(To read more on the multifamily market, click here.)

LEESBURG, VA-Comstock Homes, of San Diego, has completed its acquisition of Bellemeade Farms for $44 million. Reston-based Fairfield Properties, operating under the name Fairfield Bellemeade Farms LLC, sold the 316-unit multifamily property.

Having come out on top of a hopeful investors–with a $1.5 million non-refundable deposit–Comstock will now convert the rental property into an upscale condominium development. Ideal Realty Group of Potomac, MD served as the sole broker on the transaction.

Occupying a nearly 16-acre parcel at 775 Gateway Dr. SE, Bellemeade sits off Route 7 near the Leesburg Corner Premium Outlets shopping center. The garden-style property was developed in 1988 and last traded in 2003 for $32.3 million. According to Loudoun County real estate records, the property has a current assessed value of about $28.2 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.