2025_07_24 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: BC772D21-D919-44A7-AA96-A6CF2CC30F19 Property Identification: Property Owner Chapel Hill Retirement Appellant(if different) Dan Leonard Residence LLC Property Address 700 N. Estes Drive Parcel ID or Abstract 9789552588 Statement of Appeal: Request a reduction in value based on an income and cost approach. Current Assessed Value $28,805,000 County Opinion $28,805,000 Time of Hearin 1:02 PM Appellant Opinion $26,000,000 County Representative Roger Gunn Board Decision $28,805,000 Evidence submitted by the appellant: • The appellant has supplied an income approach, income and expense statements, cost approach,and a 2024 Seniors Housing Investors Survey in support for their estimate of value. Evidence submitted by the county representative: • Per the County's commercial property consultant, "This one went through informal appeals and was reduced from$33,159,300 to$28,805,000. They are trying to further appeal it to $26,000,000. They present an I&E for 2024(the property is 99.7%occupied on the year)and then suggest that,based on a survey,the actual NOI should be capped at a 9.5%. The survey shows Class B Assisted Living in Secondary Markets ranging from 7%to 10%. They pick the high end of the range even though our property is newly built,fully occupied and located in a high barrier to entry market. I did research on newly built assisted living properties and find that we should likely be at the bottom of the range. At an 8%cap,which may even be high, we'd be at$30.1M. If anything,the assessment may be a bit light." • Photograph of Subject • Location Map of Subject • Current Property Record Card of Subject • Comparable Sales for Subject Motion of the Board Accept the Coun 's recommendation of no change in value Made the motion Richal Vanhook Seconded the motion Leon Meyers Voted For Voted Against Saru Salvi Property Identification: Property Owner EHSC Properties Appellant if different Property Address 607 US 70A Parcel H)or Abstract 9874328408 Statement of Appeal: Request a reduction in value based on the purchase price on 02/06/2025.