BID DATE FEBRUARY 16, 2017 Sullivan Square 14.89 TOTAL ACRES LAS VEGAS,

CONCEPTUAL RENDERING EXCLUSIVE OFFERING MEMORANDUM Broker Contact Aman Lal, NV RED #S.0168657 T (949) 293-4162 | [email protected]

Jenna Adkins, NV RED #S.0179975 T (702) 929-3114 | [email protected]

Nevada Office The 9205 W. Russell Road, Suite 235 Hoffman Las Vegas, Nevada 89148 Company T (702) 929-3120 F (702) 929-3899 Leading the Land Brokerage Industry CALIFORNIA + NEVADA www.hoffmanland.com NV RED #B.1000466 Disclaimer The information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Las Vegas, County of Clark, Nevada (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation.

In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller.

This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller.

Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers.

POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER - DISCLOSURE AND CONSENT (C.A.R. Form PRBS, 11/14)

A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.

Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.

Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.

Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property.

In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.

Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent’s marketing strategy and the instructions of the seller.

Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships.

The terms and conditions set forth above apply to this Brochure in its entirety. MCCARRAN AIRPORT UNLV CAMPUS (7 Miles Away ) (11 Miles Away) (9 Miles away) Table of Contents 15

EXECUTIVE SUMMARY 1 Narrative 5 Offering Guidelines 6 About Harcourt Development 7 W RUSSELL RD

Aerial, Maps & Photos W SUNSET RD S BUFFALO2 Close DR Up Aerial 9 W PATRICK LN Site Plan 10 Vicinity Aerial 11 Assessor’s Parcel Map 12 215

AREA OVERVIEW 3 Las Vegas Market Overview 14 Las Vegas Employment Overview 15 Area Attractions 16 S DURANGO DR BADURA AVE Proximity to Las Vegas Strip and Airport 17 OPENING MAY 2016 MARKET OVERVIEW STATION 70 ACRES 4 New Development Map 19 Multi-Family Sale Assumptions 20 Recent Land Sales 21 Apartment Demand in Southwest 22 1 Executive Summary

CONCEPTUAL RENDERING 1 EXECUTIVE SUMMARY Narrative

Sullivan Square offers a unique development opportunity for a mixed use project in Las Vegas with great accessibility and proximity to the strip. The site sits at the southeast corner of Sunset and Durango and has easy access to the 215 Freeway. The project was originally entitled in 2007 for 1,350 condos, 250,000 sq ft of office and 40,000 sq ft of retail. In May 2016 IKEA opened its doors across the street from the site. Ikea has had phenomenal success and have been generating significant retail traffic in the area. The site is owned by Harcourt Development in Dublin, Ireland and they are interested in a sale or joint venture partnership to develop the site.

ASSESSOR’S PARCEL NUMBERS MUNICIPALITY 176-04-101-025 and -026 City of Las Vegas Clark County Spring Valley TOTAL ACRES 14.89 DEVELOPMENT PHASING Phase 1: Infrastructure, West Tower 1, West Tower 2, Mid-rise 1 w/amenity ZONING Phase 2: Mid-rise 2, Mid 3 (townhouses), South Tower 1 w/amenity Commercial General (CG). Land uses permitted under CG Zoning include Phase 3: Loft building, South Tower 2 C-P: Office and Professional District, C-1: Local Business District, C-2: General Undetermined: Office building, subject to pre-let agreement Commercial District

The Hoffman OFFERING MEMORANDUM \ 5 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 1 EXECUTIVE SUMMARY BID DATE Offering Guidelines FEBRUARY 16, 2017

SELLER DEPOSIT STRUCTURE Harcourt Development • $500,000 refundable Deposit to open escrow. • At end of the Due Diligence period, Deposit to be increased to 10% of PROPOSED DEAL STRUCTURE purchase price. Seller is looking for a partial cash payment and to stay in as a joint venture • Upon approval of the Due Diligence period, Deposit to be released to partner or an all cash transaction. Seller, non-refundable, and applicable to purchase price.

ASKING PRICE ESCROW $970,000 per acre Shall be held with Nevada Title and Escrow.

