Loading...
HomeMy WebLinkAboutJune 2023 appraisal DCAD # 285204 HARTLEE FIELD ROAD DENTON, TEXAS 76208 CBRE FILE NO. CB23US039008-1 CLIENT: CITY OF DENTON-REAL ESTATE DIVISION CLIENT REFERENCE NO.: PO VENDOR #: 2574913 A PPRAISAL REPORT CBRE VALUATION & ADVISORY SERVICES © 2023 CBRE, Inc. VALUATION & ADVISORY SERVICES 2100 McKinney Avenue, Suite 700 Dallas, TX 75201 T (214) 979-6100 F (214) 979-6395 www.cbre.com Date of Report: June 1, 2023 City of Denton-Real Estate Division Attn: Christopher Singleton 401 N. Elm Street Denton, Texas 76201 RE: Appraisal of: DCAD # 285204 (6 acres in total) Hartlee Field Road Denton, Denton County, Texas CBRE, Inc. File No. CB23US039008-1 Client Reference No.: PO VENDOR #: 2574913 Mr. Singleton: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report. The subject is a 6.00-acre tract improved with a 2,228 square foot single-family residence and 2,400 square foot accessory building along with related site improvements. According to the listing broker, this accessory building was constructed in January 2023 and is deemed incomplete by the property owner. This accessory building is explained in further detail herein. The site is located northwest of the northern terminus of Hartlee Field Road, Denton County, Texas. The property is being considered for purchase. Based on the analysis contained in the following report, the market value of the subject is concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value - As Is Fee Simple Estate May 30, 2023 $1,030,000 Compiled by CBRE The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal © 2023 CBRE, Inc. City of Denton-Real Estate Division Christopher Singleton June 1, 2023 Page 2 Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non-intended users does not extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof). It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Allison Jackson, SR/WA, RWA, R/W-AC Vice President Texas Certification No. 1380451-G Phone: (817) 806-1042 Fax: (214) 979-6395 Email: allison.jackson@cbre.com © 2023 CBRE, Inc. Certification i DCAD # 285204, Denton, Texas Certification We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Texas. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 8. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. As of the date of this report, Allison Jackson, SR/WA, RWA, R/W-AC has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. 10. Allison Jackson, SR/WA, RWA, R/W-AC has made a personal inspection of the property that is the subject of this report. 11. No one provided significant real property appraisal assistance to the persons signing this report. 12. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 13. Allison Jackson, SR/WA, RWA, R/W-AC has not provided any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three- year period immediately preceding agreement to perform this assignment. Allison Jackson, SR/WA, RWA, R/W-AC Texas Certification No. 1380451-G © 2023 CBRE, Inc. Subject Aerial ii DCAD # 285204, Denton, Texas Subject Aerial Denton CAD Aerial Map Note: The image and outline above are presented to merely assist the reader in visualizing the subject. It is not a legal representation or considered to represent a survey of the subject. It is noted that the 2,400 square foot accessory improvement is not noted on the aerial above as it was reportedly constructed in January 2023. © 2023 CBRE, Inc. Executive Summary iii DCAD # 285204, Denton, Texas Executive Summary Location Parcel Number(s) Client Highest and Best Use As If Vacant Property Rights Appraised Fee Simple Estate Date of Inspection Estimated Exposure Time Estimated Marketing Time Primary Land Area 6.000 AC 261,360 SF Zoning Improvements Property Type Residential Number of Buildings 1 Number of Stories 2 Gross Living Area 2,228 SF Number of Beds (Primary Improvement) 4 Number of Baths (Primary Improvement) 3 Year Built 2005 Condition Average 6 - 9 Months 6 - 9 Months N/A - Unincorprated May 30, 2023 Agricultural/Recreational/Rural Residential Hartlee Field Road Denton, Denton County, TX 76208 City of Denton-Real Estate Division 285204 Comments (Single-Family Residence) per DCAD per MLS per MLS Compiled by CBRE MARKET VOLATILITY Commercial real estate market conditions have deteriorated at the macro level. The significant recent increase in the cost of capital and reduced volume of transaction activity is impacting price discovery and creating an increase in uncertainty. Increasing interest rates and subdued economic growth will continue to weigh on commercial real estate fundamentals and investment transaction volumes. This creates a higher degree of uncertainty in general, though the impacts may vary by market and asset class/type. We draw your attention to a combination of global inflationary pressures (leading to higher interest rates) and recent failures/stress in banking systems which have significantly increased the potential for constrained credit markets, negative capital value movements and enhanced volatility in property markets over the short-to-medium term. Experience has shown that consumer and investor behavior can quickly change during periods of such heightened volatility. Lending or investment decisions should reflect this heightened level of volatility and the potential for deteriorating market conditions. © 2023 CBRE, Inc. Executive Summary iv DCAD # 285204, Denton, Texas It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets