HomeMy WebLinkAbout2025-09-02 RM Exhibitse� n
NEW HANOVER q b flu
NTY
'TAX
DEPARTMENT
230 € overnment: Center Drive, Sete 190, Wilrnington, NC 28403
P: (9t0) 798w7300 I (910) 798,7310 I NHCgov.corn
Allison Sell, Tax Administrator
Exhibit
Book P.i'
-, Ad
Pursuant to NCGS 105-378 Limitation on use of remedies.
(a) Use of Remedies Barred. - No county or municipality may maintain an action or procedure to enforce
any remedy provided by law for the collection of taxes or the enforcement of any tax liens (whether the
taxes or tax liens are evidenced by the original tax receipts, tax sales certificates, or otherwise) unless the
action or procedure is instituted within 10 years from the date the taxes became due.
Therefore, on this the 2nd day of September 2025, Collector of Revenue, Allison Snell, asks the New
Hanover County Board of County Commissioner's to release the levy for tax year 2015 from the charge as
the 10 years Statute of limitations prohibits the Collector from using forced collection measures to collect
these taxes. These amounts are deemed insolvent and uncollectible.
2015
Real Estate
Personal Property
Motor Vehicles
Total
_ ................. .... _................. _ ___�____
New Hanover
_._-------.._...._......._____..____
$39,635.75
................_.____ ___._.__. _..
$515,818.61
__.._..._.__.-.............-._......._.._._..__.__...._
$221.10
$555,675.46
Fire District
$_ 2408.14
W - $23,948.11
m v $0.00
$26,356.25
Carolina Beach
$870.23
_..................._..._.__._ -
$15,497.19
--... - _ _------------ ---
$0.00
$16,367.42
Kure Beach
$6.70
$2,148.41
___.._...______. ..____ $0.00
$2,155.11
Wilmington
$14,981.41
$215,636.47
_
.......... ... -....._._...... - ................._....... -
$181.80
..........._... — - ......
$230,799.68
Wrightsville Beach
$5.86
$5,098.08
$0.00
$5,103.94
Total
$57,908.09
$778,146.87
$402.90
$836,457.86
As requested, the New Hanover County Board of County Commissioner's does hereby release the levy for
tax year 2015 as stated above from the charge as the 10 years Statute of limitations prohibits the
Collector from using forced collection measures to collect these taxes. These amounts are deemed
insolvent and uncollectible.
William E. Rivenbark, Chair
New Hanover County Board of Commissioners
New Hanover County Monthly Collection Report for July 2025
Exhibit
Book iLy-L Page JU -2ek
_Current Year 20-25-2026
Real Estate —,.--
Personal Property
Motor Vehicles
Combined
Scrolt/Bitted
$
224,255,168.21
$
7,328,169.99
$
1,424,607.30
$
233,007,945.50
Abatements
$
$
$
$
—Adjustments
$
$
$
$
Total Taxes Charged
$
224,255,168.21
$
7,328,169.99
$
1,424,607.30
$
233,007,945.50
Collections to Date
$501,773.55
$
6,142.33
$
1,424,607.30
$
1,932,523.18
*Refunds
$
$
-
$
-
$
Write-off
$
$
-
$
-
$
Outstanding Balance
$
223,753,394.66
$
7,322,027.66
$
-
$
231,075,422.32
Collection Percentage
0.22%
0.08%�
100.00%
0.83%
_YTD Interest Collected
$558.37
$
-
j
12,628.43
13,186.80
—Prior Years 2015-2024
Real Estate
Personal Property
Motor Vehicles
Combined
Scroll
$
1,373,275.69
$3,594,023.66
$
221.10
$
4,967,520.45
Abatements
(1,906.54)
Adjustments
$
$0.00
$
-
$
Total Levy
$
1,373,275.69
$
3,592,117.12
$
221.10
$
4,965,613.91
Collections to Date
$
147,410.02
$20,223.83
$
-
$
167,633.85
*Refunds
$
2,526.80
$
884.53
$
-
$
3,411.33
Write-off
$
-
$
-
$
-
$
-
Outstanding Balance
$
1,228,392.47
$
3,572,777.82
$
221.10
$
4,801,391.39
YTD Interest Collected
$
20,502.59
$2,669.61
$
-
.......
� �23,172,20
Total Prior Year Collections YTD
* Detailed information for Refunds can be found in the Tax Office
NEW HANOVER COUNTY
ILI
Chair
Date
187,394.72
NH EOM
Exhibit
Book -AMA— Page
New Hanover County Fire District Monthly Collection Report for July 2025
Current Year 2026-2026
Real Estate
Personal. Property
Motor Vehicles
Combined
ScrolUBilled
$
20,816,813.93
$
839,492.20
$
122,102.02
$
21,778,408.15
Abatements
$
$
-
$
-
$
Adjustments
$
-
$
$
Total Taxes Charged
$
20,816,813.93
$
839,492.20
$
122,102.02
$
21,778,408.15
Collections to Date
$
35,617.09
$
160.91
$
122,102.02
$
157,880.02
*Refunds
$
-
$
-
$
-
$
-
Write-off
$
-
$
-
$
$
Outstanding Balance
$
20,781,196.84
$
839,331.29
$
21,620,528.13
Collection Percentage
0.17%
0.02%---
100.00%
0.72%
YTD Interest Collected
$
-
$
- —
$
1,008..76
$
1,008.76
Prior Years 2015-2024
Real Estate
Personal Property
Motor Vehicles
Combined
Scroll
$
94,542.32
$
198,103.71
$
$
292,646.03
Abatements
$
-
$
(85.51)
$
$
(85.51)
Adjustments
$
$
-
$
$
Total Levy
$
94,542.32
$
198,018.20
$
$
292,560.52
Collections to Date
$
9,271.55
$
1,304.84
$
$
10,576.39
*Refunds
$
-
$
-
$
$
-
Write-off
$
-
$
$
-
Outstanding Balance
$
85,270.77
$
3 31:3
$
281,984.13
YTD Interest Collected
$
1,837.00
$
150.93
$
1,987.93
Total Prior Year Collections YTD 12,664.32
*Detailed information for Refunds can be found in the Tax Office
NEW HANOVER COUNTY
C 4hr
Cie o the Board
Date
FD EOM
New Hanover County Debt Service Monthty, Collection Report for July 2025
Exhibit
Vook_�i�Page
Current Year 2025-20267—
Real Estate
Personal, Property
Motor Vehicles
Combined
Scroll/Bitted
$
8,361,174.42
$
273,255.63
$
.
68,118.34
$
8,702,548.39
Abatements
$
-
$
-
$
-
$
Adjustments
$
-
$
-
$
-
$
Totat Taxes Charged
$
8,361,174.42
$
273,255.63
$
68,118.34
$
8,702,548.39
Collections to Date
$
16,777.45
$
152.67
$
68,118.34
$
85,048.46
*Refunds
$
-
$
-
$
-
$
-
Write-off
$
-
$
-
$
-
$
Outstanding Balance
$
8,344,396.97
$
273,102.96
$
-
$
8,617,499.93
Collection Percentage
0.20%
0.06%
100.00%
0.98%
YTD Interest Collected
$
36.76
$
-
$
665.12
$
701.88
Prior Years 2015-2024
Reat Estate
Personal, Property
MotorVehicles
Combined
Scroll
$103,055.32
$347,404.10
$ -
$
450,459.42
Abatements
$0.00
f o 7 < 6)
$ -
$
(105.66)
Adjustments
$0.00
n�wmm103,055.32
$0.00
$ -
$
Total Levy
$
$
347,298.44
$ -
$
450,353.76
Collections to Date
$8,669.40
$1,256.72
$ -
$
9,926.12
*Refunds
$
-
$
$ -
$
-
Write-off
$
-
$
$ -
$
-
Outstanding Batance
$
94,385.92
$
346,041.72
$ -
$
440,427.64
YTD Interest Collected
$1,730.91
$232.58
$
1,963.49
Totat Prior Year Cottections YTD $ 11,889.61
* Detailed information for Refunds can be found in the Tax Office
NEW HANOVER COUNTY
Co",
f-Y0
fg:
air r
Clerk, the Boar
d
9 i,,LzLAoA!5,
Date
11169101Z
-PageBook -
NEW HANOVER COUNTY TY BOARD OF COMMISSIONERS
RESOLUTION APPROVING THE
PURCHASE OF SIX HARLEY DAVIDSON MO'°Bf L TRADE-INS
WHEREAS, Drew Hannover County Sheriffs, Office issued a solicitation to punrcl'nase six () new 2625 Harley
Davidson motorcycles; and
WHEREAS,
the Sheriffs
Office
currently owns six (6) 2022 I larley
Davidson
motorcycles which they would (like
to
trade in as part of the
purchase
of the new motorcycles; and
Vehicle #
Year
bake
D lleage
VIN
°ASS
2022
iiarley Dav&orn
10,461
1HD:1Fl1 IP1.9NB 15226
156
2622
Marley Davidson
10,283
1HD:16W)13NB61s290
457
2022
Harley Davidson
4,692
458
2022
Harley Davidson
6,956
HD1.FMKON66114
459
2622
Harley Davidson
7,221.
11D:1 RM11:1 61061.5 46
66
222
Harley DavidsonB,B¢G3
1HD ID'°'D�P16NB6�535
WHEREAS,
NCGS 143-129.7
allowed 'the county to include in
the specifications
for the purchase of the
motorcycles
an opportunity
for
bidders to purchase as "trade-in"
the six used
2022 Farley Davudsouns, avid
WHEREAS, New Diver Harley Davidson, the only bidder, submitted a cot of $132,917 for the purchase,
iunstallatpolrn of equipment, and document fees for the motorcycles less $49,944 for tirade fire value for a net cost
of 82,97 i and
WHEREAS, funds to cover the net cost of $82,973 are available in FY 2026 budget.
NOW, "'p"' EREFOR, BE IT RESOLVED bythe New Hannover County Board of Commissioners that 'the award
of contract to New River Harley Davldson for the purchase of six (6) view 2025 11arley Davidson motorcycles and
,the sale of six () 2022 Dlarley Davidson motorcycles is approved„ Approval its given for the net cost of $82,973
for the purchase avid installation of equipment, avid docuu'mnernt fees. County staff are directed to process any
required documernts to corrnplete the trarn.sactllonn.
ADOPTED this 2nd day of September, 2625.
NEW H NOVIER.. COUN
I William E. lRiverntnark, Chair,
� x
(vM Tu
erleigh G. Cr ell, Clerk to the�Board��
Exhibit
BooCl�iv L.PageadV —
FRO171,011 A MIMI 0
Agenda #10: Special Use Permits
Gary K. Shipman
Shipman Wright � Moore, LLP
575 Military Cutoff Rd, Suite 106
Wilmington, NC 28405
(91.0) 762-1.990
1. PowerPoint Presentation
2. Affidavit/Report of G. Brad White, MAI
3. Affidavit of Robert P. ("Rob") Balland, P.E., LEER AP
4. Affidavit/Report of Patrick Bowen
5. Affidavit of John Davenport, Jr.
6. Affidavit of Allison Engrebretson
7. Affidavit of Tim Milam
8. Affidavit of Roy E. Carroll, 11
9. New Hanover County Schools Overview of School Facility Utilization Study
Findings; Cropper/January 2024
10. Rebuttal PowerPoint Presentation
ONA,
I
i
1:
CL
a)0
cc.
It .:m
co
4-J
V)
E
0
L-
I
a;
4—J
4-J
c
:3
0
u
-r
z
E
0
Sa
auk
0
•
•
i
i
•
•
•
•
•
•
i
•
•
•
"�
•
•
•
.
on
•
•
'
i.
i
i
• i
•
•
2
V)
••
i
c
i=
•
•n
i
'
•
•
•
•
i
i
•
.
•
i
on
i
CL
•
•
i
0
i
0
xwm"
00 UM 19.'� FS C"
E !fix
513 oil No 5 E R
Ev
V
s,rz0rug gL Og
0
z 1 a
6 Pit
01 0.
1>1
2 to 0
I
'o I El
8
E Cl ;M 2 'a
a E c t
6 u 8.
,all E m by I i a ot E
is
0 a I E 1 2 1 0
Mo 1 1 wE w E U
Q
Q C
E
c fitc Z, as j a at
a
, m "E E 0 AU
1
U. j v uo ro ou o- a,
UGg c E
52 2
0 0 - , M
w OC E c w Mu it
oil
I , Q
E u ov o 0 o-, 0,1 Oo 0. 0,, L
go
S'.
0
ryoo
err
A
I
OEM
aq Fj
MrAl
WFAI
I A
... . .......
I
I
14
UJI
Wl� V, i"
444 1
f7l
ttn
.. .... .. . . Z,
i Oil,
3"A
9
EAN
T
gn
iK
10
i
.. ........ .
ICL'fir
OWN
Of�
FA-zm
AM
LIE
I
C
C,
0
Z
0
I=
V
X
A.
W.
U.1
0
c 0
0, 14.
W3
a r4-J
0,
110, AP"W"ARM MWIMMOIN"M
cc
... .. ...... ..... (,,
up..
All
JI,
WRON/l/M #00r/WYAN el"N' KRUIP"Wfa,
ww��
6H
I
9®
4-
U.j
I
�
9
I
M,
U
0
I
I
4—
x
LU
L-
(A
ai
0
0
U
CU
cu
-a
CO
c
M
CL
a
b jD
L-
CU
(A
0
>
=
LLJ
4-J
o
V)
r_
N
tto
0
j-Z
cu
o
>
-
4
06
0
iv
0
0
to
0
4-1
CO
-C
>
Ln
M
r
m
M:
L-
Cc-
x
5.
F—
(A
4-j
E
4-J
M
0
4 --J
4-J
w
o
m
0
4-J
<
tU
0
0
c,6
E
V)
Ln
E
tU 4-J
-0
0
r-
c
0
U
4-J
0
bD
to
0
C:
m
>
Lu
EL
X
>
z
>�
--
V)
F—
3;
1
1
b WE
sAo
I
AoM aulssojD Sjoijod
� o 0
M40 E2
° m m
VET o o
• � t° � a s
o _ m
A o o
it C "
OI O � a "� � •G'I i gTg N .O � C T � �m
• V 9 .mc s. °i Z a� '� n o �i .Y N m .$' a�i � O O Z rn
2 z
9vmi m _R
� '' o f c 'bc w
= E m,`• i; `o K` m «tea h`.." am 3a
\ � � C c 9 m 'O C � O C� C G9 •d' � � V O� '? � d Sn � u
��w ay
o Im o o 1 c� coo �ia
z i°.� xz z EaHP° H v'�z A m
�mmi% \I ♦ �i�' • • 2-1• ♦ ♦ •_ m .Y 3 E d�� '� m ti Vt
<_ m c E O m V m 0 3 rn w
n in a ac
p
\� O
N f
w
o r o O. O E m m � A C
Q E G+� O h C _ O milli
y-i
qt!
O .� 'M � Z m p
Q to U ` 71 it O N C m 'v Q q VI d O
z 'g a
5 C �I 0 SgC� Ee m
�d�
A E o e s.E 6
x Ag.on _ E m ,ac. mac £
m o m m m« P
�1 �z Rgga a x c99c'& E
q� y c
1 CL. 9S y F`
^per' W $
'o
aolmAla,
Vffi QF ?
, ;;N
I
I
Elm
e
I
I
iro
a-q
9
LM
P,�
C�g
•
1r
N
t/!
CU
ZA
4-J
=
to
V)
cl:
ca
w
4-J x
E
uj
10
0
OR9114
I
0
CO
1
•
•
1
s
•
1
s
•
1
•
1
•D
1
•
i
!
•
•
1
•
•
!
•
1
• i
1
•
LZ
i
•
•
1
•
!
1
!
•
!
•
•
•
1
1
s
1LL.
1
•
1
1
1
•
s
•
1
•
•
•
•
•
1
•
1
1
1
i
1
•
1
•
•
1
!
•
•
•
!
•
!
i
'a)
•
1
•
i
!
•
!
•
•
i
•
•
•
•
•
•
/
CL
u
V)•
• i
0
4-J
MD
•
0
4-J
CL
•
0
•
c
0
•
0
4-J
4-J
0
4-J
0
4-J
E
=3
•
u
0
Ln
in
0
Ln
>
Z
o
4-J
0
(3)
Ln
4-J
CL
0
4.5
4-J
(Ij
OJ
Ln
:L-
0
-0
0
E
CC
-•
4-1
C
U
fu
0
o
o
4-J
%e
a)
4-j
•
cu
c:
CL
Q)
ai
m
4-J
0
0
Ln
Ln
.0
4-J
M
=
E•0
CL
"
4-J
E
4-,
Q)
4
E
Q)
C:
E
•fu
Z
u
m•
0
fa
ai
L-
0
Q)
L-
c
"
0
•c
0
>
0
0
CL
C• L
4-j
L-
CL
u
L-
w
m
-0
CL
E
0
c•
0
(U
cu
C
ru
0
=
cu
-
c
.
=
u
W
bD
C
0
CL
E
cL
aj
4-
4-
L-
m
-
E
•
CL
4-
E
-•u
o
"
w
M
=
M
c
V)
0
tw
=
0
W
M
cL
C
W
E
z
C
4-
Ln
4..j•
C•Ln
Ln
M
o
-
0
0
I-j
0
sr-
to
=3
0
0
E
IZ
.=
0
.-
W
>
•m
0
u
C:
0
-0
0
CL
ai
I-
•
m
cr
x
E
(A
(A
4-J
4-J
•
c
-C
•Ili
>
(OIJD
m
(1)
•
ai
ai
(1)
-C
L-
m
4-1•L
C
cr
•(n
CL
L-
4-1•
ou•
0
u
•
z
0
w
CL=
0
•C.-
-0
• Co c c•
(3) Ln . o 0 4-
L- r > u cL -Lon %04'-
CL 00 -0-0 = =
X 0 * (0) c c: W -0 ) m m C•L
U V) (1) (A
0 a)•
•0 (1) U 4-J 0
•
u
U
CL75 M
L- c 0 o E
U a) C:•
0 CL 1 cu
Ua u E E
. u
(30
) > Z•— c: CL-
4-J X
-C 4- a) E
+-j 0 0) 0
I-n•
0 u
• =3 E
o O.LA =4-J
•
a) C:
V) 0
C:
0 CL 0 UIZ 4-J
m Ln
-C (1) 0)•
4- 4-J•>�CL
O
4-; 0 c =3 C :3•
• o
m cr < Lf) to
P— (1) (3) 3 ()
x L-•0)
4-;
-a-= M4-J
CL c u 0
M (1) C: 4-J
4- C- 4- M bO
ca o Fo (1) C: c:
0 U—
W C -0 E
L-
0
C 4-Ji •
&Z
E C• L c: 0-0-
0 >• (v0•
M E u mLn
U
•
•
1
i
i
/
•
•
i
•
•/
•
i
•
4-1
•
•
i
•
i
•
•
1
•
i
i
•
•
/
/
i
1
•
•
•
i
•
i
LU
•
•
•
•
i
i
•
•
•
y
i
•
i
i
•
i
•
•
•
•
•
•
/
•
•
•
i4-0
•
i
•
i
M
i
•
7
1
1
•
/
s
•
i
(1)
u
0
04-J
Ln L-
z 0 0 LA
<
4-J
S- CL c
6 cu
CL
< u
0
L- m CL
CL 4-J CL
rill, z
bD m
0 +a
u 4-J
u
4-J
m :3 >
c m u 0
m 0 -40mJ 4=
U o Q0L(-n-
J
=3.o
u acm u nE—A
w0
0 W
4-J
0
< < L-
0
to E 4-J
0.-
2 + w
co o +-, W -0 0 C: -�e C: w
o M E
V) o U > L- —
0 U.
L- (1) 4-J 4-1 4-J
to to
U S -C (1) Cc: > c
=3 00 0 0)
V) (A
Z :3 4(A.-
Lu 0 =3 4-J 'ago j C C
cu E
L-22
U 0 v) > 0 4x
C 0 U Lu =3 04-
C 4-1 (1) L-
C) Lu Cr4-J 0
u o
0 z
LE-
r
LLJ yo,
0 •C 4 -C tAtLi M
C)
r) bD 0 LZ M to
ro cu %. m E 4-1 C :M M a) -0
L- 4-J Ot L- 4-J L-
L-
V) a) L- tA m
0 C:
< >
U-J 0 4-J u
Ln
+, 0 0 .qj�F 4
a) 0 CU C 2
0 M LZ
V 4-J C C -0 0 0 L- L- L- 4-
m r c 4-J4-
L <
< (n
E —a) C: cm Q) Q) m Zt
+-j 4-1 4-1 (1) c E u LA Zn u —
u Lu m m u u u > ::3. .aPo � C: 0.-0
(1) (3j .(l) M r-4 tA u
r) 0 % -0 % c 0. xO.C: a)
0 T tA 4'j
u
4-0 4-j n4
u 0 0
4-1 .6 c
0 E 2, 0
U- Ul
LA to CL
cu c w 0
< =1 0
0 bD 0 -C L-
< cu — L- o
4-J m
4-J
i-u 7'
0 4-0 = t c
Q0 0 0 0 u (L)
U -z'
-a 4L- 0 :3 -�d 0 4-J
4-
0 4- u
CL 3: m — c
a- 4-J E c m co
a) t-
C: w < 0 M CU
4-J
CL -C 0 M M a)
CL
4-J W >� 4-J 0 (1) 4-J
M ul +-o L- -C (p
< -C 0 0- _Ile m
4-J Ln M CU V) -C 4-J
0-0 0 m t C'4 m
4-IC-4
toLU Ln CL W -0 C: 0 ±� 0 .0 4-
—
cv a) 0 r.4 =3 M
0 U Cr M E CL
>0 c
Lu E CU
CL to a)
C.
< %UL- = L- I-
0 mCL .o 0
4-= M
C) 0 1
3:4- CL 4-1u
aj 0 cu m E OJ m
0 UJcn= o - 4-
z 5. +- +, L- to o w
C 4- 1.s E
0 0 c: 0 -01- (n
0 -
CL c cu
V) Lu -C 0 U m
0 CL M a) (1) 4-J
Ln c r-L 4-J M
co :3 4-J M C
U-i '--
Q > CL u a 4cu cu
4- M
W (U M CLU -0 0 4-1 >
4-J &- 4-J 00
C:•
E— Ci 0 w m c
0
< ;7 4- (1) L- :3 V) " 0 w
(U C13 E -0 -0 -D.tn 0 x
CU
CL Q- IV w w 3: c u W U 4-J M ."tea M c u E -Z-' (U
*' 'a' 0 cu D O'W
0 L
0 4-J j_ 0 0 0 0 e 0 0 *
U M 0
CL
0
4-J
0
ai
L-
41
4-J
ai
0
LL-
m
:3
txo
4-J
m
<
tko
U
M
a-
0
CL
.
in- C:
CL
L-
76
or_
CL
CU
>
cu
0
CL4-j
cL
E
<
m
— m
m t
m
2
on a)
Izi-
cu E
4-J
0
a)
4-J
:3
0
m
a)
0
u
z
P
0
MD
V)
<
<
a)
a)
Ln
c =
W
m
X
a)
aj
CL
0
0
M
c >-.LU
cu
CU
2
r-
L U
0
U
-3 E
OD U
fu
m
u
-0 M
4-
4A
LU
Q
0
M.,
C:
L-
a)
E=
c
0
0
tA
M.F
(A
E
<
M
0
m
tto
CL
M-1
L- 4.j
U -C
M
to >
4 0
M
(A
o
M
0
4-J
m
L_
U
4-J 4-J (A
0 c
>.
=
UJ
4-
C
—
.(u 0
---w
<
L-
L-
U
ui
4-5
a)
m
O-J
CA
< E
E cu
4
O'u
0
co
u U-0
Z m
u
0
r)
cn
z
0
U-i
u
(A
0
aA
v
c
0
cu
U.j
CA
4-J
4-J
u
CU
0.
W
C:
tXO
t
0
:3 -0
E.c
Ln
Go
Ln
E
•
u
--a
Ln -0
cu
GJ
x
m
lu
E
00
w
cr
r-L
U cr
(U
(IJ
=
4-J
c
c
0
o
M
m
cn
E
Ln (Guj
IF
_C
CL
0
4- u
X
L-
i.,
V)
w
E
o
4-J
>
E
LM
W
CA
to
V)
L.0
Ln
to c
C
V)
>-
.4-J
4-J
0
a. CD
co
C•
c
0 vv
E
Z;
0cL
>. CL
M
C
:3
0
m
:3 M
M
E
0 o
L-
0
4-
Ln W-0
U :3 W
4-J M
.(A > to
0
4-
U
M
"
m
0
u
4-J
cr
0
CU
m
c M M
C:
*C:
cu c
CU
U
M
4-J M
M4-
*C
E ��—
m
0
0
E
a) C+,
> 0
0
V)
L C=
CL 4-J
0
O
-0 C
cu
Q.
4-J
u
c(1) 0
4-J (A --
u O:t 0
u
c:L-0 E
.(u%
0
-(')%
0 C:
0
uj
CL
L- L- 0 M
11. 0- U-C
0
ryo
A
'
22
`
00
In
vI
oil
Jip
t"T
o
W
Cl
.
0
w
wi
01
C
CL
»
'w.
u
*,�
o
xi
ry
o
1
no-
2
°13
0
cx
go
:2S
o
m
�CL�
am"
C
^
em
m
"
v
V)
r-) z
0
<
LU
U
tot
4) 0
0
0 Ot 0,
in 4-
E 0 4A Lld
wl. < 0
W4 16 (>
I
LU Ln 4) (N A:
? .0
u -0
T
tot CL
o.
Z Z 'i
0
< <
cz
Ln ILL 168
Op V .2
E
00 0 21,
LIJ
CL
4; V
0
tl
W.
All
0 u C4 0 0
V V 11A,
U E
U-i (_L
Ul U
V)
Uj L/)
CL
U Tj-
0 C.) xs
0
5
> OL
Q
y
Cl,
X CL 0 (0
A 0 M
'M
> 11, 43
o
LU 'All
4)
6u
-0
0 73 ry
E u
< Ja
LIJ
ut
0 0
U uj f 4A
a
c
—j CL ri
ID V
r) M
4- A 4) E 5
mow,ij v� ej
< 0
4-J U b E
V)
WN
BE
I
I
Im
N
H
140-
0. r
83
0.
0
VO
E
0
C"!
E
>duxCL
0
C4
0
,:
r
CL,
t
40
-0
ra, S
E
'0wxCL
X
0
CL
-Trs
Ec
.?�
Fr:
N
0
E
E
0
V
5
Tr,
41
L
Jm
OR,
,.0
5
'2�J,
0J4.i
)
l0olt
C4)
x
0
..fj,
CL
0)
8'.
0
< co th
I
I
N
0
110
.0
rj
&
cr
05
Y.
E
0
A
10
qj)
IV
'73
01
CA
0
0
0
X
>
n
C
I
DL
cr
fz
<
p
0
0
t-
7J
o
0
a
?b
o
ti
u
21
0
0
LD
M
t
ol
0
E
0
i:
,La .2
141
0
E
0 -0
n
-0 0,
0
C
0
c
0
0
rL
Wl
OA
o
o
o
0
0
o
t;
.01
>
4)
wa
4)
4)
X.
?2
2,
0
Or-O
O
LL-
Q
z
a
O
—'
U
Q
DC
C�
Q
LU
0� o
Q0
U
,t2 0
c° a 0 °.
jE
W
co
110 4'
4) oo C
U
4)_
4 1`
+>
cL
0
O
c� c o 0
Q
W
�
C t�± vi
W
(�"�
(�. J�
„�
o E `0 d3
v
us o_
'Ci
`► t3
t_!
{`J
0.0
7-
a
w
cn
X
v
� 6 , 4t
E
�
U
-
V,
-o
0-
z
:�
I- m a
~
W
Q
" Z J!
tn
�'
C.
O A o -C '
1
1—
O
CL
a)
0 CDU�0
�
w
Q
_
&n 0'
O
�' 0
U
4-J
CL
fj � q C
'm
WIN
0/0
,11,
IRWIN
IS
NO
1/01,
gog
ffiff
P IN/ oll'
ism
+j
v
v
M
E
�
O
o
0
�
a
v
0
L
v
E
to
Ln
c�
v
v
M
E
>
�
v
M
-C
v
v
u
0
L
"O
M
o
o
O
5
sz
>
s
h
0
?,
+J
0
0
U
N
0
y-
E
C'
o
,c
-
a�
blo
Ln
Ln
c
v
.c
N
o
s
,E
O_
m
M c
U
th
C
v
tts
O
;+J
tZ
o
® O
a-+
`''
M
c
M
co
v
..
cn
v
~5
OL
w
a) C
cv
—
rq
w
Z3
�
M
chi
+�+
0
�
O
�,�
cn
v
0
Q)
a)
tn
v
Ln a
(A�
't,
4-
v
N
0
M
0
v
C
L-
-
tn
c)
=
-�
u �-
U
O
M
in
o
O
+�
O
CL
L- C
L- C
U
41
("UMa
I
z
0
,J ,o
v
E
to
C=
�
L
v v
++ v
� v
N
O
.tom°
°°
sZ o
(n
.i
cn cn
O
•
U
V C:ao.
