APARTMENT MARKET STUDY AND DEVELOPMENT PROGRAM RECOMMENDATIONS
FOR A PROTOTYPICAL GARDEN APARTMENT PROJECT
BEDFORD, VIRGINIA
April 25, 2014
PREPARED BY DELTA ASSOCIATES FOR:
BEDFORD COUNTY ECONOMIC DEVELOPMENT AUTHORITY Attention: Ms. Traci Blido 122 East Main Street, Suite 202 Bedford, VA 24523
#14240
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TABLE OF CONTENTS
PAGE
Letter of Findings ...... 1
APPENDICES
Appendix A: Recommended Development Program and Estimated Rents ...... A - 1
Appendix B: Surveyed Comparable Apartment Projects ...... B - 1
Appendix C: Apartment Rent Analysis ...... C - 1
Appendix D: Apartment Supply and Demand Analysis ...... D - 1
Appendix E: Demographic and Economic Data ...... E - 1
Appendix F: Housing Market Overview ...... F - 1
Appendix G: Profiles of Comparable Apartment Properties ...... G - 1
500 MONTGOMERY STREET, SUITE 600 | ALEXANDRIA, VA 22314 P: 703.836.5700 | WWW.DELTAASSOCIATES.COM
April 25, 2014
Ms. Traci Blido Bedford County Economic Development Authority 122 East Main Street, Suite 202 Bedford, VA 24523
RE: Apartment Market Study and Development Program Recommendations For a Prototypical Garden Apartment Project Bedford, Virginia Delta’s Project #14240
Dear Ms. Blido:
This letter and the attached appendices present the results of an apartment market study undertaken for the project referenced above. Pursuant to our contract dated December 5, 2013, the primary purpose of this study is to assist you with your internal planning by estimating market demand for apartments and recommending a development program.
Our market findings are presented in this report. In providing these services, we have undertaken market research so as to understand the scale and overall health of the apartment market in the subject market area. The prospective development is evaluated in the context of these market findings. The primary tasks involved in assessing the proposed project are as follows: x Prepare an overview of the area economy. x Prepare an overview of the area housing market. x Analyze apartment market activity and project supply and demand conditions over the next three years. x Evaluate the Town of Bedford as a place from which to compete in the apartment market. x Survey comparable apartment properties. x Analyze demographic characteristics of the market area and identify the target resident for the subject. x Recommend a development program to optimize market performance. x Estimate achievable rents and lease-up pace. x Recommend development timing and phasing.
The reader should note that this study is not for a particular site. Rather, the study addresses the market potential for an unspecified location in the Town of Bedford, in order to assess market feasibility for a project as recommended in this report. This study does not address financial feasibility of the project.
Research for this study was conducted in April 2014, and the analysis and findings reflect market conditions as of that period. Our findings are detailed below. The data on which these findings are based are found in the attached appendices.
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SUMMARY OF FINDINGS
Bedford County’s population is growing, and incomes are rising. Population and households are projected to increase by about 0.7% annually through 2018, or approximately 2,700 persons and 1,100 households. The median household income is projected to increase from about $52,000 in 2013 to $58,800 by 2018.
The Town of Bedford is a good location from which to compete in the Bedford County housing market. It has excellent local and regional accessibility as a crossroads for several major highways and proximity to shopping and recreational opportunities. Its location on U.S. Route 460 will appeal to potential residents who commute to jobs in Lynchburg or Roanoke. The limited supply of high quality rental apartment units in locations other than the Lynchburg suburbs presents an opportunity to satisfy unmet demand in the county.
The Bedford County Class A apartment market is currently overbuilt, due to a high volume of units in the pipeline, concentrated in the Forest area. We project that demand will reduce the oversupply somewhat over the next three years. As a result, the overall vacancy rate, including projects in lease-up, will fall during the period ahead, although we expect it to remain above 16% as of April 2017.
We conclude that there is moderate market potential for a well-designed Class A apartment community in the Town of Bedford. There is evidence of market support for a 120-unit project. Although we did not study a specific site, we assume the location would be within the Town of Bedford on a site suitable for this type of development, with good visibility and access, and with surrounding land uses conducive to a good-quality apartment community. Further, we assume the apartment project would be developed in a town center-style or perhaps mixed-use environment in conjunction with other complimentary uses, such as retail, office, and other commercial space.
We recommend that the subject be designed as a garden apartment project with three-story wood-frame buildings. Our recommendations are based on a prototypical 120-unit project with two phases of 60 units each.
We recommend a unit mix and unit sizes for the subject that will result in a weighted average unit size of 1,042 SF. In-unit finishes and features and common area amenities should be among the best in the market in order to compete successfully.
We estimate that the subject can achieve effective base rents (listed in Figure 1) that result in an average of $893 per unit, or $0.86 per SF, as if the subject property were open and leasing today. Base rents are the rents for the lowest-floor units of a given type, before additional premium charges. Effective rents are the net achievable rents after deducting concessions. Including premiums and parking, the overall weighted average revenue for the subject is estimated at $923 per unit, or $0.89 per SF.
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FIGURE 1 DELTA’S RECOMMENDED UNIT MIX AND UNIT SIZES AND ESTIMATED RENTS AS OF APRIL 2014
UNIT MIX UNIT EFFECTIVE RENT UNIT TYPE # % SIZE (SF) PER UNIT PER SF 1BR/1B 28 23.3% 820 $790 $0.96 2BR/2B 60 50.0% 1,050 $890 $0.85 3BR/2B 32 26.7% 1,220 $990 $0.81 Total/Average: 120 100.0% 1,042 $893 $0.86 Overall Average Including Premiums and Parking: $923 $0.89
Note: See Table A-1 for details.
We recommend a parking ratio of 1.0 space per bedroom (or 2.03 spaces per unit), equating to 244 tenant parking spaces. Parking should include about 220 surface spaces and detached private garages for 20% of the units.
We estimate that the subject can lease up at an average pace of five units per month, assuming a top-notch marketing program that begins about three months before the first units become available.
AREA OVERVIEW
Bedford County and the Town of Bedford are strategically located midway between Roanoke and Lynchburg in Virginia’s Piedmont Plateau. Bedford County encompasses about 760 square miles in the west central part of Virginia. The county’s boundaries follow the Blue Ridge Mountains on the west, the James River on the northeast, and Smith Mountain Lake on the south. A number of colleges are located within one to two hours of Bedford, including Liberty University, Virginia Military Institute, Washington and Lee University, Sweet Briar College, the University of Virginia, Virginia Tech, James Madison University, and Virginia Commonwealth University.
Three inter-regional highways pass through or are easily accessible from the Bedford County area: x US 460, which connects with I-81 near Roanoke and I-85 southwest of Petersburg; x US 29, which is accessible in Lynchburg and connects with Charlottesville to the north and Danville to the south; and x US 501, which links the Shenandoah Valley with central North Carolina.
These highways put the Town of Bedford about 115 miles west of Richmond, 210 miles southwest of Washington, DC, and 215 miles west of Norfolk.
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Bedford County is experiencing moderate growth, which is projected to continue. Demographic profiles presented in Appendix E show moderate projected growth from 2013 to 2018 in population, households, personal and household incomes, and home values.
Area income is rising. The average household income in Bedford County is $69,598 as of 2013, and it is projected to grow to $81,621 by 2018, or an increase of 17%. Currently, about 69% of households in the county make more than $35,000 per year, and this share is projected to rise to 74% by 2018. The county’s median household income was $52,026 in 2013, and it is projected to grow by about 2.5% annually until 2018, which equates to a median of $58,784. The county’s annual rate of income growth trails Virginia’s annual rate of 3.6% and the national rate of 3.0%.
Bedford County has a strong group of employers. TEVA Pharmaceuticals, the largest generic pharmaceutical company in the country, has a location in Bedford County that employs more than 600 workers. Other companies that employ a large number of workers include Georgia-Pacific, Bedford Memorial Hospital, and Inservice America. Having such large and well-established companies helps to maintain steady employment in Bedford County. Companies located in the Town of Bedford that are currently planning to expand include Valley Processing, Matrixx Group, Southern Flavorings, and Blue Ridge Optics, which will help drive job growth in the area. Several employers in the county are local branches of national companies. Our interviews with local real estate professionals indicate that these employers often transfer managers in from other parts of the country and that these people are often unable to find suitable rental housing in Bedford County. The county’s newest employer is the U.S. Army Reserve training center, which will open this year on US 460 on the west side of the Town of Bedford. It will likely employ about 10 people on a full-time basis and is expected to handle up to 240 Army Reserve members per weekend. See Table E-8.
Employment levels have been virtually flat in Bedford County since the recent national recession. From 2002 to 2008, employment in Bedford County trended upwards every year, but the county has not had two consecutive years of positive job growth since then. With a strong group of employers, we expect employment to remain steady, but we do not expect a significant increase in total employment in the near future. See Table E-5.
Bedford County’s unemployment rate is lower than the national rate and close to that for Virginia. According to the Bureau of Labor Statistics, the unemployment rate for Bedford County was 5.6% in February 2014, compared to 4.9% for Virginia and 7.0% for the United States overall. The unemployment rate in Bedford County has declined every year since 2010, when it reached a cyclical peak of 7.2%.
The Town of Bedford was one of six localities to receive an Enterprise Zone designation in 2005 from the Commonwealth of Virginia. The designation provides opportunities for the use of state and local enterprise zone incentives to help create new jobs, promote private investment, and improve overall economic growth. The zones are designated through 2015 and can be renewed through 2025.
Commercial and industrial areas in the region generally are concentrated along major transportation corridors with the greatest concentrations of commercial development along the US 460 corridor (including the Town of Bedford), in the Forest area near Lynchburg, and around Smith Mountain Lake. Forest is a Census- designated place in eastern Bedford County adjacent to Lynchburg that has experienced rapid growth and
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development in recent years. It is the home of the Center for Advanced Engineering and Research, a nuclear energy research and distance education collaborative involving the University of Virginia, Virginia Tech, and the nuclear power company AREVA.
Tourism is a major economic generator for Bedford County, and tourist facilities and other recreational opportunities in the area help to make the county a more attractive place to live. These include: x The Blue Ridge Parkway, a scenic highway that runs for 470 miles along the crest of the Southern Appalachian mountains, attracts thousands of visitors each year. The Parkway offers mountain scenery, hiking on the Appalachian Trail, and camping and picnic facilities. x The Peaks of Otter, twin mountains that rise to 4,200 feet, comprise 40 miles of the Blue Ridge Parkway on Bedford County’s northern border. x Jefferson National Forest, which covers portions of 22 Virginia counties including Bedford County, is a wilderness area with hunting, fishing, horseback and hiking trails. x Poplar Forest, a retreat home designed and built by Thomas Jefferson in Forest near Lynchburg, is one of Bedford County’s most famous historic sites. x Smith Mountain Lake, a 23,000-acre lake with more than 500 miles of shoreline, offers water sports. Smith Mountain Lake State Park provides a public beach, boat ramps, camping, hiking, and picnic facilities. Created in 1963 as a combination pumped storage and hydroelectric project, the lake area began to see significant second home development during the mid-1970s. Recreation-oriented businesses and developments surround the lake, which has become increasingly popular, especially during the spring and summer seasons. x The Town of Bedford is home to the National D-Day Memorial and the historic Bedford Centertown business district, which has a variety of shops, art galleries, and restaurants, as well as the Bedford County Courthouse and county and town government offices.
Bedford Memorial Hospital, an affiliate of Carilion Health System and Centra Health, is a 50-bed medical facility that offers a full range of health care services to Bedford residents.
OVERVIEW OF HOUSING MARKET CONDITIONS
We have prepared the following overview of housing market conditions in Bedford County. The subject prototypical apartment development will be located in or near the Town of Bedford and will compete in the Bedford County housing market.
Bedford County’s overall housing inventory is growing, albeit at a declining rate, while the overall vacancy rate is rising. We estimate that there are 36,047 housing units in Bedford County as of 2013. From 2000 to 2010, 5,314 units were added to the county’s housing inventory, and from 2010 to 2013, 1,190 units were added – an average increase of 1.7% and 1.1% per year, respectively. Projections indicate that 1,437 units will be added by 2018, or an increase of 0.8% per year. This is a notable trend of slowing housing inventory growth. Total vacant units as a share of the total housing inventory grew from 10.8% in 2000 to 13.7% in 2010. In 2013 overall housing vacancy rose to 14.0%, and we project it will increase to 14.3% by 2018. In comparison, vacant
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units represented 9.0% of the U.S. housing inventory in 2000 and 12.4% in 2012.1 The chief reason for the county’s relatively high vacancy rate is the fact that the county has a large number of units classified as being for seasonal use, which are counted as vacant by the Census Bureau, due to its proximity to Smith Mountain Lake and the Blue Ridge Mountains. In fact, we estimate that about 47% of all vacant units in Bedford County are classified as being for seasonal, recreational, or occasional use, or more than 2,350 units. See Tables F-2 and F-4 in Appendix F.
Rental housing units represent 17.7% of the total housing inventory and 7.5% of all vacant housing units in Bedford County. There are 6,379 rental housing units in Bedford County, including single-family homes, duplexes, townhouses, multifamily units, and manufactured/mobile homes. Of this total, 5,997 are occupied units and 382 are vacant units, which equates to 6.0% vacancy rate. See Figure 2 below and Tables F-2 and F-4.
FIGURE 2 SUMMARY OF HOUSING SUPPLY BY TENURE BEDFORD COUNTY, VIRGINIA 2000 - 2018
2000 2010 2013 2018 Total Housing Units 29,543 34,857 36,047 37,484 Average Annual Change % -- 1.7% 1.1% 0.8% Average Annual Change # -- 531 397 287
Occupied Housing Units 26,352 30,092 30,984 32,123 Average Annual Change % -- 1.3% 1.0% 0.7% Average Annual Change # -- 374 297 228
Owner-Occupied Housing Units 22,157 24,694 24,987 26,214 % of Occupied Housing Units 84.1% 82.1% 80.6% 81.6%
Renter-Occupied Housing Units 4,195 5,398 5,997 5,909 % of Occupied Housing Units 15.9% 17.9% 19.4% 18.4%
Multifamily units (units in structures with five or more units) comprise 5.5% of the county’s housing inventory. There are 1,991 multifamily units in Bedford County – an increase of some 429 units since 2010. There are 29,623 single-family, duplex, and townhouse units, which represents 82.2% of the inventory and an increase of 1,269 units since 2010. The remaining 4,433 units in Bedford County are manufactured homes and mobile homes. See Table F-3.
Vacant for rent and vacant for sale units represent 3.2% of the overall housing inventory and 23.0% of the vacant housing units. A majority of the 5,063 vacant units in Bedford County are classified as “other vacant”,
1 Sources: Census 2000 and 2012 American Community Survey. Vacant units include vacant for rent; vacant for sale; vacant for seasonal, recreational, or occasional use; and other vacant units.
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most of which are for seasonal/recreational use. As of 2013, we estimate that there are 429 vacant for rent units (down from 574 units in 2010) and 735 vacant for sale units (almost unchanged since 2010). See Table F-4.
47.6% of Bedford County’s renter-occupied housing units have three or more bedrooms, indicating that single- family, duplex, and townhouse units are a significant share of the rental inventory. Two-bedroom units are 40.8% of the total, one-bedroom units are 10%, and studios are 1.6%. See Table F-6.
Rents in Bedford County are low, which is typical of a rural housing market. Excluding units for which no cash rent is charged, we estimate that there are 5,065 rental housing units in the county, 84% of which rent for less than $750 per month. About 22% of these units rent for $750 to $999 per month – the range within which the subject’s estimated rents fall – and 16% rent for $1,000 or more. See Figure 3 below and Table F-7.
FIGURE 3 RENTER-OCCUPIED UNITS BY RENT COST AND BEDROOMS BEDFORD COUNTY, VIRGINIA AS OF 2013
BEDROOM COUNT RENT STUDIO ONE TWO THREE+ TOTAL Less than $200 0 0 0 0 0 $200 - $299 0 0 92 60 153 $300 - $499 60 197 319 155 731 $500 - $749 34 292 1,161 756 2,243 $750 - $999 0 14 392 700 1,106 $1,000+ 0 34 32 768 833 No Cash Rent 0 65 452 415 932 Total Units 94 601 2,448 2,854 5,997
The owner-occupied condominium inventory in Bedford County is small. We estimate the county’s owner- occupied condominium inventory to be only about 89 units as of 2013. This estimate is based on Census data for owner-occupied housing units in buildings with five or more units. Please note that this excludes units that are classified as seasonal or recreational and other units that are classified as vacant. See Table F-5.
Single family home prices in Bedford County have yet to recover fully after bottoming out in 2011, but sales volume has been rising since 2010. The average sale price fell to $190,638 in 2011 and climbed back to $201,451 in 2013, but prices have still not returned to the level seen in 2009 when the average sale price was $218,865. On the other hand, the annual number of units sold increased by 29% between 2010 and 2013. See Table F-12.
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DEMOGRAPHICS AND TARGET MARKET
The prototypical subject development will be located in the vicinity of the Town of Bedford in Bedford County, Virginia, and it will likely draw renters primarily from Bedford County. Detailed statistics on the market area’s demographic and economic composition are presented in Appendix E.
The subject’s market area is middle-income, with a predominantly rural land use pattern. Median household income is about $52,000 per year in Bedford County as of 2013, a figure that is projected to increase to $58,800 by 2018. Single-person households constitute only about 23% of all households in the county, while renters represent only about 18% of all households, which is a reflection of the mostly single-family residential development pattern in Bedford County and the fact that most of the county is rural. See Table E-1.
Psychographic analysis shows that households classified as “Salt of the Earth”, “Green Acres”, “Midland Crowd”, “Rooted Rural”, “Southern Satellites”, “In Style”, “Rural Resort Dwellers”, “Midlife Junction”, “Exurbanites”, and “Boomburbs” are attracted to Bedford County in large numbers. About 90% of the households in the county can be categorized in these Tapestry™ market segments. Renters represent less than 20% of the households in most of these groups, the exceptions being the “In Style” and “Midlife Junction” segments, which have 32% and 35% renters, respectively. See Table E-3 for household counts and Table E-4 for definitions of Tapestry™ population segments.
Likely renters include young professionals ― both singles and couples ― in the 25- to 35-year age group, who cannot yet afford to buy a home or who choose not to buy a home. In addition, empty nesters are a growing source of rental housing demand nationwide. Based on our conversations with local real estate professionals and others, another source of demand for new rental apartments in Bedford County is workers who are transferred there by their employers and who may prefer to rent rather than buy a home. Our research also indicates that Bedford is an ideal location for two-income households that commute to other places of work, such as Roanoke and Lynchburg. Data on commuting patterns show that there is a net outmigration of workers from Bedford County, particularly to the Roanoke and Lynchburg metro areas. Table E-9 presents data for Bedford County that indicate where county residents work.
MARKET AREA DEFINITION
The subject will compete primarily with Class A apartment communities in Bedford County. To evaluate demographic factors that will influence the subject’s market, we have analyzed data for Bedford County, including the Town of Bedford.
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SUPPLY/DEMAND
To evaluate the broader competitive environment within which the subject will compete, we have analyzed the apartment supply and demand characteristics of Bedford County.
