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

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Property Name Type Allen Wilson Phase III, Decatur, GA; Market Study ADDITIONS TO SUPPLY SINCE 2010 Year Built/ Proposed Competitive with Subject Number of Units Allen Wilson I LIHTC/PHA 2011 Yes 40 Retreat at Edgewood LIHTC 2010 No 100 Retreat at Edgewood II LIHTC/Market 2012 No 40 Total 180 Allen Wilson I was allocated tax credits in 2009 and was completed in 2011. Like the Subject, all units operate with a public housing subsidy and all tenants pay 30 percent of their income towards rent. This property will be directly competitive with the Subject’s units. Neither Retreat at Edgewood or Retreat at Edgewood II will offer subsidized units. Therefore, these units will not directly compete with those proposed at the Subject. PMA OCCUPANCY Per DCA’s guidelines, we have determined the average occupancy rate based on all available competitive conventional and LIHTC properties in the PMA. We have provided a combined average occupancy level for the PMA based on the total competitive units in the PMA. Novogradac & Company, LLP 46
Allen Wilson Phase III, Decatur, GA; Market Study PMA OCCUPANCY Name Type Tenancy Distance Occupancy* Included/ Excluded Reason for Exclusion Parkway Grand (fka Woodberry Village) Market Family 0.5 miles 94% Excluded Closer, more comparable properties available Spring Pointe Apartments Market Family 1.7 miles 98% Excluded Closer, more comparable properties available Ice House Lofts Market Family 1.2 miles 100% Included N/Ap Jackson Square Market Family 2.7 miles 91% Included N/Ap Archstone Decatur Crossing (fka Grayson Park) Market Family 1.3 miles 99% Included N/Ap Avondale Station Apts Market Family 2.1 miles N/Av Excluded Closer, more comparable properties available Clairmont Crest Market Senior 3.0 miles 97% Excluded Tenancy not comparable Willamsburg Apartment Homes Market Mixed 3.8 miles 89% Excluded Closer, more comparable properties available Forest Heights LIHTC Family 2.8 miles 96% Excluded Inferior age/condition Kirkwood Gardens LIHTC Family 2.4 miles 98% Excluded Inferior age/condition Brittany Place LIHTC Family 4.6 miles 74% Excluded Inferior age/condition Budd Terrace Section 8 Senior 3.5 miles N/Av Excluded All units are subsidized Wesley Woods Section 8 Senior 3.5 miles N/Av Excluded All units are subsidized Decatur Christian Towers Section 8 Senior 1.6 miles 100% Excluded All units are subsidized Clairmont Oaks Section 8 Senior 0.6 miles N/Av Excluded All units are subsidized Oak Forest Apts Section 8 Family 4.2 miles N/Av Excluded All units are subsidized Philips Towers Section 8 Senior 0.4 miles 100% Excluded All units are subsidized Booth Residence Section 8 Senior 3.4 miles N/Av Excluded All units are subsidized Edgewood Court Apts Section 8 Family 3.2 miles N/Av Excluded All units are subsidized Presley Woods (aka Kirkwood) Section 8 Family 1.7 miles N/Av Excluded All units are subsidized Shepherd Center Section 8 N/Av 1.4 miles N/Av Excluded All units are subsidized Communty Housing Inc Section 8 Disabled 2.7 miles N/Av Excluded All units are subsidized Columbia Senior Residences at Edgewood LIHTC Senior 3.8 miles 98% Excluded Tenancy not comparable Birch Grove (fka Cedar Creek) LIHTC Family 4.3 miles 91% Excluded Inferior age/condition Delano Place LIHTC Family 3.8 miles 100% Excluded Inferior age/condition Courtyards at Glenview LIHTC Family 4.9 miles 91% Excluded Inferior age/condition Sycamore Chase (fka Maple Glen) LIHTC Family 3.1 miles 93% Excluded Inferior age/condition Retreat at Edgewood LIHTC Family 3.0 miles 100% Included N/Ap Retreat at Edgewood II** LIHTC/Market Family 3.0 miles N/Ap Excluded Proposed Columbia Park LIHTC Family 1.3 miles N/Ap Excluded Project is on hold Allen Wilson Terrace I LIHTC/PH Family adjacent 100% Included N/Ap Allen Wilson Terrace II** LIHTC/PH Senior adjacent N/Ap Excluded Tenancy not comparable AVERAGE *Occupancy within the last 12 months **Proposed or Under Construction 95% NET SUPPLY The following Competitive Analysis chart may be used to determine the Net Supply number of each bedroom and income category when considering the deduction of properties in the net supply in cases where, for instance, the property is on the edge of the PMA, is a market rate property, or otherwise only partially fulfills the need for units that will be filled by the proposed subject. All properties determined to be competitive with the proposed development will be included in the Competitive Analysis and assigned a Comparability Factor to be used in determining Net Supply in the PMA. The total Comparability Factor will be applied to each bedroom type for all income segments to determine the number of units to be allocated to the existing property. Total market supply will be comprised of the weighted units supply from the comparable existing properties and all units new to the market area since 2010. Novogradac & Company, LLP 47
Page 1 and 2:
A MARKET CONDITIONS AND PROJECT EVA
Page 3 and 4: Mr. Douglas S. Faust Executive Dire
Page 5 and 6: author or the firm with which he or
Page 7 and 8: TABLE OF CONTENTS A. EXECUTIVE SUMM
Page 9 and 10: EXECUTIVE SUMMARY AND CONCLUSIONS A
Page 11 and 12: Allen Wilson Phase III, Decatur, GA
Page 17 and 18: B. PROJECT DESCRIPTION
Page 19 and 20: Comp # Subject Effective Rent Date
Page 21 and 22: C. SITE EVALUATION
Page 29 and 30: Novogradac & Company LLP 21 Allen W
Page 31 and 32: D. MARKET AREA
Page 33 and 34: Comparable Properties Allen Wilson
Page 41 and 42: F. EMPLOYMENT TRENDS
Page 51 and 52: PROJECT-SPECIFIC DEMAND ANALYSIS
Page 53: 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
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Villages Of East Lake I And II, con
Page 107 and 108:
2. The following information is pro
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Allen Wilson Phase III, Decatur, GA
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Allen Wilson Phase III Allen Wilson
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I. Education STATEMENT OF PROFESSIO
Page 135 and 136:
H. Blair Kincer Qualifications Page
Page 137:
STATEMENT OF PROFESSIONAL QUALIFICA
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