Appellant and county differ on Fort Strong Villas valuation; board affirms county assessment

The County Board of Equalization confirmed Arlington County's 2026 assessment of $15,499,700 for Fort Strong Villas, an 81-unit garden-style apartment complex at 1900 North Calvert Street, after hearing competing appraisals from the property's representative and county appraisers.

Appellant representative Mr. Heim told the board the appellant's analysis used the 2025 income-and-expense statement and a 6.7% capitalization rate to derive a requested value of $14,641,120. "The 2026 assessment is $15,499,700 and our requested value is $14,641,120," he said, citing calendar-year 2025 gross potential revenue, actual vacancy (5%) and reported expenses that produced a net operating income (NOI) of $980,955.

County appraiser Mr. Peralta said the county's testing produced a slightly higher NOI and that historical trends supported the county's figures. He noted the county applied a guideline vacancy of 4% and a tested expense ratio higher than the appellant used, producing a county NOI just over $1 million. "We came up with a NOI of just over $1 million capped out at $15,499,700," Mr. Peralta said.

Board members questioned the income and expense assumptions, noting the property's occupancy and year-over-year trends. After discussion one member said the county's expense adjustments were reasonable though the appellant's income figures were conservative; another member said the difference between the parties' NOIs was modest and did not warrant changing the assessment.

A motion to confirm the county assessment was made and seconded; the board voted unanimously to confirm the county at $15,499,700.

The board recorded no further directions and closed the case.