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PZ - Meridian, ID Limited MS 3.2024
NOVOGRADACTM LIMITED MARKET ANALYSIS OF: PROPOSED LIHTC DEVELOPMENT LIMITED MARKET ANALYSIS OF: PROPOSED LIHTC DEVELOPMENT Located at: 3161 East Ustick Road Meridian, Ada County, Idaho 83646 Effective Date: March 27, 2024 Report Date: March 28, 2024 Prepared for: Chase Huber DevCo Preservation LLC PO Box 4108 Bellevue, WA 98009 Prepared by: Novogradac 6700 Antioch Road, Suite 450 Merriam, KS 66204 913-677-4600 N NOVOGRADAC° N OVOG RADAC ♦ Consulting,, March 28, 2024 Chase Huber DevCo Family of Companies PO Box 4108 Bellevue, WA 98009 Re: Limited Market Study of: Proposed LIHTC Development 3161 East Ustick Road Meridian, Ada County, Idaho 83646 Dear Chase Huber: Pursuant to your request, Novogradac & Company LLP doing business under the brand name Novogradac Consulting ("Novogradac") has performed a limited market analysis of a Proposed LIHTC Development (Subject) located at 3161 East Ustick Road in Meridian, ID. The purpose of this study is for internal underwriting purposes with respect to a proposed acquisition and development. The Subject is a proposed new construction development that will potentially offer 300 one,two,and three-bedroom units that will target family households. The following scope of work was undertaken in order to prepare this study: • Brief Description of the Site and Location • Determination of Primary Market Area • Details regarding Pipeline Supply • Analysis of Existing Competitive Rental Supply, both LIHTC and Market Rate • Vacancy Analysis • Absorption Estimate • Demand Analysis • Capture Rate Calculation, based on the Methodology Prescribed by the Respective State Agency. • Penetration Rate Calculation, defined as(Subject Units + Existing Competitive Supply+ Known Proposed Competitive Supply)/Total Number of Existing Income-Qualified Renter Households, expressed as a %. • Rent Analysis: Determination if Maximum Permitted Rents Are Achievable, and also Establishment of Achievable Market Rents. 6700 Antioch Road, Suite 450, Merriam, Kansas 66204 www.novoco.com 1 913.677.4600 MERIDIAN, ID LIMITED MARKET STUDY PAGE 2 The purpose of this market study is for internal underwriting purposes with respect to a proposed acquisition and development. A site inspection is not a part of the scope of work of this assignment. We appreciate this opportunity to be of service. Please do not hesitate to contact us with any questions or concerns. Respectfully submitted, Novogradac R", &'be"�� 6�4ae*� (�odjut, s��,LA Rachel B. Denton, MAI Sara Nachbar Qendrese Selimi Partner Manager Analyst 913-312-4612 913-312-4616 314-339-1070 Rachel.Denton@novoco.com Sara.Nachbar@novoco.com Qendrese.Selimi@novoco.com PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ SUMMARY OF REPORT FINDINGS • Strengths of the Subject include its anticipated excellent condition upon completion and location. Further, the Subject's large variety of bedroom types offers a marketing advantage. We have not identified any weaknesses in the Subject's development scheme.There is a lack of newly constructed affordable multifamily product within the Subject's immediate area.Additionally, managers at three of the LIHTC comparables reported full occupancy, which is indicative of supply-constrained conditions. As such, market indicators for LIHTC supply are strong. • The following table is a comparison of the Subject's and comparable properties' rents. For the purposes of this market study, "Base Rents" are the actual rents quoted to the tenant and are most frequently those rents that potential renters consider when making a housing decision. "Net rents"are rents adjusted for the cost of utilities (adjusted to the Subject's convention) and are used to compensate for the differing utility structures of the Subject and the comparable properties. Net rents represent the actual costs of residing at a property and help to provide an "apples-to-apples" comparison of rents. LIHTC RENT COMPARISON @60% Property Name County 11313 21313 313R Max Rent? Proposed LIHTC Ada $918 $1,088 $1,234 Yes LIHTC Maximum Rent(Net) Ada $918 $1,088 $1,234 Northwest Pointe Ada - $1,120 $1,285 Yes Shannon Glenn At Riverside Ada $920 $1,055 No The Foothills Ada - - $1,285 Yes The Trailwinds Ada $928 $1,108 - Yes Average $928 $1,049 $1,208 Achievable LIHTC Rent $918 $1,088 $1,234 Yes The Subject will offer one, two, and three-bedroom units restricted at the 60 percent AMI level. Three of the comparables reported rents at the 2023 maximum allowable level at 60 percent AMI.The LIHTC comparables were built between 1994 and 2015 and exhibit inferiorto similar condition to the Subject upon completion. The Subject will be the newest LIHTC development in the market and will be in excellent condition. Based on the information presented above, we have concluded to achievable LIHTC rents at the 2023 maximum allowable levels. The table following details the locational characteristics of the LIHTC comparables. The Subject is located in a superior area relative to all the comparables. Overall, the Subject will be most similar to The Foothills and The Trailwinds, which were constructed in 2004 and 2015, respectively. These estimates assume the Subject has competitive unit sizes and amenities and will be excellent quality product as new construction, but final rent determinations will be based on the actual proposed development scheme. LOCATIONAL COMPARISON SUMMARY HouseholdDistance Median Median Crime Walk # Property Name Program Subject Income Home Value Rent Index Score S Proposed LIHTC LIHTC $84,735 $452,449 $2,054 138 60 1 Northwest Pointe LIHTC/Market 2.3 miles $83,301 $353,778 $1,513 28 30 2 Shannon Glenn At Riverside* LIHTC/Market 4.5 miles $80,662 $506,338 $1,555 130 19 3 The Foothills LIHTC 2.0 miles $118,575 $470,291 $1,684 107 26 4 The Trailwinds* LIHTC/Market 1 5.5 miles 1 $45,749 1 $478,538 1 $1,582 89 62 N NOVOGRADAC- 3 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ The Foothills is a 54-unit LIHTC development located 2.0 miles south of the Subject site, in a neighborhood considered inferior relative to the Subject's location. This property was constructed in 2004, and exhibits average condition, inferior to the Subject upon completion. The manager at The Foothills reported the property as fully occupied, indicating the current rents are well accepted in the market. We believe the Subject will be able to achieve rents similar to The Foothills. The Trailwinds is a 64-unit LIHTC development located 5.5 miles east of the Subject site, in a neighborhood considered inferior relative to the Subject's location. This property was constructed in 2015, and exhibits excellent condition, similar to the Subject upon completion. The manager at The Trailwinds reported the property as fully occupied, indicating the current rents are well accepted in the market. We believe the Subject will be able to achieve rents similar to The Trailwinds. • The achievable market rents were determined by comparing the aesthetic quality, amenities, unit sizes, etc. to that of the market rate projects in the area. Novogradac concluded that the Subject will be competitive with the market rate competition and so achievable rents are within the market rental range. Achievable rents represent net market rate rent levels that we believe a project of the Subject's condition and quality could reasonably achieve. The table following details the locational characteristics of the market rate comparables. The Subject is located in a generally similar location relative to Prelude At Paramount, The Brickyard Townhomes, and Veraso Village,and a superior location relative to the remaining comparables. Our conclusions are within the range of the market rate comparables,though above the averages, and appear reasonable. LOCATIONAL COMPARISON SUMMARY HouseholdDistance Median Median Crime Walk # Property Name Program Subject Income Home Value Rent Index Score S Proposed LIHTC LIHTC $84,735 $452,449 $2,054 138 60 5 Cottages At Stonesth row Market 1.3 miles $99,826 $470,291 $1,684 171 58 6 Pennwood Apartments Market 3.1 miles $56,444 $470,291 $1,684 97 50 7 Prelude At Paramount Market 2.3 miles $117,024 $452,449 $2,054 83 24 8 The Brickyard Townhomes Market 0.3 mile $93,484 $452,449 $2,054 138 48 9 Veraso Village Market 0.3 mile $81,854 $452,449 $2,054 138 58 101 Village East Apartments Market 1.5 miles $101,299 $422,662 $1,809 134 56 �� NOVOGRADAC- 4 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ MARKET RENT COMPARISON Property Subject Pro Forma @60% $918 $1,088 $1,234 Northwest Pointe* $1,500 $1,625 Shannon Glenn At Riverside* - $1,150 $1,250 The Trailwinds* $975 $1,025 $1,400 - $1,250 - Cottages At Stonesthrow $1,929 $2,208 - $2,154 $2,278 Pennwood Apartments $1,587 $1,613 $1,676 - $1,634 - Prelude At Paramount $1,511 $1,794 $1,948 - $1,914 - $1,195 $1,345 $1,495 The Brickyard Townhomes - - $1,595 - $1,650 Veraso Village - $2,079 $2,343 $1,505 $1,659 $2,061 Village East Apartments $1,604 $1,911 - - $2,074 - Average $1,396 $1,669 $1,794 Average(excl. mixed income) $1,480 $1,828 $1,917 Achievable Market Rents $1,500 $1,800 $2,000 *Mixed income Upon completion, the Subject will exhibit similar to slightly superior condition relative to the majority of the market rate comparables. However, the Subject's location is considered superior to the majority of comparables,with the exception of Prelude At Paramount,The Brickyard Townhomes,and Veraso Village, which are located in generally similar areas. As such, we have placed the Subject's achievable one, two, and three-bedroom rents within range of the most recently constructed and locationally similar comparables. Overall, we have concluded to achievable market rents of $1,500, $1,800, and $2,000, for the Subject's one, two, and three-bedroom units, respectively. It should be noted the actual rent conclusions will depend on the final development scheme.The Subject's achievable LIHTC rents offer an advantage ranging from 38 to 40 percent over Novoco's achievable market rents. • Absorption rates among area properties range from nine to 45 units per month, with an overall average of 18 units per month. Based upon these data points, we believe that the Subject will absorb at a rate of 20 to 25 units per month for a total absorption period of approximately twelve to fifteen months to reach a stabilized occupancy rate of 95 percent, assuming appropriately positioned rents and market-oriented design and unit mix.This estimate also assumes buildings will be brought online in a staggered manner, as opposed to 300 units opening all at once. • The Demand Analysis illustrates demand for the Subject based on capture rates of income-eligible households. The calculation illustrates a capture rate for the Subject's units of 8.1 percent as proposed. Additionally, three of the four LIHTC and mixed income comparables are fully occupied, and all maintain waiting lists. This indicates demand in the market for affordable housing. We believe that the addition of the Subject's units will have limited impact on the local housing stock. The estimated penetration rate of 14.1 percent for family income-eligible LIHTC households is considered good. Based on the low vacancies reported by the comparables, we believe there is ample demand for the Subject as proposed. �� NOVOGRADAC- 5 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ DESCRIPTION OF THE SITE AND LOCATION The location of a multifamily property can have a substantial negative or positive impact upon the performance,safety and appeal of the project. The site description discusses the physical features of the site, as well as the layout, access issues, and traffic flow. General: The Subject site is located at 3161 East Ustick Road in Meridian, Ada County, Idaho 83646. The site currently consists of vacant land. An aerial image of the site is detailed below. 12 2' 2 LJ •.". _ sex n,� i � Y t 7 _ #NF . iH� Source:Google Earth,March 2024 Shape: The Subject site is generally rectangular. Size: The Subject site is approximately 9.972 acres,or 434,380 square feet. Zoning: According to the City of Meridian Zoning Department, the Subject site is zoned C-G (General Retail &Service Commercial). The C-G district is intended for a range of retail, office, service, and light industrial uses. Further, multifamily residential use is allowed upon approval of a conditional use permit. As such, we assume appropriate zoning in the form of a change or variance is requested and approved. Frontage: The Subject site has frontage alongthe south side of East Ustick Road, and the east and west sides of North Cajun Lane and North Centerpoint Way. 't+ NOVOGRADAC.. 