2026_01_14 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Statement of Appeal: Request reduction in value based on actual income and a market proforma income approach. Current Assessed Value $26,881,300 County Opinion $26,881,300 Time of Hearin 10:43AM Appellant Opinion $21,800,000 County Representative Roger Gunn Board Decision $26,881,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and a market proforma income approach. Evidence submitted by the county representative: • The subject is a 166-unit apartment complex in Hillsborough known as Pinewood Station Apartments that was constructed in 1972. • The owner purchased the property in November 2022 for$30,825,000. They then spent a significant amount of money renovating(roughly$1.5 million or$9,000 per unit in 2023). Following the renovation and continued rental increases at the property more vacancy has followed,but the property still increased effective revenue by almost 6%in 2024 from 2023. • The agent has applied concessions to the pro forma of 4%, loss to lease of 8%, and 7% vacancy. The market would anticipate that, as the property re-stabilizes, at the very least the concessions would go away. The County has considered the property conditions and has applied market estimates accordingly. The County's comparable sales and income approach support the current assessed value. • As a result, no change in value is recommended. • Location Map of Subject • Current Property Record Card(48 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: $26,881,300 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Beachfront LLC/ Appellant(if different) Morgan Fowler/Ryan Pondfront LLC LLC Property Address 12701 Homestead Road Parcel ID or Abstract 9880200342 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $38,404,200 County O inion $36,076,700 Time of Hearin 10:55AM Appellant Opinion $31,208,500 County Representative Roger Gunn Board Decision $36,076,700 4