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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />RENTAL MARKET ANALYSIS <br /> <br />Rental Housing Survey <br /> <br /> <br />The chart below show apartment developments surveyed in the Arden Hills Market Area, includ- <br />ing newer, amenity-rich developments outside the Market Area that would be comparable to <br />those likely to be proposed for the TCAAP area. Table 22 shows vacancies by unit type in the <br />developments we surveyed. The information on units, vacancies, rents and unit sizes was ob- <br />tained from GV A Marquette Advisors in November 2007 and through phone interviews in De- <br />cember 2007. The following are key points derived from the rental housing survey. <br /> <br />Apartment Developments Surveyed <br /> <br />Name <br /> <br />City <br /> <br />Year Built <br /> <br /> <br />Village Ptaza <br />Landings at Silver Lake <br />Town Square Apts. <br />Cedar Creek Apt. <br />Westminster Apts. <br />Carriage Oaks <br />Shadtowlawn Est. <br />The Lexington T <br />The Lexington <br />Springbrook <br />Cedars Lakeside <br /> <br />Circle Pines <br />St. Anthony <br />Falcon Heights <br />Blaine <br />Blaine <br />Blaine <br />Vadnais Heights <br />Roseville <br />Roseville <br />Fridley <br />Little Canada <br /> <br />2006 <br />2005 <br />2005 <br />1993 <br />]992 <br />]990 <br />1990 <br />1989 <br />1989 <br />1987 <br />]987 <br /> <br /> <br />808 Berry Place <br />Cedric's Landing <br />Birch Glen <br />Lakewood Place Apts. <br />Wedgewood Park <br />Wellington Ridge <br />Banebe Est. <br /> <br />Vacancy Analvsis <br /> <br />~ <br /> <br />St. Paul <br />Oakdate <br />Maplewood <br />White Bear Lake <br />Coon Rapids <br />Coon Rapids <br />Coon Ra ids <br /> <br />2003 <br />2002 <br />2002 <br />t998 <br />1992 <br />1990 <br />]990 <br /> <br />Of the 2,699 total units surveyed, 100 units were vacant, for a vacancy rate of3.7%. This <br />is lower than the Market Area's overall 4.3% vacancy rate (Table 22). <br /> <br />~ <br /> <br />Currently the largest number of vacant units are two-bedroom, as there are substantially <br />more two-bedroom units available in the projects surveyed. <br /> <br />~ <br /> <br />The newest project surveyed is Village Plaza in Circle Pines, built in 2006. This project, <br />which started out as a mix of for-sale and rental, has become all rental. It reports a zero <br />vacancy rate and a waiting list. Next in age are the Town Square Apartments built in <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />53 <br /> <br />
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