The complex is made up of four four-story apartment buildings. (Mike Platania photo)
For the second time in as many months, a Chesterfield property has sold for more than $100 million.
Last week the Bainbridge Midlothian apartments at 12400 Dutton Road traded for $107.7 million, Chesterfield County records show.
Built in 2024, the complex spans four buildings and totals 310 units on a 26-acre parcel just north of the Walmart Supercenter on Midlothian Turnpike. It was the entrance into the Richmond market for its namesake developer, Florida-based Bainbridge Cos.
The buyer in the Oct. 15 sale was an entity tied to the Frontier Group of Companies, a Buffalo, New York-based investment firm.
The per-door sales price of $348,000 is one of the highest in the region in recent years, and looks to be the new high mark in Chesterfield County. The current region-wide per-door sales record was set last winter when Capital Square paid $385,000 per-door for a Short Pump-area complex.
Frontier did not respond to a request for comment by press time. Per its website, the company develops mixed-use and industrial properties, as well as energy and power infrastructure. Bainbridge Midlothian appears to be its first property in the Richmond area.
Frontier’s purchase price was well over the property’s most recent assessed value of $72.6 million.
Planning for Bainbridge Midlothian began in the days of the pandemic when it was initially to be called “Coalfield Reserve.” The land was initially owned by local firm LBD Investments, which sold the land to Bainbridge in 2022 but remained a partner in the development.
Bainbridge was also not available for comment by press time.
The complex features one-, two- and three-bedroom units that, according to the complex’s website, rent monthly for around $1,900, $2,500 and $3,000, respectively. Amenities include a gym, pool, walking trail and pickleball court.
The deal is the second-largest multifamily deal the region’s seen so far in 2026, beat out only by the $115 million sale of the 2000 West Creek apartments in June.
And its the second deal in Chesterfield County in recent weeks to eclipse $100 million after a former Philip Morris warehouse complex on Bermuda Hundred Road sold for $108 million last month.
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