stoney brook apartments

Transcription

STONEY BROOK
APARTMENTS
1301 East Dogwood Drive
Mebane, North Carolina 27302
APPRAISAL REPORT
Date of Report: September 12, 2014
Colliers File #: CLT140227
PREPARED FOR
Castlerock Capital Europe Holdings LP
c/o 2711 Centerville Road Suite 400
Wilmington, Delaware 19808
PREPARED BY
COLLIERS INTERNATIONAL
VALUATION & ADVISORY SERVICES
LETTER OF TRANSMITTAL
301 S. College Street, Suite 3350
Charlotte, NC 28202 USA
MAIN +1 704 409 9933
FAX +1 704 409 9934
WEB www.colliers.com
September 12, 2014
Castlerock Capital Europe Holdings LP
c/o 2711 Centerville Road
Suite 400
Wilmington, Delaware 19808
RE: Stoney Brook Apartments
Mebane, North Carolina 27302
Colliers File #: CLT140227
This appraisal report satisfies the scope of work and requirements agreed upon by Castlerock Capital Europe
Holdings LP and Colliers International Valuation & Advisory Services. At the request of the client, this appraisal
is presented in an Appraisal Report format as defined by USPAP Standards Rule 2-2(a). This format provides
a detailed description of the appraisal process, subject and market data and valuation analyses. The use of
this report is restricted to the client only and the client is advised that the appraiser’s opinions and
conclusions set forth in this report may not be understood properly without additional information in
the appraiser’s work file.
The purpose of this appraisal is to develop opinions of the As-Is Market Value of the subject property’s fee
simple interest. We have also been asked to provide the prospective value of the subject in three years. At the
request of the client we have also completed an Insurable Replacement Cost Estimate. The following table
conveys the final opinions of market value of the subject property that are developed within this appraisal
report:
VALUE TYPE
INTEREST APPRAISED
DATE OF VALUE
VALUE
As-Is Market Value
Fee Simple
August 7, 2014
$14,000,000
Prospective Value Year 3
OTHER CONCLUSIONS
Insurable Replacement Cost
Fee Simple
August 7, 2017
$15,120,000
AS OF AUGUST 7, 2014
$14,890,000
The subject is a Multi-Family (Garden/Low Rise) property totaling 192 units located on a 13.65-acre site at
1301 East Dogwood Drive in Mebane, North Carolina. The improvements were built in 1999, are in average
condition and have a remaining economic life of 30 years based on our estimate.
The subject property has a current occupancy level of 94%, which is in-line the stabilized occupancy level
estimate of 94% that was developed in this appraisal.
Colliers International Valuation & Advisory Services, and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International
Property Consultants, an affiliation of independent companies with over 500+ offices throughout more than 63 countries worldwide.
CONTINUED
CLT140227
The analyses, opinions and conclusions communicated within this appraisal report were developed based
upon the requirements and guidelines of the current Uniform Standards of Professional Appraisal Practice
(USPAP), the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal
Practice of the Appraisal Institute.
The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and
inseparable from, this letter. USPAP defines an Extraordinary Assumption as, “an assumption, directly related
to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could
alter the appraiser’s opinions or conclusions”. USPAP defines a Hypothetical Condition as, “that which is
contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used
for the purpose of analysis”.
The Extraordinary Assumptions and/or Hypothetical Conditions that were made during the appraisal process to
arrive at our opinions of value are fully discussed below. We advise the client to consider these issues carefully
given the intended use of this appraisal, as their use might have affected the assignment results.
EXTRAORDINARY ASSUMPTIONS
No Extraordinary Assumptions were made for this assignment.
HYPOTHETICAL CONDITIONS
No Hypothetical Conditions were made for this assignment.
© 2014 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES
CONTINUED
CLT140227
The signatures below indicate our assurance to the client that the development process and extent of analysis
for this assignment adhere to the scope requirements and intended use of the appraisal. If you have any
specific questions or concerns regarding the attached appraisal report, or if Colliers International Valuation &
Advisory Services can be of additional assistance, please contact the individuals listed below.
Sincerely,
Reese Pittman
Valuation Specialist
Certified General Real Estate Appraiser
State of North Carolina License #A7659
+1 704 409 2902
[email protected]
Steve Hovanec, MAI
Senior Valuation Specialist
+1 704 409 2376
[email protected]
Murray Williams, MAI
Managing Director
+1 704 409 2377
[email protected]
EXECUTIVE SUMMARY
CLT140227
GENERAL INFORMATION
Property Name
Property Type
Address
City
State
Zip Code
County
Core Based Statistical Area (CBSA)
Market
Submarket
Longitude
Latitude
Number Of Parcels
Assessor Parcels
Census Tract Number
Stoney Brook Apartments
Multi-Family - Garden/Low Rise
Mebane
North Carolina
27302
Alamance
Greensboro-High Point, NC
Greensboro / WinstonBurlington
-79.282772
36.073212
2
164155, 164157
212.05
SITE INFORMATION
Land Area
Usable
Excess
Surplus
Total
Topography
Shape
Access
Exposure
Appeal
Current Zoning
Flood Zone
Seismic Zone
Acres
Square Feet
13.65
594,594
0.00
0
0.00
0
13.65
594,594
Rolling at street grade
Irregular
Average
Fair/Average
Average
Multi-Family / Two Family Residential (R-6)
Zone X (Unshaded)
Low Risk
IMPROVEMENT INFORMATION
Number Of Units
Average Unit Size
Net Rentable Area SF (NRA)
Gross Building Area SF (GBA)
Development Density
Number Of Apartment Buildings
Number Of Non-Residential Buildings
Total Number Of Buildings
Number Of Stories
Year Built
Quality
Condition
Marketability
Type Of Construction
Parking Type
Number Of Parking Spaces
Parking Spaces/Unit
Project Amenities
192
1,045 SF
200,640 SF
201,690 SF
14.1 Units/Acre (192 Units / 13.65 Acres)
29
1
30
2
1999
Average
Average
Average
Wood frame
Surface
390
2.0
The subject's common amenities include: pool, clubhouse, playground, business
center, and exterior lighting.
1
EXECUTIVE SUMMARY
CONTINUED
CLT140227
HIGHEST & BEST USE
As Vacant
Apartment Development
As Improved
Continued Use as Apartments
EXPOSURE TIME & MARKETING PERIOD
Exposure Time
six months or less
Marketing Period
six months or less
VALUATION SUMMARY
Current Occupancy
94.3%
Stabilized Occupancy
94.0%
Current Average Rent/Unit
$772/Unit
Concluded Average Rent/Unit
$832/Unit
Potential Gross Income
$1,806,160
Vacancy, Concessions & Credit Loss
6.0%
Effective Gross Income
$1,691,190
Total Expenses
$767,390
Net Operating Income
$923,801
VALUATION SUMMARY
MARKET VALUE
AS-IS
FEE SIMPLE
August 7, 2014
VALUATION INDICES
INTEREST APPRAISED
DATE OF VALUE
PROSPECTIVE VALUE
YEAR 3
FEE SIMPLE
August 7, 2017
INCOME CAPITALIZATION APPROACH
Discounted Cash Flow (DCF)
DCF $/Unit
DCF $/SF (NRA)
Holding Period
Terminal Capitalization Rate
Internal Rate of Return (Cash Flow)
Internal Rate of Return (Reversion)
Direct Capitalization
Direct Capitalization $/Unit
Direct Capitalization $/SF (NRA)
NOI $/Unit
NOI $/SF (NRA)
Capitalization Rate
INCOME CONCLUSION
Income Conclusion $/Unit
Income Conclusion $/SF (NRA)
$14,180,000
$73,854/Unit
$70.67/SF
5 Years
6.75%
8.75%
8.75%
$14,200,000
$73,958/Unit
$70.77/SF
$923,801
$4,811/Unit
$4.60/SF
6.50%
$14,180,000
$73,854/Unit
$70.67/SF
$15,120,000
$78,750/Unit
$75.36/SF
$982,982
$5,120/Unit
$4.90/SF
6.50%
$15,120,000
$78,750/Unit
$75.36/SF
SALES COMPARISON APPROACH
SALES CONCLUSION
Sales Conclusion $/Unit
Sales Conclusion $/SF
$13,920,000
$72,500/Unit
$69.02/SF
-
$14,000,000
$72,917/Unit
$69.78/SF
$15,120,000
$78,750/Unit
$75.36/SF
FINAL VALUE CONCLUSION
FINAL VALUE
Final $/Unit
Final $/SF (NRA)
OTHER CONCLUSIONS
Insurable Replacement Cost/Unit
Insurable Replacement Cost/SF (GBA)
$14,890,000
$77,552/Unit
$73.83/SF
2
PROPERTY & ASSIGNMENT OVERVIEW
CLT140227
PROPERTY IDENTIFICATION
The subject is a Multi-Family (Garden/Low Rise) property totaling 200,640 SF NRA located on a 13.65-acre
site at 1301 East Dogwood Drive in Mebane, Alamance County, North Carolina. A detailed legal description
was not provided.
SCOPE OF WORK
The scope of work for this appraisal assignment is outlined below:

The appraisers analyzed the regional and local area economic profiles including employment, population,
household income, and real estate trends.

The appraisers confirmed and analyzed legal and physical features of the subject, and how they impact the
functionality and overall competitive position of the property.

The appraisers did not complete a market analysis.

The appraisers did conduct a Highest and Best Use analysis; however we did not present it in the report.

The appraisers confirmed and analyzed financial features of the subject property. This information, as well
as trends established by confirmed market indicators, was used to forecast performance of the subject
property.

Selection of the valuation methods was based on the identifications required in USPAP relating to the
intended use, intended users, definition and date of value, relevant property characteristics and assignment
conditions. This appraisal developed the Income (Direct Capitalization & Discounted Cash Flow and Sales
Comparison approaches to value, which were adjusted and reconciled as appropriate.

Reporting of this appraisal is in an Appraisal Report format as required in USPAP Standard 2. The
appraiser’s analysis and conclusions are summarized within this document.

We understand the Competency Rule of USPAP and the authors of this report meet the standards

