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Home My WebLink About2026_01_13 BOER Minutes Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 MINUTES Orange County Board of Equalization and Review Meeting held on January 13, 2026 Board Members in attendance: Chair of the Board Leon Meyers Yes Regular Member Saru Salvi Yes Regular Member Richal Vanhook Yes Alternate Member Shareese Alston No Alternate Member Hunter Beattie No Alternate Member Tony Blake No Alternate Member Vaughn Compton No Alternate Member Shannon Julian No Alternate Member Barbara Levine No Orange County Staff in attendance: Office Assistant Jennifer Rigsbee Deputy Tax Assessor Chad Phillips Real Property Appraisal Manager Roger Gunn Chief Appraiser Kelly Wells Temporary Appraiser Assistant Rob Teachout Appraiser C le Anderson Meeting Schedule: No. Time Appellant PIN or Abstract Appeared Appeal Type 1 9:OOAM Lew Moseley 9857909519 Yes Value-Real 2 9:33AM Nada Kamel 9873363745 Yes Value-Real 3 9:44AM Ellen R. Currin 9836950198 No Value-Real 4 9:53AM Rosa M. Bilbao 9778672475.004 No Value-Real 5 9:59AM Elizabeth Harden 9779229663 No Value-Real 6 11:21AM Mercia Residential Properties 9788078212 No Value-Real Inc. 7 11:24AM Mark R. Patmore 9788068747 No Value-Real 8 11:42AM Anna Marie Pellett 9873258535 Yes Value-Real Time B Meeting called to order 9:OOAM Leon Meyers Meeting adjourned 11:54AM Richal Vanhook Motion Time By Second To move into recess 10:20AM Leon Meyers Richal Vanhook To return to order 11:20AM Richal Vanhook Saru Salvi 1 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 Related meeting notes: Leon Meyers motioned to rescind the vote from 12/16/25 on PIN 9864469485 of$208,400 No Change in Value. Richal Vanhook seconded the motion and the motion carried. There were no objections. Leon Meyers motioned to rescind the vote from 12/17/25 on PIN 9864975018 and to revise the adjusted value to $403,200. Saru Salvi seconded the motion and the motion carried. There were no objections. Richal Vanhook made a motion for Saru Salvi to act as Chair Pro Tern for today's meeting. Saru Salvi seconded the motion. There were no objections. Property Identification: Property Owner Lew Moseley Appellant(if different) Tracey Moseley Property Address F728 Sinai Circle I Parcel ID or Abstract 19857909519 Statement of Appeal: Request reduction in value based on six equity comparable properties. Current Assessed Value $663,300 ounty Opinion $650,600 Time of Hearin 9:OOAM Appellant Opinion $495,000 County Representative C le Anderson Board Decision $632,000 Evidence submitted by the appellant: • The appellant provided six equity comparable properties within the subject's neighborhood as supporting evidence. Evidence submitted by the county representative: • The subject property is a 3.28-acre tract improved with a 2,251 square foot single-family dwelling located at 728 Sinai Circle in Hillsborough. The appellant contends that the property is overvalued,particularly in comparison to other properties on the same street. Six equity comparables were submitted as supporting documentation; however, all six comparables carry a lower quality grade than the subject property. • County staff reviewed a sales analysis of recently sold properties within the subject's neighborhood that are graded A or A+10. The analysis includes the subject property itself, which sold in September 2023 for$665,000. County staff also reviewed the subject's property record card and MLS data from the recent sale. • Based on this review, staff recommends the following changes: - Change the story height from 1 story to 1.25 stories - Increase the effective year built to 2018 - Add a storage building to the yard items • These changes would reduce the subject's assessment from$663,300 to$650,600,which brings the value in line with the August 2023 list price(the property closed a month later for $665,000).No further adjustments are recommended, as the revised value is consistent with both sale prices and assessed values of similarly graded homes within the subject's neighborhood. • Photo of Subject 2 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 • GIS Map • MLS Photos of Interior • Storage Building Interior Photos • MLS Agent Remarks • Sales Analysis • Current Property Record Card • Proposed Property Record Card Motion of the Board Value Changed as Follows: $632,000 Made the motion Leon Meyers Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Nada Kamel Appellant(if different) Property Address 303 Papyrus Place I Parcel ID or Abstract 19873363745 Statement of Appeal: Request reduction in value based on twelve comparable sales, a cost-of-living analysis (COLA), and a graph depicting declining new construction costs in 2025. Current Assessed Value $796,200 ounty Opinion $796,200 Time of Hearin 9:33am Appellant Opinion $570,845 County Representative C le Anderson Board Decision $796,200 Evidence submitted by the appellant: • As supporting documentation,the appellant submitted twelve comparable sales, a cost-of- living analysis(COLA), and a graph depicting declining new construction costs in 2025. Evidence submitted by the county representative: • The subject property is a 0.23-acre tract improved with a 4,408-square-foot single-family dwelling located at 303 Papyrus Place in Hillsborough. County staff reviewed the appellant's supporting documentation, which included twelve comparable sales. • County staff also conducted a sales analysis of six comparables that sold within the subject's neighborhood in 2024. None of the comparable properties were as large as the subject dwelling. Therefore, the comparable sales have a higher average price per square foot relative to the subject. • Based on this analysis, the County's comparable sales are felt to support the subject's current assessed value. Accordingly, the County recommends no change to the current assessed value of$796,200. • Photo of Subject • GIS Map • Sales Analysis • Current Property Record Card 3 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 Motion of the Board Accept Coun 's Proposed Value: $796,200 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against ... Property Identification: Property Owner I Ellen R. Currin Appellant(if different) Property Address 12914 Wagon Court Parcel ID or Abstract 9836950198 Statement of Appeal: Request reduction in value based on properties around the subject making the price go down. Current Assessed Value $294,600 ounty Opinion $294,600 Time of Hearin 9:44am Appellant Opinion $250,000 County Representative C le Anderson Board Decision $294,600 Evidence submitted by the appellant: • The appellant states that the assessment is too high as properties around the subject make the price go down. No supporting documentation was provided with this appeal. Evidence submitted by the county representative: • The subject property is a 1.04-acre tract improved with a 1,474 square foot single-family dwelling located at 2914 Wagon Court in Efland. The appellant states that surrounding properties negatively impact the subject's value. However,no supporting documentation was provided with this appeal. • County