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Allen Wilson Phase III, Decatur, GA; Market Study 4. Amenities A detailed description of amenities included in both the Subject and the comparable properties can be found in the amenity matrix below. The matrix has been color coded. Those properties that offer an amenity that the Subject does not offer are shaded in grey, while those properties that do not offer an amenity that the Subject does offer are shaded in blue. Thus, the inferior properties can be identified by the blue and the superior properties can be identified by the red. Novogradac & Company, LLP 91
Allen Wilson Phase III Allen Wilson Phase III, Decatur, GA; Market Study Allen Wilson Phase I Auburn Glenn Columbia Village Retreat At Edgewood Robins Landing Apartments Comp # Subject 1 2 3 4 5 Property Information Property Type Garden Various Midrise (4 stories) Garden Townhouse (2 stories) Garden (3 stories) Year Built / Renovated Market (Conv.)/Subsidy Type 2014 2010 2004 1999 2011 1980 / 1999 50% (Public 60%, 60% (Project Based Housing), 60% 60% (Public Rental Assistance - (Public Housing) Housing) PBRA), Market 50%, 60% 50%, 60% 60% Utility Adjusments Cooking no no no no no no Water Heat no no no no no no Heat no no no no no no Other Electric no no no no no no Water no no no no no yes Sewer no no no no no yes Trash Collection yes no yes yes yes yes In-Unit Amenities Balcony/Patio no yes yes no no yes Blinds yes yes yes yes yes yes Cable/Satellite/Internet no no no no no no Carpeting yes yes yes yes yes yes Central A/C yes yes yes yes yes yes Coat Closet no no yes yes yes no Dishwasher yes no yes yes yes yes Exterior Storage no no no no no no Ceiling Fan no no yes yes yes yes Fireplace no no no no no no Furnishing no no no no no no Garbage Disposal yes no yes yes yes yes Oven yes yes yes yes yes yes Refrigerator yes yes yes yes yes yes Vaulted Ceilings no no no no no no Walk-In Closet yes yes yes yes yes no Washer/Dryer no no no no yes yes Washer/Dryer hookup yes yes yes yes no yes Property Amenities Basketball Court no no no no no yes Business Center/Computer Lab no yes no yes yes no Car Wash no no no no no no Carport no no no no no no Clubhouse/Meeting Room/Community Room yes yes yes yes yes yes Elevators no no yes no no no Exercise Facility no no yes no yes no Garage no no yes no no no Central Laundry yes yes yes no no yes Off-Street Parking yes yes yes yes yes yes On-Site Management yes yes yes yes yes yes Picnic Area no yes no yes yes no Playground/Tot lot yes yes yes yes yes yes Recreation Areas yes yes no no no no Sport Court no no no no no no Swimming Pool no no yes no no yes Tennis Court no no no no no no Theatre no no no no no no Volleyball Court no no no no no no Wi-Fi no no no no yes no Carport Fee N/A N/A N/A N/A N/A N/A Garage Fee N/A N/A N/A N/A N/A N/A Services Adult Education yes yes no no no no Security In-Unit Alarm no no yes yes yes no Limited Access no no yes yes no yes Patrol no no no no no yes Perimeter Fencing yes yes yes yes no yes Video Surveillance no no yes yes no no Premium Amenities Other Amenities Other UNIT MATRIX REPORT Community Garden n/a n/a n/a n/a Free after school care, and summer programs Novogradac & Company, LLP 92
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A MARKET CONDITIONS AND PROJECT EVA
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Mr. Douglas S. Faust Executive Dire
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author or the firm with which he or
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TABLE OF CONTENTS A. EXECUTIVE SUMM
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EXECUTIVE SUMMARY AND CONCLUSIONS A
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Allen Wilson Phase III, Decatur, GA
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B. PROJECT DESCRIPTION
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Comp # Subject Effective Rent Date
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C. SITE EVALUATION
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Novogradac & Company LLP 21 Allen W
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D. MARKET AREA
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Comparable Properties Allen Wilson
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F. EMPLOYMENT TRENDS
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PROJECT-SPECIFIC DEMAND ANALYSIS
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Page 59 and 60: 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 and 104: Villages Of East Lake I And II, con
Page 105 and 106: Villages Of East Lake I And II, con
Page 107 and 108: 2. The following information is pro
Page 109: Allen Wilson Phase III, Decatur, GA
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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