WELLINGTON, FL - The Bainbridge Companies LLC (“Bainbridge”), a premier owner, developer and manager of multifamily communities, was retained to provide third-party property management for Richmond, Virginia community Bainbridge Midlothian following its $107.7 million sale to Frontier Group of Companies. Bainbridge developed, built, and operated the 310-unit, Class A property in partnership with BVT National Partners (“BVT”).
The sale equates to $347,500 per unit, the highest price per unit paid for a market-rate multifamily asset in Richmond to date in 2026, and marks Frontier’s first multifamily acquisition in Virginia.
Bainbridge Midlothian’s performance through lease-up set the stage for the record pricing. Driven by the dedicated efforts of the Bainbridge team, the community absorbed an average of 30 units per month, reaching stabilization within a year of delivery and ranking among the fastest lease-ups in the Richmond market. That execution, combined with construction quality, unit finishes and an amenity package that differentiated the product, generated competitive institutional interest and set a new benchmark for suburban Richmond.
“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, along with our partners at BVT,” said Jake Wright, President of Capital Markets at Bainbridge. “
“This successful sale and seamless operational transition reflect the hard work, operational excellence, and dedication of our team, whose efforts drove the impressive lease-up velocity and established Bainbridge Midlothian as a market leader,” said Marcie Williams, Chief Strategy Officer at Bainbridge. “As we continue to grow our third-party property management platform, we are excited to build on this momentum and look forward to growing our partnership with Frontier Group as their trusted management partner.”
Bainbridge’s property management platform oversees thousands of apartments nationwide for its own portfolio and for outside owners. It pairs standardized systems and centralized technology with seasoned regional teams and deep local market knowledge. On-site professionals concentrate on leasing velocity, resident satisfaction, cost control, and consistent execution.
“The successful delivery, lease-up, and sale is the result of true collaboration, and Bainbridge is grateful to our partners at BVT and LBD Investments, our design team, and the Chesterfield County officials and community stakeholders who helped bring it to life,” added Greg Cavanaugh, Senior Vice President of Development, Mid-Atlantic Region at Bainbridge. “Richmond and the greater Virginia market remains an important market for Bainbridge, and we look forward to continuing to invest and build here.”
Completed in 2024, Bainbridge Midlothian occupies roughly 25.8 acres at 12400 Dutton Road in Chesterfield County. Four residential buildings house studio, one, two, and three-bedroom apartments averaging 1,017 square feet. Interiors include open floor plans, quartz countertops, stainless steel appliances, smart-home technology, and hardwood-style flooring.
Residents also enjoy a resort-style saltwater pool, 24-hour fitness center, clubhouse, coworking areas, pickleball court, dog park, and private wooded walking trails.
The property sits within one of Richmond’s established suburban corridors, with easy access to Route 288 and Midlothian Turnpike and straightforward connections across the greater Richmond region. Nearby shopping, dining, and employers include the Wegmans-anchored Stonehenge Village, Westchester Commons, and Chesterfield Towne Center.
About Bainbridge Companies LLC: Founded in 1997, The Bainbridge Companies LLC (Bainbridge) is a multifamily real estate firm that has developed and acquired more than 43,000 apartment homes, representing over $8.4 billion in transactions. Its 500-plus associates handle every stage of the multifamily lifecycle: development, construction, acquisition, disposition, asset management, and property management. Headquartered in Wellington, Fla., Bainbridge also maintains offices in Atlanta, DC Metro, Charlotte, Orlando, and Nashville. Learn more at www.bainbridgecompanies.com