MARCH 2020
APARTMENT/MULTI-FAMILY MARKET DEMAND FEASIBILITY STUDY
WWW.HOUSING-ADVISORS.COM
Table of Contents Scope of Work
Page 1 2
Housing Characteristics
7
Current & Historic Rental Overview
12
Competative Property Overview
15
Recommendations
32
Summary
33
E PL
M
SA
Community Economic Factors
Subject Property Analysis
34
Proforma
38
Glossary of Terms
39
Assumptions and Limiting Condistions
41
Disclaimer
43
Scope of Work The objectives of this study/report is to gain a better understanding of both the potential need of additional apartment units in the community of North Platte, NE and profitability of the "proposed property" highlighted in this study.
SA
This following study/report was prepared for NGC Group, Inc. by HCA. All research was conducted during the month of March 2020 and evaluates the current supply of comparable multi-family units in and around the community, demand for units in the same area and gaps between supply and demand.
E PL
M
Comprehensive research was performed and reviewed regarding the community's economic indicators, competitive multi-family unit supply, and multi-family unit demand generators. Economic indicators were studied to determine the stability and future growth potential of the general market. The research was conducted as a macro and micro market analysis of the North Platte, NE and the areas immediately surrounding area to determine their viability to support the potential of a multi-family development.
General Assumptions - For the purpose of this assessment, we assumed the proposed property will be operated at market rate. It is also assumed the proposed property will utilize a fully-integrated and recognized marketing platform. If this or any of the following are not followed, it could affect the overall feasibility of subject property. Operational Assumptions - For the purpose of this assessment, we assume the subject property would be managed by a capable, Professional Management Company.
This report provides statistical and highlighted narratives to support the conclusions regarding the market area and it's ability to support potential multi-family housing development.
1
www.housing-advisors.com
3/30/2020
Community Economic Factors North Platte, Nebraska is a city, town, place equivalent (CDP), or township located in Nebraska. North Platte city, Nebraska has a total area of 13.2 square miles.
E PL
M
SA 2
www.housing-advisors.com
3/30/2020
E PL
M
SA 3
www.housing-advisors.com
3/30/2020
E PL
M
SA 4
www.housing-advisors.com
3/30/2020
2010 Census Data (Including 2018) Population estimates, July 1, 2018 Population estimates base, April 1, 2010 Population, percent change - April 1, 2010 to July 1, 2018 Population, Census, April 1, 2010 Persons under 5 years, percent, 2018 Persons under 18 years, percent, 2018 Persons 65 years and over, percent, 2018 Female persons, percent, July 1, 2018
North Platte, NE 23,814 24,736 -3.7% 24,733 6.1% 23.8% 17.6% 51.1%
Lincoln County 35,280 36,288 -2.8% 36,288 6.0% 23.8% 18.6% 50.6%
95.3% 1.9% 0.4% 0.3%
95.3% 1.0% 1.1% 1.0%
-
0.1%
1.2% 10.6% 86.4%
1.5% 8.6% 87.9%
57.2% $115,500 11.9 $1,143 $504 $693
16,858 64.3% $135,700 42 14.8 $1,226 $518 $697
SA
White alone, percent, July 1, 2018
Black or African American alone, percent, July 1, 2018 American Indian/Alaska Native alone, July 1, 2018 Asian alone, percent, July 1, 2018
Native Hawaiian/Other Pacific Islander alone, percent, July 1, 2018 Two or More Races, percent, July 1, 2018 Hispanic or Latino, percent, July 1, 2018
M
White alone, not Hispanic or Latino, percent, July 1, 2018 Housing units, July 1, 2018
Owner-occupied housing unit rate, 2011-2018
Median value of owner-occupied housing units, 2010-2014
E PL
Building permits, 2018
Travel time to work (min), workers age 16 years+, 2010-2014 Median selected monthly owner costs - with mortgage
Median selected monthly owner costs - without mortgage Median gross rent - 2014-2018
Effective Buying Income
Households by Income Median Household Income <$10,000 $10,000-$14,999 $15,000-$24,999 $25,000-$34,999 $35,000-$49,999 $50,000-$74,999 $75,000-$99,999 $100,000-$149,999 $150,000-$199,999 $200,000+
5
2018 $49,622 8.9% 4.0% 12.0% 9.2% 15.6% 21.3% 13.0% 11.4% 2.5% 2.1%
www.housing-advisors.com
3/30/2020
Workforce/Employment Distribution
M
SA
by NAICS Codes (North Platte, NE) Health Care Transportation and Warehousing Retail Construction Food Manufacturing Education Government Finance and insurance Farming Other Wholesale trade Information Administrative Real estate and rental and leasing Professional Services Mining, quarrying, and oil and gas extraction Management of companies and enterprises
Percent (%) 17.30% 15.90% 14.90% 8.40% 6.30% 6.10% 5.30% 4.50% 4.50% 3.20% 2.30% 1.90% 1.80% 1.80% 1.70% 1.50% 1.40% 1%
Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates
E PL
Unemployment
The current unemployment rate for North Platte is 3% in February 2020.
Labor Supply / Wage Pressures
Nebraska's minimum wage is set at $11 (2019). The labor supply is felt to be average to support a multi-family development.
Air Transportation
The closest major airport to North Platte, Nebraska is North Platte Regional Airport (LBF / KLBF). This airport is 5 miles from the center of North Platte, NE.
