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Allen Wilson Phase III, Decatur, GA; Market Study
developments or given Section 8 vouchers while construction takes place. Because the Subject
will maintain its subsidy, we expect the majority of the current tenants to return to the Subject
following construction. Given the low LIHTC and subsidized vacancy rates in the local market,
we believe that the Subject will maintain a stabilized vacancy rate of five percent or less
following construction.
7. Properties Under Construction and Proposed
There is one family property under construction or proposed in the PMA.
Retreat at Edgewood II
1. Address: 37 Hutchinson Street
2. Name of Owner: Columbia Residential
3. Unit configuration, number of units and proposed rents:
Retreat at Edgewood II
Number of
Asking
Unit Type Units
50% AMI
Size Rent
1BR 3 753 $487
3BR 1
60% AMI
1,500 $613
1BR 25 753 $584
3BR 9 1,500 $703
1BR
Market Rate
2 753 $725
Total 40
4. Estimated Date of Market Entry: The development was allocated in 2010 and is currently
under construction.
It should be noted that Allen Wilson Phase II, the second phase of the Subject, was allocated tax
credits in 2010 and is currently under construction. Because this property will target senior
tenants, its units will not directly compete with the Subject.
8. Rental Advantage
The following table illustrates the Subject’s similarity to the comparable properties. We inform
the reader that other users of this document may underwrite the LIHTC rents to a different
standard than contained in this report
Novogradac & Company, LLP 95