DOCSLIB.ORG

Market Analysis for Renovation Maury River Place Lexington, Virginia

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Market Analysis for Renovation Maury River Place Lexington, Virginia Market Analysis for Renovation Maury River Place Lexington, Virginia Prepared for: Mr. David Koogler Mark Dana Corporation February 28, 2018 S. Patz and Associates, Inc. 46175 Westlake Drive, Suite 400 Potomac Falls, Virginia 20165 1 February 28, 2018 Mr. David Koogler Mark-Dana Corporation 26302 Oak Ridge Drive Spring, Texas 77380 Dear Mr. Koogler: Attached is our completed market study for the proposed renovation of the existing Green Hills Apartment complex, to be renamed Maury River Place after renovation. The apartment complex is fully occupied and is expected to remain full during and after renovation. All residents have rent subsidies; that too will remain. The market report shows “support” for higher base rents after renovation compared with current rents. These are recommended as described in the report. The market area apartment market is at near full occupancy, with a small waiting list. There are no new apartment proposals under study or planned at this time. Several area apartment properties have been successfully renovated, in a similar manner as the Subject proposal. Market data presented in the attached report are favorable for the proposed $1.6+ million renovation, as required by officials of Virginia Housing Development Authority. Field research for this assignment was undertaken on February 28, 2018. Please call if additional data or clarification are needed. Sincerely, Stuart M. Patz President 2 TABLE OF CONTENTS PAGE Section I Introduction ......................................................................................................................................... 4 Market Area Definition ..................................................................................................................... 6 Maury River Place ................................................................................................................................. 7 Property Description .......................................................................................................................... 7 Site Plan ............................................................................................................................................... 12 Apartment Unit Characteristics ..................................................................................................... 14 Apartment Unit Floor Plans ........................................................................................................... 15 Community Building ....................................................................................................................... 16 Current Resident Characteristics ................................................................................................... 16 Summary .................................................................................................................................... 17 Renovation Program ................................................................................................................. 18 Site Setting .................................................................................................................................. 19 Economic Overview Analysis ....................................................................................................... 22 At-place Employment ............................................................................................................... 22 Employment .............................................................................................................................. 24 Unemployment .......................................................................................................................... 24 Economic Development Activity ............................................................................................ 25 Area Universities ....................................................................................................................... 26 Summary .................................................................................................................................... 27 Section II Affordable Apartment Analysis .............................................................................................. 28 Demographic Analysis .............................................................................................................. 28 Population Trends and Projections ......................................................................................... 28 Group Quarters ................................................................................................................................ 29 Household Population .................................................................................................................... 30 Renter Households ........................................................................................................................... 30 Renter Households by Income ....................................................................................................... 30 Renter Households by Size ............................................................................................................. 31 Competitive Apartment Analysis ..................................................................................................... 31 Apartment Community Characteristics ........................................................................................ 32 Market Area Vacancy Rate ............................................................................................................. 38 Net Rent Analyses ............................................................................................................................ 