BROKER CONTACT The THE HOFFMAN COMPANY offman Erik Christianson, CA BRE #01475105 H C (949) 910-7337, [email protected] Company

The Citrus ClubJEFFERSON ST ROBOTT LAND COMPANY Larry Roth, [email protected] “GOLD RESERVE” T (310) 299.7574 ext. 102 Steve Botthof, [email protected] 3 HIGH-END FINISHED LOTS T 310.299.7574 ext. 101 RoBott Land COMPANY CITY OF LA QUINTA | COACHELLA VALLEY, CA Lic #01131793

INVESTMENT OVERVIEW

BREVA

MANDARINA DISCLAIMER

CONFIDENTIALITY, CONDITIONS AND DISCLAIMER The information contained in this offering material (“Brochure”) is confidential, furnished solely for the purpose of a review by prospective purchaser of any portion of APN: 776-330-012, etc. in the City of La Quinta, County of Riverside, California (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of The Hoffman Company (“Broker”). The material is based in part upon information supplied by AV Construction, LLC (“Seller”) and is 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 the 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 agreement 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 offered by AV Construction, LLC 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 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.

The terms and conditions set forth above apply to this Brochure in its entirety.

DEFINED TERMS Terms when used in this Listing Presentation and not otherwise defined shall have the following meanings:

• The “Project” or “Subject Property” means Coral Mountain - 41 Finished Lots in the City of La • “CVUSD” means the Coachella Valley Unified School District which serves the Project with Quinta. public schools. • “THC” or “Broker” shall mean the The Hoffman Company. • “IWA” means the Indio Water Authority which serves the Project with water. • “CV” means the Coachella Valley area within Riverside County, CA. • “VSD” means the Valley Sanitary District which serves the Project with sewer. • “City” or “LQ” means the City of La Quinta. • “IID” means the Imperial Irrigation District which serves the Project with electricity. • “Seller” means the Seller, AV Construction, LLC • “SF” means “sq ft” or “square foot”. • “Buyer” means the to-be-determined Buyer of subject property. TABLE OF CONTENTS 1 Property Overview 4-13 2 Coachella Valley Real Estate Trends 14-17 3 Area New Home Projects 18-27 4 La Quinta Profile & Demographics 28-37 1 PROPERTY OVERVIEW PROPERTY OVERVIEW 1 Route Page

10

10

111 10

DIRECTIONS Via CA-Highway 111 heading East SUBJECT SITE • Turn right (south) on Jefferson St • Turn Right (east) on Pomelo Gated entrace on Pomelo.

Via I-5 Freeway heading East 86 • Exit at Jefferson St • Turn right (south) on Jefferson St • Turn Right (east) on Pomelo Gated entrace on Pomelo. 111

\ 5 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 1 PROPERTY OVERVIEW Vicinity Aerial

SUBJECT SITE

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 6 \ COMPANY Company PROPERTY OVERVIEW 1 Neighborhood Aerial

SUBJECT SITE MANDARINA BREVA MANDARINA

POMELO JEFFERSON ST

\ 7 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 1 PROPERTY OVERVIEW

Close Up Aerial JEFFERSON ST JEFFERSON

MANDARINA

POMELO MANDARINA

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 8 \ COMPANY Company PROPERTY OVERVIEW 1 Assessor’s Parcel Map