respond to evolving events. CURRENT ECONOMIC CONDITIONS At its May 2023 meeting, the Federal Reserve raised the federal funds rate by 25 basis points (bps) to a range of 5.00% to 5.25%, a 16-year high. In determining whether additional tightening is necessary, the Fed will consider the lagged impacts of previous rate hikes, as well as economic and financial market conditions, including banking sector stress. Hiking rates just days after the second largest bank failure in U.S. history shows that the Fed remains focused on reducing inflation even if it inflicts additional economic pain. Although the economy has cooled, the strong labor market is complicating the Fed’s inflation fight. Therefore, CBRE expects that the Fed will remain determined to see inflation fall to a more acceptable level. While financial markets are expecting a rate cut this summer, CBRE anticipates that the Fed will hold rates steady for several months before beginning to reduce them in Q4. Core inflation should ease as the economy and particularly the housing market cool, ending the year at around 4.00%. CBRE expects that the Fed will continue to cut interest rates throughout 2024. CBRE expects that capital markets will lead the commercial real estate recovery, with increased investment volume later this year and a rebound in leasing activity thereafter. The table below summarizes the CBRE “House View” for the Federal Funds Rate, 10-Year Treasury, and GDP over the next several years. This view is reflective of what market participants are anticipating. The CBRE “House View” is for the yield on the 10-year Treasury to approximate 3.3% by Q4 2023, which should aid in the recovery of real estate investment volume. This is consistent with many market participants who anticipate the cost of capital in the future to be lower than current levels. While opinions vary on future economic issues, the general market consensus at the time of this appraisal is the anticipation of moderating inflation as higher interest rates cool demand. Tighter financial and weaker macroeconomic conditions will weigh on real estate fundamentals, leading to lower real estate investment volume through the balance of 2023. Amid this uncertain and dynamic environment, investment market performance will be uneven across property types. © 2023 CBRE, Inc. Executive Summary v DCAD # 285204, Denton, Texas EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined as “an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.” 1  The appraiser was unable to establish contact with the property owner; thus, an interior inspection of the improvements was not performed. It is assumed that the condition of the improvements is consistent with their age and similar properties in the neighborhood. It is further assumed that the information provided on the MLS for the active listing of the subject is accurate. Absent this assumption, our value could be different. HYPOTHETICAL CONDITIONS A hypothetical condition is defined as “a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purposes of analysis.” 2  None noted OWNERSHIP AND PROPERTY HISTORY OWNERSHIP SUMMARY Item Current Current Ownership Owner:Moisony Jordan Flores Seller:Johnny Davidson and Jody Dawn Mejia Purchase Price:An unknown price Transaction Date:Dec 30, 2020 Sale in Last 3 Years?:Yes Legal Description:6.000 acres in the J. Douthitt Survey, Abstract No. 329, Denton County, Texas County/Locality Name:Denton Buyer/Seller Relationship Type: Arm's length and reasonable At / Above / Below Market:N/A Pending Sale Under Contract:No Current Listing Currently Listed For Sale:Yes Listing Price:$2,250,000 Listing Date:May 8, 2023 Comments:Per MLS #20323551, the subject property is currently listed for $2,250,000, or $535.71 per square foot based on the 4,200 square feet listed on the MLS. This size contradicts the size provided by the Denton County Appraisal District which only shows the square footage of the primary structure at 2,228 square feet. Based on discussions with the listing broker, Amelia Hann, the seller appears to be motivated and set the sale price. In addition, the broker noted that the 2,400 square foot accessory building was constructed in January 2023 and the interior is not complete. The seller is providing $100,000 in concessions to be put towards completing the interior of this accessory building. According to the market data herein, the current list price is significantly above market value and is not supported by the market data utilized herein, or any closed sale data available to the appraiser in the local MLS. Compiled by CBRE 1 The Appraisal Fondation, USPAP 2 The Appraisal Foundation, USPAP © 2023 CBRE, Inc. Executive Summary vi DCAD # 285204, Denton, Texas EXPOSURE/MARKETING TIME Current appraisal guidelines require an estimate of a reasonable time period in which the subject could be brought to market and sold. This reasonable time frame can either be examined historically or prospectively. In a historical analysis, this is referred to as exposure time. Exposure time always precedes the date of value, with the underlying premise being the time a property would have been on the market prior to the date of value, such that it would sell at its appraised value as of the date of value. On a prospective basis, the term marketing time is most often used. The exposure/marketing time is a function of price, time, and use. It is not an isolated estimate of