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RESTON, VA-Comstock Homebuilding Cos. Inc. has signed a definitive agreement to acquire the 259-unit Carter Lake Condominiums here and Bellmeade, VA’s 316-unit Bellemeade Condominiums. Both are condo-conversion projects.

Financial terms of the Reston, VA-based developer’s purchase agreement have not been disclosed. However, the current assessed values of the properties–according to the respective real estate records of Fairfax County and Loudoun County–are $13 million and $28.2 million.

Previously known as the Carter Lake Apartments, the multifamily community on the 11000 block of Becontree Lake Dr. is undergoing a conversion into the Carter Lake Condominiums. Comstock will take the property off the hands of seller BFMIT Reston LLC in a deal that is scheduled to close late this year.

The Bellemeade complex on Gateway Dr. SE is being transformed from its previous incarnation as Arcstone Bellemeade Farms apartments. The purchase of this property from Fairfield Bellemeade Farms LLC is on target for a late September closing.

“We see these types of condominium conversion projects as perfectly positioned to bridge the new and resale markets,” Comstock chairman and CEO Christopher Clemente says. “These projects fill what we see as an affordability void in the greater Washington, DC area.”

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