Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
and market leading real estate company involved in all aspects of
the land development cycle, today announced it has closed on the
sale of three undeveloped multi-family land tracts in its Horizon
at Semiahmoo subdivision in Blaine, Washington, to Noffke
Landholdings, Inc. for $5.4 million.
The three land tracts total 15.44 acres and are
Noffke’s second purchase of multi-family properties within the
Horizon subdivision in 2022. The residential homes will feature a
mix of two-story triplexes and fourplexes, ranging from
approximately 1,600 to 1,900 square feet, and feature views of
Birch Bay and the Cascade Mountains.
“It is a pleasure to continue working with
Noffke Landholdings on these transactions. Their commitment to
accumulating undeveloped multi-family tracts is a validation of our
business model that focuses on monetizing our real estate assets at
the most opportune time in the development cycle,” stated Sterling
Griffin, President and CEO of Harbor Custom Development, Inc.
"We are eager to introduce our diverse product
portfolio to Whatcom County. Whether you’re looking for more room
for your growing family, your retirement home, or your weekend
retreat, we offer something for everyone. We are especially excited
to showcase our multi-family homes in the Horizon community. We
anticipate a mixture of leasing and for sale homes available the
second quarter of 2023," expressed Matthew Noffke, President and
CEO of Noffke Landholdings, Inc.
“Matthew Noffke has a great vision for the
Horizon at Semiahmoo community and a clear understanding of the
homebuyer demographic seeking to locate to this beautiful view
community,” stated listing broker Ron Branch, owner of Branch
Marketing Group, Inc., dba Branch Land Marketing, a regional land
brokerage based in Kirkland, WA.
Noffke is one of three Pacific Northwest
builders who have expanded their geographic footprint to the
Horizon community. MainVue Homes, Century Communities, and Noffke
Homes closed on 71 Horizon lots in December of 2021 and anticipate
pre-sales of the new single-family homes ranging from 2,200 square
feet to more than 3,500 square feet beginning in the second quarter
of this year. The project features a mix of luxury single-family
view lots and multi-family dwellings set within a network of
landscaped parks, open spaces, and trail systems. Once completed,
Horizon at Semiahmoo will feature a total of approximately 140
single-family homes and eight future multi-family development
tracts with approximately 300 units.
Horizon at Semiahmoo is a planned community
designed to connect residents to the outdoors while offering
upscale living and resort-like amenities within a charming
small-town atmosphere. Located in Whatcom County, Washington, and
adjacent to the iconic Semiahmoo Resort and award-winning golf
course, the 149-acre community boasts a natural forest setting with
sweeping coastal views of Birch Bay and the Cascade mountains. For
more information on Horizon at Semiahmoo or Harbor Custom
Development Inc., please visit HorizonbyHarborCustomDev.com, call
888-772-2884, or email a representative at
info@horizonbyharbor.com.
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, entitlements, construction of
project infrastructure, home building, marketing, sales, and
management of various residential projects in Western Washington's
Puget Sound region; Sacramento, California; Austin, Texas; and
Punta Gorda, Florida. As a land 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 patterns, entitlement restrictions, infrastructure
development, and geo-economic forces. Harbor focuses on acquiring
land with scenic views to develop and sell residential lots, new
home communities, and multi-story condominium and apartment
properties within a 20- to 60-minute commute of the nation's
fastest-growing metro employment corridors. Harbor is leading the
real estate industry as the first national land developer and home
builder accepting payment in the form of cryptocurrency for its
listed properties. For more information on Harbor Custom
Development, Inc., please visit https://harborcustomhomes.com.
About Noffke Land
Holdings, Inc.
Noffke Land Holdings, Inc. is an affiliated
company of Noffke Homes, Inc. focused on land acquisition and
development to create exclusive cutting-edge home designs tailored
to the uniqueness of each community. Noffke is committed to quality
and participates in the Master Builders Association of Pierce
County, Kitsap Building Association, Cheers energy efficiency, and
National Association of Home Builders. With a business focus on the
quality of materials, research, integrity, and efficiency, Noffke
Homes has doubled their growth in all sectors of the Real Estate
market from 2019 to 2021. Noffke's primary developments have been
in Pierce County, Washington, since 2012, where they've implemented
more than 14 distinct floor plans, more than 150 single-family
homes in a variety of styles, and is the first in its class to
bring new design elemants to the growth of this territory. Noffke
not only offers residential real estate within Peirce County but
will be expanding into the commercial space in late 2022. Noffke is
eager to have the opportunity to continue this growth by partnering
with Harbor Custom Development, Inc. in the Horizon at Semiahmoo
Master Plan Community, located in Blaine, Washington. Noffke is
ready to break ground in the second quarter of 2022 in the Horizon
Community and looks forward to showcasing its diverse product
portfolio of sought-after single-family residential and
multi-family homes. For more information and to see upcoming
projects, please visit www.noffkehomes.com
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,” “should,”
“believe,” “expect,” “anticipate,” “estimate,” “continue,”
“predict,” “forecast,” “project,” “plan,” “intend” or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. These forward-looking
statements are based upon current estimates and assumptions. While
the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties,
including without limitation those set forth in the Company’s
filings with the Securities and Exchange Commission. Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
Investor RelationsHanover
InternationalIR@harborcustomdev.com866-744-0974
Multi-family land tracts in its Horizon at
Semiahmoo subdivision in Blaine, Washington
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