time alone. In consideration of these factors, we have analyzed the following:  exposure periods for comparable sales used in this appraisal;  exposure/marketing time information from the CBRE, Inc. National Investor Survey and the PwC Real Estate Investor Survey; and  the opinions of market participants. The following table presents the information derived from these sources. EXPOSURE/MARKETING TIME DATA Exposure/Mktg. (Months) Investment Type Range Average CBRE Exposure Time Estimate CBRE Marketing Period Estimate Various Sources Compiled by CBRE 6 - 9 Months 6 - 9 Months © 2023 CBRE, Inc. Table of Contents vii DCAD # 285204, Denton, Texas Table of Contents Certification ......................................................................................................................... i  Subject Aerial ...................................................................................................................... ii  Executive Summary ............................................................................................................. iii  Table of Contents ............................................................................................................... vii  Scope of Work ..................................................................................................................... 1  Area Analysis ...................................................................................................................... 5  Neighborhood Analysis ....................................................................................................... 7  Site Analysis ...................................................................................................................... 11  Improvement Analysis ....................................................................................................... 14  Zoning .............................................................................................................................. 16  Tax and Assessment Data .................................................................................................. 17  Highest and Best Use ........................................................................................................ 18  Improved Value ................................................................................................................. 19  Reconciliation of Value ...................................................................................................... 22  Assumptions and Limiting Conditions ................................................................................ 23  ADDENDA A Improved Sale Information  B Subject Information  C Qualifications  © 2023 CBRE, Inc. Scope of Work 1 DCAD # 285204, Denton, Texas Scope of Work This Appraisal Report is intended to comply with the reporting requirements set forth under Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered, and analysis is applied. INTENDED USE OF REPORT This appraisal is to be used as an aid in internal decision making related to a potential purchase of the identified property. No other use is permitted. CLIENT The client is City of Denton-Real Estate Division. INTENDED USER OF REPORT This appraisal is to be used by City of Denton, and no other user may rely on our report unless as specifically indicated in the report. Intended users are those who an appraiser intends will use the appraisal or review report. In other words, appraisers acknowledge at the outset of the assignment that they are developing their expert opinions for the use of the intended users they identify. Although the client provides information about the parties who may be intended users, ultimately it is the appraiser who decides who they are. This is an important point to be clear about: The client does not tell the appraiser who the intended users will be. Rather, the client tells the appraiser who the client needs the report to be speaking to, and given that information, the appraiser identifies the intended user or users. It is important to identify intended users because an appraiser’s primary responsibility regarding the use of the report’s opinions and conclusions is to those users. Intended users are those parties to whom an appraiser is responsible for communicating the findings in a clear and understandable manner. They are the audience. 3 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the market value of the subject property. 3 Appraisal Institute, The Appraisal of Real Estate, 15th ed. (Chicago: Appraisal Institute, 2020), 40. © 2023 CBRE, Inc. Scope of Work 2 DCAD # 285204, Denton, Texas DEFINITION OF VALUE The current economic definition of market value agreed upon by agencies that regulate federal financial institutions in the U.S. (and used herein) is as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 4 INTEREST APPRAISED The value estimated represents Fee Simple Estate as defined below: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 5 Extent to Which the Property is Identified The property is identified through the following sources:  postal address  assessor’s records  legal description Extent to Which the Property is Inspected The extent of the inspection included the following: a cursory inspection of the subject site, as well as its surrounding environs on the effective date of appraisal. 4 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page 77472. 