Marketing Plan 2017 Prepared For: Senderos 1
Associates professionals in the industry. The Chamberlin team brings the knowledge, experience, creativity and innovation required to effectively create and maximize value for the properties we manage. 2
Associates, LLC provides the Systems, Training and Support to ensure the most effective property performance to maximize results and increase the bottom line. 3
Associates teams provide all of the corporate level support required to achieve the best results for our clients. Compliance Accounting/Reporting Risk Management Legal Marketing & Leasing Technology Human Resource/Benefits Executive Team 4
Marketing plays a significant role in the success or failure of the property in achieving its occupancy and operational performance goals. That said, the most important result of the marketing effort involves not just generating traffic but generating qualified traffic. Once the qualified prospect comes to the property, the marketing effort continues at the property in terms of curb appeal of the property, and further with the quality and training of the on-site staff and the rental policies in place. We will also review the “Branding” of each community and make suggestions for improving the perception of the property in the marketplace, if required. Competitors Analysis Please See Attached 5
Action Plan & Implementation Schedule Senderos will benefit from the following marketing sources: Sources Monthly Cost Apartments.com $349/Month For Rent Magazine $395/Month Printing & Delivering 10,000 flyers P/Month $600.00/Month Promotional Items/Creative Marketing $1000.00 P/Month (Starbucks cards, Household Items, Gift Baskets, Gift Bags with Goodies, Pens, etc.…) Human Directional (Spinner) $480 P/Month (Optional) Printing 1,000 Property Brochures $500 P/Month Community Newsletter $150 P/Month Marketing Events (Resident Retention parties/events) $300-$600 P/Month Total Estimated Marketing Cost Mentioned above on the P/Month items as a menu Resident Referrals $1,500-$2,000 P/Month in concessions Total Concessions for Resident Referrals P/Month $1,500-$2,000 P/Month Direct Mailers $1500.00 Quarterly Creative Marketing: Open House/Resident Retention: The goal of this event is to have current residents invite their friends, relatives and co-workers to come join us for snacks and refreshments and at the same time we will educate them on health and safety issues. Saturday Brunch: Breakfast at the Gate is a way to maximize resident appreciation and word-of-mouth advertising. The team will stand at the main entrance/exit to the community once per month (during the first 90 days and then quarterly thereafter) and hand out breakfast food and juices. This is an opportunity to hand out resident referral flyers as well 6
Free Advertising: Craigslist Zillow.com Phoenix Backpage Tenant.com Property Management Facebook Keep a calendar in the marketing log of what will be done on certain days of the week and designate someone to follow through. Resident Referrals (they decide if they want to bring us business so keep them happy!) o Send Thank you cards to their jobs with a Snack. o Pass out flyers to residents’ doors. o Take pizza and balloons to residents at work with flyers and brochures, thanking them for Referral. o Referral contest (with approval!); “Send 5 people to view an apartment and receive $100.00 off next month’s rent.” o Signage for referral program “Reward Yourself, Ask About our Resident Referral Program” Locators o Fax flyers to them with current rates o Have contests (with approval); “1 locator to send 5 prospects to view an apartment and st receive a lunch for all your office employees on us!” o Visit them with goodies, brochures and business cards o Host open houses, per every prospective you bring, enter to win a 32’ Flat screen TV o Invite them for a breakfast or luncheon (have a vendor pay for it, they’ll want to!) Other Companies Make brochures designed to specific companies for their employees. Call the manager and ask to set up an appointment for a time you can sit down and present the idea of “you scratch my back, I’ll scratch yours.” Not only does it show professionalism, but they can see what they will Get in return! Build a relationship with the managers and staff so they don’t just throw your brochures away. 7
o Companies with high employee volume. Fill some mugs with candy and bookmarks and set them in their break room: Surrounding Businesses Phoenix Children’s Hospital, VA Hospital, Abrazo, Maricopa County Hospital Dept. Stores/Grocery Stores; Wal-Mart, Target, Fry’s, Drug stores; CVS, Walgreens Restaurants; Fathers Smokehouse(4.6)/First Watch(4.8)/Crudo(4.5) o Companies that will let you put your brochures out for customers. Especially places with waiting rooms (by the magazines) Salons; Hair, Nail, etc. Urgent Cares Dental Offices Car Repair shops; Discount Tire, Firestone, Sam’s club, etc. Medical Offices; Hospitals, Doctor Offices, etc. o Visit Veterinarians Get some doggie treats (pre-packaged in small bags) and attach your business card Attach some rawhide chew sticks to bookmarks and set them in mugs o Mobile Property Promotions Biltmore Fashion Park post up a kiosk with signs, music, and balloons to get people’s attention. Have some flyers and floor plans to present, while giving away little gifts; candy, hot chocolate, coffee, mugs, pens, magnets, etc. Print out flyers and put them on cars, get approval from the manager first (Target, Home Depot, Wal-Mart, Lowe’s, etc.) Faxing Flyers Fax flyers to all the local businesses to get the employees attention. (A good way to market if they don’t allow soliciting) o Print out flyers that are fun to grab their attention Malls Big Department Stores Retail stores Everywhere that has a fax machine Other Companies in the area to target Chase Corporate Office Century Link Corporate Office Medical School Science Center Curb Appeal A. Bandit Signs – bandit signs will enhance leasing efforts during the lease up of the property. Each double-sided sign is 24” x 18” surrounded by a steel frame. 8