PURCHASE & SALE AGREEMENT OPENING OF ESCROW Seller to provide. Upon delivery to Escrow of (i) the mutually executed Letter of Intent and (ii) the Initial Deposit of $500,000. DUE DILIGENCE PERIOD The Due Diligence Period shall commence upon acceptance of the LOI and CLOSE OF ESCROW delivery of Due Diligence Materials and shall conclude 60 days thereafter. The closing shall occur upon approval of seller’s site plan.

DO NOT CONTACT ANY GOVERNMENTAL AGENCIES IN REGARDS TO THIS SITE. ALL COMMUNICATION WILL BE COORDINATED THROUGH THE SELLER.

The Hoffman OFFERING MEMORANDUM \ 6 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 1 EXECUTIVE SUMMARY About Harcourt Development

Harcourt Developments is one of Ireland’s largest privately-owned property companies. Retained assets include offices, shopping centres, industrial parks and hotels in nine different countries worldwide including Ireland, the United Kingdom, the Bahamas, the United States, the Channel Islands and Latvia. The Group employs over 1000 people.

The team at Harcourt has a successful track record of evaluating and managing property investments to deliver strong and sustainable investment returns. While continuing to develop, the group owns and manages a prime invest- ment portfolio generating revenue from a combination of retail, offices, indus- trial, leisure and residential accommodation.

Key schemes include Park West Business Park in Dublin; Titanic Quarter, Bel- fast; waterfront developments in Jersey, The Channel Islands; Sullivan Square in Las Vegas; Riga International Business Park in Latvia; Royal Haslar in Gosport, England; Stanley Dock in Liverpool and a number of regional shopping centres across Ireland. Harcourt also has interests in over 40 hotels worldwide. CHELSEA HARBOUR LONDON

PARK WEST POINTE TITANIC QUARTER SUFFOLK COURT PARK WEST, DUBLIN BELFAST BAHAMAS The Hoffman OFFERING MEMORANDUM \ 7 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 2 Aerials, Maps & Photos

CONCEPTUAL RENDERING AERIALS, MAPS 2 & PHOTOS

Close Up Aerial

Sullivan W SUNSET RD

S DURANGO DR Square

DEX MEDIA RHODES-FORD & ASSOCIATES, P.C LAW OFFICE TICOR TITLE OF NEVADA BUTLER ST BLVD GAGNIER

WELLS FARGO HOME MORTGAGE

SOUTHERN FIDELITY SERVICE 1ST BANK MORTGAGE OF NEVADA W RAPHAEL RIVERA WAY REALTY ONE GROUP

BAGUETTE CAFE

215 BRUCE WOODBURY BELTWAY

The Hoffman OFFERING MEMORANDUM \ 9 \ SULLIVAN SQUARE | LAS VEGAS, NV Company AERIALS, MAPS 2 & PHOTOS

Site Plan

Site plan and grading plans originally approved October 2006 Offsite plans approved March 2007 CONCEPTUAL RENDERING

4 High Rise Towers (20 Story) 2 Mid-Rise Terraced Condominiums (13 Story) 1 Loft Building (12 Story) 1 Mid-Rise Residential Brownstone Building (3 Story) 1 Office Building (13 Story; 250,000 Sq Ft) Retail 40,000 Sq Ft in Blocks A and B Sullivan Residential: 1,350 Units Total | 1,300 Average Sq Ft Square W SUNSET RD

Commercial: 344,385 Sq Ft S DURANGO DR

215

The Hoffman OFFERING MEMORANDUM \ 10 \ SULLIVAN SQUARE | LAS VEGAS, NV Company AERIALS, MAPS 2 & PHOTOS

Vicinty Aerial

MERRYHILL ELEMENTARY S RAINBOW BLVD EARL ELEMENTARY S JONES BLVD SPANISH TRAIL TROPICANA BELTWAY ELYSIAN COUNTRY CLUB CENTER WEST

SHADOWN S DURANGO DR CLARK SPRING CLARK MOUNTAIN LEVEL 25 COUNTY VALLEY SAWYER MIDDLE RANCH COUNTY HOSPITAL S FORT APACHE RD ROGERS ELEMENTARY