5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), 90. © 2023 CBRE, Inc. Scope of Work 3 DCAD # 285204, Denton, Texas Type and Extent of the Data Researched CBRE reviewed the following:  applicable tax data  zoning requirements  flood zone status  demographics  comparable data Type and Extent of Analysis Applied CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. For vacant land, the sales comparison approach has been employed for this assignment. Data Resources Utilized in the Analysis DATA SOURCES Item:Source(s): Site Data Size Public Records Improved Data Building Area DCAD & MLS Area Breakdown/Use DCAD & MLS Year Built/Developed DCAD & MLS Other Flood FEMA flood maps Zoning N/A - Unincorporated Compiled by CBRE © 2023 CBRE, Inc. Scope of Work 4 DCAD # 285204, Denton, Texas In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Cost Approach The cost approach is based on the proposition that the informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when the property being appraised involves relatively new improvements that represent the highest and best use of the land, or when it is improved with relatively unique or specialized improvements for which there exist few sales or leases of comparable properties. Sales Comparison Approach The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate a value for the subject. Valuation is typically accomplished using physical units of comparison such as price per square foot, price per unit, price per floor, etc., or economic units of comparison such as gross rent multiplier. Adjustments are applied to the physical units of comparison derived from the comparable sale. The unit of comparison chosen for the subject is then used to yield a total value. Economic units of comparison are not adjusted, but rather analyzed as to relevant differences, with the final estimate derived based on the general comparisons. Income Capitalization Approach The income capitalization approach reflects the subject’s income-producing capabilities. This approach is based on the assumption that value is created by the expectation of benefits to be derived in the future. Specifically estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from a property over a period of time. The two common valuation techniques associated with the income capitalization approach are direct capitalization and the discounted cash flow (DCF) analysis. METHODOLOGY APPLICABLE TO THE SUBJECT For the purposes of this analysis, we have utilized the sales comparison approach. The other methodologies are used primarily when comparable sales data is non-existent or when it is an income-producing property. Therefore, these approaches have not been used. © 2023 CBRE, Inc. Area Analysis 5 DCAD # 285204, Denton, Texas Area Analysis POPULATION Source: ESRI, downloaded on May, 23 2023 The subject is located in Denton County. Key information about the area is provided in the following tables. The area has a population of 974,915 and a median age of 35, with the largest population group in the 30-39 age range and the smallest population in 80+ age range. Population has increased by 312,745 since 2020, reflecting an annual increase of 21.3%. Population is projected to increase by an additional 98,919 by 2027, reflecting 2.0% annual population growth. 662,170 974,915 1,073,834 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2020 2022 2027 POPULATION BY YEAR 0 50,000 100,000 150,000 200,000 0‐910‐19 20‐29 30‐39 40‐49 50‐59 60‐69 70‐79 80+ AREA POPULATION BY AGE Source: Esri Source: Esri © 2023 CBRE, Inc. Area Analysis 6 DCAD # 285204, Denton, Texas INCOME EDUCATION EMPLOYMENT Source: ESRI, downloaded on May, 23 2023; BLS.gov dated Feb, 1 2023 (preliminary) The area includes a total of 506,042 employeesandhasa4.1%unemploymentrate.Thetop three industries within the area are Retail Trade, Prof/Scientific/Tech Services and Health Care/Social Assistance, which represent a combined total of 32% of the population. The area features an average household income of $133,545 and a median household income of $99,674. Over the next five years, median household income is expected to increase by 9.5%, or $1,887 per annum. A total of 48.8% of individuals over the age of 24 have a college degree, with 33.1% holding a bachelor's degree and 15.6% holding a graduate degree. $99,674 $109,109 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2022 2027 MEDIAN INCOME BY YEAR 33.1% 15.6% 51.2% POPULATION BY DEGREE Bachelor's Degree Graduate Degree Other 0%2%4%6%8%10%12%14% Other Services (excl Publ Adm) Transportation/Warehousing Construction Accommodation/Food Services Manufacturing Finance/Insurance Educational Services Health Care/Social Assistance Prof/Scientific/Tech Services Retail Trade Source: Esri Source: Esri Source: Esri In summary, the area is forecasted to experience an increase in population and an increase in household income. © 2023 CBRE, Inc. Neighborhood Analysis 7 DCAD # 285204, Denton, Texas Neighborhood Analysis LOCATION The subject neighborhood is located in an unincorporated area of Denton County, northeast of Denton, TX. BOUNDARIES The neighborhood boundaries are detailed as follows: North: FM 428 (Sherman Drive) South: US-380 (University Drive) East: US-377 West: FM 428 & Loop 288 © 2023 CBRE, Inc. Neighborhood Analysis 8 DCAD # 285204, Denton, Texas LAND USE Land uses within the subject neighborhood consist primarily of agricultural recreational and