A major apartment community in Rockville has sold for $110 million, marking a significant expansion for a Northern Virginia-based developer in the local market. The Reed, a 417-unit residential building located at 15955 Frederick Road, was recently acquired by Comstock Holding Companies for $110 million, according to Maryland Newsletters. The deal equates to approximately $263,788 per unit.
The acquisition adds to Comstock’s growing footprint in Rockville, where the company already owns BLVD Forty Four and BLVD Ansel in the Town Center area. With the addition of The Reed, Comstock now owns and manages more than 900 apartment units across three properties in the city. Unlike its previous Rockville investments, The Reed is located outside of the Town Center, positioned near the Shady Grove Metro Station and within walking distance of King Farm’s restaurants, shops, and open space. The property, built in 2015, includes a mix of one-, two-, and three-bedroom apartments.
Amenities at the community include a resort-style pool, fitness center with yoga and boxing studio, clubroom, outdoor gathering areas, resident lounges, and a private parking garage. The purchase was completed through a joint venture between Comstock and an institutional fund advised by Benefit Street Partners, with additional investment from Comstock Partners, LC. Property management will be handled by Comstock subsidiaries CHCI Residential Management and ParkX Management. Financing for the transaction, including both debt and equity, was arranged by NewPoint Real Estate Capital, which provided $66 million in financing.
The site itself carries historical ties to the Reed Brothers business, which once operated on the property. Prior to development, the land was purchased by Bainbridge for $16.5 million in 2012 before the apartment community was later constructed. Company officials have pointed to the property’s transit-oriented location and overall quality as key drivers behind the acquisition, aligning with Comstock’s broader strategy of investing in communities near Metro access.
