Conserve Holdings Expands Virginia Portfolio with Strategic Acquisition of The Spectrum Apartments in Richmond
BISWIRE/Nov. 17, 2024 – Conserve Holdings is pleased to announce the acquisition of The Spectrum Apartments, a Class A, 103-unit multifamily property located in Richmond, Virginia. This acquisition marks Conserve Holdings’ sixth investment in Virginia and its first entry into the dynamic Richmond market, reflecting the firm’s commitment to expanding its presence in key growth regions.
The transaction, facilitated by Michael Schattner and Ari Sokol of Base Realty Group, highlights the collaborative efforts of all parties involved. Sokol noted, “This was a challenging deal to bring across the finish line given the volatility in the market. However, with committed and experienced parties on both sides, we were able to navigate the complexities and successfully close the transaction.”
Financing for the acquisition was provided by KeyBank, continuing their strong partnership with Conserve Holdings. Pranav Sarda of KeyBank shared, “We are thrilled to close on another great acquisition with Conserve. The team at Conserve is best in class, and we're proud to be their lending partner.”
Under Conserve Management, The Spectrum Apartments will undergo a targeted value-add business plan aimed at enhancing the property while delivering long-term value to its residents and investors. Conserve Holdings also extends its appreciation to the sellers, Mercer Street Partners’ Alex Libin and David Shapiro, and wishes them continued success in their future endeavors.
This acquisition underscores Conserve Holdings’ focus on quality assets in thriving communities, aligning with their strategic goals for sustainable growth.
About Conserve Holdings:
Conserve Holdings, a leading real estate investment firm specializing in the acquisition and management of multifamily properties nationwide, was founded by David Walkin and Steve Fuchs. With a focus on long-term value creation, the company leverages its expertise to identify and secure investment opportunities that deliver optimal returns for its investors. Conserve Holdings is committed to building strong relationships, driving innovation, and contributing to the growth and success of the communities in which it operates.
Contact David Walkin at david@conserveholdings.com
