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Docusign Envelope ID:41A5CO43-OEBB-4B4B-BB6A-9411707F7CAF Statement of Appeal: Request reduction in value based on a market proforma income approach also considering the valuation of Durham County's portion of the apartment property. Current Assessed Value $5,422,100 ounty Opinion $5,422,100 Time of Hearin 2:20 PM Appellant Opinion $3,843,033 County Representative Roger Gunn Board Decision $5,422,100 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on a market proforma income approach also considering the valuation of Durham County's portion of the apartment property. Evidence submitted by the county representative: • The subject contains 19 units of the 258-unit project known as The Reserve at Meadowmont in Chapel Hill. The remaining 239 units are located in and are assessed by Durham County. The units were constructed in 2000. The property is currently assessed at$5,422,100 or$285,374 per unit. • Up until the most recent purchase, for$324,031 per unit in late 2023,this complex performed quite well. After the purchase,not nearly as well with rents being flat and vacancy rising. • The appellant has made an argument using the overall assessment from Durham and Orange to suggest that since the November 2023 purchase,post the interest rate spike, has decreased from $83,600,000 ($324,000 per unit)to$55,671,500 ($216,000 per unit). This is not reasonable. The appellant suggests the Orange County portion would be roughly$202,000 per unit,which is even further undervalued. A buyer would understand that the performance by the previous management was very good for years and would consider the upside potential, even if the current performance is poor. • Upon review of the December rent roll,but without the benefit of any Income and Expense data, it appears like the Orange County assessment,bracketed by the Income and Sales Approaches and considering the previous sale, is well supported. The Durham tax assessment (nor the total assessment with both Counties totaled)does not have bearing on the Orange County assessment of the part of the property in Orange County. • As a result, no change in value is supported. • GIS Map of Subject • Current Property Record Card(8 pages) • Comparable Sales and Income Approach Motion of the Board No Change in Assessed Value $5,422,100 Made the motion Richal Vanhook Seconded the motion Shannon Julian Voted For All BOER Members Voted Against Property Identification: Property Owner ROIB RTP LLC Appellant(if different) Morgan Fowler/Ryan, LLC Property Address 1516 E.Franklin Street Parcel ID or Abstract 9799034445 6