No one provided significant real property appraisal assistance to appraisers signing this certification.
CLIENT IDENTIFICATION
The client of this specific assignment is Castlerock Capital Europe Holdings LP.
PURPOSE
The purpose of this appraisal is to develop opinions of the As-Is Market Value and Prospective Value Upon
Stabilization of the subject property’s fee simple interest. At the request of the client we have also completed
an Insurable Replacement Cost Estimate.
INTENDED USE
The intended use of this appraisal is to assist the client for personal use.
INTENDED USERS
Intended users of this report include The Jaymor Group and Castlerock Capital Europe Holdings LP Delaware.
ASSIGNMENT DATES
Date of Report
Date of Inspection
Valuation Date - As-Is
Valuation Date - Prospective Value Year 3
September 12, 2014
August 7, 2014
August 7, 2014
August 7, 2017
3
PROPERTY & ASSIGNMENT OVERVIEW
CONTINUED
CLT140227
PERSONAL INTANGIBLE PROPERTY
No personal property or intangible items are included in this valuation.
PROPERTY AND SALES HISTORY
Current Owner
The subject title is currently recorded in the name of Mebane Limited Partnership.
Three-Year Sales History
The subject has not sold in the last three years.
Subject Sale Status
The subject is not currently listed for sale.
DEFINITIONS OF VALUE
Given the scope and intended use of this assignment, the definition of Market Value is applicable. The
definition of Market Value, along with all other applicable definitions for this assignment, is located in the
Valuation Glossary section of the Addenda.
PROPERTY RIGHTS APPRAISED
The property rights appraised constitute the fee simple interest.
VALUE SCENARIOS
The valuation scenarios developed in this appraisal report include the As-Is Market Value of the subject
property’s fee simple interest. We have also been asked to provide the prospective value of the subject in three
years. At the request of the client we have also completed an Insurable Replacement Cost Estimate.
ASSESSMENT & TAXATION
The total assessment for the subject property is $12,047,558 or $62,748/Unit. There are no exemptions in
place. Total taxes for the property are $63,533 or $331/Unit.
According to Alamance County tax records, real estate taxes for the subject property are current as of the date
of this report.
ZONING ANALYSIS
ZONING SUMMARY
Municipality Governing Zoning
Current Zoning
Permitted Uses
City of Mebane Planning & Zoning Department
Multi-Family / Two Family Residential (R-6)
Multi-Family, Residential, Day Care, Religious Facilities
Industrial
Prohibited Uses
Multi-Family Apartments
Current Use
Is Current Use Legally Permitted? Yes
Not Likely
Zoning Change
The R-6 Residential District is established for high density two-family and multi-family residences with limited
public, semi-public, and commercial uses, permitted when they are compatible with high density residential
development. The overall gross density is typically 7.26 units per acre or less for single family residences and
approximately 14 units per acre for multi-family residences and is intended to make efficient use of available
land. Based on the interpretation of the zoning ordinance, the subject property is an outright permitted use that
could be rebuilt if unintentionally destroyed.
4
INCOME APPROACH
CLT140227
INCOME APPROACH
As previously discussed within the Valuation Methods section, Direct Capitalization, Discounted Cash Flow and
PGIM analysis are used in this appraisal.
Rent Roll
The following Rent Roll Summary reflects a breakdown of the in-place contract rents.
SUBJECT LEASING INFORMATION
UNIT TYPE
1 BD / 1 BA
1 BD / 1 BA
2 BD / 2 BA
3 BD / 5 BA
UNITS
AVG
UNIT SUMMARY PERCENT UNIT
OCC VAC TOT OF TOTAL
SF
30
2
32
16.7%
780
30
2
32
16.7%
780
60
4
64
33.3%
980
61
3
64
33.3%
1,375
TOTAL/AVG
181
11
192
100%
%
OCCUPIED
94%
94%
94%
95%
PER
UNIT
$720
$735
$810
$990
1,045 200,640 94.3%
$843
NRA
SF
24,960
24,960
62,720
88,000
ASKING RENT
TOTAL
AVG
$/MO
$/SF
$23,040 $0.92
$23,520 $0.94
$51,840 $0.83
$63,360 $0.72
$161,760
$0.81
ACTUAL RENT
PER UNIT
TOTAL
AVERAGE
$/MO
$649
$20,782
$676
$21,625
$733
$46,935
$919
$58,821
$772
$148,163
AVG
$/SF
$0.83
$0.87
$0.75
$0.67
RECENT LEASES
PER UNIT AVG
AVERAGE $/SF
$667
$0.85
$685
$0.88
$733
$0.75
$923
$0.67
$0.74
RECENT LEASES AS OF APRIL 1, 2014 THROUGH AUGUST 7, 2014
VACANCY AND CREDIT LOSS
This category was discussed in depth in the market analysis section of this report. Please reference that
discussion for a full analysis. Our conclusions incorporated into the cash flow model are summarized in the
tables which follow:
INCOME LOSS ASSUMPTIONS
YEAR ENDING
Vacancy
YEAR 1
JUL-15
5.00%
YEAR 2
JUL-16
5.00%
YEAR 3
JUL-17
5.00%
YEAR 4
JUL-18
5.00%
YEAR 5
JUL-19
5.00%
YEAR 6
JUL-20
5.00%
YEAR 7
JAN-00
5.00%
YEAR 8
JAN-00
5.00%
YEAR 9
JAN-00
5.00%
YEAR 10
JAN-00
5.00%
Collection Loss
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Concessions
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Other Income V & CL
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Commercial V & CL
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
DCF Assumptions
The following are the assumptions incorporated into our DCF analysis:
DCF ASSUMPTIONS
Cash Flow Softw are
Colliers International Excel Model
Base Scenario
Cash Flow Start Date
Calendar or Fiscal Analysis
Investment Holding Period
Analysis Projection Period
Internal Rate of Return (Cash Flow )
Reversionary Sales Cost
Basis Point Spread (OARout vs. OARin)
MARKET VALUE AS IS
Aug-12
Fiscal
10 years
11 years
8.75%
8.75%
6.75%
1.50%
25 pts
Cash Flow Projection
On the following page is our cash flow projection.
5
INCOME APPROACH
CONTINUED
CLT140227
DISCOUNTED CASH FLOW ANALYSIS
STONEY BROOK APARTMENTS
Year
For the Years Beginning
For the Years Ending
Potential Rental Income
Commercial Income
1
Aug-14
Jul-15
$1,916,160
$0
2
Aug-15
Jul-16
$1,973,645
$0
3
Aug-16
Jul-17
$2,032,854
$0
4
Aug-17
Jul-18
$2,093,840
$0
5
Aug-18
Jul-19
$2,156,655
$0
REVERSION
Aug-19
Jul-20
$2,221,355
$0
TOTAL RENTAL INCOME
$1,916,160
$1,973,645
$2,032,854
$2,093,840
$2,156,655
$2,221,355
OTHER INCOME
Other Income
Loss to Lease
Non-Revenue Units
$105,000
($185,000)
($30,000)
$108,150
($190,550)
($30,900)
$111,395
($196,267)
($31,827)
$114,737
($202,155)
($32,782)
$118,179
($208,220)
($33,765)
$121,724
($214,467)
($34,778)
TOTAL OTHER INCOME
($110,000)
($113,300)
($116,699)
($120,200)
($123,806)
($127,521)
POTENTIAL GROSS INCOME (PGI)
$1,806,160
$1,860,345
$1,916,155
$1,973,640
$2,032,849
$2,093,834
($95,808)
($9,581)
($9,581)
($98,682)
($9,868)
($9,868)
($101,643)
($10,164)
($10,164)
($104,692)
($10,469)
($10,469)
($107,833)
($10,783)
($10,783)
($111,068)
($11,107)
($11,107)
$1,691,190
$1,741,926
$1,794,184
$1,848,010
$1,903,450
$1,960,553
($124,334)
($76,800)
($134,400)
($28,800)
($25,920)
($24,000)
($50,736)
($192,000)
($28,800)
($33,600)
($48,000)
($128,064)
($79,104)
($138,432)
($29,664)
($26,698)
($24,720)
($52,258)
($197,760)
($29,664)
($34,608)
($48,000)
($131,906)
($81,477)
($142,585)
($30,554)
($27,499)
($25,462)
($53,826)
($203,693)
($30,554)
($35,646)
($48,000)
($135,863)
($83,921)
($146,863)
($31,471)
($28,324)
($26,226)
($55,440)
($209,804)
($31,471)
($36,715)
($48,000)
($139,939)
($86,439)
($151,269)
($32,415)
($29,174)
($27,013)
($57,103)
($216,098)
($32,415)
($37,816)
($48,000)
($144,137)
($89,032)
($155,807)
($33,387)
($30,049)
($27,823)
($58,817)
($222,581)
($33,387)
($38,950)
($48,000)
TOTAL OPERATING EXPENSES
($767,390)
($788,972)
($811,202)
($834,098)
($857,681)
($881,970)
NET OPERATING INCOME (NOI)
$923,801
$952,955
$982,982
$1,013,911
$1,045,768
$1,078,583
CASH FLOW BEFORE DEBT SERVICE
$923,801
$952,955
$982,982
$1,013,911
$1,045,768
$1,078,583
20.60%
20.60%
21.25%
21.25%
21.92%
21.92%
22.61%
22.61%
23.32%
23.32%
24.05%
24.05%
Vacancy
Credit Loss
Concessions
EFFECTIVE GROSS INCOME (EGI)
Real Estate Taxes
Property Insurance
Utilities
Repairs & Maintenance
Landscaping
Turnover Expenses
Off-Site Management
Payroll
Advertising
General & Administrative
Reserves
Implied Overall Rate
Cash on Cash Return
6
INCOME APPROACH
CONTINUED
CLT140227
DCF VALUE CONCLUSION
Market Value As Is
Below is the calculated Market Value As Is for the subject property as of August 7, 2014, incorporating
sensitivity analysis at various rates.
PRESENT VALUE OF CASH FLOW
MARKET VALUE AS IS
YEAR
PERIOD
1
Aug-14-Jul-15
$923,801
DISCOUNT
FACTOR
@ 8.50%
0.9217
$851,429
DISCOUNT
FACTOR
@ 8.75%
0.9195
$849,472
DISCOUNT
FACTOR
@ 9.00%
0.9174
2
Aug-15-Jul-16
$952,955
0.8495
$809,492
0.8456
$805,775
0.8417
$802,083
3
Aug-16-Jul-17
$982,982
0.7829
$769,585
0.7775
$764,289
0.7722
$759,043
4
Aug-17-Jul-18
$1,013,911
0.7216
$731,612
0.7150
$724,908
0.7084
$718,280
5
Aug-18-Jul-19
$1,045,768
0.6650
$695,483
0.6574
$687,526
0.6499
$679,678
CASH FLOW
PV OF CASH FLOW
$4,919,417
REVERSIONARY YEAR 6 NOI
$1,078,583
PROPERTY RESALE @ 6.75%
$15,979,009
COST OF SALE @ 1.50%
PV OF REVERSION
PRESENT
VALUE
$3,857,602
PRESENT
VALUE
PRESENT
VALUE
$847,524
$3,806,607
$3,831,970
$239,685
$15,739,324
0.6650
TOTAL PRESENT VALUE (CASH FLOW + REVERSION)
$10,467,365
$14,324,967
0.6574
$10,347,603
$14,179,573
0.6499
$10,229,481
$14,036,088
$14,180,000
7
INCOME APPROACH
CONTINUED
CLT140227
DIRECT CAPITALIZATION
The following table summarizes our opinion of market value for the subject property via Direct Capitalization.
DIRECT CAPITALIZATION SUMMATION TABLE (YEAR 1)
INCOME ITEMS
$/SF
$/UNIT
TOTAL
%PGI
%EGI
$9.55
$9,980
$1,916,160
TOTAL RENTAL INCOME
$9.55
$9,980
$1,916,160
$0.52
($0.92)
($0.15)
$547
($964)
($156)
$105,000
($185,000)
($30,000)
($0.55)
($573)
($110,000)
$9.00
$9,407
$1,806,160
OTHER INCOME
Other Income
Loss to Lease
Non-Revenue Units
TOTAL OTHER INCOME
(6.1%)
(6.5%)
INCOME LOSS
Vacancy
(5.0%)
($0.48)
($499)
($95,808)
Credit Loss
(0.5%)
($0.05)
($50)
($9,581)
Concessions
(0.5%)
($0.05)
($50)
($9,581)
(6.4%)
($0.57)
($599)
($114,970)
93.6%
$8.43
$8,808
$1,691,190
TOTAL INCOME LOSS
EXPENSE ITEMS
Real Estate Taxes
Property Insurance
Utilities
Landscaping
Turnover Expenses
Off-Site Management
Payroll
Advertising
Reserves
(6.9%)
(4.3%)
(7.4%)
(1.6%)
(1.4%)
(1.3%)
(2.8%)
(10.6%)
(1.6%)
(1.9%)
(2.7%)
(7.4%)
(4.5%)
(7.9%)
(1.7%)
(1.5%)
(1.4%)
(3.0%)
(11.4%)
(1.7%)
(2.0%)
(2.8%)
($0.62)
($0.38)
($0.67)
($0.14)
($0.13)
($0.12)
($0.25)
($0.96)
($0.14)
($0.17)
($0.24)
($648)
($400)
($700)
($150)
($135)
($125)
($264)
($1,000)
($150)
($175)
($250)
($124,334)
($76,800)
($134,400)
($28,800)
($25,920)
($24,000)
($50,736)
($192,000)
($28,800)
($33,600)
($48,000)
TOTAL EXPENSES
(42.5%)
(45.4%)
($3.82)
($3,997)
($767,390)
51.1%
54.6%
$4,811
$923,801
$4.60
Capitalization Rate
6.50%
Capitalized Value
INDICATED VALUE
$14,212,318
$71
$73,958
$14,200,000
Rounded to nearest $100,000
8
INCOME APPROACH
CONTINUED
CLT140227
PROSPECTIVE VALUE IN THREE YEARS
At the request of the client, we have provided an analysis of the subjects’ value in three years. A summary of
the direct capitalization cash flow in Year 3 is illustrated below. In the prior section we have concluded to a
6.50% capitalization rate. Based on the location, quality, condition, and age of the subject, we believe the same
capitalization rate will be appropriate in Year three at 6.50%.
DIRECT CAPITALIZATION SUMMATION TABLE (YEAR 3)
INCOME ITEMS
%PGI
%EGI
$/SF
$/UNIT
TOTAL
106.1%
113.3%
$10.13
$10,587.78
$2,032,854
0.0%
0.0%
-
-
$0
TOTAL RENTAL INCOME
106.1%
113.3%
$10,587.78
$2,032,854
OTHER INCOME
Other Income
Loss to Lease
Non-Revenue Units
5.8%
(10.9%)
(1.8%)
6.2%
(11.6%)
(1.9%)
$0.56
-$0.98
-$0.16
$580.18
-$1,022.22
-$165.77
$111,395
($196,267)
($31,827)
(6.1%)
(6.5%)
-$0.58
-$607.81
-$116,699
$9.55
$9,980
$1,916,155
Commercial Income
TOTAL OTHER INCOME
$10.13
INCOME LOSS
Vacancy
(5.3%)
($0.51)
($529)
($101,643)
Credit Loss
(0.5%)
($0.05)
($53)
($10,164)
Concessions
(0.5%)
($0.05)
($53)
($10,164)
(6.4%)
($0.61)
($635)
($121,971)
93.6%
$8.94
$9,345
$1,794,184
TOTAL INCOME LOSS
EXPENSE ITEMS
Real Estate Taxes
Property Insurance
Utilities
Landscaping
Turnover Expenses
Off-Site Management
Payroll
Advertising
Reserves
(6.9%)
(4.3%)
(7.4%)
(1.6%)
(1.4%)
(1.3%)
(2.8%)
(10.6%)
(1.6%)
(1.9%)
(2.5%)
(7.4%)
(4.5%)
(7.9%)
(1.7%)
(1.5%)
(1.4%)
(3.0%)
(11.4%)
(1.7%)
(2.0%)
(2.7%)
($0.66)
($0.41)
($0.71)
($0.15)
($0.14)
($0.13)
($0.27)
($1.02)
($0.15)
($0.18)
($0.24)
($687)
($424)
($743)
($159)
($143)
($133)
($280)
($1,061)
($159)
($186)
($250)
($131,906)
($81,477)
($142,585)
($30,554)
($27,499)
($25,462)
($53,826)
($203,693)
($30,554)
($35,646)
($48,000)
TOTAL EXPENSES
(42.3%)
(45.2%)
($4.04)
($4,225)
($811,202)
51.3%
54.8%
$5,120
$982,982
$4.90
Capitalization Rate
6.50%
Capitalized Value
INDICATED VALUE
$15,122,804
$75/SF
$78,750/Unit
$15,120,000
9
INCOME APPROACH
CONTINUED
CLT140227
RECONCILIATION OF INCOME APPROACH VALUES
MARKET VALUE
AS-IS
FEE SIMPLE
August 7, 2014
VALUATION INDICES
INTEREST APPRAISED
DATE OF VALUE
PROSPECTIVE VALUE
YEAR 3
FEE SIMPLE
August 7, 2017
INCOME CAPITALIZATION APPROACH
Discounted Cash Flow (DCF)
DCF $/Unit
DCF $/SF (NRA)
Holding Period
Internal Rate of Return (Cash Flow)
Direct Capitalization
Direct Capitalization $/Unit
Direct Capitalization $/SF (NRA)
NOI $/Unit
NOI $/SF (NRA)
Capitalization Rate
INCOME CONCLUSION
Income Conclusion $/Unit
Income Conclusion $/SF (NRA)
$14,180,000
$73,854/Unit
$70.67/SF
5 Years
6.75%
8.75%
8.75%
$14,200,000
$73,958/Unit
$70.77/SF
$923,801
$4,811/Unit
$4.60/SF
6.50%
$14,180,000
$73,854/Unit
$70.67/SF
$15,120,000
$78,750/Unit
$75.36/SF
$982,982
$5,120/Unit
$4.90/SF
6.50%
$15,120,000
$78,750/Unit
$75.36/SF
10
SALES APPROACH
CLT140227
The Sales Comparison Approach analyzes comparable sales by applying transactional and property
adjustments to bracket the subject property within an appropriate unit value comparison.
IMPROVED SALES SUMMATION TABLE
COMPARABLE
SUBJECT
COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5
Nam e
Stoney Brook
Apartments
Ashbury Square Allerton Place
Alamance
Crossing
The Forest
Apartments
Address
City
State
Zip
County
1301 East
Dogw ood Drive
Mebane
NC
27302
Alamance
202 Ashbury
Blvd
Mebane
NC
27302
Alamance
1720 St. Marks
Church Road
Burlington
NC
27215
Alamance
800 White Pines
Drive
Durham
NC
27705
Durham
Arium at
Research
Triangle Park
3000 New Haven
Drive
Durham
NC
27703
Durham
Project Design
Garden/Low Rise Garden
Garden
Garden
Garden
Garden
NRA (SF)
Units
Average Unit SF
Density
Land Area (AC)
Land Area (SF)
Year Built
Location
Quality
Condition
Appeal
200,640
192
1,045
14.1
13.7
594,594
1999
Average
Average
Average
Average
187,760
192
978
9.9
19.3
840,708
2006
Average
Average
Average/Good
Average
242,730
228
1,065
12.0
19.0
826,333
1997
Average/Good
Average
Average/Good
Average
230,640
240
961
11.7
20.5
891,238
1997
Good
Average
Average
Average
173,878
272
639
14.1
19.3
839,401
1982
Good
Fair/Average
Fair/Average
Average
331,143
369
897
13.9
26.6
1,156,954
2000
Good
Average
Average
Average/Good
Studio
1 Bed
2 Bed
3+ Bed
Average Unit (SF)
0%
33%
33%
33%
1,045
0%
75%
25%
0%
978
0%
59%
41%
0%
639
0%
51%
41%
8%
897
12/11/2013
Leased Fee
$16,300,000
$59,926
$93.74
$16,300,000
$3,871
$6.06
97.0%
6.46%
9/16/2013
Leased Fee
$33,750,000
$91,463
$101.92
$33,750,000
$5,302
$5.91
97.0%
5.80%
3201 Allerton
Place
Greensboro
NC
27409
Guilford
PHYSICAL INFORMATION
UNIT MIX DETAILS
0%
24%
55%
21%
1,065
0%
29%
59%
12%
961
SALE INFORMATION
Date
Rights Transferred
Transaction Price
Transaction $/Unit
Transaction $/SF NRA
Analysis Price
NOI/Unit
$
NOI/SF NRA
Occupancy
Capitalization Rate
7/29/2014
Leased Fee
$14,275,000
$74,349
$76.03
$14,275,000
4,811 $5,063
$4.60 $5.18
94% 96.0%
6.81%
4/14/2014
Leased Fee
$18,450,000
$80,921
$76.01
$18,450,000
$5,648
$5.31
93.0%
6.98%
2/4/2014
Leased Fee
$19,700,000
$82,083
$85.41
$19,700,000
$5,132
$5.34
95.4%
6.25%
11
SALES APPROACH
CONTINUED
CLT140227
IMPROVED SALES ADJUSTMENT TABLE
COMPARABLE
SUBJECT
COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5
Address
1301 East
Dogw ood Drive
Mebane, NC
200,640
192
1,045
14.1
13.7
594,594
1999
Average
Average
Average
Average
202 Ashbury
Blvd
Mebane, NC
187,760
192
978
9.9
19.3
840,708
2006
Average
Average
Average/Good
Average
City, State
NRA
Units
Average Unit SF
Density
Land Area (AC)
Land Area (SF)
Year Built
Location
Quality
Condition
Appeal
3201 Allerton
Place
Greensboro, NC
242,730
228
1,065
12.0
19.0
826,333
1997
Average/Good
Average
Average/Good
Average
1720 St. Marks
Church Road
Burlington, NC
230,640
240
961
11.7
20.5
891,238
1997
Good
Average
Average
Average
800 White Pines
Drive
Durham, NC
173,878
272
639
14.1
19.3
839,401
1982
Good
Fair/Average
Fair/Average
Average
3000 New Haven
Drive
Durham, NC
331,143
369
897
13.9
26.6
1,156,954
2000
Good
Average
Average
Average/Good
12/11/2013
Leased Fee
97.0%
6.5%
$3,871
$6.06
$59,926
$93.74
$16,300,000
9/16/2013
Leased Fee
97.0%
5.8%
$5,302
$5.91
$91,463
$101.92
$33,750,000
0%
0%
0%
0%
$59,926
0%
0%
0%
0%
$91,463
-10%
10%
10%
0%
0%
10%
0%
0%
20%
-10%
-5%
-5%
0%
0%
0%
0%
0%
-20%
$71,912
$73,171
SALE INFORMATION
Date
Rights Transferred
94%
Occupancy
Capitalization Rate
NOI/Unit
NOI/SF NRA
$/Unit
$/SF NRA
Transaction Price
7/29/2014
Leased Fee
96.0%
6.8%
$5,063
$5.18
$74,349
$76.03
$14,275,000
Property Rights
Conditions of Sale
Financing
Market Conditions¹
Subtotal Transactional Adj Price
0%
0%
0%
0%
$74,349
Location
Quality
Condition
Appeal
Average Unit Size
Age
Density
Project Am enities
Subtotal Property Adjustm ent
0%
0%
-5%
0%
0%
0%
0%
0%
-5%
4/14/2014
Leased Fee
93.0%
7.0%
$5,648
$5.31
$80,921
$76.01
$18,450,000
2/4/2014
Leased Fee
95.4%
6.3%
$5,132
$5.34
$82,083
$85.41
$19,700,000
TRANSACTIONAL ADJUSTMENTS
0%
0%
0%
0%
$80,921
0%
0%
0%
0%
$82,083
PROPERTY ADJUSTMENTS
-5%
0%
-5%
0%
0%
0%
0%
0%
-10%
TOTAL ADJUSTED PRICE
-10%
0%
0%
0%
0%
0%
0%
0%
-10%
$70,632
$72,829
$73,875
STATISTICS
UNADJUSTED
ADJUSTED
$59,926
$70,632
LOW
$91,463
$73,875
HIGH
$80,921
$72,829
MEDIAN
$77,749
$72,484
AVERAGE
¹ Market Conditions Adjustment - Compound annual change in market conditions: 0%
Date of Value (for adjustment calculations): 08/7/14
12
SALES APPROACH
CONTINUED
CLT140227
SALES COMPARISON APPROACH CONCLUSION (UNIT)
TRANSACTION
ADJUSTMENT
NET
GROSS
PRICE
TRANSACTIONAL¹
ADJUSTED
PROPERTY²
FINAL
1
$74,349
0%
$74,349
-5%
$70,632
-5%
5%
PRIMARY
2
$80,921
0%
$80,921
-10%
$72,829
-10%
10%
PRIMARY
3
$82,083
0%
$82,083
-10%
$73,875
-10%
10%
PRIMARY
4
$59,926
0%
$59,926
20%
$71,912
20%
40%
PRIMARY
0%
$91,463
-20%
$73,171
-20%
20%
PRIMARY
5
$91,463
LOW
$70,632
HIGH
$73,875
SUBJECT UNITS
INDICATED VALUE
192
¹Cumulative ²Additive
ADJ % ADJ %
WEIGHT
COMP
AVERAGE
$72,484
MEDIAN
$72,829
$/UNIT CONCLUSION
x
$72,500
GIVEN
VALUE
=
$13,920,000
13
RECONCILIATION OF VALUE CONCLUSIONS
CLT140227
ANALYSIS OF VALUE CONCLUSIONS
VALUATION INDICES
INTEREST APPRAISED
MARKET VALUE
AS-IS
PROSPECTIVE VALUE
YEAR 3
FEE SIMPLE
FEE SIMPLE
August 7, 2014
August 7, 2017
Sales Comparison Approach
$13,920,000
-
Income Approach
$14,180,000
$15,120,000
$14,000,000
$15,120,000
$72,917/Unit
$69.78/SF
$78,750/Unit
$75.36/SF
DATE OF VALUE
$/Unit
$/SF (NRA)
OTHER CONCLUSIONS
$14,890,000
14
CERTIFICATION OF APPRAISAL
CLT140227
We certify that, to the best of our knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions of the signers are limited only by the reported
assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses,
opinions, and conclusions.

The signers of this report have no present or prospective interest in the property that is the subject of this
report, and no personal interest with respect to the parties involved.

