Comstock Holding Companies Inc. (NASDAQ: CHCI), an asset manager, developer and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, has completed is $1.5 million acquisition of an 18,150-square-foot land parcel located at 41 Maryland Ave. in Rockville, Maryland.
The parcel, called Comstock 41, 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. Comstock 41, which is 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 CEO. “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.”
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