Overview
- Comstock completed the acquisition through a joint venture with a Benefit Street Partners–advised institutional fund, with affiliate Comstock Partners, LC co-investing.
- The purchase is financed by a Freddie Mac loan arranged by NewPoint Real Estate Capital, which also arranged the equity for the transaction.
- An SEC filing cited an approximately $112.3 million purchase agreement for the asset, and Yardi Matrix reported Bainbridge Cos. as the seller.
- Built in 2015 beside the Shady Grove Metro Station, The Reed offers one- to three-bedroom apartments with a pool, fitness studio, lounges, and garage parking.
- CHCI Residential Management and ParkX will operate the property, taking Comstock’s Rockville footprint to more than 900 units as D.C.-area multifamily deal volume cools.