W)
v
0
M
v
0
0
v
u
v
a)
M
c
0
M
U
W
4-
0
-6
m
0
U
•
Lf)
u
0
sr
tllu
.2
+j
z
LU
0
0
4-J
4-J
D
CL
Qj
-a
4-J
m
0
0
•rj
Z
u
o
m
Q
-C
>)
0
_0
4-J
tn
0
C
(U
>
(U
E
m
a)
0
0
0
m
W
u
tn
U
Ln
0
0
0v
cu
0
•o
.0 0
C)-
4-J
Ln
w
4-J
4-J >
11 0
m
=3
4-
QJ -0
4-J
C)
0
C)
0
u
(3)
r.1
(=)
r-j
0
4-J
Ln
4-J
X
CL
C
(1)
M
-C
CL
C:
=
4-J
0
m
tA
>
0
wow
1V
V)
u
LL
I
ca
m
tto
0
L-
u
L-
ai
0
QJ
4-J
4-J
u
L-
+J
Vf
4-J
4-J
0
0
cu
E
tn
fB
A
6
C*4
0
C%j
c
4-J
0
C:
m
4-J
Ln
to
Q)
Ln
4-0
c
Q)
0
QJ
m
El
0
I I it
°ww
r
�mm
mm
...
o
a
b
X.
:
J
'
a
CL
Po,
W
fo
'µ 1.
o ^°
71
fl «
sav
r
w
hw
'M
tl nmwfw@f'w
Mim&'
0
�hW,
Ao,
wd
r
Ua' M
��wwM,mrowmompfl��.
p�m°"
CL
m. :rn
0.
d'
IS m14
"
a
tm
4
'+'rvPo�
M"
pg
m
µ
p
"Wp�pM�"mmq��r
gW'l
g@M��'m
6,
0
fld'1,I!)
E.
r
�p�.iggy�
�V ��"
x
0. m
N.
0
>
�6, dam.
,
•.
�"
0
Yk
a ',
„
,
`
�.
a
,
e
CC
apt
Cl
0)
C
"
0 mm
G
:.
fit„.
a
,.
n
wu
Ci
r R
At 0,'P
0
a
a�
C.
d
w U0 .Ca
Iv
r�
C?
V=
1 11
N
w
o,
rill
zz�
tz
r�
2
IP
.
. .......
h. M..
.... . . .
0
elp
25;
^a "Z
1,;
CL..............
4, c .
.. .. ..
( 9
ZZ,
ej,�
2;
,,
't"'
-, s
,
. . .
.......
(3)
A
OvI.,
0 ID
CL
11,
4
"d
A
. .
....
.. ..
Z
4�
(31
(31
Z
—C
a:
4- 4-�
,,I �z
45
4p
4
W
0
LL
z
L/)
Z
_C
LqTw—
<
0
ULJ
-Z
0
0
COwru
LIJ
T3
�e
L/I
Ln
:D
-_J
C
k
Q.
L IJL
CO
I, s
CO:
LIJ
LLJ
u
0
D
U.
:2
Z
0
C)
iLlu
.2
L/I
LUM
1
",5
LULJ
H 7
5
ul
R.
4-J
g
L)
aj
V
UJ
2
1 1 q
w a
E
Qj
'a
C
5,dY
Aga.
=71�1
. . .. . ..
.
t2-
5
E
p
Ei
9 3XI
o E
5.n
-�
R
t
2� 7
AV
iv
8 0
. . .
. ... . . .
7
E
12
v
2,
... . . . .....
7�
�F
0
p.
'I,"
o tj
0
LL-
LD
S;
W
<1
U-i
Z
0
va
CO
76
L2
cli
tot)
LU
sac
JR
t uko
FE,
L)
D
<
oz
CL
0,
LO
2
U.
if
0
a)
ke
2;
LA
CO:
LLJ
ai
1!
D
LK
0
LA
0
Qj
1 1 i 'k
j
tj
ai
To
Q-
CE
3"
Ir
L/I
LLIU
vo
D
g A
<
0 r
C"b. I..",
A
L IJLJ
E3
aj
c:
LIJ
::3
Cl,
L1.1
ro
A -u
LU
,2
15
0
"E
0
o
E
u
Co
ro
LU
ZMM
2,
13�
41)
Ill
I
'D
ap Al,
I
,, >
Qj i
(1 )
4�
Cd
X,
CL
id 4,
z�
4, w
OP
... . . ... ...
LIP
CL..
........
fi
. . ... . ... . . �=
Qj
7
44�
Z-5
Z
�ZZ,
X.
4-J
u
0
I
I
Ll
0
rn
'�71
0
tj
'P
V
Cc,
—Ell
0
0, 0 0
wF
41
11- zu z
z" , 5
VF
cn
ex
ko
�r
Z
t"I
cl
it
> t —54 15
Z Z
25
-
ej� 0 11
-C
k!
4)
0 4A
c'5
o
-2
in
q,
AT,
All,
5 S
CL
12
a
4-J
oo
-g,
v G
�l
Z
co
J-
0L
a
I
I
gt
>
0 X
71
u.
Nei
Z
2"
0 V
T
zo
c
S
A
2 7
18
lo�
L.
-E
0
%-
0
"g
I"s
ZI >
rL
ryll
C)
z
V)
z
0
4-J
<
CU
<
0
u
<
0
u
Ln
W
0
DL
E
E
>•
0
0
<
U
CL
CU
-a.—
C:
c
0
U-)
<
Ul)
u
co
CU
-0
V)
<
-0
(U
U.j
0
0
=
b.0
4-J
Q)
C:
.—
::D
LL
U
0'
2_-o
C)
0
7'
L-
0-
E
0
L.Lj
<
(v
4-J
CL
•
cy--
U
D
U
M
•
•V)
LM-
- 0
4-J
m
c
m
C:
<
=
m
U
>
u
-0
-0
-2
•
LU
C:
a)
4-J
W
CU
Z
m
:t
-0
>
c
E
0
u
LU
0
_a
n
uj
4--J
co
n
0
u
L-
<
7�;
0
-C
CL
0
u
E
u
-a
-r-
3:
0
u
4-J
0
.4-J
-C
T
(x�
. ... . . . . . ..
4-J
Z
qua(3)
5�
0
32
4-J
o
n
.. . . . ....
10
3 J'2, . . . ....... .
..............
4-J
p
0
E T
4-JP
(3)
g
zi
i"j
. .... .
Ln
o >
ca
4-J
0
4-J
0
4-J
CU
tto
aj
=
aj
4-J
0
4-J
r
4-J
c
>.
Lr)
(1)
0
E
E
0
>
-C
CIL
Q J
C
Oc
D
u
V)
Z
CU
L
<
CU
Li-
CL)
U
o
0
C:
<
4-J
V)
m
..............
m
c
L)
o
4-J
V)
Q
E
0
-C
u
(u -6
cm
0 >;
CU
-0
CU
0
4-J CU
E
-0
0
E
CU
CL 4-J
(U cu
CL
.0 -C 4-1
E
cu
0
C: w c
CU
cu zr 4-J
cu
c E
w4-i
c: +-, a,
(U
0 w w
Y w
(U
In tg
4-J
0
Q)
-C
4-J
Ln
41 (u C:)
0 Cs
00
C)
75
-
'L (u Cr3:
u
v) >- .
W C:
M
CL V)
C o =
-a
o E v)
0-0
u
O=z
>W
C:
0 C: C
c 0.
0 C:
cu
0 U Ln
-0
V) c E
0
w
CL
U 4- U
C: L-
qj 0. E
4-
IS 3: o
-C 0
m
U
0 Z
:3 m E
m CL
to M
c E
4-J E
C) 4-1 0
4-j 0 coy
4-
0
w C:
C a)
•c to ca
0 W-0 c
0 4-1
E E
>-CL L-
w m
m c
cu
mE
0
4-J u
c L-
M M
a) -J 4
In C: >a) 0
0
M 0-0
4-J
:L
.0-000 - a)
4-j u
4-1 U
o E
a)
m CL CrI.
Ln fo
M a) a)
m
4-j
m a) u
m = C:
4-J
cu c
0 W-0
0 C M > 0
Qj4-J =3
=3 Ln
0
C:)
t3 D_ 4-J
E =
co:t o
.0 3: u
I
ppmw�
A
STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
Exhi t ,
Book Page iL.IL
In Re: Bayshore Townhomes SUP
AFFIDAVIT OF G. BRAD WHITE, MAI
G. BRAD WHITE, being first duly sworn, deposes and says:
I am a North Carolina State Certified Real Estate Appraiser and have received
my MAI Designation from the Appraisal Institute. I am the current Chairman of the
New Hanover County Board of Equalization and Review (2025 term), as well as having
served as a former President of the Coastal Carolina Branch of the North Carolina
Chapter of the Appraisal Institute. A complete summary of my qualifications is
contained within my Report that I have prepared in this matter.
At the request of Gary K. Shipman, counsel for the applicant herein, I was asked,
in connection with the Special Use Permit Applications for the proposed Bayshore
Townhomes project to render an opinion regarding the impact on market value to
adjoining properties, if any, that may be associated with the proposed project. I have
significant experience in rendering such opinions in the past in connection with proposed
re -zonings or proposed special use permits as detailed within my summary of appraisal
qualifications within my report. A copy of my Report, containing my conclusions and the
reasons for them, is attached to this Affidavit as Exhibit A.
As set forth in my Report, it is my opinion, to a reasonable degree of certainty,
that the proposed use will not substantially injure the value of adjoining properties. I
have identified (and listed in my Report) each of these contiguous properties by address.
I have familiarized myself with the proposed improvements, including the Proposed Site
Plan, on the basis of the materials submitted by the applicant in support of the issuance
2
of the special use permits, and my Report contains a thorough description of these
proposed improvements.
In reaching my opinions, I have considered actual Case Studies about the values
of Neighboring Subdivisions Lying Contiguous to a Townhome or Multi-
Family/Apartment Project. In summary, there is no evidence to suggest that single-
family residential properties immediately abutting projects, like the proposed project,
suffer any diminution in value as a result of their location, when compared to similar
properties, given especially the steps proposed by the applicant here to mitigate impacts
to neighboring properties, including considerations for drainage and flood control,
vegetative buffers, and traffic patterns, as the proposed project will install new traffic
infrastructure devices to aid the flow of traffic on Market Street.
There is likewise no evidence to suggest that being located adjacent to a
development like the proposed project results in any future effects on market value, as
the actual market data shows appreciation rates for single-family properties abutting
multi -family developments when compared to those that do not.
011 a IN Q1111tv V *0 1 D1 OWN V 0* 1 Do 13 DI 01 kill D11,2NN V6*XVd DVV*M 11MOV
Respectfully submitted this the 2-Sdav of "'s 2025.
G. BRAD WHITE
Sworn to and subscribed before me
J
This the 2 - __g%y of AlAgLAA4 2025
(NOTARY PUBLIC) = �407AR)_
PtJ800 0 z
My commission expires:
fi
OVER 0
0/111110
An Analysis of any Potential Impacts
To Surrounding Properties
Resulting from the Development of
The Proposed Bayshore Townhomes
To be Located at 8138 Market Street
Wilmington, North Carolina 28411
Prepared For:
Mr. Gary K. Shipman
Shipman &Wright, LLP
675 Military Cutoff Rd, Suite 106
Wilmington, NC 28406
Prepared By:
G. Brad White, MAI
G. Brad White and Associates, LLC
8718 Ramsbury Way
Wilmington, NC 28411
Professional Appraisal and Consulting Services
RE: Impact Analysis of the Proposed Bayshore Townhomes
8138 Market Street
Wilmington, NC 28411
1"0
in Wilmington, New Hanover County, NC. This is the purpose of this assignment.
8718 Ramsbury Way
Wilmington, NC 28411
Phone (910) 612.2478
int assit-# Firnw, n is FITT ati agop a Fs not Fortaor an opinion OTTaille Tor an t
property. The intended use of this impact study is to assist the client in their application for a Special Use
Permit to allow the above -referenced development. The intended user of this consulting assignment is the
client, Mr. Gary K. Shipman, his client (developer), as well as the New Hanover County Planning
Department and Board of Commissioners.
The subject site was inspected on December 11, 2024. As part of this assignment, the proposed site plan
was reviewed and incorporated within this report for reference.
The attached report addresses the subject site, the surrounding properties (and any effects to such
properties resulting from the development of the proposed Bayshore Townhomes. It provides essential
data and a summary of the reasoning employed in reaching my conclusions.
Based on my analysis, it is my opinion that the proposed project will NOT substantially ln[ULq the
value of adjoining or abutting prope!1y.
Sincerely yours,
'0
G. Brad White, MAI
NC Certified General Appraiser
bwhite@gbwvaluations.com
File No.: 24-090
I f-11:1 4 491*01zi 1114 z 11W
SECTION 1: INTRODUCTION ......................................... ........................... ..... _
Section 1.1 Purpose and Intended Use of the Consulting Assignment ....................
SECTION 1.2 DATE OF INSPECTION ............ ................. .....................................
SECTION 1.3 DATE OF THE REPORT ................................... ................................
SECTION 1.4 SCOPE OF THE CONSULTING ASSIGNMENT ..........................................
SECTION 2: IDENTIFICATION OF THE SUBJECT SITE ........................................ 3
EXHIBIT 2.1 AERIAL PHOTOGRAPH OF THE SUBJECT PARCEL ...................................... 3
SECTION 3: THE IMMEDIATE NEIGHBORHOOD ..................... .................. ...... 4
EXHIBIT 3.1 NEIGHBORHOOD MAP ......................... ........................................... . 4
SECTION 4: CONTIGUOUS PROPERTY USES .................................................... 6
EXHIBIT 4.1 CONTIGUOUS PROPERTY USES. ....... ................ ................................ 7
EXHIBIT 4.2 CONTIGUOUS PROPERTY USES (CONTINUED) ......................................... 8
SECTION 5: ZONING
EXHIBIT 5.1 NEW HANOVER COUNTY ZONING MAP ............................................
SECTION 6: EXISTING CONDITIONS AS OF DECEMBER 11, 2024 ............................
SECTION 7: DESCRIPTION OF THE PROPOSED IMPROVEMENTS ........................
EXHIBIT 7.1 PROPOSED SITE PLAN ............ ................................. ................ _..
SECTION 8: CASE STUDIES ...............................................................................
Section 8.1 Springwater Reserve Townhomes ....................................................
Exhibit 8.1 (a) Photos .................................................................................
Exhibit 8.1 (b) MLS Search Data Map ............................................................
Table 8.1 (c) Contiguous Sales .....................................................................
Table 8.1 (d) Extrapolated Market Conditions Based on Prior Sales (Contiguous) ...
Table 8.1 (e) Non -Contiguous Sales ..............................................................
Table 8.1 (f) Extrapolated Market Conditions Based on Prior Sales (Non -Contiguous)
Summary and Conclusions for Springwater Reserve Townhomes .........................
Section 8.2 Ibis Landing Townhomes .............................................. ...... _
Exhibit 8.2 (a) Photos ..... ...........................................................................
Exhibit 8.2 (b) MLS Search Data Map ..................... .................... ................
Table 8.2 (c) Contiguous Sales ..................................... ...............................
Table 8.2 (d) Extrapolated Market Conditions Based on Prior Sales (Contiguous) ...
Table 8.2 (e) Non -Contiguous Sales .... ........... ......................................... _..
Table 8.2 (0 Extrapolated Market Conditions Based on Prior Sales (Non -Contiguous)
Exhibit 8.2 (g) Aerial Image Showing Adjacent 5.38-Acre Parcel Sold .............
Summary and Conclusions for Ibis Landing Townhomes ...................................
18
18
M
21
22
23
23
23
23
24
24
24
25
25
26
26
26
27
27
28
28
29
30
Section 8.3 Hawthorne at the Station Apartments ............. .................... ........... 31
Exhibit 8.3 (a) Photos ................................................................................. 31
Exhibit 8.3 (b) MLS Search Data Map ............. .................................... ......... 31
Table 8.3 (c) Contiguous Sales ..................................................................... 32
Table 8.3 (d) Non -Contiguous Sales ... ........... ............... ............. ...... _ _ 33
Table 8.3 (e) Time Adjusted Comparison ........................................................ 33
Summary and Conclusions for Hawthorne at the Station Apartments .................... 34
Section 8.4 Amberleigh Shores Apartments ....................................................... 35
Exhibit 8.4 (a) Photos ................................................................................. 35
Exhibit 8.4 (b) MLS Search Data Map ............................................................ 35
Table 8.4 (c) Contiguous Sales ..................................................................... 36
Table 8.4 (d) Non -Contiguous Sales .............................................................. 36
Summary and Conclusions for Amberleigh Shores Apartments .......................... 37
SECTION 9: FINAL SUMMARY AND CONCLUSIONS... ...... ............................. 30
SECTION 1: INTRODUCTION
1.1: PURPOSE AND INTENDED USE OF THE CONSULTING ASSIGNMENT
Client Mr. Gary K. Shipman
Intended useTo assist the client in their process of obtaining
Special Use Permit to allow the development of
mixed -use commercial/office & residential multi-
family townhome project to consist of 242
townhom s and 62 multi -family units+com er isl
space
Intended user In addition to the client„ other intended users include
the developer(s) as well as the New Hanover County
Planning Department and County Commissioners
Purpose of the consulting assignment to determine the impact on market value, if any, for
adjacent properties, caused by the proposed
development
1.2: DATE OF INSPECTION
The subject property was physically inspected on December 11, 2024. Can this date, photographs
of the subject were taken.
1.3: DATE OF THE REPORT
This report, which summarizes the assignment conclusions, was originally completed and dated
January 3, 2025 and revised on August 1, 202.
1.4: SCOPE OF THE CONSULTING ASSIGNMENT
• Inspected the subject site and the surrounding neighborhood;
• Inspected the site plan and project concept of the proposed improvements in order to gain
s good understanding of the scope of the proposed project;
• Collected market information needed to draw informed conclusions relating specifically to
Section 3. Of the Special Use Requirements shown below.
.
"1I111m was w0l no 'U stanfially Inn um phe wa 1 of 0411"aining*11, abufting propovilly, na, IRhat sh* wto Is a pub'111c
as r a^a!Illatio axhmpa of the au«^ pau VS0 r"i #0 cha ra uiw w• u11dr garrm a wam V o anrr
il"ChddinV POSSibIQ ::'*77;Pa tmu am rrhe m wni how Owm conflids ","fi�� hA rosaN% (i , boff rs, Puma s of
s V,""Vwaopw thq �W wr;cmnm'! ev*10ponem°ttr a"w to qwtucni, fo, Ow �: +hdmw Sam,^alth, safoyr, and psroy,cw woOrfm�
c rnmvoit'v ism" County vs 0 whmfq as haw j ItAref as ,o ,f'Pos of its 4"Pact 4 Valve of qim, rqlo#W'f;mr.
1. To perform this, the scientific method ioutilized. The question tobetested ks
"How does a property's location adjacent to a new townhome development, similar to
the proposed project, affect its market value?"
2. The independent variable is the one condition that you change in an experiment.
In this case, the independent variable is a location as it relates to similar developments
tothe one being proposed
3. The dependent variable isthe variable that you nnemoune or observe. In this
experiment, measuring the effect of location proximate to similar development tothe
one propoaed, the market value of such comparable properties iothe dependent
variable.
4. This assignment is not on appraisal. No opinion of market value is given or
implied for either the subject property, orany contiguous properties. This assignment
is merely a study of the effect on properties that share similar locational characteristics
to projects considered similar tothe proposed subject.
5. Therefore, it is customary and reasonable for the appraiser to spread the data
search geographically, to other areas, in order to gain sufficient understanding of the
effects on market value for properties that lie adjacent to similar developments as the
proposed Market Street Townhomnea.
Prepared mnarrative report setting forth the conclusions derived inthis analysis eewell oe
the information upon which the conclusions are based.
Present rnyfindings orally before such boards asrequired byonyclient.
SECTION 2: IDENTIFICATION OF THE SUBJECT SITE
The subject property consists of several tax parcels. For the purpose of this assignment, the
appraiser considers the physical address to be 8138 Market Street, Wilmington, NC 28411.
The site is located on the east side of Market Street, approximately 160 feet south of its intersection
with Cypress Pond Way. It is further identified as New Hanover County Tax Parcels R03600-005-
007-000, R03600-005-006-002, R03700-004-147-000, R03700-004-148-000, R03700-004-189-
000 and a portion of R03600-006-082-000.
For illustrative purposes, an aerial photograph of the parcel is located below.
Exhibit 2.1 Aerial Photograph of the Subject Parcel
3
The subject is located in the northern portion of New Hanover County known as Porters Neck.
Exhibit 3.1 Neighborhood Map
FIT MUM r7conraticnote-t-cen
Mart Supercenter, McDonalds, Taco Bell, State Employees Credit Union, Dunkin Donuts, Pet
Supplies Plus, Dollar Tree and many other in -line retailers.
F11
Most recently, an unanchored retail center featuring a Chipotle Grill has been constructed
adjacent to the Marsh Oaks subdivision along Market Street.
The area has good access to vehicle transportation routes. Market Street (US 17) is considered
a major thoroughfare within the New Hanover County road system. Most of Market Street consists
of 5 asphalt paved lanes within open ditches (currently being converted to curb and gutter through
a widening and improvement effort by the NCDOT).
Martin Luther King Jr. Parkway connects Market Street, Interstate 40, and Eastwood Road on the
east, to the Isabel Holmes Bridge on the North side of downtown on the West. The bridge
provides access to US 421 and US 74/76.
The 1-140 outer loop, which crosses Market Street near its intersection with Porters Neck Road,
was completed in the spring of 2006. It provides a by-pass for the City of Wilmington from US
Highway 17 North near Porters Neck, to NC 87 and US 74/76 in Brunswick County. This has had
a positive impact on the subject neighborhood since its completion.
The immediate neighborhood has rapidly developed with a variety of residential uses including
apartments, townhomes, villas and a variety of detached single-family neighborhoods of varying
price points.
9
SECTION 4: CONTIGUOUS PROPERTY USES
For this analysis, Contiguous Property is defined as a parcel or kd which adjoins u subject
property by either sharing a property line or would share o common property line but for the
existence ofanintervening hQNt-of-wmv.
The (20 properties are considered contiguous to the subject property.
Exhibit 4.1 Contiguous Property Uses
IA
Exhibit 4.2 Contiguous Property Uses (Continued)
1. 8146 Market St
Current Use: Cardinal Self Storage
Owner: Sanders Family Storage, LLC
Parcel ID: R03600-005-005-000
Size: 3.72 acres
Zoning: B-2
Comments: 2-level interior storage
built in 2018. Shares 665'+/- with
subject.
2. 204 Frogmore Ln
Current Use: Porters Pointe common
area
Owner: Porters Pointe HOA
Parcel ID: R03700-004-294-000
Size: 4.10 acres
Zoning: R-15
Comments: Pool and passive
recreation space. Shares 724'+/- with
subject.
3. 8271 Brays Dr
Current Use: Porters Pointe common
area
Owner: Porters Pointe HOA
Parcel ID: R03700-004-293-000
Size: 5.98 acres
Zoning: R-15
Comments: common areas including a
retention pond. Shares 792'+/- with
subject.
L-*3
4. 381 ShmobbeforjOr
Current Use: Single-family dwelling
Owner: JoryAnderson, etux
Parcel ID: R03700-004-279-000
Size: 0.18moreo
Zoning: R-15
Comments: Lot 48 Porters Pointe
subdivision. 1.938-s[dxvel|inQ built in
2012. Shares 484/-with
5. M2D1Lantana Ln
Current Use: Single-family dwelling
Owner: Kathryn W. and Lonm S.
Morgan
Parcel ID: R03705-008-007-000
Size: 1.86monen
Zoning: R-15
Comments: Lot 7R Kirkland Estates
subdivision. 2.430-of dwelling built in
1995. Shares 209'+/- with subject.
Curren Use: dwelling
Owner: Joann M. VVminio
Parcel |O: R03705-008-012-000 and
R03705-008-005-000
Size: 1.55acres combined
Zoning: R-15
Comments: lot and
unused land within Kirkland Estates
subdivision. 3.368-efdxva|in0 built in
2013. Shares 373+/with subject.
7. 8215 Porters Crossing Way
Current Use: Single-family dwelling
Owner: Xiaodan Dong and Quiyong
Weng
Parcel ID: R03700-004-217-000
Size: 0.27 acres
Zoning: R-15
Comments: Lot 26 Porters Crossing
subdivision. 2,568-sf dwelling built in
2006. Shares 35'+/- with subject.
8. 8211 Porters Crossing Way
Current Use: Single-family dwelling
Owner: Jesus G. Diaz-Quiroz, et ux
Parcel ID: R03700-004-216-000
Size: 0.30 acres
Zoning: R-15
Comments: Lot 25 Porters Crossing
subdivision. 2,317-sf dwelling built in
2009. Shares 70'+/- with subject.
9. 8207 Porters Crossing Way
Current Use: Single-family dwelling
Owner: Bevin Avery Jolin Trustees, et
al
Parcel ID: R03700-004-215-000
Size: 0.31 acres
Zoning: R-15
Comments: Lot 24 Porters Crossing
subdivision. 2,441-sf dwelling built in
2006. Shares 70'+/- with subject.
10
11
13. 8125 Porters Crossing Way
Current Use: Single-family dwelling
Owner: Rochelle E Kreiner
Parcel ID: R03700-004-297-000
Size: 0.39 acres
Zoning: R-15
Comments: Lot 43 Ph 2 Porters
Crossing subdivision. 1,726-sf
dwelling built in 2010. Shares 70'+/-
with subject.
14. 8121 Porters Crossing Way
Current Use: Single-family dwelling
Owner: Anna Rovetto, et al
Parcel ID: R03700-004-298-000
Size: 0.36 acres
Zoning: R-15
Comments: Lot 44 Ph 2 Porters
Crossing subdivision. 2,012-sf
dwelling built in 2011. Shares 70'+/-
with subject.
15, 8117 Porters Crossing Way
Current Use: Single-family dwelling
Owner: Edward M and Hilda L
Southerland
Parcel ID: R03700-004-299-000
Size: 0.38 acres
Zoning: R-15
Comments: Lot 45 Ph 2 Porters
Crossing subdivision. 2,045-sf
dwelling built in 2011. Shares 70'+/-
with subject.
12
16.8113Porters Crossing Way
Current Use: Single-family dwelling
Owner: Steve E Lindner
Parcel ID: R03700-004-300-000
Size: 0.33aures
Zoning: R-15
Comments: Lot 40 Ph 2 Porters
Crossing subdivision. 1.801-sf
dwelling built in2O11. Shares 7O'+/-
vxithsubjent.
17 81OSPorters Crossing Way
Current Use: dwelling
Owner Derek Reeves
Parcel ID: R03700-004-301-000
Size: 0.35mcnam
Zoning: R-15
Comments: Lot 47 Ph 2 Porters
Crossing subdivision. 2,045-of
dwelling built in 2011. Shares 7O'*/
vithsubiect.
18` 8104Porteom Crossing VVax
Current Use: Porters Crossing
common area
Owner: Porters Crossing HOA. Inc.
Parcel |O: RU37OO-OO4-011-0OOand
R03700-004-191-000
Size: 8.78acres total
Zoning: R-15
Comments: Poo, neahooms, asphalt
parking lot, two tennis courts,
pkayground, retention pond and
passive recreation area. Shares
2G5'+/-with subject.
13
19. 325 Folly Island Ct
Current Use: Single-family dwelling
Owner: Madison M and Bunjong P
Newsome
Parcel ID: R03600-006-026-000
Size: 0.78 acres
Zoning: R-15
Comments: Lot 151 Sec 10B Marsh
Oaks subdivision. 3,648-sf dwelling
built in 2004. Shares 69'+/- with
subject.
120. 321 Folly Island Ct
Current Use: Single-family dwelling
Owner: Richard and Supatra Mimms
Parcel ID: R03600-006-025-000
Size: 0.65 acres
Zoning: R-15
Comments: Lot 150 Sec 10B Marsh
Oaks subdivision. 4,162-sf dwelling
built in 2004. Shares 137'+/- with
subject.
I
21. 317 Folly Island Ct
Current Use: Single-family dwelling
Owner: Ernest Wand Dawn M Olds
Parcel ID: R03600-006-024-000
Size: 0.64 acres
Zoning: R-15
Comments: Lot 149 Sec 10B Marsh
Oaks subdivision. 3,639-sf dwelling
built in 2004. Shares 146'+/- with
subject.
14
22. 313 Folly Island Ct
Current Use: Single-family dwelling
Owner: Bradley J and Tami L Erbes
Parcel ID: R03600-006-018-000
Size: 0.74 acres
Zoning: R-15
Comments: Lot 148 Sec 10A Marsh
Oaks subdivision. 3,668-sf dwelling
built in 2004. Shares 179'+/- with
subject.
.J
123. 309 Folly Island Ct
Current Use: Single-family dwelling
Owner: Rudolph and Mary Ann Villa
Parcel ID: R03600-006-017-000
Size: 0.88 acres
Zoning: R-15
Comments: Lot 147 Sec 10A Marsh
Oaks subdivision. 3,857-sf dwelling
built in 2003. Shares 135'+/- with
subject.
