<SEC-DOCUMENT>0001193125-18-105025.txt : 20180402
<SEC-HEADER>0001193125-18-105025.hdr.sgml : 20180402
<ACCEPTANCE-DATETIME>20180402172132
ACCESSION NUMBER:		0001193125-18-105025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180330
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180402
DATE AS OF CHANGE:		20180402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Comstock Holding Companies, Inc.
		CENTRAL INDEX KEY:			0001299969
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				201164345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32375
		FILM NUMBER:		18730254

	BUSINESS ADDRESS:	
		STREET 1:		1886 METRO CENTER DRIVE
		STREET 2:		SUITE 410
		CITY:			RESTON
		STATE:			VA
		ZIP:			20190
		BUSINESS PHONE:		703-883-1700

	MAIL ADDRESS:	
		STREET 1:		1886 METRO CENTER DRIVE
		STREET 2:		SUITE 410
		CITY:			RESTON
		STATE:			VA
		ZIP:			20190

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Comstock Homebuilding Companies, Inc.
		DATE OF NAME CHANGE:	20040806
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>d523531d8k.htm
<DESCRIPTION>8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): April&nbsp;2, 2018 (March 30, 2018) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Comstock Holding Companies, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-32375</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">20-1164345</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1886 METRO CENTER DRIVE, FOURTH FLOOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTON, VIRGINIA 20190 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s Telephone Number, Including Area Code: <FONT STYLE="white-space:nowrap">(703)&nbsp;883-1700</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (<I> See</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-</FONT> 12 under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;30, 2018, CDS Asset
Management, L.C. (&#147;CAM&#148;), an entity wholly owned by Comstock Holding Companies, Inc. (the &#147;Company&#148;), entered into a master asset management agreement (the &#147;Agreement&#148;) with Comstock Development Services LC
(&#147;CDS&#148;), an entity wholly owned by Christopher Clemente, the Chief Executive Officer of the Company. Entering into the Agreement is part of the Company&#146;s strategic plan to transform its business model from <FONT
STYLE="white-space:nowrap">for-sale</FONT> homebuilding to commercial development, asset management and real estate services. The Company intends to concurrently wind down its current <FONT STYLE="white-space:nowrap">for-sale</FONT> homebuilding
business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Agreement, CDS has engaged CAM to manage and administer the CDS&#146; commercial real estate portfolio
(&#147;CRE Portfolio&#148;) and the day <FONT STYLE="white-space:nowrap">to-day</FONT> operations of CDS and each property-owning subsidiary of CDS (collectively, the &#147;CDS Entities&#148;). Pursuant to the terms of the Agreement, CAM will
provide investment advisory, development and asset management services necessary to build out, stabilize and manage the CRE Portfolio. The CRE Portfolio consists primarily of two of the larger transit-oriented,
<FONT STYLE="white-space:nowrap">mixed-use</FONT> developments located at metro stops on Washington D.C. Metro&#146;s Silver Line (Reston Station and Loudoun Station), which are owned by entities with varying ownership interests but all of which are
controlled by Mr.&nbsp;Clemente. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Agreement, CDS will pay CAM an annual cost-plus fee (the &#147;Annual Fee&#148;) in an
aggregate amount equal to the sum of (i)&nbsp;the employment expenses of personnel dedicated to providing services to the CRE Portfolio pursuant to the Agreement, (ii)&nbsp;the costs and expenses of the Company related to maintaining the listing of
its shares on a securities exchange and complying with regulatory and reporting obligations as a public company, and (iii)&nbsp;a fixed annual payment of $1,000,000. In connection with the execution of the Agreement, CDS paid CAM a deposit in the
aggregate amount of $2,500,000 pursuant to the Agreement that will be credited against the Annual Fee to be paid to CAM in accordance with the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The initial term of the Agreement will terminate on December&nbsp;31, 2022 (&#147;Initial Term&#148;). The Agreement will automatically renew
for successive additional <FONT STYLE="white-space:nowrap">one-year</FONT> terms (each an &#147;Extension Term&#148;) unless CDS delivers written notice of <FONT STYLE="white-space:nowrap">non-renewal</FONT> of the Agreement at least 180 days prior
to the termination date of the Initial Term or any Extension Term. CDS may terminate the Agreement without cause upon 180 days advance written notice to CAM. In the event of such a termination, CDS will pay CAM any accrued Annual Fees due and
payable as of the termination date. If a termination by CDS without cause is effective prior to January&nbsp;1, 2020, CDS will pay CAM an additional termination fee equal to $500,000. CAM may terminate the Agreement without cause upon 180 days
