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ATTACHEDHOUSINGMARKETASSESSMENT
SAMPLEMARKETAPPROACH
DINNFOCUSEDMARKETINGfor
DEMONSTRATION
CONFIDENTIAL
INTRODUCTION
DFMSMA/RT™
PLATFORM
RENTALHOUSING
ASSUMPTIONS
DFMSUBMARKET
BOUNDARIESandPROD
UCTPOSITIONS
ThiscomprehensiveattachedhousingmarketAssessmentwasengagedbySilverman and Company (Client)toconsiderthemulti
familymarketpotentialforaproposedattachedresidentialdevelopmentintheDeerfieldTownship/MasonsubmarketoftheGreater
CincinnatiMetromarket(subjectSite).Theobjectiveistoassemblethemostrelevantmarketplacedataandtrendsthatwouldsup
portinitialmarketandfinancialriskconsiderations,includingdemographichouseholdinformation,competitiverentalproductposi
tions,andcomprehensivesupplydemandmodelingbaseduponanumberofvalidinputs.ThisreportisaSummaryofthemarket
intelligencewithDFMConclusionstoimmediatelyfollow.
DFMemploysthebestnationaldatasourcesundersubscriptionsorproprietarylicenses.Thebaselinedataisaggregatedwithina
proprietaryDFMStrategicMarketAssessment/RealtimeTacticsorSMA/RT™platform(Platform).ThePlatformsservesasthecriti
caldatarepository,ongoinganalysesworkspaceandrealtimepresentationvenueaslongasrequiredtoservethesubjectSite.DFM
hasprovidedseveralscreenshotsoftheinitialanalysesinthisSummary,alongwithaccompanyingPlatformpresentationsforClient,
theirdesignteam,financialpartnersandmunicipalmanagersasmaylaterberequired.
DFMmethodologybeginswithdefinedattachedhousingmarketboundariesamidconservativemarketplaceassumptions.Normally,
the adjacent built environment sources the primary users for new attached housing, either rental or forsale opportunities. DFM
thereforeassumesthatakeymarketconsiderationisfocusingonexistinghouseholdsthatalreadyengagetheemploymentandlife
style of the Deerfield Township/Mason submarket and are the most likely market segment targets, especially when the housing
choiceisanewupscaleapartment.
Clienthasalsoofferedtheirpreliminarysiteplanlayoutandhousingproductelevationsasapreludetomoreformalrentalproduct
designs.Theseinitialdesignscallsforamixof250rentalunitsinathreestorylayoutoftwodensebuildingwithamixofstructured
parking,detachedgaragesandongradeparking.ThefollowingAssessmentapproachistoidentifythedepthanddirectionofthe
adjacentrentalhousingsubmarketandaligntheproposedhousingagainsttheexistingcompetitivechoicesinthemarketahead.
TheCoreAttachedHousingMarketwillbedefinedbyaneight(8)minutedrivetimefromtheSiteunderstandardspeedlimitsand
trafficconditionsinanydirectionasdescribedbyDFMmappingengines.AnOuterAttachedHousingMarketisaboundbyasimilar
fifteen(15)minutedrivetimethatincludesthe8minuteareaabove.
DFMselectedacomprehensiverentalhousingtradearea,orHousingArea,forthecompetitivesetofattachedhousinginventoryand
productwithintheCoreAreaabove.DFMwillconsideralloftheexistingandpotentiallocal rental housing choices,fromexisting
multifamilyapartmentsitestotherentalofnonowneroccupiedattachedanddetachedhousing.Fortimeboundaries,alldataand
trendsareasofApril2013unlessotherwisenoted.
Page2
CONFIDENTIAL
DFMCONCLUSIONS
ThefollowingconclusionsaredrawnfromtheAssessment:
TheSiteislocatedinDeerfieldTownshipnorthoftheconfluenceofWarren,ButlerandHamiltonCountieswithdirectinfluence
fromeach.TheSiteiscentral to a“perimeter” of older,mostlyscaledgardenapartment sites locatedbyinterstatesorcom
muterroutesandtheiraccompanyingMFzoning.
ThissubmarketwasboundbytwoDemographicAreasforrentalhouseholddemandmodelinganda9tractoverlayassemblage
ofhousingpropertydataforreviewoftheadjacentrentalpropertiesthatwouldservethisdemand.AlthoughtheSiteinitially
seemsdisconnectedfromthehouseholdconcentrationstothesouthandthe“corridors”alongtheinterstates,thedatareflects
thattheSiteenjoysauniquecombinationofsustainedhouseholdgrowth,affluenthouseholders,rentalhouseholdersandem
ploymentcentersthatindexhighforprofessionalemployees.
PerrecentUSCensusdata,some7,500or29%oftheCoreAreahouseholdsrenttheirhome.FurthertotheOuterAreabounda
ries, the renters are consistently 26% and a total 28,600 rental households. Precise DFM demand modeling for more upscale
rentalhouseholdsusing2012Esri®Tapestrymarketsegmentationfurtherqualifiedtheseadjacentrentersbytheirexpectedlife
style,housingandcareermobility,householdsizeandconnectiontotheSiteemploymentcenters,includingthosewithincomes
over$54,000whotypicallyaffordmonthlyrentsover$1,050.
Thismodelingidentifiedapoolofatleast4,000localrentersintheCoreAreathatdirectlyalignaspotentialSitetenantsandan
other1,200asasmallshareofthosequalifiedwithinthenext7minutes.Thisisatotal5,200targetrenterhouseholds,amarket
andincomequalified18%shareofthetotalrenterswithin15minutes.Thesearefoundwithinsixhouseholdmarketsegmentsof
similarlifestyle,interestsandmobility.Thismodelignoresthosepotentialrentersfromoutsidethe15minuteboundaryornew
inmigrationsrelocatedfromoutsidethegreaterCincinnatiMetromarket.
WithinaDeerfieldTownship/MasonHousingArea,theserentalhouseholdschoosetodayfrom20prominentandtypicallyscaled
apartmentprojectsthatprovide4,625units,plottedinaccompanyingchartsfortoday’smarketposition.Ofthese20prominent
projects, only one was built since 2000 and half were built before 1990. Each site is a typical suburban apartment layout, a
sprawling,gardenstyledesignwithongradeoutdoorparking,walkupunitsstackedinrepetitivebuildingsandsinglesiteentry
thatdisconnectsthesitefromthesurroundingneighborhood.
DFMalsofoundatminimumsome300rentalattachedhousingand650rentaldetachedhomeswithinthesameHousingArea,a
totalofatleast5,575rentalchoicesoverarangequalityandexperience.Whenthe950rentalhomesaboveareplotted,the
rentalsubmarketbecomessymmetricaltotheSite.Themore“displaced”competitiveapartmentsitesseemto“ring”thecom
petitiveHousingArea,locatedbyoutwardcommuteraccess,whiletheseupscaleattachedanddetachedhomeswithashareof
rentaloccupantshave“filledin”thesubmarket.
Page3
CONFIDENTIAL
DFMCONCLUSIONS
continued.
ThefollowingconclusionsaredrawnfromtheAssessment:
PreliminarydesignsofTheGrandprovideanupdatedanddenseurbanlayoutwithinashortwalktoretail,entertainmentand
recreationvenuesinalesscongestedsuburbansetting.Thesiteisproximatetooverallhouseholdgrowth,awealthofdaytime
employmentcentersandnewerlifestylevenues.
