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

Ice House Lofts, continued
Trend Report
Vacancy Rates
1Q09
4Q10
13.3% 1.0%
Trend: Market
1BR / 1BA
1Q11
5.1%
2Q12
0.0%
Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent
2009 1 50.0% $995 - $1,295 $83 - $108 $912 - $1,187 $912 - $1,187
2010 4 8.3% $850 - $1,295 $0 $850 - $1,295 $850 - $1,295
2011 1 N/A $850 - $1,295 $0 $850 - $1,295 $850 - $1,295
2012 2 0.0% $925 - $1,295 $0 $925 - $1,295 $925 - $1,295
2BR / 2BA
Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent
2009 1 20.0% $1,295 - $1,595 $108 - $133 $1,187 - $1,462 $1,187 - $1,462
2010 4 0.0% $1,295 - $1,595 $0 $1,295 - $1,595 $1,295 - $1,595
2011 1 N/A $1,295 - $1,595 $0 $1,295 - $1,595 $1,295 - $1,595
2012 2 0.0% $1,325 - $1,595 $0 $1,325 - $1,595 $1,325 - $1,595
Studio / 1BA
Year QT Vac. Face Rent Conc. Concd. Rent Adj. Rent
2009 1 6.6% $795 - $1,075 $66 - $90 $729 - $985 $729 - $985
2010 4 0.0% $795 - $1,025 $0 $795 - $1,025 $795 - $1,025
2011 1 N/A $795 - $1,025 $0 $795 - $1,025 $795 - $1,025
2012 2 0.0% $865 - $1,025 $0 $865 - $1,025 $865 - $1,025
Trend: Comments
1Q09
4Q10
1Q11
2Q12
The leasing agent reported overall occupancy has steadily declined since the fall of 2008 and recently has fluctuated between 84 and 88 percent. The
property has reduced rents during the past three months and is offering concessions to try and keep occupancy from decreasing further.
Management indicated a short waiting list is kept for all unit types at this time.
Rents and occupancy are current as of March 2011; all other information is current as of October 2010.
The contact indicated that they currently have no vacancies and are pre-leased up through June, noting that demand has been very high lately. She said that
rents will increase for tenants looking to renew their leases, but it will be a smaller increase than what a new tenant would pay.
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