2026_01_13 BOER Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 • The subject is a 304-unit luxury apartment complex known as the Link Apartments that began construction in 2022. • The agent looks at this property as being non-stabilized and recommends a value of$148,000 per unit,which is very far out of line with any data on luxury apartments. The County must consider the value of this property as if stabilized. • The County has provided comparable sales and an income approach which brackets the current assessed value. As a result,no change in value is recommended. • GIS Map of Subject • Current Property Record Card(6 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: 1 $72,991,000 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Link Apartments Glen Appellant(if different) Morgan Fowler/Ryan Lennox LLC LLC Property Address 1411 Flemington Road Parcel ID or Abstract 9798274764 Statement of Appeal: Request reduction in value based on an income approach and market profonna. Current Assessed Value $45,325,400 ounty Opinion $45,325,400 Time of Hearin 3:50PM AppellantOpinion $37,000,000 County Representative Roger Gunn Board Decision $45,325,400 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach and market proforma. Evidence submitted by the county representative: • The subject is a 215-unit luxury apartment complex known as the Link Apartments at Glen Lennox that began construction in 2019 and were fully leased by the end of 2021. Currently they are experiencing vacancy and concessions due to numerous luxury apartments being recently delivered in the nearby area. This includes the nearby Link Apartments at Calyx, which is under the same ownership. However, absorption of the newly built units has been brisk and rental rate growth is expected to resume. • The agent has presented a worst-case scenario and has capitalized short-term concessions and vacancy"into perpetuity". The County must look at property assessments as if the properties are stabilized at market rents and vacancy. There is no reason to believe that the poor performance of the property in the short-term will continue based on market data studies and sales available at the end of 2024. 11