6 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Adjoining Land Uses: The Subject is located in a mixed-use neighborhood in eastern Meridian, consisting primarily of commercial/retail uses, single-family homes, and multifamily developments. Land use to the north of the Subject site consists of commercial/retail uses including Kohl's, Walgreens, Verizon, and FiiZ Drinks in good condition. Further north, land use consists of commercial/retail uses including Dick's Sporting Goods, Hobby Lobby, and Panera Bread in good condition, along with single-family homes in average to good condition. Land use to the east of the Subject site consists of commercial/retail uses including The Dalton Royal, Auntie Anne's, and Jamba Juice in good condition, and an urgent care clinic in good condition. Further east, land use consists of commercial retail uses including McDonald's, Chili's Grill & Bar, Urban Fox Coffee & Boba, and Le Peep Restaurant in good condition, and single-family homes in average to good condition. Land use to the south of the Subject site consists of single-family homes in average condition. Land use to the west of the Subject site consists of single- family homes in average condition. According to Zillow, the median home value in the Subject's zip code is $452,449. According to WalkScore,the Subject site has a walk score of 60, indicating that it is "Somewhat Walkable", and some errands can be accomplished on foot. Topography: The site is generally level. Utilities: All utilities are available to the site. Access and Traffic Flow: The Subject is accessed via East Ustick Road, a four-lane moderately trafficked neighborhood road that traverses east/west throughout Meridian and West Boise, providing access to a majority of the commercial/retail uses in the immediate area, and to North Eagle Road/State Highway 55, approximately 0.1 miles east of the Subject site. North Eagle Road/State Highway 55 traverses north/south throughout Meridian, providing access to US 26, approximately 4.0 miles north of the Subject site, and to 1-84, approximately 2.5 miles south of the Subject site. 1-84 generally traverses northwest/southeast throughout Idaho, providing access throughout the region, including to Nampa, approximately 11 miles east of the Subject site, and Downtown Boise, approximately 8.0 miles west of the Subject site. Overall, traffic flow is considered light, and access is considered good. Visibility/Views: The Subject is visible from East Ustick Road. Views to the north and east consist of commercial/retail uses in good condition. Views to the south and west consist of single-family homes in average condition. Existing Improvements: The site is currently vacant land. �� NOVOGRADAC- 7 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ DESCRIPTION OF PROPOSED IMPROVEMENTS Construction Type: According to the client, the Subject will consist of 300 one, two, and three-bedroom units that will target family households. It should be noted that this project is in preliminary stages, and we were not provided with building designs. Unit Mix, Size, & Rents: The developer was unable to provide proposed unit sizes or proposed rents. Further,the developer was unable to provide the proposed utility structure and utility allowance amounts.As such, we have assumed all electric utilities at the Subject, with the landlord responsible for water, sewer, and trash expenses, as well as all common area utilities. �� NOVOGRADAC- 8 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ DETERMINATION OF PRIMARY MARKET AREA For the purpose of this study, it is necessary to define the competitive primary market area (PMA), or the area from which potential tenants for the project are likely to be drawn. In some areas, residents are very much "neighborhood oriented" and are generally very reluctant to move from the area where they have grown up. In other areas, residents are much more mobile and will relocate to a completely new area, especially if there is an attraction such as a new apartment development.The primary market area (PMA)for the Subject generally comprises the northern portion of Meridian and the western portion of West Boise. The PMA boundaries are as follows: North: US-20 East: South Maple Grove Road South: Interstate 84 West: North Ten Mile Road The PMA boundaries and overall market health assessment are based upon analyses of demographic and socioeconomic characteristics, target tenant population, political jurisdictional boundaries, natural boundaries, experience of nearby comparable developments, accessibility to mass transit or key transportation corridors and commute patterns, and market perceptions. The market area boundaries identified are a reasonable approximation regarding the potential renter market for the Subject. Additional support for the PMA selection is based on the experience of nearby comparable developments. Most local property managers indicated that residents originate from various areas of western Boise, as well as surrounding areas of Ada County. Furthermore, we anticipate that, due to the Subject's tenancy and unit mix,there will be typical "leakage"from outside of the PMA. Therefore,we have conservatively estimated that 90 percent of the tenants will come from within the PMA's boundaries. As such, it is estimated that up to 10 percent of the Subject's support will come from "leakage" outside the PMA. The secondary market area (SMA) for the Subject consists of the Boise City, ID Metropolitan Statistical Area (MSA), which consists of the following counties:Ada, Boise, Canyon, Gem, and Owyhee Counties in Idaho. The MSA is approximately 11,663 square miles. �� NOVOGRADAC- 9 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Primary Market Area Map ' Course E4gle'r' Walrnarl reenter /F, M`eyer10 Holy Apostles Catholic Church SpringHill Suites �s C uo Wholesale IO o 0o s arnorl Boise West... aq3 � z I = C E y_ W Mang d St i � F g a m a Expo aho9 a Vul a � v Hyatt Hi den 4.0 miles Albertson Lakes Re erve z McM' "Ian Rtl wMcMillan Rd i McMillan Rd Fred Mey W Goddard Rd WEST III WEST VALLEY CLOVERDALE WEST BEN Settlers Park HERITAG I��radar e' Idaho Capital Usriik Hd Usock Rd Ushck Rd GROVE 'I W UstICkRd WUST B0ISE W Usti6 Rd Asian Market s � = I gz � � I � rrhvievv! i a m i II The Village at Meridian Harbor Freight Toots v � WinCo oodsv Z WIG ny Ln n fakroew Ave Q Fairview Are Fairview Ave. Idaho Pizza Company - Walmart Supercenter a Fuller Park I z Urban Air Trampoline n W Pine Are Meridian E P—Aw and AdvMnture Park B se Towne quare Jump Time v WPIne A`$- 19,ate Self Storage Q v i Aq anklln Rd Fiankkn Rd E Fsankkn Rd- Franklin Rd W Franklin Rd Be t Buy Saltzer Healt r 24/7 Meridian Speedway N w Ten Mile Urge t Care Ling&LD-ies MAPLE GROVE Q Children s A ion Bar an Grill FRANXLIN Museum of tdaho T n FRANK hooz Family- . CI�t, Walmart reenter - RANCH os W Overland Rd E Overland Rd - Fred Meyer yy Ov ar�tl Rd Big m - m � Ostco Aholesat Source:Google Earth,March 2024 �� N NOVOGRADAC.. 10 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Secondary Market Area Map untmgton n� -Weis ef Cl;tytan Stanley Payette Boise National chilly Forest p 5—tooth Clay Mackay P'ew y Idaho City Hov 9] 1 Moore -'ey _ Caldwell E. €e Ket um Arco T -Boise Featherville Gi let a za R+vermide Marsing a_. - <_( Sawiooth aikey ven Nampa National Forest Ct ane na Bellevue New Pimceton ° elba Fairf_ield f�� ey M rley Nelson - --% ^�� nake River ` Craters of the irds of Prey Moon Nationaf 9' National._ /// Monument Namond f Mountain &Preserve Princeton Jordan alley ^S ver City Gr Vi Ibme Arock Bioss Goodin Shashune -� Bru°neau Steens Rome AOUntBin Wen IQ Jerome A rildemess - Firs �e_u�l Ruben -..Twin Falls Btgley Andrews Castleford - o --_ - B�cgt.e Kr r,h Iy�•pMurtaugh Declo Dickshooter Albion -ields Malta`'- 100.0 miles 93 Four Comers dsrOdr0rr '/-11 Deno ° Murphy } Pac9en•r;; Hot Si :- ° ot............... ._---.,._..-........_-._hcce 7ordem Source:Google Earth,March 2024 �� NOVOGRADAC- 11 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ MULTIFAMILY PIPELINE Recent and Proposed Construction According to the Idaho Housing and Finance Association, three projects have been awarded LIHTC funding in the Subject's PMA since 2020, which are detailed in the following table. RECENT LIHTC ALLOCATIONS IN PMA Property Name Allocation Rent Structure Tenancy Total Competitive Status Distance to Year Units Units Subject Wood Rose Apartments 2023 LIHTC Family 46 40 Proposed 2.6 miles Union District 1 2021 LIHTC/Market Family 40 36 Proposed 2.3 miles Celebration Acres 2020 LIHTC/Market Family/Homeless 28 25 Complete 2.2 miles Total 114 101 Additionally, we utilized CoStar to identify any proposed, under construction, or recently completed multifamily developments in the Subject's PMA, which are detailed following. RECENT AND PLANNED DEVELOPMENT Property Name Rent Tenancy Total Competitive Construction Projected Structure Units Units Status Year Built Wood Rose Apartments LIHTC Family 46 40 Proposed N/Av Union District I LIHTC/Market Family 40 36 Proposed N/Av Union 93 Market Family 351 0 Under Construction 2024 Wesley Apartments and Townhomes Market Family 191 0 Under Construction 2024 Village Apartments Market Family 336 0 Under Construction 2024 Totals 964 76 As Illustrated, of the 964 units planned or under construction in the Subject's PMA, we estimate 76 will be directly competitive with the Subject upon completion. �� NOVOGRADAC- 12 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ SURVEY OF COMPARABLE PROJECTS Description of Property Types Surveyed To evaluate the competitive position of the Subject, as planned, we performed a field survey of comparable apartment properties. Comparable properties are examined on the basis of physical characteristics, i.e., building type, age/quality, level of common amenities, absorption, as well as similarity in rent. We attempted to compare the Subject to developments from the competing market area to provide a picture of the health and available supply in the market. To evaluate the competitive position of the Subject,we surveyed a total of 1,385 units in ten rental properties. The availability of the LIHTC data is considered average. We included two affordable and mixed-income developments located between 2.0 and 2.3 miles from the Subject site, which are located inside the PMA. It should be noted that the Subject's market area consists of older, small developments for which information is not available. We therefore extended our search and included to additional mixed-income developments located between 4.5 and 5.5 miles from the Subject site, which are located outside the PMA. Overall, we included four affordable and mixed-income developments located between 2.0 and 5.5 miles from the Subject site.The availability of the market rate data is considered good.We included six market rate properties located between 0.3 and 3.1 miles from the Subject site, all of which are located inside the PMA. Overall, we believe the availability of data is adequate to support our conclusions. A map of the comparables in relation to the Subject is included on the following page. t+ NOVOGRADAC.. 13 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Comparable Properties Map 6.0 miles Eagle Eagle Island Slate Park 3.0 miles . ►1 tans Nlerrio lal Park Fuller Park - Gard n Oily Meridian �r14#l�f fidaho Source:Google Earth,March 2024 COMPARABLE PROPERTIES Property • Subject S Proposed LIHTC Meridian LIHTC - 1 Northwest Pointe Boise LIHTC/Market 2.3 miles 2 Shannon Glenn At Riverside* Garden City LIHTC/Market 4.5 miles 3 The Foothills Meridian LIHTC 2.0 miles 4 The Trailwinds* Garden City LIHTC/Market 5.5 miles 5 Cottages At Stonesthrow Meridian Market 1.3 miles 6 Pennwood Apartments Meridian Market 3.1 miles 7 Prelude At Paramount Meridian Market 2.3 miles 8 The Brickyard Townhomes Meridian Market 0.3 mile 9 Veraso Village Meridian Market 0.3 mile 10 Village East Apartments Boise Market 1.5 miles *Located outside PMA :� NOVOGRADAC-. 14 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ MARKET CHARACTERISTICS Following are relevant market characteristics for comparable properties surveyed. Absorption We were able to obtain absorption information from 14 properties, including two of the comparables, which are detailed following. ABSORPTION Property Name Program Tenancy City Year Total Absorption Distance to Units (units/month) Subject Breckenridge Apartments Market Family Nampa 2022 160 15 12.8 miles Colorado Commons Market Family Nampa 2021 36 12 11.5 miles The Summit Market Family Nampa 2020 102 9 8.0 miles Village East Apartments* Market Family Boise 2020 272 23 1.5 miles Courtland South Meridian Market Family Meridian 2020 336 13 4.4 miles The Enclave Market Family Meridian 2020 204 20 1.3 miles Adare Manor Apartments LIHTC Family Boise 2019 134 45 6.8 miles Harper Ridge Apartments Market Family Meridian 2019 124 12 3.5 miles The Lakes At Eagle Market Family Eagle 2019 250 13 3.9 miles Prelude At Paramount* Market Family Meridian 2019 280 15 2.3 miles The Lofts At Ten Mile Market Family Meridian 2019 240 24 4.3 miles Retreat AtSilvercloud Market Family Boise 2018 236 11 5.1miles The Franklin At Ten Mile Market Family Meridian 2018 368 22 4.6 miles The Station At Gateway Market Family Nampa 2016 256 16 8.4 miles Average Affordable 134 45 Average Market 220 16 Overall Average 214 18 *Comparable Property As outlined in the previous table,absorption rates among the properties range from nine to 45 units per month, with an overall average of 18 units per month. Based upon these data points, we believe that the Subject will absorb at a rate of 20 to 25 units per month for a total absorption period of approximately twelve to fifteen months to reach a stabilized occupancy rate of 95 percent, assuming appropriately positioned rents and market-oriented design and unit mix. This estimate also assumes buildings will be brought online in a staggered manner, as opposed to 300 units opening all at once. N NOVOGRADAC.. 15 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Vacancy Levels The following table details vacancy levels at comparable properties included in the survey. OVERALLVACANCY Property Name Program Tenancy Total Units Vacant Units Vacancy% Northwest Pointe LIHTC/Market Family 77 3 3.9% Shannon Glenn At Riverside* LIHTC/Market Family 72 0 0.0% The Foothills LIHTC Family 54 0 0.0% The Trailwinds* LIHTC/Market Family 64 0 0.0% Cottages At Stonesthrow Market Family 60 3 5.0% Pennwood Apartments Market Family 180 13 7.2% Prelude At Paramount Market Family 280 8 2.9% The Brickyard Townhomes Market Family 230 2 0.9% Veraso Village Market Family 96 3 3.1% Village East Apartments Market Family 272 4 1.5% LIHTC Total 267 3 1.1% Market Total 1,118 33 3.0% Overall Total 1,385 36 2.6% *Located outside PMA The comparable properties reported vacancy rates ranging from zero to 7.2 percent, with an overall weighted average of 2.6 percent. Managers at three of the four LIHTC properties reported being fully occupied. The average vacancy rate reported by the affordable comparables was 1.1 percent, well below the three percent weighted average reported by the market rate properties. All of the market rate properties reported vacancy rates of 7.2 percent or less. Based on the performance of the comparables, we expect the Subject will operate with a vacancy rate of approximately five percent. N NOVOGRADAC.. 