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From YouTube: Board of Equalization Hearing July 21, 2021
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A
A
B
Make
sure
my
camera's
on
thank
you
board.
If
you
I'm
going
to
direct.
C
Everyone
again
to
our
summary
of
fax
page,
which
could
be
located
on
page
40
of
103.
C
This
is
the
thomas
place
apartments,
it's
a
property
that
we've
been
before
the
board
to
discuss
the
last
several
years
running.
Now,
it's
located
461
north
thomas
street.
It
is
currently
assessed
at
nine
hundred
four
thousand
two
hundred,
which
is
five
hundred
and
fourteen
thousand
dollars
a
unit.
The
value
we're
requesting
for
the
board
today
is
fourteen
million
eighty
three
thousand
seven
hundred,
which
is
four
hundred
and
twenty
six
thousand
seven
seventy
nine
unit.
The
property
was
originally
built
in
2009
it.
C
It
is
a
low-rise
garden
style
apartment
complex
in
the
ballston
virginia
square
submarket.
It
has
33
total
units
consisting
of
two
and
three
bedroom
units,
and
the
property
is
positioned
within
a
mile,
both
the
boston,
metro
and
virginia
square
metro
stations.
C
This
is
a
property
again
that
I'm
sure
the
board
is
is
well
aware
of.
At
this
point,
we've
come
before
the
board
in
prior
years
to
to
discuss
the
classification
of
the
property.
The
county
currently
classifies
the
property
as
a
mid-rise
and
per
their
midline
and
assesses
it
per
their
mid-rise
apartment
guidelines.
C
Last
year
we
we
brought
this
case
to
the
board,
as
well
as
the
case.
That's
following
it
henderson
park
under
the
same
pretext
and
the
the
board
in
that
instance,
decided
to
affirm
the
county's
original
assessment
and
not
disagree
with
the
county's
classification
of
the
property
as
a
mid-rise
property.
C
However,
in
prior
years
hearings
that
we've
brought
before
the
board,
the
board
has
decided
that
this
is
in
fact
a
low
eyes
or
garden
department
and
would
be
subject
to
the
county's
assessment
guidelines
for
cap
rate
vacancy
and
expenses
and
has
reassessed
or
revised
the
value.
Accordingly,
if
you
look
at
page
3
of
the
apartment,
income
and
expense,
summary
you'll
see
that
column,
d
and
and
column
f,
the
appellants
pro
forma
are
very
much
in
line
with
regard
to
revenue
and
and
then
the
bottom
line.
C
When
you
get
that
down
to
noi,
you
know
now,
the
one
difference
here
is
the
the
vacancy
county
is
again
per
their
mid-rise
guidelines
using
a
six
percent
market
vacancy
rate.
The
actual
vacancy
experienced
in
2020
during
cobit
was
about
two
percent
higher
at
eight
percent,
we're
using
those
actuals
to
take
consideration
of
of
cobit
in
the
pandemic
in
the
lockdown
and
the
issues
experienced
there.
What
it
really
comes
down
to
then
again
is
is
the
the
cap
rate
classification.
C
If
this
property
were
to
be
assessed
on
a
what
we
feel
is
correct
as
a
garden
style
apartment
building
that
would
be
based
on
the
county's
guidelines
assessed
at
a
cap
rate,
a
base
cap
rate
of
5.9
percent
or
excuse
me,
six
percent.
Currently
the
the
county
is-
is
assessing
this
property
on
a
overall
cap
rate
of
five
and
a
half
percent.
Now,
as
we've
also
previously
discussed,
the
county
has
made
adjustments
to
all
property
types
for
consideration
of
the
impact
of
cobit
last
year
with
regard
to
retail
they've.
C
Increased
cap
rates
by
30
basis
points
for
hotels,
as
we've
discussed
yesterday,
they've
increased
cap
rates
anywhere
between
50
to
75
basis
points,
and
I
think,
in
some
cases,
100
basis
points,
but
they
made
no
consideration
for
apartments
apartments.
C
In
fact,
I
think
decreased
this
year
compared
to
the
2020
assessments,
so
we've
included
again
the
rerc
investor
survey,
studies
from
both
2019
and
2020,
which
shows
a
a
median
change
and
that
can
be
found
on
page
42
of
103
of
our
packet,
a
mean
change
of
26
basis
points
from
2019
to
20
a
median
change
of
30
basis
points.
C
So
we
we
took
the
difference
in
the
average
of
those
two
and
we're
adding
an
additional
28
basis
points
to
our
cap
rate,
which
is
how
we're
getting
to
our
final
cap
rate
of
6.28.
C
If
you
turn
on
page
44
of
103,
we've
included
an
assessment,
comps
analysis
and
a
review
of
the
top
multi-family
apartments
in
arlington
county
as
rated
by
co-stars
five-star
and
built
after
2015,
in
comparison
to
the
the
subject
property
again.
The
subject
property
is
currently
assessed
at
514
000,
a
unit
which
would
make
it
the
third
highest
assessment
on
a
per
unit
basis.
C
You
can
see
on
the
following
chart
here,
with
the
exception
of
the
hyde
at
725
000,
a
unit,
the
10
eclair
and
then
at
535
thousand
in
the
100
535
000
units,
so
again
for
a
building
that
we
would
classify
as
a
garden
style
apartment
in
comparison
to
these
high-rise,
five-star
apartment
buildings
in
arlington
county.
We
don't
feel
as
appropriate
and
we
asked
the
board
for
consideration.
D
Just
expanding
on
those
comparables,
we
had
the
property,
we
had
the
maxwell,
we
haven't
had
the
mexico
yet,
but
we
had
a
view
which
is
right
next
to
it
the
other
day,
and
we
talked
about
how.
Why
is
this
one
greg
asked?
Why
is
this
assessed
so
much
higher
than
the
property
next
door?
This
property's
assessed
over
a
hundred
thousand
more
than
that
as
well,
and
this
is
not
comparable
in
any
way.
D
The
only
other
thing,
I
think
it's
a
mistake,
but
on
the
assessor's
worksheet
under
remarks,
this
is
one
building
two
and
a
half
stories
above
grade,
which
would
obviously
make
it
a
a
garden
style.
But
the
question
really
becomes
is
a
four-story
building
in
arlington
the
same
as
the
nine-story
building
and
from
talking
to
the
owners
talking
to
other
owners
they're
completely
different
worlds.
D
When
it
comes
to
leasing
and
tenants
and
operations,
it's
much
much
different
to
operate
a
four-story
building
than
it
is
a
seven-story
building
or
eight-story
building,
just
as
it
is
to
operate
a
30-story
building
compared
to
an
eight-story
building.
So
we
think
the
numbers
here
support
reporter
reduction
the
owner.
One
of
the
reasons-
maybe
it's
so
high
if
you
look
at
the
assessor's
worksheet
on
page
four,
there's
a
drop
down
of
quality
and
they
call
this
a
luxury
building.
Have
you
ever
been
in
this
building?
D
If
you
ever
walk
by
the
building,
if
you've
ever
been
on
the
building's
website,
you
know
this
is
not
a
luxury
product
and
it
seems
like
the
assessor
has
the
understanding.
