Harbor Custom Development, Inc Contracts to Sell Mills Crossing Townhomes for $14,250,000
21 Febbraio 2023 - 3:30PM
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
("Harbor," "Harbor Custom Homes®," or the "Company"), an innovative
real estate company involved in all aspects of the land development
cycle, today announced it has contracted to sell the Mills Crossing
townhomes in Bremerton, WA for $14,250,000 to Kitsap Community
Resources. Unless extended for 30 days, closing of the property is
anticipated to occur on or before April 28, 2023, upon the buyer’s
satisfaction of their financing contingency requirement.
“The Company is excited to announce the purchase
and sale agreement for Mills Crossing, the first of our six current
multi-family projects under construction. In addition to the
positive financial outcome for Harbor, we are pleased to work with
Kitsap Community Resource's on the sale of Mills Crossing which
will provide essential, affordable housing for families in Kitsap
County,” stated Sterling Griffin, President and CEO of Harbor
Custom Development, Inc.
Since 1965, Kitsap Community Resources has
served as a community action agency striving to end poverty. The
KCR Housing division serves the needs of families and individuals
in Kitsap County who are homeless or at risk of becoming homeless.
The company provides services that can help prevent eviction, find
affordable housing options, and help stabilize families in crisis
situations.
“Kitsap Community Resources is proud to be working with Harbor
Custom Development, Inc. on this important project. Together in
collaboration with many community partners in Kitsap County, this
represents a small piece of a much larger puzzle to combat the
existing housing crisis within our community and across the region.
By providing safe and affordable housing, the Mills Crossing
townhome project will benefit vulnerable families and the city as a
whole,” stated Kitsap Community Resources Executive Director,
Anthony Ives.
Mills Crossing, a 36-unit townhome project, is
located one block from the new Kitsap Transit Center on Highway 303
in East Bremerton. Tenants have convenient access to the downtown
Bremerton amenities, including local shopping, farmers markets,
waterfront parks, community restaurants, Olympic College, and
convenient ferry service to Seattle. The two-bedroom, two-bathroom
townhome rentals range from 1,424 square feet to 1,444 square
feet.
Mills Crossing was the first of six multi-family projects Harbor
Custom Development, Inc listed with Kidder Mathews in 2022. The
five other properties are the Pacific Ridge Apartments in Tacoma,
80 units; Meadowscape Apartments in Olympia, 177 units; Bridgeview
Trails in Port Orchard, 138 units; Belfair View Apartments in
Belfair, 228 units; and Wyndstone Apartments in Yelm, 76 units.
Mills Crossing is located at 1003 Little Haven
Lane, Bremerton, WA 98310. For more information about leasing,
visit HarborCustomDev.com or call (253) 325-9024.
Mills Crossing is one of six Harbor Custom
Development, Inc. projects currently under construction.
About Kitsap Community
ResourcesKCR is a dynamic partner in the Kitsap County
Community. KCR touches ten percent of the 277,000 residents of
Kitsap County’s population through a variety of programs. The
organization’s services and programs include Housing and
Homelessness services; Veteran’s assistance; WIC (Women Infant
Children) nutritional food program; Early Head Start and Head
Start; WIOA (Workforce Innovation Opportunity Act); BEST (Business
Education Support Training); GED instruction and testing; job
training and placement services; food services for Meals on Wheels
Kitsap and early learning centers; Weatherization; Energy
assistance; and other community support services. KCR operates 11
sites throughout Kitsap County. For more information about KCR,
please visit www.kcr.org for all KCR services and locations.
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.
Forward-Looking
StatementsCertain 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.
Investor RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
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