Dominion Boulevard Corridor Study (Final) - page 404-405

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

1 Fenwyck Manor

2013 Garden/TH 288 100% 93.8% $1,162 - $2,142 $1,379 850

1,858 1,103 $1.06

$1.37

$1.25

$1,089 - $2,142 $1,287 $1.06

$1.28

$1.17

1805 Kerwyck Pl

1B/1Ba

27%

$1,162 - $1,162 $1,162 850 - 850

850 $1.37 - $1.37

$1.37

$1,089 - $1,089 $1,089 $1.28 - $1.28

$1.28

Chesapeake, VA 23320

2B/2Ba

102

35%

$1,311 - $1,311 $1,311 1,064 - 1,064 1,064 $1.23 - $1.23

$1.23

1 month free $1,202 - $1,202 $1,202 $1.13 - $1.13

$1.13

757-389-8387

2B/2Ba/G 12

$1,540 - $1,540 $1,540 1,374 - 1,374 1,374 $1.12 - $1.12

$1.12

$1,540 - $1,540 $1,540 $1.12 - $1.12

$1.12

2B/2.5Ba/TH 78

27%

$1,450 - $1,575 $1,513 1,082 - 1,329 1,206 $1.34 - $1.19

$1.26

1 month free $1,329 - $1,444 $1,386 $1.23 - $1.09

$1.15

2B/2.5Ba/TH/G 12

$1,961 - $1,961 $1,961 1,858 - 1,858 1,858 $1.06 - $1.06

$1.06

$1,961 - $1,961 $1,961 $1.06 - $1.06

$1.06

3B/3.5ba/G 6

$2,142 - $2,142 $2,142 1,670 - 1,670 1,670 $1.28 - $1.28

$1.28

$2,142 - $2,142 $2,142 $1.28 - $1.28

$1.28

2 Streets of Greenbrier

2013 Garden/TH 280 100% 66.7% $965 - $1,530 $1,267 588

1,286 978 $1.19

$1.64

$1.30

$965 - $1,530 $1,267 $1.19

$1.64

$1.30

929 Wintercress Way

Studio

6% 75% pre-leased $965 - $965

$965

588 - 588

588 $1.64 - $1.64

$1.64

Admin/Holding

$965 - $965

$965

$1.64 - $1.64

$1.64

Chesapeake, VA 23320

1B/1Ba

108

39%

$1,035 - $1,170 $1,103 701 - 917

809 $1.48 - $1.28

$1.38

Fee only

$1,035 - $1,170 $1,103 $1.48 - $1.28

$1.36

757-420-4824

1B/1Ba/L

$1,200 - $1,200 $1,200 940 - 940

940 $1.28 - $1.28

$1.28

$99

$1,200 - $1,200 $1,200 $1.28 - $1.28

$1.28

2B/2Ba

108

39%

$1,305 - $1,518 $1,412 1,020 - 1,221 1,121 $1.28 - $1.24

$1.26

$1,305 - $1,518 $1,412 $1.28 - $1.24

$1.26

2B/2Ba/L

$1,440 - $1,440 $1,440 1,211 - 1,211 1,211 $1.19 - $1.19

$1.19

$1,440 - $1,440 $1,440 $1.19 - $1.19

$1.19

3B/2Ba

$1,530 - $1,530 $1,530 1,286 - 1,286 1,286 $1.19 - $1.19

$1.19

$1,530 - $1,530 $1,530 $1.19 - $1.19

$1.19

3 Aura at Towne Place

2012

Garden

215 100% 95.3% $1,195 - $1,750 $1,427 739

1,378 1,062 $1.24

$1.62

$1.34

$1,195 - $1,750 $1,427 $1.24

$1.62

$1.34

717 Eden Way North

1B/1Ba

28%

$1,195 - $1,205 $1,200 739 - 748

744 $1.62 - $1.61

$1.61

None

$1,195 - $1,205 $1,200 $1.62 - $1.61

$1.61

Chesapeake, VA 23320

2B/2Ba

120

56%

$1,395 - $1,505 $1,450 1,057 - 1,213 1,135 $1.32 - $1.24

$1.28

$1,395 - $1,505 $1,450 $1.32 - $1.24

$1.28

757-296-0643

3B/2Ba

16%

$1,750 - $1,750 $1,750 1,378 - 1,378 1,378 $1.27 - $1.27

$1.27

$1,750 - $1,750 $1,750 $1.27 - $1.27

$1.27

4 The Carlton at Greenbrier

2012

Garden

176 100% 95.5% $1,040 - $1,665 $1,348 830

1,320 1,122 $1.10

