Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock Holding Companies, Inc. (Nasdaq:CHCI), has begun development of a new phase of Comstock's successful Falls Grove community in northern Prince William County, Virginia. Located within a mile of Centerville, Virginia, the Falls Grove community has proven popular with young families and retirees alike. Strong sales of the Roxbury and Latham townhome models (condominium homes) in the first phase of the community has led Comstock to accelerate the schedule for development of the Estates of Falls Grove, a private enclave of 19 single family detached homes on large lots surrounded by open space. Comstock began sales of the Falls Grove single family homes in late November. The line offers brand new products for Comstock - the Savoy, Chatham and Keswick models. The homes range in size from 2,200 to 3,000 square feet and are priced from $450,000. The models offer 3 to 5 bedrooms and 2 or 3 baths and a powder room. Thoughtful design elements include an optional first floor in-law/guest suite and optional upgrades for superior outdoor living spaces. A new standard feature is the location of the laundry room on the bedroom level. All of the models have two car garages. Comstock has also started construction of the final section of the townhome style condominiums in the first phase of Falls Grove. The townhomes range in size from approximately 1,600 to 1,900 square feet and are priced from the high $200,000's. These award winning townhomes feature 3 bedrooms, 3 bathrooms, upgraded appliances, granite countertops and designer cabinetry. "The Falls Grove community provides home shoppers with numerous lifestyle choices at attractive prices in a tremendous location," said Dennis Kelleher, Division President of Comstock Homes of Washington, LC. "Sales of the townhomes in the first phase of Falls Grove have been strong because of the award winning designs and the strong value proposition. With our new line of unique single-family homes, we expect sales in this newest phase of the Falls Grove community to be strong as well. With a limited supply of estate lots, we expect to build out this phase of the community quickly."
Comstock Homes' Falls Grove project was honored recently as the recipient of two Great American Living Awards (GALA), sponsored by the Washington Metropolitan Sales and Marketing Council (WMSMC) along with the Northern Virginia Building Industry Association (NVBIA).Falls Grove is ideally situated approximately 2 miles from the Manassas Park Station of the Virginia Railway Express, and is within easy reach of Route 66 in the Route 28 corridor, providing multiple commuting options to all of the major shopping, entertainment and employment centers in Northern Virginia and downtown Washington, DC. Cautionary Statement Regarding Forward-Looking Statements This release contains "forward-looking" statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual future results to differ materially from those projected or contemplated in the forward-looking statements including the growth of the active adult market, building on the lots purchased through the lot option contracts, realization of the pricing and sale of the units, and incurring substantial indebtedness with respect these projects. Additional information concerning these and other important risks and uncertainties can be found under the heading "Risk Factors" in the Company's most recent Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. 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.