Harbor Custom Development, Inc. Closes on 75 Unit Permitted Site in Yelm, Washington for $3,325,000

Rhea-AI Summary

Harbor Custom Development (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) has finalized the acquisition of a 4.31-acre site in Yelm, Washington, planned for 75 condominium units, at a cost of $3,325,000. The project targets first-time homebuyers with prices starting in the low $300,000s, addressing a local market need for affordable housing. CEO Sterling Griffin highlighted the escalating home values and rental rates as a driving force behind this development, indicating strong demand for budget-friendly residences.

Positive

• Acquisition of a 4.31-acre property for $3,325,000.
• Development of 75 condominium units aimed at first-time homebuyers.
• Price point starting in the low $300,000s addresses local housing demand.

Negative

• None.

Gig Harbor, Washington , Oct. 12, 2021 (GLOBE NEWSWIRE) -- 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 the purchase of a 4.31 acre property permitted for the construction of 75 condominium units in Yelm, Washington for $3,325,000.

Yelm is ideally located 22 miles from Washington State's capital of Olympia to the south and 32 miles north to the downtown Tacoma job market. Yelm offers easy access to several outdoor recreational opportunities such as the Yelm Tenino trail (https://www.experienceolympia.com/listing/yelm-tenino-trail/592/). Harbor anticipates the one-, two- and three-bedroom units will be priced starting in the low $300,000s and fill a significant need in the local marketplace.

Sterling Griffin, President and CEO of Harbor, stated “Offering condominiums starting in the low $300,000s provides us the opportunity to cater to first time homebuyers who have been largely neglected in the new construction marketplace.  As home values and rental rates continue to escalate at unprecedented levels, we believe the pent-up demand for affordable housing provides a significant opportunity for our company.”

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, 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 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.

FAQ

What is the latest acquisition by Harbor Custom Development for HCDI, HCDIP, HCDIW?

Harbor Custom Development has acquired a 4.31-acre property in Yelm, Washington, for $3,325,000.

How many condominium units is Harbor Custom Development planning to build in Yelm?

The company plans to build 75 condominium units in Yelm, Washington.

What is the starting price for the new condominiums by Harbor Custom Development?

The new condominiums are expected to be priced starting in the low $300,000s.

What market need does Harbor Custom Development's Yelm project address?

The project addresses the significant need for affordable housing for first-time homebuyers in the local marketplace.