24. 8026 Marsh Reach Dr
Current Use: Single-family dwelling
Owner: David M and Mary E Renquist
Parcel ID: R03600-006-014-000
Size: 0.80 acres
Zoning: R-15
Comments: Lot 144 Sec 10A Marsh
Oaks subdivision. 3,576-sf dwelling
built in 2003. Shares 24'+/- with
subject.
in
25. 8030 Marsh Reach Dr
Current Use: Single-family dwelling
Owner: Nora E Beneventi Rev Trust
Parcel ID: R03600-006-013-000
Size: 1.35 acres
Zoning: R-15
Comments: Lot 143 Sec; 10A Marsh
Oaks subdivision. 4,470-sf dwelling
built in 2003. Shares 384'+/- with
subject.
26. 8029 Marsh Reach Dr
Current Use: Single-family dwelling
Owner: Richard and Elizabeth Moburg
Parcel ID: R03600-006-012-000
Size: 1.04 acres
Zoning: R-15
Comments: Lot 142 Sec 10A Marsh
Oaks subdivision. 3,154-sf dwelling
built in 2004. Shares 204'+/- with
subject.
27. 8118 Market St
Current Use: Wilmington Rock Gym
Owner: Robert L Yunaska
Parcel ID: R03600-006-082-000
Size: 5.11 acres
Zoning: 1-1
Comments: 11,760-sf pre-engineered
metal building built in 1990 currently
operating as Wilmington Rock Gym.
Shares 537'+/- with subject. A small
portion of this site is to be combined
with the subject.
iR
2.
3.
28. 8130 Market St
Curren Use: Vacant land (metal
building ofnovalue)
Owner: Gregory Poole Equipment
Company
Parcel ID: R03600-005-008-000
Size: 3.17acren
Zoning: B-2
Comments: 3,148-sf PEK8B built in
1997last operated aeseafood market
and boat storage. Shares GS7'+cwith
subject.
Contiguous properties #2 and#3 are under common ownership and utilized as common
area for the Porters Pointe subdivision. Property #2 is 4.10+/- ac and is improved with e
community amenity (pool) as well as significant amounts of wooded passive recreation area.
Property #3consists ofthe interior rear entry driveways ondothercommnnnaneooaoottemed
throughout the subdivision, not representing one contiguous parcel. For this reason, these
two parcels are identified separately.
Contiguous property #G. located at 8204 Lantana Ln, consists of two tax parcels under
common ovvnanahip, only one of which actually borders the subject (unimproved parcel).
Hcwvemer, both parcels combined function as one larger residential home site and they are
considered oeone for the purpose ofthis analysis.
Contiguous property #18 represents the common areas of the Porters Crossing subdivision.
This consists of two tax parcels lying contiguous to each other, as well as both sharing a
border with the proposed subject. They combine toform one contiguous parcel of land
utilized for apool, parking, tennis courts, p|eygnmund, retention ponds and other passive
recreation space. They are considered maone for the purpose ofthis analysis.
17
0130FIce =M1 P
The subject site is currently zoned Business District, B-2 and Residential R-1 5. A very limited portion
of parcel R03600-006-082-000 which is to be incorporated into the subject property to provide
vehicular access from the B-2 to R-1 5 areas is currently zoned Industrial, 1-1. The B-2 areas are
predominately located within the Special Highway Overlay District (SHOD) as well.
This is seen in the following zoning map on which the subject property has been identified.
Exhibit 6.1 New Hanover County Zoning Map
ma �j ���� Q�kX
R-1 "X/Y OU
R'i 5
SECTION 6: EXISTING CONDITIONS AS OF DECEMBER 11 2024
m
KII
_SECTION 7: DESCRIPTION OF THE PROPOSED IMPROVEMENTS
The proposed improvement is described as a mixed -use development containing 304nyaidentia|
units and upto2.ODOofofcommercial space tobeknown onBovnhonaTownhonnea.
The property is dual -zoned with 3.21-acres fronting Market Street and being zoned B-2.The
remoining3O22 acres hazoned R-15. There ieapproximately 1.O00efof property zoned |-1(Part
of parcel R03800-008-082-000) located between the B-2 and R-16 properties that will be
purchased pending SUP approval.
The appellate seeks to place 82 apartment units and 1.800 —2.00O afofcommercial space on
the 3.21-acre portion of the site fronting Market Street zoned B-2). These units will be
clustered in two buildings. One building, fronting Market Stnaet, is to be three levels with the first
floor being commercial space and the second and third levels being apartment units. The second
bui|dinQ, which will not front Market Street, is to be three levels of all residential units.
The appellate seeks to place 242 townhome units on the remaining 30.43-acres in an effort to
create a transition of land uses from the more intense commercial and apartment uses along
Market Street to the single-family residential uses that border the property tothe near. Thee
townhomes will be a mixture of two and three -level units. The units will feature rear -entry garages.
Substantial sidewalks will make this a pedestrian -friendly concept similar to Parkside at Mayfair,
Porters Pointe, Laurel Lea and DemnonestVillage, hnname afew other neighborhoods with similar
rear -entry design and minimal front yards.
Amenities will include oclubhouse with property management offkna pool, cabanas,
summer bitchen. Dtnaoe area, club lounge and coffee bar. Other recreation areas include
pickleball courts and an enclosed dog park.
The appraiser has noted several design elements aofollows:
1. Aproposed drainage svvokewhich imbeing designed hoeUow existing off-sitemtemmvvoter
from neighboring properties to move through the proposed subject unimpeded.
Existing 404 wetland areas on the subject are to be undisturbed outside of a road crossing
to access the R-15 land. The proposed subject will also feature on -mite otonnvvater
management designed toexceed the NHCminimum.
2. The proposed project will have wide vegetative buffers around the project periphery by
leaving and/or augmenting existing vegetation as needed. According to the SUP
application, these vegetative buffers vary inwidth, but all exceed the minimum.
3. Vehicular access to the proposed project is limited to ingress and egress from Market
Street. This is m U.G. highway with traffic counts of 43.000 cars per day. Due to the
existence of a concrete median, ingress/egress is limited to right turns only. The proposed
improvements include a traffic signal to allow for left turns/U-turns at Cypress Pond Way
as well as an extension of the right turn |mnm leading to Porter's Neck Rd. These street
improvements should enhance traffic flow along Market Street (US 17 Business) in the
Porters Neck area. Add|t|uno||y, there will be no inbarconnectivityvvith any surrounding
subdivisions. Brays Qhwe, within the Porter's Pointe subdiviaion, currently terminates at
the subject. This ioproposed tobeanemergency-only gated access tothe property. Due
to a Conservation Overlay District, there will be no access to Porters Crossing subdivision
over the existing Midstream Drive.
21
Exhibit 7.1 Proposed Site Plan
---- %ID
j3j
0"
1111,1114�-,�,
w
SECTION 8: CASE STUDIES
8.1 Sorinowater Reserve Townhomes
Effective date of case study November 2023
Castle Hayne
New Hanover County
Springwater Reserve Townhomes
Year Built:
2018+
Levels:
2
Parking:
Concrete driveways; Garage (1-car)
Price Point:
$359,900 - $412,900
# of Units:
44 units on 6.58 acres or 6.69 units per acre
Exhibit 8.1 (a) Photos (Source Flex MLS)
Exhibit 8.1 (b) MLS Search Data
W
* Home Sales in Hanover Reserve in excess of 31 000 sf HLA are excluded as they skew the price
per sf HLA downward due to their significantly larger sizes.
Sales in Neighboring Subdivision Lying Contiguous to Townhome Project
11/12121 —11/12123
Table 8.1(c) Contiguous Sales
Address
Sale Date
Sale Price
Yr. Built
HLA (SF)
Price SF
1
7353 Springwater Dr
02/08/23
$515,000
2018
2574
$200.08
2
7416 Murravville Rd
09/02/22
$340,000
1995
1526
$222.80
Average Home Size
2,060 sf
Minimum Price per SF
$200.08
Maximum Price per SF
$222.80
Average Price per SF
$211.44
Median Price per SF
$211.44
Market Conditions Indications:
Table 8.1 (d) Extrapolated Market Conditions Based on Prior Sales
Comp #
Prior Sale Date
Price
0
# of
months
k 6 per
month
1
12/20/18
$311,500
65.33%
62
1.05%
Sales in Neighboring Subdivision Not Lying Contiguous to Townhome Project
11/12/21 —11/12123
Table 8.1(e) Non -Contiguous Sales (excluding homes in excess of 3,000 sf)
Address
Sale Date
Sale Price
Yr. Built
HLA (SF)
Price / SF
I
1
1344 Golden rove Ln
05/17/23
$472,000
2020
2493
$189.33
2
1451 Eastbourne Dr
04/06/22
$485,000
2016
2400
$202.08
3
1443 Eastbourne Dr
11/18/22
$485,000
2015
2359
$205.60
Average Home Size
2,417 sf
Minimum Price per SF
$189.33
Maximum Price per SF
$205.60
Average Price per SF
$199.00
Median Price per SF
$202.08
24
Market Conditions Indications:
Table 8.1 (f) Extrapolated Market Conditions Based omPrior Sales
Comp #
Prior Sale Date
Price
AO/O
# of
months
W/6 per
month
SUMMARY AND CONCLUSIONS FOR SPRINGWATEFkRESERVE
The Springwater Reserve Townhomes are two -level townhomes with each unit having its own
concrete driveway and eone-car garage. They feature cement board siding exteriors,
craftsman trim, hip roofs with asphalt shingle roof cover and metal roof accents. The
development began construction in2O18and will contain 44-unde. Some buildings contain
three units and some contain four. Mobuilding contains more than four units. Prices ranged
from $35S.9DO-$412.SOUper unit inthe 24months prior tmNovember 2O23.
Two single-family home sales were discovered over the preceding 24months from the effective
date ofthis analysis that abutted the toxvnhonledevelopment. They indicated mmedian price of
$211.44 per sf of heated living area.
This compares favorably tothe median price of three (3) sales of similar homes within the
adjacent Hanover Reserve subdivision over the same time periodthat donot ebuttthe
tovvnhonmedevelopment (dwellings inexcess of3.00OafHLA excluded asthey skew the price
per mfdoxvnxvand). They indicated mmedian price of$2O2.OMper mfofheated living area, 4.43%
less than the median home price for homes abutting the townhome development.
Almost all homes were similar inage, construction quality and lot sizes. The dwelling at 7416
MurrayvilleRoad.thouohoonetnuotedin18S5.hmdbeennanoxatedphortoam|a. The average
size of the two homes abutting the townhomes was 2,050 sf versus an average of 2,417 sf for
thethnoaom|esvvithinthnintahnrofthemdiamnntHanoverReserxaeubdiviaion. (15.1896
srnmUeh Typically, smaller homes generally sell for higher per incremental units of value than
larger homes. This could easily account for the 4.4896discrepancy inper-unit pricing.
FinaUy, from the single contiguous home sale from which mmarket conditions adjustment could
bedetermined from prior sales activity, Comparable 1 indicated amonthly upward appreciation
of1.D5Y6. There was one non-contiguous sale from which amonthly appreciation cou|dbe
determined that indicated 1.2696per month. |tshould benoted that the contiguous property
indicating 1.O596per month, was previously sold inDecember 2O1R. The non-contiguous
comparable indicating 1.2G96monthly previously sold inJune 2020. Market conditions from
December 2O18through June 2O2Dwere not improving aarapidly mothose from June 2O2O
onward. For this reason, the two appreciation patterns are considered very similar for
properties lying contiguous tothe toxvnhornes asthose that donot.
From this study of the Springwater Reserve Townhomes, it is reasonable to conclude that there
is no guantiflable effect on market value for single-family residential properties immediately
abi tting a townhome development considered very similar to the proposed subject.
25
8.2 Ibis Landing Townhomes
Effective date of case study November 2023
Leland
Brunswick County
Ibis Landing Townhomes
Year Built: 2021
Levels: 2
Parking: Concrete driveways; Garage (1-car)
Price Point: $234,840 - $350,540
# of Units: 125 units on 18.6 acres or 6.72 units per acre
t�
Wmkroting Lty
5pyt-tMakMf��x.yf �.
YarrlWtt
Wnmhvn[ j
/
�tat>•e8'Yt
Latatlm. Tyne l
tirti^B+Ye#5�.
WUrey'St9i+tgtll4:�
Dn cmlc j
Wlayaal dGtkrt EbxK. tCM': j.
i
Exhibit 8.2 (a) Photos (Source Flex MLS)
Exhibit 8.2 (b) MILS Search Data
ORM
Sales in Neighboring Subdivision Lying Contiguous to Townhome Project
11/12121 —11112123
Table 8.2(c) Contiguous Sales
Address
Sale Date
Sale Price
Yr. Built
H
J !�SF
Price I SF
—
1
61 Carol Lynn Dr NE
05/02/22
$295,000
1995*
1222
$241.41
* Renovated prior to sale
Average Home Size
1,222 sf
Minimum Price per SF
$241.41
Maximum Price per SF
$241.41
Average Price per SF
$241.41
Median Price per SF
$241.41
Market Conditions Indications:
Table 8.2 (d) Extrapolated Market Conditions Based on Prior Sales
Comp #
Prior Sale Date
Price
AO/O
# of
months
A% per
month
1
12/13/21*
$160,000
84.38%
4
21.09%
* Purchased to renovate and flip
OM,
Sales in Neighboring Subdivision Not Lying Contiguous to Townhome Project
11/12/21-11/12/23
Table 8.2 (e) Non -Contiguous Sales
Address
Sale Date
Sale Price
Yr. Built
HLA SF
Price / SF
1
8084 Rachel Mnd Rd
02/14/22
$408,000
2000
2557
$159.56
2
8107 Rachel Wynd Rd
08/19/22
$320,000
1997*
1630
$196.32
3
8136 Rachel nd Rd
07/08/22
$290,000
1993*
1212
$239.27
4
8173 Rachel nd Rd
09/15/22
$316,500
1998
1785
$177.31
5
8143 Webster Ct
10/26/23
$280,000
1993
1225
$228.57
6
8099 Webster Ct
06/22/22
$311,000
2016
1220
$254.92
7
8085 Webster Ct
12/08/22
$349,000
2015
1397
$249.82
* Renovated prior to sale
Average Home Size
1,676 sf
Minimum Price per SF
$169.66
Maximum Price per SF
$254.92
Average Price per SF
$215.11
Median Price per SF
$228.67
Market Conditions Indications:
Table 8.2 (f) Extrapolated Market Conditions Based on Prior Sales
Comp #
Prior Sale Date
Price
AO/a
# of
months
A% per
month
2
01/22/19
$195,000
64.10%
19
3.37%
3
10/23/19*
$130,000
123.08%
9
13.67%
* Purchased to renovate and flip
Also considered is the sale of an abutting parcel located at 8060 Rachel Wynd Road (Brunswick
County PIN 0460004805). It is 5.38 acres, improved with a single-family dwelling of 1,864 and
associated accessory structures. The dwelling was constructed in 1998. This property sold on
8/16/2023 for $615,000.
The seller had previously acquired this property on 7/20/20 for $365,000. This indicates an
upward change in market conditions of 68.49% over 37 months or 1.86% per month. It was not
included in the above analysis due to the significant land area.
This parcel is shown in the following exhibit. It is marked in green with the Ibis Landing Townhomes
marked in red.
Exhibit 8.2 (g) Aerial Image Showing Adjacent 5.38-acre Parcel Sold
99
SUMMARY AND CONCLUSIONS FOR IBIS LANDING
The Ibis Landing Townhomes are two-levelhownhomes with each unit having its own concrete
driveway and mone-car garage, They feature vinyl siding siding exteriors and gable roofs with
asphalt shingle roof cover. The first sales within the development occurred in2O21.Prices
ranged from $234.84O-$35O.54Oper unit within the 24months preceding the effective date of
this study.
One single-family home sale was discovered that abutted the townhome development. It had
been purchased, renovated and flipped with the latter sale having a price of $241.41 per afof
heated living area.
This compares favorably to the median price of seven (7) sales of similar homes within the
same subdivision over the same time period that do not abutt the Ibis Landing townhome
development. They indicated amedian price of$228.57per pfnfheated living area, 5.3296less
than the price ofthe one home abutting the t«nwnhomadevelopment.
The one home abutting the townhomes was 1,222 sf versus an average of 1,575 sf for the
seven sales within the interior ofthe subdivision. (2241%smaller) Typically, smaller homes
generally sell for higher per incremental units of value than larger homes. This could easily
account for the 5.32Y6discrepancy inper-unit pricing.
The subdivision that lies adjacent to the I bis Landing townhome development has been very
active for home flippers. The sale that directly gbuUnthe townhorneowas such eflip that
indicated an increase in value of 21.09% per month (renovation costs not considered). The
same can be said for Comparable 4 that does not abutt the townhomes, but was flipped for an
increase invalue of13.G796per month (exclusive ofrenovation uoetm). Though not necessarily
considered a "flip"Comparable 3 indicated a 3.37% per month improvement over 19 months,
though it did have slight renovations having been performed prior to the latter sale.
This makes a determination of any effects from a market conditions standpoint very difficult, if
not impossible beyond the fact that there is significant demand for homes in the adjacent
subdivision with many being purchased for renovation; including the property directly abutting
thetmwnhomea.
Finm||y, this property is unique as it has an adjacent 5.38-acpetract improved with a single-family
dwelling. A matched -pair analysis of two sales of this same property, with very little having
been done to the property between sales, indicates appreciation of 1.85% per month (22.20%
annually). This is well supported by market data and represents some of the highest increases
within this analysis.
From this study of the Ibis Landing Townhomes, it is reasonable to conclude that there is ' no
guantifiable effect on market value for single-family residential properties immediately
abutting atownhomedevelopment.
ME
8.3 Hawthorne at the Station Acartments
Effective date of case study November 2023
Wilmington
New Hanover County
Hawthorne at the Station Apartments
Year Built: 2013
Levels: 3
# of Units: 192 units on 15.34 acres or 12.52 units per acre
Exhibit 8.3 (a) Photos
Source: a I II h ar p iwrigat V tafion_a a Source: Google Maps
Exhibit 8.3 (b) MSS Search Data Map
31
Sales in Neighboring Subdivision (Lucia Point) Lying Contiguous to Hawthorne at the
Station
Table 8.3(c) Contiguous Sales
I Address
Sale Date
Sale Price
Yr. Built
HLA (SF)
Price / SF
1
7011 Cayman Ct
01/25/22
$546,000
2000
2252
$242.45
Market Conditions Indications:
Extrapolated Market Conditions Based on Prior Sales
A prior sale of the home at 7011 Cayman Ct on 10/19/2020 for $435,000 indicates appreciation of
1.70% per month for the period from 10/2020 through 1/2022.
624 Caicos Ct sold on 8/18/2022 for $1,100,000. It previously sold on 12/6/19 for $730,000
indicating appreciation of 50.68% over 32 months or 1.58% per month.
32
Sales in Lucia Point Not Lying Contiguous to Hawthorne at the Station
08116121 -11112/23 1
Table 8.3 (d) Non -Contiguous Sales
Address
Sale Date
rSale Price
Yr. Built
HLA (SF)
Price / SF
1
7022 Cayman Ct
03/06/23
$735,000
1997
2463
$298.42
2
627 Caicos Ct
03/01/22
$805,500
1999
2950
$273.05
3
7037 Cayman Ct
08/16/21
$617,500
1998
2966
$208.19
4
7039 Cayman Ct
0 2/24/22
$715,000
1999
2933
$243.78
5
643 Caicos Ct
656 Caicos Ct
05/27/22
4/21
$826,750____ 1997
2012
3396
3078
$243.45
$256.66
* Two sales backing up to Military Cutoff Rd were omitted from the analysis (624 and 608 Caicos
Ct) Though 624 Caicos Ct was utilized as a "matched pair" to determine appropriate market
conditions adjustment.
Table 8.3 (e) Time Adjusted Comparison (Based on adjustment of 1.58% per month)
Sales Prices Per SF
Actual
Time -Adjusted Subject
7022 Cayman Ct
$298.42
$232.41
627 Caicos Ct
$273.05
$268.73
7037 Cayman Ct
$208.19
$224.64
7039 Cayman Ct
$243.78
$239.93
643 Caicos Ct
$243.45
$228.06
656 Caicos Ct
$256.66
$268.83
Min
$208.19
$224.64
Max
$298.42
$268.83
Median
$250.22
$236.17
Average
$253.93
$243.77 $242.45
St Dev
$27.86
$18.29
SUMMARY AND CONCLUSIONS FOR HAWTHORNE AT THE STATION
I had a singular sale of a property backing up to the Hawthorne Apartments and Old MacCumber
Station Road. I had a quantifiable market condition adjustment based on two matched pairs within
the neighborhood.
Applying the market conditions adjustment to the comparable sales reduced the standard of
deviation substantially, from $27.86 to $18.29, indicating a strong measure of central tendency
and appropriateness of the time adjustment.
33
Thetime-adjusted sales within the aubdiviskon, not lying adjacent to the apartments or k8iUbar/
Cutoff Road, indicated a median adjusted price of $236.17 per sf and an average of $243.77.
The property at011Cayman Ct lying adjacent tothe Hawthorne property, sold for $242.45 per
sf placing it above the time -adjusted median price and just slightly (0.54%) less than the average.
From this study ofthe Lucia Point subdivision, which lies adjacent tothe Hawthorne utthe Lending
apartments, itioreasonable toconclude that there io no guantifiable effect on market value for
single-family residential properties immediately abutting market -rate apartments.
the rate of market increase for the contiguous property iasimilar to that of non-
contiguous
34
8.4 Amberlelcih Shores Apartments
Case Study Performed December 2024
Wilmington
New Hanover County
Amberleigh Shores Apartments
Year Built: Phase 12014
Phase 112020
Levels: 3
# of Units: 377 units on 41.42 acres or 9.10 units per acre
Exhibit 8.4 (a) Photos
Exhibit 8.4 (b) MLS Search Data Map
35
Sales in Neighboring Subdivision (Bayshore Estates) Lying Contiguous to Amberleigh
Shores
Table 8.4(c) Contiguous Sales
Address
Sale Date
Sale Price
Yr. Built
HLA (SF)
Price / SF
1
304 Vale Dr
06/05/23
$545,000
2004
2391
$227.94
• Sale notes. sold for 106% of list price in 16 days on market
Market Conditions Indications:
Extrapolated Market Conditions Based on Prior Sales
Two comparable sales are utilized with sale dates of May 2023 and April 2023, which is very
consistent with the sale of 304 Vale Dr in June 2023. No market conditions adjustment is adopted.
Sales in Bayshore Estates Not Lying Contiguous to Amberleigh Shores
1/1/23 —12/31/23
The search parameters excluded waterfront or water view homes, as well as those
constructed prior to 1990.
Table 8.4 (d) Non -Contiguous Sales
Address
Sale Date
Sale Price
Yr. Built
HLA (SF)
Price / SF
1
7624 Lost Tree Rd
05/26/23
$576,000
2003
2368
$243.24
2
517 Scenic Cir
04/06/23
$610,000
1996
2826
$215.85
KM
Minimum Price per SF
$215.85
Maximum Price per SF
$243.24
Average Price per SF
$229.55
Median Price per SF
$229.55
The sale price of 304 Vale Dr, at $227.94 per sf, is bracketed by both sales that do not share
the same location characteristic being adjacent to the Amberleigh Shores apartments. The
price is just 0.70% less than the median and mean of the two sales.
SUMMARY AND CONCLUSIONS FOR AMBERLEIGH SHORES
Phase 1 of Amberleigh Shores lies adjacent to the Marymount Townhomes within the Marsh Oaks
Subdivision. No data was gleaned from Phase I as this analysis focuses on any impacts to single-
family residential.
There was one recent sale of a property lying adjacent to Phase 11 of the Amberleigh Shores
Apartments. There were two sales of similar housing meeting the search criteria; both of which
occurred within two months of the sale of the property lying adjacent; therefore, no attempt was
made to quantify any adjustment for market conditions.
The sales within the subdivision, not lying adjacent to the apartments, indicated a median adjusted
price of $229.55 per sf.
The property at 304 Vale Dr, lying adjacent to the Amberleigh Shores property, sold for $227.94
per sf placing it less than 1% from the median/mean price per sf for other homes in the
neighborhood.
From this study of the Bayshore Estates subdivision, which lies adjacent to the Amberleigh Shores
apartments, it is reasonable to conclude that there is no a uantifiable effect on market value for
single-family residential properties immediately abutting market -rate apartments.
37
SECTION 9: FINAL SUMMARY AND CONCLUSIONS
The subject property is tobelocated onatract that iadual-zoned B-2 and R-15byNew
Hanover County. The B-2portion ofthe tract iabordered onthe north bvCardinal Self Storage
and to the south by avacant commercial site currently owned by Gregory Poole Equipment
Company. This site has a derelict pre-engineered metal building that was last operatedas
seafood market and boat storage yard. The site also lies adjacent toolight industrial building
currently operated merock climbing gym. The appraiser considers it aforegone conclusion that
the proposed development will not injure theva|uemfonycononnerciaUy+zmnmdabuttin0pmopedv.
This is consistent with many multi -family projects developed along commercial thnouWhouhau*o
throughout the City ofWilmington and New Hanover County.
This impact analysis specifically addresses any impacts tothe surrounding properties that are
residential in nature.
For this assignment, four case studies were included.
The properties chosen represent both multi -family bnwnhommand apartment properties with
relatively similar densities eothe proposed subject.
The appraiser also placed high importance on properties immediately adjacent to lower -density,
single-family residential development. Properties in high -density areas, commercial areas, or
rural areas, not immediately abutting low -density single-family residential development were
excluded from this analysis.
Of the four case studies included, the median sales prices per square foot of properties
immediately abutting the multi -family developments were within very close correlation to the
median and mean of the range of data for sales of similar properties not lying adjacent to such
developments.
|nsummary, there isnoevidence tosuggest that single-family residential properties
immediately abu#inQtoxvnhonle developments similar tothe proposed subject, suffer any
diminution in value as a result of their location, when compared to similar properties, nearly
identical with the exception of locational differences, especially when considering such steps to
mitigate impacts to neighboring properties are taken including considerations for drainage and
flood control, vegetative buffering and traffic patterns.
Furthermore, there is no evidence to suggest that being located adjacent to a development
similar tothe one proposed,results inany future effects on value asthe data has shown similar
appreciation rates for single-family properties abutting multi -family developments when
compared tothose that do not.
38
APPRAISAL QUALIFICATIONS
G. BRAD WHITE, MAI
0788 RAMSBURY WAY
WD MINGTON,NORTH CAROLINA 28411
PHONE 980-612-2478
E-MAIL:bwhite@xgbmvaluations-com
B.8.B.A. EAST CAROUNAUNIVERSITY, 1B9D
Introduction hoIncome P) 3/00
Income Capitalization Procedures (G-2) 9/00
Applied Income Property Valuation (G-3) 9/00
Advanced Income Capitalization 51O5/O5
Market Analysis/Highest and Best Use 52D3/OG
Advanced Sales Compahoon&Cost Approaches S3OS07
Report Writing & Valuation Analysis 54U 6/08
Advanced Applications 55O7/OQ
Certified under North Carolina Real Estate Appraisal Board
Continuing Education Program
EMPLOYMENT HISTORY
Owner, G. Brad White and Associates, LLC2U17hupresent
VVorsley Real Estate Company, 1998to2O17
VVonoley&Glenn, Intern 10Q3
PROFESSIONAL AFFILIATIONS
N.C.State Certified General Real Estate Appraiser
Certification Number A5O53.(2OO2)
Appraisal Institute, MA|Designation (2O15)
Former Vice -Chairman ofthe New Hanover County Board
ofEqualization and Review
Former President ofthe Coastal Carolina Chapter cfthe
Appraisal Institute
APPRAISAL EXPERIENCE
Private and For Fee Golf Courses
Hoby, Motels, Reotaunsnto, Resort Developments
Single and Multi -Family Residential Projects
Apartment Complexes, Townhouses, Condominiums
Office Buildings, Shopping Centers, Day Care Centers
Warehouses, Industrial and Manufacturing Buildings
Agricultural Land, Conservation and Historical Properties,
Marinas, Tank Farms, Deep -Water Port -Related Properties
and Wetland Mitigation Banks
FINANCIAL CLIENTELE
Bank OZK
Branch Bank & Trust Company
Carolina Farm Credit
Corning Federal Credit Union
Dogwood State Bank
First Bank
First Community Bank
First National Bank
North State Bank
Old National Bank
Paragon Bank
Park Sterling Bank
PNCBonk
Red River Bank
Select Bank
South State Bank
Southern Bank
Union Bank and Trust
United Bank
Wells Fargo Bank
INSTITUTIONAL CLIENTELE
Elliott & Company Appraisers, Inc.
N.C.Department ofTransportation
Duke Energy Progress, Inc.
Cape Fear Public Utility Authority
Telics, Inc.
PROFESSIONAL CLIENTELE
Osprey Lands, LLC
Crocker Brothers, LLC
Par SDevelopment Gnoup, LLC
JIBS Industrial Properties, LLC
Nicholls &Crampton.P.A.
8lonk, Crouoh, Keeh*r, Behmand Sayed.
LLP
Marshall, Williams & Gorham, LLP
JTV Business Consultant, Inc
The Cameron Company, Inc.
