Harbor Custom Development, Inc. Purchases 177 Unit Condominium Site in Lacey, Washington for $4,425,000
August 18 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 it has purchased an 8.44
acre property entitled for the construction of 177 condominium
units in Lacey, Washington for $4,425,000.
Located less than ten minutes to the Washington
State Capitol of Olympia and Joint Base Lewis-McChord, the 177
condominiums will cater to first-time home buyers searching for
affordable options in a very tight Thurston County market. Joint
Base Lewis-McChord supports more than 40,000 service members,
including active duty, National Guard, and reserve members and
approximately 14,000 full-time civilian employees. Harbor
anticipates the one- and two-bedroom units will be priced starting
at under $300,000 and fill a significant need in the local
marketplace. The median selling price of a home in Thurston County
according to Redfin as of June 2021 was $476,341, which was up
28.7% year over year with an average time on the market of five
days.
Sterling Griffin, President and CEO of Harbor,
stated, “Lacey represents an ideal location for Harbor Custom
Homes® to increase our Western Washington footprint and address the
significant need for affordable housing in Thurston County. As home
prices continue to escalate due to record low inventory levels,
first-time homebuyers are often priced out of the market. We are
directly addressing this fundamental gap in the marketplace and
believe offering condominiums priced below $300,000 in Lacey
creates an excellent growth opportunity for the Company while
providing a highly desirous product for first-time
homebuyers.”
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 has 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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