Associates does provide the following training classes out of its Phoenix Corporate Office. Those classes include, but are not limited to the following: 1. Fair Housing 2. Sexual Harassment 3. Risk Management 4. “Show Me the Money” (collections) 5. Marketing in the New Millennium 6. Leasing I & II 7. Interviewing Techniques 8. Simply Superior Service 9. Situational Leadership D. Mentor Program – each new employee will be assigned a “Peak Performer” Peer as a mentor. The mentor will train the new employee for 30 days and turn in a performance evaluation at that time. Additional Revenue 1. RUBS (Residential Utility Billing System): Is a system designed to help owners calculate and separate utility expense by tenant. Owners can implement this system to recoup some or all of the expenses from utilities and services that tenants don’t pay directly. A RUBS provider can calculate a chargeback amount for each tenant, based on unit size and the number of tenants in residence, and bill the tenants accordingly. But while extra income is great, many people overlook RUBS’ other benefit: by making the residents responsible for their own level of 9
consumption, they will conserve. Not only will you collect extra revenue, but your utility bills will drop. RUBS is recommended to use in situations where the constraints of space and/or construction does not allow a property to be sub-metered. 2. Application fees: In many cases are outdated and have not been increased in years. There is no logical reason application fees in today’s market should be the same $25 it’s been for years or even a decade or two; owners could confidently move them upward. Pushing an application fee up by $5 or $10 it adds up if you have a significant portfolio. 3. Late fees: An essential tenant management tool. Owners should not look at late fees as a source of revenue: after all, if you are collecting a lot of late fees, it means your tenants aren’t paying on time. Instead, a good late fee policy will habituate tenants to paying on time and compensate you for the extra time and cost of collecting rent from late remitters. 4. On-site business providers Like laundry equipment and vending machines can add a small but steady revenue stream. These providers have a lot of room for negotiations; simply restructuring the revenue-share percentage with existing laundry service provider can add as much as 25% to that revenue stream 5. One-time pet fees and monthly: “Pet Rent” fees will increases revenue and reduce wear and tear on property. Pets often cause damage to apartments, but people obviously love their pets and a no-pets policy could impact your occupancy. The solution could be to charge a set amount per month per pet, which places the cost of pet damage where it belongs – with the pet owner. 6. Offer community-wide Wi-Fi: You can use this to market the property and set your property apart, especially if you offer it complimentary. Some owners charge for this service. You can also negotiate commissions from the provider. 7. Trash Service: With a trash valet service, owners can provide a door-to-door trash and recycling service for their tenants. It is a turnkey operation that keeps the property clean and beautiful. Residents simply put their tied trash bags in the provided trash container and set it outside their doors at specific times. Valets collect the bags and take them to the dumpster. In summary, if one can increase revenue by $30 a month per unit at an 8 cap on a 100-unit property that will translate into an extra $450k in asset value. Investors must be aware on how to market these “fees” to their tenants and not scare them off. Investors should ask themselves if they are offering an amenity that is unique to their marketplace and they must show the resident the added benefit and explain why this fee is nominal in relation to the service. 10
Project Plan: This new construction project will have 3 phases; 1. Marketing 2. Construction 3. Leasing/Management Marketing Plan above shows our plan to actively place the new construction into the market. Because of our successful marketing plan we will be able to pre-lease the homes before construction is completed. 11
Construction- As the construction progresses, the leasing follow. Each time a building is completed we will have move-ins scheduled Each building is estimated to take 1 month. With 10 buildings and just under 100 units total estimated completion is 10 months With a new construction cost is always the most important consideration Cost Monthly through lease up: Advertising- $5000 Salary- $7000 Management-$3000 Total estimate $15,000 Income Projection base on rents only: 1 month- $0 st 2 Month- $12,000 nd 3 Month $23,000 rd 4 Month $34,000 th 5 Month $44,000 th 6 Month $59,000 th 7 Month 78,000 th 8 Month $91,000 th 9 Month $115,000 th 10 Month $138,000 th Average unit per building is 8. Average income per unit at $1.22 per sq ft is $1464 These numbers are a projection only and do not include loss to lease or any other market factors. 12
Associates will continue to manage the property and effectively obtain the ownership overall goals for the property. 13
Floor plan A – Target Income $1476 14
Floor plan B- Target income $1464 Floor plan C- Target income $943 15
Floor plan D- Target income $1542 16
Floor Plan E- Target income $1456 17
Underwriting Report 111 N Dupont Cir - Trillium 44 297 Unit Apartment Building Phoenix, Arizona Rothway/Acre City/Pacific Place Neighborhood PREPARED BY Araceli Garcia
111 N Dupont Cir - Trillium 44 SUBJECT PROPERTY Property Details 2 RENT COMPS Map & List 7 Photo Comparison 9 Rent Comps Details 11 Unit Mix Summary 39 Ranking Chart By Bedroom 40 Changes in Rent Comps 43 Rent Trend Charts 47 Rent Trend Data 53 CONSTRUCTION Overall Construction Map & Summary 55 Under Construction Map & List 56 Under Construction Details 58 Deliveries Past 12 Months Map & List 59 Delivered Property Details 61 Construction Summary 62 SALE COMPS Map & List 68 Sale Comp Details 70 Sales Volume 84 Sales Pricing 85 Cap Rates 87 Top Buyers & Sellers 88 DEMOGRAPHICS Overview 91 Age & Education 92 Ethnicity 93 SUBMARKET OVERVIEW Central City Overview 94 MARKET OVERVIEW Phoenix Overview 112 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717.