The5,200targetrental householdswereincomequalified for rents over $1,050 per month,akeydistinctiongiventherents
structure of the competitive apartment choices. Given the array of 20 competitive apartment sites, their rental products and
rents,theysupplysome1,935appropriaterentalunits.WhentheotherrentalattachedanddetachedhomesintheAreaarein
cluded,thetotalsupplyforupscalerentalsisandestimatetotal2,835units.
Thereislittlecompetitivedevelopmentonthehorizontobetterservethisdemand.Theonlyothernewmultifamilydevelop
mentwithintheHousingAreaisLatitude at Deerfield Crossing byAndersonBirklawith224 units inasimilar,densefourstory
designlocatedjust0.5milessouthoftheSiteatMasonMontgomeryandMertenRoads.TheGrandconceptualplansprovided
byClientwouldyield250units.
WhenthequalifieddemandmodelingadjacenttotheSiteiscastedagainsttoday’ssupplyofupscaleapartmentsandallofthe
otherrentalhomes,theunmetdemandformoreupscalerentalhousingafterconsideringbothnewdevelopmentsabove,isstill
anestimated net 2,000 units in the next housing cycle.Thisestimatedoesnotfactortherisingpreferenceforrentalhousing
amongthesameselecthouseholdsqualified,northeSiteproximitytoahighconcentrationofhighpayingemployment.
Fromtheseassumptions,marketdataandforecastedmodeling,theproposedSiteseemswellpositionedtocaptureanappropri
ateshareoftheadjacentupscalerentalhouseholdsinthenexthousingcycle.Thispositionshouldberefinedwithmoredetailed
rentalproductdesignsandproformarentscenarios.
Page4
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
Page5
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotabovedescribesthemarketrelevanthouseholdtradeareasfornewconsiderationoftheDeerfieldTownshipandMasonattachedhousing
marketgoingforward.ThesubjectSiteislocatedbythebluepinatthecenterofthisandthefollowinggraphics.TheCoreDemographicMarketArea(CoreArea)is
formedbyan8minutedrivetimeinanydirectionfromtheSite,asshownbytheredshade,whiletheOuterDemographicMarketArea(OuterArea)isa15minutedrive
timethatincludestheCoreAreaandasshownbytheorangeshade.Forgeographicreference,athirdExtendedAreaofasimilar20minutedrivefromtheSiteisseen
inyellowshade.
DFMprovidescurrentyearandtrendinformationofhouseholderswithintheseAreasasbaselinedataforqualifiedrentalhouseholddemand.
Page6
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotaboveisthepreviousgraphicwiththeadditionofakeycompetitivearea.ThegreenshaderepresentsnineadjacentCensustractsinthethree
CountiesofButler,HamiltonandWarren.DFMwillaccesslicenseddatasourcesforalloftherentalhousingpropertieswithinthisCompetitiveHousingArea.Datawill
includethetopcompetitiveapartmentsites,othersmallerapartments,rentalattachedhomes(e.g.,condominiumsandtownhomes)andrentalsinglefamilydetached
homes.
ThisCompetitiveHousingAreaextendsthroughthepreviousCoreArea:WestChestertothewest,TylersvilleRoadtothenorth,pastI71toMontgomeryRoad(SR22)to
theeastandpastKemperRoadtoI275tothesouth.ThepropertydatafromthisAreawillbecomethebaselineforcurrentandneartermcompetitiverentalsupply.
Page7
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
2012MarketProfile
TheGrand8.15Borders
DriveTime:8,15minutes
Thetableatrightisasampleexcerptof
therecent2012USCensusdatafound
withintheCoreandOuterAreas.
Overthelasttwelveyears,theCore
Areademonstratesover20%household
growthwith4,323newhouseholdsin
theadjacentCoreArea.Similar14%
growthwasseenintheOuterAreawith
atotalof12,426newhouseholdswithin
15minutesoftheSite.
From20002010,rentalhouseholds
rose65%tonearly7,500intoday’sCore
Areaandaccountfor29%ofallhouse
holders.Inthenextfiveyears,Esriesti
matesreflecta2.4%growthintotal
households,butflatlevelsofrental
households,likelytheresultofthe
stalledhousingrecoveryandrecentmi
grationofnew,youngerhouseholds.
PopulationSummary
2000TotalPopulation
2010TotalPopulation
2012TotalPopulation
2012GroupQuarters
2017TotalPopulation
20122017AnnualRate
HouseholdSummary
2000Households
2000AverageHouseholdSize
2010Households
2010AverageHouseholdSize
2012Households
2012AverageHouseholdSize
2017Households
2017AverageHouseholdSize
20122017AnnualRate
2010Families
2010AverageFamilySize
2012Families
2012AverageFamilySize
2017Families
2017AverageFamilySize
20122017AnnualRate
HousingUnitSummary
2000HousingUnits
OwnerOccupiedHousingUnits
RenterOccupiedHousingUnits
VacantHousingUnits
2010HousingUnits
OwnerOccupiedHousingUnits
RenterOccupiedHousingUnits
VacantHousingUnits
2012HousingUnits
OwnerOccupiedHousingUnits
RenterOccupiedHousingUnits
VacantHousingUnits
2017HousingUnits
OwnerOccupiedHousingUnits
RenterOccupiedHousingUnits
VacantHousingUnits
Page8
CONFIDENTIAL
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
08minutes
015minutes
53,530
60,879
61,325
225
62,687
0.44%
236,883
261,957
264,611
1,798
271,443
0.51%
20,303
2.60
24,431
2.48
24,626
2.48
25,215
2.48
0.47%
16,770
3.02
16,849
3.01
17,063
3.03
0.25%
91,836
2.55
103,398
2.52
104,262
2.52
106,978
2.52
0.52%
71,082
3.07
71,597
3.06
72,909
3.08
0.36%
21,432
73.6%
21.1%
5.3%
25,895
66.8%
27.5%
5.7%
26,206
65.5%
28.5%
6.0%
27,008
65.8%
27.6%
6.6%
96,250
71.5%
23.9%
4.6%
110,513
68.7%
24.9%
6.4%
111,821
67.7%
25.6%
6.8%
114,932
68.4%
24.6%
6.9%
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
20052009ACSHousingSummary
TheGrand8.15Borders
DriveTime:8minutes
Thetableatrightisasampleexcerptof
therecent20052009USCensusAmeri
canCommunitySurveywithdatafound
withintheCoreArea(8minutedrive).
ThisannualsurveyhasreplacedtheCen
suslongformasthebasisfordata.The
fiveyearaveragedataatrightisavail
ableasaninterimoutput,whilethe
moreregularannualdatawillbegin
updatesinMay2013.
Thetiminghereiskey.Renterdatafrom
20052009depictstheheightofthe
housingsurge,thegreatestrentalva
cancyratesandthetransitionfromthe
headyforsalehousingmarket.Itrepre
sentsthelowpointofrecentrental
marketactivityandmetrics.
Yet,themeasured5,909rentalhouse
holdswithinthe8minuteCoreAreasaw
agooddistributiononcontractrents
over$500permonth.DFMnotesthat
some1,782ofthesurveyedrentershad
averagerentsover$1,000permonth,
or30%.Nearly92%paidextrafortheir
utilitiesundertheirleaseagreements.
Lastly,theACSutilizesaReliabilityrat
ingsystembasedupontheirsurveyre
sultswiththeaccompanyingcolor
codedsymbolsatfarright.
