WASHINGTON and RESTON, Va., Nov. 14,
2016 /PRNewswire/ -- Comstock Homes of Washington, LC, a wholly owned subsidiary of
Comstock Holding Companies, Inc. (NASDAQ: CHCI), announced that it
will partner with Stratford Capital Group on a multifamily project
located at the Shady Grove Metro Station on Washington D.C.'s Metro Red Line.
Boston-based Stratford Capital
is a leader in the multifamily investment industry with expertise
in HUD programs and Tax Credits. Chris
Clemente, CEO of Comstock, expressed his belief in this
joint venture saying "We are delighted to partner with the
Stratford Capital team and to have the opportunity to deliver much
needed housing for the workforce that keeps our community safe,
healthy and robust."
The project will deliver 110 workforce-housing units in a
four-story building above two levels of covered parking. The
venture will seek to finance construction using the HUD 221(d)(4)
program. Additional support from Montgomery County and the State of Maryland is proposed.
Momentum at Shady Grove will provide upscale workforce housing
with affordable pricing, something seldom seen in transit oriented
settings. The project expects to break ground in summer 2017 to
deliver one year later.
About Comstock Holding Companies,
Inc.
Comstock is a multi-faceted real estate development and services
company, which builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock
Homes of Washington, LC. Our
substantial experience in building a diverse range of products
including apartments, single-family homes, townhouses, mid-rise
condominiums, high-rise condominiums and mixed-use (residential and
commercial) developments has positioned Comstock as a prominent
real estate developer and homebuilder in the Washington, D.C. metropolitan area. Comstock
Holding Companies, Inc. is a publicly traded company, trading on
NASDAQ under the symbol CHCI. For more information about Comstock
or its projects please visit http://www.comstockhomes.com
About Stratford Capital
Stratford Capital is a
privately owned national real estate investment and development
firm, with a particular focus on affordable rental housing, with
offices in Boston, Massachusetts
and Vienna, Virginia. The
principals of Stratford Capital have over 100 years of combined
experience in all aspects of Low-Income Housing Tax Credit
investment and development. Stratford Capital's current multifamily
rental housing portfolio consists of over 17,100 apartment units
located in twenty-eight states and the District of Columbia.
http://www.stratfordcapitalgroup.com
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SOURCE Comstock Holding Companies, Inc.