Apartment

Harbor Custom Development Inc lists six apartment projects in Western Washington totaling 734 units for a combined value of $278 million with Kidder Mathews

Harbor Custom Development Inc said it listed six apartment projects in western Washington totaling 734 units for a combined value of $278 million with Kidder Mathews, the West Coast’s largest independent brokerage.

“Rental rates continue to rise to unprecedented levels, driving up the value of apartments in the project as demand for multi-family housing outstrips limited supply in the Puget Sound area of ​​western Washington. We let’s capitalize on this market momentum by putting our current inventory of six apartment projects for sale totaling 734 units in various stages of construction,” said Sterling Griffin, President and CEO of Harbor Custom Development in a statement.

Kidder Mathews is the West Coast’s largest independent commercial real estate firm, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada and Arizona. Kidder Mathews offers a full range of brokerage, appraisal, asset servicing, advisory, project and construction management, and debt and equity financing services for all types of properties. The company completes $10.9 billion in transactions, manages 62 million square feet of space, and performs more than 2,600 appraisals annually.

“We are delighted to represent Harbor Custom Development, Inc. in the sale of their multi-family properties. Apartment projects in Washington State are trading at historically low CAP rates, providing significant asset value. The Puget Sound area apartment market and specifically Seattle, Tacoma MSA continues to outperform the majority of the country,” added Austin Kelley, senior vice president at Kidder Mathews.

READ: Harbor Custom Development enters Texas market with 208 single-family lot developments

Harbor’s portfolio of listed apartment communities in Western Washington includes the following:

  • Mills Crossing (Townhomes), Bremerton – (36 units) – Listed
  • Belfair View, Belfair – (228 units) – Listed
  • Wyndstone, Yelm – (75 units) – Listed
  • Tanglewilde, Lacey – (177 units) – Listed
  • Pacific Ridge, Tacoma – (80 units) – Listed
  • Bridgeview Trails, Port Orchard – (138 units)

The projects listed are expected to sell upon completion within the next 24 months. There can be no assurance that real estate market conditions will remain constant and that the final sale price of each multifamily project will meet management’s expectations.

Reprocessing of diluted BPA

In a separate release, Harbor Custom Development announced that it will restate its previously released annual financial statements for the year ended December 31, 2021 and quarterly financial statements for the fourth quarter ended December 31, 2021 and third quarter ended December 30, 2021. September 2021. to reflect revised diluted earnings per share (EPS) results.

The company has identified that the diluted EPS for the periods mentioned above was inaccurate due to an error in the calculation of the weighting of the diluted shares outstanding. These restatements result in corrections to the non-cash and non-operating financial statements and have no impact on the company’s current or past revenues, expenses, assets or liabilities, except for diluted weighted average shares outstanding and of diluted EPS mentioned above.

The company said it expects the restatements to result in the following estimated adjustments: an increase in previously reported diluted EPS for the year ended December 31, 2021, from $0.24 to $0.41; an increase in previously reported diluted EPS for the fourth quarter ended December 31, 2021 from $0.15 to $0.16; and a decrease in previously reported diluted EPS for the third quarter of September 30, 2021, from $0.20 to $0.17.

While the third quarter 2021 restatement resulted in a $0.03 decrease in diluted EPS and the fourth quarter 2021 restatement resulted in a $0.01 increase in diluted EPS, the net difference in restated EPS of year 2021 increased by $0.17 because the company overestimated the weighted average stock. exceptional for the whole year.

“To strengthen our internal financial controls, we have significantly strengthened our accounting team with the recent hires of a Chief Financial Officer, a Chief Accounting Officer, a Senior SEC Reporting Manager and a Tax Manager. We are also providing additional training to our staff, and have engaged a nationally recognized third-party accounting specialist with whom we can consult regarding the application of complex accounting transactions, including diluted EPS,” said Sterling Griffin, Director General of Harbor Development.

Harbor Custom Development is a real estate development company involved in all aspects of the land development cycle, including land acquisition, rights, project infrastructure construction, home construction, marketing, sales and management of various residential projects in the Puget Sound area of ​​western Washington; Sacramento, California; Austin, TX; and Punta Gorda, Florida.

As a real estate developer and builder of apartments, condominiums, single family homes and luxury homes, Harbor Custom Development’s business strategy is to acquire and develop land strategically based on an understanding of population growth, rights restrictions, infrastructure development and geolocation. economic forces.

Harbor is focused on acquiring land with scenic views to develop and sell residential land, new residential communities, and multi-story condominiums and apartments within a 20-60 minute drive of metro employment corridors fastest growing in the country. Harbor leads the real estate industry as the first nationwide real estate developer and homebuilder to accept payment in the form of cryptocurrency for its listed properties.

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