The Bedford County Class A apartment market is oversupplied and will remain so through 2017, although the overall vacancy rate is projected to fall. We estimate the Bedford County stabilized Class A apartment inventory to be 228 units as of April 2014, with a stabilized vacancy rate of 1.8%. (The stabilized vacancy rate includes only those projects that have reached at least 95% occupancy.) Including the two new projects that are still in initial lease-up, there are 432 Class A apartment units in the county, with an overall vacancy rate of 32.6%. See Tables D-1 and D-3 in Appendix D.
The new development pipeline in the Bedford County apartment market is active. As of April 2014, Bedford County has three apartment projects under construction, two of which are in initial lease-up and one that has not yet begun marketing. Together these three projects have 236 units, with 169 units available. In addition, one of these projects has another 156 units planned in future phases. Assuming 50% attrition due to potential delays related to financing and other factors, we estimate that 78 of the 156 planned units could be delivered within the next 36 months. See Tables D-2 and D-4.
We project that the oversupply of Class A apartment units in Bedford County will ease over the next three years. We estimate Class A apartment demand in the county to be about 70 units per year, as illustrated in Table D-5. If the units in the three-year pipeline (including the subject) are delivered as projected, we estimate that the Class A apartment market will be oversupplied by about 71 units over the next three years. Under these conditions, the overall vacancy rate (including projects still in lease-up) would fall from 32.6% as of April 2014 to 16.8% at April 2017. The stabilized vacancy rate will likely remain under 5%. See Table D-1.
COMPARABLE APARTMENT PROPERTIES
To assist with establishing market-based development program recommendations and achievable rents and lease-up pace for the subject, we sought properties that are comparable in location and construction type. We selected seven properties in Bedford County, Lynchburg, Roanoke, and Botetourt County, which we consider to be the best indicators of the subject’s market potential. Information in this report analyzes only market-rate units in the comparable properties.
Figure 4 lists the surveyed comparables analyzed in this report. Detailed information about the comparables is presented in analytical tables in Appendix B. Maps depicting the locations of the surveyed comparable properties are presented in Appendix G along with photographs. A discussion of the comparable properties follows.
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FIGURE 4 SURVEYED APARTMENT COMPARABLES
COMP. # NAME LOCATION # OF UNITS 1. The Gables of Spring Creek, Ph. I Forest 72 2. Daleville Town Center Daleville 120 3. Jefferson Forest Manor Forest 132 4. The Gables of Jefferson Commons Forest 216 5. Wyndhurst Villas Lynchburg 150 6. The Orchards Roanoke 240 7. Glade Creek Apartments Roanoke 248 Total: 1,178
Note: Market-rate units only.
The overall vacancy rate for all seven comparables is 20.0%, and the vacancy rate for the stabilized comparables alone is 2.9%. Comps #1, #2, and #3 are still in lease-up, while Comps #4 through #7 are stabilized, which we define as being at least 95% occupied. See Table B-1 in Appendix B.
Unit mixes at the comparables are characteristic of today’s apartment market. Floor plans cater to a wide range of tenants: single-person households, roommates sharing a unit, and families with children. The unit mix among the surveyed comparables is dominated by 2BR and 3BR units, which comprise 47% and 34% of the total, respectively, while 1BR units represent 12%. The remaining unit types are 1BR and 2BR units with sunrooms, which represent 8% of the total although they are found at only one of the comparables. None of the surveyed properties have studios or efficiencies and none have townhouse-style units. Notably, the four comparables located in Forest and Lynchburg have only 2BR and 3BR units, while the three properties in the Roanoke area have more traditional unit mixes, including 1BR floor plans. The surveyed units are generously sized, with an average unit size of 1,069 SF. See Tables B-2 and B-3 in Appendix B and Figure 5 below.
FIGURE 5 AVERAGE UNIT MIX AND SIZES SURVEYED APARTMENT COMPARABLES
UNIT TYPE MIX SIZE (SF) 1BR/1B 11.6% 815 1BR/1B/Sunroom 5.1% 918 2BR/2B 47.2% 1,031 2BR/2B/Sunroom 2.5% 1,101 3BR/2B 33.5% 1,232 Total/Average: 100.0% 1,069
Note: Percentages may not add to 100% due to rounding. Market-rate units only.
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In-unit features at most of the comparables are moderate. Standard features at all of the comparables include a full set of appliances, including a range with self-cleaning oven, microwave, dishwasher, and garbage disposal. Walk-in closets, nine-foot ceilings, and balconies or patios are also standard, and six of the seven comparables have washers and dryers. Five of the comparables have ceiling fans, and the newest projects feature vinyl plank flooring in living areas and kitchens. Less common are premium features such as granite counters and stainless steel appliances, which are found at two of the comparables, and fireplaces, which are found at three. See Table B-7.
Project amenities are relatively limited beyond the basics. Six of the comparables offer a clubhouse or community room, a swimming pool, and a fitness center, while four have a business center, and three have a media room, controlled building access, and Wi-Fi in the common areas. Units in three comparables have storage closets off of the balconies and patios, and one comparable offers large storage units for rent. Other amenities found at some of the comps include a car wash area, picnic/grilling area, tot lot, basketball/volleyball court, and a spa/sauna. See Table B-8.
Most or all utilities are tenant-paid. At three of the comparables, the landlord pays for trash service, and at Daleville Town Center, cable television and internet service is included in the rent. See Table B-9.
All projects charge residents for certain premium items. These may include move-in or amenity fees, unit location and orientation within the building (i.e., floor and view), as well as pets, storage units, short-term leases, fireplaces, and other non-standard features. Table B-10 lists premium charges for each comparable.
All comparables offer primarily surface parking, which is free. Information on parking ratios is limited, because the comparables do not maintain parking space inventory data. Based on the site plan for Wyndhurst Villas, their parking count includes 314 surface spaces and 48 private garages, for a ratio of 2.4 spaces per unit or 1.1 spaces per bedroom. Daleville Town Center and The Orchards also offer private garages. The monthly charges for private garages range from $52 at Wyndhurst Villas to $140 at Daleville Town Center. See Table B-11.
The surveyed comparables have an average effective rent, after concessions, of $895 per unit, or $0.84 per square foot, excluding premiums. Figure 6 below shows the current average effective rents for each unit type. Also, see Tables B-1, B-4, and B-5 for additional rent details.
FIGURE 6 AVERAGE EFFECTIVE RENTS SURVEYED APARTMENT COMPARABLES
UNIT TYPE PER UNIT PER SF 1BR/1B $791 $0.97 1BR/1B/Sunroom $770 $0.84 2BR/2B $859 $0.83 2BR/2B/Sunroom $940 $0.85 3BR/2B $997 $0.81 Total/Average: $895 $0.84
Note: Market-rate units only.
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Only two of the comparables are offering concessions. Jefferson Forest Manor, which is in lease-up, is offering one month free rent, and Glade Creek is offering $250 off of the rent for one specific unit. The average concession among the seven surveyed comparables is 0.9% of the base face rent. See Table B-6.
The average lease-up pace is six units per month among the four newest comparables, which leased up in the 2010 to 2014 period in the larger Lynchburg and Roanoke areas. The remaining three comparables were built at least eight years ago, and their original lease-up performance is unknown. See Table B-12.
RECOMMENDATIONS AND PROJECTED PERFORMANCE
We conclude that there is moderate market potential for a well-designed Class A apartment community in the Town of Bedford. There is evidence of market support for a 120-unit project — likely the minimum size needed for cost-efficient operations and to attract institutional capital. Although we did not study a specific site, we assume the location would be within the Town of Bedford on a site suitable for this type of development, with good visibility and access, and with surrounding land uses conducive to a good-quality apartment community. Further, we assume the apartment project would be developed in a town center-style or perhaps mixed-use environment in conjunction with other complimentary uses, such as retail, office, and other commercial space.
We recommend that the subject be designed as a garden apartment project with three-story wood-frame buildings with entrance breezeways. Our recommendations are based on a prototypical 120-unit project.
Based on a total of 120 units, we recommend a unit mix and unit sizes that will result in an average of 1,042 SF per unit. Our recommendations assume that the subject’s units will be designed as flats, which is typical for the subject’s market area.
The recommended unit mix is balanced between smaller and larger units that will appeal to the bulk of the target renter groups. Recommended floor plans include 1BR, 2BR, and 3BR units, with 2BR units comprising about half of the unit mix, while 1BR units and 3BR units represent 23% and 27%, respectively. We recommend that most of the 2BR floor plans be designed with split master bedrooms to accommodate roommates. This unit mix is considered to be appropriate, given the market and the demographic groups likely to be attracted to the subject. Figure 7 presents the recommended unit mix.
FIGURE 7 DELTA’S RECOMMENDED UNIT MIX AND UNIT SIZES
UNIT TYPE MIX SIZE (SF) 1BR/1B 23.3% 820 2BR/2B 50.0% 1,050 3BR/2B 26.7% 1,220 Total/Average: 100.0% 1,042
500 MONTGOMERY STREET, SUITE 600 | ALEXANDRIA, VA 22314 P: 703.836.5700 | WWW.DELTAASSOCIATES.COM Bedford County Economic Development Authority Attention: Ms. Traci Blido April 25, 2014 Page 13
We recommend that the subject’s in-unit features be moderately upscale. The subject’s units should offer a fully equipped kitchen with laminate countertops and black appliances, including a range with self-cleaning oven, dishwasher, microwave, and frost-free refrigerator with icemaker. We recommend either vinyl plank flooring in living areas, vinyl plank or vinyl tile in kitchens, and vinyl tile in bathrooms. Bedrooms should have wall-to-wall carpet. Ceiling heights should be nine feet on the lower two floors, with cathedral ceilings and gas fireplaces on the third floor. Each unit should have a balcony or patio with a storage closet. Other recommended finishes and features include walk-in closets, full-size washers and dryers, ceiling fans, and programmable HVAC thermostats. See Table A-2 for recommended in-unit features.
We recommend a comprehensive project amenity package, including a swimming pool; a clubroom or clubhouse with large screen televisions, a kitchen, and a game room; a fitness center; and Wi-Fi in the common areas. Additional amenities to be considered if feasible include barbecue grills and a picnic area, a tot lot, a car wash area, and a dog run. If the subject is built in conjunction with other residential uses, such as townhouses or single-family homes, consideration could be given to building shared project amenity facilities.
We recommend a parking ratio of 1.0 space per bedroom for the subject. Based on the subject’s recommended unit mix, this equates to 244 tenant parking spaces. We recommend that the subject should have detached private garages for rent for about 20% of the units (about 24 garages). The remaining 220 spaces should be planned as all surface parking. The overall parking ratio would equate to 2.03 tenant spaces per unit. See Table B-11.
PROJECTED PERFORMANCE FOR THE SUBJECT
To estimate achievable market rents for the subject, we applied adjustments to the rents at the seven surveyed properties. Appendix C describes the quantitative adjustments for the comparables. The adjustment factors include utilities included in rent, location, building age, in-unit features, and project amenities. The average effective base rent for the surveyed comparables after the applied adjustments is $930 per unit or $0.87 per SF. The results of this analysis are used as a guideline in developing market-based rent recommendations for the subject. See Table C-1.
We estimate achievable effective base rents (listed in Figure 8 on the following page) that result in an average of $893 per unit, or $0.86 per SF, as if the subject property were open and leasing today. (Base rents are the rents for the lowest-floor units of a given type, before additional premium charges are added. Effective rents are the net achievable rents after deducting concessions.) Including premiums and parking, the overall weighted average revenue is estimated at $923 per unit, or $0.89 per SF. Details are shown on Table A-1 in Appendix A.
500 MONTGOMERY STREET, SUITE 600 | ALEXANDRIA, VA 22314 P: 703.836.5700 | WWW.DELTAASSOCIATES.COM Bedford County Economic Development Authority Attention: Ms. Traci Blido April 25, 2014 Page 14
FIGURE 8 DELTA’S RECOMMENDED UNIT MIX AND UNIT SIZES AND ESTIMATED RENTS AS OF APRIL 2014
UNIT MIX UNIT EFFECTIVE RENT UNIT TYPE # % SIZE (SF) PER UNIT PER SF 1BR/1B 28 23.3% 820 $790 $0.96 2BR/2B 60 50.0% 1,050 $890 $0.85 3BR/2B 32 26.7% 1,220 $990 $0.81 Total/Average: 120 100.0% 1,042 $893 $0.86 Overall Average Including Premiums and Parking: $923 $0.89
Note: See Table A-1 for details.
We recommend the following market-based premium charges, which would contribute $0.03 per SF in additional revenue. See Table A-1 for details.
o Application Fee $40 o Pet Fee $350 o Floor/View Premium $20 per month o Short Term Lease $150 per month o Parking: Free surface parking $55 per month for a detached garage
LEASE-UP PACE
We estimate that the subject can lease up at an average pace of five units per month, assuming a top-notch marketing program that begins about three months before the first units become available. At this pace, the subject would require 23 months to reach 95% occupancy for all 120 units, or about 12 months per phase if the subject is developed in two 60-unit phases. This estimate is an average for the entire marketing period. Leasing likely will be faster at the outset, and then it will taper off during holiday seasons or as the selection of units becomes more limited. Our estimated pace considers these factors: x The average lease-up pace among the four newest comparables is six units per project per month, but they are in the Lynchburg and Roanoke areas, which are many times larger than the Town of Bedford. x The Bedford County apartment market is projected to remain oversupplied over the next three years, although the overall vacancy rate is projected to fall during that time. x There is no existing Class A apartment project in the Town of Bedford, and only one 32-unit project under construction, with no others planned.
The lease-up pace for the subject can be boosted with concessions that lower the effective rent below the recommended levels.
500 MONTGOMERY STREET, SUITE 600 | ALEXANDRIA, VA 22314 P: 703.836.5700 | WWW.DELTAASSOCIATES.COM Bedford County Economic Development Authority Attention: Ms. Traci Blido April 25, 2014 Page 15
PHASING AND TIMING RECOMMENDATIONS
We recommend that the subject be developed in two phases of approximately 60 units each, or about 120 units. The common area amenities should be included in the first phase. Construction on the second phase could commence as the first phase is nearing completion. With projected demand that currently exceeds the projected pipeline of new supply, the Bedford County apartment market will absorb more units than are likely to be delivered over the next three years. The overall vacancy rate is likely to remain elevated, however.
* * * * *
It has been a pleasure undertaking this assignment for you.
Respectfully submitted,
DELTA ASSOCIATES
David Weisel, CRE President, Consulting Division
David W. Parham Senior Vice President and Project Director
Joshua Cohen Associate
500 MONTGOMERY STREET, SUITE 600 | ALEXANDRIA, VA 22314 P: 703.836.5700 | WWW.DELTAASSOCIATES.COM
NOTICE
Delta Associates (DA) considers that it is essential to the reader's examination of this document, and projections contained herein, to understand the use of data, the methodology involved, the role of judgments as distinct from calculations in the methodology, factors which affect current projections, and the impact, if any, of change over time.
The purpose of market, economic and financial projections, together with the basis for the projections, is to make available a considered opinion on potential economic returns from the project so that those who utilize these results can evaluate them in terms of methodology employed, data applied as well as judgments made and identified. All prospective data are subject to uncertainties. As actual market and economic factors affecting the project materialize, they may differ somewhat from the basis projected herein. Unforeseen changes in laws may also affect real estate market performance and value. Accordingly, although the projections in this report are those one would reasonably expect to occur given the conditions existing at the time of this writing, actual market and financial results may differ from the projections.
Similarly, projections herein have been prepared utilizing the information, assumptions and calculations outlined in this report. Select information utilized in the projection process is on occasion from sources other than DA; where such information is from published sources, DA has identified the source and assumed such information to be accurate as presented. Where such information is from unpublished sources, DA has reviewed the information for reasonableness and consistency before including same herein. No representations are made by DA as regards property ownership, size, zoning conformance, occupancy and lease terms, availability of utilities, soil conditions, flood hazard, environmental problems, or any other matters. All such property specific data has been supplied to DA by the property owner and/or its agents and DA has assumed this data to be accurate as provided.
DA's principal business activity is the evaluation of real estate development economics, including the analysis of market potentials, evaluation of projected operating and financial results, and valuations. In the course of each year the firm typically performs more than a hundred assignments for building and development organizations, financial institutions, property owners and the like. The firm considers that it is "expert" in this field, and it is DA's belief that the methodology and other procedures employed by it constitute valid and accepted methods of evaluating and valuing real estate. However, it is pointed out that procedures used herein rely on judgments dependent on the accuracy of data and influenced by external circumstances which can change quickly with time and substantially affect the project and hence its value. DA recommends that its clients recognize these limitations inherent in using the projections of this report when making business decisions.
Finally, the reader is hereby advised that Delta Associates is the trade name of Transwestern Delta Associates, L.L.C., a Delaware limited liability company. As such, DA is part of the Transwestern (TW) family of real estate service companies that broker, finance, manage, advise, and develop real estate throughout the United States. This disclosure is made so as to (1) avoid the appearance of a conflict and (2) to assure the client of confidentiality and impartiality. Delta Associates is independently operated by its principals and separately officed in Old Town Alexandria. In no way does Delta Associates’ TW affiliation affect the judgments expressed herein.
500 MONTGOMERY STREET, SUITE 600 | ALEXANDRIA, VA 22314 P: 703.836.5700 | WWW.DELTAASSOCIATES.COM REGIONAL LOCATION MAP
Subject
Source:GoogleMaps;DeltaAssociates,April2014 DA14240 TOWN OF BEDFORD MAP
Source:GoogleMaps;DeltaAssociates,April2014 DA14240 APPENDICES APPENDIX A:
RECOMMENDED DEVELOPMENT PROGRAM AND ESTIMATED RENTS TABLEAͲ1
DELTA'SRECOMMENDEDAPARTMENTDEVELOPMENTPROGRAM ANDESTIMATEDEFFECTIVERENTS FORAPROTOTYPICALGARDENAPARTMENTPROJECT BEDFORD,VIRGINIAMARKETAREA APRIL2014
Delta'sRecommended Delta'sEstimated UnitType UnitMix UnitSize EffectiveRent1/ # % (SF)2/ PerMonth PerSF 1BR/1B 28 23.3% 820 $790 $0.96 2BR/2B 60 50.0% 1,050 $890 $0.85 3BR/2B 32 26.7% 1,220 $990 $0.81 Total/Average: 120 100.0% 1,042 $893 $0.86
PlusAdditionalPremiums: ApplicationFee3/ $40oneͲtimefee. $1.50 PetFee4/ $350oneͲtimefee. $2.63 ShortTermLease5/ $150permonthfor5%ofunits. $7.50 Floor/ViewPremium6/ $20permonthfor33%ofunits. $6.60 OverallAveragePremiumRevenue: $18.23 $0.02
ReservedDetachedGarage7/ $55permonthfor24spaces. $11.00 $0.01
OVERALLAVERAGEMONTHLYAPARTMENTREVENUE: $923 $0.89
1/ Monthlyrentsexcludeoptionalpremiumfeaturesandfloor/viewpremiums.Assumessponsorprovidesfeatures andamenitiesasshowninthisAppendixA.Tenantwouldpayallutilities(electric,gas,water,sewer,trash). 2/ Grosslivingarea(GLA)iscalculatedfromtheinteriorfinishedsurface.Excludesbalcony/terrace. 3/ Deltarecommendation.Assumes45%averageannualturnover. 4/ DeltarecommendsaoneͲtime,nonͲrefundablepetfee.Assumes20%oftenantswillbepetowners. 5/ Shorttermleasepremiumof$150permonth;assumes5%ofunitswillbeonshorttermleases. 6/ Deltarecommendation.Floor/viewpremiumof$20permonthfor1/3ofunits. 7/ Deltarecommendsdetachedgaragesfor20%ofunits.SeeTableBͲ11. Detachedgaragechargeof$55permonth.
