Foxfield has acquired Metropolis at Innsbrook, a 402-unit luxury multifamily community located in Glen Allen, a submarket north of Richmond, Virginia.
Originally delivered in 2023 and currently 96% occupied, Metropolis at Innsbrook adds to Foxfield’s growing residential portfolio in the Mid-Atlantic market. The sale was brokered by Newmark’s Virginia Multifamily Investment Sales team, including Charles Wentworth, Victoria Pickett, and Garrison Gore, as well as Eric DeStefano of Newmark’s Debt & Structured Finance team.
“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.”
