2011-033 Adair Court Mkt Study

Transcription

Market Feasibility Analysis
Adair Court
806 Murphy Avenue Southwest
Atlanta, GA 30310
Prepared For
Tom Simons
The Woda Group, LLC
229 Huber Village Road, Suite 100
Westerville, Ohio 43081
Effective Date
May 27, 2011
Job Reference Number
11-241 (Ben Braley)
155 E. Columbus Street, Suite 220
Pickerington, Ohio 43147
Phone: (614) 833-9300
Bowennational.com
TABLE OF CONTENTS
A. Executive Summary
B. Project Description
C. Site Description and Evaluation
D. Primary Market Area Delineation
E. Community Demographic Data & Market Area Economy
F. Project-Specific Demand Analysis
G. Rental Housing Analysis (Supply)
H. Interviews
I. Recommendations
J. Signed Statement
K. Qualifications
Addendum A – Field Survey of Conventional Rentals
Addendum B – Comparable Property Profiles
Addendum C – Market Analyst Certification Checklist
Addendum D – Methodologies, Disclaimers & Sources
Based on the findings reported in our market study, it is our opinion that a market
exists for the 91 units proposed at the Adair Court senior rental development,
assuming it is developed as detailed in this report. There are no recommended
changes to the project as proposed. Changes in the project’s site, rent, amenities or
opening date may alter these findings. Following is a summary of our findings:
1. Project Description:
The proposed Adair Court apartment project will be located at 806 Murphy
Avenue Southwest in Atlanta, Georgia. The three-story, elevator-equipped
project includes the new construction of 91 rental units that will target elderly
households age 62 and older. The project will be partially funded with LowIncome Housing Tax Credit (LIHTC) financing and most of the proposed units
will target households with incomes of up to 50% and 60% of AMHI, while some
units will target market-rate renters with no maximum income limitation. The
following is a summary table of the proposed project:
Proposed Rents
Total
Units
16
42
11
3
16
3
91
Bedroom
Type
One-Bed.
One-Bed.
One-Bed.
Two-Bed.
Two-Bed.
Two-Bed.
Baths
1.0
1.0
1.0
1.0
1.0
1.0
Style
Garden
Garden
Garden
Garden
Garden
Garden
Square
Feet
738
738
738
988
988
988
Percent
of AMHI
50%
60%
MRR
50%
60%
MRR
Collected
$535
$645
$695
$635
$745
$795
Utility
Allowance
$71
$71
$71
$95
$95
$95
Source: The Woda Development Group, LLC
MRR – Market-rate
AMHI – Area Median Household Income (Atlanta-Sandy Springs-Marietta, GA HUD MSA)
The proposed project will offer an amenities package which includes a
refrigerator, stove, dishwasher, washer/dryer hookups, central air conditioning
and intercom entry. Community amenities will include an on-site management
office, elevator, exercise/wellness center, central laundry facility and communal
areas for congregating. Tenants will be responsible for all electric utilities but
water, sewer and trash will be included in the monthly rent. General electricity
usage will include heat, hot water and cooking.
A-1
Gross
$606
$716
$766
$730
$840
$890
The amenity packages included at the proposed development will be competitive
with the existing low-income projects in the market. The subject development
does not appear to lack any amenities that would hinder its ability to operate as a
Low-Income Housing Tax Credit project. The 14 market-rate units will be at a
slight disadvantage compared to market-rate properties, which typically have
extensive amenity packages. However, the proposed project will exclusively
target seniors and provide senior-oriented amenities that will compensate for the
lack of general market-rate amenities.
A more detailed project description can be found in Section B of this report, while
a comparison to existing rental product can be found in Section G.
2. Site Description/Evaluation:
The proposed site is located on the periphery of a residential neighborhood
dominated by single-family homes and is also adjacent to a city park and public
transportation. These homes and the park are considered consistent with the
planned use of the site. Visibility and access of the site are considered excellent
due to the proximity of Murphy Avenue and public transit. In addition, Interstates
20, 75 and 85 are within 1.4 miles and provide access throughout the greater
Atlanta area.
Community services such as grocery stores, pharmacies,
convenience stores and discount retailers are typically within 0.8 miles. Overall,
the predominantly residential nature of the site neighborhood and proximity of the
site to community services is thought to have a positive impact on the
marketability of the proposed project.
3. Market Area Definition:
The Atlanta Site PMA generally includes portions of southwest Atlanta, but
excludes the downtown. Boundaries were partially selected based on distance
from the site, socio-economic differences between neighborhoods, interviews
with area leasing managers and the observations of our analysts.
The boundaries of the Site PMA generally include Joseph E Boone Boulevard
Northwest and Interstate 20 to the north (2.1 miles); Hill Street Southeast to the
east (2.0 miles); Langford Parkway/State Route 166 to the south, excluding the
Fort McPherson Military Base; and Centra Villa Drive Southwest (2.4 miles),
Cascade Avenue Southwest, South Gordon Street Southwest, Westmeath Drive
Southwest and West Lake Avenue Northwest to the west (2.1 miles).
A more detailed analysis can be found in Section D of this report.
A-2
4. Community Demographic Data:
Between 2000 and 2010, the population increased by 12,172, or 16.6%. It is
projected that the population will increase by 4,118, or 4.8%, between 2010 and
2013. This is a healthy rate of growth which generally increases the demand for
all housing units. The elderly population is projected to increase by 1,548, or
13.1%, between 2010 and 2013. This increase among the targeted age cohort will
likely increase the demand of senior-oriented housing. It should also be noted that
the population age 65 to 74 is one of the fastest growing age cohorts among all
age groups. Between 2010 and 2013, the population age 65 to 74 is expected to
increase by 19.3%.
Between 2000 and 2010, households increased by 4,109 or 15.7%. By 2013, there
will be 31,812 households, an increase of 1,545 households, or 5.1% over 2010
levels. This is an increase of approximately 515 households annually over the
next three years.
The distribution of households by income age 62 and older within the Atlanta Site
PMA is summarized as follows:
Household
Income 62+
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
Median Income
2000 (Census)
Households
Percent
2,287
35.0%
1,448
22.1%
981
15.0%
540
8.2%
371
5.7%
283
4.3%
632
9.7%
6,541
100.0%
$16,793
2010 (Estimated)
Households
Percent
2,237
28.8%
1,745
22.5%
999
12.9%
777
10.0%
467
6.0%
373
4.8%
1,158
14.9%
7,757
100.0%
$19,405
2013 (Projected)
Households
Percent
2,414
27.6%
1,937
22.1%
1,145
13.1%
888
10.1%
564
6.4%
403
4.6%
1,409
16.1%
8,761
100.0%
$20,253
Source: 2000 Census; ESRI; Urban Decision Group; Bowen National Research
In 2000, the median household income for households age 62 and older was
$16,793. This increased by 15.6% to $19,405 in 2010. By 2013, it is projected
that the median household income will be $20,253, an increase of 4.4% over
2010.
In 2010, homeowners age 62 and older occupied 52.0% of all occupied housing
units, while the remaining 48.0% were occupied by renters. By 2013, the renter
share is projected to increase to 49.5%.
A-3
5. Economic Data:
Including 2011, the employment base within Fulton County has declined every
year for the past five years. However, the employment base is expected to
increase during 2011. In 2010, the workforce within the PMA was weighted in
the Educational Services, Arts Entertainment and Recreation, and Public
Administration sectors. The unemployment rate has increased each year since
2007; however, as calculated through March of 2011, it is lower than the average
in 2010.
According to statistics provided by the Bureau of Labor Statistics and based on
interviews with representatives from the Metro Atlanta Chamber, the economic
outlook of the Atlanta metro area is improving. Although total employment has
decreased since 2007, 2011 is expected to finally add enough jobs to increase the
total employment base in annual year-to-year comparisons. Many new job
announcements have been made during the previous six months and a significant
reduction in the number of layoffs have also been noted. Additionally, incentives
from the mayor’s “Hire One Atlanta” program have been generally well received
within the metro area. Considering these trends, the overall economic climate is
considered to have stabilized since the national recession and reductions in
unemployment are anticipated through the projection period of the subject project
(2013). As a result of economic growth, the demands for most housing types will
likely increase and occupancy rates are anticipated to rise.
6. Project-Specific Affordability and Demand Analysis:
Given the proposed rents at the subject site and maximum allowable incomes, it
was calculated that the required income to live at the site will range between
$18,180 and $60,000. There will be an estimated 501 renter households that are
age- and income-qualified to reside at the proposed project which requires an
overall capture rate of 18.2%. Excluding the market rate units, the 77 Tax Credit
units require a 20.9% capture rate, based on the 368 qualified households of
demand. Specifically, the 19 units targeting household up to 50% of AMHI
require a capture rate of 5.0%, while the 58 units targeting households up to 60%
of AMHI require a 26.0% capture rate. The 14 market-rate units only require a
3.8% capture rate. These capture rates are well below Georgia DCA threshold
requirements and are considered good for an urban market.
A-4
7. Competitive Rental Analysis
Tax Credit Comparables:
The gross rents for the competing LIHTC projects and the proposed LIHTC rents
at the subject site, as well as their unit mixes and vacancies by bedroom are listed
in the following table:
Map
I.D.
Project Name
Site
Adair Court
3
Veranda At Carver
Columbia Senior
Residences At
Mechanicsville
The Residences At
Park Place S
Lillie R. Campbell
Heritage Station II
7
8
45
49
OneBr.
$606/50% (16/-)
$716/60% (42/-)
SUB/30% (6/0)
SUB/50% (9/0)
SUB/60% (56/0)
SUB/30% (80/0)
$668/50% (35/0)
$807/60% (35/0)
$692/50% (30/0)
$692/60% (30/0)
$725/60% (14/2)
SUB/60% (72/0)
Gross Rent/Percent of AMHI
(Number of Units/Vacancies)
TwoBr.
$730/50% (3/-)
$840/60% (16/-)
-
$817/50% (10/0)
$817/60% (10/0)
$930-$955/60% (36/2)
SUB/60% (48/0)
ThreeBr.
Rent
Special
-
-
-
None
-
None
$1,095/60% (10/0)
-
None
None
None
SUB - Subsidized (residents pay 30% of their income, as this is a government-subsidized property, which also operates
under the Tax Credit program)
The proposed subject Tax Credit gross rents, ranging from $606 to $840, will be
among the lowest priced LIHTC units targeting similar income levels in the
market. As such, the proposed projects will likely have a marketing advantage
based on price when compared to existing age-restricted product. A comparison
of the weighted average collected rents and those proposed at the subject project
is included below.
Weighted Average Collected Rent of
Comparable LIHTC Units
One-Br.
Two-Br.
$571
$822
The rent advantage for the proposed units is calculated as follows (average
weighted market rent – proposed rent) divided by proposed rent.
Bedrooms
One-Br.
Two-Br.
Weighted
Average Rent
$517 (50%)
$615 (60%)
$610 (50%)
$868 (60%)
Less
Proposed
Rent
$535 (50%)
$645 (60%)
$635 (50%)
$745 (60%)
A-5
Equals
Difference
-$18
-$30
-$25
$123
Divided by
Proposed Rent
$535
$645
$635
$745
Rent
Advantage
-0.3%
-0.5%
-0.4%
16.5%
The proposed one-bedroom units targeting households earning up to 50% and
60% of AMHI are both at a negative rent advantage, but considered very similar
in price to the weighted average rent. The negative rent advantage is less than
1.0% and is not considered a significant amount. Similarly, the two-bedroom
units targeting households earning up to 50% of AMHI are also at a negative rent
advantage of -0.4%. The significant rent advantage difference between the
proposed subject rents and the weighted average rents among comparable
properties is realized among the two-bedroom units that target households up to
60% of AMHI. Please note that these are weighted averages of collected rents and
do not reflect differences in the utility structure that gross rents include.
Therefore caution must be used when drawing any conclusions.
Market-Rate Comparables;
The gross rents and unit mixes for the comparable market-rate apartment projects
and the proposed rents at the subject site are listed in the following table:
Gross Rent
(Total Units)
Map
I.D.
Site
17
37
48
49
Project Name
Adair Court
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
Studio
$721-$1,021 (2)
-
OneBr.
$766 (11)
$913-$1,384 (19)
$892-$1,141 (41)
$932 (17)
$917 (18)
TwoBr.
$890 (3)
$1,146-$2,107 (16)
$1,287-$1,607 (46)
$1,147 (59)
$1,132 (12)
ThreeBr.
$2,040-$2,140 (1)
$1,314 (15)
-
The proposed subject gross rents, ranging from $766 to $890 are significantly less
than the comparable market-rate units within the Site PMA. As such, the
proposed projects will likely have a marketing advantage based on price when
compared to existing age-restricted product. A comparison of the weighted
average collected rents and those proposed at the subject project is included
below.
One-Br.
Two-Br.
$852
$1,074
weighted market rent – proposed rent) divided by proposed rent.
A-6
Bedrooms
One-Br.
Two-Br.
Weighted Avg.
Rent
$852
$1,074
Less
Proposed Rent
- $695
- $795
Equals
Difference
$157
$279
Divided by
Proposed Rent
/ $695
/ $795
Rent
Advantage
22.6%
35.1%
The proposed market-rate rents at the site represent rent advantages of 22.6% to
35.1%, depending on bedroom type. These advantages are considered significant,
but these are weighted averages of collected rents do not reflect differences in the
utility structure that gross rents include. Therefore caution must be used when
drawing any conclusions.
8. Absorption/Stabilization Estimate:
For the purposes of this analysis, we assume the absorption period at the site
begins as soon as the first units are available for occupancy. Since all demand
calculations in this report follow GDCA/GHFA guidelines that assume a 2013
opening date for the site, we also assume that initial units at the site will be
available for rent in spring 2013.
Based on our analysis contained in this report, it is our opinion that the 91
proposed units will reach a stabilized occupancy of 93% within 9 to 11 months.
This is an average absorption rate of between eight and 10 units per month.
The 19 proposed units that will target households up to 50% of AMHI comprise a
relatively small amount of the total project. They also require low capture rates
based on the projected demographic support that will be present within the Site
PMA. Given these low capture rates, the 50% AMHI units will likely reach a
stabilized occupancy level within six to eight months of opening.
Similarly, there are a relatively small amount of market rate units that also require
low capture rates. Given the base of income-qualified seniors in the market, we
expect these units to fill at the second fastest rate and reach a stabilized occupancy
level within six to eight months of opening.
The majority of units proposed at the site will target households earning up to
60% of AMHI. As such, these units have higher capture rates compared to the
50% and market-rate units. However, based on the findings included in this
study, we anticipate these units to reach a stabilized occupancy level within nine
to 11 months of opening.
A-7
9. Overall Conclusion:
dominated by single-family homes. The residential nature of the site and the
proximity of Adair Park and public transportation are considered beneficial to
marketability and consistent with the planned use of the site. Further, as a
multifamily development, the proposed subject site will serve as a natural
transition to the commercial land uses located north of the site. Access and
visibility are both considered excellent. Community services such as grocery
stores, pharmacies and discount retailers are all within 0.8 miles. Overall, the
predominantly residential nature of the site neighborhood and proximity to
community services are thought to have a positive impact on the marketability of
the proposed project.
The number of elderly households age 62 and older is growing within the Site
PMA. Specifically, elderly renter households that are income-qualified to reside
at the proposed project are expected to increase during the next several years.
Capture rates are considered very low and achievable based on the high
occupancy levels at comparable age-restricted projects and the anticipated market
position of the proposed site upon market entry.
The existing age-restricted rental projects within the Site PMA have very high
occupancy rates and maintain waiting lists. The proposed project competes
favorably with the comparable projects identified within the Site PMA. Although
no real advantage can be realized due to the unit design (size and layout),
amenities or location, the proposed subject gross rents are some of the lowest
within the Site PMA and ultimately create a marketing advantage for the project.
The market-rate units are also marketable based on price and the inclusion of
senior-oriented amenities and unit designs that are not readily found at marketrate projects.
Based on these factors, the proposed project will be marketable within the Site
PMA and it is anticipated that a stabilized occupancy level of 93.0% will be
reached within nine to 11 months.
A-8
2010 Market Study Manual
OAH Manual
6-12-10
DCA Office of Affordable Housing
SUMMARY TABLE
(must be completed by the analyst and included in the executive summary)
Development Name:
Adair Court
Total # Units: 91
Location:
PMA Boundary:
generally include Joseph E Boone Boulevard Northwest and Interstate 20 to the north (2.1 miles); Hill
Street Southeast to the east (2.0 miles); Langford Parkway/State Route 166 to the south, excluding the
Fort McPherson Military Base; and Centra Villa Drive Southwest (2.4 miles), Cascade Avenue
Southwest, South Gordon Street Southwest, Westmeath Drive Southwest and West Lake Avenue
Northwest to the west (2.1 miles)
# LIHTC Units: 77
Farthest Boundary Distance to Subject:
2.4 miles
RENTAL HOUSING STOCK (found on page G-1)
# Properties
49
20*
23*
Total Units
7,716
2,828
2,465
Vacant Units
533
284
34
Average
Occupancy
93.1%
90.0%
98.6%
LIHTC
17*
2,423
215
91.1%
Stabilized Comps
Properties in Construction & Lease Up
5*
1
590
301
6
35
98.9%
88.4%
Type
All Rental Housing
Market-Rate Housing
Assisted/Subsidized Housing not to include
LIHTC
*Projects include multiple types of units (Market-Rate/Tax Credit/Government Subsidized)
Subject Development
Highest Unadjusted
Comp Rent
Average Market Rent
#
Units
16
#
Bedrooms
One (50%)
#
Baths
1.0
Size (SF)
738
Proposed
Tenant Rent
$535
Per Unit
$517
Per SF
$0.69
Advantage
-0.3%
Per Unit
$530
Per SF
$0.71
42
11
3
16
3
One (60%)
One - MRR
Two (50%)
Two (60%)
Two - MRR
1.0
1.0
1.0
1.0
1.0
738
738
988
988
988
$645
$695
$635
$745
$795
$615
$852
$610
$868
$1,074
$0.85
$1.06
$0.61
$0.95
$0.94
-0.5%
22.6%
-0.4%
16.5%
35.1%
$725
$1,270
$610
$955
$1,960
$1.19
$1.09
$0.61
$1.01
$1.02
DEMOGRAPHIC DATA (found on page E-3)
2000
Renter Households
Age- and Income-Qualified Renter HHs
(LIHTC)
Age- and Income-Qualified Renter HHs
(MR) (if applicable)
2010
2013
16,369
62.6%
19,762
65.3%
20,775
65.3%
487
3.0%
694
3.5%
836
4.0%
461
2.8%
746
3.8%
906
4.4%
TARGETED INCOME-QUALIFIED RENTER HOUSEHOLD DEMAND (found on page F-1)
Type of Demand
Renter Household Growth
Existing Households (Overburd + Substand)
Homeowner conversion (Seniors)
Less Comparable/Competitive Supply
Net Income-Qualified Renter HHs
Targeted Population
Capture Rate
30%
-
50%
108
266
13
61
60%
101
201
15
139
Market-rate
160
203
25
71
Other:__
-
Overall
244
397
35
271
-
326
178
317
-
405
Market-rate
3.8%
Other:__
-
Overall
18.2%
CAPTURE RATES (found on page F-8)
30%
50%
60%
5.0%
26.0%
SECTION B - PROJECT DESCRIPTION
The proposed Adair Court apartment project is located at 806 Murphy Avenue
Southwest in Atlanta, Georgia. The three-story, elevator-equipped project includes the
new construction of 91 rental units that will target elderly households age 62 and older.
The project will be partially funded with Low-Income Housing Tax Credit (LIHTC)
financing and most of the proposed units will target households with incomes of up to
50% and 60% of AMHI, while some units will target market-rate renters with no
maximum income limitation. The project will include 69 one-bedroom units and 22
two-bedroom units. The proposed Tax Credit collected rents range from $535 to $745,
depending on unit type and targeted income level, while the market-rate rents will
range from $695 to $795. Additional details regarding the proposed project follow:
A. PROJECT DESCRIPTION
1. Project Name:
Adair Court
2. Property Location:
Atlanta, Georgia 30310
3. Project Type:
New Construction: Low-Income Housing
Tax Credits (LIHTC) and Market-Rate
4. Unit Configuration and Rents:
Total
Units
16
42
11
3
16
3
91
Bedroom
Type
One-Bed.
One-Bed.
One-Bed.
Two-Bed.
Two-Bed.
Two-Bed.
Baths
1.0
1.0
1.0
1.0
1.0
1.0
Style
Garden
Garden
Garden
Garden
Garden
Garden
Square
Feet
738
738
738
988
988
988
Percent Of
AMHI
50%
60%
MRR
50%
60%
MRR
Proposed Rents
Utility
Collected
Allowance
$535
$71
$645
$71
$695
$71
$635
$95
$745
$95
$795
$95
Source: The Woda Development Group, LLC
AMHI – Area Median Household Income (Atlanta-Sandy Springs-Marietta, GA HUD MSA)
5. Target Market:
Elderly 62+
6. Project Design:
Three-Story, elevator-served
7. Original Year Built:
Not Applicable (New Construction)
B-1
Gross
$606
$716
$766
$730
$840
$890
2013
8. Projected Opening Date:
9. Unit Amenities:





Refrigerator
Electric Stove
Dishwasher
Garbage Disposal
Emergency Pull Cords





Washer/Dryer Hookups
Central A/C
Carpet
Window Blinds
Intercom Entry





Outdoor Patio
Elevator
Computer Room
Elevator
Security Lighting, CCTV
Cameras
10. Community Amenities:





On-Site Management
Sitting/Lounge Areas
Central Laundry Facility
Fitness/ Wellness Center
Community Room with
Kitchen
11. Resident Services:
Adair Court will coordinate with residents to provide social activities such as
arts and crafts, potluck dinners and card games. Senior advocates from local
non-profit groups will be invited to meet with seniors on a monthly basis to
discuss relevant topics including Medicare/Medicaid, Social Security and
other important issues for seniors.
12. Utility Responsibility:
Tenants will be responsible for all electric costs including heat, hot water and
cooking. Cold water, sewer and trash removal will be included in the
monthly rent.
13. Rental Assistance:
Project-based Rental Assistance (RA) will NOT be available for units at this
project. However, those units with rents below Fair Market Rents established
by HUD will be eligible to accept Housing Choice Vouchers.
14. Parking: The subject site will offer 49 open lot parking spaces.
15. Statistical Area: Atlanta-Sandy Springs-Marietta, GA HUD MSA (2010)
A state map, area map and map illustrating the site neighborhood are on the
following pages.
B-2
Tennessee
Chattanooga
N
State of Georgia
276
£
64
¤
£
¤£
411
¤
Huntsville
¨
¦
§
¨
¦
§
565
123
£
¤
72
£
¤
11
¨
¦
§
¨
¦
§
759
SITE
¨
¦
§
77
221
£
¤
¨
¦
§
285
South Carolina
Athens-Clarke County
178
Augusta-Richmond County
2
231
1
£
¤
Columbia
£
¤
20
£
¤
£
¤
501
21
£
¤
^¦
¨
¦
¨§
§
675
74
£
¤
£
¤
25
985
Atlanta
Birmingham
76
¤
£
¤£
401
378
£
¤
601
£
¤
15
£
¤
¨£
¦
§
¤
26
52
£
¤£
¤
521
176
78
£
¤
¨
¦
§
95
Alabama
¨
¦
§
475
¨
¦
§
¨
¦
§
85
185
80
£
¤
Columbus
Montgomery
3
£
¤
701
£
¤
Georgia
321
£
¤
¨
¦
§
16
23
£
¤
331
¤
£
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1:3,368,430
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Pontiac SE Pl
Park SE Rd
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Locust NE St
Warren SE St
Blake SE Ave
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Atlanta, GA: Site Neighborhood
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Project Site
Hope01-15-2009
St SW
Image Date:
1 inch = 333 feet
SECTION C – SITE DESCRIPTION AND EVALUATION
1. LOCATION
The subject site is a vacant parcel of land located at 806 Murphy Avenue
Southwest in the southwest portion of Atlanta, Georgia. Atlanta is
approximately 118 miles south of Chattanooga, Tennessee and approximately
147 miles east of Birmingham, Alabama. An employee of Bowen National
Research inspected the site and area apartments during the week of May 2,
2011.
2. SURROUNDING LAND USES
The subject site is within an established area of southwest Atlanta. Surrounding
land uses include vacant and in-use commercial properties, single-family
homes, a park and railroad tracks. Adjacent land uses are detailed as follows:
North -
East -
South -
West -
Directly north of the proposed site are four commercial buildings
that are all considered to be in poor condition. Farther to the
north is the Atlanta Storage facility, a large commercial
warehouse that is considered to be in fair condition. General
commercial land uses are located beyond.
Two-lane Lowndes Avenue Southwest borders the site to the
east. Continuing east across Lowndes Avenue Southwest are
single-family homes. These homes primarily comprise onestory and are considered to be in poor to fair condition. A
residential neighborhood extends eastward and comprises singlefamily homes in similar condition.
Two-lane Gillette Street Southwest borders the site to the south.
Continuing south across Gillette Street Southwest is Adair ParkII, a ten-acre public park which includes multiple basketball and
tennis courts as well as a baseball/softball field and playground
equipment. A local park maintenance facility is also located
directly south of the site. A residential neighborhood is located
beyond and primarily comprises single-family homes in poor to
fair condition.
Murphy Avenue Southwest, a moderately traveled local
thoroughfare borders the site to the west. Continuing west
across Murphy Avenue Southwest are multiple railroad tracks
utilized for freight and transit purposes.
A residential
neighborhood comprising single- and multi-family homes in fair
condition is located beyond. The West End Station is located
northwest of the site and can be used to access the MARTA
(Metropolitan Atlanta Rapid Transit Authority).
C-1
dominated by single-family homes. These homes and Adair Park are
considered consistent with the planned use of the site. Further, as a multifamily
development, the proposed subject site will serve as a natural transition to the
commercial land uses located to the north. Overall, the predominantly
residential nature of the site neighborhood and proximity of the site to a park
and MARTA station is thought to have a positive impact on the marketability of
the proposed project.
3. VISIBILITY AND ACCESS
The proposed site is at 806 Murphy Avenue Southwest, a moderately traveled
two-lane street directly west of the site. Visibility is considered excellent from
all directions as the proposed site will have significant frontage along all four
local roadways which border the site and will be the tallest building within the
immediate vicinity. The site will also be easily visible from the MARTA light
rail transit, which has elevated tracks to the west of the site. Access to the site
is convenient from northbound and southbound traffic on Murphy Avenue
Southwest, which will provide access to the property. Overall visibility and
access to the proposed site is considered excellent.
C-2
4. PROXIMITY TO COMMUNITY SERVICES AND INFRASTRUCTURE
The site is served by the community services detailed in the following table:
Community Services
Major Highways
Public Bus Stop
Convenience Store
Grocery
Discount Department Store
Shopping Center/Mall
Police
Fire
Post Office
Bank
Hospital
Senior Center
Recreational Facilities
Gas Station
Pharmacy
Restaurant
Library
Fitness Center
Park
Name
State Routes 14/154 & U.S. Route 29
U.S. Routes 19/41 & State Route 3
Interstate 20
Interstates 75 & 85
West End Station (Metropolitan Atlanta Rapid Transit
Authority; MARTA)
M&J
Hardy's Super Market Inc
Big Bear Foods
Family Dollar Store
The Mall West End
City Of Atlanta Police Department-Zone 3
Atlanta Fire Department- Station 20
US Post Office
Bank Of America
West End Medical Center
Bethlehem Senior Center
Perkerson Park Recreation Center
Chevron
CVS Pharmacy
Merkinson's Fish Market
Gut Busters
Atlanta-Fulton Public Library
Claiborne Fit Effects
Adair Park II
Driving Distance
From Site (Miles)
0.2 Southwest
0.3 East
0.6 North
1.4 East
0.4 Northwest
0.2 Southwest
0.6 North
0.7 Northwest
0.8 Northwest
0.5 Northwest
3.1 East
1.4 Southeast
0.4 Northwest
0.4 Northwest
0.6 Northwest
2.9 Southeast
1.1 East
0.3 Southwest
0.7 Northwest
0.4 North
0.5 North
0.7 Northwest
0.5 Northeast
0.1 Southeast
The proposed site is within proximity of numerous shopping and dining
opportunities as well as other basic community services. Full service grocery
stores, pharmacies and discount retailers are all within 0.8 miles of the site. In
addition, a multitude of restaurants, gas stations, convenience stores and social
services are also within proximity of the site. More extensive shopping and
dining opportunities are located throughout the greater Atlanta area and are
easily accessible by public transit through the MARTA, which operates local
rail and bus stops within 0.4 miles from the site. Emergency response services
are within 3.1 miles of the site.
5. CRIME ISSUES
The primary source for Crime Risk data is the FBI Uniform Crime Report
(UCR). The FBI collects data from each of roughly 16,000 separate law
enforcement jurisdictions across the country and compiles this data into the
UCR. The most recent update showed an overall coverage rate of 95% of all
C-3
jurisdictions nationwide with a coverage rate of 97% of all jurisdictions in
metropolitan areas.
Applied Geographic Solutions uses the UCR at the jurisdictional level to model
each of the seven crime types at other levels of geography. Risk indexes are
standardized based on the national average. A Risk Index value of 100 for a
particular risk indicates that, for the area, the relative probability of the risk is
consistent with the average probability of that risk across the United States.
It should be noted that aggregate indexes for total crime, personal crime and
property crime are not weighted, and murder is no more significant statistically
in these indexes than petty theft. Thus, caution should be exercised when using
them.
Total crime risk (565) for the Site PMA is well above the national average with
an overall personal crime index of 585 and a property crime index of 471. Total
crime risk (272) for DeKalb County is above the national average with indexes
for personal and property crime of 198 and 309, respectively. The total crime
risk (362) for Fulton County is above the national average with indexes for
personal and property crime of 356 and 321, respectively.
Total Crime
Personal Crime
Murder
Rape
Robbery
Assault
Property Crime
Burglary
Larceny
Motor Vehicle Theft
Crime Risk Index
DeKalb County
272
198
235
124
328
145
309
276
269
382
Site PMA
565
585
758
287
835
582
471
424
401
589
Fulton County
362
356
443
192
494
363
321
282
275
407
Source: Applied Geographic Solutions
The crime indices within the Site PMA are considerably higher than national
averages. As such, proposed project will employ a variety of features designed
to mitigate the perception of crime at the site. These features include, but will
not be limited to secure buildings with interior corridors and intercom access,
CCTV Cameras, security lighting and on-site management. It should be noted
that comparable rental projects throughout the Site PMA employ these same
features and are reporting high occupancy rates. As such, the perception of
crime is not anticipated to have a negative impact on marketability.
A map illustrating crime risk is on the following page.
C-4
Springdale SW Rd
Pryor SW Rd
Dr
Lydia SE Dr
Av
e
NE
Gibson SE St
Chester SE Ave
Pearl SE St
lid
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c
SE Ave
Custer SE Ave
Gilbert SE St
Woodland SE Ave
Edie S
E
Ave
D e K a l b C ou nt y
Pontiac SE Pl
SR 54c
re
Delawa
Park SE Rd
Park SE Ave
Cherokee SE Ave
Waldo SE St
Park SE Ave
Cherokee SE Ave
Grant SE St
Hill SE St
Hill SE St
St
Boulevard SE
St
SE
Pr
at
t
Connally SE
Bromack SE
260
S
T
Gresham SE Ave
Glen Iris NE Dr
Parkway NE Dr
Boulevard NE
Central Park NE Pl
Piedmont NE Ave
Courtland NE St
Peachtree St
Capitol SE Ave
Fraser SE St
Hank Aaron SE Dr
Pollard SW Blvd
Crew SW St
Pryor SW St
Pryor SW Rd
Windsor SW St
Cooper SW St
Martin SE St
St
W
rS
Ira SW St
Ira SW St
Mcdaniel SW St
Ormewood SE Ave
Legend
SE
asville
Thom
^
Blvd
£
¤
23
Project Site
PMA
Block Groups
2010 Total Crime
Carey SE Dr
Jernigan SE Pl
Constitutio
n SE Rd
Midway SE St
Mcwilliams SE Rd
Hargis SE St
Isa SE Dr
< 50
51 - 100
101 - 150
23
£
¤
151 - 200
201 - 300
Leila SE Ln
Sylvan Rd
Peachtree Center NE Ave
Gray NW St
Maple NW St
W
alk
e
Sims SW St
Beatie SW Ave
Sylvan SW Rd
Harde
e
Sunset NW Ave
Lee SW St
Lawton SW St
Peeples SW St
Ave
Allene SW Ave
Oakland SW Dr
SW
SW A
ve
Walker SW Ave
Vine NW St
Ollie NW St
Eason NW St
Chappell NW Rd
Dr
SW
l er
W
Lawrence St
Hadlock SW St
Stanton Rd
Mil
Stanton SW Rd
la S
a Vil
Cen
tr
Delowe Dr
Pryor SW Cir
North
Ave
Pierce NW Ave
Holly NW St
Holly NW Rd
W Lake NW Ave
Westmont SW Rd
Lorenzo SW Dr
WD
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Rd
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Berne SE St
Harper SE Rd
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SE
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St
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Erin SW Ave
Dill SW Ave
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Fairfield NW Pl
Cativo SW Dr
Peyton SW
Rd
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Haldane SW Rd
Falcon SW Dr
Richland SW Rd
St
Beecher SW St
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Westboro SW Dr
Ingram Dr
Willis Mill SW Rd
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Lucile SW Ave
Rogers SW Ave
W Dr
in S
0.5
Sells SW Ave
S Gordon SW St
Fair SW St
Fair SW St
Westview SW Dr
Westview Cemetery
Derry SW Ave
S
Flamingo
rb
Ha
le SW
Mims SW St
Beckwith SW St
75
W
aN
Dr
Veltre SW Cir
Tuckawanna SW Dr
Ivyda
Connally Dr
Hayden Dr
139
S
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Rhodes NW St
£
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Lena NW St
29
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T
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Wright SW Dr
W Lake SW Ave
Verbena NW St
Neal NW St
Joseph E Boone NW Blvd
Leathers NW
Peyton S
Harrington SW Pl
ve
NW A
¨
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£
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Mangum NW St
Tiger Flowers NW
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Pinedale NW Dr
20
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Baker NW Rd
N
78
£
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Atlanta, GA:
2010 Crime Risk
Cross NW St
Oldknow NW Dr
301+
1:59,257
6. SITE PHOTOGRAPHS
Photographs of the subject site are on located on the following pages.
C-6
SITE PHOTOGRAPHS
N
W
E
S
View of site from the north
N
W
E
S
View of site from the northeast
Survey Date: April 2011
C-7
N
W
E
S
View of site from the east
N
W
E
S
View of site from the southeast
C-8
N
W
E
S
View of site from the south
N
W
E
S
View of site from the southwest
C-9
N
W
E
S
View of site from the west
N
W
E
S
View of site from the northwest
C-10
N
W
E
S
North view from site
N
W
E
S
Northeast view from site
C-11
N
W
E
S
East view from site
N
W
E
S
Southeast view from site
C-12
N
W
E
S
South view from site
N
W
E
S
Southwest view from site
C-13
N
W
E
S
West view from site
N
W
E
S
Northwest view from site
C-14
Northbound on Murphy Avenue Southwest
Southbound on Murphy Avenue Southwest
C-15
Eastbound on Shelton Avenue Southwest
Westbound on Shelton Avenue Southwest
C-16
Northbound on Lowndes Avenue Southwest
Southbound on Lowndes Avenue Southwest
C-17
Eastbound on Gillette Street Southwest
Westbound on Gillette Street Southwest
C-18
Adjacent buildings to north
Adjacent buildings to north
C-19
7. COMMUNITY SERVICES MAP
Maps illustrating the location of community services are on the following pages.
C-20
Fo
rs
Cooper St SW
Roy St SW
Pryor St SW
Formwalt St SW
Athens Ave SW
Crew St SW
Pollard Blvd SW
Pulliam St SW
Central Ave SW
¨
§
¦
75
West Ave SW
Garibaldi St SW
Delevan St SW
Fletcher St SW
)
ý
¨
ù
U
n
n
{
ó
ô
õ

a

bank
convenience store
fire
fitness center
gas
grocery
library
park
pharmacy
police
post office
!
rec./community center