Brunswick Corporation/Hatteras Yachts
Similar case exDerience:
Impact Analysis for SUP application by New Hanover County to the City ofWilmington relative
tothe proposed "Healing Place" opioidtreatment facility located at 1000Medical Center Drive
inWi|mnington.NC 28403. Report written and presentation made toWilmington City Council
(January2O18)
Civil litigation, Palm Cove Subdivision in Ocean Isle Beach, NC. Appraisal report written,
depositions given and tendered aaexpert witness (January 2O16).
Impact Analysis for modification of SUP for the property located at 117 G. 2nd Street in
VW|mington. NC 28401. Report written and presentation made to Wilmington City Council
(Febmuory2O1S). Depositions given and tendered oaexpert witness (November 2O18).
Impact Analysis for rezoning and SUP application tothe Town ofWallace, NCrelative tothe
proposed Madison Grove Apartments located at 128 (]|d NC41 Highwuy, Wallace, NC.
Report written and presentation made to Town of Wallace Council (April 2019)
Impact Analysis for rezoning application to the City of Wilmington for e proposed 86-unit
townhumedevelopment ad321 Hooker Road, VW|minQton, NC 28403. Findings reported
narratively toclient. (Aph|2O1Q)
Impact Analysis for SUP application by New Hanover County to the City ofWilmington relative
to the proposed Juvenile Justice Building located at 138 N. 4m St. V0|mnin0ton, NC 28401.
Report written and presentation made to Wilmington City Council. (May 2019)
Impact Analysis for SUP application toNew Hanover County by developer for construction of
dock improvements relative tothe Preservation Point Subdivision on Castle Hoyne Road.
Wilmington, NC. Findings reported narratively to client. (November 2019)
Civil litigation, fornverK8aeonboro Country Club (The Cape Golf inWilmington, New
Hanover County, NC. Appraisal report written, depositions given and tendered as expert
witness (February 2020).
Impact Analysis fora rezoning application to the City of Wilmington relative to a proposed
multi-familytovvnhome project at Independence Blvd. and Oleander Dr.. Findings reported
narratively toclient. (May 2O23)
Impact Analysis for a rezoning application to the Town of Burgaw relative to the proposed Ivy
Grove Toxxnhomeo. Report written and presentation made toTown ofBurQmwCouncil
�I — RNO`kRf All
APPRAISER OUAUFICATfON CARD
AP
GLENNWOOD 8 MOTE
d G
We
,,, ..
�
gyMJn S � ��i7 N�S�1�i0N�N� �Nfii��1�%�fNNN��I(�i�Y6YtPfriJl����bGlll��NNlNdIM111WI/r�SfB1�NiI�I�V�)JJ1MINODJNkrIl�N6M
W-IM*1tillo'I:[ 11-11P
CASE STUDY #1
SPRINGWATER RESERVE TOWNHOMES
CASE STUDY #2
IBIS LANDING TOWNHOMES
CASE STUDY #3
HAWTHORNE AT THE STATION APARTMENTS
CASE STUDY #4
AMBERLEIGH SHORES APARTMENTS
Exhibit
Book -;( L Page -iLp -
STATE OF N0R`rH CAROLINA.
In Re: Bayshore Townhouses SUP
COUNTY OF NEW HANOVER
AFFIDAVIT OF ROBERT P. MOB") BALLAND, P.E., LEED AP
ROBER,r P. MOBI BALLAND,being first duty sworn, deposes an(], szkys:
I am President of Paramounte Engineering, Inc., in Wilmington, North Carolina,
as firm that I founded in 2006. .1 am a. licensed Civil Engineer with more than thirty-two
(32) years of experience. Our firm has extensive experiencein land. planning and
development, including the design of'stormwater collection and inanagernent facilities.
I am familiar with and assisted in the preparation. of the "MI XE D USE .AND
ADDY110NAL DWELIANG' ALLOWANCE SUP" plans siibmitted by Bayshore
Townhomes, LLCM for the issuance of an Special'Use Permit fbr an, approyi.mate 3.21. acre
parcel of land. (zoned B-2) and. an approximate 30.22 acre parcel of land (zoned R-1)
located in the 81.00 Block of Marhiet Street, to be known as "Bayshore Townhomes." I
assisted in. the design of the stormwaLer facilities that are part of this project.
The site is comprised of as inixture of open grassed & wooded areas. Wetlands
along, the creek are vegetated and will remain undisturbed. outside of array wetland
impa cts perinitted-For construction of the development's essential. site improvements.
Thick wood(.4 areas are both deciduous and evergreen trees and. slur ubs and exist
primarily around. the property boundaries and wetlands. Internal portions of the site
feature sporadic treeith. s was inanaged understory of.m.owed grassed land, Then site
design warks to wooded areas along property boundaries to the extent possible, but
specifically within tllc,,.R-- 15 land. The project has wide buffers around. the p roject
periphery leaving or augmenting the existing woode d. vegetated- edge at the property
lines. The buff-ers vary in width, but all exceed. the minimum requirement. In addition,
the proposed buildings far exceed reqpired .--;etbacks, and increased buffers llave been
provided along the perimeter of the.project to help reduce impact-, to adjacent homes.
Both the widened buffers and increased setbacks pull the units away from the
neighboring properties to protect views.
The site designalso offi�,,rs well thought-out infrastructure, including stormwater
management both for the proposed neigbborixood and. for the existing drainage coming
onto the site from surrounding properties. The stormwater regulations require that the
stormwater MnOff after construction cannot exceed, the stor.m.water pre -construction,
and the storm.water. facilities that this project will contain not only do that but enhance
the drainage capacities of surrounding properties. During previous planning efforts and
community outreach, we heard as variety of concerns about the surrounding lands riot
draining well. In coordination with NIIC Engineering and with additional. survey of the
prop(,urty, we have designed, and. the applicant proposes to (x)nstruct, a. drainage Swale
ruiming from the existing.pond on site to the natural outfall, the creek on the southeast
of the site. This allows water to better drain, unimpeded, from surrounding properties
through this site and to the natural outfall.
SHIPMAN & WRIGM, LLP
575 Military Cutoff Road, Scute 106 - Vlilrrangton, North Carofina 28405
2
0 J 1,
r.7
44tr-
TIM "0,
T'!� A,
4 f;,f
At. �ET
ff
J
1r:
EU
after —
Ed'
-ask—
a0mr.
mom' muw..... p ag�.'.uw.' m,yft....,.„.A,,,u. m ®�"���"'".... imL. � C
C-2-2
The stormwater infrastructure will aid the flow of stormwater through the site, and
therefore, away from adjoining properties. The regulatory oversight associated with
the further permitting (including stormwater permitting) that will be required for the
development of this project will ensure.
The existing 404 wetlands will be preserved, outside of a road crossing to access
the R-15 land on a road compliant with NHC standards. Proposed stormwater ponds to
handle the proposed development are designed to exceed the NHC minimum
stormwater requirements, providing additional flood control and promoting responsible
development practices for this project and surrounding neighborhoods. What this
means is that flood control measures for the surrounding neighborhoods will be
enhanced with this project.
In my opinion, to a reasonable degree of certainty, this project and the proposed
use, from a stormwater management perspective, will not materially endanger the
public health or safety. The proposed stormwater facilities exceed the minimum NHC
stormwater requirements, and flood measure controls for the surrounding
neighborhoods will be enhanced with this project.
SHIPMAN & WRIGHT, LLP
575 Military Cutoff Road, Suite 106 — Wilmington, North Carolina 28405
3
AND FURTHER THE DEPONENT SAYETH NOT.
Respectfully submitted this the Zj- day of JJQ 3f 202S 0
>
ROB BALLAND, P.E.
Swom to and subscr�bed before me
Th 1*s theA�4 day of jh 1- 202 15'
STEPHANIE L. CONNOR
NOTARY PUBLIC
(NOTARY PUBLIC)
LV I )k New Hanover County
North Carolina
My commission expires: -T 20-19
SHIPMAN & WRIGHT, LLP
575 Military Cutoff Road, Suite 106 — Wilmington, North Carolina 2M05
STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
Exhibit
Book JKLV'l — Page iLLL
"Ifflix-NW11,
PATRICK M. BOWEN, being first duty sworn., deposes and says:
I am the President of Bowen National Research. In that regard, I have prepared
and supervised thousands of market feasibility studies for all types of real estate
products, including affordable family and senior housing, multifamily market -rate
housing and student housing, since 1996. 1 have also prepared various studies for
submittal as part of HUD 221(d)(3) & (4), HUD 202 developments and applications for
housing for Native Americans. I have conducted studies and provided advice to city,
county and state development entities as it relates to residential development, including
affordable and market rate housing, for both rental and for -sale housing. Our company
has prepared Housing Needs Assessment for both the City of Wilmington and New
Hanover County and have worked closely with many other state and federal housing
agencies to assist them with their market study guidelines. Our firm is recognized as one
of the nation's leading real estate research and analysis firms. I currently serve as the
Chairman of the National Council of Housing Market Analyst, an organization
established to oversee the market study provider industry.
At the request of Gary K. Shipman, counsel for the applicant herein, Bowen
National Research was requested to -undertake a market feasibility study to determine
whether there is sufficient market support for the proposed Bayshore Townhomes project
and to determine the potential impact, if any, that the proposed project may have on the
existing or pending housing supply in Wilmington, North Carolina. To accomplish this,
K
we evaluated: (a) site marketability; (b) demographics; (c) economy; (d) rental housing
supply; (e) competitive analysis; Q) achievable market rents; and a (g) demand analysis.
MM
As set forth in our report, it is my opinion to a reasonable degree of certainty that: I
1. The current market can support the 304 units that are proposed at the site.
2. The project design will enable it to serve the needs of a variety of household
3. The subject site is appropriate for the proposed product type and will
contribute to the project's marketability.
4. Projected renter household growth, particularly among households with
incomes that can afford the potential rents at this project, will contribute to the demand
for rental housing that will serve the significant projected growth that is expected to
occur in the period from the present until 2029.
5. The overall occupancy rate of established multi -family rental properties are
operating at strong occupancy rates.
6. Overall, the average absorption rate of the comparable properties is within
a healthy range, indicating that the product like that to be contained in the subject
project will be well received.
7. Among the targeted income levels of the proposed subject property,
projected renter household growth until 2029 will outpace the rental product currently
in the development pipeline.
8. There is a demand and need for additional market -rate units like those to
be contained within the proposed project.
I
9. The achievable and recommended market rents will enable the proposed
subject project to effectively compete in the market and serve a portion of the market's
needs.
10. The subject property's capture rates are low, indicating that there is a
sufficient base of support for the project at a variety of rental levels.
11. The market's overall penetration rate, which is the relationship between
the existing and proposed comparable rental supply and the number of income
appropriate renter households, is low and will remain low even with the addition of the
proposed subject project.
12. Based on the current overall annual absorption rate of the comparable
apartments, the inventory of most of the vacant comparable units and such units
currently in the development pipeline should be fully absorbed within the next two years,
leading to demand for additional market -rate apartments by 2027.
As set forth in my Report, it is my opinion, to a reasonable degree of certainty,
that the combination of the existing comparable apartment properties performance
(stable and healthy occupancy rates and good monthly absorption rates), the significant
renter household growth projected among likely renters (households earning $50,000 or
more annually) exceeding both the vacant units and the units in the development pipeline
by 2027, and the large depth of support for product similar to the proposed subject project,
indicate that there is a market for the proposed site and that the subject project will not
adversely impact the subject rental market. Additionally, the proposed subject project's
location, size, design, features and anticipated rents will be marketable and enable the
project to serve a portion of the overall market's needs.
In
iva A
Respectfully submitted this the22 day of 2025.
-,N PATRICK M. BOW �/
Sworn to and subscribed before me
This/the day off ' St , 2025.
d NO TARY PUBLIC)
--(.
My commission expires:
Kelley C. Reed
Notary Public
State of Ohio
My Commission Expires
March 4, 2029
Q BOWEN
NATIONAL
I% RESEARCH
Bayshore Townhomes
8138 Market Street
Wilmington, New Hanover County, North Carolina 28411
Prepared For
Mr. Gary Shipman
Shipman & Wright LLP
575 Military Cutoff Road, Suite 106
Wilmington, North Carolina 28405
Effective Date
April 2, 2025
Job Reference Number
25-192 JW
This certifies that Braden Henderson, an employee of Bowen National Research,
personally made an inspection of the area including competing properties and the proposed
site in Wilmington, North Carolina. Further, the information contained in this report is true
and accurate as of April 2, 2025.
Bowen National Research is a disinterested third party without any current or future
financial interest in the project under consideration. We have received a fee for the
preparation of the market study. However, no contingency fees exist between our firm and
the client.
Certified:
... ., f. .... ... . .....
Jack Wiseman (Primary Contact)
Market Analyst
jj'!eluw XCri'qlxonll
Date: April 2, 2025
Braden Henderson
Market Analyst
1',)racli -L Cc, ii i
Date: April 2, 2025
ss
Patrick M. Bowen
President/Market Analyst
Bowen National Research
155 E. Columbus St., Suite 220
Pickerington, OH 43147
(614) 833-9300
.. . .........
Date: April 2, 2025
BOWEN NATIONAL RESEARCH
Certification-1
I. Executive Summary
11. Project Description
111. Area Analysis
IV. Rental Housing Analysis (Supply)
V. Achievable Market Rent Determination
VI. Capture Rate Calculations
VII. Site Photographs
VIII. Field Survey of Conventional Rentals
IX. Methodologies, Disclaimers & Sources
X. Qualifications
Addendum A — NCHMA Member Certification & Checklist
Addendum B — Available For -Sale Housing Analysis
BOWEN NATIONAL RESEARCH Table of Contents
Introduction — The purpose of this market feasibility study is to determine if there
is sufficient support for the proposed subject multifamily apartment project and to
determine the potential impact, if any, that the proposed subject project may have on
the existing or pending apartment market supply in Wilmington, North Carolina. To
accomplish this, we evaluated the following:
• Site Marketability
• Demographics
• Economy
• Rental Housing Supply
• Competitive Analysis
• Achievable Market Rents
• Demand Analysis
Proposed Subject Project — The subject project, Bayshore Townhomes, is a
proposed 304-unit market -rate apartment property to be located at 8138 Market Street
in Wilmington, North Carolina. The property will operate as an unrestricted market -
rate community targeting family (general occupancy) households. At the time of this
analysis, rents for the subject project have yet to be determined. We have provided
recommendations based on specific market parameters illustrated in this section. The
proposed project is expected to be completed by December 2027. Additional details
of the subject project are as follows:
Source: Shipman & Wright LLP
1jU Ejg41R S — Overall, it is believed that the market can support the 304 units
proposed at the subject site, assuming floorplans and rents offered are competitive
and marketable. The following is a summary of significant findings supporting the
need for additional market -rate units within the Wilmington Primary Market Area
(PMA):
• The project design will enable it to serve the needs of a variety of household
types. Given that the subject project will offer one- through three -bedroom rental
units, this will enable the subject project to serve a variety of household sizes
and types (e.g. single persons, couples, families, seniors, etc.).
BOWEN NATIONAL RESEARCH
The subject site is appropriate for the proposed product type and will
contribute to the project's marketability. The subject site and its proposed use
fits in well with surrounding land uses and is within close proximity to most
common community services. These include grocery stores, shopping centers,
banks, recreational opportunities, gas stations/convenience stores and
restaurants within 1.0 mile of the site. The high volume of daily vehicle traffic
of U.S. Highway 17 (frontage of site) is more than 43,000 vehicles, adding to
the exposure of the subject development that will contribute to the project's
marketability.
Projected renter household growth, particularly among households with
incomes that can afford the potential rents at the proposed subject project, will
contribute to the demand for rental housing. Overall household growth within
the PMA between 2024 and 2029 is projected to be significant, with a net gain
of 4,783 new households, or 7.3%. More importantly, renter households earning
$50,000 or more (the expected targeted income range at the site, as well as the
comparable properties) are projected to experience all of the growth among
renters within the market between 2024 and 2029, increasing by 3,648
households, or 26.2°%, which is substantial.
The overall occupancy rate of established multifamily rental properties
(excluding new properties in their initial lease -up stage) are operating at a
healthy occupancy rate. While all market -rate rental properties surveyed (32 in
total) have a combined occupancy rate of 87.8%, this is largely influenced by
those projects surveyed that recently opened and are still within their initial
lease -up stage. Excluding projects currently in lease -up, the combined
occupancy rate of stabilized properties is 95.6%, a strong rate for market -rate
rental housing.
• Overall, the average absorption rate of the comparable properties is within a
healthy range, indicating that product like the proposed subject project
continues to be well received The overall average monthly absorption rate of
the comparable new properties is 18.4 units/month, representing a good
absorption rate that reflects the strong level of demand for such product.
Among the targeted income levels of the proposed subject project, projected
renter household growth between 2024 and 2029 will far outpace the rental
product currently in the development pipeline. While there are approximately
1,815 comparable market -rate apartments currently in the development pipeline
(less some units that will be filled by external market support), as previously
noted, renter household growth over the next five years for those with incomes
at or above $50,000 is projected to increase by 3,648. Therefore, additional
market -rate units are needed to keep up with the projected renter household
growth.
BOWEN NATIONAL RESEARCH
UN
Interviews with local stakeholders indicate there is a need Pr additional
market -rate units. Demand interviews were conducted with various property
managers at some of the newest market -rate rental communities within the
market, which indicates that there is a need for additional market -rate rental
housini in Wilmin2ton. Summaries of these demand interviews can be found at
of the subject's recorymeydei, reT.t levels can I#e fo Sect1oV.V0 t
r
base of support for the project at a variety of rent levels. The subject s apture
rate (derived from thenumber of proposed subject units divided by the base of
" Lti41T_emLer_k,-
r MI-11MIL, _tkeJ4Ua2Uf2ZLW3&X_$hk_ "d
capture rate level for higher -end market -rate product. This indicates there is a
good support base for the proposed subject project. A farther analysis of the
subject's capture rate calculations can be found in Section VI of this report.
The market's overall penetration rate, which is the relationship between the
WaYONAORT
appropriate renter households, is low and will remain low even with the
addition of'the proposed subject project. The penetration rate, which is derived
from the number of existing comparable units and comparable units in the
development pipeline divided by the total number of income -eligible renter
households, is 269% (4,178 / 15,504 = 26.9%). This is considered a low
penetration rate. When including the 304 proposed subject units, this penetration
rate increases to 28.a slight two -percentage point increase. Based on this
assessment, the proposed subject project will have no material impact on the
local.rentall-itart-et.
.Based on the current overall annual absorption rate of' the comparable
apartments, the inven1my of most of the vacant comparable units and such
next two years, leading to demandfor additional market -rate apartments by
2027. As noted, there are currently 1,815 comparable market -rate units known
to be in the development pipeline (under construction or planned) that are
expected to be added to the market within the next 24 months. Additionally,
there are 399 vacant units among the comparable supply, of which 282 would
need to be rented for all projects to reach a stabilized occupancy rate of
approximately 95.0%. Combined, these vacant units and the development
pipeline supply equate to 2,097 total units that would need to be absorbed. At
UE,
the market's current average absorption rate of 18.4 units/month (1,104
units/year) among the comparable supply, this inventory of 2,097 vacant and
pipeline units would be fully absorbed in under two years (or approximately 23
months). Therefore, the market would need to have additional units in 2027 and
beyond to keep up with the projected growth that will occur in 2027 and beyond.
It should be further noted that the average 18.4 units/month absorption rate at
the comparable properties is conservative, and the market's absorption
projections will likely be greater than recent trends.
Conclusions — The combination of the existing comparable apartment properties'
performance (stable and healthy occupancy rates and good monthly absorption
rates), the significant renter household growth projected among likely renters
(households earning $50,000 or more annually) exceeding both the vacant units and
the units in the development pipeline by 2027, and the large depth of support for
product similar to the proposed subject project, indicate that there is a market for the
proposed site and that the subject project will not adversely impact the subject rental
market. Additionally, the proposed subject project's location, size, design, features
and anticipated rents will be marketable and enable the project to serve a portion of
the overall market's needs.
BOWEN NATIONAL RESEARCH
1-4
Project Name:
Ba shore Townhomes
Location:
8138 Market Street, Wilmington, North Carolina 28411 (New Hanover County) _
Census Tract:
123.00
Target Market-
Family
Construction Type:
New Construction
The subject project, Bayshore Townhomes, is a proposed 304-unit market -rate
apartment property to be located at 8138 Market Street in Wilmington, North
Carolina. The project will offer one -bedroom garden -style units, and two- and three -
bedroom townhomes located within 27 two- and three-story residential buildings.
Community spaces will be within a stand-alone building. The property will operate
as an unrestricted market -rate community targeting family (general occupancy)
households. At the time of this analysis, rents for the subject project have yet to be
determined. We have provided recommendations based on specific market
parameters illustrated throughout this market study. The proposed project is expected
to be completed by December 2027. Additional details of the subject project are as
follows:
108 1 Two -Br. 2,0 Townhome 2-Sto 1,029
74 Two -Br. 2.5 Townhome L3-Stoic 1,243
60 Three -Br. 2.5 Townhome (3-Story)_1,329
304 L Total
Source: Shipman & Wright LLP
• Electric Range • Washer/Dryer Appliances
• Refrigerator • Central Air Conditioning
• Garbage Disposal • Walk -In Closet
• Dishwasher • Patio/Balcony
• Microwave • Attached Garaue (Three-S
• Bike Racks/Storage
• Business/Computer Center
• Cafe/Coffee Bar
• Car Charging Station
• Multipurpose Room
• Common Area Wi-Fi
• Dog Park/Pet Care
• Gazebo/Pavilion
• Fitness Center
• Game Room
• Media Room/Theater
• Swimming Pool (Outdoor)
• CCTV/Cameras
• Surface Parkintx Lot l591 S
• Carpet/Tile/Composite Flooring
• Window Blinds
• Controlled Access/Key Fob
• Ceiling Fans
• Clubhouse/Community Room
• Car Wash Area
• Common Patio/Porch
• On -Site Management
• Grilling Area
• Pickleball Court
BOWEN NATIONAL RESEARCH
FLOOR AND SITE PLAN REVIEW:
A site plan was provided; however, floor plans were not available for review at the
time this report was prepared. Regardless, based on the information provided at the
time of this analysis, the subject property will include one -bedroom garden -style
units, as well as two- and three -bedroom townhome apartments located within 27
two- and three-story residential buildings. These unit types will allow the property to
attract to a wide demographic base in terms of household size. The subject units will
range in size from 905 to 1,329 square feet, with the smaller two -bedroom
townhomes including 2.0 bathrooms, while the larger two- and all three -bedroom
townhomes including 2.5 bathrooms. Each unit will be well-equipped in terms of unit
amenities and will feature a full kitchen appliance package and dedicated laundry
area with in -unit washer/dryer appliances.
In addition to the subject's residential units, the property will feature an extensive
community amenities package. This will further enhance marketability of the subject
project. Overall, the subject property appears to be marketable in terms of overall
design. Nonetheless, an in-depth comparable/competitive analysis is included in
Section IV to better determine the competitive position and overall marketability of
the subject project within the Wilmington market.
A state map, an area map and a site neighborhood map are on the following pages.
BOWEN NATIONAL RESEARCH 11-2
2� 1
/ }
� : \
UU,
E
ID
I\
113
1,
\
\
}\\
^
}\\
{\\
17
j::
A. SITE DESCRIPTION AND EVALUATION
1. LOCATION,
Ile subject site consists of a single-family hors e and agricultural land,
currently being used as a tree farm, located at approximately 8138 Market
Street in. the northeast portion of Wilmington, North Carolina. Note that the
existing structures on the site will be razed dining the development process.
Located within an unincorporated area of New Hanover County,
specifically within the Census -Designated Place (CDP) of Porters Neck, the
subjJect site is approximately 10.0 miles from Wilmington's Central
Business District (CBD). The subject site visit and corresponding fieldwork
were completed during the week of March 17, 2025.
2. SURROUNDING LAND USES
The subject site is within a primarily developed. commercial and. residential
area of Wilmington. Surrounding land uses include single-family homes, a
self -storage facility, grocery and retail shopping, restaurants, banks, and
multifamily apartment communities. Adjacent land uses are detailed as
follows:
northern site boundary is defined by Porters Point, a
ngle.-family home development in good. condition along
ackleford Drive, a small, two -Jane roadway with light
chored ship shopping center and Porters Neck Center
opping center, Lowe's Home Improvement, restaurants,
iii
s, single-family homes and undeveloped land, with
e eas ern site oun M u7,1117N My singl6kavarnny 11777775
in good condition along Porters Crossing Way and Latana
Lane, which are both. small, two-lane roadways with light
vehicular traffic patterns and no outlet, Continuing east are
,single-family homes, several retirement communities and
)rters Neck Country Club.
e southern. site boundary is defined. by undeveloped,
ooded land, as well as single-family homes in fair to good
.. dition along Folly Island Court and Marsh Reach Drive,
hich are both. small, two-lane roadways with light vehicular
di and several restaurants, undeveloped land, and Porters
eck Elementary School.
BOWEN NATIONAL RESEARCH
EM
The western site boundary is defined by U.S. Highway 17
(Market Street), a four -lane highway with heavy vehicular
traffic patterns. Continuing west are Walmart, Dollar General,
and several restaurants, several medical offices, including
Medac Urgent Care, and single-fan� h.qmes .................. ................................... . . ........... .. .
As noted, the subject site is located within a predominantly developed,
mixed -use area in the northeast portion of Wilmington (Porters Neck CDP),
with surrounding structures observed to be in good condition. Overall, the
subject property fits well with the surrounding land uses, and they should
contribute to its marketability. Photographs of the site can be found in
Section VII of this report.
3. VISIBILITY AND ACCESS
The subject site will maintain notable frontage along U.S. Highway 17
(Market Street), a four -lane highway with heavy vehicular traffic patterns
bordering the site to the west. The subject is expected to be clearly visible
from this roadway upon completion. It should be noted that, based on the
development plans provided at the time of this analysis, only the buildings
nearest to U.S. Highway 17 will be clearly visible, while the central and
eastern portions of the site will be obscured due to existing structures and
heavy foliage. However, this is not expected to have a negative impact on
the overall visibility of the site, as U.S. Highway 17 is the main source of
passerby traffic in the immediate site area. According to the North Carolina
Department of Transportation (NCDOT), U.S. Highway 17 experiences
Average Annual Daily Traffic (AADT) volumes of more than 43,000
vehicles. Overall, visibility of the site is considered good.
Development plans provided at the time of this analysis indicate that the
ingress/egress point for the subject site will be from U.S. Highway 17
(Market Street). As previously indicated, this aforementioned roadway
experiences heavy vehicular traffic patterns and serves as the arterial
roadway for the surrounding area. Therefore, minor traffic delays are to be
expected. It should also be noted that, due to a median that exists on U.S.
Highway 17, this will require southbound traffic to make a U-turn when
accessing/leaving the site. U.S. Highway 17 provides direct access to State
Route 140 to the north and to U.S. Highway 17 Business to the southwest.
Note that Wave Transit bus routes do not extend to the immediate site area,
operating the nearest public bus stop at Mayfaire Town Center, 6.0 miles
southwest of the site. While these fixed routes may contribute to the
accessibility of services in the central Wilmington area, they will not
contribute to accessibility within the immediate site area. Overall, access to
and from the site is considered adequate.
BOWEN NATIONAL RESEARCH
M
As the preceding table illustrates, many of the community services are
within a short distance of the site, including grocery stores, pharmacies,
shopping centers, fitness centers, restaurants, gas stations/convenience
stores and banks.
Public safety services are provided by the New Hanover County Sheriff and
New Hanover County Fire Department, which are respectively accessible
within 17.8 and 2.8 miles of the site. The nearest hospital with emergency
services, Medac Urgent Care, is accessible within 1.0 mile. It should be
noted that Porters Neck Medical Center may provide more convenient
primary medical care to the area and is accessible within 1.1 miles of the
site. All public schools that serve the site are accessible within 11.7 miles
of the site and transportation is provided.
Overall, the availability and proximity of community services within the
immediate area will have a positive impact on the subject's marketability.
5. OVERALL SITE EVALUATION
The proposed subject site is within a predominantly developed, mixed -use
area in the northeast portion of Wilmington, specifically within the Census -
Designated Place (CDP) of Porters Neck. Surrounding land uses are
primarily commercial and residential, with structures generally in good
condition. Visibility of the site is considered good, as it will maintain
notable frontage along U. S. Highway 17, a heavily traveled highway. While
the heavy traffic patterns along the aforementioned arterial may create
minor traffic delays for northbound traffic, southbound traffic
accessing/leaving the site will be required to make a U-turn, due to a median
that exists on U.S. Highway 17. Conversely, the subject project is within
close proximity of various arterials, providing access throughout the greater
Wilmington area. Most essential community services are within a short
distance of the site, including grocery stores, shopping centers, fitness
centers, restaurants, gas stations/convenience stores and banks. Overall, the
subject's location and proximity to community services should have a
positive impact on its marketability.
Maps illustrating the location of community services are on the following
pages.
BOWEN NATIONAL RESEARCH
111-4
(n
a)
00
112
CTI
5o,
Oj
00,
M
o
So,
a
u
I
c
10,
it
IMtf
9"D
jr
f.