staff conducted a sales analysis of recently sold properties within the subject's neighborhood. The comparable sales in this analysis indicate higher price-per-square-foot values than the subject property's value. Therefore, County staff recommends no change to the subject's current assessed value of$294,600. • Photo of Subject • GIS Map • Sales Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $294,600 No Change in Value Made the motion Saru Salvi Seconded the motion Leon Meyers Voted For All BOER Members Voted Against 4 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 Property Identification: Property Owner Rosa M. Bilbao Appellant(if different) Property Address 605 W. Main Street,Unit Parcel ID or Abstract 9778672475.004 301 Statement of Appeal: Request to hear untimely filed appeal of the subject property. Current Assessed Value N/A County Opinion Deny hearing of untimely appeal Time of Hearin 9:53am Appellant Opinion Hear untimely appeal County Representative Roger Gunn Board Decision Deny hearing of untimely appeal Evidence submitted by the appellant: • The appellant is requesting the Board accept the January 4,2026, request to hear the untimely filed appeal of the subject property. • Dear Assessment Appeals Board, I am requesting reconsideration of my 2025 property assessment appeal. I was out of the country for the entire year and only received my assessment upon returning,making it impossible to meet the 30-day deadline. Your office was unable to consider my appeal due to this timing(see Roger Gunn's letter dated September 29, 2025). Evidence submitted by the county representative: • The taxpayer filed a formal appeal online in our Spatialest Appeals software on September 28, 2025. As the deadline for this taxpayer to file a formal appeal was July 31, 2025 with the adjournment of the Board of Equalization and Review,the County informed the taxpayer on September 29,2025 of this deadline and the appeal could not be considered for 2025. See attached correspondence. • Proper notice of the 2025 Board of Equalization and Review meetings and adjournment were published in accordance with GS 105-322 (e)and(f). • Email to Appellant • Revaluation Notice • GS 105-322 Motion of the Board Other: Deny hearing of untimely appeal Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Elizabeth Harden Appellant if different Property Address 2218 Pathway Drive Parcel ID or Abstract 19779229663 Statement of Appeal: Request reduction in value based on current market conditions. 5 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 Current Assessed Value $432,000 County Opinion $426,100 Time of Hearin 9:59am Appellant Opinion $419,000 County Representative Kelly Wells Board Decision $426,100 Evidence submitted by the appellant: • There is a duplex adjacent to mine that has been sitting on the market at 425K and isn't selling so clearly 432K would be far overpriced. Also,this duplex is more updated than mine and has a field right next to it which could be seen as a yard. Another,much nicer duplex than mine and a few down,just sold for 425K. I believe you came up with this value of 432K at the peak of the market which has been falling since. That feels really unfair to me. I bought at 407K two years ago and assumed that would be the new property tax value. This steep and unfair increase,plus inflation,has me strongly considering moving out of the town that I love so much. It's simply unaffordable for middle and low income families to thrive here. Please at least revise my tax value to be reflective of the market now, not at its peak back in January. Evidence submitted by the county representative: • The subject property is a 1,502-sf townhome with 2 bedrooms and 2 baths built in 1987 located in the Fair Oaks subdivision in Chapel Hill. • This unit sold in June of 2023 for$407,000 but it was not a qualified sale. • Based on a recent sale of a similar unit,The County recommends *Increasing the land adjustment from-10%to -15% *Adding an additional 5%physical depreciation for the issues with the crawl space mentioned by the appellant during the original hearing *Correcting the heated square footage from 1,502 to 1,756 *Resulting in a reduced value from$432,000 to$426,100 • Photo of Subject • GIS Map • Sales and Equity Analysis • Current Property Record Card • Proposed Property Record Card Motion of the Board Accept Count 's Proposed Value: $426,100 Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Mercia Residential Appellant(if different) Properties Inc(Mark Patmore Property Address 212 N Roberson St.Unit Parcel ID or Abstract 9788078212 A Statement of Appeal: Request reduction in value based on comparable property. 6 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 Current Assessed Value $445,300 County Opinion $445,300 Time of Hearin 11:21AM Appellant Opinion $459,400 County Representative Kelly Wells Board Decision $445,300 Evidence submitted by the appellant: • The property next door at 219 N. Roberson is also a one-bedroom duplex on the exact same size piece of land and that land is valued at$337,500.00 I believe that is an error and both lots are valued equally and fairly,the value of$550,000 at its rental rate would not pay a mortgage if the building was sold at that price. Evidence submitted by the county representative: • The subject property is a 1,176 sf Two-to-Four Family building with 2 units and a total of 2 bedrooms and 2 baths built in 1955 located in the Northside District in Chapel Hill. • There is currently an additional 10% functional design depreciation on the house for only 1 bedroom and 1 bath per unit. • 219 N. Roberson is owned by a non-profit organization and therefore does not have the market adjustment on the land for being a possible income producing property as other TTFs and DRSFRs in this area. • This property's land was reduced during the BOER ordered neighborhood review resulting in the current value of$445,300, which is less than the appellant's opinion of value. • Based on sales and equity,the County recommends no further change in value. • Photo of Subject • GIS Map • Sales and Equity Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $445,300 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Mark Patmore Appellant if different Property Address 207 N Roberson St Parcel ID or Abstract 19788068747 Statement of Appeal: Request reduction in value based on comparable lot size and value. Current Assessed Value $453,200 1 County Opinion $440,200 Time of Hearin 11:24AM Appellant Opinion None given County Representative Kelly Wells Board Decision $440,200 Evidence submitted by the appellant: 7 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 • Comparing the lot sizes and evaluation I believe this is an error, first the lot next door is exactly the same size and is taxed at a different rate my lot of.16A is valued at $387,500. the lot at 219 N. Roberson a duplex, same lot size is valued at$337,500 and the same size lot next door is $225,000 the evaluation is a 78%increase in less than 5 years, leading to a 58% property tax increase. Respectfully I believe you are evaluating one-bedroom