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Central Asheville PREPARED BY Roy Borden Broker Multi-Family Submarket Report Asheville Market

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Page 1: Central Asheville - images1.loopnet.com · Property Name/Address Rating Units Stories Start Complete Developer/Owner Nov-2016 39 Greymont Ln Greymont Village 356 3 Nov-2018 The Carroll

Central Asheville

PREPARED BY

Roy Borden

Broker

Multi-Family Submarket Report

Asheville Market

Page 2: Central Asheville - images1.loopnet.com · Property Name/Address Rating Units Stories Start Complete Developer/Owner Nov-2016 39 Greymont Ln Greymont Village 356 3 Nov-2018 The Carroll

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 2

Vacancy 3

Rent 5

Construction 7

Sales 10

Sales Past 12 Months 11

Supply & Demand Trends 13

Vacancy & Rent 15

Sale Trends 17

Deliveries & Under Construction 19

Central Asheville Multi-Family

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OverviewCentral Asheville Multi-Family

12 Mo. Delivered Units

1,01912 Mo. Absorption Units

765Vacancy Rate

10.6%12 Mo. Asking Rent Growth

4.4%Rents in Central Asheville have risen 4.4% in the pastyear despite elevated vacancies. Vacancies in the metrocurrently hover near 11%, rising and falling in cadencewith new construction and lease-up periods. There areroughly 150 units currently underway, representing aroughly 3% expansion of the existing inventory. 1,000

units have delivered in the past year, representing aninventory expansion of about 8%. Investors have alsobeen active as more than $150 million traded hands,representing a roughly 9% turnover. Price per unitcontinues in the mid-$100,000's, and recorded cap rateshave fallen below 6%.

KEY INDICATORS

Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption

UnitsDelivered Units

Under ConstrUnits

$1,25114.3%7,0774 & 5 Star $1,232 170 0 148

$1,1185.8%4,1093 Star $1,105 27 0 0

$9225.8%1,4231 & 2 Star $911 (3) 0 0

$1,17810.6%12,609Submarket $1,161 194 0 148

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

8.3%6.1%1.3%Vacancy Change (YOY) 12.1% 2018 Q4 3.8% 2014 Q3

388324765Absorption Units 1,088 2016 Q1 (151) 2007 Q3

4523801,019Delivered Units 1,426 2015 Q3 0 2014 Q3

1110Demolished Units 21 2000 Q4 0 2018 Q4

1.7%1.8%4.4%Asking Rent Growth (YOY) 7.0% 2007 Q1 -3.5% 2009 Q4

1.6%1.7%4.4%Effective Rent Growth (YOY) 6.9% 2007 Q1 -3.5% 2009 Q4

N/A$63.0M$82.5 MSales Volume $185.5M 2018 Q2 $0 2007 Q2

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VacancyCentral Asheville Multi-Family

ABSORPTION, NET DELIVERIES & VACANCY

VACANCY RATE

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VacancyCentral Asheville Multi-Family

VACANCY BY BEDROOM

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RentCentral Asheville Multi-Family

DAILY ASKING RENT PER SF

MARKET RENT PER UNIT & RENT GROWTH

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RentCentral Asheville Multi-Family

MARKET RENT PER UNIT BY BEDROOM

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ConstructionCentral Asheville Multi-Family

DELIVERIES & DEMOLITIONS

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ConstructionCentral Asheville Multi-Family

All-Time Annual Avg. Units

116Delivered Units Past 4 Qtrs

1,019Delivered Units Next 4 Qtrs

148Proposed Units Next 4 Qtrs

134PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN UNITS

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ConstructionCentral Asheville Multi-Family

RECENT DELIVERIES

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Nov-201639 Greymont Ln

Greymont Village356 3 Nov-2018

The Carroll Companies

The Carroll Companies1

Oct-201714 Wooster St

Riverstone at Long Shoals256 3 Sep-2018

Tribute Properties, Inc.

Tribute Properties, Inc.2

Aug-2016248 Patton Ave

The Patton117 4 Sep-2018

Delray Ventures, LLC

Delray Ventures, LLC3

Jul-201712 Sky Exchange Dr

Skyland Exchange290 4 Aug-2018

Hathaway Development Partners,…

Hathaway Development Partners,…4

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Jun-201610 Newbridge Pky

10 Newbridge Apartment…148 - Jun-2019

-

RDA Property Group1

PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner

May-2019100 River Mill Dr

River Mill Lofts - Phase II134 4 Nov-2019

-

Pace Burt, Inc.1

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SalesCentral Asheville Multi-Family

SALES VOLUME & MARKET SALE PRICE PER UNIT

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Sales Past 12 MonthsCentral Asheville Multi-Family

Sale Comparables

13Avg. Price/Unit (thous.)