Sri
J to
vl
tFj
1g,
C�
6. CRIME ISSUES
The primary source for Crime Risk data, is the FBI Uniform Crime Report
(UCR), The FBI collects data from each of roughly 16,000 separate law
enforcement jurisdictions across the country and compiles this data. into the
UCR. The most recent update showed an overall coverage rate of 95% of
all jurisdictions nationwide with a coverage rate of 97% of all jurisdictions
in metropolitan areas.
Applied Geographic Solutions uses the UCR at the jurisdictional level to
model each of the seven crime types at other levels of geography. Risk
indices are standardized based on the national average. A Risk Index value
of 100 for a particular risk indicates that, for the area, the relative probability
of the risk is consistent with the average probability of that risk, across the
United States.
.It should be noted that aggregate indices for total crime, personal crime and
property crime are not weighted, and a murder is no more significant
statistically in these indices than petty theft. Thus, caution should be
exercised when using them,
'17he following table illustrates the crime risk indexes for the primary Market
Area (PMA) and New Hanover County:
Total Crime Index 1 136 1 122
Murder I 165 I 126
Robbery 1 120 94
Assault 1 118 103
Source: Applied Geographic Solutions, FBI, ESRI
The crime risk index within the Site PICA (136) is marginally above both
that of New Hanover County (1,22) and the national average (100). Despite
the slightly elevated crime rate within the PMA, this does not appear to have
had a significant impact on the overall marketability of the Wilmington
rental housing market, as most, properties surveyed are performing well,
including those near the subject location. Further the subject development
will include security features, such as controlled access, CCTV and on -site
management, which will likely mitigate the potential perception of crime at
the site. Overall, the perception of crime is not anticipated to play a
significant role in. the marketability of the subject development.
A. map illustrating crime risk is on the following page.
BOWEN NATIONAL RESEARCH
HN
The Primary Market Area (PMA) is the geographical area from which most of
the support for the proposed development is expected to originate. The
Wilmington Site PMA was determined through interviews with area leasing and
real estate agents and the personal observations of our analysts. The personal
observations of our analysts include physical and/or socioeconomic differences
in the market and a demographic analysis of the area households and
population.
The Wilmington Site PMA includes the central and north portions of
Wilmington, as well as all or portions of the Census -Designated Places (CDPs)
of Porters Neck, Bayshore, Ogden, Kings Grant, Wrightsboro, Hightsville,
Skippers Corner, Hampstead and Castle Hayne, as well as the surrounding
unincorporated areas of New Hanover and Pender counties. Specifically, the
boundaries of the Site PMA generally include Holly Shelter Road, State Route
210 and Dan Owen Drive to the north; a waterway comprising the eastern
boundaries of Wilmington to the east; Bradley Creek, U.S. Highway 17 and
U.S. Highway 117 to the south; and Burnett Boulevard, Northeast Cape Fear
River and Interstate 140 to the west.
Anah Black, Property Manager of Comet Scotts Hills (Map ID 9), a new
market -rate rental community within close proximity of the site, generally
confirmed the boundaries of the PMA. Black stated that the majority of her
property's tenants originate from within the Wilmington area, not specific to a
particular location within the city. Black also indicated that —30% of her
property's tenants originate from other states. Black noted that those tenants
originating from outside of Wilmington typically move in order to be closer to
the beach or are students/faculty attending the nearby University of North
Carolina Wilmington.
Larhea Burke, Property Manager of Whitebridge Crossing (Map ID 32), a
newer market -rate community near the northern boundary of the Site PMA, also
confirmed the boundaries of the PMA. Burke stated that about 60% of her
property's tenants originate from within the Wilmington area. While her
property receives support from the central and downtown areas of Wilmington,
the majority of support originates from the northeastern areas of Wilmington,
due to its location in Hampstead. Burke noted that the subject site location will
likely draw a larger share from those relocating from central portions of
Wilmington.
Support will likely originate from some of the outlying areas of the PMA;
however, we have not considered any secondary market area in this report
A map delineating the boundaries of the Site PMA is included on the following
page.
BOWEN NATIONAL RESEARCH
111-9
MUDIPUM 00H,�
The following demographic data relates to the Site PMA. It is important to note
that not all estimates1projections quoted in this section agree because of the
variety of sources and rounding methods used. In most cases, the differences
in the estimates1projections do not vary more than 1. 0%.
The Site PMA population bases for 2010, 2020, 2024 (estimated), and 2029
(projected) are summarized as follows:
Source: 2010 & 2020 Census; ESRI; Bowen National Research
The Wilmington Site PMA population base increased by 12,702 between 2010
and 2020. This represents a 10.0% increase from the 2010 population base, or
an annual rate of 1.0%. Between 2020 and 2024, the population increased by
8,179, or 5.8%. It is projected that the population will increase by 7,499, or
5.1 %, between 2024 and 2029.
The Site PMA population bases by age are summarized as follows:
Source: Bowen National Research, ESRI, Census
As the preceding table illustrates, nearly 5 1.0% of the population is expected to
be between 25 and 64 years old in 2024. This age group is the primary group of
potential support for the subject site and will likely represent a significant
number of the tenants.
BOWEN NATIONAL RESEARCH
Household trends within the Wilmington Site PMA are summarized as follows:
- Households
53,849
1 -60—,906-F
—65,328
70,111
Household Chang_e
-
7,057
4,422
4,783
Percent Change
-
13.1%
73%
7.3%
_Av5rage Household Size
2.36
2.30
2.27
2.22
Source: Bowen National Research, ESRI, Census
Within the Wilmington Site PMA, households increased by 7,057 (13.1%)
between 2010 and 2020. Between 2020 and 2024, households increased by
4,422, or 7.3%. By 2029, there will be 70,111 households, an increase of 4,783
households, or 7.3%, from 2024. This is an increase of approximately 957
households annually over the next five years.
The Site PMA household bases by age are summarized as follows:
Source: Bowen National Research, ESRI, Census
Between 2024 and 2029, most household age groups within the market are
projected to experience growth. The most significant increases are anticipated
to occur among households aged 75 and older (2,430, or 28.8%) and those
between the ages of 35 and 54 (1,835, or 8.8%). These trends illustrate that there
will likely be an increasing need for housing for both seniors and families within
the Wilmington Site PMA.
The Site PMA households by tenure are distributed as follows:
M
No, r grlglmm"
10
Renter- I)iedq-.i
rim.
Source: Bowen National Research, ESRI, Census
BOWEN NATIONAL RESEARCH
111-12
As the preceding table illustrates, renter households within the market are
projected to increase by 2,405, or 8.0%, between 2024 and 2029. This further
illustrates that there will likely be an increasing need for rental housing within
the Site PMA.
The household sizes by tenure within the Wilmington Site PMA, based on the
2024 estimates and 2029 projections, were distributed as follows:
Source: Bowen National Research, ESRI, Census
Among renters within the Wilmington Site PMA, the most significant increases
are projected to be among one- and two -person households between 2024 and
2029. Three -person renters are also projected to experience growth during the
same timeframe. This will have a positive impact on the demand for the subject
units, especially among the one- and two -bedroom apartments, which will
comprise over 80.0% of the units at the subject project.
The distribution of households by income within the Wilmington Site PMA is
summarized as follows:
Source: Bowen National Research, ESRI, Census
BOWEN NATIONAL RESEARCH
111-13
In 2024, the median household income is estimated to be $67,638. By 2029, it
is projected that the median household income will be $82,090, an increase of
21.4% from 2024.
The following table illustrates renter household income by household size for
2020, 2024, and 2029 for the Wilmington Site PMA:
� �� is ,��i� / i� , , ✓� i e i �/� ���, ,, �ii�i� i�, � ,, �iiilii�/i �,.
P/ ISBN
1 ! 1 i i • • • •4,653
2,800
Total
Swim
i ifi , ...
.!.
..
. ,•
01100 ....
..�
.•
Source: ESRI, Bowen National Research
Data from the preceding tables is used in our demand estimates.
BOWEN NATIONAL RESEARCH
115M
Dem, or )hic S
The Wilmington Site PMA's population base and households have been
experiencing notable growth since 2010, trends that are projected to continue
through 2029. Most household age groups within the market are also projected
to experience growth during the projection period, with those between the ages
of 35 and 54 expected to increase significantly by 1,835, or 8.8%. Specifically,
renter households earning $50,000 or more are projected to experience all of
the growth. among renters between 2024 and 2029, increasing by 3,648, or
26.2%, which is substantial. This demonstrates that there will be an. increasing
need for additional nlarket-rate rental housing within the Site PMA. 1he
aforementioned trends will have a positive impact on the subject's
marketability.
D. LOCAL ECONOMIC PROFILE AND ANALYSIS
1. LABOR FORCE PROFILE
The labor force within the Wilmington Site PMA is based primarily in three
sectors. Health Care & Social Assistance (which connprises 19.8%), Retail
Trade, and. Accommodation & Food Services comprise approximately
44.0% of the Site P.MA labor force. Employment in the Wilmington Site
PMA, as of 2024, was distributed. as follows:
Hun�tin 29 03% — 102 0,1%
3
< 0,1%
32
< 0A%
11
Utilities
3
< 0.1%
15
<10J%
5
Construction
'755
&1%
4,477
4.6%
6
Marndzqu6nng
283
M%
4,892
---
5_0%
17
wholesale Trade
265
18%
1,959
2,0%
Itetai I Trade
1,183
12.7%
13,072
13,5%
—7
11
Transportation Warehousing
194
2.1%
1,571
1 .6%
8
Information
180
1.9%
5,650
M%
31
Finance & Insunnice
505
5.4%
2,868
3.0%
6
Real Estate, Rental, & Leasing
633
6.8%
4,132
7
Professional, Scientific & Technical Services
934
10,0%
--43%
7,831
8.1%
8
Management of Companies & lints )rises
52
Ok%
268
03%
5
Administrative,
319
3.4%
2,590
2.7%
8
Education Services
167
1,8%
5,065
5.2%
30
Flealth Care & Social Assistance
947
10,2%
19,210
19,8%
20
Arts, Entertainment & Recreation
257
18%
1,893
10%
7
Accommodation & Food Services
706
7.6%
10,376
1 10.7%
15
Other Services (Except Public AchniniqLation)
1,160
12.4%
6,548
6,8%
6
Public Administration
150
1,6%
4,332
4,5%
29
Nonclassiflable
593
6.4%
110
01%
< I
1%
96,993
100.0%
10
Source: Bowen National Research, ESRI, Census
ERE - Average Employees Per Establishment
Note: Since this survey is conducted of establishments and not of residents, some employees may not live within the Site PMA; however., these employees
are included in our labor f6rce calculations because their places of entriloyrnentare located within the Site PIMA.
BOWEN NATIONAL RESEARCH
Iff-is
Total Employment by Industry
Health Care & Social Assistance
Retail Trade
Accommodation. &Food Services
Professional, Scientific & Technical Services
Other Services (Except Public Administration)
Information
Education Services
Manufacturing
Construction
Public Administration
Real Estate, Rental, & Leasing
Finance & Insurance
Administrative, Support, Waste Management & Rernediation Services
Wholesale Trade
Arts, Entertainment & Recreation
Transportation & Warehousing
Management of Companies & Enterprises
Nonclassifiable
.Agriculture, Forestry, Fishing & Hunting
Mining
Utilities
19,210
13,072
10,376
7,831
ttstwwwtawwswtttttlilwNwutu 6,548
5,650
ININNOVINNUIR 5,065
4,892
4,477
4,332
4,132
VINNININ 2,868
19MEMM, 2,590
=11110 1,959
VINK 1,893
INNER( 1,571
268
110
102
32
15
5,000 10,000 15,000 20,000 25,000
Typical wages by job category for the Wilmington Metropolitan Statistical
Area (MSA) are compared with the state of North Carolina in thefollowing
table:
�gement Dccupations
$80,410
Business.And Financial Occupations
$72,658
Computer And Mathematical Occupations
$81,239
i Architecture And En g
$86,783
L Comma xcity_And Social Service Oqqugq6ons
$49,006
__Art, Design, Entertainment, Sports, and Media Occupations
$39,844
Healthcare Practitioners and Technical Occu ations
Ilealthcare Sypport Occupations
$65,9271111.
$29,894
$66,058
$30,057
Protective Service Occupations
$16,295
Buildin� And �Grounds �Cleani�nand_Mairnenance Occupajons
$24,285
L - - - $-2-6,-491
Persona-1-Care and -Service Occupations
$22,112
$20,931
L Sales And Related Occupations
$35,662
Office And Administrative Support Occupations
$38,141
Construction And Extraction Occupations
$37,709
Installation, Maintenance and Repair Occupations
$49,813
Production Occupations
Material Moving,__Occnpa�
_____$24,345
Source: US. Department of Labor, Bureau of Statistics
Most occupational types within the Columbus MSA have similar typical
wages as those of the state.
BOWEN NATIONAL RESEARCH
MIM.
'rhe tern largest employers wnthi "New Hanover County my are: summarized atrized in
the fifflowing table. Note that specific employment nurribers were not
available ble at the tnrrne the report was issued.
Novannt Health New llanover .e orxal Elealth Care
New Ilanovee C,ourDty School System Education
Universityof tdorth Carolina Education
County of New Hanover Public Administration
I PID Develo rtnernt Professional, Scientific, and Technical Services
Wal-Mast Associates I nci. 11etaanl Trade
City Of ilrnrn t42i Public Administration
nistration
Cape bear Community C olle e Education
�
VVha Medical Clinic Health. Care
t-lards "Teeter LLC; R.etaail ]'rade
S()€.arce: North Carolina Department ofCommerce (2024 Quarter 3)
According, to an. representative with Wilmington Economic Development,
the Wilmington ectrrugnm.y is rownnn . 'rhe area has seem. regional population
growth, a ind the health care sector is growing uic kly, 1"line following table
summarizes some recent acrid/or ongoing economic nc development projects
identified within New Flatrnonrer County
o aW.
Amazon $1 billion 1.,000 Building; a 6.50,000 square -foot ftacr,lnty in Wilmingyton 57ae facility
rs expected to be o )cratacDrnal at the anal o'f 2026.
E.xpandcnad and 'moved its headquarters to a new 67,000 square -foot
Global LaserImrichrnent
N/A.
15
facility inside the wainanngtoa. 'Trade Center, `The company
eotxtnnaac;s tcD 5row and has ;added it 5 new employees since 2021.
^` pansnon to enhance safety, quality and productivity and will.
GE Vemovaa
$50 million
500
launch its next generation nuclear fuel design for the connpany's
small modular reactor. Jobs will be ac@clec ihrc)ral h 2tg3tf.
Opening in as 1.2,000 square -foot facility that will produce custom
computer parts in Wilmington, The company will partner whin
Protocase
N/A
500
Cape Fear Community ty College and North Carolina for Military
Employment to find prospective; employees. The facility opened
in Iaebraaar 2025.
Convenience Stores
—
W aWa, 7/11, and Sheetz announced they are building new
WaWa & 7/1.1 / Sheetx at Tree Lane
N/A
N/A
convenience stores with fuel stations. All three announcements
ware rrnaade in the last 12 months.
Phillips Center of Wilmington
N/A
N/A
Opennrl i rRQ Wd Brk41t&StClzil adY lti aa$ r9 t} I li `l Gya 121,.
HarrisTeeter
N/A
N/A
Expansion of its existing; grocery store. The store. will. add 6,000
s snare feet. The rojec't was a roved rn M 2024.
The company is establishing as new males office in Wilmington,
Advanced Gla ing,s
N/A
50
'the move is the first stet) to the company opening as manufacturing_
f'4ninlnty in the area.
Constructing a state-of-the-art cC:gMP temperature -controlled
facility for the life sciences sector. Ilse facilty will enhance the
�1
Frontier Scientific Solutions at
i k.5 billion
500
efficiency and security of transporting;' mine and temperature -
Wilmington International Airport
sensitive pharmaceutical and bioplimmaceutical products,
C:onsiruction on the facility began in February 2025 and is
ex sected to as )en in August 2f.125.
N/A -Not Available
BOWEN NxnONAL RESEARCH 111-17
Infrastructure
The following table summarizes notable infrastructure projects identified
within New Hanover County:
Widening the bridge from four to six lanes. This project is
Cape Fear Memorial Bridge
estimated to cost $452 million to $765 million and was
announced July 2024.
Airplane Hanger
A new airplane hangar is being added at 1830 Flightline Drive.
The project was announced FebruT 2025.
Duke Energy Substation
A new electric utility substation was approved in July 2024.
Gordon Road between Market Street and Interstate 40 will be
Gordon Road Widening
widened to four lanes with a raised median. The $82 million
project is expected to be completed by summer 2029.
Wilmington Rail Realignment Project
This project will reroute freight traffic between the Port of
Wilmington and CSXT's Davis Yard.
A new bridge on MLK Parkway to flow over Market Street. The
MLK Parkway, Market Street Overpass
new Market Street intersection will be a single -point
interchange. The $4 million project is expected to begin in 2028.
Independence Boulevard will be extended near the
Independence Boulevard Extension
Covil/Montgomery Avenue corridor 1.7 miles from Randall
Parkway to MLK Parkway. The $214 million project is expected
to begin inspring 2031.
WARN (lavoff notices)
WARN Notices were reviewed in March 2025 and, according to the North
Carolina Department of Commerce, there have been no WARN notices of
large-scale layoffs or business closures reported for New Hanover County
over the past 12 months.
[ti•Ir�tt�►i► I�L•I��LI�I:��X�i:��I:l
III -is
The following tables were generated from the U.S. Department of Labor,
Bureau of Labor Statistics and reflect employment trends of the county in
which the site is located.
The following illustrates the total employment base for New Hanover
County, the state of North Carolina, and the United States. Total
employment reflects the number of employed persons who live within the
county.
Source: Bureau of Labor Statistics
*Through January 2025
**Through February 2025
Total Persons Employed by Year (New Flanover County)
135.000 k
EI f
130,000
125,000 j
k
120,000 �� k
I 115,000
110,000
105,000
100,000 !
2015 2016 2017 2018 2014 2020 2021 2022 2023 2024 2025
BOWEN NATIONAL RESEARCH
111-19
As the preceding illustrates, the New Hanover County employment base
increased by at least 1.8% each year between 2015 and 201.9, prior to a
decline of 6.6% in 2020 due to the impact of the COVID-19 pandemic.
However, between 2020 and 2024, the county's employment base increased
at an average rate of 4.8%. Despite the reported decline in the local
employment base through January 2025 (a time of year when employment
is often at its lowest level), total employment remains above pre -pandemic
levels.
[Jiieniploy ment rates for New Hanover County, the state of North Carolina,
and the United States are illustrated as follows:
Source: Department of Labor, Bureau of Labor Statistics
*Through January 2025
**Through February 2025
Unemployment Rate (New Hanover County)
New Hanover County North Carolina United States
90%
8.0%
7.0%
6.0%
5,0%
3.0%
2.0%
1.0%
0.0%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
111-20
The annual unemployment rate reported for the county declined by nearly
two full percentage points between 2015 and 2019 but then increased by
nearly four full percentage points in 2020 as a result of the pandemic. On a
positive note, the local unemployment rate has declined to a rate of 3.5%
(through January 2025), which is generally below pre -pandemic levels.
At -place employment reflects the total number of jobs within the county
regardless of the employee's county of residence. The following illustrates
the total at -place employment base for New Hanover County.
Source: Department of Labor, Bureau of Labor Statistics
*Through September
Data for 2023, the most recent year that year-end figures are available,
indicates in -place employment in New Hanover County to be 99.7% of the
total New Hanover County employment. This means that New Hanover
County has a very high share of employed persons staying in the county for
work (daytime employment). Additionally, at -place employment increased
to a ten-year high through September 2024.
3. ECONOMIC FORECAST
The New Hanover County employment base and unemployment rate were
both steadily improving between 2015 and 2019, prior to the economic
downturn caused by the COVID-19 pandemic in 2020. However, the county
quickly began to recover both in terms of total employment and
unemployment rates in 2021 and continued to improve through the end of
2024. At this time, total employment was at a record high of over 130,000
jobs and the 3.1% unemployment rate was at its lowest level since 2015.
While the employment base declined and the unemployment rate increased
in New Hanover County thus far through January 2025, they are still
generally above/below pre -pandemic levels. Additionally, at -place
employment within the county increased by an annual average rate of 4.8%
between 2020 and 2023. These are good indications that the New Hanover
County economy has fully recovered from the initial impact of the
pandemic, in terms of total employment and unemployment rate, which will
have a positive impact on the local housing market.
BOWEN NATIONAL RESEARCH 111-21
4. COMMUTING PATTERNS
The following is a distribution of commuting patterns for Site PMA workers
age 16 and over:
Source: Bowen National Research, ESRI
Nearly 75.0% of all workers drove alone, 7.5% carpooled, and 0.6% used
public transportation. Notably, 14.5% of workers worked from home.
Typical travel times to work for Site PMA residents are illustrated as
follows:
Source: Bowen National Research, ESR1
The largest share of area commuters has typical travel times to work ranging
from 15 to 29 minutes. The subject site is within a 25-minute drive to most
of the area's largest employers, which should contribute to its marketability.
A drive -time map for the subject site is on the following page.
BOWEN NATIONAL RESEARCH
111-22
(L
0
s fe
i"a
I
.A. OVERVIEW OF SITE PMA RENTAL HOUSING
The distributions of the area housing stock within the Wilmington Site PNIA
2020 and 2024, are summarized in the following table: i
Source: 2020 Census, ESRI, Bowen National Research
Of the 72,990 total housing units in the market, 10.5% were estimated to]
vacant in 2024. This is a slight increase from the 10.4% vacancy rate rtqport
in 2020. However, the vacancw status of the 7,662 hou
the following table and illustrates that most vacant units are not long -ter
rentals:
Source: 2019-2023 American Community Survey (ACS); Bowen National Research
As reported in the 2018-2022 ACS, 23.7% of the vacant housing units in the
market are long-terni rentals, As the previous table indicates, th. e largest share
of vacant units is classified as "Other Vacant", which encompasses foreclosed,
dilapidated and abandoned housing. The second largest share is classified as
"For Seasonal, recreational, or occasional use". Regardless, in order to
determine if the overall vacancy rate is a reflection of the long-term rental
housing market, we conducted a field survey of area apartments.
B. SURVEY OF SITE PMA APARTMENTS
ii apartment communities containing a total ot 7, 117 units wi in
Site PMA. This survey was conducted to establish the overall strength of t
rental market and to identify those properties most comparable to the subje,
site. These rentals have a combined occupancy rate of 87.8%; 95.6% wh
excludinN the recentip-c=yleted pro in their initi
lease -up process, a strong rate for rental housing.
BOWEN NATIONAL RESEARCH
IM
The following is a distribution of the market -rate its surveyed by year built
for the Site PMA:
As the preceding table illustrates, themore established rental projects surveyed
built beffire 2023 are maintaining relatively low vacancy levels at or below
6,5%. Wlule those projects built in or after 2023 contain the highest vacancy
levels, this includes those rental. communities that are still within their initial
lease -up stage. The following table summarizes the lease -up trends of those
projects surveyed. built in or after 2022 for which lease -up information was
provided:
^Age -restricted
*Units under construction
While some of the recently completed rental communities surveyed are
experiencing absorption rates of 12 or fewer units/month, these include two
projects that were completed within the first month of our survey during tile
'Winter months (when. absorption. is slower) and, therefore, absorption rates
should eventually be much higher than those illustrated in the preceding table.
Additionally, three of these projects still have units under construction, which
are likely a deterrent to potential applicants. Lastly, the rental community
surveyed. experiencing the lowest absorption rate of two units/month,
Whitebridge Crossing (Map ID 32), only offers two-bedrooni townhomes and
four -bedroom single-family rental homes, which limits its support base to
mostly larger household sizes. Notably, nearly all of the remaining prqjects
surveyed built since 2022 expenenced/are experiencing absorption rates of
approximately 19 to 32 units/month, These are considered good rates for
market -rate rental housing and demonstrate that newer market -rate rental
BOWEN NATIONAL RESEARCH IV-2
gg"
WNW 4 1 WINNER
AA
AKI
The 11 selected market -rate projects have a combined total of 2,346 units with
an overall occupancy rate of 83.0%; 94.9% when excluding the four comparable
properties surveyed still within lease -up, a good rate for rental housing. This
illustrates that these rental communities have been generally well received
within the market and will represent accurate baselines from which to compare
the subject project.
The following table summarizes the lease -up trends of the comparable projects
surveyed built in or after 2022 for which lease -up information was provided:
*Units under construction
Overall, the five newer comparable properties have an average absorption rate
of 18.4 units per month which is considered a good monthly absorption rate.
While two of the recently completed comparable rental communities surveyed
are experiencing absorption rates of only six to 12 units/month, Middle Sound
West and Sidbury Crossing (Map IDs 22 and 29, respectively), these projects
were completed within the first month of our survey during the winter months
when lease -up rates are typically at their slowest. It is anticipated that the
monthly lease -up rates will increase in the spring and summer months.
Additionally, these projects still have units under construction, which are likely
a deterrent to potential applicants. Notably, the remaining comparable projects
surveyed built since 2022 experienced/are experiencing absorption rates of
approximately 19 to 32 units/month. These are considered good rates for
market -rate rental housing and demonstrate that newer market -rate rental
product has been well received within the Wilmington Site PMA, which will
bode well in the demand of the subject units.
The map on the following page illustrates the location of the subject site and
the 11 most comparable properties surveyed.
BOWEN NATIONAL RESEARCH
IV-4
F_
The collected rents for the most comparable projects surveyed, as well as their
rent per square -foot, unit mixes and vacancies by bedroom are listed in the
following table. It should be noted that the rents for the proposed subject project
have yet to be determined. The rents of the comparable properties should be
used as a guide for establishing rents at the site.
IN! ME 1
PM
Amberleigh
$1,339-$1,418/ $1,580-$1,702/ $1,932/
3 South
- $1.74-$2.20 (84/4) $1.42-$1.75 (168/9) $1.57 (28/2)
Arboretum
$2,141 $2,367+'
$2,854, $3,018/
4
Villaae
-
S1 6040,11M (f&3)
$II g52 (40m)
Beaumont Oaks
$1,455/
$1,645/
$1,91443.520/
7
at Porters Neck
-
$1.80 (42/0)
$1.56 136/11)
$1.5641.96 (48/3)
$1 77 (11`51)
Comet Scotts
$1,310/
$1,455/
$2,180/
9
Hill
-
$1.71-$2.02 (77/8)
$1.18-$1.46 (128/10)
$1.28-$1.32 (5117__
Hawthorne at
$1,5501
$1,669-$1,928/
$2,049/
15
Smith Creek
-
$1.84 110/9)
$1.40-$1.55 (134/8)
$1.46 74/3)
Hudson
$1,570/
$1,750-$2,070/
19
Renaissance
$2.28 (32/0)
$2.0142.2116 �2g.64-_$l.72L97/0
Middle Sound
$1,433-$1,633/
$1,840-$1,935/
22
West
$2.93 �.07 7�6/66
$1.6241.70(116/83
-
Palisades at
$1,479/
$1,729-$1,929/
$2,289/
25
Lewis Creek
-
g-74 5010)
.60-$1__61 109/0
$1.75 33/0)
Reserve at Blake
$1,405-$1,470/
$1,600-$1,615/
$1,805/
27
-
$1.66-$1.79 L94/1 5)
$1.29-$1.41 (125/9)
$1.40 (93/3
—Farm
Sidbury
$1,515/
$1,690/
$1,915/
29
ssing—
-
$1.95 (36/14_
$1.55 (36/30)
$1.60J36/34)
Townes at Blake
$2,11542,40T
$2,3'27 S3,279/
31
Farm
-
$1.3 2-$1.59 (6Li 1)
10 A3 $1,56 (9230)
Collected Rent/
$1445/$228
.
$1,310-$1,633/
$1,455-$2,40-1/
$1,80543,520/
$3,82051.77
,
$1.66-$2.21
$1.1841.94
$1.28-$1.96
_Rane
Median Collected Rent/
$1,445/$2.28
$1,463/$1.90
$1,750/$1.58
$2,235/$1.52
$3,820/$1.77
PerSq-_wMe _Ft. R
. .. . ... .... . ........
........................ . .. . .
Indicates townhome units
As the preceding table illustrates, the collected rents at the comparable market -
rate properties range from $1,3 10 to $1,633 ($1.66 to $2.21 per square -foot) for
a one -bedroom unit, $1,455 to $2,407 ($1.18 to $1.94 per square -foot) for a
two -bedroom unit and $1,805 to $3,520 ($1.28 to $1.96 per square -foot) for a
three -bedroom unit. Notably, the rents for the townhome units at the
comparable developments (as indicated in blue) are the highest two- and three -
bedroom rents currently being offered. Given that most of the comparable
properties are performing well, it can be concluded that a new and competitive
market -rate rental community could charge rents (rent per square -foot) similar
to the rents currently charged at the comparable properties in the market. Note
that a further analysis of achievable rents at the subject site is provided later in
Section V of this report.