SOUTH CLARK COUNTY CLARK DURANGO HIGH COUNTY CLARK COUNTY CLARK BEACH COUNTY W RUSSELL RD CLARK S BUFFALO DR CLARK GRAMERCY CLARK COUNTY COUNTY APARTMENTS COUNTY CALVARY CHAPEL CHRISTIAN SCHOOL CLARK CLARK COUNTY EVO COUNTY S GRAND CANYON DR OMNI W PATRICK LN CLARK CLARK COUNTY COUNTY TENAVA WARMINGTON Sullivan INTERNATIONAL LOFTS SOUTHERN SOLANO GAME HILLS APT Square HOSPITAL TECHNOLOGY W SUNSET RD UFC WORLD 2ONE5 REGENCY HEADQUARTERS APT BY 215 ACTIVELY SELLING SUBDIVISIONS THE ARROYO MAJOR RETAIL SPANISH STATION TOWERS MARKET SQUARE UNIVERSITY LAND FAISS MIDDLE CASINOS 70 ACRES HOSPITAL/MEDICAL PLAZA PICERNE MAULE AVE /RESORT WET ‘N’ WILD CLARK COUNTY LAS VEGAS TANAKA ELEMENTARY PUBLIC SCHOOLS PRIVATE SCHOOL MEDICAL INDUSTRIAL RHODES RANCH PLAZAW WARM SPRINGS RD \ 11 \

The Hoffman OFFERING MEMORANDUM 11 SULLIVAN SQUARE | LAS VEGAS, NV Company \ \ AERIALS, MAPS 2 & PHOTOS

Assessors Parcel Map

Sullivan Square

The Hoffman OFFERING MEMORANDUM \ 12 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 3 Area Overview

CONCEPTUAL RENDERING 3 AREA OVERVIEW

Las Vegas Market Overview

The Southwest had 754 new home sales in the 3rd quarter of 2016. Southwest These sales represents 38% of entire new home sales in Clark County. - UFC is building 180,000 sq ft world headquarters - SWITCH is expanding its facilities in Las Vegas from 2 Las Vegas million sq ft to 3.5 million sq ft. - Unemployment in Nevada at the end of the 3rd quarter - UNLV received accreditation for a medical school in was 6.5% Summerlin. The first class is expected to begin in 2017. - Personal Income has increased 5.3% - Las Vegas area is rated among the top 10 largest metro populations for growth - Retail sales are up 6.7% since 2007

CLARK COUNTY INDICATOR CURRENT VALUE VS. PRIOR PERIOD VS. ONE YEAR AGO TREND Population 2.1M +4 Labor Force 1.1M +1 Labor Force Employment 992.8K +2 Unemployment 57.3K +4 Unemployment Rate 5.5% +4 Gross Casino Gaming Revenue $856.9M +2 Visitor Volume 3.8M +2 Consolidated Tax Distribution (Tier 2) $98.1M +2 Existing Home Closings 4.0K -1 Existing Home Median Closing Price $202.0K +1 Existing Home Average Price Per Square Foot $125.38 +1 New Home Closings 860 +2 New Home Median Closing Price $328.0K +1

Source: Las Vegas Greater Economic Alliance, Applied Analysis

The Hoffman OFFERING MEMORANDUM \ 14 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 3 AREA OVERVIEW

Las Vegas Employment Overview

Average Income for zip codes 89148 and 89113 = $78,900

Las Vegas Top Employers NUMBER OF EMPLOYEES BY SECTOR (NOV-2016) Company # Employees Leisure & Hospitality 33.4% 1 8,000 to 8,499 Trade, Transportation, & Utilities 21.1% 2 LLC 7,500 to 7,999 Professional & Business Services 14.7% 3 MGM Grand Hotel / Casino 7,500 to 7,999 Education & Health Services 11.3% 4 Aria Resort and Casino LLC 7,000 to 7,499 Construction 7.3% Financial Activities 5.4% 5 Resort and Casino 7,000 to 7,499 Other Services 3.2% 6 The Ventian/Palazzo Casino 6,000 to 6,499 Manufacturing 2.6% 7 5,000 to 5,499 848,600 EMPLOYEES Information 1.1% 8 Casino-Hotel LLC 4,500 to 4,999 Mining & Logging 0.0% 9 The Cosmopolitan of Las Vegas 4,000 to 4,499 10 3,000 to 3,499 YEAR OVER YEAR JOBS ADDED/LOST BY SECTOR (NOV-2016) 11 Luxor Hotel and Casino 3,000 to 3,499 JOB TYPE NET TOTAL JOBS 12 Southwest Airlines 3,000 to 3,499 Construction +7.9K 61.8K 13 Sunrise Hospital and Medical Center 3,000 to 3,499 Education & Health Services +4.6K 95.8K 14 Operating Center 2,500 to 2,999 Trade, Transportation, & Utilities +4.4K 179.1K 15 2,500 to 2,999 Leisure & Hospitality +4.2K 283.2K Other Services +1.2K 26.8K 16 MGM Resorts International Operations 2,500 to 2,999 Manufacturing +400 22.1K 17 2,500 to 2,999 Financial Activites +100 45.5K 18 RIO Hotel and Casino 2,500 to 2,999 Mining & Logging 0 400 19 South Point Hotel and Casino 2,500 to 2,999 Information -2K 9.3K