ö
restaurant
X
shopping
University Ave SW
54
S
T
Erin Ave SW
ATLANTA FIRE DEPT. STATION 20
Lynnha
ve
Mellview Ave SW
Shannon Dr SW
n Dr SW
Hil
lsid
e
Dr
SW
Manfo
rd
Bo
we
n
Rd S
W
Cir
S
W
Pryor Rd SW
1.2
Genessee Ave SW
Miles
Project Site
Hatcher Ave SW
75
¨
Wa
sh
ing
ton
St
SW
yth
gS
Sp
rin
Windsor S
t SW
Windsor St SW
Withers Pl
Cooper St SW
Garibaldi St SW
St
SW
Pe
ac
htr
ee
St
SW
tS
W
W
tS
Smith St SW
Smith St SW
Sims St SW
PERKERSON PARK RECREATION CTR
¨
§
¦
Dill Ave SW
Little St SW
Doane St SW
Dunbar St SW
University Ave SW
Erin Ave SW
SW
Tudor St SW
!
Legend
^
Ave
Dodd
Hartford Pl SW
Fairbanks St SW
Sylvan Rd SW
Hartford Ave SW
1
Fulton St SW
Hendrix Ave SW
Ormond St SW
Arthur St SW
McDaniel St SW
Mayland Ave SW
Alice St SW
Glenn St SW
Gardner St SW
Mary St SW
Coleman St SW
19
Lexington Ave SW
Avon Ave SW
SW
rS
Br
ad
b
W
Hump
hries S
tS
Hobson St SW
Beryl St SW
£
¤
Catherine St SW
Cohen St SW
Welch St SW
Brookline St SW
Rockwell St SW
Hubbard St SW
Warner St SW
St
er
ry
W
alk
e
Roach St SW
Elbert St SW
SW
0.6
Arden Ave SW
0.8
ADAIR PARK II
Memorial Dr SW
Bass St SW
Stephens St SW
Hugh St SW
Tift Ave SW
U
Æ
29
Oakland Ln SW
d
nR
llto
be 0.4
p
Lee Pl
am
M&J
ý ô
ó
õ
Ira St SW
Lee St SW
White St SW
ù
Shelton Ave SW
SITE
29
Rose Cir SW
£
¤
SW
Vine St SW
Ashby St
Ogden St SW
Joseph E Lowery Blvd SW
)
 £
¤
As
hb
CHEVRON
yS
tS
SW
W
Pearce St
M
ur
ph
yA
ve
Princess Ave SW
Indale Pl SW
Wyland Dr SW
C
Oakland Dr SW
Lorenzo Dr SW
Kenilworth Dr SW
Byrere Ter SW
Epworth St SW
0.2
BANK OF AMERICA
US POST OFFICE
CLAIBORNE FIT EFFECTS
W
SW
0
BIG BEAR FOODS
Ira St SW
Peeples St SW
Beecher St SW
ö ö
T
S
St
S
e
Av
Avon Ave SW
19
£
¤
14
e
dg
Ri
Lynford Dr SW
²
^
Poole Pl SW
SW
St
on
ws
Ra
Fulton St SW
CVS PHARMACY
Evans St SW
Lawton St SW
Oglethorpe Ave SW
Dim
Sp moc
Ladd St
kS
ar
ks
tS
W
La
St
W
hi
Bridges Ave SW
wt
te
SW
on
O
ak
Almont Dr SW
Av
e
Av
Arlington Ave SW
SW
e
SW
Bluefield Dr SW
Lanvale Dr SW
SW
St
Park St SW
FAMILY DOLLAR STORE
HARDY'S SUPER MARKET INC
Oakhill Ave SW
W
Æ
c
²
^
Pe Lawton St SW
ep
le
s
St
SW
Plaza Ave SW
Plaza Av
Pl
S

SW
Hall St SW
Richland Rd SW
yA
ve
X
29
ATLANTA-FULTON PUBLIC LIBRARY GUT BUSTERS
MERKINSON'S FISH MARKET
139
S
T
Atlanta
£
¤
Westvie
w Dr S W
Allene Ave SW
Ew
i ng
Westboro Dr SW
Peeples St SW
Dargan
Pl SW
W End Pl SW
Queen St SW
Hopkins St SW
Holderness St SW
Grady Pl SW
Do
nn
ell
SW
i
Wh
all
teh
Smith St SW
Beecher St SW
St
1st St SW
Holderness St SW
Atwood St SW
Langhorn St SW
Altoona Pl SW
Enota Pl SW
Allegheny St SW
W End Ave SW
Fair St SW
Vaughn Ct SW
Rochelle Dr SW
SW
Oa
k
Lo
Tr
we
en
sA
ho
ly
Hi
l
m
SW
lls
Av St S
e
W
SW
Ter SW
St
20
Oak St SW
Oak St SW
W
hit
e
¨
§
¦
Larkin St SW
ll
Whiteha
Muse St SW
Lucile Ave SW
154
S
T
Cascade Pl SW
Sells Ave SW
n
Gree
£
¤
Mi
tch
ell
Cooper St SW
Baldwin St SW
Dr
SW
e SW
y Av
sferr
19
Spring St SW
20
W
es
tv i
ew
Fair St SW
W
St S
¨
§
¦
Fair St SW
Westview D
r SW
Parsons St SW
Dora
Altoona Pl SW
Westview Pl SW
W
Dr S
Fair St SW
ank
N
Victoria Pl SW
b
Bur
Parsons St SW
Camilla St SW
Ashby Grv SW
Walnut St SW
"
/
Atlanta, GA: Neighborhood Community Services
Bulloch St SW
1:20,000
c
Æ
X
Arnold St NE
Tye St SE
Carroll St SE
Grant St SE
ew
oo
[
r
SE
Park Ave SE
²̧
high school
hospital services
library
medical center
middle school
museum
å
Schoen St SE
!
"
rec./community center
a
stadium/arena
senior services
X shopping
r swimming
Þ university/collegeX
X
Å zoo
!
X !
Funston Ave SE
Boulevard SE
Park Ave SE
Gault St SE
42
54c
å
SE
Hardwick St SE
Claire Dr SE
¨
golf
Waldo St SE
Park Ave SE
Cherokee Ave SE
Grant St SE
Glen Iris Dr NE
NE
Boulevard NE
Parkway
Dr
Jackson St NE
Hilliard St SE
Bell St SE
Hill St SE
Mead St SE
United States
Penitentiary
54

S
T
dT
er
å
La
k
c
Æ
a
Hill St SE
Connally St SE
"
ve
dA
o
Lakewood Park ewo
k
Lakewood Way SW
La
Climax Pl SW Shopping Center
Crossroads
Hilltop Dr SW
Central Park Pl NE
Courtland St NE
Peachtree Center Ave NE
Fraser St SE
Martin St SE
Fraser St SE
Hank Aaron Dr SE
Crew St SW
Ga
Murray St SE
Pryor Rd SW
!
[
r
Piedmont Ave NE
St
g
Spring St NW
Peachtree St
Sp
rin
Wa
sh
ing
ton
St
SW
Capitol Ave SE
Pollard Blvd SW
Pulliam St
Mcdaniel St SW
SW
Central Ave SW
Pryor St SW
Formwalt St SW
Ira St SW
Windsor St SW
Smith St SW
Welch St SW
Mayland Cir SW
Sims St SW
Beryl St SW
Mayland Ave SW
75
Taft St SW
Pryor Cir SW
Sylvan Rd SW
¨
§¨
¦
"
/
NW
Luckie St NW
Vine St NW
Sunset Ave NW
Sciple Ter NW
Lee St SW
Lee St SW
t SW
Lee
S
Peeples St SW
Allene Ave SW
Princess Ave SW
W
Murp
hy
Beatie Ave SW
Dr SW
Griffin St NW
Ollie St NW
Lawton St SW
Langhorn St SW
Elizabeth Ave SW
Westmont Rd SW
W
Ave S
Brandywine St SW
Bader Ave SW
Burbank Dr NW
Scott St NW
Holly Rd NW
Chappell Rd NW
Hard
ee
Stanton Rd SW
Hadlock St SW
Alder Ln SW
St
an
to
n
Arrow St
å
Casplan St SW
Climax St SE
SE
n Ave
mmo
fitness center
post office
Schuyler Ave SE
å
fire
police
"
Fremont St SE
Shepherd Cir SW
Rd
r SW
75
SW
2.4
Estes Dr SW Miles
¨
§
¦
Þ
Haygood Ave SE
ve SE
lvd
å
å
elementary school
S
park
a
a
SE
2
Br
ew
er
B
Rd SW
Cherokee Pl SE
ood A
Lakew
ù
å
University Ave SW
Orleans St SE
Atlanta Ave SE
cinema
E
Glenwood
Ave SE
ve
nA
å
¨
Fletcher St SW
154
Sydney St SE
Little St SE
t SE
Birch St SW
rd
Manfo
[
!
r
St
atur
Dec
Dr SE
entertainment
NE
St S
ar d
Ezz E
Georgia Ave SE
ing S
Villa D
Beechwood Ave SW
Belfast St SW
Astor Ave SW
1.6
Mcclelland Ave
Þ
ó
ô
õ
Dill Ave SW
£
¤
å
Martin Luth
er King Jr
s
Lan
Centr
a
X
W
1.2
19
Avon Ave SW
ve S
ton A
E Woodberry Ave
lle
SW
s
Lang
S
East
East0.8Point
Point
Mi
r
rD
SW
St
29
e SW
Fort McPherson
rk
s
c
å Æ
r Av
s
Oak St SW
Sp
a
Þ
14
W
Project Site
Auburn Ave
to
Mil
[
!
r
¨
a
Þ
!
ó
ô
õ
10
SW
Venetian Dr SW
e
Walk
Myrtle Dr SW
W
W
Norcross St SW
i
Wh
SW
St
all
h
e
t
St
S
S
tS
Underground
Atlanta
E
e
Av
S
St
Lorraine SW
o
Avon Ave SW
Fair St S
W
Larkin St SW
Mi
tch
ell
SW
n St
W
al l
Peachtree Center
E
tN
sS
Elli
Auburn Ave NE
Edgewood Ave NE
e
dg
Ri
Almont Dr SW
nd
166
T
S
0.4
la
Or
X
Rd
Fort Valley Dr SW
lton
bel
mp
Ca
SW
SW
å
CNN Center
o
Nels
West End Ave SW
Ave
S
ù
e Cir
wn Rd
S
å
rad
SW
Do
nn
ell
Oakland Dr SW
S
a
Alv
er
oT
St
Ew y A
ing ve
Pl SW
SW
Richland Rd SW
X
SW
Lorenzo Dr SW
Clover St SW
Brennan Ln SW
Highview Rd SW
Fu lt on C ou nt y
154
T
S
X
W
hit
e
Allegheny St SW
Atlanta
Sandto
Oak St SW
Rhodes St NW
Beckwith St SW
Baldwin St SW
Lucile Ave SW
Magnolia St NW
Pine St NE
Pulliam St SW
å
Spencer St NW
Martin Luther King Jr Dr NW
Fair St SW
Sells Ave SW
Derry Ave SW
Carter St NW
Parsons St SW
Westview Dr SW
Rogers Ave SW
a!
Delowe Dr SW
Mims St SW
S Gordon St SW
s
Burban
k
X
cad
Cas
0
Gardenia Dr NW
20
Westview Cemetery
cX
Æ
Laurel Ave SW
Wynnwood Dr SW
[
¨
§r
¦
Lena St NW
Adele Ave SW
!
Troy
St NW
Pine St NW
W
tN
na S
t NW
Joseph E Boone Blvd NW
John St NW
aS
[
r
å
Neal St NW
tt
rie
Ma
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c²́
Æ
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a

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ô
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Kennedy St NW
North Ave NW
Mangum St NW
Verb
e
NW
Ave NW
Tiger Flowe
rs Dr
Whitaker Cir NW
å
²̧
²̧
Xå
W Lake Ave NW
N
Detroit Ave NW

ù
²́
²̧
å
on
Anders
å
ùv
®v
®
a
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[
r
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®
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!
Atlanta,
GA: Regional Community
"
v X
!
å
emplymt. ctr. (<5,000)
a
emplymt. ctr. (<10,000)
Shopping Center
Gross Leasable Area
" < 500,000 sq. ft.
"
/ < 1,000,000 sq. ft.
"
/
"
/
å
< 3,200,000 sq. ft.
åÆ
!r
[
c
"
²́
1:40,000
8. NEIGHBORHOOD DEVELOPMENTS/ZONING
The proposed project involves the new construction of 91 apartment units in an
established area of southwest Atlanta. The area is currently zoned for residential
and commercial uses. R4-A (single-family dwellings) zoning is located to the east
and south, while SP1-21 SA4-6 (commercial buildings) are located north and west
of the site. These land uses are not anticipated to change.
9. MAP OF LOW-INCOME RENTAL HOUSING
A map illustrating the location of low-income rental housing projects (Tax Credit,
Rural Development, HUD Section 8 and Public Housing) identified in the Site
PMA is included on the following page.
C-23
Pearl SE St
Tye SE St
Edie SE Av
e
Benteen SE Ave
Boulevard SE
Park SE Ave
Gault SE St
Tur
p
in S
EA
ve
Custer SE Ave
Fe
d
era
lS
United States
Penitentiary
ET
er
ew
N
n
w
To
SE
ir
C
t
EC
in
S
"
) Market-rate/Tax Credit
"
) Tax Credit
Tax
"
)
Adelle
SECredit/Government-subsidized
St
"
) Market-rate/Tax Credit/Government-subsidized
Knox SE Dr
Ma
rt
La
k
ew
oo
dS
E
Te
r
Apartments
Schoen SE St
e Type
v
A
t
Berne SE St
Rosedale SE Ave
Cherokee SE Ave
Project Site
SE
S
Lester SE Ave
Grant SE St
Grant SE St
Hill SE St
Te
r
E
nS
Mi
lto
Hardwick SE St
E
dS
oo
w
ke
La
St
Krog N
E
Boulevard NE
Carroll SE St
Park SE Ave
Connally SE St
Grant SE Ter
Fern SE Ave
Hank Aaron SE Dr
Waldo SE St
Bell SE St
Kelly SE St
Hill SE St
Terry SE St
Capitol SE Ave
Fraser SE St
Pollard SW Blvd
Crew SW St
Jackson NE St
Hilliard SE St
Av
e
E
tS
dm
on
54
S
T
^
Claire SE Dr
South Bend
Park
Legend
42
SR 54c
St
Pe
ach
tre
e
Pi
e
St
Pryor SW St
Central SW Ave
Pulliam
SW St
Sims SW St
Pryor SW Rd
Mcdaniel SW St
Martin SE St
Philips NW Dr
SW
yth
Fo
rs
Windsor SW St
Ira SW St
Cooper SW St
Welch SW St
Beryl SW St
Athens SW Ave
Beatie SW Ave
Brewer SW Blv
d
SW St
Pryor SW Rd
Sylvan SW Rd
Mangum NW St
Walnut SW St
Lawshe SW St
Lee SW St
Lee SW St
W St
Lee
S
Allene SW Ave
Peeples SW St
Joseph E Lowery SW Blvd
Tift SW Ave
Lawton SW St
Ave
SW
Murp
hy
Ira SW St
Griffin NW St
Ollie NW St
Dr
Burbank
SW
Oakland SW Dr
SW A
ve
Sunset NW Ave
Scott NW St
Chappell NW Rd
Langhorn SW St
Altoona SW Pl
Elizabeth SW Ave
Westmont SW Rd
Willow SW Trl
Stanton SW Rd
Alder SW Ln
Hadlock SW St
Lorenzo SW Dr
Harde
e
Broadw
ell
Rd
Stanton Rd
Lewis C
ir
Beecher SW Ct
Shirley SW St
Ferris SW St
W Dr
Villa S
ve
SW
Lakewood SW Ave
Ave
Hilltop SW Dr
EA
SW
Lakewood Park
SR
od SE
n
so
er
in
Sa
ns
nS
rk
Pe
Plaza SW Ln
Grant SE Cir
Climax SE St
o
Lakew
e
Av
"
21
)
oh
tJ
e
Av
Dr
SW
Pryor SW Cir
75
"
)
31
W
to n
¨
§
¦
"
)
8
"
)
47
Kalb
Mead SE St
to
Mil
"
1
)
St
St
Taft SW St
SE
Booker SW St
"
)
3
e
Av
SW
Casplan SW St
ing
75
s
Lan
¨
§
¦
"
)
28
eS
ai r
Cl
lan
sp
Ca
d
SW R
SW
Centr
a
Pavillion SE St
e
Av
Pollard SW Dr
Chicamauga SW Ave
Holly NW Rd
Leathers NW Cir
Howard NW St
Wynnwood SW Dr
Rd
er
SW
ch
Cherokee SE Pl
"
4
)
ES
Glenwood
SE Ave
Orleans SE St
"
13
) Atlanta SE Ave
rd S
Woodward SE Ave
Georgia SE Ave
SW
"
)
30
Jr SE Dr
Sydney SE St
Little SE St
ry
gs
Delowe SW Dr
Fletcher SW St
t
ve
NE A
ekalb
D
St
St
SE
e SE
Wyli
atur
Dec
a
Ezz
SE Ave
Be
e
"
10
)
"
)
48
rd
Manfo
Cahoon SW St
n
La
Lakewood Ave
Memorial SW Dr
Martin Luth
er King
u
Mo
Dr
Birch SW St
"
901
)
e
dg
Ri
Belfast SW St
St
Cir
"
)
49
University SW Ave
Dill SW Ave
Arden SW Ave
"
)
26
SW
10
S
T
ag
^
"
)
39
St
Auburn NE Ave
Edgewood NE Ave
t
Mon
SITE
"
)
32
St
Ellis NE St
Confederate
"
2
)
SW
"
)
7
Beechwood SW Ave
Astor SW Ave
166
T
S
n
wso
Ra
14
T
S
19
Fa
Mi
tch
ell
SW
St
Pulliam SW St
£
¤
ll
ha
ite
Wh
£
¤
St
St
29
Dr
Miles
SW
"
)
5
t
154
T
S
"
14
)
Park SW St
e SW
East
Point
East
Point
1.5
rk
s
Larkin SW St
NW
g
St
rin
W
Sp ie N
irl
"
)
903
Fair SW
S
Avon SW Ave
W
sS
an
Ev
1.25
"
)
27
W
aN
St
Dr
Dr
M
SW
Sp
a
os
Melr
SW
Ryan
Ave
r
Mille
166
T
S
S
r
ille
ve
d A
1
Fort McPherson
llan
"
)
35
r SW
"
)
45
cle
Mc
Fort Valley SW Dr
0.25Woodberry
0.5 Ave 0.75
Venetian SW Dr
e
Walk
r
D
"
)
40
WR
d
Dr
SW
0
"
)
19
to w
nS
W
lS
tze
We
e
ow
el
D
C
SW
lton
bel
p
am
Rd
St
SW
Avon SW Ave
154
T
S
San
d
Lanvale SW Dr
SW
a
o
ad
a
Atlanta
Almont SW Dr
nd
ra
n
b
ha
Ca
Dr
SW
Av
e
Plaza SW Ave
Te
r
la
Or
G
St
Do
nn
ell
yS
W
Richland SW Rd
SW
SW
Rhodes NW St
West End SW Ave
"
)
42
t
iet
Fu lt on C ou nt y
Dolphin SW Dr
BL
VD
W
hit
e
Allegheny SW St
vie
w
Sells SW Ave
Oak SW St
Beecher SW St
Pin
e
"
)
29
Lucile SW Ave
Rogers SW Ave
John White
Park
Fair SW St
Sells SW Ave
Magnolia NW St
Beckwith SW St
Highland NE Ave
r
Ma
Snow
d
SW R
Rd
"
12
)
"
)
6
Spencer NW St
Parsons SW St
Westview SW Dr
Derry SW Ave
NW
Mims SW St
S Gordon SW St
Beecher SW Cir
Lena NW St
er
Westview Cemetery
Mozley SW Pl
rn
Tu
ve
SW A
W Lake SW Ave
a
Florid
¨
§
¦
20
n
so
Verbena NW St
y
Ma
N
ve
NW A
Fairfield NW Pl
Harris NE St
Atlanta, GA: Tax Credit Property Locations
rson
Ande
Tiger Flowers NW
Dr
Harper SE Rd
1:44,183
10. PLANNED ROAD OR INFRASTRUCTURE IMPROVEMENTS
According to area planning and zoning officials, no notable roads or other
infrastructure projects are underway or planned for the immediate site area. The
subject site has convenient access to Interstates 20, 75, and 85 as well as U.S. Routes
19, 29, and 41, and State Routes 3, 14, and 154. The area is established and electric
service is provided by Georgia Power, gas service is provided by 10 certified natural
gas marketers, and water and sewer service is provided by the city of Atlanta.
11. VISIBLE ENVIRONMENTAL OR OTHER CONCERNS
The immediate site neighborhood is not considered to have any notable nuisances
that would detract from marketability. Although the site is within proximity to
transit and freight rail lines, the frequency of these trains is not considered a
nuisance. Rather, the proximity of public transit options is considered to have a
beneficial impact for a low income housing development that targets senior
households. Further, the proposed project will include modern, interior corridor
buildings that will mitigate the impact of any noise pollution from the adjacent
railroad tracks.
12. OVERALL SITE EVALUATION
dominated by single-family homes. These homes and Adair Park are considered
consistent with the planned use of the site. Further, as a multifamily development,
the proposed subject site will serve as a natural transition to the commercial land
uses located to the north. Overall, the predominantly residential nature of the site
neighborhood and proximity of the site to a park and MARTA station is thought to
have a positive impact on the marketability of the proposed project. Visibility and
access of the site are considered excellent from Murphy Avenue Southwest, the main
arterial roadway used when accessing the proposed site. In addition to being located
within proximity to most community services as well as public safety services, the
proposed site is also located within 1.4 miles of Interstates 20, 75 and 85 which
provide access throughout the greater Atlanta area as well as into neighboring states.
Overall, we anticipate the proposed site’s location and proximity to community
services will have a positive impact on its marketability.
C-25
SECTION D – PRIMARY MARKET AREA DELINEATION
The Site Primary Market Area (PMA) is the geographical area from which 85% of
the support for the proposed site development is expected to originate. The Atlanta
Site PMA was determined through interviews with area leasing and real estate
agents, government officials, economic development representatives and the
personal observations of our analysts. The personal observations of our analysts
include physical and/or socioeconomic differences in the market and a demographic
analysis of the area households and population.
The Atlanta Site PMA includes portions of southwest Atlanta. The boundaries of the
Site PMA generally include Joseph E Boone Boulevard Northwest and Interstate 20
to the north (2.1 miles); Hill Street Southeast to the east (2.0 miles); Langford
Parkway/State Route 166 to the south, excluding the Fort McPherson Military Base;
and Centra Villa Drive Southwest (2.4 miles), Cascade Avenue Southwest, South
Gordon Street Southwest, Westmeath Drive Southwest and West Lake Avenue
Northwest to the west (2.1 miles). The Site PMA includes portions of the following
Census Tracts:
131210075.00
131210112.01
131210024.00
131210040.00
131210060.00
131210061.00
131210084.00
131210080.00
131210062.00
131210039.00
131210042.00
131210041.00
131210076.02
131210066.02
131210066.01
131210076.01
131210064.00
131210070.01
131210053.00
131210022.00
131210026.00
131210025.00
131210057.00
131210037.00
131210036.00
131210044.00
131210063.00
131210058.00
131210038.00
131210043.00
131210046.00
131210056.00
131210049.00
131210055.01
131210048.00
131210055.02
131210067.00
131210065.00
Kristen Brooks, Property Manager at the Mechanicsville Senior Residences claims
that the majority of her tenants, both past and present, originate from the immediate
surrounding areas. She does not feel that seniors move from greater distances unless
they move with their children in which case they tend to live in the same household.
Kristen stated that seniors within the area prefer to stay close to familiar community
services, friends and family. Kristen believes the majority of her current tenants are
from the 30312 and 30315 zip codes and immediate neighborhoods surrounding
them. She believes that tenants prefer this area because it is close and convenient to
downtown and does not have high rent prices such as properties directly downtown
or within the more upscale suburbs outside the city.
Surrounding areas to the east, southwest and west of the Site PMA, excluding Fort
McPherson military base, consist primarily of somewhat higher income households
that would not likely respond to the Low-Income Housing Tax Credit units proposed
at the site. Despite having relatively homogenous populations in terms of tenure and
household income, downtown Atlanta and the Sweet Auburn Neighborhood, which
D-1
is located to the northeast of the Site PMA, have been excluded from the Site PMA.
These neighborhoods have a high concentration of age-restricted housing
developments and distinct community services. Senior households would not readily
leave these neighborhoods unless there was a shortage of available rental housing.
A map delineating the boundaries of the Site PMA is included on the following page.
D-2
South River
Boulevard NE
Jackson St NE
Park Ave SE
Park Ave SE
Cherokee Ave SE
Hill St SE
54c
Gault St SE
Grant St SE
Fremont St SE
85
§
¦
¨
75
§
¦
¨
§
¨
¦
20
Georgia
§
¦
¨
65
Primary Market Area Information
Area: 15.32 Sq. Miles
County in PMA: Fulton
2010 Estimated Population: 85,438
2010 Total Households: 30,267
2010 Median Household Inc.: $25,837
Boulevard SE
Hill St SE
SE
Conrad Ave SE
¨
§
¦
42
Legend
^
54
T
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e
Av
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W
w
Lakewood
Park
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Av
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Av
Sa
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Finc
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La
r SE
85
Fair Dr S
W
Hilliard St SE
SE
St
Pr
at
t
Fraser St SE
Martin St SE
Fraser St SE
Liman Ave SE
Hardwick St SE
Pryor Cir SW
Murray St SE
Mcdaniel St SW
Courtland St NE
Peachtree Center Ave NE
Spring St NW
Peachtree St
Pryor St SW Ce
ntr
a
Wa l Ave
sh
Pollard Blvd SW
ing SW
ton
Crew St SW
St
SW
Hank Aaron Dr SE
Capitol Ave SE
Windsor St SW
Smith St SW
Pulliam St SW
Pryor Rd SW
Maple St NW
Vine St NW
Sims St SW
Beatie Ave SW
Oana St SW
Sylvan Rd SW
Sylvan Rd
Formwalt St SW
Lee St SW
W
Ave
S
Murp
hy
SW
W
Ave S
Welch St SW
Dr SW
Burban
k
Sunset Ave NW
Ollie St NW
Peeples St SW
Lawton St SW
Langhorn St SW
Lorenzo Dr SW
Hard
ee
Stanton Rd SW
Hadlock St SW
d
St
an
ton
R
Plaza Ln SW
Pinehurst Dr
Westmont Rd SW
r SW
Villa D
Centr
a
Mulberry St
Lanier Dr
Rd
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Hi
gh
Lorraine SW
E
ve S
on A
ve SE
SW
Delowe Dr Delowe Dr SW
m
Gam
t SE
SW
Cherokee Pl SE
Grant Cir SE
§
¦
¨
Alabama
Georgia Ave SE
Atlanta Ave SE
South Carolina
§
¦
¨
59
Jr Dr SE
Woodward Ave SE
ood A
Lakew
Rd
Milledge St
Taft St SW
E
St S
atur
Dec
Little St SE
Tennessee North Carolina
24
Orleans St SE
SE
n
so
er
Lakewood Ave
75
10
S
T
Sydney St SE
ing S
SW
Rd SW
Claire Dr
Martin Luth
er King
University Ave SW
¨
§
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Casplan St
154
T
S
Fletcher St SW
SW
rk
Pe
1.8
Miles
lvd
SE
Doane St SW
r
Bond D
W
Astor Ave SW
Br
ew
er
B
rd
Manfo
SW
St
W
Edgewood Ave NE
s
Lan
29
166
S
T
1.5
SW
Dill Ave SW
ve S
ton A
Pointview Dr
1.2
Empire Ave
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East
East Point
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Fort Valley Dr
S
Dr
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0.6
Fort McPherson
St
Avon Ave SW
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W
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SITE
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Wh
r SW
19
Beechwood Ave SW
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Walk
Venetian Dr SW
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0.3
W
Park St SW
all
teh
St
S
St
75
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Av
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ew
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rk
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SW
W
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on
e Ave
San
d
Fair St S
W
n St
Mit
ch
ell
Ralph Mcgill Blvd NE
ilt
M
Fontain
T
S
Lanvale Dr SW
Sp
a
o
Nels
Larkin St SW
White St SW
Richland Rd SW
Bridges Ave SW
Avon Ave SW
154
Peeples St SW
Scott St NW
Chappell Rd NW
Holly Rd NW
Atlanta
W
hit
eS
Do
tS
nn
W
ell
yA
ve
SW
Beckwith St SW
Allene Ave SW
NW
La
ke
Av
e
W
Beecher St SW
Lucile Ave SW
Oakland Dr SW
Shirley St SW
Ferris St SW
Handley Ave SW
SW
Rogers Ave SW
SW
er
Rd
ch
Racine St SW
Howard St NW
Barfield Ave SW
Wynnwood Dr SW
S Gordon St SW
SW
e Cir
cad
Cas
C
Farley
Fair St SW
Westview Dr SW
Derry Ave SW
Martin Luther King Jr Dr NW
Dr SW
Sells Ave SW
Westview Cemetery
Be
e
Mims St SW
Fountain
Rhodes St NW
W
tN
Adele Ave SW
Carter St NW
aS
20
Lena St NW
Magnolia St NW
Mills St NW
Spring St SW
¨
§
¦
Spencer St NW
W
t
iet
Porter Dr NW
Rock St NW
Troy
St NW
eN
s Av
Jone
r
Ma
NW
e NW
Verbena St NW
Proctor St NW
Joseph E Boone Blvd NW
Mangum St NW
Tiger Flowe
rs Dr
n Av
Anderso
N
0
Atlanta, GA: Primary Market Area
Pinedale Dr NW
Schoen St SE
Project Site
PMA
Merrilyn Dr SE
Harper Rd SE
Carey Dr SE
1:42,678
SECTION E – COMMUNITY DEMOGRAPHIC DATA &
ECONOMIC TRENDS
1. POPULATION TRENDS
The Atlanta Site PMA population base declined by 3,623 between 1990 and 2000.
This represents a 4.7% decline over the 1990 population, or an annual rate of
0.5%. The Site PMA population bases for 1990, 2000, 2010 (estimated) and 2013
(projected) are summarized as follows:
Year
Population
Population Change
Percent Change
1990
(Census)
76,889
-
2000
(Census)
73,266
-3,623
-4.7%
2010
(Estimated)
85,438
12,172
16.6%
2013
(Projected)
89,556
4,118
4.8%
Between 2000 and 2010, the population increased by 12,172, or 16.6%. It is
projected that the population will continue to increase by 4,118, or 4.8%, between
2010 and 2013. This is a healthy rate of growth which generally increases the
demand for all housing units.
The Site PMA population bases by age are summarized as follows:
Population
by Age
19 & Under
20 to 24
25 to 34
35 to 44
45 to 54
55 to 64
65 to 74
75 & Over
Total
2000 (Census)
Number
Percent
24,692
33.7%
6,985
9.5%
9,566
13.1%
10,350
14.1%
8,745
11.9%
5,469
7.5%
3,936
5.4%
3,523
4.8%
73,266
100.0%
2010 (Estimated)
Number
Percent
27,561
32.3%
8,112
9.5%
10,338
12.1%
10,052
11.8%
11,036
12.9%
8,985
10.5%
4,995
5.8%
4,359
5.1%
85,438
100.0%
2013 (Projected)
Number
Percent
28,610
31.9%
8,620
9.6%
10,783
12.0%
10,252
11.4%
10,794
12.1%
9,973
11.1%
5,957
6.7%
4,567
5.1%
89,556
100.0%
Change 2010-2013
Number
Percent
1,049
3.8%
508
6.3%
445
4.3%
200
2.0%
-242
-2.2%
988
11.0%
962
19.3%
208
4.8%
4,118
4.8%
As the preceding table illustrates, nearly 22% of the population is expected to be
age 55 and older in 2010 and this share is projected to increase through 2013.
This trend indicates and rising need for senior-oriented housing within the Site
PMA. It should also be noted that the population age 55 to 64 and 65 to 74 is the
fastest growing age cohorts among all age groups.
E-1
The following compares the PMA's elderly (age 62+) and non-elderly population.
Year
2010
(Estimated)
11,804
73,634
85,438
2000
(Census)
9,003
64,264
73,266
Population Type
Elderly (Age 62+)
Non-Elderly
Total
2013
(Projected)
13,352
76,204
89,556
The elderly population is projected to increase by 1,548, or 13.1%, between 2010
and 2013. This increase among the targeted age cohort will likely increase the
demand of senior-oriented housing.
2. HOUSEHOLD TRENDS
Within the Atlanta Site PMA, households declined by 1,266 (4.6%) between 1990
and 2000. Household trends within the Atlanta Site PMA are summarized as
follows:
Year
Households
Household Change
Percent Change
Household Size
1990
(Census)
27,424
2.61
2000
(Census)
26,158
-1,266
-4.6%
2.59
2010
(Estimated)
30,267
4,109
15.7%
2.64
2013
(Projected)
31,812
1,545
5.1%
2.64
Between 2000 and 2010, households increased by 4,109 or 15.7%. By 2013, there
will be 31,812 households, an increase of 1,545 households, or 5.1% over 2010
levels. This is an increase of approximately 515 households annually over the
next three years. As foreshadowed by the projected increase in population, the
projected increase in the number of households will likely increase the demand
for all housing types within the Site PMA.
The Site PMA household bases by age are summarized as follows:
Households
by Age
Under 25
25 to 34
35 to 44
45 to 54
55 to 64
65 to 74
75 to 84
85 & Over
Total
2000 (Census)
Number
Percent
2,145
8.2%
4,753
18.2%
5,300
20.3%
4,939
18.9%
3,543
13.5%
3,062
11.7%
1,873
7.2%
543
2.1%
26,158
100.0%
2010 (Estimated)
Number
Percent
2,367
7.8%
4,871
16.1%
5,023
16.6%
6,173
20.4%
5,629
18.6%
3,387
11.2%
1,958
6.5%
859
2.8%
30,267
100.0%
E-2
2013 (Projected)
Number
Percent
2,426
7.6%
5,080
16.0%
5,109
16.1%
6,016
18.9%
6,195
19.5%
4,022
12.6%
2,064
6.5%
899
2.8%
31,812
100.0%
Change 2010-2013
Number
Percent
59
2.5%
209
4.3%
86
1.7%
-157
-2.5%
566
10.1%
635
18.8%
106
5.4%
40
4.6%
1,545
5.1%
Between 2010 and 2013, the greatest growth among household age groups is
projected to be among the households between the ages of 65 and 74.
Considering the subject project will target households age 62 and older, this trend
indicates an increasing support base for the proposed project and senior-oriented
housing units in general throughout the Site PMA.
Households by tenure are distributed as follows:
Tenure
Owner-Occupied
Renter-Occupied
Total
2000 (Census)
Number
Percent
9,788
37.4%
16,369
62.6%
26,158
100.0%
2010 (Estimated)
Number
Percent
10,505
34.7%
19,762
65.3%
30,267
100.0%
2013 (Projected)
Number
Percent
11,037
34.7%
20,775
65.3%
31,812
100.0%
In 2010, homeowners occupied 34.7% of all occupied housing units, while the
remaining 65.3% were occupied by renters.
Households by tenure for those age 62 and older in 2000, 2010 (estimated) and
2013 (projected) are distributed as follows:
Tenure Age 62+
Owner-Occupied
Renter-Occupied
Total
2000 (Census)
Number
Percent
3,617
55.3%
2,924
44.7%
6,541
100.0%
2010 (Estimated)
Number
Percent
4,031
52.0%
3,726
48.0%
7,757
100.0%
2013 (Projected)
Number
Percent
4,422
50.5%
4,339
49.5%
8,761
100.0%
Although the share of renters over the age of 62 is not as high as all renter
households, a total of 3,726 (48.0%) of all households age 62 and older within the
Site PMA were renters in 2010. This is still considered a relatively high share of
renter households and represents an excellent base of potential support in the
market for the subject development.
The non-elderly and elderly (age 62 and older) households by tenure are
distributed as follows:
Distribution
of Households
Owner-Occupied (<Age 62)
Owner-Occupied (Age 62+)
Renter-Occupied (<Age 62)
Renter-Occupied (Age 62+)
Total
2000 (Census)
Number
Percent
6,172
23.6%
3,617
13.8%
13,445
51.4%
2,924
11.2%
26,158
100.0%
2010 (Estimated)
Number
Percent
6,474
21.4%
4,031
13.3%
16,036
53.0%
3,726
12.3%
30,267
100.0%
E-3
2013 (Projected)
Number
Percent
6,615
20.8%
4,422
13.9%
16,436
51.7%
4,339
13.6%
31,812
100.0%
Currently, 12.3% of all occupied housing units within the Site PMA are occupied
by renters age 62 and older.
The household sizes by tenure within the Site PMA, based on the 2000 Census
and 2010 estimates, were distributed as follows:
Persons Per Renter Household
1 Person
2 Persons
3 Persons
4 Persons
5 Persons+
Total
2000 (Census)
Households
Percent
5,899
36.0%
3,727
22.8%
2,559
15.6%
1,815
11.1%
2,368
14.5%
16,369
100.0%
2010 (Estimated)
Households
Percent
7,544
38.2%
4,020
20.3%
2,842
14.4%
2,213
11.2%
3,142
15.9%
19,762
100.0%
Change 2000-2010
Households
Percent
1,645
27.9%
293
7.9%
283
11.0%
398
21.9%
774
32.7%
3,393
20.7%
2010 (Estimated)
Households
Percent
3,149
30.0%
2,750
26.2%
1,836
17.5%
1,318
12.5%
1,452
13.8%
10,505
100.0%
Change 2000-2010
Households
Percent
90
3.0%
-63
-2.2%
235
14.7%
214
19.4%
240
19.8%
717
7.3%
Persons Per Owner Household
1 Person
2 Persons
3 Persons
4 Persons
5 Persons+
Total
2000 (Census)
Households
Percent
3,059
31.3%
2,813
28.7%
1,600
16.4%
1,104
11.3%
1,212
12.4%
9,788
100.0%
The household sizes by tenure for age 62 and older within the Site PMA, based on
the 2000 Census and 2010 estimates, were distributed as follows:
Persons Per Renter Household
Age 62+
1 Person
2 Persons
3 Persons
4 Persons
5 Persons+
Total
2000 (Census)
Households
Percent
1,808
61.8%
565
19.3%
276
9.5%
78
2.7%
198
6.8%
2,924
100.0%
2010 (Estimated)
Households
Percent
2,206
59.2%
669
17.9%
385
10.3%
158
4.2%
309
8.3%
3,726
100.0%
Change 2000-2010
Households
Percent
398
22.0%
104
18.4%
108
39.2%
80
103.2%
111
56.2%
802
27.4%
2010 (Estimated)
Households
Percent
1,602
39.7%
1,036
25.7%
573
14.2%
377
9.3%
444
11.0%
4,031
100.0%
Change 2000-2010
Households
Percent
143
9.8%
-2
-0.2%
75
15.0%
102
36.9%
96
27.7%
414
11.5%
Persons Per Owner Household
Age 62+
1 Person
2 Persons
3 Persons
4 Persons
5 Persons+
Total
2000 (Census)
Households
Percent
1,458
40.3%
1,037
28.7%
498
13.8%
275
7.6%
348
9.6%
3,617
100.0%
E-4
The subject site will target one- and two-person households once built. Within
the Site PMA, it is estimated that over 77.0% of all elderly renter households
comprise one- and two-persons. As such, the subject project will be able to
accommodate a strong majority of renter households based on size.
The distribution of households by income age 62 and older within the Atlanta Site
PMA is summarized as follows:
Household
Income 62+
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
Median Income
2000 (Census)
Households
Percent
2,287
35.0%
1,448
22.1%
981
15.0%
540
8.2%
371
5.7%
283
4.3%
632
9.7%
6,541
100.0%
$16,793
2010 (Estimated)
Households
Percent
2,237
28.8%
1,745
22.5%
999
12.9%
777
10.0%
467
6.0%
373
4.8%
1,158
14.9%
7,757
100.0%
$19,405
2013 (Projected)
Households
Percent
2,414
27.6%
1,937
22.1%
1,145
13.1%
888
10.1%
564
6.4%
403
4.6%
1,409
16.1%
8,761
100.0%
$20,253
In 2000, the median household income for households age 62 and older was
$16,793. This increased by 15.6% to $19,405 in 2010. By 2013, it is projected
that the median household income will be $20,253, an increase of 4.4% over
2010.
E-5
The following tables illustrate renter household income by household size for age
62 and older for 2000, 2010 and 2013 for the Atlanta Site PMA:
Renter Age 62+
Households
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
1-Person
1,160
434
56
55
33
25
45
1,808
2-Person
179
178
108
29
53
9
8
565
2000 (Census)
3-Person
4-Person
36
8
104
25
41
24
22
11
30
3
28
2
16
5
276
78
5-Person+
30
13
60
17
10
27
41
198
Total
1,414
754
289
134
128
91
114
2,924
2010 (Estimated)
3-Person
4-Person
40
7
122
31
43
66
38
19
33
15
42
8
67
12
385
158
5-Person+
30
13
88
45
18
38
77
309
Total
1,460
1,032
388
264
200
138
245
3,726
2013 (Projected)
3-Person
4-Person
44
8
141
37
56
81
44
24
44
17
40
10
98
15
467
192
5-Person+
35
15
106
53
22
44
108
383
Total
1,619
1,183
479
314
254
159
331
4,339
Source: Ribbon Demographics; ESRI; Urban Decision Group
Renter Age 62+
Households
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
1-Person
1,212
645
91
104
53
29
72
2,206
2-Person
171
220
100
58
81
21
17
669
Renter Age 62+
Households
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
1-Person
1,352
742
111
116
54
44
88
2,507
2-Person
181
247
125
78
117
21
22
790
E-6
The following tables illustrate owner household income by household size for age
62 and older for 2000, 2010 and 2013 for the Atlanta Site PMA:
Owner Age 62+
Households
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
1-Person
721
326
205
129
16
18
45
1,458
2-Person
97
231
255
167
82
87
118
1,037
2000 (Census)
3-Person
4-Person
32
12
97
4
120
68
47
31
86
41
23
21
95
100
498
275
5-Person+
11
37
44
34
18
44
160
348
Total
873
694
691
406
243
192
518
3,617
2010 (Estimated)
3-Person
4-Person
22
7
89
4
96
46
61
46
109
47
35
52
160
175
573
377
5-Person+
9
35
31
43
23
45
258
444
Total
778
713
611
514
267
235
912
4,031
2013 (Projected)
3-Person
4-Person
24
6
95
3
109
55
68
55
122
63
36
47
195
212
649
441
5-Person+
9
37
33
46
27
51
306
508
Total
795
755
666
574
310
245
1,078
4,422
Owner Age 62+
Households
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
1-Person
673
375
224
180
28
24
99
1,602
2-Person
67
211
213
184
61
80
220
1,036
Owner Age 62+
Households
Less Than $10,000
$10,000 to $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 & Over
Total
1-Person
691
406
247
206
31
29
120
1,729
2-Person
65
214
223
199
68
81
246
1,096
The preceding tables have been used in the Project Specific Demand
Section of this report.
E-7
3. LABOR FORCE PROFILE
The labor force within the Atlanta Site PMA is based primarily in three sectors.
Educational Services (which comprises 19.4%), Arts, Entertainment & Recreation
and Public Administration comprise over 44% of the Site PMA labor force.
Employment in the Atlanta Site PMA, as of 2010, was distributed as follows:
NAICS Group
Establishments
Percent
Employees
Percent
E.P.E.
Agriculture, Forestry, Fishing, & Hunting
1
0.0%
0
0.0%
0.0
Mining
1
0.0%
15
0.1%
15.0
Utilities
0
0.0%
0
0.0%
0.0
Construction
135
6.2%
433
1.8%
3.2
Manufacturing
46
2.1%
1,329
5.7%
28.9
Wholesale Trade
72
3.3%
1,765
7.5%
24.5
Retail Trade
352
16.2%
1,720
7.3%
4.9
Transportation & Warehousing
73
3.4%
1,076
4.6%
14.7
Information
57
2.6%
179
0.8%
3.1
Finance & Insurance
79
3.6%
254
1.1%
3.2
Real Estate & Rental & Leasing
146
6.7%
464
2.0%
3.2
Professional, Scientific & Technical Services
117
5.4%
759
3.2%
6.5
Management of Companies & Enterprises
2
0.1%
32
0.1%
16.0
Administrative, Support, Waste Management & Remediation
Services
73
3.4%
340
1.5%
4.7
Educational Services
84
3.9%
4,550
19.4%
54.2
Health Care & Social Assistance
136
6.3%
2,155
9.2%
15.8
Arts, Entertainment & Recreation
48
2.2%
3,306
14.1%
68.9
Accommodation & Food Services
136
6.3%
1,024
4.4%
7.5
Other Services (Except Public Administration)
454
20.9%
1,149
4.9%
2.5
Public Administration
59
2.7%
2,472
10.6%
41.9
Nonclassifiable
99
4.6%
400
1.7%
4.0
Total
2,170
100.0%
23,422
100.0%
10.8
*Source: 2000 Census; ESRI; Urban Decision Group; Bowen National Research
E.P.E. - Average Employees Per Establishment
Note: Since this survey is conducted of establishments and not of residents, some employees may not live within the Site PMA. These employees,
however, are included in our labor force calculations, because their places of employment are located within the Site PMA.
E-8
Employment by Industry
Educational Services-19.4%
Arts, Entertainment & Recreation-14.1%
14.1%
19.4%
Public Administration-10.6%
10.6%
9.2%
Health Care & Social Assistance-9.2%
Wholesale T rade-7.5%
Retail T rade-7.3%
7.5%
12.3%
4.4%
4.6% 4.9% 5.7%
7.3%
Manufacturing-5.7%
Other Services (Except Public Administration)-4.9%
T ransportation & Warehousing-4.6%
Accommodation & Food Services-4.4%
Other Industry Groups-12.3%
Typical wages by job category for the Atlanta-Sandy Springs-Marietta
Metropolitan Statistical Area (MSA) are compared with those of Georgia in the
following table:
Typical Wage by Occupation Type
Atlanta-Sandy SpringsOccupation Type
Marietta MSA
Management Occupations
$109,230
Business and Financial Occupations
$73,160
Computer and Mathematical Occupations
$77,570
Architecture and Engineering Occupations
$70,590
Community and Social Service Occupations
$44,730
Art, Design, Entertainment and Sports Medicine Occupations
$52,920
Healthcare Practitioners and Technical Occupations
$70,590
Healthcare Support Occupations
$27,340
Protective Service Occupations
$35,740
Food Preparation and Serving Related Occupations
$20,620
Building and Grounds Cleaning and Maintenance
Occupations
$24,680
Personal Care and Service Occupations
$23,740
Sales and Related Occupations
$38,910
Office and Administrative Support Occupations
$34,290
Construction and Extraction Occupations
$38,260
Installation, Maintenance and Repair Occupations
$43,540
Production Occupations
$31,400
Transportation and Moving Occupations
$33,880
Source: U.S. Department of Labor, Bureau of Statistics
E-9
Georgia
$102,750
$69,970
$74,360
$69,190
$41,180
$49,620
$66,450
$25,220
$34,120
$19,990
$23,320
$22,640
$34,560
$32,380
$36,430
$41,280
$30,440
$31,800
Most annual blue-collar salaries range from $20,620 to $52,920 within the
Atlanta-Sandy Springs-Marietta MSA. White-collar jobs, such as those related to
professional positions, management and medicine, have an average salary of
$80,228. It is important to note that most occupational types within the AtlantaSandy Springs-Marietta MSA have slightly higher typical wages than the State of
Georgia's typical wages. The proposed project will target elderly households with
incomes over $18,180; however, the majority of units will be restricted to
households earning up to $60,000. Although we anticipate the majority of
potential renters will be retired, we also expect some potential renters will remain
in the workforce. Some age-eligible renters could be working part-time or even
full-time and still qualify to reside at the subject project. Regardless, the area
employment base has a moderate number of income-appropriate households from
which the proposed subject project will be able to draw support.
4. MAJOR EMPLOYERS
The 10 largest employers within the Atlanta metro area comprise a total of
170,505 employees. These employers are summarized as follows:
Total
Employed
25,000
23,600
20,821
20,325
19,873
15,211
13,890
11,894
10,258
9,633
Total
170,505
Source: Atlanta Business Chronicle Book of Lists, 12/24/10 (employment figures from 12/1/09)
Business
Delta Air Lines, Inc.
Walmart Stores
Gwinnett County Public Schools
AT&T, Inc.
Emory University
Cobb County School District
DeKalb County School System
Fulton County Schools
U.S. Postal Service, Atlanta District
Publix Super Markets, Inc.
Business Type
Air Transportation
Retail
Education
Communications
Education
Education
Education
Education
Postal Service
Retail
Major employers are reportedly stable. According to a representative with the
Metro Atlanta Chamber, the metro area’s economy is expanding, driven by
consistent population growth and continued announcements from new and
expanding businesses. According to this representative, Fulton County is the
economic engine for the area and while growth in northern Fulton County is
largely driven by technology-oriented companies, expansions in southern Fulton
County are often supported by the area’s proximity to air transportation and its
interstate accessibility. While the county’s unemployment rate increased during
the economic downturn, the number of announcements from new and expanding
businesses held relatively steady. As such, the local economy is reportedly
healthy.
E-10
Positive Job Announcements:
The following Fulton County announcements of new businesses were made last
year:




