This
is
a
luxury
product,
which
is
why
it's
one
of
the
highest
assessed
properties
and
we
ask
like
always:
we
can
look
at
page
three,
but
also
if
we
test
it
and
we
asked
to
pass
the
common
sense
test.
Does
it
make
sense
for
this
to
be
one
of
the
highest
success
properties
in
arlington?
D
A
F
Board
members
good
morning,
mr
chitlin,
good
morning,
mr
warren,
we
can
sort
of
start
working
backwards.
If
you
I
apologize,
did
you
want
to
start.
F
F
One
of
the
things
that
obviously
stuck
out
was,
as
jeremy
mr
chitlik
pointed
out,
was
he's
comparing
a
mid-rise
four-star
mid-rise
to
five-star
high-rise.
These
are
almost
all
multi-hundred
unit
buildings,
342
units,
257
units,
699
units,
265
units
491
units.
So
obviously,
if
you're
going
to
compare
them
to
a
mid-rise
with
33
units,
you're
going
to
get
vastly
different
per
unit
values
would
make
more
sense
to
compare
them
to
other
mid-rise
four
stars.
F
That
would
be
comparable,
as
opposed
to
five-star
high-rises,
as
the
board
is
familiar,
we're
going
to
rely
mostly
heavily
on
the
income
and
expense
summary
sheet.
This
sort
of
tells
the
story
of
the
property.
F
It
tells
us
that
the
apartment
revenue
has
been
up
two
years
in
a
row
even
in
a
pandemic
year,
increased
by
half
a
percent
gpi
increased
by
a
quarter
of
a
percent
previously
to
2020
was
obviously
a
very
stabilized
building
the
true
vacancy
dropped
in
18
and
again
in
19
down
by
over
50
percent
or
60
percent
from
2017's
level.
It
did
increase
again
to
just
shy
of
where
they
were
in
2017.
again.
This
makes
sense
in
a
covered
year
again
it
makes
sense,
with
a
smaller
building
with
33
units.
F
This
is
one
of
those
classic
assessments
where
we
undervalued
some
metrics
and
overvalued
others,
but
equaled
out
in
the
end,
we're
looking
at
a
case
where
we
under
estimated
gross
potential
by
about
eighteen
hundred
dollars,
we
overestimated
defective
gross
by
about
twenty
four
thousand,
but
we
also
overestimated
operating
expenses
by
twenty
five
thousand
that
still
led
to
an
underestimate
of
net
operating
income
by
over
fourteen
hundred
dollars,
we're
lower
than
the
net
operating
income
from
last
year,
we're
lower
than
this
year's
we're
lower
than
the
average
from
17
to
19
we're
lower
than
the
average
from
18
to
20..
F
This
is
again
a
it
will
stabilize
property.
It's
well
positioned,
although
technically
it's
six
tenths
of
a
mile
from
boston
metro,
so
it
does
not
receive
any
metro
cap
rate
bump.
It
does
obviously
afford
its
tenants
the
walkability
that
the
boston
area
provides
again.
We
would
to
clear
things
up
as
well.
Mr
chaplin
wanted
to.
I
guess,
highlight
the
idea
that
our
worksheet
list
is
as
luxury.
F
That's
really
just
a
codifier.
It
doesn't
affect
the
rental
rates
that
are
used,
it
doesn't
affect.
The
cap
rate,
doesn't
affect
operating.
Expenses
doesn't
affect
anything,
it's
a
description
and
again
much
like
the
description
the
owner
makes
of
the
same
property
in
regards
to
whether
or
not
this
is
a
four
story.
We
thought
this
was
over
with
last
year.
The
appellate
themselves
calls
it
a
four
story
and
they're
right
up
co-star
calls
it
a
four
story.
F
The
pictures
that
you
just
saw
displayed
list
four
stories
above
grade.
It's
just
kind
of
it's
getting
silly
to
try
to
continuously
bring
this
back
to.
Well,
maybe
it's
a
three
story
this
year
doesn't
matter
if
there's
an
error
in
the
writing
of
it
being
two
and
a
half
stories
of
a
grade
or
if
it's
you
know,
the
idea
is
that
when
we
revisit
these
properties,
we
will
recognize
what's
physically
there
on
site.
There
is
four
stories
above
grade.
F
F
Again,
the
stabilized
history
apartment
revenue
up
gross
potential
revenue
up
effective
grows
down,
but
again
that
makes
sense
in
a
one
year
blip
where
vacancy
increased
by
almost
five
percent,
but
we
do
believe
again
looking
at
it
as
a
stabilized
property,
the
county
is
actually
potentially
undervalued
as
it
again
we
have
an
undervalue
of
the
net
operating
income
in
both
19
and
in
2020
in
the
pandemic
year.
F
G
I
just
want
to
make
note
that
that
luxury
indicator
is
a
carryover
from
an
old
system
which
was
ducom
we've
since
come
into
the
day
and
age
where
we
use
a
different
system,
but
some
labels
still
apply
that
luxury
indicator
actually
been
on
this
worksheet
for
quite
some
time,
not
just
this
year.
We
didn't
change
it
from
2020
to
2021.
It
was
on
2020's
worksheet
and
I'm
pretty
sure
it
was
on
2019's
worksheet
as
well.
G
F
H
F
That's
correct
yeah,
I
just
I
won't
put
words
in
his
mouth,
but
I
believe
mr
warren
inferred
that
there
were
some
changes
made
in
2021
from
2020.
We
just
want
to
clarify.
H
G
F
So
the
the
point
of
that
statement
was
just
to
clarify
that
at
least
the
way
I
heard
it
was
that
mr
warren
had
had
potentially
insinuated
that
there
were
changes
made
in
the
cap
rates
from
2020
to
2021
for
apartments.
That's
what
I
heard
if
I
misunderstood,
and
then.
H
F
G
Exactly
I
can
answer
that
question
ken.
I
think
you
had
hopped
off
at
the
last
meeting,
but
we
I
provided
some
information
about
our
ind
analysis
and
so
for
high-rise.
Our
median
vacancy,
which
includes
rent
loss
and
concession,
was
around
three
and
a
half
percent
for
high
rise.
G
Therefore,
we
only
decreased
it
down
to
five
percent,
because
in
2020
it
was
at
six
percent,
so
that
was
our
median
number
from
all
the
irons
we
received
for
last
from
last
year
for
the
2019
information,
it
showed
a
median
of
three
about
three
and
a
half
percent
and
the
average
was
even
around
four
percent.
So
again
we
only
decreased
it
down
to
five
percent
based
off
of
that
information.
H
I
Yeah
in
in
column,
f
on
page
three
there's
a
fifty
thousand
dollar:
it's
it
doesn't
have
a
line
number.
So
I'm
just
gonna
say
it's
fifty
thousand
dollars
with
an
asterisk
by
it.
Is
that
a
is
that
a
deduction
from
the
noi?
The
note
says
deduction.
I
just
want
to
make
sure
I'm
I'm
calculating
it
right
in
column.
