News and Updates

Two firms out of the Northeast have struck a deal in Richmond’s Northside. The Spectrum apartment building at 2017 Brook Road sold last month for $19.5 million, per city property records. The complex has 103 units near Virginia Union University’s campus. The per-door sales price comes out to $189,000. Its new owner is Conserve Holdings, a New Jersey-based investor and developer. Founder David Walkin said since Conserve’s launch in 2017, the firm has compiled a portfolio of around 2,000 units. Walkin said the firm typically pursues multifamily buildings that are both larger and in busier parts of town than The Spectrum, but that it is bullish long-term on the neighborhood, where VUU and private developers alike have growth plans. “It’s really evolving. We believe in the growth in this pocket, though it might take a couple more years to mature further,” Walkin said. The Spectrum was built in 2015 and is over 95 percent leased. The city most recently assessed it at $17.4 million. Conserve has an in-house property management division that Walkin said will take over managing The Spectrum. The firm is also planning to renovate parts of the building. “Though it was built less than 10 years ago, the common area breezeways and other amenities are showing some age,” Walkin said.

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

Conserve Holdings is pleased to announce the successful closing of our Spartanburg, South Carolina portfolio consisting of Townhomes at Spartanburg and Park Square Apartments. This achievement marks a significant milestone in our commitment to delivering exceptional value to our investors. Conserve Holdings originally acquired the assets in early 2021 and completed a successful value-add renovation, resulting in an impressive 21% IRR for our investors. This outcome underscores our strategic vision and operational excellence in enhancing property value and performance. “We are thrilled with the success of the Spartanburg portfolio and the value it has created for our investors,” said David Walkin, Partner at Conserve Holdings. “This accomplishment is a testament to our team’s dedication and expertise in executing value-add strategies.” We extend our heartfelt gratitude to Greg Litvak of Highlands Vista Group for his expert execution of the acquisition. His leadership and commitment were instrumental in achieving this success, and we wish him continued success in his future endeavors. Additionally, we would like to thank Ricky Gore and John Phoenix of Cushman and Wakefield for their outstanding work in brokering the sale. Their professionalism and expertise played a crucial role in the successful transaction. Conserve Holdings continues to operate other properties in the Greenville-Spartanburg area and remains bullish on the broader market. We have a robust pipeline for the year and are excited about the opportunities that present themselves. 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. Article link: https://yieldpro.com/2024/08/spartanburg-portfolio/

These communities total more than 450 units. Conserve Holdings, a Toms River, N.J.,-based real estate investment and management firm, has expanded its portfolio, acquiring two multifamily properties totaling 471 units in North Carolina and Virgina. The firm, founded by David Walkin and Steve Fuchs, did not disclose the prices paid for the assets or the sellers of Northcliffe Forest Apartments, a 288-unit community in Winston-Salem, N.C., and Cottage Trails at Culpepper Landing Apartments, a 183-unit property in Chesapeake, Va. According to YardiMatrix data, Eller Capital Partners sold the property for approximately $28.8 million to Conserve Holdings, which secured a loan of about $20.4 million from KeyBank for the acquisition. Eller Capital had purchased the property in May 2019 from Cedar Grove Capital for $16.4 million. Cedar Grove had owned the asset since November 2016, when it paid Jaymor Group approximately $11.9 million for it, YardiMatrix reported. Read The Full Artice. https://www.multihousingnews.com/firm-acquires-nc-va-assets/