Subject Property 111 N Dupont Cir - Trillium 44 Phoenix, Arizona - Rothway/Acre City/Pacific Place Neighborhood PROPERTY PROPERTY MANAGER No. of Units: 297 Baron - Trillium 44 Stories: 4 (602) 687-9223 Avg. Unit Size: 818 SF Type: Apartments - All Rent Type: Market OWNER Year Built: Jan 2016 Trillium Residential Parking: 600 Spaces; 2.0 per Unit Distance to Transit: 4 Minute Walk ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION Current: $1,148 $1.40 /SF Current: 7.7% 23 Units Current: 34 Units Last Quarter: $1,135 $1.39 /SF Last Quarter: 8.1% 24 Units Competitor Total: 43 Units Year Ago: $1,238 $1.51 /SF Year Ago: 9.4% 28 Units Competitor Avg: 2.5 Units Competitors: $992 $1.19 /SF Competitors: 7.0% 427 Units Submarket Total: 788 Units Submarket: $974 $1.28 /SF Submarket: 8.8% 1,155 Units Submarket Avg: 2.0 Units UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 570 28 9.4% 2 7.1% $861 $1.51 $819 $1.44 4.8% Studio 1 597 27 9.1% 2 7.4% $876 $1.47 $834 $1.40 4.8% 1 1 688 22 7.4% 2 9.1% $996 $1.45 $956 $1.39 4.0% 1 1 735 22 7.4% 2 9.1% $1,020 $1.39 $979 $1.33 4.0% 1 1 782 22 7.4% 2 9.1% $1,084 $1.39 $1,040 $1.33 4.0% 1 1 801 22 7.4% 2 9.1% $1,102 $1.38 $1,057 $1.32 4.0% 1 1 802 22 7.4% 2 9.1% $1,094 $1.36 $1,050 $1.31 4.0% 1 1 813 22 7.4% 2 9.1% $1,151 $1.42 $1,104 $1.36 4.0% 1 1 814 22 7.4% 2 9.1% $1,283 $1.58 $1,231 $1.51 4.0% 1 1 933 22 7.4% 2 9.1% $1,298 $1.39 $1,245 $1.33 4.0% 2 2 946 22 7.4% 2 9.1% $1,300 $1.37 $1,261 $1.33 3.0% 2 2 1,012 22 7.4% 2 9.1% $1,325 $1.31 $1,286 $1.27 3.0% 2 2 1,260 22 7.4% 2 9.1% $1,675 $1.33 $1,625 $1.29 3.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 583 55 18.5% 4 7.3% $869 $1.49 $826 $1.42 4.8% All 1 Beds 796 176 59.3% 16 9.1% $1,128 $1.42 $1,083 $1.36 4.0% All 2 Beds 1,073 66 22.2% 6 9.1% $1,433 $1.34 $1,391 $1.30 3.0% Totals 818 297 100% 26 8.8% $1,148 $1.40 $1,104 $1.35 3.8% Estimate Updated June 04, 2017 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 2
Subject Property SITE AMENITIES Cabana Car Charging Station Courtyard Fitness Center Fitness Programs Lounge On-Site Retail Pool Spa UNIT AMENITIES Balcony Ceiling Fans Granite Countertops Heating Ice Maker Island Kitchen Kitchen Linen Closet Microwave Oven Pantry Patio Range Refrigerator Stainless Steel Appliances Tub/Shower Vinyl Flooring Walk-In Closets Washer/Dryer RECURRING EXPENSES Dog Rent $30 Cat Rent $30 Assigned Garage Parking $0-… Unassigned Garage Parking … Storage Fee $35 ONE TIME EXPENSES Dog Deposit $250 Cat Deposit $250 Dog Fee $250 Cat Fee $250 Admin Fee $150 Application Fee $75 PET POLICY Cats Allowed - $250 Deposit, $30/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $250 Dogs Allowed - $250 Deposit, $30/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $250 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 3
Subject Property Primary Buiding Buiding Buiding 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 4
Subject Property Interior Interior Interior Buiding 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 5
Rent Comparables 111 N Dupont Cir - Trillium 44 297 Unit Apartment Building Phoenix, Arizona Rothway/Acre City/Pacific Place Neighborhood PREPARED BY Araceli Garcia
Rent Comparables Summary 111 N Dupont Cir - Trillium 44 No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate 17 $992 $1.19 7.0% RENT COMPS LOCATIONS RENT COMPS SUMMARY STATISTICS Unit Breakdown Low Average Median High Total Units 152 359 360 768 Studio Units 0 52 10 168 One Bedroom Units 51 146 118 338 Two Bedroom Units 47 139 108 414 Three Bedroom Units 0 16 16 36 Property Attributes Low Average Median High Year Built 1959 1997 2002 2015 Number of Floors 2 3 3 8 Average Unit Size 626 SF 834 SF 802 SF 1,081 SF Vacancy Rate 0.0% 7.0% 6.1% 25.5% Star Rating 3.8 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 7
Rent Comparables Summary 111 N Dupont Cir - Trillium 44 Property Size Asking Rent Per Month Per Unit Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF 12 Capital Place 1 - 2015 152 914 - $1,283 $1,634 $1,950 $1.58 11 S 12th St Trillium 44 - 2016 297 818 $869 $1,128 $1,433 - $1.40 111 N Dupont Cir Roosevelt Square 2 - 2001 402 968 $1,035 $1,449 $1,348 - $1.33 105-121 W Portland St Club 7 3 - 1959 214 626 $640 $836 $925 $1,115 $1.33 3030 N 7th St Monte Viejo Apartments 4 - 2004 480 704 $802 $813 $982 $1,258 $1.29 2220 E Beardsley Rd Ascent at Papago Park 5 - 2007 270 925 - $1,239 $1,083 $1,341 $1.26 4950 E Van Buren St The Station on Central 6 - 2001 414 1,012 - $1,052 $1,379 $1,769 $1.25 4140 N Central Ave The Heritage 7 - 1995 204 973 - $922 $1,306 $1,526 $1.25 1100 E Osborn Rd Mandarina 8 - 2002 180 790 - $918 $1,080 - $1.24 5402 E Washington Ave The Urban 9 - 2004 435 717 $695 $802 $992 $1,178 $1.23 3601 E McDowell Rd Capri on Camelback 10 - 1969 556 691 $755 $760 $1,021 - $1.17 5115 N 40th St Red Mountain Villas 11 - 1990 768 780 - $793 $981 $1,315 $1.16 815 N 52nd St Roosevelt Point 12 - 2013 324 796 $1,043 $1,146 $809 $786 $1.16 888 N 4th St Monterra Apartment Homes 13 - 2000 258 801 $737 $832 $947 $1,255 $1.12 1333 N 24th St Alanza Place 14 - 2002 360 953 - $901 $1,166 $1,577 $1.08 1121 N 44th St Presidio North 15 - 1986 360 695 $668 $752 $875 - $1.08 17031 N 11th Ave Residences at FortyTwo25 16 - 2009 357 923 $810 $882 $1,075 $1,395 $1.06 4225 E McDowell Rd Courtney Village Apartments 17 - 2002 368 1,081 - $943 $1,069 $1,234 $0.97 4848 E Roosevelt St 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 8
Rent Comparables Photo Comparison 111 N Dupont Cir - Trillium 44 Subject Property 1 12 Capital Place Trillium 44 2 Roosevelt Square 11 S 12th St 111 N Dupont Cir 105-121 W Portland St 152 Units / 4 Stories 297 Units / 4 Stories 402 Units / 4 Stories Rent/SF $1.58, Vacancy 25.7% Rent/SF $1.40, Vacancy 7.7% Rent/SF $1.33, Vacancy 2.2% Owner: EPOCH Residential Owner: Trillium Residential Owner: Berkshire Group 3 Club 7 4 Monte Viejo Apartments 5 Ascent at Papago Park 3030 N 7th St 2220 E Beardsley Rd 4950 E Van Buren St 214 Units / 2 Stories 480 Units / 3 Stories 270 Units / 3 Stories Rent/SF $1.33, Vacancy 4.2% Rent/SF $1.29, Vacancy 6.0% Rent/SF $1.26, Vacancy 7.4% Owner: Pennybacker Capital, LLC. Owner: Eqr-monte Viejo Llc Owner: MG Properties Group 6 The Station on Central 7 The Heritage 8 Mandarina 4140 N Central Ave 1100 E Osborn Rd 5402 E Washington Ave 414 Units / 3 Stories 204 Units / 3 Stories 180 Units / 3 Stories Rent/SF $1.25, Vacancy 6.8% Rent/SF $1.25, Vacancy 4.4% Rent/SF $1.24, Vacancy 22.8% Owner: HSL Properties, Inc. Owner: LivCor, LLC;Ivanhoe Cambri… Owner: Capital Real Estate 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 9
Rent Comparables Photo Comparison 111 N Dupont Cir - Trillium 44 9 The Urban 10 Capri on Camelback 11 Red Mountain Villas 3601 E McDowell Rd 5115 N 40th St 815 N 52nd St 435 Units / 3 Stories 556 Units / 4 Stories 768 Units / 2 Stories Rent/SF $1.23, Vacancy 3.0% Rent/SF $1.17, Vacancy 15.8% Rent/SF $1.16, Vacancy 4.8% Owner: Fowler Property Acquisitions… Owner: Greystar Investment Group, … Owner: Weidner Property Managem… 12 Roosevelt Point 13 Monterra Apartment 14 Alanza Place 888 N 4th St 1333 N 24th St 1121 N 44th St 324 Units / 8 Stories 258 Units / 3 Stories 360 Units / 4 Stories Rent/SF $1.16, Vacancy 6.8% Rent/SF $1.12, Vacancy 1.9% Rent/SF $1.08, Vacancy 11.4% Owner: Concord Eastridge, Inc;Educ… Owner: Weidner Property Managem… Owner: Sares-Regis Group 15 Presidio North 16 Residences at 17 Courtney Village 17031 N 11th Ave 4225 E McDowell Rd 4848 E Roosevelt St 360 Units / 2 Stories 357 Units / 3 Stories 368 Units / 3 Stories Rent/SF $1.08, Vacancy 0% Rent/SF $1.06, Vacancy 3.1% Rent/SF $0.97, Vacancy 7.1% Owner: - Owner: Lawrence Hess Owner: Continental Realty Advisors, … 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 10
