COMMUNITIES TO BE LOCATED IN THE FORT TOTTEN AREA OF WASHINGTON,
D.C. AND IN OLD TOWN ALEXANDRIA, VIRGINIA
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. (NASDAQ:CHCI) (the "Company") announced
today the closing of the acquisition of the Totten Mews Project, which
is being funded by the proceeds from the private placement by Comstock
Investors X, L.C., a subsidiary of the Company, of $14.5 million. The
funds are being provided to the Company at the rate of 6% per annum. In
addition to the Totten Mews Project, which consists of 40 townhomes near
the Fort Totten Metro in Northeast Washington, D.C., the proceeds from
the private placement will be used to acquire and develop the Company's
new project at The Towns at 1333, which consists of 18 townhomes on
Powhatan Street in Old Town Alexandria, Virginia. Both communities are
expected to begin development and construction this fall.
Totten Mews is located off 6th Street in Northeast Washington, D.C. and
is a short walk to the Fort Totten Metro with access to the Green,
Yellow and Red transit lines. Totten Mews is a continuation of the
success the Company realized at the nearby Townes at the Hampshires
project on Washington, D.C.'s New Hampshire Avenue. Totten Mews will
offer well-appointed three story townhomes with great city views priced
from the low $600's, with sales scheduled to commence in September 2016.
The Towns at 1333 is located on Powhatan Street in historic Old Town
Alexandria, Virginia, conveniently located near the area's best
restaurants, shopping and events with great access to the Metro and
major arteries serving the greater Washington, D.C. area. The Towns at
1333 will offer exceptionally designed four story townhomes priced from
the low $900's, with sales scheduled to commence in September 2016.
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services company
that builds a wide range of housing products under its Comstock Homes
brand through its wholly owned subsidiary, Comstock Homes of Washington,
LC, and provides a variety of capital markets advisory and real estate
asset related services through its wholly owned subsidiary, Comstock
Real Estate Services, LC. Comstock Holding Companies, Inc. is a publicly
traded company, trading on NASDAQ under the symbol CHCI. For more
information about Comstock, please visit: www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include, but
are not limited to, statements that express the Company's intentions,
expectations, strategies, predictions and other statements related to
future activities, events or conditions. These statements are based on
current expectations and projections about the Company which are based
in part on assumptions made by management. Such assumptions involve
known and unknown risks and uncertainties that may cause actual future
results to differ materially from those projected or contemplated in the
forward-looking statements, including the standards and policies of
Nasdaq, fluctuations in the Company's general financial and operating
results, changes in the capital markets and general economic conditions.
Additional information concerning these and other important risks and
uncertainties can be found under the heading "Risk Factors" in the
Company's most recent Form 10-K, as filed with the Securities and
Exchange Commission. Comstock specifically disclaims any obligation to
update or revise any forward-looking statements, whether as a result of
new information, future developments or otherwise, except as required by
View source version on businesswire.com: http://www.businesswire.com/news/home/20160829006018/en/
Comstock Holding Companies, Inc.
Interim Chief Financial Officer
Harriet Fried, 212-838-3777
Source: Comstock Holding Companies, Inc.
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