Harbor Custom Development, Inc. Now Leasing Belfair View Apartments

TACOMA, Wash., Dec. 05, 2022 (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 it is now leasing apartments in Belfair, Washington.

The Belfair View Apartments are comprised of 11 three-story buildings featuring one- and two-bedroom rentals approximately 20 minutes from downtown Bremerton conveniences, including the Seattle - Bremerton Ferry Terminal, Bremerton Naval Base, Puget Sound Naval Shipyard and approximately 10 minutes from the Amazon delivery warehouse in Bremerton. The 228-unit complex includes a carport and non-covered onsite parking, a recreational building, outdoor pool, and panoramic views of the Hood Canal and the Olympic Mountains.

The project broke ground in March of 2021 and opened to renters mid-November 2022, featuring units ranging from 665 to 915 square feet and rent rates from $1,695 to $2,095 a month. The estimated completion of the project is slated for the fourth quarter of 2023.

“We are pleased to introduce Harbor’s latest apartment project to the Belfair community. We chose this location based on the significant shortage of rental housing in Belfair and its unique location that provides stunning views, immediate access to highway 3, and is adjacent to shopping and other retail services. The project fits perfectly into our business strategy due to the community’s proximity to employment opportunities and local conveniences,” said Jeff Habersetzer, COO of Harbor Custom Development, Inc. "The initial rental demand has been very strong, and we anticipate this to continue as we bring additional buildings online.”

Belfair View Apartments offer spacious one-bed, one-bath, and two-bed, two-bath apartment units featuring quartz countertops, contemporary LVP wood flooring throughout the kitchen, living spaces, and bathrooms, stainless steel kitchen appliances, full-size washer and dryer in the units, and vaulted ceilings in the third-floor units of each building. Renters have access to the recreational building’s amenities, including a fitness center, an outside pool, an outside barbecue and cooking station, a playground, parcel lockers for incoming mail packages, and a gathering space for community events.

The community is one of six projects Harbor Custom Development, Inc listed with Kidder Mathews earlier this year, including Pacific Ridge in Tacoma, 80 units; Meadowscape in Lacey, 177 units; Bridgeview Trails in Port Orchard, 138 units; Wyndstone in Yelm, 76 units; and Mills Crossing in Bremerton, 36 units.

The Belfair View Apartments are located at 81 NE Ridge Point Blvd, Belfair, WA 98528, along highway SR 3 in Mason County. For more information about leasing and the first month’s free construction rental incentive, visit HarborCustomDev.com or call (253) 392-4525.

Belfair View Apartments Now Available for Tours with Rents Starting at $1,695 a Month.

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 and apartment building, marketing, and sales of various residential projects in Western Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida. As a land developer and builder of apartments, and single-family luxury homes, 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 acquiring land with scenic views to develop and sell residential lots, new home communities, and multi-story apartment properties within a 20 to 60-minute commute of the nation's fastest-growing metro employment corridors. Harbor is leading the real estate industry as the first national land developer and builder accepting payment in the form of cryptocurrency for its listed land, developed lots, residential homes, and apartments.

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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