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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.
On January 21, 2022, Comstock Holding Companies (NASDAQ: CHCI) announced an updated investor presentation available on its website. Known for its significant role in the urban development of Washington, D.C.'s Dulles Corridor, Comstock has developed over 3 million square feet of properties and has approximately 4 million square feet in current and planned developments. The company is a leader in mixed-use developments and offers real estate services while partnering with institutional investors. It emphasizes its commitment to long-term asset management and co-investment opportunities.
Comstock Holdings Companies (NASDAQ: CHCI) has completed the lease-up of its third Trophy-Class office tower at Reston Station, signing an agreement with Qualtrics for 85,000 sq. ft. at 1906 Reston Metro Plaza. This new space includes three floors near the Wiehle-Reston East Metro Station, offering numerous amenities like EV charging and dining options. Qualtrics, a leader in experience management, enhances Comstock's tenant mix, which includes other tech firms. The Reston Station project epitomizes mixed-use development in the DC area, supporting both corporate tenants and local amenities.
Comstock Holding Companies (NASDAQ: CHCI) reported substantial financial growth for Q3 and the first nine months of 2021. Total revenue rose by 73% to $10.2 million in Q3 2021 compared to $5.9 million in Q3 2020. Operating income surged 525% to $3.1 million, and net income increased 590% to $2.9 million. For the nine months ended September 30, total revenue grew 47% to $23.3 million, with operating income up 116% to $4.1 million and net income soaring 803% to $14.4 million.
Comstock Holding Companies (NASDAQ: CHCI) has appointed Ivy Zelman to its Board of Directors to aid in the growth of its Institutional Venture Platform. Ms. Zelman, renowned in the housing sector and founder of Zelman & Associates, will serve until the 2024 Shareholder’s Meeting and provide tactical consulting services. Her expertise is expected to enhance Comstock’s strategic acquisitions and asset management capabilities as the company continues to expand its portfolio in a robust real estate market. Chris Clemente, CEO, expressed excitement about her joining the board, calling her insights invaluable.
Comstock Holdings Companies (NASDAQ: CHCI) has expanded its Parking Management Division by adding four new locations in Maryland and Virginia, providing over 2,500 public parking spaces. The new facilities include notable sites such as Park Potomac and Rockville Metro Plaza. This expansion aims to enhance customer experience and improve return on investment for tenants. ParkX Management will utilize best-in-class technology and 24/7 services to ensure quality in parking management.
Comstock Holdings Companies (NASDAQ: CHCI) announced the acquisition of The Upton, a 263-unit mixed-use luxury high-rise in Rockville, MD, for nearly $400 million since 2019. The property will be rebranded as BLVD Forty Four and upgraded with new amenity areas. CHCI received a $500,000 acquisition fee and plans to manage the property through its subsidiaries. This acquisition aligns with CHCI's strategy to enhance its BLVD portfolio in transit-oriented locations, showcasing its commitment to growth in proximity to major employment centers.
Comstock Holdings Companies (NASDAQ: CHCI) has signed a lease for 1,928 sq. ft. with Kung Fu Tea at Loudoun Station, set to open in Spring 2022. Kung Fu Tea is the largest made-to-order bubble tea brand in America, boasting over 250 locations nationwide. This addition aims to enhance the dining experience at Loudoun Station, which features over 1 million sq. ft. of mixed-use development. Comstock aims to provide more dining options, complementing existing establishments in the area.
Comstock Holdings Companies (NASDAQ: CHCI) announced a lease agreement with Scissors and Scotch for a 2,066 square foot location in Reston Metro Plaza, set to open in 2022. This upscale men's grooming spa and cocktail bar will enhance the Plaza's retail offerings, now fully leased. Scissors and Scotch aims to provide a unique blend of grooming services and cocktails, with a membership program offering tailored packages. The location will support locally sourced ingredients for its cocktail menu. This addition complements existing lifestyle brands in Reston Station.
Comstock Holding Companies, Inc. (NASDAQ: CHCI) announced the successful refinancing of its first three Trophy Class office towers at Reston Station on September 29, 2021. This recapitalization includes a $312 million senior loan from Blackstone and $43 million in preferred equity from DivcoWest. The towers are approximately 84% leased to high-profile tenants such as Google and Rolls Royce. CHCI aims to accelerate the development of the next phase of Reston Station and enhance its acquisition of multi-family assets through strategic partnerships with leading capital providers.
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