Multifamily Investment in Chesterfield, VA: Where Apartments Cluster, What They Sell For, and What ZOMod Changed

Multifamily investment in Chesterfield, VA centers on newer suburban garden complexes around Midlothian and Route 288, a wave of new construction in Chester and along the eastern Midlothian Turnpike, and a pipeline of mixed-housing projects on western Hull Street Road. Newer complexes have recently traded at roughly $243,000 to $293,000 per unit. The county’s tax rate is 89 cents per $100, and its new ZOMod zoning ordinance permits apartments by right in four districts, though getting land into those districts usually means a rezoning and a road cash proffer of up to $9,400 per unit.

This post focuses on Chesterfield. For financing, cap rates and how the county compares with Henrico and the city, see our Richmond multifamily investment guide. “Multifamily” here means five or more units bought with commercial financing.

Where does multifamily investment in Chesterfield VA cluster?

• Midlothian and Watkins Centre. Newer garden complexes in the Midlothian area, including the 255-unit Colony at Centerpointe on Palladium Drive (built 2016). Growth here has been steady for years: back in 2018, BizSense reported about 2,100 apartment units approved or planned within 1.5 miles of a planned 450-unit Watkins Centre project across Midlothian Turnpike from Westchester Commons. Treat that as history, not a current count.
• Eastern Midlothian Turnpike. County-backed redevelopment of two dead shopping centers. Behind Stonebridge (the former Cloverleaf Mall), a 2020 rezoning allows more than 1,000 units, and Greystar has a 14-acre site under contract for the 385-unit Birchway at Stonebridge. Across the road, the county’s Economic Development Authority bought the 42-acre Spring Rock Green in 2021 for Springline at District 60.
• Chester and Route 10. Lingerfelt and Middleburg Communities started The Silas at West Hundred in May 2026: 390 units in 11 three-story buildings between the I-95/West Hundred Road interchange and Bermuda Square, a $100 million project with first units due late 2027, per BizSense.
• Hull Street Road. Mostly for-sale housing with apartment components. In May and June 2026 supervisors approved Taylor Ridge (677 units, about 270 of them apartments, groundbreaking expected 2028) and Sawmill Station (860 mixed units) in western Chesterfield, and Middleburg filed in June 2026 to rezone 32 acres at Walmsley Boulevard and Hull Street for up to 240 rental homes.

How much new supply is coming, and what about older stock?

On Springline, the county’s announcement described a first phase of 300 residential units and 27,000 SF of commercial space, while BizSense reported in April 2026 that Collins Enterprises filed a permit for Northbend at Springline, a 250-unit building with 13,000 SF of retail. The plan appears to have changed since the announcement; confirm the current phasing with the county.

Older stock trades very differently. Richmond BizSense’s July 10, 2026 roundup reported that City Point Rentals paid $7.4 million for 105 units at 2554 Noel St., about $70,500 per unit, per the BizSense Pipeline. For newer product, the recent sales below show where pricing sits. New deliveries compete most directly with the newest complexes, so check each project’s distance from your target and its lease-up timing.

Colony at Centerpointe’s seller had bought the property in 2017 for $46 million, per BizSense, and it was about 95% occupied at sale. Boulders Lakeview was about 93% occupied, and its buyer already owned the adjacent Boulders Lakeside, per BizSense.

What is Chesterfield’s real estate tax rate?

89 cents per $100 of assessed value. The Board of Supervisors cut the rate by one cent to 89 cents in the FY2026 budget, its fourth straight reduction, and the FY2027 budget adopted in April 2026 kept it there. Both recent large sales closed above assessment ($74.6 million versus $63 million, and $51.5 million versus $48 million), so model taxes on your purchase price. At 89 cents, every $1 million of added assessed value costs $8,900 a year.

How does ZOMod treat apartments, and what about the road cash proffer?

Chesterfield’s ZOMod ordinance took effect January 1, 2026 and moved every parcel into a new district (background in what ZOMod means for commercial property). Its principal use matrix permits multifamily dwellings by right in four districts and with restrictions in Corridor Commercial:

• Transition Residential (TR): low-rise, suburban-style apartments; 10-acre minimum project, 65-foot height limit, and 50-foot setbacks from arterial roads. It implements the comprehensive plan’s Residential Neighborhood 8 and 12 categories.
• Urban Residential (UR): urban-style apartments near mixed-use centers, up to 90 feet (105 feet for vertical mixed-use), with height limited to 45 feet within 200 feet of a developed neighborhood.
• Alternative Residential (AR): the district Middleburg is seeking for its Walmsley and Hull rental homes.
• Mixed-Use Center (MU): apartments with retail, office and entertainment uses; the ordinance says it can also be used to redevelop underused shopping centers.

For an existing complex, Article 6 keeps prior zoning conditions in force, and a building that no longer meets the new standards is legally nonconforming. Expansions have to meet ZOMod. For new units, most land still needs a rezoning into one of these districts. Under the county’s road cash proffer policy, a rezoning that permits residential uses is evaluated on its gross unit count, with a maximum road cash proffer of $9,400 per unit (the figure Richmond Magazine still reported in July 2026), paid before each certificate of occupancy and reducible by land dedication or qualifying road work. The policy says no road cash proffer will be accepted for proposals considered under the county’s revitalization criteria. Details are in how the road cash proffer works.

What should be on your Chesterfield acquisition checklist?

1. 1Rent roll, T-12 and concessions, reconciled to deposits; compare rents with nearby lease-ups.
2. 2Competing supply: projects under construction or approved within a few miles, from county case and permit records.
3. 3Tax reset: assessment versus your price at 89 cents per $100.
4. 4Zoning: the parcel’s ZOMod district on the county zoning map, and every condition in its prior cases.
5. 5Proffers: road improvements and per-unit cash that are paid, owed, or tied to future phases.
6. 6Physical condition and capital plan, with a property condition report for anything older.
7. 7Closing costs and structure: Virginia recordation and grantor taxes, and if you are exchanging, the timelines in our 1031 replacement property guide.

Chesterfield Planning is the final word on zoning, and your attorney and CPA on proffers and tax. For the regional view, return to our Richmond multifamily investment guide.

Weighing an apartment deal in Chesterfield?

If you are evaluating a Chesterfield complex or land with apartment potential, I can help you line up the comparables, supply picture and zoning questions, and sort out which go to the county, your lender and your attorney. See current listings, or get in touch.