16 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ RENT ANALYSIS LIHTC Rent Analysis The following table is a comparison of the Subject's and comparable properties' rents. For the purposes of this market study, "Base Rents" are the actual rents quoted to the tenant and are most frequently those rents that potential renters consider when making a housing decision. "Net rents" are rents adjusted for the cost of utilities (adjusted to the Subject's convention) and are used to compensate for the differing utility structures of the Subject and the comparable properties. Net rents represent the actual costs of residing at a property and help to provide an "apples-to-apples" comparison of rents. LIHTC RENT COMPARISON @60% Property Name County 113R 213R 313R Max Rent? Proposed LIHTC Ada $918 $1,088 $1,234 Yes LIHTC Maximum Rent(Net) Ada $918 $1,088 $1,234 Northwest Pointe Ada - $1,120 $1,285 Yes Shannon Glenn At Riverside Ada $920 $1,055 No The Foothills Ada - - $1,285 Yes The Trailwinds Ada $928 $1,108 - Yes Average $928 $1,049 $1,208 Achievable LIHTC Rent $918 $1,088 $1,234 Yes The Subject will offer one, two, and three-bedroom units restricted at the 60 percent AMI level. Three of the comparables reported rents at the 2023 maximum allowable level at 60 percent AMI.The LIHTC comparables were built between 1994 and 2015 and exhibit inferior to similar condition to the Subject upon completion. The Subject will be the newest LIHTC development in the market and will be in excellent condition. Based on the information presented above, we have concluded to achievable LIHTC rents at the 2023 maximum allowable levels. The table following details the locational characteristics of the LIHTC comparables.The Subject is located in a superior area relative to all the comparables. Overall,the Subject will be most similar to The Foothills and The Trailwinds, which were constructed in 2004 and 2015, respectively.These estimates assume the Subject has competitive unit sizes and amenities and will be excellent quality product as new construction, but final rent determinations will be based on the actual proposed development scheme. LOCATIONAL COMPARISON SUMMARY HouseholdDistance Median Median Crime Walk # Property Name Program Subject Income Home Value Rent Index Score S Proposed LIHTC LIHTC $84,735 $452,449 $2,054 138 60 1 Northwest Pointe LIHTC/Market 2.3 miles $83,301 $353,778 $1,513 28 30 2 Shannon Glenn At Riverside* LIHTC/Market 4.5 miles $80,662 $506,338 $1,555 130 19 3 The Foothills LIHTC 2.0 miles $118,575 $470,291 $1,684 107 26 4 The Trailwinds* LIHTC/Market 1 5.5 miles 1 $45,749 1 $478,538 1 $1,582 89 62 The Foothills is a 54-unit LIHTC development located 2.0 miles south of the Subject site, in a neighborhood considered inferior relative to the Subject's location. This property was constructed in 2004, and exhibits average condition, inferior to the Subject upon completion.The manager at The Foothills reported the property as fully occupied, indicating the current rents are well accepted in the market. We believe the Subject will be able to achieve rents similar to The Foothills. The Trailwinds is a 64-unit LIHTC development located 5.5 miles east of the Subject site, in a neighborhood considered inferior relative to the Subject's location. This property was constructed in 2015, and exhibits excellent condition, similar to the Subject upon completion. The manager at The Trailwinds reported the N NOVOGRADAC.. 17 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ property as fully occupied, indicating the current rents are well accepted in the market. We believe the Subject will be able to achieve rents similar to The Trailwinds. Achievable Market Rents The achievable market rents were determined by comparing the aesthetic quality, amenities, unit sizes, etc. to that of the market rate projects in the area. Novogradac concluded that the Subject will be competitive with the market rate competition and so achievable rents are within the market rental range. Achievable rents represent net market rate rent levels that we believe a project of the Subject's condition and quality could reasonably achieve. The table following details the locational characteristics of the market rate comparables.The Subject is located in a generally similar location relative to Prelude At Paramount,The Brickyard Townhomes, and Veraso Village, and a superior location relative to the remaining comparables. Our conclusions are within the range of the market rate comparables, though above the averages, and appear reasonable. LOCATIONAL COMPARISON SUMMARY HouseholdDistance Median Median Crime Walk # Property Name Program Subject Income Home Value Rent Index Score S Proposed LIHTC LIHTC $84,735 $452,449 $2,054 138 60 5 Cottages At Stonesth row Market 1.3 miles $99,826 $470,291 $1,684 171 58 6 Pen nwood Apartments Market 3.1 miles $56,444 $470,291 $1,684 97 50 7 Prelude At Paramount Market 2.3 miles $117,024 $452,449 $2,054 83 24 8 The Brickyard Townhomes Market 0.3 mile $93,484 $452,449 $2,054 138 48 9 Veraso Village Market 0.3 mile $81,854 $452,449 $2,054 138 58 101 Village East Apartments Market 1.5 miles $101,299 $422,662 $1,809 134 56 N NOVOGRADAC.. 18 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ MARKET RENT COMPARISON Property Subject Pro Forma @60% $918 $1,088 $1,234 Northwest Pointe* $1,500 $1,625 Shannon Glenn At Riverside* - $1,150 $1,250 The Trailwinds* $975 $1,025 $1,400 - $1,250 - Cottages At Stonesthrow $1,929 $2,208 - $2,154 $2,278 Pennwood Apartments $1,587 $1,613 $1,676 - $1,634 - Prelude At Paramount $1,511 $1,794 $1,948 - $1,914 - $1,195 $1,345 $1,495 The Brickyard Townhomes - - $1,595 - $1,650 Veraso Village - $2,079 $2,343 $1,505 $1,659 $2,061 Village East Apartments $1,604 $1,911 - - $2,074 - Average $1,396 $1,669 $1,794 Average(excl. mixed income) $1,480 $1,828 $1,917 Achievable Market Rents $1,500 $1,800 $2,000 *Mixed income Upon completion, the Subject will exhibit similar to slightly superior condition relative to the majority of the market rate comparables. However, the Subject's location is considered superior to the majority of comparables, with the exception of Prelude At Paramount, The Brickyard Townhomes, and Veraso Village, which are located in generally similar areas. As such, we have placed the Subject's achievable one, two, and three-bedroom rents within range of the most recently constructed and locationally similar comparables. Overall,we have concluded to achievable market rents of$1,500,$1,800, and $2,000,for the Subject's one, two, and three-bedroom units, respectively. It should be noted the actual rent conclusions will depend on the final development scheme. The Subject's achievable LIHTC rents offer an advantage ranging from 38 to 40 percent over Novoco's achievable market rents. N NOVOGRADAC.. 19 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ DEMAND ANALYSIS Introduction When evaluating demand for a particular proposed development we rely primarily on two methods.These are a supply analysis and a demand analysis. The supply analysis focuses on satisfied demand and anecdotal reports from property managers and market participants regarding demand. We believe this evidence of demand is the clearest and most reliable when measuring housing need in a market area. We explored that indication in the previous sections of this report. This section focuses on analyzing demographic data to determine housing need. According to NCHMA model content standards there are two measurements used to evaluate demand based on the demographic data. The first measurement is termed the capture rate. NCHMA defines Capture Rate as: The percentage of age, size, and income qualified renter households in the primary market area that the property must capture to fill the units. The Capture Rate is calculated by dividing the total number of units at the property by the total number of age, size and income qualified renter households in the primary market area." The second measurement is the Penetration Rate, which has similarities to the capture rate. NCHMA defines Penetration Rate as the percentage of age and income qualified renter households in the primary market area that all existing and proposed properties, to be completed within six months of the Subject, and which are competitively priced to the subject that must be captured to achieve the stabilized level of occupancy." Capture Rate Determination The following analysis will take the reader through a multi-step process in determining an appropriate capture rate for the Subject. Our analysis takes the entire population and distributes it by the following characteristics: 1. PMA Demography 2. Income Qualified 3. Income Distribution 4. Income Eligible- Renter Households by Number of People in Household 5. Unit Size Appropriate 6. Capture Rate by Bedroom Mix The following text will examine each step through the process. Step One - PMA Demography Primary Market Area Defined For the purpose of this study, it is necessary to define the competitive primary market area (PMA), or the area from which potential tenants for the project are likely to be drawn. In some areas, residents are very much "neighborhood oriented" and are generally very reluctant to move from the area where they have grown up. In other areas, residents are much more mobile and will relocate to a completely new area, especially if there is an attraction such as a new apartment development. The primary market area (PMA)for the Subject generally comprises the northern portion of Meridian and the western portion of West Boise. The PMA boundaries are as follows: North: US-20 East: South Maple Grove Road South: Interstate 84 West: North Ten Mile Road ♦ NOVOGRADAC- 20 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ The PMA boundaries and overall market health assessment are based upon analyses of demographic and socioeconomic characteristics, target tenant population, political jurisdictional boundaries, natural boundaries, experience of nearby comparable developments, accessibility to mass transit or key transportation corridors and commute patterns, and market perceptions. The market area boundaries identified are a reasonable approximation regarding the potential renter market for the Subject. Additional support for the PMA selection is based on the experience of nearby comparable developments. Most local property managers indicated that residents originate from various areas of western Boise, as well as surrounding areas of Ada County. Furthermore, we anticipate that, due to the Subject's tenancy and unit mix, there will be typical "leakage"from outside of the PMA.Therefore, we have conservatively estimated that 90 percent of the tenants will come from within the PMA's boundaries. As such, it is estimated that up to 10 percent of the Subject's support will come from "leakage" outside the PMA. Demographic Information The basic demographic information is based upon the definition of a primary market area (PMA") and an estimate of the characteristics of the people living within that geographic definition. Demographic data originates from the Census and is compiled by a third-party data provider. Novogradac & Company uses data provided by the ESRI Business Analyst. Business Analyst brings in data as produced by ESRI's team of demographers. Sources include the US Census, American Community Survey, and other reputable sources. Housing characteristics are derived from several data sources, including construction data from Hanley Wood Market Intelligence, building permits from counties, the USPS, HUD, BLS, and the Census bureau. Owner and renter occupied units come from the Current Population Survey (BLS) and the Housing Vacancy Survey(Census). Data has been ground-truthed by ESRI staff and proven effective. ESRI's products are used by almost all US federal agencies(including HUD and USDA),top state level agencies, over 24,000 state and local governments worldwide,as well as many industry leading technology users—AT&T, Citrix, SAP, Oracle, Microsoft. ESRI produces timely updates based on new releases of data. Step one is to identify demographic data such as number of households, renter households, income distribution and AMI levels. The appropriate demographic is used based on the tenancy for the proposed development. When analyzing a property designated for families the demographics for the entire population within the PMA is used. However, senior properties are restricted to tenants who reached the age of at least 55 or 62 years based upon the specifics of the applicable program. A property designated for seniors is analyzed using demographic data for the given age-restriction proposed for the Subject. The demographic information was detailed in the demographic section of this report. Step Two - Income Qualified Assumptions and Data necessary for this calculation are: Appropriate Jurisdiction: Ada County, ID AMI for four-person household: $98,300 Tenancy: Family Affordability percentage: 35 percent Leakage: 10 percent To establish the number of income-eligible potential tenants for the Subject,the calculations are as follows: First, we estimate the Subject's minimum and maximum income levels for the affordable housing development. HUD determines maximum income guidelines for tax credit properties based on the area's ♦ NOVOGRADAC- 21 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ median income. Minimum income levels were calculated based on the assumption that those of lower income should pay no more than 35 percent of their income to gross rent for family households and 40 percent of their income for senior households. Often, lower-income households pay a higher percentage of gross income toward housing costs. Therefore, we used 35 percent for our LIHTC calculations. Secondly, we illustrate the household population segregated by income band to determine those who are income-qualified to reside in the