rural residential uses, with denser residential and commercial development along the major thoroughfares and in close proximity to the City of Denton. The immediate area surrounding the subject is considered a rural area. DEMOGRAPHICS Selected neighborhood demographics in 1-, 3- and 5-mile radius from the subject are shown in the following table: Hartlee Field Road Denton, TX 76208 Population 2027 Total Population 68 6,378 61,604 8,393,172 1,073,834 2022 Total Population 67 5,669 55,338 7,961,535 974,915 2010 Total Population 66 4,526 43,195 6,366,542 662,170 2000 Total Population 71 4,063 36,808 5,156,310 432,069 Annual Growth 2022 - 2027 0.30% 2.38% 2.17% 1.06% 1.95% Annual Growth 2010 - 2022 0.75% 11.92% 13.19% 11.83% 21.34% Annual Growth 2000 - 2010 -0.73% 1.09% 1.61% 2.13% 4.36% Households 2027 Total Households 26 2,365 22,740 3,031,792 389,643 2022 Total Households 26 2,103 20,356 2,877,711 353,777 2010 Total Households 26 1,653 15,732 2,296,410 240,132 2000 Total Households 26 1,457 13,373 1,879,000 158,504 Annual Growth 2022 - 2027 0.00% 2.38% 2.24% 1.05% 1.95% Annual Growth 2010 - 2022 0.00% 12.79% 13.75% 11.94% 21.38% Annual Growth 2000 - 2010 0.00% 1.27% 1.64% 2.03% 4.24% Income 2022 Median Household Income $100,000 $87,523 $67,738 $79,627 $99,674 2022 Average Household Income $124,499 $120,521 $89,462 $112,622 $133,545 2022 Per Capita Income $44,865 $44,746 $33,195 $40,768 $48,487 2022 Pop 25+ College Graduates 20 1,812 13,052 2,033,487 309,359 Age 25+ Percent College Graduates - 2022 41.7% 44.5% 36.0% 38.9% 48.8% Source: ESRI SELECTED NEIGHBORHOOD DEMOGRAPHICS Dallas-Fort Worth-Denton County1 Mile Radius 3 Mile Radius 5 Mile Radius CONCLUSION As shown above, the population within the subject neighborhood has shown increases over the last 20 years, and continued growth is expected. The neighborhood currently has a mid to upper income demographic profile with a 2022 estimated average household income of $89,462 within a five-mile radius. The outlook for the neighborhood is for strong performance over the next several years. © 2023 CBRE, Inc. Site Analysis 9 DCAD # 285204, Denton, Texas FLOOD MAP Source: FEMA © 2023 CBRE, Inc. Site Analysis 10 DCAD # 285204, Denton, Texas TAX MAP Source: Denton County Appraisal District © 2023 CBRE, Inc. Site Analysis 11 DCAD # 285204, Denton, Texas Site Analysis The following chart summarizes the salient characteristics of the subject site. SITE SUMMARY AND ANALYSIS Physical Description Gross Site Area 6.000 Acres 261,360 Sq. Ft. Primary Road Frontage None Shape Topography Parcel Number(s) Zoning District Flood Map Panel No. & Date 48121C0245G April 18, 2011 Adjacent Land Uses Comparative Analysis Visibility Functional Utility Traffic Volume Adequacy of Utilities Drainage Utilities Availability Water Required Sewer Required Natural Gas Yes Electricity Yes Telephone Yes Other Yes No Unknown Detrimental Easements X Encroachments X Deed Restrictions X Various sources compiled by CBRE Rating Average Average Below Average Rectangular Generally Level N/A - Unincorprated Ag./Rec./Rural Res. 285204 Average Provider Well-site Average On-site septic Various Providers Various Providers Various Providers LOCATION The subject is located north of the terminus of Hartlee Field Road, a local road which accommodates one lane of traffic in each direction. The subject property is located in an unincorporated area of Denton County. UTILITIES The subject has access to electric, but lacks access to public water and sewer. Thus, a well and on-site septic would be required. © 2023 CBRE, Inc. Site Analysis 12 DCAD # 285204, Denton, Texas INGRESS/EGRESS The subject currently has access via an access easement from Hartlee Field Road. SURROUNDING USES The surrounding land uses include mostly vacant land used for agricultural, recreational and/or rural residential purposes. ENVIRONMENTAL ISSUES The appraiser is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the subject site. For this appraisal, CBRE, Inc. has specifically assumed that the subject site is not affected by any hazardous materials that may be present on or near the subject site. TOPOGRAPHY AND DRAINAGE The site has generally level topography. During our inspection of the site, we observed no drainage problems and assume that none exist. FLOODPLAIN There does do appear to be any areas of floodplain on the subject property. EASEMENTS AND ENCROACHMENTS A title commitment was not provided for this appraisal. There are no known easements or encroachments impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a current title policy outlining all easements and encroachments on the property, if any, prior to making a business decision. COVENANTS, CONDITIONS AND RESTRICTIONS A title commitment was not provided for this appraisal. There are no known covenants, conditions or restrictions impacting the site that are considered to affect the marketability or highest and best use. It is recommended that the client/reader obtain a copy of the current covenants, conditions and restrictions, if any, prior to making a business decision. © 2023 CBRE, Inc. Site Analysis 13 DCAD # 285204, Denton, Texas CONCLUSION The subject is well-located in the market area. The site has a rectangular shape and generally level topography. While access to the site is limited to an access easement, there are no known detrimental uses in the immediate vicinity. There are no other known physical factors which are