Lennar Corporation Purchases 38 Lots from Harbor Custom Development, Inc.
Contracts to Purchase an Additional 50 at Soundview Estates
Gig Harbor, Washington , Dec. 22, 2020 (GLOBE NEWSWIRE) Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has closed on the phase 5 sale of 38 residential lots at Soundview Estates in Bremerton, Washington to Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”), for $4,750,000, and has contracted to sell Lennar an additional 50 lots in Phase 6.
Harbor has now announced the completion of infrastructure improvements on 190 lots at Soundview Estates, of which 165 were purchased by Lennar for single family home construction. Lennar had previously closed on phases 1, 2, and 3 totaling 127 lots during the last 12 months.