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Villages Of East Lake I And II, continued Comments The contact could not provide vacancy by unit type but indicated that none of the four-bedroom units are vacant. The concession is $300 off the first month, $200 off the second month and $100 off the third month, on a 12-month lease. © Novogradac & Company LLP 2008 - All Rights Reserved.
Villages Of East Lake I And II, continued Trend Report Vacancy Rates 1Q09 4Q09 7.4% 6.1% 1BR / 1BA 2Q11 0.0% 2Q12 Trend: Market Trend: PBRA 6.1% Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 N/A $875 - $905 $0 $875 - $905 $875 - $905 2009 4 N/A $875 - $905 $55 - $57 $820 - $848 $820 - $848 2011 2 0.0% $719 $0 $719 $719 2012 2 N/A $719 $50 $669 $669 2BR / 1.5BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 N/A $955 $0 $955 $955 2009 4 N/A $1,005 $60 $945 $945 2011 2 0.0% $819 $0 $819 $819 2012 2 N/A $819 $50 $769 $769 2BR / 2BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 N/A $945 - $1,090 $0 $945 - $1,090 $945 - $1,090 2009 4 N/A $945 - $1,090 $59 - $68 $886 - $1,022 $886 - $1,022 2011 2 0.0% $819 $0 $819 $819 2012 2 N/A $819 $50 $769 $769 3BR / 2.5BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 3BR / 2BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 N/A $1,115 - $1,220 $0 $1,115 - $1,220 $1,115 - $1,220 2009 4 N/A $1,115 - $1,220 $70 - $76 $1,045 - $1,144 $1,045 - $1,144 2011 2 0.0% $919 $0 $919 $919 2012 2 N/A $919 $50 $869 $869 4BR / 2.5BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 N/A $1,400 $0 $1,400 $1,400 2009 4 N/A $1,400 $88 $1,312 $1,312 2011 2 0.0% $1,019 $0 $1,019 $1,019 2012 2 N/A $1,019 $50 $969 $969 4BR / 2BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 N/A $1,380 $0 $1,380 $1,380 2009 4 N/A $1,380 $86 $1,294 $1,294 2011 2 0.0% $1,019 $0 $1,019 $1,019 2012 2 N/A $1,019 $50 $969 $969 1BR / 1BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 0.0% N/A $0 N/A N/A 2009 4 0.0% N/A $0 N/A N/A 2011 2 0.0% N/A $0 N/A N/A 2012 2 N/A N/A $0 N/A N/A 2BR / 1.5BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 3.8% N/A $0 N/A N/A 2009 4 3.8% N/A $0 N/A N/A 2011 2 0.0% N/A $0 N/A N/A 2012 2 N/A N/A $0 N/A N/A 2BR / 2BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 0.0% N/A $0 N/A N/A 2009 4 0.0% N/A $0 N/A N/A 2011 2 0.0% N/A $0 N/A N/A 2012 2 N/A N/A $0 N/A N/A 3BR / 2BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 1.0% N/A $0 N/A N/A 2009 4 1.0% N/A $0 N/A N/A 2011 2 0.0% N/A $0 N/A N/A 2012 2 N/A N/A $0 N/A N/A 4BR / 2.5BA Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 0.0% N/A $0 N/A N/A 2009 4 0.0% N/A $0 N/A N/A 2011 2 0.0% N/A $0 N/A N/A 2012 2 N/A N/A $0 N/A N/A 4BR / 2BA © Novogradac & Company LLP 2008 - All Rights Reserved. Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent 2009 1 0.0% N/A $0 N/A N/A 2009 4 0.0% N/A $0 N/A N/A 2011 2 0.0% N/A $0 N/A N/A 2012 2 N/A N/A $0 N/A N/A
Page 1 and 2:
A MARKET CONDITIONS AND PROJECT EVA
Page 3 and 4:
Mr. Douglas S. Faust Executive Dire
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author or the firm with which he or
Page 7 and 8:
TABLE OF CONTENTS A. EXECUTIVE SUMM
Page 9 and 10:
EXECUTIVE SUMMARY AND CONCLUSIONS A
Page 11 and 12:
Allen Wilson Phase III, Decatur, GA
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
B. PROJECT DESCRIPTION
Page 19 and 20:
Comp # Subject Effective Rent Date
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C. SITE EVALUATION
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Page 27 and 28:
Page 29 and 30:
Novogradac & Company LLP 21 Allen W
Page 31 and 32:
D. MARKET AREA
Page 33 and 34:
Comparable Properties Allen Wilson
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
F. EMPLOYMENT TRENDS
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Page 45 and 46:
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Page 49 and 50:
Page 51 and 52:
PROJECT-SPECIFIC DEMAND ANALYSIS
Page 53 and 54: Allen Wilson Phase III, Decatur, GA
Page 69 and 70: Novogradac & Company, LLP 61 Allen
Page 71 and 72: Allen Wilson III, Decatur, GA; Mark
Page 73 and 74: Comparable Rental Property Map Alle
Page 75 and 76: SUMMARY MATRIX Comp # Project Dista
Page 77 and 78: Effective Rent Date 5/23/2012 Locat
Page 79 and 80: Allen Wilson Phase I, continued Tre
Page 81 and 82: Auburn Glenn, continued Unit Mix (f
Page 85 and 86: Columbia Village, continued Trend R
Page 89 and 90: Retreat At Edgewood, continued Amen
Page 91 and 92: Robins Landing Apartments, continue
Page 95 and 96: Archstone Decatur Crossing (fka Gra
Page 97 and 98: Ice House Lofts, continued Amenitie
Page 101 and 102: Jackson Square, continued Trend Rep
Page 103: Villages Of East Lake I And II, con
Page 107 and 108: 2. The following information is pro
Page 111 and 112: Allen Wilson Phase III Allen Wilson
Page 133 and 134: I. Education STATEMENT OF PROFESSIO
Page 135 and 136: H. Blair Kincer Qualifications Page
Page 137: STATEMENT OF PROFESSIONAL QUALIFICA
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