KeyBank Lends $25M for Virginia Multifamily Property Buy
By Andrew Coen December 16, 2025 1:02 pm
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Conserve Holdings has scored $24.9 million of acquisition financing to purchase a Virginia multifamily complex, Commercial Observer has learned.
KeyBank Real Estate provided the loan for the real estate investment firm’s acquisition of Echo at Forest View Apartments at 1047 East Lawn Drive in Forest, Va. Conserve Holdings purchased the apartment complex, which part of the Jefferson Commons development, from Maddox Construction for $39.5 million.
“This acquisition represents another opportunity to execute our value-add strategy while strengthening our presence in Virginia,” David Walkin, founding partner of Conserve Holdings, said in a statement.
Conserve Holdings is planning renovations to the 2010-built facility, including upgrades to units and amenities aimed at creating more long-term value. The property is seven miles from the campus of Liberty University.
Walker & Dunlop’s Scott Doyal arranged the transaction with Base Realty also facilitating.
The loan closed on the heels of Conserve Holdings and partner Calibogue Capital securing $28.9 million of acquisition financing from Greystone in late October to purchase the 224-unit Sphere property in Richmond, Va., for $45 million from MVP Equities, as CO first reported.
KeyBank did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