advance written notice to CDS, in which event CDS will pay CAM any accrued Annual Fees due and payable as of the termination date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CDS
and CAM will indemnify each other and their affiliates and their respective directors, officers, employees, partners, members, stockholders, other equity holders agents and representatives (each, an &#147;Indemnified Party&#148;) from and against
all expenses, losses, damages, liabilities and other claims incurred by any Indemnified Party related to the Agreement, except for those arising from actions constituting bad faith, willful misconduct or gross negligence by an Indemnified Party.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the material terms of the Agreement is not exhaustive and is qualified in its entirety by reference to the
full text of the Agreement which will be filed as an exhibit to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ending March&nbsp;31, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;2, 2018, the Company issued a press release announcing the entry into the Agreement, which press release is attached to this
report as Exhibit 99.1 and is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Financial Statements and Exhibits. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">99.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d523531dex991.htm">Press release by Comstock Holding Companies, Inc., dated April&nbsp;2, 2018 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April&nbsp;2, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COMSTOCK HOLDING COMPANIES,&nbsp;INC. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Christopher Clemente</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Christopher Clemente,</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Chief Executive Officer</TD></TR>
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<TYPE>EX-99.1
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<FILENAME>d523531dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g523531g0402225139530.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Press Release </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Comstock Holding Announces Major Shift of Business Focus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>New Focus on Commercial Development, Asset Management and Real Estate Services &#150; Strategy Anchored by Long-Term Asset Management
Agreement Covering <FONT STYLE="white-space:nowrap">Mixed-Use&nbsp;&amp;</FONT> Transit-Oriented Assets in Washington, DC Area with AUM Value in Excess of $2.5B </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WASHINGTON and RESTON, Va., April 02, 2018 (GLOBE NEWSWIRE) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Comstock Holding Companies, Inc., (NASDAQ: CHCI) (&#147;CHCI&#148; or the &#147;Company&#148;), today announced it will be transitioning its
business strategy and operating platform from <FONT STYLE="white-space:nowrap">for-sale</FONT> homebuilding to commercial development, asset management and real estate services. Anchoring the transition is a long-term asset management agreement
entered into by a wholly owned subsidiary of CHCI and privately held entities that own multiple <FONT STYLE="white-space:nowrap">mixed-use</FONT> developments and stabilized assets at key Metro stations on Washington DC Metro&#146;s Silver Line,
which upon completion in 2020, will connect Dulles International Airport and Loudoun County to Tysons Corner and downtown Washington, DC. The assets under management (&#147;AUM&#148;) covered by the initial asset management agreement will at full
build out include more than 5&nbsp;million square feet of investment-grade, <FONT STYLE="white-space:nowrap">mixed-use</FONT> assets encompassing more than 2,500 multi-family rental units, Class&nbsp;A and Trophy office, retail and entertainment
buildings, hotels, and parking garages located adjacent to Silver Line Metro Stations; representing an estimated AUM value of $2.5 to $3.0 Billion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ownership of the portfolio of assets covered by the initial asset management agreement includes the Company&#146;s Chairman/CEO and largest
individual shareholder, Christopher Clemente, a prominent high net worth family office, and Daito Trust Construction, Ltd., one of the largest publicly traded Japanese developers and managers of multi-family assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The transition of the Company&#146;s business platform represents the integration of the previously separate
<FONT STYLE="white-space:nowrap">for-sale</FONT> homebuilding operating platform of CHCI and the commercial development operating platform of Mr.&nbsp;Clemente&#146;s private company into one public company: CHCI. The combination leverages the
diverse capabilities and relationships developed over more than 30 years of Comstock&#146;s commercial and residential development operations in the Washington, DC metropolitan area. The enhanced operating platform of CHCI will be service focused,
transitioning from an <FONT STYLE="white-space:nowrap">on-balance</FONT> sheet <FONT STYLE="white-space:nowrap">for-sale</FONT> homebuilder into an asset manager of investment-grade commercial real estate assets and provider of real estate services