duplexes incorrectly. If it was to sell at the price you evaluated it at the combined rents would need to be $6000 dollars a month to justify the price tag and that's not possible. Evidence submitted by the county representative: • The subject property is a 1,120 sf Two-To-Four Family building with 2 bedrooms and 2 baths built in 1940 on a.16-acre lot in the Northside district in Chapel Hill. • All Two-to-Four Family and Designed Rental Single Family Residence with lot smaller than .25 acres,unless non-profit are receiving a 47%adjustment in this neighborhood due to being approved for these uses and the properties'potential for greater income generation and value compared to single family homes with otherwise similar property characteristics. • The land value was reduced during a BOER neighborhood review from$387,500 to$323,400. • 219 N. Roberson is a TTF Family building but is owned by Empowerment and is non-profit therefore is valued as a standard lot. • To be equitable, the County recommends adding a 10%design depreciation to account for only 1 bedroom and 1 bath per unit, same as 221 N. Roberson St. reducing the value from $453,200 to $440,200. • Photo of Subject • GIS Map • Sales and Equity Analysis • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $440,200 Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Anna Marie Pellett Appellant if different Property Address 120 Horton Rd Parcel ID or Abstract 19873258535 Statement of Appeal: Request reduction in value based on perception that subject is not a market value property and the lack of amenities. Current Assessed Value $149,100 ounty Opinion $149,100 Time of Hearin 11:42AM Appellant Opinion $130,600 County Representative Kelly Wells Board Decision $149,100 Evidence submitted by the appellant: • This is not a market value property. 8 Docusign Envelope ID:AD7E4ME-13457-4611-A22D-8ED6C7FC34F4 • There are no amenities-no swimming pool. Evidence submitted by the county representative: • The subject property is a 576 sf Habitat for Humanity of Orange County townhome built in 2019 on.03 acres of land in the Crescent Magnolia development in Hillsborough. • This property value was reduced to $149,100 during the BOER ordered review of Habitat Homes. The appeal states no further issues with the home. the County recommends no further change in value. • Photo of Subject • GIS Map • Current Property Record Card Motion of the Board Accept Count 's Proposed Value: $149,100 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Chair of the i'dASigned by: Leon Meyers 1/26/2026 Chair Pro cuSigned by: Saru Salvi 1/26/2026 Recording Secre cuSignedd by: '��Jennifer Rigsbee A' r Kos�� 1/26/2026 9 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 MINUTES Orange County Board of Equalization and Review Meeting held on January 13, 2026 Board Members in attendance: Chair of the Board Leon Meyers Yes Regular Member Saru Salvi Yes Regular Member Richal Vanhook Yes Alternate Member Shareese Alston No Alternate Member Hunter Beattie No Alternate Member Tony Blake No Alternate Member Vaughn Compton No Alternate Member Shannon Julian No Alternate Member Barbara Levine No Orange County Staff in attendance: Tax Administrator Nancy Freeman Office Assistant Jennifer Ri sbee Real Property Appraisal Manager Roger Gunn Temporary Appraiser Assistant Rob Teachout Commercial Property Consultant Paul Snow Meeting Schedule: No. Time Appellant PIN or Abstract Appeared Appeal Type 1 1:OOPM Jones Ferry Partners LLC 9778641957 Yes Value-Real 2 1:38PM NR Edge Apartments II Remote Value-Real Property Owner LLC 9880081467 3 2:OOPM Laramar Collins Crossings 9778540436.001* Remote Value-Real Association LLC 4 2:27PM Notting Hill Owner LLC 9890619411 Remote Value-Real 5 2:49PM Danville Park Re LLC 9863496747 Remote Value-Real 6 2:58PM KV Chapel Hill Owner LLC 9880443469 Remote Value-Real 7 3:20PM Chapel Hill 260 LLC 9799140074 Remote Value-Real 8 3:26PM 83 Chartleync Owner LLC 9799347704 Remote Value-Real 9 3:36PM 83 Chartleync Owner LLC 9799347324 Remote Value-Real 10 3:43PM Calyx Apartments Chapel Hill 9798265227 Remote Value-Real LLC 11 3:50PM Link Apartments Glen Lennox 9798274764 Remote Value-Real LLC 12 4:05PM Chapel Hill Foundation Real 9788268572.006 Remote Value-Real Estate Holdings Inc. 13 4:10PM Chapel Hill Foundation Real 9788268572.007 Remote Value-Real I Estate Holdings Inc. 1 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA13920FF4F5 Time B Meeting called to order 1:03PM Leon Meyers Meeting adjourned 4:15PM Leon Meyers Motion Time By Second To move into recess 3:11PM Leon Meyers Saru Salvi To return to order 3:20PM Leon Meyers Richal Vanhook Property Identification: Property Owner Jones Ferry Partners LLC Appellant(if different) I Reed J.Hollander Property Address 403 Jones Ferry Road Parcel ID or Abstract 19778641957 Statement of Appeal: Request reduction in value based on a recent appraisal with an effective valuation date of January 1,2025. Current Assessed Value $3,955,700 ounty Opinion $3,639,400 Time of Hearin 1:03PM Appellant Opinion $1,150,000 County Representative Roger Gunn Board Decision $1,150,000 Evidence submitted by the appellant: • The appellant is requesting a reduction in value to $1,150,000 based on a recent appraisal with an effective valuation date of January 1, 2025. Evidence submitted by the county representative: • The subject is comprised of 6.6 acres or 287,496 square feet and contains 3 main buildings and a number of outbuildings all of which contribute minimally to the subject's overall valuation. The subject is valued at approximately$599,348 per acre or$13.76 per square foot. • The subject is identified as plot B on the attached excerpt from the Carrboro Connect Comprehensive Plan adopted by the Town of Carrboro in 2022. The Comprehensive Plan indicates the Town's desire for the subject plot to be developed as a mixed-use property including affordable housing or a recreation center. The proposed re-zoning is to mixed-use, with a desire to move the current industrial use further from the center of town. These intentions have significant implications for the highest and best use of the property and are not accounted for, or mentioned, in the appellant's appraisal report. • Based on an analysis of the County's land comparables,the County recommends changing the land's market adjustment from-75%to-77%which would lead to a revised value of $3,649,400 or$12.69 per square foot,which is below the $13.07 average price per square foot of the subject's land comparables including the recent sale of 315 Jones Ferry Road at$12.95 per square foot. • GIS Map of Subject • Current Property Record Card(6 pages) • Proposed Property Record Card(6 pages) • Carrboro Comprehensive Plan Excerpt(2 pages) • Comparable Land Sales for Mixed Use-Development 2 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 • Notes on Comparable Land Sales for Mixed Use-Development • Comparable Land Sales Sheets for Raleigh and Durham Comparables (6 pages) • Comparable Land Sales Sheets for Carrboro and Chapel Hill Comparables (9 pages) Motion of the Board Accept A ellant's Proposed Value: 1 $1,150,000 