F.
It
should
be
a
negative
number
right.
Yes,
okay,
so
if
that
so
without
the
50
000,
the
noi
is
nine.
I
D
D
F
Up,
yes,
ma'am
so
again
valuing
this
property
correctly
as
a
mid-rise
apartment,
stabilized
nature,
undershot
gross
potential,
we
overshot
expenses,
we
undershot
that
operating
income
we're
again
lower
than
that
outbreak
income
from
2019
we're
lower
than
in
2020
in
a
pandemic
year,
we're
lower
than
it.
If
you
look
at
stabilized
from
17
to
19
we're
lower
than
it,
if
you
stabilize
it
from
18
to
20.
we're
just
low.
This
property
should
be
confirmed
at
16
million
964
200..
Thank
you.
A
Okay,
thank
you,
mr
warren
or
mr
chitlick
whoever's.
D
D
I'll
start,
the
difference
between
a
three-story
building
and
a
four-story
building
by
cap,
rate's
50
basis
points.
The
difference
between
a
four-story
building
and
a
30-story
building
is
zero
basis
points,
so
the
county
basis.
If
it's
over
three,
it's
the
same
cap
rate
as
if
it's
30
30
stories,
which
is
absolutely
incorrect.
When
you
look
at
the
market
like
anything
else,
you
want
to
wrap
up
on
you're,
muted.
C
Yeah,
just
real
quick-
and
this
came
up
in
in
last
year's
case
as
well
with
the
county
showing
the
marketing
flyers
and,
I
think,
greg
who's
not
on
today.
I
think
sophie
is
with
ditmar
that
you
know
their
marketing
departments
and
and
their
kind
of
internal
staff
is
different,
so
you
know
internally
they
they
view
this
as
a
a
garden-style
property,
not
a
mid-rise.
Now
I
know
it
says:
luxury
mid-rise
on
there,
but
they're
not
going
to
say
their
marketing
department
is
not
going
to
say
this.
C
You
know
we
have
33,
crappy
garden
rides
or
mid-rise
apartments
available,
it's
just
a
different
department.
I
think
that
was
made
clear
in
last
year's
case,
so
just
want
to
put
that
out
there
and
then
just
finally,
with
regard
to
I
know
chris
had
said
that
the
revenue
had
increased
from
from
the
prior
year,
but
again
noi
is
down
it's
down
three
and
a
half
percent
from
the
prior
year
and
and
the
actual
assessment,
I
think,
only
decreased
about
half
of
that
about
two
two
percent.
Thank.
A
Okay,
all
right,
it's
just
to
the
board
members
now,
what's
everybody
think.
H
Shy:
we've.
H
In
mass
appraisal,
there
are
common
definitions
for
certain
things:
that
mid-rise
is
one
of
a
four-double,
any
stories
inclusive
and
is
there
a
difference
between
eight
and
four
story
could
be,
but
it's
not
possible
to
individualize
every
single
property
in
every
single
jurisdiction
throughout
the
land,
and
so
and
it's
well
accepted.
What's
a
garden?
What's
the
mid-rise?
H
What's
a
high-rise
getting
into
luxury
that
that's
way
subjective,
and
I
agree
with
the
appellants:
it's
it's
a
marketing
employee,
I'm
in
the
marketing
business-
and
I
know
that
happens,
but
that's
that
didn't
affect
this
decision,
so
it
doesn't
really
matter.
Four
stories
is
four
stories,
so
I'm
good
with
what
we've
been
presented.
A
E
Yeah,
I
agree
with
ken
I
mean
it's
the
same.
It's
pretty
much
the
same
case
that
we
saw
last
year,
whether
it
was
it's
supposed
to
be
mid-rise
or
garden,
but
you
know
we
did.
We
did
determine
that.
It
was,
in
our
opinion,
a
mid-rise
and,
like
I
miss
the
chica
said
you
know
they
are
advertising
their
marketing
as
a
mid-rise
and
whether
it's
a
different
department
or
not,
I
mean
that's
what
they
classify
it
as
and
they
want
to
do
this
for
tax
assessment
purposes
as
a
different
type
of
property.
E
A
I
Yeah
I
mean
the
only
thing
that
jumped
out
is
we
reviewed
this
a
couple
years
in
a
row
and
the
vacancy
was
higher
this
year,
but
I
think
it's
been
addressed
in
the
test
column
and
in
the
rather
in
the
columns
enf-
and
you
know
you
take
the
appellant's
numbers
and
you
use
the
county's
cap
rate
and
you
end
up
with
a
higher
right
assessment.
So
I
think
it's
I
think
it's
fair.
I
I
One
is
a
39
assessment
to
sales
ratio,
one's
a
74
and
one's
124.,
so
you're
kind
of
all
over
the
map,
and-
and
I
think
the
key
thing
is
that
what
they're
trying
to
capture
is
that
most
of
those
garden
apartments.
It's
not
a
matter
of
whether
it's
not
necessarily
a
three
to
a
four
story.
But
it's
that
these
three
story
garden
units
in
arlington
are
very
old,
like
1930s,
1950s,
1960s
type
buildings.
I
So
that's
where
I
mean,
I
think
that's
what's
driving
the
cap
rate
up
on
those,
but
then
you
get
these
every
now
and
then
you
get
a
data
point,
that's
based
on
redevelopment
and
it
throws
off
the
whole
thing.
So
you
know
the
four-story
buildings
are
going
to
continue
to
argue
that
their
garden
until
we
address
it,
and
I
think
we
should
at
some
point,
but
it's
more
an
issue
with
the
garden
apartments.
It's
not
really,
as
I
don't
see
it
as
an
issue
with
the
four-story.
H
Very
good
point
with,
of
course,
the
as
we've
heard
many
times,
the
department
also
refers
to
rvrc
and
other
broader
scale
assessments.
Just
for
this
case,
the
guardians
will
tell
the
three
sales:
don't
really
tell
us
anything,
so
they
modify
it
by
additional,
less
specific,
but
also
less
screwy.
A
Information,
so
I
mean
they
got
to
do
what
they
got
to
do
in
that
regard.
That's
that's
all.
I
want
to
add
under
that.
Okay,
any
opinion.
Contrary
to
that,
no.
B
B
A
Okay,
the
second
case
on
the
agenda
is
two:
zero:
zero
one,
three
zero,
two
seven,
forty
three,
oh
one,
henderson
road,
mr
warren,
you
can
start
with
your
eight
minutes
and
tell
us
about
this
property.
C
Okay,
so
I'll
refer
to
the
board
to
page
37
of
103.
again.
This
is
a
very
basically
similar
case
to
the
case.
We
just
discussed
it's
a
property,
that's
adjacent
to
the
property
we
just
discussed,
and
it's
looking
at
4301
north
henderson
road.
It's
currently
assessed
at
31
million
693
800,
which
is
480
000
a
unit.
C
C
It's
what
we
classify
as
a
garden-style
apartment
in
the
ballston
virginia
square
submarket,
a
total
of
66
units
of
one
bedroom,
two
bedroom
and
three
bedrooms.
