Harbor Custom Development, Inc. Contracts to Purchase 208 Unit Condominium Site in Sacramento, California for $5,544,000 Addressing Critical Need for First-Time Home Buyers
Located in Midtown Sacramento at the corner of 17th and I Street, the future 8 story mixed use building will contain 3,052 sq.
Gig Harbor, Washington, July 28, 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 for the acquisition of an entitled 8 story residential project in Midtown Sacramento for $5,544,000. The purchase is expected to close on or before October 11, 2021.
Located in Midtown Sacramento at the corner of 17th and I Street, the future 8 story mixed use building will contain 3,052 sq. ft. of retail on the first floor with 7 floors of residential living above. The 208 units are a mixture of studio, one and two bedrooms. Harbor anticipates commencing construction in the second quarter of 2022 and units will be sold starting at under $400,000 and fill a significant need in the local marketplace. The median selling price of a home in Sacramento as of May 2021 was $470,000, which was up 26% year over year according to Redfin.
Sterling Griffin, President and CEO of Harbor, stated, “Sacramento represents an ideal location for Harbor Custom Homes® to increase our Northern California footprint and address the significant need for affordable housing in Sacramento. As home prices continue to escalate due to record low inventory levels, first-time homebuyers are often priced out of the market. We are directly addressing this fundamental gap in the marketplace by offering affordable condominiums in Midtown Sacramento.”
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; Sacramento, California; and Austin, 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 will begin constructing homes in two new markets beginning the second quarter of 202. Those markets are the Dark Horse Golf Course community 50 miles Northeast of Sacramento and established subdivisions approximately 22 miles from Austin, located in Driftwood and Dripping Springs, Texas. 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.
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