- Countryside Villas, a 103 unit condominium conversion project located
in eastern Loudoun County, Virginia
- Blake's Crossing, a 130 unit townhome development to be built in
Culpeper, Virginia, and
- Barrington Park, 134 unit condominium development to be built in
Manassas, Virginia.
The Countryside condominium conversion project will undergo a renovation
valued at $5 million, and is scheduled to open for sales in early spring,
2005. The Barrington Park development is scheduled to open for sales in late
summer, 2005, with unit deliveries to begin in 2006. Finally, the Company
will begin processing the entitlements on the 28 acres it purchased at Blake's
Crossing. The land will be used to develop 130 townhouses. These acquisitions
follow up the recently announced $75 million acquisition of the 424 unit
Penderbrook development in Fairfax County, Virginia.
"These three projects are further examples of Comstock's successful
strategy of maximizing residential housing potential in supply constrained
locations while simultaneously acquiring properties in the region," said
Christopher Clemente, founder and CEO. "These purchases were enabled by our
strong cash position made possible by our initial public offering in December
2004, and will be significant additions to our diverse suite of residential
living projects throughout the greater Washington DC metropolitan and Raleigh,
North Carolina areas."
About Comstock Homebuilding Companies, Inc.
Comstock is a production homebuilder that develops, builds, and markets
single-family homes, townhouses, and condominiums. The Company currently
operates in the Washington, D.C. and Raleigh, North Carolina markets where it
targets a diverse range of buyers, including first-time, early move-up,
secondary move-up, empty nester move-down and active adult home buyers. For
more information on Comstock, please visit
http://www.comstockhomebuilding.com.
Comstock Homebuilding Companies, Inc. completed an initial public offering
on December 14, 2004 priced at $16.00 per share. The stock closed on March 3,
2005 at $25.67. The company reported record operating results for the year
ended December 31, 2004. The contract value of new orders for the year ended
December 31, 2004 was $241.0 million on 665 new orders as compared to $81.3
million on 258 new orders for the year ended December 31, 2003, a 196 percent
increase in the value of the new orders and a 158 percent increase in new home
orders. Total revenue increased 73 percent, from $55.5 million in 2003 to
$96.0 million in 2004, with $87.0 million of revenue from homebuilding in 2004
as compared to $49.1 in 2003. The Company delivered 263 new homes at an
average price of $328,000 in 2004 versus 162 new homes at an average price of
$303,000 in 2003. Operating income grew 150 percent, from $8.1 million for
2003 to $20.1 million for 2004, due to a significant increase in operating
margin from 14.5 percent to 20.9 percent. Net income after tax increased 141
percent from $5.9 million in 2003 to $14.3 million in 2004. On a proforma
basis, including its Raleigh operation, the Company delivered 328 new homes in
2004 for combined revenue from homebuilding of $105.2 million (unaudited).
This press release includes "forward-looking statements" within the
meaning of the federal securities laws, which involve uncertainties and risks.
These include statements regarding events or developments that the Company
expects or anticipates will occur in the future, such as statements about the
Company's strategies to improve operating performance. Please refer to the
Company's prospectus and its other filings with the Securities and Exchange
Commission for a complete discussion of these and other important factors that
could cause results to differ materially from those projected by these
forward-looking statements.
SOURCE Comstock Homebuilding Companies, Inc.
CONTACT: Al Black of Qorvis Communications, +1-703-744-7833,
ablack@qorvis.com, for Comstock Homebuilding Companies, Inc.