RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_- Ewing Avenue, Franklin Lakes, Bergen County, New Jersey Date: Galenkamp Brothers The Mountain Club, Inc. February 21, 2017 Sale Price: $36,000,000.00 Block: 3104 Lot: 1 to Toll NJ XI, LP Zone: A-40 1 2 1,1.01, 1.02, 2 5 2 2,3,4 2548 Page: 1 Acres: 131.780 Identification: Former High Mountain Golf Course Holes: Eighteen (18) Analysis: Sale reflects $273,183.00 per acre or $2,000,000.00 per hole, unadjusted. Comment: The sale involves the former High Mountain Country Club which closed in 2014. The conveyance involved two (2) separated deeds as noted above. The property was conveyed with development approvals for a total of 275 residential units consisting of 60 single family detached dwellings, 160 market rate townhouse units and 55 affordable units. The development will be known as The Reserve at Franklin Lakes,