Made the motion Leon Meyers Seconded the motion Saru Salvi Voted For All BOER Members Voted Against ... Property Identification: Property Owner NR Edge Apartments II Appellant(if different) Morgan Fowler/Ryan Property Owner LP LLC Property Address 350 Carraway Crossing Parcel ID or Abstract 9880081467 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $42,098,500 ounty Opinion $46,657,700 Time of Hearin 1:38PM Appellant Opinion $36,117,700 County Representative Roger Gunn Board Decision $42,098,500 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 207-unit luxury apartment complex known as Carraway Village-Phase 2 and is currently assessed at$42,098,500 or$203,374 per unit. Carraway Village has been somewhat slow to lease up. However, the property is leasing up for higher rates, does not accept students, and is located in North Chapel Hill within a developing project. With that being said, even using a relatively high stabilized vacancy rate of 10% and a high capitalization rate for new luxury apartments,the property is under-assessed as indicated from both sales and the income approach. The reconciled value for the subject from the income approach is $46,670,136. As a result,the County recommends changing the land market adjustment of the property from - 15%to -17%and changing the E36 economic modifier on the property to E29 which would result in a revised value of$46,657,700. • GIS Map of Subject • Current Property Record Card(2 pages) • Proposed Property Record Card(2 pages) • Comparable Sales and Income Approach • Triangle Luxury Apartment Capitalization Rate Support Motion of the Board Value Changed as Follows: $42,098,500 No Change in Value 3 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner Laramar Collins Crossings Appellant(if different) Morgan Fowler/Ryan Association LLC LLC Property Address 501 Jones Ferry Road Parcel ID or Abstract 9778540436.001* *280 individual condominium units (see attached list Statement of Appeal: Request cumulative reduction in value for 280 units based on the income approach and equity with two apartment complexes. Current Assessed Value $48,615,000 County Opinion $48,615,000 total for 280 units. total for 280 See list for individual unit units. See list for values. individual unit values. Time of Hearing 2:OOPM Appellant Opinion $29,997,800 total for 280 units. See list for initial requested values. County Representative Roger Gunn Board Decision $48,615,000 total for 280 units Evidence submitted by the appellant: • Initial request for the 280 units totaled a cumulative reduction in value to $29,997,800. Subsequent evidence submitted suggests a cumulative reduction to$30,857,800 based on the income approach and$36,935,422 based on equity with two apartment complexes. Evidence submitted by the county representative: • The appellant owns 280 of the 332 condominium units in Condominium Neighborhood C403 known as Collins Crossing which was formerly known as Old Well Condominiums. The appellant chooses to manage these condominiums collectively as an apartment complex rather than as individual rental units. These units are situated on three real estate container parcels (part of the entire complex's common elements): PINS 9778540436, 9778544021,and 9778545626. Interspersed with the appellants'units are 52 individually owned units of the same age and sizes as the appellants'units that are a mixture of tenant occupied and owner occupied. • The appellant is suggesting that their 280 units should be valued collectively by the income approach based on their collective use as an apartment complex and a pro-rata value be assigned to each of the 280 units based on their total collective valuation. However, it is the County's position,that like the other 52 individually owned units in the project, the appellant's units have the capacity to be bought and sold individually as single residential condominium units, and to value the appellant's units collectively and assign a pro-rata value to each of their 4 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 units would create inequity with the valuations of the 52 individually owned units. As the appellant has submitted no evidence that any of the individual values assigned to the appellants'units are incorrect, the County is recommending no change in value for each of the 280 units appealed. • GIS Map of Subject • Properties Under Appeal with Current Valuations&Initial Requested Valuations Motion of the Board Accept County's Proposed Value: $48,615,000 total for 280 units No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against ... Property Identification: Property Owner Notting Hill Owner LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 100 Drew Hill Lane Parcel ID or Abstract 9890619411 Statement of Appeal: Request reduction in value based on actual income and a market proforma income approach. Current Assessed Value $34,625,400 ounty Opinion $34,625,400 Time of Hearin 2:27PM AppeRantOpinion $29,500,000 County Representative Roger Gunn Board Decision $33,500,000 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and a market proforma income approach. Evidence submitted by the county representative: • The subject is a 200-unit apartment complex in Chapel Hill known as Notting Hill Apartments that was constructed in 2000. • In 2014 it was purchased for$30,500,000 and units were renovated. Up until Covid rental surveys showed the property having low vacancy. During Covid the owner pushed rental rates upwards very aggressively(attempting increases of 12— 17.5%). Thus began a phase of high vacancy. The agent has capitalized this poor performance into perpetuity by using an astounding 20%combined vacancy and bad debt. Any buyer would anticipate proper management and reduction of vacancy to a reasonable level. The County has used 10% vacancy rather than 20%. Otherwise, the estimates are similar. • Based on the County's comparable sales and the income approach, the current valuation is supported and no adjustment to the current value is supported. • GIS Map of Subject • Current Property Record Card(28 pages) • Comparable Sales and Income Approach 5 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 Motion of the Board Value Changed as Follows: $33,500,000 Made the motion Leon Meyers Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner Danville Park RE LLC Appellant(if different) Morgan Fowler/Ryan LLC Property Address 100 Patriots Pointe Drive Parcel ID or Abstract 9863496747 Statement of Appeal: Request reduction in value based on actual income and a market proforma income approach. Current Assessed Value $42,401,300 ounty Opinion $42,401,300 Time of Hearin 2:49PM Appellant Opinion $37,900,000 County Representative Roger Gunn Board Decision $42,401,300 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and a market proforma income approach. Evidence submitted by the county representative: • The subject is a 240-unit apartment complex in Hillsborough known as Patriots Pointe Apartments that was constructed in 2004. • Based on the County's commercial appraiser consultant analysis attached,the County feels the current value