considered to prevent the site from development to its highest and best use, as if vacant. © 2023 CBRE, Inc. Improvement Analysis 14 DCAD # 285204, Denton, Texas Improvement Analysis The following chart summarizes the salient characteristics of the subject improvements. Improvements Property Type Residential Number of Buildings 1 Number of Stories 2 Gross Living Area 2,228 SF Number of Beds (Primary Improvement) 4 Number of Baths (Primary Improvement) 3 Year Built 2005 Condition Average Compiled by CBRE Comments (Single-Family Residence) per DCAD per MLS per MLS As noted previously, the property features a new 2,400 square foot accessory building. It is reiterated that we were unable to make an on-site inspection. In addition, this accessory building has not been added to the improvements on the subject’s tax records provided by the Denton County Appraisal District. Thus, our information regarding this building is based on the MLS listing that states that this 2,400 accessory building has a three-car garage, loft apartment, workshop and gym with an oversized gym bathroom that was intended to become a spa (wet and dry sauna). According to the listing broker, the finish out in this building has not been completed; thus, the property owner is including $100,000 in concessions for the buyer to put towards completing this building. It is reiterated that the appraiser was unable to establish contact with the property owner; thus, an on-site inspection was not completed. A photo of this accessory building (and the overall property) taken from the dead-end is shown on the following page. © 2023 CBRE, Inc. Improvement Analysis 15 DCAD # 285204, Denton, Texas Photo taken May 30, 2023 © 2023 CBRE, Inc. Zoning 16 DCAD # 285204, Denton, Texas Zoning The subject property is located in an unincorporated area of Denton County. As such, it is not subject to any municipal zoning ordinance or regulations. Being in the City of Denton’s ETJ, it is noted that the future land use maps indicate the subject is projected to remain a “Rural Area.” ANALYSIS AND CONCLUSION Additional information may be obtained from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed the information obtained is correct. © 2023 CBRE, Inc. Tax and Assessment Data 17 DCAD # 285204, Denton, Texas Tax and Assessment Data AD VALOREM TAX INFORMATION Assessor's Parcel No. Parcel Description 2023 Improvements 2023 Land 2023 Total 285204 6.0000 Acres $224,652 $233,441 $458,093 Subtotal 6.0000 Acres $224,652 $233,441 $458,093 Ag Exemption $0 Taxable Value $458,093 Effective Tax Rate (per $100 A.V.) 1.592643 Total Adjusted Taxes $7,295.79 The reassessment of the subject is scheduled each January with notices sent to property owners in May. The Appraisal District has to be notified of a value protest by June 1. Tax rates, set by the individual taxing authorities, are determined by September 30 of that year. Texas is a non- disclosure state and a sale of a property does not necessarily trigger an assessment increase to the sales price. Texas tax code allows for properties to be assessed at either 100% of market value or at a rate that is equal and uniform to the property’s most comparable competitors. In actuality, the assessed value can vary from market value. The Texas tax code allows for properties to be assessed at either 100% of market value or at a rate that is equal and uniform to the property’s most comparable competitors. The tax code reads, “The District Court shall grant relief on the ground that a property is appraised unequally if the appraised value of the subject property exceeds the median appraised value of a reasonable number of comparable properties appropriately adjusted.” - Section 42.26 (a)(3). Based upon the Denton County Tax Office, all taxes are current. In addition, the assessed value is below market value. © 2023 CBRE, Inc. Highest and Best Use 18 DCAD # 285204, Denton, Texas Highest and Best Use In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are:  legally permissible;  physically possible;  financially feasible; and  maximally productive. The highest and best use analysis of the subject is discussed below. AS VACANT Legal Permissibility The subject property is located in an unincorporated area of Denton County within the ETJ of the City of Denton. Physical Possibility The subject is adequately served by utilities for a rural use (on-site well and septic), and has an adequate size, shape, etc., to be a separately developable site. There are no other known physical reasons why the subject site would not support any legally probable development (i.e. it appears adequate for development). Financial Feasibility Potential uses of the site include agricultural, recreational, and/or rural residential uses. The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. With respect to the legal uses for the subject site, the local market is generally stabilized. Transactions involving agricultural and/or recreational land has occurred in the recent past and continues to this day. Maximum Productivity - Conclusion The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding the highest return to the land. Based on the information presented above and upon information contained in the market and neighborhood analysis, we conclude that the highest and best use of the subject as if vacant would be for agricultural, recreational, and/or rural residential uses. Our analysis of the subject and its respective