Subject property. Third,we combine the allowable income range with the income distribution analysis to determine the number of potential income-qualified households. In some cases, the restricted income-eligible band overlaps with more than one Census income range. In those cases, the prorated share of more than one Census range will be calculated.This provides an estimate of the total number of households that are income eligible. This also derives an estimate of the percentage of the households that are income eligible. We are assuming the Subject will offer 300 affordable units restricted to households earning 60 percent of the AMI or less, calculated in accordance with HUD and restricted rent guidelines. HUD establishes the maximum income level for the Subject based on household size. For demand calculation purposes, we will assume 1.5 persons per bedroom when establishing maximum income eligibility. The maximum and minimum eligible household incomes for the Subject's affordable units are as follows. INCOME LIMITS Unit Type Minimum Allowable Income Maximum Allowable Income @60% 1BR $34,354 $42,780 2BR $41,246 $48,120 3BR $47,657 $57,780 Note:Based on the achievable LIHTC rents. Second, we illustrate the household population segregated by income band in order to determine those who are income-qualified to reside in the Subject property. This income distribution was illustrated previously in the demographic analysis section of this report. RENTER HOUSEHOLD INCOME PMA Income Cohort 2023 2028 Annual Change 2023 to 2028 Number Percentage Number Percentage Number Percentage $0-9,999 1,205 9.9% 1,243 9.4% 8 0.6% $10,000-19,999 1,308 10.7% 1,280 9.7% -6 -0.4% $20,000-29,999 1,560 12.8% 1,546 11.7% -3 -0.2% $30,000-39,999 1,731 14.2% 1,650 12.5% -16 -0.9% $40,000-49,999 1,462 12.0% 1,579 11.9% 23 1.6% $50,000-59,999 1,162 9.5% 1,270 9.6% 22 1.9% $60,000-74,999 1,266 10.4% 1,485 11.2% 44 3.5% $75,000-99,999 863 7.1% 1,022 7.7% 32 3.7% $100,000-124,999 671 5.5% 819 6.2% 30 4.4% $125,000-149,999 797 6.5% 1,041 7.9% 49 6.1% $150,000-199,999 107 0.9% 189 1.4% 16 15.3% $200,000+ 78 0.6% 124 0.9% 9 11.8% Total 12,210 100.0% 13,248 100.0% Source:HISTA Data/Ribbon Demographics 2023,Novogradac,March 2024 ♦ NOVOGRADAC.. 22 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Step Three - Income Distribution Third,we combine the allowable income bands with the income distribution analysis in order to determine the number of potential income-qualified households.The Cohort Overlap is defined as the income amount within income bands defined above that falls within the ESRI provided Income Cohort. The % in Cohort is simply the cohort overlap divided by the income cohort range (generally $10,000). The # in Cohort is determined by multiplying total renter households by the% in Cohort determination. In some cases, the income-eligible band overlaps with more than one income cohort. In those cases, the cohort overlap for more than one income cohort will be calculated. The sum of these calculations provides an estimate of the total number of households that are income-eligible, both by AMI level and in total. RENTER INCOME DISTRIBUTION Income Cohort Total Renter Households .0% cohort overlap %in cohort # in cohort $0-$9,999 1,205 $10,000-$19,999 1,308 $20,000-$29,999 1,560 $30,000-$39,999 1,731 $5,645 56.5% 977 $40,000-$49,999 1,462 $9,999 100.0% 1,462 $50,000-$59,999 1,162 $7,780 77.8% 904 $60,000-$74,999 1,266 $75,000-$99,999 863 $100,000-$124,999 671 $125,000-$149,999 797 $150,000-$199,999 107 $200,0004250,000 78 Total 12,210 27.4% 3,343 Step Four - Income Eligible- Renter Households by Number of People in Household Atthis point we know how many income eligible renter households there are within the PMA by AMI level. Using that household figure, we calculate the percentage of income eligible households to total households by AMI level (AMI percentage eligible). However, in order to provide a demand analysis by bedroom type the number of households must now be allocated to a bedroom mix. The first step in that process is to determine the number of income qualified renter households by the number of persons per household. This can be completed by applying the total number of rental households by person by the AMI percentage eligible. The total number of renter households by person is information provided by ESRI and illustrated in the demographic discussion. Step Five - Unit Size Appropriate Household size is assumed to be 1.5 persons per bedroom for family LIHTC rent calculation purposes. Additionally, HUD assumes that one-person households are accommodated in one-bedroom units. For LIHTC income purposes, the actual size of the household is used. The distribution of households by unit type is dependent on the following assumptions. This table has been developed by Novogradac as a result of market research. ♦ NOVOGRADAC- 23 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ HOUSEHOLD DISTRIBUTION 113R 100% Of 1-person households in 1131R units 50% Of 2-person households in 1131R units 50% Of 2-person households in 213R units 2BR 100% Of 3-person households in 21313 units 30% Of 4-person households in 213R units 3131R 70% Of 4-person households in 313R units 100% Of 5-person households in 313R units The projected renter household demand by bedroom size can then be determined by applying these weightings to the number of income qualified renter households determined in Step Four. Step Six - Capture Rate by Bedroom Mix The capture rate is simply determined by dividing the number of units by unit type for the subject by the total number of qualified renter households for that unit type.This calculation is then adjusted for leakage to arrive at a final determination of capture rate by bedroom type and AMI level. CAPTURE RATE ANALYSIS BY UNIT TYPE In order to determine demand for the proposed market mix, we also analyze the demand capture rates expected at the Subject by bedroom type. This analysis illustrates demand for all AMI levels. �♦ NOVOGRADAC.. 24 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ Capture Rate - 60% PROJECTED RENTER HOUSEHOLD DEMAND BY BEDROOM TYPE Renter Household Distribution 2023 HouseholdRenter Size Total Number of Renter HouseholdsDistribution 1 person 31.5% 3,841 2 person 26.1% 3,181 3 person 20.4% 2,495 4 person 11.7% 1,428 5 person 10.4% 1,265 Total 100.0% 12,210 Income-Qualified Renter Demand HouseholdsTotal Number of Renter %Income-Qualified Number Qualified . . Households 1 person 3,841 x 27.4% 1,052 2 person 3,181 x 27.4% 871 3 person 2,495 x 27.4% 683 4 person 1,428 x 27.4% 391 5 person 1,265 x 27.4% 346 Total 12,210 3,343 Projected Renter Household Demand by Bedroom Size HouseholdsNumber of Qualified Renter 11313 1,487 2BR 1,236 31313 620 Total 3,343 Capture Rate Analysis-@60% Developer'sCapture 11313 165 11.1% 213R 99 8.0% 31313 36 5.8% Total/Overall 300 9.0% Adjusted for Leakage from Outside of the PMA 10.0% 11313 165 10.0% 21313 99 7.2% 313R 36 5.2% Total/Overall 300 8.1% �♦ NOVOGRADAC.. 25 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ ANNUAL CAPTURE RATE ANALYSIS The following calculation derives an estimated market capture rate based on per annum demand. This is an indication of the percentage of net demand that the Subject must attract in order to reach stabilized occupancy. This measure essentially takes the available household demand searching for apartments in the market area and deducts competition in order to determine net demand available to the Subject. Population/Household Change Population changes as a result of new households moving in or out of the area:This was previously calculated, in the estimated population change from 2023 to 2028.Since the newly derived population will all be eligible, they are included directly into the annual demand estimate. New Construction/Development According to the Idaho Housing and Finance Association, three projects have been awarded LIHTC funding in the Subject's PMA since 2020, which are detailed in the following table. RECENT LIHTC ALLOCATIONS IN PMA Property Name Allocation Rent Structure Tenancy Total Competitive Status Distance to Year Units Units Subject Wood Rose Apartments 2023 LIHTC Family 46 40 Proposed 2.6 miles Union District I 2021 LIHTC/Market Family 40 36 Proposed 2.3 miles Celebration Acres 2020 LIHTC/Market Family/Homeless 28 25 Complete 2.2 miles Total 114 101 Additionally, we utilized CoStar to identify any proposed, under construction, or recently completed multifamily developments in the Subject's PMA, which are detailed following. RECENT AND PLANNED DEVELOPMENT PropertyF_ Total Competitive Construction Projected Structure Units Units Status Year Built Wood Rose Apartments LIHTC Family 46 40 Proposed N/Av Union District I LIHTC/Market Family 40 36 Proposed N/Av Union 93 Market Family 351 0 Under Construction 2024 Wesley Apartments and Townhomes Market Family 191 0 Under Construction 2024 Village Apartments Market Family 336 0 Under Construction 2024 Totals 964 76 As Illustrated, of the 964 units planned or under construction in the Subject's PMA, we estimate 76 will be directly competitive with the Subject upon completion. PENETRATION RATE A penetration rate analysis was performed in order to establish the percentage of income-qualified renter households that all existing and under construction LIHTC properties within the PMA must capture to achieve a stabilized level of occupancy within the PMA. The followingtable details all of the affordable rental housing offered in the PMA.All properties were attempted to be contacted via phone when available. ♦ NOVOGRADAC- 26 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ EXISTING AFFORDABLE PROPERTIES IN THE PMA Property Name Program Tenancy Total Units Competitive LIHTC Units Northwest Pointe* LIHTC/Market Family 77 41 The Foothills* LIHTC Family 54 7 Celebration Acres LIHTC/Market Family 28 16 Syringa Village Apartments LIHTC Family 64 32 Tramore Senior Apartments LIHTC/Market Senior 72 0 Washington Square Apartments LIHTC/PBRA Family 42 0 Dogwood Plaza Section 8 Senior 50 0 James Court Apartments Section 8 Family 50 0 Leisure Village VII PBRA Senior 18 0 Totals 455 96 *Utilized as a comparable property As shown above, there are 96 competitive LIHTC units in the PMA. It should be noted that we have only accounted for one,two, and three- bedroom units at the 60 percent AMI level as competitive with the Subject. Penetration Rate The penetration rate calculation for all LIHTC units in the PMA is illustrated below. PENETRATION RATE Number of Proposed Competitive LIHTC Family Units in the PMA 76 Number of Existing Competitive LIHTC Family Units in the PMA 96 Number of Proposed Family Units at the Subject 300 Total 472 Income Eligible Households-All AMI Levels 3,343 Overall Penetration Rate-Market Focus(NCHMA) 14.1% The above table provides an indication of the percentage of the net demand penetration that the Subject must attract to reach stabilized occupancy. This measure essentially takes the number of income-qualified households in the market area and deducts existing and proposed competition to determine net demand available to the Subject. The estimated penetration rate of 14.1 percent for family income-eligible LIHTC households is considered good. Based on the low vacancies reported by the comparables, we believe there is ample demand for the Subject as proposed. Conclusion The Demand Analysis illustrates demand for the Subject based on capture rates of income-eligible households. DEMAND CONCLUSIONS Calculation Capture Rate @60% 8.1% Penetration Rate 14.1% When viewing income-eligible households,the calculation illustrates capture rate for the Subject's units of 8.1 percent as proposed. Additionally, three of the four LIHTC and mixed income comparables are fully occupied, ♦ NOVOGRADAC- 27 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ and all maintain waiting lists.This indicates demand in the market for affordable housing. We believe that the addition of the Subject's units will have limited impact on the local housing stock. The estimated penetration rate of 14.1 percent is considered good. Based on the low vacancies reported by the comparables,we believe there is demand for the Subject as proposed. Upon completion,the Subject will provide good quality affordable housing. ♦ NOVOGRADAC- 28 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ CONCLUSIONS AND RECOMMENDATIONS • Strengths of the Subject include its anticipated excellent condition upon completion and location. Further, the Subject's large variety of bedroom types offers a marketing advantage. We have not identified any weaknesses in the Subject's development scheme. There is a lack of newly constructed affordable multifamily product within the Subject's immediate area. Additionally, managers at three of the LIHTC comparables reported full occupancy, which is indicative of supply-constrained conditions. As such, market indicators for LIHTC supply are strong. • Absorption rates among the properties range from nine to 45 units per month, with an overall average of 18 units per month. Based upon these data points,we believe that the Subject will absorb at a rate of 20 to 25 units per month for a total absorption period of approximately twelve to fifteen months to reach a stabilized occupancy rate of 95 percent, assuming appropriately positioned rents and market-oriented design and unit mix.This estimate also assumes buildings will be brought online in a staggered manner, as opposed to 300 units opening all at once. • The comparable properties reported vacancy rates ranging from zero to 7.2 percent, with an overall weighted average of 2.6 percent. Managers at three of the four LIHTC properties reported being fully occupied.The average vacancy rate reported by the affordable comparables was 1.1 percent, well below the three percent weighted average reported by the market rate properties. All of the market rate properties reported vacancy rates of 7.2 percent or less. Based on the performance