\ 9 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 1 PROPERTY OVERVIEW Site Detail LA QUINTA QUICK FACTS Home Price Last 12 SUBJECT OFFERING SUMMARY Months: (Re-sale + New) 11% The Citrus Club’s “Gold Reserve” (“Property”) is a custom home lot opportunity located Number of Homes Sold: 9.6% within the prestigious and luxurious Citrus Club at the La Quinta Resort Country Club (Re-sale + New) AUG 2016 VS AUG 2015 in La Quinta, California. The Property consists of three single family detached lots Current Average Home $932,000* ranging in sizes of 10,454, 11,761, and 14,374 square feet. The lots are in “finished” Price (New): condition with no additional offsite work required. Average Household Income $93,950 Source: DataQuick, Market Watch, LLC, US Census Bureau These lots are the last custom home lots remaining within the entire The Citrus Club *Average of closest comparable new home projects. community. The Citrus Club in La Quinta is an enclave of homes built within a vast grove of mature citrus trees. The golf course designed by Pete Dye in 1987. The Property is conveniently located south of PRODUCT TYPE Highway 111, south of Avenue 50, and west of Detached What’s the Neighborhood Like? Jefferson Street. The Property can be entered off The homes you would expect to find for sale in The Citrus Club neighborhood are Jefferson Street at the gated entrance of Pomelo. OWNER OF RECORD homes ranging from 2400 square feet to 8,000 square feet available both on and off The Property is a short distance to grocery, dining, RMB Citrus, LLC the Citrus golf course. The homes are both freestanding and attached and range from banking, and retail conveniences inclusive of Ralphs, the Santa Barbara style to Contemporary with spectacular fairway and mountain CVS Pharmacy, Old Town La Quinta. Nearby schools SITE CONDITION views. Real estate opportunities in the Citrus Club include semicustom resale homes are serviced by the Desert Sands Unified School Finished Condition that were constructed from the mid 1990’s to 2012 by local developers. District.

CITRUS CLUB QUICK FACTS… MUNICIPALITY SCHOOLS Home Values: $450’s to $2.4M City of La Quinta, County of Riverside Desert Sands Unified Recent HOA Dues: $250 to $450 Monthly Number of Homes: 625 ASSESSOR’S PARCEL NUMBERS LOT INFORMATION Club Status: Private 776-330-012 ; 776-330-008; 776-330-007 3 lots ranging in size of 10,454, 11,761, and 14,374 Year Opened: 1987 square feet. Course Designer: Pete Dye GROSS ACRES ±0.84 Acres Having hosted several major PGA and other nationally televised golf events, The Citrus Club at the La Quinta Resort is considered one of the most challenging courses ENTITLEMENTS in the Coachella Valley. The Citrus Club offers a recently updated clubhouse with an Tract Map #32068 expansive fitness center and indoor pool. This state of the art luxury fitness facility will be easily accessed by the future custom lot home owners as the facility is located TAX RATE within 100 yards of the Property. The current base tax rate for the subject property is 1.23309%

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 10 \ COMPANY Company PROPERTY OVERVIEW 1 Site Detail # OWNERSHIP SALE PRICE SOLD DATE HOUSE SF LOT SF NOTES 1 - $2,000,000.00 June 2014 7,980 30,056 This is a double lot - two (2) APNs. 2 - $1,350,000.00 December 2010 7,827 16,117 3 - $1,390,500.00 February 2014 3,787 14,810 4 - $1,220,000.00 August 2015 3,433 10,454 5 - $1,421,000.00 June 2015 4,229 13,939 6 RoBott Land Company AVAILABLE none 10,454 7 RoBott Land Company AVAILABLE none 11,761 8 - November 2016 3,578 15,246 Bank Sale - Unfinished Spec Home 9 - $1,500,000.00 September 2010 7,980 15,682 10 - November 2016 3,578 14,375 Bank Sale - Unfinished Spec Home 11 RoBott Land Company AVAILABLE none 14,375 CITY OF LA QUINTA OVERVIEW La Quinta is known as one of the most beautiful cities in the Coachella Valley (a.k.a the Gem of the Desert) adjacent to the pristine Santa Rosa mountain range. La Quinta has a large winter/spring seasonal population that has rapidly grown over the past few decades. In 2015, La Quinta was home to over 39,032 residents, representing a 62 percent increase from its 2000 census population. La Quinta is one of the most 11 affluent cities in the Coachella Valley with an average household income of $93,950. The city is also home 1 to more than twenty prestigious golf courses including Silver Rock Resort which is an Arnold Palmer Classic 10 MANDARINA Course, and has hosted the world-famous PGA tour. One of the most popular resorts in the area is the