Rent Comparables 111 N Dupont Cir - Trillium 44 1 11 S 12th St - 12 Capital Place Phoenix, Arizona - Eastlake Park Neighborhood PROPERTY PROPERTY MANAGER Property Size: 152 Units, 4 Floors Mark-Taylor - 12 Capital Place Avg. Unit Size: 914 SF (480) 361-7777 Year Built: Dec 2015 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 4.1 Miles Distance to Transit: 1 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 0 820 1 0.7% 1 100% $1,550 $1.89 $1,550 $1.89 0.0% Studio 0 825 1 0.7% 1 100% $1,550 $1.88 $1,550 $1.88 0.0% Studio 0 910 1 0.7% 1 100% $1,600 $1.76 $1,600 $1.76 0.0% 1 1 615 2 1.3% 1 50.0% $1,065 $1.73 $925 $1.50 13.2% 1 1 639 3 2.0% 1 33.3% $1,500 $2.35 $1,302 $2.04 13.2% 1 1 692 6 3.9% 2 33.3% $1,138 $1.64 $987 $1.43 13.2% 1 1 693 3 2.0% 1 33.3% $1,450 $2.09 $1,259 $1.82 13.2% 1 1 749 15 9.9% 2 13.3% $1,310 $1.75 $1,137 $1.52 13.2% 1 1 753 17 11.2% 2 11.8% $1,304 $1.73 $1,132 $1.50 13.2% 1 1 796 17 11.2% 1 5.9% $1,271 $1.60 $1,104 $1.39 13.2% 1 1 850 22 14.5% 1 4.6% $1,230 $1.45 $1,067 $1.26 13.2% 1 1 890 7 4.6% 0 0.0% $1,385 $1.56 $1,202 $1.35 13.2% 2 2 1,022 15 9.9% 1 6.7% $1,749 $1.71 $1,546 $1.51 11.6% 2 2 1,080 16 10.5% 0 0.0% $1,596 $1.48 $1,410 $1.31 11.6% 2 2 1,142 12 7.9% 0 0.0% $1,423 $1.25 $1,257 $1.10 11.6% 2 2 1,249 4 2.6% 1 25.0% $1,990 $1.59 $1,758 $1.41 11.6% 3 2 1,324 10 6.6% 0 0.0% $1,950 $1.47 $1,706 $1.29 12.5% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 852 3 2.0% 3 100% $1,567 $1.84 $1,567 $1.84 0.0% All 1 Beds 781 92 60.5% 11 12.0% $1,283 $1.64 $1,113 $1.43 13.2% All 2 Beds 1,092 47 30.9% 2 4.3% $1,634 $1.50 $1,444 $1.32 11.6% All 3 Beds 1,324 10 6.6% 0 0.0% $1,950 $1.47 $1,706 $1.29 12.5% Totals 914 152 100% 16 10.5% $1,441 $1.58 $1,263 $1.38 12.3% Estimate Updated June 08, 2017 SITE AMENITIES 24 Hour Availability, Cabana, Controlled Access, Courtyard, Dry Cleaning Service, Fitness Center, Grill, Guest Apartment, Picnic Area, Property Manager on Site, Spa, Storage Space, Waterfront UNIT AMENITIES Air Conditioning, Cable Ready, Ceiling Fans, Dining Room, Dishwasher, Disposal, Heating, Ice Maker, Kitchen, Linen Closet, Microwave, Views, Vinyl Flooring, Walk-In Closets, Washer/Dryer 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 11
Rent Comparables 111 N Dupont Cir - Trillium 44 RECURRING EXPENSES Dog Rent $15 Cat Rent $15 Assigned Garage Parking $25 Unassigned Garage Parking … ONE TIME EXPENSES Admin Fee $150 Application Fee $50 PET POLICY Cats Allowed - $15/Mo, 2 Maximum, One-Time Fee: $0 Dogs Allowed - $15/Mo, 2 Maximum, One-Time Fee: $0 Restrictions: No aggressive Breeds. Restrictions are for pure and mixed breeds of Pit Bulls, Akitas, Chows, Rottweilers, Mastiffs, Doberman Pinschers, Dalmatians and German Shepherds. Also restricted to any animals known to these breeds by any other name. 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 12
Rent Comparables 111 N Dupont Cir - Trillium 44 2 105-121 W Portland St - Roosevelt Square Phoenix, Arizona - Downtown Phoenix Neighborhood PROPERTY PROPERTY MANAGER Property Size: 402 Units, 4 Floors Berkshire - Roosevelt Square Avg. Unit Size: 933 SF (602) 258-7678 Year Built: 2001 Type: Apartments - All OWNER Rent Type: Market/Affordable Purchased Jan 2007 Parking: 330 Spaces; 0.8 per Unit $2,224,352,747 - Portfolio Price Distance to Subject: 5.2 Miles Distance to Transit: 1 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 589 59 14.7% 1 1.7% $983 $1.67 $983 $1.67 0.0% Studio 1 724 40 10.0% 1 2.5% $962 $1.33 $962 $1.33 0.0% Studio 1 879 32 8.0% 1 3.1% $1,221 $1.39 $1,221 $1.39 0.0% 1 1 766 10 2.5% 1 10.0% $969 $1.27 $969 $1.27 0.0% 1 1 1,059 172 42.8% 1 0.6% $1,477 $1.39 $1,477 $1.39 0.0% 2 1.5 1,136 40 10.0% 1 2.5% $1,403 $1.24 $1,403 $1.24 0.0% 2 2 1,252 40 10.0% 1 2.5% $1,268 $1.01 $1,268 $1.01 0.0% 2 2 1,334 9 2.2% 1 11.1% $1,458 $1.09 $1,458 $1.09 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 701 131 32.6% 3 2.3% $1,035 $1.48 $1,035 $1.48 0.0% All 1 Beds 1,043 182 45.3% 2 1.1% $1,449 $1.39 $1,449 $1.39 0.0% All 2 Beds 1,208 89 22.1% 3 3.4% $1,348 $1.12 $1,348 $1.12 0.0% Totals 968 402 100% 8 2.0% $1,292 $1.33 $1,292 $1.33 0.0% Estimate Updated June 08, 2017 SITE AMENITIES Business Center, Controlled Access, Elevator, Fitness Center, Free Weights, Gated, Grill, Guest Apartment, Maintenance on site, On-Site Retail, Package Service, Picnic Area, Pool, Property Manager on Site, Storage Space, Sundeck UNIT AMENITIES Air Conditioning, Alarm, Balcony, Cable Ready, Ceiling Fans, Den, Dishwasher, Disposal, Fireplace, Hardwood Floors, Heating, High Speed Internet Access, Loft Layout, Microwave, Oven, Pantry, Patio, Range, Refrigerator, Tub/Shower, Views, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $30 Cat Rent $30 Assigned Garage Parking $35 Unassigned Garage Parking … Free Gas ONE TIME EXPENSES Dog Deposit $150 Cat Deposit $150 Application Fee $50 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 13
Rent Comparables 111 N Dupont Cir - Trillium 44 PET POLICY Cats Allowed - $150 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $0 Restrictions: We welcome your pets for a maximum of 2 pets per apartment home. Pet deposit fee is $150 per pet. There is a monthly pet rent of $30 for the first pet and $50 for the second. Pet fee is $350 per pet. No weight limit. Please call our leasing office for more information. Dogs Allowed - $150 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $0 Restrictions: We welcome your pets for a maximum of 2 pets per apartment home. Pet deposit fee is $150 per pet. There is a monthly pet rent of $30 for the first pet and $50 for the second. Pet fee is $350 per pet. No weight limit. Please call our leasing office for more information. 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 14
