Harbor Custom Development, Inc. Contracts to Sell Bridge View Trail Apartment Site in Port Orchard, WA for $11,000,000
TACOMA, Wash, April 28, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, today announced it has entered into a contract to sell the land and site improvements for the future Bridge View Trail apartments in Port Orchard, WA to a leading, fully integrated global real estate company for $11,000,000. The anticipated closing of the property would occur on or before June 30, 2023, upon the buyer’s satisfaction and waiver of their feasibility contingency.
Rendering by Ross Deckman & Associates of the future Bridge View Trail apartments in Port Orchard, WA
The planned 138-unit complex will be garden-style apartments on a 9.13-acre site off Harold Dr. SE in Port Orchard, WA. It is anticipated the seven three-story buildings will include floorplan options ranging from 456 square foot studios, 663 square foot one-bedroom, one-bathroom apartments, and 911 square foot two-bedroom, two-bathroom units.
The property is conveniently located approximately 20 minutes from the Southworth and Bremerton ferry terminals, with direct access to the Seattle core job market. In addition, the property is approximately a 15-minute drive to Naval Base Kitsap, a major contributor to the robust regional economy with approximately 40,000 employees tied to the military and defense industry.
“We are excited about the potential sale of the Bridge View Trail land and site improvements allowing for vertical construction of the project this summer,” said Sterling Griffin, President and CEO 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 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 or convenient access to freeways and public transportation 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.
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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