Arranges Equity Placement for Acme Development's Latest
Multi-Family Development near San Antonio, Texas
WASHINGTON & RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. ("Comstock"), (NASDAQ:CHCI), announced
that its wholly owned subsidiary, Comstock Real Estate Services, LC
("CRES") has arranged the equity placement for the development of The
Heights @ Converse on behalf of Acme Development, LLC of San
Francisco, California ("Acme Development"). CRES facilitated the
placement of approximately $3.8 million of equity capital, provided by
Kavalia, a Salt Lake City, Utah based investment group.
The Heights @ Converse is a $22 million, 204-unit Class-A,
multi-family community being developed by Acme Development in Converse,
Texas, 15 miles northeast of San Antonio, a market where demand for
rental housing continues to be fueled by an expanding employment base in
the San Antonio MSA. The Heights @ Converse is being developed on
a 10 acre site proximate to Randolph Air Force Base and will include
numerous amenities such as a community clubhouse, fitness center,
swimming pool and business center.
The new venture brings together Acme and Kavalia for the first time.
"The key for Acme is having a financial partner and a capital markets
advisor that understand the development process and the challenges that
developers face on a daily basis. The teams at Kavalia and Comstock
demonstrated an acute knowledge of residential real estate and were
supportive throughout the acquisition process," stated Vince Sosnkiwski,
President of Acme Development.
"Comstock Real Estate Services was established to provide investment
advisory and other real estate related services where Comstock's
extensive real estate development and capital markets experience add
value beyond the traditional capital markets fee-for-services
arrangement," said Comstock's Chairman and CEO Christopher Clemente.
"Because of Comstock's diverse real estate development platform and the
ability of CRES to draw on the resources of the entire Comstock
organization, clients of CRES benefit from the value-add services that
CRES is able to deliver while providing a conduit to the equity and debt
capital markets."
"We are pleased to announce the partnering of Acme and Kavalia for The
Heights @ Converse," said Stephen Trauner, Managing Director of
Comstock Real Estate Services. "This development is a well positioned
asset in a strong multi-family market being developed by an experienced
operator. We look forward to CRES' continued expansion as we focus on
our pipeline of capital markets and other real estate related
assignments with well established sponsors."
For more information, contact Stephen Trauner, Managing Director of
Comstock Real Estate Services, LC at 703-230-1293 or email: strauner@comstockcompanies.com.
About Comstock Holding Companies, Inc.
Comstock is a multi-faceted real estate development and services company
that builds a wide range of housing products under its Comstock Homes
brand through its wholly owned subsidiary, Comstock Homes of Washington,
LC, and provides a variety of capital markets advisory and real estate
asset related services through its wholly owned subsidiary, Comstock
Real Estate Services, LC. Comstock's extensive real estate development
experience positions Comstock Real Estate Services, LC to provide a
unique brand of experience based capital markets advisory and real
estate asset management services to clients nationwide. Comstock Holding
Companies, Inc. is a publicly traded company, trading on NASDAQ under
the symbol CHCI. For more information about Comstock, please visit: www.comstockhomes.com.
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 incurring substantial indebtedness
with respect to projects, the diversion of management's attention and
other negative consequences. 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.
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
Source: Comstock Holding Companies, Inc.
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