(Read more on the multifamily market.)
LEESBURG, VA-Bellemeade Farms, a 316-unit garden apartmentcommunity here, has traded for $47.5 million or $150,316 perunit.
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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