2021_11_17 BOER MINUTES - Laserfiche WebLink

Browse Search

DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F Link Apartments Glen Lennox LLC PIN 9798274764 Kevin Baker elected not to appear before the Board on behalf of Link Apartments Glen Lennox LLC and requested that the submitted documentation serve as the appeal. The appellant is appealing the value of the property located at 411 Flemington Drive, Chapel Hill. The current assessed value of the property is $42,461,800. A list of evidence follows: APPELLANT COUNTY 9798274764 Appeal 9798274764 County Kelly Wells represented the County and stated that the appeal is based on months of income and expense data and comparable rents suggesting a lower valuation of$36,090,000 for the property. Upon review of this property by CCA, CCA weighted the sales comparison approach at 45%and the income approach at 55%for a reconciled valuation of$39,203,160.As a result of this review, Orange County recommends adjusting the Economic Modifier from EI I to E18,thereby reducing the valuation of the property from$42,461,800 to $39,122,100. 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 $39,122,100 for the property. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 WILSON PIN 9890810552.004 Gerald Wilson appeared before the Board to appeal the value of the property located at 150 Providence Road Unit 100, Chapel Hill. The current assessed value of the property is $332,000. A list of evidence follows: APPELLANT COUNTY 9890810552.004 Appeal 9890810552.004 County The appellant stated he did not provide any comparable sales as evidence since there were no recent sales in the subject project but instead considered asking prices. The appellant stated he analyzed two other properties nearby, 141 Providence Road and 110 Conner Drive. These units are for sale at asking prices of$162/Square Foot and$169.97/Square Foot,respectively,both well below the $228.49/Square Foot valuation of the subject property. The appellant's opinion of value for the property is $250,000. Cyle Anderson represented the County and stated that the subject property is a 1,453 square foot office condominium built in 1997. Upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$248,419 for the property. As a result of this review, Orange County recommends applying an E 15 economic modifier to the property for a revised value of$281,200 for the property.