Art atbratton s Edge WedgewoodVillage

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1 APARTMENT MARKETDATA, LLC Market Market Feasibility Feasibility Study Study for for TDHCA TDHCA # Art atbratton s Edge WedgewoodVillage SEC Long Vista Dr. and Bratton Ln. Austin, Texas Arlington, Texas Effective Date: March 7, 204 Date Completed: March 7, 204 CLIENT: Texas Dept. of Housing & Community Affairs 22 East th Street Austin, Texas 7870 REPORT AUTHORIZED BY: Mrs. Lisa Stephens Art at Bratton s Edge, LLC 42 West 3rd Street Suite 504 Austin, TX 7870 APARTMENT MARKETDATA REPORT Hwy. 46 West, Suite 5 PMB 46 Spring Branch, Texas (20) (20) Fax

2 MARKET ANALYSIS SUMMARY Provider: Contact: Apartment MarketData, LLC Date: 3/7/204 Darrell G Jack Phone: (20) Development Target Population General Site Location SEC Long Vist Dr & Bratton Lane City: Austin County: Travis Primary Market Area (PMA) page 33 X census tracts zip codes census place ELIGIBLE HOUSEHOLDS BY INCOME page 63 HH 30% of AMI 40% of AMI 50% of AMI 60% of AMI size min max min max min max min max $4,537 $4,537 $7, $7, $20,60 $5,840 $8,20 $20,370 $22,620 $24,0 $24,240 $24,240 $29,074 $29,074 $33,600 $26,400 $30,200 $33,950 $37,700 $40,750 $29,09 $29,09 $34,903 $34,903 $40,320 $3,680 $36,240 $40,740 $,240 $,900 MULTIFAMILY HOUSING in PMA page 5 # Developments Total Units Avg Occupancy All Multifamily Housing All PlacedinService after 2007 All LIHTC Developments Unstabilized Comparable LIHTC Other Subsidized / Affordable ,5 376, % 98.9% 98.6% 20.4% 98.2% AFFORDABLE HOUSING INVENTORY in PMA page 56 Proposed, Under Construction, and Unstabilized Comparable Developments in PMA TDHCA # Development Status Type Target Comp Population Units 3600 The Waters at Willow Run Approved New Constr General 242 Total Occup Units ancy 242 0% 34 Parmer Place Apts Approved New Constr General % Other Affordable Developments in PMA TDHCA # Development Status Type Target Comp Total Occup Population Units Units ancy 9874 The Lodge at Merriltown In Service New Constr Elderly % 4 Heatherwilde Park In Service New Constr Elderly 68 00% 39 Park at Summer Grove In Service New Constr General % 5080 Cambridge Villas In Service New Constr Elderly % 5624 Harris Branch Apartments In Service New Constr General % 6062 Picadilly Estates In Service New Constr Elderly 68 98% 23 Allegre Point In Service New Constr General %

3 PMA DEMOGRAPHIC DATA Note: For developments targeting Seniors, fill in Population and Household data for both the General population and the Senior population GENERAL SENIORS current year placeinservice five year current year placeinservice five year Population p ,609 2,262 8,697 3,936 6,278 7,839 Households p. 65 Total HH Renter HH Homeowner HH 44,3 47,675 49,98 0,58 2,6 4,026 22,555 24,288 25,444 3,837 4,522 4,979 2,756 23,387 24,474 6,744 8,26 9,047 DEMAND CALCULATION p. 68 Total Households 47,675 Subject Units Unstabilized Comparable Units 68 Potential Demand 0, Other Demand RELEVANT SUPPLY 742 GROSS DEMAND 0,842 RELEVANT SUPPLY / GROSS DEMAND = GROSS CAPTURE RATE 6.8% AMI Level SUBJECT UNIT MIX PROPOSED RENT p. 5 DEMAND by UNIT TYPE p. 79 Beds Baths Size (sqft) Gross 30% 750 $424 50% 750 $707 60% 750 $849 30% $509 Net $275 $ % $558 $700 $872, % $323 MARKET RENT Demand Subject Units Comp Units Unit Capture $ % $, % 50% $8 $662 $, % 60% $,08 $832 30% 3 2,75 $588 $333 50% 3 2,75 $980 $725 60% 3 2,75 $,76 $92 $, % $, % $, % $, %

