MoCo Apartment Building Sells For Millions

MONTGOMERY COUNTY, MD — The Reed, a central apartment community in Rockville, was sold for hundreds of millions of dollars to a Virginia firm expanding its footprint in the county.

Comstock Holding Companies, Inc., which is based in Virginia's Reston area, announced Monday that it had completed its acquisition of the 417-unit apartment development.

The property is located at 15955 Frederick Road, near the Shady Grove Metro Station.

A release issued on the acquisition states the community includes a variety of apartment layouts, a resort-style swimming pool, fitness center, resident lounges, and a private parking garage.

Citing a person familiar with the deal, the Washington Business Journal reported the sale closed for $110 million.

“The Metro-adjacent location of The Reed fits perfectly in our transit-oriented portfolio,” said Tim Steffan, who serves as CEO of Comstock.

"With our experienced property management teams in place, we see a clear opportunity to elevate the resident experience and drive value for all stakeholders.”

The acquisition adds to Comstock's continued expansion in the region, where it owns and operates over 900 apartments.

The Reed was built in 2015.