Transit-oriented, value-add investment property would be first acquisition since pandemic and join Comstock's BLVD Forty Four and BLVD Ansel along the I-270 corridor
Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or the "Company"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today that it has entered into a purchase agreement to acquire a 400+ unit multifamily property located in the City of Rockville in Montgomery County, Maryland (the "Purchase Agreement").
The property includes thoughtfully designed apartment residences ranging from one-to-three bedrooms and well-appointed amenities, such as a fully equipped fitness center/yoga studio, multiple indoor and outdoor social gathering spaces, a resort-style pool, and garage parking. It is conveniently situated along Metro's Red Line and provides easy access to restaurants and retail shopping, as well as numerous local trails and green spaces.
In accordance with the Purchase Agreement, the Company has a 45-day due diligence period during which time it may terminate the Purchase Agreement and receive a refund of the initial contract deposit posted by the Company. Closing is anticipated to occur in the fourth quarter of 2025.
The Company anticipates acquiring this asset under its Institutional Venture Platform ("IVP"), which it established in late 2019. Comstock's IVP is designed to attract and accommodate institutional investors that seek an operating partner that co-invests in the acquisition, retains a financial interest in the asset, and manages the asset. Details are negotiated on a case-by-case basis. Assets acquired under the IVP are typically structured as a joint venture with an equity partner that recognizes Comstock's successful track record of acquiring, rebranding, and enhancing acquired properties to maximize value for all stakeholders.