BOWEN NATIONAL RESEARCH
IV-6
DIOM,
I "'M
Iz. OF/
Bayshore Townho—
Arboretum Village
Hawthorne at Smith Creek
Hudson Renaissance
97 (49)
109(56.8%)
•
WIN
NO/
MIN/rr
IN
BIENNIA W COMMON&
Ba shore Townho
Amb
mmmm=
Comet Scotts Hill
Hawthorne at Smi"
Hudson Renaissance
,--Middle Sound West
lisades at Lewis Creek
eserve at Blake E�jrm
1,293
IIIIIJILOMI
1,200
UJIMAII-Mrsim -MIRUD
1,627 - 2,099
M10 P2.0 P6,
Site Bayshore Townhomes - 2
3
Amberleigh South
-
1.0
2.0
2.0
4
Arboretum Vil!4&q
-
-
10 . 2.5
10
7
Beaumont Oaks at Porters Neck
-
1.0
2.0
2.0-2.5
3.0
9
Comet Scotts Hill
-
1.0
1.0-2.0
2.0
-
15
Hawthorne at Smith Creek
-
1.0
2.0
2.0
19
Hudson Renaissance
1.0
1.0
2.0
-
22
Middle Sound West
-
1.0
2.0
-
25
Palisades at Lewis Creek
-
1.0
2.0
2.0
27
Reserve at Blake Farm
-
1.0
2.0
2.0
29
Sidbury Crossiril
-
1.0
2.0
2.0
31
Townes at Blake Farm
-
-
215
2 5 15
lindkates Uminhoine Ruflts
The subject project will offer the largest one -bedroom unit sizes relative to
those offered at the comparable properties surveyed, which will position these
particular units at a competitive advantage. While the two- and three -bedroom
townhome unit sizes at the site will be within the range of those offered, these
unit sizes are more characteristic of the garden -style apartments. As illustrated
within the preceding tables, the subject's two- and three -bedroom unit sizes will
be among the smallest, if not the smallest townhome unit sizes within the
market. The aforementioned factors will position the subject's townhome units
at a competitive disadvantage. The preceding has been considered in our
achievable rent analysis illustrated later in this report.
The tables on the following pages compare the unit and project amenities
offered among the comparable properties to those proposed at the subject
project.
BOWEN NATIONAL RESEARCH IV-8
# - Senioi N op erty * Proposed Site(s): Bayshore Townhomes
X All Units, S Some Units, 0 Optional with Fee Details in Comparable Prcrp(-,.trty Profile Report Continued on Next Page
Bawii,.�!n hiat!=M IIIesiinrch iiv 1 9
��ro,,,, �� r. >.. /� .c aid ,�/�,
� r /rrr
r/�
/ � �
,/✓.
/ i
� //
� � � %
%/
i
i
49
•• ••
rService
• •
I
�I
t .
- St.--.m for Property Proposed 50t.e(s), Bayxshore'Tcawnhornes
AH Units, S .. c;r,.zryKr k.lufts, 0 = Optional with iec..,, De. aalls'in Cornipwable, N�operty Profile Fdepoirt:
������������������� III
4:l u� IN m�&ionM IResearch Irv..• 1
The subject development will offer a robust amenities package that FA
considered very similar with those offered at the comparable market-ral
projects in the Site PMA. The subject project will not lack any amenity th
will have an adverse impact on its marketability.
Cgmparable/ Competitive Market -Rate SurnmaLy
Based on our analysis of the unit sizes (square footage), amenities, location,
quality and occupancy rates of the comparable market -rate developments
within the Site PMA, the subject development will be very competitive,
assuming its marketable in terms of pricing. However, it is worth noting that,
size relative to those offered at the comparable properties surveyed, the
subject's townhome unit sizes will be among the smallest, if not the smallest
'JI"i J iiii iii Ji J I lirkel, irdlig nti i
V of this report.
IV-11
Propealles Surveyed — Wilmington, North Carolina
Address: 550 Avery Dr., Wilmington, NC 28411
Phone: (910) 821-8252 Contact: Matao
Property Type: Market Rate
Target Population: Family
Tbtal Units: 280
Year Built: 2021
Vacant Units: 15
*AR Year:
Occupancy: 94.6%
Yr Renovated:
Turnover:
Stories: 2,3,4
Waitlist: None
Rent Special: None
Notes: Rents change daily
Utility Schedule Provided by:
Utility Type & Responsibility: No landlord paid utilities;
Survey Date,,, March 2025
Rat j U—S
Quality: B
Neighborhood: B
Access/Visibility: B+/B+
Unit Arnenities: Dishwasher; Disposal; Microwave; Range, Refrigerator; Central AC; CeHing Fan; Controlled Access; W/D Hookup; W/D; Walk-in Closet; WindOW
Treatrnents; Flooring (Carpet, Corriposfte/Vinyl/Larnigmte); Prernkirn Appliances; Prernkirn Countertops; Premium Cabinetry; Premiurn Fixtures; High/Vaulted
Ceilings
Properry Arnerides: Bike Racks / Stor age; Multipurpose Roos n, Clubhouse/Community Roonn; Cafe/ Coffee Bar; On -Site M a nagernen t; Dop mark/Pet Care;
Recreation Areas (Firelsk, Fitness Center, Grilling Area, Garne Roorn-Billiards, Media Roorn /Theater, NaVgrotind, Outdoor Swirrivning Pool); CCTV, Courtesy Officer,
Security Gate
Parking type: Attached Garage; Detached Garage; Surface Lot
Beds
- - -- - ----
Baths
-----__------------ -- ------ - ----
Type
------------------
Units
----- ----------- ------ ----
Vacant
Sri Ft $ / So Ft
-- -------- - ------ - -
Collected Rent
AMHI
1
_
1
1111-11111.1 . ...... - -----------
G
-------------------
84
- ------- ------------- - --
4
609-814 $120 - $1,74
$1,339 - $1,418
- - - --- ------- ---- ------------ — - - -__ - -
Market
---------
2
2
G
...... . . .......
168
-- ----------------- - ----
9
-------- --------------
903-1,202 $1.75 - $1.42
$1,580 - $1,702
----------- -- ----
Market
11
3
2
G
28
2
1,230 $157
$1,932
Market
*Adapflve Reuse "DTS i�, baxAon drive time
Bowen 1114afiol,4 Research lV-12
j�j��l
�II
�I� � /��j�//
Address: 4550 Atrium Ct, Wilmington, NC 28405
Phone: (910) 407-9424
Contact: Annie
Property Type: Market Rate
Target Population: Family
Total Units: 98
Year Built: 2020
Ratng5
Vacant Units: 3
*AR Year:
Quality: B
Occupancy: 96.9%
Yr Renovated:
Neighborhood: B
Turnover:
Waitlist: None
Stories: 2
Access/Visibility: B/A
Rent Special: None
Notes: Preleased 11/2019; Opened 2/2020; -93% occupancy 2/2021
Utility Schedule. Provided by:
Utility Type & Responsibility: Landlord pays Trash
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; Ceiling Fan; W/D Hookup; W/D; Walk-in Closet; Window Treatments; Flooring
(Composite/Vinyl/Laminate); Premium Appliances; Premium Countertops
Property Amenities: Community Gardens; Multipurpose Room, Community Kitchen, Clubhouse/Community Room; Cafe /Coffee Bar; On -Site Management; Dog
Park/Pet Care; Recreation Areas (Fitness Center, Grilling Area, Game Room -Billiards, Outdoor Swimming Pool); CCTV; WiFi
Units Vacant So Ft $/ So Ft I Collected Rent AMHI
1-111, -1-1-- - ... ...... .... . .. .. . . .. . ..........................
58 3 1,104 - 1,482 $194 - $1, 60 $2,141 - $2,367 Market
40 0 1,876 1 9 88 $1,52 SI 854 -S3,018 Market
'Adaptive Reuse ID7S is ba,,,ed on drive tirne
..........
Bowen National Research IV-13
Address: 115 Beaumont Oaks Dr, Wilmington, INC 28411
Phone: (855) 492-1390 Contact: Tyler
Property Type: Market Rate
Target Population: Family
Total Units: 238 Year Built: 2023
EAII
Vacant Units: 19 *AR Year:
Quality: A
Occupancy: 92.0% Yr Renovated:
Neighborhood: A
Turnover: Stories: 3
Access/Visibility: B/B
Waitlist: None
FrentSpeciaL 6Weeksfree rentif you M/l by3/15
Notes: Preleased 8/2022; Opened 2/2023; -93% occupancy 2/2024
Utility Schedule Provided by:
Utility -type & Responsibility: No landlord paid utilities;
Unit Arnenitles: Dishwasiier; Disposal; Microwave; Range; Refrigerator; Cent4 AC; Ce0ig Fan; W/D llookupW/D; Walk-Iln Closet; Whidow Treatments; 1I
(Carpet, Cornposfte/Vinyl/LamIInate); Premium Appliainces; Premium Countert.ops; Prerniurn Cabinetry; Prerrnurn FIxtures; ifigh/Vautted Ceflings
ProvertyAneit�es� BiesCeter Cmpute/BusiBus" Center); MuMpurpose Roorn, (Jubtimise/Cornmunfty Room; On-Sfte Management; Dog Park/Pet Care;
Recreadon Areas (Firejpk, Fitness Center, Gr(illing Area, Canna Room-Whards, Playground, Outdoor SwImming Pool); CC'rV
Parking Type: Attached Garage; Detached Garage; Surface Lot
Beds
Baths
Type
Units
Vacant
Sq Ft
Scl Ft
Collected Rent AMHl
- ----- - -------- ------- - ----------------- ---- -
..... .... . ... . -- ------------ ---
1
--------------- -
G
42
- ----- -------- - -- -
0
-
. ...... . ........ . ..... ......... . .... ..... . . ............. . .
807
$1.65
$1,455 Market
.......... .. .. -- --- ------------- --- ------- - ------------ - ----- ----- .. . .. .. . .. ...........
2
2
G
.. ......... ----
136
... ............. ..... ...........
11
. . ------------
1,054
-----
$1.45
$1,645 Market
3
2
G
- ------- - - -
32
- ---------------- ----------
1
- -
. . ..... 1,226
$1.46
$1,914 Market
- - -- - --- ----- ------- ---------- ------------- --- ----
3
25
T
16
2
1,800
$1.89
$3,520 Market
4
3
T
12
5
2,162
$ 1 .71
$ 3 82 0 Market
Bowen 111114@dcinaResearch W-111
Properties SUrveyed — Wilriningtori, North Carolinal
Address: 9102 Redfish Run, Wilmington, NC 28411
Phone: (910) 901-7945
Contact: Annah Black
Property Type: Market Rate
I'arget Population: Family
Total Units: 256
Year Built: 2024
Vacant Units: 25
*AR Year:
Occupancy: 90.2%
Yr Renovated:
'rurnover:
Stories: 4
Waitlist: None
Rent Special: None
Notes: Preleasing 2/2024, opened 5/2024; Still in lease -up
Utility Schedule Provided by:
Utility Type & Responsibility: Landlord pays Water, Sewer, Trash
Survey Date: March 2025
BA 1 "n 5
Quality: A
Neighborhood: B+
Access/Visibility: B+/B+
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; Ceiling Fan; W/D Hookup; W/D; Walk -In Closet; Flooring (Carpet,
Composite/Vinyl/Laminate, Finished Concrete)
Property Amenities: Business Center (Computer/Business Center); Car Care (Car Wash Area, Charging Stations); Multipurpose Room, Clubhouse/Community
Room; Cafe / Coffee Bar; On -Site Management; Recreation Areas (Outdoor Swimming Pool, Tennis); CCTV, Courtesy Officer
Parking Type: Detached Garage; Surface Lot
Beds
---- ---- ----
Baths
- . . ...... .
Type
----------
____Units
_
Vacant
- -- -
Scl Ft
- --------- . ........... . ......... .
$ / Sq Ft
— ----------- ---
Collected Rent
AMHl
1
G
- — ------------- -
77
--------- ' .............
8
647-765
....... . .................. .. .....
$2.02 - $1.71
$1,310
Market
2
1-2
G
128
10
994-1,228
$1.46 - $1.18
$1,455
Market
3
2
G
51
7
1,655 - 1,703
$1.32 - $1.28
$2,180
Market
*AdzFpi h1c., Reuse ID'iS I:,' based on drive Urne
Bowen Naflonal itesearch IV- is
Properties Surveyed ---ilrinington, North Carolina
Address: 4645 Gordon Rd, Wilmington, NC 28411
Phone: (910) 720-6220
Contact: Shawn
Property Type: Market Rate
I'arget Population: Family
Total Units: 318
Year Built: 2020
*AR
Vacant Units: 20
Year:
Occupancy: 933%
Yr Renovated:
Furnover:
Stories: 3 (w/Elev)
Waitlist: None
Rent Special: One month rent free
utility Schedule Provided by:
Utility Type & Responsibility: No landlord paid utilities;
Survey Data, March 2025
Ratriz.
Quality: A -
Neighborhood: B
Access/Visibility: B/B
L.J nit Amenities: Dishwasher; Disposal; Icernaker; lsficrowave; Range; Refrigerator; Central AC; Ceiling Fan; rWD Hookup; W/D; Waik-In Closet; Windo'o
Treatments; Flooring (Carpet, Ceramic File, Cornpositp/Vlilyl/Lai,nii,iate); Prerniurn Appliances; Premium Countertops; Prerniurn Cabine"; Pferniurn FIA.ures
Property Arneni ties: Bike Racks/ Storage; Business Center (Cornpulter/Business Center); Car Care (Car Wash Area); Multipurpose Roorn, ClubhOUSe/Cornmunity
Roarn; Cafe I Coffee Bar; Pavilion/Gazelao; Elevator; On -Site [Man agernent; Dog Park/Pet Care; Recreation Areas (Fitness Center, Grilling Area, Outdoor Swimirriing
Pool); Courtesy Cifficer
Parking Type: lDetached Garage; Surface Lot
Beds
Bati-rs
Type
Units
Vacant
Sci Ft
. ........ . - --- ---------- --------------------- ----- - -
$ Sci Ft Collected Rent
----- --
AMHI
I
--l-, . . .
I
. ........... ....... .... . . . . . ... . ............
G
... . ............ ........ ... .
110
......... ................ .
9
841
$1.84 $1,550 ......... .. .
Market
2
2
G
1.34
8
1,078 - 1,380
........... .....
$1,55 -- $1.40 $1,669 - $1,928
----------- - -------------------- ----
Market
3
2
G
74
3
L406
$1.46 $2,049
Market
... . ......
Bowen National Research V-16
Properties Surveyed - Wilmifingtort, North Carolfina
Address: 1027 Ashes Dr, Wilmington, NC 28405
Phone: (910) 216-0173
Contact: Deja
Property Type: Market Rate
Target Population: Family
Total Units: 198
Vacant Units: 2
Year Built: 2022
*AR Year:
Occupancy: 99.0%
Yr Renovated:
Tr rnover:
Stories: 4 (w/Elev)
Waitlist: None
Rent Special: None
Notes: Preleased 1/2022; Opened 5/2022
Utility Schedule Provided by:
Utility Type & Responsibility: Landlord pays Trash
Surrey Date. March 2025
Ratings
Quality: A
Neighborhood: B+
Access/Visibility: B+/B+
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; Ceiling Fan; Controlled Access; W/D Hookup; W/D; Walk-in Closet; Window
Treatments; Flooring (Carpet, Composite/Vinyl/Laminate); Premium Appliances; Premium Countertops; Premium Cabinetry; Premium Fixtures; High/Vaulted
Ceilings
Property Amenities: Multipurpose Room, Clubhouse/Community Room; Cafe/ Coffee Bar; Pavilion/Gazebo; Elevator; On -Site Management; Dog Park/Pet Care;
Recreation Areas (Firepit, Fitness Center, Grilling Area, Outdoor Swimming Pool); CCTV, Courtesy Officer
Parking Type: Surface Lot
Beds
-
Baths
- -- - ------ -------
Type
------ 1111-- ..
Units
. ........ . - .... . ..... ......
Vacant
So Ft
$ / Scl Ft
. ................. ...... ..........
Collected Rent
AMHl
0
1
G
32
0
633
$2.21
-------------- - ....... .....
$1,445
. . . .. .. . ......... . .......... .... . .......... . . . .
Market
............... . . . . . I
1
G
69
2
711-781
---------------
$2.14 - $1.95
---- --- 11-11- ................ . . .
$1,570
---
Market
--------
--- - ------ -
2
2
G
97
0
1,020 - 1,261
$1.67 - $1.61
$1,750 - $2,070
Market
'Adaptive Rousc DI S i5 based or; drive tirne
Bowen National Research lV-11 7
1'iropeirfles Surveyed Wilinington, Nordi Carolina Survey Dam March 2025
Notes: Preleased S/2024; 192 units completed 8/2024; 96 units under construction; ECD
4/2025; In lease -up
Utility Schedule Provided by:
Utility Type & Responsibility! Landlord pays Trash
UnitArnenidesr Dishwasher; Disposai; Microwave; Range; Refrigerator; CentralAC; Ceiling Fan; W/O Hookup; VVID; Walk-in Cliosel.; Window treatments; Flooring
(C)rnposRte/Vigky&/Lafrtiriate); Pneniurn Appliances; PIrerniurn Countertops; Prerniurn Cabinetry; Prernium Fixtures; H igh/Vaulted Celli rigs
PropeltyAinenities: Bike Racks/ Storage; Business Center Center); Car Care. (Chang ging Stations); Multipurpose Roorn, Communky Kitchen,
Clubhouse./Comrnunity Room; Cafe I Coffee Bar; Payflion/Gazebo; On -Site Management; Dog Park/Pet Care; Recreation Areas (Firepit, Fitness Center, Grilling Area,
Garne Room Billiard.s, Walking Path, Dutdocw Swirriming Poolj; C M,., Courtesy Officer
Parkinglype: SurfaceLol
..........
Collected Rent AIVIHI
- 1, 1 4 1 3 - 3 Market
I I I - 11
'11 A4n - S11 q1r, Market
'Adaptive Reu(, D FS i.,., based on drive Minx
............
Bowen Illatllcri'W Research IIV-18
Properties Surveyed AMIrinfington, North Carolina
Address: 1630 Lewis Landing Ave, Wilmington, NC 28405
Phone: (910) 427-5283
Contact: Emily (By Phone)
Property Type: Market Rate
Target Population: Family
Total Units: 192
Year Built: 2022
Vacant Units: 0
*AR Year:
Occupancy: 100.0%
Yr Renovated:
Turnover:
Stories: 3
Waitlist: None
Rent Special: None
Notes: Rents change daily; Does not keep a WIL
Survey Date. Marclii 2025
Ratings
Quality: A
Neighborhood: B
Access/Visibility: B+/B+
Utility Schedule Provided by:
Utility Type & Responsibility: Landlord pays Trash, Internet
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; W/D Hookup; W/D; Walk -In Closet; Window Treatments; Flooring (Carpet,
Composite/Vinyl/Laminate); Premium Appliances; Premium Countertops; Premium Cabinetry; Premium Fixtures; High/Vaulted Ceilings
Property Amenities: Multipurpose Room, Clubhouse/Community Room; Cafe /Coffee Bar; On -Site Management; Dog Park/Pet Care; Recreation Areas (Firepit,
Fitness Center, Game Room -Billiards, Outdoor Swimming Pool)
Parking Type: Surface Lot
Beds Baths
Type
- -------------
Units
------------ ... ....
Vacant
............ . ....... ..
Sq Ft
.......... - - ------ -- ------- . ............... .
$ / Sci Ft
. ......... . ..... . . ...... . .. .. ..... . ..........
Collected Rent
------------ ---- -__ -- _
AMHI
_'_ - -
1 1
G
50
0
849
--- - - --------- --------------- ---- ------ ----------------------- --- - --- - ____1_.'.
$1.63
. . ...... . ............. . ............... ......... . . ... .
$1,479
- - ------
Market
2 _2
G
109
0
-
1,081 - 1,199
- - - --- ------------ ---------------- - ------------ -.11--1 .
$1.51 - $1.53
. ..... ........................... .
$1,729 - $1,929
. . .... . ....... .. . ...... ____ .......... ...... .... . . ..........
Market
3 2
G
33
0
1,309
$1.68
$2,289
Market
Adapflve Reuse *DI S is based on drive 0-ne
Bowen l4ational Research IV1119
Properfles Surveyed ..... ........... Wilmington, North Carolina
Address: 127 Edison Ave, Wilmington, NC 28411
Phone: (855) 966-3978
Contact: Jason
Property Type: Market Rate
Target Population: Family
Total Units: 312
Year Built: 2022
Vacant Units: 27
*AR Year:
Occupancy: 91.3%
Yr Renovated:
Turnover:
Stories: 3 (w/Elev)
Waitlist: None
Rent Special: None
Notes: Preleased 6/2022; Opened 10/2022;-93% 7/2023
Utility Schedule Provided by:
Utility Type & Responsibility: Landlord pays Trash
Survey Date: March 2025
flatul-es-
Quality: A
Neighborhood: B+
Access/Visibility: B+/B+
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; Ceiling Fan; W/D Hookup; W/D; Walk -In Closet; Window Treatments; Flooring
(Composite/Vinyl/Laminate); Premium Appliances; Premium Countertops; High/Vaulted Ceilings; Oversized Windows
Property Amenities: Bike Racks Storage; Business Center (Computer/Business Center); Car Care (Car Wash Area, Charging Stations); Multipurpose Room,
Community Kitchen, Clubhouse/Community Room; Cafe / Coffee Bar; Elevator; On -Site Management; Dog Park/Pet Care; Recreation Areas (Firepit, Fitness Center,
Grilling Area, Game Room -Billiards, Outdoor Swimming Pool); CCTV; WiFi
Parking Type: Detached Garage; Surface Lot
Beds Baths
Type
Units
Vacant
j Sci Ft $ / Sol Ft
Collected Rent
AMHI
1 1
-.".. 11111111 ------------- - ......
G
- ----- - -------
94
--- ------- _
is
--------- -------------
786 -888 $1. 74 $1.62
I __ - __ � _. "I'll'I'll.111,11.1111.1111.11,111,11.1 "I'll..",".,.'ll"".'ll""I'.,.l""I".
$ 1,405 $1 47 0
- ., '__'_'_ _____.___ _
t
.o4a' e -
2 _ ---
---------- 1111111--1-1-1-111
_._.1
---------
----------- -- -
3 2
G
93
3
1,293 $1.37
$1,805
Market
Bowen Nadonall Research lV-20
Properties Surveyed Wilmington, Narth Carolina
Notes: Opened 2/2025; In lease -up; 180 additional units UC
Utility Schedule Provided by:
Utility Type & Responsibility: Landlord pays Trash, Internet
Survey Date: March 2025
Rakng-s
Quality: A
Neighborhood: B+
Access/Visibility: B/B
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; Ceiling Fan; Controlled Access; W/D Hookup; W/D; Walk-in Closet; Window
Treatments; Flooring (Carpet, Composite/Vinyl/Laminate); Premium Appliances; Premium Countertops; High/Vaulted Ceilings
Property Amenities: Business Center (Computer/Business Center); Car Care (Car Wash Area); Multipurpose Room, Community Kitchen, Clubhouse/Cornmunity
Room; Pavilion/Gazebo; On -Site Management; Dog Park/PetCare; Recreation Areas (Firepit, Fitness Center, Grilling Area, Game Room -Billiards, Playground,
Outdoor Swimming Pool); CCTV; Extra Storage; Wil'i
Flarii ing l ype: Detached Garage; Surface Lot
Beds Baths Type Units Vacant Scl Ft $ / Scl Ft Collected Rent AMHI
1 1 G 36 778 $1.80 $1,515 Market
.................. .. ........ ... ____ - - ...... ... -- ------- . ..... . ............... .. . ...... ..
2 2 G 36 _30 1 1,090 $1.44 $1,690 Market
-- -- - __ - - - -__- - -_-__- -_- . ....... ................ . --------- - - - - -- - .-I-1111 ....................... .. ... . .. .. - -- — -------- - - ... .... . . .
3 2 G 36 34 1,200 $1.50 $1,915 Market
*Adaplivc Reuse IDTS i,,-, ba.sed on drhte lirne
Bowen National Research IV 21
••21 Dupont
• i '1. i1
Contact: Alenna (By Phone)
Property Type:
Target Population: Family
Total Units: 154
Year Built: 2025
Vacant Units: 43
*AR Year,
Quality: A
Waitlist: None
Rent Special: .: • r.
Notes: Still in lease -up; 34 additional units UC, ECD end of 2025; Rents change daily
L]
Utility Schedule Provided by:
Utility type & Responsibility: Landlord pays Trash
Unit Amenities: Dishwasher; Disposal; Microwave; Range; Refrigerator; Central AC; Ceiling Fan; W/D Hookup; W/D; Walk-in Closet; Window Treatments; Flooring
(Carpet, Composite/Vinyl/Laminate); Premium Appliances; Premium Countertops; Premium Cabinetry; Premium Fixtures; High/Vaulted Ceilings
Property Amenities: Multipurpose Room, Clubhouse/Community Room; On -Site Management; Dog Park/Pet Care; Recreation Areas (Firepit, Fitness Center,
Grilling Area, Outdoor Swimming Pool)
Parking Type: Attached Garage; Surface Lot
r%/J,/��;�i��Oi���/��i��i,��//����///jGii�i�/,//,>-
i i'
Bowen 111 ationall Researich ilk 2.
7
D. PLANNED MULTIFAMILY DEVELOPMENT
Note
that planning representatives with both the city of Wilmington and New
Hanover
County were unable or unwilling to provide information on rental
housing communities in the development pipeline within the Site PMA,
However, from extensive online research,
it was determined that there are
several rental projects within the pipeline in
the market, which are summarized
in the following table:
Under Construction. 17 of the 22�3 units are complete as
s 1)
Hawthorne at Hampstead
Hawthorne
of
of March 20)25 and 29.4% occupied; One -bedroom units
49 Lania Shore Way
Market -Rate 223 Residential
t' tw $ 1 , 530 , two -bedroom
renting between $1,468-$1,530, two -bedroom units
units
Hampstead
Partners
renting t 5 $ , 01 0, t r" bedroom it, , 1 , _'
renting between $1,675-$2,010, three -bedroom units
renting between $2,193-$2,594 and four -bedroom units
rentin at $2,820.
Swain &
Un der Construction: Mixed -use project called Center
The Sterling
Associates, Capital
.
Point with apartments, office space, a hotel, retail, and
1541. Eastwood Rd.
Market -Rate
265
Management, &
restaurants-, The apartments will include studio, one-, two -
Wilmington
Beach Company
and three -bedroom units; Broke ground February 2025;
ECD August 2026.
Middle Sound West
7301 Topwater Dr.
Market -Rate
288
Tribute Companies
Under Construction: 192 of the 288 units completed
Wi mington
August 2024 and 22.4% occupied-, ECD April 2025.
Nixon
Under Construction: One-, two- and three -bedroom
7015 Ruth Ave.
Market -Rate
144
NHE, Inc.
units; 898 to 1,617 square feet; Rents will be $1,499 to
Wilmington
$2,300 per month; ECD May 2025,
Sidbury Crossing
4605 Sidbury Rd,
Market -Rate
288
1.11.1-Multi
Under Construction: 108 of the 288 units completed
Castle Hayne
February 2025 and 11. 1. % occupied; ECD 2025.
Stairway Village I & 11
Kelley
Under Construction: Allocated Tax -Exempt Bond
2346 Carolina Beach Rd.
Tax Credit
278
Development Co.
financing in 2021; One-, two- & three -bedroom units at
Wilmington
& Bradley Housing
60% AMHL Construction began December 2023; ECD
Developers
July 2025.
Wrightsboro Commons
Under Construction: Mixed -use with studio, one-, two-
2525 Castle Hayne Rd.
Market -Rate
226
BRC Wrightsboro
and three -bedroom units; Phase I refurbish existing
Wilmington
Commons, LLC
buildings for commercial space. The project is under
construction as of March 2025.
Townes at Blake Farm
21 Dupont St.
Market -Rate
188
Dry Pond Partners
Under Construction: 154 of the 188 units completed in
Wilmington
2025 and 72.1 % occupied. ECD end of 2025.
Cape Landing
Greenway
Plan . ned: Allocated Tax. Credit funding in 2022; Age-
338 Mosley St.
Tax Credit
60
Residential
restricted; Unit mix includes nine (9) one- and 51 two -
Wilmington
Development, LLC
bedroom units for seniors earning up to 30%, 60%, and
80% AMHL
Planned: Phase I will include a five -story building with
366 apartments along with 5,000 square feet of retail
.Haven at the Galleria
State Street
space- Entire development plans call for 664 housing units
6800 Wrightsville Ave.
Market -Rate
366
Companies
and 40,000 square feet of retail space; Phase I unit mix
Wilmington
includes 232 one-, I I I two-, and 23 three -bedroom units;
Construction for Phase I is expected to begin in 2025;
1
Entire project ECD 2028
Pasco
Bella Vista
Planned: Luxury mixed -use development with 15,000
821 S. College Rd,
Market -Rate
298
Development
square feet of commercial space; Will target students and
—W h1nington
Groy
young professionals; Plans approved March 2024,
ECD — Expected Completion Date;
—
AMIII — Area Median Household Income
BOWEN NATIONAL RESEARCH
1V-23
(Continued
Birchwood Townhornes
Proposed: Attached, single -firmly units with ffireA.-
204 and 206 N. Kerr Ave.
Market -Rate
30 N/A
bedrooms and a two -car garage; hree-story units with the
Wilmington
garage on the ground floor.