6
www.housing-advisors.com
3/30/2020
PHYSICAL HOUSING CHARACTERISTICS FOR OCCUPIED HOUSING UNITS NORTH PLATTE, NEBRASKA Estimate
Margin of Error + or -
10,482 2.22
226 0.05
6170 2.86 2954
286 0.10 236
HOUSEHOLDS Total Households Average Household Size
FAMILIES Total Families Average Family Size
SA
Households with own children under 18
Owner-occupied housing unit rate, 2011-2018 65.5% Median value of owner-occupied housing units, 2010-2014 $183,800 Building permits, 2018 OCCUPIED HOUSING UNITS Occupied housing units 10,482 Housing units, July 1, 2018
UNITS IN STRUCTURE 1, detached 1, attached 2 apartments
6,674 627 344 315 388 1,305 829
3 or 4 apartments 5 to 9 apartments 10 or more apartments Mobile home or other type of housing
7
2.3 2.3 2.80 2 3 2.5 1.9 3.3 3.3
E PL
M
SELECT HOUSEHOLDS BY TYPE Households with one or more people under 18 30.33% Households with one or more people 60 years or over 38.20% Householders Living Alone 35.60% Householders Living Alone 65 Years or Over 14.90% UNITS IN STRUCTURE 1-Unit Structure 69.7% 2-Or-More-Unit Structures 22.4% Mobile Homes and All Other Types of Units 7.9% HOUSING TENURE Owner-Occupied Housing Units 57.2% Renter-Occupied Housing Units 42.8%
www.housing-advisors.com
69,959 69.1% $183,700 1,242 +/-226
+/-309 +/-203 +/-132 +/-133 +/-141 +/-228 +/-201
3/30/2020
YEAR STRUCTURE BUILT 2014 or later 2010 to 2013 2000 to 2009 1980 to 1999 1960 to 1979 1940 to 1959 1939 or earlier
0 262 786 1,516 3,800 2,396 1,722
+/-17 +/-102 +/-151 +/-306 +/-366 +/-272 +/-258
426 1,287 3,900 3,050 1,819
+/-201 +/-266 +/-439 +/-365 +/-237
435 1,231 7,057 1,759
+/-201 +/-239 +/-352 +/-219
10,482 10,142
+/-226 +/-256
994 3,679 3,511 2,298
+/-230 +/-437 +/-312 +/-298
10,107
+/-273
6,792 114 3,453 0
+/-374 +/-66 +/-332 +/-17
ROOMS
SA
1 room
2 or 3 rooms 4 or 5 rooms 6 or 7 rooms
8 or more rooms BEDROOMS
No bedroom
2 or 3 bedrooms 4 or more bedrooms COMPLETE FACILITIES
With complete plumbing facilities With complete kitchen facilities VEHICLES AVAILABLE No vehicle available 1 vehicle available 2 vehicles available 3 or more vehicles available TELEPHONE SERVICE AVAILABLE With telephone service
E PL
M
1 bedroom
HOUSE HEATING FUEL Utility gas Bottled, tank, or LP gas Electricity Fuel oil, kerosene, etc.
8
www.housing-advisors.com
3/30/2020
Coal or coke All other fuels No fuel used Occupied housing units
0 56 67 RENTER OCCUPIED HOUSING UNITS 4,487
+/-17 +/-49 +/-74 +/-380
1,477 443 305 315 346 1,305 296
+/-254 +/-183 +/-125 +/-133 +/-127 +/-228 +/-144
0 87 445 814 1,569 1,003 569
+/-17 +/-63 +/-162 +/-241 +/-315 +/-213 +/-167
UNITS IN STRUCTURE 1, detached 1, attached 2 apartments
SA
3 or 4 apartments
5 to 9 apartments
10 or more apartments
Mobile home or other type of housing YEAR STRUCTURE BUILT 2014 or later
2010 to 2013 1980 to 1999 1960 to 1979 1940 to 1959
1939 or earlier ROOMS 1 room 2 or 3 rooms 4 or 5 rooms 6 or 7 rooms 8 or more rooms BEDROOMS No bedroom 1 bedroom 2 or 3 bedrooms
E PL
M
2000 to 2009
4 or more bedrooms
410 1,139 2,128 641 169
+/-198 +/-246 +/-347 +/-200 +/-87
419 1,102 2,755 211
+/-198 +/-219 +/-329 +/-101
4,487 4,167
+/-380 +/-352
COMPLETE FACILITIES With complete plumbing facilities With complete kitchen facilities
9
www.housing-advisors.com
3/30/2020
VEHICLES AVAILABLE No vehicle available 1 vehicle available 2 vehicles available 3 or more vehicles available
888 2,354 867 378
+/-219 +/-371 +/-234 +/-138
4,234
+/-373
TELEPHONE SERVICE AVAILABLE With telephone service
SA
HOUSE HEATING FUEL
2,266 Bottled, tank, or LP gas 19 Electricity 2,136 Fuel oil, kerosene, etc. 0 Coal or coke 0 All other fuels 13 No fuel used 53 PERCENTAGE OF RENTER OCCUPIED HOUSING UNITS Occupied housing units 4,487 Utility gas
1, detached 2 apartments 3 or 4 apartments 5 to 9 apartments
10 or more apartments Mobile home or other type of housing YEAR STRUCTURE BUILT 2014 or later 2010 to 2013 2000 to 2009 1980 to 1999
+/-380
32.9% 9.9% 6.8% 7.0% 7.7% 29.1% 6.6%
+/-4.7 +/-4.0 +/-2.9 +/-3.0 +/-2.7 +/-4.9 +/-3.1
0.0% 1.9% 9.9% 18.1% 35.0% 22.4% 12.7%
+/-0.4 +/-1.4 +/-3.5 +/-5.2 +/-6.2 +/-4.4 +/-3.8
E PL
1, attached
M
UNITS IN STRUCTURE
+/-306 +/-32 +/-270 +/-17 +/-17 +/-20 +/-70
1960 to 1979 1940 to 1959 1939 or earlier ROOMS
10
www.housing-advisors.com
3/30/2020
1 room 2 or 3 rooms 4 or 5 rooms 6 or 7 rooms 8 or more rooms
9.1% 25.4% 47.4% 14.3% 3.8%
+/-4.3 +/-5.5 +/-6.8 +/-4.1 +/-2.0
9.3% 24.6% 61.4% 4.7%
+/-4.3 +/-4.8 +/-5.6 +/-2.2
100.0% 92.9%
+/-0.4 +/-3.6
19.8% 52.5% 19.3% 8.4%
+/-5.0 +/-6.4 +/-4.8 +/-3.1
94.4%
+/-3.3
50.5% 0.4% 47.6% 0.0% 0.0% 0.3% 1.2%
+/-5.2 +/-0.7 +/-4.8 +/-0.4 +/-0.4 +/-0.5 +/-1.5
BEDROOMS No bedroom 1 bedroom 2 or 3 bedrooms
SA
4 or more bedrooms
COMPLETE FACILITIES
With complete plumbing facilities With complete kitchen facilities VEHICLES AVAILABLE
No vehicle available 2 vehicles available
M
1 vehicle available
3 or more vehicles available
TELEPHONE SERVICE AVAILABLE
HOUSE HEATING FUEL Utility gas Bottled, tank, or LP gas Electricity Fuel oil, kerosene, etc. Coal or coke All other fuels No fuel used
E PL
With telephone service
Although the American Community Survey (ACS) produces population, demographic and housing unit estimates, it is the Census Bureau's Population Estimates Program that produces and disseminates the official estimates of the population for the nation, states, counties, cities, and towns and estimates of housing units for states and counties. Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates
11
www.housing-advisors.com
3/30/2020
Current & Historic Community Multi-Family Rental Overview
Nebraska (NE) has the 47th highest rent in the country out of 56 states and territories. The average Fair Market Rent for a 2-bedroom home in Nebraska is $738 per month.