Aikan (Recycling Center), Biofuels Manufacturing, 20 jobs
Alfa Mega Inc. (U.S. HQ & Distribution), HVAC Manufacturing, 20 jobs
Anthem College Atlanta (Post-Secondary School), Higher Education, 50 jobs
ANTs Software (U.S. HQ & Operations Center), Software Development, 100
jobs
Architectural Design Collaborative Inc. (Regional Office), Architectural
Services, 10 jobs
Asiana Airlines (Air Cargo), Air Cargo Carrier, 25 jobs
BPI Group/Grant Alexander (Regional Office), Executive Recruitment
Consulting, 30 jobs
Brodersen Systems (U.S. HQ), Industrial Automation, 10 jobs
CardioMEMS (U.S. HQ), Medical Device Manufacturing, 400 jobs
Clorox (Distribution), Consumer Goods, 10 jobs
Corinthian Colleges (Post-Secondary School), Higher Education, 125 jobs
Craneware (U.S. HQ), Healthcare Information Technology, 100 jobs
Echo Global Logistics (Sales Office), Supply Chain Management Solutions,
40 jobs
Enfinity America Corp. (American HQ), Solar Photovoltaic Development, 50
jobs
Esoft Systems (U.S. HQ), Real Estate Software, 15 jobs
EUE/Screen Gems (Studio Complex), TV, Commercial, Digital & Film
Production, 1,000 jobs
Healthcare Institute for Neuro Recovery & Innovation (Laboratory),
Healthcare Services, 35 jobs
Interstate National Dealer Services (Global HQ), Motor Vehicle Service
Contracts & Warranties, 90 jobs
Iris (Branch Office), Marketing Services, 20 jobs
J3 Productions (Studio), Creative Agency, 15 jobs
Mace Macro Ltd. (U.S. HQ), Facilities Management Consulting, 25 jobs
MagVenture (Sales Office), Medical Device Manufacturing, 5 jobs
NIMAK GmbH (U.S. HQ), Welding Machine Manufacturing, 15 jobs
Novelis Inc. (North American HQ), Aluminum Rolled Products & Can
Recycling, 150 jobs
Outcomes Health Information Solutions (U.S. HQ), Healthcare Information
Technology, 200 jobs
RedPrairie (Global HQ), Software Development, 250 jobs
Relavance Corp. (U.S. HQ), Software Development, 12 jobs
Sony Ericsson (North & Latin American HQs), Mobile Technology &
Communications, 180 jobs
E-11




Techtop Shanghai Top Motor (U.S. HQ & Sales), Motor & Generator
Manufacturing, 20 jobs
The Situs Companies (Regional Office), Commercial Real Estate Advisory
Services, 25 jobs
Vesta Corp. (Call Center), Electronic Payments, 500 jobs
Vossloh Kiepe Inc. (U.S. HQ), Public Transportation Electrical Equipment, 40
jobs
In addition to the many new businesses in Fulton County announced during 2010,
there have been a handful of expansions. They include the following:






Endeavor Telecom (U.S. HQ), Telecommunications Services, 120 jobs
Engauge (R&D), Digital Marketing, 30 jobs
Entertainment Arts Research Inc. (U.S. HQ), Video Game Development, 50
jobs
Exide Technologies (R&D), Battery Manufacturing, 40 jobs
Macy’s Systems & Technology Inc. (Division HQ), Electronic Data
Processing/E-Commerce, 160 jobs
Promethean (U.S. HQ), Classroom Technology, 60 jobs.
More recently in 2011, Reliance Worldwide, which is an Australian-based
manufacturer of fluid power valves and hose fittings, announced that it will open
its U.S. headquarters in northern Fulton County. Approximately 150 new jobs are
anticipated.
Aside from announcements from new and expanding businesses, most of the
metro area’s major employers are stable. Among the ten largest, Delta Air Lines
will resume its Atlanta-Shanghai non-stop service in June. Separately, Gwinnett
County Public Schools recently won the coveted 2010 Broad Prize for Urban
Education, having the greatest overall performance and improvement in student
achievement. Also, AT&T Mobility, which is headquarters in Atlanta, is in the
process of acquiring T-Mobile. Finally, it is worth noting that the area’s 14th
largest employer, namely Children’s Healthcare of Atlanta, is one of the most
prominent pediatric hospitals in the county. Reportedly, it is expanding with new
programs and services.
It should also be noted that Mayor Kasim Reed recently announced his metrowide
initiative, Hire One Atlanta. Through this initiative, Mayor Reed is challenging
all businesses to hire at least one new employee this year. In return, the Atlanta
Business Chronicle will spotlight all companies that increase their headcounts by
one or more workers. With 150,000 employers in the region, the impact could be
significant and according to Ms. Sydney, the program has proven to be popular
thus far.
E-12
Infrastructure Projects:
Aside from resurfacing projects on the interstates, there are no major
infrastructure projects currently under construction. A number of transportationrelated projects have been proposed for voters’ approval in 2012. Specifically, a
list of more than 400 projects has been submitted to the Atlanta Regional
Commission for its review. Projects up for consideration include the expansion of
MARTA rail into neighboring counties, I-285 and I-20 interchange improvements
on the west side of Perimeter Parkway, and the widening of GA-20 from I-575 in
Cherokee County to GA-400 in Forsyth County (among others). Once the final
list is determined, voters will be asked to accept or reject a regional penny sales
tax to fund the projects.
Negative Job Announcements:
Despite steady announcements from new and expanding businesses, WARN
notices issued by Fulton County employers represent an overall layoff count of
1,732 workers.
WARN Notices:
The following WARN notices have been issued by Fulton County employers
within the last 12 months. In total, 1,732 jobs were affected.

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
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










Visual Pak, Union City, 15 jobs affected, announced 3/11/11
Continental Plastics, Alpharetta, 86 jobs affected, announced 1/24/11
NCO Financial Systems, Hapeville, 90 jobs affected, announced 1/19/11
Turner Entertainment, Atlanta, 77 jobs affected, announced 1/18/11
Macy’s, Union, 99 jobs affected, announced 1/6/11
Craft, Atlanta, 70 jobs affected, announced 12/15/10
Shionogi Inc., Atlanta, 67 jobs affected, announced 12/2/10
ZipRealty, Atlanta, 99 jobs affected, announced 12/1/10
Novartis, Roswell, 40 jobs affected, announced 11/30/10
Trans Inns Associates, Atlanta, 88 jobs affected, announced 11/17/10
HealthStar ES (Practice Therapeutics), Atlanta, 2 jobs affected, announced
11/1/10
The Atlanta Journal Constitution, Atlanta, 105 jobs affected, announced
11/1/10
BNY Mellon (The Bank of New York Mellon), College Park, 27 jobs
affected, announced 9/10/10
ACS Xerox Company, Atlanta, 93 jobs affected, announced 9/3/10
Regency Hospital/Select Medical Corp., Alpharetta, 124 jobs affected,
announced 9/2/10
Marriott Renaissance Hotel, Atlanta, 142 jobs affected, announced 7/28/10
E-13




