Welcome to our dedicated page for Comstock Holding Companies news (Ticker: CHCI), a resource for investors and traders seeking the latest updates and insights on Comstock Holding Companies stock.
Comstock Holding Companies, Inc. (symbol: CHCI) is a diversified real estate development and services firm focused on creating and managing a broad spectrum of housing products. With its headquarters in the Washington, D.C. metropolitan area, Comstock operates through its wholly-owned subsidiaries, Comstock Homes of Washington, LC and Comstock Real Estate Services, LC, serving both residential and commercial real estate sectors.
Under the Comstock Homes brand, the company has a proven track record of developing nearly 6,000 homes in multiple markets across the southeastern United States. Comstock produces a diverse range of housing, including apartments, single-family homes, townhouses, mid-rise and high-rise condominiums, and mixed-use developments.
The company also offers a variety of real estate asset-related services through Comstock Real Estate Services, LC. These services encompass capital markets advisory, asset management, property management, development and construction management, and other related services, catering primarily to institutional real estate investors, high-net-worth family offices, financial institutions, and governmental bodies.
Comstock's strategic focus on the Washington, D.C. metropolitan area has allowed it to spearhead several high-profile public-private partnerships aimed at enhancing community development through innovative real estate solutions. Its expertise in developing transit-oriented properties underscores its commitment to sustainable development and urban growth.
Recent achievements include the successful completion of multiple mixed-use projects and ongoing developments that highlight its comprehensive approach to real estate. The firm's financial condition remains robust, bolstered by strong market demand and strategic partnerships.
Comstock Holding Companies (Nasdaq: CHCI) has secured a new 26,331 square foot lease with Carr Workplaces at The Hartford, located at 3101 Wilson Boulevard in Arlington, Virginia. The flexible workspace provider will open its new location in spring 2025, offering coworking and office space solutions designed for businesses of all sizes. The property's strategic location near Metro's Clarendon Station on the Orange and Silver Lines provides convenient public transit access. The Hartford's amenities and central location make it an attractive choice for D.C. area companies seeking connectivity and flexibility in their workspace options.
Comstock Holding Companies (Nasdaq: CHCI) announced a joint venture with SCG Development to develop an affordable housing project called Momentum @ Rockville Station at 41 Maryland Avenue in Rockville, MD. The transit-oriented property, adjacent to Metro's Rockville Station, will deliver over 100 affordable housing units. Comstock acquired the site in late 2023 for $1.5 million and will provide development management services to the joint venture. The project follows their successful collaboration on Momentum @ Shady Grove, completed in 2020. The transaction will close upon City of Rockville's approval of construction plans, with SCG arranging financing thereafter.
Credit Acceptance (CACC) has been recognized as the #2 top large company in Michigan by the 2024 Detroit Free Press Top Workplaces, marking its 13th consecutive year receiving this distinction. The company also received the Managers Specialty Award for leadership excellence.
As a remote-first company with 50+ years of Michigan roots, Credit Acceptance demonstrates strong community engagement through initiatives like supporting the Pure Heart Foundation, Children's Hospital of Michigan, and Stone Soup Food Bank. The ranking was based on anonymous employee surveys conducted by Energage,
In 2024, the company has garnered 11 awards, including recognition from Great Place to Work® and Fortune in categories such as 100 Best Companies to Work For®, Best Workplaces for Women™, and Best Workplaces in Financial Services & Insurance™.
Comstock Holding Companies (Nasdaq: CHCI) announced the grand opening of Invigue, a luxury medical spa at Loudoun Station. The 3,721-square-foot facility, located at 43777 Central Station Drive, will offer services including injectables, laser treatments, skincare, and wellness services. The grand opening and ribbon-cutting event is scheduled for November 14, 2024, featuring prizes, treatment discounts, and facility tours. Dr. Sandra Owoyemi will lead as Director of Medical Aesthetics and Wellness, focusing on personalized care and natural-looking results.