Reese Pittman has performed no services, as an appraiser or in any other capacity regarding the property
that is the subject of this report within the three-year period immediately preceding acceptance of this
assignment. Murray Williams, MAI has performed no services, as an appraiser or in any other capacity
regarding the property that is the subject of this report within the three-year period immediately preceding
acceptance of this assignment. Steve Hovanec, MAI has performed no services, as an appraiser or in any
other capacity regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.

The signers are not biased with respect to the property that is the subject of this report or to the parties
involved with this assignment.

The engagement in this assignment was not contingent upon developing or reporting predetermined
results.

The compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of the value
opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.

The reported analysis, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics and Standards of Professional
Appraisal Practice of the Appraisal Institute, and the Uniform Standards of Professional Appraisal Practice,
as set forth by the Appraisal Standards Board of the Appraisal Foundation.

Reese Pittman did not inspect the property that is the subject of this report. Murray Williams, MAI did not
inspect the property that is the subject of this report. Steve Hovanec, MAI inspected the property that is the
subject of this report.

No one provided significant real property appraisal assistance to appraisers signing this certification.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
As of the date of this report Murray Williams, MAI and Steve Hovanec, MAI completed the continuing education
program for Designated Members of the Appraisal Institute. As of the date of this report Reese Pittman has
completed the Standards and Ethics Education Requirement for (Candidates or Practicing Affiliates) of the
Appraisal Institute.
15
CERTIFICATION OF APPRAISAL
CONTINUED
Reese Pittman
+1 704 409 2902
[email protected]
Managing Director
+1 704 409 2377
[email protected]
Steve Hovanec, MAI
+1 704 409 2376
[email protected]
CLT140227
September 12, 2014
Date
September 12, 2014
Date
September 12, 2014
Date
16
ASSUMPTIONS & LIMITING CONDITIONS
CLT140227
This appraisal is subject to the following assumptions and limiting conditions:
 The appraisers may or may not have been provided with a survey of the subject property. If further
verification is required, a survey by a registered surveyor is advised.
 We assume no responsibility for matters legal in character, nor do we render any opinion as to title, which
is assumed to be marketable. All existing liens, encumbrances, and assessments have been disregarded,
unless otherwise noted, and the property is appraised as though free and clear, under responsible
ownership, and competent management.
 The exhibits in this report are included to assist the reader in visualizing the property. We have made no
survey of the property and assume no responsibility in connection with such matters.
 Unless otherwise noted herein, it is assumed that there are no encroachments, zoning, or restrictive
violations existing in the subject property.
 The appraisers assume no responsibility for determining if the property requires environmental approval by
the appropriate governing agencies, nor if it is in violation thereof, unless otherwise noted herein.
 Information presented in this report has been obtained from reliable sources, and it is assumed that the
information is accurate.
 This report shall be used for its intended purpose only, and by the party to whom it is addressed.
Possession of this report does not include the right of publication.
 The appraisers may not be required to give testimony or to appear in court by reason of this appraisal, with
reference to the property in question, unless prior arrangements have been made therefore.
 The statements of value and all conclusions shall apply as of the dates shown herein.
 There is no present or contemplated future interest in the property by the appraisers which is not
specifically disclosed in this report.
 Without the written consent or approval of the authors neither all, nor any part of, the contents of this report
shall be conveyed to the public through advertising, public relations, news, sales, or other media. This
applies particularly to value conclusions and to the identity of the appraisers and the firm with which the
appraisers are connected.
 This report must be used in its entirety. Reliance on any portion of the report independent of others, may
lead the reader to erroneous conclusions regarding the property values. Unless approval is provided by the
authors no portion of the report stands alone.
 The valuation stated herein assumes professional management and operation of the buildings throughout the
lifetime of the improvements, with an adequate maintenance and repair program.
 The liability of Colliers International Valuation & Advisory Services, its principals, agents, and employees is
limited to the client. Further, there is no accountability, obligation, or liability to any third party. If this report is
placed in the hands of anyone other than the client, the client shall make such party aware of all limiting
conditions and assumptions of the assignment and related discussions. The appraisers are in no way
responsible for any costs incurred to discover or correct any deficiency in the property.
 The appraisers are not qualified to detect the presence of toxic or hazardous substances or materials
which may influence or be associated with the property or any adjacent properties, has made no
investigation or analysis as to the presence of such materials, and expressly disclaims any duty to note the
degree of fault. Colliers International Valuation & Advisory Services and its principals, agents, employees,
shall not be liable for any costs, expenses, assessments, or penalties, or diminution in value, property
17
ASSUMPTIONS & LIMITING CONDITIONS
CONTINUED
CLT140227
damage, or personal injury (including death) resulting from or otherwise attributable to toxic or hazardous
substances or materials, including without limitation hazardous waste, asbestos material, formaldehyde, or
any smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids, solids or gasses, waste materials
or other irritants, contaminants or pollutants.
 The appraisers assume no responsibility for determining if the subject property complies with the
Americans with Disabilities Act (ADA). Colliers International Valuation & Advisory Services, its principals,
agents, and employees, shall not be liable for any costs, expenses, assessments, penalties or diminution in
value resulting from non-compliance. This appraisal assumes that the subject meets an acceptable level of
compliance with ADA standards; if the subject is not in compliance, the eventual renovation costs and/or
penalties would negatively impact the present value of the subject. If the magnitude and time of the cost
were known today, they would be reduced from the reported value conclusion.
 An on-site inspection of the subject property was conducted. No evidence of asbestos materials on-site
was noted. A Phase 1 Environmental Assessment was not provided for this analysis. This analysis
assumes that no asbestos or other hazardous materials are stored or found in or on the subject property. If
evidence of hazardous materials of any kind occurs, the reader should seek qualified professional
assistance. If hazardous materials are discovered and if future market conditions indicate an impact on
value and increased perceived risk, a revision of the concluded values may be necessary.
 A detailed soils study was not provided for this analysis. The subject's soils and sub-soil conditions are
assumed to be suitable based upon a visual inspection, which did not indicate evidence of excessive
settling or unstable soils. No certification is made regarding the stability or suitability of the soil or sub-soil
conditions.
 This analysis assumes that the financial information provided for this appraisal, including rent rolls and
historical income and expense statements; accurately reflect the current and historical operations of the
subject property.
18
ADDENDA
CLT140227
Engagement Letter
Professional Service Agreement
Legal Description
P&L Statements
Rent Roll
Valuation Glossary
Qualifications of Appraisers
Qualifications of Colliers International Valuation & Advisory Services
19
ADDENDA
CONTINUED
AERIAL PHOTOGRAPH
CLT140227
ADDENDA
CONTINUED
TAX MAP
CLT140227
ADDENDA
CONTINUED
TOPOGRAPHY MAP
CLT140227
ADDENDA
CONTINUED
FLOOD MAP
CLT140227
ADDENDA
CONTINUED
CLT140227
SUBJECT PHOTOGRAPHS
EXTERIOR
EXTERIOR
EXTERIOR
POOL
INTERIOR
INTERIOR
ADDENDA
CONTINUED
CLT140227
RENT SUMMATION TABLE
COMPARABLE
SUBJECT
COMPARABLE 1 COMPARABLE 2 COMPARABLE 3 COMPARABLE 4 COMPARABLE 5 COMPARABLE 6
Nam e
City
Stoney Brook
Apartments
1301 East
Dogw ood Drive
Mebane
Haw thorne at
Forestdale
3551-C
Forestdale Drive
Burlington
State
NC
NC
NC
NC
NC
NC
NC
Zip
27302
27215
27302
27215
27410
27410
27407
Project Design
Garden
Garden
Garden
Garden
Garden
Garden
Garden
Num ber of Units
192
234
144
100
402
120
120
NRA
200,640
186,600
136,640
89,314
403,776
106,320
115,800
Year Built
1999
1998
1998
1985
2000
2001
2007
Average SF/Unit
1,045
797
949
893
1,004
886
965
Location
Average
Average
Average
Average
Average
Average
Average
Appeal
Average
Average
Average
Average
Average
Average
Average
Quality
Average
Average
Average
Average
Average
Average
Average
Condition
Average
Average
Average
Average
Average
Average
Average/Good
Ocupancy
94.3%
88%
97%
96%
98%
94%
Rent Type
Market
Market
Market
Market
Market
Market
Market
$/Unit Average
$864
$728
$773
$760
$765
$718
$701
$/SF Average
$0.83
$0.91
$0.81
$0.85
$0.76
$0.81
$0.73
1 BD $/Unit Avg
$663
$657
$719
$685
$575
$670
$690
2 BD $/Unit Avg
$733
$750
$775
$786
$829
$765
$713
3 BD $/Unit Avg
$919
$900
$809
$938
$1,025
-
-
BD $/Unit Avg
-
-
-
-
-
-
-
Address
Deerfield
Crossing
600 Deerfield
Trace
Mebane
Creekw ood
Village
3102 Commerce
Place
Burlington
Colonial Grand at
Autumn Park
7019 W. Friendly
Avenue
Greensboro
Grand Summit
Andover Park
601 Friendw ay
Road
Greensboro
1350 Norw alk
Street
Greensboro
PHYSICAL INFORMATION
RENT INFORMATION
77%
1 BEDROOM UNIT CONCLUSION
COMP
1
UNIT TYPE
1 BD/1 BA
UNIT
SIZE
500
RENT/MONTH
$/UNIT
$/SF
$615
$1.23
ADJUSTED RENT/MONTH
$/UNIT
$/SF
$630
$1.26
NET
ADJ %
2.4%
4
1 BD/1 BA
730
$575
$0.79
$635
$0.87
9.4%
1
1 BD/1 BA
600
$675
$1.13
$690
$1.15
2.2%
5
1 BD/1 BA
764
$670
$0.88
$700
$0.92
4.3%
2
1 BD/1 BA
714
$719
$1.01
$709
$0.99
-1.4%
6
1 BD/1 BA
811
$690
$0.85
$775
$0.96
11.0%
3
1 BD/1 BA
753
$685
$0.91
$780
$1.04
12.2%
LOW
500
$575
$0.79
$630
$0.87
-1.4%
HIGH
811
$719
$1.23
$780
$1.26
12.2%
AVERAGE
696
$661
$0.97
$703
$1.03
5.7%
MEDIAN
730
$675
$0.91
$700
$0.99
4.3%
SUBJECT ANALYSIS & CONCLUSIONS
ASKING RENT
ACTUAL RENT
CONCLUDED RENT
UNITS
UNIT TYPE
SIZE
$/UNIT
$/SF
$/UNIT
$/SF
$/UNIT
$/SF
32
1 BD / 1 BA
780
$720
$0.92
$649
$0.83
$710
$0.91
32
1 BD / 1 BA
780
$735
$0.94
$676
$0.87
$720
$0.92
ADDENDA
CONTINUED
CLT140227
COMP
1
2
6
5
6
4
3
4
3
4
3
4
UNIT TYPE
2 BD/1 BA
2 BD/2 BA
2 BD/2 BA
2 BD/2 BA
2 BD/2 BA
2 BD/2 BA
2 BD/1 BA
2 BD/2 BA
2 BD/2 BA
2 BD/2 BA
2 BD/2 BA
2 BD/2 BA
UNIT
SIZE
900
964
1,065
1,008
1,173
937
896
993
1,000
1,140
1,071
1,260
RENT/MONTH
$/UNIT
$/SF
$750
$0.83
$775
$0.80
$700
$0.66
$765
$0.76
$725
$0.62
$775
$0.83
$775
$0.86
$815
$0.82
$800
$0.80
$855
$0.75
$825
$0.77
$905
$0.72
ADJUSTED RENT/MONTH
$/UNIT
$/SF
$765
$0.85
$765
$0.79
$785
$0.74
$795
$0.79
$810
$0.69
$835
$0.89
$870
$0.97
$875
$0.88
$895
$0.90
$915
$0.80
$920
$0.86
$965
$0.77
NET
ADJ %
2.0%
-1.3%
10.8%
3.8%
10.5%
7.2%
10.9%
6.9%
10.6%
6.6%
10.3%
6.2%
LOW
896
$700
$0.62
$765
$0.69
-1.3%
HIGH
1,260
$905
$0.86
$965
$0.97
10.9%
AVERAGE
1,034
$789
$0.77
$850
$0.83
7.0%
MEDIAN
1,004
$775
$0.79
$853
$0.83
7.0%
ASKING RENT
ACTUAL RENT
CONCLUDED RENT
UNITS
UNIT TYPE
SIZE
$/UNIT
$/SF
$/UNIT
$/SF
$/UNIT
$/SF
64
2 BD / 2 BA
980
$810
$0.83
$733
$0.75
$800
$0.82
UNIT TYPE
3 BD/2 BA
3 BD/2 BA
3 BD/2 BA
3 BD/2 BA
3 BD/2 BA
UNIT
SIZE
1,098
1,100
1,224
1,297
1,448
COMP
2
1
3
3
4
RENT/MONTH
$/UNIT
$/SF
$809
$0.74
$900
$0.82
$925
$0.76
$950
$0.73
$1,025
$0.71
ADJUSTED RENT/MONTH
$/UNIT
$/SF
$799
$0.73
$915
$0.83
$1,020
$0.83
$1,045
$0.81
$1,085
$0.75
NET
ADJ %
-1.3%
1.6%
9.3%
9.1%
5.5%
LOW
1,098
$809
$0.71
$799
$0.73
-1.3%
HIGH
1,448
$1,025
$0.82
$1,085
$0.83
9.3%
AVERAGE
1,233
$922
$0.75
$973
$0.79
4.9%
MEDIAN
1,224
$925
$0.74
$1,020
$0.81
5.5%
ASKING RENT
ACTUAL RENT
CONCLUDED RENT
UNITS
UNIT TYPE
SIZE
$/UNIT
$/SF
$/UNIT
$/SF
$/UNIT
$/SF
64
3 BD / 5 BA
1,375
$990
$0.72
$919
