We have appraised hundreds of
thousands of units in thousands of apartment complexes across
the country. Properties include neighborhood (5-20 units), local
midsize (21-99 units) and institutional (100+ units). Our experience
includes suburban garden, urban high-rise, and mixed use developments.
Multi-family experience at the firm ranges from smaller projects
(under 50 units) to large-scale developments including thousands
of units such as Presidential Towers in Chicago. Properties range
in their life cycle from new construction product to older Class
C product being renovated for repositioning in the market.
Our extensive experience in multi-family properties includes a staple of assignments
completed under the FNMA DUS program as well as Freddie Mac. We have a number
of staff members who are very familiar with the more extensive appraisal valuation/reporting
requirements (such as market analysis, vacancy assumptions and rent growth) under
the guidelines. We have worked with lenders including Reilly Mortgage Group,
Inc., ARCS Commercial Mortgage, GMAC Commercial Mortgage, Northmarq Capital,
Glaser Financial Group, Green Park Financial and Red Capital.
Because of the number projects we have been retained for in the greater downtown
Chicago market, we developed The Residential Benchmark Report which delineates
rent and occupancy trends (including absorption for new developments) for all
the major buildings along with expense summaries and a synopsis of all major
projects being considered for development. More information about the Benchmark
can be obtained on our website.
For the subsidy market, we have completed a number of projects involving Low
Income Housing Tax Credits, bond financing, as well as project based Section
8 (HAP contracts) buildings. With the wealth of data available, we can complete
the HUD Rent Comparability Studies in a timely, cost effective manner. We are
very familiar with the requirements under the HUD MAP program and have completed
numerous assignments involving market studies, appraisals and the various forms
(rent, expense, summary appraisal).