TACOMA, Wash, April 28, 2023 — Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, today announced it has entered into a contract to sell the land and site improvements for the future Bridge View Trail apartments in Port Orchard, WA to a leading, fully integrated global real estate company for $11,000,000. The anticipated closing of the property would occur on or before June 30, 2023, upon the buyer’s satisfaction and waiver of their feasibility contingency.
The planned 138-unit complex will be garden-style apartments on a 9.13-acre site off Harold Dr. SE in Port Orchard, WA. It is anticipated the seven three-story buildings will include floorplan options ranging from 456 square foot studios, 663 square foot one-bedroom, one-bathroom apartments, and 911 square foot two-bedroom, two-bathroom units.
The property is conveniently located approximately 20 minutes from the Southworth and Bremerton ferry terminals, with direct access to the Seattle core job market. In addition, the property is approximately a 15-minute drive to Naval Base Kitsap, a major contributor to the robust regional economy with approximately 40,000 employees tied to the military and defense industry.
“We are excited about the potential sale of the Bridge View Trail land and site improvements allowing for vertical construction of the project this summer,” said Sterling Griffin, President and CEO of Harbor Custom Development, Inc.
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 and apartment building, marketing, and sales of various residential projects in Western Washington’s Puget Sound region; Sacramento, California; Austin, Texas; and Punta Gorda, Florida. As a land developer and builder of apartments, and single-family luxury homes, 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 acquiring land with scenic views or convenient access to freeways and public transportation to develop and sell residential lots, new home communities, and multi-story apartment properties within a 20 to 60-minute commute of the nation’s fastest-growing metro employment corridors.