SAN FRANCISCO DEVELOPMENT April 2015 CONTENTS State of Development ...... 2 Market Performance ...... 3 Currently Selling ...... 4 Recently Sold-out & Resale ...... 12 Upcoming Developments ...... 23 Development Pipeline and Projections ...... 25 . . About Vanguard Properties Developer Services ...... 27

REPORT NOTES

While the Report focuses on condominiums, select information on apartments is presented as well . The most recent available data has been used, with data from March 2014/2015 used for month-over- month figures . Below Market Rate (BMR) units and senior housing have been omitted from closings and statistics . Note that It can take a few months before closings appear in the records .

PG.1 SAN FRANCISCO DEVELOPMENT APRIL 2015 STATE OF DEVELOPMENT The City continues to benefit from several Area Plans, such as Market and Octavia, Eastern Neighbor- hoods and Rincon Hill . These Plans have acted as a catalyst for the construction of thousands of new market-rate and Below Market Rate (BMR) units . The Planning Department recently hosted an open house for the Central SOMA Plan, which seeks to address challenges and opportunities in preparation for the Central Subway, which opens in 2019 . The Plan area encompasses 2nd Street to the East, 6th Street to the West, Townsend Street to the South and Market Street to the North . While the Plan focuses on transit-oriented job growth, housing is also addressed . It is estimated that approximately 3,500 additional residential units would be pos- sible through re-zoning and allowable height increases . The greatest building heights would be possible along 4th Street, where the Central Subway is slated to run . The City will mandate greater numbers of BMR units in areas with newfound residential capacity . Combined with existing zoning and height parameters, Central SOMA could yield nearly 12,000 new units . The City expects to complete the Environmen- tal Impact Report by Q2 2016, with implemen- tation of the Plan thereafter . For additional information, visit CentralSOMA .SFPlanning .org .

DEVELOPMENT NEWS...

CURRENTLY SELLING Sales have commenced at The Rockwell, a two-tower condominium Development in Pacific Heights . 16th & Bryant is sold-out, with a price per square foot of approximately $950 . Lumina announced the release of a 37th floor, four-bedroom penthouse at $29,000,000, including 8,000 square feet of furnished interiors . 8 Octavia is nearly sold-out, with just two units left . The Development originally began sales in June of last year, and absorption currently measures at about five units per month . Sales have commenced at Townhomes on Tennessee, a new boutique Development in Dogpatch .

UNDER CONSTRUCTION Construction is complete at V20, a new condominium Development in the Mission . Construction at Luxe in Pacific Heights has topped-out, and presales are expected to commence in the second quarter . The next release at The San Francisco Shipyard consists of 159 units, and sales are expected to commence in mid-April . Groundbreaking has taken place at 1050 Valencia Street, a 12-unit Development in the Mission .

PG.2 SAN FRANCISCO DEVELOPMENT APRIL 2015 MARKET PERFORMANCE

$/SqFt Currently Year-Over-Year Month-Over-Month New Condominium $1,163/SqFt 5% 3% Resale Condominium $1,043/SqFt 13% 5% Apartment $4.48/SqFt 10% n/a

NEW CONDOMINIUM PRICING & VOLUME

Median Price & Sales Volume Most Recent Month $1,600,000 50 $1,400,000 Median Sale Price: $1,017,500 40 $1,200,000 Number of Units Sold: 24 $1,000,000 30 $800,000 $600,000 20

$400,000 Number Sold 10 Median Sale Price $200,000 $0 0

Median Sales Price # Sold

RESALE CONDOMINIUM PRICING & VOLUME

Median Price & Sales Volume Most Recent Month $1,400,000 250 Median Sale Price: $1,110,000 $1,200,000 225 200 $1,000,000 Number of Units Sold: 186 175 $800,000 150 $600,000 125

$400,000 100 Number Sold Median Sale Price $200,000 75 $0 50

Median Sale Price # Sold

APARTMENT PRICING

Average Price Most Recent Month $4,250 $4,150 Average List Price: $4,021/month $4,050 $3,950 $3,850 $3,750 $3,650 $3,550

Average Price List Average $3,450 $3,350 $3,250

PG.3 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling THE ROCKWELL

1688 Pine Street | Pacific Heights - Van Ness Corridor Status: Sales commence mid-April Project info: Two 13-story towers, 260 units (first phase: 64 units), 31 BMRs, 201 parking spaces, 5,500 SqFt retail, Ground broken: Q4 2014 Developer: Oyster Development (Tricon Capital – equity partner) Architect: Kwan Henmi Amenities: Resident’s lounge with kitchen/screening room, Roof terrace with fireplace, Fitness center, Courtyard garden with fire- place/BBQ, 24-hour lobby attendant, Lounge with bar Features & Finishes: Private balconies, Air conditioning, Caesar- stone counter tops, Porcelain tile in bathrooms, Studio Becker cabinetry, Bosch/Bertazzoni appliances, Walk-in shower and dual sinks in master bathrooms Website: TheRockwellSF .com

Unit Mix & Pricing Summary (Currently Selling)

Number of Unit Type Units Size Range Price Range 1 - Bedroom n/a 686 - 750 SqFt n/a 2 - Bedroom n/a 914 - 1,203 SqFt n/a 3 - Bedroom n/a 1,762 SqFt n/a

PG.4 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling SEVENTY 2 TOWNSEND

72 Townsend Street at 2nd | SOMA - South Beach Status: 72 units available/2 units in-contract/0 closed Project info: 74 units, 7 BMRs, 9-stories, 74 parking spaces, HOA: $653 - $1,257 Ground broken: Q1 2014 Date on market: April 2015 Closings anticipated: Q3 2015 Developer: KB Home Architect: SB Architects Amenities: Lobby attendant, Roof terrace, Resident’s lounge Features & Finishes: Private decks, Bay and City views, Walk- in showers, Soaking tubs, Floor-to-ceiling windows, Approxi- mately 9’ ceilings Website: 72Townsend .com

Unit Mix & Pricing Summary (Currently Selling)

Number of Unit Type Units* Size Range Price Range 1 - Bedroom 31 619 - 1,005 SqFt $950K - $1.4M 2 - Bedroom 33 935 - 1,289 SqFt $1.4M - $1.8M 2 - Bedroom Penthouse 1 1,444 SqFt $3.5M 3 - Bedroom Penthouse 2 1,571 - 1,740 SqFt $3.5M - $4.4M

*BMRs excluded

PG.5 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling TOWNHOMES ON TENNESSEE