39 Apartment Unit Sizes & Mix .......................................................................................................... 40 Section III Conclusions ...................................................................................................................................... 42 Demand Table ................................................................................................................................... 42 3 Section I Introduction Following is our full narrative market report for the proposed renovation of the 40-unit, Green Hills Apartments, in Lexington, Virginia, that is being renamed, Maury River Place, as part of an extensive renovation plan, which includes upgrades estimated at a cost of $40,000 per apartment unit. The apartment complex is a rent restricted apartment property under the Section 515 RD program, and the current rent restrictions will remain after the proposed renovation. Once renovated, as is now the case, Maury River Place will have rent and income restrictions, but no age restrictions. The report to follow has been prepared under the current market study guidelines established by Virginia Housing Development Authority (VHDA) for financing for affordable housing. The report will be submitted to officials of VHDA in support of a 9% Low Income Housing Tax Credit application, under the 2018 competitive “round”, with a due date of March 16, 2018. The report closely follows the VHDA report requirements. To stay within the VHDA guidelines, the report is presented in three sections. The first, the Introduction, is a detailed analysis of the apartment site, to be referred to as Maury River Place, and the tenant characteristics of the apartment complex. The site setting is in a location just north of the City of Lexington and the public services available to the site are part of the site description. Also included in the Introduction is a detailed explanation of the renovation proposal. The second part of the Introduction is an Economic Overview of the Rockbridge County economy, with the County defined as the market area for Maury River Place. The economic overview analyzes at-place job growth and trends, including employment and labor force data. Job and employment growth are the key factors supporting population and household growth, and the resulting area housing unit demand, including the type of housing under study. 4 Section II is the Affordable Housing Market Analysis. First presented is the demographic analysis prepared for this report. The demographic analysis “solves” for the number and growth of renters with incomes of $21,000 ± to $32,000±, when incomes are reported in constant 2017/18 dollars. This is the income level required for the proposed rents at Maury River Place, for rents without rent restrictions, and based on affordability of 35 percent of income allocated to gross rent. The market study “must” show demand for renters who can afford the base rents, without any rent restrictions. The lower income range is based on 35 percent of income allocated to base rent, including cold water, sewer and trash collection, at 50% of AMI. The $32,000±, maximum allowable income for gross rent for a three-person household, at 60% of AMI The rent analysis is studied only for 50% and 60% rents for Rockbridge County. The proposal has four units at 40% rents, but the base 40% rent is the same as the 50% rent. All residents of Maury River Place currently meet the required rent restrictions and have incomes below $23,000. Few pay the base rent and rely on rental assistance from “RD” to pay full rent. At the current rate, or increased rent, after renovation, most residents will continue to pay rents below market due to disability, family, or other issues that reduce their
Load more

Recommended publications
  • James River Action Plan (J-RAP)
    James River Action Plan (J-RAP) By: Reid Williams, Allie Kaltenbach, Michaella Becker, Andrew Ames Table of Contents Mission Statement……………………………………………………………………………. .2 Background…………………………………………………………………………………… 2 History……………………………………………………………………………………….... 2 Policies and Mandates in Place……………………………………………………………….. 3 Problems…………………………………………………………………………………….… 6 Problem 1: Harmful Algae blooms (blue algae)….……………………………....…… 8 Goals……………………………………………………………………….….. 8 Problem 2: Bacteria levels………………………………………………………….…. 9 Goals…………………………………………………………………………. 10 Problem 3: Wildlife/Habitat degradation……….......…………………………...…… 10 Goals…………………………………………………………………………. 10 J-RAP Summary of Goals..………………………………………………………………….. 11 References……………………………………………………………………………..…….. 12 1 Mission Statement: Our mission is to attain sufficient water quality standards for wildlife and recreation in the James River Basin of southern Virginia by the year 2030. Background: The James River Watershed is over 10,000 square miles in size and comprises of three sections, the Upper, Middle and Lower James (Middle James Roundtable). This watershed is home to about 3 million people. It emcompasses 15,000 miles of tributaries which include the Appomattox River, Chickahominy River, Cowpasture River, Hardware River, Jackson River, Maury River, Rivanna River, Tye River (James River Association). The James River is the largest tributary to the Chesapeake Bay (James River Association). History: The first inhabitants along the James water were nomadic hunters starting at least 15,000 years ago. Between about 10,000 to 3,000 years ago a collection of tribes described as Archaic Native Americans lived along the James river. They continued to be nomadic as they moved along the Basin seasonally, following animal migrations and plant growth cycles. This nomadic movement, along with the reasonable population, decreased the stress on the Basin due to human activities. It lasted for thousands of years because the way these tribes interacted with the watershed was sustainable.
