Union County board upholds county valuation for Elevate Apartment Complex at Rocky River
June 22, 2026 | Union County, North Carolina
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The Union County Board of Equalization and Review voted on a motion to uphold the county assessor’s valuation for the Elevate Apartment Complex at Rocky River and the Bypass, rejecting an appeal filed on behalf of owner Signature Rocky River LLC.
Tristan Erickson Kales, presenting for Signature Rocky River LLC, told the board the developer’s opinion of value for the 360‑unit complex is $64,800,000, or $180,000 per unit: “our opinion of value is 64,800,000 and that is based on a per door evaluation 180,000. There are 360 total units.” He said the figure was drawn from the company’s experience developing similar properties in the Charlotte metropolitan area.
A representative from the Assessor’s office responded with a comparable‑sales and income analysis, saying staff used 13 sales across North and South Carolina with a 20% location adjustment and noted four recent Union County sales that produced higher per‑unit figures. The county presented an income approach valuing the property at about $72.5 million (roughly $201 per unit) and said the analyses support maintaining the county valuation. The county also reported using a 5.1 percent capitalization rate in its income model.
Board members pressed the appellant about supporting documentation. Kales acknowledged the appellant “have not submitted documentation as a part of the appeal. This was an ongoing process where we came to the 180,000 per door value” and said the figure came from conversations and the developer’s experience rather than an income or sales analysis. During deliberations, board member Mr. Smith said the appellant “did not present any evidence to us to dispute or contradict the county’s valuation.”
Mr. Smith moved to approve the county’s valuation as presented; Mr. Ashcraft seconded. The board approved the county valuation by voice vote.
The board then handled Hearing No. 2 (property key 06162005N, owner GSI Providence Waxhaw owner LLC). The owner was not present; Mr. Smith moved and Mr. O’Keefe seconded that the board accept the county’s valuation of $7,982,800, and the board approved the county value by voice vote.
Finally, the board accepted staff recommendations listed in addendum A (settled cases) on a motion by Mr. O’Keefe and second by Mr. Smith. The board then voted to adjourn.
Next steps: the board said taxpayers will be notified in writing of decisions, and any cases the board tabled would be reopened at a later date if applicable.
Tristan Erickson Kales, presenting for Signature Rocky River LLC, told the board the developer’s opinion of value for the 360‑unit complex is $64,800,000, or $180,000 per unit: “our opinion of value is 64,800,000 and that is based on a per door evaluation 180,000. There are 360 total units.” He said the figure was drawn from the company’s experience developing similar properties in the Charlotte metropolitan area.
A representative from the Assessor’s office responded with a comparable‑sales and income analysis, saying staff used 13 sales across North and South Carolina with a 20% location adjustment and noted four recent Union County sales that produced higher per‑unit figures. The county presented an income approach valuing the property at about $72.5 million (roughly $201 per unit) and said the analyses support maintaining the county valuation. The county also reported using a 5.1 percent capitalization rate in its income model.
Board members pressed the appellant about supporting documentation. Kales acknowledged the appellant “have not submitted documentation as a part of the appeal. This was an ongoing process where we came to the 180,000 per door value” and said the figure came from conversations and the developer’s experience rather than an income or sales analysis. During deliberations, board member Mr. Smith said the appellant “did not present any evidence to us to dispute or contradict the county’s valuation.”
Mr. Smith moved to approve the county’s valuation as presented; Mr. Ashcraft seconded. The board approved the county valuation by voice vote.
The board then handled Hearing No. 2 (property key 06162005N, owner GSI Providence Waxhaw owner LLC). The owner was not present; Mr. Smith moved and Mr. O’Keefe seconded that the board accept the county’s valuation of $7,982,800, and the board approved the county value by voice vote.
Finally, the board accepted staff recommendations listed in addendum A (settled cases) on a motion by Mr. O’Keefe and second by Mr. Smith. The board then voted to adjourn.
Next steps: the board said taxpayers will be notified in writing of decisions, and any cases the board tabled would be reopened at a later date if applicable.
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