Harbor Custom Development, Inc. Contracts to Sell Land Tracts for $5.4M to Noffke Landholdings, Inc. in Blaine, Washington

Gig Harbor, Washington, UNITED STATES

Blaine, Washington, May 17, 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 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 Relations
Hanover International

Multi-family land tracts in its Horizon at Semiahmoo subdivision in Blaine, Washington