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.