensteiner, and Jack Hillman, and Greystone arranged the financing alongside Cushman & Wakefield. Bonaventure now has to make the math of partial ownership work across a portfolio of stakes, not just one 111-unit community.