Eagle County Government - Edwards, CO

THK Associates, Inc. assisted the Eagle County Government and Assistant County Attorney to appraise an income-qualified apartment in Edwards, Colorado west of I-70. With 270 units across 34 buildings, the County needed to understand their apartment community’s competiveness and value in the Eagle County affordable housing market. Through an assessment of income statements, variance analysis, balance sheets, leasing reports, capital improvements, discount rates, and reversions, THK created a 10-year discounted cash flow analysis. THK then utilized the cost income approach to value to determine an appropriate appraised value. The valuation was further supported by a site visit including an in-depth analysis of affordable housing competitors. This included the number of units, year built, unit-mix, rental rates, square feet, rates per foot, occupancy, amenities, obsolescence, and more. The resulting data supported THK’s clients in understanding their properties competitiveness and appraised value in Eagle County and the Town of Edwards, and suggested implementable strategies to remain competitive moving forward. 

Mountain Plains Equity - Sidney, MT

THK helped determine the development feasibility of building a specific number of affordable housing units at a subject site in Sidney, Montana. THK created an economic base analysis and displayed a thorough understanding of the surrounding supply and demand marketplace for affordable housing. Data included interviewing key policy makers, and quantifying proposed competitive developments, transient populations residing in temporary housing, pent-up affordable housing demand today, and projected affordable housing demand over the next decade.

THK’s data on housing characteristics by affordability, unit-type, square footage, rental rate, and occupancy was used in conjunction with regional and local planning efforts to determine a suitable and receptive development. THK analyzed site characteristics within the marketplace to forecast capture and absorption rates at the subject site. THK’s research projected affordable housing demand by unit type, rental rate, and size in order to recommend an appropriate development that blended seamlessly into the surrounding community.

Workforce Housing, LLC - Granby, CO

THK Associates assisted Workforce Housing, LLC in determining the feasibility of a proposed 140-unit affordable workforce housing development. The project is a part of a larger planned-unit-development area in Granby created to address the housing needs of lower-income seasonal employees. Local attractions like ski resorts dramatically increase demand for housing during visitor-season, pushing rents beyond the affordability of seasonal workers. This unaffordability is exacerbated by websites like vrbo.com and airbnb.com which make seasonal housing units easier to rent remotely.

THK analyzed the Granby housing market by incomes, rental affordability and existing supply in order to determine any demand gaps by unit type, season, or rent. THK utilized a thorough understanding of the Granby affordable workforce housing market in order to recommend optimal unit-mixes and positioning. Furthermore an assessment of low income housing tax credits, alternative incentives, and regulatory barriers were considered.