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The above evidence was submitted in to Axia and was admitted in to evidence. Overview of the Subject Property: The property is a Class D, average plus quality, apartment complex with 284 units. The buildings contain a total of 353,468 SF of gross building area and 290,934 SF of net leasable area. There are 122 one bedroom units, 131 two bedroom units and 31 three bedroom units. The buildings were completed in 2021. The project was leased up in 2021 and sold March of 2022, along with a project in Naples FL. (The purchase price for the subject was not available.) The property is located at 2221 Federal Hwy in Stuart. Summary of evidence presented by the property appraiser: The PA stated that the property has a Just Value of $55,798,350 or $196,473 per unit at the beginning of the hearing. The PA presented an income approach. The PA use a rental rate of $1,998 per month for the 1 bedroom units, $2,445 for the two bedroom units and $2,950 for the three bedroom units. This resulted in a blended rate of $2,308 per unit per month. The rent rate was applied to the 284 unit and resulted in an estimate of annual rent of $7,866,012. Other income was estimated at 2.5% of total rent or $196,650. This resulted in a PGI of $8,062,662 or $2,366 per unit per month. A 5% vacancy and collection loss and 4.5% for concessions was deducted from the PGI, for an EGI of $7,296,709 or $2,141 per unit per month. Expenses of 28.5% of EGI (excluding real estate taxes) or $2,079,562 and 2% of EGI or $145,934 for reserves were deducted and resulted in a NOI of $5,071,213 or $1,488 per unit per month. The net operating income was capitalized at 5.5%, plus a tax load of 1.5567% (18.3141 mills X 85%) for a loaded cap rate of 7.06% (r). This indicated a value of $71,863,819 or $253,042 per unit. The TPP of $1,299,407 was deducted. This indicated a preliminary value for the real estate of $70,654,412. A 15% cost of sale deduction was made and indicated a just value of $59,979,750 or $211,196 per unit. This supported the current assessment. The PA presented rent comparable charts with asking rental data from the subject's website (as of 2/9/2023) and average asking rents from 10 apartment complexes (including the subject) from the Stuart area (as of 1/2023). The 10 complexes showed average rents of $1,970 per month for the 1 bedroom units, $2,417 for the two bedroom units and $2,980 for the three bedroom units. These asking rents 2 -44-