Foxfield Acquires 402-Unit Luxury Multifamily Community in Richmond
Foxfield has announced the acquisition of Metropolis at Innsbrook, a 402-unit luxury multifamily community located in Glen Allen, a growing submarket just north of Richmond, Virginia.
Completed in 2023, Metropolis at Innsbrook is already 96% leased, underscoring the strong demand in the market. The acquisition further expands Foxfield’s residential investment portfolio across the Mid-Atlantic region. The transaction was facilitated by Newmark’s Virginia Multifamily Investment Sales team, including Charles Wentworth, Victoria Pickett, and Garrison Gore, along with Eric DeStefano from Newmark’s Debt & Structured Finance division.
The property is strategically situated within the Innsbrook Office Park, providing residents with immediate access to major corporate headquarters and upscale retail options in Innsbrook and neighboring Short Pump.
“This acquisition offers a rare opportunity to secure a newly built, Class A asset in a supply-constrained market at a significant discount to current replacement cost,” said Noam Kleinman, Principal at Foxfield. “It enables us to achieve value-add-level returns while benefiting from the stability and strong cash flow of a core-quality property.”
