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Horizon Ridge Apartments

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Horizon Ridge Apartments Market Feasibility Analysis Horizon Ridge Apartments Augusta, Richmond County, Georgia Prepared for: LDG Development, LLC Effective Date: January 15, 2019 Site Inspection: January 15, 2019 Horizon Ridge| Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 7 A. Overview of Subject..............................................................................................................................................7 B. Purpose of Report.................................................................................................................................................7 C. Format of Report ..................................................................................................................................................7 D. Client, Intended User, and Intended Use .............................................................................................................7 E. Applicable Requirements......................................................................................................................................7 F. Scope of Work ......................................................................................................................................................7 G. Report Limitations ................................................................................................................................................8 3. PROJECT DESCRIPTION.................................................................................................... 9 A. Project Overview ..................................................................................................................................................9 B. Project Type and Target Market...........................................................................................................................9 C. Building Types and Placement..............................................................................................................................9 D. Detailed Project Description...............................................................................................................................10 1. Project Description.....................................................................................................................................10 2. Other Proposed Uses .................................................................................................................................10 3. Proposed Timing of Development .............................................................................................................10 4. SITE EVALUATION ......................................................................................................... 11 A. Site Analysis ........................................................................................................................................................11 1. Site Location...............................................................................................................................................11 2. Existing and Proposed Uses .......................................................................................................................12 3. General Description of Land Uses Surrounding the Subject Site ...............................................................13 4. Land Uses Surrounding the Subject Site ....................................................................................................14 B. Neighborhood Analysis.......................................................................................................................................15 1. General Description of Neighborhood.......................................................................................................15 2. Neighborhood Planning Activities..............................................................................................................15 3. Public Safety...............................................................................................................................................15 C. Site Visibility and Accessibility ............................................................................................................................16 1. Visibility......................................................................................................................................................16 2. Vehicular Access.........................................................................................................................................16 3. Availability of Public Transit and Inter-Regional Transit ............................................................................16 4. Accessibility Improvements under Construction and Planned ..................................................................17 5. Environmental Concerns............................................................................................................................17 D. Residential Support Network..............................................................................................................................17 1. Key Facilities and Services near the Subject Site........................................................................................17 2. Essential Services .......................................................................................................................................17 3. Commercial Goods and Services................................................................................................................19 4. Location of Low Income Housing ...............................................................................................................19 E. Site Conclusion ...................................................................................................................................................19 5. MARKET AREA .............................................................................................................. 20 A. Introduction........................................................................................................................................................20 B. Delineation of Market Area ................................................................................................................................20 6. COMMUNITY DEMOGRAPHIC DATA.............................................................................. 22 A. Introduction and Methodology ..........................................................................................................................22 B. Trends in Population and Households................................................................................................................22 1. Recent Past Trends.....................................................................................................................................22 2. Projected Trends ........................................................................................................................................22 3. Building Permit Trends...............................................................................................................................22 C. Demographic Characteristics..............................................................................................................................23 1. Age Distribution and Household Type .......................................................................................................23 Page i Horizon Ridge| Table of Contents 2. Renter Household Characteristics..............................................................................................................24 3. Income Characteristics...............................................................................................................................26 7. EMPLOYMENT TRENDS ................................................................................................. 28 A. Introduction........................................................................................................................................................28 B. Labor Force, Resident Employment, and Unemployment..................................................................................28 1. Trends in County Labor Force and Resident Employment.........................................................................28 2. Trends in the Unemployment Rate............................................................................................................28 C. Commutation Patterns .......................................................................................................................................29 D. At-Place Employment .........................................................................................................................................30 1. Trends in Total At-Place Employment........................................................................................................30 2. At-Place Employment by Industry Sector...................................................................................................31 3. Major Employers........................................................................................................................................32
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