E PL
M
SA *Fair Market Rent is the rent amount, including utilities (except telephone), to rent privately owned, existing, decent, safe and sanitary rental housing of modest (nonluxury) nature with suitable amenities. Fair Market Rent prices are set for each county and metro area across the country. Rates are set for zero-bedroom studios or efficiencies all the way up to 4-bedroom homes. To determine the Fair Market Rent for a home with more than 4-bedrooms add 15% for each additional bedroom. For example, a 4-bedroom home in Arlington, VA in 2017 is $2,855 / mo. Each additional bedroom would be $2,855 x 0.15 = $428.25. So Fair Market Rent for a 5-bedroom home would be $2,855 + $428.25 = $3,283.25 / mo.
12
www.housing-advisors.com
3/30/2020
FY 2020 Lincoln County Rental Data
Fair Market Rent prices in Lincoln County are very low compared to the national average. This FMR area is less expensive than 72% of other FMR areas. Fair Market Rent for a two-bedroom apartment in Lincoln County is $709 per month. The previous year, rent for a two-bedroom home was $760 per month. This is a 6.71% decrease year-over-year.
E PL
M
SA This FMR rate applies to Dickens, NE, Wellfleet, NE, Maxwell, NE, Brady, NE, Hershey, NE, North Platte, NE and other cities within the region. Additionally, This Fair Market Rent (FMR) area Lincoln County, NE spans one county or city in Nebraska which is listed in the table below. Compared to the rest of Nebraska, the Lincoln County FMR area is more expensive than 61% of the state.
13
www.housing-advisors.com
3/30/2020
FY 2020 Lincoln County Rental Data (continued)
To compute the 40th percentile of rent prices the HUD must determine the median or 50th percentile as well. 50th percentile rent prices are NOT fair market rents (unless otherwise noted as a 50th percentile designated region above). However, some home owners or rents may be interested in the median rent prices as well. This FMR area only covers one metro area, North Platte. 50th Percentile Rental Prices:
SA
M
Although Lincoln County went through a small decrease in FY 2020, it should be noted the FMR area in 2019 was more expensive than 56% of other FMR areas. Fair Market Rent for a two-bedroom apartment in Lincoln County was $760 per month. The previous year (2018), rent for a two-bedroom home was $682 per month. This was a 11.44% increase year-over-year. Also extremely important, noted below are the rental unit vacancy rates for both Lincoln County and North Platte.
E PL
Rental Vacancy Rates
North Platte, NE
Year Vacancy Rate 2019 4.5 2018 6.2 2017 6.4 2016 6.2 2015 5.0 2014 4.0 2013 4.8 2012 9.1 5.1 2011 2010 5.3 7.3 2009
Lincoln County, NE Year Vacancy Rate 2019 4.8 2018 5.8 2017 6.4 2016 6.3 2015 4.9 2014 3.6 2013 4.2 2012 8.0 5.1 2011 2010 4.7 6.0 2009
Source: nestats.org Source: www.RentData.org Source: www.Apartments.com
14
www.housing-advisors.com
3/30/2020
Competitive Property Overview Sandridge Apartments
M
SA Competitive Property Information Property Description
Beds
Baths 1 1 2 2 2 2 2 3 3 3
Size 1 1 1 1 1 2 2 2 2 2
600 675 863 833 950 965 1050 965 1300 1210
Price $ $ $ $ $ $ $ $ $ $
E PL
Community has been voted the number one apartment complex in North Platte by the North Platte Telegraph newspaper. They offer 168 large one, two and three bedroom residences each with a large private balcony or patio, laundry room and an open kitchen. The grounds feature large open grass areas and a playground. The buildings and grounds are very well maintained and the community is quiet and safe. Property built in 2002.
Unit Mix/Availability/Pricing* Availability 650.00 660.00 715.00 725.00 735.00 750.00 775.00 810.00 860.00 965.00
*Pricing and availability gathered from www.apartments.com and reflect pricing and availability at the time of research.
Occupancy Range Key
15
No Units Available
www.housing-advisors.com
Availability
3/30/2020
Competitive Property Overview (continued) Sandridge Apartments Price Per Square Foot 1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month Rate Range Key Low
$ $ $ $ Average
1.03 0.82 0.76 0.77
High
Competitive Property Communal Amenities
SA
Clubhouse Courtyard/Green Space Fitness Facility Off-Street Parking Covered Parking Kid Playground/Recreation Area Business Center Swimming Pool
Additional Notes:
Elevator Secure Parking On-Site Management Tenant Laundry Wireless Internet Access
Garage Parking - $55 Per Month
Dog Rent/Fee (2 Pet Limit and 50lb Limit) - $25 Per Month/$200 One Time
M
Application - $30 One Time
Competitive Property Apartment Amenities
Water Trash Electric Source: ApartmentRatings.com Source: MTimm.com
16
Washer/Dryer Window Dressing Central Air Dishwasher Ceiling Fans Microwave Refrigerator Water Softener Limited Access/Intercom ADA Accessible
E PL
Outdoor Space/Balcony/Patio Hard Flooring Entry Closet External Storage Garbage Disposal Oven Walk-in Closet On-Suite Carpet Smoke-Free
Utilities Included
Sewer Gas Cable/Internet
www.housing-advisors.com
3/30/2020
Competitive Property Overview 6th Dimension Apartments
M
SA Competitive Property Information Property Description
Beds
Baths 1 2 3
Size 1 1 2
Price 720 $ 905 $ 1200 $
E PL
6th Dimension Apartments are within walking distance of specialty shops, shopping malls, restaurants and movie theaters in the area. Each apartment features unique and efficient details with open floor plans. There is natural lighting in every apartment and enough storage to help keep you organized.