BREVA ST BREVA La Quinta Resort and Club operated by Waldorf Astoria situated at the base of the beautiful Santa Rosa 2 9 Mountains. Homebuyers flock to La Quinta for its resort-like atmosphere, world-class golf, thriving arts community, countless hiking trails, charming boutique shops & restaurants….and most of all, the scenic 3 8 beauty of La Quinta. 4 7 La Quinta currently offers limited vacant land properties within the city limits and supply of these opportunities going forward will be constrained. Historically, La Quinta has been one of the most active 5 6 homebuilder markets in the Coachella Valley averaging over 1,300 building permits per year last cycle (total of over 11,000 building permits from year 2000 through 2006) second only to Indio. The current land and lot supply is estimated to only be able to support less than ±25% of last cycle’s demand. Properties like this will be the few that will fill the void this cycle in the city of La Quinta. “Coral Mountain” is considered one of the most exceptional properties in La Quinta with rare fully finished lots ready to build, and priced to offer relative affordability compared to other new home projects and re-sales in La Quinta.

\ 11 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 1 PROPERTY OVERVIEW Community Photos

Citrus Club Photo with Mountain Sillouhette

Golf Course View at Citrus Club with Mountains in the Background Community Gated Entry

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 12 \ COMPANY Company PROPERTY OVERVIEW 1 Community Photos

Citrus Club Photo with Mountain Sillouhette

The Citrus Club - Community Entrance - Palm Trees and Rose Garden Citrus Club Photo with Mountain Sillouhette

Golf Course View of the Citrus Club Clubhouse The Clubhouse from the Garden on the Golf Course

\ 13 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 2 COACHELLA VALLEY REAL ESTATE TRENDS COACHELLA VALLEY REAL ESTATE TRENDS 2 Single Family Detached Building Permits

The long-term trend line for building activity in the Coachella Valley going back to the early 1980’s is 3,000 to 3,500 new home sales per year (depending on which years are averaged). However, in the last real estate cycle (from 1998 to 2007) there were 49,706 building permits pulled over a ten year period which ranged from 3,000 to 8,400 building permits per year (5,000± per year average). With the housing downturn beginning in late 2007, permit levels plummeted to historic lows and are now at the early stages of recovery. Re-sale home sales filled the void during the recession years and have averaged over 7,000 sales annually from 2009-2013 - very few new home projects were open during this timeframe. New construction began to increase in 2013 with the Coachella Valley achieving just under 1,000 new homes sales in 2013 and 1,254 building permits in 2014. Building permits are expected to increase above this base by approx. 500 units a year starting in 2016 and return to the long term average of 3,500+ units per year by 2018-2019. TOTAL RESIDENTIAL BUILDING PERMITS UNITS COACHELLA VALLEY BY SUBMARKET Total Residential Building Permits 1983‐2014 Source: US Census Bureau 8,000 Coachella Valley by Submarket 1983 - 2014 7,000

