Comstock to Pursue Strategic Growth and Investment Opportunities
RESTON, Va., May 14, 2019 (GLOBE NEWSWIRE) -- Comstock Holdings Companies, Inc. (CHCI) (“Comstock”) is pleased to announce the appointment of Mike Daugard as SVP/Acquisitions. In this role, Mr. Daugard will identify acquisition opportunities, negotiate transaction details, perform transaction underwriting and due diligence, and work with Comstock’s executive team to develop property specific strategies designed to enhance asset performance and return on investment as the commercial developer and asset manager seeks to further expand its portfolio of mixed-use and transit-oriented properties in the Washington, DC region.
Mr. Daugard has closed more than $4.5 Billion of transactions in his 20-year career. Comstock is developing and managing a portfolio that encompasses several million square feet of mixed-use and transit-oriented assets in the Dulles Corridor, including Reston Station and Loudoun Station, and has completed several acquisitions in Reston, Virginia during the last year.
“We are thrilled to have Mike Daugard on the Comstock team,” said Christopher Clemente, CEO of Comstock. “Mike is a seasoned industry professional with deep market knowledge and insight that enhances Comstock’s ability to identify attractive institutional investment opportunities, increase assets under management across asset classes, and drive bottom line results.”
Prior to joining Comstock, Mr. Daugard spent most of his career at Washington Real Estate Investment Trust with notable transactions that include the divestitures of medical office and industrial portfolios to facilitate acquisitions across office, multifamily, and retail asset classes. Mr. Daugard also held acquisitions and investment sales roles at Rubenstein Partners, JLL, Lowe Enterprises, and The Mills Corporation.
“I am excited to have the opportunity to grow Comstock’s portfolio in the region,” said Mike Daugard, SVP/Acquisitions for Comstock. “I look forward to leveraging my experience to advance Comstock’s core objectives through future asset acquisitions and investments.”
Mr. Daugard earned a B.S. in Finance from the University of Maryland at College Park, where he graduated cum laude with honors from the Business Honors and University Honors program. He also served as adjunct professor at his alma mater for six years.
About Comstock Holding Companies, Inc.
Comstock Holding Companies, Inc. (“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 mixed-use 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 on-balance sheet, for-sale, homebuilding projects to being focused on commercial real estate development, asset management and real estate related services. In addition to providing real estate development, asset management, and property management services, CHCI 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, mixed-use developments in the Washington, DC area; Reston Station, a nearly 5 million square foot transit-oriented, mixed-use development located in Reston, VA, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, VA, as well as other additional development assets. Comstock’s substantial experience in entitling, designing, developing, and managing a diverse range of properties including apartments, single-family homes, townhomes, mid-rise condominiums, high-rise condominiums and mixed-use (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 the mid-Atlantic Region. The Company is publicly traded on NASDAQ under the symbol CHCI. For more information about CHCI, please visit www.ComstockCompanies.com.
Cautionary Statement Regarding Forward-Looking Statements
This release may include "forward-looking" 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 "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" 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. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on 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.
Comstock Holding Companies, Inc.
Denise Pattakos 703.230.1146
Shanna Wilson 917.674.3096
Source: Comstock Holding Companies, Inc.