Benzinga | Feb 22, 2021 09:02AM EST

Harbor Custom Development Says Contracts To Sell 99 Lots In Soundview Estates To Lennar For $7.92M

Harbor Custom Development, Inc. Contracts to Sell 99 Lots in Soundview Estates to Lennar for $7,920,000

Gig Harbor, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes(r)," 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 with Lennar Northwest, Inc., a subsidiary of Lennar Corporation ("Lennar"), to sell 99 undeveloped lots in phase 7 of Soundview Estates in Bremerton, Washington for $7,920,000. The closing of the sale is scheduled for March 29, 2021.

Harbor has now announced the completion of infrastructure improvements on 215 lots at Soundview Estates, of which Lennar purchased 165 lots for single-family home construction. Lennar also previously contracted to purchase 50 developed lots in phase 6 of Soundview Estates for $7,000,000 with a closing date of March 25, 2021. The combined first quarter scheduled sales to Lennar now total $14,920,000.

With the addition of phase 7, Soundview Estates will grow to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and the Puget Sound. Soundview Estates is less than a ten-minute drive to the Seattle Ferry and the Kitsap Naval Shipyard.

Soundview Estates can be seen at: https://vimeo.com/453127877.

"We are thrilled to continue contracting the sale of lots at Soundview Estates with Lennar and look forward to delivering them phase 7 during the first quarter of 2021. With the combined purchase of phases 6 and 7, Lennar will have acquired a total of 314 lots in Soundview Estates and we anticipate they will continue with their current success of constructing quality single-family homes that capture the beauty of this unique setting," stated Sterling Griffin, President and CEO of Harbor.