This is a valve on my apartment’s water heater. On the incoming cold side. Something to measure water consumption for the monthly bill? Wondering if anyone has seen one similar. thanks!
Yes, it’s a remotely readable water meter.
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Welcome to our forum, Gavyn!..enjoy participating. 
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Simon is correct, a water meter.
On a side note, that actually looks like the main line supplying water to your unit.
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Thanks. An additional question; shouldnt there be some sort of pressure regulation device on the cold side of this water heater? Or could there be one single large pressure regulator for all the water heaters in the building? Thanks again!
Most likely just one regulator for the whole building.
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A pressure regulator is not required unless pressure exceeds 80PSI. Recommended pressure for indoor plumbing is 60-65PSI
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sorry, I should have specified pressure due to thermal expansion of the hot water. Same idea though? One single, large thermal expansion pressure regulator for the entire building?
That would be an expansion tank, normally, but not always, located near the WH.
Water Heater Expansion Tanks - Water Heater Parts - The Home Depot
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