Buyers swoop in for Metropolis at Innsbrook apartment complex in $98M deal

The building was completed in 2023. (Courtesy Foxfield)

Big-ticket real estate deals are rolling in Henrico County as a second, nearly-nine-figure transaction has closed this month.

The latest is the 402-unit Metropolis at Innsbrook apartments, which sold last week for $98 million or $244,000 per-door, according to county records. 

The property’s new owners are investment firms Foxfield, which is based out of Boston, and Park Row Equity Partners, a New York-based firm. Neither firm previously had a presence in the Richmond market. According to Henrico County records, entities tied to Park Row have a roughly 60% stake in the property and Foxfield has a 40% stake. 

The seller was Robinson Development Group, which built the complex at 4500 Metropolis Drive within the Innsbrook office park. It was completed in 2023. 

Robinson and Park Row did not immediately respond to requests for comment, and Foxfield representatives weren’t available by press time. 

The July 24 sale is the largest in the county so far this year, topping the $86 million sale of West Broad Marketplace, which closed a week prior.

Units at Metropolis are 96% occupied, according to a Foxfield announcement. Monthly rents start at around $1,300, according to the property’s website. The complex was most recently assessed by the county at $55.9 million. 

Newmark’s Charles Wentworth, Garrison Gore, and Victoria Pickett represented Robinson in the deal. John Chobanian and Eric DeStefano, also of Newmark, arranged the financing.

Also part of the seller’s side was locally based John B. Levy & Co., which helped arrange the development financing for Robinson and invested as part owner of the complex. 

Metropolis was planned to be the first of two apartment buildings on what was formerly a Wells Fargo-owned parcel. Last year Robinson submitted preliminary plans for the second phase, a five-story, 298-unit building that would rise on an adjacent plot at 4480 Richmond Park Lane. 

That piece of land, as well as a 0.7-acre grassy area on the apartment’s eastern side at 4400 Dominion Blvd., were not part of the recent sale deal and remain owned by Robinson. The plans for the second building have been approved by Henrico County but work has not begun. 

Metropolis at Innsbrook is one of a handful of apartment buildings to rise in the office park in recent years, and more non-office-based development is in Innsbrook’s pipeline. Last month the county approved “North End at Innsbrook,” a mixed-use development that’s planned to include nearly 1,000 apartments and condos, a hotel and retail space. 

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