(Read more on the multifamily market.)

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LEESBURG, VA-Bellemeade Farms, a 316-unit garden apartmentcommunity here, has traded for $47.5 million or $150,316 perunit.

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The seller is an entity controlled by the Reston-based ComstockHomebuilding Cos. The publicly traded firm acquired BellemeadeFarms, located on Gateway Drive SE, in 2005 to be converted to acondominium community. Those plans had only partially came tofruition when the firm decided to stop the marketing process inFebruary and reposition it as a fractured condo conversionopportunity, according to Coldwell Banker Commercial Ideal RealtyGroup team leader Dean Sigmon. Eventually the property was sold toan entity controlled by the Chicago-based Waterton Associates. Thedeal closed at the end of last week, according to Sigmon, whorepresented both parties in the transaction.

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Coldwell Banker Commercial Ideal Realty had also brokered thesale of Bellemeade when Comstock acquired it from FairfieldResidential in California as a condo conversion. Comstock thenupgraded many of the units, 58 of which were subsequently sold ascondos. The buyer is transitioning Bellemeade back to aconventional multifamily property after working with Comstock tobuy back the condos, Sigmon explains.

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This conversion reversion is, of course, indicative of theslowdown in the condo markets. Comstock is no stranger to the ebband flow of this cycle: last year it sold a class B, 258-unitgarden apartment community in Reston for $40 million to Bethesda,MD-based Ross Development and Investment.

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Comstock originally acquired the property in early 2005 fromRreef with the intention of converting it into a condo property,Sigmon, who represented both parties told GlobeSt.com at thetime.

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At that point, in November, he had found only one othercomparable project--Chicago-based Equity Residential acquired aproperty in Alexandria from Monument Realty that had originallybeen slated for condo conversion.

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Since then the number of conversion reversions in the Greater DCarea have stepped up, at least from Sigmon's perspective."Bellemeade is our third condo reversion. We have completed asecond that we cannot announce due to client confidentiality. Weare now currently working on a fourth and have a fifth in thepipeline as well."

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