BVT Group has announced the sale of the newly constructed Class A residential development 'Midlothian' near Richmond in the US state of Virginia. The property, comprising 310 residential units, was transferred to an institutional investor in October 2026 for around 108 million US dollars. The scheme was developed under an institutional separate account under Luxembourg law for a German pension scheme.
The transaction represents BVT's third successful sale within its 'Residential USA Series' this year. The established Munich-based firm, which has been active in the US real estate market for 50 years, previously sold the 'Aventon Huntington Station' scheme in Alexandria, Virginia, as well as 'Millyard at Meadow Commons' near Hartford, Connecticut. The group's total transaction volume in the US residential sector thus amounts to around 356 million US dollars in the current calendar year.
High returns and rapid project delivery
Fund management achieved a strong result for the investing pension scheme: the annual return on average equity committed exceeded 10 per cent before tax or withholding tax deduction, combined with an equity multiple of 1.42. The scheme was delivered in partnership with development partner Bainbridge Companies. The construction phase took 26 months between June 2022 and July 2024. Despite rising capital market interest rates, the subsequent letting process proceeded swiftly and outperformed budget targets, without the need for any standard market rent concessions.
Martin Stoß, Managing Director of BVT Holding GmbH & Co. KG and Head of Real Estate USA, explained that the sale confirmed the group's expertise in a challenging transaction environment. He noted that the targeted choice of location had proven successful, and that the firm looked ahead with confidence to further scheme sales currently in preparation.
Location and specification in the greater Richmond area
The property is situated in Midlothian in Chesterfield County, a suburb west of the state capital Richmond, whose metropolitan area has a population of around 1.3 million. Designed in garden style, the residential complex comprises six four-storey buildings offering a total of approximately 29,292 square metres of residential space and 605 parking spaces on a site characterised by mature woodland.
- —310 apartments featuring fitted kitchens, high ceilings, walk-in wardrobes and electronic locking systems
- —Communal amenities including a clubhouse, co-working area and gym
- —Outdoor facilities featuring a swimming pool, sun deck, barbecue areas as well as integrated jogging and cycling trails
