Harbor Custom Development, Inc. Announces Listing of Six Multi-Family Projects totaling $278 million with Kidder Mathews Inc.
April 21 2022 - 9:30AM
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 listed six
Western Washington apartment projects totaling 734 units for a
combined value of $278 million with Kidder Mathews, the largest
independent brokerage firm on the West Coast.
“Rental rates continue to escalate at
unprecedented levels driving up project apartment values as demand
for multi-family housing exceeds the limited supply in the Puget
Sound Region of Western Washington. We are capitalizing on this
market dynamic by listing for sale our current owned inventory of
six apartment projects totaling 734 units in various stages of
construction,” stated Sterling Griffin, President and CEO of Harbor
Custom Development, Inc.
Harbor’s portfolio of listed apartment
communities in Western Washington includes the following:
- Mills Crossing
(Townhomes), Bremerton - (36 units) - Listed
- Belfair View,
Belfair - (228 units) – Listed
- Wyndstone, Yelm
– (75 units) - Listed
- Tanglewilde,
Lacey – (177 units) – Listed
- Pacific Ridge,
Tacoma – (80 units) – Listed
- Bridgeview
Trails, Port Orchard - (138 units) Listed
“We are excited to represent Harbor Custom
Development, Inc. in selling their multi-family properties.
Apartment projects in Washington State are trading at historically
low CAP rates driving significant value to the underlying asset.
The Puget Sound Region apartment market and specifically the
Seattle, Tacoma MSA continue to outperform the majority of the
country,” stated Austin Kelley, Senior Vice president at Kidder
Mathews. It is anticipated the listed projects will sell upon
completion over the next 24 months. There is no assurance that real
estate market conditions will remain constant and that the final
sales price of each multi-family project will meet management’s
expectations.
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 www.harborcustomdev.com.
About Kidder Mathews
Kidder Mathews is the largest independent
commercial real estate firm on the West Coast, with 900 real estate
professionals and staff in 21 offices in Washington, Oregon,
California, Nevada, and Arizona. Kidder Mathews offers a complete
range of brokerage, appraisal, asset services, consulting, project
and construction management, and debt & equity finance services
for all property types. The firm performs $10.9 billion in
transactions, manages 62 million square feet of space, and conducts
over 2,600 appraisals annually. For more information, visit
kidder.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements relate to, but are not
limited to, expectations of future operating results and financial
performance, including GAAP and non-GAAP guidance for the year
ending December 31, 2022, the calculation of certain of our key
financial and operating metrics and expectations regarding sales of
inventory, as well as assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. In
some cases, you can identify forward-looking statements by
terminology such as "may," "should," "could," "expect," "plan,"
anticipate," "believe," "estimate, "predict," "target," "project,"
"intend," "potential," "would," "continue," "ongoing," or the
negative of these terms or other comparable terminology that
concerns our expectations, strategy, priorities, plans, or
intentions. You should not put undue reliance on any
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at all.
These forward-looking statements are subject to various risks and
uncertainties, including without limitation complications due to
COVID-19 which could cause delays in dates of completion or
closings, changes in the real estate industry such as increases in
mortgage interest rates which could dampen residential home
purchases, and those risks and uncertainties set forth in the
Company's filings with the Securities and Exchange Commission.
Thus, actual results could be materially different. This document
includes statements of summarized financial projections. There will
be differences between the projected and actual results because
events and circumstances frequently do not occur as expected and
those differences may be material. 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. There can be no guarantee that the listed prices in this
release will result in sales equating to the listed price.
Investor RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
Future Wyndstone 75-unit apartment complex in
Yelm, WA
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