6,000

5,000 1998-2007 Average ±5,000 Units/Year

4,000

3,000 Long Term Average = ±3,000 Units/Year

2,000

1,000

0 19831983 1984 1984 1985 1985 1986 1986 1987 1987 1988 1988 1989 1989 1990 1990 1991 1991 1992 1992 1993 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 201 20144 CV Totals 2,585 3,873 3,712 4,742 2,092 3,885 4,062 2,923 1,802 1,844 1,215 1,853 1,450 1,567 1,790 3,043 3,047 4,540 4,128 4,030 6,727 8,400 7,525 6,452 1,814 1,513 700 600 572 750 1,331 1,379 Cathedral City 33 14 1,082 1,511 508 810 1,199 501 279 245 111 192 192 193 209 233 244 246 608 668 857 475 483 171 49 10 2 13 2 9 12 32 Rancho Mirage 400 383 104 150 273 188 302 149 102 31 32 58 67 98 254 403 372 308 484 453 675 425 276 94 62 18 6 5 5 16 43 38 CoachellaPalm Springs 630 1,315 489 339 154 315 26747 154 273 283 91 20 0 36 124 112 99 30 74 77 31 38 148 123 174 120 178 181 565 100 102 134 451 620 928 638 946 635 664 356 207 226 154 65 97 111 124 25 87 111 22 99 163 161 62 203 DesertPalm Desert Hot Springs 84784 1,304 68 220 680 770 719 115 364 221 928 226 684 269 415 160 202 217 594 195 252 125 443 23 345 19 365 4 549 2 853 3 504 23 533 39 666 149 531 505 338 1,254 436 1,028 119 625 274 153 183 27 537 2 77 1 96 0 108 0 172 9 201 4 304 La Quinta 279 286 382 398 266 1,088 729 1,054 304 320 324 530 504 605 495 904 1,190 1,493 916 849 1,395 1,464 1,560 1,713 430 454 109 79 41 231 250 179 Indian Wells Indio 64311 103 400 108 647 139 716 121 291 120 215 139 516 68 266 58 141 78 248 13 252 24 245 25 165 31 105 82 128 143 234 155 285 1,114 464 164 586 1,112 32 170 1,716 223 2,557 103 2,375 110 2,445 84 420 20 228 10 286 13 244 4 214 7 194 25 467 40 517 IndioIndian Wells 31164 400 103 647 108 716 139 291 121 215 120 516 139 266 68 141 58 248 78 252 13 245 24 165 25 105 31 128 82 234 143 285 155 464 1,114 586 164 1,112 32 1,716 170 2,557 223 2,375 103 2,445 110 420 84 228 20 286 10 244 13 214 4 194 7 467 25 517 40 LaDesert Quinta Hot Springs 27984 286 68 382 220 398 770 266 115 1,088 221 729 226 1,054 269 304 160 320 217 324 195 530 125 504 23 605 19 495 4 904 2 1,190 3 1,493 23 916 39 849 149 1,395 505 1,464 1,254 1,560 1,028 1,713 625 430 153 454 27 109210094 79 41 231 250 179 Cathedral City 33 14 1,082 1,511 508 810 1,199 501 279 245 111 192 192 193 209 233 244 246 608 668 857 475 483 171 49 10 2 13 2 9 12 32 PalmCoachella Desert 784 1,304 680 719 364 928 684 41547 202 273 594 91 252 0 443 124 345 99 365 74 549 31 853 148 504 174 533 178 666 565 531 102 338 451 436 928 119 946 274 664 183 207 537 154 77 97 96 124 108 87 172 22 201 163 304 62 Palm Springs 630 1,315 489 339 154 315 267 154 283 20 36 112 30 77 38 123 120 181 100 134 620 638 635 356 226 65 111 25 111 99 161 203 \ 15 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA Rancho Mirage 400 383 104 150 273 188 302 149 102 31 32 58 67 98 254 403 372 308 484 453 675 425 276 94 62 18 6 5 5 16 43 38 2 COACHELLA VALLEY REAL ESTATE TRENDS Current vs. Peak Home Price & 12 Months Change in Median Home Price

AUG 2016 AUG 2015 12 MOS 2011 GAIN OFF 2006 ALL % FROM ALL MEDIAN PRICE MEDIAN PRICE CHANGE LOW LOW TIME HIGH TIME HIGH Desert Hot Springs $189,500 $161,200 17.6% $85,000 122.9% $295,000 -35.8% La Quinta $399,450 $360,000 11.0% $245,000 63.0% $682,020 -41.4% Rancho Mirage $640,000 $599,750 6.7% $423,000 51.3% $950,000 -32.6% Indio $299,000 $280,572 6.6% $158,500 88.6% $380,000 -21.4% Indian Wells $839,000 $792,000 5.9% $540,000 55.4% $1,205,000 -30.4% Palm Springs $548,540 $522,500 5.0% $335,000 63.7% $600,000 -8.6% City of Coachella $224,000 $215,000 4.2% $121,950 83.7% $335,000 -33.1% Cathedral City $275,000 $279,000 -1.4% $139,000 97.8% $395,000 -30.4% Palm Desert $374,500 $390,000 -4.0% $287,000 30.5% $543,000 -31.0%

Source: Market Watch and Data Quick Note: Includes both re-sale home data and new home sales data.

