George Relias was retained to evaluate and appeal the assessment for a 52 story high rise apartment building containing 809 units and over 51,000 RSF of retail known as One Superior Place. The improvements and the ground lease were recently purchased for a combined purchase price of $320,000,000. Due to the high concentration of one bedroom and studio apartments we were able to successfully argue that the purchase price was not indicative of the true market value. The value was reduced to 42% of the recent purchase price.