Comstock Homebuilding Companies, Inc. Acquires 424-Unit Condominium Conversion Project in Fairfax, Virginia
February 03 2005 - 8:00AM
PR Newswire (US)
Comstock Homebuilding Companies, Inc. Acquires 424-Unit Condominium
Conversion Project in Fairfax, Virginia RESTON, Va., Feb. 3
/PRNewswire-FirstCall/ -- Comstock Homebuilding Companies, Inc.
(NASDAQ:CHCI) today announced that it closed on the $75 million
acquisition of a 424-unit condominium conversion project in the
Fair Oaks area of Fairfax, Virginia. Financing for the project was
provided by Corus Bank, NA. The property will undergo significant
improvements and is scheduled to open for sales in February.
Settlements with condominium purchasers will begin in mid-2005.
"This is a tremendous property located in the heart of Fairfax
County, Virginia where the market is extremely supply constrained,"
said Chris Clemente, founder and CEO. "In keeping with our market
focus this property will be repositioned as a condominium community
with value-priced homes designed for first time and early move-up
home buyers. Comstock will be investing several million dollars in
upgrades to the property including exterior facades, HVAC units,
flooring, balconies and more. This will be a great addition to our
already diverse portfolio of new home developments throughout the
greater Washington DC metropolitan area." About Comstock
Homebuilding Companies, Inc. Comstock is a production homebuilder
that develops, builds, and markets single-family homes, townhouses,
and condominiums. The Company currently operates in the Washington,
D.C. and Raleigh, North Carolina markets where it targets a diverse
range of buyers, including first-time, early move-up, secondary
move-up, empty nester move-down and active adult home buyers. For
more information on Comstock, please visit
http://www.comstockhomebuilding.com/. Comstock Homebuilding
Companies, Inc. completed an initial public offering on December
14, 2004. The company will report operating results for the year
ended December 31, 2004 later this quarter. This press release
includes "forward-looking statements" within the meaning of the
federal securities laws, which involve uncertainties and risks.
These include statements regarding events or developments that the
Company expects or anticipates will occur in the future, such as
statements about the Company's strategies to improve operating
performance. Please refer to the Company's prospectus and its other
filings with the Securities and Exchange Commission for a complete
discussion of these and other important factors that could cause
results to differ materially from those projected by these
forward-looking statements. DATASOURCE: Comstock Homebuilding
Companies, Inc. CONTACT: Al Black of Qorvis Communications,
+1-703-744-7833 or , for Comstock Homebuilding Companies, Inc. Web
site: http://www.comstockhomebuilding.com/
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