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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.