Firm Acquires NC, VA Assets
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.
Built in 1985, the property is located at 2030 Northcliffe Drive and was 95.8 percent occupied at the time of the sale. The nearly 22-acre property has 15 two- and three-story buildings have a unit mix of studios, one- and two-bedroom floorplans ranging in size from 407 to 862 square feet. Rents range from $802 to $1,054, with an average of $980, according to YardiMatrix data. Larger units have washer and dryer hookups and fireplaces are available in select units.
Community amenities include a fitness center, business center, clubhouse, tennis and pickleball court, swimming pool, laundry facilities and an onsite car care center. The property offers a total of 413 parking spaces.
Hunter Bowling of Cushman & Wakefield facilitated the transaction. Rodney Shenman and Pranav Sarda at KeyBank also worked on the deal. Conserve Holdings team members including Shmuel Wagner, Annie Cobb, Tracy Doster, Jared Badillo, April McAlexander played roles in closing both acquisitions, according to the company. David Hager of Jeffrey Zwick and Associates served as legal counsel to Conserve Holdings for both acquisitions.
Located on 7.32 acres at 3000 Conservancy Drive, Cottage Trails was built in 2012 and was 97.3 percent occupied at the time of the sale to Conserve Holdings. The most recent owner of the property was identified by YardiMatrix as Independence Realty Trust, which acquired the property as part of a December 2021 $7 billion merger with Steadfast Living. Steadfast Living had purchased the asset from Robinson Development Group in June 2018 for $30 million, according to YardiMatrix data.
Harbor Group Management, part of Harbor Group International, is the current property manager.
Charles Wentworth, Garrison Gore and Victoria Pickett of Newmark provided brokerage services for the transaction.
Cottage Trails has six three-story buildings with one-, two- and three-bedroom floorplans which range in size from 780 to 1,386 square feet. Rents range from $1,503 to $2,445 with an average of $2,061, according to YardiMatrix data. Apartment features include washer and dryer hookups in all units and above-standard ceiling heights.
Community amenities include a swimming pool, clubhouse, fitness center, business center, playground, dog park and waterscape. There are 140 parking spaces.