Pitney Bowes Government Services Inc. (PBGS), Atlanta, 184 jobs affected,
announced 7/12/10
Butler America, Atlanta, 77 jobs affected, announced 7/5/10
Wyndham Garden Hotel (Crescent Hotels & Resorts), 100 jobs affected,
announced 6/28/10
Bank of America, Atlanta, 147 jobs affected, announced 6/23/10
5. EMPLOYMENT TRENDS
The following tables were generated from the U.S. Department of Labor, Bureau
of Labor Statistics and reflect employment trends of the county in which the site
is located.
Excluding 2011, the employment base has declined by 8.6% over the past five
years in DeKalb County, more than the Georgia state decline of 6.4%. Total
employment reflects the number of employed persons who live within the county.
The following illustrates the total employment base for DeKalb County, Fulton
County, Georgia and the United States.
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011*
DeKalb County
Total
Percent
Number
Change
365,011
354,822
-2.8%
346,239
-2.4%
344,322
-0.6%
348,457
1.2%
367,368
5.4%
372,024
1.3%
363,304
-2.3%
342,348
-5.8%
335,662
-2.0%
333,905
-0.5%
Total Employment
Fulton County
Georgia
Total
Percent
Total
Percent
Number
Change
Number
Change
423,702
4,112,868
420,232
-0.8%
4,135,381
0.5%
420,565
0.1%
4,173,787
0.9%
426,534
1.4%
4,249,007
1.8%
434,002
1.8%
4,375,178
3.0%
449,477
3.6%
4,500,150
2.9%
461,797
2.7%
4,561,967
1.4%
459,551
-0.5%
4,517,730
-1.0%
436,753
-5.0%
4,302,039
-4.8%
428,224
-2.0%
4,213,719
-2.1%
425,982
-0.5%
4,196,303
-0.4%
Source: Department of Labor; Bureau of Labor Statistics
*Through March
E-14
United States
Total
Percent
Number
Change
138,241,767
137,936,674
-0.2%
138,386,944
0.3%
139,988,842
1.2%
142,328,023
1.7%
144,990,053
1.9%
146,397,565
1.0%
146,068,942
-0.2%
140,721,692
-3.7%
139,982,128
-0.5%
139,288,076
-0.5%
Dekalb County
380,000
370,000
360,000
350,000
340,000
330,000
320,000
310,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Fulton County
470,000
460,000
450,000
440,000
430,000
420,000
410,000
400,000
390,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
As these tables indicate, Fulton County has historically had better employment
growth than DeKalb County. In fact, Fulton County has typically faired better in
when compared to the entire state of Georgia since 2006. The following table
illustrates the percent change in employment for Fulton County and Georgia.
Employment Change
County
State
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
E-15
Unemployment rates for DeKalb County, Fulton County, Georgia and the United
States are illustrated as follows:
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011*
DeKalb County
4.0%
5.5%
5.4%
5.4%
6.0%
5.1%
4.9%
6.5%
9.8%
10.4%
10.3%
Unemployment Rate
Fulton County
Georgia
4.1%
4.0%
5.4%
4.8%
5.3%
4.8%
5.1%
4.7%
5.7%
5.2%
5.0%
4.7%
5.0%
4.7%
6.5%
6.3%
9.9%
9.7%
10.6%
10.2%
10.4%
10.1%
United States
4.8%
5.8%
6.0%
5.6%
5.2%
4.7%
4.7%
5.8%
9.3%
9.7%
9.6%
Source: Department of Labor, Bureau of Labor Statistics
*Through March
Unemployment Rate
Dekalb County
State
U.S.
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Unemployment Rate
Fulton County
State
U.S.
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
The two counties have historically had similar unemployment rates compared to
each other. However, these rates have typically been higher than state and
national averages.
E-16
The following tables illustrate the monthly unemployment rates in DeKalb and
Fulton counties for the most recent 18-month period for which data is currently
available.
11.0%
Dekalb County Monthly Unemployment Rate
October 2009 to March 2011
10.8%
10.6%
10.4%
10.2%
10.0%
9.8%
9.6%
9.4%
9.2%
9.0%
Oc t No v De c
J a n F e b M a r Apr M a y J un
J ul Aug S e p Oc t No v De c
J an Feb Mar
10.6% 10.4% 10.3% 10.7% 10.4% 10.1% 9.7% 9.9% 10.5% 10.8% 10.8% 10.6% 10.5% 10.6% 10.4% 10.5% 10.5% 10.0%
11.2%
Fulton County Monthly Unemployment Rate
October 2009 to March 2011
11.0%
10.8%
10.6%
10.4%
10.2%
10.0%
9.8%
9.6%
9.4%
9.2%
Oc t No v De c J a n F e b M a r Apr M a y J un
J ul
Aug S e p Oc t No v De c J a n
Feb Mar
10.5% 10.3% 10.4% 10.9% 10.7% 10.2% 9.9% 10.0% 10.7% 10.8% 11.0% 10.7% 10.5% 10.6% 10.5% 10.6% 10.5% 10.1%
The relatively similar line graphs illustrate that the two counties are closely linked
in terms of unemployment trends. Notably, the unemployment rate in each
county appears to have peaked in August of 2010 and slowly declined since.
However, both counties are still above 10.0% unemployment, which is considered
high.
E-17
In-place employment reflects the total number of jobs within the county
regardless of the employee's county of residence. The following tables illustrate
the total in-place employment base for DeKalb and Fulton counties.
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010*
In-Place Employment DeKalb County
Employment
Change
Percent Change
305,903
297,974
-7,929
-2.6%
293,576
-4,398
-1.5%
290,263
-3,313
-1.1%
291,014
751
0.3%
280,917
-10,097
-3.5%
297,698
16,781
6.0%
296,746
-952
-0.3%
280,087
-16,660
-5.6%
272,469
-7,618
-2.7%
*Through September
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010*
Employment
754,870
740,747
722,084
727,701
741,524
774,324
758,950
741,081
698,951
701,319
In-Place Employment Fulton County
Change
Percent Change
-14,123
-1.9%
-18,663
-2.5%
5,617
0.8%
13,823
1.9%
32,800
4.4%
-15,374
-2.0%
-17,869
-2.4%
-42,131
-5.7%
2,369
0.3%
*Through September
Data for 2009, the most recent year that year-end figures are available, indicates
in-place employment in DeKalb County to be 81.8% of the total DeKalb County
employment. This means that DeKalb County has more employed persons leaving
the county for daytime employment than those who work in the county. In-place
employment in Fulton County was estimated to be 160.0% of the total Fulton
County employment. This means that Fulton County has more employed persons
coming to the county from other counties for work (daytime employment) than
those who both live and work there.
E-18
6. ECONOMIC FORECAST
According to statistics provided by the Bureau of Labor Statistics and based on
interviews with representatives from the Metro Atlanta Chamber, the economic
outlook of the Atlanta metro area is improving. Although total employment has
decreased since 2007, 2011 is expected to finally add enough jobs to increase the
total employment base in annual year-to-year comparisons. Many new job
announcements have been made during the previous six months and a significant
reduction in the number of layoffs have also been noted. Additionally, incentives
from the mayor’s “Hire One Atlanta” program have been generally well received
within the metro area. Considering these trends, the overall economic climate is
considered to have stabilized since the national recession and reductions in
unemployment are anticipated through the projection period of the subject project
(2013). As a result of economic growth, the demands for most housing types will
likely increase and occupancy rates are anticipated to rise.
A map illustrating notable employment centers is on the following page.
E-19
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20
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SECTION F – PROJECT-SPECIFIC DEMAND ANALYSIS
1. DETERMINATION OF INCOME ELIGIBILITY
The number of income-eligible households necessary to support the project from
the Site PMA is an important consideration in evaluating the proposed project’s
potential.
Under the Low-Income Housing Tax Credit program, household eligibility is
based on household income not exceeding the targeted percentage of Area
Median Household Income (AMHI), depending upon household size.
The subject site is within Fulton County, which is in the Atlanta-Sandy SpringsMarietta, GA HUD MSA. In 2010, this MSA had a median household income
of $71,800. Most of the units at the subject property will be restricted to
households with incomes of up to 50% and 60% of AMHI; however, some units
will be market-rate and have no maximum income restrictions.
The following table summarizes the maximum allowable income by household
size for Fulton County at 50% and 60% of AMHI.
Household
Size
One-Person
Two-Person
Maximum Allowable Income
50%
60% AMHI
$25,150
$30,180
$28,750
$34,500
a. Maximum Income Limits
The proposed project will be restricted to senior households age 62 and
older. As such, the maximum allowable income for the subject units will be
based on a two-person household. Depending on targeted AMHI, the
maximum allowable income for the subject property will be $28,750 (50%
AMHI limit) or $34,500 (60% AMHI limit). Although market-rate units do
not have a maximum allowable income, GDCA guidelines require analysts
to make some reasonable determination of a maximum income level beyond
which a household would not likely be a participant in the rental market.
Although HISTA rental data has been used in this analysis, which details all
renter households regardless of income, we have utilized a maximum
allowable income of $60,000 for the market-rate units at the proposed
project. Although renter households earning more than $60,000 are present
within this primary market area, these household are likely seeking high-end,
luxury apartment/condo rentals and generally would not consider the
proposed project as a viable rental alternative.
F-1
b. Minimum Income Requirements
Leasing industry standards typically require households to have rent-toincome ratios of 27% to 40%. Pursuant to GDCA/GHFA market study
guidelines, the maximum rent-to-income ratio permitted for family projects
is 35%, while older person (age 55 and older) and elderly (age 62 and older)
projects should utilize a 40% rent-to-income ratio.
The proposed Low-Income Housing Tax Credit units will have a lowest
gross rent of $606 (at 50% AMHI). Over a 12-month period, the minimum
annual household expenditure (rent plus tenant-paid utilities) at the subject
site is $7,272.
Applying a 40% rent-to-income ratio to the minimum annual household
expenditure yields a minimum annual household income requirement for the
Tax Credit units at 50% of AMHI to be $18,180. Similar calculations result
in a minimum annual household income requirement of $21,480 for the 60%
AMHI units.
The lowest gross rent for the market-rate units is $766. Over a 12-month
period, the minimum annual household expenditure (rent plus tenant-paid
utilities) at the subject site is $9,192. As these are market-rate units, a lower
rent-to-income ratio of 35% has conservatively been applied to the minimum
annual household expenditure. Although most market-rate units will utilize
lower rent-to-income ratios near 30%, the project will target households age
62 and older that are likely no longer working, or are working on a part-time
basis. As such, the 35% rent-to-income ratio is considered appropriate. This
results in a minimum annual household income requirement of $26,263 for
the market-rate units.
c. Income-Appropriate Range
Based on the preceding analyses, the income-appropriate ranges required for
living at the proposed units at the subject project are illustrated in the
following table:
Unit Type
Tax Credit (Limited To 50% of AMHI)
Tax Credit (Limited To 60% of AMHI)
Market-Rate (No maximum limits)
F-2
Income Range
Minimum
Maximum
$18,180
$28,750
$21,480
$34,500
$26,263
$60,000
2. METHODOLOGY
The following are the demand components as outlined by the Georgia
Department of Community Affairs/Georgia Housing and Finance Authority:
a. Demand from New Household: New units required in the market area
due to projected household growth from migration into the market
and growth from existing households in the market should be
determined. This should be determined using 2000 renter household
Census data and projecting forward to the anticipated placed in service
date of the project using a growth rate established from a reputable
source such as ESRI or the State Data Center. This household projection
must be limited to the target population, age and income group and the
demand for each income group targeted (i.e. 50% of median income) must
be shown separately. In instances where a significant number (more than
20%) of proposed units comprise three- and four-bedroom units, please
refine the analysis by factoring in the number of large households
(generally 5 persons +). A demand analysis that does not account for this
may overestimate demand. Note that our calculations have been reduced
to only include renter-qualified households.
b. Demand from Existing Households: The second source of demand
should be projected from:
 Rent overburdened households, if any, within the age group,
income groups and tenure (renters) targeted for the proposed
development. In order to achieve consistency in methodology, all
analysts should assume that the rent overburdened analysis includes
households paying greater than 35% (Family), or greater than 40%
(Senior) of their incomes toward gross rent. Based on the 2000
Census, Summary File 3 (SF3) table H-73, an estimated 39.4% of
renter households with incomes between $18,180 and $28,750 (50%
AMHI income band) in the city of Atlanta were rent overburdened in
2000. An estimated 33.6% of renter households with incomes between
$21,480 and $34,500 (60% AMHI income band) in the city of Atlanta
were rent overburdened in 2000. An estimated 16.2% of renter
households with incomes between $26,263 and $60,000 (market-rate
income band) in the city of Atlanta were rent overburdened in 2000.
These households have been included in our demand analysis.
 Households living in substandard housing (i.e. units that lack
complete plumbing or that are overcrowded). Households in
substandard housing should be determined based on the age, the
income bands, and the tenure that apply. The analyst should use his/her
own knowledge of the market area and project to determine whether
F-3
households from substandard housing would be a realistic source of
demand. The analyst is encouraged to be conservative in his/her
estimate of demand from both rent overburdened households and from
those living in substandard housing. Based on the 2000 Census,
Summary File 3 (SF3) table H-22, 11.0% of all households in the city
of Atlanta were living in substandard housing that lacked complete
indoor plumbing or in overcrowded (1.5+ persons per room)
households.
 Elderly Homeowners likely to convert to renters: GDCA recognizes
that this type of turnover is increasingly becoming a factor in the
demand for elderly Tax Credit housing. This segment should not
account for more than 20% of total demand. Due to the difficulty of
extrapolating elderly (age 65 and older) owner households from
elderly renter households, analyst may use the total figure for elderly
households in the appropriate income band to derive this demand
figure. Data from interviews with property managers of active projects
regarding renters who have come from homeownership should be used
to refine the analysis.
The American Community Housing Survey reports the homeowner
conversion among households age 65 and older for specified MSAs as
well as the nation as a whole. Historically, elderly (age 65 and older)
homeowner conversion rates reported in metropolitan areas in Georgia
have ranged from 1.4% to 2.2%, depending on the year and location of
the data provided.
Discussions with area property managers at affordable communities
indicate that few homeowners have actually converted to become
renters at those low-income facilities. Based on these interviews and
the data for household conversions among age 65 and older households,
a 2.0% conversion rate is considered reasonable.
c. To accommodate for the Secondary Market Area, the Demand from
Existing Qualified Households within the Site Primary Market Area
will be multiplied by 115% to account for demand from the
Secondary Market Area. GDCA recommends that the analyst be
conservative when developing the Primary Market Area so as to not
overstate market demand due to this multiplier effect.
F-4
Within the Site PMA, we identified 23 LIHTC properties that were funded
and/or built during the projection period (2000 to current). However, only 11 of
these projects target senior households. Therefore, the 12 general occupancy
projects were not included in this analysis. Of the 11 age-restricted
developments, four projects are 100.0% subsidized. As such, these four projects
will not be included in this analysis. Furthermore, one project has rents that are
more than 20% below rents for other units of the same bedroom type and AMHI
band and comprise less than 10% of the total units in the same AMHI band;
therefore, these units are not included in this analysis. Of the remaining LIHTC
units at the six competitive properties built and or funded since 2000, many also
operate with Project Based Rental Assistance. As such, these subsidized units
have been omitted from this analysis.
In order to determine whether the non-subsidized LIHTC and market-rate units
at the six remaining projects will directly compete with the subject and be
counted as part of the net supply, a weighting factor of between zero and one
has been assigned to each of four factors (location, affordability, property type
and quality). The total comparability factor is then applied to each bedroom
type for all income levels to determine the number of units to be allocated in a
Georgia DCA-formatted capture rate analysis.
Competitive Property Analysis
Competitive 1 (Map I.D. 3)
Veranda at Carver
1 Location
2
Affordability
3
4
Property Type
Quality
Comparability Factor
Percent
0.3
0.2
0.9
0.9
57.5%
Comments
2.5 miles from site
non-subsidized rents are 32.4% higher
than comparable at site
Senior/Elevator-Served/4-story
Rating of A
Columbia Senior Residences at
Mechanicsville
Percent
Comments
1 Location
0.7
1.0 mile from site
All rents within 12.0% of similar rents
2 Affordability
0.6
at project
3 Property Type
0.9
4 Quality
0.7
Rating of AComparability Factor
72.5%
F-5
The Residences at Park Place
Percent
Comments
Located on boundary of PMA, 2.9
1 Location
0.1
miles from site
2 Affordability
0.5
at project
3 Property Type
0.9
4 Quality
0.7
Rating of AComparability Factor
55.0%
Lillie R. Campbell
Percent
1
Location
0.1
2
Affordability
0.6
3
4
Property Type
Quality
0.9
0.7
57.5%
Comments
miles from site
at project
Rating of A-
Heritage Station II
1 Location
2
Affordability
3
4
Property Type
Quality
Percent
0.7
0.5
0.9
0.9
75.0%
Comments
0.9 miles from site
at site
Rating of A
Competitive 6 (Planned)
Baptist Gardens
Percent
1
Location
0.1
2
Affordability
0.9
3
4
Property Type
Quality
0.9
0.9
70.0%
Comments
miles from site
All rents lower than those proposed at
site
Anticipated Rating of A
The comparability factor from the analysis above has been applied to all
competitive units at each project. All competitive units to be used in the supply
section are summarized in the following table.
F-6
LIHTC and market-rate properties are summarized as follows:
Units At Targeted AMHI
Map
I.D.
Project Name
Year
Built
3
Veranda at Carver
2006
8
Columbia Senior at
Mechanicsville
The Residences at Park
Place
45
Lillie R. Campbell
2008
49
Heritage Station II
2007
-
Baptist Gardens
2012
7
2007
2002
Number Of
Bedrooms
One
Two
One
Two
One
Two
One
Two
One
Two
One
Two
Total
50% AMHI
0
0
25
0
17
8
0
0
0
0
11
0
61
60% AMHI
0
0
25
0
17
8
8
21
0
0
60
0
139
Market Rate
6
5
3
0
8
8
6
12
14
9
0
0
71
These five competing developments contain a total of 271 competitive units.
All 271 directly competitive units are included in the following capture rate
analysis.
F-7
The following is a summary of our demand calculations:
Demand Component
Demand From New Households
(Age- And Income-Appropriate)
+
Demand From Existing Households
(Renters In Substandard Housing)
+
(Rent Overburdened)
+
Demand From
Secondary Market Area
(115% Of Demand From Existing Qualified
Households In Site PMA)
=
Demand Subtotal
+
(Elderly Homeowner Conversion)
=
Total Demand
Supply
(Directly Comparable Units Built And/
Or Funded Since 2000)
=
Net Demand
Proposed Units
Capture Rate
50% AMHI
($18,180 to
$28,750)
635 – 527
= 108
Percent of Median Household Income
Overall Tax
60% AMHI
Credit
Market Rate
($21,480 to
($18,180 to
($26,263 to
$34,500)
$34,500)
$60,000)
550 - 449
836 – 694
906 – 746
= 101
= 142
= 160
All Units
($18,180 to
$60,000)
1,421 – 1,177
= 244
527 X 11.0%
= 58
449 X 11.0%
= 50
694 X 11.0%
= 77
746 X 11.0%
= 82
1,177 X 11.0%
= 130
527 X 39.4%
= 208
449 X 33.6%
= 151
694 X 37.3%
= 259
746 X 16.2%
= 121
1,177 X 22.7%
= 267
= 56
= 45
= 72
= 54
= 96
429
347
549
417
737
665 X 2.0%
= 13
752 X 2.0%
= 15
972 X 2.0%
= 19
1,245 X 2.0%
= 25
1,757 X 2.0%
= 35
442
362
568
442
772
61
139
200
71
271
381
19
5.0%
223
58
26.0%
368
77
20.9%
371
14
3.8%
501
91
18.2%
The Tax Credit capture rates by AMHI level range from 5.0% to 26.0% and are
considered very low and achievable. The overall Tax Credit capture rate is only
20.9%. Similarly, the market-rate capture rate is very low at 3.8% and
considered very achievable. The overall project, targeting incomes from
$18,180 to $60,000, requires a capture rate of 18.2%. These capture rates are
well below Georgia DCA threshold requirements and are considered good for
an urban market. The following analysis breaks down the supply and demand
by bedroom type and targeted AMHI.
Based on our survey of conventional apartments, the distribution of elderly
households by household size within the Site PMA and the distribution of
bedroom types in balanced markets, the estimated share of demand by bedroom
type for elderly units is distributed as follows.
F-8
Estimated Demand By Bedroom
Bedroom Type
Percent
One-Bedroom
70.0%
Two-Bedroom
30.0%
Total
100.0%
Applying these shares to the income-qualified households and factoring in the
existing competitive supply yields demand and capture rates for the proposed
units by bedroom type and AMHI level as follows:
Bedroom Size
(Share Of Demand)
One-Bedroom (70%)
One-Bedroom
Two-Bedroom (30%)
Two-Bedroom
Target
% of
AMHI
50%
60%
MRR
Total
50%
60%
MRR
Total
Subject
Units
Total
Demand*
16
42
11
270
222
272
69
764
3
16
3
116
95
116
22
327
Supply**
53
110
37
200
8
29
34
71
564
Capture Rate
7.4%
37.5%
4.7%
12.2%
Absorption
2 – 3/ Month
3 – 5/ Month
1 – 2/ Month
--
Average
Market
Rent
$800
$800
$800
-
108
66
82
2.8%
24.2%
3.6%
8.6%
$990
$990
$990
-
$635
$745
$795
256
2 – 3/ Month
3 – 5/ Month
1 – 2/ Month
-
9.9%
8 – 10/ Month
-
-
Net
Demand
217
112
235
All Units
Total
91
1,091
271
820
*Includes overlap between the targeted income levels at the subject site.
**Directly comparable units built and/or funded in the project market over the projection period.
The overall capture rates by bedroom type are very low ranging from 8.6% for
the two-bedroom units to 12.2% for the one-bedroom units. This illustrates that
there is ample demographic support among age- and income-eligible households
within the Site PMA. As the bulk of units at the proposed project target
households earning up to 60% of AMHI, these units have higher capture rates
compared to the 50% AMHI and market-rate units. However, the 60% AMHI
capture rates of 24.2% to 37.5% are considered moderate and achievable for the
Atlanta Site PMA. As noted in the following Rental Housing Supply Section,
the age-restricted projects surveyed within the Site PMA are 97.5% occupied.
This high occupancy rate indicates pent-up demand for senior housing within
the market. Considering the high occupancy rate of comparable projects and the
projected growth among age- and income-eligible households, these capture
rates are very achievable.
F-9
Subject
Rents
$535
$645
$695
-
-
3. ABSORPTION PROJECTIONS
For the purposes of this analysis, we assume the absorption period at the site
begins as soon as the first units are available for occupancy. Since all demand
calculations in this report follow GDCA/GHFA guidelines that assume a 2013
opening date for the site, we also assume that initial units at the site will be
available for rent in spring 2013.
Based on our analysis contained in this report, it is our opinion that the 91
proposed units will reach a stabilized occupancy of 93% within 9 to 11 months.
This is an average absorption rate of between eight and 10 units per month.
The 19 proposed units that will target households up to 50% of AMHI comprise
a relatively small amount of the total project. They also require low capture
rates based on the projected demographic support that will be present within the
Site PMA. Given these low capture rates, the 50% AMHI units will likely reach
a stabilized occupancy level within six to eight months of opening.
Similarly, there are a relatively small amount of market rate units that also
require low capture rates. Given the base of income-qualified seniors in the
market earning up to $60,000, we expect these units to fill at the second fastest
rate and reach a stabilized occupancy level within six to eight months of
opening.
The majority of units proposed at the site will target households earning up to
60% of AMHI. As such, these units have higher capture rates compared to the
50% and market-rate units. However, based on the findings included in this
study, we anticipate these units to reach a stabilized occupancy level within nine
to 11 months of opening.
F-10
SECTION G – RENTAL HOUSING ANALYSIS (SUPPLY)
1. OVERVIEW OF RENTAL HOUSING
The distributions of the area housing stock within the Atlanta Site PMA in 2000
and estimated for 2010 are summarized in the following table:
Housing Status
Total-Occupied
Owner-Occupied
Renter-Occupied
Vacant
Total
2000 (Census)
Number
Percent
26,158
87.5%
9,788
37.4%
16,369
62.6%
3,750
12.5%
29,908
100.0%
2010 (Estimated)
Number
Percent
30,267
81.7%
10,505
34.7%
19,762
65.3%
6,763
18.3%
37,030
100.0%
Based on a 2010 update of the 2000 Census, it was estimated that homeowners
occupied 34.7% of all occupied housing units, while the remaining 65.3% were
occupied by renters. This share of renters is relatively high, even for a
metropolitan area, and indicates a good base of support for rental housing
projects. However, the vacancy rate among all housing types increased from
12.5% in 2000 to an estimated 18.3% in 2010. As detailed below, rental
housing units accounted for 33.5% of all vacant housing units in 2000.
For Rent
For-Sale Only
Rented/Sold, Not Occ.
Seasonal, Recreational
Other Vacant
Vacant Housing Units in 2000
1,258
487
375
56
1,574
Total
3,750
33.5%
13.0%
10.0%
1.5%
42.0%
100.0%
If the 33.5% ratio of vacant rental units is held constant through 2010, there will
be an estimated 2,266 vacant rental units. As such, there would be an estimated
total of 22,028 rental housing units within the Site PMA in 2010. Therefore, the
estimated overall occupancy rate of rental housing units within the Site PMA is
89.7%, which is considered somewhat low. The estimated 89.7% occupancy
could indicate market saturation, which would slow absorption at the proposed
project. In order to determine if the Site PMA is indeed saturated, or if certain
rental housing segments are performing better or worse than the market average,
we conducted a field survey of apartment properties located throughout the Site
PMA.
G-1
We identified and personally surveyed 49 conventional housing projects
containing a total of 7,716 units within the Site PMA. This survey was
conducted to establish the overall strength of the rental market and to identify
those properties most comparable to the subject site. These rentals have a
combined occupancy rate of 93.1%, a moderate rate for rental housing. Among
these projects, 39 are non-subsidized (market-rate and Tax Credit) projects
containing 5,261 units. These non-subsidized units are 90.5% occupied. The
remaining ten projects contain 2,455 government-subsidized units, which are
98.6% occupied.
Project Type
Market-rate
Market-rate/Tax Credit
Market-rate/Government-Subsidized
Market-rate/Tax Credit/Government-Subsidized
Tax Credit
Tax Credit/Government-Subsidized
Government-Subsidized
Total
Projects
Surveyed
11
9
2
12
5
3
7
49
Total Units
1,434
1,434
264
2,787
1,006
361
430
7,716
Vacant Units
165
73
10
147
138
0
0
533
Occupancy
Rate
88.5%
94.9%
96.2%
94.7%
86.3%
100.0%
100.0%
93.1%
The Tax Credit properties operating independently from any subsidies are
reporting the lowest occupancy rate (86.3%). However, it should be noted that
126 of the 138 vacant Tax Credit units are concentrated at three projects
originally built from 1963 to 1968. These older projects were renovated
between 1997 and 2000, but maintain smaller square footages and limited
amenities compared to newly developed Tax Credit apartment communities.
Further, despite renovations, all three projects maintain quality ratings of ‘C’ or
‘C-.’ This indicates that inferior units, regardless of affordable rents or recent
renovations, are less desirable within the Site PMA. Further, of the 165 vacant
market-rate units, 109 are located at two projects originally built between 1964
and 1966. These projects also report low quality ratings of ‘B-’ and ‘C+,’ and
have small unit sizes relative to newer market-rate product available within the
Site PMA. Notably, none of these previously mentioned projects are agerestricted.
Of the 49 projects surveyed, 14 are age-restricted and contain 1,619 units that
are 97.5% occupied. These 14 projects are summarized in the following table:
Project Type
Market-rate/Government-Subsidized
Market-rate/Tax Credit/Government-Subsidized
Tax Credit/Government-Subsidized
Government-Subsidized
Total
Projects
Surveyed
2
1
4
3
4
14
G-2
Total Units
196
100
695
361
267
1,619
Vacant
Units
5
0
36
0
0
41
Occupancy
Rate
97.4%
100.0%
94.8%
100.0%
100.0%
97.5%
The 97.5% occupancy rate among age-restricted projects indicates strong
support for senior housing within the Atlanta Site PMA. The occupancy rates at
these five project types range from 94.8% to 100.0%. Further, of the 41 vacant
units, 35 are located at one project which completed renovations in late
December of 2010. At the time of the survey, these units had only been
available for occupancy a total of three months, which was also during the
winter. Considering seniors are far less likely to move during winter months
and the limited time frame that these units were available, it is likely that these
35 units will be filled during the summer months.
The following table summarizes the breakdown of market-rate and Tax Credit
units surveyed within the Site PMA.
Market-rate
Bedroom
Studio
One-Bedroom
One-Bedroom
Two-Bedroom
Two-Bedroom
Two-Bedroom
Two-Bedroom
Three-Bedroom
Three-Bedroom
Three-Bedroom
Three-Bedroom
Four-Bedroom
Total Market-rate
Baths
1.0
1.0
2.0
1.0
1.5
2.0
2.5
1.0
2.0
2.5
3.0
2.0
Units
7
673
20
817
165
708
14
17
258
151
1
7
2,838
Bedroom
Baths
Studio
1.0
One-Bedroom
1.0
Two-Bedroom
1.0
Two-Bedroom
1.5
Two-Bedroom
2.0
Two-Bedroom
2.5
Three-Bedroom
2.0
Three-Bedroom
2.5
Three-Bedroom
3.0
Four-Bedroom
2.0
Total Tax Credit
Units
4
829
360
51
694
6
329
143
3
4
2,423
Distribution
Vacancy
0.2%
0
23.7%
64
0.7%
0
28.8%
101
5.8%
27
24.9%
42
0.5%
3
0.6%
0
9.1%
32
5.3%
15
0.0%
0
0.2%
0
100.0%
284
Tax Credit, Non-Subsidized
Distribution
0.2%
34.2%
14.9%
2.1%
28.6%
0.2%
13.6%
5.9%
0.1%
0.2%
100.0%
Vacancy
1
71
60
0
53
0
22
8
0
0
215
% Vacant
0.0%
9.5%
0.0%
12.4%
16.4%
5.9%
21.4%
0.0%
12.4%
9.9%
0.0%
0.0%
10.0%
Median Gross
Rent
$686
$837
$1,141
$785
$733
$1,022
$1,107
$930
$1,104
$1,079
$1,354
$1,161
-
% Vacant
25.0%
8.6%
16.7%
0.0%
7.6%
0.0%
6.7%
5.6%
0.0%
0.0%
8.9%
Median Gross
Rent
$697
$672
$754
$792
$857
$972
$1,019
$1,039
$1,109
$1,179
-
All units and vacancies are evenly distributed among bedroom types. As such,
there does not appear to be a market preference for a certain type of rental units.
The overall occupancy rates are considered somewhat low, but stable.
However, as previously noted, most vacant units are concentrated among older,
less desirable product.
G-3
We rated each property surveyed on a scale of "A" through "F". All market-rate
and Tax Credit properties were rated based on quality and overall appearance
(i.e. aesthetic appeal, building appearance, landscaping and grounds
appearance). Following is a distribution by quality rating, units and vacancies.
Quality Rating
A
AB+
B
BC+
C
Quality Rating
A
AB+
B
BC+
C
Market-rate
Projects
Total Units
6
302
7
344
4
408
6
385
6
946
3
328
2
125
Non-Subsidized Tax Credit
Projects
Total Units
1
132
5
906
1
232
2
243
1
240
2
110
2
560
Vacancy Rate
5.0%
6.1%
8.1%
8.6%
11.5%
19.5%
7.2%
Vacancy Rate
2.3%
3.5%
13.8%
6.6%
2.5%
30.9%
16.4%
As illustrated, vacancy rates generally increase as the quality rating of projects
decreases. As the subject project will be newly constructed, it is anticipated to
have a high overall quality rating when finished. This will increase the
marketability of the project compared to less desirable projects.
2. SURVEY OF COMPARABLE/COMPETITIVE PROPERTIES
Tax Credit Units
Of the 14 age-restricted housing projects identified and surveyed within the Site
PMA, many include units that operate with project-based subsidies. In fact,
four are completely subsidized and an additional five maintain subsidies on at
least 90.0% of their total units. As such, these nine age-restricted housing
projects are not considered comparable to the proposed subject development.
At least 20.0% of the units at the five remaining age-restricted developments are
non-subsidized and target households earning up to 50% and 60% of AMHI.
Many developments also include market-rate units. Considering the proposed
LIHTC and market-rate project will not maintain any project based subsidies,
these five projects are considered the most comparable within the market.
These five LIHTC properties and the proposed subject development are
summarized as follows. Information regarding property address, phone number,
contact name and utility responsibility is included in the Field Survey of
Conventional Rentals.
G-4
Map
I.D.
Project Name
Year Built/
Renovated
Total
Units
Occ.
Rate
Distance
to Site
Waiting List
Site
Adair Court
2013
77*
-
-
-
3
2006
71*
100.0%
2.5 Miles
GSS: 40 H.H.
2007
150*
100.0%
1.0 Miles
PBRA: 9 H.H.
8
Veranda At Carver
Columbia Senior
Residences At
Mechanicsville
The Residences At
Park Place S
2002
80*
100.0%
2.9 Miles
Tax: 1-2 Years
45
Lillie R. Campbell
2008
60*
93.3%
2.6 Miles
None
49
Heritage Station II
2007
120*
100.0%
0.9 Miles
None
7
Target Market
Senior 62+; 50% &
60% AMHI
Seniors 62+; 30%,
50%, & 60% AMHI &
PBRA
Seniors 62+; 30%,
50%, & 60% AMHI &
PBRA
Seniors 55+; 50% &
60% AMHI
Seniors 55+; 60%
AMHI
Seniors 62+; 60%
AMHI & PBRA
OCC. - Occupancy
GSS – Government-subsidized
H.H. – Households
*Tax Credit units only
The five LIHTC projects have a combined occupancy rate of 99.2%, indicating
a very strong demand for affordable senior housing in the market. However, it
should be noted that 271 of the 481 LIHTC units maintain a project-based
subsidy. When these 271 units are omitted, the 210 non-subsidized LIHTC
units remaining are 98.1% occupied, which indicates there is also very strong
demand for age-restricted LIHTC units without project-based subsidies.
The map on page 18 illustrates the site location and the location of the
comparable Tax Credit properties and all projects within the Site PMA that
operate with Low Income Housing Tax Credits.
G-5
The gross rents for the competing LIHTC projects and the proposed LIHTC
rents at the subject site, as well as their unit mixes and vacancies by bedroom
are listed in the following table:
Map
I.D.
Project Name
Site
Adair Court
3
7
8
45
49
Veranda At
Carver
Columbia Senior
Residences At
Mechanicsville
The Residences
At Park Place S
Lillie R.
Campbell
Heritage Station
II
Gross Rent/Percent of AMHI
(Number of Units/Vacancies)
OneTwoBr.
Br.
$606/50% (16/-)
$730/50% (3/-)
$716/60% (42/-)
$840/60% (16/-)
SUB/30% (6/0)
SUB/50% (9/0)
SUB/60% (56/0)
SUB/30% (80/0)
$668/50% (35/0)
$807/60% (35/0)
$692/50% (30/0)
$817/50% (10/0)
$692/60% (30/0)
$817/60% (10/0)
ThreeBr.
Rent
Special
-
-
-
None
-
None
-
None
$725/60% (14/2)
$930-$955/60% (36/2)
$1,095/60% (10/0)
None
SUB/60% (72/0)
SUB/60% (48/0)
-
None
SUB - Subsidized (residents pay 30% of their income, as this is a government-subsidized property, which also operates
under the Tax Credit program)
The proposed subject Tax Credit gross rents, ranging from $606 to $840, will be
among the lowest priced LIHTC units targeting similar income levels in the
market. As such, the proposed projects will likely have a marketing advantage
based on price when compared to existing age-restricted product. A comparison
of the weighted average collected rents and those proposed at the subject project
is included below.
One-Br.
Two-Br.
$571
$822
weighted market rent – proposed rent) / proposed rent.
Bedrooms
One-Br.
Two-Br.
Weighted
Average Rent
$517 (50%)
$615 (60%)
$610 (50%)
$868 (60%)
Less
Proposed Rent
$535 (50%)
$645 (60%)
$635 (50%)
$745 (60%)
G-6
Equals
Difference
-$18
-$30
-$25
$123
Divided by
Proposed Rent
$535
$645
$635
$745
Rent
Advantage
-0.3%
-0.5%
-0.4%
16.5%
The proposed one-bedroom units targeting households earning up to 50% and
60% of AMHI are both at a negative rent advantage, but considered very similar
in price to the weighted average rent. The negative rent advantage is less than
1.0% and is not considered a significant amount. Similarly, the two-bedroom
units targeting households earning up to 50% of AMHI are also at a negative
rent advantage of -0.4%. The significant rent advantage difference between the
proposed subject rents and the weighted average rents among comparable
properties is realized among the two-bedroom units that target households up to
60% of AMHI.
Please note that these are weighted averages of collected rents and do not reflect
differences in the utility structure that gross rents include. Therefore caution
must be used when drawing any conclusions. A complete analysis of the
achievable market rent by bedroom type and the rent advantage of the proposed
gross rents is available beginning on page 20 of this section.
The unit sizes (square footage) and number of bathrooms included in each of the
different LIHTC unit types offered in the market are compared with the subject
development in the following table:
Map
I.D.
Site
3
7
8
45
49
Map
I.D.
Site
3
7
8
45
49
Project Name
Adair Court
Veranda At Carver
Columbia Senior
Residences At
Mechanicsville
The Residences At
Park Places S
Lillie R. Campbell
Heritage Station II
Project Name
Adair Court
Veranda At Carver
Columbia Senior
Residences At
Mechanicsville
The Residences At
Park Place S
Lillie R. Campbell
Heritage Station II
OneBr.
738
742
Square Footage
TwoBr.
988
-
ThreeBr.
-
750
-
-
750
610
710
1,000
850 - 950
1,058
1,120
-
OneBr.
1.0
1.0
Number of Baths
TwoBr.
1.0
-
ThreeBr.
-
1.0
-
-
1.0
1.0
1.0
2.0
1.0 - 2.0
1.0
2.0
-
G-7
The proposed development will be competitive with the existing LIHTC
projects in the market based on unit size (square footage) and the number of
baths offered. The subject site will offer one- and two-bedroom units that are
comparable to or larger than units at the comparable projects selected.
Although some of the selected projects offer some two-bedroom units with two
full bathrooms, one-full bathroom is considered standard within age-restricted
units. As such, the proposed project will be marketable in terms of unit size and
number of baths offered.
The following table compares the amenities of the subject development with the
other LIHTC projects in the market.
G-8
COMPARABLE PROPERTIES AMENITIES - ATLANTA, GEORGIA
APPLIANCES

3
X
X
X

7
X
X
49
X
X
S
X
X
X
X
C
X
X
X
X
X
C
X
S
X
X
X
X
C
X
X
X
X
X
C
X
X
X
X
X
CEILING FAN
X
W/D HOOKUP
C
WINDOW AC
X
CENTRAL AC
X
MICROWAVE
X
ICEMAKER

X
PARKING
X
X
E-CALL BUTTONS
X
C
WINDOW TREATMENTS
45
X
X
B
X
S
X
B
X
O
SECURITY

X
INTERCOM
X
X
BASEMENT
X
PATIO/DECK/BALCONY
8
WASHER AND DRYER

FLOOR COVERING
X
DISPOSAL
REFRIGERATOR
X
DISHWASHER
RANGE
SITE
MAP ID

UNIT AMENITIES
X
B
X
X
B
X
X
OTHER
S
X
Pull Cords
S
B
S
B
S, G
PROJECT AMENITIES
7
X
X

49

X
X
X
X
X
X
X
Senior Restricted
Market-rate
Market-rate/Government-subsidized
Market-rate/Tax Credit/Government-subsidized
Tax Credit
Tax Credit/Government-subsidized
Government-subsidized
X
X
Parking
X
X
X
CCTV Cameras
X
Transportation
X
X
Media Room
X
X
Media Room
X
X
X
X
BUSINESS CENTER