C
C
The
actual
vacancy
incurred
in
2020
was
about
two
percent
higher
than
the
counties
at
almost
eight
percent
and
then
a
slight
increase
in
comparison
to
the
county's
operating
expenses.
At
a
little
over
27
percent,
the
county
is
using
27
in
their
in
their
current
assessment
of
the
property.
Actual
noi
is
approximately
four
thousand
dollars
below
the
the
assessor's
current
estimate
of
net
operating
income.
C
C
Excuse
me,
41
of
103
and
you'll,
find
that
the
subject
property
in
comparison
to
all
the
other
five-star
classified
co-star
properties
that
were
built
after
2015
in
comparison
to
subject
property.
It
would
be
it
would
make
it
the
seventh
highest
assessment
on
a
per
unit
basis,
which
is
currently
being
assessed
at
480
000
units.
So
we
would
ask
the
board
to
to
consider
that
fact
as
well.
D
So,
yes,
sorry
I
mean
it
was
on
so
last
year
we
came
in
front
of
the
board
and
said:
look
our
assessment's
up
2.1
million
dollars
and
we're
in
the
middle
of
a
pandemic,
and
the
board
rightfully
said
we'll
look
at
this
next
year,
because
the
valuation
date's
1,
1,
20,
20
and
we'll
see
what
happens
next
year.
So
next
year
the
income
goes
down
40
000,
mostly
because
the
concessions
doubled
and
the
vacancy
doubles.
Actually,
the
vacancy
went
up
five
folds
and
the
noise
down
forty
thousand
dollars.
D
The
assessment
dropped
twenty
five
hundred
dollars
so
we're
still
over
two
million
dollars
more
than
they
were
in
nineteen,
the
assessment
post
pandemic
or
mid
pandemic.
The
assessment
basically
stayed
flat
in
the
no
I
dropped,
40
thousand
dollars
and
greg
greg
raines
is
on
the
phone
greg.
I
don't
know
if
you
want
to
speak
anything
to
the
fact
you
called
it
a
a
luxury
mid-rise
on
the
website.
You
might
want
to
update
that
before
next
year's
hearing,
because
it
sounds
like
that
carried
some
weight.
Are
you
on.
J
Yeah
I'm
on
I
yeah.
I
I
think
that
I
thought
some.
I
think
someone
made
a
good
point
that
from
a
marketing
standpoint
sophie
and
her
team,
you
know
we're
not
going
to
put
garden
style
on
there
because
of
the
the
connotation
that
it
carries
in
the
way
of
rent.
You
know
we're
going
to
try
to
pump
up
our
properties
and
make
them
as
desirable
as
possible,
but
you
know,
for
all
intents
and
purposes,
this
is
a
garden-style
building
based
on
the
rents
that
it
achieves
the
value
it
has
in
the
market.
J
We
did
say
we
would
revisit
that
our
noi
drop
this
year,
it'll
be
a
lot
bigger
drop,
come
moving
forward
because
of
the
difficulty
in
refilling
two
and
three
bedroom
units.
So
I
think
that
you
know
this
property
should
revert
back
to
kind
of
where
we,
where
we
landed
a
couple
years
ago,
based
on
the
appraisals
that
we've
we've
received
for
various
reasons
but
yeah,
I
think
greg.
I
got
a
good
point
earlier
about.
D
D
The
only
other
point
is
that
we've
we're
seeing
this
a
lot
that
january
february
march
were
great
years
in
2020.
The
problems
then
started
in
started
after
that
in
april,
but
the
difference
is
you
had
annual
rents,
so
you
didn't
see
it
like.
You
did
in
retail,
where
people
just
stopped
and
boarded
up.
D
They
didn't
really
leave
to
go
people
weren't
out
in
june
touring
apartments
because
they
were
stuck
in
their
apartments,
so
they
were
extending
this
year
in
2021,
where
you
look
where
we
are
today,
and
I
understand
the
risk
of
saying
well
we'll
get
that
next
year,
even
though
we
heard
that
before
2021
is
a
absolute
dismal
year
when
we're
gonna,
when
we
look
where
we
sit
today,
because
people
are
finally
out
of
their
apartments
and
able
to
look
and
move
and
they're
realizing,
maybe
I
don't
want
to
be
in
a
a
single
unit
box
in
the
middle
of
the
city.
D
Maybe
I
want
to
have
more
space
if
I'm
working
from
home
and
doing
that,
so
the
trend,
the
absolute
trend
here
was
a
million
750
to
a
million
seven
and
next
year
it's
gonna
be
lower
than
a
million
seven,
and-
and
luckily
we
have
the
owner
here
to
testify
that
that's
the
case
but
we'd
like
we'd
like
you
to
look
at
the
trend
from
19
to
20,
to
see
where
it
is.
J
You
were
right
and
saying
that
during
the
summer
last
year
there
wasn't
a
lot
of
movement
because
people
were
staying,
they
were.
There
was
no
knowledge
of
kind
of
the
future
once
the
end
of
the
year,
once
that
knowledge
was
out
there
that
there
would
be
a
time
in
which
arlington
might
not
be
the
most
desirable
location,
there
was
pretty
much
a
mass
exodus.
So
again
we
we,
we
probably
will
address
that
next
year
with
all
of
our
properties.
J
I'm
sure
all
the
properties
in
orange
will
have
that
same
story,
but
again,
this
one
goes
back
to
me
anyway,
that
we
did
have
a
pretty
substantial
increase
last
year
and
our
assessed
value
with
only
a
classification
as
the
cause
which
took
us
way
over
the
real
value
of
the
property
and
now
we're
we're
having
a
reduction
in
our
noise,
so
that
should
be
reflected
on
our
value.
F
Yes,
ma'am
so
again,
very
much
like
last
case,
we
have
a
four-story
property
is
acknowledged
by
the
appellant
and
the
right
up.
Four
stories
is
acknowledged
by
co-star
four
stories,
as
acknowledged
by
reality.
There
being
four
stories
above
grade
four
stories,
as
acknowledged
by
the
owner
themselves.
Again,
I
don't
know
if
irving
can
display
a
screen
or
if
he
needs
to,
but
in
the
packet
you'll
see
another
brochure
from
ditmar
marketing
as
a
luxury
mid-rise,
showing
pictures
of
a
four-story
above
grade
building
again
very
much.
F
F
Why
did
effective
gross
fall
because,
as
mr
chitlik
pointed
out,
vacancy
increased
by
over
three
percent
and
concessions
increased
by
over
two
percent?
This
is
again
what
we
saw
in
many
properties.
In
a
pandemic
year,
they
incentivized
their
tenants
to
stay
in
place
with
free
amenities,
parking,
etc,
and
even
doing
that
they
saw
increases
in
parking
revenue.
Other
revenue
and
rob's
revenue-
you
know
this
is
again
stabilized
property,
true
vacancy
average
of
0.7
less
than
1
average.
So
this
is
a
sort
of
a
blip.
F
The
idea
that
they
had
this
three
percent
over
three
percent
increase
co-star
right
now
shows
them
at
zero
percent
vacancy.
