Benzinga | Jul 1, 2021 12:11PM EDT

Harbor Custom Development, Inc. Closes 108 Lots for $17,165,000 Expanding Austin Metro Housing Footprint

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 acquired 108 developed single family lots for $17,165,000 in the Summit Rock Golf Course community in Horseshoe Bay, Texas, located approximately 53 miles west of Austin.

Harbor Custom Homes anticipates commencing construction of 4- and 5-bedroom homes on lots ranging from 0.25 to 1.50 acres and expected to be priced from $800,000 to $2,000,000 in the Jack Nicklaus signature, Summit Rock Golf Course community beginning in the 4th quarter of 2021. Summit Rock has been featured as one of Golfweek's Top 100 courses in the U.S. ( https://hsbresortrealty.com/resort_development/summit-rock/). Home buyers in Summit Rock will have the opportunity for membership at the Horseshoe Bay Resort providing access to resort facilities including: three golf courses, multiple club houses, yacht club, lake facilities, and access to a private jet center with a 6,000 foot lighted runway (clubhsbresort.com). Horseshoe Bay has seen rapid growth as a result of Austin's expanding employment base and the subsequent migration of households to the Lake and Hill Country regions.

"We have made a significant commitment to increase our Austin metro marketplace footprint and the acquisition of the 108 Summit Rock Golf Course community lots in Horseshoe Bay, combined with our current and projected inventory, provides a solid foundation for the future. Acquisition of the Horseshoe Bay area lots is a natural progression of our strategy to be a commutable distance to Austin while providing upscale housing in the scenic Lake and Hill Country regions. Urban flight from Austin combined with decreasing inventory in the bedroom and rural communities like Horseshoe Bay offer a great opportunity for our company," stated Sterling Griffin, President and CEO of Harbor Custom Homes.