a market conditions and project evaluation summary of - Georgia ...
a market conditions and project evaluation summary of - Georgia ...
a market conditions and project evaluation summary of - Georgia ...
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Allen Wilson Phase III, Decatur, GA; Market Study<br />
Stabilization/Absorption Rate<br />
We were able to obtain absorption information from two comparable properties, illustrated<br />
following.<br />
Absorption<br />
Date # <strong>of</strong> Units Per Absorption<br />
Property Rent Structure Opened Units Month Absorbed Pace<br />
Allen Wilson Phase I LIHTC/PBRA 2011 40 40 1 month<br />
Retreat at Edgewood LIHTC 2011 100 20 5 months<br />
The two newest properties in the <strong>market</strong> are Allen Wilson Phase I, the Subject’s sister property,<br />
<strong>and</strong> Retreat at Edgewood. Like the Subject, Allen Wilson Phase I <strong>of</strong>fers LIHTC units that<br />
operate with an additional <strong>project</strong> based subsidy. According to management, all 40 units were<br />
leased within two weeks. The Decatur Housing Authority has a 2,500 household waiting list,<br />
<strong>and</strong> all households are pre-qualified to live at the Subject. Retreat at Edgewood <strong>of</strong>fers 100<br />
LIHTC units that operate without an additional subsidy. Management reported that the property<br />
was fully leased within five months, for an absorption pace <strong>of</strong> 20 units per month. We have<br />
conservatively estimated that the Subject will lease approximately 25 units per month. At this<br />
pace the Subject will reach a stabilized occupancy <strong>of</strong> 93 percent within two months.<br />
Novogradac & Company, LLP 102
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