Orange County NC Website
Browse       Search
Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 <br /> Property Address I 100 Carraway Crossing Parcel ID or Abstract 9870985265 <br /> Statement of Appeal: Request reduction in value based on an income and market proforma approach. <br /> Current Assessed Value $80,142,700 ounty Opinion $84,004,700 <br /> Time of Hearin 10:21AM Appellant Opinion $71,088,800 <br /> County Representative Roger Gunn Board Decision $84,004,700 <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 403-unit luxury apartment complex known as Carraway Village Luxury <br /> Apartments was constructed in 2018 and is currently assessed at$80,142,700 or$198,865 per <br /> unit. This property enjoyed relatively high occupancy until Carraway Tower was delivered and <br /> provided competition as it has leased up, which greatly increased vacancy. This property was <br /> 19.35%vacant in January 2025 and was not stabilized. Had it been fully leased,the rent would <br /> have been$2.12 per square foot per month. which the County has used as a potential rent. <br /> After stabilized operations are estimated, a value higher than the current assessment are <br /> suggested by both the Income and the Sales Approaches and the appellant's appeal is not <br /> supported. Please note that no Income and Expense information was provided by the <br /> appellant, only a rent roll summary. <br /> • Based on an analysis of the County's sales and the income approach,the County recommends <br /> reducing the current E17 economic modifier on the property value to E13 which would result <br /> in a revised value of$84,004,700 or$208,448 per unit. <br /> • Location Map of Subject <br /> • Current Property Record Card(30 pages) <br /> • Proposed Property Record Card(30 pages) <br /> • Comparable Sales and Income Approach <br /> • Triangle Luxury Apartment Capitalization Rate Support <br /> Motion of the Board Accept Count 's Proposed Value: $84,004,700 <br /> Made the motion Saru Salvi <br /> Seconded the motion Richal Vanhook <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br /> Property Owner RG Hillsborough Owner Appellant(if different) Morgan Fowler/Ryan <br /> LLC LLC <br /> Property Address 1600 South Churton Street Parcel ID or Abstract 9863886264 <br /> 3 <br />