Conserve Holdings And Calibogue Capital Acquire Sphere Apartments In Richmond For $45M

A 224-unit multi-family property located at 2005 Brook Road in Richmond, VA, was sold for $45 million, translating to approximately $200,892 per unit. The asset, known as the Sphere apartments, was acquired through a joint venture between Conserve Holdings and Calibogue Capital.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $45,000,000
• Buyer: Conserve Holdings & Calibogue Capital
• Seller: MVP Equities
• Lender: Greystone
• Units: 224
• Price Per Unit: $200,893
• Loan Amount: $28.9 million
• Loan Terms: Five-year loan at 4.81% rate
• Loan Arrangement: Newmark

The transaction involved significant financial structuring, with Greystone providing a loan to facilitate the acquisition. Newmark played a role in arranging the financing for the buyers, representing a strategic investment in the Richmond multifamily market.