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AcUITY GROUP <br /> REAL ESTATE PROFESSIONALS <br /> 564 Dodge Ave. Ste A,Elk River, MN 55330 <br /> 763-633-3535 Phone 763-633-3533 Fax www.ACGProperty.com <br /> April 24, 2019 <br /> Mulvaney Point Concept Review <br /> Acuity Group has been a local real estate and property management brokerage in Elk <br /> River since 2008. Along with our real estate sales, Acuity Group has established a large <br /> presence in the rental property management arena including management of some homes <br /> owned by ERMU. <br /> Evidenced by the large number of new construction units on the market, there is an <br /> obvious demand for 1 level townhomes. The market that is not being served is the luxury <br /> 1 level townhome rental market. For a various number of reasons, there is a large <br /> demographic of people who would prefer to rent a luxury unit versus spending between <br /> $280k-$375k to purchase. <br /> These reasons include: <br /> • Fixed monthly expense with no maintenance surprises <br /> • Not wanting a mortgage and wanting to maintain savings reserves <br /> • Flexibility to move without being stuck selling during a down market <br /> • No selling expenses <br /> From a planning standpoint this may be a distinction without a difference but there is an <br /> obvious demand for this style and structure of housing. Tall Pines is the 26 unit detached <br /> townhome development and is located directly across the street from the subject property. <br /> This project falls within the theme that has been set forth in the area but provides <br /> residents and alternative to buying. <br /> On a side note, Tall Pine Holdings, LLC is in no way shape or form involved with the <br /> development across the street named Tall Pines. That is merely a bizarre coincidence. <br /> Dustin Heggem <br /> Acuity Group <br /> Broker/Owner <br />