Unit Mix/Availability/Pricing* Availability 650.00 660.00 715.00
*Pricing and availability gathered from www.apartments.com and reflect pricing and availability at the time of research.
Occupancy Range Key
17
No Units Available
www.housing-advisors.com
Availability
3/30/2020
Competitive Property Overview (continued) 6th Dimension Apartments Price Per Square Foot 1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 3 Bedroom/2 Bath per Month Rate Range Key Low
$ $ $ Average
0.90 0.73 0.60
High
Competitive Property Communal Amenities
SA
Clubhouse Courtyard/Green Space Fitness Facility Off-Street Parking Covered Parking Kid Playground/Recreation Area Business Center Swimming Pool
Additional Notes:
Elevator Secure Parking On-Site Management Tenant Laundry Wireless Internet Access
Garage Parking - $65 Per Month Application - $40 One Time
Competitive Property Apartment Amenities
Washer/Dryer Window Dressing Central Air Dishwasher Ceiling Fans Microwave Refrigerator Water Softener Limited Access/Intercom ADA Accessible
Water Trash Electric Source: 6thDimensionApts.com
18
E PL
M
Outdoor Space/Balcony/Patio Hard Flooring Entry Closet External Storage Garbage Disposal Oven Walk-in Closet On-Suite Carpet Smoke-Free
Utilities Included
Sewer Gas Cable/Internet
www.housing-advisors.com
3/30/2020
Competitive Property Overview Allura Gardens Apartments
M
SA Competitive Property Information Property Description
Allura Gardens Apartments offer a quiet location near shopping and dining. The property offers 72 spacious 1 and 2 bedroom apartments, does not accommodate pets and offers regular move in specials.
Baths 1 1 1 2 2 2 2 2
Size 1 1 1 1 1 1 1 1
715 600 600 675 715 715 715 715
Price $ $ $ $ $ $ $ $
E PL
Beds
Unit Mix/Availability/Pricing* Availability 560.00 560.00 560.00 590.00 590.00 590.00 590.00 590.00
*Pricing and availability gathered from www.apartments.com and reflect pricing and availability at the time of research.
Occupancy Range Key
19
No Units Available
www.housing-advisors.com
Availability
3/30/2020
Competitive Property Overview (continued) Allura Gardens Apartments Price Per Square Foot 1 Bedroom/1 Bath per Month ( 715 Square Feet ) 2 Bedroom/1 Bath per Month ( 600 Square Feet ) 2 Bedroom/1 Bath per Month ( 675 Square Feet ) 2 Bedroom/1 Bath per Month ( 715 Square Feet ) Rate Range Key Low Average
$ $ $ $
0.78 0.93 0.87 0.83
High
Competitive Property Communal Amenities
SA
Clubhouse Courtyard/Green Space Fitness Facility Off-Street Parking Covered Parking Kid Playground/Recreation Area Business Center Swimming Pool
Additional Notes:
Elevator Secure Parking On-Site Management Tenant Laundry Wireless Internet Access
Application Fee: $39.99 Security Deposit: $500
M
Competitive Property Apartment Amenities
Water Trash Electric Source: ApartmentRatings.com Source: AlluraGardens.com
20
Washer/Dryer Window Dressing Central Air Dishwasher Ceiling Fans Microwave Refrigerator Water Softener Limited Access/Intercom ADA Accessible
E PL
Outdoor Space/Balcony/Patio Hard Flooring Entry Closet External Storage Garbage Disposal Oven Walk-in Closet On-Suite Carpet Smoke-Free
Utilities Included
Sewer Gas Cable/Internet
www.housing-advisors.com
3/30/2020
Competitive Property Overview Pacific Place Apartments
M
SA Competitive Property Information Property Description
Beds
Baths 1 2 2 3
Size 1 1 2 2
666 826 1066 1259
Price $ $ $ $
E PL
This quaint 64 unit community is nestled in a rural setting in North Platte, Nebraska. Enjoy being close to everything with easy access to shopping, restaurants, entertainment, and schools. If convenience and location are important factors in your lifestyle, you have come to the right place. Property built in 1997.
Unit Mix/Availability/Pricing* Availability 650.00 660.00 715.00 725.00
*Pricing and availability gathered from www.apartments.com and reflect pricing and availability at the time of research.
Occupancy Range Key
21
No Units Available
www.housing-advisors.com
Availability
3/30/2020
Competitive Property Overview (continued) Pacific Place Apartments Price Per Square Foot 1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month Rate Range Key Low
$ $ $ $ Average
0.98 0.80 0.67 0.58
High
Competitive Property Communal Amenities
SA
Clubhouse Courtyard/Green Space Fitness Facility Off-Street Parking Covered Parking Kid Playground/Recreation Area Business Center Swimming Pool
Additional Notes:
Elevator Secure Parking On-Site Management Tenant Laundry Wireless Internet Access
Application Fee: $25 One-Time
Pet Fee: $25 Per Month ( 25 lb. limit )
M
Garage Fee: $65 Per Month
Competitive Property Apartment Amenities
Additional Notes:
Washer/Dryer Window Dressing Central Air Dishwasher Ceiling Fans Microwave Refrigerator Water Softener Limited Access/Intercom ADA Accessible
E PL
Outdoor Space/Balcony/Patio Hard Flooring Entry Closet External Storage Garbage Disposal Oven Walk-in Closet On-Suite Carpet Smoke-Free
Washer/Dryer Connections
Water Trash Electric Source: Apartments.com
Utilities Included
Sewer Gas Cable/Internet
Source: PacificPlaceNorthPlatte.com
22
www.housing-advisors.com
3/30/2020
Competitive Property Overview South Platte Terrace Apartments
M
SA Beds
Baths 1 2 3 4
Size 1 1 2 2
675 815 1050 1630
Price $ $ $ $
E PL
Competitive Property Information Property Description Apartments come with plush carpeting, ample storage space, all the appliances needed, and 24-hour emergency maintenance. The property also offers a picnic area and courtyard. South Platte Terrace Apartments offer an abundant amount of nearby amenities. Many nearby parks, walking distance to South Platte River, nearby shopping, entertainment and dining and nearby US-83.
