Page 17 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

NorthMarq Multifamily is pleased to present United Methodist
Family Service the following Broker Opinion of Value for the
Guardian Place (“Guardian Place” or the “Property”). Our
goal in this analysis is to present the Property’s fair market

value taking into account several critical factors: (1) the
Property’s stabilized net operating income; (2) comparable
sales of similarly situated properties; (3) the availability and
cost of debt financing; and (4) unique characteristics that will
impact the Property’s future net operating income. The value
determination presented in this analysis assumes the Property is
presented in the marketplace via a full marketing process.

MARKET FUNDAMENTALS
By all accounts the Richmond multifamily market remains as
attractive to prospective buyers today as it was pre-COVID.
Employment remains comparatively stable and vacancy rates
across the region have dropped during the latest quarter to a
healthy 4.5%, with th e rates in the Sauer’s submarket falling
to an impressive 2.4%. Richmond is one of the nation’s most
diverse economies, so it is no surprise that rental demand

remains strong. Effective rents have increased by nearly 12%
over the last 12 months. A very limited development pipeline
only strengthens the case for continued capital investment in
existing multifamily assets, especially those in conveniently
accessible locations like Guardian Place.

NORTHMARQ INVESTMENT SALES

The NorthMarq team brings decades of combined experience
to each transaction. The sale of multifamily assets in Richmond,
Hampton Roads, and Northern Virginia makes up the core of
our business. Northmarq’s fast-growing and well-capitalized
multifamily investment sales platform allows us to offer clients
the best of boutique level service with national reach. We stand
behind our valuation and have the track record and expertise
to ensure that any asset we market will achieve top of market
pricing. By partnering with Northmarq’s national debt and

equity platform we can provide a full range of capital markets
services to help ensure smooth transactions and successful
closings.

GUARDIAN PLACE | 9