of the comparables, we expect the Subject will operate with a vacancy rate of approximately five percent. • The Subject will offer one,two,three-bedroom units restricted at the 60 percent AMI level. The Subject's proposed rents are set at the 2023 maximum allowable levels. Three of the comparables reported rents at the 2023 maximum allowable level at 60 percent AMI. The LIHTC comparables were built between 1994 and 2015, and exhibit inferior to similar condition to the Subject upon completion.The Subject will be the newest LIHTC development in the market and will be in excellent condition. Based on the information presented above, we have concluded to achievable LIHTC rents at the 2023 maximum allowable levels. Overall, the Subject will be most similar to The Foothills and The Trailwinds, which were constructed in 2004 and 2015, respectively. These estimates assume the Subject has competitive unit sizes and amenities and will be excellent quality product as new construction, but final rent determinations will be based on the actual proposed development scheme. • Upon completion, the Subject will exhibit similar to slightly superior condition relative to the majority of the market rate comparables. However, the Subject's location is considered superior to the majority of comparables,with the exception of Prelude At Paramount,The Brickyard Townhomes,and Veraso Village, which are located in generally similar areas. As such, we have placed the Subject's achievable one, two, and three-bedroom rents within range of the most recently constructed and locationally similar comparables. Overall, we have concluded to achievable market rents of $1,500, $1,800, and $2,000, for the Subject's one, two, and three-bedroom units, respectively. It should be noted the actual rent conclusions will depend on the final development scheme.The Subject's achievable LIHTC rents offer an advantage ranging from 38 to 40 percent over Novoco's achievable market rents. • The Demand Analysis illustrates demand for the Subject based on capture rates of income-eligible households. When viewing income-eligible households, the calculation illustrates capture rate for the Subject's units of 8.1 percent as proposed. Additionally, three of the four LIHTC and mixed income comparables are fully occupied, and all maintain waiting lists. This indicates demand in the market for affordable housing. We believe that the addition of the Subject's units will have limited impact on the local housing stock. N NOVOGRADAC- 29 PROPOSED LIHTC DEVELOPMENT - MERIDIAN, ID - MARKET STUDY ................................................................................................................................................................................ The estimated penetration rate of 14.1 percent for family income-eligible LIHTC households is considered good. Based on the low vacancies reported by the comparables, we believe there is ample demand for the Subject as proposed. • The Idaho Housing and Finance Association requires that affordable rents must be less than the market rents for comparable units in the area.As proposed,the Subject's LIHTC rents offer an advantage ranging from 38 to 40 percent over Novoco's achievable market rents. It should be noted the actual rent conclusions will depend on the final development scheme. N NOVOGRADAC- 30 PROPOSED LIHTC DEVELOPMENT-MERIDIAN, IDAHO- MARKET STUDY ........................................................................................................................................................................................................................................................................ SUMMARY MATRIX Distance# Property Name Renovated Rent? List Units Rate S Proposed LIHTC @60% 1BR/1BA 165 55.0% N/A @60% $918 N/A N/A N/A N/A 3161 E Ustick Road 1-stories 2BR/1BA 99 33.0% N/A @60% $1,088 N/A N/A N/A N/A Meridian,ID 2026 3BR/2BA 36 12.0% N/A @60% $1,234 N/A N/A N/A N/A Ada County Family 300 N/A N/A 1 Northwest Pointe 2.3 miles Garden @60% Market 2BR/1BA 40 51.9% 761 @60% $1,120 Yes Yes 0 0% 3475 N Five Mile Road 3-stories 2BR/1BA N/A N/A 761 Market $1,500 N/A No 3 N/A Boise,ID 1994 3BR/2BA 28 36.4%1,266 @60% $1,285 Yes Yes 0 0% Ada County Family 3BR/2BA N/A N/A 1,266 Market $1,625 N/A No 0 N/A 4BR/2BA 9 11.7%1,508 @60% $1,420 Yes Yes 0 0% 4BR/2BA N/A N/A 1,508 Market $1,750 N/A No 0 N/A 77 3 3.9% 2 Shannon Glenn At Riverside 4.5 miles Various @30%,@40%,@50%, 2BR/1BA N/A N/A 847 @30% $519 Yes Yes 0 0% 6355 Ulmer Street 2-stories @60%, Market 2BR/1BA N/A N/A 847 @40% $720 Yes Yes 0 0% Garden City,ID 2002 2BR/1BA N/A N/A 847 @50% $920 Yes Yes 0 0% Ada County Family 2BR/1BA 24 33.3% 847 @60% $920 No No 0 0% 2BR/1BA N/A N/A 847 Market $1,150 N/A Yes 0 0% 3BR/2BA N/A N/A 1,077 @30% $592 Yes Yes 0 0% 3BR/2BA N/A N/A 1,077 @40% $824 Yes Yes 0 0% 3BR/2BA N/A N/A 1,077 @50% $1,055 Yes Yes 0 0% 3BR/2BA 4 5.6% 1,077 @50% $1,055 Yes Yes 0 0% 3BR/2BA 32 44.4%1,077 @60% $1,055 No No 0 0% 3BR/2BA N/A N/A 1,077 Market $1,250 N/A Yes 0 0% 4BR/2BA N/A N/A 1,265 @30% $645 Yes Yes 0 0% 4BR/2BA N/A N/A 1,265 @40% $904 Yes Yes 0 0% 4BR/2BA N/A N/A 1,265 @50% $1,162 Yes Yes 0 0% 4BR/2BA 12 16.7%1,265 @60% $1,162 No No 0 0% 4BR/2BA N/A N/A 1,265 Market $1,350 N/A Yes 0 0% 72 0 0.0% 3 The Foothills 2.0 miles Various @30%,@40%,@50%, 2BR/1BA 16 29.6% 888 @30% $518 Yes Yes 0 0% 2308 E Franklin Road 2-stories @60% 2BR/1BA N/A N/A 888 @40% $719 Yes Yes 0 0% Meridian,ID 2004 2BR/1BA N/A N/A 888 @50% $919 Yes Yes 0 0% Ada County Family 3BR/2BA 24 44.4%1,083 @30% $590 Yes Yes 0 0% 3BR/2BA 6 11.1%1,100 @30% $590 Yes Yes 0 0% 3BR/2BA N/A N/A 1,088 @40% $822 Yes Yes 0 0% 3BR/2BA N/A N/A 1,100 @40% $822 Yes Yes 0 0% 3BR/2BA N/A N/A 1,088 @50% $1,063 Yes Yes 0 0% 3BR/2BA N/A N/A 1,100 @50% $1,053 Yes Yes 0 0% 3BR/2BA N/A N/A 1,088 @60% $1,285 Yes Yes 0 0% 3BR/2BA N/A N/A 1,100 @60% $1,285 Yes Yes 0 0% 4BR/2BA 8 14.8%1,318 @40% $903 Yes Yes 0 0% 4BR/2BA N/A N/A 1,318 @50% $1,161 Yes Yes 0 0% 4BR/2BA N/A N/A 1,318 @60% $1,420 Yes Yes 0 0% 54 0 0.0% 4 The Trailwinds 5.5 miles Lowrise @40%,@45%,@50%, 1BR/1BA 1 1.6% 600 @40% $594 Yes Yes 0 0% 415-417 E.42nd St. 3-stories @55%,@60%, Market 1BR/1BA 2 3.1% 600 @45% $678 Yes Yes 0 0% Garden City,ID 2015 1BR/1BA 3 4.7% 600 @50% $761 Yes Yes 0 0% Ada County Family 1BR/1BA 2 3.1% 600 @55% $845 Yes Yes 0 0% 1BR/1BA 1 1.6% 600 @60% $928 Yes Yes 0 0% 1BR/1BA 1 1.6% 600 Market $975 N/A Yes 0 0% 2BR/1BA 1 1.6% 750 @40% $707 Yes Yes 0 0% 2BR/1BA 2 3.10/ 750 @45% $807 Yes Yes 0 0% 2BR/1BA 11 17.2% 750 @50% $907 Yes Yes 0 0% 2BR/1BA 9 14.1% 750 @55% $1,007 Yes Yes 0 0% 2BR/2BA 4 6.2% 850 @55% $1,007 Yes Yes 0 0% 2BR/2BA 6 9.4% 850 @60% $1,108 Yes Yes 0 0% 2BR/1BA 3 4.7% 750 Market $1,025 N/A Yes 0 0% 2BR/2BA 2 3.1% 850 Market $1,250 N/A Yes 0 0% 3BR/2BA 1 1.6% 1,000 @40% $801 Yes Yes 0 0% 3BR/2BA 2 3.1% 1,000 @45% $916 Yes Yes 0 0% 3BR/2BA 8 12.5%1,000 @50% $1,032 Yes Yes 0 0% 3BR/2BA 4 6.2% 1,000 @55% $1,148 Yes Yes 0 0% 3BR/2BA 1 1.6% 1,000 Market $1,400 N/A Yes 0 0% 64 0 0.0% 5 Cottages At Stonesthrow 1.3 miles Garden Market 2BR/2.5BA 12 20.0%1,007 Market $1,929 N/A Yes 0 0% 4195 E Florence Dr 2-stories 2BR/2BA 30 50.0%1,234 Market $2,154 N/A Yes 1 3.3% Meridian,ID 2018 3BR/2.5BA 12 20.0%1,313 Market $2,208 N/A Yes 1 8.3% Ada County Family 3BR/2.5BA 6 10.0%1,419 Market $2,278 N/A Yes 1 16.7% 60 3 5.0% 6 Pennwood Apartments 3.1 miles Garden Market 1BR/1BA 15 8.3% 925 Market $1,587 N/A No 1 6.7% 303 W Pennwood St 3-stories 2BR/2BA 87 48.3% 925 Market $1,613 N/A No 1 1.1% Meridian,ID 2018 2BR/2BA 33 18.3% 995 Market $1,634 N/A No 4 12.1% Ada County Family 3BR/1BA 45 25.0%1,100 Market $1,676 N/A No 7 15.6% 180 13 7.2% :*NOVOGRADAC., PROPOSED LIHTC DEVELOPMENT- MERIDIAN, IDAHO- MARKET STUDY ........................................................................................................................................................................................................................................................................ # Property Name Distance Type/Built/ AMI Unit Type # % SF Restriction Rent(Adj) Max Waiting Vacant Vacancy Renovated Rent? List Units Rate 7 Prelude At Paramount 2.3 miles Garden Market 1BR/1BA 107 38.2% 787 Market $1,511 N/A No 3 2.8% 4909 North Elsinore Avenue 3-stories 2BR/2BA 86 30.7%1,092 Market $1,794 N/A No 2 2.3% Meridian,ID 2019 2BR/2BA 39 13.9%1,172 Market $1,914 N/A No 3 7.7% Ada County Family 3BR/2BA 48 17.1%1,291 Market $1,948 N/A No 0 0% 280 8 2.9% 8 The Brickyard Townhomes 0.3 mile Townhouse Market 1BR/1BA 38 16.5% 617 Market $1,195 N/A No 0 0% 3710 N Centerpoint Way 3-stories 2BR/1BA 39 17.0% 840 Market $1,345 N/A No 0 0% Meridian,ID 2020 3BR/2BA 77 33.5%1,283 Market $1,495 N/A No 1 1.3% Ada County Family 3BR/2.5BA 38 16.5%1,373 Market $1,650 N/A No 1 2.6% 3BR/2.5BA 38 16.5%1,681 Market $1,595 N/A No 0 0% 230 2 0.9% 9 Veraso Village 0.3 mile Garden Market 2BR/2BA 1 1.0% 1,500 Market $2,079 N/A No 0 0% 2975 North Records Avenue 2-stories 3BR/3.5BA 91 94.8%1,825 Market $2,343 N/A No 3 3.3% Meridian,ID 2017 4BR/3.5BA 4 4.2% 2,264 Market $2,679 N/A No 0 0% Ada County Family 96 3 3.1% 10 Village East Apartments 1.5 miles Various Market 1BR/1BA 30 11.0% 585 Market $1,505 N/A No 1 3.3% 12000 W Fairview Ave 4-stories 1BR/1BA 64 23.5% 745 Market $1,604 N/A No 1 1.6% Boise,ID 2020 2BR/1BA 12 4.4% 988 Market $1,659 N/A No 0 0% Ada County Family 2BR/2BA 94 34.6%1,077 Market $1,911 N/A No 1 1.1% 2BR/2.5BA 16 5.9% 1,273 Market $2,074 N/A No 0 0% 3BR/2BA 56 20.6%1,250 Market $2,061 N/A No 1 1.8% 272 4 1.5% :*NOVOGRADAC., PROPERTY PROFILE REPORT Northwest Pointe Effective Rent Date 3/26/2024 Location 3475 N Five Mile Road Boise,ID 83704 Ada County Distance 2.3 miles Units 77 Vacant Units 3 Vacancy Rate 3.9% Type Garden(3 stories) J, Year Built/Renovated 1994/N/A Marketing Began N/A Leasing Began N/A Last Unit Leased N/A Major Competitors West Ridge Tenant Characteristics Primarily families Contact Name Michelle Phone 208-322-5855 Market Information Utilities Program @60%,Market A/C not included central Annual Turnover Rate 8% Cooking not included electric Units/Month Absorbed N/A Water Heat not included gas HCV Tenants 25% Heat not included gas Leasing Pace Within one week Other Electric not included Annual Chg.in Rent LIHTC kept at max Water included Concession None Sewer included Waiting List Yes;20 households Trash Collection included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 2 1 Garden 40 761 $1,120 $0 @60% Yes 0 0.0% yes None (3 stories) 2 1 Garden N/A 761 $1,500 $0 Market No 3 N/A N/A None (3 stories) 3 2 Garden 28 1,266 $1,285 $0 @60% Yes 0 0.0% yes None (3 stories) 3 2 Garden N/A 1,266 $1,625 $0 Market No 0 N/A N/A None (3 stories) 4 2 Garden 9 1,508 $1,420 $0 @60% Yes 0 0.0% yes None (3 stories) 4 2 Garden N/A 1,508 $1,750 $0 Market No 0 N/A N/A None (3 stories) @60% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/iBA $1,120 $0 $1,120 $0 $1,120 2BR 1BA $1,500 $0 $1,500 $0 $1,500 3BR 2BA $1,285 $0 $1,285 $0 $1,285 3BR 2BA $1,625 $0 $1,625 $0 $1,625 4BR 2BA $1,420 $0 $1,420 $0 $1,420 4BR 2BA $1,750 $0 $1,750 $0 $1,750 @ Novogradac&Company LLP 2024 All Rights Reserved. Northwest •inte, continued Amenities In-Unit Security Services Balcony/Patio Blinds None None Carpeting Central A/C Dishwasher Exterior Storage Garbage Disposal Oven Refrigerator Property Premium Other Carport Clubhouse/Meeting Room/Community None None Central Laundry Off-Street Parking On-Site Management Picnic Area Playground Management maintains a waiting list that is approximately 20 households in length.The contact indicated that each tenant has an assigned parking space at no additional charge. 0 Novogradac&Company LLP 2024 All Rights Reserved. Northwest •inte, continued Trend Report Vacancy Rates 1Q14 1Q16 4Q16 1Q24 1.3% 0.0% 0.0% 3.9% Trend: .0% Trend: 2BR/IBA 2BR/1BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2014 1 N/A $650 $0 $650 $650 2014 1 N/A $650 $0 $650 $650 2016 1 N/A $725 $0 $725 $725 2016 1 N/A $725 $0 $725 $725 2016 4 N/A $744 $0 $744 $744 2016 4 N/A $775 $0 $775 $775 2024 1 0.0% $1,120 $0 $1,120 $1,120 2024 1 N/A $1,500 $0 $1,500 $1,500 3BR/2BA 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2014 1 N/A $750 $0 $750 $750 2014 1 N/A $750 $0 $750 $750 2016 1 N/A $850 $0 $850 $850 2016 1 N/A $850 $0 $850 $850 2016 4 N/A $851 $0 $851 $851 2016 4 N/A $900 $0 $900 $900 2024 1 0.0% $1,285 $0 $1,285 $1,285 2024 1 N/A $1,625 $0 $1,625 $1,625 41313/2BA 4BR/213A Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2014 1 N/A $800 $0 $800 $800 2014 1 N/A $800 $0 $800 $800 2016 1 N/A $900 $0 $900 $900 2016 1 N/A $900 $0 $900 $900 2016 4 N/A $935 $0 $935 $935 2016 4 N/A $1,000 $0 $1,000 $1,000 2024 1 0.0% $1,420 $0 $1,420 $1,420 2024 1 N/A $1,750 $0 $1,750 $1,750 Trend: Comments 1Q14 There are a total of 52 tax credit units at the property.The property offers 40 two-bedroom units,28 three-bedroom units,and nine four-bedroom units.Management was unable to provide length of wait list.Northwest Pointe is operated by the non-profit,Neighborhood Housing Services,and management indicated rents are deliberately low and that higher rents would be achievable. 1Q16 The contact indicated that the property had recently changed management and that there had been some accompanying changes.The property previously offered primarily six-month leases but now exclusively offers one year leases.The contact reported that many tenants are refugees because there is no other nearby affordable housing.There are a total of 52 tax credit units at the property.The property offers 40 two-bedroom units,28 three-bedroom units,and nine four-bedroom units.The contact reported that there are two households on the waiting list. 4Q16 Management maintains a waiting list that is approximately 12 households in length.The most notable rent increases were in the market rate properties.The contact indicated that each tenant has an assigned parking space at no additional charge. 1Q24 Management maintains a waiting list that is approximately 20 households in length.The contact indicated that each tenant has an assigned parking space at no additional charge. 