Foxfield Buys Richmond Luxury Community
Robinson Development Group previously owned the property.
Boston-based Foxfield has acquired Metropolis at Innsbrook, a 402-unit luxury community in Richmond, Va. Robinson Development Group previously owned the asset, according to Yardi Matrix information. Newmark brokered the sale.
The property came online in 2023 at 4500 Metropolis Drive, on a 14-acre site. The community consists of two five- and six-story buildings that enclose apartments with studio to three-bedroom layouts ranging between 400 and 1,360 square feet.
Shared amenities include a 24-hour fitness center with yoga studio, a swimming pool with outdoor grilling and entertainment areas, dog parks, EV charging stations, a bike storage and a rooftop deck. The property was 96 percent occupied at the time of the deal.
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Located in the Glen Allen submarket, the community has access to interstates 64 and 295. There are two large shopping centers near Metropolis at Innsbrook, namely Short Pump Town Center and Brookhollow Shopping Center. Downtown Richmond is some 14 miles southeast.
Newmark Senior Managing Director Garrison Gore and Executive Managing Directors Charles Wentworth and Victoria Pickett from the Virginia Multifamily Investment Sales team, together with Assistant Vice President Eric DeStefano from the Debt & Structured Finance team arranged the sale.
Richmond’s going strong
In the first half of 2025, the Richmond multifamily market registered $364.8 million in investment sales, with 14 properties trading at an average per-unit price of $170,181, according to Yardi Matrix data. Investment volume saw an increase, as the metro had 18 properties changing hands at an average per-unit price of $126,908, amounting to $293 million during the same period last year.
As of June, Richmond recorded a 2.4 percent year-over-year increase in advertised asking rents, significantly above the 0.9 percent national average, according to the latest Yardi Matrix multifamily report.