Rent Comparables 111 N Dupont Cir - Trillium 44 3 3030 N 7th St - Club 7 Phoenix, Arizona - Encanto Neighborhood PROPERTY PROPERTY MANAGER Property Size: 214 Units, 2 Floors IPS - Club 7 Avg. Unit Size: 627 SF (602) 281-6155 Year Built: 1959 Renov 2015 Type: Apartments - All OWNER Rent Type: Market Purchased May 2017 Parking: 353 Spaces; 1.6 per Unit $19,000,000 ($86,758/Unit) Distance to Subject: 5.2 Miles Distance to Transit: 10 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 218 20 9.3% 1 5.0% $580 $2.66 $580 $2.66 0.0% Studio 1 383 13 6.1% 0 0.0% $670 $1.75 $670 $1.75 0.0% Studio 1 441 9 4.2% 0 0.0% $730 $1.66 $730 $1.66 0.0% 1 1 619 30 14.0% 1 3.3% $825 $1.33 $825 $1.33 0.0% 1 1 630 20 9.3% 1 5.0% $835 $1.33 $835 $1.33 0.0% 1 1 642 30 14.0% 1 3.3% $840 $1.31 $840 $1.31 0.0% 1 1 654 30 14.0% 1 3.3% $845 $1.29 $845 $1.29 0.0% 2 1 760 52 24.3% 1 1.9% $925 $1.22 $925 $1.22 0.0% 3 1 902 5 2.3% 1 20.0% $1,100 $1.22 $1,100 $1.22 0.0% 3 2 1,327 5 2.3% 0 0.0% $1,130 $0.85 $1,130 $0.85 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 317 42 19.6% 1 2.4% $640 $2.02 $640 $2.02 0.0% All 1 Beds 637 110 51.4% 4 3.6% $836 $1.31 $836 $1.31 0.0% All 2 Beds 760 52 24.3% 1 1.9% $925 $1.22 $925 $1.22 0.0% All 3 Beds 1,115 10 4.7% 1 10.0% $1,115 $1.00 $1,115 $1.00 0.0% Totals 626 214 100% 7 3.3% $832 $1.33 $832 $1.33 0.0% Estimate Updated June 08, 2017 SITE AMENITIES Clubhouse, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Package Service, Pet Play Area, Picnic Area, Pool, Property Manager on Site UNIT AMENITIES Air Conditioning, Cable Ready, Ceiling Fans, Dining Room, Disposal, Eat-in Kitchen, Hardwood Floors, Heating, High Speed Internet Access, Kitchen, Oven, Range, Refrigerator, Tub/Shower, Walk-In Closets, Window Coverings RECURRING EXPENSES Dog Rent $25 Cat Rent $25 ONE TIME EXPENSES Dog Deposit $150 Cat Deposit $150 Dog Fee $150 Cat Fee $150 Application Fee $46 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 15
Rent Comparables 111 N Dupont Cir - Trillium 44 PET POLICY Cats Allowed - $150 Deposit, $25/Mo, 2 Maximum, One-Time Fee: $150 Dogs Allowed - $150 Deposit, $25/Mo, 2 Maximum, Maximum Weight 25 lb, One-Time Fee: $150 Restrictions: Breed restrictions apply. 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 16
Rent Comparables 111 N Dupont Cir - Trillium 44 4 2220 E Beardsley Rd - Monte Viejo Apartments Phoenix, Arizona - Rt 101/I-17 Interchange Neighborhood PROPERTY PROPERTY MANAGER Property Size: 480 Units, 3 Floors Bridge - Monte Viejo Avg. Unit Size: 705 SF (602) 293-3840 Year Built: 2004 Type: Apartments - All OWNER Rent Type: Market Purchased May 2016 Parking: 600 Spaces; 1.3 per Unit $58,550,000 ($121,979/Unit) Distance to Subject: 15.5 Miles Distance to Transit: - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 476 48 10.0% 1 2.1% $785 $1.65 $785 $1.65 0.0% Studio 1 521 18 3.8% 1 5.6% $858 $1.65 $858 $1.65 0.0% Studio 1 530 30 6.3% 1 3.3% $788 $1.49 $788 $1.49 0.0% Studio 1 610 6 1.3% 0 0.0% $838 $1.37 $838 $1.37 0.0% 1 1 495 18 3.8% 0 0.0% $811 $1.64 $811 $1.64 0.0% 1 1 534 18 3.8% 1 5.6% $848 $1.59 $848 $1.59 0.0% 1 1 557 30 6.3% 1 3.3% $768 $1.38 $768 $1.38 0.0% 1 1 637 12 2.5% 0 0.0% $816 $1.28 $816 $1.28 0.0% 1 1 656 20 4.2% 1 5.0% $814 $1.24 $814 $1.24 0.0% 1 1 692 6 1.3% 0 0.0% $805 $1.16 $805 $1.16 0.0% 1 1 694 32 6.7% 0 0.0% $793 $1.14 $793 $1.14 0.0% 1 1 713 10 2.1% 0 0.0% $912 $1.28 $912 $1.28 0.0% 1 1 769 16 3.3% 1 6.3% $839 $1.09 $839 $1.09 0.0% 2 1 695 36 7.5% 1 2.8% $964 $1.39 $964 $1.39 0.0% 2 2 793 48 10.0% 1 2.1% $952 $1.20 $952 $1.20 0.0% 2 2 835 48 10.0% 1 2.1% $983 $1.18 $983 $1.18 0.0% 2 2 838 30 6.3% 1 3.3% $1,023 $1.22 $1,023 $1.22 0.0% 2 2 882 17 3.5% 1 5.9% $1,030 $1.17 $1,030 $1.17 0.0% 2 2 884 1 0.2% 1 100% $941 $1.06 $941 $1.06 0.0% 3 2 1,023 18 3.8% 1 5.6% $1,258 $1.23 $1,258 $1.23 0.0% 4 2 1,234 18 3.8% 1 5.6% $1,371 $1.11 $1,371 $1.11 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 508 102 21.3% 3 2.9% $802 $1.58 $802 $1.58 0.0% All 1 Beds 628 162 33.8% 4 2.5% $813 $1.29 $813 $1.29 0.0% All 2 Beds 801 180 37.5% 6 3.3% $982 $1.23 $982 $1.23 0.0% All 3 Beds 1,023 18 3.8% 1 5.6% $1,258 $1.23 $1,258 $1.23 0.0% All 4 Beds 1,234 18 3.8% 1 5.6% $1,371 $1.11 $1,371 $1.11 0.0% Totals 705 480 100% 15 3.1% $912 $1.29 $912 $1.29 0.0% Estimate Updated June 08, 2017 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 17
Rent Comparables 111 N Dupont Cir - Trillium 44 SITE AMENITIES Breakfast/Coffee Concierge, Business Center, Clubhouse, Controlled Access, Fitness Center, Laundry Facilities, Package Service, Playground, Pool, Property Manager on Site, Sauna, Spa UNIT AMENITIES Air Conditioning, Alarm, Cable Ready, Carpet, Ceiling Fans, Dishwasher, High Speed Internet Access, Kitchen, Microwave, Refrigerator, Satellite TV, Sprinkler System, Views, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $30 Cat Rent $30 ONE TIME EXPENSES Dog Deposit $200 Cat Deposit $200 Dog Fee $200 Cat Fee $200 Admin Fee $150 Application Fee $51 PET POLICY Cats Allowed - $200 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $200 Dogs Allowed - $200 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $200 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 18
Rent Comparables 111 N Dupont Cir - Trillium 44 5 4950 E Van Buren St - Ascent at Papago Park Phoenix, Arizona - Papago Vista Neighborhood PROPERTY PROPERTY MANAGER Property Size: 270 Units, 3 Floors MG Properties - Ascent at Papago Park Avg. Unit Size: 926 SF (602) 466-2633 Year Built: 2007 Type: Apartments - All OWNER Rent Type: Market Purchased Feb 2015 Parking: 300 Spaces; 1.1 per Unit $36,220,000 ($134,148/Unit) Distance to Subject: 0.6 Miles Distance to Transit: 15 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 646 16 5.9% 1 6.3% $980 $1.52 $980 $1.52 0.0% 1 1 742 16 5.9% 1 6.3% $2,173 $2.93 $2,173 $2.93 0.0% 1 1 772 32 11.9% 1 3.1% $1,042 $1.35 $1,042 $1.35 0.0% 1 1 827 32 11.9% 1 3.1% $1,127 $1.36 $1,127 $1.36 0.0% 1 1 866 6 2.2% 1 16.7% $1,082 $1.25 $1,082 $1.25 0.0% 2 2 937 28 10.4% 1 3.6% $1,088 $1.16 $1,088 $1.16 0.0% 2 2 938 56 20.7% 1 1.8% $1,033 $1.10 $1,033 $1.10 0.0% 2 2 1,003 60 22.2% 1 1.7% $1,127 $1.12 $1,127 $1.12 0.0% 3 2 1,333 16 5.9% 0 0.0% $1,348 $1.01 $1,348 $1.01 0.0% 3 2 1,388 8 3.0% 1 12.5% $1,327 $0.96 $1,327 $0.96 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 770 102 37.8% 5 4.9% $1,239 $1.61 $1,239 $1.61 0.0% All 2 Beds 965 144 53.3% 3 2.1% $1,083 $1.12 $1,083 $1.12 0.0% All 3 Beds 1,351 24 8.9% 1 4.2% $1,341 $0.99 $1,341 $0.99 0.0% Totals 926 270 100% 9 3.3% $1,165 $1.26 $1,165 $1.26 0.0% Estimate Updated June 08, 2017 SITE AMENITIES Breakfast/Coffee Concierge, Clubhouse, Dry Cleaning Service, Fitness Center, Furnished Units Available, Gated, Laundry Facilities, Pet Play Area, Pool, Spa, Storage Space, Volleyball Court UNIT AMENITIES Air Conditioning, Balcony, Ceiling Fans, Coffee System, Dishwasher, Disposal, Eat-in Kitchen, Granite Countertops, Heating, Island Kitchen, Kitchen, Microwave, Oven, Patio, Storage Units, Surround Sound, Tile Floors, Walk-In Closets, Washer/Dryer, Yard RECURRING EXPENSES Dog Rent $30 Cat Rent $30 Unassigned Garage Parking … ONE TIME EXPENSES Dog Deposit $250 Cat Deposit $250 Dog Fee $200 Cat Fee $200 Admin Fee $150 Application Fee $49 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 19