DA14240 14240AppdxAͲBͲCA1ͲRecommendedCurrent Source:DeltaAssociates,April2014. 4/25/2014
A - 1 Delta Associates TABLEAͲ2
DELTA'SRECOMMENDEDAPARTMENTDEVELOPMENTPROGRAM ANDDELTA'SESTIMATEDLEASEͲUPPACE FORAPROTOTYPICALGARDENAPARTMENTPROJECT BEDFORD,VIRGINIAMARKETAREA APRIL2014
Delta'sRecommendedInͲUnitFeatures o VinylPlankFlooringinLivingAreas;CarpetinBedrooms o VinylTileBathroomFloors o VinylPlankorVinylTileKitchenFloor o WalkͲinClosets o LaminateCountertops o LinenCloset o FullRangeofAppliancesIncluding: o 9ͲFootCeilingHeight o Dishwasher o CeilingFan o FrostͲFreeRefrigeratorw/Icemaker o VaultedorCofferedCeiling(TopFloorUnits) o GarbageDisposal o PreͲWiringforInternet,CableandPhone o Microwave o IndividualHVAC/ProgrammableThermostat o Rangew/SelfͲCleaningOven o BalconyorPatiow/StorageCloset o KitchenPantryin2BRand3BRUnits o FullͲSizeWasherandDryer
Delta'sRecommendedProjectAmenities o ClubhouseorClubroomw/Kitchen,TVs,andGameRoom o GrillsandPicnicArea o FitnessCenterw/CardioEquipment&FreeWeights o Playground o BusinessCenter o CarWashArea o SwimmingPool o DogRun o FreeWiͲFiinClubhouseandPoolArea
Delta'sRecommendedParking o 244 TotalParkingSpaces,Including: o Totalratioof2.03spacesperunit(1.00spaceperBR) o SurfaceParking.Totalof220surfacespaces. o ReservedDetachedGarages.Totalof24garagespaces.
Delta'sRecommendedProjectPhasing o TwoDevelopmentPhases o Approximately60unitsperphase.
Delta'sEstimatedLeaseͲUpPace o FiveUnitsperMonth o 23monthstoreachstabilized(95%)occupancyfor120units, or11monthsperphaseof60units.
DA14240 14240AppdxAͲBͲCA2ͲAmenities Source:DeltaAssociates,April2014. 4/25/2014
A - 2 Delta Associates TABLEAͲ3
DELTAASSOCIATES'RECOMMENDEDPREMIUMSANDPARKINGCHARGES FORAPROTOTYPICALGARDENAPARTMENTPROJECT BEDFORD,VIRGINIAMARKETAREA APRIL2014
Delta'sRecommendedPremiums o ApplicationFee $40 o PetFee $350 o Floor/ViewPremium $20permonth o ShortTermLease $150permonth
Delta'sRecommendedParkingCharges o DetachedGarage $55permonth
DA14240 14240AppdxAͲBͲCA3ͲAptPremiums Source:DeltaAssociates,April2014. 4/25/2014
A - 3 Delta Associates APPENDIX B:
SURVEYED COMPARABLE APARTMENT PROJECTS TABLEBͲ1
SUMMARYOFSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
Total Weighted WeightedAvg. WeightedAvg. Comp. Year Total Units Vacancy #of Unit Size1/ Avg.Unit AskingRents EffectiveRents AskingRents EffectiveRents # ProjectName/Location Built Units Available Rate UnitTypes Units Mix(%) (GLA)SF Size(SF) Monthly PerSF Monthly PerSF Monthly PerSF Monthly PerSF
1. TheGablesofSpringCreek,Ph.I 2014 72 62 86.1% 2BR/2B 24 33.3% 1,058 1,141 $840 $0.79 $840 $0.79 $897 $0.79 $897 $0.79 18700ForestRoad 3BR/2B 48 66.7% 1,182 $925 $0.78 $925 $0.78 Forest,Virginia
2. DalevilleTownCenter 2013 120 74 61.7% 1BR/1B 4 3.3% 528 823 $741 $1.40 $741 $1.40 $976 $1.19 $976 $1.19 90TownCenterStreet 1BR/1B 5 4.2% 557 $741 $1.33 $741 $1.33 Daleville,Virginia 1BR/1B 8 6.7% 573 $751 $1.31 $751 $1.31 1BR/1B 6 5.0% 603 $761 $1.26 $761 $1.26 1BR/1B 2 1.7% 620 $787 $1.27 $787 $1.27 1BR/1B 1 0.8% 675 $797 $1.18 $797 $1.18 1BR/1B 1 0.8% 677 $764 $1.13 $764 $1.13 1BR/1B 2 1.7% 716 $814 $1.14 $814 $1.14 2BR/2B 1 0.8% 800 $981 $1.23 $981 $1.23 2BR/2B 2 1.7% 812 $959 $1.18 $959 $1.18 2BR/2B 59 49.2% 813 $959 $1.18 $959 $1.18 2BR/2B 1 0.8% 860 $1,011 $1.18 $1,011 $1.18 2BR/2B 1 0.8% 875 $1,011 $1.16 $1,011 $1.16 2BR/2B 1 0.8% 893 $1,011 $1.13 $1,011 $1.13 2BR/2B 2 1.7% 949 $1,032 $1.09 $1,032 $1.09 2BR/2B 2 1.7% 966 $1,009 $1.04 $1,009 $1.04 3BR/2B 1 0.8% 1,040 $1,172 $1.13 $1,172 $1.13 3BR/2B 2 1.7% 1,045 $1,181 $1.13 $1,181 $1.13 3BR/2B 4 3.3% 1,050 $1,261 $1.20 $1,261 $1.20 3BR/2B 2 1.7% 1,096 $1,261 $1.15 $1,261 $1.15 3BR/2B 1 0.8% 1,115 $1,358 $1.22 $1,358 $1.22 3BR/2B 1 0.8% 1,156 $1,322 $1.14 $1,322 $1.14 3BR/2B 6 5.0% 1,173 $1,331 $1.13 $1,331 $1.13 3BR/2B 2 1.7% 1,190 $1,341 $1.13 $1,341 $1.13 3BR/2B 2 1.7% 1,196 $1,341 $1.12 $1,341 $1.12 3BR/2B 1 0.8% 1,212 $1,342 $1.11 $1,342 $1.11 3. JeffersonForestManor 2013 132 75 56.8% 2BR/2B 102 77.3% 1,000 1,023 $815 $0.82 $747 $0.75 $837 $0.82 $767 $0.75 GladeSpringsRoad 3BR/2B 30 22.7% 1,100 $910 $0.83 $834 $0.76 Forest,Virginia
4. TheGablesofJeffersonCommons 2010 216 4 1.9% 2BR/2B 72 33.3% 1,058 1,150 $840 $0.79 $840 $0.79 $905 $0.79 $905 $0.79 1047EastLawnDrive 2BR/2B 8 3.7% 1,088 $890 $0.82 $890 $0.82 Forest,Virginia 3BR/2B 84 38.9% 1,238 $940 $0.76 $940 $0.76 3BR/2B 28 13.0% 1,126 $940 $0.83 $940 $0.83 3BR/2B 24 11.1% 1,163 $940 $0.81 $940 $0.81 5. WyndhurstVillas 2006 150 4 2.7% 2BR/2B 114 76.0% 1,000 1,048 $785 $0.79 $785 $0.79 $808 $0.77 $808 $0.77 301NorthwyndCircle 3BR/2B 36 24.0% 1,200 $880 $0.73 $880 $0.73 Lynchburg,Virginia
6. TheOrchards 2002 240 12 5.0% 1BR/1B 60 25.0% 852 1,044 $773 $0.91 $773 $0.91 $907 $0.87 $907 $0.87 5360OrchardsHillDrive 1BR/1B/Sunroom 60 25.0% 918 $770 $0.84 $770 $0.84 Roanoke,Virginia 2BR/2B 30 12.5% 1,032 $921 $0.89 $921 $0.89 2BR/2B/Sunroom 30 12.5% 1,101 $940 $0.85 $940 $0.85 3BR/2B 60 25.0% 1,340 $1,155 $0.86 $1,155 $0.86 7. GladeCreekApartments 1998 248 5 2.0% 1BR/1B 24 9.7% 866 1,161 $820 $0.95 $820 $0.95 $956 $0.82 $955 $0.82 3343GladeCreekBoulevardNE 1BR/1B 24 9.7% 941 $845 $0.90 $845 $0.90 Roanoke,Virginia 2BR/2B 90 36.3% 1,155 $940 $0.81 $937 $0.81 2BR/2B 47 19.0% 1,178 $970 $0.82 $970 $0.82 3BR/2B 26 10.5% 1,316 $1,055 $0.80 $1,055 $0.80 3BR/2B 37 14.9% 1,376 $1,070 $0.78 $1,070 $0.78 Total/Average: ͲͲ 1,178 236 20.0% ͲͲ 1,178 ͲͲ ͲͲ 1,069 ͲͲ ͲͲ ͲͲ ͲͲ $903 $0.84 $895 $0.84 Total/Average,StabilizedProperties2/: ͲͲ 854 25 2.9% ͲͲ 854 ͲͲ ͲͲ 1,105 ͲͲ ͲͲ ͲͲ ͲͲ $903 $0.82 $903 $0.82
1/Unitsizesdonotincludeattachedgarages,mechanicalspace,orbalconies. 2/ExcludesComps#1,#2,and#3,whicharestillinleaseͲup.
DA14240 14240AppdxAͲBͲCB1ͲSummary Source:DeltaAssociates,April2014. 4/25/2014
B - 1 Delta Associates TABLEBͲ2
UNITMIXANALYSIS ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
MixofUnits
Comp. 1BR/1B/ 2BR/2B/ # ProjectName/Location 1BR/1B Sunroom 2BR/2B Sunroom 3BR/2B Total 1. TheGablesofSpringCreek,Ph.I ͲͲ ͲͲ 33.3% ͲͲ 66.7% 100.0% 18700ForestRoad Forest,Virginia 2. DalevilleTownCenter 24.2% ͲͲ 57.5% ͲͲ 18.3% 100.0% 90TownCenterStreet Daleville,Virginia 3. JeffersonForestManor ͲͲ ͲͲ 77.3% ͲͲ 22.7% 100.0% GladeSpringsRoad Forest,Virginia 4. TheGablesofJeffersonCommons ͲͲ ͲͲ 37.0% ͲͲ 63.0% 100.0% 1047EastLawnDrive Forest,Virginia 5. WyndhurstVillas ͲͲ ͲͲ 76.0% ͲͲ 24.0% 100.0% 301NorthwyndCircle Lynchburg,Virginia 6. TheOrchards 25.0% 25.0% 12.5% 12.5% 25.0% 100.0% 5360OrchardsHillDrive Roanoke,Virginia 7. GladeCreekApartments 19.4% ͲͲ 55.2% ͲͲ 25.4% 100.0% 3343GladeCreekBoulevardNE Roanoke,Virginia Total%inMarketArea: 11.6% 5.1% 47.2% 2.5% 33.5% 100.0% TotalCountinMarketArea: 137 60 556 30 395 1,178
Delta'sRecommendationforSubject: 23.3% ͲͲ 50.0% ͲͲ 26.7% 100.0%
DA14240 14240AppdxAͲBͲCB2ͲUnitMix Source:DeltaAssociates,April2014. 4/25/2014
B - 2 Delta Associates TABLEBͲ3
UNITSIZEANALYSIS ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
AverageUnitSize(SF)1/
Comp. 1BR/1B/ 2BR/2B/ Weighted # ProjectName/Location 1BR/1B Sunroom 2BR/2B Sunroom 3BR/2B Average 1. TheGablesofSpringCreek,Ph.I ͲͲ ͲͲ 1,058 ͲͲ 1,182 1,141 18700ForestRoad Forest,Virginia 2. DalevilleTownCenter 590 ͲͲ 824 ͲͲ 1,128 823 90TownCenterStreet Daleville,Virginia 3. JeffersonForestManor ͲͲ ͲͲ 1,000 ͲͲ 1,100 1,023 GladeSpringsRoad Forest,Virginia 4. TheGablesofJeffersonCommons ͲͲ ͲͲ 1,061 ͲͲ 1,202 1,150 1047EastLawnDrive Forest,Virginia 5. WyndhurstVillas ͲͲ ͲͲ 1,000 ͲͲ 1,200 1,048 301NorthwyndCircle Lynchburg,Virginia 6. TheOrchards 852 918 1,032 1,101 1,340 1,044 5360OrchardsHillDrive Roanoke,Virginia 7. GladeCreekApartments 904 ͲͲ 1,163 ͲͲ 1,351 1,161 3343GladeCreekBoulevardNE Roanoke,Virginia AverageinMarketArea: 815 918 1,031 1,101 1,232 1,069
Delta'sRecommendationforSubject: 820 ͲͲ 1,050 ͲͲ 1,220 1,042
1/Unitsizesdonotincludeattachedgarages,mechanicalspace,balconies,orexternalstorage.
DA14240 14240AppdxAͲBͲCB3ͲUnitSize Source:DeltaAssociates,April2014. 4/25/2014
B - 3 Delta Associates TABLEBͲ4
EFFECTIVEBASERENTANALYSIS ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
AverageEffectiveBaseRentPerMonth
Comp. 1BR/1B/ 2BR/2B/ Weighted # ProjectName/Location 1BR/1B Sunroom 2BR/2B Sunroom 3BR/2B Average 1. TheGablesofSpringCreek,Ph.I ͲͲ ͲͲ $840 ͲͲ $925 $897 18700ForestRoad Forest,Virginia 2. DalevilleTownCenter $759 ͲͲ $965 ͲͲ $1,294 $976 90TownCenterStreet Daleville,Virginia 3. JeffersonForestManor ͲͲ ͲͲ $747 ͲͲ $834 $767 GladeSpringsRoad Forest,Virginia 4. TheGablesofJeffersonCommons ͲͲ ͲͲ $845 ͲͲ $940 $905 1047EastLawnDrive Forest,Virginia 5. WyndhurstVillas ͲͲ ͲͲ $785 ͲͲ $880 $808 301NorthwyndCircle Lynchburg,Virginia 6. TheOrchards $773 $770 $921 $940 $1,155 $907 5360OrchardsHillDrive Roanoke,Virginia 7. GladeCreekApartments $833 ͲͲ $948 ͲͲ $1,064 $955 3343GladeCreekBoulevardNE Roanoke,Virginia AverageinMarketArea: $791 $770 $859 $940 $997 $895
Delta'sEstimateforSubject: $790 ͲͲ $890 ͲͲ $990 $893
DA14240 14240AppdxAͲBͲCB4ͲEffectRent Source:DeltaAssociates,April2014. 4/25/2014
B - 4 Delta Associates TABLEBͲ5
EFFECTIVEBASERENTPERSQUAREFOOTANALYSIS ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
AverageEffectiveBaseRentPerSF
Comp. 1BR/1B/ 2BR/2B/ Weighted # ProjectName/Location 1BR/1B Sunroom 2BR/2B Sunroom 3BR/2B Average 1. TheGablesofSpringCreek,Ph.I ͲͲ ͲͲ $0.79 ͲͲ $0.78 $0.79 18700ForestRoad Forest,Virginia 2. DalevilleTownCenter $1.29 ͲͲ $1.17 ͲͲ $1.15 $1.19 90TownCenterStreet Daleville,Virginia 3. JeffersonForestManor ͲͲ ͲͲ $0.75 ͲͲ $0.76 $0.75 GladeSpringsRoad Forest,Virginia 4. TheGablesofJeffersonCommons ͲͲ ͲͲ $0.80 ͲͲ $0.78 $0.79 1047EastLawnDrive Forest,Virginia 5. WyndhurstVillas ͲͲ ͲͲ $0.79 ͲͲ $0.73 $0.77 301NorthwyndCircle Lynchburg,Virginia 6. TheOrchards $0.91 $0.84 $0.89 $0.85 $0.86 $0.87 5360OrchardsHillDrive Roanoke,Virginia 7. GladeCreekApartments $0.92 ͲͲ $0.82 ͲͲ $0.79 $0.82 3343GladeCreekBoulevardNE Roanoke,Virginia AverageinMarketArea: $0.97 $0.84 $0.83 $0.85 $0.81 $0.84
Delta'sEstimateforSubject: $0.96 ͲͲ $0.85 ͲͲ $0.81 $0.86
DA14240 14240AppdxAͲBͲCB5ͲEffecFt Source:DeltaAssociates,April2014. 4/25/2014
B - 5 Delta Associates TABLEBͲ6
SUMMARYOFCONCESSIONSOFFERED ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
BaseFace Concessions Average Average Comp. Concessions RentPer asa%ofBase Effective Effective # ProjectName/Location Offered Unit1/ FaceRent Rent/Unit Rent/SF 1. TheGablesofSpringCreek,Ph.I None $897 0.0% $897 $0.79 18700ForestRoad Forest,Virginia 2. DalevilleTownCenter None $976 0.0% $976 $1.19 90TownCenterStreet Daleville,Virginia 3. JeffersonForestManor 1Month $837 8.3% $767 $0.75 GladeSpringsRoad Free Forest,Virginia 4. TheGablesofJeffersonCommons None $905 0.0% $905 $0.79 1047EastLawnDrive Forest,Virginia 5. WyndhurstVillas None $808 0.0% $808 $0.77 301NorthwyndCircle Lynchburg,Virginia 6. TheOrchards None $907 0.0% $907 $0.87 5360OrchardsHillDrive Roanoke,Virginia 7. GladeCreekApartments $250off1 $956 0.1% $955 $0.82 3343GladeCreekBoulevardNE specificunit Roanoke,Virginia TotalWeightedAverage: $903 0.9% $895 $0.84
1/ Weightedaveragebaserents,excludingoptionalpremiums.
