By Shawna De La Rosa – Reporter, Puget Sound Business Journal
Aug 16, 2023
Harbor Custom Development Inc. (Nasdaq: HCDI) has started lease-up on its 177-unit Meadowscape apartments in Olympia, the company said Tuesday.
The Tacoma-based developer started construction on the 160,000-square-foot project in September 2021. Work is expected to finish in the fourth quarter this year. The site is at 7635 Third Way SE.
The complex includes 10 three-story buildings with a mix of studios and one- and two-bedroom units. Monthly rents for the two-bedrooms start at $1,550, according to the company.
The Meadowscape is one of six properties Harbor put up for sale in April 2022 for a total of $278 million. At the time of the offering, the properties were in various stages of development. Now, four of the six are complete or mostly complete and in lease-up. The other three in lease-up include the 80-unit Pacific Ridge in Tacoma (82% leased), the 76-unit Wyndstone in Yelm (96% leased) and the 228-unit Belfair View in Belfair (48% leased).
Another of the property from the portfolio, the 36-unit Mills Crossing in Bremerton, sold for $14.25 million earlier this year to Kitsap Community Resources.
The final property is a 9-acre development site in Port Orchard called Bridge Trail View. The company announced it had gone under contract in May for $11 million, but it has yet to close.