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Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 <br /> • Notes on Comparable Land Sales for Mixed Use-Development <br /> • Comparable Land Sales Sheets for Raleigh and Durham Comparables (6 pages) <br /> • Comparable Land Sales Sheets for Carrboro and Chapel Hill Comparables (9 pages) <br /> Motion of the Board Accept A ellant's Proposed Value: 1 $1,150,000 <br /> Made the motion Leon Meyers <br /> Seconded the motion Saru Salvi <br /> Voted For All BOER Members <br /> Voted Against ... <br /> Property Identification: <br /> Property Owner NR Edge Apartments II Appellant(if different) Morgan Fowler/Ryan <br /> Property Owner LP LLC <br /> Property Address 350 Carraway Crossing Parcel ID or Abstract 9880081467 <br /> Statement of Appeal: Request reduction in value based on an income approach and market proforma. <br /> Current Assessed Value $42,098,500 ounty Opinion $46,657,700 <br /> Time of Hearin 1:38PM Appellant Opinion $36,117,700 <br /> County Representative Roger Gunn Board Decision $42,098,500 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on an income approach and market <br /> proforma. <br /> Evidence submitted by the county representative: <br /> • The subject is a 207-unit luxury apartment complex known as Carraway Village-Phase 2 and is <br /> currently assessed at$42,098,500 or$203,374 per unit. Carraway Village has been somewhat <br /> slow to lease up. However, the property is leasing up for higher rates, does not accept students, <br /> and is located in North Chapel Hill within a developing project. With that being said, even <br /> using a relatively high stabilized vacancy rate of 10% and a high capitalization rate for new <br /> luxury apartments,the property is under-assessed as indicated from both sales and the income <br /> approach. The reconciled value for the subject from the income approach is $46,670,136. As <br /> a result,the County recommends changing the land market adjustment of the property from - <br /> 15%to -17%and changing the E36 economic modifier on the property to E29 which would <br /> result in a revised value of$46,657,700. <br /> • GIS Map of Subject <br /> • Current Property Record Card(2 pages) <br /> • Proposed Property Record Card(2 pages) <br /> • Comparable Sales and Income Approach <br /> • Triangle Luxury Apartment Capitalization Rate Support <br /> Motion of the Board Value Changed as Follows: $42,098,500 No Change in Value <br /> 3 <br />