    [Show full text]
  • Published by and for Residents of KENDAL at Lexington Vol. 18, No. 6, June 2018
    CONNECTIONS Published by and for Residents of KENDAL at Lexington www.kalex.kendal.org Vol. 18, No. 6, June 2018 ing and mulching each year. Resident Heather Marion just completed this annual effort. Interest in restoring the garden began with a volunteer crew of Kendal residents and staff who grubbed out invasive privet, honeysuckle and other plants from the boxwoods. A local master mason repaired several large cracks in the stone walls. The residents’ horticulture and landscap- ing committee took on the garden, and it became a project in 2011. In an important boost to the effort, resident Lloyd Craighill volunteered to build three attrac- tive garden benches and a table of white oak. A unique place that binds together the Sun- For a centerpiece, resident Jim McMillan donat- nyside Farm of long ago with today’s Kendal at ed a handsome sundial and added two other gar- Lexington is maintained today in honor of the den ornaments. Bartenstein, Webster and Anderson families, To level and steady the benches and to pre- who gave the property for the KaLex campus. vent their legs from rotting, masonry bases were Miss Helen Webster developed a terraced needed. The committee obtained bids for this flowerbed behind Sunnyside House about 1950. work and awarded the job to Mike Orrison. He It is now called The Secret Garden. At first the provided an attractive plan using a variety of stone wall-enclosed garden was surrounded by pavers. The plan also included a gravel circle young box bushes; they continued to thrive and for the sundial.
    [Show full text]
  • Survey Reports, Chessie Trail: Rockbridge County, Virginia
    Survey Reports Chessie Trail Rockbridge County, Virginia Thomas C. Gentner Jr. Anthropology 378 Prof. McDaniel Dec. 16, 1982 VIRGINIA RESEARCH CENTER FOR ARCHAEOLOGY SITE SURVEY FORM Name llf site Quasi ' s Site Site number: Chessie 34 Cultural affiliation: Early 19th Century Tq)c of site Historic Ruin Map rcforcrn:e: USGS 7 • 5 min. quadrangle-Lexington Latitude o " north. Longitude o " west. ll.T.M. Zone -1-7- Easting 6J9J20 Northing l:J.1 . ~fi9~0 . (or distance from printed edge of map : bottom edge -- : n 1 e ge __) Owner/address: Maurice Smith Tenant/address: Altitude toward investigation: Favorable Informant/address: Surveyed by : T. Gentner Jr. Date:December 16, 1982 General surroundings: Approximately a mile to a mile and a quarter from the intersection of route 10J7 and route 763, along the Chessie Trail. 400' north of the Chessie Trail. Structural walls made out of· out stone. Nearest water: nature, direction and distance: Maury River, 600' south Dimension of site: 100' by 100' Description : depth, soil, collecting conditions: Inside of structure, four inches of topsoil on top of sterile clay; outside of structure, four inches of top soil on top of one inch of charcoal on top of sterile clay. Collecting were good to excellent throughout. Specimens collected: kinds, quantities. materials: noted: 51 nails; 6 pieces of bone; 4 pieces of metal; 2 spikes; 2 pieces of undecorated whiteware; 1 piece of hinge; 1 piece of wire. Specimens reported . owners. address: Other ducu ml'ntatllll\ : reports. ·historical data : (\1n dition : erosion. cultivation , ex cavation . comtruction : Recommendations: Intensive Testing Photo: Map: Recorded by: TCG Date: December 16, 1982 (Use reverse side of sheet and additional p~ges for sketches of site and artifacts) Thomas Gentner Between September 14, 1982 and December 19, 1982, the 1 students of the Anthropology 378 class of Washington and Lee University , under the instruction of Dr.