Comstock (NASDAQ: CHCI) reported Q3 2024 financial results, marking its 23rd consecutive period of YTD revenue growth. Revenue reached $13.0 million in Q3, with YTD revenue of $34.4 million. The company achieved a 154% increase in recurring fee-based Property & Parking Management revenue, with YTD growth over 100%. Notable highlights include $1.1 million increase in supplemental fee revenue from commercial leases, $3.9 million in Q3 operating cash flow, and 26 additional AUM primarily from ParkX Management expansion. The commercial portfolio is 94% leased, while the residential portfolio maintains 95% occupancy with 5% year-over-year rent growth.
Comstock Holding Companies, Inc. (Nasdaq: CHCI) announced that 11400 Commerce Park Drive in Reston Station's Commerce District has earned the EPA's ENERGY STAR certification for 2024. The building scored 88 out of 100 on the EPA's ENERGY STAR scale, highlighting its superior energy efficiency. This certification, along with high indoor air quality ratings, reinforces Comstock's commitment to sustainability and responsible property management.
11400 Commerce Park Drive also holds the BOMA 360 Performance certification. This achievement joins a growing list of Comstock's properties recognized for energy efficiency and sustainability, including several ENERGY STAR certified buildings and LEED Gold and Silver certified properties.
Comstock Holding Companies, Inc. (Nasdaq: CHCI) announced the passing of longtime board member Socrates ("Soc") Verses. Christopher Clemente, Chairman and CEO, expressed deep sadness and gratitude for Verses' dedicated service and contributions to the company. In response, Comstock has temporarily reduced its Board of Directors from seven to six members.
The company has also made two key appointments: David M. Guernsey has been named Chair of the Compensation Committee, replacing Verses, and James A. MacCutcheon has joined the Compensation Committee as its newest member. These changes reflect Comstock's commitment to maintaining strong governance and strategic oversight during this transition.
Comstock Holding Companies (Nasdaq: CHCI) and its subsidiary ParkX Management have donated $10,000 to the Reston Youth Association (RYA) to purchase new football helmets for young players. The donation will provide top-of-the-line Riddell Speedflex helmets, prioritizing player safety and comfort. This contribution aligns with Comstock's commitment to supporting local initiatives in the communities it serves.
ParkX, specializing in parking and security management services, views this donation as an investment in youth development. RYA, a non-profit organization, offers tackle football, flag football, and cheer programs for children aged 6-16 in the Reston area. The donation reflects Comstock and ParkX's ongoing dedication to community support and positive impact in the Washington, D.C. region.
Comstock Holding Companies, Inc. (Nasdaq: CHCI) has announced two new office leases at The Hartford building in Arlington, Virginia. Essential Minerals Association (EMA) and International Business Initiatives (IBI) have signed leases totaling approximately 11,000 square feet. EMA advocates for companies in the minerals industry, while IBI is a woman-owned small business consulting firm. The Hartford, located at 3101 Wilson Boulevard, is adjacent to the Clarendon Station on Metro's Orange and Silver Lines.
These new tenants join an impressive roster of organizations at The Hartford, reinforcing its status as a highly sought-after office destination in Arlington. Tim Steffan, Comstock's Chief Operating Officer, expressed enthusiasm about the new additions, highlighting the property's diverse portfolio of corporate tenants.
Comstock Holding Companies (Nasdaq: CHCI) reported strong Q2 2024 results, showcasing continued growth in its asset-light, debt-free business model. Key highlights include:
- Revenue increased 20% to $10.8 million; YTD up 11% to $21.4 million
- Net income rose 99% to $0.9 million; YTD up 51% to $1.9 million
- Adjusted EBITDA grew 56% to $1.6 million; YTD up 16% to $3.1 million
- 103% increase in recurring fee-based Property & Parking Management revenue; YTD up 74%
- 24 additional Assets Under Management compared to prior year
- 6 new commercial leases executed in Q2, representing over 60,000 sqft of office and retail space
- Residential managed portfolio 97% leased; in-place rent growth of 7% vs. prior year
The company's managed portfolio performance demonstrates the 'flight-to-quality' trend in commercial real estate, with stabilized assets approximately 95% leased overall.
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