Harbor Custom Development, Inc. Announces Listing of Six Multi-Family Projects totaling $278 million with Kidder Mathews Inc.

Gig Harbor, Washington, UNITED STATES

Tacoma, Washington, April 21, 2022 (GLOBE NEWSWIRE) -- 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 listed six Western Washington apartment projects totaling 734 units for a combined value of $278 million with Kidder Mathews, the largest independent brokerage firm on the West Coast.

“Rental rates continue to escalate at unprecedented levels driving up project apartment values as demand for multi-family housing exceeds the limited supply in the Puget Sound Region of Western Washington. We are capitalizing on this market dynamic by listing for sale our current owned inventory of six apartment projects totaling 734 units in various stages of construction,” stated 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) Listed

“We are excited to represent Harbor Custom Development, Inc. in selling their multi-family properties. Apartment projects in Washington State are trading at historically low CAP rates driving significant value to the underlying asset. The Puget Sound Region apartment market and specifically the Seattle, Tacoma MSA continue to outperform the majority of the country,” stated Austin Kelley, Senior Vice president at Kidder Mathews. It is anticipated the listed projects will sell upon completion over the next 24 months. There is no assurance that real estate market conditions will remain constant and that the final sales price of each multi-family 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, 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 www.harborcustomdev.com.

About Kidder Mathews

Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 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 of 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 metrics and expectations regarding sales of inventory, 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 terminology such as "may," "should," "could," "expect," "plan," anticipate," "believe," "estimate, "predict," "target," "project," "intend," "potential," "would," "continue," "ongoing," or the negative of these terms or other comparable terminology that concerns our expectations, strategy, priorities, plans, or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These forward-looking statements are subject to various risks and uncertainties, including without limitation complications due to COVID-19 which could cause delays in dates of completion or closings, changes in the real estate industry such as increases in mortgage interest rates which could dampen residential home purchases, and those risks and uncertainties set forth in the Company's filings with the Securities and Exchange Commission. Thus, actual results could be materially different. This document includes statements of summarized financial projections. There will be differences between the projected and actual results because events and circumstances frequently do not occur as expected and those differences may be material. 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. There can be no guarantee that the listed prices in this release will result in sales equating to the listed price.

Investor Relations
Hanover International
IR@harborcustomdev.com 866-744-0974

Future Wyndstone 75-unit apartment complex in Yelm, WA