Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Comstock Acquires The Upton Apartment Building in Rockville
Comstock Holdings Companies, Inc., has acquired a 15-story high-rise apartment building in Rockville, MD, in a joint venture with Comstock Partners, LLC.
CHCI received a $500,000 acquisition fee in connection with the transaction and will also receive investment related income and incentive fees in connection with its equity interest in the asset. Its wholly owned residential, retail and parking property management subsidiaries will provide management services for the property in exchange for market rate fees.
Cushman & Wakefield represented the seller, Duball, LLC, and arranged the debt for the buyer. Jorge Rosa, TJ Liberto, Shaun Weinberg and Bill Collins handled the sale and Marshall Scallan and Michael Zelin led the financing.
The Upton (to be rebranded as BLVD Forty Four) is on Maryland Avenue one block from the Rockville Metro Station in the I-270 technology and life science corridor. The 263-unit mixed-use property includes 16,000 square feet of retail space plus a commercial parking garage.
- ◦Sale/Acquisition
- ◦Financing