1189 Tennessee Street at 22nd | Dogpatch Status: 11 units available/0 in-contract/0 closed Project info: 11 units, 4-stories, 12 parking spaces, HOA: $481 - $693 Date on market: April 2015 Architect: Gary Gee Amenities: Elevator, Bicycle storage Features & Finishes: Wide-plank oak floors, Underfloor heating, Elfa closet systems, Vaulted ceilings, Private terraces, Viking ap- pliances, Quartz counter tops, Grohe faucets, Soaking tubs Website: DogpatchTownhomes .com

Unit Mix & Pricing Summary (Currently Selling)

Number of Unit Type Units Size Range Price Range 1 - Bedroom 2 1,275 - 1,443 SqFt $1.1M 2 - Bedroom 4 1,218 - 1,501 SqFt $1.25M - $1.6M 3 - Bedroom 2 1,444 SqFt $1.7M - $1.8M Commercial Condominium 3 844 - 1,571 SqFt $695K - $1M

V20

3584 Valencia Street at 20th | Mission Status: 18 units available/0 in-contract/0 closed Project info: 18 units, 5-stories Date on market: March 2015 Amenities: Roof terrace, Courtyard, Elevator, Bicycle storage Features & Finishes: Private outdoor spaces, Oak floors, Studio Becker cabinetry, Miele appliances, Pentalquartz counter tops, Grohe fixtures, Walk-in showers, Gas fireplaces Website: Valencia20 .com

Unit Mix & Pricing Summary (Currently Selling)

Number of Unit Type Units Size Range Price Range 2 - Bedroom 4 1,126 - 1,221 SqFt n/a 3 - Bedroom 14 1,266 - 1,634 SqFt n/a

PG.6 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling LUMINA

201 Folsom Street at Beale | South Beach Status: 406 units available/250 in-contract/0 closed, Approximate $/SqFt: $1,400, Approximate absorption: 40 units/month Project info: 656 units, one 42-story tower, one 37-story tower, two 8-story podiums Developer: Tishman Speyer (China Vanke – equity partner) Architect: Bernardo Fort-Brescia of Arquitectonica Date on market: September 2014 First closings anticipated: Q3 2015 Amenities: 10,500 SqFt rooftop with vegetable garden/dining/fire pits/movie screening, 7,000 SqFt fitness center with yoga studio/ aerobics room/20-foot climbing wall, lounge with fireplace/bar, private dining room with chef’s kitchen/prep kitchen/fireplace/out- door terrace, screening room with tiered seating for thirty/surround sound, 75-foot lap pool, library with WIFI, 2,000 SqFt spa with treatment room/day lockers/steam room/sauna, children’s room, music practice room, pet grooming station, on-site gourmet grocer Features & Finishes: 9’ to 10’10” ceilings, Bay views, Gaggenau ovens/cook tops, Bosch refrigerators/dishwashers, Caesarstone quartz counter tops/backsplash, SieMatic cabinetry, marble vani- ty counter tops, porcelain tile bathroom floors/shower walls, Nest Thermostats Website: LuminaSF .com

Unit Mix & Pricing Summary (Currently Selling)

Number of Unit Type Units Size Range Price Range Studio/Jr. 1-Bedroom 16 650 - 870 SqFt $850K - $950K 1 - Bedroom 200 850 - 1,400 SqFt $1.1M - $1.7M 2 - Bedroom 373 1,180 - 1,600 SqFt $1.5M - $3.5M 3 - Bedroom 67 1,700 - 2,650 SqFt $3.2M - $6M

PG.7 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling MISSION@1875

1875 Mission Street at 15th | Mission Status: 12 units available/14 in-contract/13 closed, Average $/SqFt: $1,048, Approximate absorption: 5 units/month Date on market: October 2014 Developer: M1875 LLC Project info: 39 units, 4-stories, 6 BMRs, 24 parking spaces, HOA: $400 - $520 Amenities: Rooftop pool, dog run Finishes: Ann Sacks/Porcelanosa tile, hardwood floors, frosted glass walls, Blanco faucets, Bertazzoni microwaves/ranges, Leibherr refrigerators, brass entry doors, Heath Ceramics house numbers, radiant heated floors Website: M1875 .com

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Mission@1875 - 403 2/1 752 1 $920,000 $1,223 4/1/2015 Mission@1875 - 106 0/1 619 0 $560,000 $905 3/31/2015 Mission@1875 - 202 1/1 772 1 $754,000 $977 3/16/2015 Mission@1875 - 305 2/1 780 1 $905,000 $1,160 3/10/2015 Mission@1875 - 107 0/1 633 0 $575,000 $908 3/6/2015 Mission@1875 - 407 0/1 645 0 $650,000 $1,008 3/6/2015 Mission@1875 - 108 0/1 620 0 $589,000 $950 2/27/2015 Mission@1875 - 206 0/1 626 0 $619,000 $989 2/27/2015 Mission@1875 - 211 1/1 799 1 $775,000 $970 2/27/2015 Mission@1875 - 212 2/1 804 1 $867,000 $1,078 2/27/2015 Mission@1875 - 309 1/1 804 1 $899,000 $1,118 2/27/2015 Mission@1875 - 306 0/1 620 0 $650,000 $1,048 2/25/2015 Mission@1875 - 304 1/1 751 1 $901,200 $1,200 2/20/2015

PG.8 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling SUMMIT 800

800 Brotherhood Way at Junipero Serra | Park Merced Status: 129 units available/39 in-contract/14 closed, Approximate absorp- tion: 6 units/month Developer: Comstock Homes & Maracor Development Project info: 182 units, Townhomes and single family homes, 2-3 car park- ing, HOA: $205 - $760 Date on market: July 2014 Amenities: HOA maintained front yard landscaping, adjacent to two-acre park with tot lot/dog area Features and Finishes: Decks, walk-in closets, Copper Creek polished chrome door hardware, Emser ceramic tile floors, Crema Marfil master bath floors, Superior Shaw stain-resistant carpet, Andersen windows and sliding doors, granite kitchen counter tops and backsplash, Viking appli- ances, Kohler sinks and tubs, Delta faucets, powder rooms in each floor plan, Piedrafina bathroom counter tops and surrounds, 1 .5 KW solar sys- tem, tank-less water heaters Website: Summit800 .com

Unit Mix & Pricing Summary (Currently Selling)