A
SOCIAL SERVICES
X
X
X
PICNIC AREA
X
X
LIBRARY
3
X
COMPUTER LAB

L
SECURITY GATE
X
X
ELEVATOR
X
X
STORAGE
45
X
X
SPORTS COURT

X
TENNIS COURT
X
X
PLAYGROUND
X
X
JACUZZI / SAUNA
8
FITNESS CENTER

COMMUNITY SPACE
LAUNDRY
X
CLUB HOUSE
ON-SITE MGMT
X
POOL
SITE
MAP ID

OTHER
X
Sports Courts
Floor Covering
Community Space
X - All Units
S - Some Units
A - Attached
B - Basketball
C - Carpet
A - Activity Room
O - Optional
C - Carport
D - Baseball Diamonds
H - Hardwood
L - Lounge/Gathering Room
D - Detached
P - Putting Green
V - Vinyl
T - Training Room
O - On Street
T - Tennis
W - Wood
S - Surface
G - Parking Garage
V - Volleyball
T - Tile
Window Treatments
B - Blinds
C - Curtains
D - Drapes
(o) - Optional
(s) - Some
G-9
X - Multiple
The amenity packages included at the proposed development will be
competitive with the existing low-income projects in the market. The inclusion
of washer/dryer hookups, dishwashers and central air conditioning is standard
within the market. Although the proposed units will not include patio/balconies
or ceiling fans, these features are not considered necessary to remain
marketable. Project amenities will include on-site management, central laundry
facilities, community rooms and sitting areas for communal gatherings. The
subject development does not appear to lack any amenities that would hinder its
ability to operate as a Low-Income Housing Tax Credit project.
Based on our analysis of the rents, unit sizes (square footage), amenities,
location, quality and occupancy rates of the existing low-income properties
within the market, it is our opinion that the proposed development will be very
competitive with these properties. Although the other projects may offer a
slightly more robust amenities package and two full bathrooms among the twobedroom units, the proposed gross rents will represent a significant advantage
and two-full bathrooms are not considered necessary for a senior development.
The anticipated occupancy rates of the existing comparable Tax Credit
developments following construction of the subject site are as follows:
Map
I.D.
3
7
8
45
49
Project
Veranda At Carver
Columbia Senior Residences
At Mechanicsville
The Residences At Park Place S
Lillie R. Campbell
Heritage Station II
Current
Occupancy Rate
100.0%
Anticipated Occupancy
Rate Through 2013
95.0 - 100.0%
100.0%
100.0%
93.3%
100.0%
95.0 - 100.0%
95.0 - 100.0%
95.0 - 100.0%
95.0 - 100.0%
Although the proposed subject project will likely attract some renters from the
five comparable developments, strong growth among age- and income-qualified
households is anticipated within the Site PMA. Considering this growth and the
high occupancy rates at existing comparables, the subject development will not
likely have a significant impact on the occupancy levels within the market.
Market-Rate Units
Since the proposed project will include 14 market-rate units, we have evaluated
its competitive position when compared with the most competitive projects in
the market.
We identified four comparable market-rate properties within the Site PMA.
These four comparable market-rate properties and the proposed subject
development are summarized as follows.
G-10
Map
I.D.
Site
17
37
48
49
Project Name
Adair Court
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
Year Built
2013
1998
2003
2006
2007
Occupancy
Rate
94.7%
98.9%
95.6%
100.0%
Units
14*
38
87
91*
30*
Distance
to Site
1.4 Miles
1.4 Miles
0.6 Miles
0.9 Miles
Rent Special
None
None
None
None
*Market-rate units only
The four selected market-rate projects have a combined total of 246 units with
an overall occupancy rate of 97.2%. This is considered a high occupancy rate
and indicates these projects are well received within the Site PMA. As such,
these projects will serve as accurate benchmarks with which to compare the
proposed subject development.
The gross rents and unit mixes for the comparable market-rate apartment
projects and the proposed rents at the subject site are listed in the following
table:
Gross Rent
(Total Units)
Map
I.D.
Site
17
37
48
49
Project Name
Adair Court
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
Studio
$721-$1,021 (2)
-
OneBr.
$766 (11)
$913-$1,384 (19)
$892-$1,141 (41)
$932 (17)
$917 (18)
TwoBr.
$890 (3)
$1,146-$2,107 (16)
$1,287-$1,607 (46)
$1,147 (59)
$1,132 (12)
ThreeBr.
$2,040-$2,140 (1)
$1,314 (15)
-
The proposed subject gross rents, ranging from $766 to $890 are significantly
less than the comparable market-rate units within the Site PMA. As such, the
proposed projects will likely have a marketing advantage based on price when
compared to existing age-restricted product. A comparison of the weighted
average collected rents and those proposed at the subject project is included
below.
One-Br.
Two-Br.
$852
$1,074
G-11
weighted market rent – proposed rent)/proposed rent.
Bedrooms
One-Br.
Two-Br.
Weighted Avg.
Rent
$852
$1,074
Less
Proposed Rent
- $695
- $795
Equals
Difference
$157
$279
Divided by
Proposed Rent
/ $695
/ $795
Rent
Advantage
22.6%
35.1%
The proposed market-rate rents at the site represent rent advantages of 22.6% to
35.1%, depending on bedroom type. These advantages are considered
significant, but these are weighted averages of collected rents do not reflect
differences in the utility structure that gross rents include. Therefore caution
must be used when drawing any conclusions. A complete analysis of the
achievable market rent by bedroom type and the rent advantage of the proposed
gross rents is available beginning on page 20 of this section.
The unit sizes (square footage) and number of bathrooms included in each of the
different comparable market-rate unit types offered in the market are compared
with the subject development in the following tables:
Map
I.D.
Site
17
37
48
49
Map
I.D.
Site
17
37
48
49
Project Name
Adair Court
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
Project Name
Adair Court
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
Studio
631 - 729
-
Square Footage
OneTwoBr.
Br.
738
988
660 - 1,170
1,030 - 1,915
730 - 1,170
985 - 1,260
710
1,058
710
1,058
ThreeBr.
1,900
1,232
-
Studio
1.0
-
Number of Baths
OneTwoBr.
Br.
1.0
1.0
1.0
2.0
1.0 - 2.0
1.0 - 2.0
1.0
2.0
1.0
1.0
ThreeBr.
2.0
2.0
-
The one-bedroom units at the proposed development will be competitive with
the existing comparable one-bedroom units. At 738 square feet, the subject
units will be within the range of the comparable projects and one full bathroom
is considered standard. However, the two-bedroom units will be the smallest
among comparable projects and will only offer one full bathroom. As such,
these units will be at a competitive disadvantage in terms of size and number of
bathrooms.
The following table compares the amenities of the subject development with the
most comparable market-rate projects in the market.
G-12
COMPARABLE PROPERTIES AMENITIES - ATLANTA, GEORGIA
APPLIANCES
X
C
X
X
37
X
X
X
X
X
C
X
X
S
48
X
X
X
X
X
X
X
C
X
S
49
X
X
X
X
X
X
X
C
X
X

PARKING
X
E-CALL BUTTONS
X
X
WINDOW TREATMENTS
X
SECURITY
X
X
INTERCOM
17
BASEMENT
C
W/D HOOKUP
X
CEILING FAN
PATIO/DECK/BALCONY
WASHER AND DRYER
FLOOR COVERING
X
WINDOW AC
DISPOSAL
X
CENTRAL AC
DISHWASHER
X
MICROWAVE
REFRIGERATOR
X
ICEMAKER
RANGE
SITE
MAP ID

UNIT AMENITIES
B
X
S
X
OTHER
S
X
S
B
G
X
B
S, G
X
B
S, G
PROJECT AMENITIES
X
X
BUSINESS CENTER
SOCIAL SERVICES
X
PICNIC AREA
LIBRARY
COMPUTER LAB
SECURITY GATE
ELEVATOR
STORAGE
SPORTS COURT
37
X
X
48
X
X
49

X
CCTV Cameras
X
17

TENNIS COURT
X
PLAYGROUND
X
JACUZZI / SAUNA
FITNESS CENTER
X
COMMUNITY SPACE
X
CLUB HOUSE
LAUNDRY
SITE
ON-SITE MGMT
POOL
MAP ID

OTHER
X
X
X
X
X
X
Senior Restricted
Market-rate
Tax Credit
X
X
X
X
X
X
X
X
X
Parking
X
Sports Courts
Floor Covering
Community Space
X - All Units
S - Some Units
A - Attached
B - Basketball
C - Carpet
A - Activity Room
O - Optional
C - Carport
D - Baseball Diamonds
H - Hardwood
L - Lounge/Gathering Room
D - Detached
P - Putting Green
V - Vinyl
T - Training Room
O - On Street
T - Tennis
W - Wood
S - Surface
G - Parking Garage
V - Volleyball
T - Tile
Window Treatments
B - Blinds
C - Curtains
D - Drapes
(o) - Optional
(s) - Some
G-13
X - Multiple
The amenity packages included at the proposed development is somewhat less
than those amenities included at the selected market-rate developments.
However, the project does include standard features which are anticipated in a
modern apartment unit such as dishwashers, washer/dryer hookups and central
air conditioning. The project-based amenities will include senior-oriented
features that are not readily found at the comparable projects and will offer a
rental advantage in that regard. However, the proposed market-rate units at the
project are expected to be very competitive with the selected properties.
The proposed market-rate units will have an ultimate advantage based on
quality and price. Although the two-bedroom units may be inferior in terms of
size and number of bathrooms, the bulk of market-rate units will be onebedroom apartments, which are competitively sized. The amenity package
within the units may also be inferior, but the senior-oriented project amenities
compensates for the lack of amenities within the unit. Ultimately, the
considerably lower rent for a modern apartment unit will be the most attractive
feature of these units.
3. SUMMARY OF ASSISTED PROJECTS
There are a total of 41 federally subsidized and/or Tax Credit apartment
developments in the Atlanta Site PMA. These projects were surveyed in April
2011. They are summarized as follows:
Gross Rent
(Unit Mix)
Map
I.D.
Project Name
Type
Year Built/
Renovated
Total
Units
Occ.
Studio
OneBr.
1
Amal Heights I & II
TAX
1989
96*
95.8%
-
2
Ashley West End
2000
68*
100.0%
-
3
Veranda at Carver
TAX &
CATALYST
TAX &
PBRA
2006
71*
100.0%
-
$114 $804
(21)
$1,014
(71)
4
Columbia at
Peoplestown
TAX
2003
69*
100.0%
-
-
5
Oglethorpe Place
TAX
1996
30*
100.0%
-
$662 (9)
$654 $674
6
Magnolia Park
TAX
1999
240*
97.5%
(73)
Note : Contact names and method of contact, as well as amenities and other features are listed in the field survey
OCC. - Occupancy
SUB - Subsidized
TAX - Tax Credit
SEC - Section
P.H. - Public Housing
PBRA - Public Based Rental Assistance
*Market-rate units not included
G-14
Two-Br.
$147 $887
(47)
$763 $867
(44)
$779
(21)
$792 $847
(103)
ThreeBr.
$1,039
(96)
FourBr.
-
-
$867 $1,043
(25)
-
$965 $1,010
(64)
-
-
-
-
(table continued)
Gross Rent
(Unit Mix)
Map
I.D.
Type
Year Built/
Renovated
Total
Units
Occ.
Studio
TAX &
PBRA
2007
150*
100.0%
-
TAX
2002
80*
100.0%
-
TAX
1963 / 1998
54
88.9%
-
OneBr.
$668 $952
(150)
$692
(60)
$564
(46)
$445 $772
(16)
10
Project Name
Columbia Senior
Residences At
Mechanicsville
The Residences at
Park Place S
Rosa Burney Manor
Apts.
12
Westview Lofts
TAX
2005
16*
100.0%
-
13
The Square at
Peoplestown
TAX
1999
94
100.0%
-
TAX & SEC
8
1999
265*
94.0%
-
16
The Villages at
Castleberry Hill
Capital Avenue
School Apts.
SEC 8
1922 / 1984
48
100.0%
18
Abernathy Tower
1986
99
100.0%
19
Baptist Towers
SEC 8
TAX & SEC
8
1972 / 2010
268*
87.7%
SUB
(24)
$501
(88)
20
Boynton Village
SEC 8
1976
43
100.0%
-
21
Brookside Park Apts.
TAX
2005
152*
96.1%
-
22
Capital Towers
SEC 8
1984
39
100.0%
-
$712 (5)
$827
(43)
$876
(39)
23
Capital Varina Apts.
SEC 8
1976 / 2002
60
100.0%
-
$741 (4)
26
City View at Rosa
Burney Park Apts.
TAX & SEC
8
1972 / 2003
154*
100.0%
-
$908
(97)
27
Courtyard at Maple
1994
82*
98.8%
-
28
Columbia High Point
TAX
TAX &
PBRA
2001
94
100.0%
-
29
Columbia Plaza Apts.
TAX
1967 / 1997
94
63.8%
-
7
8
14
$702
(22)
$114 $734
(84)
$961
(46)
SUB
(75)
$599
(180)
$812
(94)
$162 $802
Crogman School
TAX &
30
Apts.
PBRA
1923 / 2003
88*
87.5%
$697 (4)
(47)
OCC. - Occupancy
SUB - Subsidized
TAX - Tax Credit
SEC - Section
G-15
ThreeBr.
FourBr.
$817
(20)
-
-
-
-
$692 (8)
-
-
$786 $836
(36)
$147 $997
(149)
$1,110
(2)
-
-
$894
(36)
$180 $1,030
(32)
-
-
-
-
-
-
$862
(11)
$952
(77)
$1,038
(22)
$1,086
(32)
$1,223
(5)
$877
(26)
$982
(22)
$1,020
(7)
$827 $867
(82)
$1,157
(31)
$1,094
(8)
$1,233 $1,241
(19)
-
-
$659
(94)
$207 $937
(30)
-
-
$254 $1,083
(7)
-
Two-Br.
-
-
-
(table continued)
Gross Rent
(Unit Mix)
Map
I.D.
Project Name
Type
Year Built/
Renovated
Total
Units
Occ.
Studio
TAX &
PBRA
2007
77
100.0%
-
TAX &
PBRA
2008
98*
100.0%
-
PBRA
2009
98*
100.0%
-
34
Columbia Blackshear
Senior Residences
Columbia at
Mechanicsville
Station
Columbia at
Mechanicsville
Crossing
Georgia Avenue
Highrise
OneBr.
$410 $825
(77)
PH
1982
81
100.0%
-
35
Village Highlands
TAX
2006
258
95.3%
-
38
Martin Street Plaza
PH
1964 / 1996
60
100.0%
-
39
GE Tower
TAX &
PBRA
2005
172*
90.7%
-
40
Brentwood Village
TAX
1968 / 2000
506
83.0%
-
42
The Atrium at
College Town
TAX & PH
& PBRA
1965 / 2008
190
100.0%
-
TAX
2008
60*
93.3%
-
46
Lillie R. Campbell
The Veranda at
College Town
SEC 8
2005
90*
100.0%
-
47
The Villages at
Carver
TAX & PH
2001
485*
97.9%
-
48
Heritage Station I
2006
129*
96.9%
-
49
Heritage Station II
31
32
33
45
TAX &
PBRA
TAX &
PBRA
Two-Br.
ThreeBr.
FourBr.
-
-
-
$952
(13)
$1,107
(55)
$1,354
(30)
-
$952
(32)
SUB
(81)
$761
(48)
$1,107
(46)
$1,354
(20)
-
$857
(148)
SUB
(10)
$887 $1,013
(95)
$754 $788
(160)
SUB $1,010
(37)
$930 $955
(36)
$1,053
(62)
SUB
(20)
$1,110 $1,119
(17)
$207 $972
(250)
$852 $952
(79)
$1,132
(48)
$254 $1,109
(122)
$971 $1,086
(22)
$319 $1,179
(10)
-
-
$767 $837
(60)
$612 $672
(268)
SUB$905
(153)
$725
(14)
$914
(90)
$162 $802
(103)
$723 $807
(28)
$917
(72)
2007
120*
100.0%
Total
4,878
94.9%
OCC. - Occupancy
SUB - Subsidized
TAX - Tax Credit
SEC - Section
G-16
SUB
(30)
-
$1,019
(78)
-
-
-
$1,095
(10)
-
-
There are a total of 41 government-subsidized and/or Tax Credit apartment
developments in the PMA. The overall occupancy rate is 94.9%, indicating a
healthy market among these types of apartments. As illustrated previously, the
affordable age-restricted apartments are 97.5% occupied which is considered a
strong occupancy rate and indicates pent-up demand for affordable senior
housing.
G-17
Pearl SE St
Tye SE St
Edie SE Av
e
Benteen SE Ave
Boulevard SE
Park SE Ave
Gault SE St
Tur
p
in S
EA
ve
Custer SE Ave
Fe
d
era
lS
United States
Penitentiary
ET
er
ew
N
n
w
To
SE
ir
C
t
EC
in
S
"
) Market-rate/Tax Credit
"
) Tax Credit
Tax
"
)
Adelle
St
"
) Market-rate/Tax Credit/Government-subsidized
Knox SE Dr
Ma
rt
La
k
ew
oo
dS
E
Te
r
Apartments
Schoen SE St
e Type
v
A
t
Berne SE St
Rosedale SE Ave
Cherokee SE Ave
Project Site
SE
S
Lester SE Ave
Grant SE St
Grant SE St
Hill SE St
Te
r
E
nS
Mi
lto
Hardwick SE St
E
dS
oo
w
ke
La
St
Krog N
E
Boulevard NE
Carroll SE St
Park SE Ave
Connally SE St
Grant SE Ter
Fern SE Ave
Hank Aaron SE Dr
Waldo SE St
Bell SE St
Kelly SE St
Hill SE St
Terry SE St
Capitol SE Ave
Fraser SE St
Pollard SW Blvd
Crew SW St
Jackson NE St
Hilliard SE St
Av
e
E
tS
dm
on
54
S
T
^
Claire SE Dr
South Bend
Park
Legend
42
SR 54c
St
Pe
ach
tre
e
Pi
e
St
Pryor SW St
Central SW Ave
Pulliam
SW St
Sims SW St
Pryor SW Rd
Mcdaniel SW St
Martin SE St
Philips NW Dr
SW
yth
Fo
rs
Windsor SW St
Ira SW St
Cooper SW St
Welch SW St
Beryl SW St
Athens SW Ave
Beatie SW Ave
Brewer SW Blv
d
SW St
Pryor SW Rd
Sylvan SW Rd
Mangum NW St
Walnut SW St
Lawshe SW St
Lee SW St
Lee SW St
W St
Lee
S
Allene SW Ave
Peeples SW St
Tift SW Ave
Lawton SW St
Ave
SW
Murp
hy
Ira SW St
Griffin NW St
Ollie NW St
Dr
Burbank
SW
Oakland SW Dr
SW A
ve
Sunset NW Ave
Scott NW St
Chappell NW Rd
Langhorn SW St
Altoona SW Pl
Elizabeth SW Ave
Westmont SW Rd
Willow SW Trl
Stanton SW Rd
Alder SW Ln
Hadlock SW St
Lorenzo SW Dr
Harde
e
Broadw
ell
Rd
Stanton Rd
Lewis C
ir
Beecher SW Ct
Shirley SW St
Ferris SW St
W Dr
Villa S
ve
SW
Lakewood SW Ave
Ave
Hilltop SW Dr
EA
SW
Lakewood Park
SR
od SE
n
so
er
in
Sa
ns
nS
rk
Pe
Plaza SW Ln
Grant SE Cir
Climax SE St
o
Lakew
e
Av
"
21
)
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tJ
e
Av
Dr
SW
Pryor SW Cir
75
"
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31
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47
Kalb
Mead SE St
to
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St
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SE
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"
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Av
SW
Casplan SW St
ing
75
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28
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ai r
Cl
lan
sp
Ca
d
SW R
SW
Centr
a
Pavillion SE St
e
Av
Pollard SW Dr
Chicamauga SW Ave
Holly NW Rd
Leathers NW Cir
Howard NW St
Wynnwood SW Dr
Rd
er
SW
ch
Cherokee SE Pl
"
4
)
ES
Glenwood
SE Ave
Orleans SE St
"
13
) Atlanta SE Ave
rd S
Woodward SE Ave
Georgia SE Ave
SW
"
)
30
Jr SE Dr
Sydney SE St
Little SE St
ry
gs
Delowe SW Dr
Fletcher SW St
t
ve
NE A
ekalb
D
St
St
SE
e SE
Wyli
atur
Dec
a
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SE Ave
Be
e
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48
rd
Manfo
Cahoon SW St
n
La
Lakewood Ave
Memorial SW Dr
Martin Luth
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Mo
Dr
Birch SW St
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)
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dg
Ri
Belfast SW St
St
Cir
"
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49
University SW Ave
Dill SW Ave
Arden SW Ave
"
)
26
SW
10
S
T
ag
^
"
)
39
St
Auburn NE Ave
Edgewood NE Ave
t
Mon
SITE
"
)
32
St
Ellis NE St
Confederate
"
2
)
SW
"
)
7
Beechwood SW Ave
Astor SW Ave
166
T
S
n
wso
Ra
14
T
S
19
Fa
Mi
tch
ell
SW
St
Pulliam SW St
£
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ite
Wh
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St
St
29
Dr
Miles
SW
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t
154
T
S
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Park SW St
e SW
East
Point
East
Point
1.5
rk
s
Larkin SW St
NW
g
St
rin
W
Sp ie N
irl
"
)
903
Fair SW
S
Avon SW Ave
W
sS
an
Ev
1.25
"
)
27
W
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Dr
Dr
M
SW
Sp
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Melr
SW
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Ave
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166
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Fort Valley SW Dr
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Dr
SW
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C
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p
am
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St
SW
Avon SW Ave
154
T
S
San
d
Lanvale SW Dr
SW
a
o
ad
a
Atlanta
Almont SW Dr
nd
ra
n
b
ha
Ca
Dr
SW
Av
e
Plaza SW Ave
Te
r
la
Or
G
St
Do
nn
ell
yS
W
Richland SW Rd
SW
SW
Rhodes NW St
West End SW Ave
"
)
42
t
iet
Fu lt on C ou nt y
Dolphin SW Dr
BL
VD
W
hit
e
Allegheny SW St
vie
w
Sells SW Ave
Oak SW St
Beecher SW St
Pin
e
"
)
29
Lucile SW Ave
Rogers SW Ave
John White
Park
Fair SW St
Sells SW Ave
Magnolia NW St
Beckwith SW St
Highland NE Ave
r
Ma
Snow
d
SW R
Rd
"
12
)
"
)
6
Spencer NW St
Parsons SW St
Westview SW Dr
Derry SW Ave
NW
Mims SW St
S Gordon SW St
Beecher SW Cir
Lena NW St
er
Westview Cemetery
Mozley SW Pl
rn
Tu
ve
SW A
W Lake SW Ave
a
Florid
¨
§
¦
20
n
so
Verbena NW St
y
Ma
N
ve
NW A
Fairfield NW Pl
Harris NE St
Atlanta, GA: Tax Credit Property Locations
rson
Ande
Tiger Flowers NW
Dr
Harper SE Rd
1:44,183
4. PLANNED MULTIFAMILY DEVELOPMENT
Based on our interviews with local building and planning representatives and a
review of the Georgia DCA funding allocations, it was determined that two
comparable multifamily projects are planned for the area. These planned
developments are summarized as follows:

Veranda at University Homes will be a new Low Income Housing Tax
Credit development located at 130 Lawshe Street in Atlanta, Georgia. This
development will be restricted to elderly households age 62 and older and
comprise 100 units in total. The unit mix will include 90 one-bedrooms and
10 two-bedrooms targeting households earning up to 50% and 60% of
AMHI. However, all 100 units will also operate with project-based rental
assistance. Allocated in 2010, this project is expected to be completed in
2012.

Baptist Gardens will be a new Low Income Housing Tax Credit
development located at 1928 Delowe Drive SW in Atlanta, Georgia. This
development will be restricted to senior households age 55 and older and
comprise 100 units in total. All 100 units will be one-bedroom, with 15
targeting households earning up to 50% of AMHI and the remaining 85
targeting households earning up to 60% of AMHI. Amenities will include a
full kitchen appliance package and standard senior-community amenities.
Gross rents will be approximately $531 per month. Allocated in 2010, this
project is expected to be completed in 2012.
As Veranda at University Homes will maintain a project-based rental subsidy on
all 100 units, this project will effectively target a different demographic than the
proposed project. Therefore, the proposed project will not compete with this
property. Baptist Gardens is considered a competitive property in terms of
rents, amenities and targeted demographic. This project has been accounted for
in the demand analysis section of the report.
Building Permit Data
Bowen National Research was able to obtain Multifamily Building Permit Data
from HUD that documented the number of permits issued during the previous
two-year period. The following table illustrates these figures:
Multifamily Permits
2009
750
2010
196
2011*
365
Total
1,311
*Through April
The significant reduction in permits issued in 2010 was likely the result of the
national recession. The sharp rise in permits issued in 2011 through April is a
testament to the recovering economic climate within the Atlanta area.
G-19
5. ACHIEVABLE MARKET RENT
We identified four market-rate properties within the Atlanta Site PMA that we
consider most comparable to the proposed development. These selected
properties are used to derive market rent for a project with characteristics
similar to the proposed development. It is important to note that for the purpose
of this analysis, we only select market-rate properties. Market-rate properties
are used to determine rents that can be achieved in the open market for the
proposed subject units without maximum income and rent restrictions.
The basis for the selection of these projects includes, but is not limited to, the
following factors:






Surrounding neighborhood characteristics
Target market (seniors, families, disabled, etc.)
Unit types offered (garden or townhouse, bedroom types, etc.)
Building type (single-story, midrise, high-rise, etc.)
Unit and project amenities offered
Age and appearance of property
Since it is unlikely that any two properties are identical, we adjust the collected
rent (the actual rent paid by tenants) of the selected properties according to
whether or not they compare favorably with the subject development. Rents of
projects that have additional or better features than the subject site are adjusted
negatively, while projects with inferior or fewer features are adjusted positively.
For example, if the proposed subject project does not have a washer and dryer
and a selected property does, then we lower the collected rent of the selected
property by the estimated value of a washer and dryer to derive an achievable
market rent for a project similar to the proposed project.
The rent adjustments used in this analysis are based on various sources,
including known charges for additional features within the Site PMA, estimates
made by area property managers and realtors, quoted rental rates from furniture
rental companies and the prior experience of Bowen National Research in
markets nationwide.
G-20
The proposed subject development and the four selected properties include the
following:
Map
I.D.
Project Name
Year
Built
Total
Units
Occ.
Rate
Site
Adair Court
2013
91
-
17
Stonewall Lofts
1998
38
94.7%
2
(100.0%)
37
Intown Lofts
2003
87
98.9%
-
48
Heritage Station I
2006
91*
95.6%
-
49
Heritage Station II
Occ. - Occupancy
2007
30*
100.0%
-
Studio
Unit Mix
(Occupancy Rate)
OneTwoBr.
Br.
69
22
(-)
(-)
19
16
(89.5%)
(100.0%)
41
46
(100.0%)
(97.8%)
17
59
(100.0%)
(96.6%)
18
12
(100.0%)
(100.0%)
*Market-rate units only
The four selected market-rate projects have a combined total of 246 units with
an overall occupancy rate of 97.2%. None of the comparable properties has an
occupancy rate below 94.7%. The high occupancy rates indicate that these
projects are well received within the Site PMA. As such, these projects will
serve as accurate benchmarks with which to compare the proposed subject
development.
The Rent Comparability Grids on the following pages show the collected rents
for each of the selected properties and illustrate the adjustments made (as
needed) for various features, locations or neighborhood characteristics and for
quality differences that exist between the selected properties and the proposed
development.
G-21
ThreeBr.
1
(100.0%)
15
(86.7%)
-
Rent Comparability Grid
Unit Type
Subject
Adair Court
4
Atlanta, GA
Rents Charged
$ Last Rent / Restricted?
Date Surveyed
Rent Concessions
Occupancy for Unit Type
5
Effective Rent & Rent/ sq. ft
A.
1
2
3
Design, Location, Condition
Structure / Stories
7 Yr. Built/Yr. Renovated
8 Condition /Street Appeal
Data
on
Subject
B.
6
9
10
C.
11
12
13
14
15
16
17
18
19
20
21
22
23
D
24
25
26
27
28
29
30
31
32
E.
33
34
35
36
37
38
39
F.
40
41
42
Neighborhood
Same Market?
Unit Equipment/ Amenities
# Bedrooms
# Baths
Unit Interior Sq. Ft.
Balcony/ Patio
AC: Central/ Wall
Range/ refrigerator
Microwave/ Dishwasher
Washer/Dryer
Floor Coverings
Window Coverings
Intercom/Security System
Garbage Disposal
Ceiling Fans
Site Equipment/ Amenities
Parking ( $ Fee)
On-Site Management
Security Gate
Clubhouse/ Meeting Rooms
Pool/ Recreation Areas
Computer Center
Picnic Area
Library
Social Services
Utilities
Heat (in rent?/ type)
Cooling (in rent?/ type)
Cooking (in rent?/ type)
Hot Water (in rent?/ type)
Other Electric
Cold Water/ Sewer
Trash /Recycling
Adjustments Recap
# Adjustments B to D
Sum Adjustments B to D
Sum Utility Adjustments
EE/3
2013
E
G
1
1
738
N
C
R/F
N/Y
HU/L
C
B
Y/N
N
N
LOT/$0
Y
Y
N/Y
F/G
Y
Y
N
Y
N/E
N/E
N/E
N/E
N
Y/Y
Y/N
Net/ Gross Adjmts B to E
Adjusted & Market Rents
44
Adjusted Rent (5+ 43)
45
Adj Rent/Last rent
43
G.
46
Estimated Market Rent
ONE BEDROOM
Comp #1
Comp #2
Comp #3
Comp #4
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
479 Stonewall St. SW
170 Northside Dr. SW
455 Rockwell St.
797 McDaniel St.
Atlanta, GA
Data
$ Adj
Atlanta, GA
Data
$ Adj
Atlanta, GA
Data
$ Adj
Data
$ Adj
Data
$ Adj
Data
$ Adj
Data
$ Adj
Data
$ Adj
Neg
5
($50)
Pos
Neg
Gross
$143
Net
Gross
$799
$730
$770
$755
Apr-11
None
89%
($67)
Mar-11
None
100%
Mar-11
None
100%
Mar-11
None
100%
$732
1.11
$730
1.00
$770
1.08
$755
1.06
Data
WU/3
1998
G
F
Yes
Data
1
1
660
N
C
R/F
N/Y
W/D
C
N
N/N
Y
Y
Data
LOT/$0
N
N
N/N
F
N
N
N
N
Data
N/E
N/E
N/E
N/E
N
Y/Y
Y/N
Pos
13
$105
$ Adj
$ Adj
Data
EE/4
2007
E
G
Yes
Data
1
1
710
Y
C
R/F
Y/Y
HU/L
C
B
N/N
Y
Y
Data
P-GAR
N
Y
N/N
F
Y
N
N
N
Data
N/E
N/E
N/E
N/E
N
N/N
Y/N
Pos
8
$45
$48
Net
$43
Adj. Rent
$ Adj
Gross
$140
Data
EE/3,4
2006
E
G
Yes
Data
1
1
710
Y
C
R/F
Y/Y
HU/L
C
B
N/N
Y
Y
Data
P-GAR
Y
Y
N/N
P/F
Y
N
N
N
Data
N/E
N/E
N/E
N/E
N
N/N
Y/N
Pos
6
$38
$48
Net
$31
Adj. Rent
$ Adj
Net
$70
Adj. Rent
Data
EE/2,5
2003
G
F
Yes
Data
1
1
730
Y
C
R/F
N/Y
W/D
C
B
Y/N
Y
N
Data
P-GAR
Y
Y
N/Y
P/F
N
Y
N
N
Data
N/E
N/E
N/E
N/E
N
N/N
Y/N
Pos
6
$50
$48
Net
$28
Adj. Rent
$15
$15
$10
$ Adj
$21
($25)
$5
$5
($5)
($5)
$ Adj
$5
$5
$5
$3
$3
$3
$10
$ Adj
Neg
3
($35)
$802
$758
110%
$800
Atlanta, GA
Data
$ Adj
Comp #5
$1.08
$10
$15
$10
$ Adj
$2
($5)
($25)
($5)
$ Adj
($30)
($5)
$3
$10
$ Adj
$48
Neg
5
($70)
Gross
$168
$7
$ Adj
$8
($5)
($5)
$5
($5)
($5)
$ Adj
($30)
$5
($5)
$3
$10
$ Adj
$48
Neg
6
($55)
Gross
$141
$801
104%
Estimated Market Rent/ Sq. Ft
$6
$ Adj
$8
($5)
($5)
$5
($5)
($5)
$ Adj
($30)
$5
$5
$3
$3
$10
$ Adj
$48
Adj. Rent
$798
104%
106%
Rent Comparability Grid
Unit Type
Subject
Adair Court
4
Atlanta, GA
Rents Charged
$ Last Rent / Restricted?
Date Surveyed
Rent Concessions
Occupancy for Unit Type
5
Effective Rent & Rent/ sq. ft
A.
1
2
3
Design, Location, Condition
Structure / Stories
7 Yr. Built/Yr. Renovated
8 Condition /Street Appeal
Data
on
Subject
B.
6
9
10
C.
11
12
13
14
15
16
17
18
19
20
21
22
23
D
24
25
26
27
28
29
30
31
32
E.
33
34
35
36
37
38
39
F.
40
41
42
Neighborhood
Same Market?
Unit Equipment/ Amenities
# Bedrooms
# Baths
Unit Interior Sq. Ft.
Balcony/ Patio
AC: Central/ Wall
Range/ refrigerator
Microwave/ Dishwasher
Washer/Dryer
Floor Coverings
Window Coverings
Intercom/Security System
Garbage Disposal
Ceiling Fans
Site Equipment/ Amenities
Parking ( $ Fee)
On-Site Management
Security Gate
Clubhouse/ Meeting Rooms
Pool/ Recreation Areas
Computer Center
Picnic Area
Library
Social Services
Utilities
Heat (in rent?/ type)
Cooling (in rent?/ type)
Cooking (in rent?/ type)
Hot Water (in rent?/ type)
Other Electric
Cold Water/ Sewer
Trash /Recycling
Adjustments Recap
# Adjustments B to D
Sum Adjustments B to D
Sum Utility Adjustments
EE/3
2013
E
G
2
1
988
N
C
R/F
N/Y
HU/L
C
B
Y/N
N
N
LOT/$0
Y
Y
N/Y
F/G
Y
Y
N
Y
N/E
N/E
N/E
N/E
N
Y/Y
Y/N
Net/ Gross Adjmts B to E
Adjusted & Market Rents
44
Adjusted Rent (5+ 43)
45
Adj Rent/Last rent
43
G.
46
Estimated Market Rent
TWO BEDROOM
Comp #1
Comp #2
Comp #3
Comp #4
Stonewall Lofts
Intown Lofts
Heritage Station I
Heritage Station II
455 Rockwell St.
797 McDaniel St.
Atlanta, GA
Data
$ Adj
Atlanta, GA
Data
$ Adj
Atlanta, GA
Data
$ Adj
$999
$1,080
$940
$925
Apr-11
None
100%
Mar-11
None
98%
Mar-11
None
97%
Mar-11
None
100%
Data
$ Adj
Data
$ Adj
Data
$ Adj
Data
$ Adj
Data
$ Adj
Neg
6
($67)
Pos
Neg
Gross
$164
Net
Gross
$999
0.97
$1,080
1.10
$940
0.89
$925
0.87
Data
WU/3
1998
G
F
Yes
Data
2
2
1030
N
C
R/F
N/Y
W/D
C
N
N/N
Y
Y
Data
LOT/$0
N
N
N/N
F
N
N
N
N
Data
N/E
N/E
N/E
N/E
N
Y/Y
Y/N
Pos
12
$84
$ Adj
$ Adj
Data
EE/4
2007
E
G
Yes
Data
2
1
1058
Y
C
R/F
Y/Y
HU/L
C
B
N/N
Y
Y
Data
P-GAR
N
Y
N/N
F
Y
N
N
N
Data
N/E
N/E
N/E
N/E
N
N/N
Y/N
Pos
7
$37
$60
Net
$30
Adj. Rent
$ Adj
Gross
$159
Data
EE/3,4
2006
E
G
Yes
Data
2
2
1058
Y
C
R/F
Y/Y
HU/L
C
B
N/N
Y
Y
Data
P-GAR
Y
Y
N/N
P/F
Y
N
N
N
Data
N/E
N/E
N/E
N/E
N
N/N
Y/N
Pos
5
$30
$60
Net
($12)
Adj. Rent
$ Adj
Net
Net
Net
Net
Data
EE/2,5
2003
G
F
Yes
Data
2
1
985
Y
C
R/F
N/Y
W/D
C
B
Y/N
Y
N
Data
P-GAR
Y
Y
N/Y
P/F
N
Y
N
N
Data
N/E
N/E
N/E
N/E
N
N/N
Y/N
Pos
6
$49
$60
Net
$39
Adj. Rent
$15
$15
$10
$ Adj
($30)
($10)
($25)
$5
$5
($5)
($5)
$ Adj
$5
$5
$5
$3
$3
$3
$10
$ Adj
Neg
5
($75)
$1,119
#######
$990
Atlanta, GA
Data
$ Adj
Comp #5
$1.00
$10
$15
$10
$ Adj
$1
($5)
($25)
($5)
$ Adj
($30)
($5)
$3
$10
$ Adj
$60
Neg
5
($70)
Gross
$179
$7
$ Adj
($30)
($17)
($5)
($5)
$5
($5)
($5)
$ Adj
($30)
$5
($5)
$3
$10
$ Adj
$60
Neg
8
($102)
Gross
$192
$928
104%
Estimated Market Rent/ Sq. Ft
$6
$ Adj
($17)
($5)
($5)
$5
($5)
($5)
$ Adj
($30)
$5
$5
$3
$3
$10
$ Adj
$60
Adj. Rent
$955
99%
103%
Once all adjustments to collected rents were made, the adjusted rents for each
comparable were used to derive an achievable market rent for each bedroom
type. Each property was considered and weighed based upon its proximity to
the subject site and its amenities and unit layout compared to the subject site.
Based on the preceding Rent Comparability Grids, it was determined that the
achievable market rents for units similar to the proposed development are $800
for a one-bedroom unit and $990 for a two-bedroom unit.
The following table compares the proposed collected rents at the subject site
with achievable market rents for selected units.
Bedroom Type
One-Bedroom
Two-Bedroom
Proposed Subject
(%AMHI)
$535 (50%)
$645 (60%)
$695 MRR
$635 (50%)
$745 (60%)
$795 MRR
Collected Rent
MarketDriven
$800
$990
Market Rent
Advantage
33.1%
19.4%
13.1%
35.9%
24.7%
19.7%
The proposed collected Tax Credit rents represent market rent advantages
ranging from 19.4% to 35.9%. Typically, Tax Credit rents require market rent
advantages of at least 10.0% to insure a sufficient flow of tenants and maintain a
stabilized occupancy level. Given these rent advantages, the proposed Tax
Credit rents will be considered a very good value within the Site PMA. Marketrate rents do not require any market rent advantages to be marketable.
However, the proposed market-rate rents of $695 and $795 are between 13.1%
and 19.7% below the market-driven rent. As such, all proposed rents will likely
be perceived as a value within the market.
6. RENT ADJUSTMENT EXPLANATIONS (RENT COMPARABILITY GRID)
None of the selected properties offer the same amenities as the subject property.
As a result, we have made adjustments to the collected rents to reflect the
differences between the subject property and the selected properties. The
following are explanations (preceded by the line reference number on the
comparability grid) for each rent adjustment made to each selected property.
1. Rents for each property are reported as collected rents. This is the actual
rent paid by tenants and does not consider utilities paid by tenants. The
rent reported is typical and does not consider rent concessions or special
promotions. When multiple rent levels were offered, we included an
average rent.
G-24
4. The one-bedroom units at Stonewall Lofts are operating below 90.0%
occupancy, which is the minimum occupancy level expected among
stabilized units. As such, we have adjusted the collected rent in order to
reflect a concession of one month’s rent.
7. Upon completion of construction, the subject project will be the newest
property in the market. The selected properties were built between 1998
and 2007. As such, we have adjusted the rents at the selected properties by
$6 to $15 to reflect the age of these properties.
8. It is anticipated that the proposed project will have a quality finished look
and an attractive aesthetic appeal. We have made adjustments for those
properties that we consider to have either superior or an inferior quality to
the subject development.
12. The number of bathrooms offered at each of the selected properties varies.
We have made adjustments to reflect the difference in the number of
bathrooms offered at the site as compared with the competitive properties.
13. The adjustment for differences in square footage is based upon the average
rent per square foot among the comparable properties. Since consumers do
not value extra square footage on a dollar for dollar basis, we have used
25% of the average for this adjustment.
14.- 23. The proposed project will offer a limited unit amenity package compared to
the selected properties. We have made numerous adjustments for features
lacking at the proposed project, such as patio/balcony, microwave,
washer/dryer, garbage disposal and ceiling fans.
24.-32. The proposed project will exclusively target elderly households age 62 and
older. As such, the community amenities included at the subject project are
senior-oriented and include areas for communal gatherings, on-site
management, social services and security features. The selected properties
have been adjusted to reflect any differences in amenities.
33.-39. We have made adjustments to reflect the differences in utility responsibility
at each selected property. The utility adjustments were based on the local
housing authority’s utility cost estimates.
G-25
SECTION H – INTERVIEWS
We conducted interviews with local sources familiar with the Atlanta market. Two
of these interviews have been included below:
Ms. Ajiah Brown is the Director of Housing Choice Customer Service with the
Atlanta Housing Authority.
Ms. Brown believes there is a need for more affordable senior housing in the
Atlanta area. In fact, the housing authority has made a commitment to build more
senior housing. Development plans do not call for additional public housing, but
include a combination of mixed-income and 100% affordable units. Also, Project
Based Rental Assistance (PBRA) may be incorporated. For seniors, one-bedroom
units are most appropriate, unless they reside with grandchildren and/or caregivers
requiring a second bedroom. In regard to amenities, Ms. Brown suggests a business
center, fitness center, beauty salon, activity room, and proximity to a MARTA
station. Furthermore, she noted that seniors overwhelmingly demand all-electric
utilities.
Ms. Brown was also able to provide information regarding the 7,621 Housing
Choice Voucher holders within the housing authority’s jurisdiction. Currently,
there are approximately 5,200 people currently on the waiting list for additional
Vouchers. The waiting list is closed and there are no plans to reopen it in the
immediate future. Annual turnover of persons in the Voucher program is estimated
at 480 households. At this rate, a new household entering the wait list would not
receive a Voucher for 15 years. This reflects the continuing need for Housing
Choice Voucher assistance and affordable housing in general throughout the
Atlanta area.
Ms. Laura Keyes is the Community Development Manager with the Atlanta
Regional Commission Area Agency on Aging
Ms. Keyes believes there is a clear need for more affordable senior housing in the
area and notes that the agency has been advocating for more. Seniors have
expressed a particular concern in finding affordable rental housing. The agency is
particularly interested in seniors’ access to both housing and transportation and
works with rental developers to understand their plans and processes, as well as
how services for the elderly are being incorporated into their projects. In 2007, a
survey administered by the Carl Vinson Institute of the University of Georgia
showed that 84% of seniors 55 and over own their own homes and of the remaining
16%, 63% pay rent and 29% live with families. Also, respondents said that if they
were to move, 49% would move to a smaller residence and 52% would remain in
Atlanta. Of the existing senior-oriented properties that Ms. Keyes has toured access
and proximity to transportation are crucial.
H-1
SECTION I – CONCLUSIONS & RECOMMENDATIONS
Based on the findings reported in our market study, it is our opinion that a market
exists for the 91 units proposed at the subject site, assuming it is developed as
detailed in this report. Changes in the project’s site, rent, amenities or opening date
may alter these findings. No recommendations are proposed at this time.
The age-restricted LIHTC units within the market maintain high occupancy rates
and waiting lists. Compared to these properties, the proposed subject LIHTC units
are comparable based on size, number of bathrooms and amenities. Although the
design of the proposed Tax Credit units is not decidedly different than the existing
supply, the marketing advantage of the subject units is based on the proposed rents,
which are generally lower than the competitive Tax Credit projects. Further, the
number of age- and income-eligible renter households is anticipated to grow
through the projection period of the site, thus increasing the “universe” of potential
renters that could potentially support the subject project. As illustrated in the
Project Specific Demand section, the LIHTC units at the site require very low
capture rates and are expected to be completely absorbed within one year of
opening.
When compared to the selected market-rate properties, the proposed market-rate
units are undersized and offer less unit amenities. However, the subject property is
age-restricted and will offer senior-oriented project amenities such as on-site
management, communal gathering areas and social services, which are not readily
available at market-rate developments. Further, the proposed rents for the marketrate units at the site are considerably less than those being charged at comparable
market-rate units. As is the case among age- and income-eligible households
qualified to reside at the proposed Tax Credit units, the number of eligible
households being targeted by the market-rate units is projected to increase. In fact,
the market-rate units have the lowest capture rate among all proposed units at the
site. As illustrated in the Project Specific Demand section, the market-rate units at
the site require are expected to be completely absorbed within one year of opening.
We do not have any recommendations for modifications to the proposed subject
project.
I-1
SECTION J - SIGNED STATEMENT
I affirm that I have made a physical inspection of the market area and the subject
property and that information has been used in the full study of the need and
demand for the proposed units. To the best of my knowledge, the market can
support the project as shown in the study. I understand that any misrepresentation
of this statement may result in the denial of further participation in DCA’s rental
housing programs. I also affirm that I have no interest in the project or relationship
with the ownership entity and my compensation is not contingent on this project
being funded.
Certified:
Benjamin J. Braley
Market Analyst
[email protected]
Date: May 27, 2011
________________________
Craig Rupert
Market Analyst
[email protected]
Date: May 27, 2011
___________________________
Patrick Bowen
President/Market Analyst
Bowen National Research
155 E. Columbus St., Suite 220
Pickerington, OH 43147
(614) 833-9300
[email protected]
Date: May 27, 2011
J-1
SECTION K - QUALIFICATIONS
THE COMPANY
Bowen National Research employs an expert staff to ensure that each market
study is of the utmost quality. Each staff member has hands-on experience
evaluating sites and comparable properties, analyzing market characteristics and
trends, and providing realistic recommendations and conclusions. The Bowen
National Research staff has the expertise to provide the answers for your
development.
THE STAFF
Patrick Bowen is the President of Bowen National Research. He has prepared
and supervised thousands of market feasibility studies for all types of real estate
products, including affordable family and senior housing, multifamily market-rate
housing and student housing, for 14 years. He has also prepared various studies
for submittal as part of HUD 221(d)(3) & (4), HUD 202 developments and
applications for housing for Native Americans. Mr. Bowen has worked closely
with many state and federal housing agencies to assist them with their market
study guidelines. Mr. Bowen has his bachelor’s degree in legal administration
(with emphasis on business and law) from the University of West Florida.
Nathan Young is Vice President of Bowen National Research and has six years
of experience in the real estate profession. He has conducted field research and
written market studies in hundreds of rural and urban markets throughout the
United States. Mr. Young’s real estate experience includes analysis of apartment
(subsidized, Tax Credit and market-rate), senior housing (i.e. nursing homes,
assisted living, etc.), student housing, condominium, retail, office, self-storage
facilities and repositioning of assets to optimize feasibility. Mr. Young has
experience in working with the U.S. Department of Housing and Urban
Development and has attended FHA LEAN program training. Mr. Young has a
bachelor’s degree in Engineering (Civil) from The Ohio State University.
Benjamin J. Braley, Market Analyst, has conducted on-site market evaluations
for over four years in more than 200 markets. He has completed work in 37 states
and tribal reservations throughout the U.S. Mr. Braley has analyzed apartments
(subsidized, Tax Credit and upscale market-rate), senior housing (i.e. nursing
homes, assisted living, etc.), student housing, condominiums, single-family homes
and marina developments. In addition, he has studied retail, office and hotel
markets. Mr. Braley has a bachelor’s degree in Economics from Otterbein
College.
K-1
Amy Tyrrell is a Market Analyst for Bowen National Research and is based out
of Washington, DC. She has 15 years experience in the real estate and
construction industries, with 10 years specializing in the research field. She has
researched, analyzed, and prepared reports on a variety of trends, industries, and
property types, including industrial, office, medical office, multifamily apartments
and condominiums, and senior housing. Prior to her focus on research, Ms.
Tyrrell performed financial analysis for retail developments throughout the
United States. She holds a Masters in Business Administration with
concentrations in real estate and marketing from the University of Cincinnati and
a Bachelor of Arts in economics with a minor in mathematics from Smith
College.
Christi Kramer is the Marketing Director at Bowen National Research. She has
conducted qualitative and quantitative research in markets nationwide for
apartments, student housing, condominiums, single-family, self-storage and retail
developments. In addition, Ms. Kramer has been involved in the production of
over 2,500 studies and is familiar with the guidelines and requirements of state
housing agencies. She has a bachelor’s degree in Marketing from the University
of Dayton School of Business Administration where she was also the Marketing
Assistant.
Stephanie Viren is the Research Director at Bowen National Research. Ms.
Viren focuses on collecting detailed data concerning housing conditions in
various markets throughout the United States. Ms. Viren has extensive
interviewing skills and experience and also possesses the expertise necessary to
conduct surveys of diverse pools of respondents regarding population and housing
trends, housing marketability, economic development and other socioeconomic
issues relative to the housing industry. Ms. Viren's professional specialty is
condominium and senior housing research. Ms. Viren earned a Bachelor of Arts
in Business Administration from Heidelberg College.
Jack Wiseman, a Market Analyst with Bowen National Research, has conducted
extensive market research in over 200 markets throughout the United States. He
provides thorough evaluation of site attributes, area competitors, market trends,
economic characteristics and a wide range of issues impacting the viability of real
estate development. He has evaluated market conditions for a variety of real
estate alternatives, including affordable and market-rate apartments, retail and
office establishments, educational facilities, marinas and a variety of senior
residential alternatives. Mr. Wiseman has a Bachelor of Arts in Economics from
Miami University.
June Davis, Office Manager of Bowen National Research, has 22 years
experience in market feasibility research. Ms. Davis has overseen production on
over 13,000 market studies for projects throughout the United States.
K-2
ADDENDUM A: FIELD SURVEY OF CONVENTIONAL RENTALS
ATLANTA, GEORGIA
The following section is a field survey of conventional rental properties. These
properties were identified through a variety of sources including area apartment
guides, yellow page listings, government agencies, the Chamber of Commerce,
and our own field inspection. The intent of this field survey is to evaluate the
overall strength of the existing rental market, identify trends that impact future
development, and identify those properties that would be considered most
comparable to the subject site.
The field survey has been organized by the type of project surveyed. Properties
have been color coded to reflect the project type. Projects have been designated as
market-rate, Tax Credit, government-subsidized, or a combination of the three
project types. The field survey is organized as follows:
·
A color-coded map indicating each property surveyed and the project type followed
by a list of properties surveyed.
·
Properties surveyed by name, address, telephone number, project type, year built
or renovated (if applicable), number of floors, total units, occupancy rate, quality
rating, rent incentives, and Tax Credit designation. Housing Choice Vouchers
and Rental Assistance are also noted here. Note that projects are organized by
project type.
·
Distribution of non-subsidized and subsidized units and vacancies in properties
surveyed.
·
Listings for unit and project amenities, parking options, optional charges, utilities
(including responsibility), and appliances.
·
·
·
Collected rent by unit type and bedrooms.
·
An analysis of units, vacancies, and median rent. Where applicable, nonsubsidized units are distributed separately.
·
An analysis of units added to the area by project construction date and, when
applicable, by year of renovation.
·
Aggregate data and distributions for all non-subsidized properties are provided for
appliances, unit amenities and project amenities.
Unit size by unit type and bedrooms.
Calculations of rent per square foot (all utilities are adjusted to reflect similar utility
responsibility). Data is summarized by unit type.
A-1
·
A rent distribution is provided for all market-rate and non-subsidized Tax Credit
units by unit type. Note that rents are adjusted to reflect common utility
responsibility.
·
Aggregation of projects by utility responsibility (market-rate and non-subsidized
Tax Credit only).
·
A utility allowance worksheet.
Note that other than the property listing following the map, data is organized by project
types. Market-rate properties (blue designation) are first followed by variations
of market-rate and Tax Credit properties. Non-government subsidized Tax
Credit properties are red and government-subsidized properties are yellow. See the
color codes at the bottom of each page for specific project types.
A-2
n
so
er
Lester SE Ave
Edie SE Av
e
Benteen SE Ave
Boulevard SE
Park SE Ave
Gault SE St
SR 54c
Tur
p
in S
EA
ve
Custer SE Ave
Fe
d
era
lS
ET
er
Project Site
Apartments
Type
54
T")
S
Pearl SE St
Tye SE St
Berne SE St
Rosedale SE Ave
Grant SE St
Hill SE St
Grant SE Ter
Te
r
E
nS
Mi
lto
St
Krog N
E
Boulevard NE
Carroll SE St
Park SE Ave
Connally SE St
Hill SE St
Grant SE St
Kelly SE St
Martin SE St
Martin SE St
Hardwick SE St
42
t
United States
Penitentiary
ew
N
n
w
To
SE
"
) Market-rate/Government subsidized
Pryor SW Cir
Claire SE Dr
75
Schoen SE St
e "
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v
A
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Lakewood Park
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Av
La
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Knox SE Dr
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Hilltop
SW
SW Dr
Rd
Lakewood SW Ave
South Bend
Park
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rt
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oo
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21
)
Waldo SE St
Bell SE St
tS
dm
on
Pi
e
Fraser SE St
Capitol SE Ave
Fraser SE St
Crew SW St
Jackson NE St
Hilliard SE St
Av
e
E
Pryo r SW Rd
Pryor SW Rd
Cherokee SE Ave
St
Pe
ach
tre
e
Wa
sh
ing
ton
SW
Pryor SW St
Pulliam
SW St
Pollard SW Blvd
Cooper SW St
Central SW Ave
Windsor SW St
St
St
Fo
rs
yth
Mcdaniel SW St
Sims SW St
Athens SW Ave
Beatie SW Ave
Brewer SW Blv
d
SW St
Broadw
ell
Martin SE St
Philips NW Dr
SW
Mangum NW St
Walnut SW St
Welch SW St
Tift SW Ave
Ira SW St
Lee SW St
Lee SW St
W St
Lee
S
Allene SW Ave
Ira SW St
Griffin NW St
Ollie NW St
Peeples SW St
Sylvan SW Rd
Murp
hy
SW
Ave
Oakland SW Dr
Lewis C
ir
SW A
ve
Beryl SW St
Burbank
SW
Dr
Lawton SW St
Langh orn SW St
Lorenzo SW Dr
Elizabeth SW Ave
Westmont SW Rd
Willow SW Trl
Rd
Sta
nto
n
Harde
e
Alder SW Ln
Ave
Hadlock SW St
ve
od SE
rk
Pe
Stanton Rd
EA
SR
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Shepherd SW Cir
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Climax SE St
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34
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23
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Glenwood
SE Ave
Orleans SE St
Little SE St
rd S
Woodward SE Ave
Sydney SE St
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13
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43
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Pavillion SE St
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Belfast SW St
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38
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Arden SW Ave
Fletcher SW St
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48
)
University SW Ave
Dill SW Ave
n
La
Delowe SW Dr
Sunset NW Ave
Scott NW St
Chappell NW Rd
Leathers NW Cir
Beecher SW Ct
Shirley SW St
Ferris SW St
Rd
Chicamauga SW Ave
Holly NW Rd
Altoona SW Pl
Wynnwood SW Dr
Howard NW St
Fairfield NW Pl
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SW
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Edgewood NE Ave
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166
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19
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St
SW
SW
"
7
)
Beechwood SW Ave
Dr
Miles
St
29
Dr
East
Point
East
Point
1.5
SW
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SW
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)
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Avon SW Ave
W
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Ev
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Sp
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Melr
St
1.25
Ave
166
T
S
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Mi
Dr
Dr
"
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)
1
Fort McPherson
r
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Fort Valley SW Dr
0.25Woodberry
0.5 Ave 0.75
"
9
)
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)
25
r SW
r
D
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40
)
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45
)
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Walk
Venetian SW Dr
Dr
SW
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11
)
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)
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We
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p
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Rd
to w
nS
SW
Ryan
SW
154
T
S
San
d
Almont SW Dr
St
a
Avon SW Ave
Atlanta
Lanvale SW Dr
SW
ad
Dr
SW
Av
e
Plaza SW Ave
Te
r
o
ra
n
a
SW
nd
G
b
ha
Ca
Richland SW Rd
la
Or
John White
Park
vie
w
"
18
)
Park SW St
154
T
S
ll
ha
ite
Wh
14
T
S
Fa
t
Mon
Fu lt on C ou nt y
Dolphin SW Dr
BL
VD
St
Do
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W
Allegheny SW St
Beecher SW St
Pin
e
SW
"
42
)
g
St
rin
W
Sp ie N
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Ellis NE St
Confederate
Snow
d
SW R
W
hit
e
Rogers SW Ave
"
14
)
n SW
St
Pulliam SW St
Beecher SW Cir
Oak SW St
"
46
)
"
37
)
"
)
17
Larkin SW St
West End SW Ave
o
Nels
NW
St
S Gordon SW St
Sells SW Ave
Lucile SW Ave
"
27
)
W
aN
"
12
)
Fair SW St
"
29
)
t
iet
Derry SW Ave
Rhodes NW St
Beckwith SW St
Fair SW St
Sells SW Ave
Magnolia NW St
Parsons SW St
Westview SW Dr
Spencer NW St
Highland NE Ave
Harris NE St
r
Ma
Mims SW St
"
)
6
Rd
Mozley SW Pl
NW
Westview Cemetery
Lena NW St
er
ve
SW A
W Lake SW Ave
a
Florid
¨
§
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20
rn
Tu
Verbena NW St
n
so
ve
NW A
N
"
15
)
Atlanta, GA: Apartment Locations
y
Ma
rson
Ande
Tiger Flowers NW
Dr
Harper SE Rd
1:44,183
MAP IDENTIFICATION LIST - ATLANTA, GEORGIA
MAP
ID PROJECT NAME
1 Amal Heights I & II
B
YEAR
BUILT
1989
2
Ashley West End
TMG
A-
2000
112
1
99.1%
0.3
3
Veranda at Carver
TMG
A
2006
90
0
100.0%
2.5
4
Columbia at Peoplestown
MRT
99
1
99.0%
2.6
Oglethorpe Place
Magnolia Park
MRT
MRT
A
B+
2003
5
6
B-
1996
1999
144
400
1
40
99.3%
90.0%
0.5
1.9

7
Columbia Senior Residences at Mechanics
TMG
A-
2007
154
1
99.4%
1.0

8
The Residences at Park Place S
MRT
A-
2002
100
1
99.0%
2.9
9
QLS Garden
MRR
1973
202
15
92.6%
3.0
10
Rosa Burney Manor Apts.
TAX
BC
1963
54
6
88.9%
1.3
11
12
Shamrock Garden Apts.
Westview Lofts
MRR
MRT
BC+
1966
2005
344
21
51
2
85.2%
90.5%
3.3
1.9
13
The Square at Peoplestown
TAX
A-
1999
94
0
100.0%
2.1
14
The Villages at Castleberry Hill
TMG
B+
1999
442
45
89.8%
1.2
15
Westlake Village Townhomes
MRR
1958
80
3
96.3%
3.3
16
17
Capital Avenue School Apts.
Stonewall Lofts
GSS
MRR
C
C
B-
1922
1998
48
38
0
2
100.0%
94.7%
1.9
1.4

18
Abernathy Tower
GSS
C+
1986
99
0
100.0%
0.9

19
Baptist Towers
TMG
B-
1972
301
35
88.4%
3.5
20
Boynton Village
GSS
43
0
100.0%
2.3
MRT
C+
A-
1976
21
2005
200
11
94.5%
2.7
22
23
Capital Towers
GSS
GSS
C+
B
1984
1976
39
60
0
0
100.0%
100.0%
1.8
2.4
24
Caribu Apts.
MRR
C+
1964
166
58
65.1%
2.4
25
Aspen Courts
MRR
C+
1968
157
4
97.5%
2.6
26
City View at Rosa Burney Park Apts.
TMG
1972
180
0
100.0%
1.4
27
28
Courtyard at Maple
Columbia High Point
MRT
TGS
B
B
A-
1994
2001
182
94
6
0
96.7%
100.0%
2.0
2.4
29
TAX
C+
1967
94
34
63.8%
1.5
30
Crogman School Apts.
TMG
B
1923
105
16
84.8%
1.5
31
Columbia Blackshear Senior Residences
TGS
B+
2007
77
0
100.0%
3.0
32
Columbia at Mechanicsville Station
TMG
164
0
100.0%
0.9
Columbia at Mechanicsville Crossing
Georgia Avenue Highrise
MRG
GSS
A
A
2008
33
34
B-
2009
1982
164
81
10
0
93.9%
100.0%
1.9
2.0
35
Village Highlands
TAX
A-
2006
258
12
95.3%
3.2
36
Harmony Plaza II
MRR
B-
1969
169
5
97.0%
3.4
37
Intown Lofts
MRR
B+
2003
87
1
98.9%
1.4







Senior Restricted
Market-rate
PROJ.
TYPE
MRT
QUALITY
RATING
* - Drive Distance (Miles)
Tax Credit
A-4
TOTAL
OCC. DISTANCE
UNITS VACANT RATE TO SITE*
192
7
96.4%
3.1
MAP IDENTIFICATION LIST - ATLANTA, GEORGIA
MAP
ID PROJECT NAME
38 Martin Street Plaza

PROJ.
TYPE
GSS
QUALITY
RATING
B
YEAR
BUILT
1964
TOTAL
OCC. DISTANCE
UNITS VACANT RATE TO SITE*
60
0
100.0%
2.0
39
GE Tower
TMG
B+
2005
202
18
91.1%
0.8
40
Brentwood Village
TAX
C
1968
506
86
83.0%
3.7
41
Peoplestown Villa
MRR
20
4
80.0%
2.1
The Atrium at College Town
The Manor I
TGS
MRR
B
B
1964
42
43
C
1965
1954
190
45
0
6
100.0%
86.7%
1.0
2.1
MRR
B
1950
126
16
87.3%
2.7
44
The Manor III

45
Lillie R. Campbell
MRT
A-
2008
96
4
95.8%
2.6

46
The Veranda at College Town
MRG
2005
100
0
100.0%
1.2
47
The Villages at Carver
TMG
AA-
2001
667
23
96.6%
2.7
48
49
Heritage Station I
Heritage Station II
TMG
TMG
A
2006
2007
220
150
8
0
96.4%
100.0%
0.6
0.9

