a market conditions and project evaluation summary of - Georgia ...

Allen Wilson Phase III, Decatur, GA; Market Study
The following sections will provide an analysis of the demographic characteristics within the
market area. Data such as population, households and growth patterns will be studied, to
determine if the Primary Market Area (PMA) and the Marietta MSA are areas of growth or
contraction.
The boundaries of the PMA are as follows:
North – North Druid Hills Road
South- Memorial Drive
East-Interstate 285 and Cynthia McKinney Parkway
West-Briarcliff Road
The area was defined based on interviews with local officials as well as property managers at
comparable properties and the property manager of Allen Wilson Phase I, Phase I of the Subject.
The property manager at the Subject’s sister property indicated that while most of the residents
are from within Decatur, the development could also reasonably pull tenants from surrounding
areas such as Druid Hills and Scottdale. Management also believed that Interstate 285 was a
reasonable boundary to the east; however, she further stated that tenants rarely come from the
downtown Atlanta area and did not believe that portions of Fulton County should be included in
the PMA. Therefore, we have drawn the western border along the county line, which is at
Briarcliff Road. Overall, we believe that approximately 85 percent of the Subject’s tenants will
hail from within the PMA.
Novogradac & Company LLP 27