- 117 -
Respondent's appraisals of the 39 units in
Miami and 40-unit complex in San Antonio, which
were performed 11 to 13 years after EA83-XII and
EA84-III acquired the properties, reflect the
wholesale value of multiple properties purchased
in bulk sales from the same builder. [Emphasis
supplied.]
Second, according to respondent's brief, the
difference between the retail value of each single-family
property, as determined by respondent's appraisers, and
the wholesale value of that property is the amount of the
rental deficit contribution. Respondent's brief states
as follows:
because each of the [single family] properties
was purchased by Epic in purchases involving
multiple houses from the same builder, a discount
in the amount of the rental deficit contribution
of approximately 20% to the retail value is
appropriate to arrive at the wholesale value of
each property. * * *
The above statement echoes the opinion of
respondent's appraisers, Messrs. Dalton and Ramos, who
valued the Reflections condominium complex that was
purchased by EA 84-III. In a memorandum that accompanied
their appraisal, Messrs. Dalton and Ramos describe the
difference between the wholesale and retail values of
the properties as the amount of the rental deficit
contribution. The memorandum states as follows:
Page: Previous 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 NextLast modified: May 25, 2011