Number of Unit Type Units Size Range Price Range

3 - Bedroom 182 1,547 - 2,133 SqFt $979K - 1.675M

TOWNHOMES ON THIRD

4132 3rd Street at Innes | Bayview Status: 2 units available/2 in-contract/3 closed, Average $/SqFt: $694 Project info: 7 units, 4-stories, 7 parking spaces, HOA: $570 - $590 Date on market: January 2015 Developer: Mutual Seiko Construction, Inc . Architect: Alan Martinez Finishes: Quartz counter tops, Glass tile backsplash, Blanco and Hansgrohe fixtures, Wide-plank hardwood floors, Security systems Website: Townhomeson3rd .com

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Townhomes on Third - 3 3/2.5 1,391 1 $929,000 $668 3/31/2015 Townhomes on Third - 7 2/2 1,391 1 $1,030,000 $740 3/17/2015 Townhomes on Third - 1 3/2.5 1,391 1 $935,000 $672 3/12/2015

PG.9 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling VIDA

2558 Mission Street at 22nd | Mission Status: 6 units available/34 in-contract/74 closed, Approxi- mate absorption: 8 units/month, Average $/SqFt: $1,084 Developer: Oyster Development Architect: Kwan Henmi Project info: 114 units, 8-stories, off-site BMRs, 77 parking spaces, HOA: $430 - $620, Date on market: March 2014 Amenities: Roof terrace with BBQ, lounge area Finishes: Bosch and Bertazzoni appliances, quartz counter tops, exposed concrete ceilings and columns, porcelain tile bathroom floors Website: VidaSF .com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Vida - 314 1/1 507 0 $575,000 $1,134 3/31/2015 Vida - 204 1/1 680 0 $649,000 $954 3/25/2015 Vida - 306 2/2 943 1 $939,000 $996 3/6/2015 Vida - 413 1/1 631 0 $689,000 $1,092 2/27/2015 Vida - 402 1/1 816 1 $799,000 $979 2/17/2015 Vida - 315 0/1 494 0 $579,000 $1,172 1/30/2015 Vida - 307 2/2 916 1 $917,000 $1,001 1/29/2015 Vida - 415 0/1 494 0 $599,000 $1,213 1/27/2015 Vida - 416 0/1 517 0 $599,000 $1,159 1/15/2015 Vida - 509 2/2 1,003 1 $1,195,000 $1,191 1/15/2015 Vida - 313 1/1 631 0 $654,000 $1,036 1/13/2015 Vida - 212 1/1 631 0 $691,500 $1,096 12/3/2014 Vida - 215 0/1 494 0 $585,000 $1,184 12/3/2014 Vida - 216 0/1 517 0 $595,000 $1,151 12/3/2014 Vida - 301 2/2 1,144 1 $1,190,500 $1,041 12/3/2014 Vida - 303 1/1 832 1 $822,500 $989 12/3/2014 Vida - 305 2/2 1,104 1 $1,155,000 $1,046 12/3/2014 Vida - 316 0/1 517 0 $585,000 $1,132 12/3/2014 Vida - 318 1/1 725 1 $765,500 $1,056 12/3/2014 Vida - 409 2/2 1,003 1 $1,137,000 $1,134 12/3/2014 Vida - 501 2/2 1,071 1 $1,174,000 $1,096 12/3/2014 Vida - 503 1/1 832 1 $849,000 $1,020 12/3/2014 Vida - 510 2/2 930 1 $1,019,000 $1,096 12/3/2014 Vida - 513 1/1 631 0 $696,000 $1,103 12/3/2014 Vida - 515 0/1 494 0 $631,500 $1,278 12/3/2014 Vida - 518 1/1 739 1 $827,000 $1,119 12/3/2014

PG.10 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Currently Selling 8 OCTAVIA

8 Octavia Street at Market | Hayes Valley Status: 2 units available/21 in-contract/24 closed, Approximate absorption: 5 units/month, Average $/SqFt: $1,169 Project info: 47 units, 8-stories, HOA: $500 - $850, 7 BMRs, 24 parking spaces, Date on market: June 2014 Developer: DM Development & DDG Architect: Stanley Saitowitz Landscape architect: Marta Fry Amenities: Roof terrace Features & Finishes: Louvered facade, SieMatic kitchen cabinetry, Corian counter tops, FSC certified wide-plank oak flooring, Visionline key-less entry, Virtual Doorman Website: 8Octavia .com

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

8 Octavia - 805 3/3 1,757 1 $2,599,999 $1,480 3/13/2015 8 Octavia - 404 2/2 1,001 0 $939,000 $938 2/18/2015 8 Octavia - 303 1/1 726 0 $729,000 $1,004 1/6/2015 8 Octavia - 301 2/2.5 968 0 $980,000 $1,012 10/21/2014 8 Octavia - 302 2/2 1,001 0 $940,000 $939 10/21/2014 8 Octavia - 304 2/2 1,001 0 $1,000,000 $999 10/21/2014 8 Octavia - 403 1/1 726 0 $749,000 $1,032 10/21/2014 8 Octavia - 406 2/2 1,001 1 $950,000 $949 10/21/2014 8 Octavia - 501 2/2.5 968 1 $1,125,000 $1,162 10/21/2014 8 Octavia - 505 1/1 726 0 $749,000 $1,032 10/21/2014 8 Octavia - 506 2/2 1,001 1 $1,320,000 $1,319 10/21/2014 8 Octavia - 508 2/2 1,001 1 $1,320,000 $1,319 10/21/2014 8 Octavia - 601 2/2.5 968 1 $1,150,000 $1,188 10/21/2014 8 Octavia - 602 2/2 1,001 0 $959,000 $958 10/21/2014 8 Octavia - 604 2/2 1,001 1 $1,215,000 $1,214 10/21/2014 8 Octavia - 605 1/1 726 0 $779,000 $1,073 10/21/2014 8 Octavia - 608 2/2 1,001 1 $1,165,000 $1,164 10/21/2014 8 Octavia - 701 2/2.5 968 1 $1,165,000 $1,204 10/21/2014 8 Octavia - 803 3/3 1,757 1 $2,549,000 $1,451 10/21/2014 8 Octavia - 806 2/2.5 1,225 1 $1,600,000 $1,306 10/21/2014

PG.11 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 16th & BRYANT

2421-2425 16th Street at Bryant | Mission Status: 2 in-contract, 10 closed, Average $/SqFt: $950 Date on market: January 2015 Project info: 12 units, 4-stories, 1 BMR, 12 parking spaces, HOA: $490 - $650 Finishes: Living areas with white oak hardwood floors, Patios with Eleganza quartzite pavers, Kitchens with Liebherr HCB 30 inch fully integrated refrigerator & freezer, Bertazzoni Master Series 30-inch 4-burner gas range Amenities: Bicycle storage Website: 16thandBryant .com