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 16 \ COMPANY Company COACHELLA VALLEY REAL ESTATE TRENDS 2

\ 17 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 3 AREA NEW HOME PROJECTS AREA NEW HOME PROJECTS 3 Competitive Market Area DESERT HOT SPRINGS 62

PALM 10 SPRINGS

CATHEDRAL CITY

RANCHO MIRAGE

PALM DESERT BERMUDA DUNES INDIO

COMPETITIVE INDIAN SUBJECT SITE 10 MARKET AREA WELLS The competitive market area COACHELLA (“CMA”) for the subject site includes the LA QUINTA 86 submarkets of La Quinta, Southwest Indio, Indian Wells and Rancho Mirage.

\ 19 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 3 AREA NEW HOME PROJECTS Active New Home Development Projects

JEFFERSON ST

6 5 SUBJECT SITE Madison Estates $809,000 to $1,300,000 86

Stonefield Estates $849,000 to $1,200,000 AVENUE 52

Signature PGA $634,000 to $865,000 (Detached) Griffin Ranch $795,000 to $1,120,000 111 Subject Site AVENUE 54 MADISON ST 2 3 1 Andalusia Monterra MONROE ST $792,000 to $1,000,000 2 Griffin Ranch AIRPORT BLVD 4 3 Monterra VAN BUREN ST JACKSON ST

4 Signature HARRISON ST

Andalusia 5 Stonefield $995,000 to $2,000,000

6 Madison 1

AVENUE 60

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 20 \ COMPANY Company AREA NEW HOME PROJECTS 3 Active New Home Development Projects Photos

1 2 3

Andalusia, La Quinta (Drummond Co.) Griffin Ranch, La Quinta (Lennar) Monterra, La Quinta (Woodbridge Pacific)

4 5 6

Signature PGA, La Quinta (California West) Stonefield Estates, S. Indio (Stonefield Dev.) Madison Estates, S. Indio (Unity Pacific)

\ 21 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 3 AREA NEW HOME PROJECTS Andalusia | La Quinta

SALES UP TO $1.3M ANDALUSIA (DRUMMOND CO.) | ACTIVE PROJECT SUMMARY Total Project Size: Large Masterplan - Current 118 Lots Released & 115 Sold Product Type: Detached, 1 Story, Medium Sized Lots (8,250 SF min.) Under Construction: N/A Remaining Lots: 200+ Notes: Andalusia is located at Coral Mountain and inlcudes a luxury ammenity package including a high end golf course and clubhouse with an HOA of $538/month.

Floor Plan Estimated Mix Avg. Base Pricing Avg. Base Price./SF Home Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths

1) Residence 1 33% $995,000 $344 2,895 8,250 $538 1 Detached 3-Gar. 3 3.5

2) Residence 2 33% $1,089,000 $353 3,085 8,250 $538 1 Detached 3-Gar. 3 3.5

3) Residence 3 33% $1,135,000 $320 3,546 8,250 $538 1 Detached 3-Gar. 3 3.5

Example Floor Plan

MADISON ST 58TH AVE

60TH AVE

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 22 \ COMPANY Company AREA NEW HOME PROJECTS 3 Griffin Ranch | La Quinta

GRIFFIN RANCH (LENNAR) | ACTIVE PROJECT SUMMARY Total Project Size: 221 Units Product Type: Detached 1 Story, Large Sized Lots (11,000 & 14,000 SF min.) Under Construction: N/A Remaining Lots: ±180 Units Notes: HOA is $650/month.

