Comstock Homes of Washington, LC, a wholly owned subsidiary of Comstock Holding Companies, Inc. (NASDAQ: CHCI), said Monday 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.