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
20052009
ACSEstimate
Percent
MOE(±)
RENTEROCCUPIEDHOUSINGUNITSBYCONTRACTRENT
Total
Withcashrent
Lessthan$100
$100to$149
$150to$199
$200to$249
$250to$299
$300to$349
$350to$399
$400to$449
$450to$499
$500to$549
$550to$599
$600to$649
$650to$699
$700to$749
$750to$799
$800to$899
$900to$999
$1,000to$1,249
$1,250 to $1,499
$1,500to$1,999
$2,000ormore
UpscaleTotal
5,909
5,739
52
28
16
27
2
0
6
76
99
73
131
263
311
432
449
1,410
582
849
473
240
220
1,782
100.0%
97.1%
0.9%
0.5%
0.3%
0.5%
0.0%
0.0%
0.1%
1.3%
1.7%
1.2%
2.2%
4.5%
5.3%
7.3%
7.6%
23.9%
9.8%
14.4%
8.0%
4.1%
3.7%
30.2%
370
368
67
38
15
29
26
0
29
84
89
38
75
109
96
123
117
221
140
163
196
83
103
RENTEROCCUPIEDHOUSINGUNITSBYINCLUSIONOF
UTILITIESINRENT
Total
Payextraforoneormoreutilities
Noextrapaymentforanyutilities
5,909
5,428
480
100.0%
91.9%
8.1%
370
350
130
23,141
13,443
2,665
100
834
2,467
2,018
330
653
100.0%
58.1%
11.5%
0.4%
3.6%
10.7%
8.7%
1.4%
2.8%
484
379
212
51
150
286
256
118
150
HOUSINGUNITSBYUNITSINSTRUCTURE
Total
1,detached
1,attached
2
3or4
5to9
10to19
20to49
50ormore
Source:U.S.CensusBureau,20052009AmericanCommunity
Page9
CONFIDENTIAL
Reliability:
high
medium
Reliability
low
20052009ACSHousingSummary
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheGrand8.15Borders
DriveTime:8minutes
Thisisasecondexcerptoftheprevious
ACSdatafoundinthe8minuteCore
Area.
Aminor2.2%ofmeasuredhousingwas
builtduringtheSurvey,since2005,only
517unitsconstructedduringthepeak
andsignificanthousingdownturn.
Rentalhouseholdtransiencewasalarge
18%shareofrentersmovinginthe
transitionyears.Theadjacentrental
householdswerenottypicallywedto
theirautomobile,assome57%reported
havingeitheronevehicleornovehicle.
NotethatthePercentfiguresprovided
forRenterOccupiedhousingunitsare
misleading,depictingtheshareofall
occupiedhouseholds.
HOUSINGUNITSBYYEARSTRUCTUREBUILT
Total
Built2005orlater
Built2000to2004
Built1990to1999
Built1980to1989
Built1970to1979
Built1960to1969
Built1950to1959
Built1940to1949
Built1939orearlier
MedianYearStructureBuilt
OCCUPIEDHOUSINGUNITSBYYEARHOUSEHOLDERMOVED
INTOUNIT
Total
Owneroccupied
Movedin2005orlater
Movedin2000to2004
Movedin1990to1999
Moved in 1980 to 1989
Movedin1970to1979
Movedin1969orearlier
Renteroccupied
Movedin2005orlater
Movedin2000to2004
Movedin1990to1999
Movedin1980to1989
Movedin1970to1979
Movedin1969orearlier
OCCUPIEDHOUSINGUNITSBYVEHICLESAVAILABLE
Renteroccupied
Novehicleavailable
1vehicleavailable
2vehiclesavailable
3vehiclesavailable
4vehiclesavailable
5ormorevehiclesavailable
AverageNumberofVehiclesAvailable
Source:U.S.CensusBureau,20052009AmericanCommunity
Page10
CONFIDENTIAL
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
20052009
ACSEstimate
Percent
MOE(±)
23,141
517
3,299
6,714
6,178
3,412
1,439
1,036
258
287
100.0%
2.2%
14.3%
29.0%
26.7%
14.7%
6.2%
4.5%
1.1%
1.2%
484
141
309
391
371
284
178
179
85
102
Reliability
N/A
1,988
21,319
100.0%
490
2,026
5,109
5,034
1,943
748
551
9.5%
24.0%
23.6%
9.1%
3.5%
2.6%
227
312
303
222
116
133
3,735
1,781
347
35
0
11
17.5%
8.4%
1.6%
0.2%
0.0%
0.1%
348
228
165
23
0
15
385
3,009
2,084
327
53
49
1.8%
14.1%
9.8%
1.5%
0.2%
0.2%
147
298
271
117
62
59
N/A
N/A
Reliability:
high
medium
low
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
2012BusinessSummary
TheGrand8.15Borders
DriveTime:8,15minutes
Thetableatrightisanexcerptofthe
2012BusinessSummaryemployment
metricsfoundwithinthe8minuteCore
Areaandthentheextended15minute
drivearea.
DFMnotesasignificant49,000daytime
employeesfoundintheCoreArea,with
some13,900or28%seeninmoreup
scaleprofessionsofInformation,Fi
nanceandInsurance,RealEstate,Pro
fessionalScientificTechServices,includ
ingtheManagementofCompanies,
showninredtext.
ThenextsevenminutesoutfromtheSite
haveanet164,230daytimeemployees,
thoughtheshareofupscaleprofessions
seenabovearenearlyhalfwith25,850
orsome16%.
