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Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 <br /> Evidence submitted by the county representative: <br /> • The subject property consists of 106 units of the 414-unit luxury apartment complex known as <br /> The Hartley at Blue Hill. The remaining 308 units are located on an adjacent property,PIN <br /> 9799347704.The two properties were most recently sold together in March 2022 for <br /> $114,210,000. <br /> • As the two properties operates as one economic unit, like the agent,the County also analyzed <br /> the properties'value collectively as one economic unit based on market conditions as of <br /> January 1, 2025. <br /> • Based on an analysis of the properties'stabilized income and expenses and the relevant <br /> capitalization rate, an indicated value of$100,885,763 is supported for the two properties <br /> combined. As the subject property contains approximately 26% of the project's units,this <br /> would equate to a value of approximately$26,222,498 for the subject property. <br /> • As a result, applying the Schedule of Values,the County recommends changing the E18 <br /> economic modifier on the property to E15 which would increase the current value of the <br /> subject parcel to $26,159,200. <br /> • GIS Map of Subject <br /> • Current Property Record Card(18 pages) <br /> • Proposed Property Record Card(18 pages) <br /> • Comparable Sales and Income Approach <br /> • Triangle Luxury Apartment Sales and Capitalization Rates <br /> Motion of the Board Accept Count 's Proposed Value: 1 $26,159,200 <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 Calyx Apartments Chapel Appellant(if different) Morgan Fowler/Ryan <br /> Hill LLC LLC <br /> Property Address 55 Maxwell Road Parcel ID or Abstract 9798265227 <br /> Statement of Appeal: Request reduction in value based on an income approach and market proforma. <br /> Current Assessed Value $72,991,000 ounty Opinion $72,991,000 <br /> Time of Hearin 3:43PM Appellant Opinion $45,000,000 <br /> County Representative Roger Gunn Board Decision $72,991,000 <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 /> 10 <br />