PNL acquired a 300-acre residential community in Texas Hill Country from the National Credit Union Association which had taken over the local credit union which itself had foreclosed on the developer a local credit union who had held the property as REO for 3 years. Despite phase I of the community being fully completed with all horizontal infrastructure no lots were ever sold by the developer nor the credit union. PNL initiated an aggressive builder program and sold out phase I and is now developing phase II.