PROJECT TYPE

PROJECTS SURVEYED
A
TOTAL UNITS
VACANT
OCCUPANCY RATE
U/C
MRR
MRT
11
9
1,434
1,434
165
73
88.5%
94.9%
0
0
MRG
TMG
TAX
2
12
5
264
2,787
1,006
10
147
138
96.2%
94.7%
86.3%
0
0
0
TGS
GSS
3
7
361
430
0
0
100.0%
100.0%
0
0
Senior Restricted
Market-rate
* - Drive Distance (Miles)
Tax Credit
A-5
DISTRIBUTION OF UNITS - ATLANTA, GEORGIA
MARKET-RATE
BEDROOMS
BATHS
0
1
1
1
1
2
2
1
2
1.5
2
2
2
2.5
3
1
3
2
3
2.5
3
3
4
2
TOTAL
UNITS
7
673
20
817
165
708
14
17
258
151
1
7
2,838
BEDROOMS
BATHS
0
1
1
1
2
1
2
1.5
2
2
2
2.5
3
2
3
2.5
3
3
4
2
TOTAL
UNITS
4
829
360
51
694
6
329
143
3
4
2,423
DISTRIBUTION
0.2%
23.7%
0.7%
28.8%
5.8%
24.9%
0.5%
0.6%
9.1%
5.3%
0.0%
0.2%
100.0%
VACANT
0
64
0
101
27
42
3
0
32
15
0
0
284
%VACANT
0.0%
9.5%
0.0%
12.4%
16.4%
5.9%
21.4%
0.0%
12.4%
9.9%
0.0%
0.0%
10.0%
MEDIAN GROSS RENT
$686
$837
$1,141
$785
$733
$1,022
$1,107
$930
$1,104
$1,079
$1,354
$1,161
TAX CREDIT, NON-SUBSIDIZED
DISTRIBUTION
0.2%
34.2%
14.9%
2.1%
28.6%
0.2%
13.6%
5.9%
0.1%
0.2%
100.0%
VACANT
1
71
60
0
53
0
22
8
0
0
215
%VACANT
25.0%
8.6%
16.7%
0.0%
7.6%
0.0%
6.7%
5.6%
0.0%
0.0%
8.9%
MEDIAN GROSS RENT
$697
$672
$754
$792
$857
$972
$1,019
$1,039
$1,109
$1,179
TAX CREDIT, GOVERMENT-SUBSIDIZED
BEDROOMS
BATHS
0
1
1
1
2
1
2
2
2
2.5
3
1
3
2
3
2.5
4
2
5
2
TOTAL
UNITS
88
938
187
186
16
31
121
16
21
4
1,608
DISTRIBUTION
5.5%
58.3%
11.6%
11.6%
1.0%
1.9%
7.5%
1.0%
1.3%
0.2%
100.0%
A-6
VACANT
5
28
0
1
0
0
0
0
0
0
34
%VACANT
5.7%
3.0%
0.0%
0.5%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2.1%
MEDIAN GROSS RENT
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
DISTRIBUTION OF UNITS - ATLANTA, GEORGIA
GOVERNMENT-SUBSIDIZED
BEDROOMS
BATHS
0
1
1
1
2
1
2
2
2
2.5
3
1
3
1.5
3
2
4
2
TOTAL
GRAND TOTAL
UNITS
24
454
86
134
1
44
20
41
43
847
DISTRIBUTION
2.8%
53.6%
10.2%
15.8%
0.1%
5.2%
2.4%
4.8%
5.1%
100.0%
VACANT
0
0
0
0
0
0
0
0
0
0
%VACANT
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
7,716
-
533
6.9%
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
DISTRIBUTION OF UNITS BY BEDROOM
NON-SUBSIDIZED
SUBSIDIZED
902
17%
610
25%
11
0%
2815
54%
11
0%
1522
29%
0
1
2
3
4
BEDRO O MS
BEDRO O M
BEDRO O MS
BEDRO O MS
BEDRO O MS
1392
56%
A-7
273
11%
64
4
112
3%
0%
5%
0
1
2
3
4
5
BEDRO O MS
BEDRO O M
BEDRO O MS
BEDRO O MS
BEDRO O MS
BEDRO O MS
SURVEY OF PROPERTIES - ATLANTA, GEORGIA
1
Amal Heights I & II
Address 1700 Giben Rd.
Phone (404) 622-1199 Total Units
(Contact in person)
Vacancies
Atlanta, GA 30315
Contact Celina
1989
Year Built
Occupied
Comments Market-rate (96 units); 50%, 55% & 60% AMHI (96
Floors
units); HCV (20 units)
Quality Rating
Rent Special $99 move-in special with 1-year lease
2
192
7
96.4%
1,2
B
Waiting List
None
Ashley West End
Address 717 Lee St. SW
Phone (404) 758-9405
(Contact in person)
Atlanta, GA 30310
Contact
2000
Tonya
Year Built
Comments 60% AMHI (34 units); Market-rate (44 units); Catalyst
program, Tenants pay 30% of incomes for rent (34 units);
Does not accept HCV; Patio/balconies on all 2-br
Total Units
Vacancies
Occupied
Floors
Quality Rating
112
1
99.1%
3
A-
Waiting List
GSS: 2,200 H.H.
3
Veranda at Carver
Address 217 Thirkeld Ave. SW
Phone (404) 624-3550
(Contact in person)
Atlanta, GA 30315
Contact
2006
Tracie
Year Built
Comments fka Carver Senior Building; 30%, 50%, & 60% AMHI are
PBRA (71 units); Market-rate (19 units)
Total Units
90
Vacancies
0
Occupied
100.0%
Floors
4
Quality Rating A
Senior Restricted (62+)
Waiting List
GSS: 40 households
4
Address 222 Tuckegee St. SE
Phone (404) 223-5520
(Contact in person)
Atlanta, GA 30315
Contact Brenda
2003
Year Built
Comments Market-rate (30 units); 50% & 60% AMHI (69 units); HCV
(34 units)
Total Units
Vacancies
Occupied
Floors
Quality Rating
99
1
99.0%
2,3
A
Waiting List
2-br: 2 households
5
Oglethorpe Place
Address 835 Oglethorpe Ave.
Phone (404) 755-3100
(Contact in person)
Atlanta, GA 30310
Contact Li
1996
Year Built
Comments Market-rate (114 units); 30% AMHI (30 units); HCV (15
units); 2-br units have patios; Rents change daily
Total Units
Vacancies
Occupied
Floors
Quality Rating
Waiting List
None
Project Type
Market-rate
Tax Credit
A-8
144
1
99.3%
3
B+
6
Magnolia Park
Address 60 Pascal Blvd.
(Contact in person)
Vacancies
Contact Mrs. Jones
Occupied
Floors
Quality Rating
Atlanta, GA 30314
1999
Year Built
Comments 60% AMHI
Waiting List
Rent Special $99 deposit
7
400
40
90.0%
3
B-
1-br 60%: 10 H.H.
Columbia Senior Residences at Mechanicsville
Address 555 McDaniel St. SW
Phone (404) 577-3553
(Contact in person)
Atlanta, GA 30312
Contact
2007
Kristen
Year Built
Comments 30%, 50% & 60% AMHI; Market-rate (4 units); 30%
AMHI are PBRA (80 units)
Total Units
154
Vacancies
1
Occupied
99.4%
Floors
4
Quality Rating ASenior Restricted (62+)
Waiting List
PBRA: 9 H.H.
8
Address 240 Amal Dr. SW
Phone (404) 624-1771
(Contact in person)
Atlanta, GA 30315
Contact
2002
Rose
Year Built
Comments Market-rate (20 units); 50% & 60% AMHI (80 units); HCV
(approx. 78 units)
Total Units
100
Vacancies
1
Occupied
99.0%
Floors
4
Waiting List
TAX: 1-2 years
9
QLS Garden
Address 1870 Campbellton Rd. SW
Phone (404) 762-6647
(Contact in person)
Atlanta, GA 30311
Contact Betty
1973
Year Built
Comments Townhomes have basements; Accepts HCV; Typical rent:
2-br $650
Rent Special Reported 2-br rent discounted
10
Total Units
Vacancies
Occupied
Floors
Quality Rating
202
15
92.6%
1,2
B-
Waiting List
None
Address 582 Cooper St. SW
Phone (404) 614-0034
(Contact in person)
Atlanta, GA 30312
Renovated 1998
Contact Mr. Dune
1963
Year Built
Comments 50% AMHI; HCV (5 units); Vacancies due to economy &
job losses
Rent Special 1st month $250 on 1-br unit
Project Type
Market-rate
Tax Credit
A-9
Total Units
Vacancies
Occupied
Floors
Quality Rating
Waiting List
None
54
6
88.9%
2
C
11
Address 1988 Plaza Ln. SW
(Contact in person)
Vacancies
Atlanta, GA 30311
Renovated 2007
Contact Otalie
1966
Year Built
Occupied
Comments 3-br units have washer/dryer hookups; Vacancies due to
Floors
economy & job losses
Quality Rating
Waiting List
Rent Special 1st month $199
12
344
51
85.2%
2,3
B-
None
Westview Lofts
Address 1524 Ralph David Abernathy Dr.
Phone (404) 521-0406
(Contact in person)
Atlanta, GA 30310
Contact
2005
Gary
Year Built
Comments Market-rate (5 units); 30%, 50% & 60% AMHI; Mixed use
Total Units
Vacancies
Occupied
Floors
Quality Rating
21
2
90.5%
2,3
C+
Waiting List
None
13
Address 875 Hank Aaron Dr.
Phone (404) 521-9744
(Contact in person)
Atlanta, GA 30315
Contact
1999
Angelica
Year Built
Comments 50% & 60% AMHI; Property has both gas & electric heat;
Unit mix estimated
30 households
Address 600 Greensferry Ave.
Phone (404) 523-1330
(Contact in person)
Atlanta, GA 30314
Contact Raquell
1999
Year Built
Comments 60% AMHI (93 units); Market-rate (177 units); HUD
Section 8 (172 units); Does not accept HCV; 3-br marketrate rent lower due to small bedroom sizes; Vac. due to
economy & some difficulty qualifing applicants
Rent Special 1st month free
15
94
0
100.0%
2,3
A-
Waiting List
14
Total Units
Vacancies
Occupied
Floors
Quality Rating
Total Units
Vacancies
Occupied
Floors
Quality Rating
442
45
89.8%
2,3
B+
Waiting List
GSS: 6-12 months
Address 169 Westlake Cr. NW
Atlanta, GA 30314
1958
Year Built
Comments HCV (30 units)
(Contact in person)
Vacancies
Contact Celso
Occupied
Floors
Quality Rating
Waiting List
None
Project Type
Market-rate
Tax Credit
A-10
80
3
96.3%
2
C
16
Capital Avenue School Apts.
Address 811 Hank Aaron Dr. SW
Atlanta, GA 30315
Renovated 1984
1922
HUD Section 8
Year Built
Comments
48
(Contact in person)
Vacancies
0
Contact Selena
Occupied
100.0%
Floors
2
Quality Rating C
Waiting List
12 households
17
Stonewall Lofts
Address 479 Stonewall St. SW
Atlanta, GA 30313
1998
Year Built
Comments Does not accept HCV
(Contact in person)
Vacancies
Contact Bill
Occupied
Floors
Quality Rating
38
2
94.7%
3
B-
Waiting List
None
18
Abernathy Tower
Address 1059 Oglethorpe Ave. SW
Phone (404) 752-5010
(Contact in person)
Atlanta, GA 30310
Contact
1986
Tammy
Year Built
Comments HUD Section 8; Information as of 7/2010
Total Units
99
Vacancies
0
Occupied
100.0%
Floors
5
Quality Rating C+
Waiting List
6 months
19
Baptist Towers
Address 1881 Myrtle Dr. SW
Phone (404) 758-4562
(Contact in person)
Atlanta, GA 30311
Renovated 2010
Contact Sohia
1972
Year Built
Comments Market-rate (33 units); HUD Section 8 (268 units);
Renovations completed 12/2010
Total Units
301
Vacancies
35
Occupied
88.4%
Floors
10
Quality Rating BSenior Restricted (62+)
Waiting List
6 months
20
Boynton Village
Address 1044 Capitol Ave.
(Contact in person)
Vacancies
Contact Ashley
Occupied
Floors
Quality Rating
Atlanta, GA 30315
1976
Year Built
Comments HUD Section 8
Waiting List
1 year
Project Type
Market-rate
Tax Credit
A-11
43
0
100.0%
2
C+
21
Address 565 St. John's Ave. SW
(Contact in person)
Vacancies
Atlanta, GA 30315
Contact Ebiere
2005
Year Built
Occupied
Comments Market-rate (48 units); 60% AMHI (152 units); HCV
Floors
(approx. 80 units)
Quality Rating
200
11
94.5%
2,3
A-
Waiting List
None
22
Capital Towers
Address 803 Crew St. SW
39
(Contact in person)
Vacancies
0
Contact Selena
Occupied
100.0%
Floors
4
Quality Rating C+
Waiting List
Atlanta, GA 30315
1984
Year Built
12 households
23
Address 942 Hank Aaron Dr. SE
Atlanta, GA 30315
Renovated 2002
1976
Year Built
(Contact in person)
Vacancies
Contact Allison
Occupied
Floors
Quality Rating
60
0
100.0%
2
B
Waiting List
6-12 months
24
Caribu Apts.
Address 2001 Sylvan Rd. SW
Phone (404) 755-8521
(Contact in person)
Atlanta, GA 30310
Contact Diedra
1964
Year Built
Comments 3-br units have dishwashers; Vacancies due to economy
Total Units
Vacancies
Occupied
Floors
Quality Rating
166
58
65.1%
2
C+
Waiting List
None
25
Aspen Courts
Address 1631 Stanton Rd. SW
Phone (404) 209-4520
(Contact in person)
Atlanta, GA 30311
Renovated 2010
Contact Latasha
1968
Year Built
Comments Accepts HCV; Year built, 2 & 4-br unit square footage
estimated
Rent Special First months rent $299 with 12-month lease
Project Type
Market-rate
Tax Credit
A-12
Total Units
Vacancies
Occupied
Floors
Quality Rating
Waiting List
None
157
4
97.5%
2
C+
26
Address 259 Richardson St. SW
(Contact in person)
Vacancies
Atlanta, GA 30312
Renovated 2003
Contact Candace
1972
Year Built
Occupied
Comments 50% & 60% AMHI (154 units) & HUD Section 8; Market- Floors
rate (26 units); HCV (19 units); Landlord pays utilities in 1- Quality Rating
br units; Unit mix estimated
180
0
100.0%
2,10
B
Waiting List
112 households
27
Courtyard at Maple
Address 55 Maple St. NW
Phone (404) 577-8850
(Contact in person)
Atlanta, GA 30314
Contact
1994
Nichelle
Year Built
Comments Market-rate (100 units); 45% AMHI (82 units); Accepts
HCV; Year built estimated
Total Units
Vacancies
Occupied
Floors
Quality Rating
182
6
96.7%
3
B
Waiting List
None
28
Columbia High Point
Address 220 Bowen Cir.
94
(Contact in person)
Vacancies
0
Contact Karnetta
Occupied
100.0%
Floors
3
Waiting List
Atlanta, GA 30315
2001
Year Built
Comments 60% AMHI
15 households
29
Address 1017 Westview Dr.
Phone (404) 758-8527
(Contact in person)
Atlanta, GA 30310
Renovated 1997
Contact Carmella
1967
Year Built
Comments 50% AMHI: HCV (6 units); Vacancies due to newer
competition; Year built & renovation year estimated
94
34
63.8%
3
C+
Waiting List
Rent Special 1 month free
30
Total Units
Vacancies
Occupied
Floors
Quality Rating
None
Address 1093 West Avenue SW
Phone (404) 614-0808
(Contact in person)
Atlanta, GA 30315
Renovated 2003
Contact Jonathan
1923
Year Built
Comments 60% AMHI (65 units); Market-rate (17 units); PBRA (23
units); Year built estimated
Rent Special $199 move-in on all vacant units with 12-month lease
Project Type
Market-rate
Tax Credit
A-13
Total Units
Vacancies
Occupied
Floors
Quality Rating
Waiting List
150 households
105
16
84.8%
2,3
B
31
Columbia Blackshear Senior Residences
Address 14 Meldon Ave. SE
77
(Contact in person)
Vacancies
Atlanta, GA 30315
0
Contact Erica
2007
Year Built
Occupied
100.0%
Comments 30%, 50% & 60% AMHI & PBRA; Does not accept HCV; Floors
4
One manager unit not included in total; Unit mix estimated Quality Rating B+
Waiting List
28 households
32
Address 520 Fulton St. SW
Phone (404) 827-9152
(Contact in person)
Atlanta, GA 30312
Contact
2008
Eric
Year Built
Comments Market-rate (66 units); 60% AMHI are also PBRA (98
units)
Total Units
Vacancies
Occupied
Floors
Quality Rating
164
0
100.0%
4,5
A
Waiting List
800 households
33
Address 565 Wells St. SW
Phone (404) 221-0506
(Contact in person)
Atlanta, GA 30312
Contact
2009
Donald
Year Built
Comments Market-rate (66 units); PBRA (98 units); Does not accept
HCV; Began preleasing 7/2009, 100% occupancy 3/2010;
Unit mix estimated
Total Units
Vacancies
Occupied
Floors
Quality Rating
164
10
93.9%
4,5
A
Waiting List
GSS: 1500 H.H.
34
Georgia Avenue Highrise
Address 174 Georgia Ave. SE
Phone (404) 332-1500
(Contact in person)
Atlanta, GA 30312
Contact Karen
1982
Year Built
Comments Public Housing; Square footage estimated
Total Units
81
Vacancies
0
Occupied
100.0%
Floors
6
Quality Rating BSenior Restricted (62+)
Waiting List
1 year
35
Village Highlands
Address 1932 Stanton Rd.
Phone (404) 209-9008
(Contact in person)
East Point, GA 30344
Contact Rony
2006
Year Built
Comments 60% AMHI; Accepts HCV (25 units); Typical rent: 1-br
$620, 2-br $760 & 3-br $899
Rent Special Reported rents discounted
Project Type
Market-rate
Tax Credit
A-14
Total Units
Vacancies
Occupied
Floors
Quality Rating
Waiting List
None
258
12
95.3%
3,4
A-
36
Harmony Plaza II
Address 1870 Myrtle Dr. SW
(Contact in person)
Vacancies
Atlanta, GA 30311
Contact Brandy
1969
Year Built
Occupied
Comments 2-br units have washer/dryer hookups; 3-br units have
Floors
fireplaces; HCV (8 units)
Quality Rating
169
5
97.0%
2
B-
Waiting List
1-br: 2 months
37
Intown Lofts
Address 170 Northside Dr. SW
Phone (404) 522-7598
(Contact in person)
Atlanta, GA 30313
Contact
2003
Asa
Year Built
Comments All units have Intercom access & townhomes have
additional security system
Rent Special One month free rent on 2-br unit
38
Total Units
Vacancies
Occupied
Floors
Quality Rating
87
1
98.9%
2,5
B+
Waiting List
None
Martin Street Plaza
Address 600 Martin St.
Phone (404) 332-1500
(Contact in person)
Atlanta, GA 30312
Renovated
Contact
1964
1996
Karen
Year Built
Comments Public Housing; Year built & square footage estimated
Total Units
Vacancies
Occupied
Floors
Quality Rating
60
0
100.0%
2
B
Waiting List
1 years
39
GE Tower
Address 490 Glenn St. SW
Phone (404) 841-2481
(Contact in person)
Atlanta, GA 30312
Contact Dell
2005
Year Built
Comments aka Toby Sexton Redevelopment; 60% AMHI (109 units);
Market-rate (30 units); 60% AMHI & PBRA (63 units);
Larger units are lofts
202
18
91.1%
3,4
B+
Waiting List
40
Total Units
Vacancies
Occupied
Floors
Quality Rating
GSS: 100 H.H.
Brentwood Village
Address 1935 Allison Ct.
Phone (404) 768-6344
(Contact in person)
Atlanta, GA 30311
Renovated 2000
Contact Shantika
1968
Year Built
Comments 60% AMHI; HCV (approx. 75); Vacancies attributed to
previous management
Total Units
Vacancies
Occupied
Floors
Quality Rating
Waiting List
None
Project Type
Market-rate
Tax Credit
A-15
506
86
83.0%
2
C
41
Peoplestown Villa
Address 1044 Washington St. SW
Atlanta, GA 30315
Renovated 1997
1964
Year Built
Comments
(Contact in person)
Vacancies
Contact Allison
Occupied
Floors
Quality Rating
20
4
80.0%
2
B
Waiting List
None
42
Address 435 Joseph E. Lowery Blvd. SW
Phone (404) 758-2175
(Contact in person)
Atlanta, GA 30310
Renovated
Contact
1965
2008
Joan
Year Built
Comments 60% AMHI; Publica Housing (66 units); PBRA (114
units); Square footage estimated
Total Units
190
Vacancies
0
Occupied
100.0%
Floors
10
Quality Rating B
Waiting List
75-100 Households
43
The Manor I
Address 1009 Washington St.
Phone (404) 624-3870
(Contact in person)
Atlanta, GA 30315
Renovated
Contact
1954
2000
Eddie
Year Built
Comments HCV (16 units); Vacancies attributed to eviction sweep
Total Units
Vacancies
Occupied
Floors
Quality Rating
45
6
86.7%
2
C
Waiting List
None
44
The Manor III
Address 1438 Aurthur Langford Jr. Pl. SW
Phone (404) 624-0099
(Contact in person)
Atlanta, GA 30315
Renovated 2001
Contact Eddie
1950
Year Built
Comments HCV (41 units); Vacancies due to eviction sweep
Total Units
Vacancies
Occupied
Floors
Quality Rating
126
16
87.3%
2
B
Waiting List
None
45
Lillie R. Campbell
Address 1830 Campbellton Rd.
Phone (404) 766-2929
(Contact in person)
Atlanta, GA 30311
Contact Melinda
2008
Year Built
Comments Market-rate (36 units); 60% AMHI (60 units); Began
leasing 8/2008, reached 100% occ. in 1 year; HCV (approx.
25 units); Unit mix estimated
Total Units
96
Vacancies
4
Occupied
95.8%
Floors
4
Waiting List
None
Project Type
Market-rate
Tax Credit
A-16
46
Address 372 Legacy Dr.
100
(Contact in person)
Vacancies
Atlanta, GA 30310
0
Contact Stephanie
2005
Year Built
Occupied
100.0%
Comments Market-rate (10 units); HUD Section 8 (90 units); Ground Floors
4
level units have patios
Waiting List
15 households
47
Address 174 Moury Ave. SW
Phone (404) 624-1226
(Contact in person)
Atlanta, GA 30315
Contact
2001
Rachel
Year Built
Comments 50% & 60% AMHI (158 units); 60% AMHI & Public
Housing (327 units); Market-rate (182 units)
Total Units
Vacancies
Occupied
Floors
Quality Rating
667
23
96.6%
2,3,4
A-
Waiting List
GSS: 2+ years
48
Heritage Station I
Address 455 Rockwell St.
Phone (404) 588-5522
(Contact in person)
Atlanta, GA 30310
Contact
2006
Debra
Year Built
Comments fka Pittsburgh I; 60% AMHI (63 units) & have rents set at
54% AMHI; Market-rate (91 units); 60% AMHI that are
also PBRA (66 units); Does not accept HCV
Rent Special Application fee waived
49
Total Units
Vacancies
Occupied
Floors
Quality Rating
220
8
96.4%
3,4
A
Waiting List
None
Heritage Station II
Address 797 McDaniel St.
Phone (404) 588-5522
(Contact in person)
Atlanta, GA 30310
Contact Debra
2007
Year Built
Comments fka Pittsburgh II; 60% AMHI are PBRA (120 units);
Market-rate (30 units); Does not accept HCV; Mgr &
swimming pool is at phase I
Total Units
150
Vacancies
0
Occupied
100.0%
Floors
4
Quality Rating A
Waiting List
None
Project Type
Market-rate
Tax Credit
A-17
COLLECTED RENTS - ATLANTA, GEORGIA
MAP
ID
GARDEN UNITS
STUDIO
1-BR
2-BR
1

$690 to $745
$730 to $885
3
$900
$1040
$556 to $785
$500 to $712
$572 to $860
6
$540 to $750
$645 to $900

7
$506 to $790

8
$530 to $610
$610 to $670
$568
4+ BR
2-BR
$483
$450
$545
$509
$539 to $549
$669
12
$331 to $675
13
$575
$625 to $675
$695
14
$620 to $795
$715 to $860
15
17
$640 to $940
19
$501
3-BR
4+ BR
$770 to $810
$785 to $975
9
$830 to $1050
$803
$795 to $1395 $850 to $1050
$700
$799 to $1270 $999 to $1960 $1860 to $1960
$599
21
$665 to $700
$745 to $800
$832 to $900
24
$410 to $430
$475
$595
$550
26
27
$559
$732
$804
$665 to $725
$680 to $790
29
30
1-BR
$613 to $850
10
11
25
$1000
$900
$920
$500
$640 to $707
$710 to $740
$829 to $850
32
$580
$725
$815
$989
33
$725
$825
$850
35
36
$599
$650
$799
$399 to $419
$429 to $469
$629 to $669
37
$730 to $979 $1080 to $1225
39
$590 to $767
$680 to $825
$860 to $900
40
$440 to $500
$535 to $569
$750
41
43
$1400
$450
44
$550

45
$725 to $895

46

3-BR
$770 to $810
2
4
5

TOWNHOUSE UNITS
$650
$750
$650
$750
$930 to $1185 $1095 to $1275
$810
Senior Restricted
Market-rate
Tax Credit
A-18
$933
COLLECTED RENTS - ATLANTA, GEORGIA
MAP
ID


GARDEN UNITS
STUDIO
TOWNHOUSE UNITS
1-BR
2-BR
3-BR
4+ BR
47
$505 to $720
$535 to $1010
$665 to $940
$825 to $1120
48
$561 to $770
$645 to $940
$717 to $1060
49
$755
$925
Senior Restricted
Market-rate
Tax Credit
A-19
1-BR
2-BR
3-BR
$765 to $900
$735 to $1100
4+ BR
PRICE PER SQUARE FOOT - ATLANTA, GEORGIA
STUDIO UNITS
MAP ID PROJECT NAME
Stonewall Lofts
17
Aspen Courts
25

19
30
Baptist Towers
BATHS
1
UNIT SIZE
631 to 729
GROSS RENT
$721 to $1021
$ / SQ. FT.
$1.14 to $1.40
1
390
$686
$1.76
1
1
425
540
$501
$697
$1.18
$1.29
ONE-BEDROOM UNITS
MAP ID PROJECT NAME
QLS Garden
9
11
BATHS
1
UNIT SIZE
735
GROSS RENT
$607
$ / SQ. FT.
$0.83
1
810
$653
$0.81
1
1
660 to 1170
745 to 800
$913 to $1384
$582 to $602
$1.18 to $1.38
$0.75 to $0.78
1
1 to 2
700 to 850
730 to 1170
$571 to $591
$892 to $1141
$0.70 to $0.82
$0.98 to $1.22
17
24
Stonewall Lofts
Caribu Apts.
36
37
Harmony Plaza II
Intown Lofts
44
The Manor III
1
715
$664
$0.93
5
6
Oglethorpe Place
Magnolia Park
1
1
670
610 to 710
$662 to $874
$654 to $864
$0.99 to $1.30
$1.07 to $1.22
8
1
750
$692 to $772
$0.92 to $1.03
12
21
Westview Lofts
1
1
628 to 650
830
$445 to $789
$827 to $862
$0.71 to $1.21
$1.00 to $1.04
27
Courtyard at Maple
1
575 to 722
$779 to $839
$1.16 to $1.35
45
33
Lillie R. Campbell
1
1
610
750
$725 to $895
$887
$1.19 to $1.47
$1.18
2
Ashley West End
1
689
$804 to $859
$1.17 to $1.25

3
7
1
1
742
750
$1014
$668 to $952
$1.37
$0.89 to $1.27

14
19
Veranda at Carver
Mechanicsville
Baptist Towers
1
1
799
550
$734 to $909
$599
$0.92 to $1.14
$1.09
26
30
1
1
590
729
$846
$802 to $869
$1.43
$1.10 to $1.19
32
1
750
$887
$1.18
39
47
GE Tower
1
1
689 to 799
750 to 795
$752 to $929
$667 to $882
$1.09 to $1.16
$0.89 to $1.11
48
Heritage Station I
1
710
$723 to $932
$1.02 to $1.31
49
10
Heritage Station II
1
1
710
600
$917
$564
$1.29
$0.94
13
1
700
$702
$1.00





Senior Restricted
Market-rate
Tax Credit
A-20
ONE-BEDROOM UNITS
MAP ID PROJECT NAME
Village Highlands
35
Brentwood Village
40
BATHS
1
UNIT SIZE
789
GROSS RENT
$761
$ / SQ. FT.
$0.96
1
594 to 648
$612 to $672
$1.03 to $1.04
TWO-BEDROOM UNITS
MAP ID PROJECT NAME
QLS Garden
9



GROSS RENT
$725
$ / SQ. FT.
$0.70
1
1.5
980
1080
$723
$733
$0.74
$0.68
15
1
700
$847
$1.21
17
24
Stonewall Lofts
Caribu Apts.
2
1
1030 to 1915
845
$1146 to $2107
$694
$1.10 to $1.11
$0.82
25
36
Aspen Courts
Harmony Plaza II
1
1
950
950
$785
$648
$0.83
$0.68
37
Intown Lofts
41
2
950
$688
$0.72
1 to 2
2
985 to 1260
1230 to 1260
$1287 to $1432
$1607
$1.14 to $1.31
$1.28 to $1.31
Peoplestown Villa
1
680 to 720
$597
$0.83 to $0.88
43
44
The Manor I
The Manor III
1
1
840 to 940
830
$797
$797
$0.85 to $0.95
$0.96
4
2
1103
$763 to $992
$0.69 to $0.90
5
6
Oglethorpe Place
Magnolia Park
1 to 2
1.5 to 2
903 to 1084
870 to 955
$779 to $1067
$792 to $1047
$0.86 to $0.98
$0.91 to $1.10
8
2
1000
$817 to $877
$0.82 to $0.88
21
27
Courtyard at Maple
2
1 to 2
1120
848 to 958
$952 to $1007
$827 to $937
$0.85 to $0.90
$0.98 to $0.98
45
Lillie R. Campbell
1
2
850
950
$930 to $1125
$955 to $1185
$1.09 to $1.32
$1.01 to $1.25
33
2
1009 to 1170
$1032
$0.88 to $1.02
46
2
Ashley West End
1
1
745
847
$957
$877 to $962
$1.28
$1.04 to $1.14
2
989 to 1015
$887 to $1032
$0.90 to $1.02
2
1
1053
890
$1187
$862 to $967
$1.13
$0.97 to $1.09
2
947 to 1188
$897 to $1312
$0.95 to $1.10
2.5
1
1300
775
$942 to $1542
$951
$0.72 to $1.19
$1.23
3
14
26

UNIT SIZE
1031
11


BATHS
2
Veranda at Carver
Senior Restricted
Market-rate
Tax Credit
A-21
TWO-BEDROOM UNITS
MAP ID PROJECT NAME
30

32
39
GE Tower
47
BATHS
1
UNIT SIZE
916
GROSS RENT
$917 to $927
$ / SQ. FT.
$1.00 to $1.01
2
991
$937 to $947
$0.95 to $0.96
2
1 to 2
1009 to 1170
856 to 1118
$1022
$887 to $1032
$0.87 to $1.01
$0.92 to $1.04
1
900
$742 to $1006
$0.82 to $1.12
2
2.5
946 to 1138
1303
$752 to $1217
$972 to $1107
$0.79 to $1.07
$0.75 to $0.85
48
Heritage Station I
2
1058
$852 to $1147
$0.81 to $1.08
49
10
Heritage Station II
1
1
1058
700
$1132
$692
$1.07
$0.99
13
1
2
860
930
$786
$836
$0.91
$0.90
29
1
760
$659
$0.87
35
40
Village Highlands
Brentwood Village
2
1 to 2
1149
740 to 975
$857
$754 to $788
$0.75
$0.81 to $1.02
THREE-BEDROOM UNITS
MAP ID PROJECT NAME
QLS Garden
9
11


BATHS
2.5
UNIT SIZE
2232
GROSS RENT
$999
$ / SQ. FT.
$0.45
2
1170
$894
$0.76
17
24
Stonewall Lofts
Caribu Apts.
2
2
1900
1086
$2040 to $2140
$864
$1.07 to $1.13
$0.80
36
Harmony Plaza II
2
1104
$898 to $938
$0.81 to $0.85
43
44
The Manor I
The Manor III
1
1
1006 to 1070
1005 to 1025
$930
$930
$0.87 to $0.92
$0.91 to $0.93
1
Amal Heights I & II
2
2.5
1181
1273
$1039 to $1079
$1039 to $1079
$0.88 to $0.91
$0.82 to $0.85
4
2
1302
$867 to $1104
$0.67 to $0.85
6
Magnolia Park
2
2.5
1080
1290
$965 to $1155
$1010 to $1230
$0.89 to $1.07
$0.78 to $0.95
21
2
1335
$1086 to $1154
$0.81 to $0.86
27
45
Courtyard at Maple
Lillie R. Campbell
2
2
1150
1120
$1100
$1095 to $1275
$0.96
$0.98 to $1.14
33
2
1204
$1104
$0.92
14
26
2
1
1138
996
$1030 to $1230
$1080
$0.91 to $1.08
$1.08
Senior Restricted
Market-rate
Tax Credit
A-22
THREE-BEDROOM UNITS
MAP ID PROJECT NAME
30
32
39
47
GE Tower
BATHS
2
UNIT SIZE
1048
GROSS RENT
$1083 to $1104
$ / SQ. FT.
$1.03 to $1.05
2
1204
$1243
$1.03
2
2
1287 to 1328
1142
$1114 to $1154
$919 to $1194
$0.87 to $0.87
$0.80 to $1.05
2.5
1376
$989 to $1254
$0.72 to $0.91
1390
1232
$1109 to $1354
$971 to $1314
$0.80 to $0.97
$0.79 to $1.07
48
Heritage Station I
3
2
13
2
1169
$894
$0.76
35
40
Village Highlands
Brentwood Village
2
2
1302
1028
$1053
$1019
$0.81
$0.99
FOUR+ BEDROOM UNITS
MAP ID PROJECT NAME
Aspen Courts
25
26
47

BATHS
2
UNIT SIZE
1200
GROSS RENT
$1338
$ / SQ. FT.
$1.12
2
2
1096
1438
$1161
$1144 to $1439
$1.06
$0.80 to $1.00
Senior Restricted
Market-rate
Tax Credit
A-23
AVERAGE GROSS RENT PER SQUARE FOOT - ATLANTA, GEORGIA
UNIT TYPE
GARDEN
TOWNHOUSE
MARKET-RATE
ONE-BR
TWO-BR
$1.08
$0.90
$0.00
$1.17
THREE-BR
$0.92
$0.89
TAX CREDIT (NON-SUBSIDIZED)
UNIT TYPE
GARDEN
ONE-BR
$1.01
TWO-BR
$0.87
THREE-BR
$0.86
TOWNHOUSE
$0.00
$0.77
$0.81
UNIT TYPE
GARDEN
ONE-BR
$1.04
TWO-BR
$0.89
THREE-BR
$0.89
TOWNHOUSE
$0.00
$1.13
$0.85
COMBINED
A-24
TAX CREDIT UNITS - ATLANTA, GEORGIA
STUDIO UNITS

MAP ID
PROJECT NAME
19
Baptist Towers
30

UNITS
88
4
SQUARE FEET # OF BATHS
425
1
540
- Senior Restricted
A-25
1
% AMHI
50%
COLLECTED RENT
$501
60%
$580
ONE-BEDROOM UNITS

MAP ID
PROJECT NAME
42

UNITS
61
625
1
% AMHI
60%
COLLECTED RENT
$0
47
63
750 - 795
1
60%
$0
31
5
750
1
30%
$248
12
Columbia Blackshear Senior
Residences
Westview Lofts
5
650
1
30%
$331
40
Brentwood Village
268
594 - 648
1
60%
$440 - $500
10
46
600
1
50%
$450
5
Oglethorpe Place
9
670
1
30%
$500
47
20
750 - 795
1
50%
$505 - $510

7
35
750
1
50%
$506

31
56
750
1
50%
$524

8
Mechanicsville
Residences
30
750
1
60%
$530

8
30
750
1
50%
$530






6
Magnolia Park
73
610 - 710
1
60%
$540 - $560
12
Westview Lofts
1
628
1
50%
$549
12
Westview Lofts
8
628
1
50%
$549
48
Heritage Station I
14
710
1
60%
$561
13
11
700
1
50%
$575
13
11
700
1
60%
$575
47
20
750 - 795
1
60%
$575 - $640
35
Village Highlands
48
789
1
60%
$599
19
Baptist Towers
180
550
1
50%
$599
39
GE Tower
24
689 - 799
1
60%
$605 - $675
14
27
799
1
60%
$620
39
GE Tower
36
689 - 799
1
60%
$625 - $660
30
31
729
1
60%
$640
7
35
750
1
60%
$645
48
Mechanicsville
Heritage Station I
14
710
1
60%
$645
28
Columbia High Point
94
672 - 685
1
60%
$650
12
Westview Lofts
2
650
1
60%
$658
31
16
750
1
60%
$663
21
Residences
43
830
1
60%
$665
2
Ashley West End
12
689
1
60%
$690
45
Lillie R. Campbell
14
610
1
60%
$725
- Senior Restricted
A-26
ONE-BEDROOM UNITS

MAP ID
PROJECT NAME
49
Heritage Station II
7
UNITS
72
710
1
% AMHI
60%
COLLECTED RENT
$755

3
Mechanicsville
Columbia at Mechanicsville
Station
City View at Rosa Burney Park
Apts.
Apts.
Veranda at Carver

3
Veranda at Carver
9
742
1
50%
$900

3
Veranda at Carver
6
742
1
30%
$900

42
92
625
1
60%
$925

32
26
26

80
750
1
30%
$790
13
750
1
60%
$790
51
590
1
60%
$794
46
590
1
50%
$794
56
742
1
60%
$900
- Senior Restricted
A-27
TWO-BEDROOM UNITS
MAP ID
PROJECT NAME
47
UNITS
80
900
1
% AMHI
60%
COLLECTED RENT
$0
42
15
775
1
60%
$0
47
16
1303
2.5
60%
$0
47
75
946 - 1138
2
60%
$0
29
94
760
1
50%
$500
40
Brentwood Village
160
740 - 975
1-2
60%
$535 - $569
47
12
900
1
50%
$535
47
25
946 - 1138
2
50%
$545 - $595
10
8
700
1
50%
$545
4
32
1103
2
50%
$556
5
Oglethorpe Place
21
903 - 1084
1-2
30%
$572

8
10
1000
2
60%
$610

8
10
1000
2
50%
$610
47
12
900
1
60%
$610
47
25
946 - 1138
2
60%
$625 - $765
13
9
860
1
50%
$625
13
9
860
1
60%
$625
6
Magnolia Park
103
870 - 955
1.5 - 2
60%
$645 - $700


48
Heritage Station I
38
1058
2
60%
$645
35
Village Highlands
148
1149
2
60%
$650
4
12
1103
2
60%
$660
13
9
930
2
50%
$675
13
9
930
2
60%
$675
39
GE Tower
65
856 - 1118
1-2
60%
$680 - $765
27
Courtyard at Maple
82
848 - 958
1-2
45%
$680 - $720
30
9
916
1
60%
$710
14
11
890
1
60%
$715
30
15
991
2
60%
$730
2
Ashley West End
9
847
1
60%
$730
2
Ashley West End
5
989
2
60%
$740
2
Ashley West End
8
1015
2
60%
$740
48
Heritage Station I
41
1058
2
60%
$745
21
77
1120
2
60%
$745
14
31
947
2
60%
$750
39
GE Tower
30
856 - 1118
1-2
60%
$759 - $806
47
5
1303
2.5
60%
$765
- Senior Restricted
A-28
TWO-BEDROOM UNITS
MAP ID
PROJECT NAME
14
UNITS
7
1188
2
% AMHI
60%
COLLECTED RENT
$795
14
1
1300
2.5
60%
$795 - $850
14
4
1064
2
60%
$795
26
4
775
1
50%
$873
3
775
1
60%
$873
55
1009 - 1170
2
60%
$900
48
1058
1
60%
$925
22
850
1
60%
$930

49
Apts.
Apts.
Station
Heritage Station II

45
Lillie R. Campbell

45
Lillie R. Campbell
14
950
2
60%
$955

42
22
775
1
60%
$1030
26
32

- Senior Restricted
A-29
THREE-BEDROOM UNITS
MAP ID
PROJECT NAME
47
% AMHI
60%
COLLECTED RENT
$0
71
1142
2
60%
$0
4
13
1302
2
50%
$613
47
15
1142
2
50%
$665
13
18
1169
2
50%
$695
13
18
1169
2
60%
$695
48
Heritage Station I
11
1232
2
60%
$717
47
2
1376
2.5
50%
$735
40
Brentwood Village
78
1028
2
60%
$750
1
Amal Heights I & II
32
1273
2.5
60%
$770
1
Amal Heights I & II
2
1181
2
55%
$770
1
Amal Heights I & II
1
1181
2
60%
$770
1
Amal Heights I & II
28
1273
2.5
50%
$770
1
Amal Heights I & II
30
1273
2.5
55%
$770
1
Amal Heights I & II
3
1181
2
50%
$770
47
14
1142
2
60%
$785
6
Magnolia Park
14
1080
2
60%
$785
4
12
1302
2
60%
$789
35
Village Highlands
62
1302
2
60%
$799
47
1
1376
2.5
60%
$815
30
6
1048
2
60%
$829
6
Magnolia Park
50
1290
2.5
60%
$830
21
32
1335
2
60%
$832
48
Heritage Station I
11
1232
2
60%
$832
14
12
1138
2
60%
$850
47
3
1390
3
60%
$855
39
GE Tower
9
1287
2
60%
$856
39
GE Tower
8
1287 - 1328
2
60%
$860 - $865
26
Apts.
Apts.
Lillie R. Campbell
15
996
1
50%
$977
16
996
1
60%
$977
10
1120
2
60%
$1095
Station
30
1204
2
60%
$1100
45
32

1376
2.5
47
26

UNITS
16
- Senior Restricted
A-30
FOUR-BEDROOM UNITS
MAP ID
PROJECT NAME
47
UNITS
6
1438
2
% AMHI
60%
COLLECTED RENT
$0
47
1
1438
2
50%
$825
47
3
1438
2
60%
$860
26
Apts.
Apts.
7
1096
2
50%
$1005
8
1096
2
60%
$1005
% AMHI
60%
COLLECTED RENT
$1013
50%
$1013
26
FIVE+ BEDROOM UNITS
MAP ID
PROJECT NAME
26
Apts.
26
Apts.

