WASHINGTON and RESTON, Va., Nov. 14, 2016 /PRNewswire/ -- Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock Holding Companies, Inc. (NASDAQ: CHCI), announced that it will partner with Stratford Capital Group on a multifamily project located at the Shady Grove Metro Station on Washington D.C.'s Metro Red Line.
Boston-based Stratford Capital is a leader in the multifamily investment industry with expertise in HUD programs and Tax Credits. Chris Clemente, CEO of Comstock, expressed his belief in this joint venture saying "We are delighted to partner with the Stratford Capital team and to have the opportunity to deliver much needed housing for the workforce that keeps our community safe, healthy and robust."
The project will deliver 110 workforce-housing units in a four-story building above two levels of covered parking. The venture will seek to finance construction using the HUD 221(d)(4) program. Additional support from Montgomery County and the State of Maryland is proposed.
Momentum at Shady Grove will provide upscale workforce housing with affordable pricing, something seldom seen in transit oriented settings. The project expects to break ground in summer 2017 to deliver one year later.
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
About Stratford Capital
Stratford Capital is a privately owned national real estate investment and development firm, with a particular focus on affordable rental housing, with offices in Boston, Massachusetts and Vienna, Virginia. The principals of Stratford Capital have over 100 years of combined experience in all aspects of Low-Income Housing Tax Credit investment and development. Stratford Capital's current multifamily rental housing portfolio consists of over 17,100 apartment units located in twenty-eight states and the District of Columbia. http://www.stratfordcapitalgroup.com
SOURCE Comstock Holding Companies, Inc.