I have some great news to share. Last week we hit 94% occupancy at Springs at Essex Farms in Charleston, South Carolina. Our preleasing numbers for the immediate future are strong allowing us to project holding that level of occupancy. Springs at Essex Farms is now stabilized!
Our projected stabilization date was the end of February, 2016, with projected rent of $1.14 psf. We are stabilized a month early and with higher rents. Kudos start with our Development team who found an outstanding site and coordinated all underwriting, diligence and entitlement efforts. Brian Nick, Justin Sell, Melissa Beyhaghi, and Sarah Brackney wore out the path from Milwaukee to Charleston and did a great job responding to, and overcoming the challenges we faced, including learning a lot about bald eagles and how to protect their natural habitats. Well done, Team. Jan Rayburn demonstrated outstanding leadership and teamwork. There were many ups and downs for our onsite team and Jan kept them focused and positive. Our residents always were first priority. Great work, Jan.
Many, many others put a lot of effort into Springs at Essex Farms and delivered outstanding work so let me close by saying Great Job, Continental!