Benzinga | Nov 8, 2021 08:44AM EST

Harbor Custom Development Reports Contract To Sell 30 Developed Lots In Horseshoe Bay, Texas For ~$6M

Harbor Custom Development, Inc. (NASDAQ:HCDI, HCDIP, HCDIW, HCDIZ))) ("Harbor," "Harbor Custom Homes(r)," or the "Company"), 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 contract with Modern Homestead, LLC for the sale of 30 developed lots in the Summit Rock golf course development in Horseshoe Bay Texas for $6,045,000. Modern Homestead, LLC is a full-service real estate development and home building company headquartered in the Texas Hill Country region.

Closing of the 30 lots is scheduled for December 21, 2021. Following the sale, Harbor will maintain ownership of 78 developed lots in the Summit Rock development and anticipates beginning construction on multiple single-family homes in 2022. https://www.hsbresort.com/golf/summit-rock "Selling the 30 Summit Rock lots demonstrates execution of our stated business objective by monetizing a portion of our real estate assets early in the development cycle," stated Sterling Griffin, President and CEO of Harbor Custom Development, Inc.