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 />
also located within 0.6 miles <strong>of</strong> Renfro Middle School <strong>and</strong><br />
is located adjacent to Decatur High School. Allen Wilson<br />
Phase I <strong>and</strong> II are located immediately south <strong>of</strong> the site.<br />
Allen Wilson Phase I opened in March 2011 <strong>and</strong> is 100<br />
percent occupied. The development is in excellent<br />
condition. Allen Wilson II is currently under construction<br />
<strong>and</strong> is expected to be completed in September 2012. Upon<br />
completion, the development will be in excellent condition.<br />
Single family homes in the immediate neighborhood range<br />
from average to excellent condition. Although railroad<br />
tracks are located approximately 0.2 miles south <strong>of</strong> the site,<br />
these tracks are not visible from the site <strong>and</strong> Phase I <strong>of</strong> the<br />
Subject’s redevelopment is 100 percent occupied.<br />
Therefore, these tracks do not appear to be a detrimental<br />
influence <strong>and</strong> we do not believe they will be a detrimental<br />
influence following demolition <strong>and</strong> construction <strong>of</strong> the<br />
Subject. Further, there is development between the Subject<br />
<strong>and</strong> the railroad tracks. Overall, the Subject has excellent<br />
access to public transportation, retail, schools, <strong>and</strong> other<br />
locational amenities. Bus stops line West Trinity Place <strong>and</strong><br />
Commerce Drive. The site is considered an excellent<br />
location. The Subject will fit well with the surrounding<br />
uses.<br />
7. Multifamily Residential within<br />
Two Miles: Multifamily uses within two miles <strong>of</strong> the Subject site range<br />
from average to excellent condition. The following table<br />
details those multifamily uses within two miles.<br />
Multifamily Uses Within Two Miles<br />
Property Name Type Tenancy<br />
Allen Wilson Terrace I LIHTC/PH Family<br />
Allen Wilson Terrace II LIHTC/PH Senior<br />
Clairmont Oaks Section 8 Senior<br />
Philips Towers Section 8 Senior<br />
Presley Woods (aka Kirkwood) Section 8 Family<br />
Shepherd Center Section 8 N/Av<br />
Park Trace Section 8 Senior<br />
Westchester Apartments Market Family<br />
Adair Oaks Market Family<br />
Avery Glen Market Family<br />
Parkway Gr<strong>and</strong> Market Family<br />
Spring Pointe Apartments Market Family<br />
Clarion Apartments Market Family<br />
Archstone Decatur Crossing Market Family<br />
Ice House L<strong>of</strong>ts Market Family<br />
Novogradac & Company LLP 19
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