Comstock Homebuilding Companies, Inc, announced that on March 7, 2012, that Comstock Cascades II L.C., an entity in which the Company had controlling interest, closed on the sale of the Potomac Square Apartment project. The total sale price was 19.35 million dollars.
Comstock developed the 103-unit Class A apartment project within the Cascades master planned community located in Loudoun County, Virginia in 2011. Construction began during the first quarter of 2011 and was completed in the third quarter, with initial occupancies beginning in July 2011.
“We continue to leverage our core operating strengths to capitalize on attractive development opportunities in what is arguably the best real estate market in America. Expanding our focus to include the development of institutional investment grade multi-family rental properties is having a positive impact on results in the near term,” commented Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “The rapid construction, lease up, sale and overall performance of the Potomac Square Apartment project, and the significant institutional demand for such properties, demonstrate the opportunity that exists in the market today, and our ability to identify and capitalize on such opportunities. We will continue working to bring such assets to market while focusing our near term for-sale homebuilding investments on select opportunities with significant upside potential.”