Harbor Custom Development Inc. (NASDAQ:HCDI) told investors it closed on the sale of a six-acre multi-family tract in its Horizon at Semiahmoo subdivision in Blaine, Washington, to Noffke Homes for $4.48 million on March 31, 2022.
The company said the land parcel represents the first of eight multi-development tracts expected to be developed at Horizon and will feature a mix of two-story triplexes and fourplexes, ranging from approximately 1,600 and 1,800 square feet.
With completion anticipated by 2023, the condominiums will feature views of Birch Bay and the Cascade Mountains.
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"We're excited to work with Noffke on this project, and it couldn't come at a better time,” Harbor president and CEO Sterling Griffin said in a statement. “In-migration pressure from the Bellingham and surrounding metropolitan areas of Vancouver, Canada, and Seattle, Washington have driven Whatcom County real estate inventory to record lows.”
Harbor noted that Noffke Homes is one of three Pacific Northwest builders that have expanded their geographic footprint to the Horizon community.
MainVue Homes, Century Communities, and Noffke Homes closed on 71 Horizon lots in December of 2021 and anticipate pre-sales of the new single-family homes ranging from 2,200 square feet to more than 3,500 square feet beginning in the second quarter of this year.
The project features a mix of luxury single-family view lots and multi-family dwellings set within a network of landscaped parks, open spaces, and trail systems. Once completed, Horizon at Semiahmoo will feature approximately 140 single-family homes and eight future multi-development tracts offering approximately 300 units.
Harbor is involved in 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.
Contact the author at stephen.gunnion@proactiveinvestors.com