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

16th & Bryant - 402 2/2 1,158 1 $1,185,000 $1,023 3/30/2015 16th & Bryant - 301 2/2 1,024 1 $1,005,000 $981 3/27/2015 16th & Bryant - 303 2/2 1,133 1 $1,149,000 $1,014 3/27/2015 16th & Bryant - 302 2/2 1,157 1 $1,099,000 $950 3/25/2015 16th & Bryant - 2425 3/2.5 1,900 1 $1,375,000 $724 3/24/2015 16th & Bryant - 201 2/2.5 1,228 1 $1,362,000 $1,109 3/20/2015 16th & Bryant - 2423 3/2.5 1,891 1 $1,331,000 $704 3/20/2015 16th & Bryant - 202 2/2.5 1,208 1 $1,299,000 $1,075 3/13/2015 16th & Bryant - 401 2/2 1,021 1 $1,200,000 $1,175 3/13/2015 16th & Bryant - 404 2/2 1,022 1 $1,105,000 $1,081 3/13/2015

PG.12 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 870 HARRISON

870 Harrison Street at 4th | SOMA Status: Approximate absorption: 5 units/month, Average $/SqFt: $1,075 Developer: JS Sullivan Architect: RG Architecture Project info: 26 units, 4 BMRs, 6-stories, Date on market: October 2014, HOA: $475 - $600 Amenities: Roof terrace with BBQ, bicycle storage Features and Finishes: Floor-to-ceiling bay windows, radiant floor heating, 13’ penthouse ceilings, white oak flooring, Caesarstone counter tops, Bertazzoni ranges, Bosch dishwashers, Grohe plumbing fixtures, Porcelanosa Krion backsplash

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

870 Harrison - 505 2/1.5 898 1 $955,000 $1,063 4/1/2015 870 Harrison - 605 2/1.5 883 1 $960,000 $1,087 2/20/2015 870 Harrison - 404 2/1.5 845 1 $895,000 $1,059 1/30/2015 870 Harrison - 201 1/1 628 0 $560,000 $892 11/11/2014 870 Harrison - 202 1/1 598 0 $595,000 $995 11/11/2014 870 Harrison - 203 1/1 531 0 $575,000 $1,083 11/11/2014 870 Harrison - 204 1/1 616 0 $575,000 $933 11/11/2014 870 Harrison - 206 1/1 545 0 $535,000 $982 11/11/2014 870 Harrison - 301 1/1 628 0 $685,000 $1,091 11/11/2014 870 Harrison - 302 1/1 598 0 $615,000 $1,028 11/11/2014 870 Harrison - 303 1/1 531 0 $595,000 $1,121 11/11/2014 870 Harrison - 401 1/1 628 1 $650,000 $1,035 11/11/2014 870 Harrison - 402 1/1 598 0 $650,000 $1,087 11/11/2014 870 Harrison - 403 1/1 531 0 $575,000 $1,083 11/11/2014 870 Harrison - 501 1/1 628 1 $680,000 $1,083 11/11/2014 870 Harrison - 503 1/1 531 0 $578,000 $1,089 11/11/2014 870 Harrison - 601 1/1 613 1 $800,000 $1,305 11/11/2014 870 Harrison - 604 2/1.5 814 1 $950,000 $1,167 11/11/2014 870 Harrison - 602 1/1 583 1 $720,000 $1,235 11/10/2014

PG.13 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out AMERO

1501 Filbert Street at Van Ness | Cow Hollow Status: Approximate absorption: 5 units/month, Average $/SqFt: $1,393 Developer: Trumark Urban Architect: NC2 Studio Project info: 27 units, 0 BMRs, 7-stories, HOA: $560 - $765, Date on market: July 2014 Amenities: Roof terrace with BBQ/fireplace, lobby lounge, entry water feature, bicycle parking Features & Finishes: Studio Becker cabinetry, Haussmann stone bathroom counter tops and flooring, Bolyu bedroom carpeting, DuChateau wide-plank oak flooring, Domus & Domus cabinetry, Bertazzoni range ovens, Bosch microwaves & dishwashers, Thermador refrigerators, Kohler sinks, quartz counter tops Website: AmeroSF .com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Amero - PH7G 2/2 1,613 2 $3,475,000 $2,154 2/27/2015 Amero - TH5F 2/2.5 1,789 1 $2,485,000 $1,389 2/27/2015 Amero - PH7C 2/2 1,040 1 $1,648,000 $1,585 2/23/2015 Amero - PH7A 2/2 1,132 2 $1,575,000 $1,391 2/2/2015 Amero - 5C 2/2 1,130 1 $1,600,000 $1,416 1/30/2015 Amero - 5G 2/2 1,770 1 $2,500,000 $1,412 1/27/2015 Amero - 6C 2/2.5 1,130 1 $1,799,000 $1,592 1/2/2015 Amero - 5D 2/2.5 1,768 1 $2,575,000 $1,456 12/16/2014 Amero - PH7E 2/2.5 1,680 2 $3,550,000 $2,113 12/6/2014 Amero - 3C 2/2 1,130 1 $1,325,000 $1,173 11/25/2014 Amero - 6A 2/2 1,220 1 $1,464,000 $1,200 11/25/2014 Amero - 4C 2/2 1,130 1 $1,450,000 $1,283 11/24/2014 Amero - PH7D 2/2.5 1,562 2 $3,700,000 $2,369 11/24/2014 Amero - 3B 2/2 1,192 1 $1,239,000 $1,039 11/22/2014 Amero - 6B 2/2 1,192 1 $1,399,000 $1,174 11/22/2014 Amero - TH1B 3/3.5 2,470 1 $2,450,000 $992 11/22/2014 Amero - TH1C 3/3.5 2,570 1 $2,325,000 $905 11/22/2014 Amero - 3D 2/2.5 1,662 1 $1,850,000 $1,113 11/21/2014 Amero - 3A 2/2 1,222 1 $1,279,000 $1,047 11/15/2014 Amero - 4A 2/2 1,220 1 $1,345,000 $1,102 11/15/2014 Amero - 4B 2/2 1,192 1 $1,289,000 $1,081 11/13/2014 Amero - 5B 2/2 1,192 1 $1,340,000 $1,124 11/13/2014 Amero - 5A 2/2 1,220 1 $1,390,000 $1,139 11/9/2014 Amero - PH7F 2/2.5 1,634 2 $3,500,000 $2,142 10/13/2014