DA14240 14240AppdxAͲBͲCB6ͲConcess Source:DeltaAssociates,April2014. 4/25/2014
B - 6 Delta Associates TABLEBͲ7
INͲUNITFEATURES ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
Upgraded Granite Stainless 42" Ceramic Comp. Hardwood 9Ͳfoot Crown Flooring Kitchen Steel Kitchen Bath Garden TileBath WalkͲIn Washer/ Ceiling Balcony/ # ProjectName Floors Ceilings Molding Kitchen/Entry Counters Appliances Cabinets Flooring Tubs Surround Closets Dryer Fireplace Fans Patio Other
1. TheGablesofSpringCreek,Ph.I No Yes No Yes No No No No No No Yes Yes Most Yes Yes (VinylPlank) 2. DalevilleTownCenter No Yes No Yes Yes Yes No Yes No No Yes Yes No No Some (VinylPlank) 3. JeffersonForestManor No Yes No No Yes Yes No No No No Yes Yes No Yes Yes (VinylPlank) 4. TheGablesofJeffersonCommons No Yes No Yes No No No No No No Yes Yes Some Yes Yes (VinylPlank) 5. WyndhurstVillas No Yes No No No No No No No No Yes No No No Yes B -7
6. TheOrchards No Yes No No No No No No No No Yes Yes No Yes Some
7. GladeCreekApartments No Yes No No No No No No Yes No Some Yes Some Yes Yes
ProjectsThatHavetheFeature OutofTotalClassAMarket(7): 0.00 7.00 0.00 3.00 2.00 2.00 0.00 1.00 1.00 0.00 6.50 6.00 1.75 5.00 6.00 ͲͲ
Delta'sRecommendationforSubject:1/ No Yes No No Yes Yes No No No No Yes Yes Some Yes Yes SeeTableAͲ2 (VinylPlank)
1/SeeTableAͲ2. Note:"Yes"=1,"No"=0,"Few"=.25,"Some"=0.5,"Most"=.75 Delta Associates
DA14240 14240AppdxAͲBͲCB7ͲInͲunit Source:DeltaAssociates,April2014. 4/25/2014 TABLEBͲ8
PROJECTAMENITIES ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
Comp. Clubhouse/ Swimming Fitness Business Conference Media Controlled WiͲFiin # ProjectName CommunityRoom Pool Center Center Room Room Storage BuildingAccess CommonAreas Other
1. TheGablesofSpringCreek,Ph.I Yes Yes Yes Yes No Yes Yes Yes No Picnic/grillingareas;playgroundwithsplash park;spa/sauna;basketballcourt 2. DalevilleTownCenter Yes Yes Yes No No Yes No Yes No Demonstrationkitchen;yogastudios;dogpark; amphitheater;outdoorkitchenandcabana 3. JeffersonForestManor1/ No No No No No No No No No
4. TheGablesofJeffersonCommons Yes Yes Yes Yes No Yes Yes Yes No Totlot;splashpool;basketballcourt; picnic/grillingareas;spa/sauna 5. WyndhurstVillas Yes Yes Yes Yes No No Yes No Yes
B -8 Carwasharea;playground 6. TheOrchards Yes Yes Yes Yes No No Yes No Yes Carwasharea;gliderarea;petpark; playground;communitygarden;DVDlibrary 7. GladeCreekApartments Yes Yes Yes No No No No No Yes Volleyballcourt;grillingarea;playground;car washarea;coffeebar
ProjectsThatHavetheAmenity OutofTotalClassAMarket(7): 6.0 6.0 6.0 4.0 0.0 3.0 4.0 3.0 3.0
Delta'sRecommendationforSubject: Yes Yes Yes Yes No No Yes No Yes SeeTableAͲ2
Note:"Yes"=1,"No"=0,"Some"=0.5."Some"indicatesthatthecomparablehasaccesstocommunitycenterfacilitiesthataresharedwiththerestoftheneighborhood. 1/ResidentsmaypayanannualfeetousetheFarmingtoncommunitypool,clubhouse,fitnesscenter,andmediaroom. Delta Associates
DA14240 14240AppdxAͲBͲCB8ͲProject Source:DeltaAssociates,April2014. 4/25/2014 TABLEBͲ9
UTILITIES ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
Comp. Utilities Utilities # ProjectName/Location TenantPays LandlordPays
1. TheGablesofSpringCreek,Ph.I Cable/Phone None Electric Water Trash Sewer 2. DalevilleTownCenter Water Internet Sewer Cable Phone Trash Electric 3. JeffersonForestManor Cable/Phone Trash Electric Water Sewer 4. TheGablesofJeffersonCommons Cable/Phone None Electric Water Trash Sewer 5. WyndhurstVillas Cable/Phone Trash Electric Water Sewer 6. TheOrchards Cable/Phone None Heat Water Trash Sewer 7. GladeCreekApartments Cable/Phone None Electric Water Trash Sewer MarketMajority: Cable/Phone None Electric Water Trash Sewer
DA14240 14240AppdxAͲBͲCB9ͲUtilities Source:DeltaAssociates,April2014. 4/25/2014
B - 9 Delta Associates TABLEBͲ10
PREMIUMSCHARGED ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
Comp. OptionalInͲUnitAmenities OneͲTime Premium # ProjectName/Location andPremiums Fee (PerMonth)
1. TheGablesofSpringCreek,Ph.I ApplicationFee $40 SecurityDeposit(refundable) 1mo.rent PetFee $250Ͳ500 ShortͲTermLease6Mos.(2BRͲ$135;3BRͲ$150) $135Ͳ$150 Floor/View $20 2. DalevilleTownCenter ApplicationFee $50 SecurityDeposit(refundable) $200 Amenity/MoveͲinFee $100 PetFee $350 UtilityConnectFee $80 3. JeffersonForestManor SecurityDeposit(refundable) 1mo.rent MonthͲtoͲMonthLease $50 PetFee $200 4. TheGablesofJeffersonCommons ApplicationFee $40 SecurityDeposit(refundable) 1mo.rent PetFee $250Ͳ$500 ShortͲTermLease $135Ͳ$150 Floor/View $25 5. WyndhurstVillas ApplicationFee($25foreachadditional) $40 SecurityDeposit(refundable) $450 ShortͲTermLease $50 PetFee $150 PetRent $25 Washer/Dryer $30 6. TheOrchards ApplicationFee $32 SecurityDeposit(refundable) $250 Amenity/MoveͲinFee $350 PetFee $300 PetRent $30 StorageUnit $85 7. GladeCreekApartments ApplicationFee $35 SecurityDeposit(refundable) $300 Amenity/MoveͲinFee $175 ShortͲTermLease $200 PetFee $300 Floor/View $5 VaultedCeiling $5 Fireplace $20 RenovatedUnit $150 AverageinMarketArea: Applicationfee $40 SecurityDeposit(refundable) $548 ShortͲTermLease $134 Amenity/Admin/MoveͲInfee $208 PetFee $293 PetRent $28 Floor/ViewPremiums $17 StorageUnit $85 Fireplace $20
DA14240 14240AppdxAͲBͲCB10ͲPrems Source:DeltaAssociates,April2014. 4/25/2014
B - 10 Delta Associates TABLEBͲ11
SUMMARYOFPARKING ATSURVEYEDCLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA APRIL2014
#of Total Ratioof Total Ratioof Typeof Spaces Monthly #of Spaces #of SpacesPer Comp.# ProjectName Parking Provided Charge Units PerUnit Bedrooms1/ Bedroom 1. TheGablesofSpringCreek,Ph.I Surface N/A Free 72 N/A 192 N/A
2. DalevilleTownCenter Surface N/A Free 120 N/A 233 N/A PrivateGarage 34 $140
3. JeffersonForestManor Surface N/A Free 132 N/A 294 N/A
4. TheGablesofJeffersonCommons Surface N/A Free 216 N/A 568 N/A
5. WyndhurstVillas Surface 314 Free 150 2.41 336 1.08 Garage 48 $52 Subtotal 362 6. TheOrchards Surface N/A Free 240 N/A 510 N/A Garage 42 $130 Subtotal N/A 7. GladeCreekApartments Surface N/A Free 248 N/A 511 N/A
Total/Average:3/ 362 $145 150 2.41 336 1.08
Surface:Free Delta'sRecommendationforSubject:2/ SurfaceandDetachedGarages 244 120 2.03 244 1.00 DetachedGarage:$55/mo.
1/Densandloftscountedasbedrooms. 2/Delta'smarketrecommendationoftotalparkingformarketrateapartments.SeeTableAͲ2fordetails. 3/TotalonlyincludesWyndhurstVillasbecausecompleteparkingdataarenotavailablefortheotherprojects.
DA14240 14240AppdxAͲBͲCB11ͲParking Source:DeltaAssociates,April2014. 4/25/2014
B - 11 Delta Associates TABLEBͲ12
ABSORPTIONSUMMARY SURVEYEDCOMPARABLECLASSAAPARTMENTPROJECTS BEDFORD,VIRGINIAMARKETAREA 2010Ͳ2014
Date OverallMonthly Total Units Marketing Date Date LeaseͲUp ProjectName/Location Units Occupied Began Delivered Stabilized Pace 1. TheGablesofSpringCreek,Ph.I 72 10 10/13 2/14 ͲͲ 1 Forest,Virginia 2. DalevilleTownCenter 120 46 5/13 12/13 ͲͲ 4 Daleville,Virginia 3. JeffersonForestManor 132 57 5/13 6/13 ͲͲ 5 Forest,Virginia 4. TheGablesofJeffersonCommons 216 212 5/10 6/10 8/12 8 Forest,Virginia
Total/Average: 540 325 ͲͲ ͲͲ ͲͲ 6
DA14240 14240AppdxAͲBͲCBͲ12CompsAbs Source:DeltaAssociates,April2014. 4/25/2014
B - 12 Delta Associates APPENDIX C:
APARTMENT RENT ANALYSIS TABLECͲ1
RENTADJUSTMENTANALYSIS FORCOMPARISONTOTHESUBJECT BEDFORD,VIRGINIAMARKETAREA APRIL2014
Average Average AdjustmentsMadetoComparables Adjusted Adjusted Average Effective Effective Utilities 2009 Effective Effective Comp. Year #of Size Rent Rent Included Building InͲUnit Project Total Total Rent Rent # ProjectName/Location Opened UnitTypes Units (GLASF) PerUnit PerSF inRent5/ Age1/ Location2/ Features3/ Amenities4/ %Adjust. $Adjust. PerUnit PerSF 1. TheGablesofSpringCreek,Ph.I 2014 2BR/2B 24 1,058 $840 $0.79 $0 0.0% Ͳ4.0% 1.5% Ͳ2.0% Ͳ4.5% Ͳ$38 $802 $0.76 18700ForestRoad 3BR/2B 48 1,182 $925 $0.78 $0 0.0% Ͳ4.0% 1.5% Ͳ2.0% Ͳ4.5% Ͳ$42 $883 $0.75 Forest,Virginia
Total/Wtd.Avg. 72 1,141 $897 $0.79 $856 $0.75 2. DalevilleTownCenter 2013 1BR/1B 4 528 $741 $1.40 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$87 $654 $1.24 90TownCenterStreet 1BR/1B 5 557 $741 $1.33 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$87 $654 $1.17 Daleville,Virginia 1BR/1B 8 573 $751 $1.31 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$88 $663 $1.16 1BR/1B 6 603 $761 $1.26 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$88 $673 $1.12 1BR/1B 2 620 $787 $1.27 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$89 $698 $1.13 1BR/1B 1 675 $797 $1.18 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$90 $707 $1.05 1BR/1B 1 677 $764 $1.13 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$88 $676 $1.00 1BR/1B 2 716 $814 $1.14 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$91 $723 $1.01 2BR/2B 1 800 $981 $1.23 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$99 $882 $1.10 2BR/2B 2 812 $959 $1.18 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$98 $861 $1.06 2BR/2B 59 813 $959 $1.18 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$98 $861 $1.06 2BR/2B 1 860 $1,011 $1.18 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$101 $910 $1.06 2BR/2B 1 875 $1,011 $1.16 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$101 $910 $1.04 2BR/2B 1 893 $1,011 $1.13 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$101 $910 $1.02 2BR/2B 2 949 $1,032 $1.09 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$102 $930 $0.98 2BR/2B 2 966 $1,009 $1.04 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$100 $909 $0.94 3BR/2B 1 1,040 $1,172 $1.13 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$109 $1,063 $1.02 3BR/2B 2 1,045 $1,181 $1.13 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$109 $1,072 $1.03 3BR/2B 4 1,050 $1,261 $1.20 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$113 $1,148 $1.09 3BR/2B 2 1,096 $1,261 $1.15 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$113 $1,148 $1.05 3BR/2B 1 1,115 $1,358 $1.22 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$118 $1,240 $1.11 3BR/2B 1 1,156 $1,322 $1.14 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$116 $1,206 $1.04 3BR/2B 6 1,173 $1,331 $1.13 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$117 $1,214 $1.04 3BR/2B 2 1,190 $1,341 $1.13 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$117 $1,224 $1.03 3BR/2B 2 1,196 $1,341 $1.12 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$117 $1,224 $1.02 3BR/2B 1 1,212 $1,342 $1.11 Ͳ$50 0.0% Ͳ7.0% 0.0% 2.0% Ͳ5.0% Ͳ$117 $1,225 $1.01 Total/Wtd.Avg. 120 823 $976 $1.19 $877 $1.07 3. JeffersonForestManor 2013 2BR/2B 102 1,000 $747 $0.75 $0 0.0% Ͳ4.0% 1.0% 12.0% 9.0% $67 $814 $0.81 GladeSpringsRoad 3BR/2B 30 1,100 $834 $0.76 $0 0.0% Ͳ4.0% 1.0% 12.0% 9.0% $75 $909 $0.83 Forest,Virginia
Total/Wtd.Avg. 132 1,023 $767 $0.75 $836 $0.82 4. TheGablesofJeffersonCommons 2010 2BR/2B 72 1,058 $840 $0.79 $0 0.0% Ͳ4.0% 2.0% Ͳ2.0% Ͳ4.0% Ͳ$34 $806 $0.76 1047EastLawnDrive 2BR/2B 8 1,088 $890 $0.82 $0 0.0% Ͳ4.0% 2.0% Ͳ2.0% Ͳ4.0% Ͳ$36 $854 $0.79 Forest,Virginia 3BR/2B 84 1,238 $940 $0.76 $0 0.0% Ͳ4.0% 2.0% Ͳ2.0% Ͳ4.0% Ͳ$38 $902 $0.73 3BR/2B 28 1,126 $940 $0.83 $0 0.0% Ͳ4.0% 2.0% Ͳ2.0% Ͳ4.0% Ͳ$38 $902 $0.80 3BR/2B 24 1,163 $940 $0.81 $0 0.0% Ͳ4.0% 2.0% Ͳ2.0% Ͳ4.0% Ͳ$38 $902 $0.78 Total/Wtd.Avg. 216 1,150 $905 $0.79 $869 $0.76 5. WyndhurstVillas 2006 2BR/2B 114 1,000 $785 $0.79 $0 5.4% Ͳ7.0% 9.0% 0.0% 7.4% $58 $843 $0.84 301NorthwyndCircle 3BR/2B 36 1,200 $880 $0.73 $0 5.4% Ͳ7.0% 9.0% 0.0% 7.4% $65 $945 $0.79 Lynchburg,Virginia
Total/Wtd.Avg. 150 1,048 $808 $0.77 $868 $0.83 6. TheOrchards 2002 1BR/1B 60 852 $773 $0.91 $0 9.0% Ͳ7.0% 6.0% 0.0% 8.0% $62 $835 $0.98 5360OrchardsHillDrive 1BR/1B/Sunroom 60 918 $770 $0.84 $0 9.0% Ͳ7.0% 6.0% 0.0% 8.0% $62 $832 $0.91 Roanoke,Virginia 2BR/2B 30 1,032 $921 $0.89 $0 9.0% Ͳ7.0% 6.0% 0.0% 8.0% $74 $995 $0.96 2BR/2B/Sunroom 30 1,101 $940 $0.85 $0 9.0% Ͳ7.0% 6.0% 0.0% 8.0% $75 $1,015 $0.92 3BR/2B 60 1,340 $1,155 $0.86 $0 9.0% Ͳ7.0% 6.0% 0.0% 8.0% $92 $1,247 $0.93 Total/Wtd.Avg. 240 1,044 $907 $0.87 $980 $0.94 7. GladeCreekApartments 1998 1BR/1B 24 866 $820 $0.95 $0 9.0% Ͳ4.0% 3.0% 4.0% 12.0% $98 $918 $1.06 3343GladeCreekBoulevardNE 1BR/1B 24 941 $845 $0.90 $0 9.0% Ͳ4.0% 3.0% 4.0% 12.0% $101 $946 $1.01 Roanoke,Virginia 2BR/2B 90 1,155 $937 $0.81 $0 9.0% Ͳ4.0% 3.0% 4.0% 12.0% $112 $1,050 $0.91 2BR/2B 47 1,178 $970 $0.82 $0 9.0% Ͳ4.0% 3.0% 4.0% 12.0% $116 $1,086 $0.92 3BR/2B 26 1,316 $1,055 $0.80 $0 9.0% Ͳ4.0% 3.0% 4.0% 12.0% $127 $1,182 $0.90 3BR/2B 37 1,376 $1,070 $0.78 $0 9.0% Ͳ4.0% 3.0% 4.0% 12.0% $128 $1,198 $0.87 Total/Wtd.Avg. 248 1,161 $955 $0.82 $1,070 $0.92
WEIGHTEDAVERAGESFORALLCOMPS
WeightedAveragefor1BR/1BUnits: 137 815 $791 $0.97 AdjustedWeightedAveragefor1BR/1BUnits: $834 $1.02 WeightedAveragefor1BR/1B/SunroomUnits: 60 918 $770 $0.84 AdjustedWeightedAveragefor1BR/1B/SunroomUnits: $832 $0.91 WeightedAveragefor2BR/2BUnits: 556 1,031 $859 $0.83 AdjustedWeightedAveragefor2BR/2BUnits: $897 $0.87 WeightedAveragefor2BR/2B/SunroomUnits: 30 1,101 $940 $0.85 AdjustedWeightedAveragefor2BR/2B/SunroomUnits: $1,015 $0.92 WeightedAveragefor3BR/2BUnits: 395 1,232 $997 $0.81 AdjustedWeightedAveragefor3BR/2BUnits: $1,018 $0.83 OverallWeightedAverage: 1,178 1,069 $895 $0.84 OverallWeightedAverage: $930 $0.87
1/Accountsforthedifferenceinagebetweenthesubjectandselectcomparables;1.8%adjustmentperyearforprojectsbuiltbefore2009,limitedto9.0%.Projectsnewerthan2009werenotadjusted. 2/Adjustmentmadebasedonproject'sproximitytomajorthroughfares,retail,restaurants,andentertainmentvenues.SeeTableCͲ2. 3/ConsidersthedifferenceininͲunitfeatures;assumesthesponsordevelopsthesubjectwiththefeaturesrecommendedinAppendixA.SeeTablesAͲ2,BͲ7,andCͲ3. 4/Adjustsfordifferencesinprojectamenities;assumesthesponsordevelopstheprojectwithamenitiesrecommendedinAppendixA.SeeTablesAͲ2,BͲ8,andCͲ4. 5/Comp#2includesbasiccableTVandhighͲspeedinternetintherents,valuedat$50perunitpermonth.