0 Novogradac&Company LLP 2024 All Rights Reserved. Northwest Pointe, • • Mel • 4. - 4} F - - 1t _ `.3iflli �it t. -• _ ��, -- 0 Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT Shannon Glenn At • Effective Rent Date 3/26/2024 Location 6355 Ulmer Street , Garden City,ID 83703 Ada County Distance 4.5 miles Units 72 Vacant Units 0 Vacancy Rate 0.0% Type Various(2 stories) Year Built/Renovated 2002/N/A F a Marketing Began N/A wry Leasing Began N/A Last Unit Leased N/A Major Competitors None Identified Tenant Characteristics Mainly families from Boise area Contact Name Property Manager Phone 208-853-3113 Market Information Program @30%,@40%,@50%,@60%,Market A/C not included central Annual Turnover Rate 3% Cooking not included gas Units/Month Absorbed N/A Water Heat not included gas HCV Tenants 21% Heat not included gas Leasing Pace Within one week Other Electric not included Annual Chg.in Rent Kept at 2023 max Water included Concession None Sewer included Waiting List Yes,20 households Trash Collection included @ Novogradac&Company LLP 2024 All Rights Reserved. Shannon Glenn At Riverside, continued Unit Mix(face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 2 1 Garden N/A 847 $519 $0 @30% Yes 0 N/A yes None (2 stories) 2 1 Garden N/A 847 $720 $0 @40% Yes 0 N/A yes None (2 stories) 2 1 Garden N/A 847 $920 $0 @50% Yes 0 N/A yes None (2 stories) 2 1 Garden 24 847 $920 $0 @60% No 0 0.0% no None (2 stories) 2 1 Garden N/A 847 $1,150 $0 Market Yes 0 N/A N/A None (2 stories) 3 2 Garden N/A 1,077 $592 $0 @30% Yes 0 N/A yes None (2 stories) 3 2 Garden N/A 1,077 $824 $0 @40% Yes 0 N/A yes None (2 stories) 3 2 Garden N/A 1,077 $1,055 $0 @50% Yes 0 N/A yes None (2 stories) 3 2 Garden 32 1,077 $1,055 $0 @60% No 0 0.0% no None (2 stories) 3 2 Garden N/A 1,077 $1,250 $0 Market Yes 0 N/A N/A None (2 stories) 3 2 Townhouse 4 1,077 $1,055 $0 @50% Yes 0 0.0% yes None (2 stories) 4 2 Garden N/A 1,265 $645 $0 @30% Yes 0 N/A yes None (2 stories) 4 2 Garden N/A 1,265 $904 $0 @40% Yes 0 N/A yes None (2 stories) 4 2 Garden N/A 1,265 $1,162 $0 @50% Yes 0 N/A yes None (2 stories) 4 2 Garden 12 1,265 $1,162 $0 @60% No 0 0.0% no None (2 stories) 4 2 Garden N/A 1,265 $1,350 $0 Market Yes 0 N/A N/A None (2 stories) @30% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent @40% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/IBA $519 $0 $519 $0 $519 2BR/1BA $720 $0 $720 $0 $720 3BR/2BA $592 $0 $592 $0 $592 3BR/2BA $824 $0 $824 $0 $824 4BR/2BA $645 $0 $645 $0 $645 4BR/2BA $904 $0 $904 $0 $904 @50% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent @60% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/IBA $920 $0 $920 $0 $920 2BR/1BA $920 $0 $920 $0 $920 3BR/2BA $1,055 $0 $1,055 $0 $1,055 3BR/2BA $1,055 $0 $1,055 $0 $1,055 4BR/2BA $1,162 $0 $1,162 $0 $1,162 4BR/2BA $1,162 $0 $1,162 $0 $1,162 Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/IBA $1,150 $0 $1,150 $0 $1,150 3BR/2BA $1,250 $0 $1,250 $0 $1,250 4BR/2BA $1,350 $0 $1,350 $0 $1,350 0 Novogradac&Company LLP 2024 All Rights Reserved. Shannon At - continued Amenities In-Unit Security Services Balcony/Patio Carpeting In-Unit Alarm None Central A/C Coat Closet Dishwasher Exterior Storage Ceiling Fan Garbage Disposal Hand Rails Microwave Oven Refrigerator Washer/Dryer hookup Property Premium Other Business Center/Computer Lab Clubhouse/Meeting Room/Community None None Central Laundry Off-Street Parking On-Site Management Picnic Area Playground Sport Court Swimming Pool The property manager stated rents were at the 2023 maximum allowable levels for the 30,40,and 50 percent AMI levels,and the 60 percent AMI rents were the same as the 50 percent AMI rents.Only three and four-bedroom units have washer/dryer hookups but there is an onsite central laundry facility. 0 Novogradac&Company LLP 2024 All Rights Reserved. Shannon Glenn At Riverside, continued Trend Report Vacancy Rates 3Q22 3Q23 1Q24 0.0% 0.0% 0.0% Trend: 1', • 1 ', 2BR/IBA 2BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $507 $0 $507 $507 2022 3 N/A $697 $0 $697 $697 2023 3 N/A $507 $0 $507 $507 2023 3 N/A $697 $0 $697 $697 2024 1 N/A $519 $0 $519 $519 2024 1 N/A $720 $0 $720 $720 3BR/2BA 3BR/213A Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $583 $0 $583 $583 2022 3 N/A $802 $0 $802 $802 2023 3 N/A $583 $0 $583 $583 2023 3 N/A $802 $0 $802 $802 2024 1 N/A $592 $0 $592 $592 2024 1 N/A $824 $0 $824 $824 4BR/2BA 4BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $647 $0 $647 $647 2022 3 N/A $892 $0 $892 $892 2023 3 N/A $647 $0 $647 $647 2023 3 N/A $892 $0 $892 $892 2024 1 N/A $645 $0 $645 $645 2024 1 N/A $904 $0 $904 $904 2BR/IBA 2BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $886 $0 $886 $886 2022 3 0.0% $886 $0 $886 $886 2023 3 N/A $886 $0 $886 $886 2023 3 0.0% $886 $0 $886 $886 2024 1 N/A $920 $0 $920 $920 2024 1 0.0% $920 $0 $920 $920 3BR/2BA 3BR/26A Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,021 $0 $1,021 $1,021 2022 3 0.0% $1,021 $0 $1,021 $1,021 2023 3 N/A $1,021 $0 $1,021 $1,021 2023 3 0.0% $1,021 $0 $1,021 $1,021 2024 1 N/A $1,055 $0 $1,055 $1,055 2024 1 0.0% $1,055 $0 $1,055 $1,055 4BR/2BA 4BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,136 $0 $1,136 $1,136 2022 3 0.0% $1,136 $0 $1,136 $1,136 2023 3 N/A $1,136 $0 $1,136 $1,136 2023 3 0.0% $1,136 $0 $1,136 $1,136 2024 1 N/A $1,162 $0 $1,162 $1,162 2024 1 0.0% $1,162 $0 $1,162 $1,162 ©Novogradac&Company LLP 2024 All Rights Reserved. Shannon At • continued Trend: Market 2BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,150 $0 $1,150 $1,150 2023 3 N/A $1,150 $0 $1,150 $1,150 2024 1 N/A $1,150 $0 $1,150 $1,150 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,250 $0 $1,250 $1,250 2023 3 N/A $1,250 $0 $1,250 $1,250 2024 1 N/A $1,250 $0 $1,250 $1,250 4BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,350 $0 $1,350 $1,350 2023 3 N/A $1,350 $0 $1,350 $1,350 2024 1 N/A $1,350 $0 $1,350 $1,350 Trend: Comments 3Q22 The property manager stated rents were at the 2022 maximum allowable levels for 30,40,and 50 percent of AMI levels,and the 60 percent of AMI rents were the same as the 50 percent rents.The property is 100 percent occupied and there have only been two move outs in the past year.The manager stated they maintain a waiting list but also receive daily calls from interested parties as well.Only three and four-bedroom units have washer/dryer hookups but there is an onsite central laundry facility. 3Q23 The property manager stated rents were at the 2022 maximum allowable levels for the 30,40,and 50 percent AMI levels,and the 60 percent AN rents were the same as the 50 percent AMI rents.The manager stated they maintain a waiting list but also receive daily calls from interested parties as well.Only three and four-bedroom units have washer/dryer hookups but there is an onsite central laundry facility. 1Q24 The property manager stated rents were at the 2023 maximum allowable levels for the 30,40,and 50 percent AMI levels,and the 60 percent AMI rents were the same as the 50 percent AMI rents.Only three and four-bedroom units have washer/dryer hookups but there is an onsite central laundry facility. 0 Novogradac&Company LLP 2024 All Rights Reserved. Shannon Glenn At Riverside, continued Photos e � + YC 0 Novogradac PROPERTY PROFILE REPORT FoothillsThe Effective Rent Date 3/25/2024 Location 2308E Franklin Road Meridian,ID 83642 Ada County -- Distance 2 miles Units 54 Vacant Units 0 Vacancy Rate 0.0% �I Type Various(2 stories) Year Built/Renovated 2004/N/A i Marketing Began N/A f ! Leasing Began N/A 'l f IY I: Last Unit Leased N/A Major Competitors None identified Tenant Characteristics Majority younger families from Ada County Contact Name Amber Phone 208-887-1686 Market Information Program @30%,@40%,@50%,@60% A/C not included central Annual Turnover Rate 28% Cooking not included electric Units/Month Absorbed N/A Water Heat not included gas HCV Tenants 50% Heat not included gas Leasing Pace Within one month Other Electric not included Annual Chg.in Rent Increased to max Water included Concession None Sewer included Waiting List Yes,over 100 households Trash Collection included ©Novogradac&Company LLP 2024 All Rights Reserved. Foothills,The - • Unit Mix(face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 2 1 Garden 16 888 $518 $0 @30% Yes 0 0.0% yes None (2 stories) 2 1 Garden N/A 888 $719 $0 @40% Yes 0 N/A yes None (2 stories) 2 1 Garden N/A 888 $919 $0 @50% Yes 0 N/A yes None (2 stories) 3 2 Garden 24 1,083 $590 $0 @30% Yes 0 0.0% yes None (2 stories) 3 2 Garden N/A 1,088 $822 $0 @40% Yes 0 N/A yes None (2 stories) 3 2 Garden N/A 1,088 $1,063 $0 @50% Yes 0 N/A yes None (2 stories) 3 2 Garden N/A 1,088 $1,285 $0 @60% Yes 0 N/A yes None (2 stories) 3 2 Townhouse 6 1,100 $590 $0 @30% Yes 0 0.0% yes None (2 stories) 3 2 Townhouse N/A 1,100 $822 $0 @40% Yes 0 N/A yes None (2 stories) 3 2 Townhouse N/A 1,100 $1,053 $0 @50% Yes 0 N/A yes None (2 stories) 3 2 Townhouse N/A 1,100 $1,285 $0 @60% Yes 0 N/A yes None (2 stories) 4 2 Townhouse 8 1,318 $903 $0 @40% Yes 0 0.0% yes None (2 stories) 4 2 Townhouse N/A 1,318 $1,161 $0 @50% Yes 0 N/A yes None (2 stories) 4 2 Townhouse N/A 1,318 $1,420 $0 @60% Yes 0 N/A yes None (2 stories) @30% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent @40% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/1BA $518 $0 $518 $0 $518 2BR/1BA $719 $0 $719 $0 $719 3BR/2BA $590 $0 $590 $0 $590 3BR/2BA $822 $0 $822 $0 $822 4BR/2BA $903 $0 $903 $0 $903 @50% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent @60% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/IBA $919 $0 $919 $0 $919 3BR/2BA $1,285 $0 $1.285 $0 $1,285 3BR/2BA $1,053-$1,063 $0 $1,053-$1,063 $0 $1,053-$1,063 4BR/2BA $1,420 $0 $1.420 $0 $1,420 4BR/2BA $1,161 $0 $1,161 $0 $1,161 In-Unit Security Services Balcony/Patio Blinds None None Carpet/Hardwood Central A/C Coat Closet Dishwasher Garbage Disposal Oven Refrigerator Property Premium Other Basketball Court Business Center/Computer Lab None None Clubhouse/Meeting Room/Community Exercise Facility Central Laundry Off-Street Parking On-Site Management Picnic Area Playground Recreation Areas Swimming Pool The contact said that the high voucher usage is due to the fact that this property is one of the few in Meridian that accepts Housing Choice Vouchers. 0 Novogradac&Company LLP 2024 All Rights Reserved. Foothills,The • - • Trend Report Vacancy Rates 1Q16 3Q20 1Q24 1.9% 0.0% 0.0% Trend: 0'. • 0'. 2BR/IBA 2BR/1BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2016 1 0.0% $385 $0 $385 $385 2016 1 N/A $485 $0 $485 $485 2020 3 0.0% $439 $0 $439 $439 2020 3 N/A $608 $0 $608 $608 2024 1 0.0% $518 $0 $518 $518 2024 1 N/A $719 $0 $719 $719 3BR/2BA 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2016 1 0.0% $391 $0 $391 $391 2016 1 N/A $552 $0 $552 $552 2020 3 0.0% $503 $0 $503 $503 2020 3 N/A $698 $0 $698 $698 2024 1 0.0% $590 $0 $590 $590 2024 1 N/A $822 $0 $822 $822 4BR/2BA 4BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2016 1 0.0% $400 $0 $400 $400 2016 1 N/A $600 $0 $600 $600 2020 3 0.0% $773 $0 $773 $773 2024 1 0.0% $903 $0 $903 $903 2BR/1BA 3BR/213A Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2016 1 N/A $616 $0 $616 $616 2016 1 N/A $750 $0 $750 $750 2020 3 N/A $776 $0 $776 $776 2020 3 N/A $1,087 $0 $1,087 $1,087 2024 1 N/A $919 $0 $919 $919 2024 1 N/A $1,285 $0 $1,285 $1,285 3BR/26A 4BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2016 1 N/A $716 $0 $716 $716 2016 1 N/A $850 $0 $850 $850 2020 3 N/A $892 $0 $892 $892 2020 3 N/A $1,207 $0 $1,207 $1,207 2024 1 N/A $1,053-$1,063 $0 $1,053-$1,063 $1,053-$1,063 2024 1 N/A $1,420 $0 $1,420 $1,420 4BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2016 1 N/A $780 $0 $780 $780 2020 3 N/A $990 $0 $990 $990 2024 1 N/A $1,161 $0 $1,161 $1,161 Trend: Comments 1Q16 The contact stated that current management took over the property in 2014.The contact did not know the exact square footage for the three- bedroom townhomes.The contact said that the high voucher usage is due to the fact that this property is one of the few in Meridian that accepts Housing Choice Vouchers.The contact stated that 15 units turned over in 2015,but that there has only been one turnover in 2016 year to date.The contact did not know the property's absorption pace. 3Q20 The contact did not know the exact square footage for the three-bedroom townhomes.The contact said that the high voucher usage is due to the fact that this property is one of the few in Meridian that accepts Housing Choice Vouchers.The contact stated that the property has been 100 percent occupied for the longest stretch since they took over management in 2014.Management noted that bad debt has not increased due to the COVID-19 pandemic. 1Q24 The contact said that the high voucher usage is due to the fact that this property is one of the few in Meridian that accepts Housing Choice Vouchers. 0 Novogradac&Company LLP 2024 All Rights Reserved. Foothills,The - • . • �•I LO - r 1.fk :11 FOOT x a`IILLS — - �-10 -19MM11-:1. 