PG.14 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 35 DOLORES

35 Dolores Street at Market | Mission Dolores Status: Approximate absorption: 6 units/month, Average $/SqFt: $1,231 Developer: Lightner Property Group Architect: Levy Design Partners Project info: 37 units, 4-stories, HOA: $300 - $425, Date on market: September 2014 Amenities: Courtyard, double-height lobby, guest studio, rear yard, bicycle storage, dog wash, car wash area, wiring for EV charging Finishes: Exterior louvers, fireplaces, Viking appliances, quartz counter tops, wide-plank oak flooring, porcelain tile bathroom floors, Maytag washer/dryers Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

35 Dolores - 402 2/2 1,133 1 $1,550,000 $1,368 3/31/2015 35 Dolores - 104 1/1 750 0 $895,000 $1,193 3/2/2015 35 Dolores - 105 1/1 670 0 $795,000 $1,187 2/26/2015 35 Dolores - 308 3/2 1,280 1 $1,610,000 $1,258 2/25/2015 35 Dolores - 101 2/2 1,175 1 $1,350,000 $1,149 2/19/2015 35 Dolores - 107 2/2 1,170 1 $1,495,000 $1,278 2/7/2015 35 Dolores - 206 2/2 1,188 1 $1,345,000 $1,132 2/7/2015 35 Dolores - 305 1/1 670 0 $745,000 $1,112 2/7/2015 35 Dolores - 406 2/2 1,186 1 $1,575,000 $1,328 2/7/2015 35 Dolores - 405 1/1 670 0 $800,000 $1,194 2/3/2015 35 Dolores - 201 2/2 1,152 1 $1,225,000 $1,063 1/31/2015 35 Dolores - 204 1/1 750 0 $790,000 $1,053 1/31/2015 35 Dolores - 306 2/2 1,186 1 $1,495,000 $1,261 1/31/2015 35 Dolores - 401 2/2 1,237 1 $1,495,000 $1,209 1/31/2015 35 Dolores - 404 1/1 755 1 $900,000 $1,192 1/31/2015 35 Dolores - 409 1/1 620 0 $739,000 $1,192 1/31/2015 35 Dolores - 205 1/1 665 0 $730,000 $1,098 1/30/2015 35 Dolores - 108 3/2 1,267 1 $1,695,000 $1,338 1/26/2015 35 Dolores - 106 2/2 1,170 1 $1,465,000 $1,252 1/24/2015 35 Dolores - 207 2/2 1,165 1 $1,295,000 $1,112 1/24/2015 35 Dolores - 208 3/2 1,280 1 $1,495,000 $1,168 1/24/2015 35 Dolores - 303 2/2 935 1 $1,145,000 $1,225 1/24/2015 35 Dolores - 304 1/1 755 0 $830,000 $1,099 1/24/2015 35 Dolores - 310 2/2 995 1 $1,295,000 $1,302 1/24/2015 35 Dolores - 403 2/2 935 1 $1,195,000 $1,278 1/24/2015 35 Dolores - 407 2/2 1,162 1 $1,625,000 $1,398 1/24/2015 35 Dolores - 408 3/2 1,280 1 $1,750,000 $1,367 1/24/2015 35 Dolores - 410 2/2 995 1 $1,395,000 $1,402 1/24/2015

PG.15 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out THE SAN FRANCISCO SHIPYARD (1st release)

11 Innes Court | Hunters Point Status: Approximate absorption: 10 units/month Developer: Lennar Urban Date on market: June 2014 First closings: December 2014 Project info: 5-story condominium building (Merchant) & 25 town- homes (Olympia), HOA: $250 - $505, 9 BMRs Amenities: Community park, shuttle service, roof terrace (Merchant) Features & Finishes: Attached garages (Olympia), balconies & patios, Bay & City views, walk-in closets, Barbosa cabinetry, Bosch appliances, quartz and Corian counter tops, porcelain tile and sus- tainable Plyboo bamboo floors

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range

OLYMPIA TOWNHOMES

2 - Bedroom 18 948 - 1,172 SqFt $650K - $725K 3 - Bedroom 7 1,418 - 1,587 SqFt $850K - $925K

Number of Unit Type Units Size Range Price Range

MERCHANT CONDOS

Studio 1 457 SqFt - 1 - Bedroom 29 595 - 744 SqFt $450K - $500K 2 - Bedroom 32 921 - 1,027 SqFt $550K - $750K 3 - Bedroom 1 1,158 SqFt $675K

PG.16 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out ARDEN

718 Long Bridge Street at 4th | Mission Bay Status: Approximate absorption: 65 units/month, All units in contract: Sep- tember 2014 Developer: Bosa Development; Architect: Chris Dikeakos Project info: 267 units, 0 BMRs, 16-stories, HOA: $775 - $1,175 Date on market: June 2014 Closings anticipated: Q3 2015 Amenities: Attended lobbies, 75’ lap pool, spa, fitness center with changing rooms, resident’s lounge with kitchen/billiards, numerous terraces, BBQ, library, electric car share, workshop, pet grooming facility, common area WIFI and USB ports, storage Features and Finishes: Hardwood floors, Whirlpool washer/dryers, walk-in closets, solid core interior doors, USB and fiber optic wiring, Caesarstone counter tops, Thermador appliances, Grohe plumbing fixtures Website: ArdenByBosa .com

Unit Mix and Pricing Summary

Number of Unit Type Units Size Range Price Range

1 - Bedroom 17 732 - 1,168 SqFt $775K - $1M

2 - Bedroom 205 995 - 1,436 SqFt $1M - $1.8M 3 - Bedroom 45 1,611 - 2,044 SqFt $1.5M - $2.5M

LINEA

8 Buchanan Street at Market | Duboce Triangle Average $/SqFt (last six months): $1,102 Date on market: August 2013 Sold-out: December 2014 Developer: Brian Spiers Architect: Arquitectonica Project info: 115 units, 9-stories, HOA: $450 - $675 Amenities: Attended lobby, roof terrace, courtyard Finishes: Quartz counter tops, hardwood floors, Bertazzoni/Liebherr/Bosch appliances Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Linea - 312 1/1 836 0 $749,000 $896 1/2/2015 Linea - 601 2/1 787 1 $899,000 $1,142 12/31/2014 Linea - 813 2/2 963 1 $1,090,000 $1,132 12/22/2014 Linea - 406 1/1 778 1 $829,000 $1,066 11/13/2014 Linea - 302 2/2 1,223 1 $1,490,000 $1,218 10/21/2014

