Avery at Underground Apartments Atlanta, Fulton County, Georgia

Market Feasibility Analysis Avery at Underground Apartments Atlanta, Fulton County, Georgia Prepared for: Prestwick Companies Effective Date: January 29, 2018 Site Inspection: January 27, 2018 Avery at Underground | Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 8 A. Overview of Subject..............................................................................................................................................8 B. Purpose of Report.................................................................................................................................................8 C. Format of Report ..................................................................................................................................................8 D. Client, Intended User, and Intended Use .............................................................................................................8 E. Applicable Requirements......................................................................................................................................8 F. Scope of Work ......................................................................................................................................................8 G. Report Limitations ................................................................................................................................................9 3. PROJECT DESCRIPTION.................................................................................................. 10 A. Project Overview ................................................................................................................................................10 B. Project Type and Target Market.........................................................................................................................10 C. Building Types and Placement............................................................................................................................10 D. Detailed Project Description...............................................................................................................................11 1. Project Description.....................................................................................................................................11 2. Proposed Timing of Development .............................................................................................................11 4. SITE EVALUATION......................................................................................................... 12 A. Site Analysis ........................................................................................................................................................12 1. Site Location...............................................................................................................................................12 2. Existing and Proposed Uses .......................................................................................................................13 3. General Description of Land Uses Surrounding the Subject Site ...............................................................14 4. Land Uses Surrounding the Subject Site ....................................................................................................15 B. Neighborhood Analysis.......................................................................................................................................16 1. General Description of Neighborhood.......................................................................................................16 2. Neighborhood Planning Activities..............................................................................................................16 3. Public Safety...............................................................................................................................................17 C. Site Visibility and Accessibility ............................................................................................................................18 1. Visibility......................................................................................................................................................18 2. Vehicular Access.........................................................................................................................................19 3. Availability of Public Transit .......................................................................................................................19 4. Availability of Inter-Regional Transit..........................................................................................................19 5. Accessibility Improvements under Construction and Planned ..................................................................19 6. Environmental Concerns............................................................................................................................19 D. Residential Support Network..............................................................................................................................19 1. Key Facilities and Services near the Subject Site........................................................................................19 2. Essential Services .......................................................................................................................................20 3. Commercial Goods and Services................................................................................................................21 4. Location of Low Income Housing ...............................................................................................................22 E. Site Conclusion ...................................................................................................................................................22 5. MARKET AREA.............................................................................................................. 23 A. Introduction........................................................................................................................................................23 B. Delineation of Market Area ................................................................................................................................23 6. COMMUNITY DEMOGRAPHIC DATA.............................................................................. 25 A. Introduction and Methodology ..........................................................................................................................25 B. Trends in Population and Households................................................................................................................25 1. Recent Past Trends.....................................................................................................................................25 2. Projected Trends ........................................................................................................................................26 3. Building Permit Trends...............................................................................................................................26 C. Demographic Characteristics..............................................................................................................................27 1. Age Distribution and Household Type .......................................................................................................27 Page i Avery at Underground | Table of Contents 2. Renter Household Characteristics..............................................................................................................28 3. Income Characteristics...............................................................................................................................29 7. EMPLOYMENT TREND................................................................................................... 32 A. Introduction........................................................................................................................................................32 B. Labor Force, Resident Employment, and Unemployment..................................................................................32 1. Trends in County Labor Force and Resident Employment.........................................................................32 2. Trends in County Unemployment Rate......................................................................................................32 C. Commutation Patterns .......................................................................................................................................32 D. At-Place Employment .........................................................................................................................................34 1. Trends in Total At-Place Employment........................................................................................................34 2. At-Place Employment by Industry Sector...................................................................................................35 3. Major Employers........................................................................................................................................36

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