Bonaventure's Attain on Fifth Redevelopment

planned

Bonaventure purchased the former Cavalier Crossings apartment complex on Fifth Street in Albemarle County and plans to expand the development by adding 165 multifamily units across five new buildings, increasing the total units to 309. The project includes converting three- and four-bedroom student suites into two- and three-bedroom multifamily units more suitable for families and non-students. The project seeks affordability incentives under Albemarle's Rental Housing Incentive Program, which provides a grant based on a 15% property tax rebate if 20% of units are affordable to households at 60% of area median income or below.