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Need and Demand Analysis for True Light Haven 1810 Anderson Avenue Atlanta, Georgia 30314

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Need and Demand Analysis for True Light Haven 1810 Anderson Avenue Atlanta, Georgia 30314 Need and Demand Analysis For True Light Haven 1810 Anderson Avenue Atlanta, Georgia 30314 Prepared For Ms. Willa Turner Office of Affordable Housing Georgia Department of Community Affairs 60 Executive Park South Northeast, 2nd Floor Atlanta, Georgia 30329 Effective Date August 28, 2018 Date of Report September 13, 2018 Prepared By 512 North One Mile Road * Dexter, Missouri 63841 Ph: 573-624-6614 * Fax: 573-624-2942 September 13, 2018 Ms. Willa Turner Office of Affordable Housing Georgia Department of Community Affairs 60 Executive Park South Northeast, 2nd Floor Atlanta, Georgia 30329 Dear Ms. Turner: Following is a market study which was completed for the property to be known as True Light Haven according to the guidelines set forth by the Georgia Department of Community Affairs as authorized by The Office of Affordable Housing. The subject will be located at 1810 Anderson Avenue, Atlanta, Fulton County, Georgia. The site will be improved with one three-story elevator building containing 124 units designed for seniors. Per the request of the client, an analysis was conducted for both seniors 55 and older and seniors 62 and older. The subject will contain asphalt parking. The total site size is approximately 4.50 acres, or 196,020 square feet. The purpose of the following market study is to determine if the community has a need for the subject units. To do so, the analyst utilized data from the U.S. Census Bureau, Nielsen Claritas; Ribbon Demographics, and various other demographic resources. Community information and opinion was also utilized. This information was collected during a field survey conducted by Edwin E. Walker while visiting the site. The site was inspected on August 28, 2018, by Edwin E. Walker and Samuel T. Gill. An attempt was made to survey 100 percent of all housing in the area. The intended users of the report are Georgia Department of Community Affairs and National Church Residences. I certify that there is not now, nor will there, be an identity of interest between or among the applicant, contractor, architect, engineer, attorney, interim lender, subcontractors, material suppliers, equipment lessors or any of their members, directors, officers, stockholders, partners or beneficiaries without prior written identification to Georgia Department of Community Affairs and written consent to such identity of interest by Georgia Department of Community Affairs. This statement is given for the purpose of inducing the United States of America to make a loan as requested in the loan pre-application or application of which this statement is a part. The document is assignable to other lenders that are parties to the DCA loan transaction. In addition to this market study, Gill Group, Inc., has also completed an appraisal report. __________________________ ____________________________ Edwin E. Walker Samuel T. Gill Market Analyst Market Analyst True Light Haven * 1810 Anderson Avenue * Atlanta, Georgia TABLE OF CONTENTS Title Page ..................................................................................................................................................... 1 Letter of Transmittal ................................................................................................................................... 2 Table of Contents ..................................................................................................................................... 3-4 Certification ................................................................................................................................................. 5 Identity of Interest .................................................................................................................................... 6-7 NCHMA Member Certification .................................................................................................................... 8 PART I: EXECUTIVE SUMMARY Executive Summary ............................................................................................................................... 10-17 Executive Summary Table .......................................................................................................................... 18 PART II: PROJECT DESCRIPTION General Project Information ................................................................................................................... 20-22 PART III: SITE EVALUATION Location & Site Characteristics .............................................................................................................. 24-26 Subject Photos ....................................................................................................................................... 27-31 Location Map ............................................................................................................................................... 32 Vicinity Map ................................................................................................................................................. 33 Community Service Legend ................................................................................................................... 34-36 Community Service Map ............................................................................................................................. 37 Subsidized/Restricted Legend .................................................................................................................... 38 Subsidized/Restricted Map ......................................................................................................................... 39 PART IV: MARKET AREA Delineation of Market Area .................................................................................................................... 41-42 Primary Market Area Map ........................................................................................................................... 43 PART V: COMMUNITY DEMOGRAPHIC DATA POPULATION Population Household Trends and Analysis .......................................................................................... 45-46 HOUSEHOLDS Tenure .................................................................................................................................................... 47-51 Household Income Trends and Analysis ............................................................................................... 51-56 PART VI: EMPLOYMENT TREND EMPLOYMENT Labor Force and Employment Trends ................................................................................................... 58-60 Major Employers ......................................................................................................................................... 61 Place of Work Employment Data ........................................................................................................... 61-64 Employment Outside the County ................................................................................................................ 65 PART VII: PROJECT-SPECIFIC AFFORDABILITY & DEMAND ANALYSIS Household Income Trends ..................................................................................................................... 66-67 Sources of Demand .................................................................................................................................... 67 Eligible Households..................................................................................................................................... 68 New & Pipeline Units................................................................................................................................... 69 Capture Rate .......................................................................................................................................... 70-73 Gill Group Page 3 True Light Haven * 1810 Anderson Avenue * Atlanta, Georgia PART VIII: EXISTING RENTAL HOUSING STOCK Comparable Properties ........................................................................................................................ 75-110 Vacancy Data ..................................................................................................................................... 111-112 Existing Housing Map Legend .................................................................................................................. 113 Existing Housing Map ........................................................................................................................ 114-115 Additional Developments .......................................................................................................................... 116 Comparable Comparisons ........................................................................................................................ 117 Evaluation of the Proposed Development ......................................................................................... 118-119 Rent Grid Analysis ............................................................................................................................. 120-128 Average Rents/Rent Advantage ............................................................................................................... 128 Housing Profile ................................................................................................................................... 129-132 PART IX: ABSORPTION & STABILIZATION
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