Harbor Custom Development, Inc. Expands First-Time Home Buyer Market Offering in Bremerton, Washington

Rhea-AI Summary

Harbor Custom Development (NASDAQ: HCDI) announced an agreement to acquire property for building 30 townhomes in East Bremerton, Washington, for $1.8M, with expected closing by March 1, 2021. These custom-designed, two-bedroom townhomes will expand the company's offerings from 36 to 66 affordable homes, priced around $400,000. The site is strategically located near key transport links and amenities, catering to first-time home buyers. CEO Sterling Griffin expressed excitement about increasing their inventory in a market with high demand.

Positive

• Acquisition of property for 30 townhomes enhances inventory.
• Strategic location near Kitsap Transit Center and essential services.
• Expansion from 36 to 66 affordable homes targets high-demand market.

Negative

• None.

Gig Harbor, Washington , Sept. 24, 2020 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor” or the “Company”), (NASDAQ: HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced it has entered into a fully executed Purchase and Sale Agreement to acquire property for the construction of 30 townhomes located in East Bremerton, Washington. The purchase price for the acquisition will be $1.8M and closing is expected to take place on or before March 1, 2021.

The Bremerton property, known as Broadmoor Commons, is earmarked by Harbor for the construction of custom designed, two-bedroom townhomes. Located  in the heart of Bremerton, the property is one block from the new Kitsap Transit Center, and less than ten minutes to the Bremerton shipyards, Naval Base at Kitsap, and the Seattle Ferry. Broadmoor Commons is also one block from Harbor’s initial townhome site of Mill’s Crossing, expanding the Company’s area offering from 36 to 66 affordable homes with pricing targeted at $400,000.

“We are excited for the opportunity to add this property to our portfolio and increase our inventory of townhome product,” stated Sterling Griffin, CEO and President of Harbor. “We recognize the significant demand of first-time home buyers, particularly in this location that provides easy access to schools, shopping, and accessibility to the downtown Seattle job market.”

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. Harbor has active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. 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 property acquisition by HCDI about?

HCDI announced the acquisition of a property in East Bremerton for constructing 30 townhomes.

How much did HCDI pay for the new property?

The purchase price for the new property is $1.8 million.

When is the closing date for HCDI's new property acquisition?

The closing is expected on or before March 1, 2021.

What type of homes will HCDI build on the new property?

HCDI plans to construct custom-designed, two-bedroom townhomes.

How many affordable homes will HCDI offer after this acquisition?

After this acquisition, HCDI will expand its offerings from 36 to 66 affordable homes.