Harbor Custom Development, Inc. - HCDI STOCK NEWS

Harbor Custom Development has acquired 48 acres in Belfair, Washington, for $3,915,000, intending to develop 144 lots. This site, named Olympic Ridge, is positioned to become the largest single-family subdivision in Mason County in the last decade. The strategic location, 20 minutes from Kitsap Naval Base, capitalizes on growing demand for suburban housing due to low inventory and urban migration trends. Development is expected to commence in Q2 2021, reinforcing Harbor's ongoing expansion in the region.

Harbor Custom Development (NASDAQ:HCDI) announced the closure of 29 lots at the Darkhorse Golf Course community for $4,338,300, totaling 65 lots acquired. The half-acre lots, offering views of the four-star golf course, will be developed into luxury homes priced between $900,000 and $1,200,000, with construction commencing in Q2 2021. CEO Sterling Griffin noted the limited housing inventory in the area, which is expected to drive up home prices as urban flight from the Bay Area continues.

Harbor Custom Development has entered a purchase agreement with Lennar Northwest to sell 99 undeveloped lots at Soundview Estates in Bremerton, WA, for $7,920,000. The transaction is set to close on March 29, 2021. This sale follows Lennar's previous purchase of 165 lots for $14,920,000 in total for phases 6 and 7. Together, the sales enhance Soundview Estates into a 339-lot subdivision with stunning views, bolstering Harbor's growth strategy in the region.

Harbor Custom Development, Inc. (NASDAQ:HCDI) has successfully closed on 36 of the 66 developed lots in the Darkhorse Golf Course community for $4.9 million. This marks the company's first venture outside Washington State, aiming to expand its national presence due to rising demand in key metropolitan areas. Construction of luxury homes is set to commence in Q2 2021, with prices ranging from $900,000 to $1.2 million. President and CEO Sterling Griffin emphasized the importance of this milestone in diversifying revenue and enhancing shareholder value.

Harbor Custom Development, Inc. (NASDAQ: HCDI) has contracted to acquire 22 developed lots in Rocklin, California for $3,944,050. The new subdivision, located near Sacramento, will feature single-family homes ranging from 2,300 to 2,800 square feet, with prices between $700,000 and $850,000. Construction is expected to start in the second quarter of 2021. The acquisition aligns with Harbor's strategy to tap into urban flight trends, catering to buyers seeking larger living spaces with outdoor access.

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced significant land acquisitions in Texas, totaling $9,469,350. This includes seven developed lots in Dripping Springs and nine additional finished lots in Driftwood, along with 44 acres for future development. The company plans to construct high-end homes priced between $950,000 and $1,200,000 in these areas, anticipating strong demand due to urban migration trends from the Austin Metro area. This marks the company's strategic expansion into new markets, aiming for rapid growth through local partnerships.

Harbor Custom Development, Inc. (NASDAQ:HCDI) announced the acquisition of 64 developed lots in the Darkhorse Golf Course community in Auburn, California, for $9,143,700. This marks the company's first expansion outside Washington State, aiming to establish a national footprint. Construction of luxury homes, priced between $900,000 and $1,200,000, is set to begin in Q2 2021. CEO Sterling Griffin emphasized the significance of entering the Sacramento market, driven by urban migration trends, which is expected to enhance revenue opportunities and shareholder value.

Harbor Custom Development (Nasdaq: HCDI) has successfully closed a public offering of 8,000,000 shares of common stock at $3.00 per share, generating gross proceeds of $24,000,000. The offering was managed by ThinkEquity, a division of Fordham Financial Management. A registration statement related to the offering was effective as of January 12, 2021, allowing for this transaction. The company engages in various aspects of real estate development, notably in Western Washington, with a focus on strategic land acquisition and development.

Harbor Custom Development announced a public offering of 8,000,000 shares of its common stock at $3.00 per share, generating gross proceeds of $24,000,000 before deductions. The offering is set to close on January 15, 2021, pending customary conditions. An option for underwriters to purchase an additional 1,200,000 shares is also included. The registration statement became effective on January 12, 2021, and the offering will proceed through ThinkEquity as the book-running manager.