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Harbor Custom Development, Inc. Contracts to Sell 99 Lots in Soundview Estates to Lennar for $7,920,000

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Harbor Custom Development, Inc.
·4 min read
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Gig Harbor, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has entered into a purchase and sale agreement with Lennar Northwest, Inc., a subsidiary of Lennar Corporation (“Lennar”), to sell 99 undeveloped lots in phase 7 of Soundview Estates in Bremerton, Washington for $7,920,000. The closing of the sale is scheduled for March 29, 2021.

Harbor has now announced the completion of infrastructure improvements on 215 lots at Soundview Estates, of which Lennar purchased 165 lots for single-family home construction. Lennar also previously contracted to purchase 50 developed lots in phase 6 of Soundview Estates for $7,000,000 with a closing date of March 25, 2021. The combined first quarter scheduled sales to Lennar now total $14,920,000.

With the addition of phase 7, Soundview Estates will grow to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and the Puget Sound. Soundview Estates is less than a ten-minute drive to the Seattle Ferry and the Kitsap Naval Shipyard.

Soundview Estates can be seen at: https://vimeo.com/453127877.

“We are thrilled to continue contracting the sale of lots at Soundview Estates with Lennar and look forward to delivering them phase 7 during the first quarter of 2021. With the combined purchase of phases 6 and 7, Lennar will have acquired a total of 314 lots in Soundview Estates and we anticipate they will continue with their current success of constructing quality single-family homes that capture the beauty of this unique setting,” stated 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, move-up, and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title, and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily 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, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region, California, and Texas. Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. In addition, Harbor has acquired land and plans to begin constructing homes in the two new markets of the Darkhorse Golf Course community, located approximately 50 miles northeast of Sacramento in Auburn, California, and two established subdivisions located approximately 22 miles from Austin, in Driftwood and Dripping Springs, Texas, beginning in the second quarter of 2021. 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 the Company 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.

CONTACT: Investor Relations Hanover International IR@harborcustomdev.com 866-744-0974