Gig Harbor, Washington , July 26, 2021 — 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 sales contract with Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”), for $10,440,000 on 144 entitled lots in Olympic Ridge located in Belfair, Washington. Harbor Custom Homes further announced that it has separately contracted with Lennar to develop the Olympic Ridge lots for an additional $10,880,000 bringing the combined contracted value to $21,240,000.
Olympic Ridge, located in the town of Belfair in North Mason County, is a 144-lot residential subdivision providing panoramic views of Puget Sound and the Olympic Mountains. Belfair is approximately 15 minutes to downtown Bremerton, the Seattle ferry, and the Kitsap Naval Base, a major contributor to a robust defense economy with approximately 40,000 employees tied to the military and defense industry in the area.
“We are excited to continue our relationship with Lennar at the Olympic Ridge subdivision and look forward to delivering them the 144 lots in 2022. We anticipate Lennar will continue with their current success of constructing high-quality single-family homes that will capture the beauty of this unique setting.” stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.
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.
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.
