Parkside at Columbiana Apartments
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Market Feasibility Analysis Parkside at Columbiana Apartments Irmo, Richland County, South Carolina Prepared for: Parkside at Columbia, LP Site Inspection: January 24, 2019 Effective Date: January 24, 2019 Parkside at Columbiana | 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.................................................................................................... 20 Introduction ...............................................................................................................................................20 A. Labor Force, Resident Employment, and Unemployment..................................................................................20 1. Trends in County Labor Force and Resident Employment.........................................................................20 2. Trends in County Unemployment Rate......................................................................................................20 B. Commutation Patterns .......................................................................................................................................20 C. At-Place Employment .........................................................................................................................................22 1. Trends in Total At-Place Employment........................................................................................................22 2. At-Place Employment by Industry Sector...................................................................................................23 3. Major Employers........................................................................................................................................24 4. Recent and Proposed Economic Expansions/Contractions........................................................................25 5. Wage Data..................................................................................................................................................25 5. HOUSING MARKET AREA .............................................................................................. 27 Introduction ...............................................................................................................................................27 Delineation of Market Area........................................................................................................................27 6. DEMOGRAPHIC ANALYSIS............................................................................................. 29 Introduction and Methodology..................................................................................................................29 Trends in Population and Households .......................................................................................................29 Demographic Characteristics .....................................................................................................................31 7. COMPETITIVE HOUSING ANALYSIS................................................................................ 37 Introduction and Sources of Information...................................................................................................37 Overview of Market Area Housing Stock ...................................................................................................37 Survey of Competitive Rental Communities ..............................................................................................38 Analysis of Rental Pricing and Product.......................................................................................................41 Housing Authority Data / Subsidized Housing List .....................................................................................44 Potential Competition from For-Sale Housing and Scattered Site Rentals ................................................45 Page i Parkside at Columbiana | Table of Contents Proposed and Under Construction Rental Communities ...........................................................................45 Estimate of Market Rent ............................................................................................................................46 8. FINDINGS AND CONCLUSIONS....................................................................................... 50 Key Findings ...............................................................................................................................................50 Affordability Analysis .................................................................................................................................52 Derivation of Demand................................................................................................................................54 Target Markets...........................................................................................................................................56 Product Evaluation.....................................................................................................................................56 Price Position..............................................................................................................................................57 Absorption Estimate...................................................................................................................................59 Impact on Existing Market .........................................................................................................................59 Final Conclusion and Recommendation.....................................................................................................59 9. APPENDIX 1 UNDERLYING ASSUMPTION AND LIMITING CONDITIONS ........................... 60 10. APPENDIX 2 ANALYST CERTIFICATIONS..................................................................... 62 11. APPENDIX 3 ANALYST RESUMES ............................................................................... 63 12. APPENDIX 4 NCHMA CHECKLIST................................................................................ 65 13. APPENDIX 5 MARKET AREA RENTAL COMMUNITY PROFILES..................................... 67 Page ii Parkside at Columbiana | Tables, Figures and Maps TABLES, FIGURES AND MAPS Table 1 Detailed Unit Mix and Rents, Parkside