market characteristics indicate the most likely buyer, as if vacant, would be an end-user or investor. AS IMPROVED The site is improved with a single-family residence. No alternative use of the property would justify the removal of the existing improvements and they provide a value higher than the underlying land. Therefore, the highest and best use “as improved” is for continued use of the existing improvements. © 2023 CBRE, Inc. Improved Value 19 DCAD # 285204, Denton, Texas Improved Value The following map and table summarize the comparable data used in the valuation of the subject. A detailed description of each transaction is included in the addenda. SUMMARY OF COMPARABLE SALES Interest Land YOC / Property Distance GLA Actual Sale Adjusted Sale No. Property Name Type Date Transferred (Acres) Reno'd Subtype from Subj (SF) Price Price 1 Single-Family Residence, 6393 Lone Star Lane Aubrey, TX 76227-3979 Sale Apr-23 Fee Simple/Freehold 5.60 1999 Single- Family Residence 5.9 Miles 2,282 $810,000 $810,000 2 Single-Family Residence, 6363 FM 2931 Aubrey, TX 76227 Sale May-22 Fee Simple/Freehold 11.00 1999 Single- Family Residence 7.1 Miles 2,569 $1,280,000 $1,280,000 3 Single-Family Residence,4814 Farris Road Denton, TX 76208 Sale Dec-21 Fee Simple/Freehold 5.19 1998 Single-Family Residence 1.8 Miles 2,442 $735,000 $735,000 4 Single-Family Residence, 4760 N. Bonnie Brae StreetDenton, TX 76207 Sale Sep-21 Fee Simple/Freehold 5.01 2004 Single- Family Residence 5.9 Miles 2,241 $648,000 $648,000 Subj. DCAD # 285204,Hartlee Field Road Denton, TX 76208 --- --- --- 6.00 2005 Single-Family Residence --- 2,228 --- --- Transaction The sales utilized represent the best data available for comparison with the subject. These sales were chosen based upon their site size, date of sale, location and end use. © 2023 CBRE, Inc. Improved Value 20 DCAD # 285204, Denton, Texas DISCUSSION/ANALYSIS OF IMPROVED SALES  All four sales were adjusted upward for improving market conditions since the date of sale.  All four sales have direct access, while the subject has limited access via an access easement. Therefore, a downward location adjustment was warranted for all four sales.  Sales 1 and 4 have similar sizes (GLA) compared to the subject’s primary structure (2,228 SF) and no adjustments were warranted. Sale 2 and 3 are adjusted downward for their larger sizes compared to the subject’s primary improvement.  All of the sales were adjusted based on the difference in age/condition as compared to the subject.  Per the MLS, the subject’s primary improvement features a two-car attached garage. It is noted that the garage parking provided by the accessory building is taken into account in the amenity adjustment that follows. All of the sales have a two-car attached garage on their primary improvement; thus, no adjustments were warranted for parking.  Per the MLS and discussions with the listing broker, the subject features a 2,400 square foot accessory building constructed in January 2023. This accessory building has three additional garage spaces, a loft apartment, gym and oversized bathroom for the gym that was intended to become a spa. Sales 1, 3 and 4 are considered inferior with regard to amenities compared to the subject and upward adjustments were warranted. Sale 2 is considered similar with regard to amenities compared to the subject and no adjustments were warranted.  Per the MLS, the subject’s primary improvement has three full bathrooms. Sales 1 and 4 are considered inferior with regard to bathrooms compared to the subject’s primary improvement and upward adjustments were made. Sales 2 and 3 have similar bathroom counts compared to the subject’s primary improvement and no adjustments were warranted.  Sales 1, 3 and 4 are considered similar with regard to land area compared to the subject and no adjustments were warranted. Sale 2 is adjusted downward for its larger land area compared to the subject. © 2023 CBRE, Inc. Improved Value 21 DCAD # 285204, Denton, Texas SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. IMPROVED SALES ADJUSTMENT GRID Comparable Number 1234Subj. Transaction Type Sale Sale Sale Sale --- Transaction Date Apr-23 May-22 Dec-21 Sep-21 --- Interest Transferred Fee Simple/Freehold Fee Simple/Freehold Fee Simple/Freehold Fee Simple/Freehold --- Land Area (Acres)5.60 11.00 5.19 5.01 6.00 Year Built/Renovated 2005 Property Subtype Single-Family Residence Single-Family Residence Single-Family Residence Single-Family Residence Single-Family Residence GLA (SF)2,282 2,569 2,442 2,241 2,228 Actual Sale Price $810,000 $1,280,000 $735,000 $648,000 --- Adjusted Sale Price 1 $810,000 $1,280,000 $735,000 $648,000 --- Property Rights Conveyed 0%0%0%0% Financing Terms 1 0%0%0%0% Conditions of Sale 0%0%0%0% Market Conditions (Time)1.0%13.0%18.0%21.0% Subtotal $818,100 $1,446,400 $867,300 $784,080 Location -5%-5%-5%-5% Size 0%-2%-2%0% Age/Condition 20%-10%20%15% Parking 0%0%0%0% Amenities 5%0%5%20% Bathrooms 2%0%0%2% Land Area (Acres)0%-10%0%0% Total Other Adjustments 22%-27%18%32% Indicated Value $998,082 $1,055,872 $1,023,414 $1,034,986 Absolute Adjustment 33%40%50%63% 1 Adjusted for cash equivalency, lease-up and/or deferred maintenance (where applicable) Compiled by CBRE After adjustments, the sales ranged from $998,082 to $1,055,872 with an average of $1,028,089. CONCLUSION All four sales are given roughly equal consideration. The following table presents the valuation