Harbor Custom Development Inc. (NASDAQ:HCDI) today announced a US$14.5 million agreement to sell the Mills Crossing townhomes in Bremerton, Washington.
The transaction, with Kitsap Community Resources, described as an action agency striving to end poverty, is expected to close on or before April 28, 2023.
Mills Crossing comprises 36 units, each a two-bedroom two-bathroom townhome of up to 1,444 square feet, located conveniently near the Kitsap transit center and nearby amenities.
It is one of six multi-family developments put up for sale by Harbor in 2022.
“The company is excited to announce the purchase and sale agreement for Mills Crossing, the first of our six current multi-family projects under construction,” said Harbor chief executive Sterling Griffin said in a statement.
“In addition to the positive financial outcome for Harbor, we are pleased to work with Kitsap Community Resource's on the sale of Mills Crossing which will provide essential, affordable housing for families in Kitsap County.”
Harbor noted that Kitsap Community Resources serves the needs of families and individuals in Kitsap County who are homeless or at risk of becoming homeless, and help stabilize families in crisis situations.
Anthony Ives, Kitsap Community Resources executive director, added: “Together in collaboration with many community partners in Kitsap County, this represents a small piece of a much larger puzzle to combat the existing housing crisis within our community and across the region.
“By providing safe and affordable housing, the Mills Crossing townhome project will benefit vulnerable families and the city as a whole.”