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
Dataforallbusinessesinarea
TotalBusinesses:
TotalEmployees:
TotalResidentialPopulation:
Employee/ResidentialPopulationRatio:
byNAICSCodes
Agriculture,Forestry,Fishing&Hunting
Mining
Utilities
Construction
Manufacturing
WholesaleTrade
RetailTrade
MotorVehicle&PartsDealers
Furniture&HomeFurnishingsStores
Electronics&ApplianceStores
BldgMaterial&GardenEquipment&SuppliesDealers
Food&BeverageStores
Health&PersonalCareStores
GasolineStations
Clothing&ClothingAccessoriesStores
SportGoods,Hobby,Book,&MusicStores
GeneralMerchandiseStores
MiscellaneousStoreRetailers
NonstoreRetailers
Transportation&Warehousing
Information
Finance&Insurance
CentralBank/CreditIntermediation&RelatedActivities
Securities,CommodityContracts&OtherFinancial
InsuranceCarriers&RelatedActivities;Funds,Trusts&
RealEstate,Rental&Leasing
Professional,Scientific&TechServices
LegalServices
ManagementofCompanies&Enterprises
Administrative&Support&WasteManagement&
EducationalServices
HealthCare&SocialAssistance
Arts,Entertainment&Recreation
Accommodation&FoodServices
Accommodation
FoodServices&DrinkingPlaces
OtherServices(exceptPublicAdministration)
AutomotiveRepair&Maintenance
PublicAdministration
UnclassifiedEstablishments
Total
08minutes
2,789
49,038
61,059
0.80
Businesses
Number Percent
6
0.2%
1
0.0%
1
0.0%
202
7.2%
121
4.3%
145
5.2%
408
14.6%
52
1.9%
34
1.2%
34
1.2%
44
1.6%
40
1.4%
1.7%
47
12
0.4%
39
1.4%
25
0.9%
0.6%
17
2.1%
58
5
0.2%
33
1.2%
47
1.7%
8.2%
229
93
3.3%
52
1.9%
84
3.0%
145
5.2%
291
10.4%
47
1.7%
3
0.1%
177
6.3%
81
2.9%
240
8.6%
45
1.6%
209
7.5%
21
0.7%
188
6.7%
285
10.2%
42
1.5%
34
1.2%
88
3.2%
2,789
Page11
CONFIDENTIAL
100%
015minutes
12,354
213,268
263,621
0.81
Employees
Number Percent
0.1%
27
0.0%
5
0.0%
5
2.7%
1,332
7.7%
3,778
1,811
3.7%
8,168
16.7%
1,248
2.5%
1.1%
529
280
0.6%
2.6%
1,289
2.7%
1,311
3.0%
1,468
75
0.2%
378
0.8%
323
0.7%
748
1.5%
475
1.0%
45
0.1%
278
0.6%
537
1.1%
11.0%
5,413
7.8%
3,838
0.5%
246
2.7%
1,328
2.8%
1,366
13.1%
6,414
272
0.6%
0.3%
129
6.5%
3,169
3,474
7.1%
4,438
9.1%
1.7%
828
9.0%
4,433
521
1.1%
8.0%
3,912
4.8%
2,370
0.9%
453
786
1.6%
276
0.6%
49,038
100%
Businesses
Number Percent
24
0.2%
5
0.0%
13
0.1%
873
7.1%
647
5.2%
650
5.3%
14.6%
1,805
190
1.5%
129
1.0%
152
1.2%
166
1.3%
197
1.6%
175
1.4%
0.4%
47
232
1.9%
133
1.1%
65
0.5%
286
2.3%
32
0.3%
240
1.9%
214
1.7%
926
7.5%
337
2.7%
220
1.8%
369
3.0%
619
5.0%
1,290
10.4%
184
1.5%
9
0.1%
651
5.3%
2.7%
336
8.7%
1,079
200
1.6%
880
7.1%
91
0.7%
789
6.4%
1,340
10.8%
260
2.1%
201
1.6%
353
2.9%
12,354
100%
Employees
Number Percent
125
0.1%
16
0.0%
0.0%
76
3.9%
8,333
33,828
15.9%
4.9%
10,373
29,730
13.9%
3,892
1.8%
1,556
0.7%
1,532
0.7%
4,047
1.9%
4,489
2.1%
3,770
1.8%
274
0.1%
2,313
1.1%
1,363
0.6%
3,535
1.7%
2,412
1.1%
545
0.3%
4,420
2.1%
5,046
2.4%
10,621
5.0%
5,458
2.6%
1,603
0.8%
3,560
1.7%
5,775
2.7%
18,149
8.5%
1,390
0.7%
159
0.1%
7,909
3.7%
11,682
5.5%
26,882
12.6%
4,468
2.1%
9.0%
19,254
2,656
1.2%
16,599
7.8%
9,600
4.5%
1,968
0.9%
2.5%
5,424
0.7%
1,398
213,268
100%
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotabovesetsthepreviousboundariesasadarkredborderfortheCore8minuteareaandandarkorangeborderfortheOuter15minutearea,
thenplotsthelocationandconcentrationoftheannualizedhouseholdgrowthbyUSCensusblockgroups.Usingnew2010Censusgeography,theseblockgroupsrep
resent2501,250householdsandtypically35blockgroupsconstituteaCensustract.
Inthedarkestconcentrationsofvioletshadeperthelegend,DFMnotesthehighestgrowthover8.0%annuallyintheCoreAreaadjacenttotheSite.Furthertoward
theOuterArea,tenyeargrowthover8.0%isseennorthinMasonandeastinMaineville.
Page12
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotabovesetsthepreviousboundariesandgrowthmetricsforthelasttwoyearsof20102012.Notethatafterthesurgeshousingdemandand
downturninthe2000’s,householdgrowthcontinuedintheSiteblockgroupscatteredconcentrationsnorthandwestoftheSite.
Page13
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotaboveplotsthelocationandconcentrationofthe2012estimatedrenterhouseholdstodaybythesameUSCensusblockgroups.Inthedark
estconcentrationsofblueshadeperthelegend,DFMnotesahigherdensityofrentersneartheSiterelativetotheCoreArea,southtowardI275andeasttoLanden
andLoveland.
Page14
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotaboveplotsthesame2012blockgroupsformedianhouseholdincomes.Highestmedianincomesover$100,000arefoundeastoftheSite
andtowardLoveland,thensouthoftheSitetowardI275andalongI71.
EarlyincomequalificationfortheproposedrentalproductontheSiteissetataminimumof$65,000andaboveforasmallerunitat$1,050permonthrents.Thebasis
fortheseequivalentincomesisderivedfromrecentregionalmultifamilyassessmentsandnationalrenterhousingexpensesurveysconductedbytheBureauofLabor
andStatistics.
Page15
CONFIDENTIAL
DEERFIELDTOWNSHIPRENTALHOUSINGMARKETAHEAD
TheSMA/RT™screenshotaboveplotsthesame2012blockgroupsfortheirconcentrationofdaytimeemployeeswithoutqualificationofincomes.DFMnoteshigher
concentrationsover2,000surroundingtheSite,furthernorthalongI71andthenhighlyconcentratedtowardFairfield,SpringdaleandMontgomeryinblockgroups
thatstraddleI275.RefertotheperviousBusinessSummaryexcerptsforsharesofprofessionalemploymentthataremoreheavilyconcentratedintheCoreAreaand
neartheSite.
Page16
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
Page17
CONFIDENTIAL
2011TapestrySegmentationAreaProfile
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheGrand8.15Borders
DriveTime:15minutes
Beyondthecurrentdemographics,DFM
employssophisticatedmarketsegmen
tationdatathatfurthercategorize
householdsbytheirsharedlifestyle.
Thetableatrightisanexcerptofthetop
ESRI®Tapestrymarketsegmentsinthe
OuterAreabyhouseholds(notpopula
tion).Thesemarketsegmentscatego
rizeeachoftheareahouseholdsinto
oneof65distinctsegmentsbyawide
arrayofCensus,lifestyle,financialand
otherpublicandprivatedata,eachwith
adistinctivelifestylename.
Thesemarketsegmentsatrightare
codedbytheirrelativeaffluence(e.g.,
Boomburbs,rankedfirstatright,isna
tionally4thof65inhouseholdafflu
ence)andthenrankedbytheirrespec
tivehouseholdcountswithinthe15
minutedriveOuterArea.
DFMhashighlightedthetopsixofthese
segmentsthatindexhighestforrental
householdsinboldred.DFMwillthen
ignoreasmallershareofrentersseen
inanother27segments also found
within15minutes.
Thismarketareahas71%ofitstotal
104,040householderscategorizedin
onlytensegments,fourofwhichindex
highforrenters.Some86%ofallhouse
holdersfallwithintheseTop20Tapestry
marketsegments,addingtwomorethat
indexhighforrentalhouseholds.