$0.67
$980
$0.71
ADDENDA
CONTINUED
CLT140227
COMPARABLE RENT PHOTOGRAPHS
COMPARABLE 1
COMPARABLE 2
COMPARABLE 3
COMPARABLE 4
COMPARABLE 5
COMPARABLE 6
ADDENDA
CONTINUED
CLT140227
COMPARABLE SALES PHOTOGRAPHS
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
COMPARABLE 1
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
COMPARABLE 2
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
COMPARABLE 3
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
COMPARABLE 5
COMPARABLE 4
ADDENDA
CONTINUED
CLT140227
INSURABLE REPLACEMENT COST
At the client’s request, we have included an estimate of the insurable replacement cost estimate of the subject
improvements, which represents the replacement cost new of the subject improvements, exclusive of land
value and profit, and the costs associated with excavation, site work, foundations and architects fees.
Insurance coverage is usually specific to a given project. We have not been provided with the specific policy
requirements, which limit the reliability of the conclusion. Insurable replacement cost is a matter of underwriting
as opposed to valuation. Users of this report should not construe the conclusion of insurable value to be an
indication of market value. The insurable estimate is made using base costs and multiplier adjustments for
market conditions and location from Marshall Valuation Service, which is assumed to accurately reflect
replacement cost of the subject. We assume no liability as to the subject’s insurable replacement cost and
recommend that an estimate from a reputable insurance company be obtained if further assurance is required.
The following chart summarizes the insurable replacement cost estimate:
INSURABLE REPLACEMENT COST
MARSHALL VALUATION SERVICE DIRECT COST
Number of Buildings
30
Gross Building Area
201,690 SF
1
MVS Building Type
Number of Stories
Height per Story
Component Description
MVS Section/Page/Class
MVS Publication Date
Quality Rating
Component SF (Gross)
Multi-Family
1-3
10'
Apartment
11/18/C
Nov-12
Average
201,690
$85.61
Base Cost (Per SF)
HEIGHT & SIZE REFINEMENTS
Number of Stories Multiplier
Height Per Story Multiplier
Area/Perimeter Multiplier
0.957
0.930
0.960
Subtotal
$73.15
COST MULTIPLIERS
Current Cost Multiplier
Local Multiplier
1.06
0.92
DIRECT COSTS PER SF
Indirect Cost (% of Direct)¹
$71.33
15%
15%
INDIRECT COST PER SF
$10.70
DIRECT & INDIRECT TOTAL PER SF
$82.03
CALCULATION OF REPLACEMENT COST NEW
Component SF (Gross)
201,690
TOTAL REPLACEMENT COST NEW
$16,544,990
BASE IMPROVEMENT COST
$16,544,990
2%
$330,900
Insurable Replacem ent Exclusions 12%
($1,985,399)
Dem olition
Insurable Replacem ent Cost
¹Colliers International Estimate
$14,890,000
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
ID Type Status Names
02 - 0201
2B
OC Leslie Fleming
4
N
R
S Sq.Ft.
C
980
02 - 0202
OC Della Brunch
N jessica Soto
NL Jeffrey Slade
N
C
980
N
980
NL
N
NA
N
Enjoli Burnette
Dazsha Mack
Peggy Windless
Eric Windless, Jr.
Tamar Windless
Al'ice Haskins
Alexis Owens
Varian Alexander
Virginia McQuillan
Tiana McQuillan
Tikeya McQuillan
Patricia White
Wayne White
Sara Elliott
L
980
N
980
C
1,375
C
1,375
C
1,375
C
1,375
Swinton Sama
Jadenne Sama
Peggy Scott
Jesse Scott
C
980
C
980
OC Brenda Wood
N
OC Dale Evans
N Sheila Evans
C
980
C
980
OC Bernice Harrison
N Daniel Green
Montreal Harrison
C
1,375
2B
4
02 - 0203
2B
5
02 - 0203
2B
6
02 - 0204
2B
9
02 - 0205
3C
OC
N
3C
OC
N
3C
OC
N
OC
N
7
02 - 0206
7
02 - 0207
7
02 - 0208
3C
10
03 - 0301
2B
8
03 - 0302
2B
1
03 - 0303
2B
7
03 - 0304
2B
7
03 - 0305
3C
12
OC
N
OC
N
Page: 1
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
Mebane Limited Partnership
July 25, 2014
Market
Lease
Gross
Rent Code Charges Possible
840.00 RENT
750.00
750.00
COMM
50.00
800.00
Total:
840.00 RENT
749.00
749.00
749.00
Total:
840.00 RENT
625.00
625.00
COMM
25.00
650.00
Total:
840.00
0.00
Actual
Potential M/I Date
Charges M/O Date
750.00 05/01/13
749.00 09/01/13
625.00 08/01/11
0.00
Lease
Expires
Sec/Other
Trm-Type
Deposit
05/31/15
100.00
12
0.00
Ending
Balance
1.68
08/31/14
12
07/31/14
12
0.00
0.00
250.00
0.00
-0.13
08/31/15
13
08/31/14
13
0.00
0.00
0.00
0.00
-100.00
781.98
840.00 RENT
Total:
749.00
749.00
749.00
749.00 08/15/13
0.00
1,025.00 RENT
COMM
Total:
1,025.00 RENT
PETR
Total:
1,025.00 RENT
Total:
1,025.00 RENT
PETR
WASH
Total:
840.00 RENT
Total:
840.00 RENT
COMM
Total:
840.00 RENT
Total:
840.00 RENT
COMM
Total:
1,025.00 RENT
Total:
850.00
50.00
900.00
895.00
10.00
905.00
825.00
825.00
895.00
10.00
50.00
955.00
749.00
749.00
675.00
25.00
700.00
700.00
700.00
765.00
25.00
790.00
895.00
895.00
850.00
850.00 04/30/12
04/30/15
12
250.00
0.00
0.00
895.00
895.00 05/31/14
06/30/15
13
500.00
0.00
0.62
825.00
825.00 01/04/14
500.22 07/15/14
250.00
0.00
0.00
300.00
0.00
895.00
02/28/15
14
07/31/15
13
749.00
749.00 09/05/13
675.00 04/01/06
350.00
0.00
150.00
0.00
0.00
675.00
09/30/14
13
09/30/14
12
700.00
700.00 03/29/14
765.00 07/01/13
0.00
0.00
100.00
0.00
0.00
765.00
03/31/15
13
06/30/15
12
895.00
895.00 09/14/13
10/31/14
13
350.00
0.00
0.00
0.00
-0.54
-2.08
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
03 - 0306
03 - 0307
03 - 0308
04 - 0401
Apt.
3C
OC Anita Clay
1
N Matthew Clay
Aaron Clay
3C
OC Yalitza Soba
6
N Ivan Washington
Antonio Washington
3C
OC Christopher Torain
8
N
2B
OC Michelle Marler
9
N Brendan Marler
04 - 0402
2B
10
04 - 0403
2B
12
04 - 0404
2B
3
04 - 0405
3C
3
04 - 0406
3C
7
04 - 0407
3C
15
04 - 0408
3C
7
05 - 0501
2B
11
05 - 0502
2B
7
OC
N
OC
N
OC
N
Page: 2
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
R
S Sq.Ft.
C 1,375
C
1,375
C
1,375
C
980
Jackson Tisher
Kristen B Riffanacht
Elena Alvarado
C
980
C
980
John Bigelow
C
980
C
1,375
C
1,375
C
1,375
C
1,375
C
980
A
980
OC Ebonie Holloway
N Brian Holloway
Bryson Holloway
OC Amber Brandt
N Hasan Miller
Nikko Hill
OC Theresa Coghill
N Brandi Mcpherson
Natasha Watson
OC Tapriene Williamson
N Dorian Hankins
Evean McQueen
OC Jin Dong
N Ru Zhen Dong
Kaden Dong
VP Bradley Bohannon
N Elizabeth Bohannon
Gregory Bohannon
Market
Lease
Gross
1,025.00 RENT
900.00
900.00
COMM
40.00
940.00
Total:
1,025.00 RENT
895.00
895.00
895.00
Total:
Actual
Potential M/I Date
Charges M/O Date
900.00 09/15/06
Lease
Expires
Sec/Other
Trm-Type
Deposit
09/30/14
200.00
12
0.00
Ending
Balance
-0.71
895.00 11/23/13
12/31/14
14
0.00
0.00
0.00
08/31/14
13
08/31/14
12
0.00
0.00
0.00
0.00
937.02
04/30/15
14
04/30/15
13
08/31/14
12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,025.00 RENT
Total:
840.00 RENT
COMM
Total:
840.00 RENT
Total:
840.00 RENT
Total:
840.00 RENT
CONC
PAR
Total:
1,025.00 RENT
COMM
Total:
1,025.00 RENT
Total:
895.00
895.00
740.00
25.00
765.00
700.00
700.00
750.00
750.00
740.00
-315.00
25.00
450.00
875.00
60.00
935.00
895.00
895.00
895.00
895.00 08/23/13
740.00
740.00 08/31/12
700.00
700.00 03/12/14
750.00
750.00 04/05/14
740.00
740.00 02/14/08
875.00
875.00 01/22/11
07/31/14
6
250.00
0.00
0.00
895.00
895.00 05/16/14
06/30/15
14
0.00
0.00
0.00
1,025.00 RENT
COMM
Total:
1,025.00 RENT
GRGE
Total:
840.00 COMM
RENT
Total:
840.00
850.00
45.00
895.00
895.00
100.00
995.00
40.00
750.00
790.00
850.00
850.00 07/01/14
06/30/15
13
0.00
0.00
0.00
895.00
895.00 06/06/14
07/31/15
13
0.00
0.00
0.54
750.00
750.00 05/24/13
06/30/15
12
0.00
0.00
0.00
07/31/15
12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-20.72
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Page: 3
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Actual
Lease
Potential M/I Date Expires
Sec/Other
Charges M/O Date Trm-Type
Deposit
Apt.
Apt.
05 - 0502
2B
VP Vacant
N
05 - 0503
2B
OC Shawn McCarthy
10
N Jennifer McCarthy
R
S Sq.Ft.
980
Market
Rent Code
840.00
C
980
700.00
10.00
10.00
720.00
700.00
10.00
10.00
720.00
925.00
925.00
875.00
875.00
700.00
700.00 03/15/14
03/31/15
13
0.00
0.00
0.00
05 - 0504
840.00 RENT
PETR
PETR
Total:
840.00 RENT
PETR
PETR
Total:
1,025.00 RENT
Total:
1,025.00 RENT
Total:
700.00
700.00 03/31/14
04/30/15
13
0.00
0.00
35.00
925.00
925.00 08/01/12
875.00 04/05/12
0.00
0.00
250.00
0.00
0.00
875.00
07/31/15
24
05/31/15
24
1,025.00 RENT
WASH
Total:
1,025.00 RENT
COMM
Total:
840.00 RENT
PAR
GRGE
COMM
Total:
840.00 RENT
PETR
Total:
840.00 RENT
COMM
Total:
840.00 RENT
PETR
Total:
825.00
50.00
875.00
870.00
25.00
895.00
740.00
25.00
100.00
25.00
890.00
690.00
10.00
700.00
745.00
25.00
770.00
700.00
10.00
710.00
825.00
825.00 12/10/13
01/31/15
14
250.00
0.00
-1.69
870.00
870.00 10/05/13
10/31/14
13
0.00
0.00
116.59
740.00
740.00 10/29/10
10/31/14
12
500.00
0.00
34.12
690.00
690.00 02/01/14
02/28/15
13
0.00
300.00
0.00
745.00
745.00 09/22/06
09/30/14
12
200.00
0.00
-0.50
700.00
700.00 03/03/14
03/31/15
13
250.00
0.00
0.00
2B
NA Janet Smith
N Gexer Martinez
Bonnie Smith
N
980
3C
OC
N
OC
N
Carla Morales
Gonzalo Mendez
Juan Salas
Cynthia Cruz
Hector Parra
Kenneth Castillo
Sydney Sedano
OC Lakisha Trottie
N Okenon Wilson
Yazmine Devone
OC Marnia Gardner
N Travis Jones
Tyler Gardner
OC Todd Sawasky
N Bridget Sawasky
C
1,375
C
1,375
C
1,375
C
1,375
C
980
2B
OC Justin Hewlings
N Michelle Fischer
C
980
2B
OC Ondray Elliott
N
C
980
2B
OC Joshua Cherry
N Shane Cherry
C
980
9
05 - 0505
9
05 - 0506
3C
7
05 - 0507
3C
4
05 - 0508
3C
7
06 - 0601
2B
6
06 - 0602
10
06 - 0603
2
06 - 0604
9
Lease
Gross
Charges Possible
840.00
Ending
Balance
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Page: 4
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Actual
Potential M/I Date
Charges M/O Date
895.00 05/27/14
Lease
Expires
Sec/Other
Trm-Type
Deposit
06/30/15
0.00
14
0.00
Apt.
Apt.
06 - 0605
3C
OC Mitch Murphy
10
N Christina Murphy
Mitch Murphy, Jr
Mason Murphy
06 - 0606
3C
OC Toni Cowdery
6
N Steven Cowdery
Grant Stainback
R
S Sq.Ft.
C 1,375
Market
Rent Code
1,025.00 RENT
Total:
C
1,375
875.00 08/31/13
08/31/14
13
0.00
0.00
-30.00
OC Sheila Knighten
N Lacy Knighten
Lake Knighten
Summer Knighten
OC Amanda Kendrick
N Joy Kendrick
Ethan Oliver
Edison Kendrick
Margaret Kull
OC Briana Aguilar
N James Crowder II
C
1,375
875.00
10.00
50.00
935.00
885.00
25.00
910.00
875.00
06 - 0607
1,025.00 RENT
PETR
GRGE
Total:
1,025.00 RENT
PAR
Total:
885.00
885.00 04/21/11
04/30/15
12
250.00
0.00
0.00
C
1,375
1,025.00 RENT
Total:
895.00
895.00
895.00
895.00 03/01/14
02/28/15
12
100.00
0.00
-10.00
C
980
725.00 09/22/12
09/30/14
12
250.00
0.00
0.75
OC Michael Resetar
N Deborah Resetar
C
980
840.00
840.00 04/01/14
09/30/14
6
0.00
0.00
0.00
2B
OC Carolyn Brown
N
C
980
750.00
750.00 07/15/11
01/31/15
12
0.00
0.00
-800.00
2B
OC Kristyn C Harris
N
OC Miklos L Harris
N Gladys W Harris
Brittany Harris
OC Christopher Snell
N Leanna Snell
Hailey Snell
Matthew Snell
OC Andrea Galicia
N Ryan Galicia
C
980
690.00
690.00 12/28/13
1,375
825.00
825.00 01/17/14
01/31/15
13
02/28/15
13
0.00
0.00
0.00
0.00
-0.06
C
725.00
50.00
775.00
840.00
50.00
-420.00
470.00
50.00
750.00
800.00
690.00
690.00
825.00
825.00
725.00
2B
840.00 RENT
COMM
Total:
840.00 RENT
WASH
CONC
Total:
840.00 COMM
RENT
Total:
840.00 RENT
Total:
1,025.00 RENT
Total:
C
1,375
1,025.00 RENT
PETR
Total:
825.00
10.00
835.00
825.00
825.00 03/01/14
03/31/15
13
0.00
0.00
-1,670.00
C
1,375
1,025.00 RENT
COMM
924.00
25.00
924.00
924.00 09/01/11
08/31/14
12
0.00
0.00
0.00
3C
6
06 - 0608
3C
9
07 - 0701
2B
7
07 - 0702
2
07 - 0703
10
07 - 0704
10
07 - 0705
3C
8
07 - 0706
3C
3
07 - 0707
3C
4
Lease
Gross
Charges Possible
895.00
895.00
895.00
Ending
Balance
0.00
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
07 - 0708
3C
08 - 0801
C
1,375
C
980
2B
OC Miriam Crutchfield
N
C
980
2B
OC David Warren
N Amanda Warren
C
980
2B
OC Melissa Marsh
N
C
980
3C
OC Eric Barbour
N Brenda Barbour
C
1,375
3C
OC
N
OC
N
Alecia Purser
Kaedan Buhena
Florence Sibetya
Ernest Kimbugwe
Priscilla Kimbugwe
Earnest I Kimbugwe
OC Lena Dean
N
C
1,375
C
1,375
C
1,375
OC
N
OC
N
OC
N
Shelia Richmond
Latisha Richmond
William Peters
C
980
C
980
Rhonda Copeland
Quinyanda Copeland
C
980
2B
8
08 - 0802
11
08 - 0803
8
08 - 0804
7
08 - 0805
3
08 - 0806
9
08 - 0807
3C
6
08 - 0808
3C
1
09 - 0901
2B
6
09 - 0902
2B
2
09 - 0903
2B
5
R
S Sq.Ft.
OC Tyvonder Lilly
N Takira Morrison
Vaughn Morrison Jr.
Brianna Morrison
OC Ada Centeno-Otero
N Nelson Rodriguez
6
Page: 5
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
949.00
Total:
1,025.00 RENT
850.00
850.00
COMM
25.00
875.00
Total:
Actual
Lease
Sec/Other
Deposit
Ending
Balance
850.00 01/03/10
07/31/14
12
975.00
0.00
-90.00
840.00 RENT
PETR
Total:
840.00 RENT
COMM
Total:
840.00 COMM
RENT
Total:
840.00 RENT
COMM
Total:
1,025.00 RENT
PAR
PETR
Total:
1,025.00 RENT
Total:
1,025.00 COMM
RENT
Total:
700.00
10.00
710.00
675.00
25.00
700.00
25.00
725.00
750.00
749.00
40.00
789.00
825.00
25.00
10.00
860.00
895.00
895.00
60.00
940.00
1,000.00
700.00
700.00 04/01/14
04/30/15
13
0.00
0.00
0.00
675.00
675.00 04/11/14
05/31/15
14
0.00
0.00
0.00
725.00
725.00 04/11/14
04/30/15
13
250.00
0.00
-0.59
749.00
