Comstock Holding partners with SCG Development for affordable housing project

Comstock Holding (CHCI) announced that it is partnering with SCG Development to form a joint venture that will develop an affordable housing project located on land currently owned by Comstock at 41 Maryland Avenue in Rockville, Maryland. The property, located adjacent to Metro’s Rockville Station on the Red Line, will be branded as Momentum at Rockville Station and is slated to deliver well over 100 affordable housing units to the community. Comstock and SCG entered into a definitive purchase agreement for Comstock 41, which was acquired by a subsidiary of Comstock in late 2023 for approximately $1.5M. Pursuant to the purchase agreement, Comstock and SCG will enter into an operating agreement and a development agreement, under which Comstock will provide development management services to the joint venture. The company will also be entitled to provide property management services once the development is ready for occupancy. The Comstock 41 transaction is expected to close upon approval of the construction plans by the City of Rockville. Financing will be arranged by SCG once the plans are approved.