Harbor Custom Development Inc shares rocketed after the company revealed that it has entered into a contract to sell the land and site improvements for the future Bridge View Trail apartments in Port Orchard, Washington to a global real estate company for $11 million.
The Tacoma, Washington-based real estate company expects the closing of the property will happen on or before June 30, 2023, upon the buyer’s satisfaction and waiver of their feasibility contingency.
Investors reacted to the news, sending Harbor shares up 28.4% to $4.34 on the tech-dominated Nasdaq in morning trade.
“We are excited about the potential sale of the Bridge View Trail land and site improvements allowing for vertical construction of the project this summer,” said Harbor Custom Development CEO Sterling Griffin.
The planned 138-unit complex will be garden-style apartments on a 9.13-acre site off Harold Drive SE in Port Orchard. The seven three-story buildings will include floorplan options ranging from 456 square foot studios, 663 square foot one-bedroom, one-bathroom apartments, and 911 square foot two-bedroom, two-bathroom units.
The property is located around 20 minutes from the Southworth and Bremerton ferry terminals, with direct access to the Seattle core job market. In addition, the property is roughly a 15-minute drive to Naval Base Kitsap, which employs some 40,000 people tied to the military and defense industry.
Harbor is involved in all aspects of land development, including acquisition, entitlements, construction, home building, marketing, and managing projects. The firm is focused on Western Washington's Puget Sound region, Sacramento in California, Austin in Texas, and Punta Gorda in Florida.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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