749.00 08/06/11
05/31/15
12
500.00
0.00
0.00
825.00
825.00 05/13/11
05/31/15
24
250.00
0.00
0.00
895.00
895.00 10/19/13
940.00 11/13/12
0.00
0.00
500.00
0.00
0.00
940.00
10/31/14
13
12/31/14
12
1,025.00 RENT
COMM
Total:
840.00 RENT
Total:
840.00 RENT
Total:
840.00 WASH
RENT
COMM
Total:
925.00
25.00
950.00
765.00
765.00
749.00
749.00
50.00
700.00
24.00
774.00
925.00
925.00 03/01/00
09/30/14
12
150.00
0.00
0.00
765.00
765.00 07/20/13
749.00 11/13/13
700.00
700.00 07/01/11
250.00
0.00
0.00
0.00
0.00
0.00
-25.00
749.00
07/31/14
13
12/31/14
14
06/30/15
12
942.09
0.00
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
09 - 0904
2B
OC Dixie Yates
7
N Sandia J Yates
Anthony A Medlin
R
S Sq.Ft.
C
980
09 - 0905
3C
OC Connie Wood
N Dylan Wood
Brandon Wood
C
1,375
3C
OC Tori D McFerrin
N Michael McFerrin
C
1,375
3C
OC Eric Hester
N Teneshia Miles
C
1,375
3C
OC Brendan Wedehase
N Erin Wedehase
C
1,375
2B
OC Leia Eller
N
C
980
2B
VL
N
VL
N
OC
N
Kristin D Rosario
Christopher Rosario
Vacant
L
980
Shelia N Nickerson
Isaiah Smith
Audrey Muhammad
VP Justin H Pittman
N Kimberly Keys
VP Vacant
N
OC Chelsi Tate
N Barry Tate
Aman Tate
Jadyn Tate
Aaryn Tate
6
09 - 0906
7
09 - 0907
12
09 - 0908
2
10 - 1001
6
10 - 1002
8
10 - 1002
2B
10 - 1003
2B
9
10 - 1004
2B
2
10 - 1004
2B
10 - 1005
3C
4
Page: 6
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
840.00 RENT
690.00
690.00
PETR
10.00
PETR
10.00
710.00
Total:
1,025.00 WASH
50.00
900.00
COMM
40.00
RENT
900.00
990.00
Total:
1,025.00 RENT
870.00
870.00
COMM
25.00
STOR
25.00
920.00
Total:
1,025.00 RENT
899.00
899.00
COMM
60.00
959.00
Total:
1,025.00 RENT
875.00
875.00
COMM
25.00
900.00
Total:
840.00 RENT
725.00
725.00
CONC
-362.50
362.50
Total:
840.00
0.00
980
840.00
C
980
840.00 RENT
Total:
A
980
840.00
0.00
980
840.00
840.00
C
1,375
1,025.00 RENT
Total:
Actual
Potential M/I Date
Charges M/O Date
690.00 01/18/14
Lease
Expires
Sec/Other
Trm-Type
Deposit
02/28/15
0.00
14
0.00
Ending
Balance
0.00
900.00 02/04/11
02/28/15
12
875.00
0.00
0.00
870.00 10/05/13
10/31/14
13
0.00
0.00
0.00
899.00 04/01/12
03/31/15
12
250.00
0.00
-8.30
875.00 06/20/08
07/31/14
12
200.00
0.00
0.00
725.00 12/19/12
12/31/14
12
0.00
0.00
-37.50
07/31/15
13
0.00
0.00
0.00
06/30/15
13
0.00
0.00
-10.00
08/31/15
13
0.00
0.00
0.00
02/28/15
13
0.00
0.00
0.00
0.00
840.00
700.00
700.00
825.00
825.00
700.00
825.00
700.00 07/01/14
0.00
825.00 02/01/14
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
10 - 1006
3C
OC Randall Jensen
4
N Robert Jensen
R
S Sq.Ft.
C 1,375
10 - 1007
OC Kasandra M McCown
N Maddox Herron
Penny McCown
OC Susana Patino Mendoza
N Maria Mendoza de Patino
Juan Cuellar
Juan Patino Mendoza
OC Elizabeth B Moss
N
C
1,375
C
1,375
C
980
2B
OC Ashley Rhodes
N Antione Singleton
C
980
2B
OC Nicole Dixon
N
C
980
2B
OC Ian Kinnin
N Pomarie Kinnin
C
980
3C
OC Luis Moreno
N Ashley Rinaldi
Charli Lunden
OC Andrea Washington
N Vincent Washington
Le'Andre Grant
Alexandria Grant
Leila Grant
Ajiah Washington
OC Utika Lyte
N Elijah Lee
Naomi Patterson
C
1,375
C
C
3C
9
10 - 1008
3C
9
11 - 1101
2B
9
11 - 1102
10
11 - 1103
7
11 - 1104
7
11 - 1105
4
11 - 1106
3C
9
11 - 1107
3C
8
Page: 7
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
1,025.00 RENT
950.00
950.00
COMM
60.00
1,010.00
Total:
1,025.00 RENT
825.00
825.00
GRGE
100.00
925.00
Total:
1,025.00 RENT
825.00
825.00
PETR
10.00
835.00
Total:
Actual
Potential M/I Date
Charges M/O Date
950.00 10/15/12
Lease
Expires
Sec/Other
Trm-Type
Deposit
10/31/14
0.00
12
0.00
Ending
Balance
-0.01
825.00 12/12/13
01/31/15
13
0.00
0.00
0.00
825.00 12/28/13
01/31/15
13
0.00
0.00
-0.19
840.00 RENT
COMM
STOR
PETR
Total:
840.00 WASH
PETF
RENT
COMM
Total:
840.00 COMM
RENT
Total:
840.00 COMM
RENT
Total:
1,025.00 RENT
Total:
725.00
25.00
25.00
10.00
785.00
50.00
10.00
725.00
25.00
810.00
25.00
725.00
750.00
30.00
700.00
730.00
995.00
995.00
725.00
725.00 08/19/12
08/31/14
12
0.00
300.00
5.09
725.00
725.00 06/01/14
06/30/15
13
0.00
0.00
1,011.45
725.00
725.00 10/08/08
10/31/14
12
200.00
0.00
-25.25
700.00
700.00 04/01/09
03/31/15
12
200.00
0.00
-29.05
995.00
995.00 10/31/13
11/30/14
13
175.00
0.00
0.00
1,375
1,025.00 RENT
WASH
Total:
825.00
50.00
875.00
825.00
825.00 01/20/14
02/28/15
14
825.00
0.00
0.00
1,375
1,025.00 RENT
Total:
895.00
895.00
895.00
895.00 07/01/14
07/31/15
13
0.00
0.00
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
11 - 1108
12 - 1201
12 - 1202
12 - 1203
12 - 1204
Apt.
3C
OC Marion Bynum
6
N Jalen Bynum
Makiya Bynum
2B
VA Vacant
N
2B
NA Amanda Dusenberry
12
N Jonas Dusenberry
Ayden Dusenberry
Olivia Dusenberry
2B
OC Tina Henderson
5
N Kearsyn Henderson
Kinley Henderson
2B
OC David A Dean
11
N
12 - 1205
3C
7
12 - 1206
3C
4
12 - 1207
3C
4
12 - 1207
3C
12 - 1208
3C
7
14 - 1401
2B
8
Page: 8
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
R
S Sq.Ft.
C 1,375
980
Market
Lease
Gross
1,025.00 RENT
820.00
820.00
COMM
40.00
860.00
Total:
840.00
840.00
Actual
Potential M/I Date
Charges M/O Date
820.00 05/13/11
Lease
Expires
Sec/Other
Trm-Type
Deposit
05/31/15
0.00
12
0.00
Ending
Balance
0.00
N
980
840.00 RENT
PETR
Total:
725.00
20.00
745.00
725.00
725.00 06/21/14
07/31/15
14
0.00
450.00
-13.42
C
980
840.00 RENT
Total:
687.00
687.00
687.00
687.00 11/23/13
11/30/14
13
0.00
0.00
0.00
C
980
690.00 02/15/14
03/31/15
14
0.00
0.00
0.00
N
1,375
690.00
10.00
10.00
710.00
999.00
999.00
690.00
NA Robert Lyles
N Trina Lyles
Robert Lyles, JR
Jessica Lyles
OC Carlos Penny
N
840.00 RENT
PETR
PETR
Total:
1,025.00 RENT
Total:
999.00
999.00 07/30/13
07/31/14
13
0.00
0.00
0.00
C
1,375
825.00
100.00
925.00
825.00
825.00 02/19/14
03/31/15
13
250.00
0.00
-1.85
VL Clint D Taylor
N Darla N Taylor
Lucas Taylor
Aubrie Taylor
Tessa Taylor
VL Vacant
N
OC Winiford Ogan
N Kaneisha Reid
Aniya McRae
Elysier Ogan
OC Shanell Palmer
N Mekhai Owen
Priscilla Thompson
L
1,375
1,025.00 RENT
GRGE
Total:
1,025.00
08/31/15
13
0.00
0.00
-100.00
1,375
1,025.00
C
1,375
1,025.00 RENT
COMM
Total:
850.00
45.00
895.00
850.00
850.00 12/06/13
12/31/14
13
0.00
0.00
629.02
C
980
840.00 RENT
Total:
675.00
675.00
675.00
675.00 08/31/12
08/31/14
12
0.00
0.00
0.00
0.00
0.00
1,025.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
14 - 1402
2B
OC Connie Deuser
11
N
R
S Sq.Ft.
C
980
14 - 1403
OC Sean Harbeston
N Christopher Harrison
Derrillyn Harbeston
OC Jessica Collins
N Mathew Collins
C
980
C
980
OC Rebecca Howell
N Mark Howell
Cheylan Wiant
Marah Howell
OC Jessica Baumann
N Jon Baumann
OC Robert Reiman
N Sandra Reiman
C
1,375
C
1,375
C
1,375
3C
OC Andrea Sjogren
N Tammy Ivey
C
1,375
2B
OC Debra Leathers
N
C
980
2B
OC Leslie Benfield
N Marion Neville Jr.
C
980
2B
OC Michael Gentry
N Gail Gentry
OC Jacqueline Hester
N
C
980
C
980
OC Larry McNeil
N Shirley McNeil
C
1,375
2B
8
14 - 1404
2B
7
14 - 1405
3C
4
14 - 1406
3C
2
14 - 1407
3C
11
14 - 1408
2
16 - 1601
5
16 - 1602
3
16 - 1603
1
16 - 1604
2B
6
16 - 1605
3C
7
Page: 9
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
840.00 RENT
750.00
750.00
STOR
25.00
WASH
50.00
825.00
Total:
840.00 RENT
675.00
675.00
COMM
40.00
715.00
Total:
840.00 RENT
750.00
750.00
PAR
25.00
GRGE
100.00
875.00
Total:
1,025.00 PAR
25.00 1,025.00
RENT
1,025.00
MTM
50.00
1,100.00
Total:
1,025.00 RENT
900.00
900.00
900.00
Total:
1,025.00 RENT
995.00
995.00
PAR
25.00
GRGE
100.00
1,120.00
Total:
1,025.00 RENT
830.00
830.00
GRGE
100.00
PETR
10.00
940.00
Total:
840.00 COMM
25.00
740.00
RENT
740.00
765.00
Total:
840.00 RENT
710.00
710.00
COMM
25.00
735.00
Total:
840.00 RENT
709.00
709.00
709.00
Total:
840.00 RENT
750.00
750.00
COMM
25.00
775.00
Total:
1,025.00 RENT
865.00
865.00
PAR
25.00
Actual
Potential M/I Date
Charges M/O Date
750.00 06/18/14
Lease
Expires
Sec/Other
Trm-Type
Deposit
06/30/15
0.00
13
0.00
Ending
Balance
-51.43
675.00 05/01/12
04/30/15
12
0.00
0.00
-100.00
750.00 04/28/12
04/30/15
24
250.00
0.00
-6.25
1,025.00 02/04/12
02/28/13
12
250.00
0.00
53.75
900.00 09/28/07
08/31/14
6
09/30/14
12
200.00
0.00
0.00
0.00
0.00
830.00 08/15/07
08/31/14
12
200.00
0.00
0.00
740.00 10/01/13
09/30/14
12
200.00
0.00
0.00
710.00 10/31/11
11/30/14
24
500.00
0.00
0.00
709.00 10/21/05
01/31/15
12
01/31/15
12
100.00
0.00
0.00
0.00
0.00
10/31/14
6
500.00
0.00
995.00 10/01/13
750.00 12/16/11
865.00 04/15/10
0.00
-45.00
-2.20
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
16 - 1606
16 - 1607
OC Lisichely Colon-Cruz
N Miguel Rosa-Lopez
Michael Rosa
Rihanna Rosa
C
1,375
3C
OC Marcy Nelson
N Tony Nelson
C
1,375
3C
VA Vacant
N
OC Brenda Parker
N Joey Parker
5
16 - 1608
18 - 1801
2B
1
18 - 1802
980
2B
OC Scott Dewitt
N Rebecca Heilig
C
980
2B
OC Kimberly Haskins
N
C
980
3C
OC Susan Johnson
N Kyle Johnson
Taylor Johnson
OC Tina Outen
N Sade Outen
Torian Outen
OC Remi Grandsire
N Gretchen Adams
Michael Adams
C
1,375
C
1,375
C
1,375
3
18 - 1806
3C
11
18 - 1807
3C
5
980
C
6
18 - 1805
C
OC Chun Hee Chung
N Suk Ho Chung
15
18 - 1804
1,375
2B
3
18 - 1803
R
S Sq.Ft.
3C
8
Page: 10
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
COMM
25.00
915.00
Total:
1,025.00 RENT
895.00
895.00
PETR
10.00
PETR
10.00
WASH
50.00
965.00
Total:
1,025.00 RENT
860.00
860.00
WASH
50.00
PAR
25.00
COMM
25.00
960.00
Total:
1,025.00
1,025.00
840.00 RENT
COMM
Total:
840.00 RENT
COMM
Total:
840.00 RENT
PETR
WASH
STOR
Total:
840.00 RENT
PETR
Total:
1,025.00 COMM
RENT
Total:
1,025.00 RENT
COMM
Total:
1,025.00 RENT
PETR
Total:
775.00
40.00
815.00
715.00
25.00
740.00
700.00
10.00
50.00
25.00
785.00
690.00
10.00
700.00
50.00
800.00
850.00
925.00
25.00
950.00
895.00
10.00
905.00
Actual
Lease
Sec/Other
Deposit
Ending
Balance
895.00 05/15/14
06/30/15
14
0.00
0.00
0.00
860.00 06/01/11
05/31/15
12
0.00
0.00
-0.75
775.00
775.00 03/14/06
06/30/15
12
200.00
0.00
27.14
715.00
715.00 09/03/09
08/31/14
12
100.00
0.00
0.00
700.00
700.00 05/12/14
05/31/15
13
0.00
0.00
0.00
690.00
690.00 12/09/13
01/31/15
14
0.00
0.00
-1.08
800.00
800.00 10/31/09
12/31/14
7
200.00
0.00
0.00
925.00
925.00 10/19/12
11/30/14
12
250.00
0.00
172.00
895.00
895.00 11/23/13
12/31/14
13
0.00
0.00
-5.25
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
18 - 1808
3C
OC Christi Keel
12
N Carla Grissom
Savannah Tucker
Kassidy Post
R
S Sq.Ft.
C 1,375
20 - 2001
2B
OC Robert Caldwell
N Teresa Caldwell
C
980
2B
OC Bonnie Kimrey
N
OC Nancy Montalvo
N
OC Russell T Evans
N
C
980
C
980
C
980
OC Shaneka Johnson
N Jaquez Johnson
Jyshon Johnson
Jywan Johnson
Jamayca Johnson
OC Nicole Rhoe
N Julius Rhoe
Kailyn Rhoe
Kennedy Rhoe
C
1,375
C
1,375
OC Michaela Newman
N Timothy Newman
Brooklyn Newman
Alexander Newman
OC Matthew Overman
N Lisa Overman
Makenzie Mabe
Jaxon Davis
OC Jorge Cardenas Maldonado
N
C
1,375
C
1,375
C
780
8
20 - 2002
8
20 - 2003
2B
2
20 - 2004
2B
7
20 - 2005
3C
5
20 - 2006
3C
10
20 - 2007
3C
2
20 - 2008
3C
7
22 - 2201
1A
6
Page: 11
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
1,025.00 RENT
825.00
825.00
WASH
50.00
STOR
25.00
PAR
50.00
950.00
Total:
840.00 RENT
700.00
700.00
COMM
50.00
750.00
Total:
840.00 RENT
650.00
650.00
650.00
Total:
840.00 EMP
840.00
840.00
840.00
Total:
840.00 RENT
749.00
749.00
GRGE
100.00
849.00
Total:
1,025.00 RENT
895.00
895.00
895.00
Total:
Actual
Potential M/I Date
Charges M/O Date
825.00 12/22/13
Lease
Expires
Sec/Other
Trm-Type
Deposit
01/31/15
0.00
14
0.00
Ending
Balance
25.00
700.00 05/01/14
05/31/15
13
0.00
0.00
0.00
650.00 03/01/14
03/31/15
14
12/31/14
12
11/30/14
13
0.00
0.00
0.00
0.00
0.00
0.00
0.00
895.00 06/14/14
06/30/15
13
0.00
0.00
-2.99
840.00 01/01/12
749.00 11/30/13
0.00
0.00
1,025.00 RENT
PETR
STOR
MTM
Total:
1,025.00 RENT
EMP
Total:
1,025.00
10.00
25.00
75.00
1,135.00
350.00
675.00
1,025.00
1,025.00
1,025.00 02/20/13
04/30/14
15
0.00
0.00
0.00
1,025.00
1,025.00 04/01/12
12/31/14
12
0.00
0.00
0.00
1,025.00 RENT
CONC
WASH
Total:
740.00 RENT
COMM
PETR
PETR
Total:
1,025.00
-513.00
50.00
562.00
654.00
25.00
10.00
10.00
699.00
1,025.00
1,025.00 09/10/13
09/30/14
12
0.00
0.00
-10.00
654.00
654.00 10/05/13
10/31/14
13
0.00
0.00
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
22 - 2202
22 - 2203
22 - 2204
22 - 2205
Apt.
1A
OC Matthew Lamore
6
N
1A
OC Nancy Dodge
4
N Derek Boardman
1A
OC Joseph H Pieper
9
N
1A
OC Debra Thornton
8
N Robert Thornton
22 - 2206
1A
8
22 - 2207
1A
3
22 - 2208
1A
8
24 - 2401
1A
1
24 - 2402
C
780
Khayree Lundy
C
780
Windy Koonce
C
780
Victor Pizzolato
C
780
Carol Squires
C
780
OC Aurelio Vega
N
C
780
1A
OC Dylan Silbiger
N
C
780
1A
OC Brandie Fields
N
C
780
1A
OC Margie Williams
N
C
780
1A
VL Belvon Bolden
N
VL Vacant
N
L
780
6
24 - 2407
780
1A
5
24 - 2407
C
780
3
24 - 2406
780
C
6
24 - 2405
C
OC Jonathon Searle
N
9
24 - 2404
R
S Sq.Ft.
C
780
1A
1
24 - 2403
OC
N
OC
N
OC
N
OC
N
1A
Page: 12
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
780
Market
Lease
Gross
740.00 RENT
650.00
650.00
650.00
Total:
740.00 RENT
650.00
650.00
650.00
Total:
740.00 RENT
630.00
630.00
630.00
Total:
760.00 RENT
650.00
650.00
COMM
25.00
675.00
Total:
760.00 RENT
660.00
660.00
660.00
Total:
760.00 RENT
689.00
689.00
689.00
Total:
760.00 RENT
689.00
689.00
689.00
Total:
740.00 RENT
550.00
550.00
COMM
15.00
565.00
Total:
740.00 RENT
610.00
610.00
COMM
25.00
635.00
Total:
740.00 RENT
625.00
625.00
COMM
25.00
650.00
Total:
740.00 RENT
650.00
650.00
GRGE
100.00
750.00
Total:
760.00 RENT
635.00
635.00
COMM
25.00
660.00
Total:
760.00 COMM
20.00
620.00
RENT
620.00
640.00
Total:
760.00
0.00
760.00
760.00
Actual
Potential M/I Date
Charges M/O Date
650.00 05/12/14
Lease
Expires
Sec/Other
Trm-Type
Deposit
05/31/15
0.00
13
0.00
650.00 06/13/14 06/30/15
0.00
13
0.00
630.00 01/21/14 02/28/15
0.00
14
0.00
650.00 03/01/12 02/28/15
0.00
12
0.00
660.00 04/11/14
Ending
Balance
-650.00
-3.34
-21.16
0.00
04/30/15
13
12/31/14
14
11/30/14
13
11/30/14
12
0.00
0.00
0.00
0.00
0.00
0.00
150.00
0.00
0.00
610.00 03/04/05
03/31/15
12
425.00
0.00
0.00
625.00 05/01/14
05/31/15
13
0.00
0.00
0.00
650.00 06/21/14
06/30/15
13
0.00
0.00
0.00
635.00 09/17/11
12/31/14
12
0.00
0.00
-10.00
620.00 10/25/12
10/31/14
12
0.00
0.00
0.00
07/31/15
13
0.00
0.00
-100.00
689.00 11/25/13
689.00 11/23/13
550.00 12/20/01
0.00
0.00
0.00
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
24 - 2408
1A
OC Kenneth Edds
9
N
R
S Sq.Ft.
C
780
26 - 2601
1A
OC Mary Wheland
N
C
780
1A
OC Kellie Jacobs
N Lisa Jacobs
OC Valeria Richmond
N
C
780
C
780
1A
OC Lisa Ray
N Truman Newman
C
780
1A
OC Belinda Rodriguez
N
OC Joshua S Minnish
N
C
780
C
780
1A
OC Brian S Robinson
N
C
780
1A
OC Moises Ruiz-Angel
N
C
780
2B
OC Nia Riggsbee
N
OC Pamela Carr
N
C
980
C
980
2B
OC Tricia Hughart
N Jason Doss
C
980
2B
OC
N
OC
N
C
980
C
1,375
14
26 - 2602
8
26 - 2603
1A
1
26 - 2604
4
26 - 2605
5
26 - 2606
1A
8
26 - 2607
9
26 - 2608
10
30 - 3001
5
30 - 3002
2B
6
30 - 3003
2
30 - 3004
7
30 - 3005
3C
6
Page: 13
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Kenneth Fikes
Sharon Fikes
Jennifer Young
Erskine Williamson
Market
Lease
Gross
760.00 RENT
740.00
740.00
COMM
20.00
WASH
50.00
810.00
Total:
740.00 RENT
650.00
650.00
PETR
10.00
660.00
Total:
740.00 RENT
630.00
630.00
630.00
Total:
740.00 RENT
650.00
650.00
PAR
25.00
675.00
Total:
740.00 RENT
550.00
550.00
COMM
25.00
575.00
Total:
760.00 RENT
640.00
640.00
640.00
Total:
760.00 RENT
689.00
689.00
WASH
50.00
739.00
Total:
760.00 RENT
620.00
620.00
COMM
25.00
645.00
Total:
760.00 RENT
645.00
645.00
COMM
25.00
670.00
Total:
840.00 RENT
700.00
700.00
700.00
Total:
840.00 RENT
740.00
740.00
STOR
25.00
765.00
Total:
840.00 RENT
740.00
740.00
COMM
40.00
780.00
Total:
840.00 RENT
840.00
840.00
840.00
Total:
1,025.00 RENT
800.00
800.00
COMM
25.00
Actual
Potential M/I Date
Charges M/O Date
740.00 03/15/13
Lease
Expires
Sec/Other
Trm-Type
Deposit
04/30/15
250.00
12
0.00
Ending
Balance
0.00
650.00 03/05/14
03/31/15
13
0.00
0.00
-0.70
630.00 01/11/14
02/28/15
13
04/30/15
12
0.00
0.00
150.00
0.00
0.00
550.00 04/15/11
04/30/15
12
250.00
0.00
-1.25
640.00 01/17/14
07/31/14
7
12/31/14
13
0.00
0.00
0.00
0.00
0.00
620.00 08/03/12
08/31/14
5
250.00
0.00
-0.75
645.00 09/27/12
09/30/14
12
450.00
0.00
-40.75
700.00 04/26/14
04/30/15
13
07/31/14
13
350.00
0.00
0.00
0.00
0.00
740.00 11/01/08
10/31/14
12
200.00
0.00
0.00
840.00 05/09/14
12/31/14
7
07/31/14
12
0.00
0.00
200.00
0.00
0.00
650.00 05/01/02
689.00 11/08/13
740.00 07/10/13
800.00 08/01/11
0.00
0.00
-0.14
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
30 - 3006
30 - 3006
30 - 3007
30 - 3008
31 - 3101
31 - 3102
Apt.
Maleigha Young
Angel Williamson
3C
VL Cody A Albright
7
N Amanda Lerux
Lillian Lerux
Cooper Albright
Andrea Lerux
Patrick Lerux
3C
VL Vacant
N
3C
OC Jennifer Bufton
2
N Michael Bufton
Nicholas Bufton
Kyle Bufton
3C
OC Shannon Farrington
4
N Chace Farrington
Caden Farrington
1A
OC Kareem Blacknell
9
N
1A
OC Kelly Lloyd
3
N
31 - 3103
31 - 3104
31 - 3106
1,025.00
0.00
1,375
1,025.00
1,025.00
C
1,375
1,025.00 RENT
COMM
Total:
845.00
50.00
895.00
845.00
C
1,375
C
780
C
780
1,025.00 RENT
COMM
Total:
740.00 RENT
Total:
740.00 RENT
COMM
Total:
740.00 RENT
COMM
Total:
740.00 RENT
PETR
Total:
760.00
975.00
25.00
1,000.00
650.00
650.00
625.00
25.00
650.00
525.00
25.00
550.00
630.00
10.00
640.00
760.00 RENT
COMM
Total:
760.00
635.00
25.00
660.00
760.00 RENT
Total:
660.00
660.00
1A
OC Martha Inman
N
C
780
1A
VA Vacant
N
NL Brandon Hirt
N
1A
4
1A
4
1,375
780
1A
31 - 3107
L
C
3
31 - 3106
Market
Rent Code
Total:
OC Nichole Maddrey
N David Smith
6
31 - 3105
R
S Sq.Ft.
1A
7
NL Allan S Mmbaga
N
OC Stacey Collins
N Chad Huffman
Page: 14
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
780
N
780
L
780
C
780
Lease
Gross
Charges Possible
825.00
Actual
Lease
Sec/Other
Deposit
0.00
Ending
Balance
09/30/15
13
0.00
0.00
0.00
845.00 05/07/14
05/31/15
13
0.00
0.00
0.00
975.00
975.00 09/27/12
09/30/14
12
0.00
0.00
450.00
650.00
650.00 04/01/14
625.00 05/28/09
0.00
0.00
200.00
0.00
0.00
625.00
04/30/15
13
05/31/15
12
525.00
525.00 03/07/11
03/31/15
12
0.00
0.00
0.00
630.00
630.00 03/28/14
03/28/15
14
250.00
0.00
0.00
635.00 03/19/10
07/31/14
6
200.00
0.00
0.00
07/31/15
13
03/31/15
13
0.00
0.00
0.00
0.00
-100.00
0.00
760.00
635.00
0.00
660.00
0.00
660.00 03/15/14
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
31 - 3108
1A
OC Tevin Agnello
8
N
33 - 3301
1A
NA Susan Snyder
3
N
R
S Sq.Ft.
C
780
N
780
33 - 3302
1A
OC Deborah Vanscyoc
N
C
780
1A
OC Cortney Winbush
N
C
780
1A
OC
N
OC
N
OC
N
OC
N
Ronald Baumgartner III
C
780
Kendric Currie
Gwendolyn Long-Williams
Jacquin Long
C
780
C
780
Nicky Muanza
C
780
C
780
C
780
1
33 - 3303
6
33 - 3304
10
33 - 3305
1A
6
33 - 3306
1A
9
33 - 3307
1A
5
33 - 3308
1A
10
35 - 3501
1A
2
35 - 3502
1A
35 - 3503
1A
4
35 - 3504
35 - 3505
3
OC Santana Purcell
N
OC Lois Goodbread
N
VA Vacant
N
OC Rayford Massey
N
780
C
780
1A
NA Lindsey Kellerman
N Michael Baker
N
780
1A
OC Brian Allen
N
C
780
13
Page: 15
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
760.00 RENT
689.00
689.00
689.00
Total:
740.00 RENT
640.00
640.00
COMM
25.00
665.00
Total:
740.00 RENT
610.00
610.00
COMM
25.00
635.00
Total:
740.00 RENT
625.00
625.00
COMM
25.00
650.00
Total:
740.00 RENT
630.00
630.00
630.00
Total:
760.00 RENT
630.00
630.00
630.00
Total:
760.00 RENT
660.00
660.00
660.00
Total:
760.00 RENT
550.00
550.00
COMM
25.00
575.00
Total:
760.00 RENT
660.00
660.00
660.00
Total:
740.00 RENT
615.00
615.00
COMM
25.00
640.00
Total:
740.00
740.00
740.00 RENT
COMM
Total:
740.00 RENT
PETR
WASH
Total:
760.00 RENT
COMM
Total:
550.00
30.00
580.00
679.00
20.00
50.00
749.00
635.00
25.00
660.00
Actual
Potential M/I Date
Charges M/O Date
689.00 10/02/13
Lease
Expires
Sec/Other
Trm-Type
Deposit
10/31/14
0.00
13
0.00
640.00 08/12/11 08/31/14
0.00
12
0.00
Ending
Balance
0.62
-1.00
610.00 03/26/04
09/30/14
12
0.00
0.00
0.00
625.00 05/07/14
05/31/15
13
0.00
0.00
0.00
630.00 03/28/14
03/31/15
13
02/28/15
13
07/31/15
14
05/31/15
12
0.00
0.00
250.00
0.00
0.00
0.00
500.00
0.00
0.00
05/31/15
15
09/30/14
12
200.00
0.00
200.00
0.00
-0.01
630.00 02/01/14
660.00 06/06/14
550.00 06/15/11
660.00 03/22/14
615.00 09/24/09
-60.00
0.00
603.75
0.00
550.00
550.00 04/01/10
04/30/15
12
100.00
0.00
0.00
679.00
679.00 08/30/13
08/31/14
13
0.00
0.00
-679.00
635.00
721.79 06/27/14
07/31/15
13
0.00
0.00
-10.21
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
35 - 3506
1A
OC Ruth Lundy
4
N
R
S Sq.Ft.
C
780
35 - 3507
1A
OC Alicia Mabry
N Jacob Croom
C
780
1A
OC Siddharth s Pandit
N
C
780
1A
OC Steven Dickinson
N
C
780
1A
OC Lauren Rhodes
N
C
780
1A
OC Deborah Orihood
N
C
780
1A
OC Cody Jones
N
C
780
1A
OC Elizabeth Strauss
N
C
780
1A
OC Eric Meyers
N Erin Sleboda
OC Matthew J Burns
N
C
780
C
780
OC David Bermel
N
OC Bisho O Latter Day Saints
N Brian Spencer
Chase Butler
Bradley Phillips
C
780
C
780
6
35 - 3508
7
37 - 3701
5
37 - 3702
2
37 - 3703
7
37 - 3704
10
37 - 3705
2
37 - 3706
5
37 - 3707
1A
9
37 - 3708
1A
12
39 - 3901
1A
8
Page: 16
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Lease
Gross
760.00 RENT
650.00
650.00
COMM
20.00
670.00
Total:
760.00 RENT
689.00
689.00
PETR
10.00
PETR
10.00
709.00
Total:
760.00 RENT
689.00
689.00
WASH
50.00
739.00
Total:
740.00 RENT
605.00
605.00
COMM
25.00
630.00
Total:
740.00 RENT
625.00
625.00
COMM
25.00
650.00
Total:
740.00 RENT
625.00
625.00
COMM
25.00
650.00
Total:
740.00 RENT
625.00
625.00
WASH
50.00
COMM
25.00
700.00
Total:
760.00 RENT
625.00
625.00
COMM
25.00
650.00
Total:
760.00 RENT
600.00
600.00
600.00
Total:
760.00 RENT
689.00
689.00
WASH
50.00
PAR
25.00
764.00
Total:
760.00 RENT
660.00
660.00
660.00
Total:
740.00 RENT
665.00
665.00
COMM
25.00
690.00
Total:
Actual
Potential M/I Date
Charges M/O Date
650.00 05/30/08
Lease
Expires
Sec/Other
Trm-Type
Deposit
05/31/15
200.00
12
300.00
Ending
Balance
0.00
689.00 08/08/13
09/30/14
14
0.00
0.00
0.00
689.00 11/01/13
11/30/14
13
87.50
0.00
0.00
605.00 02/01/14
01/31/15
12
100.00
0.00
-430.00
625.00 05/16/14
05/31/15
13
0.00
0.00
0.00
625.00 05/01/14
05/31/15
13
0.00
0.00
0.00
1,250.00 05/01/14
05/31/15
13
0.00
0.00
1,468.21
625.00 10/15/11
10/31/14
12
0.00
0.00
-0.14
600.00 02/27/10
03/31/15
24
10/31/14
13
100.00
0.00
350.00
0.00
0.00
03/31/15
13
11/30/14
12
0.00
0.00
0.00
0.00
0.00
689.00 10/15/13
660.00 03/10/14
665.00 11/22/10
0.00
-690.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Apt.
39 - 3902
1A
OC Mary Price
4
N Thomas Price
Janet Pender
39 - 3903
1A
OC Vincent Reyes
9
N
R
S Sq.Ft.
C
780
C
780
39 - 3904
VL Daniel McCarthy
N
VL Vacant
N
OC Guytina Crudup
N
L
780
1A
1A
8
39 - 3904
1A
39 - 3905
740.00
C
780
OC Sherry Womack
N Ronnie C Haley
C
780
1A
OC Gail Fox
N
C
780
1A
OC Michael Olimpo
N Erika West
C
780
760.00 RENT
COMM
Total:
760.00 RENT
COMM
Total:
760.00 RENT
COMM
Total:
760.00 RENT
GRGE
Total:
1A
39 - 3906
1
39 - 3907
6
39 - 3908
11
Total:
Market
Lease
Gross
740.00 RENT
650.00
650.00
COMM
25.00
675.00
Total:
740.00 RENT
630.00
630.00
WASH
50.00
680.00
Total:
740.00
0.00
780
6
Page: 17
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Market
Rent
167,360.00
Lease
Rent
139,881.50
Actual
Potential M/I Date
Charges M/O Date
650.00 11/19/11
630.00 01/25/14
0.00
Lease
Expires
Sec/Other
Trm-Type
Deposit
11/30/14
250.00
12
0.00
Ending
Balance
-0.10
03/31/15
13
0.00
0.00
-5.01
09/30/15
13
0.00
0.00
-100.00
740.00
Gross
Possible
145,408.00
645.00
25.00
670.00
670.00
25.00
695.00
620.00
25.00
645.00
660.00
100.00
760.00
645.00
645.00 01/27/12
01/31/15
12
0.00
0.00
-0.50
670.00
670.00 05/01/06
10/31/14
12
150.00
0.00
0.00
620.00
620.00 08/24/12
08/31/14
12
0.00
0.00
-5.00
660.00
660.00 04/25/14
05/31/15
14
0.00
0.00
-5.12
Actual
Potential
Charges
136,290.01
Security
Deposits
19,412.50
Other
Deposits
1,650.00
Total
Deposits
21,062.50
Ending
Balance
1,179.70
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Page: 18
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Apt.
Income Code:
COMM
CONC
EMP
FURN
GRGE
MTM
PAR
PETF
PETR
REF
RENT
STOR
WASH
Community Fees
Concession
Employee
Furniture Rental
Garage
Month to Month
Reserved Parking
Pet Fee
Pet Rent
Resident Referral
Rent
Storage
Washer/Dryer
R
Market
S Sq.Ft.
Rent Code
Resident Stat.
A
C
L
N
P
X
Lease
Gross
Charges Possible
Applicant
Current
Leased
Notice
Previous
Cancel
Unit Stat.
NA
NL
OC
VA
VL
VP
Actual
Lease
Sec/Other
Deposit
Unit Analysis
On Notice Available
On Notice Leased
Occupied
Vacant Available
Vacant Leased
Vacant Appl. Pending
Summary of Actual Charges by Income Code (Current, On-Notice, Transfer Out residents only)
COMM Community Fees
2,484.00
CONC Concession
-1,610.50
EMP
Employee
1,515.00
GRGE Garage
1,050.00
MTM
Month to Month
125.00
PAR
Reserved Parking
325.00
PETF
Pet Fee
10.00
PETR
Pet Rent
350.00
RENT Rent
134,458.00
STOR Storage
175.00
WASH Washer/Dryer
1,000.00
This Rent Roll includes Current Resident, Applicants. '*' Indicates amounts not included in summary of lease charges
Description
Occupied
Vacant
Down
Total Units
Construction
Waiting Lists
Employee
Model
Other Use
Total Special Use
Ending
Balance
Units
Percent
181
11
0
192
0
0
0
0
0
0
94.27
5.73
0.00
100.00
0.00
SSI410
106
Select: 07/25/14
192 Apts., 200,640 Sq. Ft.
Apt.
Page: 19
07/2014
07/31/14
16:09
Rent Roll Report
Jaymor Management
July 25, 2014
Apt.
R
S Sq.Ft.
Market
Rent Code
Lease
Gross
Charges Possible
Grand Total :
Market
Rent
167,360.00
Lease
Rent
139,881.50
Gross
Possible
145,408.00
Actual
Potential
Charges
136,290.01
Grand Summary of Actual Charges by Income Code (Current, On-Notice, Transfer Out residents only)
COMM Community Fees
2,484.00
CONC Concession
-1,610.50
EMP
Employee
1,515.00
GRGE Garage
1,050.00
MTM
Month to Month
125.00
PAR
Reserved Parking
325.00
PETF
Pet Fee
10.00
PETR
Pet Rent
350.00
RENT Rent
134,458.00
STOR Storage
175.00
WASH Washer/Dryer
1,000.00
Actual
Lease
Sec/Other
Deposit
Security
Deposits
19,412.50
Other
Deposits
1,650.00
Total
Deposits
21,062.50
Ending
Balance
Ending
Balance
1,179.70
192
YEAR 1
INCOME
YEAR 2
$pu/yr
Gross Schedule Rent
Loss to Lease