Floor Plan Estimated Mix Base Pricing Base Price/SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths BELMONT 1) Residence 1 13% $794,883 $268 2,967 11,000 $436 1 Detached 2-Gar. 3 3.5 2) Residence 2 13% $729,000 $260 3,153 11,000 $436 1 Detached 2-Gar. 3 3.5 3) 3475 Nex Gen 13% $862,000 $248 3,475 11,000 $436 1 Detached 2-Gar. 4 4.5 4) Residence 4 13% $895,000 $237 3,771 11,000 $436 1 Detached 3-Gar. 4 4.5 PIMLICO 5) Residence 1 13% $978,200 $242 4,036 14,000 $436 1 Detached 3-Gar. 4 4.5 6) Residence 2 13% $1,080,000 $238 4,525 14,000 $436 1 Detached 3-Gar. 3 4.5 7) Residence 3 13% $995,000 $203 4,882 14,000 $436 1 Detached 3-Gar. 4 4.5 8) 4820 Nex Gen 13% $1,120,000 $232 4,820 14,000 $436 1 Detached 3-Gar. 4 4.5

Example Floor Plan

56TH AVE MADISON STMADISON

58TH AVE

\ 23 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 3 AREA NEW HOME PROJECTS Monterra | La Quinta

MONTERRA (WOODBRIDGE PACIFIC) | ACTIVE PROJECT SUMMARY Total Project Size: 39 Single Family Lots Product Type: Detached, 1 Story, Medium Sized Lots (9,148 SF min.) Remaining Lots: 34 Notes: Access via Madison Street. Annexed into Grey Normus at PGA West.

Floor Plan Estimated Mix Avg. Base Pricing Avg. Base Price./SF Home Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths 1) Residence 1 25% $792,000 $249 3,180 8,250 n/a 1 Detached 2-Gar. 3 4.5 2) Residence 2 20% $799,000 $248 3,220 8,250 n/a 1 Detached 2-Gar. 3 4.5

3) Residence 3 20% $825,000 $244 3,370 8,250 n/a 1 Detached 2-Gar. 3 4.5

4) Residence 4 25% $985,000 $270 3,642 8,250 n/a 1 Detached 2-Gar. 3 4.5

Example Floor Plan PLAN 2A WOODBRIDGE - MONTERRA TANKLESS WH GOLF CART MASTER BATH BEDROOM AIRPORT BLVD MASTER

SINK VANITY OPT. FRENCH LAUNDRY DOORS WALK-IN PANTRY CLOSET SEAT

LINEN W MADISON ST D

OPT. OVEN

FIREPLACE DW DW KITCHEN GARAGE DINING 2-CAR ROOM FIRST FLOOR OUTDOOR LIVING

REF.

SPACE GREAT 58TH AVE ROOM COVERED ENTRY ENTRY

WET BAR

OPT. UNDER COUNTER REF. FIREPLACE COATS WALK-IN CLOSET WALK-IN CLOSET BEDROOM 2

OPT. FRENCH LINEN DOORS MEDIA ROOM WALK-IN CLOSET LINEN BEDROOM 3/ CASITA

BATH 3 OPT. UNDER CASITA COUNTER POWDER BATH REF. BATH 2

SINK Printed: 03-16-15 SEAT SEAT SEAT 14203-1F

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 24 \ COMPANY Company AREA NEW HOME PROJECTS 3 Signature | La Quinta

SIGNATURE @ PGA WEST ( CALIFORNIA WEST COMMUNITIES) | ACTIVE PROJECT SUMMARY Total Project Size: 215 Product Type: Mix of Detached & Attached Product Remaining Lots: 180 ±

