Newmark has arranged the $108 million sale of Bainbridge Midlothian, a 310-unit multifamily community in Midlothian, Virginia. The transaction involves a large, recently built rental property and reflects ongoing investor interest in institutional-quality apartments in the region.
Frontier Group of Companies acquired Bainbridge Midlothian from a joint venture between The Bainbridge Companies and BVT National Partners. The purchase marks Frontier Group of Companies’ first multifamily acquisition in Virginia, signaling a new entry into the state’s apartment investment market for the buyer.
Commenting on the transaction, Jake Wright, president of capital markets at Bainbridge, noted that in the current capital markets environment, Bainbridge Midlothian illustrates how best-in-class multifamily communities that are built and operated to a high standard continue to attract premium valuations. His remarks frame the sale as an example of how quality assets can still generate strong pricing despite broader market headwinds.
Newmark Multifamily Capital Markets Senior Managing Director Garrison Gore led the sale effort on behalf of the seller. He was joined by Executive Managing Directors Charles Wentworth and Victoria Pickett. The Newmark team advised the joint venture of The Bainbridge Companies and BVT National Partners through the marketing and disposition process.
Completed in 2024, Bainbridge Midlothian is located at 12400 Dutton Road in Chesterfield County, within the Midlothian community. The property is situated on approximately 25.8 acres and is organized into four residential buildings. The apartment mix includes studio, one-bedroom, two-bedroom and three-bedroom layouts, providing a range of options aimed at different renter household types and sizes.
The multifamily community is surrounded by a variety of retail, dining and employment destinations. Nearby centers include the Wegmans-anchored Stonehenge Village, Westchester Commons and Chesterfield Towne Center. This concentration of commercial amenities and jobs in the area contributes to the property’s appeal for residents seeking access to shopping, services and workplaces within a short drive of their homes.
The combination of recent construction, a diversified unit mix and proximity to established retail hubs helped position Bainbridge Midlothian as a competitive offering in the multifamily investment market. With Newmark coordinating the sale and an experienced joint venture seller on one side, the deal introduces Frontier Group of Companies as a new multifamily owner in Virginia, while providing an exit for the Bainbridge and BVT National Partners partnership on this 310-unit asset.