0 Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT The • Effective Rent Date 3/27/2024 Location 415-417 E.42nd St. Garden City,ID 83714 Ada County Distance 5.5 miles , Units 64 Vacant Units 0 Vacancy Rate 0.0% Type Lowrise(3 stories) Year Built/Renovated 2015/N/A Marketing Began N/A Leasing Began N/A _ . x Last Unit Leased N/A Major Competitors Not disclosed 4 M1' Tenant Characteristics Majority of tenants from Boise and surrounding -- areas Contact Name Kimara Phone 208-376-5300 Market Information Program @40%,@45%,@50%,@55%,@60%,Market A/C not included--central Annual Turnover Rate 20% Cooking not included--electric Units/Month Absorbed N/A Water Heat not included--gas HCV Tenants 30% Heat not included--electric Leasing Pace Within nine days Other Electric not included Annual Chg.in Rent Increased to max Water included Concession None Sewer included Waiting List Yes-over a year long Trash Collection included @ Novogradac&Company LLP 2024 All Rights Reserved. The Trailwinds, continued Unit Mix(face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 1 1 Lowrise 1 600 $594 $0 @40% Yes 0 0.0% yes None (3 stories) 1 1 Lowrise 2 600 $678 $0 @45% Yes 0 0.0% yes None (3 stories) 1 1 Lowrise 3 600 $761 $0 @50% Yes 0 0.0% yes None (3 stories) 1 1 Lowrise 2 600 $845 $0 @55% Yes 0 0.0% yes None (3 stories) 1 1 Lowrise 1 600 $928 $0 @60% Yes 0 0.0% yes None (3 stories) 1 1 Lowrise 1 600 $975 $0 Market Yes 0 0.0% N/A None (3 stories) 2 1 Lowrise 1 750 $707 $0 @40% Yes 0 0.0% yes None (3 stories) 2 1 Lowrise 2 750 $807 $0 @45% Yes 0 0.0% yes None (3 stories) 2 1 Lowrise 11 750 $907 $0 @50% Yes 0 0.0% yes None (3 stories) 2 1 Lowrise 9 750 $1,007 $0 @55% Yes 0 0.0% yes None (3 stories) 2 1 Lowrise 3 750 $1,025 $0 Market Yes 0 0.0% N/A None (3 stories) 2 2 Lowrise 4 850 $1,007 $0 @55% Yes 0 0.0% yes None (3 stories) 2 2 Lowrise 6 850 $1,108 $0 @60% Yes 0 0.0% yes None (3 stories) 2 2 Lowrise 2 850 $1,250 $0 Market Yes 0 0.0% N/A None (3 stories) 3 2 Lowrise 1 1,000 $801 $0 @40% Yes 0 0.0% yes None (3 stories) 3 2 Lowrise 2 1,000 $916 $0 @45% Yes 0 0.0% yes None (3 stories) 3 2 Lowrise 8 1,000 $1,032 $0 @50% Yes 0 0.0% yes None (3 stories) 3 2 Lowrise 4 1,000 $1,148 $0 @55% Yes 0 0.0% yes None (3 stories) 3 2 Lowrise 1 1,000 $1,400 $0 Market Yes 0 0.0% N/A None (3 stories) @40% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent @45% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent IBR/IBA $594 $0 $594 $0 $594 1BR/1BA $678 $0 $678 $0 $678 2BR/IBA $707 $0 $707 $0 $707 2BR/1BA $807 $0 $807 $0 $807 3BR/2BA $801 $0 $801 $0 $801 3BR/2BA $916 $0 $916 $0 $916 @50% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent @55% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent IBR/IBA $761 $0 $761 $0 $761 1BR/1BA $845 $0 $845 $0 $845 2BR/IBA $907 $0 $907 $0 $907 2BR/1BA $1,007 $0 $1,007 $0 $1,007 3BR/2BA $1,032 $0 $1,032 $0 $1,032 2BR/2BA $1,007 $0 $1,007 $0 $1,007 3BR/2BA $1,148 $0 $1,148 $0 $1,148 @60% Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent IBR/IBA $928 $0 $928 $0 $928 1BR/1BA $975 $0 $975 $0 $975 2BR/2BA $1,108 $0 $1,108 $0 $1,108 2BR/1BA $1,025 $0 $1,025 $0 $1,025 2BR/2BA $1,250 $0 $1,250 $0 $1,250 3BR/2BA $1,400 $0 $1,400 $0 $1,400 0 Novogradac&Company LLP 2024 All Rights Reserved. The Trailwinds, continued Amenities In-Unit Security Services Balcony/Patio Blinds Intercom(Buzzer) Afterschool Program Carpeting Central A/C Limited Access Tutoring Coat Closet Dishwasher Perimeter Fencing Exterior Storage Ceiling Fan Video Surveillance Garbage Disposal Grab Bars Microwave Oven Refrigerator Walk-In Closet Washer/Dryer Washer/Dryer hookup Property Premium Other Business Center/Computer Lab Clubhouse/Meeting Room/Community None Bicycle Storage Elevators Exercise Facility Off-Street Parking On-Site Management Picnic Area Playground Recreation Areas Service Coordination The contact had no additional comments. 0 Novogradac&Company LLP 2024 All Rights Reserved. The Trailwinds, continued Trend Report Vacancy Rates 1Q19 3Q20 3Q22 1Q24 0.0% 1.6% 0.0% 0.0% 1BR/IBA 1BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $481 $0 $481 $481 2019 1 0.0% $547 $0 $547 $547 2020 3 0.0% $500 $0 $500 $500 2020 3 0.0% $569 $0 $569 $569 2022 3 0.0% $571 $0 $571 $571 2022 3 0.0% $650 $0 $650 $650 2024 1 0.0% $594 $0 $594 $594 2024 1 0.0% $678 $0 $678 $678 2BR/IBA 2BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $584 $0 $584 $584 2019 1 0.0% $663 $0 $663 $663 2020 3 0.0% $609 $0 $609 $609 2020 3 0.0% $691 $0 $691 $691 2022 3 0.0% $697 $0 $697 $697 2022 3 0.0% $791 $0 $791 $791 2024 1 0.0% $707 $0 $707 $707 2024 1 0.0% $807 $0 $807 $807 3BR/2BA 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $671 $0 $671 $671 2020 3 0.0% $701 $0 $701 $701 3BR/2BA 2022 3 0.0% $815 $0 $815 $815 Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 0.0% $801 $0 $801 $801 2019 1 0.0% $762 $0 $762 $762 2020 3 0.0% $796 $0 $796 $796 2022 3 0.0% $924 $0 $924 $924 2024 1 0.0% $916 $0 $916 $916 ©Novogradac&Company LLP 2024 All Rights Reserved. The Trailwinds, continued Trend: 0% - • 1BR/IBA 1BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $613 $0 $613 $613 2019 1 0.0% $679 $0 $679 $679 2020 3 0.0% $638 $0 $638 $638 2020 3 0.0% $707 $0 $707 $707 2022 3 0.0% $725 $0 $725 $725 2022 3 0.0% $707 $0 $707 $707 2024 1 0.0% $761 $0 $761 $761 2024 1 0.0% $845 $0 $845 $845 2BR/IBA 2BR/1BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $742 $0 $742 $742 2019 1 0.0% $821 $0 $821 $821 2020 3 9.1% $774 $0 $774 $774 2020 3 0.0% $857 $0 $857 $857 2022 3 0.0% $885 $0 $885 $885 2022 3 0.0% $857 $0 $857 $857 2024 1 0.0% $907 $0 $907 $907 2024 1 0.0% $1,007 $0 $1,007 $1,007 2BR/2BA 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $821 $0 $821 $821 3BR/2BA 2020 3 0.0% $909 $0 $909 $909 2022 3 0.0% $909 $0 $909 $909 Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $854 $0 $854 $854 2024 1 0.0% $1,007 $0 $1,007 $1,007 2020 3 0.0% $891 $0 $891 $891 3BR/2BA 2022 3 0.0% $1,033 $0 $1,033 $1,033 Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 0.0% $1,032 $0 $1,032 $1,032 2019 1 0.0% $954 $0 $954 $954 2020 3 0.0% $987 $0 $987 $987 2022 3 0.0% $987 $0 $987 $987 2024 1 0.0% $1,148 $0 $1,148 $1,148 0 Novogradac&Company LLP 2024 All Rights Reserved. The Trailwinds, continued Trend: •0% Trend: 1BR/IBA 1BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $745 $0 $745 $745 2019 1 0.0% $825 $0 $825 $825 2020 3 0.0% $776 $0 $776 $776 2020 3 0.0% $825 $0 $825 $825 2022 3 0.0% $882 $0 $882 $882 2022 3 0.0% $900 $0 $900 $900 2024 1 0.0% $928 $0 $928 $928 2024 1 0.0% $975 $0 $975 $975 2BR/2BA 2BR/1BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $900 $0 $900 $900 2019 1 0.0% $925 $0 $925 $925 2020 3 0.0% $984 $0 $984 $984 2020 3 0.0% $925 $0 $925 $925 2022 3 0.0% $1,061 $0 $1,061 $1,061 2022 3 0.0% $950 $0 $950 $950 2024 1 0.0% $1,108 $0 $1,108 $1,108 2024 1 0.0% $1,025 $0 $1,025 $1,025 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $1,000 $0 $1,000 $1,000 2020 3 0.0% $1,000 $0 $1,000 $1,000 2022 3 0.0% $1,150 $0 $1,150 $1,150 2024 1 0.0% $1,250 $0 $1,250 $1,250 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 1 0.0% $1,150 $0 $1,150 $1,150 2020 3 0.0% $1,150 $0 $1,150 $1,150 2022 3 0.0% $1,300 $0 $1,300 $1,300 2024 1 0.0% $1,400 $0 $1,400 $1,400 Trend: • - 1Q19 The LIHTC rents at the property are slightly below maximum allowable rents($5 below).The one,two,and three-bedroom utility allowances are$42, $44,and$55,respectively.There are no special population set-asides at the property. 3Q20 There are no special population set-asides at the property.Management noted no adverse impacts due to the COVID-19 pandemic. 3Q22 There are no special population set-asides at the property.Rents at the 55 percent AMI level were not available at the time of contact. 1Q24 The contact had no additional comments. 0 Novogradac&Company LLP 2024 All Rights Reserved. The Trailwinds, continued 1-4 0 Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT Cottages At Stonesthrow Effective Rent Date 3/21/2024 Location 4195 E Florence Dr ` Meridian,ID 83642 yx Ada County ; Distance 1.3 miles Units 60 Vacant Units 3 Vacancy Rate 5.0% Type Garden(2 stories) Year Built/Renovated 2018/N/A _LL Marketing Began N/A 4. Leasing Began N/A = Last Unit Leased N/A Major Competitors None reported Tenant Characteristics Family,Mixed Contact Name Holly Phone 208-609-3535 Market Information Program Market A/C not included central Annual Turnover Rate N/A Cooking not included electric Units/Month Absorbed N/A Water Heat not included electric HCV Tenants 0% Heat not included electric Leasing Pace 1-3 weeks depending on time of year Other Electric not included Annual Chg.in Rent Changes daily Water not included Concession None Sewer not included Waiting List Yes;10 households Trash Collection not included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 2 2 Garden 30 1,234 $2,075 $0 Market Yes 1 3.3% N/A None (2 stories) 2 2.5 Garden 12 1,007 $1,850 $0 Market Yes 0 0.0% N/A None (2 stories) 3 2.5 Garden 12 1,313 $2,125 $0 Market Yes 1 8.3% N/A None (2 stories) 3 2.5 Garden 6 1,419 $2,195 $0 Market Yes 1 16.7% N/A None (2 stories) Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/2BA $2,075 $0 $2,075 $79 $2,154 2BR/2.51BA $1,850 $0 $1,850 $79 $1,929 3BR/2.51BA $2,125-$2,195 $0 $2,125-$2,195 $83 $2,208-$2,278 ©Novogradac&Company LLP 2024 All Rights Reserved. Cottages • •w, continued Amenities In-Unit Security Services Balcony/Patio Blinds Intercom(Buzzer) None Carpet/Hardwood Carpeting Perimeter Fencing Central A/C Coat Closet Video Surveillance Dishwasher Garbage Disposal Microwave Oven Refrigerator Vaulted Ceilings Walk-In Closet Washer/Dryer Washer/Dryer hookup Property Premium Other Business Center/Computer Lab Clubhouse/Meeting Room/Community None None Courtyard Exercise Facility Garage Off-Street Parking On-Site Management Pet Park Picnic Area Recreation Areas Sport Court Swimming Pool The property does not accept housing choice vouchers. 0 Novogradac&Company LLP 2024 All Rights Reserved. Cottages At Stonesthrow, • - • Trend Report Vacancy Rates 1Q21 1Q24 N/A 5.0% Trend: 2BR/2.51BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 0.0% $1,850 $0 $1,850 $1,929 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2021 1 N/A N/A $0 N/A N/A 2024 1 3.3% $2,075 $0 $2,075 $2,154 3BR/2.51BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 11.1% $2,125-$2,195 $0 $2,125-$2,195 $2,208-$2,278 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2021 1 N/A N/A $0 N/A N/A Trend: Comments 1Q21 N/A 1Q24 The property does not accept housing choice vouchers. ©Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT Pennwood Apartments Effective Rent Date 3/25/2024 Location 303 W Pennwood St Meridian,ID 83642 Ada County + Distance 3.1 miles Units 180 Vacant Units 13 I Vacancy Rate 7.2% Type Garden(3 stories) Year Built/Renovated 2018/N/A Marketing Began N/A f Leasing Began N/A I Last Unit Leased N/A Major Competitors N/A Tenant Characteristics Mixed tenancy s Contact Name Property Manager Phone 844-686-2321 x Market Information Program Market A/C not included central Annual Turnover Rate N/A Cooking not included electric Units/Month Absorbed N/A Water Heat not included electric HCV Tenants N/A Heat not included electric Leasing Pace Within two weeks Other Electric not included Annual Chg.in Rent Changes daily Water not included Concession None Sewer not included Waiting List None Trash Collection not included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 1 1 Garden 15 925 $1,511 $0 Market No 1 6.7% N/A None (3 stories) 2 2 Garden 87 925 $1,534 $0 Market No 1 1.1% N/A None (3 stories) 2 2 Garden 33 995 $1,555 $0 Market No 4 12.1% N/A None (3 stories) 3 1 Garden 45 1,100 $1,593 $0 Market No 7 15.6% N/A None (3 stories) Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 1BR/IBA $1,511 $0 $1,511 $76 $1,587 2BR/2BA $1,534-$1,555 $0 $1,534-$1,555 $79 $1,613-$1,634 3BR/1BA $1,593 $0 $1,593 $83 $1,676 ©Novogradac&Company LLP 2024 All Rights Reserved. Pennwood Apartments, • • Amenities In-Unit Security Services Balcony/Patio Blinds Intercom(Buzzer) None Central A/C Coat Closet Limited Access Dishwasher Ceiling Fan Perimeter Fencing Garbage Disposal Microwave Video Surveillance Oven Refrigerator Vinyl Plank Flooring Walk-In Closet Washer/Dryer Washer/Dryer hookup Property Premium Other Basketball Court Carport($25.00) None None Clubhouse/Meeting Room/Community Community Garden Exercise Facility Off-Street Parking On-Site Management Pet Park Sport Court Swimming Pool The property utilizes pricing software,causing rents to change daily.Off-street parking spaces are included in the cost of rent,while carport parking spaces are available for an additional$25 per month. 0 Novogradac&Company LLP 2024 All Rights Reserved. Pennwood Apartments, continued Trend - • • Vacancy Rates 1Q21 1Q24 N/A 7.2% Trend: 1BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2021 1 N/A N/A $0 N/A N/A 2024 1 6.7% $1,511 $0 $1,511 $1,587 2BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2021 1 N/A N/A $0 N/A N/A 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 4.2% $1,534-$1,555 $0 $1,534-$1,555 $1,613-$1,634 3BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2021 1 N/A N/A $0 N/A N/A 2024 1 15.6% $1,593 $0 $1,593 $1,676 Trend: Comments 1Q21 N/A 1Q24 The property utilizes pricing software,causing rents to change daily.Off-street parking spaces are included in the cost of rent,while carport parking spaces are available for an additional$25 per month. ©Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT Prelude At Effective Rent Date 3/22/2024 Location 4909 North Elsinore Avenue Meridian,ID 83646 Ada County Distance 2.3 miles Units 280 Vacant Units 8 Ilion Vacancy Rate 2.9% :+ M Type Garden(3 stories) ■■d Year Built/Renovated 2019/N/A 'N Marketing Began N/A Leasing Began 8/01/2018 Last Unit Leased N/A Major Competitors None identified _ Tenant Characteristics Younger households,most from out of state Contact Name Darius -� Phone 866-878-3074 Market Information Program Market A/C not included central Annual Turnover Rate 15% Cooking not included gas Units/Month Absorbed 15 Water Heat not included gas HCV Tenants N/A Heat not included gas Leasing Pace Within one to two weeks Other Electric not included Annual Chg.in Rent Changes daily Water not included Concession None Sewer not included Waiting List None Trash Collection not included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 1 1 Garden 107 787 $1,435 $0 Market No 3 2.8% N/A None (3 stories) 2 2 Garden 86 1,092 $1,715 $0 Market No 2 2.3% N/A None (3 stories) 2 2 Garden 39 1,172 $1,835 $0 Market No 3 7.7% N/A None (3 stories) 3 2 Garden 48 1,291 $1,865 $0 Market No 0 0.0% N/A None (3 stories) Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 1BR/1BA $1,435 $0 $1,435 $76 $1,511 2BR/2BA $1,715-$1,835 $0 $1,715-$1,835 $79 $1,794-$1,914 3BR/2BA $1,865 $0 $1,865 $83 $1,948 ©Novogradac&Company LLP 2024 All Rights Reserved. Prelude At Paramount, • • Amenities In-Unit Security Services