$153Average Price (mil.)

$7.4Average Vacancy at Sale

5.7%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $485,635 $7,356,409 $1,160,000 $56,600,000

Price Per Unit $53,959 $152,860 $107,142 $181,410

Cap Rate 5.2% 6.2% 5.8% 8.9%

Vacancy Rate at Sale 0% 5.7% 4.8% 11.1%

Time Since Sale in Months 0.4 4.7 3.8 11.3

Property Attributes Low Average Median High

Property Size in Units 5 50 16 310

Number of Floors 1 2 2 4

Average Unit SF 386 825 855 1,198

Year Built 1904 1961 1961 2017

Star Rating 2.5

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Sales Past 12 MonthsCentral Asheville Multi-Family

RECENT SIGNIFICANT SALES

Sale InformationProperty Information

RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

105 Exchange Cir- 2017

Asheville Exchange1 310 6.1% 10/25/2018 $56,600,000 $182,580 $186

128 Florence St- 2017

Beaucatcher Flats2 97 6.2% 9/21/2018 $11,345,500 $116,963 $204

28-30 Edgemont Rd- 1960

Grove Park Apartments3 26 7.7% 5/21/2018 $4,100,000 $157,692 $179

116 E Chestnut St- 1925

Jefferson Apartments4 21 4.8% 7/13/2018 $2,700,000 $128,571 $138

- 197164 Webb Cove Rd

5 16 6.3% 2/11/2019 $1,600,000 $100,000 $112

- 193028 Broad St

6 12 0% 9/26/2018 $1,160,000 $96,666 $182

1020 Hendersonville Rd- 1963

Forestdale Apartments7 19 5.3% 1/31/2019 $1,114,365 $58,650 $47

- 192715 Grindstaff Dr

8 7 0% 12/11/2018 $750,000 $107,142 $154

- 194916 Forest Hill Dr

9 5 0% 3/7/2019 $555,000 $111,000 $116

- 1961840 Tunnel Rd

10 5 0% 12/5/2018 $510,000 $102,000 $143

- 19631010 Hendersonville Rd

11 9 11.1% 1/31/2019 $485,635 $53,959 $48

- 190484 Edgemont Rd

12 5 0% 4/19/2018 - - -

100 River Mill Dr- 2017

River Mill Lofts13 130 4.6% 3/18/2019 - - -

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AppendixCentral Asheville Multi-Family

OVERALL SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2023 526 3.8%14,414 462 3.2% 1.1

2022 527 3.9%13,888 399 2.9% 1.3

2021 456 3.5%13,361 312 2.3% 1.5

2020 305 2.4%12,905 188 1.5% 1.6

2019 (9) -0.1%12,600 495 3.9% 0

YTD 0 0%12,609 194 1.5% 0

2018 1,019 8.8%12,609 665 5.3% 1.5

2017 1,008 9.5%11,590 505 4.4% 2.0

2016 168 1.6%10,582 273 2.6% 0.6

2015 1,408 15.6%10,414 1,002 9.6% 1.4

2014 73 0.8%9,006 112 1.2% 0.7

2013 0 0%8,933 104 1.2% 0

2012 537 6.4%8,933 591 6.6% 0.9

2011 201 2.5%8,396 184 2.2% 1.1

2010 372 4.8%8,195 432 5.3% 0.9

2009 376 5.0%7,823 364 4.7% 1.0

2008 667 9.8%7,447 546 7.3% 1.2

2007 0 0%6,780 (148) -2.2% 0

4 & 5 STAR SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2023 539 6.4%8,942 475 5.3% 1.1

2022 540 6.9%8,403 410 4.9% 1.3

2021 468 6.3%7,863 320 4.1% 1.5

2020 318 4.5%7,395 208 2.8% 1.5

2019 0 0%7,077 481 6.8% 0

YTD 0 0%7,077 170 2.4% 0

2018 902 14.6%7,077 595 8.4% 1.5

2017 923 17.6%6,175 422 6.8% 2.2

2016 168 3.3%5,252 358 6.8% 0.5

2015 1,408 38.3%5,084 974 19.2% 1.4

2014 73 2.0%3,676 93 2.5% 0.8

2013 0 0%3,603 93 2.6% 0

2012 537 17.5%3,603 545 15.1% 1.0

2011 201 7.0%3,066 162 5.3% 1.2

2010 312 12.2%2,865 304 10.6% 1.0

2009 376 17.3%2,553 374 14.6% 1.0

2008 654 42.9%2,177 573 26.3% 1.1

2007 0 0%1,523 (41) -2.7% 0

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AppendixCentral Asheville Multi-Family

