In 2024, The Bainbridge Cos., in partnership with BVT National Partners, opened the Bainbridge Midlothian apartment community in Midlothian, a suburb of Richmond, Virginia.
Two years later, it sold the 310-unit property for $107.7 million, $347,500 per apartment, which it says is the highest price per unit paid for a market-rate multifamily asset in the area to date so far in 2026, according to a Sept. 26 press release shared with Multifamily Dive.
“We look at our deals [when deciding to sell] on an asset-by-asset basis, and this deal was just performing very well,” Bainbridge Senior Vice President of Development for the Mid-Atlantic Greg Cavanaugh told Multifamily Dive. “We stabilized the asset in the summer of 2025. We just continued to add value through operations, and we saw rent growth.”
But the sale is only part of the story. The Wellington, Florida-based apartment owner, developer and manager also retained the property management contract from the buyer, Frontier Group of Cos., after achieving a strong lease-up performance of 30 units per month.
“We stabilized the property,” Cavanaugh said. “We kept occupancy high. We increased NOI throughout the ensuing year. I think there is just a lot of confidence in our team that we can continue to do that.”
Property basics
The four-building property sits on 25.8 acres in Chesterfield County and includes studio, one-, two- and three-bedroom apartments averaging 1,017 square feet. Units feature open floor plans, quartz countertops, stainless steel appliances, smart-home technology and hardwood-style flooring, per the release.
Amenities include a saltwater pool, a 24-hour fitness center, a clubhouse, coworking areas, a pickleball court, a dog park and wooded walking trails, per the release.
The property offers easy access to Route 288 and Midlothian Turnpike, with connections across the greater Richmond region, per the release. Wegmans-anchored Stonehenge Village, Westchester Commons and Chesterfield Towne Center are among the nearby shopping, dining and employers.
The firm began working on the project in 2021 and saw great potential in the location. It aimed to develop a property with an experience that “feels more like hospitality,” Cavanaugh said.
“We felt like there was an opportunity, given the demographic profile and income profile in the area,” he said. “We thought that there was an opportunity to bring a more elevated resident experience, and that extends to the level of amenities we offer and the finishes at the property.”
Now that the sale is complete, Bainbridge continues to seek new projects. “We thought that we'd achieve a strong value for Bainbridge Midlothian and that came to fruition,” Cavanaugh said. “It allows us to recycle capital into new opportunities.”
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