Comstock acquires The Upton in Rockville, Maryland | Your money
RESTON, Virginia, October 20, 2021 (GLOBE NEWSWIRE) – Comstock Holdings Companies, Inc. (NASDAQ: CHCI) today announced the acquisition of The Upton, in a joint venture between CHCI and Comstock Partners, LC , an affiliate, private company. The 15-story luxury apartment building is located at 44 Maryland Avenue in Rockville, one block from the Rockville subway station, in the heart of the I-270 Technology and Life Science corridor in Montgomery County. Built in 2015, the 263-unit mixed-use building includes approximately 16,000 square feet of retail space and a commercial parking garage. CHCI received acquisition costs of $ 500,000 in connection with the transaction and will also receive investment income and incentive fees in connection with its interest in the asset. In addition, its wholly owned residential, commercial and parking property management subsidiaries will provide property management services for a fee at market rates.
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CHCI will rename The Upton, BLVD Forty Four, with newly renovated amenity areas and signage. The property offers a mix of unit types and floor plans ranging from studios, one bedroom and two bedroom apartments with two floors of indoor / outdoor amenity spaces, in addition to a spacious Rooftop patio that offers stunning views of the Tysons and Reston skylines, as well as the Blue Ridge Mountains. The retail space is anchored by Panera Bread, WesBanco and World of Beer.
“This acquisition represents our commitment to expand our BLVD portfolio of premier mixed-use apartment properties in transit-oriented locations that provide an upscale urban lifestyle, proximity to major employment centers. and ease of access to downtown Washington, DC and the entire Washington metropolitan area, ”said Chris Clemente, CEO of CHCI. “As evidenced by our ability to authorize, develop and acquire in-demand real estate assets in areas with barriers to entry, coupled with the significant development pipeline that we control in the high-growth Dulles Corridor, I am confident that CHCI is well positioned to continue to develop assets under management and its recent model of profitability growth ”.
Cushman & Wakefield represented the seller, Duball, LLC and settled the debt for the buyer. Jorge Rosa, TJ Liberto, Shaun Weinberg and Bill Collins managed the sale and Marshall Scallan and Michael Zelin led the financing. Bill Collins commented, “The Duball team is a valued customer to us and they have done a great job developing The Upton which is a perfect fit for Comstock by focusing on high quality transit focused investments. This is the second big deal we have entered into with the Comstock team and we look forward to more in the future as they ramp up their acquisition program.
This transaction brings CHCI’s lucrative property acquisition volume to nearly $ 400 million since 2019. CHCI’s expertise in the management of residential, commercial and mixed-use office buildings, and operations of commercial parking makes this latest acquisition an immediately synergistic addition to its managed portfolio. . By continuously focusing on these immediately profitable acquisitions as well as on the continued development of its extensive controlled development portfolio, CHCI continues to significantly increase its total assets under management in line with its long-term growth objectives.
About BLVD Forty-four
BLVD Forty Four, formerly The Upton, is a 15-story, mixed-use, transit-oriented luxury multi-family community located at the Rockville subway station. The property consists of 263 multiple units, approximately 16,000 square feet of street level retail and a Park X commercial parking garage that serves the BLVD Forty Four and the surrounding community. Built in 2015, BLVD Forty Four’s amenity package includes a lobby with 24-hour concierge service, a modern fitness center with a TRX studio, and an expansive penthouse social lounge. The property includes an expansive resort-style roof terrace with multiple social gathering areas, a large swimming pool, multiple grill stations, and an outdoor TV lounge. The property provides residents with a number of walkable amenities and community events accessible in downtown Rockville throughout the year. Residents have access to 180,000 square feet of retail, dining and entertainment venues, as well as seasonal festivals, holiday events and Montgomery County’s largest seasonal outdoor skating rink.
About Comstock Holding Companies, Inc.
Comstock Holding Companies, Inc. (Nasdaq: CHCI) is a real estate development, asset management and real estate services company that has designed, developed, built, acquired and managed several thousand residential units and millions of square feet residential and mixed-use buildings. projects throughout the Washington, DC metro market since 1985. CHCI’s managed portfolio includes two of the largest mixed-use transit-focused developments in the Washington, DC area; Reston Station, a mixed-use and transit-focused development of over 5 million square feet in Reston, Va., And Loudoun Station, a mixed-use and transit-focused development of nearly 2 million square feet , 5 million square feet in Ashburn, Va., And additional development assets.
CHCI is a full-service, vertically integrated real estate development and asset management company with wholly owned subsidiaries that provide a wide range of real estate related services including asset management, advisory services strategic capital markets, development and construction management, marketing and rental services, office and retail property management, residential property management, commercial garage management and other related services. real estate. The Company’s asset management services are generally provided under long-term contracts which provide CHCI with co-investment opportunities, current period income and performance-based incentives.
Comstock Holding Companies, Inc. is listed on the NASDAQ under the symbol CHCI. For more information, visit www.ComstockCompanies.com.
Caution Regarding Forward-Looking Statements
This press release may include “forward-looking” statements that are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of words such as “anticipate”, “believe,” “” Estimate “,” may “,” intend “,” expect “,” will “,” should “,” research “or other similar expressions. Forward-looking statements are based in large part on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. A number of important factors could cause actual results to differ materially from those of forward-looking statements. Additional information regarding material risk factors and uncertainties can be found under the heading “Risk Factors” in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Comstock Companies Media Contact Shanna Wilson [email protected] 917-674-3096