Rent Comparables 111 N Dupont Cir - Trillium 44 PET POLICY Cats Allowed - $250 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $200 Dogs Allowed - $250 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $200 Restrictions: Breed Restrictions. Call for more information. 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 20
Rent Comparables 111 N Dupont Cir - Trillium 44 6 4140 N Central Ave - The Station on Central Phoenix, Arizona - Encanto Neighborhood PROPERTY PROPERTY MANAGER Property Size: 414 Units, 3 Floors HSL- Station on Central Avg. Unit Size: 1,013 SF (602) 795-3555 Year Built: 2001 Type: Apartments - All OWNER Rent Type: Market Purchased Jun 2014 Parking: - $53,000,000 ($128,019/Unit) Distance to Subject: 6.2 Miles Distance to Transit: 3 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 696 53 12.8% 0 0.0% $960 $1.38 $936 $1.34 2.5% 1 1 776 53 12.8% 0 0.0% $1,019 $1.31 $993 $1.28 2.5% 1 1 959 52 12.6% 0 0.0% $1,179 $1.23 $1,149 $1.20 2.5% 2 2 1,122 240 58.0% 0 0.0% $1,379 $1.23 $1,342 $1.20 2.7% 3 2 1,378 16 3.9% 0 0.0% $1,769 $1.28 $1,748 $1.27 1.2% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 809 158 38.2% 0 0.0% $1,052 $1.30 $1,025 $1.27 2.5% All 2 Beds 1,122 240 58.0% 0 0.0% $1,379 $1.23 $1,342 $1.20 2.7% All 3 Beds 1,378 16 3.9% 0 0.0% $1,769 $1.28 $1,748 $1.27 1.2% Totals 1,013 414 100% 0 0.0% $1,269 $1.25 $1,237 $1.22 2.6% Estimate Updated June 01, 2017 SITE AMENITIES Business Center, Clubhouse, Controlled Access, Elevator, Fitness Center, Free Weights, Gated, Grill, Guest Apartment, Laundry Facilities, Lounge, Maintenance on site, Package Service, Pool, Property Manager on Site, Spa, Sundeck UNIT AMENITIES Air Conditioning, Alarm, Cable Ready, Carpet, Ceiling Fans, Crown Molding, Den, Dining Room, Dishwasher, Disposal, Fireplace, Heating, Kitchen, Microwave, Range, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer RECURRING EXPENSES Dog Rent $20 Cat Rent $20 Free Trash Removal ONE TIME EXPENSES Dog Deposit $200 Cat Deposit $200 Dog Fee $300 Cat Fee $300 Admin Fee $150 Application Fee $50 PET POLICY Cats Allowed - $200 Deposit, $20/Mo, 2 Maximum, One-Time Fee: $300 Dogs Allowed - $200 Deposit, $20/Mo, 2 Maximum, One-Time Fee: $300 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 21
Rent Comparables 111 N Dupont Cir - Trillium 44 7 1100 E Osborn Rd - The Heritage Phoenix, Arizona - Encanto Neighborhood PROPERTY PROPERTY MANAGER Property Size: 204 Units, 3 Floors Greystar - The Heritage Avg. Unit Size: 973 SF (602) 241-6200 Year Built: 1995 Type: Apartments - All OWNER Rent Type: Market Purchased Jun 2016 Parking: 304 Spaces; 1.5 per Unit $238,000,000 ($151,111/Unit) - Portfolio Price Distance to Subject: 4.9 Miles Distance to Transit: 19 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 746 24 11.8% 6 25.0% $920 $1.23 $920 $1.23 0.0% 1 1 774 44 21.6% 4 9.1% $923 $1.19 $923 $1.19 0.0% 2 2 1,032 88 43.1% 8 9.1% $1,289 $1.25 $1,289 $1.25 0.0% 2 2 1,050 16 7.8% 3 18.8% $1,398 $1.33 $1,398 $1.33 0.0% 3 2 1,219 32 15.7% 4 12.5% $1,526 $1.25 $1,526 $1.25 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 764 68 33.3% 10 14.7% $922 $1.21 $922 $1.21 0.0% All 2 Beds 1,035 104 51.0% 11 10.6% $1,306 $1.26 $1,306 $1.26 0.0% All 3 Beds 1,219 32 15.7% 4 12.5% $1,526 $1.25 $1,526 $1.25 0.0% Totals 973 204 100% 25 12.3% $1,212 $1.25 $1,212 $1.25 0.0% Estimate Updated June 08, 2017 SITE AMENITIES Clubhouse, Controlled Access, Courtyard, Fitness Center, Free Weights, Gated, Laundry Facilities, Lounge, Maintenance on site, Package Service, Pool, Property Manager on Site, Spa, Storage Space UNIT AMENITIES Air Conditioning, Alarm, Ceiling Fans, Dishwasher, Disposal, Fireplace, Microwave, Sprinkler System, Walk-In Closets, Washer/Dryer, Window Coverings RECURRING EXPENSES Unassigned Covered Parking… ONE TIME EXPENSES Admin Fee $250 Application Fee $50 PET POLICY Cats Allowed - 2 Maximum, Maximum Weight 75 lb Dogs Allowed - 2 Maximum, Maximum Weight 75 lb Restrictions: Breed restrictions apply 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 22
Rent Comparables 111 N Dupont Cir - Trillium 44 8 5402 E Washington Ave - Mandarina Phoenix, Arizona - Sunspirit/Warner Heights Neighborhood PROPERTY PROPERTY MANAGER Property Size: 180 Units, 3 Floors ConAm - Mandarina Luxury Apartment Homes Avg. Unit Size: 790 SF (602) 225-0055 Year Built: 2002 Type: Apartments - All OWNER Rent Type: Market Purchased Mar 2017 Parking: 278 Spaces; 1.5 per Unit $25,000,000 ($138,889/Unit) Distance to Subject: 1.2 Miles Distance to Transit: 12 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 643 36 20.0% 3 8.3% $881 $1.37 $756 $1.18 14.2% 1 1 665 4 2.2% 0 0.0% $1,044 $1.57 $896 $1.35 14.2% 1 1 715 36 20.0% 2 5.6% $920 $1.29 $789 $1.10 14.2% 1 1 738 16 8.9% 2 12.5% $920 $1.25 $789 $1.07 14.2% 1 1 779 16 8.9% 1 6.3% $920 $1.18 $789 $1.01 14.2% 1 1 857 3 1.7% 1 33.3% $1,163 $1.36 $998 $1.16 14.2% 2 2 865 33 18.3% 1 3.0% $1,044 $1.21 $1,006 $1.16 3.6% 2 2 955 24 13.3% 1 4.2% $1,093 $1.14 $1,053 $1.10 3.6% 2 2 1,020 10 5.6% 1 10.0% $1,118 $1.10 $1,078 $1.06 3.6% 2 2 1,100 2 1.1% 0 0.0% $1,337 $1.22 $1,288 $1.17 3.7% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 706 111 61.7% 9 8.1% $918 $1.30 $788 $1.12 14.2% All 2 Beds 926 69 38.3% 3 4.4% $1,080 $1.17 $1,041 $1.12 3.6% Totals 790 180 100% 12 6.7% $980 $1.24 $885 $1.12 9.7% Estimate Updated June 06, 2017 SITE AMENITIES Breakfast/Coffee Concierge, Business Center, Clubhouse, Concierge, Controlled Access, Fitness Center, Gated, Grill, Laundry Facilities, Maintenance on site, Package Service, Picnic Area, Pool, Property Manager on Site, Spa, Storage Space UNIT AMENITIES Air Conditioning, Ceiling Fans, Dishwasher, Disposal, Heating, Microwave, Refrigerator, Views, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Assigned Garage Parking $100 Unassigned Garage Parking … ONE TIME EXPENSES Dog Deposit $150 Cat Deposit $150 Dog Fee $150 Cat Fee $150 Admin Fee $150 Application Fee $40 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 23
