Parkwood Apartments
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Market Feasibility Analysis Parkwood Apartments Fairfax County, Virginia Prepared for: MRK Partners Site Inspection: May 31, 2018 Effective Date: May 31, 2018 Parkwood Apartments | Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS ...................................................................................................................I TABLES, FIGURES AND MAPS.................................................................................................... IV EXECUTIVE SUMMARY.............................................................................................................. VI INTRODUCTION ...................................................................................................................1 A. Overview of Subject....................................................................................................................................... 1 B. Purpose......................................................................................................................................................... 1 C. Format of Report........................................................................................................................................... 1 D. Client, Intended User, and Intended Use........................................................................................................ 2 E. Applicable Requirements............................................................................................................................... 2 F. Scope of Work ............................................................................................................................................... 2 G. Report Limitations ......................................................................................................................................... 2 H. Other Pertinent Remarks ............................................................................................................................... 2 PROJECT DESCRIPTION ........................................................................................................3 A. Project Overview ........................................................................................................................................... 3 B. Project Type and Target Market..................................................................................................................... 3 C. Building Types and Placement........................................................................................................................ 3 D. Detailed Project Description........................................................................................................................... 5 1. Project Description ................................................................................................................................ 5 2. Other Proposed Uses............................................................................................................................. 7 3. Proposed Timing of Development.......................................................................................................... 7 SITE AND NEIGHBORHOOD ANALYSIS..............................................................................8 A. Site Analysis................................................................................................................................................... 8 1. Site Location.......................................................................................................................................... 8 2. Existing Uses.......................................................................................................................................... 9 3. Size, Shape, and Topography.................................................................................................................. 9 4. General Description of Land Uses Surrounding the Subject Site............................................................ 10 5. Specific Identification of Land Uses Surrounding the Subject Site.......................................................... 11 B. Neighborhood Analysis ................................................................................................................................ 12 1. General Description of Neighborhood.................................................................................................. 12 2. Evidence of New Private/Public Investment......................................................................................... 12 C. Site Visibility and Accessibility...................................................................................................................... 12 1. Visibility............................................................................................................................................... 12 2. Vehicular Access.................................................................................................................................. 12 3. Availability of Public and Inter Regional Transit.................................................................................... 12 4. Pedestrian Access................................................................................................................................ 13 5. Roadway Improvements under Construction and Planned ................................................................... 13 6. Public Safety........................................................................................................................................ 13 D. Residential Support Network ....................................................................................................................... 14 1. Key Facilities and Services near the Subject Site ................................................................................... 14 2. Essential Services................................................................................................................................. 16 ECONOMIC CONTEXT.....................................................................................................18 A. Introduction ................................................................................................................................................ 18 B. Labor Force, Resident Employment, and Unemployment ............................................................................. 18 1. Trends in County Labor Force and Resident Employment..................................................................... 18 2. Trends in County Unemployment Rate................................................................................................. 18 C. Commutation Patterns................................................................................................................................. 19 D. County At-Place Employment....................................................................................................................... 20 1. Trends in Total At-Place Employment................................................................................................... 20 2. At-Place Employment by Industry Sector.............................................................................................. 21 Page i Parkwood Apartments | Table of Contents E. Wage Data................................................................................................................................................... 22 F. Major Employers ......................................................................................................................................... 23 G. Economic Expansions, Contractions, and Projections.................................................................................... 25 H. Economic Conclusions and Projections......................................................................................................... 25 HOUSING MARKET AREA...................................................................................................26 A. Introduction ................................................................................................................................................ 26 B. Delineation of Market Area.......................................................................................................................... 26 DEMOGRAPHIC ANALYSIS..............................................................................................28 A. Introduction and Methodology .................................................................................................................... 28 B. Trends in Population and Households .......................................................................................................... 28 1. Recent Past Trends .............................................................................................................................. 28 2. Projected Trends ................................................................................................................................. 29 3. Building Permit Trends......................................................................................................................... 29 C. Demographic Characteristics........................................................................................................................ 30 1. Age Distribution and Household Type .................................................................................................