PG.17 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out MILLWHEEL NORTH

1275 Indiana Street at 23rd | Dogpatch Average $/SqFt (last six months): $869 Developer: The R Group Project info: 39 units, 4-stories, HOA: $400 - $450, Date on market: May 2014, Sold-out: December 2014 Amenities: Courtyard Features & Finishes: Bonelli windows, hardwood floors, Heat & Glo fireplaces, Shaw carpeting, black marble in bathrooms, Inox polished chrome door hardware, Grohe plumbing fixtures, Elfa closet systems, GE washer/dryers, private outdoor spaces, Bellmont cabinetry, Caesarstone counter tops, KitchenAid refrigerator, Bertazzoni range ovens, Bosch dishwashers, marble flooring, Hydro Systems soaking tubs, porcelain tile bathroom floors Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Millwheel North - 403 2/2 1,096 1 $1,045,000 $953 12/16/14 Millwheel North - 405 2/2 1,215 1 $1,150,000 $947 10/28/14 Millwheel North - 103 2/2 1,467 1 $1,245,000 $849 10/24/14 Millwheel North - 101 2/2 1,360 1 $1,050,000 $772 10/22/14 Millwheel North - 102 2/2 1,121 1 $995,000 $888 10/22/14 Millwheel North - 203 2/2 1,223 1 $949,000 $776 10/22/14 Millwheel North - 206 2/2 1,221 1 $1,100,000 $901 10/22/14 Millwheel North - 301 2/2 1,316 1 $1,125,000 $855 10/22/14 Millwheel North - 304 2/2 1,094 1 $999,000 $913 10/22/14

MINT COLLECTION

410 Jessie Street at 5th | SOMA Average $/SqFt (last six months): $1,053 Developer: Martin Building Company Project info: 10-stories, HOA: $350 - $1,200 Date on market: April 2014 Amenities: Roof terrace with BBQ, fitness center, spa Features and Finishes: 11’6” and 11’15” ceilings, granite/concrete counter tops, acid-stained concrete floors Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Mint Collection - 3 2/2 1,559 1 $1,600,000 $1,026 2/27/2015 Mint Collection - 801 2/1 1,240 1 $1,350,000 $1,089 11/5/2014 Mint Collection - 2 1/2 1,559 1 $1,550,000 $994 10/28/2014 Mint Collection - 4 2/2 1,559 1 $1,675,000 $1,074 10/23/2014 Mint Collection - 5 1/2 1,559 1 $1,750,000 $1,123 10/14/2014 Mint Collection - 1 1/2 1,559 1 $1,500,000 $962 10/9/2014 Mint Collection - 305 0/1 433 0 $515,000 $1,189 10/8/2014 Mint Collection - 405 0/1 433 0 $525,000 $1,212 10/8/2014 Mint Collection - 407 1/1 658 0 $650,000 $988 10/8/2014

PG.18 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Resale MILLENNIUM TOWER

301 Mission Street at Fremont | SOMA Average $/SqFt (last 6 months): $1,595 Developer: Millennium Partners Architect: Handel Architects Project info: 419 units, 58-story high-rise & 11-story mid- rise, HOA: $450 - $1,750 Date on market: November 2007 Sold-out: April 2013 Amenities: Concierge, resident’s lounge, tasting room and cellar, private dining room, screening room, children’s play- room, outdoor terrace, 5,500 square-foot fitness center with Pilates/yoga studios/massage service/locker rooms/ spa room/steam room/75-foot indoor lap pool Finishes: Hardwood floors, Studio Becker cabinetry, mar- ble/quartzite counter tops, Sub-Zero/Wolfe/Miele/GE/ Bosch/U-Line appliances

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Millennium Tower - 1004 2/2 1,400 1 $3,000,000 $2,143 4/1/2015 Millennium Tower - 32E 2/2 1,714 1 $2,775,000 $1,619 3/31/2015 Millennium Tower - 36D 2/3 1,952 1 $4,000,000 $2,049 3/10/2015 Millennium Tower - 406 1/2 1,633 1 $2,325,000 $1,424 3/2/2015 Millennium Tower - 22H 1/1 733 0 $1,080,000 $1,473 1/16/2015 Millennium Tower - 15A 2/2 1,479 1 $2,000,000 $1,352 12/15/2014 Millennium Tower - 16H 1/1 773 0 $950,000 $1,229 10/23/2014 Millennium Tower - 12E 2/2 1,098 0 $1,500,000 $1,366 10/15/2014 Millennium Tower - 11G 2/2 1,246 0 $1,650,000 $1,324 10/3/2014 Millennium Tower - 25H 1/1 773 0 $1,137,500 $1,472 10/2/2014 Millennium Tower - 29F 2/2 1,601 1 $2,300,000 $1,437 9/15/2014

PG.19 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Resale ONE RINCON HILL

425 1st Street at Harrison | SOMA Average $/SqFt (last 6 months): $1,479 Developer: Urban West Associates Architect: SCB Project info: 376 units, 60-stories, HOA: $650 - $1,000 Date on market: January 2006 Sold-out: November 2012 Amenities: 24-hour doorman, concierge, high-speed Internet access, fit- ness center, resident’s lounge with catering kitchen, valet parking, full-size swimming pool, outdoor kitchen, outdoor fireplace Finishes: Hardwood floors, Del Tongo cabinetry, Sub-Zero refrigerators, Bosch appliances

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

One Rincon Hill - 3208 1/1 755 1 $1,079,000 $1,429 3/11/2015 One Rincon Hill - 2508 1/1 755 1 $1,059,000 $1,403 3/5/2015 One Rincon Hill - 2407 1/1 819 1 $1,150,000 $1,404 2/20/2015 One Rincon Hill - 4607 1/1 819 1 $1,288,000 $1,573 2/18/2015 One Rincon Hill - 1608 1/1 755 1 $915,000 $1,212 2/6/2015 One Rincon Hill - 5204 3/3 1,947 1 $3,530,000 $1,813 12/31/2014 One Rincon Hill - 4207 1/1 819 1 $1,200,000 $1,465 12/27/2014 One Rincon Hill - 2107 1/1 819 1 $1,075,000 $1,313 12/18/2014 One Rincon Hill - 4101 1/1 837 1 $1,149,000 $1,373 11/28/2014 One Rincon Hill - 4805 1/1 710 1 $915,000 $1,289 11/10/2014

