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Comstock Acquires 417-Unit Rockville Multifamily Building
Comstock Holding Companies, Inc. has completed the acquisition of The Reed, a 417-unit multifamily property located at 15955 Frederick Road in Rockville, Maryland.
The acquisition was completed on behalf of a joint venture between the Company and a third-party Benefit Street Partners-advised institutional fund. Comstock Partners, LC, a privately held affiliate of the Company, co-invested in the joint venture.
Two wholly owned subsidiaries of Comstock, CHCI Residential Management and ParkX Management, will provide management services for The Reed. NewPoint Real Estate Capital arranged the Freddie Mac financing as well as the equity component for the transaction.
Built in 2015, The Reed is located directly adjacent to the Shady Grove Metro Station and within walking distance to the restaurants, shops, and outdoor spaces in Rockville’s bustling King Farm neighborhood. With the acquisition, Comstock now owns and manages more than 900 apartment units in the Rockville submarket.
