Comstock Acquires Development Site in Rockville, MD Through A Wholly Owned Subsidiary For $1.5M
Portfolio Pulse from Benzinga Newsdesk
Comstock Holding Companies, Inc. (CHCI) has acquired an 18,150 square foot land parcel in Rockville, MD for $1.5 million through a subsidiary. The site, known as Comstock 41, is next to the Rockville Metro Station and has entitlements for housing and retail space. This acquisition complements Comstock's existing transit-oriented developments in the area and is expected to contribute to revenue and earnings growth.
December 26, 2023 | 10:15 pm
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Comstock's acquisition of the land parcel in Rockville, MD for $1.5 million is a strategic move to expand its transit-oriented developments and is expected to positively impact future revenues and earnings.
The acquisition of Comstock 41 is directly related to CHCI's core business of asset management and development, particularly in transit-oriented and mixed-use properties. Given the existing entitlements for housing and retail space, this investment is likely to contribute to the company's growth in the short term. The positive tone of the announcement by the CEO suggests an optimistic outlook for the asset's contribution to the company's financial performance.
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