Rent Comparables 111 N Dupont Cir - Trillium 44 PET POLICY Cats Allowed - $150 Deposit, $25/Mo, 2 Maximum, Maximum Weight 30 lb, One-Time Fee: $150 Dogs Allowed - $150 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb, One-Time Fee: $150 Restrictions: Breed restrictions apply 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 24
Rent Comparables 111 N Dupont Cir - Trillium 44 9 3601 E McDowell Rd - The Urban Phoenix, Arizona - Papago Vista Neighborhood PROPERTY PROPERTY MANAGER Property Size: 435 Units, 3 Floors Trinity - The Urban Avg. Unit Size: 717 SF (602) 283-5435 Year Built: 2004 Type: Apartments - All OWNER Rent Type: Market Purchased Nov 2015 Parking: 485 Spaces; 1.1 per Unit $33,000,000 ($75,862/Unit) Distance to Subject: 1.5 Miles Distance to Transit: - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 476 34 7.8% 1 2.9% $613 $1.29 $613 $1.29 0.0% Studio 1 521 34 7.8% 1 2.9% $769 $1.48 $769 $1.48 0.0% Studio 1 530 35 8.0% 1 2.9% $681 $1.28 $681 $1.28 0.0% Studio 1 610 35 8.0% 0 0.0% $715 $1.17 $715 $1.17 0.0% 1 1 495 14 3.2% 0 0.0% $748 $1.51 $748 $1.51 0.0% 1 1 534 14 3.2% 0 0.0% $738 $1.38 $738 $1.38 0.0% 1 1 557 14 3.2% 0 0.0% $760 $1.36 $760 $1.36 0.0% 1 1 637 14 3.2% 0 0.0% $755 $1.19 $755 $1.19 0.0% 1 1 656 14 3.2% 0 0.0% $759 $1.16 $759 $1.16 0.0% 1 1 692 14 3.2% 0 0.0% $799 $1.15 $799 $1.15 0.0% 1 1 694 14 3.2% 0 0.0% $816 $1.18 $816 $1.18 0.0% 1 1 713 14 3.2% 0 0.0% $914 $1.28 $914 $1.28 0.0% 1 1 769 14 3.2% 0 0.0% $927 $1.21 $927 $1.21 0.0% 2 1 695 49 11.3% 1 2.0% $1,026 $1.48 $1,026 $1.48 0.0% 2 2 793 17 3.9% 0 0.0% $943 $1.19 $943 $1.19 0.0% 2 2 835 17 3.9% 0 0.0% $920 $1.10 $920 $1.10 0.0% 2 2 838 16 3.7% 1 6.3% $1,014 $1.21 $1,014 $1.21 0.0% 3 2 1,023 30 6.9% 2 6.7% $1,134 $1.11 $1,134 $1.11 0.0% 3 2 1,234 6 1.4% 1 16.7% $1,398 $1.13 $1,398 $1.13 0.0% 4 2 1,234 36 8.3% 1 2.8% $1,323 $1.07 $1,323 $1.07 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 535 138 31.7% 3 2.2% $695 $1.30 $695 $1.30 0.0% All 1 Beds 639 126 29.0% 0 0.0% $802 $1.26 $802 $1.26 0.0% All 2 Beds 759 99 22.8% 2 2.0% $992 $1.31 $992 $1.31 0.0% All 3 Beds 1,058 36 8.3% 3 8.3% $1,178 $1.11 $1,178 $1.11 0.0% All 4 Beds 1,234 36 8.3% 1 2.8% $1,323 $1.07 $1,323 $1.07 0.0% Totals 717 435 100% 9 2.1% $885 $1.23 $885 $1.23 0.0% Estimate Updated June 08, 2017 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 25
Rent Comparables 111 N Dupont Cir - Trillium 44 SITE AMENITIES Breakfast/Coffee Concierge, Business Center, Clubhouse, Courtyard, Fitness Center, Gated, Media Center/Movie Theatre, Picnic Area, Pool, Property Manager on Site, Spa UNIT AMENITIES Air Conditioning, Alarm, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Heating, High Speed Internet Access, Microwave, Refrigerator, Satellite TV, Smoke Free, Storage Units, Tile Floors, Views, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Yard RECURRING EXPENSES Dog Rent $30 Cat Rent $30 Assigned Garage Parking $0 Unassigned Garage Parking $0 Free Water, Trash Removal, … ONE TIME EXPENSES Dog Deposit $300 Cat Deposit $300 Dog Fee $300 Cat Fee $300 Admin Fee $153 Application Fee $51 PET POLICY Cats Allowed - $300 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $300 Dogs Allowed - $300 Deposit, $30/Mo, 2 Maximum, Maximum Weight 50 lb, One-Time Fee: $300 Restrictions: Dogs and Cats are Welcome! * Resident is limited to 2 pets per apartment unit. * NO Pit Bull or Staffordshire Terrier, Doberman, Rottweiler, Chow Chow, German Shepherd, Husky, Mastiff, Great Dane, Malamute, Pinscher, Akita or wolf hybrids allowed. * $300.00 Non- Refundable Pet Fee per pet * $30.00 Monthly Pet Rent per pet. 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 26
Rent Comparables 111 N Dupont Cir - Trillium 44 10 5115 N 40th St - Capri on Camelback Phoenix, Arizona - Camelback Neighborhood PROPERTY PROPERTY MANAGER Property Size: 556 Units, 4 Floors Greystar - Capri on Camelback Avg. Unit Size: 691 SF (602) 840-2400 Year Built: 1969 Renov 2006 Type: Apartments - All OWNER Rent Type: Market Purchased Feb 2007 Parking: 663 Spaces; 1.2 per Unit $45,000,000 ($80,935/Unit) Distance to Subject: 4.4 Miles Distance to Transit: - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 405 4 0.7% 4 100% $697 $1.72 $697 $1.72 0.0% Studio 1 460 20 3.6% 0 0.0% $862 $1.87 $862 $1.87 0.0% Studio 1 484 144 25.9% 0 0.0% $742 $1.53 $742 $1.53 0.0% 1 1 700 280 50.4% 24 8.6% $760 $1.09 $760 $1.09 0.0% 2 2 988 40 7.2% 6 15.0% $1,030 $1.04 $1,030 $1.04 0.0% 2 2 1,004 68 12.2% 9 13.2% $1,015 $1.01 $1,015 $1.01 0.0% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 479 168 30.2% 4 2.4% $755 $1.58 $755 $1.58 0.0% All 1 Beds 700 280 50.4% 24 8.6% $760 $1.09 $760 $1.09 0.0% All 2 Beds 998 108 19.4% 15 13.9% $1,021 $1.02 $1,021 $1.02 0.0% Totals 691 556 100% 43 7.7% $809 $1.17 $809 $1.17 0.0% Estimate Updated June 08, 2017 SITE AMENITIES Business Center, Coffee Bar, Elevator, Fitness Center, Free Weights, Grill, Lounge, Maintenance on site, Package Service, Picnic Area, Pool, Property Manager on Site, Spa, Storage Space, Tennis Court UNIT AMENITIES Air Conditioning, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Microwave, Walk-In Closets, Wi-Fi RECURRING EXPENSES Dog Rent $50 Cat Rent $50 Free Heat, Air Conditioning ONE TIME EXPENSES Dog Deposit $150 Cat Deposit $150 Dog Fee $300 Cat Fee $300 Admin Fee $150 Application Fee $59 PET POLICY Cats Allowed - $150 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $300 Dogs Allowed - $150 Deposit, $50/Mo, 2 Maximum, One-Time Fee: $300 Restrictions: The following are restricted breeds :Akita, Chow Doberman Pinscher, Pit Bull, Rottweiler,Staffordshire Terrier,Presa Canarios, Alaskan Malamute, Wolf-hybrid, 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 27