Unit Mix/Availability/Pricing* Availability 565.00 615.00 715.00 875.00
*Pricing and availability gathered from www.apartments.com and reflect pricing and availability at the time of research.
Occupancy Range Key
23
No Units Available
www.housing-advisors.com
Availability
3/30/2020
Competitive Property Overview (continued) South Platte Terrace Apartments Price Per Square Foot 1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 3 Bedroom/2 Bath per Month 4 Bedroom/2 Bath per Month Rate Range Key
$ $ $ $ Low
Average
0.84 0.75 0.68 0.54
High
Competitive Property Communal Amenities
SA
Clubhouse Courtyard/Green Space Fitness Facility Off-Street Parking Covered Parking Kid Playground/Recreation Area Business Center Swimming Pool
Additional Notes:
Elevator Secure Parking On-Site Management Tenant Laundry Wireless Internet Access
Application Fee: $30 One-Time Pet Fee: $25 Per Month/$300 One-Time ( 35 lb. limit - 1 Pet Limit )
M
Competitive Property Apartment Amenities
Additional Notes:
N/A
Water Trash Electric Source: PrincetonManagment.com
24
Washer/Dryer Window Dressing Central Air Dishwasher Ceiling Fans Microwave Refrigerator Water Softener Limited Access/Intercom ADA Accessible
E PL
Outdoor Space/Balcony/Patio Hard Flooring Entry Closet External Storage Garbage Disposal Oven Walk-in Closet On-Suite Carpet Smoke-Free
Utilities Included
Sewer Gas Cable/Internet
www.housing-advisors.com
3/30/2020
Competitive Set Overview
SA Competitive Set Properties
Proposed Property
E PL
M 25
www.housing-advisors.com
3/30/2020
Competitive Set Summary
SA
M
Sandridge Apartments Price Per Square Foot
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month
$ $ $ $
1.03 0.82 0.76 0.77
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month
E PL
Price Per Month
$ $ $ $
655.00 725.00 762.50 878.33
Property Analysis
Category Proximity to Amenities Proximity to Interstates/Highways Condition Apartment Amenities Communal Amenities Total* ( 25 Points Available )
1 1 1 1 1
2 2 2 2 2
Rating 3 3 3 3 3 19
4 4 4 4 4
5 5 5 5 5
Source: www.RentData.org Source: www.Apartments.com *Opinion of HCA Representative
26
www.housing-advisors.com
3/30/2020
Competitive Set Summary ( continued )
SA
M
6th Dimension Apartments Price Per Square Foot
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 3 Bedroom/2 Bath per Month
$ $ $
0.90 0.73 0.60
Price Per Month
$ 650.00 $ 660.00 $ 715.00
E PL
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 3 Bedroom/2 Bath per Month
Property Analysis
Category Proximity to Amenities Proximity to Interstates/Highways Condition Apartment Amenities Communal Amenities Total* ( 25 Points Available )
1 1 1 1 1
2 2 2 2 2
Rating 3 3 3 3 3 17
4 4 4 4 4
5 5 5 5 5
Source: www.RentData.org Source: www.Apartments.com *Opinion of HCA Representative
27
www.housing-advisors.com
3/30/2020
Competitive Set Summary ( continued )
SA
M
Allure Gardens Apartments Price Per Square Foot
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month
$ $ $ $
0.78 0.93 0.87 0.83
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month
E PL
Price Per Month
$ $ $ $
560.00 590.00 590.00 590.00
Property Analysis
Category Proximity to Amenities Proximity to Interstates/Highways Condition Apartment Amenities Communal Amenities Total* ( 25 Points Available )
1 1 1 1 1
2 2 2 2 2
Rating 3 3 3 3 3 16
4 4 4 4 4
5 5 5 5 5
Source: www.RentData.org Source: www.Apartments.com *Opinion of HCA Representative
28
www.housing-advisors.com
3/30/2020
Competitive Set Summary ( continued )
SA
M
Pacific Place Apartments Price Per Square Foot
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month
$ $ $ $
0.98 0.80 0.67 0.58
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month
E PL
Price Per Month
$
650.00
$
660.00
$
715.00
$
725.00
Property Analysis
Category Proximity to Amenities Proximity to Interstates/Highways Condition Apartment Amenities Communal Amenities Total* ( 25 Points Available )
1 1 1 1 1
2 2 2 2 2
Rating 3 3 3 3 3 16
4 4 4 4 4
5 5 5 5 5
Source: www.RentData.org Source: www.Apartments.com *Opinion of HCA Representative
29
www.housing-advisors.com
3/30/2020
Competitive Set Summary ( continued )
SA
M
South Platte Terrace Apartments Price Per Square Foot 1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 3 Bedroom/2 Bath per Month 4 Bedroom/2 Bath per Month Price Per Month 1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 3 Bedroom/2 Bath per Month 4 Bedroom/2 Bath per Month Property Analysis Rating Category Proximity to Amenities 1 2 3 Proximity to Interstates/Highways 1 2 3 Condition 1 2 3 Apartment Amenities 1 2 3 Communal Amenities 1 2 3 Total* ( 25 Points Available ) 16
$ $ $ $
0.84 0.75 0.68 0.54
E PL 4 4 4 4 4
$
565.00
$
615.00
$
715.00
$
875.00
5 5 5 5 5
Source: www.RentData.org Source: www.Apartments.com *Opinion of HCA Representative
30
www.housing-advisors.com
3/30/2020
Competitive Set Average Price Per Square Foot
1 Bedroom/1 Bath per Month 2 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month 3 Bedroom/2 Bath per Month 4 Bedroom/2 Bath per Month
Competitive Set Average Monthly Price
$ $ $ $ $
0.91 0.82 0.72 0.68 0.54
E PL
M
SA
1 Bedroom/1 Bath per Month $ 616.00 2 Bedroom/1 Bath per Month $ 632.86 2 Bedroom/2 Bath per Month $ 738.75 3 Bedroom/2 Bath per Month $ 758.33 4 Bedroom/2 Bath per Month $ 875.00 Monthly Price Per Month Comparison Fair Market Rent CompSet Rent Proposed Property Rent One Bedroom $ 538.00 One Bedroom $ 616.00 One Bedroom $ 675.00 Two Bedroom $ 709.00 Two Bedroom $ 685.00 Two Bedroom $ 750.00 Three Bedroom $ 957.00 Three Bedroom $ 758.00 Three Bedroom $ 875.00 Four Bedroom $ 960.00 Four Bedroom $ 875.00 Four Bedroom $ 975.00
Source: www.RentData.org Source: www.Apartments.com *Opinion of HCA Representative
31
www.housing-advisors.com
3/30/2020
Recommendations We estimate that there is a potential demand for 60 to 80 new, market rate rental units available to the proposed location. Taking into consideration of the information in the report as well as the fact that there has been little to no multi-family development in the North Platte market in over 7 years, we feel the proposed 75 units will make good business sense.