    [Show full text]
  • The Status of Water Quality in the Rivers and Tributaries of the Shenandoah River Watershed
    The Status of Water Quality in the Rivers and Tributaries of the Shenandoah River Watershed Final Report (Third Edition) August, 2007 A paper prepared by Charles Vandervoort of the Friends of the Shenandoah River with the cooperation of the Volunteer Monitors of the Shenandoah River Watershed. Table of Contents Foreword .............................................................................................................................................................................................v Executive Summary ..........................................................................................................................................................................vii Acknowledgments..............................................................................................................................................................................xi Chapter 1: Introduction.....................................................................................................................................................................1 Purpose ........................................................................................................................................................................................1 Background..................................................................................................................................................................................1 Methodology ...............................................................................................................................................................................3
    [Show full text]
  • 2008 Maury River Biologist Report
    Maury River 2008 The Maury River runs 42 miles from the confluence of the Calfpasture River and the Little Calfpasture River near Goshen to its mouth in Glasgow. The entire watershed is in Rockbridge County, Va. The Maury River provides ample angling opportunities, from the trout-stocked rapids of Goshen Pass to the deep pools downstream of Buena Vista. The Department of Game and Inland Fisheries (DGIF) has sampled the Maury River at several established locations since 1997, all downstream of Goshen Pass. The primary objective is to obtain population statistics for sport fish and to manage them appropriately for the anglers of Virginia. Sport fish of the Maury River include stocked brown and rainbow trout that are introduced several times annually by DGIF in the Goshen Pass area. Smallmouth bass, redbreast sunfish, rock bass, and carp are the dominant species throughout the system. Muskellunge and flathead catfish are available in limited number near Glasgow. Below is a location map of four electrofishing stations that have been in use by DGIF for a decade. DGIF Sample Sites Beans Bottom VMI (Rt 60) Sniders Glasgow 2 Smallmouth bass This species is considered the primary target of most anglers that fish the Maury River. Results are published as “catch rates” or number of fish per hour netted by biologists. The line graph on the next page shows that the catch rates for smallmouth bass rivers across Virginia is about the same as the average over time in the Maury River (91 fish per hour). The highest catch rates occur near Glasgow (139 fish/hour) and the lowest near Beans Bottom, above Lexington.
    [Show full text]
  • Rockbridge, VA Outdoor Recreation Guide
    Rockbridge, VA Outdoor Recreation Guide History Hiking Water Natural Bridge General Information (Not labeled on map) “The Natural Bridge, the most sublime of nature’s works, though not Formed in 1778 and named after the Natural Bridge of Virginia, House Mountain Maury River comprehended under the present head, must not be pretermitted… Though the ● Population: 22,307 Rockbridge County is rich in history and full of outdoor recreation ● This hiking trail is 8.2 miles long, and takes about 5.5 hours ● Located entirely in Rockbridge Co. sides of this bridge are provided in some parts with a parapet of fixed rocks, yet few ● 6th Congressional District to climb to an elevation of 2,850 ft. It combines two trails in ● 43 miles long until reaching the James River near Glasgow men have resolution to walk to them and look over into the abyss. You involuntarily opportunities. The county was created from neighboring Botetourt ● Time zone: Eastern one: Little House trail and Big House Mountain trail. It is ● Hot spot for fishing and kayaking fall on your hands and feet, creep to the parapet, and peep over it. If the view County and Augusta County. The valley was first discovered by ● Website: www.co.rockbridge.va.us ranked 5 in difficulty. A friendly goat has taken residence on from the top be intolerable, that from below is delightful in an equal extreme. It is German explorer John Lederer in 1670. However, permanent settlers impossible for the emotions arising from the sublime to be felt beyond what they ● Universities/Colleges: the trail that usually walks with you and demands payment in did not show up until the 1730’s.
    [Show full text]
  • Birds of Rockbridge County
    The Birds of the Greater Rockbridge County, Virginia Area Richard A. Rowe Department of Biology Virginia Military Institute Accidental – A bird outside of its normal range (breeding or winter) or outside of its normal migration route Rare – A bird that is within its normal breeding or over-wintering range or its normal migration route, but should not be expected to be seen in the area on a yearly basis Unusual – A bird that is within its normal breeding or over-wintering range but is not reported on a regular basis in the county (1-5 sightings per year) Common – A bird that is regularly seen within the area but may not be present in large numbers or may have a restricted distribution (Locally Common) Abundant – A bird that is found in large numbers within the county but may have a restricted distribution (Locally Abundant) Transient – A bird that is seen in the area during migration or as a wandering sub-adult Year-round – A bird that is present in the area throughout the entire year and is usually a breeder Summer breeder – A bird that migrates into the area and breeds during the summer Winter migrant/resident – A bird that migrates into the area and over-winters and then leaves in the spring Notes: Cameron’s Pond, which was located near the current Rockbridge County High School, drained naturally in 1936. Womeldorf Farm ponds are located just outside of Lexington in the new, Pond’s housing development. Lake Robertson and Lake Merriweather were created after Murray published his account of the Birds of Rockbridge County.
