Haven at South Atlanta
A MARKET CONDITIONS AND PROJECT EVALUATION SUMMARY OF: HAVEN AT SOUTH ATLANTA A MARKET CONDITIONS AND PROJECT EVALUATION SUMMARY OF: HAVEN AT SOUTH ATLANTA 57 Hardwick Street SE Atlanta, Fulton County, Georgia 30315 Effective Date: April 17, 2019 Report Date: April 19, 2019 Prepared for: Amon Martin Senior Developer Pennrose, LLC 675 Ponce de Leon Avenue NE, Suite 8500 Atlanta, Georgia 30308 Prepared by: Novogradac & Company LLP 4416 East-West Highway, Suite 200 Bethesda, MD 20814 240-235-1701 April 19, 2019 Amon Martin Senior Developer Pennrose, LLC 675 Ponce de Leon Avenue NE, Suite 8500 Atlanta, Georgia 30308 Re: Application Market Study for Haven at South Atlanta, located in Atlanta, Fulton County, Georgia Dear Mr. Martin: At your request, Novogradac & Company LLP performed a 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. The purpose of this market study is to assess the viability of the proposed 84-unit family mixed-income project. It will be a newly constructed affordable LIHTC project, with 84 revenue generating units, restricted to households earning and 60 percent of the Area Median Income (AMI) or less as well as market rate. 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.
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