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
Households
Cumulative
Percent
Percent
13.9%
13.9%
8.5%
22.4%
7.9%
30.3%
7.1%
37.4%
6.5%
43.9%
43.9%
U.S.Households
Cumulative
Percent
Percent
2.4%
2.4%
1.7%
4.1%
6.4%
2.3%
1.7%
8.1%
10.6%
2.5%
10.6%
Rank
1
2
3
4
5
TapestrySegment
04.Boomburbs
02.SuburbanSplendor
13.InStyle
48.GreatExpectations
06.SophisticatedSquires
Subtotal
6
7
8
9
10
16.EnterprisingProfessionals
07.Exurbanites
14.ProsperousEmptyNesters
12.UpandComingFamilies
29.RustbeltRetirees
Subtotal
5.7%
5.6%
5.5%
5.4%
4.9%
27.1%
49.6%
55.2%
60.7%
66.1%
71.0%
1.9%
2.5%
2.1%
4.1%
2.0%
12.6%
12.5%
15.0%
17.1%
21.2%
23.2%
300
224
262
132
245
11
12
13
14
15
18.CozyandComfortable
30.RetirementCommunities
32.RustbeltTraditions
24.MainStreet,USA
36.OldandNewcomers
Subtotal
4.8%
4.1%
2.2%
2.1%
2.1%
15.3%
75.8%
79.9%
82.1%
84.2%
86.3%
2.2%
1.6%
2.4%
2.2%
2.0%
10.4%
25.4%
27.0%
29.4%
31.6%
33.6%
218
256
92
94
105
16
17
18
19
20
33.MidlifeJunction
19.MilkandCookies
22.Metropolitans
34.FamilyFoundations
57.SimpleLiving
Subtotal
1.9%
1.8%
1.3%
1.2%
1.0%
7.2%
88.2%
90.0%
91.3%
92.5%
93.5%
2.6%
2.2%
1.4%
0.8%
1.4%
8.4%
36.2%
38.4%
39.8%
40.6%
42.0%
73
82
93
150
71
Total
93.5%
Page18
CONFIDENTIAL
42.0%
Index
579
500
343
418
260
222
2011TapestrySegmentationAreaProfile
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheGrand8.15Borders
DriveTime:15minutes
Number
104,040
2011Households
Percent
100.0%
Index
Number
263,623
2011Population
Percent
100.0%
Index
TapestryLifeModeGroups
Thistableatrightrecastsallofthe65
ESRI®Tapestryhouseholdmarketseg
mentsintoLifeModeGroupsbytheir
respectivecountsandoverallshare
withintheCoreAreaatnearrightand
theOuterAreaatfarright.Therearea
total12LifeModeGroups,withthefirst
fiverelevantGroupsshown.
TheserespectiveLifeModeGroupseach
sharealifestyleexperience,relativeto
theDeerfieldTownshipmarketplace,
whileaseparateEsri®Tapestrysum
marygroupingbyUrbanizationsharea
commonlocale(notprovided).
FortheOuterArea,DFMhasshownfive
ofsixkeyrentersegmentsinboldred
seeninaspreadoffourdistinct
LifeModeGroups.Thisdiversityof
sharedexperiencesbodeswellforthe
Client’splannedupscalerentalproduct.
Total:
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
01
02
03
04
05
06
07
L1.HighSociety
TopRung
SuburbanSplendor
Connoisseurs
Boomburbs
WealthySeaboardSuburbs
SophisticatedSquires
Exurbanites
37,893
1,043
8,862
1,016
14,413
0
6,713
5,846
36.4%
1.0%
8.5%
1.0%
13.9%
0.0%
6.5%
5.6%
290
111
504
77
588
0
260
228
107,953
2,887
25,230
2,450
43,951
0
18,476
14,959
40.9%
1.1%
9.6%
0.9%
16.7%
0.0%
7.0%
5.7%
300
109
509
73
603
0
255
232
09
10
11
13
16
17
18
L2.UpscaleAvenues
UrbanChic
PleasantVille
PacificHeights
InStyle
EnterprisingProfessionals
GreenAcres
CozyandComfortable
20,069
0
0
0
8,234
5,959
853
5,023
19.3%
0.0%
0.0%
0.0%
7.9%
5.7%
0.8%
4.8%
146
0
0
0
342
305
27
216
47,963
0
0
0
19,595
13,471
2,188
12,709
18.2%
0.0%
0.0%
0.0%
7.4%
5.1%
0.8%
4.8%
139
0
0
0
349
309
26
219
20
22
45
51
54
62
L3.Metropolis
CityLights
Metropolitans
CityStrivers
MetroCityEdge
UrbanRows
ModestIncomeHomes
2,076
0
1,369
0
707
0
0
2.0%
0.0%
1.3%
0.0%
0.7%
0.0%
0.0%
37
0
92
0
78
0
0
4,449
0
2,895
0
1,554
0
0
1.7%
0.0%
1.1%
0.0%
0.6%
0.0%
0.0%
32
0
93
0
63
0
0
08
23
27
36
39
L4.SoloActs
LaptopsandLattes
Trendsetters
MetroRenters
OldandNewcomers
YoungandRestless
2,215
0
0
0
2,160
55
2.1%
0.0%
0.0%
0.0%
2.1%
0.1%
29
0
0
0
102
4
4,309
0
0
0
4,232
77
1.6%
0.0%
0.0%
0.0%
1.6%
0.0%
30
0
0
0
101
2
14
15
29
30
43
49
50
57
65
L5.SeniorStyles
ProsperousEmptyNesters
SilverandGold
RustbeltRetirees
RetirementCommunities
TheElders
SeniorSunSeekers
HeartlandCommunities
SimpleLiving
SocialSecuritySet
16,654
5,676
0
5,064
4,293
0
0
197
1,063
361
16.0%
5.5%
0.0%
4.9%
4.1%
0.0%
0.0%
0.2%
1.0%
0.3%
127
261
0
248
259
0
0
9
73
47
37,033
13,468
0
11,594
8,620
0
0
441
2,273
637
14.0%
5.1%
0.0%
4.4%
3.3%
0.0%
0.0%
0.2%
0.9%
0.2%
132
267
0
247
267
0
0
9
74
45
Page19
CONFIDENTIAL
2011TapestrySegmentationAreaProfile
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheGrand8.15Borders
DriveTime:15minutes
Thistableatrightcontinuestheprevious
TapestrySegmentationAreaProfilewith
thesixadditionalUrbanizationgroups.
DFMnotestherelativeconcentrationsof
fourkeysegmentsagainsttheirrespec
tivenationalindex:
InStyle,EnterprisingProfessionals,
ProsperousEmptyNesters,andGreat
Expectationssegments(previouspage)
allhaveoverthreetimesthenational
shareofthesehouseholdsfoundcloseto
theSite.TheotherOldandNewcomers
andMetropolitansindexsimilartothe
nationalshares.
Thefollowingpageswilllocatethehigh
estconcentrationsofthesecurrent,tar
getedrentalhouseholdswithintheCore
andOuterDemographicAreasbyUS
CensusBlockGroups.
TapestryLifeModeGroups
DinnFocusedMarketing,Inc.