DA14240 14240AppdxAͲBͲCCͲ1Adj. Source:DeltaAssociates,April2014. 4/25/2014
C - 1 Delta Associates TABLECͲ2
ADJUSTMENTFORQUALITYOFLOCATION BEDFORD,VIRGINIACOMPAREDTOCOMPARABLES BEDFORD,VIRGINIAMARKETAREA APRIL2014
Estimated Adjustment ProjectName Relativeto Subject Subject BEDFORD,VIRGINIA ͲͲ 1. TheGablesofSpringCreek,Ph.I Ͳ4.0% 18700ForestRoad Forest,Virginia 2. DalevilleTownCenter Ͳ7.0% 90TownCenterStreet Daleville,Virginia
3. JeffersonForestManor Ͳ4.0% GladeSpringsRoad Forest,Virginia
4. TheGablesofJeffersonCommons Ͳ4.0% 1047EastLawnDrive Forest,Virginia 5. WyndhurstVillas Ͳ7.0% 301NorthwyndCircle Lynchburg,Virginia
6. TheOrchards Ͳ7.0% 5360OrchardsHillDrive Roanoke,Virginia
7. GladeCreekApartments Ͳ4.0% 3343GladeCreekBoulevardNE Roanoke,Virginia
DA14240 14240AppdxAͲBͲCCͲ2Quality Source:DeltaAssociates,April2014. 4/25/2014
C - 2 Delta Associates TABLECͲ3
INͲUNITFEATURES FORCOMPARISONTOTHESUBJECT APRIL2014
NumberofInͲUnit ProjectName %Adjustment1/ AmenitiesOffered TheGablesofSpringCreek,Ph.I 6.75 1.5% DalevilleTownCenter 7.50 0.0% JeffersonForestManor 7.00 1.0% TheGablesofJeffersonCommons 6.50 2.0% WyndhurstVillas 3.00 9.0% TheOrchards 4.50 6.0% GladeCreekApartments 6.00 3.0% RecommendedfortheSubject 7.50 ͲͲ
1/Thecomparablesareadjustedby2.0%foreachamenityinTableBͲ7 thatdiffersincomparisontothesubject.
DA14240 14240AppdxAͲBͲCCͲ3InͲUnitFeat. Source:DeltaAssociates,April2014. 4/25/2014
C - 3 Delta Associates TABLECͲ4
PROJECTAMENITIES FORCOMPARISONTOTHESUBJECT APRIL2014
NumberofProject ProjectName %Adjustment1/ AmenitiesOffered TheGablesofSpringCreek,Ph.I7.00 Ͳ2.0% DalevilleTownCenter 5.00 2.0% JeffersonForestManor 0.00 12.0% TheGablesofJeffersonCommons 7.00 Ͳ2.0% WyndhurstVillas 6.00 0.0% TheOrchards 6.00 0.0% GladeCreekApartments 4.00 4.0% RecommendedfortheSubject 6.00 ͲͲ
1/Thecomparablesareadjustedby2.0%foreachamenityin TableBͲ8thatdiffersincomparisontothesubject.
DA14240 14240AppdxAͲBͲCCͲ4ProjAmen. Source:DeltaAssociates,April2014. 4/25/2014
C - 4 Delta Associates APPENDIX D:
APARTMENT SUPPLY AND DEMAND ANALYSIS TABLE D-1
PROJECTED CLASS A APARTMENT SUPPLY AND DEMAND BEDFORD COUNTY, VIRGINIA APRIL 2014 - APRIL 2017
A. Estimated Supply To Be Absorbed To Reach Normalized Vacancy Rate of 5% 1. Units in Stabilized Projects Needed to Reach Normalized Vacancy (7) [1] 2. Units in Projects In Lease-Up Needed to Reach Normalized Vacancy 127 [2] 3. Units in Projects Under Construction-Not Yet Leasing Needed to Reach Normalized Vacancy 30 [2] 4. Apartment Units in Planned Projects (assuming attrition of 50%) 74 [3] 5. The Subject (60 units in Phase I) 57 [4]
6. Total Supply to be Absorbed Over Next 3 Years with a Normalized Vacancy Rate 281 [5]
B. Estimated Demand 1. Total Demand Over Next 3 Years 210 [6]
C. Estimated Over/(Under) Supply of Units 71
D. Estimated Inventory and Occupancy at April 2017 1. Current Inventory in Stabilized Projects 228 [7] 2. Units in Projects In Lease-Up 204 [7] 3. Units in Projects Under Construction-Not Yet Leasing 32 [7] 4. Apartment Units in Planned Projects (assuming attrition of 50%) 78 [7] 5. The Subject 60 6. Projected Total Inventory 3 Years from Now 602
7. Current Occupied Units in Stabilized Projects 224 [7] 8 Current Occupied Units in Projects in Lease-up 67 [7] 9. Projected New Demand Over Next 3 Years 210 [6] 10. Projected Occupied Units 3 Years from Now 501
11. Projected Available Units 3 years from Now (line 6 - line 10) 101
E. Estimated Overall Vacancy Rate at April 2017 (line D.11 / line D.6) 16.8% Compared to Stabilized Vacancy Rate at April 2014 1.8% [7] Compared to Overall Vacancy Rate at April 2014 32.6% [7]
[1] Equilibrium, or "normalized" vacancy is assumed to be 5.0%. These are units required to achieve equilibrium in the new supply. [2] 95% of available units in lease-up and/or under construction. See Table D-3. [3] 95% of units in the planning stage. See Table D-4. [4] 95% of the units at the subject. We assume that a prototypical 120-unit project will be delivered in two 60-unit phases, only one of which will be completed within the next 36 months. [5] See text description of competitive environment. [6] See Table D-5. [7] See Table D-2 for summary of stabilized, lease-up, under construction, and planned inventory.
DA14240 14240 Appdx D Sup Dem, D1-SUP-DEMAND APTS Source: Delta Associates, April 2014. 4/25/2014
D - 1 Delta Associates TABLE D-2
SUMMARY OF CLASS A INVENTORY BEDFORD COUNTY, VIRGINIA APRIL 2014 - APRIL 2017
Number of Units Vacancy Total Occupied Available Rate
Existing Stabilized Projects [1] 228 224 4 1.8% Projects In Lease-Up [2] 204 67 137 67.2% Existing Inventory 432 291 141 32.6%
Projects Under Construction-Not Yet Leasing [2] 32 Projects Planned and Not Yet Leasing [2] 156 Projected Inventory 3 Years from Now [3] 620
Projects Planned and Not Yet Leasing after attrition 78 Projected Inventory 3 Years from Now after attrition [3] 542
[1] From Delta Associates' market survey. See Table D-3. [2] See Table D-4. [3] Excluding the subject property.
DA14240 14240 Appdx D Sup Dem, D2-Inventory Summary Source: Delta Associates, April 2014. 4/25/2014
D - 2 Delta Associates TABLE D-3
STABILIZED CLASS A APARTMENT INVENTORY BEDFORD COUNTY, VIRGINIA AS OF APRIL 2014
Year # of Vacant % # Project Name/Location Built Units Units Vacant 1 Gables at Jefferson Commons 2010 216 4 1.9% 1047 E Lawn Drive Forest, VA
2 1035 Mercantile Street 2009 12 0 0.0% Moneta, VA Total 228 4 1.8%
DA14240 14240 Appdx D Sup DemD3-Inventory Source: Delta Associates, April 2014. 4/25/2014
D - 3 Delta Associates TABLE D-4
CLASS A APARTMENT DEVELOPMENT PIPELINE BEDFORD COUNTY, VIRGINIA AS OF APRIL 2014
Project Year Date Marketing Total Units Available Percent # Project Name/Location Status Built Began Units Leased Units Available
PROJECTS IN LEASE-UP 1 Jefferson Forest Manor Marketing/ 2013-2014 May 2013 132 57 75 56.8% Glades Spring Road Under Construction Forest, VA
2 The Gables of Spring Creek, Phase I Marketing/ 2014-2015 October 2013 72 10 62 86.1% Forest Road Under Construction Forest, VA Subtotal (In Lease-Up) 204 67 137 67.2%
PROJECTS NOT YET MARKETING (UNDER CONSTRUCTION) 3 Bedford Lofts Under Construction 2014 NA 32 0 32 100.0% 412 Jackson Street Bedford, VA Subtotal (Under Construction) 32 0 32 100.0%
PLANNED PROJECTS 4 The Gables of Spring Creek, Future Phases Planned NA NA 156 0 156 100.0% Forest Road Lynchburg, VA Subtotal (Planned) 156 0 156 100.0%
Total Pipeline 392 67 325 82.9%
DA14240 14240 Appdx D Sup DemD4-Pipeline Source: Delta Associates, April 2014. 4/25/2014
D - 4 Delta Associates TABLE D-5
RECONCILIATION OF ESTIMATES OF DEMAND FOR MULTIFAMILY HOUSING BEDFORD COUNTY, VIRGINIA APRIL 2014 - APRIL 2017
Estimates of Demand:
1. Average Annual Demand Based on Apartment Absorption: 1 70
2. Average Annual Demand Based On Building Permits Issued: 2 31
3. Average Annual Demand Based on Household Growth: 3 36
Average of 1 Through 3: 46
Delta Estimate of Annual Demand: 70
1 See Table D-6. 2 See Table D-7. 3 See Table D-8.
DA14240 14240 Appdx D Sup Dem, D5-Demand Reconcil Source: Delta Associates, April 2014. 4/25/2014
D - 5 Delta Associates TABLE D-6
CLASS A APARTMENT ABSORPTION BEDFORD COUNTY, VIRGINIA MAY 2010 TO APRIL 2014
Date Total Units Marketing Project Name/Location Type Units Absorbed Began 1. Gables at Jefferson Commons Low-Rise 216 212 5/10 Forest, Virginia 2. Jefferson Forest Manor Low-Rise 132 57 5/13 Forest, Virginia 3. Gables of Spring Creek Low-Rise 228 10 2/14 Lynchburg, Virginia
Total Units Absorbed, 5/10 to 4/14 279
Annual Average (4 Years) 70
Note: This covers the period from May 2010, when Gables at Jefferson Commons began marketing, to April 2014.
DA14240 14240 Appdx D Sup Dem, D6 Class A Absorption Source: Delta Associates, April 2014. 4/25/2014
D - 6 Delta Associates TABLE D-7
HOUSING UNITS AUTHORIZED BY BUILDING PERMITS BEDFORD COUNTY, VIRGINIA 2000 - JANUARY 2014
Single-Family 1 Multifamily 2 Year # % # % Total 2000 483 100.0% 0 0.0% 483 2001 444 95.7% 20 4.3% 464 2002 555 100.0% 0 0.0% 555 2003 634 100.0% 0 0.0% 634 2004 694 99.1% 6 0.9% 700 2005 710 94.7% 40 5.3% 750 2006 746 98.4% 12 1.6% 758 2007 538 100.0% 0 0.0% 538 2008 293 100.0% 0 0.0% 293 2009 227 75.4% 74 24.6% 301 2010 246 77.4% 72 22.6% 318 2011 172 64.2% 96 35.8% 268 2012 237 83.2% 48 16.8% 285 2013 285 74.0% 100 26.0% 385 Through Feb. 2014 32 57.1% 24 42.9% 56 2000 - Feb. 2014 6,296 92.8% 492 7.2% 6,788 Annual Avg. 444 -- 35 -- 479
Annual Average of Multifamily Permits: 35
Annual Average of Multifamily Rental Permits: 3 31
1 Single-family is defined as detached single-family and attached two-family units. 2 Multifamily units are defined as buildings containing three or more attached units. 3 Allowance made for multifamily permits applied towards condominium construction, using historical owner-occupied versus renter-occupied data. (See Table D-10.)
DA14240 14240 Appdx D Sup Dem, D7-DmdBldPmt Source: U.S. Census Bureau, Delta Associates, April 2014. 4/25/2014
D - 7 Delta Associates TABLE D-8
PROJECTED ANNUAL RENTAL APARTMENT DEMAND BEDFORD COUNTY, VIRGINIA APRIL 2014 - APRIL 2017
A. Projected Annual Increase in Income-Qualified Households: 1 497
B. Vacancy/Replacement Requirements: 2 1.1
C. Annual Housing Demand: 547
1. Single Family Units at 92.8% of Annual Housing Demand: 3 507
2. Multifamily Units at 7.2% of Annual Housing Demand: 3 40
a. Owner-Occupied Units 9.5% of Annual Multifamily Demand: 4 4
b. Renter-Occupied Units 90.5% of Annual Multifamily Demand: 4 36
1 See Table D-9. 2 Adjustment factor of 1.1 applied to households to accommodate demolitions and conversions. 3 Based on ratio of single-family and multifamily building permits for period of 2000 - Feb. 2014. See Table D-7. 4 Based on historic ratio of renter vs. owner occupied multifamily units. See Table D-10.
DA14240 14240 Appdx D Sup Dem, D8-Dmd HH Source: Delta Associates, April 2014. 4/25/2014
D - 8 Delta Associates TABLE D-9
HOUSEHOLD TRENDS HOUSEHOLD INCOME $35,000+ BEDFORD COUNTY, VIRGINIA 2013 - 2018
Number of Annual Change Year Households Number Percent
2013 21,286 -- -- 2018 23,771 497 2.3%
1/ 2013 - 2018 Change: 2,485 -- --
1/ See Table E-1.
DA14240 14240 Appdx D Sup Dem, D9-HH Trends Source: ESRI, Delta Associates, April 2014. 4/25/2014
D - 9 Delta Associates TABLE D-10
MULTIFAMILY HOUSING TENURE BEDFORD COUNTY, VIRGINIA 2012
Total Multifamily Units 1,491
Owner-Occupied Multifamily Units 142
Renter-Occupied Multifamily Units 1,349
% of Multifamily Units That Are Renter-Occupied: 90.5%
% of Multifamily Units That Are Owner-Occupied: 9.5%
DA14240 14240 Appdx D Sup Dem, D10-Tenure Source: U.S. Census Bureau, Delta Associates, April 2014. 4/25/2014
D - 10 Delta Associates APPENDIX E:
DEMOGRAPHIC AND ECONOMIC DATA TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... % Change from Prev. Change from Pr. Prev. Pr. Population Summary 2000 Total Population 66,670 2010 Total Population 74,898 12.34% 8,228 2013 Total Population 76,902 2.68% 2,004 2013 Group Quarters 655 2018 Total Population 79,584 3.49% 2,682 2013-2018 Annual Rate 0.69% Household Summary 2000 Households 26,357 2000 Average Household Size 2.49 2010 Households 30,092 14.17% 3,735 2010 Average Household Size 2.47 2013 Households 30,984 2.96% 892 2013 Average Household Size 2.46 2018 Households 32,123 3.68% 1,139 2018 Average Household Size 2.46 2013-2018 Annual Rate 0.72% 2010 Families 21,910 2010 Average Family Size 2.89 2013 Families 22,512 2.75% 602 2013 Average Family Size 2.88 2018 Families 23,257 3.31% 745 2018 Average Family Size 2.87 2013-2018 Annual Rate 0.65% Housing Unit Summary 2000 Housing Units 29,543 Owner Occupied Housing Units 75.0% Renter Occupied Housing Units 14.2% Vacant Housing Units 10.8% 2010 Housing Units 34,857 17.99% 5,314 Owner Occupied Housing Units 70.8% Renter Occupied Housing Units 15.5% Vacant Housing Units 13.7% 2013 Housing Units 36,047 3.41% 1,190 Owner Occupied Housing Units 69.3% Renter Occupied Housing Units 16.6% Vacant Housing Units 14.0% 2018 Housing Units 37,484 3.99% 1,437 Owner Occupied Housing Units 69.9% Renter Occupied Housing Units 15.8% Vacant Housing Units 14.3% Median Household Income 2013 $52,026 2018 $58,784 12.99% $6,758 Median Home Value 2013 $198,616 2018 $281,224 41.59% $82,608 Per Capita Income 2013 $28,099 2018 $32,996 17.43% $4,897 Median Age 2010 44.2 2013 45.2 2018 46.3
Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
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E - 1 Delta Associates TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... 2013 Households by Income Household Income Base 30,984 <$15,000 10.8% 3,346 $15,000 - $24,999 7.9% 2,448 $25,000 - $34,999 12.5% 3,873 $35,000 - $49,999 16.5% 5,112 $50,000 - $74,999 19.0% 5,887 $75,000 - $99,999 13.1% 4,059 $100,000 - $149,999 13.5% 4,183 $150,000 - $199,999 3.3% 1,022 $200,000+ 3.3% 1,022 Average Household Income $69,598 Total HH $35,000+ 21,286 2018 Households by Income Household Income Base 32,123 <$15,000 10.5% 3,373 $15,000 - $24,999 6.6% 2,120 $25,000 - $34,999 8.9% 2,859 $35,000 - $49,999 16.2% 5,204 $50,000 - $74,999 17.6% 5,654 $75,000 - $99,999 14.1% 4,529 $100,000 - $149,999 16.2% 5,204 $150,000 - $199,999 5.8% 1,863 $200,000+ 4.1% 1,317 Average Household Income $81,621 Total HH $35,000+ 23,771 2013 Owner Occupied Housing Units by Value Total 24,987 <$50,000 3.0% 750 $50,000 - $99,999 9.3% 2,324 $100,000 - $149,999 19.2% 4,798 $150,000 - $199,999 19.0% 4,748 $200,000 - $249,999 15.0% 3,748 $250,000 - $299,999 10.3% 2,574 $300,000 - $399,999 11.4% 2,849 $400,000 - $499,999 5.7% 1,424 $500,000 - $749,999 4.9% 1,224 $750,000 - $999,999 1.4% 350 $1,000,000 + 0.7% 175 Average Home Value $244,982 Total Homes $400,000+ 3,173 2018 Owner Occupied Housing Units by Value Total 26,214 <$50,000 1.2% 315 $50,000 - $99,999 3.9% 1,022 $100,000 - $149,999 7.3% 1,914 $150,000 - $199,999 13.1% 3,434 $200,000 - $249,999 16.4% 4,299 $250,000 - $299,999 13.1% 3,434 $300,000 - $399,999 16.1% 4,220 $400,000 - $499,999 12.2% 3,198 $500,000 - $749,999 10.7% 2,805 $750,000 - $999,999 4.9% 1,284 $1,000,000 + 1.2% 315 Average Home Value $344,060 Total Homes $400,000+ 7,602
Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, pensions, SSI and welfare payments, child support, and alimony. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography. April 02, 2014
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E - 2 Delta Associates TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... 2010 Population by Age Total 74,898 0 - 4 5.1% 3,820 5 - 9 6.1% 4,569 10 - 14 6.8% 5,093 15 - 24 11.0% 8,239 25 - 34 8.9% 6,666 35 - 44 13.2% 9,887 45 - 54 17.2% 12,882 55 - 64 15.0% 11,235 65 - 74 9.8% 7,340 75 - 84 5.1% 3,820 85 + 1.7% 1,273 18 + 77.9% 58,346 2013 Population by Age Total 76,902 0 - 4 4.9% 3,768 5 - 9 5.6% 4,307 10 - 14 6.4% 4,922 15 - 24 11.2% 8,613 25 - 34 9.3% 7,152 35 - 44 12.3% 9,459 45 - 54 16.2% 12,458 55 - 64 16.0% 12,304 65 - 74 10.9% 8,382 75 - 84 5.4% 4,153 85 + 1.9% 1,461 18 + 79.3% 60,983 2018 Population by Age Total 79,584 0 - 4 4.9% 3,900 5 - 9 5.3% 4,218 10 - 14 6.0% 4,775 15 - 24 10.5% 8,356 25 - 34 10.3% 8,197 35 - 44 11.2% 8,913 45 - 54 14.6% 11,619 55 - 64 16.6% 13,211 65 - 74 12.7% 10,107 75 - 84 6.0% 4,775 85 + 2.0% 1,592 18 + 80.1% 63,747 2010 Population by Sex Males 36,931 Females 37,967 2013 Population by Sex Males 37,892 Females 39,010 2018 Population by Sex Males 39,229 Females 40,355