So
as
far
as
speculating
there's
speculation
abound
again.
If
we're
looking
at
operating
expenses,
they
drop
by
7.
F
If
we're
looking
at
again
averages,
we
underprojected
the
gross
potential
by
over
fifty
two
thousand
dollars.
We
under
projected
effective
gross
by
twenty
five
hundred
dollars
now
granted
we
under
projected
operating
expenses
by
almost
seven
thousand,
but
that
still
left
a
over
projection
on
a
net
operating
income
by
four
thousand
dollars.
We're
talking
about
three
tenths
of
one
percent
difference.
F
If
we're
looking
at
a
stabilized
property,
which
we
should
be
the
three
year
net
operating
average,
we're
still
lower
than
that
three
year,
net
operating
average
from
18
17
to
19
and
we're
lower
than
the
three
year
operating
ever
noi
three
year
operating
average
from
18
to
20..
So
it's
that
very
much
the
same
thing
as
last
case,
no
matter
how
you
slice
it
or
undervalued.
If
anything,
especially
considering
again,
this
is
a
four-story
mid-rise.
F
Much
like
last
case
again,
this
property
benefits
in
its
location,
it's
walkability,
while
it
doesn't
receive
the
metro
proximity
bump
up
to
its
cap
rate.
It's
point:
seven
tenths
of
a
mile,
so
you're
talking
about
an
extra
two
minute
walk,
but
you
still
that
walkability
to
metro
to
ballston
to
everything
that
the
those
that
get
the
metro
bump
enjoy,
so
its
location
is
well
desired
and
again,
that's
echoed
in
its
vacancy
in
occupancy
over
the
last
four
years.
F
Just
given
these
these
factors,
given
the
idea
that
stabilized
property,
we
undershot
gross
potential,
we
undershot
effective
gross,
given
the
fact
that
this
appears
to
be
one
year,
blip
of
vacancy
and
concessions
that
again
tend
to
be
smoothed
out
over
time
may
have
even
been
smoothed
out
in
this
of
calendar
year
itself.
F
We
do
believe
that
within
three
tenths
of
one
percent
of
the
current
net
operating
income
and
again
having
undershot
it
last
year,
we
do
believe
that
the
county
should
be
confirmed.
31
million
693
hundred
irving
anything
ten.
G
Now
I
think
you
addressed
all
the
major
points
of
the
case.
I
know
there
was
comments
about
the
reduction
in
the
noi
from
19
to
20.
We
like
to
remind
the
board,
I'm
pretty
sure,
you're
aware
that
when
we
assessed
this
property,
we
had
the
information,
that's
in
columns
a
b
and
c,
as
you
can
see
the
most
recent
information
as
far
as
that
history,
that
noi
is
well
above
what
we
projected
for
the
2021
assessment.
G
During
the
appeal
process,
we
received
the
2020
information
and,
as
chris
stated,
I
mean
we're
pretty
spot
on
with
the
actual
noi
achieved
at
this
property,
so
that
to
me
further
supports
our
assessed
value
of
this
property
because
we
got
so
close
within
the
noi,
without
actually
even
knowing
what
they
achieved
at
the
time
of
the
assessment
being
formulated.
G
I
think,
due
to
the
information
presented,
this
mid-rise
argument
should
be
put
to
rest.
I
mean,
especially
since
the
department
defines
mid-rise
as
four
stories.
That's
the
beginning
of
it.
It's
on
our
guidelines,
it's
what
we
apply
to
every
property
type,
every
apartment,
property
type.
When
we
classify
it,
the
mid-rise
categorization
of
this
property
did
not
just
come
from
denmark's
website.
You
know
you
can
also
look
at
co-star.
They
call
it
a
mid-rise,
it's
more
so
to
support
our
argument
that
we're
not
just
classifying
this
property
as
a
mid-rise.
G
F
Just
be
excited
to
interrupt
here
and
to
speak
to
that
and
again
I
don't
want
to
put
words
mr
chillick's
mouth,
but
I
believe
he
inferred
that
if
the
owner
changes
it
to
a
garden
for
next
year
that
that
should
hold
more
weight
with
the
the
board
and
again
we're
hoping
that
that's
not
the
case
that
this
isn't
an
idea
where,
if
we
change
marketing
brochures
that
that
changes,
what
it
is
in
reality,
it's
a
four-story
building,
it's
four
stories
above
grade.
F
You
know
whether
or
not
we
agree
on
that.
That's
a
marketing
ploy
or
whatnot.
It
is
what
it
is.
It's
four
stories
above
grade.
F
I
J
Yeah,
absolutely
we're
at
all
of
our
properties.
Greg
we've
seen
a
movement
out
of
two
or
three
bedrooms
to
you
know,
because
one
roommate
will
move
back
wherever
and
then
one
will
stay
in
arlington
and
they'll
get
a
one
bedroom
to
fill.
Those
back
in
has
been
extremely
difficult
anytime.
I
pull
our
unit
availability
across
our
portfolio
two
by
twos
and
three
by
twos
are
really
really
really
difficult
to
fill.
J
Still
now,
that's
picking
up
and
you'll
see
that
in
the
next
year,
we'll
be
hopefully
back
to
normal
right,
but
the
two
bedroom
three
bedrooms
had
a
massive
vacancy
rate
end
of
last
year.
Moving
into
the
beginning
of
21.
I
J
We
used
to
have
a
thought
process
of
anytime.
You
got
to
eleven
hundred
dollars,
twelve
hundred
dollars,
a
roommate
that
that
that
was
always
going
to
you
know,
carry
the
day
when
it
came
to
price
points
I
mean.
Hopefully
you
get
above
that,
but
I
mean
we.
We
were
twenty
six
hundred
dollars
for
a
three
bedroom
with
two
months
free
and
it
was.
It
was
really
very,
very
different,
almost
had
the
price,
the
two
bedrooms
as
a
one
bedroom
to
rent
them
and,
like
I
said
that,
bears
out
through
2021's
numbers,
but
yes,.
I
I'm
just
curious
because,
on
the
rent
roll
same
with
the
last
one,
you
know
you're
going
into
the
year
with
seven
units
unrented
vacant,
even
more
that
are
kind
of
expiring
in
january,
and
the
pro
forma
number
has
like
a
seven
percent
vacancy
rate
in
it.
That
was
jan
one
and
then
today
you
know
I
go
on
and
it
looks
like
you've
got
10
units
available
on
the
website,
so
that's
15
vacancy.
I'm
just
curious.
Why
you
didn't
put
up
you
know
come
in
with
a
higher
vacancy
rate
projected
in
your
performance.
D
I'll
answer
that,
because
that's
that's
the
calendar,
your
information,
that's
what
we
use.
We
should
have
going
back
at
it
because
you
see
that
the
current
vacancy
rate
is
15,
but
you
also
see
if
you
run
one
of
those
units
you
get
a
free
month
or
possibly
two
free
months.
So
the
concession
on
top
of
that
is
an
additional
fifteen
percent
for
the
county,
saying
no,
that
vacancy
and
the
concession
and
the
collection
loss
is
a
total
of
five
percent
or
six
percent.
