Greystone Lends $29M for Richmond Apartments Acquisition

October 31, 2025

A joint venture between Conserve Holdings and Calibogue Capital has landed $28.9 million of acquisition financing to purchase a multifamily asset in Richmond, Va., Commercial Observer has learned.


Greystone supplied the five-year, full-term, interest-only Fannie Mae-backed loan for Conserve’s $45 million acquisition of the Sphere property from MVP Equities.


Newmark’s Garrison Gore arranged the transaction, which closed at a 4.81 interest rate, according to Conserve. The 224-unit apartment complex at 2005 Brook Road is adjacent to the 103-unit Spectrum multifamily community that Conserve acquired in November 2024 for an undisclosed purchase price.


“Our expansion in Richmond continues with the Sphere, a community that perfectly complements the Spectrum next door,” David Walkin, principal of Conserve Holdings, said in a statement. “This acquisition highlights our belief in Richmond’s long-term growth and underscores our strategy of acquiring high-quality communities in key markets.”

For media inquiries, contact:

Annie Cobb, Director of Operations 

at Conserve Holdings

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.