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

Allen Wilson III, Decatur, GA; Market Study
Survey of Comparable Projects
Comparable properties are examined on the basis of physical characteristics, i.e. building type,
age/quality, level of common amenities, absorption, as well as similarity in rent. We attempted
to compare the Subject to complexes from the competing market to provide a broader picture of
the health and available supply in the market. Our competitive survey includes eight “true”
comparable properties containing 2,015 units. A detailed matrix describing the individual
competitive properties as well as the proposed Subject is provided in the addenda. A map
illustrating the location of the Subject in relation to comparable properties is also provided in the
addenda. The properties are further profiled in the following write-ups. The property
descriptions include information on vacancy, turnover, absorption, age, competition, and the
general health of the rental market, when available.
The availability of LIHTC data is considered good. We have included six LIHTC and
LIHTC/PBRA comparables in our analysis. Of these comparables, four are located outside the
PMA. However, all four properties are located within five miles of the Subject site. We believe
these properties are more comparable to the Subject than most of the LIHTC properties located
in the Subject’s PMA in terms of age/condition and unit mix. LIHTC properties located in the
Subject’s PMA are generally older and are in average condition. As new construction, the
Subject will be in excellent condition and superior to these properties. We have also included
three market rate properties in our analysis. These properties are all located inside the PMA,
within 2.7 miles of the Subject site. Additionally, two of the four LIHTC properties also offer
conventional units. Overall, the availability of market rate data is considered good.
General Market Overview/Included/Excluded Properties
The following table illustrates properties that are within the PMA or a similar market areas. The
table highlights vacancy. Some of these properties have been included as “true comparables.”
Novogradac & Company, LLP 63