Gig Harbor, Washington , June 25, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (NASDAQ: HCDI, HCDIP, HCDIW) ("Harbor," "Harbor Custom Homes®," or the "Company"), 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 approximately 2.34 acres of land for the construction of 112 condominium units in Burien, Washington for $2,600,000. The purchase is expected to close on or before September 3, 2021.
In the heart of Western Washington's Puget Sound Region, Burien, located in King County is less than a 15 minute commute to the downtown Seattle core job market and 30 minutes to Tacoma's central business district. King County alone supports the corporate headquarters of Amazon, Microsoft, Costco, Starbucks, Nordstrom's, Weyerhaeuser, PACCAR, Expedia, Alaska Airlines, and other large employers. Boeing no longer maintains its corporate headquarters in the Seattle region but does have approximately 58,000 employees in Washington State, the majority of which are easily commutable from Burien. Harbor anticipates the studio and one- and two-bedroom units will be priced between $395,000 and $495,000 and fill a significant need in the local marketplace. The median selling price of a home in King County according to Realtor.com as of May 2021 was $810,000.
Sterling Griffin, President and CEO of Harbor, stated, "Burien represents an ideal location for Harbor Custom Homes® to increase our Western Washington footprint and address the significant need for affordable housing in King County. 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 and believe offering condominiums priced below $400,000 in Burien creates an excellent growth opportunity for the Company while providing a highly desirous product for first-time homebuyers."
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. In the Sacramento metro market, Harbor will be constructing homes in completed subdivisions in both Rocklin and Auburn, California. In the Austin metro market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood, and Horseshoe Bay, 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 .
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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