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
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E - 3 Delta Associates TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... 2010 Population by Race/Ethnicity Total 74,898 White Alone 90.2% 67,558 Black Alone 6.9% 5,168 American Indian Alone 0.3% 225 Asian Alone 1.0% 749 Pacific Islander Alone 0.0% 0 Some Other Race Alone 0.4% 300 Two or More Races 1.2% 899 Hispanic Origin 1.6% 1,198 Diversity Index 20.8 2013 Population by Race/Ethnicity Total 76,902 White Alone 89.2% 66,809 Black Alone 7.6% 5,692 American Indian Alone 0.3% 225 Asian Alone 1.1% 824 Pacific Islander Alone 0.0% 0 Some Other Race Alone 0.5% 374 Two or More Races 1.4% 1,049 Hispanic Origin 1.9% 1,423 Diversity Index 22.9 2018 Population by Race/Ethnicity Total 79,584 White Alone 87.8% 69,875 Black Alone 8.3% 6,605 American Indian Alone 0.3% 239 Asian Alone 1.3% 1,035 Pacific Islander Alone 0.0% 0 Some Other Race Alone 0.6% 478 Two or More Races 1.6% 1,273 Hispanic Origin 2.5% 1,990 Diversity Index 25.9 2010 Population by Relationship and Household Type Total 74,898 In Households 99.1% 74,224 In Family Households 86.2% 64,562 Householder 29.3% 21,945 Spouse 24.1% 18,050 Child 28.7% 21,496 Other relative 2.3% 1,723 Nonrelative 1.7% 1,273 In Nonfamily Households 13.0% 9,737 In Group Quarters 0.9% 674 Institutionalized Population 0.6% 449 Noninstitutionalized Population 0.3% 225
Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different race/ethnic groups. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
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E - 4 Delta Associates TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... 2013 Population 25+ by Educational Attainment Total 55,254 Less than 9th Grade 4.8% 2,652 9th - 12th Grade, No Diploma 9.7% 5,360 High School Graduate 32.4% 17,902 Some College, No Degree 21.8% 12,045 Associate Degree 6.6% 3,647 Bachelor's Degree 15.6% 8,620 Graduate/Professional Degree 9.1% 5,028 2013 Population 15+ by Marital Status Total 63,890 Never Married 21.1% 13,481 Married 64.1% 40,953 Widowed 6.1% 3,897 Divorced 8.8% 5,622 2013 Civilian Population 16+ in Labor Force Civilian Employed 94.6% Civilian Unemployed 5.4% 2013 Employed Population 16+ by Industry Total 36,059 Agriculture/Mining 0.8% 288 Construction 7.1% 2,560 Manufacturing 13.8% 4,976 Wholesale Trade 2.7% 974 Retail Trade 12.3% 4,435 Transportation/Utilities 6.8% 2,452 Information 1.1% 397 Finance/Insurance/Real Estate 6.1% 2,200 Services 45.8% 16,515 Public Administration 3.4% 1,226 2013 Employed Population 16+ by Occupation Total 36,059 White Collar 59.9% 21,599 Management/Business/Financial 14.6% 5,265 Professional 20.3% 7,320 Sales 10.3% 3,714 Administrative Support 14.7% 5,301 Services 15.3% 5,517 Blue Collar 24.7% 8,907 Farming/Forestry/Fishing 0.3% 108 Construction/Extraction 5.1% 1,839 Installation/Maintenance/Repair 4.2% 1,514 Production 8.4% 3,029 Transportation/Material Moving 6.8% 2,452
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
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E - 5 Delta Associates TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... 2010 Households by Type Total 30,092 Households with 1 Person 22.9% 6,891 Households with 2+ People 77.1% 23,201 Family Households 72.8% 21,907 Husband-wife Families 60.1% 18,085 With Related Children 22.6% 6,801 Other Family (No Spouse Present) 12.8% 3,852 Other Family with Male Householder 3.9% 1,174 With Related Children 2.1% 632 Other Family with Female Householder 8.9% 2,678 With Related Children 5.5% 1,655 Nonfamily Households 4.3% 1,294
All Households with Children 30.6% 9,208
Multigenerational Households 2.9% 873 Unmarried Partner Households 5.0% 1,505 Male-female 4.5% 1,354 Same-sex 0.6% 181 2010 Households by Size Total 30,092 1 Person Household 22.9% 6,891 2 Person Household 40.4% 12,157 3 Person Household 16.3% 4,905 4 Person Household 12.4% 3,731 5 Person Household 5.5% 1,655 6 Person Household 1.8% 542 7 + Person Household 0.9% 271 2010 Households by Tenure and Mortgage Status Total 30,092 Owner Occupied 82.1% 24,706 Owned with a Mortgage/Loan 54.9% 16,521 Owned Free and Clear 27.2% 8,185 Renter Occupied 17.9% 5,386
Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent-child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
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E - 6 Delta Associates TABLE E-1
Market Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: 2 Counties VA(51019),VA(515... Top 3 Tapestry Segments 1. Salt of the Earth 2. Green Acres 3. Midland Crowd 2013 Consumer Spending Apparel & Services: Total $ $43,086,904 Average Spent $1,390.62 Spending Potential Index 61 Computers & Accessories: Total $ $7,183,698 Average Spent $231.85 Spending Potential Index 93 Education: Total $ $39,255,776 Average Spent $1,266.97 Spending Potential Index 87 Entertainment/Recreation: Total $ $103,944,520 Average Spent $3,354.78 Spending Potential Index 103 Food at Home: Total $ $155,241,137 Average Spent $5,010.36 Spending Potential Index 100 Food Away from Home: Total $ $93,795,421 Average Spent $3,027.22 Spending Potential Index 95 Health Care: Total $ $148,663,146 Average Spent $4,798.06 Spending Potential Index 108 HH Furnishings & Equipment: Total $ $49,014,425 Average Spent $1,581.93 Spending Potential Index 88 Investments: Total $ $48,533,405 Average Spent $1,566.40 Spending Potential Index 76 Retail Goods: Total $ $738,558,724 Average Spent $23,836.78 Spending Potential Index 99 Shelter: Total $ $458,075,937 Average Spent $14,784.27 Spending Potential Index 91 TV/Video/Audio: Total $ $39,940,356 Average Spent $1,289.06 Spending Potential Index 100 Travel: Total $ $55,194,071 Average Spent $1,781.37 Spending Potential Index 97 Vehicle Maintenance & Repairs: Total $ $33,833,154 Average Spent $1,091.96 Spending Potential Index 100
Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100.
Source: Consumer Spending data are derived from the 2010 and 2011 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
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E - 7 Delta Associates TABLE E-2
Household Income Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County 2013-2018 2013-2018 Summary 2013 2018 Change Annual Rate Population 76,902 79,584 2,682 0.69% Households 30,984 32,123 1,139 0.72% Median Age 45.2 46.3 1.1 0.48% Average Household Size 2.46 2.46 0.00 0.00%
2013 2018 Households by Income Number Percent Number Percent Household 30,984 100% 32,123 100% <$15,000 3,337 10.8% 3,385 10.5% $15,000-$24,999 2,457 7.9% 2,117 6.6% $25,000-$34,999 3,882 12.5% 2,863 8.9% $35,000-$49,999 5,113 16.5% 5,197 16.2% $50,000-$74,999 5,899 19.0% 5,642 17.6% $75,000-$99,999 4,059 13.1% 4,529 14.1% $100,000-$149,999 4,181 13.5% 5,216 16.2% $150,000-$199,999 1,031 3.3% 1,866 5.8% $200,000+ 1,025 3.3% 1,308 4.1%
Median Household Income $52,026 $58,784 Average Household Income $69,598 $81,621 Per Capita Income $28,099 $32,996
Data Note: Income reported for July 1, 2018 represents annual income for the preceding year, expressed in current (2017) dollars, including an adjustment for inflation. April 08, 2014
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E - 8 Delta Associates TABLE E-2
Household Income Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County 2013 Households by Income and Age of Householder <25 25-34 35-44 45-54 55-64 65-74 75+ HH Income Base 775 3,032 4,744 6,734 6,993 5,051 3,655
<$15,000 204 255 260 461 733 633 791 $15,000-$24,999 105 205 249 348 480 370 700 $25,000-$34,999 123 382 493 701 896 576 711 $35,000-$49,999 196 569 737 949 1,097 949 616 $50,000-$74,999 81 633 998 1,335 1,423 1,031 398 $75,000-$99,999 15 430 804 1,183 868 589 170 $100,000- 37 414 791 1,134 992 633 180 $150,000- 5 80 201 291 240 152 62 $200,000+ 9 64 211 332 264 118 27
Median HH Income $30,613 $52,819 $63,411 $64,755 $53,554 $49,945 $28,836 Average HH $39,012 $67,273 $81,492 $82,714 $71,907 $64,874 $40,518 Percent Distribution <25 25-34 35-44 45-54 55-64 65-74 75+ HH Income Base 100% 100% 100% 100% 100% 100% 100%
<$15,000 26.3% 8.4% 5.5% 6.8% 10.5% 12.5% 21.6% $15,000-$24,999 13.5% 6.8% 5.2% 5.2% 6.9% 7.3% 19.2% $25,000-$34,999 15.9% 12.6% 10.4% 10.4% 12.8% 11.4% 19.5% $35,000-$49,999 25.3% 18.8% 15.5% 14.1% 15.7% 18.8% 16.9% $50,000-$74,999 10.5% 20.9% 21.0% 19.8% 20.3% 20.4% 10.9% $75,000-$99,999 1.9% 14.2% 16.9% 17.6% 12.4% 11.7% 4.7% $100,000- 4.8% 13.7% 16.7% 16.8% 14.2% 12.5% 4.9% $150,000- 0.6% 2.6% 4.2% 4.3% 3.4% 3.0% 1.7% $200,000+ 1.2% 2.1% 4.4% 4.9% 3.8% 2.3% 0.7%
Data Note: Income reported for July 1, 2018 represents annual income for the preceding year, expressed in current (2017) dollars, including an adjustment for inflation. April 08, 2014
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E - 9 Delta Associates TABLE E-2
Household Income Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County 2018 Households by Income and Age of Householder <25 25-34 35-44 45-54 55-64 65-74 75+ HH Income Base 690 3,402 4,417 6,162 7,355 5,983 4,114
<$15,000 180 266 216 387 707 713 916 $15,000-$24,999 93 171 181 249 400 363 660 $25,000-$34,999 81 270 311 436 643 490 632 $35,000-$49,999 180 593 648 810 1,121 1,101 744 $50,000-$74,999 75 654 838 1,090 1,378 1,159 448 $75,000-$99,999 16 548 795 1,154 1,015 770 231 $100,000- 47 603 858 1,207 1,303 905 293 $150,000- 6 185 306 466 454 311 138 $200,000+ 12 112 264 363 334 171 52
Median HH Income $33,588 $62,947 $75,320 $76,689 $62,239 $55,098 $32,001 Average HH $45,033 $82,250 $97,305 $97,568 $85,693 $75,119 $48,690 Percent Distribution <25 25-34 35-44 45-54 55-64 65-74 75+ HH Income Base 100% 100% 100% 100% 100% 100% 100%
<$15,000 26.1% 7.8% 4.9% 6.3% 9.6% 11.9% 22.3% $15,000-$24,999 13.5% 5.0% 4.1% 4.0% 5.4% 6.1% 16.0% $25,000-$34,999 11.7% 7.9% 7.0% 7.1% 8.7% 8.2% 15.4% $35,000-$49,999 26.1% 17.4% 14.7% 13.1% 15.2% 18.4% 18.1% $50,000-$74,999 10.9% 19.2% 19.0% 17.7% 18.7% 19.4% 10.9% $75,000-$99,999 2.3% 16.1% 18.0% 18.7% 13.8% 12.9% 5.6% $100,000- 6.8% 17.7% 19.4% 19.6% 17.7% 15.1% 7.1% $150,000- 0.9% 5.4% 6.9% 7.6% 6.2% 5.2% 3.4% $200,000+ 1.7% 3.3% 6.0% 5.9% 4.5% 2.9% 1.3%
Data Note: Income reported for July 1, 2018 represents annual income for the preceding year, expressed in current (2017) dollars, including an adjustment for inflation. April 08, 2014
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E - 10 Delta Associates TABLE E-3
Tapestry Segmentation Area Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
Top Twenty Tapestry
2013 Households 2013 U.S. Households Cumulativ Cumulativ Rank Tapestry Segment Percent Percent Percent Percent Index 1 25. Salt of the Earth 19.9% 19.9% 2.7% 2.7% 749 2 17. Green Acres 10.5% 30.4% 3.1% 5.8% 338 3 26. Midland Crowd 9.8% 40.2% 3.2% 9.0% 303 4 46. Rooted Rural 9.5% 49.7% 2.3% 11.3% 410 5 42. Southern Satellites 9.0% 58.7% 2.6% 13.9% 342 Subtotal 58.7% 13.9%
6 13. In Style 8.2% 66.9% 2.3% 16.2% 353 7 31. Rural Resort Dwellers 6.5% 73.4% 1.7% 17.9% 386 8 33. Midlife Junction 6.1% 79.5% 2.5% 20.4% 239 9 07. Exurbanites 5.7% 85.2% 2.5% 22.9% 232 10 04. Boomburbs 4.8% 90.0% 2.4% 25.3% 201 Subtotal 31.3% 11.4%
11 06. Sophisticated Squires 4.3% 94.3% 2.5% 27.8% 175 12 57. Simple Living 2.6% 96.9% 1.4% 29.2% 186 13 14. Prosperous Empty Nesters 1.7% 98.6% 2.1% 31.3% 83 14 15. Silver and Gold 1.4% 100.0% 1.0% 32.3% 133
Subtotal 10.0% 7.0%
Total 100.0% 32.3% 309
Top Ten Tapestry Segments Site vs. U.S. 04. Boomburbs
07. Exurbanites
33. Midlife Junction
31. Rural Resort Dwellers
13. In Style
42. Southern Satellites
46. Rooted Rural
26. Midland Crowd Site 17. Green Acres U.S. 25. Salt of the Earth 0 2 4 6 8 10 12 14 16 18 Percent of Households by Tapestry Segment
Data Note: This report identifies neighborhood segments in the area, and describes the socioeconomic quality of the immediate neighborhood. The index is a comparison of the percent of households or population in the area, by Tapestry segment, to the percent of households or population in the United States, by segment. An index of 100 is the US average. Source: Esri April 02, 2014
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E - 11 Delta Associates TABLE E-3
Tapestry Segmentation Area Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
2013 Tapestry Indexes by Households 2013 Tapestry Indexes by Population Index Index 0 100 200 300 400 500 600 700 0 100 200 300 400 500 600 700
65 65
63 63
61 61
59 59
57 57
55 55
53 53
51 51
49 49
47 47
45 45
43 43
41 41
39 39
37 37
35 35
33 33
31 31 Tapestry SegmentsTapestry 29 Tapestry Segments 29
27 27
25 25
23 23
21 21
19 19
17 17
15 15
13 13
11 11
09 09
07 07
05 05
03 03 Data Note: This report identifies neighborhood segments in the area, and describes the socioeconomic quality of the immediate neighborhood. The index is a 01 comparison of the percent of households or population in the area, by Tapestry segment, to01 the percent of households or population in the United States, by segment. An index of 100 is the US average. Source: Esri April 02, 2014
©2013 Esri Page 2 of 6
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E - 12 Delta Associates TABLE E-3
Tapestry Segmentation Area Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
Tapestry LifeMode Groups 2013 Households 2013 Population Number Percent Index Number Percent Index Total: 30,984 100.0% 76,902 100.0%
L1. High Society 4,610 14.9% 118 12,938 16.8% 123 01 Top Rung 0 0.0% 0 0 0.0% 0 02 Suburban Splendor 00.0% 0 00.0% 0 03 Connoisseurs 0 0.0% 0 0 0.0% 0 04 Boomburbs 1,495 4.8% 201 4,487 5.8% 207 05 Wealthy Seaboard 0 0.0% 0 0 0.0% 0 06 Sophisticated Squires 1,342 4.3% 175 3,814 5.0% 181 07 Exurbanites 1,773 5.7% 232 4,637 6.0% 247
L2. Upscale Avenues 5,773 18.6% 141 14,405 18.7% 143 09 Urban Chic 00.0% 0 00.0% 0 10 Pleasant-Ville 0 0.0% 0 0 0.0% 0 11 Pacific Heights 0 0.0% 0 0 0.0% 0 13 In Style 2,529 8.2% 353 5,913 7.7% 362 16 Enterprising Professionals 00.0% 0 00.0% 0 17 Green Acres 3,244 10.5% 338 8,492 11.0% 347 18 Cozy and Comfortable 0 0.0% 0 0 0.0% 0
L3. Metropolis 0 0.0% 0 0 0.0% 0 20 City Lights 0 0.0% 0 0 0.0% 0 22 Metropolitans 0 0.0% 0 0 0.0% 0 45 City Strivers 0 0.0% 0 0 0.0% 0 51 Metro City Edge 00.0% 0 00.0% 0 54 Urban Rows 0 0.0% 0 0 0.0% 0 62 Modest Income Homes 0 0.0% 0 0 0.0% 0
L4. Solo Acts 00.0% 0 00.0% 0 08 Laptops and Lattes 0 0.0% 0 0 0.0% 0 23 Trendsetters 0 0.0% 0 0 0.0% 0 27 Metro Renters 0 0.0% 0 0 0.0% 0 36 Old and Newcomers 00.0% 0 00.0% 0 39 Young and Restless 0 0.0% 0 0 0.0% 0
L5. Senior Styles 1,763 5.7% 45 3,878 5.0% 47 14 Prosperous Empty Nesters 535 1.7% 83 1,223 1.6% 83 15 Silver and Gold 426 1.4% 133 871 1.1% 143 29 Rustbelt Retirees 0 0.0% 0 0 0.0% 0 30 Retirement Communities 0 0.0% 0 0 0.0% 0 43 The Elders 00.0% 0 00.0% 0 49 Senior Sun Seekers 0 0.0% 0 0 0.0% 0 50 Heartland Communities 0 0.0% 0 0 0.0% 0 57 Simple Living 802 2.6% 186 1,784 2.3% 200 65 Social Security Set 00.0% 0 00.0% 0
L6. Scholars & Patriots 0 0.0% 0 0 0.0% 0 40 Military Proximity 0 0.0% 0 0 0.0% 0 55 College Towns 00.0% 0 00.0% 0 63 Dorms to Diplomas 0 0.0% 0 0 0.0% 0
Data Note: This report identifies neighborhood segments in the area, and describes the socioeconomic quality of the immediate neighborhood. The index is a comparison of the percent of households or population in the area, by Tapestry segment, to the percent of households or population in the United States, by segment. An index of 100 is the US average. Source: Esri April 02, 2014
