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<br /> <br /> <br />Hillside Heights Apartments, Elk River, Minnesota <br /> <br />Market Analyst Professionals, LLC 9 April 24, 2020 <br />Section 4: Market Area Delineation <br />The Primary Market Area (PMA) is considered to be the area from which households residing <br />near the site would look first for housing. The formulation of the PMA is influenced by the following <br />factors proximity to nearby communities (i.e. the gravity model), natural barriers, political boundaries, <br />employment centers, commuting patterns, proximity, transportation linkages and the availability of <br />competitive housing (e.g. limited senior housing options generally increase the relative size of market <br />areas for senior housing). The following demographic information, comparables, and demand analysis <br />are based on the Primary Market Area (PMA) as defined below and outlined in the following maps. For <br />comparison purposes data pertaining to the city of Elk River, Sherburne County and the state of <br />Minnesota has also been included throughout the analysis. The proposal is located in the city of Elk River, <br />Minnesota, in Census Tract 305.02 of Sherburne County. The PMA is defined by Census Tracts and <br />encompasses an area northwest of Minneapolis including a portion of Census Tracts located in Wright, <br />Hennepin, Sherburne and Anoka Counties. <br /> <br />Major factors in defining the PMA were proximity to the site, socioeconomic conditions and <br />competition with surrounding areas. Specifically, the site is located in the city of Elk River near the <br />recently constructed Northstar commuter rail line. Declining proximity to the site was the major factor in <br />limiting the PMA. Specifically, the PMA extends less than 8 miles from the site in all directions. Given <br />the small geographic area it encompasses the PMA should be considered a conservative estimate of <br />demand. <br />