Gross Potential Rent
Less Vacancy
Less Concessions
Less Bad Debt
Less Model Unit
Less Employee Unit
Net Rental Income
MTM/Short Term Premium
Storage
Laundry
RUBS
Misc Charges
Total Other Income
$2,008,320
-$100,416
$1,907,904
-$95,395
-$28,619
-$19,079
$0
-$18,180
$1,746,631
$1,728
$0
$7,500
$0
$60,000
$69,228
$10,460
$361
$2,068,569.60
-$103,428
$1,965,141
-$98,257
-$29,477
-$19,651
$0
-$18,725
$1,799,030
$1,728
$0
$7,500
$0
$61,200
$70,428
$1,815,859
$9,458
EXPENSES
Electric - Common Areas
Electric - Vacant Units
Gas
Water
Sewer
Trash
Total Utilities
$30,000
$11,280
$0
$45,000
$43,000
$24,960
$154,240
$156
Total Payroll
Effective Gross Income
5.00%
2%
1%
YEAR 3
$pu/yr
$367
$2,120,284
-$106,014
$2,014,270
-$100,713
-$30,214
-$20,143
$0
-$19,194
$1,844,006
$960
$0
$7,725
$0
$62,424
$71,109
$1,869,458
$9,737
$158
$803
$30,300
$11,393
$0
$45,450
$43,430
$25,210
$155,782
$198,720
$1,035
$0
$523
$9,937
5%
$149
$99
$0
$95
$9,097
$9
$0
$39
$0
$313
$59
$0
$234
$224
$130
YEAR 4
$pu/yr
$pu/yr
$370
$2,173,291
-$108,665
$2,064,626
-$103,231
-$30,969
-$20,646
$0
-$19,673
$1,890,106
$960
$0
$7,957
$0
$63,672
$72,589
$1,915,115
$9,975
$1,962,695
$10,222
$159
$819
$30,909
$11,622
$0
$46,364
$44,303
$25,716
$158,914
$161
$811
$30,603
$11,507
$0
$45,905
$43,864
$25,462
$157,340
$203,688
$1,061
$208,780
$1,087
$214,000
$1,115
$10,774
$539
$10,235
5%
$154
$102
$0
$98
$9,370
$9
$0
$39
$0
$319
$36
$0
$237
$226
$131
$11,043
$552
$10,491
5%
$157
$105
$0
$100
$9,604
$5
$0
$40
$0
$325
$12
$0
$239
$228.46
$133
$11,319
$566
$10,753
5%
$161
$108
$0
$102
$9,844
$5
$0
$41
$0
$332
$378
$12
$0
$241
$231
$134
$828
Landscaping /Grounds
$26,500
$138
$0
$27,163
$141
$27,842
$145
$28,538
$149
Repair and Maintenance
$25,920
$135
$0
$26,568
$138
$27,232
$142
$27,913
$145
Turnover Costs
$20,000
$104
$0
$20,500
$107
$21,013
$109
$21,538
$112
Advertising and Marketing
$26,500
$138
$0
$27,163
$150
$27,842
$160
$28,538
$149
General and Administrative
$28,800
$150
$0
$29,520
$154
$30,258
$158
$31,014
$162
Management Fee
$54,476
3.00%
$0
$56,084
3.00%
$57,453
3.00%
$58,881
3.00%
Insurance
$98,000
$510
$0
$100,450
$523
$102,961
$536
$105,535
$550
Real Estate Taxes
$125,000
$651
$128,125
$667
$131,328
$684
$134,611
$701
Total Expenses
$758,156
$3,949
$775,042
$4,037
$792,049
$4,125
$809,481
$4,216
% of EGI
NET OPERATING INCOME
Capex Reserve
NET CASH FLOW
41.75%
41.46%
41.36%
41.24%
$1,057,703
$5,509
$1,094,416
$5,700
$1,123,066
$5,849
$1,153,214
$6,006
$28,800
$150
$28,800
$150
$28,800
$150
$28,800
$150
$1,028,903
$5,359
$1,065,616
$5,550
$1,094,266
$5,699
$1,124,414
$5,856
Valuation Glossary
Valuation & Advisory Services
CONTACT DETAILS
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.
These definitions were extracted from the
following sources or publications:
The Dictionary of Real Estate Appraisal, Fifth
Edition, Appraisal Institute, Chicago, Illinois,
2010 (Dictionary).
Uniform Standards of Professional Appraisal
Practice, 2014-2015 Edition (USPAP).
The Appraisal of Real Estate, Fourteenth
Edition, Appraisal Institute, Chicago, Illinois,
2013 (14th Edition).
Marshall Valuation Service, Marshall & Swift,
Los Angeles, California (MVS).
Absolute Net Lease
A lease in which the tenant pays all expenses
including structural maintenance, building
reserves, and management; often a longterm lease to a credit tenant. (Dictionary)
Ad Valorem Tax
A real estate tax based on the assessed
value of the property, which is not necessarily
equivalent to its market value. (14th Edition)
Aggregate of Retail Values (ARV)
The sum of the separate and distinct market
value opinions for each of the units in a
condominium; subdivision development, or
portfolio of properties, as of the date of
valuation. The aggregate of retail values
does not represent an opinion of value; it is
simply the total of multiple market value
conclusions.(Dictionary)
Arm’s-length Transaction
A transaction between unrelated parties
under no duress. (14th Edition)
As-Is Market Value
The estimate of the market value of real
property in its current physical condition,
use, and zoning as of the appraisal date.
(Dictionary)
Assessed Value
The value of a property according to the tax
rolls in ad valorem taxation; may be higher
or lower than market value, or based on an
assessment ratio that is a percentage of
market value. (14th Edition)
Average Daily Room Rate (ADR)
In the lodging industry, total guest room
revenue divided by the total number of
occupied rooms. (Dictionary)
Band of Investment
A technique in which the capitalization rates
attributable to components of a capital
investment are weighted and combined to
derive a weighted-average rate attributable
to the total investment. (Dictionary)
Cash-Equivalent Price
The price of a property with above- or belowmarket financing expressed in terms of the
price that would have been paid in an allcash sale. (Dictionary)
Common Area
The total area within a property that is not
designed for sale or rental but is available
for common use by all owners, tenants, or
their invitees, e.g., parking and its
appurtenances,
malls,
sidewalks,
landscaped areas, recreation areas, public
toilets,
truck
and
service
facilities.
(Dictionary)
Valuation Glossary
Contract Rent
Direct Costs
The actual rental income specified in a lease.
(14th Edition)
1. Expenditures for the labor and materials
used in the construction of improvements;
also called hard costs. (Dictionary)
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A set of procedures through which a value
indication is derived for the fee simple
interest in a property by estimating the
current cost to construct a reproduction of (or
replacement for) the existing structure,
including an entrepreneurial incentive;
deducting depreciation from the total cost;
and adding the estimated land value.
Adjustments may then be made to the
indicated fee simple value of the subject
property to reflect the value of the property
interest being appraised. (14th Edition)
Curable Functional Obsolescence
An element of depreciation; a curable defect
caused by a flaw in the structure, materials,
or design, which can be practically and
economically corrected. (Dictionary)
Debt Coverage Ratio (DCR)
The ratio of net operating income to annual
debt service, which measures the relative
ability of a property to meet its debt service
out of net operating income; also called debt
service coverage ratio (DSCR). (Dictionary)
Deferred Maintenance
Needed repairs or replacement of items that
should have taken place during the course of
normal maintenance. Dictionary)
Depreciation
In appraising, a loss in property value from
any cause; the difference between the cost of
an improvement on the effective date of the
appraisal and the market value of the
improvement on the same date. (Dictionary)
2. The labor, material, subcontractor, and
heavy equipment costs directly incorporated
into
the
construction
of
physical
improvements. (R.S. Means)
Discounted Cash Flow (DCF) Analysis
The procedure in which a discount rate is
applied to a set of projected income streams
and a reversion. The analyst specifies the
quantity, variability, timing, and duration of
the income streams and the quantity and
timing of the reversion, and discounts each
to its present value at a specified yield rate.
(Dictionary)
Discount Rate
An interest rate used to convert future
payments or receipts into present value;
usually considered to be a synonym for yield
rate. (Dictionary)
Disposition Value
The most probable price that a specified
interest in real property is likely to bring
under all of the following conditions:
1.
Consummation of a sale within a
future exposure time specified by the client.
2.
The property is subjected to market
conditions prevailing as of the date of
valuation.
3.
Both the buyer and seller are acting
prudently and knowledgeably.
4.
The seller is under compulsion to sell.
5.
The buyer is typically motivated.
Valuation Glossary
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6.
Both parties are acting in what they
consider their best interests.
7.
An adequate marketing effort will be
made during the exposure time specified by
the client.
8.
Payment will be made in cash in U.S.
dollars or in terms of financial arrangements
comparable thereto.
9.
The price represents the normal
consideration for the property sold,
unaffected by special or creative financing or
sales concessions granted by anyone
associated with the sale.
This definition can also be modified to
provide for valuation with specified financing
terms. (Dictionary)
Easement
An interest in real property that transfers use,
but not ownership, of a portion of an owner's
property. Access or right of way easements
may be acquired by private parties or public
utilities. Governments accept conservation,
open space, and preservation easements on
private property. (14th Edition)
Economic Life
The period over which improvements to real
property contribute to property value.
(Dictionary)
Effective Age
The age of property that is based on the
amount of observed deterioration and
obsolescence it has sustained, which may
be different from its chronological age.
(Dictionary)
Effective Date
The date on which the analyses, opinions,
and advice in an appraisal, review, or
consulting service apply. (Dictionary)
Effective Gross Income (EGI)
The anticipated income from all operations of
the real property after an allowance is made
for vacancy and collection losses and an
addition is made for any other income.
(Dictionary)
Effective Gross Income Multiplier (EGIM)
The ratio between the sale price (or value) of
a property and its effective gross income.
(Dictionary)
Effective Rent
The rental rate net of financial concessions
such as periods of no rent during the lease
term and above- or below-market tenant
improvements (TIs). (Dictionary)
Eminent Domain
The right of government to take private
property for public use upon the payment of
just compensation. The Fifth Amendment of
the U.S. Constitution, also known as the
takings clause, guarantees payment of just
compensation upon appropriation of private
property. (Dictionary)
Entrepreneurial Incentive
The amount an entrepreneur expects to
receive for his or her contribution to a project.
Entrepreneurial
incentive
may
be
distinguished from entrepreneurial profit
(often called developer’s profit) in that it is the
expectation of future profit actually earned on
a development or improvement. (14th Edition)
Valuation Glossary
Entrepreneurial Profit
Exposure Time
A market-derived figure that represents the
amount an entrepreneur receives for his or
her contribution to a project and risk; the
difference between the total cost of a
property (cost of development) and its
market
value
(property
value
after
completion),
which
represents
the
entrepreneur's compensation for the risk and
expertise associated with development. (14th
Edition)
The estimated length of time that the property
interest being appraised would have been
offered on the market prior to the hypothetical
consummation of a sale at market value on the
effective date of the appraisal; a retrospective
opinion based on an analysis of past events
assuming a competitive and open market.
(USPAP)
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Excess Land
Land that is not needed to serve or support
the existing improvement. The highest and
best use of the excess land may or may not
be the same as the highest and best use of
the improved parcel. Excess land may have
the potential to be sold separately and is
valued separately. (Dictionary)
Excess Rent
The amount by which contract rent exceeds
market rent at the time of the appraisal;
created by a lease favorable to the landlord
(lessor)
and
may
reflect
unusual
management, unknowledgeable parties, a
lease execution in an earlier, stronger rental
market, or an agreement of the parties. Due
to the higher risk inherent in the receipt of
excess rent, it may be calculated separately
and capitalized at a higher rate in the
income capitalization approach. (Dictionary)
External Obsolescence
An element of depreciation; a diminution in
value caused by negative externalities and
generally incurable on the part of the owner,
landlord, or tenant. (Dictionary)
Extraordinary Assumption
An assumption, directly related to a specific
assignment, as of the effective date of the
assignment results, which, if found to be false,
could alter the appraiser's opinions or
conclusions.
Extraordinary
assumptions
presume as fact otherwise uncertain
information about physical, legal, or economic
characteristics of the subject property; or about
conditions external to the property such as
market conditions or trends; or about the
integrity of data used in an analysis. An
extraordinary assumption may be used in an
assignment only if:

It is required to properly develop credible
opinions and conclusions;

The appraiser has a reasonable basis for
the extraordinary assumption;

Use of the extraordinary assumption results
in a credible analysis; and

The appraiser complies with the disclosure
requirements set forth in USPAP for
extraordinary assumptions. (USPAP)
Expense Stop
A clause in a lease that limits the landlord's
expense obligation, which results in the
lessee paying any operating expenses
above a stated level or amount. (Dictionary)
Valuation Glossary
Fair Market Value
Functional Utility
A term that is, in concept, similar to market
value in general usage; used mainly in
condemnation, litigation, income tax, and
property tax situations. When an appraisal
assignment involves developing an opinion of
fair market value, the appropriate, requisite,
and precise definition of the term depends on
the use of the appraisal and the applicable
jurisdiction. (Dictionary)
The ability of a property or building to be useful
and to perform the function for which it is
intended according to current market tastes
and standards; the efficiency of a building’s
use in terms of architectural style, design and
layout, traffic patterns, and the size and type of
rooms. (14th Edition)
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Feasibility Analysis
A study of the cost-benefit relationship of an
economic endeavor. (USPAP)
Fee Simple Estate
Absolute ownership unencumbered by any
other interest or estate, subject only to the
limitations imposed by the governmental
powers of taxation, eminent domain, police
power and escheat. (Dictionary)
Floor Area Ratio (FAR)
The relationship between the above-ground
floor area of a building, as described by the
building code, and the area of the plot on
which it stands; in planning and zoning, often
expressed as a decimal, e.g., a ratio of 2.0
indicates that the permissible floor area of a
building is twice the total land area.
(Dictionary)
Functional Obsolescence
The impairment of functional capacity of a
property according to market tastes and
standards. (Dictionary)
Furniture,
(FF&E)
Fixtures,
and
Equipment
Business trade fixtures and personal property,
exclusive of inventory. (Dictionary)
Going-concern Value
1. The market value of all the tangible and
intangible assets of an established and
operating business with an indefinite life, as if
sold in aggregate; more accurately termed the
market value of the going concern.
2. The value of an operating business
enterprise. Goodwill may be separately
measured but is an integral component of
going-concern value when it exists and is
recognizable. (Dictionary)
Gross Building Area (GBA)
Total floor area of a building, excluding
unenclosed areas, measured from the exterior
of the walls of the above-grade area. This
includes mezzanines and basements if and
when typically included in the region.
(Dictionary)
Gross Leasable Area (GLA) - Commercial
Total floor area designed for the occupancy
and exclusive use of tenants, including
basements and mezzanines; measured from
the center of joint partitioning to the outside
wall surfaces. (Dictionary)
Valuation Glossary
Gross Living Area (GLA) - Residential
Hypothetical Condition
Total area of finished, above-grade
residential area; calculated by measuring the
outside perimeter of the structure and
includes only finished, habitable, abovegrade living space. (Finished basements and
attic areas are not generally included in total
gross living area. Local practices, however,
may differ.) (Dictionary)
A condition, directly related to a specific
assignment, which is contrary to what is
known by the appraiser to exist on the
effective date of the assignment results, but is
used for the purpose of analysis. Hypothetical
conditions are contrary to known facts about
physical, legal, or economic characteristics of
the subject property; or about conditions
external to the property, such as market
conditions or trends; or about the integrity of
data used in an analysis. (USPAP)
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Highest & Best Use
The reasonably probable and legal use of
vacant land or an improved property that is
physically possible, appropriately supported,
financially feasible, and that results in the
highest value. The four criteria the highest and
best use must meet are legal permissibility,
physical possibility, financial feasibility and
maximum productivity. (Dictionary)
Highest and Best Use of Land or a Site as
Though Vacant
Among all reasonable, alternative uses, the
use that yields the highest present land value,
after payments are made for labor, capital, and
coordination. The use of a property based on
the assumption that the parcel of land is
vacant or can be made vacant by demolishing
any improvements. (Dictionary)
Highest and Best Use of Property as
Improved
The use that should be made of a property as
it exists. An existing improvement should be
renovated or retained as is so long as it
continues to contribute to the total market
value of the property, or until the return from a
new improvement would more than offset the
cost of demolishing the existing building and
constructing a new one. (Dictionary)
Income Capitalization Approach
In the income capitalization approach, an
appraiser analyzes a property’s capacity to
generate future benefits and capitalizes the
income into an indication of present value. The
principle of anticipation is fundamental to this
approach. Techniques and procedures from
this approach are used to analyze comparable
sales data and to measure obsolescence in
the cost approach. (14th Edition)
Incurable Functional Obsolescence
An element of depreciation; a defect caused
by a deficiency or superadequacy in the
structure, materials, or design that cannot be
practically
or economically corrected.
(Dictionary)
Indirect Costs
Expenditures or allowances for items other
than labor and materials that are necessary
for construction, but are not typically part of
the construction contract. Indirect costs may
include administrative costs; professional
fees; financing costs and the interest paid on
construction loans; taxes and the builder's or
developer's
all-risk
insurance
during
construction; and marketing, sales, and
lease-up costs incurred to achieve
occupancy or sale. (Dictionary)
Valuation Glossary
Insurable Value
Interim Use
The value of an asset or asset group that is
covered by an insurance policy; can be
estimated by deducting costs of noninsurable items (e.g., land value) from
market value. (MVS)
The temporary use to which a site or improved
property is put until a different use becomes
maximally productive. (14th Edition)
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Liquidation Value
The most probable price that a specified
interest in real property should bring under
the following conditions:
1.
Consummation of a sale within a short
time period.
2.
The property is subjected to market
conditions prevailing as of the date of
valuation.
3.
Both the buyer and seller are acting
prudently and knowledgeably.
4.
The seller is under extreme compulsion
to sell.
5.
The buyer is typically motivated.
6.
Both parties are acting in what they
consider to be their best interests.
7.
A normal marketing effort is not possible
due to the brief exposure time.
8.
Payment will be made in cash in U.S.
dollars or in terms of financial
arrangements comparable thereto.
9.
The price represents the normal
consideration for the property sold,
unaffected by special or creative
financing or sales concessions granted
by anyone associated with the sale.
This definition can also be modified to
provide for valuation with specified financing
terms. (Dictionary)
Leased Fee Interest
A freehold (ownership interest) where the
possessory interest has been granted to
another party by creation of a contractual
landlord-tenant relationship. (Dictionary)
Leasehold Interest
The tenant’s possessory interest created by a
lease. (Dictionary)
Legally Nonconforming Use
A use that was lawfully established and
maintained, but no longer conforms to the use
regulations of the current zoning in the zone
where it is located; also known as a
grandfathered use. (Dictionary)
Market Study
A macroeconomic analysis that examines the
general market conditions of supply, demand,
and pricing or the demographic of demand for a
specific area or property type. (14th Edition)
Marketability Study
A microeconomic study that examines the
marketability of a given property or class of
properties, usually focusing on the market
segment (or segments) in which the property is
likely to generate demand. Marketability studies
are useful in determining a specific highest and
best use, testing development proposals, and
projecting an appropriate tenant mix. (14th
Edition)
Valuation Glossary
Market Analysis
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A process for examining the demand for and
supply of a property type and the geographic
market area for that property type. This
process is sometimes referred to as a use in
search of a site. (14th Edition)
Market Area
The geographic or locational delineation of the
market for a specific category of real estate,
i.e., the area in which alternative, similar
properties effectively compete with the subject
property in the minds of probable, potential
purchasers and users.(14th Edition)
Market Rent
The most probable rent that a property should
bring in a competitive and open market
reflecting all conditions and restrictions of the
typical lease agreement, including permitted
uses, use restrictions, expense obligations,
term, concessions, renewal and purchase
options, and tenant improvements (TIs). (14th
Edition)
Market Value
The most probable price which a property
should bring in a competitive and open
market under all conditions requisite to a fair
sale, the buyer and seller each acting
prudently and knowledgeably, and assuming
the price is not affected by undue stimulus.
Implicit in this definition is the consummation
of a sale as of a specified date and the
passing of title from seller to buyer under
conditions whereby:
1.
buyer and seller are typically motivated;
2. both parties are well informed or well
advised, and acting in what they consider
their own best interests;
3. a reasonable time is allowed for exposure
in the open market;
4. payment is made in terms of cash in U.S.
dollars or in terms of financial arrangements
comparable thereto; and
5. the price represents the normal
consideration for the property sold unaffected
by special or creative financing or sales
concessions granted by anyone associated
with the sale. (Office of Comptroller of the
Currency (OCC), Title 12 of the Code of
Federal Regulation, Part 34, Subpart C Appraisals, 34.42 (g); Office of Thrift
Supervision (OTS), 12 CFR 564.2 (g); This is
also compatible with the RTC, FDIC, FRS and
NCUA definitions of market value.)
Net Operating Income (NOI)
The actual or anticipated net income that
remains after all operating expenses are
deducted from effective gross income, but
before mortgage debt service and book
depreciation are deducted. Note: This
definition mirrors the convention used in
corporate finance and business valuation for
EBITDA (earnings before interest, taxes,
depreciation, and amortization). (Dictionary)
Obsolescence
One cause of depreciation; an impairment of
desirability and usefulness caused by new
inventions, changes in design, improved
processes for production, or external factors
that make a property less desirable and
valuable for a continued use; may be either
functional or external. (Dictionary)
Valuation Glossary
Off-site Costs
Parking Ratio
San Diego, CA 92101
Costs incurred in the development of a
project, excluding actual building construction
costs, e.g., the costs of streets, sidewalks,
curbing, traffic signals, and water and sewer
mains; also called common costs or off-site
improvement costs. (Dictionary)
The ratio of parking area or parking spaces to
an economic or physical unit of comparison.
Minimum required parking ratios for various
land uses are often stated in zoning
ordinances.(Dictionary)
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On-site Costs
.
Costs incurred for the actual construction of
buildings and improvements on a particular
site. (Dictionary)
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Overage Rent
The percentage rent paid over and above the
guaranteed minimum rent or base rent;
calculated as a percentage of sales in excess
of a specified breakeven sales volume. (14th
Edition)
Overall Capitalization Rate (OAR)
Prospective Opinion of Value
A value opinion effective as of a specified
future date. The term does not define a type of
value. Instead, it identifies a value opinion as
effective at some specific future date. An
opinion of value as of a prospective date is
frequently sought in connection with projects
that are proposed, under construction, or under
conversion to a new use, or those that have not
achieved sellout or a stabilized level of longterm occupancy. (Dictionary)
Qualitative Analysis
An income rate for a total real property interest
that reflects the relationship between a single
year’s net operating income expectancy and
the total property price or value. (Dictionary)
The process of accounting for differences (such
as between comparable properties and the
subject property) that are not quantified; may
be combined with quantitative analysis.
(Dictionary)
Potential Gross Income (PGI)
Quantitative Adjustment
The total income attributable to real property
at full occupancy before vacancy and
operating
expenses
are
deducted.
(Dictionary)
In the sale comparison approach, the process
of making numerical adjustments to the sale
prices of comparable properties, including data
analysis techniques (paired data analysis,
grouped data analysis, and secondary data
analysis), statistical analysis, graphic analysis,
trend analysis, cost analysis (cost-to-cure,
depreciated cost), and capitalization of rent
differences; usually precedes qualitative
analysis. (Dictionary)
Potential Gross Income Multiplier (PGIM)
The ratio between the sale price (or value) of
a property and its annual potential gross
income (PGIM = V/PGI). (Dictionary)
Present Value (PV)
The value of a future payment or series of
future payments discounted to the current
date or to time period zero. (Dictionary)
Rentable Area
The amount of space on which the rent is
based; calculated according to local practice.
(Dictionary)
Valuation Glossary
Replacement Cost
Scope of Work
The estimated cost to construct, at current
prices as of the effective appraisal date, a
substitute for the building being appraised,
using modern materials and current
standards, design, and layout. (14th Edition)
The type and extent of research and analysis
in an appraisal or appraisal review
assignment. Scope of work includes, but is not
limited to:
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Reproduction Cost
The estimated cost to construct, at current
prices as of the effective date of the appraisal,
an exact duplicate or replica of the building
being appraised, using the same materials,
construction standards, design, layout, and
quality of workmanship and embodying all the
deficiencies,
superadequacies,
and
obsolescence of the subject building. (14th
Edition)
Retrospective Value Opinion
A value opinion effective as of a specific
historical date. The term does not define a
type of value. Instead, it defines a value
opinion as being effective at some specific
prior date. Inclusion of this type of value with
this term is appropriate, e.g., “retrospective
market value opinion.”(Dictionary)
Sales Comparison Approach
The process of deriving a value indication
for the subject property by comparing similar
properties that have recently sold with the
property being appraised, identifying
appropriate units of comparison, and making
adjustments to the sale prices (or unit
prices, as appropriate) of the comparable
properties based on relevant, marketderived elements of comparison. The sales
comparison approach may be used to value
improved properties, vacant land, or land
being considered as though vacant when an
adequate supply of comparable sales is
available. (14th Edition)
The extent to which the property is identified;
The extent to which tangible property is
inspected;
The type and extent of data researched; and
The type and extent of analysis applied to
arrive at opinions or conclusions. (USPAP)
Shopping Center Types
Neighborhood Center: The smallest type of
shopping center, generally with a gross
leasable area of between 30,000 and 100,000
square feet. Typical anchors include
supermarkets and pharmacies. Neighborhood
shopping centers offer convenience goods
and personal services and usually depend on
a market population support of 3,000 to
40,000 people.
Community Center: A shopping center of
100,000 to 400,000 square feet that usually
contains one junior department store, a variety
store, discount or department store. A
community shopping center generally has
between 20 and 70 retail tenants and a
market population support of 40,000 to
150,000 people.
Regional Center: A shopping center of
300,000 to 900,000 square feet that is built
around one or two full-line department stores
of approximately 200,000 square feet each
plus small tenant spaces. This type of center
is typically supported by a minimum
population of 150,000 people.
Valuation Glossary
Shopping Center Types (cont.)
Usable Area
San Diego, CA 92101
Power Center: A large center of 600,000 to
2.0 million square feet anchored by three or
more full-line department stores. This type
of center is typically supported by a
population area of 300,000 people. (14th
Edition)
The area that is actually used by the tenants
measured from the inside of the exterior walls
to the inside of walls separating the space
from
hallways
and
common
areas.
(Dictionary)
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Superadequacy
.
An excess in the capacity or quality of a
structure
or
structural
component;
determined
by
market
standards.
(Dictionary)
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Surplus Land
Land that is not currently needed to support
the existing improvement but cannot be
separated from the property and sold off.
Surplus land does not have an independent
highest and best use and may or may not
contribute value to the improved parcel.
(Dictionary)
Tenant Improvements (TIs)
1. Fixed improvements to the land or
structures installed for use by a lessee.
2. The original installation of finished tenant
space in a construction project; subject to
periodic change for succeeding tenants.
(Dictionary)
Triple Net Lease
A lease in which the tenant assumes all
expenses (fixed and variable) of operating a
property except that the landlord is
responsible for structural maintenance,
building reserves, and management. Also
called NNN, triple net lease, or fully net
lease. (Dictionary)
Useful Life
The period of time over which a structure or a
component of a property may reasonably be
expected to perform the function for which it
was designed. (Dictionary)
Vacancy and Collection Loss
A deduction from potential gross income (PGI)
made to reflect income deductions due to
vacancies, tenant turnover, and non-payment
of rent; also called vacancy and credit loss or
vacancy and contingency loss. Often vacancy
and collection loss is expressed as a
percentage of potential gross income and
should reflect the competitive market. Its
treatment can differ according to the interest
being appraised, property type, capitalization
method, and whether the property is at
stabilized occupancy. (Dictionary)
Yield Capitalization
A method used to convert future benefits into
present value by 1) discounting each future
benefit at an appropriate yield rate, or 2)
developing an overall rate that explicitly
reflects the investment's income pattern,
holding period, value change, and yield rate.
(Dictionary)
Reese Pittman
VALUATION SPECIALIST
[email protected]
APPRAISAL INSTITUTE COURSES
EDUCATION AND
QUALIFICATIONS
BS Business Administration
Finance / Marketing
NC State University
STATE CERTIFICATION
North Carolina
South Carolina
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Charlotte, NC 28202
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Reese Pittman joined Colliers International
Valuation & Advisory Services in 2013. He has
significant experience in preparing real estate
appraisals, feasibility studies, and market
studies. Mr. Pittman has been involved in
various functions within the real estate industry
since 2005. He has extensive experience with
industrial, office, multi-family, and retail
properties, as well as with mixed-use, singletenant, and vacant land.
General Appraiser Income Approach / Part I
EXPERIENCE
General Report Writing and Case Studies
USPAP
2013-Present Colliers International
Valuation & Advisory Services, Charlotte, NC
2008-2013 T.B. Harris Jr. & Associates
Charlotte, NC
Certified General Appraiser
2005-2007 Grandbridge Real Estate Capital
Charlotte, NC
Financial Analyst & Asset Analyst
General Appraiser Income Approach / Part II
Real Estate Finance, Statistics, &
Valuation Modeling
General Market Analysis & Highest and Best Use
General Appraiser Sales Comparison Approach
General Appraiser Site Valuation &
Cost Approach
Business Practice & Ethics
Advanced Income Capitalization
OTHER RELATED COURSES
Basic Appraisal Principles
Basic Appraisal Procedures
Market Analysis & Highest and Best Use
Expert Witness for Commercial Appraisers
PROFESSIONAL AFFILIATIONS AND
ACCREDITATIONS
Commercial Appraisal Review
North Carolina General Certified Appraiser
Deriving & Supporting Adjustments
South Carolina General Certified Appraiser
Introduction to Green Buildings
North Carolina Real Estate Broker License
The Green Guide to Appraising
Appraisal Institute, Candidate for Designation
MANAGING DIRECTOR
[email protected]
EDUCATION AND
QUALIFICATIONS
BBA Marketing
Stetson University
STATE CERTIFICATION
Georgia
North Carolina
South Carolina
Tennessee
Virginia
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Since 1979 has been involved with
numerous clients in conjunction with varying
levels of due diligence associated with
investment-grade real estate. Assignments
have encompassed appraisals, appraisal
reviews, cash flow analysis/modeling,
investment analysis, loan underwriting,
market studies, property inspections,
purchase price allocations, tax appeals etc.
These assignments have involved a diverse
geographic range including the majority of
the United States, two US territories (Puerto
Rico and the US Virgin Islands) and six
foreign
countries
(Aruba,
Bahamas,
Dominican Republic, Panama, St. Lucia and
St. Kitts).
EXPERIENCE
1979-1981 Fidelity Federal S&L Association
West Palm Beach, Florida, Staff Appraiser
1981-1987 Callaway & Price, Inc. West
Palm Beach, Florida, Staff Appraiser
1988-1990 Laventhol & Horwath West Palm
Beach, Florida, Principal
1991-1998 First Union Corporation
Charlotte, North Carolina, Vice President
1998-1999 WMF Capital Corporation
Charlotte, North Carolina, Vice President
2000-2002 MortgageRamp Huntersville,
North Carolina, Managing Director
2002-2004 The MH Williams Group
Charlotte, North Carolina, Principal
2004-2012 CBRE, Inc. Charlotte, North
Carolina, Valuation & Advisory Services,
First Vice-President
2012-Present Colliers International Valuation
& Advisory Services, Managing Director
PROFESSIONAL MEMBERSHIPS AND
ACCREDITATIONS
Designated Member, (MAI)
Certification No. 7582
Course 2-1, 2-2, SPP
SOCIETY OF REAL ESTATE APPRAISERS
Course 101, 201
Stephen R. Hovanec, MAI
SENIOR VALUATION SPECIALIST
[email protected]
EDUCATION AND
QUALIFICATIONS
University of North Carolina
at Charlotte – B.S.B.A
International Business with
concentration in Finance
STATE CERTIFICATION
North Carolina
South Carolina
Colorado
Virginia
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Steve Hovanec joined Colliers International
Valuation & Advisory Services in 2012. He
has significant experience in the preparation
of real estate appraisals, feasibility studies
and market studies.
Since 2007, Mr.
Hovanec has been focused on the real
estate industry and in the preparation of
appraisals for all commercial property types.
He has extensive experience with multi
housing, single-purpose student housing,
industrial, condominium and subdivision
properties. He also has experience in the
valuation of office, retail, mixed-use, singletenant and vacant land.
EXPERIENCE
Senior Valuation Specialist - Colliers
International Valuation & Advisory Services
(Charlotte, NC)
Senior Appraiser – CBRE, Inc.
(Denver, CO & Phoenix, AZ)
Investment Banking Analyst - Bank of
America – Global Structured Finance
(Charlotte, NC)
PROFESSIONAL MEMBERSHIPS AND
ACCREDITATIONS
Appraisal Institute, Member
Advanced Income Capitalization
Advanced Concepts & Case Studies
General Appraiser Market Analysis and
Highest and Best Use
15-Hour & 7-Hour National USPAP
Business Practices and Ethics
Apartment Appraisal, Concepts and
Applications
Valuation & Advisory
Services
Accelerating success.
Valuation &
Advisory Services
Services Offered
Single Asset Valuation
Portfolio Valuation
Institutional Asset Valuation
Loan Pool Valuation
Appraisal Review
Appraisal Management
Lease and Cost Analysis
Insurance Valuation
Arbitration & Consulting
Feasibility Studies
Investment Analysis
Highest and Best Use Studies
Tax Appeals
Litigation Support
Experience That Counts
Office
Industrial
Retail
Multifamily
Mixed-Use Properties
Senior Housing
Land
Self-Storage
Manufactured Housing
Net Lease
Hospitality
Health Care
Subdivisions
Embassies & Consulates
GSA Properties
Special Use Properties
P. 2
Real estate valuations play a pivotal role
in today’s business climate. An accurate
and well supported opinion of property
value can mean the difference between
reaching a critical goal—securing a loan,
closing a sale, reporting to investors,
choosing the best asset—or failing to
achieve it altogether.
Colliers Valuation & Advisory Services’
reports are designed to deliver insight
into a property’s fundamentals, its
competition and the overall market
dynamics affecting value. A solid
valuation report can be a strategic
asset for investors, lenders and owners,
provided that it addresses both a
property’s unique characteristics and the
most current market conditions.
Commitment to high-end client service,
coupled with Colliers International’s
unparalleled market intelligence and
resources, differentiates us as the firm of
choice in the real estate industry.
PROFESSIONALS
Our professionals share a commitment
to deliver the highest level of service
and consistent results. We go the extra
mile for our clients, whether this means
meeting a tight deadline or working with
a complex and challenging property.
TECHNOLOGY
Our unmatched report creation
technology speeds appraisals through
the pipeline. This secure, centralized
production system generates a wide
range of reports and high volume
portfolio orders without delays.
INFORMATION
Today’s business climate places
valuation in a more pivotal position
than ever before. All our appraisals
are evaluated and approved by an
experienced review team to ensure
our clients receive concise and timely
appraisals. With clear, prompt reporting
and a comprehensive, big picture
approach, Colliers International’s
Valuation and Advisory reports give
our clients the information they need to
make better business decisions.
VALUATION & ADVISORY SERVICES Colliers International
Updated 7-2011
Real estate advisors in more than
482 offices in 62 countries.
Founding member
of the World Green
Building Council
Member of World
Economic Forum
2013
™
Named Top 100
service provider more
times than any other
real estate firm
The second-mostrecognized commercial
real estate brand
VALUATION & ADVISORY SERVICES P. 3
Colliers
Updated June 2014
VALUATION & ADVISORY KEY CONTACTS
ATLANTA
Jerry Gisclair MAI, MRICS
Executive Managing Director
[email protected]
+1 404 877 9299
COLUMBUS / CLEVELAND
Bruce Nell MAI, MRICS, MICP
[email protected]
+1 614 436 9800
JACKSONVILLE
Kevin Branton
[email protected]
+1 904 861 1150
PHILADELPHIA
Jake Ramage MAI
Managing Director
[email protected]
+1 215 928 7513
SEATTLE
Reid Erickson MAI
[email protected]
+1 206 343 7477
Eric Durden MAI
Managing Director
[email protected]
+1 404 781 0222
DALLAS
Thomas Bogdon MAI
[email protected]
+1 214 217 9350
LAS VEGAS
Joshua Smith
[email protected]
+1 702 836 3760
PHOENIX
Philip Steffen MAI
[email protected]
+1 602 222 5165
ST. LOUIS
John Griffin
[email protected]
+1 314 932 3917
DENVER
Jonathan Fletcher MAI
Managing Director
[email protected]
+1 303 779 5500
LITTLE ROCK
Jay Porter
[email protected]
+1 501 313 4373
PORTLAND/VANCOUVER
Jeff L. Grose MAI
[email protected]
+1 503 226 0983
TAMPA
Jerry P. Gisclair MAI, MRICS
[email protected]
+1 813 871 8531
BOSTON
Robert LaPorte MAI, CRE
Managing Director
[email protected]
+1 617 330 8101
DETROIT
Sharon Harbin MAI, SRA
Valuation Services Director
[email protected]
+1 248 226 1834
LOS ANGELES
William Drewes MAI
[email protected]
+1 213 532 3227
SACRAMENTO
Jeffrey Shouse
[email protected]
+1 916 724 5500
WASHINGTON D.C.
Royce Rowles MAI
Managing Director
[email protected]
+1 202 534 3611
BUFFALO
James Murrett MAI, SRA
[email protected]
+1 716 312 7790
FRESNO
John Larson
Sr. Valuation Services Director
[email protected]
+1 559 221 1271
MINNEAPOLIS
John Kubes MAI
[email protected]
+1 952 837 3056
SALT LAKE CITY
R. Todd Larsen MAI
Managing Director
[email protected]
+1 801 295 0246
CHARLESTON
Curt McCall, Jr. CRE, MAI
Managing Director
[email protected]
+1 843 284 3000
HAWAIIAN ISLANDS
Bobby Hastings MAI, MRICS
Managing Director
[email protected]
+1 808 926 9595
NASHVILLE
Patrick Gibson MAI CCIM
[email protected]
+1 615 651 7313
SAN DIEGO
Rob Detling MAI
Managing Director
[email protected]
+1 858 860 3852
VALUATION & ADVISORY
SERVICES NATIONAL
LEADERSHIP
Eduardo Alegre MAI, MRICS
President | Valuation & Advisory
[email protected]
+1 714 496 9400
CHARLOTTE
Murray Williams MAI
Managing Director
[email protected]
+1 704 409 2377
HOUSTON
Michael Miggins MAI
Managing Director
[email protected]
+1 713 222 2111
NEW YORK
Morgan Turnbow MAI
Managing Director
[email protected]
+1 212 355 1029
SAN FRANCISCO
Vathana Duong
[email protected]
+1 415 788 3100
CHICAGO
Jeremy R. Walling MAI, MRICS
[email protected]
+1 312 602 6157
INDIANAPOLIS
Willaim Fowler
[email protected]
+1 317 663 6072
NEWPORT BEACH
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Andrew Boespflug
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colliers.com/valuationadvisory
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