A regional lender engaged The McEnery Company to provide an AS IS and Prospective Market Value upon Completion of the Place Vendome I and II apartment complex in Lake Charles, LA. The complex comprises a total of 184 units, of which 118 units were down at the date of our inspection. The planned renovation intended to renovate and bring all 184 units back on-line. The development’s Low-Income Housing Tax Credit (LIHTC) agreement was set to expire, and we determined the as-is as well as the prospective market value after completion of proposed renovations with re-alignment to market rents amidst the lifting of the rent restrictions historically in place through the deed restricted LIHTC agreement.