of the subject is supported with no change in value recommended. • GIS Map of Subject • Current Property Record Card(22 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Accept Count 's Proposed Value: 1 $42,401,300 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: 6 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 Property Owner KV Chapel Hill Owner Appellant(if different) Morgan Fowler/Ryan LLC LLC Property Address 100 Saluda Court Parcel ID or Abstract 9880443469 Statement of Appeal: Request reduction in value based on actual income and a market proforma income approach. Current Assessed Value $65,262,900 ounty Opinion $52,378,100 Time of Hearin 2:58PM Appellant Opinion $44,586,000 County Representative Roger Gunn Board Decision $52,378,100 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and a market proforma income approach. Evidence submitted by the county representative: • The subject is a 240-unit apartment complex in Chapel Hill known as Solano at Chapel Hill that was constructed in 1999. The property has an assessed value of$65,262,900 or$271,929 per unit. • This property sold for$69,250,000 in late 2021 and, although it is reasonable that it might be worth less now, it is hard to believe that it would be worth over 30%less per the appellant. It has underperformed though. For the most part the County has given credit to the subject's historical operating numbers. Therefore, The County is not that far from the appellant's estimate of Net Operating Income. The main difference is in the capitalization rate,with the appellant using a 7%capitalization rate that is almost unheard of in Orange County. The County has used a more conservative 5.75%rate that suggests a valuation of$52,416,351 by the income approach. • Based on this analysis, the County recommends decreasing the land market adjustment from- 37%to -36%and applying an E20 economic modifier to the property for a revised value of $52,378,100 or$218,242 per unit which is in range of the comparable sales used in the analysis. • GIS Map of Subject • Current Property Record Card(14 pages) • Proposed Property Record Card(14 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: $52,378,100 Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Chapel Hill 260 LLC Appellant(if different) Morgan Fowler/Ryan LLC 7 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 Property Address 1208 Conner Drive Parcel ID or Abstract 9799140074 Statement of Appeal: Request reduction in value based on actual income and a market proforma income approach. Current Assessed Value $34,326,100 ounty Opinion $34,326,100 Time of Hearin 3:20PM Appellant Opinion $24,442,700 County Representative Roger Gunn Board Decision $34,326,100 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on actual income and a market proforma income approach. Evidence submitted by the county representative: • The subject is a 260-unit apartment complex in Chapel Hill known as Sunstone Apartments that was constructed in 1984. • Based on the County's commercial appraiser consultant analysis attached,the County feels the current value of the subject is supported with no change in value recommended. • GIS Map of Subject • Current Property Record Card(26 pages) • Comparable Sales and Income Approach • Commercial Appraiser Consultant's Analysis Motion of the Board Accept Count 's Proposed Value: 1 $34,326,100 No Change in Value Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner 83 CHARTLEYNC Appellant(if different) Morgan Fowler/Ryan Owner LLC LLC Property Address 1625 S. Elliott Road Parcel ID or Abstract 9799347704 Statement of Appeal: Request reduction in value based on an income approach based on actual income and market proformas. Current Assessed Value $88,783,300 ounty Opinion $74,5925000 Time of Hearin 3:26PM Appellant Opinion $65,6805000 County Representative Roger Gunn Board Decision $74,5925000 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach based on actual income and market proformas. 8 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 L Evidence submitted by the county representative: • The subject property consists of 308 units of the 414-unit luxury apartment complex known as The Hartley at Blue Hill. The remaining 106 units are located on an adjacent property,PIN 9799347324.The two properties were most recently sold together in March 2022 for $114,210,000. • As the two properties operates as one economic unit, like the agent,the County also analyzed the properties'value collectively as one economic unit based on market conditions as of January 1, 2025. • Based on an analysis of the properties'stabilized income and expenses and the relevant capitalization rate, an indicated value of$100,885,763 is supported for the two properties combined. As the subject property contains approximately 74% of the project's units,this would equate to a value of approximately$74,655,465 for the subject property. • As a result, applying the Schedule of Values,the County recommends changing the E18 economic modifier on the property to E27 which would reduce the current value of the subject parcel to $74,592,000. • GIS Map of Subject • Current Property Record Card(4 pages) • Proposed Property Record Card(4 pages) • Comparable Sales and Income Approach • Triangle Luxury Apartment Sales and Capitalization Rates Motion of the Board Accept Count 's Proposed Value: 1 $74,592,000 Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner 83 CHARTLEYNC Appellant(if different) Morgan Fowler/Ryan Owner LLC LLC Property Address 1540 S. Elliott Road Parcel ID or Abstract 9799347324 Statement of Appeal: Request reduction in value based on an income approach based on actual income and market proformas. Current Assessed Value $24,312,900 ounty Opinion $26,159,200 Time of Hearin 3:36PM Appellant Opinion $19,120,000 County Representative Roger Gunn Board Decision $26,159,200 Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach based on actual income and market proformas. 9 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 Evidence submitted by the county representative: • The subject property consists of 106 units of the 414-unit luxury apartment complex known as The Hartley at Blue Hill. The remaining 308 units are located on an adjacent property,PIN 9799347704.The two properties were most recently sold together in March 2022 for $114,210,000. • As the two properties operates as one economic unit, like the agent,the County also analyzed the properties'value collectively as one economic unit based on market conditions as of January 1, 2025. • Based on an analysis of the properties'stabilized income and expenses and the relevant capitalization rate, an indicated value of$100,885,763 is supported for the two properties combined. As the subject property contains approximately 26% of the project's units,this would equate to a value of approximately$26,222,498 for the subject property. • As a result, applying the Schedule of Values,the County recommends changing the E18 economic modifier on the property to E15 which would increase the current value of the subject parcel to $26,159,200. • GIS Map of Subject • Current Property Record Card(18 pages) • Proposed Property Record Card(18 pages) • Comparable Sales and Income Approach • Triangle Luxury Apartment Sales and Capitalization Rates Motion of the Board Accept Count 's Proposed Value: 1 $26,159,200 Made the motion Richal Vanhook Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Calyx Apartments Chapel Appellant(if different) Morgan Fowler/Ryan Hill LLC LLC Property Address 55 Maxwell Road Parcel ID or Abstract 9798265227 Statement of Appeal: Request reduction in value based on an income approach and market proforma. Current Assessed Value $72,991,000 ounty Opinion $72,991,000 Time of Hearin 3:43PM Appellant Opinion $45,000,000 County Representative Roger Gunn Board Decision $72,991,000 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: 10 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 • The subject is a 304-unit luxury apartment complex known as the Link Apartments that began construction in 2022. • The agent looks at this property as being non-stabilized and recommends a value of$148,000 per unit,which is very far out of line with any data on luxury apartments. The County must consider the value of this property as if stabilized. • The County has provided comparable sales and an income approach which brackets the current assessed value. As a result,no change in value is recommended. • GIS Map of Subject • Current Property Record Card(6 pages) • Comparable Sales and Income Approach Motion of the Board Accept Count 's Proposed Value: 1 $72,991,000 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Link Apartments Glen Appellant(if different) Morgan Fowler/Ryan Lennox LLC LLC Property Address 1411 Flemington Road Parcel ID or Abstract 9798274764 Statement of Appeal: Request reduction in value based on an income approach and market profonna. Current Assessed Value $45,325,400 ounty Opinion $45,325,400 Time of Hearin 3:50PM AppellantOpinion $37,000,000 County Representative Roger Gunn Board Decision $45,325,400 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 215-unit luxury apartment complex known as the Link Apartments at Glen Lennox that began construction in 2019 and were fully leased by the end of 2021. Currently they are experiencing vacancy and concessions due to numerous luxury apartments being recently delivered in the nearby area. This includes the nearby Link Apartments at Calyx, which is under the same ownership. However, absorption of the newly built units has been brisk and rental rate growth is expected to resume. • The agent has presented a worst-case scenario and has capitalized short-term concessions and vacancy"into perpetuity". The County must look at property assessments as if the properties are stabilized at market rents and vacancy. There is no reason to believe that the poor performance of the property in the short-term will continue based on market data studies and sales available at the end of 2024. 11 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 • The County has used a lower Potential Gross Income than the owner projects and has applied a 7% stabilized vacancy rate. Market expenses and a market capitalization rate of 5%are used. It is worth noting that, even in a period of high deliveries and increasing unit counts, capitalization rates for newer luxury apartments are often below 5%. • Overall, the Income Approach shows a slightly lower value than the current assessment,but the County Assessment is below all sales on a value per unit basis and the current assessment is supported. As a result,no change in value is recommended. • GIS Map of Subject • Current Property Record Card(8 pages) • Comparable Sales and Income Approach • Triangle Luxury Apartment Capitalization Rate Support Motion of the Board Accept Count 's Proposed Value: 1 $45,325,400 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner Chapel Hill Foundation Appellant (if different) Morgan Fowler/Ryan RE Holdings Inc. LLC Property Address 143 W. Franklin Street Parcel ID or Abstract 9788268572.006 Statement of Appeal: Request reduction in value based on an income approach based on actual income and market proforma. Current Assessed Value $24,446,700 ounty Opinion $18,360,200 Time of Hearin 4:05PM Appellant Opinion $11,180,000 County Representative Roger Gunn Board Decision Continue appeal to a later date Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach based on actual income and market proforma. Evidence submitted by the county representative: • The subject is a set of retail condos located on the ground floor of the larger Carolina Square project in downtown Chapel Hill. The appellant utilizes a square footage of 46,022 square feet, while tax records list a total of 73,705 finished square feet. The appellant has requested a value of$11,180,000 or approximately$243 per square foot based on their square footage figure. • Based on the rent roll provided by the appellant, the subject's average lease rate appears to lag market rates primarily due to the large space occupied by the anchor tenant, Target. Larger retailers such as this, occupying large retail spaces tend to have lease rates lower than the average, as they occupy a much larger than average space. This appears to be reasonable and an average lease rate of$24.25 per square foot per year has been utilized for the purpose of this analysis. 12 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 • Average vacancy rates for retail space in Orange County is significantly lower than the 10% used by the appellant. As the current rent roll only provides a snapshot of the current vacancy, a rate of 5%is used,which is somewhat closer to the sub-market average. It is also worth noting that this property has good parking. Additionally, 5%management and reserves expenses are accounted for, which is a much more typical expense when compared to the non- recoverable 10%expenses indicated by the appellant. • The Net Operating Income is capitalized at a rate of 5.5%. This rate is reasonable based on the age of the subject and its prime location and is selected relative to a broad set of retail sales in downtown Chapel Hill over the past 10 years. The result would indicate a value of $18,313,095 or approximately$398 per square foot based on the square footage listed in the County tax records. • As a result of this analysis, applying the County's Schedule of Values,the County recommends changing the grade of all buildings from A+40 to A and the E02 economic modifier on the property to E08 which would result in a revised value of$18,360,200. • GIS Map of Subject • Current Property Record Card(8 pages) • Proposed Property Record Card(8 pages) • Income Approach • Downtown Chapel Hill-Carrboro Capitalization Rates Motion of the Board Continue to a Future Date/Time: Continue appeal to a later date Made the motion Leon Meyers Seconded the motion Saru Salvi Voted For All BOER Members Voted Against Property Identification: Property Owner Chapel Hill Foundation Appellant(if different) Morgan Fowler/Ryan Real Estate Holdings Inc. LLC Property Address 123 West Franklin Street Parcel ID or Abstract 9788268572.007 Units 520, 