Market Feasibility Analysis Peachtree Creek at Ponce Apartments Stone Mountain, DeKalb County, Georgia Prepared for: Blue Ridge Atlantic Effective Date: May 7, 2019 Site Inspection: April 26, 2019 Peachtree Creek at Ponce | Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 7 A. Overview of Subject..............................................................................................................................................7 B. Purpose of Report.................................................................................................................................................7 C. Format of Report ..................................................................................................................................................7 D. Client, Intended User, and Intended Use .............................................................................................................7 E. Applicable Requirements......................................................................................................................................7 F. Scope of Work ......................................................................................................................................................7 G. Report Limitations ................................................................................................................................................8 3. PROJECT DESCRIPTION.................................................................................................... 9 A. Project Overview ..................................................................................................................................................9 B. Project Type and Target Market...........................................................................................................................9 C. Building Types and Placement..............................................................................................................................9 D. Detailed Project Description...............................................................................................................................10 1. Project Description.....................................................................................................................................10 2. Other Proposed Uses .................................................................................................................................10 3. Proposed Timing of Development .............................................................................................................11 4. SITE EVALUATION......................................................................................................... 12 A. Site Analysis ........................................................................................................................................................12 1. Site Location...............................................................................................................................................12 2. Existing and Proposed Uses .......................................................................................................................13 3. General Description of Land Uses Surrounding the Subject Site ...............................................................14 4. Land Uses Surrounding the Subject Site ....................................................................................................15 B. Neighborhood Analysis.......................................................................................................................................16 1. General Description of Neighborhood.......................................................................................................16 2. Neighborhood Planning Activities..............................................................................................................16 3. Public Safety...............................................................................................................................................16 C. Site Visibility and Accessibility ............................................................................................................................17 1. Visibility......................................................................................................................................................17 2. Vehicular Access.........................................................................................................................................17 3. Availability of Public Transit.......................................................................................................................17 4. Availability of Inter-Regional Transit..........................................................................................................18 5. Accessibility Improvements under Construction and Planned ..................................................................18 6. Environmental Concerns............................................................................................................................18 D. Residential Support Network..............................................................................................................................18 1. Key Facilities and Services near the Subject Site........................................................................................18 2. Essential Services .......................................................................................................................................19 3. Commercial Goods and Services................................................................................................................20 4. Location of Low Income Housing ...............................................................................................................21 E. Site Conclusion ...................................................................................................................................................21 5. MARKET AREA.............................................................................................................. 22 A. Introduction........................................................................................................................................................22 B. Delineation of Market Area ................................................................................................................................22 6. COMMUNITY DEMOGRAPHIC DATA.............................................................................. 24 A. Introduction and Methodology ..........................................................................................................................24 B. Trends in Population and Households................................................................................................................24 1. Recent Past Trends.....................................................................................................................................24 2. Projected Trends ........................................................................................................................................24 3. Building Permit Trends...............................................................................................................................24 C. Demographic Characteristics..............................................................................................................................26 Page i Peachtree Creek at Ponce | Table of Contents 1. Age Distribution and Household Type .......................................................................................................26 2. Household Trends by Tenure .....................................................................................................................28 3. Renter Household Characteristics..............................................................................................................30 4. Income Characteristics...............................................................................................................................30 7. EMPLOYMENT TRENDS................................................................................................. 33 A. Introduction........................................................................................................................................................33 B. Labor Force, Resident Employment, and Unemployment..................................................................................33 1. Trends in County Labor Force and Resident Employment.........................................................................33 2. Trends in County Unemployment Rate......................................................................................................33 C. Commutation Patterns .......................................................................................................................................33 D. At-Place Employment .........................................................................................................................................35 1. Trends in