RESTON, Va., Feb 03, 2005 /PRNewswire-FirstCall via COMTEX/ -- Comstock Homebuilding
Companies, Inc. (Nasdaq: CHCI) today announced that it closed on the $75
million acquisition of a 424-unit condominium conversion project in the Fair
Oaks area of Fairfax, Virginia. Financing for the project was provided by
Corus Bank, NA. The property will undergo significant improvements and is
scheduled to open for sales in February. Settlements with condominium
purchasers will begin in mid-2005.
"This is a tremendous property located in the heart of Fairfax County,
Virginia where the market is extremely supply constrained," said Chris
Clemente, founder and CEO. "In keeping with our market focus this property
will be repositioned as a condominium community with value-priced homes
designed for first time and early move-up home buyers. Comstock will be
investing several million dollars in upgrades to the property including
exterior facades, HVAC units, flooring, balconies and more. This will be a
great addition to our already diverse portfolio of new home developments
throughout the greater Washington DC metropolitan area."
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. The company will report operating results for the year
ended December 31, 2004 later this quarter.
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.
Al Black of Qorvis Communications, +1-703-744-7833 or ablack@qorvis.com, for Comstoc
Homebuilding Companies, Inc.