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

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