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7 I INDEX, MAPS, PHOTOS II MARKET STUDY CHAPTER CONCLUSIVE STATEMENTS, SUMMARY OF FINDINGS & DESCRIPTION OF THE MARKET STUDY. MARKET STUDY CERTIFICATION TO TDHCA.2 OBJECTIVE & STATEMENT OF SCOPE.3 PROPOSED DEVELOPMENT.3. Identification of the Property.3.2 Primary Market Area.3.3 Description of Site Improvements.4 POPULATION & HOUSEHOLD TRENDS MapInfo.5 POPULATION & HOUSEHOLD TRENDS HISTA.6 EMPLOYMENT TRENDS.7 CAPTURE RATE SUMMARY.8 OVERVIEW OF THE RENTAL MARKET.8. Current Market Conditions.8.2 Rent Trends.8.3 Absorption Analysis.8.4 Absorption of Comparable Rent Restricted Units.8.5 New Construction.8.6 Balance of Supply and Demand.9 ANALYSIS OF RENT COMPARABLES.9. Estimate of Market Rent.0 PROJECTED EXPENSE ANALYSIS. CONCLUSIONS.2 ASSUMPTIONS, CONTINGENCY & LIMITING CONDITIONS.3 SOURCES OF DEMOGRAPHIC DATA.4 MARKET STUDY PROCESS & SCOPE.5 COMPETENCY PROVISION.6 MARKET STUDY CERTIFICATION CHAPTER 2 PROPOSED DEVELOPMENT 2. PROPOSED DEVELOPMENT 2.. Current Ownership of Site 2..2 Identification of the Property 2..3 Area Overview 2..4 Description of Site Improvements 2.2 BUILDING DESIGN & CONSTRUCTION MATERIALS 2.3 TOPOGRAPHY 2.4 ZONING & DEED RESTRICTION 2.5 FLOOD PLAIN & ENVIRONMENTAL FACTORS

8 2.6 NUISANCES & HAZARDS 2.7 AD VALOREM TAXES 2.8 APPROPRIATE DEMOGRAPHICS FOR THE UNIT MIX 2.9 PLACE INSERVICE DATE 2.0 AMERICAN WITH DISABILITIES ACT 2. PROJECT FEATURES & AMENITIES AFFECTING MARKETABILITY CHAPTER 3 DEFINITION & DEMOGRAPHIC PROFILE OF THE PMA 3. INTRODUCTION 3.. Primary Market Area 3..2 Neighborhood Location 3..3 Access and Linkages 3.2 DEVELOPMENT PATTERNS & TRENDS 3.2. Land Use and Roadway Development Plans 3.3 DEMOGRAPIC PROFILE 3.3. Population Distribution by Race Educational Attainment 3.4 AREA INCOMES 3.5 COMMUNITY FACILITIES CHAPTER 4 HOUSING SUPPLY ANALYSIS 4. INTRODUCTION 4.2 HOUSING SUPPLY ANALYSIS 4.3 COST OF HOME OWNERSHIP 4.4 OVERVIEW OF THE RENTAL MARKET 4.4. Current Market Conditions Rent Trends 4.5 ABSORPTION ANALYSIS 4.5. Absorption Period to Reach Sustaining Occupancy Absorption of Trends by Decade of Construction Absorption of Comparable Rent Restricted Units 4.6 AGE & CONDITON OF EXISTING RENTAL COMMUNITIES 4.7 INVENTORY OF EXISTING LIHTC PROPERTIES 4.8 NEW CONSTRUCTION 4.9 BALANCE OF SUPPLY & DEMAND 4.0 HOW HOUSING MATTERS SURVEY FINDS AMERICAN ATTITUDES TRANSFORMED BY HOUSING CRISIS, CHANGES IN LIFESTYLE 4. SUMMARY

