Harbor Custom Development Inc. (NASDAQ:HCDI) announced it has closed on the sale of three undeveloped multi-family land tracts in its Horizon at Semiahmoo subdivision in Blaine, Washington, to Noffke Landholdings Inc for $5.4 million.
The company noted that the three land tracts total 15.44 acres and are Noffke's second purchase of multi-family properties within the Horizon subdivision in 2022.
The residential homes will feature a mix of two-story triplexes and fourplexes, ranging from approximately 1,600 to 1,900 square feet, and feature views of Birch Bay and the Cascade Mountains, it added.
READ: Harbor Custom Development lists six Western Washington apartment projects totaling 734 units for a combined value of $278M with Kidder Mathews
"It is a pleasure to continue working with Noffke Landholdings on these transactions,” Harbor president and CEO Sterling Griffin said in a statement. “Their commitment to accumulating undeveloped multi-family tracts is a validation of our business model that focuses on monetizing our real estate assets at the most opportune time in the development cycle.”
Habor explained that Horizon at Semiahmoo is a planned community designed to connect residents to the outdoors while offering upscale living and resort-like amenities within a charming small-town atmosphere. Adjacent to the iconic Semiahmoo Resort and award-winning golf course, the 149-acre community boasts a natural forest setting with sweeping coastal views of Birch Bay and the Cascade mountains.
"We are eager to introduce our diverse product portfolio to Whatcom County,” Noffke Landholdings president and CEO Matthew Noffke added. “Whether you're looking for more room for your growing family, your retirement home, or your weekend retreat, we offer something for everyone. We are especially excited to showcase our multi-family homes in the Horizon community. We anticipate a mixture of leasing and for-sale homes available the second quarter of 2023.”
Noffke is one of three Pacific Northwest builders who 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.
"Matthew Noffke has a great vision for the Horizon at Semiahmoo community and a clear understanding of the homebuyer demographic seeking to locate to this beautiful view community," said Ron Branch, owner of Branch Marketing Group, Inc, doing business as Branch Land Marketing, a regional land brokerage based in Kirkland, Washington.
Harbor focuses on acquiring land with scenic views to develop and sell residential lots, new home communities, and multi-story condominium and apartment properties within a 20- to 60-minute commute of the nation's fastest-growing metro employment corridors. Harbor is leading the real estate industry as the first national land developer and home builder accepting payment in the form of cryptocurrency for its listed properties.
Contact the author at stephen.gunnion@proactiveinvestors.com