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SELF-CONTAINED APPRAISAL REPORT of the Irene Apartments

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SELF-CONTAINED APPRAISAL REPORT of the Irene Apartments SELF-CONTAINED APPRAISAL REPORT OF The Irene Apartments 4701 Willard Avenue Chevy Chase, MD 20815 EFFECTIVE DATE OF VALUE January 1, 2008 PREPARED FOR Terry R. Dunkin, MAI, CCIM, CRE Senior Vice President Colliers Pinkard Valuation Group 210 W. Pennsylvania Avenue Suite 310 Towson, MD 21204 Marie C. Moineau Academic Adviser The Edward St. John Department of Real Estate Johns Hopkins University Carey Business School Room 711, 100 North Charles Street Baltimore, MD 21201 PREPARED BY George “Robby” Robinson Jr. 3524 Soffit Place Woodbridge, VA 22192 EFFECTIVE DATE OF REPORT May 5, 2008 May 5, 2008 Terry R. Dunkin, MAI, CCIM, CRE Senior Vice President Colliers Pinkard Valuation Group 210 W. Pennsylvania Avenue Suite 310 Towson, MD 21204 Marie C. Moineau Academic Adviser The Edward St. John Department of Real Estate Johns Hopkins University Carey Business School Room 711, 100 North Charles Street Baltimore, MD 21201 Re: The Irene Apartments 4701 Willard Avenue Chevy Chase, MD 20815 Dear Mr. Dunkin, Per your request, I have inspected the interior and exterior of the subject property, and performed the necessary investigation and analyses in order to prepare a self-contained appraisal report on the above-referenced property. The appraisal has been developed, and this report has been prepared, with the intent of complying with the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation, FIRREA, and has also been prepared in conformance with The Appraisal Institute’s guidelines for demonstration appraisal report writing. The subject’s Irene Apartments consists of a 16-story Class A- high-rise apartment building that is situated on a 2.32-acres parcel in Chevy Chase Maryland. The property contains 530 rental units (currently, 511 residential and 19 commercial units) and was constructed in 1966. At the time of inspection, the improvements were considered to be in very good condition. As of the effective date of value, the property was reportedly 99% occupied. The purpose of the appraisal is to estimate the market value of the Fee Simple interest in the subject property on “As Is” basis as of January 1, 2008. Market Value is defined in the appraisal report. The intended use of this report is to satisfy the requirements of The Appraisal Institute as it pertains to demonstration appraisal reports. As such, the intended user is The Appraisal Institute and its representatives as well as Terry R. Dunkin, Johns Hopkins Adviser & Marie Moineau, Johns Hopkins Adviser. In addition to the basic assumptions and limiting conditions in the forthcoming Introduction Section of this report, the value conclusion is also subject to a few special assumptions and limiting conditions, which are described in detail within this report. Mr. Terry R. Dunkin, MAI, CCIM, CRE Colliers Pinkard Valuation Group May 6, 2008 Page 2 Reconciled “As Is” Value Conclusion Based on my inspection of the referenced property and the investigations and analyses undertaken, and subject to the basic and special assumptions and limiting conditions set forth in the accompanying report, it is my opinion that the estimated “As Is” Market Value of the Fee Simple Interest in the subject property as of January 1, 2008, is: ONE HUNDRED SIXTY EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS $168,500,000 ($329,700/unit or $226/SF-NRA) The attached report is deemed a "Self-Contained Appraisal Report" as defined in Standards Rule 2-2 of USPAP. As such, it identifies and describes the real estate being appraised; states the real property interest being appraised; states the purpose and function of the appraisal; defines the value to be estimated; states the effective date of the appraisal and the date of the report; states the extent of the process of collecting, confirming and reporting data; states all assumptions and limiting conditions that affect the analyses, opinions and conclusions; describes the information considered, the appraiser's opinion of highest and best use, the appraisal procedures followed, and the reasoning that supports the analyses, opinions, and conclusions; and includes a signed certification in accordance with USPAP Standards Rule 2-3. This letter of transmittal should only be used in conjunction accompanying appraisal report in its entirety. Any separation of the signature page of this transmittal letter or the Certificate of Value from the accompanying report invalidates the conclusions found therein. Respectfully Submitted, George “Robby” Robinson Jr. Associate Member of the Appraisal Institute Account #500525 TABLE OF CONTENTS SECTION I: INTRODUCTION Summary of Important Facts and Conclusions.................................................................................. 1 Certification........................................................................................................................................ 3 Basic Assumptions and Limiting Conditions......................................................................................5 Special Assumptions and Limiting Conditions................................................................................... 8 SECTION II: MAPS AND PHOTOGRAPHS SECTION III: GENERAL INFORMATION Identification of the Property............................................................................................................ 25 Purpose of the Appraisal ................................................................................................................. 25 Intended Use and User of the Appraisal.......................................................................................... 25 Scope of Work ................................................................................................................................. 25 Property Rights Appraised............................................................................................................... 26 Date of Value................................................................................................................................... 26 Definition of Value............................................................................................................................ 26 Ownership History and Occupancy ................................................................................................. 26 SECTION IV: ECONOMIC AND MARKET ANALYSES Washington, DC Regional Analysis................................................................................................. 29 Montgomery County Analysis.......................................................................................................... 44 Neighborhood Analysis.................................................................................................................... 56 Multifamily Submarket Analysis....................................................................................................... 60 SECTION V: PROPERTY DESCRIPTION Site Description and Analysis .......................................................................................................... 77 Improvement Description and Analysis ...........................................................................................80 Zoning and Land Use Plans ............................................................................................................ 87 Real Estate Assessment and Taxes................................................................................................ 89 Highest and Best Use...................................................................................................................... 93 SECTION VI: VALUATION OF THE PROPERTY Appraisal Process............................................................................................................................ 98 Income Capitalization Approach.................................................................................................... 100 Sales Comparison Approach......................................................................................................... 161 Cost Approach............................................................................................................................... 186 Final Reconciliation........................................................................................................................ 223 SECTION VII: ADDENDA Definitions of Property & Submarket Ratings Appraiser Qualifications Subject Property Data (Rent Roll, Income/Expenses, Etc.) Miscellaneous Exhibits SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Effective Date of Value: January 1, 2008 Effective Date of Report: May 6, 2008 Date of Inspection: December 19, 2007 (and numerous other prior and subsequent dates) Property Location: The Irene Apartments 4701 Willard Avenue Chevy Chase, MD 20815 Property Description: The Irene Apartments consists of a 16-story Class A high-rise apartment building that is situated on a 2.23-acres parcel in Chevy Chase Maryland. The property contains 530 rental units (currently, 511 residential and 19 commercial units) and was constructed in 1966. At the time of inspection, the improvements were considered to be in very good condition. As of the effective date of value, the property was 99% occupied. A detailed breakdown of the various unit types and sizes at the subject is shown in the chart below: The Irene Apartments - Residential Unit Mix Unit Type # of DU Avg SF* Total SF (NRA) Studio 44 819 36,038 1 BR 129 1,072 138,245 2 BR 263 1,502 395,100
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