Benzinga | Jun 23, 2021 09:31AM EDT

Harbor Custom Development Contracts To Purchase 177 Unit Condominium Site in Lacey, Washington For $4.425M

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 it has entered into a purchase and sale agreement for the acquisition of approximately 8.44 acres of land in Lacey, Washington for $4,425,000. The purchase is expected to close on or before August 9, 2021.

Located less than ten minutes from Washington State's capital of Olympia and Joint Base Lewis-McChord, the 177 condominiums are expected to cater to first-time homebuyers searching for affordable options in a competitive Thurston County market. Joint Base Lewis-McChord supports more than 40,000 service members, including active duty, National Guard, and reserve members, and approximately 14,000 full-time civilian employees. Harbor anticipates the one and two-bedroom units will be priced between $260,000 and $325,000, and fill a significant need in the local marketplace. The median selling price of a home in Thurston County, according to Redfin, as of May 2021, was $450,000, which is a 21.6% year over year increase, with an average time on the market of five days.

Sterling Griffin, President and CEO of Harbor, stated, "Lacey represents an ideal location for Harbor Custom Homes(r) to increase our Western Washington footprint and address the significant need for affordable housing in Thurston County. As home prices continue to escalate due to low inventory levels, first-time homebuyers are often priced out of the market. We are directly addressing this fundamental gap in the marketplace. We believe offering condominiums priced below $350,000 in Lacey creates an excellent growth opportunity for the Company while providing a highly desirable product for first-time homebuyers."