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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.
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.
Comstock Holding Companies, Inc. (NASDAQ: CHCI) reported a 43% increase in total revenue for Q1 2020, reaching $7.0 million, compared to $4.9 million in Q1 2019. Revenue from asset management rose 31% to $5.4 million, and real estate services surged 110% to $1.5 million. Operating income was $0.2 million, with approximately break-even net income. The firm secured a $10 million revolving credit line to retire corporate debt and enhance acquisition capabilities. CEO Christopher Clemente outlined safety measures in response to COVID-19 and emphasized confidence in expanding assets under management.
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