Comstock acquires Rockville land parcel for $1.5M; entitled for 117 units

Comstock Holding Companies, Inc.

Acquired 18,150 sq ft parcel at 41 Maryland Ave, Rockville, MD for $1.5M in a debt-free transaction.
Existing entitlements allow up to 117 multi-family units and ~11,000 sq ft of retail space.
Parcel is adjacent to Comstock's BLVD Ansel and BLVD Forty-Four luxury residential towers acquired in 2021-2022.
CEO Christopher Clemente cites opportunity to grow revenue and earnings and expand transit-oriented presence near Rockville Metro.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Comstock Holding Companies, Inc. entered into Purchase and Sale Agreement valued at $1.5 million (effective 2023-08-31).

Action: entry
Agreement: asset purchase
Value: $1.5 million
Effective: 2023-08-31

Exact text from the filing

On December 19, 2023, Comstock Holding Companies, Inc. (the “Company”), through a wholly owned subsidiary named Comstock 41 Maryland, LLC, acquired a land parcel totaling approximately 18,150 square feet located at 41 Maryland Avenue in Rockville, Md. (“Comstock 41”) for $1.5 million, pursuant to a purchase and sale agreement dated August 31, 2023 (as amended, the “Purchase and Sale Agreement”).

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Comstock Holding Companies, Inc. filing history →

Source: SEC EDGAR

accession 0001299969-23-000037

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