Water’s Edge Apartments case

The goal of the Appraisal Project is to provide students with an opportunity to apply classroom
knowledge to real world conditions in an analysis of the Water’s Edge Apartments case study.
The student will calculate the Net Project Cash Flows and then calculate the NPV and IRR based
on these cash flows. Use the Excel file: Appraisal Project Assignment – Case Study – Exhibit
1 for your calculations.
In your report, include a written analysis of the Water’s Edge Apartments calculations as well as
a discussion of the strengths and weaknesses of the NPV and IRR as valuation measures. Your
report will need to be 1,000 words including an APA formatted title page and references page,
and at least 5 scholarly references (e.g., peer-reviewed journal articles). You may also use non-
scholarly references such as trade publications in addition to your 5 scholarly sources. Include a
section in your report on a biblical integration of the topics.
The Opportunity
In early 2008, John Francis and Donald White met to discuss a potential real estate development
opportunity. The Water’s Edge property was created through the purchase of eight individual
properties to create a single 9.66 acre footprint on the banks of the Mohawk River in Cohoes
NY.  When complete, the development would contain 132 individual units in two mirrored
buildings with a private street separating them.  The current developer of the project was
experiencing financial difficulties and was seeking a buyer for the partially complete project.
John Francis is President of Francis Properties (FP), a real estate development and management
firm specializing in multiple occupant facilities in the greater Capital District of New York.  FP’s
projects include Greystone, a 38-unit senior living property and Windy Pointe, a 51-unit facility.
Donald White is Managing Director of Alliance Venture Partners (AVP) and is a seed-stage
investor in early stage technology companies.  AVP also invests in commercial and residential
real estate projects in metropolitan Boston and in the Capital Region of upstate New York.
Friends since childhood, John and Donald agreed to evaluate the acquisition of Water’s Edge
property as a joint venture between FP and AVP. Their first concern is to evaluate the potential
value of the opportunity.
The Senior Housing Movement
America is a quickly graying country, with nearly 8,000 Americans turning 60 each day
according to the US Census Bureau.  The fastest growing segment of the US population is those
over 85, with those of traditional retirement age (65) being the second fastest growth segment.
Immediately behind them come the Baby Boomers, a two-decade spanning group of over 70
million individuals with more wealth and inclination to spend it than any other time in US
The Albany region has a shortage of attractive senior living alternatives.   Currently, senior
living facilities in the area represent a total of less than 500 units. Potential customers prefer to

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