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Docusign Envelope ID: D708FC70-AF18-4B68-9AB6-2D010EOD1629 <br /> Property Owner SZ Chapel Hill Appellant(if different) Morgan Fowler/Ryan <br /> Apartments LP LLC <br /> Property Address 101 Legacy Terrace Parcel ID or Abstract 9789198723 <br /> Statement of Appeal: Request reduction in value based on actual income in 2023 and 2024. <br /> Current Assessed Value $40,261,700 ounty Opinion $40,261,700 <br /> Time of Hearin 9:13 AM Appellant Opinion $33,169,700 <br /> County Representative Roger Gunn Board Decision $40,261,700 <br /> Evidence submitted by the appellant: <br /> • The appellant is considering the valuation of this parcel collectively with PINS 9789197059 <br /> and 9789292752. From actual income in 2023 and 2024,the appellant is requesting that the <br /> collective value of the three parcels be reduced from the current$43,247,500 to $36,155,500 <br /> with the allocated value for the subject being$33,169,700. <br /> Evidence submitted by the county representative: <br /> • The subject is a 180-unit, 540-bed student housing apartment complex on 11.51 acres that was <br /> built in 2001. The subject, along with two other vacant parcels makeup the property knows as <br /> Chapel Ridge. <br /> • The County has provided an income approach and comparable student housing apartment <br /> sales. Chapel Ridge pushed gross rents almost 9%from 2023 to 2024 and incurred some <br /> associated vacancy and concessions. We have normalized operations and used a reasonable <br /> capitalization rate. It is important to note that student housing capitalization rates are typically <br /> 0.5%to 1%higher than general apartment market rates. The income approach and comparable <br /> sales support the cumulative valuation of the three parcels with no adjustment to value being <br /> supported. Therefore, no change to the current valuation is recommended. <br /> • GIS Map of Subject <br /> • Current Property Record Card(40 pages) <br /> • Income Approach <br /> • Comparable Student Housing Sales <br /> Motion of the Board Accept Coun 's Proposed Value: $40,261,700 No change in value <br /> Made the motion Richal Vanhook <br /> Seconded the motion Shannon Julian <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br /> Property Owner SZ Chapel Hill Appellant(if different) Morgan Fowler/Ryan <br /> Apartments LP LLC <br /> Property Address 120 Northfield Drive Parcel ID or Abstract 9789292752 <br /> Statement of Appeal: Request reduction in value based on actual income in 2023 and 2024. <br /> 3 <br />