14490 full.pdf - Georgia Department of Community Affairs

A distribution of units and vacancies by year opened is as follows:
PROJECTS
CURRENT
PERIOD
BUILT UNITS BUILT VACANCY RATE
BEFORE 1970 7 862 7.2%
1970-1974 15 1,351 5.0%
1975-1979 4 634 3.8%
1980-1984 5 392 3.3%
1985-1989 4 219 4.1%
1990-1994 3 234 3.8%
1995-1999 7 916 1.4%
2000 0 0 -
2001 1 96 1.0%
2002* 0 0 -
TOTAL
*Through May 2002
46 4,704 4.2%
As the above table illustrates, 3,692 (78.5%) of the units were opened before 1995.
These units have a vacancy rate of 5.0%. The remaining 1,012 (21.5%) units were
added to the market between 1995 and 2001. These newer units have an overall
vacancy rate of 1.4%.
2. COMPARABLE ANALYSIS
The Danter Company has identified 4 Tax Credit projects within the Site EMA that are
most comparable to the proposed subject site. These properties were selected based
on each property’s ability to serve the proposed project’s target market and not on
overall quality or amenities offers. Whenever possible, at least three comparable
properties within 1.0 mile of the subject site were selected.
Following is a list of comparable properties within the Site EMA, as well as the subject
site:
MAP
YEAR NUMBER PERCENT COMPARABILITY
CODE PROJECT
BUILT OF UNITS OCCUPIED RATING
55 WOODPINE WAY 2001 96 99.0% 22.5
56 SUNCHASE 1998 100 100.0% 24.5
58 LOCKETT STATION 1995 40 100.0% 15.5
59 RIVERCREST 1998 120 100.0% 22.0
SITE SOUTH ALBANY VILLAGE PLANNED 132 - 26.0
Note: Address and contact person information is included in the field survey section of this report.
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