The Estates at Falls Grove, a Private Enclave of 19 Single Family
Detached Homes, Projected to Generate up to $10 Million of Revenue
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock
Holding Companies, Inc. (Nasdaq:CHCI), has begun development of a new
phase of Comstock's successful Falls Grove community in northern Prince
William County, Virginia. Located within a mile of Centerville,
Virginia, the Falls Grove community has proven popular with young
families and retirees alike. Strong sales of the Roxbury and Latham
townhome models (condominium homes) in the first phase of the community
has led Comstock to accelerate the schedule for development of the
Estates of Falls Grove, a private enclave of 19 single family detached
homes on large lots surrounded by open space.
Comstock began sales of the Falls Grove single family homes in late
November. The line offers brand new products for Comstock - the Savoy,
Chatham and Keswick models. The homes range in size from 2,200 to 3,000
square feet and are priced from $450,000. The models offer 3 to 5
bedrooms and 2 or 3 baths and a powder room. Thoughtful design elements
include an optional first floor in-law/guest suite and optional upgrades
for superior outdoor living spaces. A new standard feature is the
location of the laundry room on the bedroom level. All of the models
have two car garages.
Comstock has also started construction of the final section of the
townhome style condominiums in the first phase of Falls Grove. The
townhomes range in size from approximately 1,600 to 1,900 square feet
and are priced from the high $200,000's. These award winning townhomes
feature 3 bedrooms, 3 bathrooms, upgraded appliances, granite
countertops and designer cabinetry.
"The Falls Grove community provides home shoppers with numerous
lifestyle choices at attractive prices in a tremendous location," said
Dennis Kelleher, Division President of Comstock Homes of Washington, LC.
"Sales of the townhomes in the first phase of Falls Grove have been
strong because of the award winning designs and the strong value
proposition. With our new line of unique single-family homes, we expect
sales in this newest phase of the Falls Grove community to be strong as
well. With a limited supply of estate lots, we expect to build out this
phase of the community quickly."
Comstock Homes' Falls Grove project was honored recently as the
recipient of two Great American Living Awards (GALA), sponsored by the
Washington Metropolitan Sales and Marketing Council (WMSMC) along with
the Northern Virginia Building Industry Association (NVBIA).
Falls Grove is ideally situated approximately 2 miles from the Manassas
Park Station of the Virginia Railway Express, and is within easy reach
of Route 66 in the Route 28 corridor, providing multiple commuting
options to all of the major shopping, entertainment and employment
centers in Northern Virginia and downtown Washington, DC.
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
or
Photos
accompanying this release are available from mparker@comstockcompanies.com
Source: Comstock Holding Companies, Inc.
News Provided by Acquire Media