Balcony/Patio Blinds None None Carpet/Hardwood Carpeting Central A/C Coat Closet Dishwasher Exterior Storage($25.00) Ceiling Fan Oven Refrigerator Vaulted Ceilings Walk-In Closet Washer/Dryer Washer/Dryer hookup Property Premium Other Carport($25.00) Clubhouse/Meeting Room/Community None Pet wash station Exercise Facility Garage($35.00) Off-Street Parking On-Site Management Picnic Area Playground Recreation Areas Swimming Pool Detached garages rent for$35 per month,and attached garages are available for an additional monthly fee of$60.Exterior storage is available for an additional monthly fee of$25.The property accepts housing choice vouchers,but the contact was unable to say how many tenants are using them. 0 Novogradac&Company LLP 2024 All Rights Reserved. Prelude At Paramount, • • Trend Report Vacancy Rates 3Q20 1Q21 2Q23 1Q24 1.1% 1.1% 1.1% 2.9% Trend: Market OR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2020 3 N/A $1,139 $0 $1,139 $1,215 2021 1 N/A $1,330 $0 $1,330 $1,406 2023 2 N/A $1,455 $0 $1,455 $1,531 W24 1 2.8% $1,435 $0 $1,435 $1,511 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2020 3 N/A $1,411-$1,521 $0 $1,411-$1,521 $1,490-$1,600 2021 1 N/A $1,585-$1,647 $0 $1,585-$1,647 $1,664-$1,726 2023 2 N/A $1,695-$1,855 $0 $1,695-$1,855 $1,774-$1,934 2024 1 4.0% $1,715-$1,835 $0 $1,715-$1,835 $1,794-$1,914 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2020 3 N/A $1,557 $0 $1,557 $1,640 2021 1 N/A $1,784 $0 $1,784 $1,867 2023 2 N/A $1,995 $0 $1,995 $2,078 2024 1 0.0% $1,865 $0 $1,865 $1,948 Trend: Comments 3Q20 This market rate property completed construction the fall of 2019.The first units were delivered in August 2018 and they were leased as fast as they were completed according to the contact.Most residents move here from the greater Boise metropolitan area as well as out of state.The contact also noted that the Meridian area has experienced significant growth and has strong demand for rental housing,with that growth stretching out west towards Canyon County.The rate reported for garage parking is for detached garages,and attached garages are available for an additional monthly fee of$60.Exterior storage is available for an additional monthly fee of$25.Management noted no more than five tenants have been delinquent on rent as a result of the COVID-19 pandemic,while the property has not seen any issues in occupancy. 1Q21 This market rate property completed construction the fall of 2019.The first units were delivered in August 2018 and they were leased as fast as they were completed according to the contact.Most residents move here from the greater Boise metropolitan area as well as out of state.The contact also noted that the Meridian area has experienced significant growth and has strong demand for rental housing,with that growth stretching out west towards Canyon County.The rate reported for garage parking is for detached garages,and attached garages are available for an additional monthly fee of$60.Exterior storage is available for an additional monthly fee of$25.Management noted no more than five tenants have been delinquent on rent as a result of the COVID-19 pandemic,while the property has not seen any issues in occupancy. 02/18/21-This month there are 3 vacancies and 13 tenants have given notice and are trying break leases.January has been a very hard month, as has the majority of 2020.Many tenants are behind on payments but they are not charging any late fees. 2Q23 N/A 1Q24 Detached garages rent for$35 per month,and attached garages are available for an additional monthly fee of$60.Exterior storage is available for an additional monthly fee of$25.The property accepts housing choice vouchers,but the contact was unable to say how many tenants are using them. 0 Novogradac&Company LLP 2024 All Rights Reserved. Prelude At Paramount, continued Photos Poo ail i �F-wl�wir- �n - ate:--• �-� ,a � ��, � ,� - ��� �� M �� �w44.-...'�.�-�`�y r.' .J' 0Novogradac&Company2024 All Rights Reserved. PROPERTY PROFILE REPORT BrickyardThe Townhomes Effective Rent Date 3/22/2024 Location 3710 N Centerpoint Way Meridian,ID 83646 Ada County Distance 0.3 miles Units 230 Vacant Units 2 Vacancy Rate 0.9% Type Townhouse(3 stories) Year Built/Renovated 2020/N/A Marketing Began N/A Leasing Began N/A Last Unit Leased N/A Major Competitors None reported Tenant Characteristics Mixed tenancy Contact Name Property Manager Phone 208-908-7202 Market Information Program Market A/C not included central Annual Turnover Rate N/A Cooking not included electric Units/Month Absorbed N/A Water Heat not included electric HCV Tenants 0% Heat not included electric Leasing Pace Within one week Other Electric not included Annual Chg.in Rent Changes daily Water included Concession None Sewer included Waiting List None Trash Collection included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 1 1 Townhouse 38 617 $1,195 $0 Market No 0 0.0% N/A None (3 stories) 2 1 Townhouse 39 840 $1,345 $0 Market No 0 0.0% N/A None (3 stories) 3 2 Townhouse 77 1,283 $1,495 $0 Market No 1 1.3% N/A None (3 stories) 3 2.5 Townhouse 38 1,373 $1,650 $0 Market No 1 2.6% N/A None (3 stories) 3 2.5 Townhouse 38 1,681 $1,595 $0 Market No 0 0.0% N/A None (3 stories) Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 1BR/1BA $1,195 $0 $1,195 $0 $1,195 2BR/1BA $1,345 $0 $1,345 $0 $1,345 3BR/2BA $1,495 $0 $1,495 $0 $1,495 3BR/2.5BA $1,595-$1,650 $0 $1,595-$1,650 $0 $1,595-$1,650 ©Novogradac&Company LLP 2024 All Rights Reserved. BrickyardThe Townhomes, - • In-Unit Security Services Blinds Cable/Satellite/Internet None None Central A/C Coat Closet Dishwasher Garbage Disposal Microwave Oven Refrigerator Vinyl Plank Flooring Walk-In Closet Washer/Dryer hookup Property Premium Other Clubhouse/Meeting Room/Community Commercial/Retail None None Exercise Facility Garage Off-Street Parking On-Site Management Pet Park Playground Recreation Areas Sport Court Swimming Pool This property does not accept housing choice vouchers. 0 Novogradac&Company LLP 2024 All Rights Reserved. BrickyardThe Townhomes, • - • Trend - • • Vacancy Rates 4Q20 1Q24 N/A 0.9% Trend: 1BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2020 4 N/A N/A $0 N/A N/A 2024 1 0.0% $1,195 $0 $1,195 $1,195 2BR/IBA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 0.0% $1,345 $0 $1,345 $1,345 3BR/2.51BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 1.3% $1,595-$1,650 $0 $1,595-$1,650 $1,595-$1,650 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2024 1 1.3% $1,495 $0 $1,495 $1,495 Trend: • 4Q20 N/A 1Q24 This property does not accept housing choice vouchers. ©Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT Veraso Village Effective Rent Date 3/21/2024 Location 2975 North Records Avenue Meridian,ID 83646 Ada County Distance 0.3 miles Units 96 Vacant Units 3 Vacancy Rate 3.1% Type Garden(2 stories) Year Built/Renovated 2017/N/A Marketing Began N/A Leasing Began N/A Last Unit Leased N/A Major Competitors N/A Tenant Characteristics Mixed tenancy ��: �- Contact Name Property Manager Phone 833-289-2530 Market Information Program Market A/C not included central Annual Turnover Rate N/A Cooking not included electric Units/Month Absorbed N/A Water Heat not included electric HCV Tenants 0% Heat not included electric Leasing Pace Within two weeks Other Electric not included Annual Chg.in Rent Changes daily Water not included Concession None Sewer not included Waiting List None Trash Collection not included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 2 2 Garden 1 1,500 $2,000 $0 Market No 0 0.0% N/A None (2 stories) 3 3.5 Garden 91 1,825 $2,260 $0 Market No 3 3.3% N/A None (2 stories) 4 3.5 Garden 4 2,264 $2,590 $0 Market No 0 0.0% N/A None (2 stories) Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 2BR/2BA $2,000 $0 $2,000 $79 $2,079 3BR/3.5BA $2,260 $0 $2,260 $83 $2,343 4BR/3.5BA $2,590 $0 $2,590 $89 $2,679 ©Novogradac&Company LLP 2024 All Rights Reserved. Veraso Village, continued Amenities In-Unit Security Services Balcony/Patio Blinds Intercom(Buzzer) None Cable/Satellite/Internet Carpeting Perimeter Fencing Central A/C Coat Closet Dishwasher Ceiling Fan Fireplace Garbage Disposal Microwave Oven Refrigerator Tile Flooring Vaulted Ceilings Vinyl Plank Flooring Washer/Dryer Washer/Dryer hookup Property Premium Other Business Center/Computer Lab Courtyard None None Garage Off-Street Parking On-Site Management The property accepts housing choice vouchers,but no tenants are currently utilizing them.Each unit comes with a two-car garage and driveway. 0 Novogradac&Company LLP 2024 All Rights Reserved. Veraso Village, continued Trend - • • Vacancy Rates 2Q19 1Q24 N/A 3.1% Trend: 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 2 N/A $1,450 $0 $1,450 $1,529 2024 1 0.0% $2,000 $0 $2,000 $2,079 3BR/3.513A Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 2 N/A $1,800 $0 $1,800 $1.883 2024 1 3.3% $2,260 $0 $2,260 $2.343 4BR/3.513A Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2019 2 N/A $1,975 $0 $1,975 $2,064 2024 1 0.0% $2,590 $0 $2,590 $2,679 Trend: Comments 2Q19 N/A 1Q24 The property accepts housing choice vouchers,but no tenants are currently utilizing them.Each unit comes with a two-car garage and driveway. 0 Novogradac&Company LLP 2024 All Rights Reserved. PROPERTY PROFILE REPORT Village East Apartments Effective Rent Date 3/22/2024 Location 12000 W Fairview Ave Boise,ID 83713 Ada County Distance 1.5 miles Units 272 Vacant Units 4 R "�- Vacancy Rate 1.5% Type Various(4 stories) Year Built/Renovated 2020/N/A i Marketing Began N/A I pip a<_ Leasing Began 8/01/2020 � - Last Unit Leased 8/01/2021 Major Competitors Village West Apartments Tenant Characteristics Some families Contact Name Miranda Phone 208-321-5502 Market Information Program Market A/C not included central Annual Turnover Rate 40% Cooking not included electric Units/Month Absorbed 23 Water Heat not included electric HCV Tenants 0% Heat not included electric Leasing Pace Within one week Other Electric not included Annual Chg.in Rent Changes daily Water not included Concession None Sewer not included Waiting List None Trash Collection not included Unit Mix (face rent) Beds Baths Type Units Size(SF) Rent Concession Restriction Waiting Vacant Vacancy Max Rent? Range (monthly) List Rate 1 1 Garden 30 585 $1,429 $0 Market No 1 3.3% N/A None (4 stories) 1 1 Garden 64 745 $1,528 $0 Market No 1 1.6% N/A None (4 stories) 2 1 Garden 12 988 $1,580 $0 Market No 0 0.0% N/A None (4 stories) 2 2 Garden 94 1,077 $1,832 $0 Market No 1 1.1% N/A None (4 stories) 2 2.5 Townhouse 16 1,273 $1,995 $0 Market No 0 0.0% N/A None (2 stories) 3 2 Garden 56 1,250 $1,978 $0 Market No 1 1.8% N/A None (4 stories) Market Face Rent Conc. Concd.Rent Util.Adj. Adj.Rent 1BR/1BA $1,429-$1,528 $0 $1,429-$1,528 $76 $1,505-$1,604 2BR/1BA $1,580 $0 $1,580 $79 $1,659 2BR/2BA $1,832 $0 $1,832 $79 $1,911 2BR/2.5BA $1,995 $0 $1,995 $79 $2,074 3BR/2BA $1,978 $0 $1,978 $83 $2,061 ©Novogradac&Company LLP 2024 All Rights Reserved. Apartments,Village East • - • Amenities In-Unit Security Services Balcony/Patio Blinds Limited Access None Carpeting Central A/C Dishwasher Ceiling Fan Microwave Oven Refrigerator Walk-In Closet Washer/Dryer Washer/Dryer hookup Property Premium Other Basketball Court Carport None Dog Spa,billiards/game lounge, Clubhouse/Meeting Room/Community Exercise Facility Garage($15O.00) Off-Street Parking On-Site Management Playground Recreation Areas Sport Court Swimming Pool Wi-Fi The property does not currently have any tenants utilizing Housing Choice Vouchers.The property utilizes an LRO pricing system where rental rates can change daily based on availability and market conditions.The contact was able to provide what the last unit rented for their townhome units.Garage parking is available for$150 per month. 0 Novogradac&Company LLP 2024 All Rights Reserved. Village East Apartments, • - • Trend Report Vacancy Rates 3Q22 2Q23 1Q24 0.0% 0.7% 1.5% Trend: 1BR/1BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,600-$2,220 $0 $1,600-$2,220 $1,676-$2,296 2023 2 N/A $1,450-$1,565 $0 $1,450-$1,565 $1,526-$1,641 2024 1 2.1% $1,429-$1,528 $0 $1,429-$1,528 $1,505-$1,604 2BR/1BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,790 $0 $1,790 $1,869 2023 2 N/A $1,795 $0 $1,795 $1,874 2024 1 0.0% $1,580 $0 $1,580 $1,659 2BR/2.5BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $2,250 $0 $2,250 $2,329 2023 2 N/A N/A $0 N/A N/A 2024 1 0.0% $1,995 $0 $1,995 $2,074 2BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $1,835-$2,435 $0 $1,835-$2,435 $1,914-$2,514 2023 2 N/A $1,850 $0 $1,850 $1,929 2024 1 1.1% $1,832 $0 $1,832 $1,911 3BR/2BA Year QT Vac. Face Rent Conc. Concd.Rent Adj.Rent 2022 3 N/A $2,099-$2,690 $0 $2,099-$2,690 $2,182-$2,773 2023 2 N/A $2,050 $0 $2,050 $2,133 2024 1 1.8% $1,978 $0 $1,978 $2,061 Trend: Comments 3Q22 The property representative confirmed the property was completed in August of 2020 and was fully occupied by August of 2021.The rents and available units on the website are the most up to date according to the representative.They were not able to break down the total units by bedroom type,but there is a total of 272.The property does not have any tenants utilizing Housing Choice Vouchers. 2Q23 The property does not currently have any tenants utilizing Housing Choice Vouchers.The property utilizes an LRO pricing system where rental rates can change daily based on availability and market conditions.The contact was unable to provide a rental rate for their townhome units as none have been available within the past two years. 1Q24 The property does not currently have any tenants utilizing Housing Choice Vouchers.The property utilizes an LRO pricing system where rental rates can change daily based on availability and market conditions.The contact was able to provide what the last unit rented for their townhome units. Garage parking is available for$150 per month. 0 Novogradac&Company LLP 2024 All Rights Reserved. Village East Apartments, continued r I - 0 Novogradac&Company LLP 2024 All Rights Reserved.