Westminster is a 102-acre tract with 99 previously developed lots and undeveloped acreage to accommodate the development of an additional 102 lots. The property was purchased in July 2014. During due diligence, the sponsor was successful in selling the finished lots to Atlanta’s largest homebuilder on a take-down schedule. The homebuilder purchased 25 lots up front and committed to 8 lots per quarter thereafter until the subdivision is completed. At that time, there will be two options for the undeveloped acreage – sell it outright or develop finished lots for a builder. The decision will be driven my market conditions at the time of disposition.