Comstock Homebuilding Companies, Inc. Enters Into Purchase Contracts to Acquire Condominium Conversions
September 09 2005 - 10:49AM
PR Newswire (US)
Company Contracts to Purchase Two Existing Apartment Projects With
a Total of 574 Units in the Northern Virginia Suburbs RESTON, Va.,
Sept. 9 /PRNewswire-FirstCall/ -- Comstock Homebuilding Companies,
Inc. (NASDAQ:CHCI) ("Comstock or the "Company") today announced
that it had entered into definitive agreements to purchase two
condominium conversion projects totaling 574 units in the Company's
primary market of the greater Washington DC metropolitan area.
Carter Lake Condominiums is a 258-unit existing apartment community
located in Reston, Virginia in Fairfax County. Through a
substantial redevelopment effort including reconfiguration of unit
layouts, new kitchens and flooring, exterior refinishing and
amenity improvements the project is being converted to moderately
priced, for-sale condominiums targeted to first time and early
move-up home buyers. Closing on the property by the Company is set
for late 2005. Sales are expected to open in the fourth quarter of
2005 with deliveries to begin in the second quarter of 2006.
Bellmeade Condominiums is a 316-unit existing apartment community
located in Leesburg, Virginia in Loudoun County. Through a
redevelopment effort including new kitchens and flooring, exterior
refinishing and amenity improvements the project is being converted
to for-sale condominiums targeted to first time home buyers.
Closing on the property by the Company is set for late September
2005. Financing will be provided by Bank of America. Sales are
expected to open in the fourth quarter of 2005 with deliveries to
begin in the first quarter of 2006. "These two acquisitions are
perfectly aligned with our strategic focus on developing quality
homes at price points targeted to first time and early move-up
buyers," said Christopher Clemente, Chairman and CEO. "We see these
types of condominium conversion projects as perfectly positioned to
bridge the new and resale markets. By identifying unique projects
in desirable locations we offer quality 'like-new' homes with
standard warranties. These projects fill what we see as an
affordability void in the greater Washington DC area. This is
another example of our ability to efficiently invest the capital we
raised in our IPO and follow-on offering and we are very excited
these two projects." About Comstock Homebuilding Companies, Inc.
Comstock is a production homebuilder and real estate developer that
develops, builds, and markets single-family homes, townhouses,
mid-rise condominiums and high-rise 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/.
Cautionary Statement Regarding Forward-Looking Statements This
release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are predictive in
nature, that depend upon or refer to future events or conditions,
or that include words such as "may," "will," "expects," "projects,"
"anticipates," "estimates," "believes," "intends," "plans,"
"should," "seeks," and similar expressions, including statements
related to Comstock's expected future financial results and
anticipated growth in the Washington, D.C. housing market, are
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties that may cause actual
future results to differ materially from those projected or
contemplated in the forward-looking statements. These risks and
uncertainties include, but are not limited to, economic, market and
competitive conditions affecting Comstock and its operations and
products, risks and uncertainties relating to the market for real
estate generally and in the areas where Comstock has projects, the
availability and price of land suitable for development, materials
prices, labor costs, interest rates, Comstock's ability to service
its significant debt obligations, fluctuations in operating
results, anticipated growth strategies, continuing relationships
with affiliates, environmental factors, government regulations, the
impact of adverse weather conditions or natural disasters and acts
of war or terrorism. Additional information concerning these and
other important risks and uncertainties can be found under the
heading "Risk Factors" in the prospectus from Comstock's initial
public offering, as filed with the Securities and Exchange
Commission on December 15, 2004. Comstock specifically disclaims
any obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or
otherwise. DATASOURCE: Comstock Homebuilding Companies, Inc.
CONTACT: Carrie Blewitt, +1-202-448-3129, , for Comstock
Homebuilding Companies, Inc. Web site:
http://www.comstockhomebuilding.com/
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