THE SECTOR – MULTI-FAMILY HOUSING

Client:
Regional Lending Institution in the Midwest

Property Location:
Urban Site in Cleveland, Ohio

The Challenge:

Development of a new mid-rise multi-family market rent housing complex.  The developer was in need of a commercial appraisal and market area analysis to secure mortgage financing to complete the development.

The Service:

FRG completed the following services for the client:

• In-depth Market Area Analysis
• Supply and Demand Analysis
• Market Rent Analysis
• Highest and Best Use
• Cost Approach Valuation
• Sales Comparison Approach Valuation
• Income Approach Valuation

FRG’s in-depth market area analysis and demand analysis determined the need for additional multi-family housing in the delineated market area.  In addition, FRG completed a market rent analysis to determine the optimal unit mix (eg rents, amenities, etc.).  As well the team provided a detailed assessment of the time required to stabilize or completely rent the developed property.