35 Unit Single Family Home Project Could Generate Up to $22 Million
in Incremental Revenue over Project Life
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock
Holding Companies, Inc. (NASDAQ:CHCI), announced that it has acquired 35
single family building lots in Loudoun County, Virginia. This new
subdivision, which will be annexed into the adjacent Stone Ridge
Community Association, is located in the Route 50 corridor of eastern
Loudoun where Comstock recently completed its highly successful Eastgate
project. Stone Ridge is proximate to major commuter corridors and is
within easy reach of mass transit centers.
The Stone Ridge community is one of the most desirable master planned,
mixed-use communities in Northern Virginia. An award-winning community,
Stone Ridge offers quality amenities including the Stone Ridge Social
Club, sports clubhouse, swimming pools, tennis facilities, the Gum
Spring Public Library and highly rated Loudoun County Public
Schools. Stone Ridge also offers multiple styles of new homes including
condominiums priced from the low $300's, townhomes priced from the upper
$300's and single family homes starting in the high $500's. Comstock's
new line of single-family homes at Stone Ridge will be priced from the
high $500s with sales scheduled to commence in October 2015.
"Comstock's entry into Stone Ridge is in keeping with our strategic
plans to expand our pipeline of buildable lots in high-growth markets
within the greater Washington, D.C. area," said Christopher Clemente,
Chief Executive Officer. "By increasing our open-community count through
acquisitions in established communities such as Stone Ridge, we are able
to increase revenue in an expedited fashion as we continue to focus on
achieving the scale necessary to produce positive results in the near
term."
Comstock will release its fourth-quarter and year-end 2014 financial
results on or before Tuesday, March 31, 2015.
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 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 growth of the active adult
market, building on the lots purchased through the lot option contracts,
realization of the pricing and sale of the units, and incurring
substantial indebtedness with respect these projects. 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.
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services
company, which builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our substantial experience in building a diverse
range of products including apartments, single-family homes, townhouses,
mid-rise condominiums, high-rise condominiums and mixed-use (residential
and commercial) developments has positioned Comstock as a prominent real
estate developer and homebuilder in the Washington, D.C. metropolitan
area. Comstock Holding Companies, Inc. is a publicly traded company,
trading on NASDAQ under the symbol CHCI. For more information about
Comstock or its projects please visit http://www.comstockhomes.com.
Comstock:
Joe Squeri, 703-230-1229
Chief Financial
Officer
jsqueri@comstockholding.com
or
Investor
Relations:
LHA
Harriet Fried/Jody Burfening
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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