Harbor Custom Development, Inc. Closes the Sale of 144 Lots in Belfair, Washington to Lennar for $10,440,000
September 02 2021 - 9:30AM
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 that it closed, on the sale
of 144 entitled single family lots in the Olympic Ridge subdivision
located in Belfair, Washington to Lennar Northwest, Inc., a
subsidiary of the Lennar Corporation (“Lennar”) for $10,440,000.
Olympic Ridge, located in the town of Belfair in
North Mason County, is a 144-lot residential subdivision providing
panoramic views of Puget Sound and the Olympic Mountains.
Belfair is approximately a 15 minute drive to downtown Bremerton,
the Seattle ferry, and the Kitsap Naval Base, a major contributor
to a robust defense economy with approximately 40,000 employees
tied to the military and defense industry in the area.
“Closing on the 144-lot Olympic Ridge
subdivision continues our productive relationship with Lennar and
demonstrates our ability to execute on our stated business
objectives. We anticipate Lennar will continue with their current
success of constructing high-quality, single-family homes in
Olympic Ridge that will capture the panoramic views offered by this
unique setting,” stated Sterling Griffin, President and CEO of
Harbor Custom Development, Inc.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of
the nation's leading builders of quality homes for all generations.
Lennar builds affordable, move-up, and active adult homes primarily
under the Lennar brand name. Lennar's Financial Services segment
provides mortgage financing, title, and closing services primarily
for buyers of Lennar's homes and, through LMF Commercial,
originates mortgage loans secured primarily by commercial real
estate properties throughout the United States. Lennar's
Multifamily segment is a nationwide developer of high-quality
multifamily rental properties. LenX drives Lennar's
technology, innovation, and strategic investments. For more
information about Lennar, please visit www.lennar.com.
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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