20 Treasure Island Hotel and Casino 2,500 to 2,999 NET NEW JOBS 18,000 TOTAL Professional & Business Services -3K 124.6K Source: Las Vegas Greater Economic Alliance Source: Las Vegas Greater Economic Alliance

The Hoffman OFFERING MEMORANDUM \ 15 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 3 AREA OVERVIEW

Area Attraction Map: Greater Las Vegas Area

NORTHEAST TO UTAH POINTS OF INTEREST 1 Las Vegas Strip

2 McCarran International Airport 15 20 3 University Nevada, Las Vegas

MOTOR SPEEDWAY 4 Southern Highlands Golf Club NORTH LAS VEGAS AIRPORT 5 Resort 19 NELLIS AIRFORCE BASE

17 6 Rio Secco Golf Club

16 7 Revere Golf Club 18 EAST TO LAKE MEAD/ARIZONA SOUTHWEST TO CALIFORNIA 8 Spa Casino

9 Bali Haai Golf Club 21 12 11 10 10 13 LAS VEGAS 22 11 Las Vegas Convention Center 15 3 14 12 1 Las Vegas Country Club 23 2 13 Wynn Golf Club 9 14 Spanish Trail Country Club Sullivan 15 Square HENDERSON 15 Siena Golf Club 5 16 Summerlin

17 North Las Vegas Airport 6 BOULDER RED ROCK CANYON 4 CITY 18 Las Vegas Natural History Museum 8 7 19 Nellis Airforce Base LAS VEGAS STRIP 20

21 Red Rock Canyon National Park M RESORT 22 Lake Las Vegas SOUTHWEST TO CALIFORNIA 22 Proposed - Raiders Stadium

The Hoffman OFFERING MEMORANDUM \ 16 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 3 AREA OVERVIEW

Proximity to Las Vegas Strip and McCarran International Airport

CANYON GATE COUNTRY CLUB

W SAHARA RD

WYNN GOLF CLUB

E FLAMINGO RD

SIENA S HUALAPAI WAY GOLF CLUB 215 E TROPICANA AVE LAS VEGAS BLVD SPANISH TRAIL COUNTRY CLUB MCCARRAN 15 INTERNATIONAL W RUSSELL RD AIRPORT BALI HAI GOLF Sullivan LESS THAN 9 MILES TO THE LAS VEGAS STRIP CLUB Square S DURANGO DR LESS THANS RAINBOW BLVD 7 MILES TO AIRPORTS DECATUR BLVD E SUNSET RD

215

The Hoffman OFFERING MEMORANDUM \ 17 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 4 Market Overview

CONCEPTUAL RENDERING 4 MARKET OVERVIEW FARADAY FUTURE PLANT New Development Map PROJECT NEON 3 DOWNTOWN LUCKY DRAGON SUMMERLIN 2 HOTEL & CASINO

1 Billion Dollars 1 1.8 Billion Dollars 7 139 Million Dollars

9 8 RESORT WORLD LAS VEGAS LAS VEGAS 15 CONVENTION 215 CENTER T-MOBILE ARENA EXPANSION & TOP GOLF LAS RENOVATION 6 VEGAS 4

4 Billion Dollars 10 2.3 Billion Dollars

72 Million Dollars 5 215 Sullivan Square UFC WORLD PROPOSED RAIDER HEADQUARTERS STADIUM

1.3 Billion Dollars

The Hoffman OFFERING MEMORANDUM \ 19 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 4 MARKET OVERVIEW

