Harbor Custom Development, Inc. Closes 22 lots for $3,944,050 in Sacramento Metro Housing Market

Rhea-AI Summary

Harbor Custom Development has successfully acquired 22 developed lots in Rocklin, California, for $3,944,050. This acquisition aligns with the company's strategy to secure real estate near urban job centers, supporting demand driven by urban flight from the Bay Area. The upcoming homes, ranging from 2,300 to 3,000 square feet, will be priced between $800,000 and $1,000,000 and construction is set to begin in Q2 2021. The site is close to outdoor recreational areas, enhancing its appeal.

Positive

• Acquisition of 22 lots aligns with strategic goals in urban proximity.
• Homes expected to meet demand from urban flight trends.
• Construction planned to begin in Q2 2021, indicating growth.

Negative

• None.

Gig Harbor, Washington , March 22, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ: HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has closed on the purchase of 22 developed lots in Rocklin, California for $3,944,050.  

Located just over 21 miles from downtown Sacramento, the Rocklin subdivision will offer single family homes ranging in size from 2,300 to 3,000 square feet with pricing currently anticipated to range from $800,000 to $1,000,000.  Situated adjacent to Quarry Park (www.quarrypark.com), the adventure park provides home buyers access to a variety of outdoor recreational activities.  Harbor Custom Homes® anticipates commencing construction of the four and five bedroom homes beginning in the second quarter of 2021.

“Closing the Rocklin lots demonstrates our continued execution on Harbor’s primary business objective to acquire real estate that is a commutable distance to the urban core job market. Urban flight from the Bay Area and Silicon Valley to less populated bedroom communities like Rocklin provides for a steady stream of buyers looking for larger housing that can provide home office space, exercise and flex rooms, secure play areas for children and pets, and easy access to outdoor recreational activities,” 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 Washington state, California, and Texas.  Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. Harbor has also acquired developed lots and plans to begin constructing homes in the Sacramento and Austin metro markets beginning in the second quarter of 2021. The Darkhorse Golf Course community, located approximately 50 miles northeast of Sacramento in Auburn, California, and the La Ventana and Bunker Ranch subdivisions located approximately 22 miles from Austin, in Driftwood and Dripping Springs, Texas, are Harbor’s newest locations. 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.

FAQ

What was Harbor Custom Development's recent acquisition?

Harbor Custom Development recently acquired 22 developed lots in Rocklin, California, for $3,944,050.

When will construction begin on the new homes in Rocklin?

Construction on the new homes in Rocklin is expected to begin in the second quarter of 2021.

What is the size and price range of the homes in Rocklin?

The homes in Rocklin will range from 2,300 to 3,000 square feet, priced between $800,000 and $1,000,000.

How does this acquisition align with Harbor's business strategy?

The acquisition aligns with Harbor's strategy to purchase real estate near urban job markets, catering to buyers seeking larger homes.

What factors are driving demand for homes in Rocklin?

Demand is driven by urban flight from the Bay Area and a need for larger homes that accommodate remote work and outdoor activities.