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The Park at Blythewood Senior Apartments

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The Park at Blythewood Senior Apartments Market Feasibility Analysis The Park at Blythewood Senior Apartments Blythewood, Richland County, South Carolina Prepared for: Prestwick Companies Site Inspection: January 22, 2019 Effective Date: February 2, 2019 The Park at Blythewood | Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................. I TABLES, FIGURES AND MAPS ................................................................................................ III EXECUTIVE SUMMARY ........................................................................................................... 1 1. INTRODUCTION .............................................................................................................. 6 Overview of Subject ..................................................................................................................................... 6 Purpose of Report ........................................................................................................................................ 6 Format of Report .......................................................................................................................................... 6 Client, Intended User, and Intended Use ..................................................................................................... 6 Applicable Requirements ............................................................................................................................. 6 Scope of Work .............................................................................................................................................. 6 Report Limitations ........................................................................................................................................ 7 Other Pertinent Remarks ............................................................................................................................. 7 2. PROJECT DESCRIPTION .................................................................................................... 8 Project Overview .......................................................................................................................................... 8 Project Type and Target Market .................................................................................................................. 8 Building Type and Placement ....................................................................................................................... 8 Detailed Project Description ........................................................................................................................ 9 3. SITE AND NEIGHBORHOOD ANALYSIS ........................................................................... 10 Site Analysis................................................................................................................................................ 10 Neighborhood Analysis .............................................................................................................................. 14 Site Visibility and Accessibility.................................................................................................................... 15 Residential Support Network ..................................................................................................................... 16 4. ECONOMIC CONTEXT .................................................................................................... 18 A. Labor Force, Resident Employment, and Unemployment .................................................................................. 18 1. Trends in County Labor Force and Resident Employment ......................................................................... 18 2. Trends in County Unemployment Rate ...................................................................................................... 18 B. Commutation Patterns ....................................................................................................................................... 19 C. At-Place Employment ......................................................................................................................................... 19 1. Trends in Total At-Place Employment ........................................................................................................ 19 2. At-Place Employment by Industry Sector................................................................................................... 20 3. Major Employers ........................................................................................................................................ 21 4. Recent Economic Expansions/Contractions ............................................................................................... 23 5. Wage Data .................................................................................................................................................. 23 5. HOUSING MARKET AREA .............................................................................................. 25 Introduction ............................................................................................................................................... 25 Delineation of Market Area........................................................................................................................ 25 6. DEMOGRAPHIC ANALYSIS ............................................................................................. 27 Introduction and Methodology .................................................................................................................. 27 Trends in Population and Households ....................................................................................................... 27 Demographic Characteristics ..................................................................................................................... 29 7. COMPETITIVE HOUSING ANALYSIS ................................................................................ 35 Introduction and Sources of Information................................................................................................... 35 Overview of Market Area Housing Stock ................................................................................................... 35 Survey of General Occupancy Rental Communities ................................................................................... 36 Analysis of Rental Pricing and Product ....................................................................................................... 39 Housing Authority Data / Subsidized Housing List ..................................................................................... 42 Potential Competition from For-Sale Housing ........................................................................................... 42 Proposed and Under Construction Rental Communities ........................................................................... 43 Page i The Park at Blythewood | Table of Contents Senior Rental Market Conditions ............................................................................................................... 43 Estimate of Market Rent ............................................................................................................................ 45 8. FINDINGS AND CONCLUSIONS....................................................................................... 49 Key Findings ............................................................................................................................................... 49 Affordability Analysis ................................................................................................................................. 51 Derivation of Demand ................................................................................................................................ 53 Target Markets ........................................................................................................................................... 55 Product Evaluation ..................................................................................................................................... 55 Price Position .............................................................................................................................................. 56 Absorption Estimate ................................................................................................................................... 57 Impact on Existing Market ......................................................................................................................... 58 Final Conclusion and Recommendation ..................................................................................................... 58 APPENDIX 1 UNDERLYING ASSUMPTION AND LIMITING CONDITIONS .................................. 59 APPENDIX 2 ANALYST CERTIFICATIONS ............................................................................... 61 APPENDIX 3 ANALYST RESUMES ......................................................................................... 62 APPENDIX 4 NCHMA CHECKLIST .......................................................................................... 65 APPENDIX 5 MARKET AREA RENTAL COMMUNITY PROFILES ............................................... 67 Page
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