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ARTHUR ANDERSESON & Co.
November 3, 1989
Mr. Alphonse Mourad
Westmininster-Willard Place Apartments
10 Hammond Street
Boston, MA 02120
Re: Westminister-Willard Place Apartments
City of Boston, Massachusetts
Dear Mr. Mourad:
As requested, we have estimated the fair market value of the fee simple Interest in the above-captioned property, as of October 1, 1989, to assist in obtaining mortgage financing for the property.
The subject property consists of 10 apartment buildings containing 276 residential units and two commercial units situated on 2 non-contiguous parcels of land totalling approximately 5.6 acres. The buildings are located on the border of Che South End and Roxbury Crossing sections of
Boston, Massachusetts.
The subject presently participates in the Federal Section 8 subsidized housing program which guarantees a portion of the rental income. The value conclusion contained, in the attached report is based on the subject property's continuing participation in this subsidy progran.
This appraisal was conducted In accordance with generally accepted valuation standards and procedures, we have considered the income and sales comparison approaches to value. Emphasis was placed on the Income approach due Co the subsidized income-producing characteristics of the subject pcoperty. Based on our investigation of the local area, current rental market conditions and analysis of the subject property we are of the opinion that the Fair Market Value of the fee simple interest in the appraised property, as of October 1, 1989, was:
NINE MILLION FIFTY THOUSAND DOLLARS ($9,050,000)
The attached report describes our valuaction --methodology, summarizes the facts and data underlying our opinion and presents our valuation conclusions. The value stated is subject to the definitton of market value, the general assumptions and limiting conditions and appraisal certification contalnfld in this report.
We apprceciate the opportunity to have been of service to you In this matter. Should you have any questions regarding this report, please call David R. Outhred at (212) 708-4470.
Very truly yours,
Arthur Anderson & Co