Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
and market leading real estate company involved in all aspects of
the land development cycle, today announced it has closed on the
sale of a six-acre multi-family tract in its Horizon at Semiahmoo
subdivision in Blaine, Washington, to Noffke Homes for $4.48
million on March 31, 2022.
The land parcel represents the first of eight
multi-development tracts expected to be developed at Horizon and
will feature a mix of two-story triplexes and fourplexes, ranging
from approximately 1,600 and 1,800 square feet. With completion
anticipated by 2023, the condominiums will feature views of Birch
Bay and the Cascade Mountains. “We’re excited to work with Noffke
on this project, and it couldn’t come at a better time.
In-migration pressure from the Bellingham and surrounding
metropolitan areas of Vancouver, Canada, and Seattle, Washington
have driven Whatcom County real estate inventory to record lows,”
stated Sterling Griffin, Harbor Custom Development Inc’s President
and CEO.
Noffke Homes is one of three Pacific Northwest
builders who have expanded their geographic footprint to the
Horizon community. MainVue Homes, Century Communities, and Noffke
Homes closed on 71 Horizon lots in December of 2021 and anticipate
pre-sales of the new single-family homes ranging from 2,200 square
feet to more than 3,500 square feet beginning in the second quarter
of this year. The project features a mix of luxury single-family
view lots and multi-family dwellings set within a network of
landscaped parks, open spaces, and trail systems. Once completed,
Horizon at Semiahmoo will feature approximately 140 single-family
homes and eight future multi-development tracts offering
approximately 300 units.
Horizon at Semiahmoo is a planned community
designed to connect residents to the outdoors while offering
upscale living and resort-like amenities within a charming
small-town atmosphere. Located in Whatcom County, Washington, and
adjacent to the iconic Semiahmoo Resort and award-winning golf
course, the 149-acre community boasts a natural forest setting with
sweeping coastal views of Birch Bay and the Cascade mountains. The
highly desirable location is ideal for remote workers, retirees,
and those seeking to exit urban areas like Seattle and Vancouver,
Canada.
For more information on Horizon at Semiahmoo or
Harbor Custom Development Inc., please visit
HorizonbyHarborCustomDev.com, call 888-772-2884, or email a
representative at info@horizonbyharbor.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; Austin, Texas; and
Punta Gorda, Florida. As a land developer and builder of
apartments, condominiums, single-family homes, and luxury homes,
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 acquiring
land with scenic views to develop and sell residential lots, new
home communities, and multi-story condominium and apartment
properties within a 20- to 60-minute commute of the nation's
fastest-growing metro employment corridors. Harbor is leading the
real estate industry as the first national land developer and home
builder accepting payment in the form of cryptocurrency for its
listed properties. For more information on Harbor Custom
Development, Inc., please visit https://harborcustomhomes.com.
About Noffke Landholdings,
Inc.
Noffke Landholdings, Inc. is a branch of Noffke
Homes focused on land acquisition and development in order to
create exclusive cutting-edge home designs tailored to the
uniqueness of each community. Noffke is committed to quality and
participates in the Master Builders Association of Pierce County,
Kitsap Building Association, Cheers energy efficiency, and National
Association of Home Builders. With a business focus on the quality
of materials, research, integrity, and efficiency, Noffke Homes has
doubled their growth in all sectors of the Real Estate market from
2019 to 2021. Noffke's primary developments have been primarily in
Pierce County, Washington, since 2012, where they've implemented
over 14 different floor plans,150+ single-family homes, and
countless styles, being the first in its class to bring new design
eliminates towards the growth of this territory. They not only
offer residential real estate within Peirce County but will be
expanding into commercial space projects in late 2022. Noffke is
eager to have the opportunity to continue this growth by partnering
with Harbor Custom Development Inc. in the Horizon at Semiahmoo
Master Plan Community, located in Blaine, Washington. "Harbor
Custom Development exemplified key visionary skills in the success
for this community, captivating our attention and eagerness to
partner within them in this juncture, and we're excited to see what
the future holds," expressed Matthew Noffke, President and CEO of
Noffke Landholdings Inc. Noffke is ready to break ground January
2022, in the Horizon Community showcasing their sought-after
single-family residential homes. For more information and to see
upcoming projects, please visit www.noffkehomes.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 RelationsHanover
InternationalIR@harborcustomdev.com866-744-0974
Ariel view of the Horizon at Semiahmoo community
in Blaine, Washington.
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