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$40MCondo Conversion Reversion Closes in Reston

RESTON, VA—The 258-unit garden apartment community here was originally slated for condos but Ross Development and Investment will convert the units back to apartments.

By Erika Morphy | Updated on November 29, 2006

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

RESTON, VA—Ross Development and Investment, a Bethesda, MD-based firm, has acquired a class B 258-unit garden apartment community in Reston, Va. for $40 million, or $155,039 per unit, from Virginia-based Comstock Home Building Companies Inc. Carter Lake Apartments is located on Becontree Lake Drive off North Shore Drive. The seven building complex also has a pool, clubhouse, fitness center and tennis courts.

Comstock originally acquired the property in early 2005 from RREEF with the intention of converting it into a condo property, Coldwell Banker Commercial Ideal Realty Group team leader Dean Sigmon tells GlobeSt.com. Sigmon says Coldwell approached the company early this fall with the buyer’s proposal. Comstock had already started the conversion process, renovating six units. It had collected deposits from some tenants, but hadn’t ratified the contracts. When the decision was made to sell the asset to Ross Development, those deposits were returned. The deal concluded within 45 days. Ross’s equity partner in the transaction is Rockville Capital, based in New York, Sigmon says.

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