Rent Comparables 111 N Dupont Cir - Trillium 44 11 815 N 52nd St - Red Mountain Villas Phoenix, Arizona - Papago Vista Neighborhood PROPERTY PROPERTY MANAGER Property Size: 768 Units, 2 Floors Weidner - Red Mountain Villa Apartment Ho… Avg. Unit Size: 780 SF (602) 275-4466 Year Built: 1990 Type: Apartments - All OWNER Rent Type: Market Purchased Feb 2011 Parking: 768 Spaces; 1.0 per Unit $46,000,000 ($59,896/Unit) Distance to Subject: 1.1 Miles Distance to Transit: - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions 1 1 518 72 9.4% 2 2.8% $755 $1.46 $755 $1.46 0.0% 1 1 585 72 9.4% 0 0.0% $795 $1.36 $795 $1.36 0.0% 1 1 590 72 9.4% 0 0.0% $795 $1.35 $795 $1.35 0.0% 1 1 610 62 8.1% 1 1.6% $805 $1.32 $805 $1.32 0.0% 1 1 658 60 7.8% 0 0.0% $820 $1.25 $820 $1.25 0.0% 2 1 793 24 3.1% 1 4.2% $985 $1.24 $968 $1.22 1.7% 2 2 847 28 3.6% 3 10.7% $915 $1.08 $900 $1.06 1.7% 2 2 891 212 27.6% 1 0.5% $940 $1.05 $924 $1.04 1.7% 2 2 910 28 3.6% 1 3.6% $1,010 $1.11 $993 $1.09 1.7% 2 2 919 28 3.6% 3 10.7% $990 $1.08 $973 $1.06 1.7% 2 2 1,090 38 4.9% 3 7.9% $1,075 $0.99 $1,057 $0.97 1.7% 2 2 1,108 28 3.6% 3 10.7% $1,090 $0.98 $1,072 $0.97 1.7% 2 2.5 934 28 3.6% 1 3.6% $1,080 $1.16 $1,062 $1.14 1.7% 3 2 1,152 16 2.1% 0 0.0% $1,315 $1.14 $1,306 $1.13 0.7% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 589 338 44.0% 3 0.9% $793 $1.35 $793 $1.35 0.0% All 2 Beds 921 414 53.9% 16 3.9% $981 $1.06 $965 $1.05 1.7% All 3 Beds 1,152 16 2.1% 0 0.0% $1,315 $1.14 $1,306 $1.13 0.7% Totals 780 768 100% 19 2.5% $905 $1.16 $896 $1.15 1.0% Estimate Updated June 08, 2017 SITE AMENITIES Business Center, Cabana, Car Wash Area, Cardio Machines, Controlled Access, Fitness Center, Free Weights, Gated, Laundry Facilities, Lounge, Maintenance on site, Pool, Property Manager on Site, Racquetball Court, Spa, Storage Space, Sundeck, Volleyball Court, Weight Machines UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Eat-in Kitchen, Hardwood Floors, Heating, Kitchen, Loft Layout, Microwave, Range, Tile Floors, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 28
Rent Comparables 111 N Dupont Cir - Trillium 44 RECURRING EXPENSES Dog Rent $30 Cat Rent $30 Assigned Garage Parking $125 Unassigned Garage Parking … Free Water, Trash Removal, … ONE TIME EXPENSES Dog Deposit $200 Cat Deposit $200 Dog Fee $200 Cat Fee $200 Admin Fee $200 Application Fee $45 PET POLICY Cats Allowed - $200 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $200 Restrictions: Maximum 2 pets per household. No weight limit. Breed restrictions do apply. Dogs Allowed - $200 Deposit, $30/Mo, 2 Maximum, One-Time Fee: $200 Restrictions: Maximum 2 pets per household. No weight limit. Breed restrictions do apply. 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 29
Rent Comparables 111 N Dupont Cir - Trillium 44 12 888 N 4th St - Roosevelt Point Phoenix, Arizona - Downtown Phoenix Neighborhood PROPERTY PROPERTY MANAGER Property Size: 324 Units, 8 Floors EDR - Roosevelt Point Avg. Unit Size: 796 SF (602) 687-1529 Year Built: Jul 2013 Type: Apartments - Student OWNER Rent Type: Market - Parking: 400 Spaces; 1.2 per Unit Distance to Subject: 4.9 Miles Distance to Transit: 6 Minute Walk UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 - - - - - $1,057 - $1,049 - 0.8% Studio 1 500 47 14.5% 3 6.4% $1,049 $2.10 $1,041 $2.08 0.8% Studio 1 700 47 14.5% 3 6.4% $1,036 $1.48 $1,028 $1.47 0.8% 1 1 700 51 15.7% 4 7.8% $1,146 $1.64 $1,138 $1.63 0.8% 2 2 800 113 34.9% 8 7.1% $809 $1.01 $803 $1.00 0.8% 3 3 1,000 28 8.6% 2 7.1% $786 $0.79 $780 $0.78 0.8% 4 4 1,250 38 11.7% 3 7.9% $759 $0.61 $753 $0.60 0.8% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 600 94 29.0% 6 6.4% $1,043 $1.74 $1,035 $1.72 0.8% All 1 Beds 700 51 15.7% 4 7.8% $1,146 $1.64 $1,138 $1.63 0.8% All 2 Beds 800 113 34.9% 8 7.1% $809 $1.01 $803 $1.00 0.8% All 3 Beds 1,000 28 8.6% 2 7.1% $786 $0.79 $780 $0.78 0.8% All 4 Beds 1,250 38 11.7% 3 7.9% $759 $0.61 $753 $0.60 0.8% Totals 796 324 100% 23 7.1% $923 $1.16 $915 $1.15 0.8% Estimate Updated June 04, 2017 SITE AMENITIES Business Center, Clubhouse, Concierge, Controlled Access, Elevator, Fitness Center, Free Weights, Furnished Units Available, Gameroom, Guest Apartment, Laundry Facilities, Lounge, Maintenance on site, On-Site Retail, Package Service, Pool, Property Manager on Site, Sundeck UNIT AMENITIES Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Eat-in Kitchen, Heating, Kitchen, Loft Layout, Microwave, Oven, Range, Tub/Shower, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings RECURRING EXPENSES Assigned Garage Parking $60 Unassigned Garage Parking … Free Gas, Water, Electricity, … ONE TIME EXPENSES Admin Fee $40 Application Fee $50 PET POLICY No Pets Allowed 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 30
Rent Comparables 111 N Dupont Cir - Trillium 44 13 1333 N 24th St - Monterra Apartment Homes Phoenix, Arizona - Green Gables/Perry Park Neighborhood PROPERTY PROPERTY MANAGER Property Size: 258 Units, 3 Floors Weidner - Monterra Avg. Unit Size: 802 SF (602) 795-1600 Year Built: 2000 Type: Apartments - All OWNER Rent Type: Market Purchased May 2010 Parking: 340 Spaces; 1.3 per Unit $16,650,000 ($64,535/Unit) Distance to Subject: 2.7 Miles Distance to Transit: - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio 1 475 20 7.8% 0 0.0% $721 $1.52 $721 $1.52 0.0% Studio 1 539 10 3.9% 1 10.0% $770 $1.43 $770 $1.43 0.0% 1 1 475 20 7.8% 0 0.0% $730 $1.54 $730 $1.54 0.0% 1 1 541 10 3.9% 0 0.0% $785 $1.45 $785 $1.45 0.0% 1 1 692 25 9.7% 3 12.0% $840 $1.21 $840 $1.21 0.0% 1 1 800 51 19.8% 3 5.9% $868 $1.09 $868 $1.09 0.0% 1 1 812 12 4.7% 0 0.0% $870 $1.07 $870 $1.07 0.0% 2 2 913 48 18.6% 3 6.3% $935 $1.02 $935 $1.02 0.0% 2 2 1,011 24 9.3% 2 8.3% $945 $0.93 $945 $0.93 0.0% 2 2 1,057 15 5.8% 0 0.0% $990 $0.94 $990 $0.94 0.0% 3 2 1,100 23 8.9% 3 13.0% $1,255 $1.14 $1,158 $1.05 7.8% Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios 496 30 11.6% 1 3.3% $737 $1.49 $737 $1.49 0.0% All 1 Beds 701 118 45.7% 6 5.1% $832 $1.19 $832 $1.19 0.0% All 2 Beds 965 87 33.7% 5 5.8% $947 $0.98 $947 $0.98 0.0% All 3 Beds 1,100 23 8.9% 3 13.0% $1,255 $1.14 $1,158 $1.05 7.8% Totals 802 258 100% 15 5.8% $898 $1.12 $889 $1.11 1.0% Estimate Updated June 08, 2017 SITE AMENITIES Clubhouse, Fitness Center, Gated, Grill, Package Service, Pool, Property Manager on Site, Spa, Wi-Fi at Pool and Clubhouse UNIT AMENITIES Air Conditioning, Alarm, Balcony, Ceiling Fans, Dishwasher, High Speed Internet Access, Microwave, Refrigerator, Storage Units, Tub/Shower, Views, Washer/Dryer, Wheelchair Accessible (Rooms) RECURRING EXPENSES Dog Rent $30 Cat Rent $30 Assigned Other Parking $0 Unassigned Other Parking $0 Storage Fee $20 ONE TIME EXPENSES Dog Deposit $300 Cat Deposit $300 Dog Fee $250 Cat Fee $250 Admin Fee $125 Application Fee $40 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 31
Rent Comparables 111 N Dupont Cir - Trillium 44 PET POLICY Cats Allowed - $300 Deposit, $30/Mo, One-Time Fee: $250 Dogs Allowed - $300 Deposit, $30/Mo, One-Time Fee: $250 Restrictions: The following breeds are not allowed: * Pit Bull * American Pit Bull Terrier * American Staffordshire Terrier * Wolf hybrids * Doberman Pinscher * Saint Bernard * Pit Bull Mix * American Bulldog * Staffordshire Bull Terrier * Rottweiler * German Shep 6/8/2017 Copyrighted report licensed to Chamberlin & Associates - 753717. Page 32
