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A MARKET CONDITIONS AND PROJECT EVALUATION SUMMARY OF: MARIETTA ROAD HIGHRISE 1 A MARKET CONDITIONS AND PROJECT EVALUATION SUMMARY OF: MARIETTA ROAD HIGHRISE 2295 Marietta Road NW Atlanta, Fulton County, Georgia 30318 Effective Date: November 9, 2018 Report Date: March 4, 2019 Prepared for: Mikki Anderson Vice President of Development The Michaels Development Company 3355 Lenox Road, Suite 750 Atlanta, GA 30326 Prepared by: Novogradac & Company LLP 33 Wood Avenue South Suite 600 Iselin, NJ 08830 732-623-7005 March 4, 2019 Mikki Anderson Vice President of Development The Michaels Development Company 3355 Lenox Road, Suite 750 Atlanta, GA 30326 Re: Application Market Study for Marietta Road Highrise, located in Atlanta, Fulton County, Georgia Dear Ms. Anderson: At your request, Novogradac & Company LLP has performed a market study of the multifamily rental market in the Atlanta, Fulton County, Georgia area relative to the above-referenced Low-Income Housing Tax Credit (LIHTC) project. We previously completed market studies and appraisals for this property in December of 2017 and February 2016. We are concurrently completing an appraisal on the Subject. The purpose of this market study is to assess the feasibility of the rehabilitation of Marietta Road Highrise (Subject), an existing 130-unit age-restricted public housing property (55+) proposing renovation with Low- Income Housing Tax Credit (LIHTC) equity. Upon completion of the proposed renovation, all of the units will operate under the Rental Assistance Demonstration (RAD) and LIHTC programs and will be restricted to senior (55+) households earning up to 60 percent AMI or less. Upon completion, the property will include 129 units; the one two-bedroom unit is currently used as the manager’s unit will be repurposed as a common area. The following report provides support for the findings of the study and outlines the sources of information and the methodologies used to arrive at these conclusions. The scope of this report meets the requirements of Georgia Department of Community Affairs (DCA), including the following: • Inspecting the site of the proposed Subject and the general location. • Analyzing appropriateness of the proposed unit mix, rent levels, available amenities and site. • Estimating market rent, absorption and stabilized occupancy level for the market area. • Investigating the health and conditions of the multifamily market. • Calculating income bands, given the proposed Subject rents. • Estimating the number of income eligible households. • Reviewing relevant public records and contacting appropriate public agencies. • Analyzing the economic and social conditions in the market area in relation to the proposed project. • Establishing the Subject Primary and Secondary Market Area(s) if applicable. • Surveying competing projects, Low-Income Housing Tax Credit (LIHTC) and market rate. Novogradac & Company LLP adheres to the market study guidelines promulgated by the National Council of Housing Market Analysts (NCHMA). The NCHMA certification and checklist can be found in the Addenda of this report. Please refer to the checklist to find the sections in which content is located. This report contains, to the fullest extent possible and practical, explanations of the data, reasoning, and analyses that were used to develop the opinions contained herein. The report also includes a thorough analysis of the scope of the study, regional and local demographic and economic studies, and market analyses MS. MIKKI ANDERSON THE MICHAELS DEVELOPMENT COMPANY MARCH 2019 PAGE 2 including conclusions. The depth of discussion contained in the report is specific to the needs of the client. Information included in this report is accurate and the report can be relied upon by DCA as a true assessment of the low-income housing rental market. This report was completed in accordance with DCA market study guidelines. We inform the reader that other users of this document may underwrite the LIHTC rents to a different standard than contained in this report. The Stated Purpose of this assignment is to assist with underwriting. You agree not to use the Report other than for the Stated Purpose, and you agree to indemnify us for any claims, damages or losses that we may incur as the result of your use of the Report for other than the Stated Purpose. Without limiting the general applicability of this paragraph, under no circumstances may the Report be used in advertisements, solicitations and/or any form of securities offering. The authors of this report certify that we are not part of the development team, owner of the Subject property, general contractor, nor are we affiliated with any member of the development team engaged in the development of the Subject property or the development’s partners or intended partners. Please do not hesitate to contact us if there are any questions regarding the report or if Novogradac & Company LLP can be of further assistance. It has been our pleasure to assist you with this project. Respectfully submitted, Novogradac & Company LLP Blair Kincer, MAI, CRE, LEED Green Associate Brian Neukam Partner Manager [email protected] GA Certified General Appraiser #329471 Expiration Date: March 31, 2019 [email protected] Kelly Gorman Principal [email protected] TABLE OF CONTENTS A. Executive Summary ............................................................................................................................................... 1 Executive Summary .......................................................................................................................................... 2 B. Project Description ................................................................................................................................................. 8 Project Description ........................................................................................................................................... 9 C. Site Evaluation ...................................................................................................................................................... 13 D. Market Area .......................................................................................................................................................... 23 Primary Market Area ...................................................................................................................................... 24 E. Community Demographic Data ......................................................................................................................... 26 Community Demographic Data ..................................................................................................................... 27 F. Employment Trends ............................................................................................................................................. 33 G. Project-Specific Affordability and Demand Analysis ...................................................................................... 42 H. Competitive Rental Analysis ............................................................................................................................... 55 I. Absorption and Stabilization Rates ................................................................................................................... 75 Absorption and Stabilization Rates ............................................................................................................... 76 J. Interviews .............................................................................................................................................................. 77 K. Conclusions and Recommendations ................................................................................................................ 80 Conclusions .................................................................................................................................................... 81 L. Signed Statement Requirements ...................................................................................................................... 85 M. Market Study Representation ............................................................................................................................ 87 Addendum A. EXECUTIVE SUMMARY MARIETTA ROAD HIGHRISE – ATLANTA, GEORGIA – MARKET STUDY EXECUTIVE SUMMARY 1. Project Description Marietta Road Highrise is an existing age-restricted public housing multifamily property (55+) located in Atlanta, Fulton County, Georgia, which consists of one seven-story elevator-serviced midrise residential building. The following table illustrates the proposed unit mix. PROPOSED RENTS 2018 LIHTC Unit Size Number Asking Utility Gross 2018 HUD Fair Unit Type Maximum Allowable (SF) of Units Rent Allowance (1) Rent Market Rents Gross Rent @60% (RAD) 1BR / 1BA 555 129 $842 $0 $842 $842 $898 Notes (1) Source of Utility Allowance provided by the Developer. All of the Subject’s units at the 60 percent of AMI level will operate under the Rental Assistance Demonstration (RAD) program upon renovation. Tenants in these units will remain income qualified and continue to pay 30 percent of their income towards rent. The proposed rents for the Subject’s units at the 60 percent of AMI levels are at the maximum allowable rent. The Subject’s property amenities are considered to be similar to the existing housing supply in the market. The Subject’s in-unit amenities are considered
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