Harbor Custom Development, Inc. Contracts to Purchase 75 Unit Permitted Condominium Site in Yelm, Washington for $3,325,000
August 23 2021 - 12:10PM
Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,”
or the “Company”), (NASDAQ: HCDI; HCDIP; HCDIW), an innovative and
market leading real estate company involved in all aspects of the
land development cycle, today announced it contracted to purchase a
4.31 acre property permitted for the construction of 75 condominium
units in Yelm, Washington for $3,325,000.
Yelm is ideally located 22 miles from Washington
State's capital of Olympia to the south and 32 miles north to the
downtown Tacoma job market. Yelm offers easy access to several
outdoor recreational opportunities such as the Yelm Tenino trail
(https://www.experienceolympia.com/listing/yelm-tenino-trail/592/).
Harbor anticipates the one-, two-and three-bedroom units will be
priced starting in the low $300,000s and fill a significant need in
the local marketplace.
Sterling Griffin, President and CEO of Harbor,
stated, “The fully permitted status of the Yelm condominium project
represents our ideal situation for real estate acquisition. The
utility infrastructure has been installed by the seller and the
property is ready for vertical construction. As a result, we
anticipate closing in October and project selling completed
condominium units in the third quarter of 2022.” “We are
actively seeking similar fully permitted multi-family and
condominium residential projects in our current markets in
Washington, California, Texas, and Florida and are looking for new
expansion opportunities in the fastest growing areas of the
country,” stated Jeff Habersetzer, Chief Operating Officer at
Harbor.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home building, marketing, sales, and
management of various residential projects in Western Washington's
Puget Sound region; Sacramento, California; and Austin, Texas.
Harbor has active or recently sold-out residential communities in
Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair,
Allyn, Port Orchard, and Blaine in the state of Washington. In
addition, Harbor has acquired land and will begin constructing
homes in three new markets. In the Sacramento metro market, Harbor
will be constructing homes in completed subdivisions in both
Rocklin and Auburn, California. In the Austin metro market, Harbor
has acquired developed lot inventory in Dripping Springs,
Driftwood, and Horseshoe Bay, Texas. The Company recently acquired
property in Punta Gorda, Florida, and plans to begin construction
of oceanfront condominiums there in 2022. Harbor Custom
Development’s business strategy is to acquire and develop land
strategically, based on an understanding of population growth
patterns, entitlement restrictions, infrastructure development, and
geo-economic forces. Harbor focuses on real estate within
target markets with convenient access to metropolitan areas that
are generally characterized by diverse economic and employment
bases and increasing populations. For more information on
Harbor Custom Development, Inc., please
visit www.harborcustomdev.com.
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,”
“should,” “believe,” “expect,” “anticipate,” “estimate,”
“continue,” “predict,” “forecast,” “project,” “plan,” “intend” or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions. While the Company believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These
forward-looking statements are subject to various risks and
uncertainties, including without limitation those set forth in the
Company’s filings with the Securities and Exchange
Commission. Thus, actual results could be materially
different. The Company expressly disclaims any obligation to
update or alter statements whether as a result of new information,
future events or otherwise, except as required by law.
Investor Relations
Hanover International
IR@harborcustomdev.com
866-744-0974
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