Properties and issues we understand
- Conventional apartments
- Low Income and affordable housing
- (LIHTC) Low Income Housing Tax Credits
- Military Privatized Housing
- Senior Housing
- Community Housing Development Organization (CHDO)
Multifamily properties are commonly evaluated through the income approach, but a reliable analysis requires more than applying market averages. Property type, affordability restrictions, age, unit mix, occupancy, rents, concessions, expense and physical condition can all affect value. PTA reviews the facts behind the appraisal and develops a property-specific position supported by available evidence.
Factors our consultants review
- Year-end and valuation date occupancy
- Achieved rents, concessions and collection loss
- Affordable-housing restrictions, Section 8 participation and other contractual limitations
- New competing supply affecting occupancy or rental rates
- Deferred maintenance, roof repairs and uninhabitable units
- Functional issues such as obsolete floor plans or upper floors without elevator access
- Access, traffic or road-configurations
- Supportable vacancy, expense and capitalization-rate assumptions
- Unusual operating expenses, assessments or district-related charges