9 CHAPTER 5 INCOME BANDING & CAPTURE RATES 5. INTRODUCTION 5.2 SOURCES OF DEMOGRAPHIC INFORMATION 5.3 CALCULATION OF INCOME BANDS 5.4 OVERALL CAPTURE RATE 5.4. Forecast Demand Calculation Capture Rate Calculation 5.5 CAPTURE RATE ONE BEDROOM UNITS 5.5. Forecast Demand for One Bedroom Units Calculation of the Capture Rate for One Bedroom Units 5.6 CAPTURE RATE TWO BEDROOM UNITS 5.6. Forecast Demand for Two Bedroom Units Calculation of the Capture Rate for Two Bedroom Units 5.7 CAPTURE RATE THREE BEDROOM UNITS 5.7. Forecast Demand for Three Bedroom Units Calculation of the Capture Rate for Three Bedroom Units 5.8 SUMMARY CAPTURE RATE CALCULATIONS CHAPTER 6 HOUSEHOLD GROWTH BASED DEMAND 6. INTERSTATE AND CROSSBORDER MIGRATION PATTERNS 6.2 AREA POPULATION & DEMOGRAPHICS 6.3 POPULATION & HOUSEHOLD GROWTH MapInfo 6.3. Estimate of Population and Household Population Forecasting Owner and Renter Household Demand 6.4 POPULATION & HOUSHOLD GROWTH HISTA Data 6.5 GAP DEMAND HOUSEHOLD GROWTH BASED CHAPTER 7 EMPLOYMENT GROWTH BASED DEMAND 7. REGIONAL UPDATE 7.2 EMPLOYMENT STATISTICS OF THE AREA 7.2. Major Employers 7.3 FORECAST OF FUTURE DEMAND 7.3. Determining the Location Quotient Determining the Number of Basic Employees Determining the Economic Base Multiplier Forecasting Total Employment Forecasting Total Population Forecasting Housing Demand 7.4 GAP DEMAND EMPLOYMENT BASED 7.5 CONCLUSIONS & FORECAST

10 CHAPTER 8 EVALUATION OF RENTS & EXPENSES 8. INCOME ANALYSIS 8.2 ANALYSIS OF RENTAL RATES 8.3 MARKET AREA RENTAL & OCCUPANCY RATES 8.3. Current Market Conditions Estimate of Market Rent Other Income 8.4 VACANCY & COLLECTION LOSS 8.4. Estimate of Stabilized Income 8.5 OPERATING EXPENSES 8.5. Fixed Expenses Variable Expenses III RENT COMPARABLE REPORTS IV AREA PROPERTIES V DEMOGRAPHIC REPORT

11 Art at Bratton s Edge Rent Comparables

12 Art at Bratton s Edge Schools

13 Art at Bratton s Edge Area Amenities

14 Pitney Bowes Software Inc. All Rights Reserved. Data Source: Print Date: 5 March 204 Legend Long Vista Dr & Bratton Ln Austin, Texas Site Coordinates Longitude/X: Latitude/Y: N Miles Site Custom Boundary Census Tracts Major Roads State Boundaries

15 203 Pitney Bowes Software Inc. All Rights Reserved. Data Source: Pitney Bowes Software, Inc Print Date: 5 March 204 Legend Site Custom Boundary Major Roads State Boundaries % HH Change by Block Group 20%+ 5% To 20% 0% To 5% 5% To 0% 0% To 5% Negative Change Longitude/X: Latitude/Y: Site Coordinates N Miles Long Vista Dr & Bratton Ln Austin, Texas

16 203 Pitney Bowes Software Inc. All Rights Reserved. Data Source: Pitney Bowes Software, Inc Print Date: 5 March 204 Legend Site Custom Boundary Major Roads State Boundaries % Renter Occupied (203) by Block Group 90% To 00% 80% To 90% 70% To 80% 60% To 70% 50% To 60% 40% To 50% 30% To 40% 20% To 30% 0% To 20% 0% To 0% Longitude/X: Latitude/Y: Site Coordinates N Miles Long Vista Dr & Bratton Ln Austin, Texas

17 203 Pitney Bowes Software Inc. All Rights Reserved. Data Source: Pitney Bowes Software, Inc Print Date: 5 March 204 Legend Site Custom Boundary Major Roads State Boundaries 203 Median Houshold Income by Block Group $500,000+ $250,000 To $500,000 $50,000 To $250,000 $00,000 To $50,000 $75,000 To $00,000 $60,000 To $75,000 $50,000 To $60,000 $40,000 To $50,000 $30,000 To $40,000 $20,000 To $30,000 $0 To $20,000 Longitude/X: Latitude/Y: Site Coordinates N Miles Long Vista Dr & Bratton Ln Austin, Texas

18 203 Pitney Bowes Software Inc. All Rights Reserved. Data Source: Pitney Bowes Software, Inc Print Date: 5 March 204 Legend Site Custom Boundary Major Roads State Boundaries 203 Population Density by Block Group 9,000+ 8,000 To 9,000 7,000 To 8,000 6,000 To 7,000 5,000 To 6,000 4,000 To 5,000 3,000 To 4,000 2,000 To 3,000,000 To 2, To,000 0 To 500 Longitude/X: Latitude/Y: Site Coordinates N Miles Long Vista Dr & Bratton Ln Austin, Texas