PG.20 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Resale THE INFINITY

301 & 333 Main Street, 318 & 338 Spear Street | South Beach Average $/SqFt (last 6 months): $1,504 Developer: Tishman Speyer Architect: Heller Manus/Bernardo Fort-Brescia of Arquitectonica Project info: 650 units, one 37- and one 42-story high rise, one 8- and one 9-story podium, Date on market: June 2006, Sold-out: March 2011, HOA: $600 - $1,600 Amenities: Attended lobbies with concierge services, courtyards, 5,000 square foot fitness center, 75-foot indoor lap pool, sauna, resident’s lounge with catering kitchen, business center, screening room Finishes: Granite counter tops, Studio Becker cabinetry, Watermark and Kohler fixtures, Bosch appliances, Bamboo flooring

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

The Infinity - 23B 2/2 1,317 1 $2,418,000 $1,836 3/27/2015 The Infinity - 5B 2/2.5 1,812 1 $2,369,000 $1,307 3/17/2015 The Infinity - 35A 2/2 1,268 1 $2,480,000 $1,956 3/3/2015 The Infinity - 9C 3/2.5 1,429 1 $1,850,000 $1,295 2/27/2015 The Infinity - 25H 2/2 1,317 1 $1,849,000 $1,404 2/24/2015 The Infinity - 27F 2/2 1,307 1 $2,088,000 $1,598 1/30/2015 The Infinity - 30A 2/2 1,268 1 $2,200,000 $1,735 1/23/2015 The Infinity - 14A 2/2 1,163 1 $1,415,000 $1,217 1/1/2015 The Infinity - 33G 3/2 1,610 1 $2,375,000 $1,475 12/19/2014 The Infinity - 36A 2/2 1,268 1 $2,327,500 $1,836 12/3/2014 The Infinity - T36E 3/2.5 1,679 1 $3,000,000 $1,787 11/25/2014 The Infinity - 18A 2/2 1,163 1 $1,450,000 $1,247 11/24/2014 The Infinity - 6E 1/1 838 1 $953,888 $1,138 11/20/2014 The Infinity - 18E 2/2 1,180 1 $1,500,000 $1,271 11/13/2014 The Infinity - 20A 2/2 1,163 1 $1,475,000 $1,268 10/27/2014

PG.21 SAN FRANCISCO DEVELOPMENT APRIL 2015 DEVELOPMENT SNAPSHOT Resale ONE HAWTHORNE

1 Hawthorne Street at Howard | SOMA Average $/SqFt (last 6 months): $1,232 Developer: Jackson Pacific Ventures Architect: EHDD Project info: 165 units, 25-stories, HOA: $500 - $750 Date on market: January 2010 Sold-out: May 2013 Amenities: Fitness center, roof terrace with BBQ, attended lobby Finishes: Quartz and limestone counter tops, hardwood floors, Studio Becker cabinetry, Bosch appliances

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

One Hawthorne - 21C 2/2 1,313 1 $1,800,000 $1,371 2/27/2015 One Hawthorne - 11E 2/2 1,246 1 $1,500,000 $1,204 1/26/2015 One Hawthorne - 15A 1/1 909 1 $1,060,000 $1,166 11/4/2014 One Hawthorne - 14G 1/1 950 1 $1,150,000 $1,211 10/24/2014 One Hawthorne - 22A 2/2 1,558 1 $1,850,000 $1,187 10/15/2014

THE HAYES

55 Page Street at Gough | Hayes Valley Average $/SqFt (last 6 months): $1,267 Developer: Intracorp Architect: Heller Manus Project info: 128 units, 8-stories, HOA: $300 - $500 Amenities: Attended lobby, fitness center, roof terrace Finishes: Studio Becker cabinetry, granite counter tops, bamboo flooring

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

The Hayes - 310 1/1 739 1 $899,000 $1,217 3/23/2015 The Hayes - 514 0/1 476 1 $564,000 $1,185 3/4/2015 The Hayes - 515 1/1 750 1 $905,000 $1,207 2/6/2015 The Hayes - 720 1/1 746 1 $890,000 $1,193 10/31/2014 The Hayes - 819 1/1 746 1 $1,121,000 $1,503 10/30/2014

PG.22 SAN FRANCISCO DEVELOPMENT APRIL 2015 UPCOMING CONDOMINIUM DEVELOPMENTS

Sales Development Developer / Owner Area Commence Units

The San Francisco Shipyard Phase II Lennar Urban Hunters Point Q2 2015 159

400 Grove Street at Gough DDG/DM Hayes Valley Q2 2015 35

Luxe - 1650 Broadway Street at Van Ness Belrich Partners LLC Van Ness Corridor Q2 2015 34

2655 Bush Street at Divisadero KB Home Lower Pac Heights Q2 2015 81

Park 181 - Fremont Street at Howard Jay Paul Company Transbay Q2 2015 67

840 Sutter Street at Jones Edward Duffy Lower Nob Hill Q3 2015 20

1450 Franklin Street at Bush Village Properties Western Addition Q3 2015 67

1001 17th Street at Pennsylvania 1001 17th Street Associates LLC Potrero Hill Q3 2015 26

Onyx Phase II - 310 Carolina Street at 17th LNF Partners Potrero Hill Q3 2015 21

388 Fulton Street at Franklin 7x7 Development Hayes Valley Q4 2015 61

450 Hayes Street at Gough DDG/DM Hayes Valley Q4 2015 50

1050 Valencia Street at Hill LLC Mission Q4 2015 12

Pacific - 2155 Webster Street at Sacramento Trumark Urban Pacific Heights Q4 2015 76

555 Fulton Street at Laguna Fulton Street Ventures Hayes Valley Q1 2016 136

PARK 181

LUXE 1001 17th

PG.23 SAN FRANCISCO DEVELOPMENT APRIL 2015 UPCOMING APARTMENT DEVELOPMENTS

Marketing to Development Developer / Owner Area Commence Units

Azure - 690 Long Bridge Street Equity Residential Mission Bay Q2 2015 273

Jasper - 45 Lansing Street at 1st Crescent Heights South of Market Q2 2015 320

340 Fremont Street at Folsom Equity Residential South of Market Q3 2015 332

1321 Mission Street at 9th (Efficiency Units) Panoramic Interests South of Market Q3 2015 160

1401 Mission Street at 10th Behringer Harvard South of Market Q3 2015 117

299 Fremont Street at Folsom Golub and Company South of Market Q3 2015 409

101 Polk Street at Hayes Emerald Fund Mid-Market Q3 2015 143

Alta Laguna - 55 Laguna Street at Market Wood Partners Hayes Valley Q3 2015 280

360 Berry Street at 5th LLC Mission Bay Q4 2015 129

2198 Market Street at Sanchez Greystar Upper Market Q1 2016 87

350 8th Street at Harrison AIG Global/Associated Estates South of Market Q1 2016 408

