Harbor Custom Development, Inc. Contracts to Purchase 75 Unit Permitted Condominium Site in Yelm, Washington for $3,325,000
Harbor Custom Development, Inc. (NASDAQ: HCDI; HCDIP; HCDIW) announced the acquisition of a 4.31-acre property in Yelm, Washington, permitted for 75 condominium units, for $3,325,000. The project is strategically located 22 miles from Olympia and 32 miles from Tacoma, catering to local housing demand with unit prices starting in the low $300,000s. The CEO highlighted the property's ready-to-build status and plans to close the deal by October, with anticipated sales beginning in Q3 2022. The company is also exploring similar projects in Washington, California, Texas, and Florida.
- Acquisition of a fully permitted 4.31-acre site for 75 condominium units.
- Strategic location near Olympia and Tacoma enhances market appeal.
- Projected sales starting Q3 2022 indicate potential revenue influx.
- Anticipated sales timeline may be impacted by market conditions.
- Reliance on the housing market dynamics in multiple states poses risks.
Gig Harbor, Washington , Aug. 23, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ: HCDI; HCDIP; HCDIW), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced it contracted to purchase a 4.31 acre property permitted for the construction of 75 condominium units in Yelm, Washington for
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
Sterling Griffin, President and CEO of Harbor, stated, “The fully permitted status of the Yelm condominium project represents our ideal situation for real estate acquisition. The utility infrastructure has been installed by the seller and the property is ready for vertical construction. As a result, we anticipate closing in October and project selling completed condominium units in the third quarter of 2022.” “We are actively seeking similar fully permitted multi-family and condominium residential projects in our current markets in Washington, California, Texas, and Florida and are looking for new expansion opportunities in the fastest growing areas of the country,” stated Jeff Habersetzer, Chief Operating Officer at Harbor.
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, 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 recent acquisition did Harbor Custom Development make?
What is the projected sales timeline for the new condominium units in Yelm?
How does the Yelm property acquisition affect Harbor Custom Development's growth strategy?
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