Harbor Custom Development, Inc. announces the listing of six

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Tacoma, Wash., April 21, 2022 (GLOBE NEWSWIRE) — Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbour”, “Harbor Custom Homes®” or the “Company”), a an innovative and market-leading real estate company involved in all aspects of the land development cycle, today announced that it has listed six apartment projects in Western Washington totaling 734 units for a combined value of $278 million. dollars with Kidder Mathews, the West Coast’s largest independent brokerage firm.

“Rental rates continue to rise to unprecedented levels, driving up the value of apartments in the project as demand for multi-family housing outstrips limited supply in the Puget Sound area of ​​western Washington. We are capitalizing on this market momentum by listing our current inventory of six apartment projects totaling 734 units in various stages of construction,” said Sterling Griffin, President and CEO of Harbor Custom Development, Inc.

Harbor’s portfolio of listed apartment communities in Western Washington includes the following:

  • Mills Crossing (Townhomes), Bremerton – (36 units) – Listed
  • Belfair View, Belfair – (228 units) – Listed
  • Wyndstone, Yelm – (75 units) – Listed
  • Tanglewilde, Lacey – (177 units) – Listed
  • Pacific Ridge, Tacoma – (80 units) – Listed
  • Bridgeview Trails, Port Orchard – (138 units)

“We are delighted to represent Harbor Custom Development, Inc. in the sale of their multi-family properties. Apartment projects in Washington State are trading at historically low CAP rates, which lends significant value to the underlying asset. The Puget Sound area apartment market and specifically Seattle, Tacoma MSA continues to outperform the majority of the country,” said Austin Kelley, senior vice president at Kidder Mathews. The projects listed are expected to sell upon completion within the next 24 months. There can be no assurance that real estate market conditions will remain constant and that the final sale price of each multifamily project will meet management’s expectations.

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc. is a real estate development company involved in all aspects of the land development cycle, including land acquisition, rights, project infrastructure construction, home construction, marketing, sales and management of various residential projects in the Puget of western Washington. Sound region; Sacramento, California; Austin, TX; and Punta Gorda, Florida. As a real estate developer and builder of apartments, condominiums, single family homes and luxury homes, Harbor Custom Development’s business strategy is to acquire and develop land strategically based on an understanding of population growth, rights restrictions, infrastructure development and geolocation. economic forces. Harbor is focused on acquiring land with scenic views to develop and sell residential land, new residential communities, and multi-story condominiums and apartments within a 20-60 minute drive of metro employment corridors fastest growing in the country. Harbor leads the real estate industry as the first nationwide real estate developer and homebuilder to accept payment in the form of cryptocurrency for its listed properties. For more information about Harbor Custom Development, Inc., please visit www.harborcustomdev.com.

About Kidder Mathews

Kidder Mathews is the West Coast’s largest independent commercial real estate firm, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada and Arizona. Kidder Mathews offers a full range of brokerage, appraisal, asset servicing, advisory, project and construction management, and debt and equity financing services for all types of properties. The company completes $10.9 billion in transactions, manages 62 million square feet of space, and performs more than 2,600 appraisals annually. For more information, visit kidder.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to, but are not limited to, expectations regarding future operating results and financial performance, including GAAP and non-GAAP guidance for the year ending December 31, 2022, the calculation of certain of our key financial and operating measures and expectations regarding inventory sales, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “could”, “expect”, “plan”, anticipate”, “believe”, “estimate “, “predict”, “target”, “plan”, “intent”, “potential”, “could”, “continue”, “ongoing” or the negative form of these terms or any other comparable terminology relating to our expectations, our strategy, priorities, plans or intentions. You should not place undue reliance on forward-looking statements. Forward-looking statements should not be construed as guarantees of future performance or results and will not necessarily be precise indications of when at which or by which such performance or results, if any, will be achieved.These forward-looking statements are subject to various risks and uncertainties, including, without limitation, complications due to COVID-19 which could cause delays in the dates of completion or closing, changes in the real estate industry such as increases in mortgage interest rates that could dampen home purchases, and the risks and uncertainties set forth in the Company’s filings with the Securities and Exchange Commission. Therefore, actual results could differ materially. This document includes statements of summarized financial projections. There will be differences between projected and actual results because events and circumstances often do not occur as expected and such differences may be material. The Company expressly disclaims any obligation to update or change any statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no guarantee that the prices quoted in this release will result in sales equivalent to the price quoted.

Investor Relations
Hannover International
[email protected] 866-744-0974

Future wyndstone Apartment complex of 75 units in Yelm, WA

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