Frontier Pays $108M for Richmond Community
The sale achieved the highest price per unit across the metro year-to-date.
Frontier Group of Cos. has purchased Bainbridge Midlothian, a 310-unit, Class A multifamily property in Richmond, Va. A partnership between The Bainbridge Cos. and BVT National Partners sold the asset for $108 million, in a deal brokered by Newmark.
The sale marked the highest price per unit recorded for a market-rate multifamily property in Richmond year-to-date through 2026, according to Newmark data. The transaction also marked Frontier’s first acquisition in Virginia.
The deal comes on the heels of the same buyer’s purchase of Everly, a 253-unit multifamily community at 421 W. Tremont Ave. in Charlotte, S.C. Ram Realty Advisors sold the property for $92.8 million earlier this month, The Business Journal wrote.
Newmark Senior Managing Director Garrison Gore and Executive Managing Directors Charles Wentworth and Victoria Pickett arranged the deal on behalf of the joint venture.
A recently completed Richmond community
Developed by The Bainbridge Cos. and completed in 2024, Bainbridge Midlothian consists of four residential buildings across a 26-acre site. Apartments range between 697 and 1,546 square feet, featuring studio, one-, two- and three-bedroom layouts. Shared amenities include a saltwater pool, fitness center, clubhouse, coworking areas, pickleball court, dog park and walking trails.
Located at 12400 Dutton Road in Midlothian, Va., the community is near Route 288 and Midlothian Turnpike, which provide access to downtown Richmond, 14 miles to the east. The property is also close to several retail options along U.S. Route 60, as well as Johnston-Willis Hospital.
Richmond-Tidewater sales volume rises
In the first three quarters of 2026, the Richmond-Tidewater market saw nearly $1.3 billion in multifamily investment sales, with 48 assets trading at an average per-unit price of $165,690, according to Yardi Matrix. Transaction volume increased significantly from the $962 million recorded during the same period of 2025, while the average sale price per unit declined slightly from $171,918.
Recent noteworthy transactions across the Richmond-Hampton Roads market include Weinstein Properties’ $115 million acquisition of 2000 West Creek Apartments, as well as City Line Capital purchase of the 148-unit Brittany Place, both in the third quarter of this year.