    [Show full text]
  • The Virginia Flood of 1969
    DEPARTMENT OF CONSERVATION AND ECONOMIC DEVELOPMENT l . t/( Jo..., DIVISION OF WATER RESOURCES I RICHMOND, VIRGINIA INFORMATION BULLETIN 505 1911 THE VIRGINIA FLOOD OF 1969 the effects of Hurricane Camille in the James River Basin of Virginia UNITED STATES GB 1225 .V8 K3 PARTMENT OF THE INTERIOR GEOLOGICAL SURVEY ~ .... ... .. - ... d .... .. ... ··~.-.. ~ .. __ . ... .. _ , Q3 I CJ,;J $' \fb ~<3 UNITED STATES DEPARTMENT OF INTERIOR GEOLOGICAL SURVEY WATER RESOURCES DIVISION THE VIRGINIA FLOOD OF 1969 the effect$ of Hurricane Camille in the James River Basin of Virginia By Donovan Kelly I; DEPARTMENT OF CONSERVATION AND ECONOMIC DEVELOPMENT v~. DIVISION OF WATER RESOURCES RICHMOND, VIRGINIA INFORMATION BULLETIN 505 1971 THE VIRGINIA FLOOD OF 1969 The Effects of Hurricane Camille in the James River Basin of Virginia by Donovan B. Kelly INTRODUCTION At one point the rains fell at a rate and volume not likely to be equaled or exceeded in the stricken area Tuesday, August 19 began as a quiet Election Day in more than once in a 1 ,QOO-years or more. Hurricane Virginia and ended as the night of the flood of '69-in Camille was the prime cause of the rains but not the sole deaths and dollars, probably the greate~t natural disaster cause. in the history of the State. In the wake of a 1 ,000-year As the election polls closed on that Tuesday, August rain, a 100-year flood, and landslides that reshaped 19, Camille was a tropical depression (an area of low slopes and valleys along a 40-square mile stretch of the pressure, moderate winds, and moderate precipitation) Blue Ridge, 152 Virginians were dead or missing, centered somewhere in eastern Kentucky.
    [Show full text]
  • Volume 15, Issue 21 Monday, July 5, 1999
    THE VIRGINIA REGISTER INFORMATION PAGE THE VIRGINIA REGISTER is an official state publication issued period; (ii) the Governor exercises his authority to require the agency to every other week throughout the year. Indexes are published quarterly, provide for additional public comment, in which event the regulation, and the last index of the year is cumulative. THE VIRGINIA REGISTER unless withdrawn, becomes effective on the date specified, which shall has several functions. The new and amended sections of regulations, be after the expiration of the period for which the Governor has provided both as proposed and as finally adopted, are required by law to be for additional public comment; (iii) the Governor and the General published in THE VIRGINIA REGISTER OF REGULATIONS. In Assembly exercise their authority to suspend the effective date of a addition, THE VIRGINIA REGISTER is a source of other information regulation until the end of the next regular legislative session; or (iv) the about state government, including all emergency regulations and agency suspends the regulatory process, in which event the regulation, executive orders issued by the Governor, the Virginia Tax Bulletin issued unless withdrawn, becomes effective on the date specified, which shall periodically by the Department of Taxation, and notices of public be after the expiration of the 30-day public comment period. hearings and open meetings of state agencies. Proposed regulatory action may be withdrawn by the promulgating ADOPTION, AMENDMENT, AND REPEAL OF agency at any
    [Show full text]
  • Brushy Blue Master Plan
    LPDA Land Planning & Design Associates, Inc. BRUSHY BLUE GREENWAY MASTER PLAN Table of Contents BRUSHY BLUE GREENWAY MASTER PLAN...........................................................................................................1 EXECUTIVE SUMMARY ................................................................................................................................................4 INTRODUCTION ..............................................................................................................................................................6 GREENWAYS VISION .........................................................................................................................................................6 GREENWAYS DEFINITION.........................................................................................................................................................6 