M
SA
In addition to the shortage of quality units, the median, fair market rent in the North Platte area was $791 in 2019. Using a conservative rent to income ratio of four to one, renter households need a household income of close to $38,000 to qualify. The median income for households in the market, however, is over $49,000. That means that more than half of the households in the market can afford rents of closer to $1,000 per month conservatively. In a typical ratio of three to one, over half the market could afford more than $1,300 per month.
E PL
One- and two-bedroom units should be featured. We advise onebedroom floor plans be between 700-900 square feet. We advise twobedroom floor plans be between 900-1100 square feet. Monthly rents should be between $675 and $825 for the one-bedroom units and $750 to $950 for two-bedroom units per month. If the product is successfully developed at these rents and units sizes, and the site is fully marketed, the proposed 75 units will lease up in less than 12 months.
32
www.housing-advisors.com
3/30/2020
Summary
SA
Community Economic Summary - Employment in the North Platte area is concentrated in the healthcare, transportation, retail, construction, food and manufacturing industries, which collectively comprise 68.9 percent of local employment. The large share of health care is notable as this industry is historically extremely stable. Relative to the overall nation, the North Platte area features comparatively more stable employment in healthcare, transport, construction, manufacturing and education industries. Conversely, the North Platte area is under-represented in the mining, arts, utilities and professional services industries. Comparatively speaking, the North Platte economy performed well during the recession. Total North Platte area employment contracted by only about 3.9 percent, less than the 4.9 percent decline reported by the overall nation. Employment in the North Platte area recovered and surpassed pre-recessionary levels.
M
Subject Property Location Summary - Most necessary services and amenities are located less than 1 mile from the Subject site and the site offers excellent access to public transportation. The Subject is located in the city of North Platte, NE with excellent access to employment, retail, and transportation. The state highways and interstate that run through North Platte are Highway 83, Highway 30 and Interstate 80. The Subject is located approximately 0.2 miles south of Interstate 80.
E PL
Community Demographics Summary - The North Platte area has demonstrated that it is an area of projected population decline by a small amount but growth trends are expected to increase through 2024. As population grows, the need for good quality market rate housing is also expected to increase.
Property Features Summary - The Subject will be new construction and in excellent condition. The Subject will offer an elevator-serviced property, which is marketable to varying tenancies given the accessibility, Overall, the Subjectâ&#x20AC;&#x2122;s proposed unit amenity package is considered marketable in the market. In addition, the severe lack of quality in the market speaks to the superior placement of proposed project in the market place.
Supply Summary - The vacancy rates among the stabilized market rate comparables range from 0 to 6.7 percent with an overall vacancy rate of 4.5 percent. Overall vacancy amongst the comparables is relatively low. Many of the competitive set, reported little to no vacancies. Overall, the low vacancy rates among market rate properties, suggests that the market is strong with demand for additional units such as those proposed at the proposed property and it's 75 units at market rate.
33
www.housing-advisors.com
3/30/2020
Subject Property Analysis
SA
E PL
M
North Platte Apartments (Subject) is a proposed new construction four-story elevatorserviced building with 75 market-rate units located at Lake Drive, Highway 83 and Walker Drive. The Subject is located in the south quadrant of North Platte. The community of North Platte is located western side of Nebraska on Interstate 80. The site is accessible from the east side of Highway 83. Highway 83 is a four-lane road that provides access throughout the central portion of Lincoln County. Interstate 80 is accessible via Highway 83 to the north and provides access to the entire state of Nebraska with traffic counts over 18,000 per day. Overall, access and traffic flow to the Subject site are considered excellent.
34
www.housing-advisors.com
3/30/2020
Property Site/Location Analysis
Category Proximity to Amenities Proximity to Interstates/Highways Condition Apartment Amenities Communal Amenities Total* ( 25 Points Available )
1 1 1 1 1
2 2 2 2 2
Rating 3 3 3 3 3 23
4 4 4 4 4
5 5 5 5 5
M
SA E PL
Source: Opinion of HCA Representative
35
www.housing-advisors.com
3/30/2020
Subject Property Layout
E PL
M
SA 36
www.housing-advisors.com
3/30/2020
Unit Mix/Availability/Pricing*
The Subject will consist of 55 one-bedroom units and 20 two-bedroom units. Upon completion, the Subject will exhibit excellent condition. The unit mixes, unit sizes and asking rents are detailed below: Beds
Baths 1 1 1 2 2
Proposed Price
Size 1 1 1 2 2
671 750 865 997 1084
$ $ $ $ $
Number of Units 16 36 3 4 16
650.00 675.00 700.00 775.00 800.00
$ $ $ $ $
SA
Competitive Set Average
Price Per Square Foot 1.01 0.90 0.78 0.75 0.69
Price Per Square Foot
1 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month
Competitive Set Average Monthly Price
1 Bedroom/1 Bath per Month 2 Bedroom/2 Bath per Month
$ $
0.91 0.72
$ 616.00 $ 738.75
M
When considering the extreme lack of new product, current condition of competitive properties, markets vacancy rate of 4.5% and the projected marginal population decline, it is the opinion of HCA that the proposed property has the opportunity to maintain the following occupancy percentage over the next five years:
Proposed Property Projected Revenue ( w/o rent increases ) $ 509,082.00 $ 528,054.00 $ 550,188.00 $ 569,160.00 $ 591,294.00
E PL
Proposed Property Projected Occupancy Year One 80.5% Year Two 83.5% Year Three 87.0% Year Four 90.0% Year Five 93.5%
When considering the extreme lack of new product, current condition of competitive properties, markets five-year average rental rate growth of 4.3% for one-bedrooms units, markets five-year average rental rate growth of 3.75% for two-bedrooms units and the projected marginal population decline, it is the opinion of HCA that the proposed property has the opportunity to grow rental rates over the next five years and obtain revenue as follows:
Proposed Property Projected Occupancy Year One 80.5% Year Two 83.5% Year Three 87.0% Year Four 90.0% Year Five 93.5% 37
Proposed Property Projected Revenue ( with rent increases ) $ 509,082.00 $ 543,895.62 $ 569,444.58 $ 591,926.40 $ 614,945.76 www.housing-advisors.com
3/30/2020
Multi-Family Apartment Complex Project North Platte, Nebraska
SA
Description - Approximate 70,000 square feet, Multi-Family Apartment Building. Building will offer 671 square foot, one-bedroom units (16), 750 square foot, one-bedroom units (36), 3 865 square foot, one-bedroom units, 997 square foot, two-bedroom, two-bathroom units (4) and 1084 square foot, two bedroom, two-bathroom units (16).
