Harbor Custom Development, Inc. Closes Land for 138 Unit Apartment Site in Port Orchard, WA
January 18 2022 - 10:03AM
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 that it has closed on a
138 unit entitled apartment site in Port Orchard, WA for
$1,455,000.
Located in Kitsap County, Washington, the
Bridgeview project is a future 138 unit, 3-story garden style
apartment complex scheduled to begin construction in April 2022.
The project is ideally located within a 15-minute drive to both the
Southworth and Bremerton ferries to the Seattle core job market and
is a short drive to 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.
“It is our objective to complete construction of
Bridgeview in 2023 and sell the project upon completion. If
existing market conditions remain constant, we anticipate
generating approximately $46 million from the sale of the project.
The significant appreciation in rental rates over the past year in
our target markets, combined with record low capitalization rates
and our inventory of entitled apartment property has created a
significant opportunity for the company within the multi-family
vertical,” stated Sterling Griffin, President and CEO of Harbor
Custom Homes.
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. Harbor has active or recently sold-out residential
communities in Gig Harbor, Bremerton, Silverdale, Bainbridge
Island, Belfair, Allyn, Port Orchard, Lacey, Burien, Yelm, 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 and begun construction 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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