Bainbridge Cos. Makes First Foray Into Richmond
A 310-unit community has opened its doors.
The Bainbridge Cos. has opened Bainbridge Midlothian, its first property in the Greater Richmond, Va., area. The property, situated in Midlothian, will include 310 units with one-, two- and three-bedroom floor plans. Homes will range from 697 to 1,546 square feet.
Midlothian is an unincorporated place in Chesterfield County, Va. Historically, the area was the site of coal mining, an activity that has long ceased. Currently, the location is part of the western suburbs of Richmond, south of the James River.
The development is near the Midlothian Turnpike, which offers access to downtown Richmond and Interstate 288, along with retail locations.
People in the market for luxury apartments want desire spaciousness, amenities and a strong sense of community, Bob Thollander, president of development, Bainbridge, told Multi-Housing News.
“Recognizing the growing demand for more space—especially with the rise of remote work—we’re designing larger units that provide residents with the flexibility to live, work, and relax comfortably,” Thollander said. “These spaces cater to modern lifestyles, allowing for home offices, wellness areas and room for family living.”
The developer also takes a community-centric approach, he noted.
“We believe in creating communities, not just buildings,” Thollander said. “Our developments include communal spaces and programs that foster connections among residents. We aim to build a strong sense of belonging.”
Amenities that count
All of Bainbridge Midlothian’s homes feature stainless steel appliances, kitchen islands, private balconies, walk-in closets, keyless entry, smart thermostats, stacked washers and dryers and plank flooring. Some of the units include built-in desks for remote work, a mudroom and double vanities.
Common-area amenities include a saltwater pool and a sundeck with poolside cabanas and a covered lanai with an outdoor fireplace and TVs. The property also sports a coffee bar and lounge areas, electric vehicle charging stations and an outdoor living room with a pavilion and grills.
Residents have access to a game room with shuffleboard and a pool table, a fitness center, an outdoor turf area with lawn games and hammocks, a bark park and pet spa and a pickleball court. A private wooded walking trail runs through the property.
Wellington, Fla.-based Bainbridge has developed and acquired more than 43,000 apartment units since its founding in 1997, representing more than $8 billion in transactions. Its holdings are heavily concentrated in Florida—where two properties opened just last month—but the company also has properties in Texas, North Carolina, Maryland and now Virginia.
Richmond’s multifamily strength
Overall vacancy in the Richmond multifamily market dropped 90 basis points quarter-over-quarter in the second quarter of 2024, coming in at 8 percent, according to a Cushman & Wakefield market beat report. Net absorption for the quarter totaled 1,159 units, a rate almost doubled compared to the same period last year.
Construction starts have slowed, Cushman & Wakefield reports, with four projects breaking ground since the start of 2024. The multifamily pipeline remains active, however, with 6,325 units currently under development and more than 2,175 units scheduled for delivery before the end of this year.
Multifamily rents continued to increase in the second quarter, up 3.6 percent year-over-year. Cushman & Wakefield characterizes that rate of increase as more historically normal, down from the much higher increases of late 2021 and early 2022 when pandemic era demand hit its peak.
