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Comstock Holding Companies, Inc. has closed on the acquisition of The Reed, a 417-unit multifamily community at 15955 Frederick Road in Rockville, Maryland. The transaction adds a recently built, transit-adjacent property to Comstock’s portfolio in the Rockville submarket.
The deal was completed on behalf of a joint venture between Comstock and a third-party institutional fund advised by Benefit Street Partners. Comstock Partners, LC, a privately held affiliate of Comstock Holding Companies, participated in the transaction as a co-investor in the joint venture.
Two wholly owned Comstock subsidiaries, CHCI Residential Management and ParkX Management, have been engaged to provide management services at The Reed. Their roles will encompass day-to-day residential operations and parking management at the property, aligning the asset with Comstock’s broader operating platform in the area.
NewPoint Real Estate Capital arranged Freddie Mac financing for the acquisition and also structured the equity component for the joint venture. The use of agency debt alongside institutional joint venture equity underscores the presence of both debt and equity capital targeting stabilized multifamily assets in this Rockville location.
The Reed was delivered in 2015 and offers modern multifamily housing directly adjacent to the Shady Grove Metro Station. The property’s location provides immediate access to transit and is within walking distance of restaurants, shops, and outdoor spaces in Rockville’s King Farm neighborhood.
With the addition of The Reed, Comstock now owns and manages more than 900 apartment units in the Rockville submarket. The expanded footprint gives the company a larger operating base around the Shady Grove Metro area and in proximity to the amenities of King Farm, reinforcing its presence in this transit-served suburban multifamily cluster.
The post Comstock JV Acquires 417-Unit The Reed Multifamily Community in Rockville, Maryland appeared first on CRE Market Beat.
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