UNITS
2
2
1150
2
1150
- Senior Restricted
A-31
2
QUALITY RATING - ATLANTA, GEORGIA
MARKET-RATE PROJECTS AND UNITS
QUALITY
TOTAL
MEDIAN GROSS RENT
VACANCY
RATING
A
PROJECTS
6
UNITS
302
RATE
5.0%
AB+
7
344
6.1%
B
4
6
408
385
8.1%
8.6%
B-
6
946
C+
3
C
2
STUDIOS ONE-BR
$917
TWO-BR THREE-BR FOUR-BR
$1,032
$1,243
$859
$1,037
$1,194
$1,439
$697
$909
$779
$1,012
$797
$1,230
$1,079
$1,161
11.5%
$501
$607
$725
$938
328
19.5%
$686
$602
$785
$864
125
7.2%
$847
$930
$1,338
TAX CREDIT (NON-SUBSIDIZED) PROJECTS AND UNITS
QUALITY
TOTAL
VACANCY
RATE
2.3%
MEDIAN GROSS RENT
STUDIOS ONE-BR
$723
TWO-BR THREE-BR FOUR-BR
$852
$971
RATING
A
PROJECTS
1
UNITS
132
AB+
5
906
3.5%
$737
$857
$1,053
1
232
13.8%
$734
$897
$1,030
B
B-
2
1
243
240
6.6%
2.5%
$802
$674
$867
$792
$1,039
$1,010
C+
2
110
30.9%
$663
$659
C
2
560
16.4%
$612
$754
$697
$1,019
DISTRIBUTION OF UNITS BY QUALITY RATING
MARKET-RATE UNITS
C
4%
B+
14%
C+
12%
TAX CREDIT UNITS
C
23%
A
11%
A
5%
B+
10%
A12%
B33%
C+
5%
B10%
B
14%
B
10%
A-32
A37%
$1,179
YEAR BUILT - ATLANTA, GEORGIA *
YEAR RANGE
PROJECTS
UNITS
VACANT
% VACANT
TOTAL UNITS DISTRIBUTION
Before 1970
12
1843
289
15.7%
1843
35.0%
1970 to 1979
3
261
17
6.5%
2104
5.0%
1980 to 1989
1
192
7
3.6%
2296
3.6%
1990 to 1999
6
1128
94
8.3%
3424
21.4%
2000
2001
1
1
78
340
1
23
1.3%
6.8%
3502
3842
1.5%
6.5%
2002
1
100
1
1.0%
3942
1.9%
2003
2
186
2
1.1%
4128
3.5%
2004
0
0
0
0.0%
4128
0.0%
2005
4
370
31
8.4%
4498
7.0%
2006
2007
3
2
431
104
19
1
4.4%
1.0%
4929
5033
8.2%
2.0%
2008
2
162
4
2.5%
5195
3.1%
2009
1
66
10
15.2%
5261
1.3%
2010**
0
0
0
0.0%
5261
0.0%
TOTAL
39
5261
499
9.5%
5261
100.0 %
YEAR RENOVATED - ATLANTA, GEORGIA *
YEAR RANGE
PROJECTS
UNITS
VACANT
% VACANT
TOTAL UNITS DISTRIBUTION
Before 1970
0
0
0
0.0%
0
0.0%
1970 to 1979
1980 to 1989
0
0
0
0
0
0
0.0%
0.0%
0
0
0.0%
0.0%
1990 to 1999
3
168
44
26.2%
168
11.3%
2000
2
551
92
16.7%
719
37.1%
2001
1
126
16
12.7%
845
8.5%
2002
0
0
0
0.0%
845
0.0%
2003
2004
2
0
108
0
16
0
14.8%
0.0%
953
953
7.3%
0.0%
2005
0
0
0
0.0%
953
0.0%
2006
0
0
0
0.0%
953
0.0%
2007
1
344
51
14.8%
1297
23.1%
2008
2009
0
0
0
0
0
0
0.0%
0.0%
1297
1297
0.0%
0.0%
2010**
2
190
6
3.2%
1487
12.8%
TOTAL
11
1487
225
15.1%
1487
100.0 %
Note: The upper table (Year Built) includes all of the units included in the lower table.
* Only Market-Rate and Tax Credit projects. Does not include government-subsidized projects.
** As of April 2011
A-33
APPLIANCES AND UNIT AMENITIES - ATLANTA, GEORGIA
RANGE
APPLIANCE
APPLIANCES
PROJECTS
39
PERCENT
UNITS*
100.0%
5,261
REFRIGERATOR
39
100.0%
5,261
ICEMAKER
10
25.6%
1,115
DISHWASHER
DISPOSAL
30
23
76.9%
59.0%
4,327
3,082
MICROWAVE
5
12.8%
412
AMENITY
AC - CENTRAL
UNIT AMENITIES
PROJECTS
PERCENT
UNITS*
38
97.4%
5,228
AC - WINDOW
FLOOR COVERING
1
39
2.6%
100.0%
33
5,261
WASHER/DRYER
7
17.9%
1,234
WASHER/DRYER HOOK-UP
29
74.4%
4,086
PATIO/DECK/BALCONY
27
69.2%
3,758
CEILING FAN
FIREPLACE
17
1
43.6%
2.6%
2,353
270
BASEMENT
1
2.6%
202
INTERCOM SYSTEM
10
25.6%
859
SECURITY SYSTEM
5
12.8%
535
WINDOW TREATMENTS
38
97.4%
5,223
FURNISHED UNITS
E-CALL BUTTON
0
4
0.0%
10.3%
162
* - Does not include units where appliances/amenities are optional; Only includes market-rate or non-government subsidized Tax Credit.
A-34
PROJECT AMENITIES - ATLANTA, GEORGIA
POOL
AMENITY
PROJECT AMENITIES
PROJECTS
PERCENT
UNITS
11
28.2%
ON-SITE MANAGEMENT
36
92.3%
5,172
LAUNDRY
CLUB HOUSE
26
10
66.7%
25.6%
3,455
2,119
MEETING ROOM
11
28.2%
1,469
FITNESS CENTER
21
53.8%
2,852
JACUZZI/SAUNA
0
0.0%
PLAYGROUND
21
53.8%
3,796
COMPUTER LAB
SPORTS COURT
8
1
20.5%
2.6%
1,355
270
STORAGE
1
2.6%
192
LAKE
0
0.0%
ELEVATOR
13
33.3%
900
SECURITY GATE
20
51.3%
2,270
BUSINESS CENTER
CAR WASH AREA
1
0
2.6%
0.0%
200
PICNIC AREA
13
33.3%
1,616
CONCIERGE SERVICE
1
2.6%
10
SOCIAL SERVICE PACKAGE
3
7.7%
189
A-35
2,619
DISTRIBUTION OF UTILITIES - ATLANTA, GEORGIA
UTILITY
(RESPONSIBILITY)
NUMBER OF
PROJECTS
NUMBER OF
UNITS
DISTRIBUTION
OF UNITS
HEAT
LANDLORD
ELECTRIC
GAS
TENANT
ELECTRIC
GAS
E
G
5
2
725
129
9.4%
1.7%
E
G
31
11
4,932
1,930
63.9%
25.0%
100.0%
E
G
5
2
725
129
9.4%
1.7%
E
G
39
3
6,506
356
84.3%
4.6%
100.0%
E
G
4
3
629
225
8.2%
2.9%
E
G
32
10
5,134
1,728
66.5%
22.4%
100.0%
L
T
6
43
806
6,910
10.4%
89.6%
100.0%
L
T
27
22
3,297
4,419
42.7%
57.3%
100.0%
L
T
28
21
3,641
4,075
47.2%
52.8%
100.0%
48
1
7,559
157
98.0%
2.0%
100.0%
COOKING FUEL
LANDLORD
ELECTRIC
GAS
TENANT
ELECTRIC
GAS
HOT WATER
LANDLORD
ELECTRIC
GAS
TENANT
ELECTRIC
GAS
ELECTRIC
LANDLORD
TENANT
WATER
LANDLORD
TENANT
SEWER
LANDLORD
TENANT
TRASH PICK-UP
LANDLORD
TENANT
L
T
A-36
UTILITY ALLOWANCE - ATLANTA, GEORGIA
BR
UNIT TYPE
GAS
HEATING
ELEC STEAM
OTHER
HOT WATER
GAS
ELEC
COOKING
GAS
ELEC
ELEC
WATER
SEWER TRASH CABLE
0
GARDEN
$26
$20
$46
$21
$18
$8
$6
$37
$15
$21
$19
$20
1
GARDEN
$36
$29
$64
$28
$25
$11
$8
$52
$20
$28
$19
$20
1
TOWNHOUSE
$36
$29
$64
$28
$25
$11
$8
$52
$20
$28
$19
$20
2
GARDEN
$45
$37
$83
$36
$32
$13
$11
$67
$25
$35
$19
$20
2
TOWNHOUSE
$45
$37
$83
$36
$32
$13
$11
$67
$25
$35
$19
$20
3
GARDEN
$57
$45
$101
$43
$40
$17
$13
$82
$30
$44
$19
$20
3
TOWNHOUSE
$57
$45
$101
$43
$40
$17
$13
$82
$30
$44
$19
$20
4
GARDEN
$72
$57
$129
$55
$51
$21
$16
$104
$37
$54
$19
$20
4
TOWNHOUSE
$72
$57
$129
$55
$51
$21
$16
$104
$37
$54
$19
$20
GA-Middle Region (6/2010)
A-37
ADDENDUM B
COMPARABLE PROPERTY PROFILES
B-1
17 Stonewall Lofts
1.4 miles to site
Address
Phone
Atlanta, GA 30313
Contact
(404) 522-7598
Total Units
Bill
Vacancies 2
38
Percent Occupied 94.7%
Project Type Market-Rate
Year Open
Floors 3
1998
Concessions No Rent Specials
Parking Surface Parking
Waiting List NONE
Quality Rating BRemarks
Neighborhood Rating C+
Does not accept HCV
Features and Utilities
Landlord pays Water, Sewer, Trash
Utilities
Refrigerator, Range, Dishwasher, Disposal, Central AC, Carpet, Washer & Dryer, Washer/Dryer Hook Up,
Ceiling Fan
Project Amenities Fitness Center
Unit Amenities
Unit Configuration
BRs
0
1
2
3
BAs
1
1
2
2
TYPE
G
G
G
G
UNITS
2
19
16
1
VACANT
0
2
0
0
SQUARE FEET
631 to 729
660 to 1170
1030 to 1915
1900
B-2
$ / SQ FT
$1.01 - $1.29
$1.09 - $1.21
$0.97 - $1.02
$0.98 - $1.03
COLLECTED RENT
$640 to $940
$799 to $1270
$999 to $1960
$1860 to $1960
37 Intown Lofts
1.4 miles to site
Address
Phone
Atlanta, GA 30313
Contact
(404) 522-7598
Total Units
Asa
Vacancies 1
87
Project Type Market-Rate
Year Open
Floors 2,5
2003
Concessions One month free rent on 2-br unit
Parking Parking Garage
Waiting List NONE
Quality Rating B+
Remarks
Neighborhood Rating C+
All units have Intercom access & townhomes have additional
security system
Landlord pays Trash
Utilities
Refrigerator, Range, Dishwasher, Disposal, Central AC, Carpet, Washer & Dryer, Washer/Dryer Hook Up,
Patio/Deck/Balcony, Intercom, Security System, Blinds
Project Amenities Swimming Pool, On-site Management, Meeting Room, Fitness Center, Elevator, Security Gate, Picnic Area
Unit Amenities
Unit Configuration
BRs
1
2
2
BAs
1 to 2
1 to 2
2
TYPE
G
G
T
UNITS
41
40
6
VACANT
0
1
0
SQUARE FEET
730 to 1170
985 to 1260
1230 to 1260
B-3
$ / SQ FT
$0.84 - $1.00
$0.97 - $1.10
$1.11 - $1.14
COLLECTED RENT
$730 to $979
$1080 to $1225
$1400
8 The Residences at Park Place S
2.9 miles to site
Address
Phone
240 Amal Dr. SW
Atlanta, GA 30315
Contact
(404) 624-1771
Total Units
Rose
Vacancies 1
100
Project Type Market-Rate & Tax Credit
Year Open
Floors 4
2002
Parking On Street Parking
Waiting List TAX: 1-2 years
Quality Rating ARemarks
Neighborhood Rating B
Market-rate (20 units); 50% & 60% AMHI (80 units); HCV
(approx. 78 units)
Landlord pays Trash
Utilities
Refrigerator, Icemaker, Range, Dishwasher, Disposal, Central AC, Carpet, Washer/Dryer Hook Up,
Patio/Deck/Balcony, Ceiling Fan, Intercom, Blinds, E-Call Button
Project Amenities On-site Management, Laundry Facility, Club House, Fitness Center, Elevator, Security Gate, Picnic Area
Unit Amenities
Unit Configuration
BRs
1
1
1
2
2
2
BAs
1
1
1
2
2
2
TYPE
G
G
G
G
G
G
UNITS
30
10
30
10
10
10
VACANT
0
1
0
0
0
0
SQUARE FEET
750
750
750
1000
1000
1000
B-4
$ / SQ FT
$0.71
$0.81
$0.71
$0.61
$0.67
$0.61
COLLECTED RENT AMHI
50%
$530
$610
60%
$530
50%
$610
$670
60%
$610
45 Lillie R. Campbell
2.6 miles to site
Address
Phone
1830 Campbellton Rd.
Atlanta, GA 30311
Contact
(404) 766-2929
Total Units
Melinda
Vacancies 4
96
Project Type Market-Rate & Tax Credit
Year Open
Floors 4
2008
Waiting List NONE
Market-rate (36 units); 60% AMHI (60 units); Began leasing
8/2008, reached 100% occ. in 1 year; HCV (approx. 25
units); Unit mix estimated
Landlord pays Electric, Electric Heat, Gas Hot Water, for Cooking Heat, Water, Sewer, Trash
Utilities
Refrigerator, Icemaker, Range, Dishwasher, Microwave, Central AC, Carpet, Washer/Dryer Hook Up,
Patio/Deck/Balcony, Ceiling Fan, Security System, Blinds, Pull Cords
Project Amenities On-site Management, Laundry Facility, Meeting Room, Fitness Center, Elevator, Security Gate, Social
Services, Transportation
Unit Amenities
Unit Configuration
BRs
1
1
2
2
2
2
3
3
BAs
1
1
1
1
2
2
2
2
TYPE
G
G
G
G
G
G
G
G
UNITS
10
14
12
22
8
14
6
10
VACANT
0
2
0
2
0
0
0
0
SQUARE FEET
610
610
850
850
950
950
1120
1120
B-5
$ / SQ FT
$1.47
$1.19
$1.32
$1.09
$1.25
$1.01
$1.14
$0.98
COLLECTED RENT AMHI
$895
60%
$725
$1125
60%
$930
$1185
60%
$955
$1275
60%
$1095
3 Veranda at Carver
2.5 miles to site
Address
Phone
217 Thirkeld Ave. SW
Atlanta, GA 30315
Contact
(404) 624-3550
Total Units
Tracie
Vacancies 0
90
Project Type Market-Rate, Tax Credit & Government-Subsidized
Year Open
Floors 4
2006
Waiting List GSS: 40 households
Quality Rating A
Remarks
Neighborhood Rating A
fka Carver Senior Building; 30%, 50%, & 60% AMHI are
PBRA (71 units); Market-rate (19 units)
Landlord pays Water, Sewer, Trash
Utilities
Refrigerator, Range, Dishwasher, Disposal, Central AC, Carpet, Washer/Dryer Hook Up, Patio/Deck/Balcony,
Ceiling Fan, Intercom, Blinds, E-Call Button
Project Amenities On-site Management, Laundry Facility, Meeting Room, Fitness Center, Elevator, Security Gate, Computer
Lab, Picnic Area, Social Services, Media Room
Unit Amenities
Unit Configuration
BRs
1
1
1
1
2
BAs
1
1
1
1
2
TYPE
G
G
G
G
G
UNITS
11
56
9
6
8
VACANT
0
0
0
0
0
SQUARE FEET
742
742
742
742
1053
B-6
$ / SQ FT
$1.21
$1.21
$1.21
$1.21
$0.99
COLLECTED RENT AMHI
$900
60%
$900
50%
$900
30%
$900
$1040
7 Columbia Senior Residences at Mechanicsville
Address
Phone
1.0 miles to site
555 McDaniel St. SW
Atlanta, GA 30312
Contact
(404) 577-3553
Total Units
Kristen
Vacancies 1
154
Year Open
Floors 4
2007
Waiting List PBRA: 9 H.H.
Neighborhood Rating B-
30%, 50% & 60% AMHI; Market-rate (4 units); 30% AMHI
are PBRA (80 units)
Landlord pays Trash
Utilities
Refrigerator, Range, Dishwasher, Disposal, Central AC, Carpet, Washer/Dryer Hook Up, Patio/Deck/Balcony,
Intercom, Security System, Blinds
Project Amenities On-site Management, Laundry Facility, Club House, Meeting Room, Fitness Center, Playground, Elevator,
Picnic Area, Social Services, Media Room
Unit Amenities
Unit Configuration
BRs
1
1
1
1
BAs
1
1
1
1
TYPE
G
G
G
G
UNITS
4
35
35
80
VACANT
1
0
0
0
SQUARE FEET
750
750
750
750
B-7
$ / SQ FT
$1.05
$0.86
$0.67
$1.05
COLLECTED RENT AMHI
$790
60%
$645
50%
$506
30%
$790
48 Heritage Station I
0.7 miles to site
Address
Phone
455 Rockwell St.
Atlanta, GA 30310
Contact
(404) 588-5522
Total Units
Debra
Vacancies 8
220
Year Open
Floors 3,4
2006
Concessions Application fee waived
Parking Surface Parking, Parking Garage
Waiting List NONE
Quality Rating A
Remarks
fka Pittsburgh I; 60% AMHI (63 units) & have rents set at
54% AMHI; Market-rate (91 units); 60% AMHI that are also
PBRA (66 units); Does not accept HCV
Landlord pays Trash
Utilities
Refrigerator, Icemaker, Range, Dishwasher, Disposal, Microwave, Central AC, Carpet, Washer/Dryer Hook
Up, Patio/Deck/Balcony, Ceiling Fan, Blinds
Project Amenities Swimming Pool, On-site Management, Laundry Facility, Fitness Center, Playground, Elevator, Security Gate,
Computer Lab
Unit Amenities
Unit Configuration
BRs
1
1
1
2
2
2
3
3
3
BAs
1
1
1
2
2
2
2
2
2
TYPE
G
G
G
G
G
G
G
G
G
UNITS
17
14
14
59
38
41
15
11
11
VACANT
0
0
0
2
3
1
2
0
0
SQUARE FEET
710
710
710
1058
1058
1058
1232
1232
1232
B-8
$ / SQ FT
$1.08
$0.79
$0.91
$0.89
$0.61
$0.70
$0.86
$0.58
$0.68
COLLECTED RENT AMHI
$770
60%
$561
60%
$645
$940
60%
$645
60%
$745
$1060
60%
$717
60%
$832
49 Heritage Station II
0.9 miles to site
Address
Phone
797 McDaniel St.
Atlanta, GA 30310
Contact
(404) 588-5522
Total Units
Debra
Vacancies 0
150
Year Open
Floors 4
2007
Parking Surface Parking, Parking Garage
Waiting List NONE
Quality Rating A
Remarks
fka Pittsburgh II; 60% AMHI are PBRA (120 units); Marketrate (30 units); Does not accept HCV; Mgr & swimming pool
is at phase I
Landlord pays Trash
Utilities
Refrigerator, Icemaker, Range, Dishwasher, Disposal, Microwave, Central AC, Carpet, Washer/Dryer Hook
Up, Patio/Deck/Balcony, Ceiling Fan, Blinds
Project Amenities Laundry Facility, Fitness Center, Elevator, Security Gate, Computer Lab
Unit Amenities
Unit Configuration
BRs
1
1
2
2
BAs
1
1
1
1
TYPE
G
G
G
G
UNITS
72
18
48
12
VACANT
0
0
0
0
SQUARE FEET
710
710
1058
1058
B-9
$ / SQ FT
$1.06
$1.06
$0.87
$0.87
COLLECTED RENT AMHI
60%
$755
$755
60%
$925
$925
ADDENDUM C - Market Analyst Certification Checklist
I understand that by initializing (or checking) the following items, I am stating those
items are included and/or addressed in the report. If an item is not checked, a full
explanation is included in the report.
I certify that this report was written according to GDCA’s market study requirements, the
information included is accurate and the report can be relied upon by GDCA as a true
assessment of the low-income housing rental market.
I also certify that an employee of Bowen National Research has inspected the property as
well as all rent comparables or I have inspected the property and all rent comparables.
Signed:
Ben Braley
Date: May 27, 2011
1
2
3
4
5
6
7
Market demand for subject property given the economic conditions of the area
Projected Stabilized Occupancy Level and Timeframe
Appropriateness of unit mix, rent and unit sizes
Appropriateness of interior and exterior amenities including appliances
Location and distance of subject property in relationship to local amenities
Discussion of capture rates in relationship to subject
Conclusion regarding the strength of the market for subject
Page
Page
Page
Page
Page
Page
Page
A-4
A-7
A-2
A-2
A-2
A-4
A-8
Page
Page
B-1
B-1
Page
Page
Page
Page
B-1
B-1
B-1
B-2
Page
Page
Page
Page
Page
N/A
B-2
B-1
B-2
N/A
B. Project Description
1
2
Project address, legal description and location
Number of units by unit type
3
4
5
6
7
Unit size, # of bedrooms and structure type (i.e. townhouse, garden apartment, etc)
Rents and Utility Allowance*
Existing or proposed project based rental assistance
Proposed development amenities (i.e. washer/dryer hookups, dishwasher etc.)
For rehab proposals, current occupancy levels, rents, and tenant incomes (if
available), as well as detailed information as to renovation of property
8 Projected placed in service date
9 Construction type: New Construction/Rehab/Adaptive Reuse, etc.
10 Occupancy Type: Family, Elderly, Housing for Older Persons, Special Needs, etc.
11 Special Population Target (if applicable)
Addendum C-1
C. Site Evaluation
1
2
3
4
5
6
7
8
Date of Inspection of Subject Property by Market Analyst
Physical features of Subject Property and Adjacent Uses
Subject Photographs (front, rear, and side elevations as well as street scenes)
Map identifying location of subject as well as closest shopping centers, schools,
medical facilities and other amenities relative to subject
Developments in vicinity to subject and proximity in miles (Identify developments
Surrounding subject on all sides) - zoning of subject and surrounding uses
Map identifying existing low-income housing within the Primary Market Area and
proximity in miles to subject
Road or infrastructure improvements planned or under construction in the PMA
Comment on access, ingress/egress and visibility of subject
9 Any visible environmental or other concerns
10 Overall conclusions of site and their marketability
Page
Page
Page
Page
C-1
C-1
C-6
C-21
Add.
A-3 to 5
Add.
A-3 to 5
Page
Page
C-25
C-2
Page
Page
C-25
C-25
Page
N/A
D-2
N/A
Page
E-1
D. Market Area
1
2
Map identifying Subject's Location within PMA
Map identifying Subject's Location within SMA, if applicable
E. Community Demographic Data
Data on Population and Households at Five Years Prior to Market Entry, and
Projected Five Years Post-Market Entry*
* If using sources other than U.S. Census (i.e. ESRI or other reputable source of data), please
include in Addenda
1. Population Trends
a.
b.
c.
d.
Total Population
Population by Age Group
Number of elderly and non-elderly (for elderly projects)
If a special needs is proposed, additional information for this segment
Page
Page
Page
N/A
E-1
E-1
E-2
N/A
Page
Page
Page
Page
E-2
E-3
E-3
E-4
Page
E-4
2. Household Trends
a.
b.
c.
d.
Total number of households and average household size
Households by tenure (# of owner and renter households)
Elderly by tenure, if applicable
Households by Income (Elderly, if applicable, should be allocated
separately)
Renter households by # of persons in the household
Addendum C-2
3. Employment Trend
a.
b.
c.
d.
e.
Employment by industry— #s & % (i.e. manufacturing: 150,000 (20%))
Major employers, product or service, total employees, anticipated
expansions, contractions in work forces, as well as newly planned
employers and impact on employment in the PMA
Unemployment trends for the PMA and, where possible, the county total
workforce for unemployment trends for the last two to four years.
Map of the site and location of major employment concentrations.
Overall conclusions
Page
Page
E-8
E-14
Page
E-14
Page
Page
E-20
E-19
Page
F-1
Page
F-2
Page
Page
Page
Page
Page
Page
Page
N/A
Page
Page
Page
F-7
F-7
F-8
F-8
F-8
F-8
F-8
N/A
F-8
F-9
F-10
Page
Page
Page
Page
Page
Page
G-9
G-19
G-5
G-18
G-14
G-19
F. Project Specific Demand Analysis
1
2
3
4
5
Income Restrictions - uses applicable incomes and rents in the development's tax
application.
Affordability - Delineation of Income Bands *
Comparison of market rates of competing properties with proposed subject market
rent
Comparison of market rates of competing properties with proposed LIHTC rents
Demand Analysis Using Projected Service Date (within 2 years)
a. New Households Using Growth Rates from Reputable Source
b. Demand from Existing Households
(Combination of rent overburdened and substandard)
c. Elderly Households Converting to Rentership (applicable only to elderly)
d. Elderly Households Relocating to the Market (applicable only to elderly)
e. Deduction of Total of "Comparable Units"
f. Capture Rates for Each Bedroom Type
g. Anticipated Absorption period for the property
* Assume 35% of gross income towards total housing expenses for family
* Assume 40% of gross income towards total housing expenses for elderly
* Assume 35% of gross income for derivation of income band for family
* Assume 40% of gross income for derivation of income band for elderly
G. Supply Analysis
1
2
3
4
5
6
Comparative chart of subject amenities and competing properties
Supply & analysis of competing developments under construction & pending
Comparison of competing developments (occupancy, unit mix and rents)
Rent Comparable Map (showing subject and comparables)
Assisted Projects in PMA*
Multi-Family Building Permits issued in PMA in last two years
* PHA properties are not considered comparable with LIHTC units
Addendum C-3
H. Interviews
1
Names, Title, and Telephone # of Individuals Interviewed
Page
H-1;
Addendum
A-1
Page
Page
I-1
I-1
Page
J-1
I. Conclusions and Recommendations
1
2
Conclusion as to Impact of Subject on PMA
Recommendation as to Subject's Viability in PMA
J. Signed Statement
1
K.
1
Signed Statement from Analyst
Comparison of Competing Properties
Separate Letter addressing addition of more than one competing property.
Addendum C-4
N/A
Addendum D – Methodologies, Disclaimers & Sources
1. PURPOSE
The purpose of this report is to evaluate the market feasibility of a proposed LowIncome Housing Tax Credit (LIHTC) project to be developed in Atlanta, Georgia
by The Woda Group, LLC.
This market feasibility analysis complies with the requirements established by the
Georgia Department of Community Affairs/Georgia Housing and Finance
Authority (GDCA/GHFA) and conforms to the standards adopted by the National
Council of Affordable Housing Market Analysts (NCAHMA). These standards
include the accepted definitions of key terms used in market studies for affordable
housing projects, and model content standards for the content of market studies
for affordable housing projects. These standards are designed to enhance the
quality of market studies and to make them easier to prepare, understand and use
by market analysts and end users.
2. METHODOLOGIES
Methodologies used by Bowen National Research include the following:

The Primary Market Area (PMA) generated for the subject project is
identified. The PMA is generally described as the smallest geographic area
from which most of the support for the subject project originates. PMAs are
not defined by a radius. The use of a radius is an ineffective approach
because it does not consider mobility patterns, changes in the socioeconomic
or demographic character of neighborhoods or physical landmarks that
might impede development.
PMAs are established using a variety of factors, including, but not limited
to:
 A detailed demographic and socioeconomic evaluation
 Interviews with area planners, realtors and other individuals who are
familiar with area growth patterns
 A drive-time analysis for the site
 Personal observations of the field analyst

A field survey of modern apartment developments is conducted. The intent
of the field survey is twofold. First, the field survey is used to measure the
overall strength of the apartment market. This is accomplished by an
evaluation of the unit mix, vacancies, rent levels and overall quality of
product. The second purpose of the field survey is to establish those
projects that are most likely directly comparable to the subject property.
D-1

Two types of directly comparable properties are identified through the field
survey. They include other Section 42 LIHTC developments and marketrate developments that offer unit and project amenities similar to those of
the subject development. An in-depth evaluation of these two property types
provides an indication of the potential of the subject development.

Economic and demographic characteristics of the area are evaluated. An
economic evaluation includes an assessment of area employment
composition, income growth (particularly among the target market),
building statistics and area growth perceptions. The demographic evaluation
uses the most recently issued Census information and projections that
determine what the characteristics of the market will be when the subject
project opens and achieves a stabilized occupancy.

Area building statistics and interviews with officials familiar with area
development provide identification of the properties that might be planned
or proposed for the area that will have an impact on the marketability of the
subject development. Planned and proposed projects are always in different
stages of development. As a result, it is important to establish the likelihood
of construction, the timing of the project and its impact on the market and
the subject development.

An analysis of the subject project’s market capture of income-appropriate
renter households within the PMA is conducted. This analysis follows
GDCA’s methodology for calculating potential demand. The resulting
capture rates are compared with acceptable market capture rates for similar
types of projects to determine whether the subject development’s capture
rate is achievable.

Achievable market rent for the subject development is determined. Using a
Rent Comparability Grid, the features of the subject development are
compared item by item to the most comparable properties in the market.
Adjustments are made for each feature that differs from that of the subject
development. These adjustments are then included with the collected rent
resulting in an achievable market rent for a unit comparable to the subject
unit. This analysis is done for each bedroom type offered at the site.
Please note that non-numbered items in this report are not required by GDCA;
they have been included, however, based on Bowen National Research’s opinion
that it is necessary to consider these details to effectively address the continued
market feasibility of the subject project.
D-2
3. REPORT LIMITATIONS
The intent of this report is to collect and analyze significant levels of data to
forecast the market success of the subject property within an agreed to time
period. Bowen National Research relies on a variety of sources of data to
generate this report. These data sources are not always verifiable; however,
Bowen National Research makes a significant effort to assure accuracy. While
this is not always possible, we believe our effort provides an acceptable standard
margin of error. Bowen National Research is not responsible for errors or
omissions in the data provided by other sources.
The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are our personal, unbiased professional
analyses, opinions and conclusions. We have no present or prospective interest in
the property that is the subject of this report and we have no personal interest or
bias with respect to the parties involved. Our compensation is not contingent on
an action or event (such as the approval of a loan) resulting from the analyses,
opinions or conclusions in, or the use of, this study.
Any reproduction or duplication of this report without the expressed approval of
Bowen National Research is strictly prohibited.
4. SOURCES
Bowen National Research uses various sources to gather and confirm data used in
each analysis. These sources, which are cited throughout this report, include the
following:










The 1990 and 2000 Census on Housing
ESRI
Area Chamber of Commerce
Georgia Department of Community Affairs
U.S. Department of Labor
U.S. Department of Commerce
Management for each property included in the survey
Local planning and building officials
Local housing authority representatives
HISTA Data (household income by household size, tenure and age of head
of household) by Ribbon Demographics
D-3

2011-033 Adair Court Mkt Study

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