Wholly-owned subsidiary of Comstock Holding Companies, Inc. (NASDAQ:CHCI), Comstock Homes of Washington, LC, announces that it will partner with Stratford Capital Group on Washington D.C.’s Shady Grove Metro Station.
WASHINGTON and RESTON, Va., Nov. 14, 2016 /PRNewswire/ — Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock Holding Companies, Inc. (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
Comstock Holding Companies, Inc. (NASDAQ:CHCI) shares have moved +9.1508% on the news thus far today and have traded in the range of $1.8500 – 2.1000 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $7.0000 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of $0.0000 for the next fiscal quarter. For the current year, analysts are predicting earnings of $nan per share according to First Call.
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In looking at where the stock is trading on a technical level, the stock is trading +5.7751% away from its 50-day moving average of $1.9103. Based on the most recent available data, the equity is -27.5771% off of its 52-week high of $2.7900 and +44.3286% away from its 52-week low which is $1.4000.
Today, the stock opened at $1.8500 and the last bid at the time of writing stood at $2.0206. During the session thus far, the equity dipped down to $1.8500 and touched $2.1000 as the high point. Comstock Holding Companies, Inc. (NASDAQ:CHCI) has a market cap of $6.72M and has seen an average daily volume of 8,125 over the past three months.
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