N.J. investor spends $45M for second VUU-area apartment building

Facebook 0

X (Twitter)

LinkedIn

A year after entering the Richmond market, a New Jersey investor has doubled down in Northside.

Conserve Holdings last month acquired The Sphere apartments at 2009 Brook Road for $45 million.

The property, spread across a pair of 4-story buildings, counts 224 market-rate units just east of Virginia Union University’s stadium, Hovey Field. The per-door sales price came in at around $201,000.

The deal gives Conserve about 2,000 units in its portfolio, including a total of 327 units on that block of Brook Road. Last year the firm bought The Spectrum, a neighboring apartment complex at 2017 Brook Road, for nearly $20 million .

The Sphere deal closed Oct. 30 and was brokered by Newmark’s Garrison Gore, Charles Wentworth and Victoria Pickett. Th