Frontier Group of Companies Buys Bainbridge Midlothian in $107.7 Million Virginia Multifamily Deal

Newmark announced Oct. 23 that it arranged the $107.7 million sale of Bainbridge Midlothian, a 310-unit Class A multifamily community in Midlothian, Virginia. Frontier Group of Companies acquired the property from a joint venture between The Bainbridge Companies and BVT National Partners, marking the buyer's first multifamily acquisition in Virginia.

Deal Overview: Frontier Group of Companies Enters Virginia Multifamily

The sale price works out to approximately $347,419 per unit. Newmark Multifamily Capital Markets Executive Managing Directors Charles Wentworth and Victoria Pickett led the transaction on behalf of the seller, alongside Senior Managing Director Garrison Gore.

Jake Wright, President of Capital Markets at Bainbridge, said in the announcement: "In today's capital markets environment, the sale of Bainbridge Midlothian demonstrates that best-in-class product, built and operated at a high level, continues to command premium valuations. It's also a testament to our development, construction and management teams, our partners at BVT, and the investment sales team at Newmark."

Gore said: "Bainbridge Midlothian's record-setting pricing reflects continued investor demand for newly constructed, high-quality multifamily assets in Richmond's established suburban markets. The property's strong leasing performance, modern construction and location within one of the region's most desirable residential corridors made it an attractive investment opportunity."

Bainbridge Midlothian Property Details

Completed in 2024, Bainbridge Midlothian sits on approximately 25.8 acres at 12400 Dutton Road in Chesterfield County. The community comprises four residential buildings with a mix of studio, one-, two- and three-bedroom apartments. The average unit size is 1,017 square feet.

Residences feature open-concept floor plans, quartz countertops, stainless steel appliances, smart-home technology and hardwood-style flooring. Community amenities include a resort-style saltwater swimming pool, 24-hour fitness center, clubhouse, coworking spaces, pickleball court, dog park and private wooded walking trails.

The property is located in one of Richmond's established suburban residential corridors, with access to Route 288 and Midlothian Turnpike, which connect to the greater Richmond region. It is surrounded by retail, dining and employment destinations, including Wegmans-anchored Stonehenge Village, Westchester Commons and Chesterfield Towne Center.

Richmond Multifamily Market Context

The sale comes as Richmond's multifamily market absorbs new supply while rent growth moderates. One 2026 market report put vacancy at 8.3% across roughly 109,117 units of inventory, with about 4,667 units under construction across 19 properties, equal to roughly 4.3% of existing inventory. Average asking rent was approximately $1,609 per month, and overall market cap rates were estimated at about 6.3% to 6.4%, with newer four- and five-star properties near 6.2%.

Effective rents in the Richmond market rose 0.6% year over year in the third quarter, while vacancy declined 50 basis points over the same period. Statewide, Virginia recorded positive multifamily absorption of 2,485 units in the third quarter, and average effective rent reached $1,799, up 1.1% year over year.

A nearby transaction offers a loose point of comparison. Capital Square purchased the 255-unit Colony at Centerpointe in Midlothian for $74.6 million, or approximately $292,549 per unit. Bainbridge Midlothian's per-unit price is about 18.8% higher, though the properties may differ in age, size, rents, amenities, occupancy, financing and operating performance.

Participants and Newmark's Capital Markets Activity

The Bainbridge Companies LLC is a multifamily real estate company that has developed and acquired more than 43,000 apartment homes representing more than $8.4 billion in transactions since 1997. It is headquartered in Wellington, Fla.

BVT is a German-based real estate investment manager with 50 years of experience structuring and managing institutional real estate investments in the United States. It is headquartered in Atlanta and Munich, Germany. Its BVT Residential USA fund series has developed a portfolio of 35 multifamily properties totaling more than 10,700 units, representing $2.6 billion in project value.

Newmark reported second-quarter 2026 revenue of $888.4 million, up 17% year over year, with capital markets revenue rising 16%, driven in part by higher multifamily sales activity. First-quarter capital markets revenue rose 45.5% year over year.

Outlook

The transaction gives Frontier Group of Companies an entry into the Virginia multifamily market through a property completed in 2024 in an established suburban corridor. Richmond demand has remained positive even as new supply and slower rent growth continue to shape the market.

Sources

• Newmark press release: Newmark Arranges $108 Million Sale of Bainbridge Midlothian, Class A Multifamily Community in Virginia