Congratulations! Yesterday Continental closed on the acquisition of 18 acres in Greenville, South Carolina. The region's strong job growth, favorable demographics and high quality of life make this an excellent investment opportunity for Continental. The site, well located just east of I-85, is surrounded by numerous employment and retail demand drivers. Upon completion, the project will consist of 13 buildings totaling 272 units. The new community will be called Springs at Laurens Road. This acquisition is an example of how reputation and track record matter. Because of the success of Springs at Greenville, our existing community just off Woodruff Road, the seller had confidence that we would not only build a high quality product, but also perform. The team did an excellent job in all aspects of putting this deal together. We excelled at executing the entitlement strategy, managing multiple easements and a 1031 exchange, tracking the development pipeline, keeping construction estimates in line with front end due diligence, preparing a detailed and accurate site plan, managing the lender relationship and closing the loan.
Finally, this is an inspiring example of our Continental Creed. We "created opportunity" by "sharing diverse experiences and perspectives." We were able to tap into the institutional knowledge of the market built up over the past few years by our operations team in order to properly underwrite the deal. We look forward to watching another new community grow in Greenville!