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Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 <br /> Motion of the Board Accept Count 's Proposed Value: $39,670,900 <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 ECP CH West End LLC Appellant(if different) Morgan Fowler/Ryan <br /> LLC <br /> Property Address 200 NC 54 Bypass Parcel ID or Abstract 9778266500 <br /> Statement of Appeal: Request reduction in value based on a market income approach. <br /> Current Assessed Value $23,532,900 ounty Opinion $23,532,900 <br /> Time of Hearin 11:47AM Appellant Opinion $20,583,900 <br /> County Representative Roger Gunn Board Decision $23,532,900 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on a market income approach. <br /> Evidence submitted by the county representative: <br /> • The subject is a 188-unit apartment complex known as West End Flats that was built in 1996 <br /> and is currently assessed at $23,532,900 or$125,175 per unit.West End Flats was purchased in <br /> June 2019 for$19,250,000 and then renovated(per news articles). No actual income or <br /> expenses were made available. Therefore, the County used surveys to estimate rents and <br /> reasonable vacancy and expense estimates. The recent renovations are also considered in the <br /> valuation. The County's comparable sales and income approach support the current valuation <br /> with no change in value recommended. <br /> • Location Map of Subject <br /> • Current Property Record Card(30 pages) <br /> • Comparable Sales and Income Approach <br /> • Chapelboro.com News Story about Property <br /> Motion of the Board Accept Count 's Proposed Value: 1 $23,532,900 No Change in Value <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 />