3 STAR SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2023 0 0%4,109 (1) 0% 0

2022 0 0%4,109 1 0% 0

2021 0 0%4,109 4 0.1% 0

2020 0 0%4,109 (5) -0.1% 0

2019 0 0%4,109 25 0.6% 0

YTD 0 0%4,109 27 0.7% 0

2018 117 2.9%4,109 63 1.5% 1.9

2017 97 2.5%3,992 89 2.2% 1.1

2016 0 0%3,895 (70) -1.8% 0

2015 0 0%3,895 51 1.3% 0

2014 0 0%3,895 14 0.4% 0

2013 0 0%3,895 5 0.1% 0

2012 0 0%3,895 34 0.9% 0

2011 0 0%3,895 19 0.5% 0

2010 60 1.6%3,895 106 2.7% 0.6

2009 0 0%3,835 (6) -0.2% 0

2008 13 0.3%3,835 (14) -0.4% -

2007 0 0%3,822 (85) -2.2% 0

1 & 2 STAR SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2023 (13) -0.9%1,363 (12) -0.9% 1.1

2022 (13) -0.9%1,376 (12) -0.9% 1.1

2021 (12) -0.9%1,389 (12) -0.9% 1.0

2020 (13) -0.9%1,401 (15) -1.1% 0.9

2019 (9) -0.6%1,414 (11) -0.8% 0.8

YTD 0 0%1,423 (3) -0.2% 0

2018 0 0%1,423 7 0.5% 0

2017 (12) -0.8%1,423 (6) -0.4% 2.0

2016 0 0%1,435 (15) -1.0% 0

2015 0 0%1,435 (23) -1.6% 0

2014 0 0%1,435 5 0.3% 0

2013 0 0%1,435 6 0.4% 0

2012 0 0%1,435 12 0.8% 0

2011 0 0%1,435 3 0.2% 0

2010 0 0%1,435 22 1.5% 0

2009 0 0%1,435 (4) -0.3% 0

2008 0 0%1,435 (13) -0.9% 0

2007 0 0%1,435 (22) -1.5% 0

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AppendixCentral Asheville Multi-Family

