Comstock Project Gets Investment From Asian Company

Comstock Partners has formed a new partnership with Tokyo-based Daito Trust Construction Co., Ltd., which has purchased an equity interest in Comstock’s BLVD luxury apartment tower.

BLVD is the first of of eight buildings planned by Comstock at Reston Station, adjacent to the Wiehle-Reston East Metro station. BLVD is scheduled to begin leasing later this month and will have its first occupants in early 2016, said Comstock spokeswoman Maggie Parker.

Daito is says the $35.5 million investment in BLVD builds on its success in the multi-family rental market in Japan and the partnership with Comstock continues the Japanese company’s overseas strategy of strategic investments in strong markets with accomplished U.S. based firms.

Said Comstock’s Managing Director, Christopher Clemente: “We are proud of our association with a firm of Daito’s stature and we are excited about the potential of our partnership with Daito. As one of Japan’s most accomplished multi-family rental housing operators, Daito’s significant sector knowledge and financial strength compliments Comstock’s operational skills and financial capabilities.”

BLVD will have 448 residential units, including 88 workforce housing units, and an eventual 8,500 square feet of ground floor retail. Amenities include a roof top pool and terrace, a fully equipped fitness center, yoga room, business center, secure garage parking, and numerous outdoor amenities including cooking stations and a movie screening area.

The apartments will be part of Reston Association as part of a new fee structure for properties in Reston’s former industrial zone.