Estimated Cost Per Unit Total Estimate Cost of Construction
$ $
110,000.00 8,250,000.00
Projected Rental Unit Revenue
$
509,082.00
$
543,895.62
Manager Salary/Benefits
$
30,211.65
6.0% $
32,277.68
6.0% $
Maintenance Staff Payroll/Benefits
$
17,623.46
3.5% $
18,828.64
3.5% $
Year One
Operating Expenses
%
Number of Units
Year Two
%
Year Three $ 569,444.58
%
75
Year Four
%
Year Five
%
M
$
594,928.40
$ 614,945.76
33,793.89
6.0% $
35,128.08
6.0% $
36,494.17
6.0%
19,713.10
3.5% $
20,491.38
3.5% $
21,288.27
3.5%
Rental Loss Due to Collections/Concessions
$
5,035.28
1.0% $
5,379.61
1.0% $
5,632.31
1.0% $
5,854.68
1.0% $
6,082.36
1.0%
Management Company Fee
$
15,105.83
3.0% $
16,138.84
3.0% $
16,896.94
3.0% $
17,564.04
3.0% $
18,247.09
3.0%
Contract Services
$
10,070.55
2.0% $
10,759.23
2.0% $
11,264.63
2.0% $
11,709.36
2.0% $
12,164.72
2.0%
Accounting Services
$
5,035.28
1.0% $
5,379.61
1.0% $
5,632.31
1.0% $
5,854.68
1.0% $
6,082.36
1.0%
Repairs & Maintenance
$
7,552.91
1.5% $
8,069.42
1.5% $
11,264.63
2.0% $
11,709.36
2.0% $
18,247.09
3.0%
$
5,035.28
1.0% $
5,379.61
1.0% $
5,632.31
1.0% $
5,854.68
1.0% $
6,082.36
1.0%
$
35,246.93
7.0% $
37,657.29
7.0% $
39,426.20
7.0% $
40,982.76
7.0% $
42,576.53
7.0%
Advertising/Marketing
$
25,176.38
5.0% $
24,208.26
4.5% $
22,529.26
4.0% $
17,564.04
3.0% $
18,247.09
3.0%
Total Operating Expenses
$
156,093.53
31.0% $
164,078.19
30.5% $ 171,785.60
30.5% $
172,713.06
29.5% $ 185,512.04
30.5%
$
55,388.03
11.0% $
59,175.74
11.0% $
11.0% $
64,401.48
11.0% $
11.0%
Capital Expenditures and Fixed Expenses Real Estate Taxes
E PL
Equipment and Supplies Utilities
61,955.46
66,905.98
Insurance
$
7,552.91
1.5% $
8,069.42
1.5% $
8,448.47
1.5% $
8,782.02
1.5% $
9,123.54
1.5%
Reserve For Replacement
$
12,588.19
2.5% $
13,449.03
2.5% $
15,488.87
2.75% $
16,100.37
2.75% $
18,247.09
3.0%
Total Capital Expenditures and Fixed Expenses
$
75,529.13
15.0% $
80,694.19
15.0% $
85,892.80
15.25% $
89,283.87
15.25% $
94,276.61
15.5%
Net Revenue Before Debt Service
$
277,459.35
54.5% $
299,123.24
55.0% $ 311,766.18
54.75% $
332,931.47
55.96% $ 335,157.11
54.5%
38
www.housing-advisors.com
3/30/2020
Glossary of Terms Administrative - Total monies spent on general and administrative items such as answering service, donations, mileage reimbursement, bank charges, legal/eviction charges, postage, telephone/fax/Internet charges, office supplies, uniforms, credit reports, permits, membership dues, subscriptions, data processing, etc. Does not include any payroll-related expenses.
SA
Capital Expenditures/Reserve for Replacement - Capital Expenditures are separated by the categories listed (renovations, replacements and “other”). All “other” CapEx expenses would include the sum of any items not specifically listed above. A zero on the line meant there were no capital expenditures.
Contract Services - Contract Services are separated by the categories listed (landscaping, pest control, security and “other”). All “other” contract services expenses would include the sum of any items not specifically listed above (ex. Snow removal, and other services provided on a contract basis). Trash removal is not included here.
M
Insurance - Includes property hazard and liability and real property insurance and does not include health/payroll insurance.
E PL
Maintenance/Repairs - Total monies spent on general maintenance, maintenance supplies and uniforms, minor painting/carpeting repairs, plumbing supplies and repairs, security gate repairs, keys/locks, minor roof/window repairs, HVAC repairs, cleaning supplies, etc. Does not include any payroll related expenses or non-recurring capital expenses. Contract services are reported separately.
Management Fees - Total fees paid to the management agent/company by the owner.
Marketing - Marketing expenses are separated by the categories listed (internet, print, resident relations and “other”). All “other” marketing expenses would include the sum of any items not specifically listed above. (i.e.,. locator fees, signage, model expense, etc.).
