Comstock Holding Companies, Inc. - CHCI STOCK NEWS

Comstock Holding Companies (NASDAQ: CHCI) has acquired 4.7 acres of land in Herndon, Virginia, to develop a mixed-use project, pivotal for the town's revitalization. This project includes 273 residential apartments, a 16,265 square foot arts center, and over 17,000 square feet for restaurants and cafes, all adjacent to significant local landmarks. The plan was unanimously approved by the Herndon Historic District Review Board in 2019. The CEO expressed excitement about the project's potential, viewing it as a major milestone in enhancing downtown Herndon.

Comstock Holding Companies (NASDAQ: CHCI) reported third quarter 2020 results, revealing a net income of $0.4 million, up from a net loss of $0.6 million in Q3 2019. Total revenue rose 29% to $7.3 million, driven by a 24% increase in asset management revenue ($5.9 million) and a 52% increase in real estate services revenue ($1.4 million). For the nine months ended September 30, 2020, net income was $1.6 million, compared to a net loss of $0.8 million in the prior year, with total revenue climbing 31% to $20.8 million. Operating income surged 185% in Q3 2020 to $0.5 million.

Comstock Holding Companies (CHCI) announced the leasing of a new preschool space to Chesterbrook Academy at Loudoun Station in Ashburn, Virginia. The 21,100 square foot preschool, under construction, is set to open in early 2021, expanding Chesterbrook's presence, which already includes 16 other locations in Northern Virginia. This strategic location aims to serve both metro commuters and local residents. Comstock's development at Loudoun Station is part of a broader mixed-use project, enhancing the community's educational and residential offerings.

Comstock Holding Companies, Inc. (NASDAQ: CHCI) appointed John Harrison as SVP/Development for its subsidiary, CDS Asset Management. Harrison, with nearly ten years at Macerich Company, will oversee significant projects in the Washington, D.C. area, including Reston Station and Loudoun Station. His experience includes managing large mixed-use developments and a strong background in real estate. CEO Christopher Clemente highlighted Harrison's expertise and fit for the company as it prepares for upcoming developments and revenue growth strategies.

Comstock Holding Companies arranged a $73 million loan from Freddie Mac for the BLVD I luxury apartment tower in Reston, Virginia. This non-recourse construction take-out loan replaces an existing loan and features a 10-year term with a 3.0% interest rate. Additionally, Comstock acquired a 1-acre vacant parcel for future development at Reston Station, consolidating 8 acres for Phase II, which will include a Marriott hotel, condominiums, and retail spaces. The Reston Station development is seeing significant leasing activity, securing over 500,000 square feet of office leases in 2019.

Comstock Holding Companies (NASDAQ: CHCI) appointed Sharon Fitzgerald as Managing Director of Commercial Property Management, responsible for a portfolio of 1.25 million square feet of office space and 185,000 square feet of retail. Fitzgerald's leadership aims to enhance customer satisfaction and operational efficiency, particularly in response to COVID-19. The portfolio will expand with two upcoming Trophy-Class office towers, increasing the total managed space by 425,000 square feet. Comstock plans significant growth with further developments in Reston and Loudoun Station, focusing on transit-oriented mixed-use properties.

On June 16, 2020, Comstock Holding Companies (NASDAQ: CHCI) announced an updated investor presentation available on its website. The company focuses on real estate development and asset management in the Washington, D.C. area, having transitioned to commercial real estate after disposing of its homebuilding operations in 2019. Key assets include significant mixed-use developments like Reston Station and Loudoun Station, highlighting their extensive experience in managing complex projects.