Latitude:39.30989
Longitude:84.32027
Number
104,040
2011Households
Percent
100.0%
Index
Number
263,623
2011Population
Percent
100.0%
Index
L6.Scholars&Patriots
MilitaryProximity
College Towns
DormstoDiplomas
0
0
0
0
0.0%
0.0%
0.0%
0.0%
0
0
0
0
0
0
0
0
0.0%
0.0%
0.0%
0.0%
0
0
0
0
L7.HighHopes
28 AspiringYoungFamilies
48 GreatExpectations
7,841
492
7,349
7.5%
0.5%
7.1%
187
20
415
17,349
1,150
16,199
6.6%
0.4%
6.1%
171
19
397
709
0
0
0
0
55
0
654
0
0.7%
0.0%
0.0%
0.0%
0.0%
0.1%
0.0%
0.6%
0.0%
8
0
0
0
0
4
0
73
0
2,157
0
0
0
0
79
0
2,078
0
0.8%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.8%
0.0%
8
0
0
0
0
2
0
85
0
Total:
40
55
63
35
38
44
47
52
58
60
61
L8.GlobalRoots
InternationalMarketplace
IndustriousUrbanFringe
UrbanMeltingPot
LasCasas
InnerCityTenants
NeWestResidents
CityDimensions
HighRiseRenters
12
19
21
59
64
L9.FamilyPortrait
UpandComingFamilies
MilkandCookies
UrbanVillages
SouthwesternFamilies
CityCommons
7,502
5,608
1,894
0
0
0
7.2%
5.4%
1.8%
0.0%
0.0%
0.0%
81
132
82
0
0
0
21,081
16,098
4,983
0
0
0
8.0%
6.1%
1.9%
0.0%
0.0%
0.0%
77
131
77
0
0
0
24
32
33
34
L10.TraditionalLiving
MainStreet,USA
RustbeltTraditions
MidlifeJunction
FamilyFoundations
7,627
2,215
2,249
1,926
1,237
7.3%
2.1%
2.2%
1.9%
1.2%
91
95
89
73
141
17,648
5,405
5,131
4,385
2,727
6.7%
2.1%
1.9%
1.7%
1.0%
87
93
83
73
119
25
37
42
53
56
L11.Factories&Farms
SaltoftheEarth
PrairieLiving
SouthernSatellites
HomeTown
RuralBypasses
1,217
451
0
0
766
0
1.2%
0.4%
0.0%
0.0%
0.7%
0.0%
12
16
0
0
52
0
3,088
1,088
0
0
2,000
0
1.2%
0.4%
0.0%
0.0%
0.8%
0.0%
13
16
0
0
54
0
26
31
41
46
L12.AmericanQuilt
MidlandCrowd
RuralResortDwellers
Crossroads
RootedRural
237
0
0
237
0
0.2%
0.0%
0.0%
0.2%
0.0%
3
0
0
16
0
593
0
0
593
0
0.2%
0.0%
0.0%
0.2%
0.0%
3
0
0
15
0
0
0.0%
0
0
0.0%
0
66 Unclassified
Page20
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheSMA/RT™screenshotaboveplotsthe2011concentrationofrentermarketsegmentGreatExpectationswith7,349totalhouseholdsandsome3,821rentersinthe
OuterArea.TheirconcentrationisshownbyUSCensusblockgroupperthelegendatright.Thesehouseholdershaveamedianageof33andhavemediancombined
householdincomesof$40,300.Some52%renttheirhousingnationally.TheyfallwithintheHighHopes(L7)LifeModeGroup,markedbyyounger,moremobilehouse
holderswillingtomoveforbetteropportunities.
ThisOuterAreasegmentrankssecondinthenumberofhouseholdersandfirstamongrenterhouseholds.
Page21
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheSMA/RT™screenshotaboveplotsthe2011concentrationofkeyrentermarketsegmentEnterprisingProfessionalswith5,959totalhouseholdsandanestimated
3,277rentalhouseholdsfoundintheOuterArea.TheirconcentrationisshownbyUSCensusblockgroupperthelegendatright.Thesemoreaffluenthouseholders
arehaveamedianageof32andmediancombinedhouseholdincomesof$69,800.About55%nationallyrenttheirhousing.LiketheInStylesegment,theyfallwithin
theUpscaleVenues(L2)LifeModeGroup,normallyupscaleandmoreaffluenthouseholdersseeninadiversityofhousingchoices.
ThisOuterAreasegmentranksthirdinthenumberofhouseholdersandsecondamongrenterhouseholds.
Page22
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheSMA/RT™screenshotaboveplotsthe2011concentrationofkeyrentermarketsegmentInStylewith8,234totalhouseholdersandsome2,635rentersfoundinthe
OuterAreaandmostlocatedwithintheCoreArea.TheirconcentrationisshownbyUSCensusblockgroupperthelegendatright.Thesemoreaffluenthouseholders
arehaveamedianageof40andmediancombinedhouseholdincomesof$70,750.About32%nationallyrenttheirhousing.TheyfallwithintheUpscaleVenues(L2)
LifeModeGroup,normallyupscaleandmoreaffluenthouseholdersseeninadiversityofhousingchoices.
ThisOuterAreasegmentranksfirstinthenumberoftotalhouseholdsandthirdforrentalhouseholders.
Page23
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheSMA/RT™screenshotaboveplotsthe2011concentrationofrentermarketsegmentOld andNewcomers with2,160totalhouseholdsandsome1,361renters in
theOuterArea.TheirconcentrationisshownbyUSCensusblockgroupperthelegendatright.Thesehouseholdershaveamedianageof37andhavemediancom
binedhouseholdincomesof$44,600.About63%renttheirhousingnationally.TheyfallwithintheSoloActs(L4)LifeModeGroupmarkedbysingleandwelleducated
professionalhouseholderswithapenchantforanurbanlifestyle.
ThisOuterAreasegmentranksfifthinthenumberofhouseholdersandfourthamongrenterhouseholds.
Page24
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TheSMA/RT™screenshotaboveplotsthe2011concentrationofrentermarketsegmentProsperousEmptyNesterswith5,676totalhouseholdersand851renters in
theOuterArea.TheirconcentrationisshownbyUSCensusblockgroupperthelegendatright.Thesehouseholdersareanoldersegmentwithamedianageof49and
havemediancombinedhouseholdincomesof$67,300.Only15%renttheirhousingnationally,althoughtheemerginghousingmarkethasthemconsidernewdownsiz
ingchoices.TheyfallwithinthelargerSeniorStyles(L5)LifeModeGroupwhosediversechoiceofnewhousingisdependsupontheirincome.
ThisOuterAreasegmentranksfourthinthenumberofhouseholdersandfifthamongrenterhouseholds.
Page25
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
Lastly,theSMA/RT™screenshotaboveplotsthe2010concentrationofrentermarketsegmentMetropolitanswith1,369totalhouseholdsandsome548rentersinthe
southernreachesofOuterArea.TheirconcentrationisshownbyUSCensusblockgroupperthelegendatright.Thesemoreaffluenthouseholdersaretypicallyolder
withamedianageof38andhavemediancombinedhouseholdincomesof$60,200.About40%renttheirhousing.TheyfallwithintheMetropolis (L3)LifeMode
Group,auniquelyurbangroupthatreflectdiversityinattachedhousing,incomesandages.
ThisOuterAreasegmentrankssixth(last)inthenumberofhouseholdersandsixthagainamongrenterhouseholds.
