Two apartment complexes in Henrico County's West End have changed hands in a combined $143 million deal, with entities connected to The Solomon Organization buying the 360-unit Broadmoor Apartments and the 388-unit Tuckahoe Creek Apartments. The acquisition, announced Wednesday, gives the firm 748 units across two of the area's longstanding rental communities and marks its entry into the Richmond market.
According to Virginia Business, Solomon-connected entities bought Broadmoor for about $68.35 million and Tuckahoe Creek for about $74.65 million, transactions both dated October 16. Broadmoor sits at 9475 West Broad Street on 18 acres and was built in 1985, while Tuckahoe Creek is located at 1500 Honey Grove Drive on 28 acres and dates to 1980, per the same outlet. The Henrico Citizen reported the company announced the transaction on October 28.
Solomon plans to invest in interior and exterior renovations, operational improvements and hands-on management at both properties, Virginia Business notes. The firm already owns seven other apartment communities in Virginia, according to the same report, making Broadmoor and Tuckahoe Creek its first Richmond-market holdings.
A Growing Multifamily Player
The Solomon Organization was founded in 1977 and specializes in multifamily real estate investment, management and development, per its own company overview. The firm says it owns and operates approximately 23,300 rental apartments across 78 communities in 10 states. Virginia Business reports the company completed more than $1 billion in real estate transactions in 2025 alone, underscoring an active acquisition pace heading into this latest deal.
The purchase lands amid a Richmond multifamily market that investors have been circling for months. Transaction volume in the region reached $241 million in the first quarter of 2026, the strongest first-quarter sales total since 2022, according to a Northmarq market report. That same report found stabilized Class A assets trading at cap rates between 5.0% and 5.5%, while core-plus and value-add properties — a category that could apply to older complexes like Broadmoor and Tuckahoe Creek — were drawing buyers at 5.75% to 6.5%.
Rents Rising, Vacancy Climbing With New Supply
Richmond's apartment market has been absorbing a wave of new construction. More than 3,400 new multifamily units were added to local inventory in 2025, a 39% jump from 2024, Northmarq reported in a separate analysis of annual rent growth. Metro Richmond's overall vacancy rate stood at 8.1% as of September 1, compared with 7.9% nationally and 6.4% statewide, with Henrico's vacancy rate at 8%, according to an Axios Richmond report citing CoStar data. The average Richmond apartment rent was about $1,439 a month as of that report, up 1.1% from a year earlier.
Northmarq's own vacancy forecasts for the rest of 2026 differ depending on the report: one Northmarq analysis projects the rate rising from 7.2% to approximately 7.7% as another 3,300 units deliver, while a separate Northmarq piece on annual rent growth puts the projected increase at roughly 7.4%. Several submarkets, including Eastern Henrico, have still posted annual rent growth above 2.0% even amid the added supply, per the first Northmarq report. The firm also noted the construction pipeline was down 5% from a year earlier as of the first quarter, and projected regional employment growth of roughly 1.0% in 2026 to help support demand.
Other Big-Ticket Deals in the Region
Solomon's purchase joins a string of large multifamily trades across the Richmond area this year. Frontier Group of Cos. paid $108 million for the 310-unit Bainbridge Midlothian property, a deal that Multi-Housing News described as the highest price-per-unit transaction for a market-rate multifamily property in Richmond so far this year. Weinstein Properties acquired 2000 West Creek Apartments for $115 million in the broader Richmond-Hampton Roads market during the third quarter, the same outlet reported.
Across the wider Richmond-Tidewater market, nearly $1.3 billion in multifamily investment sales closed across 48 assets during the first three quarters of 2026, at an average price of $165,690 per unit, according to Multi-Housing News. That follows a 2025 in which Richmond's median multifamily sale price hit $222,400 per unit, up 27% from the year before, per Northmarq's annual rent growth analysis — a run-up that helps explain why a firm like Solomon is choosing now to plant its flag in the market with its first local purchase.