Echelon - 399 Fremont Street at Harrison UDR/MetLife South of Market Q2 2016 452

EQR Potrero - 1000 16th Street at Missouri Equity Residential Potrero Hill Q2 2016 453

1 Henry Adams at Division Equity Residential Design District Q4 2016 239

801 Brannan Street at 8th Equity Residential Design District Q1 2017 435

1201 Tennessee Street at 22nd AGI/Avant Housing Dogpatch Q1 2017 259

101 POLK 801 BRANNAN 1321 MISSION

PG.24 SAN FRANCISCO DEVELOPMENT APRIL 2015 SAN FRANCISCO RESIDENTIAL PIPELINE Apartment construction South of Market increased thirty-percent since last month . This upswing results from two large Developments breaking ground by Equity Residential . Condominium production continues to be dwarfed by apartments, despite ever increasing condominium prices . However, there are nearly 4,800 approved condominiums in the Pipeline . South of Market and Potrero Hill/Dogpatch have great concentrations of approved condominiums .

APPROVED, UNDER REVIEW & CONCEPTUAL Area Approved Under Review Conceptual Bayview/Hunters Point/Candlestick 10,430 499 2,000 Dogpatch 360 907 1,000 Hayes Valley 151 191 24 Mid-Market 262 1,036 0 Mission 132 971 248 Mission Bay 692 1,000 0 Northern Neighborhoods 190 1,176 550 Park Merced 8,900 0 0 Potrero Hill 205 1,085 323 South of Market 2,538 5,566 1,007 Southern Neighborhoods 2,185 560 461 Transbay 1,076 615 0 Treasure Island 8,619 0 0 Upper Market 24 222 0 Van Ness Corridor 0 1,416 0 Total 35,764 15,244 5,613 UNDER CONSTRUCTION - BY PRODUCT TYPE Area Condominiums Apartments All Bayview/Hunters Point/Candlestick 159 0 159 Dogpatch 0 259 259 Hayes Valley 282 280 562 Mid-Market 0 143 143 Mission 32 0 32 Mission Bay 0 402 402 Northern Neighborhoods 244 0 244 Potrero Hill 47 453 500 South of Market 0 2,872 2,872 Transbay 67 0 67 Upper Market 0 87 87 Van Ness Corridor 34 0 34 Totals 865 4,496 5,361

The category, under construction - condominiums, does not include developments which are preselling units . These developments are categorized as Currently Selling . Northern (and Northwestern) Neighborhoods covers Richmond, Sunset, Laurel Heights, Cathedral Hill, Western Addition, Pacific Heights, Nob Hill, Lower Nob Hill, Financial District, Russian Hill, Telegraph Hill, North Beach & Marina/Cow Hollow . Southern (and Southwestern) Neighborhoods covers Oceanview, Parkside, Glen Park, Forest Knolls, Outer Mission, Mission Terrace .

PG.25 SAN FRANCISCO DEVELOPMENT APRIL 2015 SAN FRANCISCO RESIDENTIAL PIPELINE SUPPLY PROJECTIONS South of Market continues to be the most promising sub-market, with nearly 3,000 units under construction . Hayes Valley and Potrero Hill come in second and third, with approximately 750 and 500 units respectively . One of the most popular sub-markets, the Mission, is only set to deliver 32 condominiums and no apartments . There are approximately 130 units which have been approved in the Mission, which have not yet broken ground . The average size of condominium developments under construction is approximately 60 units, versus 280 units for apartment developments . Additionally, most of the apartment projects are being developed by large and/or publicly traded developers, whereas the condominium developers are mostly smaller and/or privately held . Future supply may increase dramatically, depending on the time lines of large-scale, long-term projects at Hunters Point, Candlestick Point, Park Merced, Treasure Island and Visitacion Valley . The aforementioned projects have the potential to deliver 30,000 units . South of Market will continue to be a cornerstone of future infill supply, with over 2,500 approved units in the Pipeline .

New Condominiums New Apartments 2,000 1,800 1,600 1,400 1,200 1,000

Units 800 600 400 200 0 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

New Condominiums* % Change New Apartments* % Change Q2 2015 945 46% 750 85% Q3 2015 919 -3% 1,871 149% Q4 2015 908 -1% 1,263 -32% Q1 2016 826 -9% 1,068 -15% Q2 2016 637 -23% 1,434 34% Q3 2016 470 -26% 1,002 -30% Q4 2016 337 -28% 922 -8%

*Condominiums projected at a 5 unit per month, per project absorption level; Lumina at 40 units per month; Apartments projected at 30 units per month, per project

PG.26 SAN FRANCISCO DEVELOPMENT APRIL 2015 ABOUT VANGUARD PROPERTIES DEVELOPER SERVICES Vanguard Properties expertly guides urban residential developers . Core consulting services include Analytics, Land Acquisition, Design, Branding and Sales Strategy . From concept to close-out, Vanguard leads the way . For a list of developments, visit VanguardSF com.

For Developer Services, contact: Frank Nolan James Nunemacher VP, Director of Development Principal, Founding Partner 415 321 . .7011 415 519 . .7772 Frank@VanguardSF com. James@VanguardSF com.

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For additional market reporting, contact: Jonathan Moftakhar Market Analyst 415 .920 .3731 JonathanM@VanguardSF .com

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VANGUARD PROPERTIES REPORT DISCLAIMER

Data sources for this Report include but are not limited to SFAR MLS, the San Francisco Planning Department, development mar- keting websites and industry news/information outlets . The information in this Report is subject to errors, as it is compiled from multiple sources, with varying degrees of accuracy and currency . This Report should not be reproduced or distributed, in whole or in part, without the prior written consent of Vanguard Properties . The statements in this Report, which are not historical facts, are projections or estimates based on Vanguard Properties’ opinions and expectations of future market performance . Although the information presented is believed to be correct, no representation is made by Vanguard Properties as to the accuracy or complete- ness of the information . The information presented may be subject to updating, revision or verification, and such information may change in a material nature . This is not an offer to sell property, and is intended for information purposes only . This Report should not be relied upon or utilized in making investment decisions . ©2015 Vanguard Properties, All rights reserved .

PG.27 SAN FRANCISCO DEVELOPMENT APRIL 2015