Other Revenue - Monies received are separated by the categories listed (amenity fees, laundry, parking, pet fees, storage and “other”). All “other” would include the sum of any items not specifically listed above. (i.e., vending, deposit forfeitures, furniture, late fees, termination fees, application fees, etc.).
39
www.housing-advisors.com
3/30/2020
Payroll Costs - Gross salaries and wages paid to employees assigned to the property in all departments. Includes payroll taxes, group health/life/disability insurance, 401(k), bonuses, leasing commissions, value of employee apartment allowance, workersâ&#x20AC;&#x2122; compensation, retirement contributions, overtime and other cash benefits. Revenue Losses to Collections - Amount of residential rents not received due to collection losses. Revenue Losses to Concessions - Amounts of gross potential residential rents not received due to concessions.
SA
Taxes - Total real estate and personal property taxes only. Does not include payroll or rendering fees related to property taxes or income taxes. Utilities - Total cost of all standard utilities and each listed type, net of any income reimbursements for or from residents (i.e., submeter, RUBS, flat fee or similar system).
E PL
M 40
www.housing-advisors.com
3/30/2020
Assumptions and Limiting Conditions 1. In the event that the client provided a legal description, building plans, title policy and/or survey, etc., the consultant has relied extensively upon such data in the formulation of all analyses. 2. The legal description as supplied by the client is assumed to be correct and the author assumes no responsibility for legal matters, and renders no opinion of property title, which is assumed to be good and merchantable.
SA
3. All encumbrances, including mortgages, liens, leases, and servitudes, were disregarded in this valuation unless specified in the report. It was recognized, however, that the typical purchaser would likely take advantage of the best available financing, and the effects of such financing on property value were considered. 4. All information contained in the report, which was furnished by others, was assumed to be true, correct, and reliable. A reasonable effort was made to verify such information, but the author assumes no responsibility for its accuracy.
M
5. The report was made assuming responsible ownership and capable management of the property.
E PL
6. The sketches, photographs, and other exhibits in this report are solely for the purpose of assisting the reader in visualizing the property. The author made no property survey, and assumes no liability in connection with such matters. It was also assumed there is no property encroachment or trespass unless noted in the report. 7. The author of this report assumes no responsibility for hidden or unapparent conditions of the property, subsoil, or structures, or the correction of any defects now existing or that may develop in the future. Equipment components were assumed in good working condition unless otherwise stated in this report. 8. It is assumed that there are no hidden or unapparent conditions for the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering, which may be required to discover such factors.
9. The investigation made it reasonable to assume, for report purposes, that no insulation or other product banned by the Consumer Product Safety Commission has been introduced into the Subject premises. Visual inspection by the consultant did not indicate the presence of any hazardous waste. It is suggested the client obtain a professional environmental hazard survey to further define the condition of the Subject soil if they deem necessary.
41
www.housing-advisors.com
3/30/2020
Assumptions and Limiting Conditions ( continued ) 10. Any distribution of total property value between land and improvements applies only under the existing or specified program of property utilization. Separate valuations for land and buildings must not be used in conjunction with any other study or appraisal and are invalid if so used. 11. A valuation estimate for a property is made as of a certain day. Due to the principles of change and anticipation, the value estimate is only valid as of the date of valuation. The real estate market is nonstatic and change and market anticipation is analyzed as of a specific date in time and is only valid as of the specified date.
SA
M
12. Possession of the report, or a copy thereof, does not carry with it the right of publication, nor may it be reproduced in whole or in part, in any manner, by any person, without the prior written consent of the author particularly as to value conclusions, the identity of the author or the firm with which he or she is connected. Neither all nor any part of the report, or copy thereof shall be disseminated to the general public by the use of advertising, public relations, news, sales, or other media for public communication without the prior written consent and approval of the consultant. Nor shall the consultant, firm, or professional organizations of which the consultant is a member be identified without written consent of the consultant.
E PL
13. The author of this report is not required to give testimony or attendance in legal or other proceedings relative to this report or to the Subject unless satisfactory additional arrangements are made prior to the need for such services. 14. The opinions contained in this report are those of the author and no responsibility is accepted by the author for the results of actions taken by others based on information contained herein. 15. Opinions of value contained herein are estimates. There is no guarantee, written or implied, that the Subject will sell or lease for the indicated amounts.
16. The party for whom this report is prepared has reported to the consultant there are no original existing condition or development plans that would subject this property to the regulations of the Securities and Exchange Commission or similar agencies on the state or local level.
17. Acceptance of and/or use of this report constitute acceptance of all assumptions and the above conditions. Estimates presented in this report are not valid for syndication purposes.
42
www.housing-advisors.com
3/30/2020
Disclaimer We hereby certify that we have no undisclosed interest in the property and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein.
SA
The conclusions presented in this report are based upon the information available and received at the time the report was filed. HCA has taken every possible precaution to evaluate this information for its complete accuracy and reliability. Parts of this report were prepared or arranged by third-party contributors, as indicated throughout the document. While third-party contributions have been reviewed by HCA for reasonableness and consistency for including in this report, third-party information has not been fully audited or sought to be verified by HCA. HCA does not provide financial advice.
M
It should be understood that economic and marketplace conditions are in constant change. The results presented in this report are the professional opinion of HCA and are based on information available at the time of the report preparation. These opinions infer that market conditions do not change the information received upon which those opinions have been based. HCA assumes no responsibility for changes in the marketplace. HCA assumes no responsibility for information that becomes outdated once this report is written; nor are we responsible for keeping this information current after the date of the final document presentation.
E PL
HCA makes no express or implied representation or warranty that the contents of this report are verified, accurate, suitably qualified, reasonable or free from errors, omissions or other defects of any kind or nature. Those who rely on this report do so at their own risk and HCA disclaims all liability, damages or loss with respect to such reliance. It is presumed that those reading this report understand the contents and recommendations. If this reader is unclear of understanding the contents, clarification can be received directly from a representative of HCA. While the terms of HCAâ&#x20AC;&#x2122;s engagement do not require that revisions be made to this report to reflect events or conditions which occur subsequent to the date of completion of fieldwork, we are available to discuss the necessity for revisions in view of changes in the economic climate or market factors affecting the proposed multi-family project. Please do not hesitate to call should you have any comments or questions.
43
www.housing-advisors.com
3/30/2020
