In recent years, apartment properties have consistently topped the wish lists of institutional real estate investors. A growing economy, increasing populations of traditional renters and empty nesters, and numerous opportunities to reposition apartment properties hit by the financial woes of the late 1980s have all contributed to the rabid demand for income-producing residential property. With apartment sale prices in all major markets skyrocketing, pressure on the appraisal community continues to mount. As the market reaches its peak, valuation professionals will need to perform increasingly rigorous analyses to justify their value conclusions and provide objective advice to investors expecting endless price escalations.
To ensure that appraisers are prepared to face the uncertainties of a volatile market, the Appraisal Institute is proud to present its newest publication, The Valuation of Apartment Properties, an up-to-date examination of the specific appraisal challenges presented by multifamily, income-producing residential properties. From the difficulties encountered in collecting comparable data to forecasting demographic trends, the book addresses all the nagging concerns that could cloud an appraiser's judgment.
In The Valuation of Apartment Properties, authors Arlen Mills, MAI, SRA, and Anthony Reynolds, MAI, put each of the three approaches to valuing apartments under the microscope and demonstrate a variety of valuation techniques. They focus on the essential processes of site and property analysis and market analysis, presenting a case study in which a 25-step worksheet is used to forecast market area demand and subject capture. Placing the appraisal of apartment properties within the context of the general valuation process, the authors re-examine the three Rs of real estate appraisal, reconciling, reporting, and reviewing.
A copy of The Valuation of Apartment Properties belongs on your bookshelf next to the Appraisal Institute's classic text Appraising Residential Properties. Together these books give you a one-two punch and prepare you to value any type of residential property.
About the Authors
Arlen C. Mills, MAI, SRA, CRE, has been appraising real estate since 1956 and heads The Mills Company, Sonoma, CA. He values all types of urban and suburban property and has extensive experience in arbitration and tax matters. He has received a number of prestigious professional awards for his contributions to appraisal education and has written books and course materials for corporations and associations. Mr. Mills has been elected to membership on The Appraisal Foundation and has served on the Appraiser Qualifications Board.
Anthony Reynolds, MAI, BA, MBA, has spent much of his career appraising office building properties and hotels in Washington, D.C., as well as properties with special historic significance. Mr. Reynolds has lectured for The American University's School of Business and the Appraisal Institute. His articles have appeared in the Appraisal Journal, and he has contributed to four editions of The Appraisal of Real Estate. Mr. Reynolds also is an experienced arbitrator, a former national president of AIREA, a former national historian of Lambda Alpha Land Economics Society, and a former chairman of the Appraisal Qualifications Board.