Sign In
Upcoming Event
Free Newsletter
Richmond Northside apartments sell for $45M
Sphere building has 224 units
Sphere Apartments at 2005 Brook Road in Richmond. Photo by Katherine Schulte/Virginia Business
Sphere Apartments at 2005 Brook Road in Richmond. Photo by Katherine Schulte/Virginia Business
Richmond Northside apartments sell for $45M
Sphere building has 224 units
A 224-unit apartment complex in Richmond‘s Northside neighborhood sold for $45.02 million in late October.
Located on 2005 Brook Road near Virginia Union University, the 4.45-acre property has four multifamily buildings constructed in 2022.
In a joint venture with New York-based Calibogue Capital, Conserve Holdings of New Jersey bought the Sphere Apartments property from MVP Sphere, affiliated with McLean’s MVP Equities, on Oct. 30 through limited liabilities companies. Conserve Sphere Holdings purchased the property and transferred it to Conserve Sphere LLC.
Conserve Holdings also owns the adjacent property. In November 2024, the company bought the 103-unit Spectrum Apartments building at 2017 Brook Road for $19.5 million.
“We look forward to executing our business plan and continuing to build our presence in Richmond,” David Walkin, founding partner of Conserve Holdings and Conserve Management, wrote in a LinkedIn post.
Garrison Gore, a senior managing director with Newmark, handled raising equity for the Sphere property sale.