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E - 13 Delta Associates TABLE E-3
Tapestry Segmentation Area Profile
2 Counties 2 Bedford County, VA (51019) et al. Geography: County
Tapestry LifeMode Groups 2013 Households 2013 Population Number Percent Index Number Percent Index Total: 30,984 100.0% 76,902 100.0%
L7. High Hopes 0 0.0% 0 0 0.0% 0 28 Aspiring Young Families 0 0.0% 0 0 0.0% 0 48 Great Expectations 00.0% 0 00.0% 0
L8. Global Roots 0 0.0% 0 00.0% 0 35 International Marketplace 0 0.0% 0 0 0.0% 0 38 Industrious Urban Fringe 00.0% 0 00.0% 0 44 Urban Melting Pot 0 0.0% 0 0 0.0% 0 47 Las Casas 0 0.0% 0 0 0.0% 0 52 Inner City Tenants 0 0.0% 0 0 0.0% 0 58 NeWest Residents 00.0% 0 00.0% 0 60 City Dimensions 0 0.0% 0 0 0.0% 0 61 High Rise Renters 0 0.0% 0 0 0.0% 0
L9. Family Portrait 00.0% 0 00.0% 0 12 Up and Coming Families 0 0.0% 0 0 0.0% 0 19 Milk and Cookies 0 0.0% 0 0 0.0% 0 21 Urban Villages 0 0.0% 0 0 0.0% 0 59 Southwestern Families 00.0% 0 00.0% 0 64 City Commons 0 0.0% 0 0 0.0% 0
L10. Traditional Living 1,887 6.1% 76 4,569 5.9% 78 24 Main Street, USA 00.0% 0 00.0% 0 32 Rustbelt Traditions 0 0.0% 0 0 0.0% 0 33 Midlife Junction 1,887 6.1% 239 4,569 5.9% 262 34 Family Foundations 0 0.0% 0 0 0.0% 0
L11. Factories & Farms 8,957 28.9% 309 21,925 28.5% 309 25 Salt of the Earth 6,180 19.9% 749 15,097 19.6% 750 37 Prairie Living 0 0.0% 0 0 0.0% 0 42 Southern Satellites 2,777 9.0% 342 6,828 8.9% 341 53 Home Town 0 0.0% 0 0 0.0% 0 56 Rural Bypasses 0 0.0% 0 0 0.0% 0
L12. American Quilt 7,994 25.8% 297 19,187 24.9% 291 26 Midland Crowd 3,028 9.8% 303 7,489 9.7% 292 31 Rural Resort Dwellers 2,026 6.5% 386 4,742 6.2% 414 41 Crossroads 0 0.0% 0 0 0.0% 0 46 Rooted Rural 2,940 9.5% 410 6,956 9.0% 409
66 Unclassified 0 0.0% 0 0 0.0% 0
Data Note: This report identifies neighborhood segments in the area, and describes the socioeconomic quality of the immediate neighborhood. The index is a comparison of the percent of households or population in the area, by Tapestry segment, to the percent of households or population in the United States, by segment. An index of 100 is the US average. Source: Esri April 02, 2014
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E - 14 Delta Associates TABLE E-3
Tapestry Segmentation Area Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
Tapestry Urbanization 2013 Households 2013 Population Number Percent Index Number Percent Index Total: 30,984 100.0% 76,902 100.0%
U1. Principal Urban Centers 0 0.0% 0 0 0.0% 0 08 Laptops and Lattes 00.0% 0 0 0.0% 0 11 Pacific Heights 00.0% 0 0 0.0% 0 20 City Lights 00.0% 0 0 0.0% 0 21 Urban Villages 00.0% 0 0 0.0% 0 23 Trendsetters 00.0% 0 0 0.0% 0 27 Metro Renters 00.0% 0 0 0.0% 0 35 International Marketplace 00.0% 0 0 0.0% 0 44 Urban Melting Pot 00.0% 0 0 0.0% 0
U2. Principal Urban Centers II 00.0%0 0 0.0% 0 45 City Strivers 00.0%0 0 0.0% 0 47 Las Casas 00.0%0 0 0.0% 0 54 Urban Rows 00.0%0 0 0.0% 0 58 NeWest Residents 00.0%0 0 0.0% 0 61 High Rise Renters 00.0%0 0 0.0% 0 64 City Commons 00.0%0 0 0.0% 0 65 Social Security Set 00.0%0 0 0.0% 0
U3. Metro Cities I 00.0%0 0 0.0% 0 01 Top Rung 0 0.0% 0 0 0.0% 0 03 Connoisseurs 0 0.0% 0 0 0.0% 0 05 Wealthy Seaboard Suburbs 0 0.0% 0 0 0.0% 0 09 Urban Chic 0 0.0% 0 0 0.0% 0 10 Pleasant-Ville 0 0.0% 0 0 0.0% 0 16 Enterprising Professionals 0 0.0% 0 0 0.0% 0 19 Milk and Cookies 0 0.0% 0 0 0.0% 0 22 Metropolitans 0 0.0% 0 0 0.0% 0
U4. Metro Cities II 0 0.0% 0 0 0.0% 0 28 Aspiring Young Families 0 0.0% 0 0 0.0% 0 30 Retirement Communities 0 0.0% 0 0 0.0% 0 34 Family Foundations 0 0.0% 0 0 0.0% 0 36 Old and Newcomers 0 0.0% 0 0 0.0% 0 39 Young and Restless 0 0.0% 0 0 0.0% 0 52 Inner City Tenants 0 0.0% 0 0 0.0% 0 60 City Dimensions 0 0.0% 0 0 0.0% 0 63 Dorms to Diplomas 0 0.0% 0 0 0.0% 0
U5. Urban Outskirts I 1,495 4.8% 46 4,487 5.8% 52 04 Boomburbs 1,495 4.8% 201 4,487 5.8% 207 24 Main Street, USA 0 0.0% 0 0 0.0% 0 32 Rustbelt Traditions 0 0.0% 0 0 0.0% 0 38 Industrious Urban Fringe 0 0.0% 0 0 0.0% 0 48 Great Expectations 0 0.0% 0 0 0.0% 0
Data Note: This report identifies neighborhood segments in the area, and describes the socioeconomic quality of the immediate neighborhood. The index is a comparison of the percent of households or population in the area, by Tapestry segment, to the percent of households or population in the United States, by segment. An index of 100 is the US average. Source: Esri April 02, 2014
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E - 15 Delta Associates TABLE E-3
Tapestry Segmentation Area Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
Tapestry Urbanization 2013 Households 2013 Population Number Percent Index Number Percent Index Total: 30,984 100.0% 76,902 100.0%
U6. Urban Outskirts II 802 2.6% 51 1,784 2.3% 45 51 Metro City Edge 0 0.0% 0 0 0.0% 0 55 College Towns 0 0.0% 0 0 0.0% 0 57 Simple Living 802 2.6% 186 1,784 2.3% 200 59 Southwestern Families 0 0.0% 0 0 0.0% 0 62 Modest Income Homes 0 0.0% 0 0 0.0% 0
U7. Suburban Periphery I 6,605 21.3% 132 16,458 21.4% 129 02 Suburban Splendor 0 0.0% 0 0 0.0% 0 06 Sophisticated Squires 1,342 4.3% 175 3,814 5.0% 181 07 Exurbanites 1,773 5.7% 232 4,637 6.0% 247 12 Up and Coming Families 0 0.0% 0 0 0.0% 0 13 In Style 2,529 8.2% 353 5,913 7.7% 362 14 Prosperous Empty Nesters 535 1.7% 83 1,223 1.6% 83 15 Silver and Gold 426 1.4% 133 871 1.1% 143
U8. Suburban Periphery II 1,887 6.1% 68 4,569 5.9% 72 18 Cozy and Comfortable 0 0.0% 0 0 0.0% 0 29 Rustbelt Retirees 0 0.0% 0 0 0.0% 0 33 Midlife Junction 1,887 6.1% 239 4,569 5.9% 262 40 Military Proximity 0 0.0% 0 0 0.0% 0 43 The Elders 0 0.0% 0 0 0.0% 0 53 Home Town 0 0.0% 0 0 0.0% 0
U9. Small Towns 0 0.0% 0 0 0.0% 0 41 Crossroads 0 0.0% 0 0 0.0% 0 49 Senior Sun Seekers 0 0.0% 0 0 0.0% 0 50 Heartland Communities 0 0.0% 0 0 0.0% 0
U10. Rural I 14,478 46.7% 438 35,820 46.6% 439 17 Green Acres 3,244 10.5% 338 8,492 11.0% 347 25 Salt of the Earth 6,180 19.9% 749 15,097 19.6% 750 26 Midland Crowd 3,028 9.8% 303 7,489 9.7% 292 31 Rural Resort Dwellers 2,026 6.5% 386 4,742 6.2% 414
U11. Rural II 5,717 18.5% 243 13,784 17.9% 241 37 Prairie Living 0 0.0% 0 0 0.0% 0 42 Southern Satellites 2,777 9.0% 342 6,828 8.9% 341 46 Rooted Rural 2,940 9.5% 410 6,956 9.0% 409 56 Rural Bypasses 0 0.0% 0 0 0.0% 0
66 Unclassified 0 0.0% 0 0 0.0% 0
Data Note: This report identifies neighborhood segments in the area, and describes the socioeconomic quality of the immediate neighborhood. The index is a comparison of the percent of households or population in the area, by Tapestry segment, to the percent of households or population in the United States, by segment. An index of 100 is the US average. Source: Esri April 02, 2014
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E - 16 Delta Associates TABLE E-4
E - 17 Delta Associates TABLE E-4
E - 18 Delta Associates TABLE E-4
E - 19 Delta Associates TABLE E-4
E - 20 Delta Associates TABLE E-4
E - 21 Delta Associates TABLE E-4
E - 22 Delta Associates TABLE E-4
E - 23 Delta Associates TABLE E-4
E - 24 Delta Associates TABLE E-4
E - 25 Delta Associates TABLE E-4
E - 26 Delta Associates TABLE E-5
TOTAL EMPLOYMENT TRENDS BEDFORD COUNTY, VIRGINIA 2001 - SEPTEMBER 2013
12-Month 12-Month Year Total Net Change % Change 2001 16,852 -- -- 2002 16,782 -70 -0.4% 2003 17,209 427 2.5% 2004 17,797 588 3.4% 2005 18,267 470 2.6% 2006 18,898 631 3.5% 2007 19,263 365 1.9% 2008 19,439 176 0.9% 2009 18,649 -790 -4.1% 2010 18,922 273 1.5% 2011 18,497 -425 -2.2% 2012 18,665 168 0.9% Sept. 2013 18,541 -189 -0.7%
DA14240 Source: Bureau of Labor Statistics, 14240 Appdx E E-5 Emplmt Delta Associates, April 2014. 4/25/2014
E - 27 Delta Associates TABLE E-6
EMPLOYMENT BY INDUSTRY BEDFORD COUNTY, VIRGINIA AS OF SEPTEMBER 2013
Number Sector of Jobs % Natural resources and mining 113 0.7% Construction 1,342 8.3% Manufacturing 2,071 12.8% Trade, transportation, and utilities 3,928 24.2% Information 256 1.6% Financial activities 680 4.2% Professional and business services 2,786 17.2% Education and health services 2,118 13.0% Leisure and hospitality 1,508 9.3% Other services 865 5.3% Federal Government 7 0.0% State Government 114 0.7% Local Government 453 2.8% Total 18,541 100.0%
DA14240 Source: Bureau of Labor Statistics, 14240 Appdx E E-6 Industry Delta Associates, April 2014. 4/25/2014
E - 28 Delta Associates TABLE E-7
AVERAGE ANNUAL UNEMPLOYMENT RATE BEDFORD COUNTY COMPARED TO STATE AND NATIONAL AVERAGES 1992 - FEBRUARY 2014
Feb. Jurisdiction 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Bedford County, VA 5.4% 4.0% 3.1% 3.1% 3.3% 3.1% 2.3% 1.9% 2.0% 3.3% 4.6% 4.2% 3.8% 3.5% 3.0% 3.0% 3.7% 7.1% 7.2% 6.5% 6.0% 4.8% 5.6%
State of Virginia 6.2% 5.2% 4.7% 4.5% 4.3% 3.7% 2.8% 2.7% 2.3% 3.2% 4.2% 4.1% 3.7% 3.5% 3.0% 3.1% 4.0% 7.0% 7.1% 6.4% 5.9% 5.5% 4.9%
National Average 7.5% 6.9% 6.1% 5.6% 5.4% 4.9% 4.5% 4.2% 4.0% 4.7% 5.8% 6.0% 5.5% 5.1% 4.6% 4.6% 5.8% 9.3% 9.6% 8.9% 8.1% 7.4% 7.0% E -29 Delta Associates
DA14240 14240 Appdx E E-7 Unemp. Source: Bureau of Labor Statistics, Delta Associates, April 2014. 4/25/2014 TABLE E-8
MAJOR EMPLOYERS BEDFORD COUNTY, VIRGINIA
EMPLOYER # EMPLOYED PRODUCT/SERVICE TEVA Pharmaceuticals 300-599 Pharmaceuticals Georgia-Pacific 300-599 Paperboard Bedford Memorial Hospital 300-599 Health Care Inservice America Inc. 300-599 Telemarketing Sterling Blower 100-299 Blowers and auxiliary systems Smyth Company 100-299 Lithographer Sentry Equipment Erectors 100-299 Conveyor systems Sam Moore Furniture, LLC 100-299 Upholstered furniture Intercon, Inc. 100-299 Harnesses for electrical wiring Harris 100-299 Radio communications systems Brooks Food Group/Golden West 100-299 Frozen foods Bedford Weaving Mills, Inc. 100-299 Textiles Andrew Corporation 100-299 Repeaters/equipment for wireless industry Cintas 100-299 Clean and rent uniforms Coleman-Adams 100-299 Construction Mail America 100-299 Printing & mass mailing RST Marketing 100-299 Direct Mail
DA14240 Source: Virginia Economic Development Partnership, 14240 Appdx E E-8 Major Emps Delta Associates, April 2014. 4/25/2014
E - 30 Delta Associates TABLE E-9
JOURNEY-TO-WORK COMMUTATION BEDFORD COUNTY, VIRGINIA 2006 - 2010
IN FROM OUT TO NET (In - Out) TOTAL COMMUTERS 20,869 35,352 (14,483) TOTAL INTER-COUNTY COMMUTERS * 7,093 21,576 (14,483) VIRGINIA Albemarle County 0 31 (31) Amherst County 719 398 321 Appomattox County 83 29 54 Arlington County 0 10 (10) Augusta County 0 36 (36) Bedford County 11,628 8,990 2,638 Botetourt County 234 740 (506) Campbell County 1,981 1,849 132 Carroll County 37 0 37 Charlotte County 33 0 33 Chesterfield County 10 12 (2) Fairfax County 18 14 4 Franklin County 424 416 8 Frederick County 0 16 (16) Halifax County 19 32 (13) Henrico County 40 67 (27) Henry County 26 0 26 Loudoun County 0 40 (40) Mecklenburg County 0 61 (61) Montgomery County 29 89 (60) Nelson County 28 0 28 Nottoway County 0 29 (29) Pittsylvania County 101 45 56 Prince Edward County 0 12 (12) Prince William County 0 28 (28) Roanoke County 331 2,475 (2,144) Rockbridge County 73 7 66 Rockingham County 0 20 (20) Spotsylvania County 0 15 (15) Washington County 0 13 (13) Wythe County 0 34 (34) Alexandria city 0 15 (15) Bedford city 2,148 4,786 (2,638) Charlottesville city 0 53 (53) Chesapeake city 0 47 (47) Lynchburg city 2,589 8,529 (5,940) Martinsville city 18 0 18 Newport News city 11 0 11 Norfolk city 13 0 13 Radford city 0 44 (44) Richmond city 0 19 (19) Roanoke city 119 5,363 (5,244) Salem city 71 727 (656) OTHER STATES Los Angeles County, CA 0 9 (9) Santa Barbara County, CA 0 8 (8) Hillsborough County, FL 24 13 11 Catoosa County, GA 19 0 19 Montgomery County, MD 14 36 (22) Prince George's County, MD 0 9 (9) Middlesex County, NJ 0 15 (15) Warren County, NY 0 7 (7) Buncombe County, NC 0 21 (21) Forsyth County, NC 0 11 (11) Guilford County, NC 0 10 (10) Randolph County, NC 15 0 15 Multnomah County, OR 0 10 (10) Blair County, PA 0 9 (9) Cumberland County, PA 0 49 (49) Dallas County, TX 0 11 (11) Thurston County, WA 14 0 14 Berkeley County, WV 0 4 (4) FOREIGN COUNTRIES Ireland 0 7 (7) United Kingdom 0 20 (20) Iraq 0 12 (12) * Total commutation minus intra-county commuters (those that live AND work in Bedford Co. and Bedford city). Note: The data predate the City of Bedford's reversion to the Town of Bedford..
DA14240 Source: American Community Survey, 14240 Appdx E E-9 Commuting Delta Associates, April 2014. 4/25/2014
E - 31 Delta Associates APPENDIX F:
HOUSING MARKET OVERVIEW TABLE F-1
DEMOGRAPHIC SUMMARY BEDFORD COUNTY, VIRGINIA 2000 - 2018
2000 2010 2013 2018 Total Population 66,670 74,898 76,902 79,584 Average Annual Change % 1.2% 0.9% 0.7% Average Annual Change # 823 668 536
Total Households 26,357 30,092 30,984 32,123 Average Annual Change % 1.3% 1.0% 0.7% Average Annual Change # 374 1,542 228
Average Household Size 2.5 2.5 2.5 2.5
DA14240 Source: ESRI, U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F1-Demographics Delta Associates, April 2014. 4/25/2014
F - 1 Delta Associates TABLE F-2
SUMMARY OF HOUSING SUPPLY BY TENURE BEDFORD COUNTY, VIRGINIA 2000 - 2018
2000 2010 2013 2018 Total Housing Units 29,543 34,857 36,047 37,484 Average Annual Change % 1.7% 1.1% 0.8% Average Annual Change # 531 397 287
Occupied Housing Units 26,352 30,092 30,984 32,123 Average Annual Change % 1.3% 1.0% 0.7% Average Annual Change # 374 297 228
Owner-Occupied Housing Units 22,157 24,694 24,987 26,214 % of Occupied Housing Units 84.1% 82.1% 80.6% 81.6%
Renter-Occupied Housing Units 4,195 5,398 5,997 5,909 % of Occupied Housing Units 15.9% 17.9% 19.4% 18.4%
DA14240 Source: ESRI, U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F2-Housing Supply Delta Associates, April 2014. 4/25/2014
F - 2 Delta Associates TABLE F-3
SUMMARY OF HOUSING SUPPLY BY STRUCTURE TYPE BEDFORD COUNTY, VIRGINIA 2000 - 2018
2000 2010 2013 2018 Total Housing Units 29,543 34,857 36,047 37,484 Average Annual Change % 1.7% 1.1% 0.8% Average Annual Change # 531 397 287
Single-Family, Duplex, Townhouse Units 23,337 28,354 29,623 30,959 Average Annual Change % 2.0% 1.5% 0.9% Average Annual Change # 502 423 267
Multifamily Units 1,067 1,562 1,991 2,266 Average Annual Change % 3.9% 8.4% 2.6% Average Annual Change # 50 143 55
Manufactured/Mobile, Other 5,139 4,940 4,433 4,258 Average Annual Change % -0.4% -3.5% -0.8% Average Annual Change # (20) (235) (35)
DA14240 Source: ESRI, U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F3-Housing by Structure Type Delta Associates, April 2014. 4/25/2014
F - 3 Delta Associates TABLE F-4
SUMMARY OF VACANT HOUSING SUPPLY BEDFORD COUNTY, VIRGINIA 2000 - 2018
2000 4/ 2010 2013 2018 Total Housing Units 29,543 34,857 36,047 37,484 Total Vacant Units 3,186 4,765 5,063 5,360 Vacancy Rate % 10.8% 13.7% 14.0% 14.3%
Vacant for Sale 1/ 499 740 735 778 Share of Total Units 1.7% 2.1% 2.0% 2.1%
Vacant for Rent 2/ 350 574 429 454 Share of Total Units 1.2% 1.6% 1.2% 1.2%
Other Vacant 3/ 2,337 3,451 3,899 4,128 Share of Total Units 7.9% 9.9% 10.8% 11.0%
1/ Includes "Vacant for Sale Only" and "Vacant Sold, Not Occupied". 2/ Includes "Vacant for Rent" and "Rented, Not Occupied". 3/ Includes units for seasonal, recreational, or occasional use, units for migrant workers, and units that are vacant for other reasons, e.g., repairs/renovations, units used for storage, etc. 4/ In 2000, "Vacant for Sale" includes "Vacant for Sale Only" and "Vacant Rented or Sold, Not Occupied".
