2026_01_29 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: BOF983D6-EAD9-4D5D-A13A-EE8461FA1918 Property Owner RRPV 900 Willow Chapel Appellant(if different) Morgan Fowler/Ryan Hill LP LLC (Presented by Camryn O'Day) Property Address 900 Willow Drive Parcel ID or Abstract 9799134091 Statement of Appeal: Request reduction in value based on a market proforma and equity comparables. Current Assessed Value $103,284,800 ounty Opinion $72,299,500 Time of Hearin 1:35 PM Appellant Opinion $58,591,900 County Representative Roger Gunn Board Decision $72,299,500 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma and equity comparables. Evidence submitted by the county representative: • The subject is a 253-unit luxury apartment complex with 9,514 square feet of retail space known as 900 Willow Apartments that began construction in 2023. The property has a current assessed value of$103,284,800 or$408,240 per apartment unit. • The appellant has provided an income approach and an equity argument. It is hard to rely on the equity argument overly much since this property is one of the most premium in Town and is attached to University Mall. Plus, it has approximately 9,500 square feet of retail space. • However, the County's Income Approach is indicating a lower value of$72,425,047. The agent uses a fairly high vacancy and concessions deduction,but the property is in lease-up and the County needs to use stabilized numbers. Considering the walkability and ideal location,the County has used a stabilized occupancy of 94% and no concessions (a lease-up specific expense). The County base capitalization rate of 5% is well supported by luxury sales. • Applying the County's Schedule of Values,the County recommends applying an e30 economic modifier to the property which would reduce its current valuation to$72,299,500 or$285,769 per apartment unit which is supported by the County's comparable sales. • GIS Map of Subject • Current Property Record Card(6 pages) • Recommended Property Record Card(6 pages) • Comparable Sales and Income Approach • Triangle Luxury Apartment Capitalization Rate Support (19 pages) Motion of the Board Accept County's Propose Value: $72,299,500 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner Dobbins Hill II LLC Appellant(if different) Morgan Fowler/Ryan LLC (Presented by Ca O'Day) 5