Comstock revenue jumps 38% as record condo sale drives Q1 growth

Comstock Holding Companies (NASDAQ:CHCI) reported a 38% surge in first-quarter revenue, bolstered by high occupancy rates across its stabilized portfolio and a record-setting luxury residential sale in Northern Virginia.

The asset manager and real estate developer posted total revenue of $17.4 million for the three months ended March 31, 2026, up from the prior-year period.

Net income attributable to the company rose 25% to $2 million, while adjusted EBITDA climbed 6% to $2.2 million.

Growth was supported by an expansion of the company’s managed portfolio, which added 24 assets under management compared to the same period a year earlier.

Comstock noted that its stabilized commercial and residential assets remained well-occupied, with leasing levels sustained above 90%.

A significant catalyst for the quarter’s performance was the closing of a $10.25 million unit at the JW Marriott Residences Reston Station, which the company identified as the most valuable condominium sale in Virginia's history.

The company’s Institutional Venture Platform (IVP) also gained momentum during the period through strategic acquisitions.

In the first quarter, Comstock completed the purchase of The Reed, a stabilized, 417-unit transit-oriented multifamily asset located in Rockville, Maryland.

Building on this activity, the firm acquired Woodland Pointe in Herndon, Virginia, in early Q2.

That transaction includes an existing 185,000-square-foot office building and adds a second "build-to-suit" office project to the company’s long-term development pipeline.

Beyond traditional real estate, Comstock reported operational gains in its service-based subsidiaries.

Its parking and hospitality brand, ParkX, secured 13 new contracts during the quarter and announced a strategic entry into the food and beverage management sector.