Harbor Custom Development, Inc. Sells 50 Lots to Lennar for $7,000,000

·4 min read

Gig Harbor, Washington , April 01, 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 closed on the phase 6 sale of 50 residential lots at Soundview Estates in Bremerton, Washington to Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”), for $7,000,000.

Harbor has now announced the completion of infrastructure improvements on 240 lots at Soundview Estates, of which 215 were purchased by Lennar for single family home construction. Lennar had previously closed on phases 1, 2, 3, & 5 totaling 165 lots during the last 15 months. Harbor Custom Homes® is currently building 25 homes in Phase 4.

Upon completion of improvements, Soundview Estates will grow to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and Puget Sound. Soundview Estates is a short ten-minute drive to downtown Bremerton, the Seattle Ferry, and the Kitsap Naval Shipyard.

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

“We are excited to complete this transaction with Lennar and look forward to closing 99 additional lots in phase 7 with Lennar during the second quarter of this year. Lennar has done a tremendous job at Soundview Estates and we anticipate they will continue to build high 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 multifamily 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 Washington State, 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. Harbor has also acquired developed lots and plans to begin constructing homes in the Sacramento and Austin metro markets beginning in the second quarter of 2021. The Darkhorse Golf Course community, located approximately 50 miles northeast of Sacramento in Auburn, California, and the La Ventana and Bunker Ranch subdivisions located approximately 22 miles from Austin, in Driftwood and Dripping Springs, Texas, are Harbor’s newest locations. 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.

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