Harbor Custom Development, Inc. sells 50 lots to Lennar for
Gig Harbor, Washington, April 1, 2021 (GLOBE NEWSWIRE) – Harbor Custom Development, Inc. (“Harbor”, “Harbor Custom Homes®” or the “Company”), (NASDAQ: HCDI), an innovative market-leading real estate company plan involved in all aspects of the land development cycle, announced today that it has completed the Phase 6 sale of 50 residential lots at Soundview Estates in Bremerton, Washington to Lennar Northwest, Inc., a subsidiary of Lennar Corporation (“Lennar”), for $ 7,000,000.
Harbor has now announced the completion of infrastructure improvements on 240 lots at Soundview Estates, 215 of which have been purchased by Lennar for the construction of single family homes. Lennar had previously closed on phases 1, 2, 3 and 5 totaling 165 lots in the past 15 months. Harbor Custom Homes® is currently building 25 homes in Phase 4.
Once the upgrades are complete, Soundview Estates will become a 339 lot subdivision with spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle skyline and Puget Sound. Soundview Estates is a ten-minute drive from downtown Bremerton, the Seattle Ferry, and Kitsap Shipyard.
Soundview Estates can be viewed at: https://vimeo.com/453127877.
“We are delighted to complete this transaction with Lennar and look forward to closing an additional 99 lots in Phase 7 with Lennar in the second quarter of this year. Lennar has done a tremendous job at Soundview Estates and we expect they will continue to build high quality single family homes that capture the beauty of this unique setting, ”said Sterling Griffin, President and CEO of Harbor.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, scalable and active adult homes primarily under the Lennar brand. Lennar’s Financial Services segment provides mortgage financing, title deeds and closing services primarily to buyers of Lennar’s homes and, through LMF Commercial, provides mortgages secured primarily by commercial real estate properties through United States. Lennar’s Multi-Family segment is a nationwide developer of high-quality multi-family rental properties. LenX drives Lennar’s technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.
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, rights, project infrastructure construction, house construction, marketing, sales and management of various residential projects in Washington State, California. and Texas. Harbor has active or recently sold residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island and Allyn, WA. Harbor has also acquired developed land and plans to begin building homes in the Sacramento and Austin metro markets starting in the second quarter of 2021. The community of Darkhorse Golf Course, located approximately 50 miles northeast east of Sacramento in Auburn, Calif., and La Ventana and The Bunker Ranch subdivisions located approximately 35 miles from Austin, in Driftwood and Dripping Springs, TX are the newest locations in Harbor. Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, rights restrictions, infrastructure development and geo-economic forces. Harbor focuses on real estate within target markets with convenient access to metropolitan areas typically characterized by diverse economic and employment bases and growing population. For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Words such as “may”, “could”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “continue”, “foresee”, “foresee”, “plan”, “Plan”, ““ intention ”or similar expressions, or statements regarding current intention, belief or expectations, are forward-looking statements. These forward-looking statements are based on current estimates and assumptions. Although the Company believes that these forward-looking statements are reasonable, we should not place undue reliance on these forward-looking statements, which are based on information available to us as of the date of this press release. These forward-looking statements are subject to various risks and uncertainties, including, without limitation, those set forth in the documents filed by the Company with the Securities and Exchange Commission. Thus, the actual results could be materially different. The Company expressly disclaims any obligation to update or modify statements whether as a result of new information, future events or otherwise, except as required by law.