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RPRG Services

Real Property Research Group offers a wide range of real estate market research and consulting services, each of which is described in more detail in the tabs below. While the descriptions of each service are explained in general terms to fit most client needs, RPRG can tailor all services to meet the specific and dynamic needs of any project or client. RPRG market research products submitted to lenders and/or federal or state agencies strictly adhere to all federal and state guidelines as well as the National Council of Housing Market Analysts (NCHMA) standards and best practices (when applicable).

Market Feasibility Analysis

RPRG prepares formal, comprehensive market feasibility analyses suitable for presentation to lenders, syndicators as well as state and federal agencies. The focus of these formal analyses is to assess and document the extent of market support for a proposed project and to render an opinion on market feasibility. The formal market feasibility analysis can be a second phase in a process in which RPRG first conducts a preliminary/product position analysis.

The firm prepares formal market feasibility analyses for new construction projects. Acquisition/rehabilitation and strategic investment for the end users and situations are listed below.

End Users:

  • Conventional debt lenders/financing
  • HUD Section 221(d)(4), 231, and 220 mortgage insurance/lenders
  • Taxable and tax-exempt bond issuance
  • Fannie Mae DUS lenders/financing
  • Investment banks and equity investors
  • State housing finance agencies
Key ComponentDescription
Project DescriptionOverview of the project's target market, pricing, and design
Site / Area AnalysisAnalysis of the site / local area's appeal and access to amenities
Economic ContextAnalysis of local economic trends compared to state and U.S. trends
Demographic TrendsDemographic trends in the defined market area
Competitive AnalysisAnalysis of competing projects in the defined market area
Affordability / DemandProject unit affordability and projected demand
Product EvaluationAn examimation of the project's unit mix, unit sizes, rents, features, and amenities
AbsorptionProjected unit absorption in the defined market area
ConclusionStatement on project feasibility and RPRG recommendation

Product Position Analysis

Oftentimes, before preparing a formal market feasibility analysis for presentation to a third party, RPRG conducts a product position analysis. The purpose of this type of assessment is to determine how the proposed project can be best positioned within the marketplace. RPRG works with the client to determine the project’s particular strengths and weaknesses within the context of market realities, offering recommendations on such items as product and unit mix, unit sizes, pricing structure, features and amenities, services, project phasing, and timing. These analyses thoroughly examine the underlying supply and demand fundamentals of the market and other dynamics that will influence the product’s success. A product position analysis can provide the foundation for a formal market feasibility analysis to be submitted to a lender.

Key ComponentDescription
Project DescriptionOverview of the project target market, pricing, and design
Site / Area AnalysisAnalysis of the site / local area's appeal and access to amenities
Competitive AnalysisAnalysis of competing projects in the defined market area
DemandProjected demand for the project
RecommendationsProduct and pricing recommendations
ConclusionConclusions on product positioning

Market Opportunities Assessment

Beyond the traditional market feasibility analysis, RPRG specializes in conducting strategic assessments and analyses designed to help the developer/sponsor determine the product opportunities that will be optimal for a site and/or market. Tailored to a client’s specific needs, the market opportunities assessment helps to determine direction and facilitate early decision-making. A market opportunity assessment can identify and prioritize the opportunities available within a real estate category. Commonly answered questions include:

  • Is a site more suitable for single-family detached homes, attached product, condominiums, or some combination of housing types?
  • What alternative development programs, including types and mixes of residential and commercial land uses, are appropriate for a site?
  • What products and locations are most suitable for development within a given market area and/or region?
  • Does it make sense to offer units on a rental basis or for-sale?

RPRG also works with planning firms to conduct assessments of public agency portfolios to determine long term development opportunities for their land holdings.

Due Dilligence

Due diligence assignments offer an independent review of market research or formal market feasibility studies prepared by others. RPRG conducts due diligence work for institutional clients including syndicators, investors, and financial institutions. The firm also provides this service to state agencies allocating tax credits. In some cases, due diligence assessments focus on proposed real estate projects. In other instances, we address projects already built or partially built. In addition to reviewing the intrinsic market dynamics impacting the project, this type of analysis can focus on examining the validity and suitability of specific methodological approaches and/or data sources used.

Community Impact Analysis

RPRG documents economic, fiscal and social impacts of community development projects and public initiatives for developers, lenders, and government agencies. Charter schools, hospitals, manufacturing facilities, and entertainment venues are a few of the types of projects for which we have conducted Community Impact Analyses in recent months. Our Community Impact Analysis report can be tailored to meet the needs of the client and to address the unique characteristics of each subject.

To meet the needs of clients involved in the New Markets Tax Credit arena, RPRG has developed a Community Impact Analysis product for the specific use of evaluating projects utilizing NMTCs. In addition to estimating job and income growth resulting from a NMTC project, RPRG measures the revenue and expenditure impact on local government, the employment and wage impacts for low-income individuals in surrounding neighborhoods and a project’s impact on sustainability.

RPRG can study community impacts from a variety of vantage points:

  • Assessing the community impact of a proposed change in public policy
  • Determining the impact of a portfolio or pipeline for a CDFI application
  • Measuring how a project meets the business goals of a CDE
  • Tracking the progress of a completed project post construction

RPRG also conducts Fiscal Impact Assessments measuring public revenue generated (or expected to be generated) and public expenditures incurred (or expected to be incurred) as a result of a specific development project. This is a useful tool for developers to measure the impact their project will have on state and local budgets or governmental entities to understand the effect a change in policy will have on local finances.