Blue Bay Townhornes
Proposed: Four-, five- and six. -unit attached townhomes;
5735 Blue Clay Rd.
Market Rate
263 N/A
Amenities include a clubhouse and dog parks; As of June
Castle flay ne
2024,_the Appjt ionfortheprig - ject -was-undereview.-i
Brentwood'Yownhomes
Brentwood
147 Brentwood Dr,
Market -Rate
61 Townhomes
Proposed-, Application under review as of January 2025.
Wilmington -
City Block 11
814 N. 3rd St,
Market -Rate
56
City Block
Proposed: All one -bedroom units; Construction has been
willnington
indefmitely delayed due to rise in cost of rnaterials.
Ethos 622 Apartments
622 S. Kerr Ave.
Market -Rate
48
Ritz Partners
Proposed. 'rwo-tmdroom units in two (2) three-story
Wilmington
7 UC
buildings.
Proposed: A planned mixed -use project with residential
Hanover Reserve
townhomes, and possibly a senior living or continuing
1308 Crooked Pine Rd.
Market -Rate
312
TDR-111., LLC
care cornninnity; Tire commercial space would offer
Wilmington
retail, restaurant, and entertainment options; Nothingnew
on this project since 2021,
The Lofts at South Kerr
Market -Rate &
Proposed. One-bedroorn units in a three-story building
215 S. Kerr Ave.
Affordable
19
T6pp Engineering
with 700 square feet of commercial space. Two units
Wilmington
dedicated to workforce housi!1g,_
The Oasis Apartments
52 10 Holly Shelter Rd,
Market -Rate
240
Olympus Holding
Proposed: Development application under review as of
Hayne
Company
March 2025.
-Castle
Sapphire on 5"'
418 Wooster St.
Market -Rate
82
Envoy Opportunity
Propose& 61 one.- and 21 two -bedroom units; 852 square
Wilmington
Fund Q0ZB LLC
feet of commercial space.
Shipyard Apts.
3907 Shipyard Blvd.
Market -Rate
456
N/A
Propose& Former Cardinal Lanes site-, 228 onv- and 228
two -bedroom units; Announced November 2024.
Wilrninaton
.
Twin Loft Apartments
proposed; Sulmnitted plans August 2023; Unit nfix is to
4314 Lockwood Dr,
Market -hate
152
Surge
include 40 studios, 64 one-, and 48 two -bedrooms; Plans
Wilmington
Development
include 254 parking spaces, a pickleball court, and dog
�N/A
I I
I
I pa& J
- Not A,.ilable
While many of the
mark.et-rate communities within the development pipeline
may
have some
competitive overlap with the subject development, t1le
following have been approved and considered
in our demand estimates
illustrated later in
Section VI -- Capture
Rate Calculations of this report:
Hawthorne
at Hampstead., The Sterling, Middle
Sound West, Nixon, Sudbury
Crossing, Wrightsboro
Commons, Townes at
Make Farm, Haven at the Galleria
and.Paseo.
[__!�WEN NATIONAL RESEARCH
IV-24
E. BUY VS. RENT ANALYSIS
According to ESRI, the median home value in the Site PMA was $373,649. At
an estimated interest rate of 6.82% and a 30-year term (and 95% LTV), the
monthly mortgage for a $373,649 home is $2,899, including estimated taxes
and insurance.
*Estimated at 25% of principal and interest.
Given that most of the rents offered at the comparable properties surveyed are
well below the cost of a monthly mortgage for a median -valued home, it is not
anticipated that there will be any competitive impact on or from the homebuyer
market.
F. LOCAL PERSPECTIVE
The following are summaries of interviews conducted with various
stakeholders regarding the need for market -rate housing in the Wilmington Site
PMA:
Anah Black, Property Manager of Comet Scotts Hill (Map ID 9), a recently
completed market -rate community near the site, stated that there is a need
for more market -rate rental housing in Wilmington. Black noted that her
property reached an occupancy rate of above 90.0% in under a year,
showcasing the growing demand for upscale rental housing within
Wilmington.
Larhea Burke, Property Manager of Whitebridge Crossing (Map ID 12), a
recently completed market -rate rental community within the market farther
north of the site in Hampstead, stated that there is a need for more market -
rate communities within the northeast portions of Wilmington. Burke
explained that this specific area is expanding, drawing in wealthier
residents.
BOWEN NATIONAL RESEARCH
IV-25
As noted earlier in Section IV of this report, we identified and surveyed 11 market -
rate properties that are considered comparable to the subject site within the
Wilmington Site PMA, seven of which were utilized to derive the subject's
achievable market rents.
The basis for the selection of these projects as comparables to the subject site
includes, but is not limited to, the following factors:
• Surrounding neighborhood characteristics
• Proximity to site
• Target market (seniors, families, disabled, etc.)
• Unit types offered (garden or townhouse, bedroom types, etc.)
• Building type (single -story, mid -rise, high-rise, etc.)
• Unit and project amenities offered
• Age and appearance of property
Since it is unlikely that any two properties are identical to each other, we adjust the
collected rent (the actual rent paid by tenants) of the comparable properties according
to whether or not they compare favorably or not with the subject development. Rents
of projects that have additional or better features than the subject site are adjusted
negatively, while projects with inferior or less features are adjusted positively. For
example, if the proposed subject project does not have a washer or dryer and a
comparable property does, then we lower the collected rent of the comparable
property by the estimated value of a washer and dryer so that we may derive a
achievable market rent for a project similar to the proposed project.
The rent adjustments used in this analysis are based on various sources, including
known charges for additional features within the Site PMA, estimates made by area
property managers and realtors, quoted rental rates from furniture rental companies,
and Bowen National Research's prior experience in markets nationwide.
BOWEN NATIONAL RESEARCH
M
The proposed subject development and the seven selected properties include the
following:
62 182 60
Site
Bayshore Townhomes 2027 304 - 0 0 1 1
84
168
28
3
Amberleigh South
2021
280
94.6%
2 �'/.
(94.6%)
(92.9%)
58
40
4
Arboretum Village
2020
98
96.9%
-
(94.8%)
(100.0%)
42
136
48
12
7
Beaumont Oaks at Porters Neck
2023
238
1 92.0%
(100.0n.
91.9-/.)
(93.8%)
(58.3%)
110
134
74
15
Hawthorne at Smith Creek
2020
318
93.7%
(91. %)
(94.00/6)
(95.9%)
50
109
33
25
Palisades at Lewis Creek
2022
192
100.0%
t100.0%)
00.0%) L_
(100.0%)
94
125
93
27
Reserve at Blake Farm
2022
312
91.3%
t84 001.L_
_JK 80/.
96.80%
62
92
31
Townes at Blake Farm
2025
154 + 34*
72.1%
(79.0%)
�4%
Occ. — Occupancy
*Units under construction
The seven selected market -rate projects have a combined total of 1,592 units with an
overall occupancy rate of 92.0%; 94.2% when excluding the one selected rental
community that is still within lease -up, Townes at Blake Farm (Map ID 31), a good
rate for rental housing. This indicates that these properties have been well received
within the market and will serve as accurate baselines for comparison of the proposed
subject project.
The Rent Comparability Grids on the following pages show the collected rents for
each of the comparable properties and illustrate the adjustments made (as needed) for
various features, and locational or neighborhood characteristics, as well as quality
differences that exist between the comparable properties and the proposed subject
development.
BOWEN NATIONAL RESEARCH V-2
....... . .................. . . .. .... ...
Rent Com arabilin
P y Corid Urtit 1,ype
Sit
Comp #
cWtop 921
#3
Co,tnp #,4
oat
Anflhorlvigh Sowh
1,1,cawnum 4 U�,,s a�
I kl,ffi �vt,nlw ""d Sinill'i
I , ;all Yad, S it is
1 t^s� gal I la kc I , ,.I t n
hn �cl,s
( 1 ",6",
— - - -- ---------
1381
0H
....... . ....... ........ ..... —
Beuum,,mz Oaks, DY
4645 umdon V�l
Ia554f Lcis
I2-; Aovc
Avo
''JVflin6)o
Nd
kj
N(
A
�j l�j1,
lkg�,N�
jjjqjjrj�,,jg
7—
77—F,
S ^%,dj
Data
$ r%dj
vats,
S Adj
Dats,
s %,clj
D"Ita
S AfU
1
$ Last Rent I Restricted?
$1,418
$1,455
$1,550
$1,479
$1,47-0--
. .....
2
Datesurwyed
Mar.-25
M.ar-25
Mar-25
25
Mar-25-
.3
Rent Concessions
-- - ------------------
None
None
Yes
1,29)
None
None
—4
........ - -
— --- ----- -
92%
. .............
100%
-- --------- --
84%
5
Effecl ivc Rent & ]tent] sq� it
------- -
$1,418
.. .......
1.74
$1,455
1.80
$1,421
1.69
$1,479
1.74
$111,470
1.66
R.
Dedgn,location,Condifion
Late
$ Adj
D.t.
$ A dj
Data
1, Adj
Data
Ad1j
Dala
—EE/3
$ Adj
6
Structmre I St0rieS
VVU/2,3
WU/2,3,4
WU/3
EE/3
---TV TI3
7-
Yr.-11w11V1Y—r. Renovated
- - - - - - ---------
2022,
---- .. .... . .
2021
... ...............
$6
2023
$4
2020
$7
2022
$5
2022
$5
T—
—C,
-
$15
E
I--,--- E
E
E I-
i
F
G
--S-10
---- ---
isG
$10
- -
G
$10
----
G
..............
$10
Same Market?
--------------- - - -
Yes
Yes
Yes
Yes
Yes
C,
Unit Etirilpm E ent( Atnenifies,
Date
S Adj
Data
"lb AdL
Data
$ Adj
DstA
$ A±
Data
_1.Pd
11
# Bedrooms . . . ........
... I
I
-
--- --- -------
12
# Baths
D.
I
13
Unit Interior Sq. Ft,
901;
814
$40
807
$43
. . ...........
841
$28
-------- - -
849
$25
889
$7
14
Patio/Balcony/Sunroom
v
Y,
Y
Y
Y
Y-
15
AC:. Central/Wall
C
C
C
—
-- ------------ -
C
C
C
..... ..........
gerator
It/1,
Riff'
.. ..... . . . ... .. . ...............
....
-------
R/F .
......
RIF
---- ----------
R/F
RIF
17
Microwavelfthwasher
v/Y
YfY
Y/Y
- -
Y/Y
— -- - -- - - . ..... .
..... . ..
Y/Y
--- . ... ..
. .. ................
YN
. . . .. ..... ................ .
18
Washer/Dryer
Will)
W/D
WILL
-----W/f)
...... ..... . ... . .....
W/D
--
-.-"----W/-D
- - - --------
is
. ... .......... . . . .......
.
Internet Included?
N
N
N
N
Y
0,6,01
N
20
-
Window Treatments
- -- - - - -- ------
v
Y
..............
Y
Y
Y
. .. ....
21
........... .
Secured Entry
Y
Y
N
$3
N .................
$3
- - —
N
- ---
$3
N
$3
22
Garbage Disposal
N'
Y
Y
Y-
- ------- ----- Y
-- - -------
Y
23.
Cefling Fam/Storage
Y/114
YIN
Y/N
Y/N
N/N
$5
YIN
D
Site EquipmenUArnenifles
1)
A411
Data
$ Adj
Data
$ Ai
Data
$ Adj
Data
$ Adj
24
Parking ( $Fee)
— - - - -- ------ - . ..... ...... ...
1101f,1110
--Lo
, 1� , /$0
IXYF/$O
IO'F/$O
25
On. -Site Management
. . ... .. .... . Y
Y-
Y
- - - ------ Y ------- - -----
26
Security Features
v
Y
Y
Y
N-1-1-1—
$5
--------- - -
27
Community Space
Y
Y
Y
Y
Y
28
POol/Recreation Areas
11/F1S/G,,R/M I
P117/(3rVMT
$3
P/F/(YR
. . ...... . . ..
......... .. $6
P/F
$9
- ------- -
P/F/(,3R
$6
P/11,10t
$6
29
Business/Computer Center
V
N
$3
Y
..... .... . Y
N
$3 ..........
. ........ Y
30
1�111hng Area
Y
Y
Y
Y
N
$3
Y
31
Playground
N
Y
....... . .. ..... I
I
, ---
N
111111
- - , I I
N
- . - - -
N
-
32
Social Services
. .
r01
...............
N
N
N
N
I—
N
sta
$ Adj
Data
A.21j
D848
),it.
$
)aft
-
.11
Heat (in tent?/ type)
NO"
NIE
N/E
..... . .. .... .
N/E
_IAdL
WE
N/E
-- --------------
34
Cooling (j,n, rent'!/ type)_
D,
N/F,
WE
N/E
NIE_
jAd
WE
35
Cooking (in to type)
WE
WE'
NIE
NZE -
............. . ......
N/E
NtI
36
Hot Water (in rent?/ ty1w
NT .........
NIL,
.......
N/E
NIE
ME
37
Other Electric
N
_N
N
N
N
N
39
Cold Water/Sewer
WIN
NN
.. . . .......... .
NIN
N/N
NN . ..
..... ... .
N/N
Trasla/Recy c °
ral
N/N
N/N
N/N
YIN
6,3"�)
YIN
61)
.19
F.
Adjustments Recap
L,
Pos
s
Dues
Pas
N
Pas
Neg,
40
# Adjustments B to D
-s
6
t
4
-.Le
1
5
_ _
_9
----5 ----
--- - 1
41
Sum Adjustments B to D
$77
$56
$-57
--- - --------
$65
($60)
$31
42
Sum Utility Adjustments
. ........ . ..
Net
Groks
Net
Grans
—Net
—GYMS
—NP f
Gross
Net
Gros's
43
NetlGross .Ad irases IltoE
$74
$80
$53
1 $5,
$57
$57
0� 43;
$160
010
$66
Adiusted & Market Rents,
A.aL . ]lent
Adf, Rent,
Adi.flent
I
Ad]. Rent
44
Adjusted Rent (5+ 43)
$1,492
84-104%
$1,478
104%
"1'449
99%
$1,466
100%
45
-- Adj Rentrl-ast tent
105%
---
46
Estimated Market Rmit
—T1,480
$1.64 1 EsIhna0ed Mai feet Rentl Sq. ft
....... 1,
TWO -BE D1400
Rent Comparabilio, Grid Uffh'I)Ipe,
(1,029 SF) 91
Subject
(.,"onsp #1
("wrip #2
Consp #3
Comp #4
coeup #5
Bayjiole fic,d116afnes
Data
/\inl-,derteiIIh
U41KS III
1"C90 1,C, V 13LJX V,1IJTI
'11',I) dvY Ics ;:III R�fl,,,e I'a
" - , - . . ..... ....................... . . . . . . . . . . . . ...
....... .. . . .
114ok
8 13 R ',:Tee[
T1
556 Aver!� DI,
P* I Oak:, Dr
E2/ E111soil %ax
2➢ DY.aJjurv;,t
1,N`
"'K
wfl01101ngio11, "IC
— - - - ---------
ViIt1nj11 gp'o,NC'
IV611IIINIgti,,,nN1,'
A..
'Reings Charged
Da6f
S Ad
01111a
kJj
Dwa
S i)t1JJ
Data
L, A IL
Data
(%,dj
$ Lao_Rent I 14,estrkted?
$1,702
$2,141
$.12-6.0.0
2
Date Surveyed
Mar-25
Mar-25
Mar-25
Mar-25
Mar-25
3
Rent Concessions
None
None
Yes
I() -
None
None
4
Occupancy for Unit Type
95%
95%
92%
93%
--------
79%
5
Effective Rent &Rent/ sq° ft
$1,702
142
$2,141
1.94
$1,439
1.37
$1,600
1.41
$2,115
1.59
U.
Design, Location, C audition
Data
Adl
Data
S Adj
Data
$ AdJ
Darter
Adj
Data
Ad,l
6
Structure/ Stories
J'JJ1[/2
WU/2,3,4
Tfl/2
WF/3
EE/3
TH/2
7
Yr. Built/Yr. Renovated
2027
2021
$6
2020
$7
2023
$4
2022
$5
2025
$2
8
ondition/Street Appeal
E
G
$15
G
$ , 15
— E
- E
9--N
hborhood
E
_G
$-1 _0
G
__w
___E
G
$10
___G
-
Same me Market?
Yes
Yes
Yes
Yes
Yes
-C,
111)ata
S AW
Data
$ Adl
Data
Ad
wta
$ Aa_
_Data
AdJ
11
# Bedrooms
- - - - - - ____ _----------
2
2
— -----
2
2
_1,
2
2
12
# Baths
2
2
-
2
— — - -
----- -
2
2
— - --
. .....
-_____ - - -
. .... 2.5
13
Unit Interior Sq. Ft.
1029
1202
0169
1104
1054
1132
0,11)
1334
('s, I
14
Patio/Balcony/Sunroom
S
y
Y
Y
Y
N
$5
15
AC. Central/Wail
C
C
C
C
C
C
16
Range/Refrigerator
Rrl+,
R/F
R/F
R/F
R/F
R/F
17
Microwave/Dishwasher
Y/Y
Y/Y
Y/Y
Y/Y
Y/Y
Y/Y
is
Washer/Dryer
VVID
W/D
W/D
W/D
W/D
W/D_
19
Internet Included?
N
N
N
20
Window Treatments
ws,.
Y
Y
Y
Y
Y
21
Secured Entry
y
Y
N . ....
$3
.... .......
N
$3
N
$3
N
$3
22
Garbage Disposal
y
Y
Y
Y
Y
Y
23
Ceding Fan/Storage
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
JD
Site
Data
$ Arai i
Dals
S Adi
Data
A IL
L
Data
S —Ad 11
Data
24
Parking ( $Fee)
-- ---- - -- ----
I A)'1'1$0
LOTIO
LOT/$O
__F0_T/$0
_IS'
LOT/$O
LOTIO
25
On -Site Management
y
Y
Y
Y
Y
Y
26
Security Features
t
Y
Y
—
- -- -------- -_
Y
Y
N
$5
27
Community Space
'V
_Y
Y
—
- -------- -
Y
Y
Y
29
Pool/Recreation Areas
P/F/S/GR/N11
P/F/GR/MT
$3
P/F/GR/G
$3
P/F/GR
$6
P/F/GR
$6
PJF
$9
29
BusineWComputer Center
y
N
$3
N
Y
Y
N
$3
3o
Grilling rea-
Y_
Y
Y
__$3
Y
Y
Y
31
Playground
N
Y
N
Y
N
N
32
Social Services
N
N
N
N
. ..... ....
N
.. ... .....
thilifies
Data
S Adi
Data
S Adi
(Data,
S Adi
Dawn
$ read`
Data
33
Heat in rent?/ type)
N/E
N/E
N/E
N/E
N/E
34
Cooling (in rent?/ type)
T141E
N/E
N/E
--- - --- - __ -
N/E
N/E
--- ---- -- ---- -
N/E
-
35
Cooking (in rent?/ type)
N/E
N/E
N/E
. ... ... . .. ...
N/E
N/E
.
N/E
36
Hot Water (in rent?/ type)
___ . .......... ... . ...
WE'
-- --- -
N/E
N/E
N/E
N/E
.....
N/E
37
Other Electric
N
-
N
- - - -
- -- - ____ - _- -
N
- - - -
— - _-__-
N
N
N
3s
Cold Water/Sewer
ITrash/Recycling
I%M"�
N/N
N/N
N/N
N/N
— -------- -
N/N
39
NIN
N/N
Y/N
N/N
Y/N
Y/N
Adjustments Recap
bass
Neg
➢lo%
Neg
Neg
Poe
N,,,
1108
P21,
40
# Adjustments B to D
5
2
6
3
4
All
41
Sum Adjustments B to D
.. . ... . ...... ........ -
$37
("1"; 1
$41
. ....
.........
$13
1
$24
('Al
_7
$37
1:
42
Sam Utility Adjustments
01 "1 ly
Ne t
Gross
Net
Grass
I
Gross
Net
Gross
Net
Gross
43
J�Gross,ld' tsBtoE
11)
$108
4)
$106
$26
$100 1
12 Do
$197
%u:Itvacdl & y4d rket Reifls
'kaj, 141ent I
A Neiat
Aill, I14eut
Ark , Rent I
f194-%.'
4
.Adjusted ReTbt (5+ 43)
$1,668
$2,117
$1,548
JON
45
Ad' Rent/Last rent
— 1
98%
99%
100%
9 7
,16
Est! rnate; I Market Rent
___$12750
—
$1.70 at 11h',sthnaftAl I f4ent/Sq. R
Rent Cilwffpariwbifi,'O� (Noid linif'rype I
C'offlp #2
Comp #
Comp #4
Comp #5
t1kivsJ), e I o", nfifmxs
Amlv� Isr,pfi Sowfi
Vflh,I:C
Id • rr`;+[ .l xll')
I ovm, . 1,1 HJaJx k Rl rn
,I
X'I )R lfiiikrq Svv,ti
on
',,'5ti,l Avtx,� Pin
4;iO Mriwyi ('f
I 1�: (),As IN
12 7 1 d iso Y, A v
2 1 Njryx:l ;l
A.
Rents Clarged
lhita
$ „Dd.
L[)ata
$ Adl
Pala
$ Adl
1DR1.8
—s
AdJ
Data
AfJj
I
$Last Rent/ Rr.stricted?
$1,702
$2,367
$1,645
$ T61
$2,11,5
—
2
Dame surivewd
Mar 25
Mar-25
Mar-25
— - — -------
Mar-25
.Mar-2-5
....... ....... . .
None
None
ye's
($206)
None
None
4
OCCUPRACY fU'vinloryp.
95%
. ... ....... .... ......
- - --
95%
-92%
93%
79%
Effective Rent & Rent/ sq. ft
$11", 702
1.42
$2,367
1.60
$1,439
1.37
$1,615
1.29
$7,115
159
It
Design, Locallon, Condition
Data
$ Adj
Date
Adi
Data
Adj
Data
Adj
Data
AdJ
6
Structure 7 Stories
11/3
--WfJ/2,3,4
TFI/2
WTJ/3
El
TH/2
7
Yr. BulitlYr. Renovated
X27
2021
$6
2020
$7
2023
$4
2022
$5
2025
$2
-Coinlition/S kreet A—ppear
F,
G
$15
G
$15
E
- ------- ---
E
E
Neighborhood
E
------- -------
G
--
$10
(3
$10
E
G
$10
G
$10
]0
Same Market`?
Yes
Yes
- -- ---- ----
Yes
Yes
. ... . . .........
- - -
Yes
- - -------- -
c
I Jait Equipyn
In quipmentl Arvanhier,
Tau
$ A!lj
Data
$ Adj
Data
$ Ad,l
Data
S Adj
i i
-----------
#Bedrooms
2
2 . . . ..........
.. ......
2
2
2
-
2
—
12
# Baths
2,5
2
$15
15
2
$15-
2
$152.5
13
Unit Interior Sq. Ft'
1243
1202
$15
1482
1054
$71
1249
(Q
1334 .
01 34)
. . ........................ .
14
Pailo/BaRcony/Sunroom
11
y
y
y
y
N
$5
15
..... ......... . . . .. ........... - .... .
AC: CentraMall
.......
Cl
C.
C
16
111, 1
Rangre/Reffigerator,
. ....... . .....
fvF
Rik
R/F
M
... . .. .............. .
RE`
- ----------
-- --
R/F
17
Microwave/Dishwasher
V/V
yly
Y/Y
Y/Y
Y/Y
Y/Y
is
Washer/Dryer
-
kv/D
- - ------- - -
W/D
W/D
W/D
W/D
....... ....
W/D
19
Internet Included?
td
N
N
N
N
N
20
Window Trestanents
if
Y
y
Y
y
21
Secured Entry
v
y
N
$3
- - ---------- —
N$3
-
N
$3
N
$3
22
Garbage Disposal
..... .... . Y
Y
y
-
- - -
y
.
y
........ - -
--- - -
23
Coding Fan/Storage
Y/N
YIN
Y[N
Y/N
YN
I
YN
Amenities
Daft
lArl' L
Data
$ Dad i
Data
5, M�ll
Dats
ial
----L—
ML
—i-
2,4
'Par1101,30
$50
-
LOTl$0
$50
umso
$50
Lolllo
flufl$O
$50
2s
On -Site Management
Y
y
Y
Y
y
Y
26
Security Features
Y"y
y
Y
$5,
27
(','0MMQMJtY SP&Ce
v
Y
y
Y.
28
Pool/Recreation Areas
P/FlS/GR/Afl
.. . . . .
P/F/GIVMT
....... . ...
$3
. ..... . — - —
- - --- -----------
NFAiR/Ci
----------- . .................
$3
. . . ....
P/F/GR
.............
$6
P/F/GR
$6
P/F
$9
2,)
Business/Coanputer Center
V
N
$3
N
$3
Y
y
N
$3
y)
C,rilling Area
y
y
Y
y
y
. ...... ....... . .....
31--Playgroun—d
n
N
Y
(5,:l)
N
N
. ................. . . - - -----
i
S o ci a I Servi c e s
N
N
N
N
N
Data
$AdJ
Data
$AJ
Data
—
$ Aqr
L
Data
—_
$ A
Data
$ Ad'
.33
Heat (in rent?/ typ
N/E
N/E .
.... . ........ . -------
-- - N/E
-N/E
N/E,
7!d
NIE,
34
Coaling (in rent?/ type)NIL
N/E
—
N/E
- — - - --
—
N/E
- ---------
N/E
WE
Cooking (in rent?/ type)
tng
Fc'old
N/E
WE
N/E
36
Her Water (in lent?/ tYPV,)
N/F
N/E
NfE
N/E
ME
N/E
37
Other Electric
N
N
N
N
N
38
Water/Sewer
NIN
N/N
N/N
N/N
N/N
. ... . ............
N/N
39.Trash/Recycling
PUN
NN
'YIN"
15)
N/N
WN
(s
Y/,N
0,,2 5)
Pos
NTa I
flos
Neu,
el,
112�s
Neg
Pas
Neg
40
# Adjustments B to D
. ...... ... 1
7
----!l0'#
6 . .
. . ........... 1
6
J
8
.............................. ...... ... .
...... 1
— —
41
--- � ......... .........
Sum Adjustments B to D . . . ..........
.
$117
------
. . .................. . . ..
$91
8 Q)
$149
1 -
$89
— -----
(""2)
$87
42
SUM Udfit�V Ad[us"ents
5)
62')
Net
Gro"
ross
Net
Cross
Net
("Toss
Nel
Gro,si
43
Nail Gross Adimts B to E
$114
$120
215
5146
$152
$52
$126
$28
$146
Q
Adhisted 4 Markm Rents
A 1'. Rent
�.Rent
di, Rent
I
A . Rent
44
Adjusted Rent (5+ 43)
—Ak. —Upw
2"334
5
Rent/Last rent
107%
991%
1
0
103%
101%
M
Estimated Market Rent
11-119, �0
Rent 09Hiparabifif Grid
Ufgh 7 Tpe 1111,
_'onfp #1
Comp #2
..'onsip #3
113aysl I I le 5 yy I Z:%cnles
)avher]k�igll SouUl
T,Th6o
Bu�,oncid Ualks m
at U(a�,e 1'ar'
h:,,Tvni�q al f3lvIc V:
�8 NT��TkcT
1XIM
550 /TT my T)i,
4550
1 �5 Ueai,owni I. Pi Dr
127 1`dkon
1 U'4410M 51
,rC
SNs 11 J cc, t
VV In UI,f Yt1..Fa
N(:,
'A,
11% Plenilisi Clw ed
Data
S AA'
Dall"t
S 'Sid,
Date
AaD"
Data
$zkij
Data
AlY
I
$ Last Wnt / RvJrlded?
$1,932
$2,854
—
$3,520
—
$1,805
$2,327
2
Date Surveyed
— - —
Mar-25
— -------------------
-
Mar-25
Mar-25
Mar-25
NW-25
3
Rent Concessions
None
None
Yes
(,340)
-
None
- -- _-_ —
- -- --- ----
None
4
Occupancy for Unit Type
93%
100%
—88%
97%
67%
s
Effective, Real & Rent/ ari It
$1,932
1.57
. ... .
$2,854
............ ......
1.52
$3,080
1.71
$1,805
1.40
$2,327
1.43
1
1
j3.
Design, Location, Condition
Data
$ A,dj
Data
S Add
Data,
$ Adj
Data
S Adi
Data
$ Adi
6
Structure / Stories
TU13
WU/2,3,4
TH/2
TH/3
EE/3
TH/2
7
Yr. BuiltlYr. Renovated
2027
2021
$6
2020
$7
2023
$4
2022
$5
2025
$2
1 8
Condtfion/Street Appeal-
_j�l
15
- G
$ - I - 5
E
9
Neighborhood
V
G
$10
G
$10
E
G
$10
G
$10
10
Same Market?
. ... ......
Yes
Yes
Yes
Yes
Yes
Data
$ AiD
Do
$ Ad l
Data
$ Ad J
Data
$ Ad J
Dala
$ Adi
i i
#Bedrooms
D
3
3
3
3
3
12
# Baths
215
2
$15
3
2.5
2
$15
2.5
13
Unit Interior Sq. Ft.
1329
1230
$39
1876
(511:' 1
-
1800
-
J x
-
1293
$14
1627
14
Patio/Balcony/Sunroom
V
Y
Y
. . ....... . . . .
