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…