OVERALL VACANCY & RENT

Market RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg

Effective Rent

(0.4)2023 9.0% 0.11,302 $1,240 $1.27 0.4% $1,223 $1.25

0.32022 8.9% 0.61,237 $1,235 $1.26 0.8% $1,218 $1.25

(0.9)2021 8.3% 0.81,111 $1,225 $1.25 0.6% $1,208 $1.24

(2.2)2020 7.5% 0.7969 $1,218 $1.25 1.4% $1,201 $1.23

02019 6.8% (5.4)852 $1,201 $1.23 3.6% $1,184 $1.21

(2.0)YTD 10.6% (1.5)1,334 $1,178 $1.21 1.6% $1,161 $1.19

1.62018 12.1% 2.01,527 $1,159 $1.19 3.6% $1,146 $1.17

(0.9)2017 10.1% 3.81,174 $1,119 $1.14 2.0% $1,104 $1.13

(3.2)2016 6.4% (1.1)672 $1,096 $1.12 2.9% $1,083 $1.11

2.42015 7.5% 3.3779 $1,065 $1.09 6.1% $1,059 $1.08

0.32014 4.2% (0.5)374 $1,004 $1.03 3.8% $1,003 $1.03

0.82013 4.6% (1.2)412 $968 $0.99 3.4% $963 $0.98

1.52012 5.8% (1.0)517 $936 $0.96 2.6% $931 $0.95

0.42011 6.8% 0570 $912 $0.93 1.1% $906 $0.93

4.32010 6.8% (1.1)553 $902 $0.92 0.8% $896 $0.92

(1.9)2009 7.8% (0.2)611 $895 $0.92 -3.5% $889 $0.91

(4.4)2008 8.0% 1.0597 $928 $0.95 -1.6% $920 $0.94

-2007 7.0% 2.2477 $943 $0.96 2.9% $937 $0.96

4 & 5 STAR VACANCY & RENT

Market RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg

Effective Rent

(0.4)2023 11.3% 01,007 $1,312 $1.29 0.3% $1,293 $1.27

0.22022 11.2% 0.9942 $1,308 $1.29 0.7% $1,289 $1.27

(1.0)2021 10.3% 1.3812 $1,299 $1.28 0.5% $1,280 $1.26

(2.4)2020 9.0% 1.2665 $1,292 $1.27 1.5% $1,274 $1.25

(0.3)2019 7.8% (8.9)553 $1,274 $1.25 3.9% $1,255 $1.23

(2.1)YTD 14.3% (2.4)1,011 $1,251 $1.23 2.0% $1,232 $1.21

3.32018 16.7% 2.51,180 $1,226 $1.21 4.1% $1,211 $1.19

(1.4)2017 14.1% 7.0873 $1,177 $1.16 0.8% $1,159 $1.14

(3.4)2016 7.1% (4.0)374 $1,168 $1.15 2.2% $1,151 $1.13

2.02015 11.1% 7.6563 $1,142 $1.12 5.6% $1,133 $1.11

1.02014 3.5% (0.6)129 $1,082 $1.06 3.7% $1,081 $1.06

(0.2)2013 4.1% (2.6)148 $1,043 $1.03 2.6% $1,036 $1.02

1.62012 6.7% (1.4)241 $1,017 $1.00 2.8% $1,010 $0.99

0.52011 8.1% 0.8249 $988 $0.97 1.3% $981 $0.96

4.22010 7.4% (0.6)211 $976 $0.96 0.7% $970 $0.95

(1.9)2009 7.9% (1.2)202 $969 $0.95 -3.5% $962 $0.95

(4.4)2008 9.1% 1.4198 $1,004 $0.99 -1.6% $996 $0.98

-2007 7.7% 2.7117 $1,020 $1.00 2.9% $1,014 $1.00

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AppendixCentral Asheville Multi-Family

