Harbor Custom Development Inc said it has entered into a contract with Laughlin Development, LLC, for the purchase of 66 undeveloped lots for $2,900,000 in Poulsbo, Washington state.
Westry Village is a future 66 unit townhome site located in College Market Place Northwest, a regional shopping center in Poulsbo. Harbor has contracted to purchase the project upon completion of the permitting process and issuance of site plan approval from the city of Poulsbo.
"This acquisition allows Harbor to continue expanding the company's footprint in Kitsap County, where we have had great success. Our objective is to begin vertical construction in Q4 of 2022," commented Sterling Griffin, president and CEO of Harbor in a statement.
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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; Austin, Texas and Punta Gorda, Florida.
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'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