operating through two real estate focused platforms: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">CDS Asset Management (&#147;CAM&#148;) will provide real estate development, asset management and property management services. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Comstock Real Estate Services (&#147;CRES&#148;) will provide development supply chain services including capital markets, real estate brokerage, environmental consulting and design services. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;The shift from a <FONT STYLE="white-space:nowrap">for-sale</FONT> homebuilding operation to
a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">fee-for-service</FONT></FONT> asset management model positions CHCI for greater financial stability, profitability and growth,&#148; said Christopher Clemente, Chairman and Chief
Executive Officer of CHCI. &#147;The transition will result in a substantial reduction in short-term and long-term debt; enhancing the overall financial profile of CHCI in the near term as we complete the majority of our <FONT
STYLE="white-space:nowrap">for-sale</FONT> homebuilding projects by <FONT STYLE="white-space:nowrap">year-end</FONT> 2018, while also positioning CHCI to benefit from tremendous growth taking place in the Dulles Corridor of Fairfax County and
Loudoun County. With our initial asset management agreement in place, CHCI is positioned to expand AUM revenue through the development of multiple properties in markets experiencing high-demand for <FONT STYLE="white-space:nowrap">mixed-use,</FONT>
transit-oriented properties that have entitlements substantially in place, while pursuing additional growth in AUM and pursuing service based revenue growth through CRES. We anticipate additional announcements in the coming months that will provide
shareholders with additional details regarding our new business focus as well as visibility to the long-term growth prospects of CHCI.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A detailed
discussion of the Company&#146;s strategic approach to creating value is covered in the Company&#146;s latest investor relations presentation, which can be found at <U>www.ComstockCompanies.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About&nbsp;Comstock Holding Companies, Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CHCI is a
multi-faceted real estate development, asset management and real estate related services company that, since 1985, has designed, developed, constructed and managed several thousand residential units and millions of square feet of residential and <FONT
STYLE="white-space:nowrap">mixed-use</FONT> projects throughout the Washington, DC metropolitan market and in other key markets in the southeastern United States. In early 2018, CHCI transitioned its operating platform from being primarily focused
on developing <FONT STYLE="white-space:nowrap">on-balance</FONT> sheet, <FONT STYLE="white-space:nowrap">for-sale,</FONT> homebuilding projects to being focused on commercial real estate development, asset management and real estate related
services. As a result, CHCI began operating through two real estate focused platforms, CDS Asset Management (&#147;CAM&#148;) and Comstock Real Estate Services (&#147;CRES&#148;). CAM provides real estate development, asset management, and property
management services, while CRES provides development supply chain services, including capital markets, real estate brokerage, environmental consulting and design services in the Washington, DC metropolitan area and in New Jersey and Pennsylvania.
Anchoring the transition of CHCI is a long-term asset management agreement covering two of the largest transit-oriented, <FONT STYLE="white-space:nowrap">mixed-use</FONT> developments in the Washington, DC area; Reston Station, a 3&nbsp;million
square foot transit-oriented, <FONT STYLE="white-space:nowrap">mixed-use</FONT> development located in Reston, VA, and Loudoun Station, a 2.5&nbsp;million square foot transit-oriented, <FONT STYLE="white-space:nowrap">mixed-use</FONT> development in
Ashburn, VA, as well as other additional development assets. Comstock&#146;s substantial experience in entitling, designing, developing, and managing a diverse range of properties including apartments, single-family homes, townhomes, <FONT
STYLE="white-space:nowrap">mid-rise</FONT> condominiums, high-rise condominiums and <FONT STYLE="white-space:nowrap">mixed-use</FONT> (residential and commercial) properties, as well as large scale commercial parking garages and infrastructure
projects, has positioned the Comstock organization as a premier developer and real estate related service provider in <FONT STYLE="white-space:nowrap">the&nbsp;mid-Atlantic</FONT> Region. The Company is a publicly traded company, trading
on&nbsp;NASDAQ&nbsp;under the symbol CHCI. For more information about CHCI or its businesses, please visit <U>www.ComstockCompanies.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About&nbsp;Reston Station </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strategically located <FONT
STYLE="white-space:nowrap">mid-way</FONT> between Tysons Corner and Dulles International Airport, Reston Station is among the largest <FONT STYLE="white-space:nowrap">mixed-use,</FONT> transit-oriented developments in the Washington, DC area.
