Harbor Custom Development Inc said it has closed on the sale of 30 developed lots in the Summit Rock golf course development in Horseshoe Bay Texas to Modern Homestead, LLC for $6,045,000.
Following the sale, Harbor said it will maintain 78 developed lots in the Summit Rock development and anticipates beginning construction on multiple single-family homes in 2022.
“We continue to execute on our stated business objectives by monetizing our real estate assets early in the development cycle,” said Sterling Griffin, president and CEO of Harbor Custom Development in a statement.
READ: Harbor Custom Development closes $4.8M sale of 24 developed lots in Washington to MainVue Homes
Modern Homestead is a full-service real estate development, home building and marketing company focused on the Texas Hill Country region.
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.
Harbor 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 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