3 STAR VACANCY & RENT

Market RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg

Effective Rent

(0.3)2023 5.2% 0214 $1,184 $1.26 0.7% $1,169 $1.25

0.32022 5.2% 0213 $1,176 $1.25 1.0% $1,161 $1.24

(0.7)2021 5.2% (0.1)215 $1,164 $1.24 0.7% $1,149 $1.23

(2.0)2020 5.3% 0.1219 $1,156 $1.23 1.4% $1,141 $1.22

0.72019 5.2% (1.3)215 $1,141 $1.22 3.4% $1,126 $1.20

(1.3)YTD 5.8% (0.6)240 $1,118 $1.19 1.3% $1,105 $1.18

(2.0)2018 6.5% 1.2267 $1,103 $1.18 2.7% $1,091 $1.16

0.72017 5.3% 0.1212 $1,075 $1.15 4.7% $1,066 $1.14

(1.8)2016 5.2% 1.8204 $1,027 $1.10 4.0% $1,018 $1.09

1.82015 3.5% (1.3)134 $988 $1.05 5.8% $985 $1.05

(0.8)2014 4.8% (0.4)186 $934 $1.00 3.9% $932 $0.99

2.62013 5.1% (0.2)199 $898 $0.96 4.8% $896 $0.96

1.32012 5.3% (0.9)205 $857 $0.91 2.2% $855 $0.91

0.12011 6.1% (0.5)239 $839 $0.89 0.9% $833 $0.89

4.32010 6.6% (1.3)258 $831 $0.89 0.8% $825 $0.88

(2.0)2009 7.9% 0.2304 $825 $0.88 -3.6% $818 $0.87

(4.4)2008 7.8% 0.7298 $855 $0.91 -1.6% $849 $0.90

-2007 7.1% 2.2271 $869 $0.93 2.8% $863 $0.92

1 & 2 STAR VACANCY & RENT

Market RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg

Effective Rent

(0.4)2023 6.0% 081 $988 $1.12 0.6% $975 $1.10

0.32022 6.0% 082 $982 $1.11 1.0% $969 $1.10

(0.8)2021 6.0% (0.1)83 $972 $1.10 0.7% $960 $1.08

(1.0)2020 6.1% 0.185 $965 $1.09 1.5% $953 $1.08

(0.6)2019 5.9% 0.384 $951 $1.07 2.5% $939 $1.06

(3.8)YTD 5.8% 0.283 $922 $1.06 -0.6% $911 $1.05

2.02018 5.7% (0.5)80 $928 $1.07 3.1% $922 $1.06

(2.8)2017 6.2% (0.4)88 $900 $1.04 1.1% $886 $1.02

(8.5)2016 6.6% 1.095 $890 $1.03 3.9% $884 $1.02

8.62015 5.7% 1.581 $857 $0.98 12.4% $854 $0.98

(0.7)2014 4.1% (0.4)59 $762 $0.87 3.8% $758 $0.87

2.82013 4.5% (0.4)65 $734 $0.84 4.5% $733 $0.84

1.12012 4.9% (0.8)71 $703 $0.80 1.7% $700 $0.80

(0.2)2011 5.8% (0.1)83 $691 $0.79 0.6% $687 $0.78

4.22010 5.9% (1.4)85 $687 $0.78 0.8% $683 $0.78

(1.9)2009 7.3% 0.3105 $682 $0.78 -3.4% $677 $0.77

(4.4)2008 7.0% 0.9101 $706 $0.80 -1.5% $701 $0.80

-2007 6.1% 1.588 $717 $0.82 2.8% $712 $0.81

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AppendixCentral Asheville Multi-Family

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/UnitDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate

2023 -- - -- 211- $147,313 6.6%

2022 -- - -- 212- $148,004 6.5%

2021 -- - -- 213- $148,950 6.5%

2020 -- - -- 219- $153,515 6.2%

2019 -- - -- 226- $157,940 6.0%

YTD $3.8 M6 1.4% $76,633$751,000 2288.9% $159,307 5.9%

2018 $154.8 M11 8.5% $145,721$15,475,550 2245.7% $156,587 5.9%

2017 $105.4 M5 5.3% $172,773$21,078,361 2046.7% $142,539 6.0%

2016 $164.3 M6 11.9% $130,332$27,391,417 1976.0% $137,537 6.0%

2015 $71.1 M12 10.9% $88,322$7,109,960 1766.5% $123,352 6.2%

2014 $60.9 M6 5.7% $118,175$10,143,367 1636.2% $113,988 6.4%

2013 $24.7 M6 4.2% $65,961$4,111,583 1487.3% $103,654 6.7%

2012 $123.9 M13 17.2% $80,995$10,326,833 1388.3% $96,417 6.8%

2011 $3.2 M4 0.6% $60,942$792,250 133- $93,198 6.8%

2010 $29.8 M3 4.1% $88,601$9,923,333 1226.2% $85,300 7.0%

2009 $0.3 M1 0.1% $33,750$270,000 93- $64,972 7.8%

2008 $0.9 M1 0.2% $56,250$900,000 1006.0% $69,975 7.7%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1)

Turnover Avg Price/UnitDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate

2023 -- - -- 210- $162,015 6.1%

2022 -- - -- 211- $163,052 6.1%

2021 -- - -- 213- $164,364 6.0%

2020 -- - -- 220- $169,789 5.8%

2019 -- - -- 227- $175,017 5.5%

YTD $0 M1 1.8% -- 230- $177,485 5.4%

2018 $85.3 M3 6.9% $174,082$28,433,333 2265.7% $174,624 5.4%

2017 $91.0 M2 7.8% $189,939$45,490,310 2067.2% $159,018 5.5%

2016 $119.1 M3 15.8% $143,704$39,710,167 1995.9% $154,001 5.6%

2015 $15.9 M1 3.1% $99,634$15,941,500 1795.4% $138,200 5.8%

2014 $14.8 M1 2.5% $159,140$14,800,000 1656.0% $127,218 6.0%

2013 -- - -- 151- $116,631 6.2%

2012 $67.5 M3 20.4% $91,753$22,510,000 1406.7% $107,736 6.3%

2011 -- - -- 134- $103,363 6.4%

2010 $0.2 M1 1.9% $3,091$170,000 122- $94,362 6.6%

2009 -- - -- 93- $71,837 7.3%

2008 -- - -- 100- $77,206 7.2%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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Page 19: Central Asheville - images1.loopnet.com · Property Name/Address Rating Units Stories Start Complete Developer/Owner Nov-2016 39 Greymont Ln Greymont Village 356 3 Nov-2018 The Carroll

AppendixCentral Asheville Multi-Family

3 STAR SALES

Completed Transactions (1)

