TACOMA, Wash., Oct. 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 an update on six of the company's multifamily projects.

In April of this year, Harbor announced a strategic pivot in the business focusing on the acquisition of land for the development and construction of multifamily projects. This shift to multifamily began over a year ago in the Puget Sound Region of Western Washington.

Harbor Custom Development, Inc., CEO Sterling Griffin released a short video update on the construction progress of the six multifamily projects, "We're excited to announce the Mills Crossing apartment community in Bremerton is now leasing units and Pacific Ridge, Wyndstone, and Belfair View apartments will all be leasing units as well in the next 60 days. We anticipate selling each of these upon completion and rental stabilization. To provide context the gross revenues from the planned sale of four of these projects in 2023 would likely exceed Harbor's combined revenues for the past three years."

Harbor listed these projects with Kidder Mathews for $278 million earlier this year.

• Mills Crossing Townhomes
  • Bremerton, WA
  • 36 units
  • Now leasing
  • Estimated completion Q3 2022
• Belfair View Apartments
  • Belfair, WA
  • 228 units with an amenity building
  • Est. Completion
    • Phase one: Q4 2022
    • Phase two: Q2 2023
• Wyndstone Apartments
  • Yelm, WA
  • 76 units with an amenity building
  • Est. Completion Q4 2022
• Pacific Ridge Apartments
  • Tacoma, WA
  • 80 units with an amenity building
  • Est. Completion Q4 2022
• Meadowscape Apartments
  • Olympia, WA
  • 177 units with an amenity building
  • Est. Completion
    • Phase One Q1 2023
    • Phase Two: Q2 2023
• Bridgeview Trails Apartments
  • Port Orchard, WA
  • 138 units with an amenity building
  • Est. Completion Q4 2023
    

The company regularly documents the construction status of these projects on the presentations page of the Investor Relations section of HarborCustomDev.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 and apartment building, marketing, and sales 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, and single-family 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 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 builder accepting payment in the form of cryptocurrency for its listed land, developed lots, residential homes, and apartments.

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.

Photo of Belfair View Apartments in Belfair, WA

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