DA14240 Source: ESRI, U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F4-Vacant Housing Supply Delta Associates, April 2014. 4/25/2014
F - 4 Delta Associates TABLE F-5
TENURE BY UNITS IN STRUCTURE BEDFORD COUNTY, VIRGINIA 2013
Units in Owner-Occupied Renter-Occupied Total Structure Units Percent Units Percent Units Percent 1, detached 21,036 84.2% 2,459 41.0% 23,495 75.8% 1, attached 709 2.8% 289 4.8% 998 3.2% 2 14 0.1% 294 4.9% 308 1.0% 3 or 4 56 0.2% 275 4.6% 331 1.1% 5 to 9 55 0.2% 668 11.1% 723 2.3% 10 to 19 25 0.1% 528 8.8% 554 1.8% 20 to 49 8 0.0% 66 1.1% 74 0.2% 50 or more 0 0.0% 22 0.4% 22 0.1% Mobile home 3,083 12.3% 1,396 23.3% 4,479 14.5% Boat, RV, van, etc. 0 0.0% 0 0.0% 0 0.0% Total 24,987 100.0% 5,997 100.0% 30,984 100.0%
DA14240 Source: ESRI, Census Bureau, 14240 Appdx F - Hsg Mkt F5-Tenure by Units Delta Associates, April 2014. 4/25/2014
F - 5 Delta Associates TABLE F-6
OCCUPIED UNITS BY NUMBER OF BEDROOMS BEDFORD COUNTY, VIRGINIA 2013
Renter Occupied Units %%Owner Occupied Units Studio Units 94 1.6% 53 0.2%
One-Bedroom Units 601 10.0% 365 1.5%
Two-Bedroom Units 2,448 40.8% 3951 15.8%
Three + Bedroom Units 2,854 47.6% 20618 82.5%
Total Units 5,997 100% 24,987 100%
DA14240 Source: ESRI, U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F6-Occ by BR Delta Associates, April 2014. 4/25/2014
F - 6 Delta Associates TABLE F-7
RENTER-OCCUPIED UNITS BY RENT COST AND BEDROOMS BEDFORD COUNTY, VIRGINIA AS OF 2013
Bedroom Count Rent Studio One Two Three+ Total Less than $200 0 0 0 0 0 $200 - $299 0 0 92 60 153 $300 - $499 60 197 319 155 731 $500 - $749 34 292 1,161 756 2,243 $750 - $999 0 14 392 700 1,106 $1,000+ 0 34 32 768 833 No Cash Rent 0 65 452 415 932 Total Units 94 601 2,448 2,854 5,997
DA14240 Source: ESRI, U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F7-Rent-Occ by Rent Delta Associates, April 2014. 4/25/2014
F - 7 Delta Associates TABLE F-8
HOUSING UNITS BY YEAR BUILT BEDFORD COUNTY, VIRGINIA
Year Built Units Percent 2005 or later 2,331 6.7% 2000-2004 3,556 10.2% 1990-1999 8,613 24.8% 1980-1989 6,505 18.7% 1970-1979 5,461 15.7% 1960-1969 2,668 7.7% 1950-1959 1,876 5.4% 1940-1949 1,069 3.1% 1939 or ealier 2,670 7.7% Total 34,749 100.0%
DA14240 14240 Appdx F - Hsg Mkt F8-Units by Yr Source: ESRI, Delta Associates, April 2014. 4/25/2014
F - 8 Delta Associates TABLE F-9
ANNUAL NEW PRIVATELY-OWNED RESIDENTIAL BUILDING PERMITS BEDFORD COUNTY, VIRGINIA 2000-2014
Year Single Family Two Family Three & Four Family Five + Family Total Buildings 479 2 0 0 481 2000 Units 479 4 0 0 483 Buildings 444 0 2 1 447 2001 Units 444 0 8 12 464 Buildings 545 5 0 0 550 2002 Units 545 10 0 0 555 Buildings 624 5 0 0 629 2003 Units 624 10 0 0 634 Buildings 690 2 0 1 693 2004 Units 690 4 0 6 700 Buildings 710 0 6 2 718 2005 Units 710 0 24 16 750 Buildings 746 0 1 1 748 2006 Units 746 0 4 8 758 Buildings 538 0 0 0 538 2007 Units 538 0 0 0 538 Buildings 289 2 0 0 291 2008 Units 289 4 0 0 293 Buildings 227 0 5 6 238 2009 Units 227 0 20 54 301 Buildings 246 0 0 3 249 2010 Units 246 0 0 72 318 Buildings 172 0 0 4 176 2011 Units 172 0 0 96 268 Buildings 231 3 0 2 236 2012 Units 231 6 0 48 285 Buildings 285 0 0 4 289 2013 Units 285 0 0 100 385 Through Buildings 16 0 0 1 17 Feb. 2014 Units 16 0 0 24 40 Buildings 6,242 19 14 25 6,300 Total Units 6,242 38 56 436 6,772 Annual Buildings 441 1 1 2 445 Average Units 441 3 4 31 478
DA14240 Source: U.S. Census Bureau, 14240 Appdx F - Hsg Mkt F9-Bldg Prmts Delta Associates, April 2014. 4/25/2014
F - 9 Delta Associates TABLE F-10
Housing Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
Population Households 2010 Total Population 74,898 2013 Median Household Income $52,026 2013 Total Population 76,902 2018 Median Household Income $58,784 2018 Total Population 79,584 2013-2018 Annual Rate 2.47% 2013-2018 Annual Rate 0.69%
Census 2010 2013 2018 Housing Units by Occupancy Status and Tenure Number Percent Number Percent Number Percent Total Housing Units 34,857 100.0% 36,047 100.0% 37,484 100.0% Occupied 30,092 86.3% 30,984 86.0% 32,123 85.7% Owner 24,694 70.8% 24,987 69.3% 26,214 69.9% Renter 5,398 15.5% 5,997 16.6% 5,909 15.8% Vacant 4,765 13.7% 5,063 14.0% 5,361 14.3%
2013 2018 Owner Occupied Housing Units by Value Number Percent Number Percent Total 24,987 100.0% 26,214 100.0% <$50,000 758 3.0% 320 1.2% $50,000-$99,999 2,322 9.3% 1,016 3.9% $100,000-$149,999 4,793 19.2% 1,913 7.3% $150,000-$199,999 4,752 19.0% 3,428 13.1% $200,000-$249,999 3,754 15.0% 4,288 16.4% $250,000-$299,999 2,572 10.3% 3,430 13.1% $300,000-$399,999 2,846 11.4% 4,223 16.1% $400,000-$499,999 1,420 5.7% 3,195 12.2% $500,000-$749,999 1,229 4.9% 2,801 10.7% $750,000-$999,999 357 1.4% 1,276 4.9% $1,000,000+ 184 0.7% 324 1.2%
Median Value $198,616 $281,224 Average Value $244,982 $344,060
Data Note: Persons of Hispanic Origin may be of any race. Source: U.S. Census Bureau, Census 2010 Summary File 1.
April 02, 2014
Page 1 of 2
DA14240 14240 Appdx F - Hsg Mkt F10-HsgProfile Comb 4/25/2014
F - 10 Delta Associates TABLE F-10
Housing Profile
Town of Bedford and Bedford County, VA (51019) et al. Geography: County
Census 2010 Owner Occupied Housing Units by Mortgage Status Number Percent Total 24,694 100.0% Owned with a Mortgage/Loan 16,523 66.9% Owned Free and Clear 8,171 33.1%
Census 2010 Vacant Housing Units by Status Number Percent Total 4,765 100.0% For Rent 532 11.2% Rented- Not Occupied 42 0.9% For Sale Only 612 12.8% Sold - Not Occupied 128 2.7% Seasonal/Recreational/Occasional Use 1,843 38.7% For Migrant Workers 40.1% Other Vacant 1,604 33.7%
Census 2010 Occupied Housing Units by Age of Householder and Home Ownership Owner Occupied Units Occupied Units Number % of Occupied Total 30,092 24,694 82.1% 15-24 785 234 29.8% 25-34 2,836 1,785 62.9% 35-44 5,049 3,911 77.5% 45-54 7,066 5,984 84.7% 55-64 6,483 5,791 89.3% 65-74 4,481 4,100 91.5% 75-84 2,584 2,270 87.8% 85+ 808 619 76.6%
Census 2010 Occupied Housing Units by Race/Ethnicity of Householder and Home Ownership Owner Occupied Units Occupied Units Number % of Occupied Total 30,092 24,694 82.1% White Alone 27,467 22,918 83.4% Black/African American Alone 2,089 1,403 67.2% American Indian/Alaska Native 70 48 68.6% AsianAl Alone 187 136 72.7% Pacific Islander Alone 5 2 40.0% Other Race Alone 70 40 57.1% Two or More Races 204 147 72.1%
Hispanic Origin 320 198 61.9%
Census 2010 Occupied Housing Units by Size and Home Ownership Owner Occupied Units Occupied Units Number % of Occupied Total 30,092 24,694 82.1% 1-Person 6,883 4,910 71.3% 2-Person 12,143 10,614 87.4% 3-Person 4,890 4,059 83.0% 4-Person 3,728 3,138 84.2% 5-Person 1,644 1,348 82.0% 6-Person 544 419 77.0% 7+ Person 260 206 79.2%
Data Note: Persons of Hispanic Origin may be of any race. Source: U.S. Census Bureau, Census 2010 Summary File 1.
April 02, 2014
Page 2 of 2
DA14240 14240 Appdx F - Hsg Mkt F10-HsgProfile Comb 4/25/2014
F - 11 Delta Associates TABLE F-11
Housing Profile
Bedford City, VA Bedford city, VA (5105544) Place
Population Households 2010 Total Population 6,222 2013 Median Household Income $33,823 2013 Total Population 6,353 2018 Median Household Income $37,756 2018 Total Population 6,427 2013-2018 Annual Rate 2.22% 2013-2018 Annual Rate 0.23%
Census 2010 2013 2018 Housing Units by Occupancy Status and Tenure Number Percent Number Percent Number Percent Total Housing Units 2,920 100.0% 3,034 100.0% 3,081 100.0% Occupied 2,627 90.0% 2,689 88.6% 2,728 88.5% Owner 1,463 50.1% 1,445 47.6% 1,493 48.5% Renter 1,164 39.9% 1,244 41.0% 1,235 40.1% Vacant 293 10.0% 345 11.4% 353 11.5%
2013 2018 Owner Occupied Housing Units by Value Number Percent Number Percent Total 1,445 100.0% 1,493 100.0% <$50,000 26 1.8% 15 1.0% $50,000-$99,999 228 15.8% 125 8.4% $100,000-$149,999 446 30.9% 213 14.3% $150,000-$199,999 373 25.8% 328 22.0% $200,000-$249,999 182 12.6% 266 17.8% $250,000-$299,999 82 5.7% 133 8.9% $300,000-$399,999 80 5.5% 150 10.0% $400,000-$499,999 10 0.7% 58 3.9% $500,000-$749,999 50.3% 129 8.6% $750,000-$999,999 10.1%583.9% $1,000,000+ 12 0.8% 18 1.2%
Median Value $153,016 $212,312 Average Value $175,623 $283,104
Data Note: Persons of Hispanic Origin may be of any race. Source: U.S. Census Bureau, Census 2010 Summary File 1.
©2013 Esri
DA14240 14240 Appdx F - Hsg Mkt F11-HsgProfile Town 4/25/2014
F - 12 Delta Associates TABLE F-11
Housing Profile
Bedford City, VA Bedford city, VA (5105544) Place
Census 2010 Owner Occupied Housing Units by Mortgage Status Number Percent Total 1,463 100.0% Owned with a Mortgage/Loan 931 63.6% Owned Free and Clear 532 36.4%
Census 2010 Vacant Housing Units by Status Number Percent Total 293 100.0% For Rent 76 25.9% Rented- Not Occupied 6 2.0% For Sale Only 36 12.3% Sold - Not Occupied 7 2.4% Seasonal/Recreational/Occasional Use 19 6.5% For Migrant Workers 0 0.0% Other Vacant 149 50.9%
Census 2010 Occupied Housing Units by Age of Householder and Home Ownership Owner Occupied Units Occupied Number % of Occupied Total Uit2,627 1,463 55.7% 15-24 179 20 11.2% 25-34 310 123 39.7% 35-44 362 184 50.8% 45-54 493 306 62.1% 55-64 470 315 67.0% 65-74 322 227 70.5% 75-84 314 203 64.6% 85+ 177 85 48.0%
Census 2010 Occupied Housing Units by Race/Ethnicity of Householder and Home Ownership Owner Occupied Units Occupied Number % of Occupied Total 2,627Uit 1,463 55.7% White Alone 2,069 1,241 60.0% Black/African American 504 204 40.5% AlAmerican 7 3 42.9% Idi/AlkAsian Alone Nti 13 7 53.8% Pacific Islander Alone 100.0% Other Race Alone 7 3 42.9% Two or More Races 26 5 19.2%
Hispanic Origin 43 20 46.5%
Census 2010 Occupied Housing Units by Size and Home Ownership Owner Occupied Units Occupied Number % of Occupied Total 2,627Uit 1,463 55.7% 1-Person 866 359 41.5% 2-Person 943 628 66.6% 3-Person 410 222 54.1% 4-Person 234 143 61.1% 5-Person 125 80 64.0% 6-Person 37 24 64.9% 7+ Person 12 7 58.3%
Data Note: Persons of Hispanic Origin may be of any race
DA14240 14240 Appdx F - Hsg Mkt F11-HsgProfile Town 4/25/2014
F - 13 Delta Associates TABLE F-12
SINGLE FAMILY HOME SALES TRENDS BEDFORD COUNTY, VIRGINIA 2009 - APRIL 2014
Year Units Sold Avg. Sale Price % Change 2009 452 $218,865 2010 436 $205,557 -6.1% 2011 475 $190,638 -7.3% 2012 559 $197,570 3.6% 2013 562 $201,451 2.0% Jan.-Apr. 2014 131 $194,456 -3.5%
DA14240 Source: Lyons Team Realtors, 14240 Appdx F - Hsg Mkt F12-Sngl Fam Sales Delta Associates, April 2014. 4/25/2014
F - 14 Delta Associates TABLE F-13
ASSISTED LIVING FACILITIES BEDFORD COUNTY, VIRGINIA APRIL 2014
Approx. Approx. Weighted Project/Location/ Year Total Asst. Liv. Unit # of Unit Avg. Unit # Opened Units Units Types Units Mix (%) Size (SF) 1 Campbell Rest Home 1975 57 57 Studio 57 100% 200 1350 Longwood Ave. Bedford, VA
2 Elks National Home 1903 113 23 Studio 23 100% 331 931 Ashland Ave. (renov. (+37 sr. apts Bedford, VA 1998) +53 IL rooms)
3 Carriage Hill 1987 140 118 Studio 4 3% 210 1203 Roundtree Drive + 22 for 1BR/1B 114 81% Bedford, VA memory care
4 Runk & Pratt Forest 2007 61 61 Studio 61 100% 275 (primarily Memory Care) acquired 208 Gristmill Drive Forest, VA
Overall /Total Average: -- 371 259 ------251
Note: Some unit sizes are an average. IL = Independent Living.
DA14240 14240 Appdx F - Hsg Mkt, F13-Sum 4/25/2014 Source: Delta Associates, April 2014.
F - 15 Delta Associates APPENDIX G:
PROFILES OF COMPARABLE APARTMENT PROPERTIES
CLASS A APARTMENT COMPARABLES
Daleville Town Center The Gables of Jefferson Forest Manor Spring Creek
The Orchards G -1 The Gables of Wyndhurst Villas Jefferson Commons
Glade Creek Apartments Delta Associates
Source:GoogleMaps;DeltaAssociates,April2014 DA14240 LYNCHBURG AREA CLASS A COMPARABLES
G -2 Jefferson Forest Manor
The Gables of Spring Creek
The Gables of Jefferson Commons Wyndhurst Villas Delta Associates
Source:GoogleMaps;DeltaAssociates,April2014 DA14240 ROANOKE AREA CLASS A COMPARABLES
Daleville Town Center G -3
The Orchards
Glade Creek Apartments Delta Associates
Source:GoogleMaps;DeltaAssociates,April2014 DA14240 CLASS A APARTMENT PROFILE #1
The Gables of Spring Creek Project Name/Location: Forest Road Forest, Virginia Year Built: 2014 Management Company: Grace Properties of Virginia, Inc. # of Units 228
Source: Delta Associates, April 2014.
G - 4 Delta Associates CLASS A APARTMENT PROFILE #2
Daleville Town Center Project Name/Location: 90 Town Center Street Daleville, Virginia Year Built: 2013 Management Company: Fralin & Waldron Inc. # of Units 120
Source: Delta Associates, April 2014.
G - 5 Delta Associates CLASS A APARTMENT PROFILE #3
Jefferson Forest Manor Project Name/Location: Glade Springs Road Forest, Virginia Year Built: 2013 Management Company: Spaces Property Management # of Units 132
Source: Delta Associates, April 2014.
G - 6 Delta Associates CLASS A APARTMENT PROFILE #4
The Gables of Jefferson Commons Project Name/Location: 1047 East Lawn Drive Forest, Virginia Year Built: 2010 Management Company: Grace Properties of Virginia, Inc. # of Units 216
Source: Delta Associates, April 2014.
G - 7 Delta Associates CLASS A APARTMENT PROFILE #5
Wyndhurst Villas Project Name/Location: 301 Northwynd Circle Lynchburg, Virginia Year Built: 2006 Management Company: United Property Associates # of Units 150
Source: Delta Associates, April 2014.
G - 8 Delta Associates CLASS A APARTMENT PROFILE #6
The Orchards Project Name/Location: 5360 Orchards Hill Drive Roanoke, Virginia Year Built: 2002 Management Company: Blue Ridge Companies # of Units 240
Source: Delta Associates, April 2014.
G - 9 Delta Associates CLASS A APARTMENT PROFILE #7
Glade Creek Apartments Project Name/Location: 3343 Glade Creek Boulevard NE Roanoke, Virginia Year Built: 1998 Management Company: Management Services Corporation # of Units 248
Source: Delta Associates, April 2014.
G - 10 Delta Associates