Harbor Custom Development Inc has announced that it has entered into a contract with Modern Homestead, LLC for the sale of 30 developed lots in the Summit Rock golf course development in Horseshoe Bay, Texas for $6,045,000.
The company said Modern Homestead, LLC is a full-service real estate development and home building company headquartered in the Texas Hill Country region.
Harbor said the closing of the sale of the 30 lots is scheduled for December 21, 2021. Following the sale, it will maintain ownership of 78 developed lots in the Summit Rock development and anticipates beginning construction on multiple single-family homes in 2022.
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“Selling the 30 Summit Rock lots demonstrates execution of our stated business objective by monetizing a portion of our real estate assets early in the development cycle,” president and CEO Sterling Griffin said in a statement.
Harbor 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’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 stephen.gunnion@proactiveinvestors.com