Appendix | 269
Exhibit III-9
SELECT APARTMENT COMMUNITY COMPARABLES
CHESAPEAKE, VA
FEBRUARY 2014
MAP MANAGEMENT
YEAR FLOOR TOTAL
UNIT
AVG.
UNIT
AVG.
BASE
AVG.
AVG. EFF.
EFFECTIVE AVG. EFF.
KEY LOCATION
BUILT
PLAN UNITS MIX
BASE RENT
RENT SIZE RANGE SIZE RENT/SF RENT/SF CONCESSIONS
RENT
RENT/SF RENT/SF
EFFECTIVE RENT
RANGE
OCC. %
8 Belmont at Greenbrier
2006
Garden
348 100% 93.4% $995 - $1,460 $1,231 798
-
1,249 1,030 $1.14
-
$1.31
$1.20
$912 - $1,338 $1,128 $1.04
-
$1.20
$1.10
1212 Triple Crown Circle
1B/1Ba
87
25%
$995 - $1,050 $1,023 798 - 800
799 $1.25 - $1.31
$1.28
1 month free
$912 - $963
$937
$1.14 - $1.20
$1.17
Chesapeake, VA 23320
2B/2Ba
194
56%
$1,195 - $1,295 $1,245 1,050 - 1,130 1,106 $1.14 - $1.15
$1.14
1 month free $1,095 - $1,187 $1,141 $1.04 - $1.05
$1.03
888-481-9125
3B/2Ba
67
19%
$1,460 - $1,460 $1,460 1,249 - 1,249 1,106 $1.17 - $1.17
$1.17
1 month free $1,338 - $1,338 $1,338 $1.07 - $1.07
$1.21
9 Hideaway at Greenbrier
2005
Garden
374 100% 97.9% $875 - $1,499 $1,120 650
-
1,499 966 $1.00
-
$1.35
$1.16
$792 - $1,416 $1,037 $0.94
-
$1.22
$1.07
150 Coveside Lane
1B/1Ba
144
39%
$875 - $949
$912
650 - 833
742 $1.35 - $1.14
$1.24
$1,000 off rent
$792 - $866
$829
$1.22 - $1.04
$1.12
Chesapeake, VA 23320
2B/2Ba
180
48%
$1,075 - $1,315 $1,195 995 - 1,226 1,106 $1.08 - $1.07
$1.08
$1,000 off rent
$992 - $1,232 $1,112 $1.00 - $1.00
$1.00
3B/2Ba
50
13%
$1,399 - $1,499 $1,449 1,290 - 1,499 1,106 $1.08 - $1.00
$1.04
$1,000 off rent
$1,316 - $1,416 $1,366 $1.02 - $0.94
$1.23
10 Adalay Bay
2002
Garden
240 100% 91.7% $900 - $1,285 $1,089 650
-
1,304 983 $0.99
-
$1.38
$1.11
$858 - $1,243 $1,047 $0.95
-
$1.32
$1.06
101 Sabal Palm Lane
1B/1Ba
72
30%
$900 - $970
$935
650 - 742
696 $1.38 - $1.31
$1.35
$500 off rent
$858 - $928
$893
$1.32 - $1.25
$1.28
Chesapeake, VA 23320
2B/2Ba
120
50%
$1,090 - $1,115 $1,103 1,041 - 1,090 1,106 $1.05 - $1.02
$1.04
$500 off rent
$1,048 - $1,073 $1,061 $1.01 - $0.98
$0.96
757-275-8097
3B/2Ba
48
20%
$1,285 - $1,285 $1,285 1,304 - 1,304 1,106 $0.99 - $0.99
$0.99
$500 off rent
$1,243 - $1,243 $1,243 $0.95 - $0.95
$1.12
SOURCE: Property Websites; Leasing agent interviews
Exhibit III-9
E4-11982.40
Printed: 3/27/2014
Page 2 of 2
CITY OF CHESAPEAKE
