Comstock Homebuilding enters agreement to sell 103-unit Potomac Square Apartment project in Loudoun County, Virginia, to CAPREIT for US$19.75M

Lorena Madrigal

Lorena Madrigal

RESTON, Virginia , October 31, 2011 (press release) – Comstock Homebuilding Companies, Inc. ("Comstock" or "Company") (Nasdaq:CHCI) announced that on October 31, 2011, Comstock Cascades II L.C., an entity in which the Company has a controlling interest, entered into a definitive agreement ("Agreement") with CAPREIT, Inc. and/or its affiliates ("Purchaser") whereby Comstock agreed to sell CAPREIT its Potomac Square Apartment project ("Property") for approximately $19.75 million.

Comstock developed the 103-unit Class A apartment project within the Cascades master planned community located in Loudoun County, Virginia. Construction began during the first quarter of 2011 and was completed in the third quarter, with initial occupancies beginning in July. Cardinal Bank of Tysons Corner, Virginia provided a $10.5 million construction loan for the project. The transaction is expected to close during the fourth quarter of 2011, subject to a customary due diligence period, during which the Purchaser is entitled to cancel the transaction.

"We continue to leverage our core operating strengths to capitalize on attractive development opportunities in what is arguably the best real estate market in America. Expanding our focus to include the development of institutional investment grade multi-family rental properties will have a positive impact on results in the near term," commented Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "The rapid construction, lease up, sale and overall performance of the Potomac Square Apartment project, and the significant institutional demand for such properties, demonstrate the opportunity that exists in the market today, and our ability to identify and capitalize on such opportunities. We will continue working to bring such assets to market while focusing our near term for-sale homebuilding investments on select opportunities with significant upside potential."

About Comstock Homebuilding Companies, Inc.

Established in 1985, Comstock is a multi-faceted real estate development and services company. Our substantial experience in building a diverse range of products and track record of developing successful projects has positioned Comstock as a prominent real estate development and services company in the Washington, DC market. Comstock Homebuilding Companies, Inc. trades on NASDAQ under the symbol CHCI. For more information on the Company or its projects, please visit www.comstockhomebuilding.com.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.