PLAN DEVELOPMENT...................................................................................................................................................8 PLAN DEVELOPMENT PROCESS ................................................................................................................................................9 GOALS AND OBJECTIVES ..........................................................................................................................................10 OWNERSHIP .......................................................................................................................................................................10
    [Show full text]
  • Cover Nov Draft.Pub
    VIEWPOINTS Buena Vista Comprehensive Plan FINAL DRAFT November 2011 VIEWPOINTS Buena Vista Comprehensive Plan FINAL DRAFT November 2011 The name, Viewpoints, refers to the beautiful views seen throughout the City of Buena Vista, but it also represents the varying ideas, or viewpoints, of its residents as a vision for the City’s future was created through this plan. Resources. Information for the ‘Relationship to Other Plan Elements’ comes from Under Construction: Tools and Techniques for Local Planning as prepared by Minnesota Planning, September 2002. This document was prepared by the Central Shenandoah Planning District Commission (CSPDC) with the assistance of the Buena Vista Comprehensive Plan Committee. The CSPDC was chartered on September 30, 1969 and is comprised of five counties, five cities and eleven towns. For over forty years, the CSPDC has been providing assistance to local governments and their citizens with issues including land use planning and regulation, transportation, disaster mitigation and preparedness, solid waste management, economic development, water and waste water, emergency management, housing, water resource management and human services. Buena Vista Comprehensive Plan VIEWPOINTS Table of Contents LIST OF TABLES ..................................................................................................................vi LIST OF FIGURES...............................................................................................................viii LIST OF MAPS.....................................................................................................................ix
    [Show full text]
  • Toxic Water Pollution in Virginia Table 9
    E NVIRONMENTAL Dishonorable W G TM ORKING ROUP Table 9 Discharge Toxic water pollution in Virginia Companies reporting toxic discharges to water (1990-1994) City: Accomac, Virginia Facility: Perdue Farms Inc. Pounds of toxic chemicals discharged to water Chemical discharged Receiving water 1990 1991 1992 1993 1994 1990-1994 All toxic chemicals 5,600 9,600 91 2,600 14,000 31,891 AmmoniaParker Creek 5,600 9,600 91 2,600 14,000 31,891 City: Big Island, Virginia Facility: Georgia-Pacific Corp. Pounds of toxic chemicals discharged to water Chemical discharged Receiving water 1990 1991 1992 1993 1994 1990-1994 All toxic chemicals 4,560 14,595 11,825 13,219 13,000 57,199 MethanolJames River 250 4,600 4,800 4,900 4,975 19,525 Zinc (fume or dust)James River 4,300 6,570 6,925 17,795 Zinc compounds James River 4,700 7,029 11,729 Acetaldehyde James River 1,000 1,100 1,100 1,100 4,300 ChlorineJames River 5 2,265 1,065 3,335 Acetone James River 160 160 190 510 Sulfuric acidJames River 5 5 City: Blacksburg, Virginia Facility: Federal-Mogul Corp. Pounds of toxic chemicals discharged to water Chemical discharged Receiving water 1990 1991 1992 1993 1994 1990-1994 All toxic chemicals 196 384 500 166 1,246 Copper compoundsNorth Fork Roanoke River 90 140 228 458 Lead compoundsNorth Fork Roanoke River 87 110 117 314 Zinc compounds Unknown 150 150 Zinc compounds North Fork Roanoke River 130 130 Copper compounds Roanoke River 98 98 Zinc compounds Roanoke River 65 65 Cyanide compoundsNorth Fork Roanoke River 4 4 5 13 Nitric acidNorth Fork Roanoke River 5 5 Sulfuric acidNorth Fork Roanoke River 5 5 Hydrochloric acidNorth Fork Roanoke River 5 5 Cyanide compounds Roanoke River 3 3 City: Buena Vista, Virginia Facility: Georgia Bonded Fibers Inc.
    [Show full text]