2026_01_14 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 Property Owner Folsom Gateway Appellant(if different) Morgan Fowler/Ryan Associates LP LLC Property Address 222 Old Fayetteville Road Parcel ID or Abstract 9778258181 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $44,292,300 ounty Opinion $44,292,300 Time of Hearin 11:58AM Appellant Opinion $40,000,000 County Representative Roger Gunn Board Decision $44,292,300 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 236-unit apartment complex known as Autumn Woods Apartments that was built in 1996 and is currently assessed at$44,292,300 or$187,679 per unit. The owner purchased the property in September 2021 for$55,650,000. They then spent roughly $3,000,000 on the property while turning over many of the units. The agent has included non- recurring expenses in their pro forma,which is not appropriate and would change the agent's assessed value to be above the assessed value(all other things being equal). The owner will expect to be paid for their efforts with rising rents and lower expenses. The County's comparable sales and income approach support the current assessed value and no change in value is recommended. • Location Map of Subject • Current Property Record Card(30 pages) • Comparable Sales and Income Approach Motion of the Board Accept Coun 's Proposed Value: 1 $44,292,300 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Chair of the 64;Signed by: Leon Meyers [ �-)�_,FE 1/26/2026 Recording Secre 91ocuSigned by: Jennifer Ri sbeeLYJA��r I��Stit g 99B66e9ooee2a 1/26/2026 8