530, 540, 550 Statement of Appeal: Request reduction in value based on an income approach using a market proforma. Current Assessed Value $10,378,400 ounty Opinion $8,108,100 Time of Hearin 4:10PM Appellant Opinion $8,110,000 County Representative Roger Gunn Board Decision Continue appeal to a later date Evidence submitted by the appellant: • The appellant is requesting a lower valuation based on an income approach using a market proforma. Evidence submitted by the county representative: 13 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA13920FF4F5 • The County's income approach analysis provides a value of$8,082,985 for the subject property. As a result,the County recommends increasing the E36 economic market adjustment on the property to E50 which would result in a revised value of$8,108,100 for the subject. • GIS Map of Subject • Current Property Record Card(14 pages) • Proposed Property Record Card(14 pages) • Income Approach Motion of the Board Continue to a Future Date/Time: Continue appeal to a later date Made the motion Leon Meyers Seconded the motion Saru Salvi Voted For All BOER Members Voted Against ... Chair of the i'd4ftned by: Leon Meyers 1/26/2026 Recording Secre Ncnsignedd by: Jennifer Rigsbee 1/26/2026 14 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA13920FF4F5 Parcel Acct N u m Appraised Value Opinion of Value Parcel Addressl 9778540436.001 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 1 9778540436.002 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 2 9778540436.003 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 3 9778540436.004 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 4 9778540436.005 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 5 9778540436.006 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 6 9778540436.007 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 7 9778540436.008 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 8 9778540436.009 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 9 9778540436.010 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 10 9778540436.011 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 11 9778540436.012 $178,600 $110,200 501 JONES FERRY RD BLDG A UNIT 12 9778540436.014 $178,600 $110,200 501 JONES FERRY RD BLDG B UNIT 2 9778540436.015 $178,600 $110,200 501 JONES FERRY RD BLDG B UNIT 3 9778540436.016 $178,600 $110,200 501 JONES FERRY RD BLDG B UNIT 9778540436.017 $178,600 $110,200 501 JONES FERRY RD BLDG B UNIT 5 9778540436.019 $178,600 $110,200 501 JONES FERRY RD BLDG B UNIT 7 9778540436.020 $178,600 $110,200 501 JONES FERRY RD BLDG B UNIT 8 9778540436.025 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 1 9778540436.026 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 2 9778540436.028 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 4 9778540436.029 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 5 9778540436.030 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 6 9778540436.032 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 8 9778540436.033 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 9 9778540436.036 $178,600 $110,200 501 JONES FERRY RD BLDG C UNIT 12 9778540436.037 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT 1 9778540436.038 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT 9778540436.039 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT 9778540436.040 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT4 9778540436.041 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT 5 9778540436.042 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT6 9778540436.043 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT7 9778540436.044 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT8 9778540436.045 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT9 9778540436.047 $178,600 $110,200 501 JONES FERRY RD BLDG D UNIT 11 9778540436.049 $178,600 $110,200 501 JONES FERRY RD BLDG E UNIT 1 9778540436.050 $178,600 $110,200 501 JONES FERRY RD BLDG E UNIT 2 9778540436.051 $178,600 $110,200 501 JONES FERRY RD BLDG E UNIT 3 9778540436.053 $178,600 $110,200 501 JONES FERRY RD BLDG E UNIT 5 9778540436.054 $178,600 $110,200 501 JONES FERRY RD BLDG E UNIT 6 9778540436.055 $178,600 $110,200 501 JONES FERRY RD BLDG E 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$178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 11 17 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA13920FF4F5 9778544021.007 $178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 1 9778544021.008 $178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 2 9778544021.009 $178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 5 9778544021.010 $178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 6 9778544021.011 $178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 9 9778544021.012 $178,600 $110,200 501 JONES FERRY RD BLDG I UNIT 10 9778544021.013 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 1 9778544021.014 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 2 9778544021.015 $178,600 $110,200 501 JONES FERRY RD BLDG 1 UNIT 6 9778544021.018 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 10 9778544021.019 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 3 9778544021.020 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 4 9778544021.022 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 7 9778544021.023 $178,600 $110,200 501 JONES FERRY RD BLDG J UNIT 11 9778544021.025 $178,600 $110,200 501 Jones Ferry RD BLDG L Unit 4 9778544021.026 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 3 9778544021.027 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 7 9778544021.028 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 8 9778544021.030 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 11 9778544021.031 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 9778544021.032 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 1 9778544021.033 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 5 9778544021.034 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 6 9778544021.035 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 10 9778544021.036 $178,600 $110,200 501 JONES FERRY RD BLDG L UNIT 9 9778544021.038 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 2 9778544021.039 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 6 9778544021.041 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 9 9778544021.042 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 10 9778544021.043 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 3 9778544021.044 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 9778544021.045 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 8 9778544021.046 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 7 9778544021.047 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 11 9778544021.048 $178,600 $110,200 501 JONES FERRY RD BLDG M UNIT 12 9778544021.050 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 10 9778544021.051 $178,600 $110,200 501 Jones Ferry RD BLDG N Unit 6 9778544021.052 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 5 