Benzinga | Aug 23, 2021 12:12PM EDT

Harbor Custom Development Contracts To Purchase 75 Unit Permitted Condominium Site For $3.325M

Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes(r)," or the "Company"), (NASDAQ:HCDI, HCDIP, HCDIW))))), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced it contracted to purchase a 4.31 acre property permitted for the construction of 75 condominium units in Yelm, Washington for $3,325,000.

Yelm is ideally located 22 miles from Washington State's capital of Olympia to the south and 32 miles north to the downtown Tacoma job market. Yelm offers easy access to several outdoor recreational opportunities such as the Yelm Tenino trail ( https://www.experienceolympia.com/listing/yelm-tenino-trail/592/). Harbor anticipates the one-, two-and three-bedroom units will be priced starting in the low $300,000s and fill a significant need in the local marketplace.

Sterling Griffin, President and CEO of Harbor, stated, "The fully permitted status of the Yelm condominium project represents our ideal situation for real estate acquisition. The utility infrastructure has been installed by the seller and the property is ready for vertical construction. As a result, we anticipate closing in October and project selling completed condominium units in the third quarter of 2022." "We are actively seeking similar fully permitted multi-family and condominium residential projects in our current markets in Washington, California, Texas, and Florida and are looking for new expansion opportunities in the fastest growing areas of the country," stated Jeff Habersetzer, Chief Operating Officer at Harbor.