Harbor Custom Development, Inc. Closes on $4.8M Sale of 24 Developed Lots to MainVue Homes
The purchase included 71 developed lots with panoramic views of Birch Bay and the Cascade Range and is situated adjacent to the iconic Semiahmoo Resort and award-winning golf course.
Gig Harbor, Washington, Dec. 22, 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 sale of 24 developed lots in the Horizon at Semiahmoo subdivision in Blaine, Washington, to MainVue Homes for $4.8 million.
“We welcome MainVue Homes to the Horizon at Semiahmoo project and look forward to working with them as one of our select builders in this beautiful Horizon subdivision,” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc. “MainVue is an established luxury brand in the Pacific Northwest and is ideally suited to bring their unique design and craftsmanship to Horizon.”
Harbor acquired the 219-acre Horizon subdivision in July 2021. The purchase included 71 developed lots with panoramic views of Birch Bay and the Cascade Range and is situated adjacent to the iconic Semiahmoo Resort and award-winning golf course.
“This project provides Harbor the opportunity to help alleviate the significant shortage of residential housing in Whatcom County while boosting the local economy,” stated Jeff Habersetzer, Chief Operating Officer of Harbor Custom Development, Inc.
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; Austin, Texas and Punta Gorda, Florida. 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.
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