Turnover Avg Price/UnitDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate

2023 -- - -- 209- $128,582 7.0%

2022 -- - -- 210- $128,836 7.0%

2021 -- - -- 210- $129,316 6.9%

2020 -- - -- 216- $132,768 6.7%

2019 -- - -- 222- $136,150 6.4%

YTD $1.1 M1 0.5% $58,651$1,114,365 222- $136,532 6.3%

2018 $65.5 M4 13.1% $121,513$16,373,875 2185.6% $134,097 6.3%

2017 $0.6 M1 0.1% $118,000$590,000 200- $122,632 6.3%

2016 $44.7 M2 11.0% $104,738$22,361,500 1916.3% $117,657 6.4%

2015 $29.2 M3 14.8% $116,012$29,235,000 1716.6% $105,135 6.6%

2014 $43.5 M1 10.1% $110,969$43,500,000 1606.2% $98,466 6.7%

2013 $16.8 M4 5.8% $74,531$4,192,375 1427.0% $87,456 7.0%

2012 $46.7 M3 16.5% $72,910$15,578,333 1347.2% $82,122 7.1%

2011 $1.7 M1 0.7% $66,731$1,735,000 132- $81,108 7.1%

2010 $29.6 M2 7.2% $105,338$14,800,000 1216.2% $74,580 7.3%

2009 -- - -- 93- $56,965 8.1%

2008 -- - -- 100- $61,460 7.9%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1)

Turnover Avg Price/UnitDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate

2023 -- - -- 219- $126,752 7.7%

2022 -- - -- 219- $126,950 7.7%

2021 -- - -- 220- $127,383 7.6%

2020 -- - -- 226- $130,789 7.4%

2019 -- - -- 232- $134,154 7.1%

YTD $2.6 M4 2.1% $88,021$660,159 2308.9% $132,782 6.9%

2018 $4.0 M4 2.7% $120,000$1,320,000 2256.1% $129,944 6.9%

2017 $13.8 M2 8.9% $109,692$6,910,592 2015.8% $116,353 7.1%

2016 $0.5 M1 0.3% $99,000$495,000 192- $111,352 7.2%

2015 $25.9 M8 27.4% $65,962$3,240,388 1746.8% $100,564 7.5%

2014 $2.6 M4 2.1% $85,340$640,050 1586.5% $91,632 7.8%

2013 $7.9 M2 10.4% $53,020$3,950,000 1467.6% $84,538 8.0%

2012 $9.7 M7 11.0% $63,118$1,609,500 1399.4% $80,228 8.1%

2011 $1.4 M3 1.8% $55,154$478,000 132- $76,498 8.2%

2010 -- - -- 121- $70,242 8.4%

2009 $0.3 M1 0.6% $33,750$270,000 92- $53,235 9.4%

2008 $0.9 M1 1.1% $56,250$900,000 1006.0% $57,847 9.2%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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Page 20: Central Asheville - images1.loopnet.com · Property Name/Address Rating Units Stories Start Complete Developer/Owner Nov-2016 39 Greymont Ln Greymont Village 356 3 Nov-2018 The Carroll

AppendixCentral Asheville Multi-Family

DELIVERIES & UNDER CONSTRUCTION

Net DeliveriesInventory

Bldgs Units BldgsBldgs Units VacancyYear

Under Construction

Units

Deliveries

Bldgs Units

2023 14,415 9.0%- - 539 - -- 526

2022 13,889 8.9%- - 540 - -- 527

2021 13,362 8.3%- - 468 - -- 455

2020 12,907 7.5%- - 318 - -- 306

2019 12,601 6.8%- - 0 - -- (8)

YTD 12,609 10.6%136 0 0 1 1480 0

2018 12,609 12.1%136 4 1,019 1 1484 1,019

2017 11,590 10.1%132 6 1,020 5 1,1675 1,008

2016 10,582 6.4%127 1 168 8 1,3321 168

2015 10,414 7.5%126 7 1,408 2 4787 1,408

2014 9,006 4.2%119 1 73 7 1,4081 73

2013 8,933 4.6%118 0 0 3 4890 0

2012 8,933 5.8%118 2 537 0 02 537

2011 8,396 6.8%116 1 201 2 5371 201

2010 8,195 6.8%115 2 372 2 4812 372

2009 7,823 7.8%113 2 376 2 3722 376

2008 7,447 8.0%111 3 667 2 3763 667

2007 6,780 7.0%108 0 0 5 1,0430 0

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