Harbor Custom Development, Inc. said it has closed on the purchase of a 4.31-acre property permitted for the construction of 75 condominium units in Yelm, Washington for $3,325,000.
Yelm is located 22 miles from Washington State's capital of Olympia to the south and 32 miles north to the downtown Tacoma job market. It offers easy access to several outdoor recreational opportunities such as the Yelm Tenino trail.
Harbor anticipates the one, two and three-bedroom units will be priced starting in the low $300,000s and fill a significant need in the local marketplace.
In a statement, Sterling Griffin, president and CEO of Harbor commented: “Offering condominiums starting in the low $300,000s provides us the opportunity to cater to first-time homebuyers who have been largely neglected in the new construction marketplace. As home values and rental rates continue to escalate at unprecedented levels, we believe the pent-up demand for affordable housing provides a significant opportunity for our company.”
READ: Harbor Custom Development closes on $20M construction loan to build condominium complex in Tacoma, Washington
Harbor Custom Development 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; and Austin, Texas.
The company has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair, Allyn, Port Orchard, Lacey, Burien, Yelm and Blaine in the state of Washington. In addition, Harbor has acquired land and will begin constructing homes in three new markets.
In the Sacramento metro market, Harbor will be constructing homes in completed subdivisions in both Rocklin and Auburn, California. In the Austin metro market, Harbor has acquired developed lot inventory in Dripping Springs, Driftwood, and Horseshoe Bay, Texas. The company recently acquired property in Punta Gorda, Florida, and plans to begin construction of oceanfront condominiums there in 2022.
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. It focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.
Contact the author at jon.hopkins@proactiveinvestors.com