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

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Novogradac & Company, LLP 64 Allen Wilson III, Decatur, GA; Market Study GENERAL MARKET OVERVIEW 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 Phase I LIHTC/PH Family adjacent 100% Included N/Ap Allen Wilson Phase II** LIHTC/PH Senior adjacent N/Ap Excluded Tenancy not comparable AVERAGE *Occupancy within the last 12 months **Proposed or Under Construction 95%
Comparable Rental Property Map Allen Wilson III, Decatur, GA; Market Study # Property Name COMPARABLE PROPERTIES City Type Distance 1 Allen Wilson Phase I Decatur LIHTC/PBRA 0.1 miles 2 Auburn Glenn Atlanta LIHTC/PBRA/Market 5.0 miles 3 Columbia Village Decatur LIHTC 4.5 miles 4 Retreat At Edgewood Atlanta LIHTC 3.0 miles 5 Robins Landing Apartments Decatur LIHTC 4.0 miles 6 Archstone Decatur Crossing Decatur Market 1.9 miles 7 Ice House Lofts Decatur Market 0.9 miles 8 Jackson Square Decatur Market 2.7 miles 9 Villages Of East Lake I And II Atlanta PBRA/Market 4.1 miles 1. The following tables illustrate detailed information in a comparable framework for the Subject and the comparable properties. Novogradac & Company, LLP 65
Page 1 and 2:
A MARKET CONDITIONS AND PROJECT EVA
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Mr. Douglas S. Faust Executive Dire
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author or the firm with which he or
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TABLE OF CONTENTS A. EXECUTIVE SUMM
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EXECUTIVE SUMMARY AND CONCLUSIONS A
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Allen Wilson Phase III, Decatur, GA
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B. PROJECT DESCRIPTION
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Comp # Subject Effective Rent Date
Page 21 and 22: C. SITE EVALUATION
Page 23 and 24: Allen Wilson Phase III, Decatur, GA
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
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Page 71: Allen Wilson III, Decatur, GA; Mark
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
Page 105 and 106: Villages Of East Lake I And II, con
Page 107 and 108: 2. The following information is pro
Page 111 and 112: Allen Wilson Phase III Allen Wilson
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I. Education STATEMENT OF PROFESSIO
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H. Blair Kincer Qualifications Page
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STATEMENT OF PROFESSIONAL QUALIFICA
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