Comstock Acquires Development Site in Rockville, MD Through A Wholly Owned Subsidiary For $1.5M

Development expands Comstock's transit-oriented position adjacent to Rockville Metro Station

Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock"), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today that it has completed the acquisition of an 18,150 square foot land parcel located at 41 Maryland Avenue in Rockville, Md. ("Comstock 41") through a wholly owned subsidiary for $1.5 million. This investment property sits adjacent to a pair of 250-unit luxury residential towers, BLVD Ansel and BLVD Forty-Four, which were acquired by a joint venture of Comstock and an affiliated entity in 2021 and 2022, respectfully.

Comstock 41, currently a surface parking lot, has existing entitlements for at least 117 dwelling units and approximately 11,000 square feet of retail space.

"This strategic, debt-free acquisition of entitled land adjacent to Comstock assets at Rockville Metro Station provides an opportunity to further grow revenue and earnings," said Christopher Clemente, Comstock's Chairman and Chief Executive Officer. "We look forward to working with the City of Rockville to expand our market leading residential presence adjacent to the terminus station on Metro's Red Line and maximize the positive impact on the Rockville Town Center neighborhood."