Comstock Holding Companies, Inc., (NASDAQ:CHCI) ("CHCI" or the
"Company"), announced it has begun development and construction of
Momentum at Shady Grove, an all workforce housing multifamily
building adjacent to the Shady Grove Metro Station in Rockville,
Maryland. Comstock is developing this property as Asset Manager,
responsible for oversight of development and construction of the
property for a partnership group that includes Comstock and
Tysons-based Stratford Capital, a leading developer of affordable
workforce multifamily communities throughout the United States with
particular expertise in Housing Tax Credits programs and HUD
financing programs.
Contemporaneously with commencement of
construction in June, Comstock closed on the sale of the land for
the development, transferring the site to the Comstock – Stratford
partnership formed for the purpose of developing Momentum at Shady
Grove, located at 16011 Redland Road in Rockville, MD.
Momentum will include 110-units built above a
two-story garage and is expected to deliver in Q1- 2020. The
financing is provided in part through the Maryland Department of
Housing and Community Development and the Montgomery County
Department of Housing and Community Affairs. All of the units will
be available to qualified residents under the Montgomery County
Workforce Housing Program.
Stephen Wilson of Stratford Capital, speaking
about the Momentum project, said, “The ability to work with
Montgomery County and the State of Maryland has given us a great
opportunity to provide much needed affordable housing with direct
access to Metrorail solutions. It’s a great development for the
County and its citizens, for the tax base, as well as for Comstock
and Stratford.”
"We are excited to partner with the Stratford
Capital team to develop the Momentum project,” said Christopher
Clemente, Chairman and Chief Executive Officer of
Comstock. “The Momentum project supports Comstock’s recently
announced new business strategy while further deleveraging our
balance sheet and further expanding our asset management platform.
I look forward to reporting on additional progress in the coming
months."
The Company's latest investor relations
presentation describing the strategic plan of the Company can be
found at www.ComstockCompanies.com.
About Comstock Holding Companies,
Inc.
CHCI is a multi-faceted real estate development,
asset management and real estate related services company that,
since 1985, has designed, developed, constructed and managed
several thousand residential units and millions of square feet of
residential and mixed-use projects throughout the Washington, DC
metropolitan market and in other key markets in the southeastern
United States. In early 2018, CHCI transitioned its operating
platform from being primarily focused on developing on-balance
sheet, for-sale, homebuilding projects to being focused on
commercial real estate development, asset management and real
estate related services. As a result, CHCI began operating through
two real estate focused platforms, CDS Asset Management ("CAM") and
Comstock Real Estate Services ("CRES"). CAM provides real estate
development, asset management, and property management services,
while CRES provides development supply chain services, including
capital markets, real estate brokerage, environmental consulting
and design services in the Washington, DC metropolitan area and in
New Jersey and Pennsylvania. Anchoring the transition of CHCI is a
long-term asset management agreement covering two of the largest
transit-oriented, mixed-use developments in the Washington, DC
area; Reston Station, a 3 million square foot transit-oriented,
mixed-use development located in Reston, VA, and Loudoun Station, a
2.5 million square foot transit-oriented, mixed-use development in
Ashburn, VA, as well as other additional development assets.
Comstock's substantial experience in entitling, designing,
developing, and managing a diverse range of properties including
apartments, single-family homes, townhomes, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
properties, as well as large scale commercial parking garages and
infrastructure projects, has positioned the Comstock organization
as a premier developer and real estate related service provider in
the mid-Atlantic Region. Comstock Holding Companies, Inc. is a
publicly traded company, trading on NASDAQ under the
symbol CHCI. For more information about Comstock, please visit
www.ComstockCompanies.com.
About Stratford Capital Group
SCG Development and its affiliate, Stratford
Capital Group, comprise a privately owned national real estate
investment and development firm, with a particular focus on
affordable rental housing, with offices in Boston, Massachusetts
and Tysons, 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
23,000 apartment units located in thirty-two states and the
District of Columbia. www.scgdevelopment.com
Cautionary Statement Regarding
Forward-Looking Statements
This release includes "forward-looking"
statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by use of words such
as "anticipate," "believe," "estimate," "may," "intend," "expect,"
"will," "should," "seeks" or other similar expressions.
Forward-looking statements are based largely on our expectations
and involve inherent risks and uncertainties, many of which are
beyond our control. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date made.
Some factors which may affect the accuracy of the forward-looking
statements apply generally to the real estate industry, while other
factors apply directly to us. Any number of important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation: our ability
to successfully transition our business platform, including the
winding down of our homebuilding business and our performance under
the asset management agreement; completion of Comstock's financial
accounting and review procedures; general economic and market
conditions, including interest rate levels; our ability to service
our debt; inherent risks in investment in real estate; our ability
to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to
government spending; delays in governmental approvals and/or land
development activity at our projects; regulatory actions;
fluctuations in operating results; our anticipated growth
strategies; shortages and increased costs of labor or building
materials; the availability and cost of land in desirable areas;
adverse weather conditions or natural disasters; our ability to
raise debt and equity capital and grow our operations on a
profitable basis; and our continuing relationships with affiliates.
Additional information concerning these and other important risk
and uncertainties can be found under the heading "Risk Factors" in
our Annual Report on Form 10-K, as filed with the Securities
and Exchange Commission, for the fiscal year ended December
31, 2017. Our actual results could differ materially from these
projected or suggested by the forward-looking statements. Comstock
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 for all forward-looking statements contained herein.
Comstock specifically disclaims any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Company: Comstock Holding
Companies, Inc. Christopher Conover, 703-230-1985
Source: Comstock Holding Companies, Inc.
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