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Board upholds county—s $50.9 million assessment for Indian Trail apartment complex after cap-rate dispute

6430357 · October 21, 2025

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Summary

A hearing on an Indian Trail apartment complex owned by MREF entities ended with the Board of Equalization and Review accepting the county—s assessment of $50,931,400. The owner—s tax consultant argued for a lower value based on 2024 income and a higher loaded cap rate; county staff said their mixed-source cap-rate analysis and local sales support

The Board of Equalization and Review voted to keep Union County’s $50,931,400 assessment for a 204-unit apartment complex in Indian Trail after hearing a challenge from the owner’s representative.

Jared Levandowski, a property-tax consultant representing the owner (MREF 2 and MREF 3 Indian Trail LLC), presented an income-capitalization appeal that used the property’s 2024 operating statement and a loaded cap rate derived from CoStar market data. Levandowski estimated an indicated value of about $44,106,000 using his loaded cap-rate method and argued that multifamily pricing had declined from 2022 highs, citing a county CoStar chart showing Union County price-per-unit declines through 2024.

County staff told the board they used a blended set of loaded cap-rate sources (CoStar, Trepp and RealData) and local sale comparables and reported an indicated value consistent with the $50,931,400 assessment. County staff said several Union County sales and surrounding-county sales supported their per-unit indicators and defended the 5.1 loaded cap rate used in the county model. County staff also noted there was a 2025 sale of the subject property but said post–assessment-date transactions cannot be used to set values for the 2025 tax roll.

Board discussion emphasized that the difference in outcomes came down largely to the cap-rate assumption applied to the actual 2024 income stream. After deliberation, the board voted to accept the county’s assessment for the Indian Trail property. The board will provide a written notice of its decision to the taxpayer per standard procedure.