conclusion: SALES COMPARISON APPROACH Total Units X Value Per Unit = Value 1 X $1,000,000 = $1,000,000 1 X $1,050,000 = $1,050,000 VALUE CONCLUSION Indicated Value As Is $1,030,000 Compiled by CBRE © 2023 CBRE, Inc. Reconciliation of Value 22 DCAD # 285204, Denton, Texas Reconciliation of Value In valuing the subject, the Sales Comparison Approach is the only applicable approach and is the only approach that has been completed in this analysis. Based on the foregoing, the market value of the subject has been concluded as follows: MARKET VALUE CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value - As Is Fee Simple Estate May 30, 2023 $1,030,000 Compiled by CBRE © 2023 CBRE, Inc. Assumptions and Limiting Conditions 23 DCAD # 285204, Denton, Texas Assumptions and Limiting Conditions 1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters. 2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date. 3. Unless otherwise expressly noted in the Report, CBRE has assumed that: (i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company. (ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. (iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices. (iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or other potentially hazardous materials may affect the value of the property. (v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report. (vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property. (vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based. (viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or super-efficiently. (ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses. (x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report. © 2023 CBRE, Inc. Assumptions and Limiting Conditions 24 DCAD # 285204, Denton, Texas (xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor reviewed or confirmed the accuracy of any legal description of the subject property. Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions. 4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner, or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report. 5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit. 6. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report, except as otherwise expressly stated and typically considered part of real property. 7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections. 8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property. 9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters. 10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user’s failure to become familiar with and understand the same. 12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests. © 2023 CBRE, Inc. Assumptions and Limiting Conditions 25 DCAD # 285204, Denton, Texas 13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use. 14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report. 15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user. © 2023 CBRE, Inc. Addenda ADDENDA © 2023 CBRE, Inc. Addenda Addendum A IMPROVED SALE INFORMATION © 2023 CBRE, Inc. © 2023 CBRE, Inc. © 2023 CBRE, Inc. © 2023 CBRE, Inc. © 2023 CBRE, Inc. Addenda Addendum B SUBJECT INFORMATION © 2023 CBRE, Inc. © 2023 CBRE, Inc. © 2023 CBRE, Inc. © 2023 CBRE, Inc. © 2023 CBRE, Inc. Addenda Addendum C QUALIFICATIONS © 2023 CBRE, Inc. 1 ©2022 CBRE, INC. PROFILES RIGHT OF WAY APPRAISAL – FORT WORTH Allison Jackson, SR/WA, RWA, R/W-AC Vice President, Fort Worth, TX T +1 817 806 1042 M +1 817 899 6440 E Allison.jackson@cbre.com Lic. TX 1380451-G Professional Experience Allison Jackson, SR/WA, RWA, R/W-AC, is a Vice President of the Valuation & Advisory Services Group within the South-Central Region. Located in the Fort Worth office, Ms. Jackson has over a decade of real estate appraisal and consulting experience throughout the State of Texas, with a primary focus on right of way valuations and expert witness testimony support. Prior to joining CBRE in 2018, Ms. Jackson was with JLL after their 2016 acquisition of her previous employer, Integra Realty Resources. Ms. Jackson was with Integra Realty Resources for over eight years serving as an Analyst before being promoted to Senior Analyst. During her tenure, she assisted in valuation and consulting services on various property types, working extensively on eminent domain assignments. Ms. Jackson’s experience in appraisal includes projects for the Texas Department of Transportation (TxDOT), various local municipalities, Trinity River Authority (TRA), ONCOR, Dallas Area Rapid Transit (DART), Tarrant Regional Water District, TEXRail and various other pipeline and electrical transmission line companies. Ms. Jackson is a senior right of way professional within the International Right of Way Association as she holds the SR/WA, RWA and R/W-AC designations. In addition, Ms. Jackson is a Candidate for Designation within the Appraisal Institute actively pursuing her MAI designation. Pro Affiliations / Accreditations ‒ Certified General Appraiser, State of Texas ‒ International Right of Way Association, Chapter 36 Member (SR/WA, RWA, R/W- AC Designations) ‒ Appraisal Institute, Candidate for Designation Education ‒ Texas A&M University, College Station, Texas ‒ Master of Real Estate (2009) ‒ Bachelor of Business Administration, Marketing (2008) ‒ Successfully completed numerous real estate related courses and seminars sponsored by the International Right of Way and the Appraisal Institute © 2023 CBRE, Inc.