Floor Plan Estimated Mix Base Pricing Base Price./SF Unit Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths THE VILLAS 1) 1AR 8% $421,000 $291 1,446 N/A N/A 1 Attached 2 2 2 2) 2AR 8% $463,666 $233 1,987 N/A N/A 2 Attached 2 3 3 3) 3XAR 8% $472,000 $232 2,038 N/A N/A 2 Attached 2 3 3.5 4) 4XAR 8% $483,000 $210 2,295 N/A N/A 2 Attached 2 3 3.5 THE HACIENDAS 5) 1BR 8% $634,000 $327 1,941 N/A N/A 1 Detached 3 2 2.5 6) 2BR 8% $610,000 $299 2,042 N/A N/A 1 Detached 3 2 2.5 7) 3BR 8% $673,333 $278 2,423 N/A N/A 2 Detached 3 3 3.5 8) 4AR 8% $690,500 $285 2,423 N/A N/A 2 Detached 3 3 3.5 THE ESTATES 9) 1C 8% $801,000 $317 2,528 5,000 $500 1 Detached 3 3 3.5 10) 3BR 8% $787,000 $269 2,921 5,000 $500 1 Detached 3 3 3.5 11) 4AR 8% $865,000 $249 3,479 5,000 $500 2 Detached 3 4 4.5

Example Floor Plan 56TH AVE MADISON ST

58TH AVE

\ 25 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 3 AREA NEW HOME PROJECTS Stonefield Estates | La Quinta

STONEFIELD ESTATES (STONEFIELD DEV.) | ACTIVE PROJECT SUMMARY SALES UP TO $1.2M Total Project Size: 35 Lots Product Type: Detached, 1 Story, 1/2 Acre Lots Remaining Lots: 20

Floor Plan Estimated Mix Avg. Base Pricing Avg. Base Price./SF Home Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths

1) Adobe Ranch Plan 1 25% $849,000 $241 3,515 1/2 Acre $170 1 Detached 3-Gar. 4 5

2) Spanish Colonial Plan 2 25% $849,000 $247 3,428 1/2 Acre $170 1 Detached 3-Gar. 3 3.5

3) Andalusian Plan 3 25% $895,000 $229 3,904 1/2 Acre $170 1 Detached 3-Gar. 4 3.5

4) Italian Country Plan 5 25% $1,150,000 $236 4,868 1/2 Acre $170 1 Detached 4-Gar. 4-5 4.5

MADISON ST Example Floor Plan

AVENUE 50

Stonefield Estates $849,000 to $1,200,000

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 26 \ COMPANY Company AREA NEW HOME PROJECTS 3 Madison Estates | La Quinta

MADISON ESTATES (UNITY PACIFIC) | ACTIVE PROJECT SUMMARY SALES UP TO $1.3M Total Project Size: 48 Lots Product Type: Detached, 1 Story, 1/2 Acre Lots Remaining Lots: 12

Floor Plan Estimated Mix Avg. Base Pricing Avg. Base Price./SF Home Size Lot Size Min. HOA Levels Build. Type Parking Bed Baths

1) Residence 1 25% $809,900 $201 4,010 1/2 Acre $139 1 Detached 2-Gar. 4 4.5

2) Residence 2 25% $849,900 $196 4,350 1/2 Acre $139 1 Detached 2-Gar. 4 4.5

3) Residence 3 25% $930,900 $203 4,585 1/2 Acre $139 1 Detached 2-Gar. 4 5

4) Residence 4 25% $1,060,000 $207 5,110 1/2 Acre $139 1 Detached 2-Gar. 4 5

MADISON ST Example Floor Plan

Madison Estates $809,000 to $1,300,000

AVENUE 50

\ 27 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA LA QUINTA PROFILE & 4 DEMOGRAPHICS LA QUINTA PROFILE & DEMOGRAPHICS 4 Coachella Valley East: Area Attractions Map

POINTS OF INTEREST NORTH TO 29 PALMS 1 College of the Desert 17 18 2 El Paseo Luxury Shopping 22 3 Old Town La Quinta

4 La Quinta Arts Festival ( #1 in Nation Fine Arts Festivals) RANCHO BERMUDA 5 MIRAGE DUNES Silver Rock Resort & Golf Club 13 6 The Citrus Country Club 1 7 La Quinta Resort & Club 20 Empire & El Dorado Polo Fields PALM DESERT 19 8 WEST TO PALM SPRINGS 2 INDIAN WELLS (Coachella & Stagecoach Festivals)