$1.38

$1.20

$953 - $1,526 $1,236 $1.01

$1.27

$1.10

501 Carlton Drive

1B/1Ba

26%

$1,040 - $1,215 $1,128 830 - 880

855 $1.25 - $1.38

$1.32

1 month free

$953 - $1,114 $1,034 $1.15 - $1.27

$1.21

Chesapeake, VA 23320

2B/2Ba

107

61%

$1,275 - $1,465 $1,370 1,160 - 1,220 1,190 $1.10 - $1.20

$1.15

1 month free $1,169 - $1,343 $1,256 $1.01 - $1.10

$1.06

855-637-1088

3B/2Ba

14%

$1,665 - $1,665 $1,665 1,320 - 1,320 1,320 $1.26 - $1.26

$1.26

1 month free $1,526 - $1,526 $1,526 $1.16 - $1.16

$1.16

5 The Morgan

2010

Garden

164 100% 87.8% $1,126 - $1,705 $1,377 789

1,531 1,103 $1.11

$1.43

$1.25

$1,126 - $1,705 $1,377 $1.11

$1.43

$1.25

111 Gateway Court

1B/1Ba

20%

$1,126 - $1,192 $1,159 789 - 868

829 $1.43 - $1.37

$1.40

$1,126 - $1,192 $1,159 $1.43 - $1.37

$1.40

Chesapeake, VA 23320

2B/2Ba

56%

$1,373 - $1,412 $1,393 1,023 - 1,220 1,122 $1.34 - $1.16

$1.25

$1,373 - $1,412 $1,393 $1.34 - $1.16

$1.24

757-410-2440

2B/2Ba/D 32

20%

$1,450 - $1,505 $1,478 1,163 - 1,337 1,250 $1.25 - $1.13

$1.19

$1,450 - $1,505 $1,478 $1.25 - $1.13

$1.18

888-779-8143

3B/2Ba

$1,635 - $1,705 $1,670 1,267 - 1,531 1,399 $1.29 - $1.11

$1.20

$1,635 - $1,705 $1,670 $1.29 - $1.11

$1.19

6 Tapestry Park

2011

Garden

190 100% 100.0% $1,050 - $1,655 $1,294 786

1,400 1,022 $1.06

$1.39

$1.27

$1,050 - $1,655 $1,294 $1.06

$1.39

$1.27

728 Tapestry Park Loop

1B/1Ba

38%

$1,050 - $1,092 $1,071 786 - 786

786 $1.34 - $1.39

$1.36

None

$1,050 - $1,092 $1,071 $1.34 - $1.39

$1.36

Chesapeake, VA 23320

2B/2Ba

12%

$1,248 - $1,338 $1,293 1,172 - 1,172 1,106 $1.06 - $1.14

$1.10

$1,248 - $1,338 $1,293 $1.06 - $1.14

$1.17

757-548-7770

2B/2Ba

38%

$1,399 - $1,399 $1,399 1,280 - 1,280 1,106 $1.09 - $1.09

$1.09

$1,399 - $1,399 $1,399 $1.09 - $1.09

$1.26

3B/2Ba

13%

$1,650 - $1,655 $1,653 1,400 - 1,400 1,400 $1.18 - $1.18

$1.18

$1,650 - $1,655 $1,653 $1.18 - $1.18

$1.18

7 Bell Great Bridge

2009

Garden

192 100% 96.9% $1,112 - $1,475 $1,304 658

1,332 1,047 $1.11

$1.69

$1.25

$1,112 - $1,475 $1,304 $1.11

$1.69

$1.25

124 Fairwind Drive

1B/1Ba

25%

$1,112 - $1,142 $1,127 658 - 829

744 $1.69 - $1.38

$1.53

None

$1,112 - $1,142 $1,127 $1.69 - $1.38

$1.52

Chesapeake, VA 23320

1B/1Ba/G 6

$1,297 - $1,297 $1,297 803 - 803 1,106 $1.62 - $1.62

$1.62

$1,297 - $1,297 $1,297 $1.62 - $1.62

$1.17

877-318-3124

2B/2Ba

111

58%

$1,301 - $1,379 $1,340 1,039 - 1,131 1,106 $1.25 - $1.22

$1.24

$1,301 - $1,379 $1,340 $1.25 - $1.22

$1.21

3B/2Ba

14%

$1,475 - $1,475 $1,475 1,332 - 1,332 1,332 $1.11 - $1.11

$1.11

$1,475 - $1,475 $1,475 $1.11 - $1.11

$1.11

EFFECTIVE RENT

RANGE

OCC. %

Exhibit III-9

E4-11982.40

Printed: 3/27/2014

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