Comstock Expands Homebuilding Footprint into Stafford County, VA
Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock Holding Companies, Inc. (NASDAQ:CHCI) , announced that it has acquired 24 developed building lots, known as The Estates at Leeland, in Fredericksburg, Virginia within Stafford County. Comstock will introduce an all-new line of single-family detached product at the community, which is located approximately one mile from the Virginia Railway Express Commuter Station on Leeland Road.
Comstock’s entry into Stafford County marks the company’s continued expansion into high-growth markets. Stafford County is 25 miles south of Washington DC, and 50 miles north of Richmond, VA. Stafford County, and the Fredericksburg area in particular, has experienced significant growth in both population and economic development over the past decade. Currently listed as the ninth wealthiest county in America by Forbes Magazine, Stafford County is a popular commuter location in the I-95 corridor and is expected to continue experiencing growth in population and business expansion.
“Our expansion into Stafford County fits well within our strategy of pursuing development opportunities in high-growth areas in and around our core market of Washington, DC,” said Christopher Clemente, Chief Executive Officer. “Proximity to a commuter rail station, I-95 and Route 1, as well as regional employment centers in Stafford and Prince William counties, has driven significant demand for new homes in the Fredericksburg area.”
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 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
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