Harbor Custom Development Inc, a real estate company involved in each aspect of the land development cycle, has released a video update on six of its multifamily projects.
Back in April, the company announced a strategic pivot to focusing on the acquisition of land for the development and construction of multifamily projects. This shift began more than a year ago in the Puget Sound region of Washington, the company said.
In the video, CEO Sterling Griffin reveals which projects are now leasing units and which others will follow suit in the next 60 days.
READ: Harbor Custom Development closes $39M construction loan for apartments in Washington State
“We’re excited to announce the Mills Crossing apartment community in Bremerton is now leasing units and Pacific Ridge, Wyndstone, and Belfair View apartments will all be leasing units as well in the next 60 days,” Griffin said in the video.
“We anticipate selling each of these upon completion and rental stabilization. To provide context the gross revenues from the planned sale of four of these projects in 2023 would likely exceed Harbor’s combined revenues for the past three years.”
Harbor listed the following projects with Kidder Mathews for $278 million earlier this year:
- Mills Crossing Townhomes, a 36-unit project in Bremerton, Washington currently leasing and expected to be completed in the third quarter
- Belfair View Apartments, a 228-unit and amenity building project in Belfair, Washington, with phase 1 expected to be completed in the fourth quarter of 2022 and phase 2 expected in the second quarter of 2023
- Wyndstone Apartments, a 76-unit plus amneity building project in Yelm, Washington expected to be completed in the fourth quarter
- Pacific Ridge Apartments, an 80-unit with amenity building project in Tacoma, Washington also expected to be completed in the fourth quarter
- Meadowscape Apartments, a 117-unit with amenity building project in Olympia, Washington, with phase 1 expected to be completed in the first quarter of 2023 and phase 2 expected in the second quarter
- Bridgeview Trails Apartments, a 138-unit and amenity building project in Port Orchard, Washington, is expected to be completed in the fourth quarter of 2023
Harbor Custom is 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 Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida. The company is a land developer and builder of apartments, condominiums, single-family homes and luxury homes.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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