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Genesee County of property similar to the apartment complexes,
which occurred near the applicable valuation date.7 Thus, the
appraisers looked to sales of "large apartment complexes in
different parts of the state" and ascertained and analyzed the
five following sales: (1) The $5,500,000 sale of a 280-unit
complex in Kalamazoo, Michigan, in June 1990, to a Michigan
limited partnership, (2) the $3,050,000 sale of a 142-unit
complex in Ypsilanti, Michigan, in November 1991, to Geo Nyman,
(3) the $1,506,000 sale of a 70-unit complex in Woodhaven,
Michigan, in August 1992, to Kulish, (4) the $2,625,000 sale of
an 81-unit complex in Springfield Township, Michigan, in
September 1991, to Ron Iacobelli, and (5) the $2,590,000 sale of
a 72-unit complex in Ann Arbor, Michigan, in December 1992, to
Sandy Nam. The appraisers concluded that the respective values
under the sales comparison method for The Landings, Fox Hill, and
Stonehenge were $8,300,000, $9,030,000, and $4,745,000.
In applying the cost method to each of the apartment
complexes, the appraisers analyzed three sales of vacant land
near the applicable valuation date and the cost to reproduce each
of the apartment complexes. The appraisers concluded that the
respective values under the cost method for The Landings, Fox
Hill, and Stonehenge were $8,956,000, $9,640,000, and $4,957,000.
7 Very few apartment complexes in Genesee County actually
compare to the apartment complexes in issue.
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