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DocuSign Envelope ID:CD609373-3AA7-4A4A-AD96-60FEBC2424AD CIG Chapel Hill LLC PIN 9788402618 Alexander Carr appeared before the Board on behalf of CIG Chapel Hill LLC to appeal the value of the property located at 201 Howell Street, Chapel Hill. The current assessed value of the property is $2,852,400.A list of evidence follows: APPELLANT COUNTY 9788402618 Appeal 9788402618 County Mr. Carr stated that the subject property is one of two separate parcels of student apartment properties along with PIN 9788308690 operated as one economic unit. Mr. Carr stated the property has been struggling even before COVID,but based on an end of year 2020 income and expense analysis,the indicated value for the subject parcel was $2,187,024. Kelly Wells represented the County and reiterated that the property known as Ram's Horn Apartments spans two parcels. The subject parcel consists of six buildings with a total of 11,520 square feet gross building area and has a current assessed value of$2,852,400. The appellant is appealing the valuation on the basis that the income and expenses from 2020 suggest a lower valuation of$1,524,858. Upon review of the total complex for both parcels by CCA, CCA weighted the sales comparison approach 45%and the income approach 55%for a reconciled valuation of$4,987,757. This value was allocated between the two parcels based on the total square feet of the gross building area indicating a recommended value for the subject parcel of$3,479,830. As a result of this review, Orange County recommends reducing the economic market adjustment from E30 of E15 for a revised valuation of $3,463,500 for the property. The Board reviewed all documents and information provided by the appellant and the County.After deliberation and review,Mr. Beattie made a motion to accept the County's revised valuation of $3,463,500. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 STRATFORD INVESTMENTS LLC ET AL PIN 9789334067 Alexander Carr elected not to appear before the Board on behalf of the appellant and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 881 Martin Luther King Jr Boulevard, Chapel Hill. The current assessed value of the property is $4,515,200. A list of evidence follows: APPELLANT COUNTY 9789334067 Appeal 9789334067 County Kelly Wells represented the County and stated the appellant is appealing the valuation of this 50 unit apartment property on the basis that the income and expenses from 2020 suggest a lower valuation of $3,800,000. Ms.Wells stated that upon review of this property by CCA, CCA weighted the sales comparison approach 45%and the income approach 55%for a reconciled valuation of$4,270,998 for the