9778544021.054 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 2 9778544021.055 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 11 9778544021.056 $178,600 $110,200 501 Jones Ferry RD BLDG N Unit 12 9778544021.057 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 8 9778544021.058 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 7 9778544021.059 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 3 18 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA13920FF4F5 9778544021.060 $178,600 $110,200 501 JONES FERRY RD BLDG N UNIT 9778544021.061 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 1 9778544021.062 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 2 9778544021.063 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 6 9778544021.064 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 5 9778544021.065 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 9 9778544021.066 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 10 9778544021.067 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 3 9778544021.069 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 8 9778544021.070 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 7 9778544021.071 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 11 9778544021.072 $178,600 $110,200 501 JONES FERRY RD BLDG 0 UNIT 12 9778544021.073 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 2 9778544021.074 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 1 9778544021.075 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 5 9778544021.076 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 6 9778544021.077 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 10 9778544021.078 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 9 9778544021.079 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 9778544021.081 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 7 9778544021.083 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 12 9778544021.084 $178,600 $110,200 501 JONES FERRY RD BLDG P UNIT 11 9778544021.087 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 6 9778544021.088 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 5 9778544021.089 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 9 9778544021.090 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 10 9778544021.091 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 3 9778544021.092 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 4 9778544021.093 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 8 9778544021.094 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 7 9778544021.096 $178,600 $110,200 501 JONES FERRY RD BLDG Q UNIT 12 9778544021.097 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 9 9778544021.098 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 10 9778544021.099 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 6 9778544021.100 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 5 9778544021.101 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 1 9778544021.103 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 11 9778544021.104 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 12 9778544021.105 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 8 9778544021.106 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 7 9778544021.108 $178,600 $110,200 501 JONES FERRY RD BLDG R UNIT 9778544021.109 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 1 9778544021.111 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 6 9778544021.112 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 5 19 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA13920FF4F5 9778544021.113 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 9 9778544021.114 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 10 9778544021.115 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 3 9778544021.116 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT4 9778544021.117 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 8 9778544021.118 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 7 9778544021.119 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 11 9778544021.120 $178,600 $110,200 501 JONES FERRY RD BLDG S UNIT 12 9778544021.122 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 2 9778544021.123 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 6 9778544021.124 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 5 9778544021.125 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 9 9778544021.126 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 10 9778544021.127 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 3 9778544021.128 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 4 9778544021.129 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 8 9778544021.130 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 7 9778544021.131 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 11 9778544021.132 $178,600 $110,200 501 JONES FERRY RD BLDG T UNIT 12 9778544021.133 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 2 9778544021.136 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 6 9778544021.138 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 9 9778544021.139 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT4 9778544021.140 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 3 9778544021.142 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 8 9778544021.143 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 12 9778544021.144 $178,600 $110,200 501 JONES FERRY RD BLDG U UNIT 11 9778545626.001 $212,700 $131,300 501 JONES FERRY RD BLDG AA UNIT 1 9778545626.002 $212,700 $131,300 501 JONES FERRY RD BLDG AA UNIT 2 9778545626.003 $212,700 $131,300 501 JONES FERRY RD BLDG AA UNIT 3 9778545626.005 $212,700 $131,300 501 JONES FERRY RD BLDG AA UNIT 5 9778545626.010 $212,700 $131,300 501 JONES FERRY RD BLDG BB UNIT 9778545626.012 $212,700 $131,300 501 JONES FERRY RD BLDG BB UNIT4 9778545626.014 $212,700 $131,300 501 JONES FERRY RD BLDG BB UNIT6 9778545626.016 $212,700 $131,300 501 JONES FERRY RD BLDG BB UNIT8 9778545626.018 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 2 9778545626.019 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 3 9778545626.020 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 4 9778545626.021 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 5 9778545626.022 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 6 9778545626.023 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 7 9778545626.024 $212,700 $131,300 501 JONES FERRY RD BLDG CC UNIT 8 9778545626.025 $212,700 $131,300 501 JONES FERRY RD BLDG DID UNIT 1 9778545626.026 $212,700 $131,300 501 JONES FERRY RD BLDG DID UNIT 2 20 Docusign Envelope ID:5A461AB1-DAAO-4DE6-A842-FA1392OFF4F5 9778545626.027 $212,700 $131,300 501 JONES FERRY RD BLDG DD UNIT 3 9778545626.028 $212,700 $131,300 501 JONES FERRY RD BLDG DD UNIT 4 9778545626.029 $212,700 $131,300 501 JONES FERRY RD BLDG DD UNIT 5 9778545626.030 $212,700 $131,300 501 JONES FERRY RD BLDG DD UNIT 6 9778545626.031 $212,700 $131,300 501 JONES FERRY RD BLDG DD UNIT 7 TOTALS $48,615,000 $29,997,800 21