Page26
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:DEMAND
TAPESTRYMARKETSEGMENT
TapestryCode
MedianHHIncome
MedianAgeHeadHholder
10yrAnnualizedGrowth
GeneralRentalShare
InStyle
13
70,800
40
1.2%
32%
Enterprising
Prosperous
Metro
Old&
Great
Professionals EmptyNesters
politans
Newcomers
Expectations
16
14
22
36
48
69,800 67,300 60,200 44,600 40,300
32 49 38 37 33
2.0%
0.5%
0.3%
0.4%
0.1%
55%
15%
40%
63%
52%
TOTALS
COREHOUSEHOLDERS
CoreRenterEligible
1
SCIDrillDownFactor
CoreRenterPool
2
MedianHHIncomeadj
3
TargetIncomeQualified
AnnualCoreRenterGrowth
CoreTargetRenters
4
1
2
3
4
7%
7%
10%
5%
5%
12,555
4,981
5,402
5%
70%
70%
65%
50%
40%
35%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
1,663 2,222 118 4,002 74%
1,755 969
562 533
1,369 2,160 7,349
548 1,361 3,821
18,192
7,513
SCIDrillDownFactor
OuterRenterPool
9.0%
10.0%
7.0%
10.0%
9.0%
8.0%
612 586 737 602 1,483 4,127
8,148
OuterTargetRenters(net)
DrawntoCoreMarkt
455 435 508 320 629 1,532
30%
40%
25%
35%
35%
30%
136 174 127 112 220 460
1,229
TotalQualifiedRentalHouseholds
5,232
OUTERHOUSEHOLDERS(net)
OuterRenterEligible
1
6,479 4,990 1,086 2,073 2,745 163 8.0%
9.0%
5.0%
8.0%
8.0%
7.0%
2,239 2,992 171 4,590
689
Per2007SocialCompactDrillDownofCincinnati
Localincomeadjustmentfromnationalmedian
Sharewithhouseholdincomesover $54,000
Overdevelopmenttimelineof(yrs) 2.0
3,879 48%
ThetopsectiondepictsnationaltrendsfromEsri®forthesixhighlightedsegmentsrankedlefttorightbytheirmedianhouseholdincomes(greentext).Belowthat
aremedianages,growthratesandshareofrenters.ThesecondsectioncontainsmetricsforthesubjectCoreArea;thethirdsectionforthenetOuterArea.Totalseg
menthouseholdersareposted,thenrentereligiblebroughtdown.AdjustmentsaremadeforanSCIDrillDownFactorandlocalmedianincomes.DFMthenappliesa
TargetIncomeQualifiedfactorfromestimatesofmedianincomesabovea$54,000thresholdtotypicallyaffordrentsatorabove$1,050permonth.Asecondmarket
growthfactorassumesaplannedmarketreleaseoftheSiteintwoyearsamid3.0%rentalgrowthrates.Rolledup,thetotalsixsegmentcountsofTargetRentersis
4,002within8minutesor74%oftheadjustedRenterPool.Consideringa25%40%rangeoftheincrementalqualifiedTargetRentersinthenextsixminutesofdrive
area,thereareanother1,229households,some48%ofrenters.Thereareatotal5,232targeted,existingincome–andlifestylequalifiedrentalhouseholdsnearby.
Page27
CONFIDENTIAL
MULTIFAMILYPRODUCT SEGMENTATION:SUPPLY
Page28
CONFIDENTIAL
MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
DEERFIELDATTACHEDRENTALHOUSINGMARKET
RentsbySizebyKeyCompetitiveMFSet
$1.60
$1.50
DeerfieldCompProduct
$1.40
DeerfieldCompTrend
$1.30
MonthlyRentsperSF
$1.20
$1.10
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
LivingAreainSquareFeet
DFMtrackedsome20apartmentpropertieswithinthepreviouscompetitiveHousingArea,allfourormoreunits,withatotalof4,625rentalunits.Smallersitesof
lessthan100unitswerebuiltinthe1970’s,whilethemorescaledsiteswerebuiltinthelate1980’sorlate1990’s.MarketleadersSomersetDeerfieldandGlenbridge
Manorsmetthemarketintheearly2000’s.Forthesecollectedsites,eachoftheirfloorplanandcurrentbaserentsareplottedabovebyunitsizeonthehorizontal
axisandtherentsperSFonthevertical.
DFMnotestheexpecteddownwardtrendofrentsperSFpersizeforthesmallerunitsbelow1,100SFasseeninmostregionalrentalmarkets.Above1,100SF,this
trendnotonlyflattensbutincreasesabove1,300SF.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
DEERFIELDATTACHEDRENTALHOUSINGMARKET
RentsbySizebyKeyCompetitiveMFSet
$1.60
$1.50
$1.40
$1.30
MonthlyRentsperSF
$1.20
SterlingLakes
TwinFountains
StoneBridge
Nantucket
BishopsGate
HarpersPoint
Glenbridge Manors
SomersetDeerfield
Steeplechase
VlgsSymmes Crossing
CarriageSquare
CambridgePark
TallTimber
TimberRidge
ArborsMontgomery
McCaulyCrossing
$1.10
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
LivingAreainSquareFeet
Thisisthepreviouscompetitiveplot,nowrecasttodepicteachofthetop16adjacentapartmentchoicestoday.Thebulkoftheseprojectandunitsareclusteredalong
theprevioustrendline,againtrendingupwardabove1,100SFofunitsize.Thesmallersitespinthismarketbelow$1.00perSF:CarriageSquare,StoneBridge,Steeple
chase,TallTimber,CambridgePark,TimberRidge,ArborsofMontgomeryandMcCaulyCrossing.Thesesmallersitestotaljustover1,500unitsoraboutathirdofthe
availableapartments.Morescaledsiteshavebothlargerinventoriesandlargerunits:Nantucket,SterlingLakes,TwinFountains,BishopsGate,mostofHarpersPoint
andthehighestmarketpositionsinGlenbridgeManorsandSomersetDeerfield.Allbuttwoofthesesitesprovideswellover300units;SomersetDeerfieldhas500.
Thesescaledcompetitivesitesaboveprovidenearly2,500units,mostover1,000SF.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
DEERFIELDATTACHEDRENTALHOUSINGMARKET
RentsbySizebyKeyCompetitiveMFSet
$1.60
$1.50
$1.40
4,000qualified(74%)
$1.30
MonthlyRentsperSF
$1.20
SterlingLakes
TwinFountains
StoneBridge
Nantucket
BishopsGate
HarpersPoint
Glenbridge Manors
SomersetDeerfield
Steeplechase
VlgsSymmes Crossing
CarriageSquare
CambridgePark
TallTimber
TimberRidge
ArborsMontgomery
McCaulyCrossing
$700mo.rents
$1,000mo.rents
$1,300mo.rents
$1.10
$1.00
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
LivingAreainSquareFeet
Thisisthepreviouschartwiththeadditionofequivalentrentalleasingpowercurves.Thefirstofthreegreencurvestracesequivalentrentsof$700permonthalong
variousfloorplanareasandrentsperSF,thesecondtracingequivalentrentsof$1,000permonth.Clearly,thesmallersitesandthesmallerplansinthescaledsitesare
positionedbetween$700$1,000permonth.Betweenthe$1,000andthirdcurveof$1,300,mostproductisover$1,000permonth.OnlyleadersGlenbridgeManors
andSomersetDeerfieldoffersmallerrentalsinthisrange;mostaretwobedroomunitsover1,100SF.Over$1,300,selectlargefloorplansfromfoursitesgiveamore
upscalerentalchoice.Yet,theDFMmodelingfoundthatatleast4,000or57%ofadjacentCorerentalhouseholdscanaffordrentsabove$1,050permonthandover
5,200totalhouseholdswhenaminorshareoftheOuterAreaqualifiedrentalhouseholdsareincluded.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
TheSMA/RT™screenshotaboveisaplotofthecompetitiverentalhousingchoicesadjacenttoTheGrandSiteseeninfive “clusters” of concentration.Ignoringthe
prominentSomersetDeerfieldsitejustnorthofTheGrand,itisapparentthatacombinationofcommuterroutesandmultifamilyzoninghavecastmostoftheavail
able,oftenoldersitesintoamarketscattered away from the Site.SixsitesarefoundalongSniderRoadandnorthofWesternRow.Threeareseentothesouthat
FieldsErtelandI71,whilethreemorearedueeastalongMontgomeryRoad(SR22)inLanden/Loveland.FurthersoutharethreesitesalongKemperRoadnearI71
andthelastthreearesouthwestoftheSiteinButler/HamiltonCounty.NotshownisArborsatMontgomeryatFieldsErtelandSR22.
