JAMES CITY — A property management and development firm hopes to bring more apartments to central James City County — including affordable units — by transforming a hotel with a distinctive historical feature. New Jersey-based Conserve Holdings is asking the county’s Board of Supervisors to approve a rezoning that would allow for a complete overhaul of the Fort Magruder Hotel and Conference Center, located at 6945 Pocahontas Trail. The proposed master plan calls for 32,000 square feet of commercial space in what is now the property’s conference center and the conversion of the hotel’s 303 guestrooms into 126 apartments. A major component of the proposed redevelopment is affordable housing. Conserve Holdings’ plan calls for 40% of the units to be offered to renters meeting specific income thresholds. Conserve Holdings already owns and manages Grand Village at Williamsburg, a rental community next door to the Fort Magruder Hotel. The county’s planning commission unanimously voted to recommended approval of the rezoning at its April 2 meeting. The Board of Supervisors will consider the rezoning application at its May 13 meeting.

Conserve Holdings has nabbed $23.2 million of acquisition financing to purchase a South Carolina multifamily asset, Commercial Observer has learned. Arbor Realty Trust (ABR) provided the three-year, nonrecourse loan on the real estate investor’s $32.9 million purchase of the 210-unit Cove at Ridge property in Lyman, S.C., from Universal Development & Construction . Stephen York , managing director at Arbor, originated the floating-rate loan. David Walkin , founding partner at Conserve Holdings, said the property consists of many townhomes with attached garages, and he stressed there is heavy demand for this type of rental asset that is not widely available in northwest South Carolina. “We’ve been active in the Greenville market since 2020 and I’ve always believed in its long-term potential, even through periods of oversupply and negative rent growth,” Walkin said. “The basis at which we acquired this site is truly unmatched, and we’re excited to continue expanding our footprint in this dynamic market.” Located at 610 Universal Drive just north of U.S. Highway 29, the property previously called Universal at Pine Ridge has amenities that include a fitness center, a pool, an outdoor fire pit, a business center and a clubhouse. The apartment complex is about 30 miles from the North Carolina border, and 90 miles southwest of Charlotte. CBRE (CBRE) ’s John Phoenix arranged the transaction. “As demand for high-quality, affordable housing continues to rise with the Upstate’s booming population and robust job growth,” Phoenix said in a statement referring to the northwest region of South Carolina near Greenville and Spartanburg. “This investment further showcases Conserve’s mission of providing accessible housing options that support Greenville-Spartanburg’s expanding workforce.”

BISWIRE/April 2, 2025 – Conserve Holdings is proud to announce the acquisition of Universal Pine Ridge, a 210-unit multifamily community located in Lyman, South Carolina. This marks our seventh acquisition in the Greenville-Spartanburg MSA, reinforcing our commitment to strategic growth across the Southeast. The transaction, facilitated by John Phoenix, highlights the collaborative efforts of all parties involved. John noted, “Our team was thrilled to assist David Walkin and the Conserve Team with the acquisition of Universal at Pine Ridge. As demand for high-quality, affordable housing continues to rise with the Upstate’s booming population and robust job growth. This investment further showcases Conserve's mission of providing accessible housing options that support Greenville/Spartanburg's expanding workforce.” Financing for the acquisition was provided by Steve York of Arbor Realty Trust, continuing their strong partnership with Conserve Holdings. Conserve Holdings also extends its appreciation to the sellers, Cox Universal Groups’ Shane Anderson, and wishes them continued success in their future endeavors. This acquisition underscores Conserve Holdings’ focus on quality assets in thriving communities. For media inquiries, please contact: Annie Cobb Annie@conserveholdings.com About Conserve Holdings: Conserve Holdings, a leading real estate investment firm specializing in the acquisition and management of multifamily properties nationwide. The company 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

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  https://www.bisnow.com/biswire/conserve-holdings-2024-11-15-126800

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/