. .......... . ..
— --- -------- - ----- - ---
Y
----
Y
N
$5
15
AC. Central/Wall
C
C
C
C
C
C
Range/Refrigerator
RA,'
R/F
R/F
R/F
R/F
R/F
17
Microwave/Dishwasher
VIV
Y/Y
___Y/Y
- ------- --
Y/Y
Y/Y
. .. ........ . ...
Y/Y
- - -- - ------
18
Washer/Dryer
D aD5
W/D
W/D
W/D
W/D
W/D
ig
Internet Included?
laid
N
N
. . ........... . ....
............. . ... .
. .... . N
N
N
20
Window Treatments-
V,
Y
Y - - _ - -
-__- -----_-_ -- ---
Y
Y
Y
21
Secured Entry
Y
Y
N
$3
N
$3
N
$3
N
$3
22
Garbage Disposal
IT
Y
Y
Y
Y
Y
23
Ceiling Fan/Storage
VIN
Y/N
YIN
Y/N
Y/N
Y/N
1:'
Site EquipmenV A meriffies
Data
$ AdJ
Data
$ Adj
Data
$ A&fl
Data
$ AdJ
Da0i
$ Adi
24
Parking ($ Fee)
A -GA
L`0T/$0
$50
LOT/$O
- ---___
$50
---- -__ - ---
A -GAR
LOT/$0
$50
L0T/$0
$50
25
On -Site Management
V
Y
Y
Y
Y
Y
26
Security Features
y
Y
Y
Y
— -
- - -------- ---__
Y
N
$5
27
Community Space
Y
Y
Y
Y
Y
28
Pool/Recreation Areas
1`/F/S/GR/Rfl
P/F/GR/MT
__$3
P/F/GR/G
_$3_
P/F/_GR
__$6
P/F/GR
$6
P/F
$9
29
Business/Computer Center
V
N
$3
N
$3
Y
Y
N
$3
30
Grilling Area
Y
Y
Y
Y
Y
31
---------
Playground
.....
TV
Y
N
. ... .. ...... .... .
....... . ..
Y
N
N
32
Social Services
r,4
N
N
N
N
N
Data
$ A219
Data
]LAd"
L
Data
$ A dj
DaU
$ Atli
Dhan
$ AatJ
33
Heat (in rent?/ type)
NVU,
N/E
N/E
N/E
N/E
N/E
34
Cooling (in rent?/ type)
NiL
N/E
N/E
N/E
N/E
N/E
35
Cooldng in rent?/ type)
IYE
N/E
N/E
N/E
N/E
------ - ---
N/E
36
Hot Water (in rent?/ type)
NT,
N/E
N/E
N/E
N/E
N/E
37
Other Electric
N
N
N _I
N
38
Cold Water/Sewer
P,LYN
N/N
N/N
N/N
N/N
N/N
39
Trash/Recychng
NIN
N/N
Y/N
0",
N/N
Y/N
�
Y/N
(s
F. lAdjvmfinenis
Recap
110s
Taeg
Pos
Neg
flog
Neg
110S
]fieg
40
# Adjustments B to D
8
7
3
7
8
41
Sum Adjustments B to D
$141
$91
6=32�
-
$13
- - ---- ----- ---------
190 J
...... .... . __ -
$103
- - - - - --___
$87
t 18
42
Sum Utility Adjustments
ITO
Gross
—Net
Gross
Net
Qross
— Net
Gross
Net
Gross,
43
Ned Gross AdjmIs B to E
$138
S144
a 01 T(?)
$358
$203
$138
5(%,
$230
Adluoeff & Market Rents
]lew
A 1 11 t
(17 nt 'n
_$68
J. Rent
Agi. Itent
_j,,
'11
Aditmted Rent (5+ 43)
......... ------- - -
1 $2,0,70
2 6ZI 8
$2,903
$�1,873
$2,271
45
Adi RenULast rent
1
94%
94 %
04%
98-.1
4"',
Es4irriated Market Rent
�,217a[7$1.64
4—
Once all adjustments to collected rents were made, the adjusted rents for each
comparable were used to derive an achievable market rent for each bedroom type.
Each property was considered and weighed based upon its proximity to the subject
site and its amenities and unit layout compared to the subject site.
The following table illustrates the present-day achievable market rents for units
similar to those offered at the subject project, based on the preceding Rent
Comparability Grids:
As the preceding table illustrates, the present-day achievable market rents for units
similar to the subject project are $1,480 ($1.641square-foot) for a one -bedroom unit,
$1,750 to $1,910 ($1.54 to $1.701square-foot) for a two -bedroom unit and $2,175
($1.64lsquare-foot) for a three -bedroom unit. It is recommended that the rents at the
subject project are positioned similar to the derived market rents to be competitive in
the market.
None of the comparable properties offer the same amenities as the subject property.
As a result, we have made adjustments to the collected rents to reflect the differences
between the subject property and the comparable properties. The following are
explanations (preceded by the line reference number on the comparability grid table)
for each rent adjustment made to each comparable property.
Rents for each property are reported as collected rents. This is the actual
rent paid by tenants and does not consider utilities paid by tenants. The rent
reported is typical and does not consider rent concessions or special
promotions.
3. Two of the selected properties are offering a rent special on available units.
These concessions have been prorated and deducted from these properties'
respective quoted rents, yielding their corresponding effective rents (line 5).
7. The proposed subject project is anticipated to be completed in 2027. As
such, we have adjusted the rents at the selected properties by $1 per year of
age difference to reflect the age of these properties.
BOWEN NATIONAL RESEARCH
►M
It is anticipated that the proposed subject project will have an excellent
appearance, once construction is complete. We have made adjustments for
those properties that we consider to be of inferior quality compared to the
subject development.
9. The subject's location was observed to be slightly more desirable than the
locations of the majority of the selected properties, in terms of new
development, quality of structures, etc. Therefore, we have applied a
negative adjustment of $ 10 to account for the differences in neighborhoods.
12. There is a variety of the number of bathrooms offered at each of the selected
properties. We have made adjustments of $15 per half bathroom to reflect
the difference in the number of bathrooms offered at the site as compared
with the competitive properties.
13. The adjustment for differences in square feet is based upon the average rent
per square foot among the comparable properties. Since consumers do not
value extra square footage on a dollar -for -dollar basis, we have used 25%
of the average for this adjustment.
14.-23. The proposed subject project will offer a unit amenities package that is
generally similar to the selected properties. We have, however, made
adjustments for features lacking at the selected properties and, in some
cases, we have made adjustments for features the subject property does not
offer.
24.-32. The proposed project offers a comprehensive project amenities package that
is considered slightly superior than those offered at the selected projects.
We have made adjustments for features lacking at the selected properties
and, in some cases, made adjustments for features the subject site does not
offer.
31-39. We have made adjustments to reflect the differences inutility responsibility
at each selected property. The utility adjustments were based on the flat fees
charged at the selected properties for such.
BOWEN NATIONAL RESEARCH
V-8
A. ORIGIN OF SUPPORT
We consider support for the proposed market -rate units from three components:
• Turnover from Existing Renters
• New Renter Household Growth
• External Market Support
The total number of proposed units is divided by the total support from existing
and new renter households to determine the market capture rate for the proposed
development. The resulting capture rate is then compared with those of other
markets with similar market conditions and characteristics to determine if the
subject project's capture rate is achievable. The following is a summary of our
demand estimates of the potential support for the proposed subject units.
1. Minimum Income Requirements
Since the purpose of this report is to provide recommendations as to what
rents can be potentially supported in the market, we have provided demand
estimates using multiple price points. This will provide the developer some
guidance on how to structure rents for a proposed 304-unit market -rate
rental community.
We have provided demand estimates utilizing base collected rents of $1,480
(achievable market rent determined for a one -bedroom unit as derived in
Section V) We also provide alternate demand estimates using rents 10%
below ($1,332) and 10% above ($1,644) the base collected one -bedroom
rent of $1,480. It should be noted that the low ($1,332) and high ($1,644)
rents used in this analysis are very similar to the lowest and highest one -
bedroom rents of the selected comparable properties. Leasing industry
standards among market -rate projects typically require households to have
rent to income ratios of no more than 27% to 30%. Over a 12-month period,
the minimum annual household expenditure at the subject site at the various
rent levels is between $15,984 and $19,728. We have used a rent -to -income
ratio of 30% when determining the minimum income requirements for the
subject project. Applying a 30% rent -to -income ratio to the minimum
annual household expenditures yields minimum annual household income
requirements of between $53,280 and $65,760.
BOWEN NATIONAL RESEARCH
VI-1
2. Maximum Income Limits
There are no maximum income restrictions for market -rate units. Typically,
when households reach a certain income level they are more likely to
become homeowners, since their ability to qualify for a home mortgage
increases. However, since we conducted this analysis using renter
household data only and do not consider homeowners, we have conducted
this particular analysis of income -qualified households without a maximum
income limit.
3. Income -Appropriate Range
Based on the preceding analysis, the anticipated income -appropriate range
required to live at the proposed subject project is at least $53,280 and higher.
The following evaluates the potential demand for the 304 proposed units
from income -appropriate renter households within the Site PMA.
B. MARKET CAPTURE CALCULATIONS
1. Turnover Support from Existing Renters
Based on demographic estimates for the Wilmington Site PMA, there are
between 10,159 and 13,136 renter households in 2024, depending upon the
rents charged, which are income -eligible to reside at the subject project.
While not all of these renters would consider renting at the subject project,
the number of renters that move on an annual basis represent a potential
base of support for the subject development.
Based on data obtained from the Institute of Real Estate Management
(IREM), conventional apartments within the Wilmington MSA have a
typical annual turnover rate of 49.8%. Applying this rate to the existing
renter households in the Site PMA yields 5,059 to 6,542 income -
appropriate renter households which would also be looking for another
apartment within the Wilmington Site PMA.
2. Support from New Renter Household Growth
As previously stated, the proposed subject project could target renter
households with incomes of at least $53,280 and higher. In 2024, it was
estimated that there are 10,159 and 13,136 income -appropriate renters
within the Wilmington Site PMA. In 2027 (anticipated year of opening),
there are 12,147 to 15,283 projected renter households which would be
income -qualified to reside at the subject site. The 12,147 to 15,283 income -
appropriate renter households projected for the market in 2027 represent an
increase of 1,988 to 2,147 (16.3% to 19.601o) income -appropriate renter
households between 2024 and 2027.
BOWEN NATIONAL RESEARCH
VI-2
3. External Market 5Mgp9q
It is not unusual for a market -rate multifamily project to attract external
market support from prospective renters living outside the Site PMA that
would consider relocating to the market in 2027. Based on Table B07013
of the 2019-2023 American Community Survey (ACS) 5-Year Estimates,
just over 15.0% of renter households within New Hanover County have
relocated from a different county, state or abroad. Therefore, we have
considered a 15% share of external support for the subject project. This
results in approximately 1,244 to 1,533 income -appropriate renter
households of external market support for the subject project, based on the
two preceding demand components.
4. Overall Catature Rate Estimates
Overall, when considering the potential support that will originate from
turnover of existing renters, household growth, and external market support,
there is a potential support base of 8,291 to 10,222 qualified renter
households for the proposed subject project.
Based on our survey of rental housing in the market and interviews with
apartment managers, there are nine market -rate rental projects within the
development pipeline in the market that have received approval and will
potentially compete with the subject project. These projects will comprise a
total of 2,286 new market -rate apartments (some of which are completed
and/or occupied). Assuming an external support factor of 15%, as well as
accounting for those units that are occupied, yields 1,863 market -rate units
likely to be supported from renters within the Site PNIA, which have been
factored in the competitive supply component in our demand estimates. The
following table summarizes the calculations of the units considered for each
property in our capture rate analysis:
The table on the following page illustrates the capture rates for the proposed
subject based on the preceding analysis. A capture rate compares the
proposed subject units with the total number of potential renters expected
to support the project. Lower capture rates indicate deeper bases of support.
BOWEN NATIONAL RESEARCH
VI-3
OEM=
Base Rents $1,332 $12480 $1,664
Minimum Income Required*
$53 280
A5 9,200
$65,760
Demand from New Renter Household Growth
15,283 - 13,136 = 2,147
13,795 - 11,724 = 2,071
12,147 - 10,159 = 1,988
+
I
Turnover from Existing Renter Households
13,136 x 49.8% = 6,542
_.-
11,724 x 49.8% = 5,839
10,159 x 49.8% = 5,059
External Market Su ort
10,222 x 15% = 1,533
9,306 x 15% = 1,396
8,291 x 15% =: 1,244
Competitive Supply
(Under Construction/Planned)
1,863
Total Net Demand
8,359
7,443
6,428
-Capture Rate Calculation
304/8,359
304/7,433
304/6,428
Capture Rate (2027)
3.6%
4.1%
4.7
*Assumes management qualifies residents at a 30% rent -to -income ratio
As illustrated in the preceding table, capture rates for a 304-unit general
occupancy development range from 3.6% with a base one -bedroom rent of
$1,332 to 4.7% with a base one -bedroom rent of $1,664. Typically utilizing
this methodology, capture rates of up to 5.0% are considered achievable for
higher -end market -rate properties, depending on various market
parameters. Considering that all of the aforementioned capture rates are
below 5.0%, this illustrates that a good base of demographic support will
exist for a 304-unit general occupancy market -rate rental community at the
aforementioned rent levels, even with the large number of rental units in the
development pipeline. However, while a base collected rent of $1,664 for a
one -bedroom unit is demographically supportable within the market, the
project will likely need to offer additional in -unit features, such as premium
appliances, cabinetry and fixtures at the higher base rent. Additional
community amenities that should be considered that will position the
subject at a competitive advantage at this higher price point include a
rooftop terrace, bocce ball court, pickleball court, playground and/or yoga
room. Lastly, if the developer were to consider the inclusion of cable and
internet services within the rent, this will also enable the subject project to
charge premium rent levels.
BOWEN NATIONAL RESEARCH VI-4
B. PEN,ETRATION RATE ESTIMATES
We have also calculated a penetration rate that takes into account the base of
support lbr the subject project and the corn parable supply serving the same
market. The 4.,178 existing, under constmction and planned comparable
market -rate units in the Site I'MA, as well as the 304 proposed subject units,
are considered when evaluating the achievable penetration rate for the subject
development, Based on. the same calculation process used f6r the subject site,
the income -eligible range for the existing, under construction, planned and
proposed subject urtits is $52,400 and higher. Note that the minimum income
was derived utilizing the lowest rent of $1,310 at the comparable properties.
used on. the demographic characteristics and. trends of household incomes for
the Site PMA, there will be an estimated 15,504 renter households with eligible
incomes in. 2027. The 4,482 existing, under construction., planned and proposed
subject units represent a penetration rate of 28.9% of the 15,504 income -eligible
renter households, which is summarized in the Following table:
Number of Subject & Comparable Market. -Rate
Units (Existing, Under Construction & Planned)
304 (Bayshore Townhomes)
280 (Amberleigh South)
98 (Arboreturn Village)
239 (Beaumont Oaks at Porters Neck)
256 (Comet Scotts Hill)
318 (Hawlliorne at Smith Creek)
198 (fludson Renaissance)
288 (Middle Sound West)
192 (Palisades at Lewis Creek)
312 (Reserve at Blake Farm)
288 (Sidbury Crossing)
188 (Townes at Blake Farm)
223 (Hawthorne at Hampstead)
265 (The Sterling)
144 (Nixon)
226 (Wrigbtsboro Commons)
366 (Have at the Gallena)
298-(PLaseol
I Income -Eligible Renter Households - 2027 /15,504
1 Overall Market Penetration hate- = 28.9%
The 28.9% penetration rate illustrated in the preceding table is considered low
and achievable, demonstrating that a good base of demographic support exists
for the proposed subject project and competing supply. Also note that when
excluding the site, this penetration. rate drops by only two percentage points to
26.9%. Based on this analysis, the proposed subject project will have no
material impact on the local rental market.
BOWEN NATIONAL RESEARCH VI-5
BOWEN NATIONAL RESEARCH
VII-1
Site Photo Report --- Wilmington, Nardi ('.aircihna
Suntey Date: MaIrCh 2025
View of site from the north
View of site from the east
View of site from the south
View of site from the northeast
View of site from the southeast
View of site from the southwest
Bowen Natlm,W IIIRe, ew,ch Al-2
Site Photo Report — Milinnfirigton, IlYarth Carolling
Survey Date. March 2025
View of site from the west
North view from site
East view from site
View of site from the northwest
Northeast view from site
Southeast view from site
Bowein NatlonW Researrh VH-3
Site Photo Report — Wilmington, Plorth Carolina
South view from site
West view from site
Streetscape: North view of U.S. Highway 17
SLiiirvoy Date: March 2025
Southwest view from site
Northwest view from site
Streetscape: South view of U.S. Highway 17
Bowen Natk)nal Researcl'p VM 4
Site Photo Repoiir,t -- Wilrnfiligton, North Carolina
Streetscape: North view of Brays Drive
Survey Date., Mairch 2025
Streetscape: South view of Brays Drive
Bowen Nationai Research Vii- 5
VIII.
BOWEN NATIONAL RESEARCH
01151
a�I,m 111D ilm mime t lri, ICI ortll°m Caroba
Survey
Datew
Mairch,2025
Map Prop
Quality
Year
Total
Occ.
Distance
ID Property Type
Rating
Built
Units Vacant
Rate
To Site*
17 Social Apts. MRR
_
................. ........._...._._.w.......R.R..,.,,......,....................
A .
2021
... ........._._......._
.._ 270 4
98.5%
16.0
A_mberleighShores.,_....v....0
_ _..-_.�.....-..............__.___.___....._....._................_..
B+
_,.._.........__...,......_._....__.....
2014
.........w......... _...._.._.__._ww
282 10
w_._.w......_......._....
96.5%
....... ......._........... ._.,
1.8
Amberleigh South.-...
�R....,-..
R
............ __......_._........_.-....................._................_._.__-._.._.......�......�_�...._�_.._.
B
2021
__._.. .
._ww_.�,�_., .................�_.......�...
280 15
_.:_.....--.$,..............
94.6%
.._.............
1.8
Arboretum V�ills ga MRR
___....................w.....v__u_._..._...�._.._.._._._.._.._._ww...........w_......,...._,_w.............._.......
B ............_
2020
3
.._.�.�.
96.9%
...... _.-
8.2
....._-..._...._.�.
�'.�..._.m..m._.mA
Arboretum West Apts. _.._....._..._ �............. .
_g........._,,.
202.0__.._..m
360 33
_....25..............:_
90.8%
8.6
Ardmore....__.........,._.,.,_.._,...-._...._..
MRR
2022-
0
100.0%
19.5
Beaumont Oaks at Porters Neck MRR
A
2023
238 19
92.0%
2.1
City Block MRR
B+
2014
112 5
95.5%
17.4
....
Comet ScottsHil.'_..w._._-...._.�_w,..............-_.�..._M.... MRR ..
_ _ __._....._....__._........-................._.....__m__.w....MRR_..._
_._ A ..
.202425625
,2023.
0
�90.2/
...w..w.1......_......
7
Cordelia Apts.
..............w_.�........_.._......._ _.. __.-.._....._..._. ,..�_.............�.._.�.�....� -
A
_�_..........__ ,......2004....�
426 ...._ .,..,.------........._W_.W._
....�.�.. _ 40
w
90.6%
... __ ..._._
_
12.4
.._.........._........
p ss Pond at Porters Neck Apts. RR
Cypress
y�................_......_..__._._._........-._.....-..._ ..
B _...w.
.._2020
_ 264 13
95.1%
0.2
Flats on...Front.........._,.._
MRR........,..
_.. _ ,..._,,_.....-......,-.. . ...... ...._.. ...._....._............-..._..
A.
w. _.. _.....__-_
236........_...-,......
......__..... ...... ... _ _. _ 8
_....._ �..
96.6%
.....__-�..
17.0
Hawthorne at Hampstead MRR
_._....__....._.w-..-,�._.....�......�.R.R....-.....a...w._..n.
A
2025
_2021
17 12
_.2 ...�.�.-0.�.�.....--....-._........��........
_.. _....._........._....__.....
29.4%
6.3
Hawthorne at Oleander
223-,
100.0%
12.9
_
Hawthorne.. Smith Creek...._ ...._......_ ._..__...........a...--MRR__....___A_
. ...................._._.._._._... ....M.RR..............8+..®._._
_Hawthorne
®..__
.2020
._..2a._....,....._.
- 318 _._..._..
20
_.........w..... _........._..._._,_.
�...o __-_...........___._._
93.7%
_...._...._u..._...._
10.7
..._.._....._...._.___._._...
at the Station ..._�._.._._-............,-..__.-._-M••MRR
_.....A__.___.
14
_-.�_........_...._...�..
192 7
_...�.._w___..
96.4%
.�........_....-_._.�__._..-_
9.3
Headwaters at Autumn Hall
..Helmsman_._......_.---............._._.._.,-.,..._....�_......._w._..__....._._...
w.-..A�......W.....2023....�._
2012
286 12
......_.._.._..- ._.....__..
95.8%
_..._.
7.5
MRR._..
262 9
96.6%
_.....__._..__.,.
15.6
° P
Hudson .................._..... _._......MRR ..
_ _ __..... .... _ ........._._...__......_...•.w _MRR.._...
m..._A._ ....
_
_•_.A-
2..w_..w..
22
..
_. __.....
198 2
Nm
_w_w....
99.0%
�_....
_
...9.7
s Ma faire Fllats...._.
y .w.w-...._.-.-_.--._.a_ ..-
_..
2017
240- 9 __....._......--.
96.3%
.............. .....__.
9.5
Metropolitan at the Riverwal,k MRR
A
2023._.............W._�_
,,...=
293 29
90.1%
17.2
R9
.....
_._._. _� ...__ ...__._......_....
Middle Sound West MRR
_----- _......_ _MRR W
...... A
...._._.
2024
_...,....._...,.
192 149
22.4%
_..
_._ _.....r
7.0
Oak Grove at Blake Farm ..M.RR.�.....�...A
A �..._..
2024_
_...2015
186 12 IT
5
............9 ,_..96.0%_
32.8%
_.....�....._....
2.9
.One Midtown.��.-_.,�.....-...._.....�.._...__..n®.__..._._..
223
._96.
_16.7.......
Palisades at Lewis Creek MRR
_..._..._.. ._...__ .... _..... _. _.._..___.._..._.......MRR
A _.._
2022
-
192 0
vn__
-86
100.0%
�......
10.6
_.. .. ...........
Pier_.............._
• 33
A
0 202
2.._w_..._....._
20
93.0%
17.3
Reserve at Blake Farm
....aM..�_._............ .......... _...._ .............a_.. ___.m.....,,................................ _._._.........__._. .._..M..... ._.
A
_.._............_...
2022
_ _....._._
312 27
._a..._.........._ .-........_............__..
91.3%
_._
3.0
...._.._ _ .. ..
Sawmill Point_ MRR
._._..,__....._...._.....�.�...�_..._�mm�-�_..m......�......_ _.MRR..-.
A-
-.-..A...-..._.2025-.._
2017
280 6
............_..._...�..................�..
97.9%
.,�..-..__._...
17.6
-..._..�..m�...
Sidbury Crossing
_..._..__..w..._. _..__............. .._..........__._....-......... � . _ _..._... � _ � _ .
... _._......
�� .._ w.w
108 96
.. _._n_.._.. _ _ W.__
11.1%
_.._..._o
9.0
Stephens Point MRR
......_._.-..__..�_...._......_-.�,.........-_.....-MRR....w.
A
2015
193 6
_...._
96.9%
.............__....w._
1.6
Townes at Blake_Farm
................-...._...�_.,.w...�..,..._..._...._.............v...... -.M.RR _
..w__.._....._
__._.A._........
.._._._..__�,.
2025
_..2024.....12511012.O10
-._....... W......._..._._._
154 4372.1�
.....oA
2.9
Whitebridge.Crossing
°
F-1-1-11--.-
-._.�.._._..._..._._
5.1
*Drive distance in miles
R,'K�nz u,apaR, I,,r,wa i kkaikd Rme, 4wnu,..ne-Ro¢uuan+d nu 9Cldk,. & Ya,.,,f.,a,'b Jeld�tn o �d
� � � '` d#,<iIG�x 4,.rw4ifi„(surnuurv;^-p e�lauaT�°,rt(rrt�411 �BtPu t'�i c'rnt, iw,.r^Ho:.¢^r,9
fu4�.at¢ni ftr• atirR^xh ffAiTAX# fnia Uh27WSt ghRfi� nrxrru4, ftvP,*i mmrn,S (ire944�4'"4;:�
wRR?d+,rrkaat-6'Yc urer �JCs)'@'anowft& t,ay.0 r1mcnt Sub ed,Wed (NC,V hni: "InedvVidmrt S,rar l lF Q R, nrvre,.u�wnvrcuR au,+.p+ii;rwrt
p,Iu) hcvw Rat Xa°n4fi^M 0I kSd;'vxlrerll'rrrirY,vketS4al°^,4nowne ,fiiu:fi-d„ 1auat0l-4R') QivKik,wenyrr M sulhPtizM
QMRQVRII#PIIoSdb`4'+4,.&,,,uvtrwn, ,f"rudhsr.Eotmai olgVI'M;*,cfphrt & �nnttffMi(ALQNxy¢'uuPC[RWw4et;kRam, ,ow-smaka4diji"d&k1,,Gin,-lvRMvvW
�Q,VHIlliMarkq-1V'ur,u-,& 9n.aine Gtr*-OtM(rma HlfIC) u4416" Ta Cii,&, Muk.i ik.vr. Ge„r=wm w--nor..S,,ih�&.«,^;,tl
Bowen Hadoul°W Researdh V1i4..
Properties Surveyed - INflImingtoni, North Carolina
Survey Date: March 2025
17 Social Apts. Contact: Ciera
514 S 17th St, Wilmington, NC 28401 Phone: (833) 701-0026
2713 UC: 0 Occupancy: 98.5% Stories: 4 w/Elevator Beni ilflfflt,� 2021
BRI 0, 1, 2 Vacant Units: 4 Waitlist: None AR '6?ar:
Target Population: Family yi, Reilo\'alec:
Rent Special: No
Notes: Preleased 4/2021; Opened 6/2021; 90% occupancy 6/2022; Rents change daily
Amberleigh Shores
Contact: Matao
---------------
115 Amberleigh Drive, Wilmington, NC 28411
Phone: (910) 821-8252
....... . ....
Total Units: 282 UC: 0
Occupancy: 96.5%
Stories:
2,3
Year Built: 2014
BR: 1, 2,3
Vacant Units: 10
Waithst:
None
AR Year:
Target Population: Family
Yr Renovated:
Rent SpeTJal: None
Notes: Rents change daily
Amberleigh South
. . . ....... _ . .....
Contact: Matao
__ . .....
550 Avery Dr., Wilmington, NC 28411
Phone: (910) 821-8252
Total Units: 280 UC: 0
Occupancy: 94.6%
Stories:
2,3,4
Year Built: 2021
BR: 1, 2,3
Vacant Units: 15
Vyaitlistx
None
AR Year:
Target Population: Family
Yr Renovated:
Rent Special: None
Notes: Rents change daily
Arboretum Village
. . ..... . . . .......... --------
. .. . ...........
. . - -------- - -------- . ..................
Contact: Annie
............... ----------
4550 Atrium NC 28405
. . ....... . ....
Phone: (910) 407-9424
...............
Units: 98 UC: 0
Occupancy: 96.9%
Stories:
2
Year Built: 2020
13
Vacant Units: 3
Waiflistz
None
AS Year:
Population: Family
Y, Renovated:
Rent Special: None
NoteS: Preleased 11/2019; Opened 2/2020; -93% occupancy 2/2021
......... . ..... .
Arboretum West Apts.
. .....
. ......
Contact: Alessio
347 Arboretum Dr, Wilmington, NC 28405
Phone: (833) 395-0599
....... . ....... . ..... .. . ..... . . __ . . . . ...... . . ...... . ......
Total Units: 360 UC: 0
. . ..... .. . ....... . . . ....... .... ..
Occupancy: 90.8%
. ........
Stories:
. . ....... _.__...__._.... .... . .. . ......
3
Year Built: 2020
BR: 1, 2
Vacant Units: 33
Waithst:
Affordable units; 6 HH
AR Yew':
Target Population: Family
Yr Renovated:
R'''InlSiufuFall
Notes: Market -rate (356 units); Income
-restricted (4 units);
Preleasing
4/2020, opened 5/2020; Rents change
daily
0 gg
Senlim lirwrktee Vax 0,hift ffttl incraue Roqiioed (oot lPPiTC�
WWI IV'wucli: Re, 1GS� 1'ax 0 iadft & Gow 11141f, I & Gmwmmw
Awkeo Roe& LW'f(`,
We & Gowmwflilmi sub"IkHa.d [N� ""'(Credk & nomne-ReVilidee (ad, NHi ikli1(,w0rMR, A@6�t,,. Rwe Gov' Sk,bsrdoel & Imm-e Roswcreck
vcwtPWI.' & 41o1ww_q", Sub"
I nn"' ed (110� 'Wm) (W";� "a'� Crefil, marl'M Harr & Gowyl'qea sidls�
Bowen National Research M11-4