Theonlyothernew multifamily development toservethisareaisa224unitprojectknownasLatitudeatDeerfieldCrossing,locatedbytheorange symbolabove.
Thefollowinggraphicswilldepicttheirrelativerentalmarketcoverageor“footprint”toportraythisscattered,asymmetricalrentalpositioning.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
TheSMA/RT™screenshotaboveisthepreviousgraphicwitheachoftheplottedsitesgivenanunderlyingfourminutedriveofareaimmediatelyservedbythesite.
Theresultabovelendsanoverlappedmarket“footprint”ofaccessandrenterhouseholdinfluence.Clearly,theinterstatehighwaysandSniderRoadcreatedatethered
connectionformostofthecompetitivesetofsites.ArborsatMontgomeryisnotshownduetoits“perimeter”locationandsmallsubmarketeffect.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
DFMthenkeepsthesamescaleandrevealsaplotofkeyrentalcompetition,thelocationofnearly300absenteeownedcondominiumsortownhomesthatrepresenta
conservativemeasureofalternative,likelybetterappointedrentalchoicesseenin orange symbology.Thenumeralsabovemanyplotsindicatethenumberofunits
beneaththesymbolandobscuredatthisgraphicscale.
DFMdescribesthisplotasconservative for the nature of the data.Uponapurchase,theaccompanyingmortgageisnotedasowneroccupiedorabsenteeowned.
Theseunitsweremostlikelypurchasedasincomeproducingrentals,withasmallshareaspossiblesecondhomes.Thisplotandcountof300doesnotaccountfora
purchaseasowneroccupiedthatislaterleasedwiththeoriginalmortgageinplaceafterthepurchasermoves.
These300upscalerentalchoicesarenotscatteredalongcommuterroutesandaremoresymmetricallylocatedrelativetotheSite.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
Thisisthepreviouschartatsamescaleandrentalattachedhomes.Inaddition,DFMhasnowplottedthelocationof650otherabsenteeowneddetachedhomesseen
indark red symbology foratotalof950adjacentandupscalerentalhomes.Again,thesechoicesareclearlymoresymmetricalwhencomparedtotheSiteandthe
previouscompetitiveapartmentset.
Thefollowingpageswillprovidealowerlevelaerialtourofthecompetitiveapartmentsites.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
TheSMA/RT™screenshotabovezoomsfurtherdownandtogglestosatelliteimagery.Theinsetlocationmapatrightlocatesthisaerialinorangeshadewithinthe
previousHousingArea.Thepreviouscompetitiveapartmentsitesaretaggedbybluepin.
StraddlingWesternRow,thesesitesaremostscaledandwellappointedtothesouth,seenatSterlingLakesandTwinFountains,becomingsmallerandlowerinventory
northofWesternRow.This“ribbon”ofapartmentsitesissurroundingbysinglefamilyhousinginlargersubdivisions,withaconcentrationofindustrialbuildingsto
thewestservedbytherailroadspur.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
TheSMA/RT™screenshotabovemovessoutheastpastI71tothesitesthatstraddleMontgomeryRoad(SR22)withascaledrentalchoice(Nantucket)andtwoofthe
smaller,olderapartmentsites.SwingingduesouthareseenaconcentrationofproductatFieldsErtelRoadandI71.VillageatSymmesCrossingisascaledsite,asis
WellingtonPlace,thoughttheirproductis199twobedroomtownhomesofthesamedesign.SmallerMadisonWayis58units.
TheGrandSiteandtheadjacentSomersetatDeerfieldisseenintheupperleftoftheaerial,whilethepreviousnewmultifamilyprojectunderconstructionfor224
unitsislocatedinorangesymbolabove.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
TheSMA/RT™screenshotmovesfurthersouthintoSymmesTownshiptolocatemarketleaderGlenbridgeManors,thewellknownHarpersPointandthesuccessful
BishopsGateatSomersetbyTowneProperties.
McCauleyCrossingisshownatupperleftasareferenceforthefollowingscreenshot.
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MULTIFAMILYPRODUCTSEGMENTATION:SUPPLY
TheSMA/RT™screenshotmovesnorthwestandintoButlerCountytolocatethelastremainingcompetitivesites.NotethesameMcCauleyCrossingsiteasbefore.
OnlyTimberRidgewith248unitsandthesmallerTallTimberwith108unitsremain,atotalofover650unitsawayfromtheI71corridor.
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PROPOSEDUPSCALEMULTIFAMILYPRODUCT
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PROPOSEDUPSCALEMULTIFAMILYPRODUCT
TheconceptualsitedesignforTheGrandisprovidedabovewith250plannedrentalunitsintwobuildingswithbothstructuredparkinganddetachedgarages,acom
mongreen,pavilionandpoolamenities.Ongradeparkingisscreenedfromthemajorarterialsbythethreestorybuildings.
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PROPOSEDUPSCALEMULTIFAMILYPRODUCT
Theconceptualbuildingelevationsareshownabove,anurbantakeontallerunitsandsitepresence.Landscapingandbuildingmaterialslendadensesymmetryto
thebuildingdesignsandnicearrivalpoints.
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andDISCLAIMERS
ThisDeerfieldTownshipAttachedHousingMarketAssessmentisprovidedforthesoleandconfidentialuseof:
SAMPLEATTACHEDHOUSINGMARKETASSESSMENT
Anydisclosureofthecontentsofthis MarketAssessment without their expressedpermissionisnotauthorized. Anyanalyses
hereinwasperformedwithproprietaryhousingmarketperformanceinformation,ESRI®aerialimageryandSMA/RT™Platform
softwarelicensedbyDinnFocusedMarketingand/orClient.Otherinformationobtainedfrompublicrecordsandcompiledfrom
onsitereviewsasapplicableisnotproprietary,buttheirtrendsandconclusions,especiallyastheyrelatetoClients’assetsorpro
poseddevelopmentlending,arestrictlyconfidential.Unlessnotedotherwise,anyfieldsurveyinformationcompiledinthemar
ketanalyseswasverifiedfromasecondsource,usuallyintheformofapersonalortelephoneinterviewwithanotherindustry
professionalhavingknowledgeofthedeveloper,builder,housingproduct,communityormarkettrend.
DinnFocusedMarketinghastakengreatcaretogather,compileanddocumenttheinformationcontainedinthisAssessmentto
theirbestabilitieswithinthetimeandinformationconstraintsavailable.Thereisasmallmarginforerrorineachcomponentof
the analyses, but these errors are likely housing or demographic data undercounts and conservative market boundaries that,
whencombined,wouldhaveanegligibletoconservativeeffectonthemarkettrendsdescribedandtheirinherentvaluetoClient.
Conclusions drawn from this Assessment, if any, are based upon Clients’ disclosures, sample or previously assembled housing
data,reasonableindustryandprofessionalassumptions,andourtwentyfiveyears’experienceinresidentiallanddevelopment,
newhomeprojectmarketingandtrustedconsultancy.Clientsmustmaketheirownassumptionsandimparttheirownexperi
enceontheinformationpresentedinordertovalidateanyconclusionsdrawnorevendrawconclusionsoftheirown.Anyerrors
indataaccuracy,wordprocessingand/orreportformattingarenotintendedandDFMwillcorrectanyreasonableerrorfoundby
theClientuponrequest.
IthasbeenourprofessionalpleasuretoprovideClientwiththisfocusedrealestateinformation.
Thankyou.
MichaelJ.Dinn,CRE&President
DinnFocusedMarketing,Inc. michael@dinnfm.com 513.313.1978 Page43
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