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Investments in Real Estate Ventures | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Ventures | Investments in Real Estate Ventures The following table summarizes the Company's investments in real estate ventures that are recorded on the consolidated balance sheets (in thousands):
|  |  |  | December 31, |  |
Investment |  | Ownership % |  | 2023 |  | 2022 |  | Accounting Method
Investors X |  | 50.0% |  | $ | 976 |  |  | $ | 1,369 |  |  | Fair Value
The Hartford |  | 2.5% |  | 610 |  | 953 |  |  | Fair Value
BLVD Forty Four |  | 5.0% |  | 1,837 |  | 2,135 |  |  | Fair Value
BLVD Ansel |  | 5.0% |  | 2,090 |  | 2,556 |  |  | Fair Value
Total investments recorded at fair value |  |  |  | 5,513 |  |  | 7,013 |  |  |
Comstock 41 |  | 100.0% |  | 1,564 |  |  | — |  |  | Consolidated
Total investments in real estate ventures |  |  |  | $ | 7,077 |  |  | $ | 7,013 |  |  |
The Company’s maximum loss exposure on each of its investments in real estate ventures is equal to the carrying amount of the investment. Additional details on each investment are as follows: Investors X On April 30, 2019, the Company entered into a master transfer agreement with CPRES which entitled the Company to priority distribution of residual cash flow from its Class B membership interest in Comstock Investors X, L.C. ("Investors X"), an unconsolidated variable interest entity that owns the Company's residual homebuilding operations. As of December 31, 2023, the residual cash flow primarily relates to anticipated proceeds from the sale of rezoned residential lots. The cash will be released as land development work associated with these projects is completed and lots are sold. (See Note 14 for additional information). The Hartford In December 2019, the Company entered into a joint venture with CP to acquire The Hartford Building ("The Hartford"), a Class-A office building adjacent to Clarendon Station on Metro’s Orange Line in Arlington County’s premier transit-oriented office market, the Rosslyn-Ballston Corridor. Built in 2003, the 211,000 square foot mixed-use Leadership in Energy and Environmental Design (“LEED”) GOLD building is being leased to multiple high-quality tenants. In February 2020, the Company arranged for DivcoWest to purchase a majority ownership stake in The Hartford Building and secured a $87.0 million loan facility from MetLife. As part of the transaction, the Company entered into asset management and property management agreements to manage the property in exchange for market-rate fees, for which it recognized $0.9 million of revenue for the year ended December 31, 2023. Fair value is determined using an income approach and sales comparable approach models. As of December 31, 2023, the Company’s ownership interest in The Hartford was 2.5%. (See Note 14 for additional information). BLVD Forty Four In October 2021, the Company entered into a joint venture with CP to acquire a stabilized 15-story, luxury high-rise apartment building in Rockville, Maryland that was rebranded as BLVD Forty Four. Located one block from the Rockville Station on Metro's Red Line and in the heart of the I-270 Technology and Life Science Corridor, the 263-unit mixed use property built in 2015 includes approximately 16,000 square feet of retail and a commercial parking garage. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment-related income and promote distributions in connection with its equity interest in the asset. The Company also provides asset, residential, retail and parking property management services for the property in exchange for market-rate fees, for which it recognized $1.3 million of revenue for the year ended December 31, 2023. Fair value is determined using an income approach and sales comparable approach models. As of December 31, 2023, the Company’s ownership interest in BLVD Forty Four was 5.0%. (See Note 14 for additional information). BLVD Ansel In March 2022, the Company entered into a joint venture with CP to acquire BLVD Ansel, a newly completed 18-story, luxury high-rise apartment building with 250 units located adjacent to the Rockville Metro Station and BLVD Forty Four in Rockville, Maryland. BLVD Ansel features approximately 20,000 square feet of retail space, 611 parking spaces, and expansive amenities including multiple private workspaces designed to meet the needs of remote-working residents. In connection with the transaction, the Company received an acquisition fee and is entitled to receive investment-related income and promote distributions in connection with its equity interest in the asset. The Company also provides asset, residential, retail and parking property management services for the property in exchange for market rate fees, for which it recognized $1.1 million of revenue for the year ended December 31, 2023. Fair value is determined using an income approach and sales comparable approach models. As of December 31, 2023, the Company’s ownership interest in BLVD Ansel was 5.0%. (See Note 14 for additional information). The following table below summarizes the activity of the Company’s unconsolidated investments in real estate ventures that are reported at fair value (in thousands):
Balance as of December 31, 2021 | $ | 4,702 |
Investments | 2,709 |
Distributions | (382) |
Change in fair value | (16) |
Balance as of December 31, 2022 | $ | 7,013 |
Investments | 89 |
Distributions | (379) |
Change in fair value | (1,210) |
Balance as of December 31, 2023 | $ | 5,513 |
Comstock 41 In December 2023, the Company completed the acquisition of an 18,150 square foot land parcel located at 41 Maryland Avenue in Rockville, Maryland (“Comstock 41”) through a wholly owned subsidiary for $1.5 million. This investment property sits adjacent to BLVD Ansel and BLVD Forty-Four and is currently a surface parking lot. Comstock 41 has existing entitlements for at least 117 dwelling units and approximately 11,000 square feet of retail space. (See Note 14 for additional information). Other Investments In addition, the Company has a joint venture with Superior Title Services, Inc. ("STS") to provide title insurance to its clients. The Company records this co-investment using the equity method of accounting and adjusts the carrying value of the investment for its proportionate share of net income and distributions. The carrying value of the STS investment is recorded in "other assets" on the Company's consolidated statement of balance sheets. The Company's proportionate share of net income and distributions are recorded in gain (loss) on real estate ventures in the consolidated statements of operations and was immaterial for the years ended December 31, 2023 and 2022, respectively. Investment Financial Information The following tables summarize the combined summarized statements of operations information for our unconsolidated investments in real estate ventures (in thousands):
|  |  | Year Ended December 31,
Combined Statements of Operations: |  |  |  |  | 2023 |  | 2022
Revenue |  |  |  |  | $ | 24,877 |  |  | $ | 20,825 |
Operating income (loss) |  |  |  |  | 13,251 |  |  | 11,550 |
Net income (loss) |  |  |  |  | $ | (10,506) |  |  | (7,360) |

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