- Conserve Holdings has acquired The Sphere, a 224-unit Class A apartment community in Richmond, Virginia, as part of its continued expansion in the region.
- This is the firm’s second acquisition in Richmond, following its recent purchase of The Spectrum, located adjacent to The Sphere.
- The acquisition was completed through a joint venture with Calibogue Capital, with financing provided by Greystone and representation by Newmark.
Conserve Holdings has expanded its Richmond portfolio with the acquisition of The Sphere, a Class A, 224-unit multifamily property located in Virginia’s capital. The deal comes on the heels of its recent purchase of The Spectrum, a neighboring property, cementing the firm’s commitment to the market.
A strategic pair
With The Spectrum and now The Sphere under its belt, Conserve Holdings is consolidating its presence in one of Richmond’s key growth corridors. The proximity of the two properties offers potential for operational efficiencies and a stronger regional footprint.
Behind the deal
The acquisition was completed in partnership with Calibogue Capital, a New York-based real estate private equity firm currently deploying its fourth discretionary fund. The deal was financed by Alex Bassile and the Greystone team, with Garrison Gore of Newmark representing the partner in the transaction.
From the top
“Our expansion in Richmond continues with The Sphere, a community that perfectly complements The Spectrum next door,” said David Walkin, Principal of Conserve Holdings. “This acquisition highlights our belief in Richmond’s long-term growth and underscores our strategy of acquiring high-quality communities in key markets.”
Why it matters
The move reflects growing institutional interest in secondary markets like Richmond, where demand for high-quality multifamily housing remains strong. By clustering assets, Conserve Holdings positions itself to optimize management, leasing, and tenant experience across neighboring communities.
About the players
Conserve Holdings is a real estate investment and development firm focused on value-add, adaptive reuse, and multifamily projects across the U.S. Sunbelt and Mid-Atlantic regions. Calibogue Capital, founded in 2012, specializes in joint-venture equity investments across the multifamily, industrial, and retail sectors.