Located at the terminus of Phase I of Metro&#146;s Silver Line, Reston Station is already home to more than 1,000 residents, numerous businesses, multiple retail establishments, and several restaurants. With more than 1&nbsp;million square feet of
completed and stabilized buildings, more than 2&nbsp;million square feet of additional development in various stages of entitlement, development and construction, and a <FONT STYLE="white-space:nowrap">3,500-space</FONT> underground parking garage
and transit facility adjacent to the Wiehle Reston-East Metro Station, the Reston Station neighborhood is taking shape and quickly becoming Fairfax County&#146;s urban focal point in the Dulles Corridor. For more information about Reston Station,
please visit; <U>www.RestonStation.com</U> </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About&nbsp;Loudoun Station </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Located at the terminus station on Metro&#146;s Silver Line, minutes from Dulles International Airport, Loudoun Station represents Loudoun County&#146;s first
(and currently its only) Metro-connected development. Loudoun Station has approximately 700,000 square feet of <FONT STYLE="white-space:nowrap">mixed-use</FONT> development completed, including hundreds of rental apartments, approximately 150,000
square feet of retail, restaurants, and entertainment venues, 50,000 square feet of Class-A office, and a <FONT STYLE="white-space:nowrap">1,500-space</FONT> commuter parking garage. More than 2&nbsp;million square feet of additional development is
slated for Loudoun Station. Located adjacent to Metro&#146;s Ashburn Station, the Loudoun Station neighborhood represents Loudoun County&#146;s beginning transformation into a transit connected community with direct connectivity to Dulles
International Airport, Reston, Tysons Corner and downtown Washington, DC. As Loudoun County&#146;s only transit connected neighborhood, Loudoun Station has become the new downtown of Loudoun County in the Dulles Corridor. For more information about
Loudoun Station, please visit; <U>www.LoudounStation.com</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This release includes &#147;forward-looking&#148; statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by use of words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;may,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;will,&#148; &#147;should,&#148;
&#147;seeks&#148; or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date made. Some factors which may affect the accuracy of the forward-looking statements apply generally to the real estate industry, while other factors apply directly to us. Any number of
important factors which could cause actual results to differ materially from those in the forward-looking statements include, without limitation: our ability to successfully transition our business platform, including the winding down of our
homebuilding business and our performance under the asset management agreement; completion of Comstock&#146;s financial accounting and review procedures; general economic and market conditions, including interest rate levels; our ability to service
our debt; inherent risks in investment in real estate; our ability to compete in the markets in which we operate; economic risks in the markets in which we operate, including actions related to government spending; delays in governmental approvals
and/or land development activity at our projects; regulatory actions; fluctuations in operating results; our anticipated growth strategies; shortages and increased costs of labor or building materials; the availability and cost of land in desirable
areas; adverse weather conditions or natural disasters; our ability to raise debt and equity capital and grow our operations on a profitable basis; and our continuing relationships with affiliates. Additional information concerning these and other
important risk and uncertainties can be found under the heading &#147;Risk Factors&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as filed with the&nbsp;Securities and Exchange Commission, for the fiscal year
ended&nbsp;December 31, 2017. Our actual results could differ materially from these projected or suggested by the forward-looking statements. Comstock claims the protection of the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 for all forward-looking statements contained herein. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future
developments or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Company:</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Comstock
Holding Companies, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christopher Conover, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">703-230-1985</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer: Christopher Conover </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Source:&nbsp;Comstock Holding Companies, Inc. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
