Courtesy of Comstock Realty Partners
A model of current and planned development at Reston Station
Dwight Schar, the powerful philanthropist who retired earlier this year from his longtime role as chairman of homebuilder NVR Inc., is making a major investment in another real estate company.
Schar is planning to buy a significant stake in publicly traded Comstock Holding Cos., bringing his ownership in the company on par with CEO Chris Clemente. The two would each own 31% of the stock of Comstock Holding, the Washington Business Journal reported.
The move would allow Comstock Holding to manage assets in the privately owned Comstock Partners LC, which Schar and Clemente founded in 1999. Schar is Clemente's father-in-law.
Comstock Partners owns Reston Station and Loudoun Station, two major mixed-use developments that the developer is still expanding on the Silver Line.
The two Comstock companies have collaborated before, acquiring the BLVD Forty Four in Rockville last year and the neighboring BLVD Ansel in March.