Multi Family Sale Assumptions

7 S RAINBOW BLVD ELYSIAN WEST THE MERCER 466 Units 124 Units MULTIFAMILY ASSUMPTIONS

S DURANGO DR AVERAGE RENT: $1.63/sq ft 3 LEVEL 25 AVERAGE SQUARE FOOTAGE: 920 74 Units AVERAGE OPERATING EXPENSE: $375/month CONSTRUCTION COST (EXCLUDING LAND): $140,000/unit SOUTH BEACH 466 Units 8 NOI/UNIT: $1,125 6% CAP: $187,500/door THE GRAMERCY 5% CAP: $225,000/door 160 Units 4 2 EVO 376 Units

S BUFFALO DR SOLANO 5 204 Units NEVADA SW 310 Units 9 1 S GRAND CANYON DR S GRAND CANYON Sullivan S FORT APACHE RD APACHE S FORT Square 2ONE5 368 Units 10 215 PICERNE 237 Units THE WYATT 11 307 Units 6

The Hoffman OFFERING MEMORANDUM \ 20 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 4 MARKET OVERVIEW

Recent Land Sales

APN: 176-04-201-018, 014 and 176-04-301- APN: 163-32-801-013, 163-32-801-012 007, 008 SIZE: 9.66 Ac SIZE: 23.99 Ac PRICE: $7,000,000 PRICE: $22,300,000 PRICE PER ACRE: $724,637 PRICE PER ACRE: $929,553

S BUFFALO DR S DURANGO DR W RUSSELL RD W SUNSET RD

Sullivan Square 215

1 3 APN: 176-05-501-023 SIZE: 25.97 Ac 2 PRICE: $21,327,100 PRICE PER ACRE: $821,221

The Hoffman OFFERING MEMORANDUM \ 21 \ SULLIVAN SQUARE | LAS VEGAS, NV Company 4 MARKET OVERVIEW

Apartment Demand in Southwest

ASKING RENTS 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Las Vegas Metro $747 $800 $839 $858 $850 $772 $760 $755 $761 $780 $803 $857 $896 $926 $953 $970 $980 Summerlin/Spring Valley $838 $901 $942 $967 $956 $863 $859 $848 $863 $889 $915 $989 $1,032 $1,067 $1,098 $1,117 $1,127

VACANCY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Las Vegas Metro 5.9% 5.4% 6.5% 10.0% 10.4% 11.5% 9.2% 8.7% 8.1% 7.5% 5.9% 4.8% 4.5% 4.3% 5.1% 5.9% 6.5% Summerlin/Spring Valley 5.9% 4.1% 4.0% 7.3% 8.2% 8.2% 7.4% 6.6% 5.5% 4.9% 3.6% 4.1% 4.0% 3.7% 4.3% 5.0% 5.4%

Apartment rent has been increasing steadily since 2012 and should continue to increase through 2019. Effective rents for properties built after 2015 average $1,100 per month for one-bedroom units and almost $1,500 per month for two-bedroom units. High end amenities offered by luxury properties are resulting in higher rents not previously achieved by other properties. Project proximity to the I-215 provides additional benefits and justification for additional premiums. The Gramercy, a 160 unit project at Russell and the I-215, two-bedroom units are renting significantly higher than the rest of the submarket near $2,000 per month. The property offers amenities like an outdoor movie theater and on-site retail and dining options. Sullivan Square offers a developer the opportunity to build a unique “A” class mixed use site similar to Gramercy.

Source: CoStar Market Analytics

Source: 2016 Q3 Metro Study Las Vegas Market Briefing

The Hoffman OFFERING MEMORANDUM \ 22 \ SULLIVAN SQUARE | LAS VEGAS, NV Company THE HOFFMAN COMPANY www.hoffmanland.com The Hoffman Nevada Office Coachella Valley Office Northern California Office Southern California Office Company 9205 W Russell Rd, Suite 235 777 E Tahquitz Way, Suite 200 2121 North California Blvd., Suite 290 18881 Von Karman Avenue, Suite 150 Las Vegas, Nevada 89148 Palm Springs, California 92262 Walnut Creek, California 94596 Irvine, California 92612 Leading the Land Brokerage Industry T 702.929.3120 T 760.969.7357 | F 949.553.8449 T 925.478.8429 F 949.553.8449 T 949.553.2020 | F 949.553.8449 CALIFORNIA + NEVADA