Comstock Acquires Maryland Transit-Oriented Community
The property came online in 2015.
Comstock Holding Cos. has acquired The Reed, a 417-unit apartment community located in Rockville, Md. The new owner purchased the Class A property in a joint venture with a Benefit Street Partners-advised institutional fund. Bainbridge Cos. sold the asset, according to Yardi Matrix.
Comstock financed the purchase through a Freddie Mac loan that was arranged by NewPoint Real Estate Capital. Comstock entered into an approximately $112.3 million purchase agreement for the community in September 2025, according to a filing with the Securities and Exchange Comission.
The asset previously was previously subject to a 10-year, $72 million Fannie Mae loan from 2016, Yardi Matrix shows. That financing retired a $71 million construction loan from 2013.
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The Reed was built in 2015 and features one- to three-bedroom floorplans with in-unit laundry, stainless steel appliances and hardwood floors. Residents have access to shared amenities including a swimming pool, a fitness center with a yoga and boxing studio, coworking areas, a parking garage and an outdoor courtyard.
The Reed is located at 15955 Frederick Road, next to the Shady Grove Metro Station that services the DC metro Red Line. The community is 21 miles north of Washington, D.C., with access to Interstate 270.
Comstock will manage the property through subsidiaries CHCI Residential Management and ParkX Management. This acquisition brings the company’s portfolio in the Rockville area to 900 apartments.
DC market slows
The Washington, D.C. metro’s multifamily market is showing signs of cooling. According to Yardi Matrix’s February report, asking rents in the area fell 0.5 percent on a trailing three-month basis through December, even as the development pipeline continues to expand. The same report shows that investments clocked in at $2.3 billion in 2025, below 2024’s $4.4 billion.
Last month, 29th Street Capital expanded in the area with a three-property portfolio purchase. The firm acquired the Apollo portfolio, totaling 1,225 units with Ascend Apollo in Largo, Md., Allure Apollo and Aspire Apollo, both located in Camp Springs.
In July 2025, Republic Properties broke ground on a 365-unit luxury project at 1301 Maryland Ave., SW, in Washington, D.C. The development is the last phase of the larger Portal project, a $2 billion, 3 million-square-foot mixed-use development.