D
I
think,
obviously
knowing
what
we
know
now
and
knowing
really
what
we
knew
pandemic.
That
was,
that
was
a
bit
of
a
fall.
The
reason
it
was
only
seven
percent
is
because,
like
you
see,
a
lot
of
those
leases
are
expiring
in
january.
Well,
those
are
your
leases.
They
were
signed
last
year
anywhere
before
anybody
knew
anything.
D
So
that's
that's
really
the
reason
looking
at
it
from
the
year,
but
the
the
projection.
We
absolutely
should
have
taken
a
pro
forma
vacancy
of
15-20
percent
when
you
include
concessions
in
and
rent
loss.
Actually,
if
we
had
absolutely
zero
vacancy
at
the
property,
the
vacancy
rent
loss
and
concessions
would
still
be
over
six
percent,
just
because
the
concession
alone
is
above
six
percent.
E
E
Some
rubs
that
they
had,
but
you
don't
have
any
rubs
in
your
estimate.
So
I'm
not
sure
I
mean
in
this
case
it's
a
little
more.
It's
a
amount
is
a
little
more
substantial
than
the
previous
case,
but
is.
F
F
So
on
our
worksheet
on
page,
maybe
four
of
103-
you
can
see
that
we
actually
don't
have
a
line
for
robs
it's
just
listed
as
other
income.
So
on
our
revisions,
if
we
offer
them
we're
able
to
break
that
down
a
little
bit
more
if
it's
other
income,
miscellaneous
income,
rubs
income
etc,
but
on
the
worksheets
itself,
we
just
group
it
into
other.
F
Ma'am
so
again,
very
much
like
last
property
well
run
well
stabilized.
They
did
have
a
coveted
blip,
but
to
the
speculation
on
it's
having
harder
time
to
rent
two
and
three
bedrooms.
As
you
can
see
in
years,
17
18
19
vacancy
drop
year
after
year
after
year,
concessions
dried
up
year
after
year
after
year.
F
We're
spot-on,
we're
within
two
three
tenths
of
one
percent
for
the
current
year's
noi.
Again,
you've
seen
this
before
we
under
projected
on
some
expenses,
we
underprojected
on
excuse
me
on
on
income
and
that
led
to
a
in
this
case
a
reasonable
opinion
of
value
for
the
valuation
for
the
year.
F
A
Okay,
thank
you,
mr
warren
or
mr
chitlick.
D
Please,
the
one-year
blip
obviously
is
not
correct.
We
have
the
owner
here
telling
us
it's
only
getting
worse.
It's
not
a
one-year
blip
we're
all
still
here
virtually
if
everything
was
great,
we'd
be
back
back
meeting
in
a
room.
The
rubs
are
up
ten
thousand
dollars
because
the
utilities
are
up
ten
thousand
dollars,
because
the
rubs
are
reimbursement
that
the
tenants
pay,
because
the
tenants
didn't
leave
their
apartments,
so
they're
they're
expensive,
their
utilities
were
higher.
D
They
were
there
longer
chris
went
through
and
he
said
well
parking's
up
parking's
up
from
100
2
000
to
103
000..
So
we
can
go
down
the
lines
of
things
that
went
up,
but
the
fact
is,
the
trend
here
is
worse
and
the
things
are
getting
worse
and
what
we
know
outside
of
page
three,
there's
103
pages
here
outside
of
page
three.
We
know
that
things
have
continued
to
get
worse
and
for
this
asset
type,
the
owners
here
telling
us
that
things
have
continued
to
get
worse
and
you
see
where
we
sat
as
of
january.
D
1.
Things
had
gotten
considerably
worse,
yet
we're
still
2
million
higher
than
we
were
in
2019
and
after
all,
this
things
are
getting
worse
and
seeing
how
vacancy
is
up,
and
all
these
things
are
bad.
The
assessment
dropped
by
2500,
which
does
not
capture
that
in
any
way,
blake
anything
else,
you're,
muted,
blake
and
I
are
always
muted,
because
we
have
kids
running
around
the
background.
So
we
apologize.
C
Yeah
I
apologize
yeah
just
one
last
point.
I
know
mr
chicas,
you
know
a
lot's
been
made
about
the
marketing
flyer
and
the
marketing
department
marketing.
C
This
is
as
mid-rise
and
mr
cheeks
pointed
out
that
he
would
hope
that
if,
if
the
owner,
you
know
re-does
their
marketing
flyer
next
year
and
it's
classified
as
a
garden
that
the
board
wouldn't
instantly
decide
to
indicate
it
as
a
garden-
and
I
think
that's
the
whole
point
we've
been
trying
to
make
is
just
because
it's
this
marketing
flyer
is
being
listed
as
a
mid-rise
right
now.
C
You
need
to
look
further
into
it
and
you
know
if
the
owner
were
to
change
this
next
year
to
the
marketing
flyers,
luxury
high-rise
apartments.
We
would
hope
that
the
the
county
wouldn't
instantly
say
oh
well.
This
is
how
they're
marketing
their
marketing
is
high-rise,
we'll
change
our
classifications
to
a
high-rise
and
that's
how
we'll
we'll
value
the
property
in
2022..
A
I
Yeah
I
mean
well,
we
got
a
little
less
than
half
the
year
to
see
how
this
trend
plays
out,
but
I
think
there
may
be
a
trend
where
we're
gonna
we're
gonna
see
next
year
that
there's
a
little
bit
more
vacancy
than
what
they're
carrying
and
their
pro
forma,
and
I
also
think
that
expenses
you
know
in
in
20
are
probably
going
to
go
up
in
21
and
probably
going
to
go
up
again
in
22..
So
you
know
we'll
see
that
data
as
it
comes.
I
I
think
that's
kind
of
what
you
want
to
focus
in
on.
I
don't
think
that
fella
needs
to
really
waste
a
lot
of
time,
changing
their
marketing
materials
on
the
website.
We're
smart
enough
to
understand
how
that
works,
but
I
would
I
would
support
a
modest
reduction
on
the
basis
that
the
last
the
last
case
we
looked
at.
We
we
evaluated
it
with
with
the
appellant's
numbers
and
and
the
county's
cap
rate,
and
it
came
out
higher.
I
So
we
reverted
back
to
the
county,
but
this
one,
if
I,
if
you
do
the
same
thing
with
column
e
and
use
the
county's
cap
rate,
it's
a
little
bit
lower.
It's
31
million
611
200.
E
Yeah,
I
kind
of
disagree
with
making
any
I
mean
any
reduction
further
that
what
we
have
looking
at
the
same
way.
As
you
know,
I
did
the
previous
case.
The
average
analyzer
we
have
for
the
past
three
and
four
years
are
still
higher
than
what
we
have
for
this
year
and
as
far
as
the
vacancy,
I
don't
really
think
that
apartments
or
buildings
like
this
are
suffering
like
office,
space
or
hotels.
E
Many
people
had
a
lot
of
assistance.
