Comstock Acquires DC Suburb Apartments for $111M
Comstock Holdings Companies has acquired The Upton, a 263-unit multifamily building in Rockville, Md., for $110.75 million, and will rebrand the property as BLVD Forty Four.
The seller was Duball, which developed the 15-story property in 2015.
The building also includes about 16,000 square feet of retail, anchored by Panera Bread, WesBanco and World of Beer, as well as a commercial parking garage.
“Comstock develops and acquires assets with a focus on mixed-use and transit-oriented properties,” Christopher Clemente, Comstock’s CEO, told Commercial Observer. “This acquisition represents our commitment to the expansion of our BLVD portfolio that offers an upscale urban lifestyle, proximity to major employment centers and ease of access to downtown Washington, D.C., and the entire Washington metropolitan region.”
Comstock is planning to renovate the building with common area upgrades both inside and out.
Located at 44 Maryland Avenue, the luxury high-rise apartment building is just a block from the Rockville Metro Station in the heart of the I-270 Technology and Life Science Corridor in Montgomery County.
The building offers a mix of studio, one- and two-bedroom apartments with two floors of amenity spaces, including a rooftop deck that provides views of the Tysons and Reston skylines, as well as the Blue Ridge Mountains.
“Our decades of experience … provides us the experience necessary to provide exceptional services to our residential and commercial tenants,” Clemente said.
Cushman & Wakefield (CWK) represented the seller and arranged the debt for the buyer. The firm’s Jorge Rosa, TJ Liberto, Shaun Weinberg and Bill Collins handled the sale, and Marshall Scallan and Michael Zelin led the financing.
Earlier this month, Comstock landed $350 million in financing for a trio of office towers in Reston.
Keith Loria can be reached at Kloria@commercialobserver.com.