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Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 <br /> units would create inequity with the valuations of the 52 individually owned units. As the <br /> appellant has submitted no evidence that any of the individual values assigned to the <br /> appellants'units are incorrect, the County is recommending no change in value for each of the <br /> 280 units appealed. <br /> • GIS Map of Subject <br /> • Properties Under Appeal with Current Valuations&Initial Requested Valuations <br /> Motion of the Board Accept County's Proposed Value: $48,615,000 total for 280 units <br /> No Change in Value <br /> Made the motion Richal Vanhook <br /> Seconded the motion Saru Salvi <br /> Voted For All BOER Members <br /> Voted Against ... <br /> Property Identification: <br /> Property Owner Notting Hill Owner LLC Appellant(if different) Morgan Fowler/Ryan <br /> LLC <br /> Property Address 100 Drew Hill Lane Parcel ID or Abstract 9890619411 <br /> Statement of Appeal: Request reduction in value based on actual income and a market proforma income <br /> approach. <br /> Current Assessed Value $34,625,400 ounty Opinion $34,625,400 <br /> Time of Hearin 2:27PM AppeRantOpinion $29,500,000 <br /> County Representative Roger Gunn Board Decision $33,500,000 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on actual income and a market proforma <br /> income approach. <br /> Evidence submitted by the county representative: <br /> • The subject is a 200-unit apartment complex in Chapel Hill known as Notting Hill Apartments <br /> that was constructed in 2000. <br /> • In 2014 it was purchased for$30,500,000 and units were renovated. Up until Covid rental <br /> surveys showed the property having low vacancy. During Covid the owner pushed rental rates <br /> upwards very aggressively(attempting increases of 12— 17.5%). Thus began a phase of high <br /> vacancy. The agent has capitalized this poor performance into perpetuity by using an <br /> astounding 20%combined vacancy and bad debt. Any buyer would anticipate proper <br /> management and reduction of vacancy to a reasonable level. The County has used 10% <br /> vacancy rather than 20%. Otherwise, the estimates are similar. <br /> • Based on the County's comparable sales and the income approach, the current valuation is <br /> supported and no adjustment to the current value is supported. <br /> • GIS Map of Subject <br /> • Current Property Record Card(28 pages) <br /> • Comparable Sales and Income Approach <br /> 5 <br />