Looking
at
the
website,
I'm
not
sure
where
you
know
mr
hoffman
saw
that
there
were
10
apartments
vacant,
but
I'm
trying
to
see
even
to
book
an
apartment,
everything
seems
to
be
occupied.
Everything
says
you
will
be
notified,
except
for
one
apartment
that
is
coming
up
available,
a
two-bedroom
on
september
26th,
but
so
that
doesn't
tell
me
that
you
know
this
building
is
suffering
or
it's
vacant
or
going
through
a
hardship.
K
H
I'm
hitting
the
wrong
mute
microphone
after
500
tries.
I
I
agree.
I
agree
with
mark.
I
mean
this
is
there's
no
disaster
here
and
it's
you
know.
We
see
this.
This
makes
sense.
We
see
it
all
the
time
that,
as
as
the
economy
is
the
market
for
an
individual,
real
property
deteriorates
over
time,
real
property
owners
are
feeling
the
effects
in
real
time,
of
course,
but
not
the
assessment
effects.
H
On
the
other
hand,
we
don't
get
appellants
come
forth
when
things
get
a
lot
better
saying:
oh
you're,
you
know
you're
you're,
assessing
us
on
last
year's
deteriorated
ine
when
in
fact
we're
doing
very
well
this
year.
I'm
say
that
tongue-in-cheek.
I
would
do
the
same,
of
course,
and
everybody
on
the
call,
what
things
lack
and
and
and
to
underscore
what
I
think
jose
said
that
this
is
pretty
stable
for
2020
things
were
weird.
A
Right,
I
agree
I
mean
I
could
go
either
way
I
can
see
where
greg
is
coming
from,
but
I
look
at
it
and
it's
such
a
such
a
slight
reduction.
I
think
next
year,
maybe
a
different
story,
but
you
know
I
would.
I
would
stay
with
the
original
assessment.
D
Miss
dooley
and
our
chairperson
dooley.
I
have
a
question
these
next
two
cases
are
kind
of
sister
properties.
They
come
on
the
single
same
operating
statement.
I
don't
know
if
the
board
or
the
county
has
any
objection
to
do
them
together
or
how
the
best
way
to
handle
it.
But
it's
they're,
essentially
identical
properties.
C
Okay,
if
you
turn
on
page
and
these-
and
I
believe
these
came
in
the
the
same
packages
for
each
rpc,
we
had
we
submitted
basically
the
same
exact
appeal
package.
So
if
you
turn
to
page
30,
you'll
find
our
summary
of
facts.
C
These
are
the
16
quinn
apartments.
They
are
located
on
two
individual
tax
parcels.
C
C
This
property
was
originally
built
in
1940.
Each
of
these
tax
parcels
has
four
units
on
it,
so
eight
total
units,
they
are
garden
style
apartments
in
the
roslind
submarket.
If
you
turn
to
page
three,
our
apartment,
income
and
expense.
Summary
you'll
see
the
individual
d
and
e
columns
for
the
from
the
county.
As
you
can
see,
all
the
assumptions
for
income
and
expenses
cap
rate
are
going
to
be
exact,
exactly
the
same
and
actually
in
between
those
columns.
C
You'll
see
the
combined
and
they're
not
highlighted
in
bold,
so
the
gpi
of
167
000
and
egi
157,
000
and
total
expenses
of
one
one.
The
main
difference
here
is
gonna.
Come
down
to
two
things
is
one
with
consideration
to
the
operating
expenses.
C
You
will
see
that
the
county
is
currently
estimating
operating
expenses
of
forty
percent
in
their
2020
assess
2021
assessment.
For
both
these
tax
parcels,
the
actuals
combined
is
closer
to
42.
C
And
and
about
2
percent
higher
than
the
county
is
using
currently
estimating
in
their
in
their
analysis
the
cap
rate
as
well.
We've
made
an
adjustment
there,
similar
to
as
we've
done
in
our
prior
cases
with
regard
to
the
impact
of
covid,
the
county
is
currently
using
a
overall
cap
rate
of
6.15
we've
added
28
basis
points
as
supported
by
our
rerc
investor
surveys
and
the
differences.
C
The
increase
in
cap
rates
from
2019
to
2020
the
mean
being
26
basis
points.
The
median
at
30
basis
points
we're
right
in
the
middle
at
28
basis
points
and,
and
that's
our
support
for
for
increasing
the
cap
rates
for
the
risk
profile
associated
with
with
the
pandemic.
C
D
Yesterday,
the
county
used
pwc
to
help
support
why
they
didn't
change
and
make
enough
of
a
change
or,
in
our
opinion,
enough
of
a
change
for
the
hotel
cap
rates.
That
same
pwc
report
states
that
the
mid-atlantic
apartments
cap
rates
25
basis
points
from
the
year
prior
yeah,
the
county
determined
that
there
was
no
change
at
all
the
sales
do
not
support
the
numbers
that
they
have
on
this
again.
D
These
are
very
strange:
they're
four
building
they're
they're
four
unit
buildings,
so
they
don't
really
have
necessarily
a
a
set
class
when
you
compare
it
to
a
a
60
unit,
garden
style,
walk-up
apartment
that
has
a
lobby
and
a
front
desk
and
a
bunch
of
employees.
This
is
essentially
a
house
that
has
four
units
in
it:
two
two
identical
houses,
greg
or
sophie
anything
you
want
to
add
about
16
quinn,.
J
No
other
than
like
you
said
there
I
mean
the
properties
are
really
old,
so
I
mean
the
expenses
they're
moving
higher
this
year.
I
mean
it's
just
very
costly
to
maintain
these,
so
I
don't
know
if
that's
part
of
our
conversation
so
far,
but
those
expensive
numbers
are
continuing
to
climb.
D
Yeah,
so
the
yeah
I
mean
that's
pretty
much
it
the
all
the
leases
expire
this
year,
the
the
property
is
relatively
stable,
as
you
saw,
there
was
no
vacancy,
but
if
one
unit
vacates
they
flip
it
and
somebody
comes
in
right
away
on
an
eight
unit
building
or
these
individual
four
unit
buildings
that
that
really
throws
the
number
off.
So,
let's
just
want
to
check
one
more
thing.
A
Okay.
Thank
you,
gentlemen,
mr
chicas,
for
the
county.
F
Yes
ma'am
so
again,
as
the
board
has
seen
before
and
looking
at
the
summary
sheet
in
this
case,
incorporating
both
properties
zero,
one,
three
and
zero
one.
Four,
we
can
see
that
we
underprojected
across
the
board.
We
projected
low
on
gross
potential,
almost
eleven
thousand
dollars
low
on
effective
gross
granted.
We
were
seventy
eight
hundred
dollars
low
on
operating
expenses,
but
that
still
led
us
to
be
three
thousand
dollars
below
on
that
operating
income,
just
like
in
the
last
two
cases,
we're
lower
than
the
three
year
average
17
to
19.
F
G
F
Can
be
volatile,
but
this
the
property's
been
extremely
stable,
a
three-year
vacancy
and
collection
and
concession
average
of
2.3
percent.
