Market Feasibility Analysis
Market Feasibility Analysis of Telfair Arms 17 East Park Avenue Savannah, Chatham County, Georgia 31401 for Ms. Sarah Branch National Church Residences (NCR) 2335 North Bank Drive Columbus, Ohio 43220 and Telfair Arms Senior Housing Limited Partnership Effective Date April 20, 2015 Revised June 5, 2015 Job Reference Number 12349MP Table of Contents Introduction A. Executive Summary B. Project Description C. Site Description and Evaluation D. Primary Market Area Delineation E. Community Demographic Data and Projections F. Economic Conditions and Trends G. Project-Specific Affordability and Demand Analysis H. Competitive Rental Analysis and Existing Rental Housing Supply I. Absorption and Stabilization Rates J. Interviews K. Conclusions and Recommendations L. Market Analyst Signed Statement, Certification and Checklist M. Market Study Representation Addendum A – Field Survey of Conventional Rentals Addendum B – Comparable Property Profiles Addendum C – Area Demographics Addendum D – Qualifications Addendum E – Scope of Renovations Introduction A. Purpose The purpose of this report is to evaluate the market feasibility following the rehabilitation of the existing senior-restricted (age 62 and older) subject site, Telfair Arms, using Low-Income Housing Tax Credit (LIHTC) financing in Savannah, Chatham County, Georgia. Currently the project operates under the HUD Section 8 program with a Housing Assistance Payments (HAP) contract on 45 of the 53 units. An in-person inspection of the subject site and the surrounding site area, as well as existing conventional apartment properties, was conducted by Jarrett Jordan the week of March 30, 2015. Jarrett Jordan, Matthew Parker and Robert Vogt contributed to the analysis and final conclusions contained in this report. This Comprehensive Market Analysis Full Narrative Report was initiated by Ms.
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