So
again,
I
don't
think
it's
ever
been
above
2.15
at
zero
percent
this
year
granted,
as
mr
raines
pointed
out,
the
operating
expenses
increase,
but
we're
right
on
par
with
the
three
year
17
through
19
average.
F
That
being
said,
given
the
under
projections
made
by
the
county,
given
the
undervalue
made
by
the
county
in
regards
to
the
net
operating
income
average
for
17
to
19
as
well
as
18
through
20.,
we
do
believe
that
the
county
should
be
confirmed
at
a
value
of
1
million.
Excuse
me,
so
each
parcel
will
be
valued
at
769,
7700.,
so
again,
769
700..
G
As
I
point
out,
I
mean
we
did
like
greg
pointed
out.
We
had
some
garden
sales
that
occurred
within
19
and
20..
I
think
one
of
the
most
complex
sales
would
be
courtly
apartments
that
sold
june
july
31st
2019
for
250
thousand
dollars
per
unit.
It's
an
eight
unit,
garden
property.
We
had
sales
in
and
this
property
is
of
the
same
age
and
close
to
the
same
size.
Of
these
two
lots.
G
If
you
combine
the
two,
probably
we're
talking
about
they're
about
eleven
hundred,
no
eleven
thousand
four
hundred
eight
square
feet,
the
two
subjects
the
one
that
sold
was
eight
thousand
five
hundred
seventeen
square
feet.
There's
a
r8
615
zoning
for
the
subject:
r818
zoning
for
the
one
that
sold
but
again
they're,
similar
in
age,
similar
in
size
and
again,
that
is
a
recent
sale
that
we
had.
There
also
sales
in
2020
that
resulted
in
with
208
000
per
unit,
166
000
per
unit,
and
then
one
for
464
000
per
unit.
G
G
So
again,
yes,
we
look
at
pwc,
we
look
at
re-rc,
we
look
at
co-star
for
sales
information,
but
we
do
not
disregard
the
sales
that
we
have
in
the
county.
One
reason
we
don't
do
this
because
there
are
sales
in
arlington
county
and
not
just
the
mid-atlantic
region.
The
mid-atlantic
region
considers
properties
in
south
carolina,
tennessee
kentucky
southern
virginia
as
well
as
northern
virginia,
and
I
think
it
goes
up
above
maryland,
so
we
don't
rely
solely
on
rerc.
G
We
look
at
sales
that
we
have
in
the
county
and
we
compare
how
our
cap
rates
and
sales
fall
within
the
range
of
these
publications
oftentimes.
We
also
try
to
research.
Are
these
publications
based
off
of
sales?
Are
they
based
off
of
surveys?
So
I
hope
again
we
can
clarify
our
assessment
process.
G
F
I
think
one
other
thing
to
point
out
too,
is
again
going
back
to
the
summary
sheet
is
while
we're
low
as
compared
to
2019's
noi
and
2020's
noi,
the
appellant's
number's,
almost
ten
thousand
dollars
lower
than
that,
and
it's
the
lowest.
It's
been
on
this
four-year
summary
sheet.
This
is
after
an
noi
increase
in
18
over
a
hundred
thousand
dollars
and
nineteen
and
a
drop
of
just
two
percent
they're
calling
for
a
drop
of
over
ten
percent
to
a
noi
of
eighty.
F
Seven
thousand
so
never
been
that
low
in
its
four
year.
History
on
this
shade
on
the
sheets.
So
again,
given
that
we're
low
compared
to
the
averages
17
through
19
low
to
compared
to
the
averages
of
18
to
20.
we're
lower
than
last
year
and
we're
lower
than
this
year,
we
do
believe
we
should
be
confirmed
at
769
7700..
Thank
you.
I
Just
for
the
county,
I
know
we
looked
at
some
other
buildings
on
the
residential
side
that
were
like
four
unit
rent
less
than
four,
and
that
was
the
threshold.
How
come
this
is
not
being
evaluated
as
a
residential
building.
If
it's
got
four
or
few,
is
it
less
than
four?
Is
the
threshold
that's
less
than
four.
F
It
yes
and
then
even
more
so
it's
you
know
as
as
we
stated
the
owner
sends
in
their
inds
and
basically
concerns
that
this
would
be
an
eight
unit.
One
building,
even
though
it's
operated,
okay.
F
A
Okay,
mr
warren
or
mr
chitlick,
do
you
have
anything
to
add
in
your
last.
D
I
was
just
gonna
add
their
comp.
The
courtly
apartments
are
actually
closed,
it
sits
on
lee
highway
and
it
appears
to
be
going
under
a
redevelopment
as
a
as
a
teardown.
So
it's
not
currently
open
or
operating.
That
is
the
one
comp
they
had.
It
appears
to
be
a
land
sale
on
lee
highway,
so
I
wouldn't
carry
too
much
weight
on
that
as
comparing
it
to
an
apartment.
D
I
mean
if
a
cap
rate
sold
on
a
land
sale
would
be
very
different
than
that
of
a
functioning
garden
department.
So
maybe
that
explains
why
their
cap
rates
are
so
off,
but
we'll
wait
to
see
get
some
more
information
on
that.
Like
anything
else,
you
want
to
add.
C
Not
much
just
again,
there's
really
been
no
consideration
from
the
county
on
the
impact
to
cove,
and
so
the
cap
rate
has
been
has
been
discussed,
has
remained
the
same
as
the
prior
year
and
nothing
else
in
their
assumptions
for
that
consideration,
that
impact
of
vacancy
collection
loss
concessions,
and
so
what
we
would
ask
is,
is
you
consider
the
the
increased
expenses
experienced
in
in
2020
in
2020
of
42
in
comparison
to
their
40
percent?
Thank
you.
A
Okay,
thank
you.
Okay,
it's
just
among
the
board
members.
I
mean
I'll
start
on
this.
You
know
I
disagree
with
mr
warren's
comment
that
we
didn't
give
any
consideration
to
the
higher
expenses.
I
mean
the
actual
noi
is
lower
than
what
was
actually
achieved
and
lower
than
the
previous
years.
So,
regardless
of
how
the
numbers
shake
out,
I
mean
if
they
would
have
adjusted
the
expenses,
they
would
have
gone
back
and
adjusted
the
income
to
offset
it.
A
A
E
Yeah,
I
agree
with
you,
for
I
mean
the
first
thing
that
popped.
My
attention
was
the
expenses
like
mr
blake
mentioned,
but
you
know
the
vacancy
that
is
being
allowed
in
the
assessment.
I
think
more
than
compensates
that
and
yeah
the
noise.
E
A
A
Okay,
that's
the
endless
counties
confirmed
at
769-700
and
on
the
second
case,
rpc
ending
in
0-1-4.
I
will
also
move
to
confirm
that
to
769
700..
You
have
a
second,
a
second
miss
hogan
again,
all
in
favor,
okay,
that's
unanimous
as
well.
That's
confirmed
at
769
700..
G
A
Want
to
confirm
there
is
not
a
hearing
next
tuesday;
no,
there
is
not
on
the
28th.
Let
me
verify
that
date.