14 INDIO EAST TO ARIZONA 9 HITS Horse Show 10 Thermal Club Race Track

11 PGA West Golf 7 16 SUBJECT SITE 12 Augustine Casino 4 15 6 8 13 Shopping at The River 3 LA QUINTA 21 14 JFK Memorial Hospital 5 15 Big Horn Country Club

16 The Reserve County Club

17 UC Riverside 11 12 18 CSU San Bernardino

19 Indian Wells Tennis Garden/BNP Paribas

20 Westfield Mall 9 10 21 Living Desert Zoo & Botanical Garden

SOUTH TO IMPERIAL 22 Eisenhower Medical Center

\ 29 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 4 LA QUINTA PROFILE & DEMOGRAPHICS Area Overview

VALLEY OVERVIEW CASINOS & SPAS The Coachella Valley is one of the fastest growing areas in the country, due in part to its location in The area is dotted with classy, Las Vegas-style casinos run by local Indian tribes as well as resort Riverside County. The valley extends for approximately 45 miles, southeast from the San Bernardino hotels and spas with natural mineral water wells, making it a prime local vacation destination as Mountains to the Salton Sea. The population is near 600,000 making the valley the second largest sub- well. The following casinos are in close proximity to the site: region in the Inland Empire. OLD TOWN LA QUINTA

NEARBY GOLF COURSES More than 130 golf courses blanket Coachella Valley making it one of the world’s premier golf destinations. The subject property is in close proximity to five public courses:

POTENTIAL BUYER PROFILE With approximately 20 million people located just 2 hours away in the coastal communities of Orange, San Diego, and Los Angeles Counties, the Coachella Valley is a high desired area due to it’s weather and cultural amenities. With more than 350 days of sunshine per year and the warmest winters in the west, LOCAL EVENTS the Coachella Valley is an ideal place to buy for many subgroups including: • Palm Springs International Film Festival • HITS Horse Show • Local first time buyers or first time move up buyers • BNP Paribas Open (Indian Wells Tennis Garden) • Riverside County Fair & National Date Festival • Canadian snowbirds • Coachella Music Festival • Indio International Tamale Festival • Retirees and pre-retirees • Stagecoach Festival • Modernism Week • Merrill Lynch Skins Game • Thermal Club (Motorsports Facility & Racetrack)

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 30 \ COMPANY Company LA QUINTA PROFILE & DEMOGRAPHICS 4 La Quinta Overview

The Citrus Club Gold Reserve is located in the City of La Quinta, CA. La Quinta is a resort city in Riverside 60,000 square feet of meeting facilities, 23 tennis courts, 11 retail outlets, and 7 restaurants. The resort County, specifically in the Coachella Valley. The Coachella Valley is a place of natural beauty, sunny is the largest employer in La Quinta with over 1,500 employees. weather - 350 days of sunshine every year – and convenient access for the over 21 million residents of Los Angeles, Orange County, San Diego and the Inland Empire markets. VIBRANT RETAIL SECTOR La Quinta is situated on the main thoroughfare - Highway 111 – which creates unique retail synergies as La Quinta boasts a resort-like atmosphere and has long been recognized for its world-class golf, tourist and residents travel between the desert valley cities. La Quinta’s downtown commercial district thriving arts community, countless hiking trails, charming boutique shops and restaurants, recreational is officially known as “The Village at Old Town”, which contains numerous charming boutiques, shops, opportunities, as well as the natural scenic beauty of the California desert. and restaurants as well as professional offices. El Paseo Shopping Center is located approximately eight miles away from the subject site, offering the ultimate shopping and dining with over 250 retailers, AFFLUENT AND GROWING POPULATION world-class restaurants, professional services, and galleries. Other nearby shopping centers include On La Quinta has a large winter/spring seasonal population that has rapidly grown over the past few Eleven La Quinta, Centre at La Quinta, Citrus Plaza, Washington Park, and La Quinta Court. decades. In 2012, La Quinta was home to over 38,075 residents, representing a 61 percent increase from its 2000 census population. La Quinta is an affluent area with an average household income of $93,091. RESTAURANTS La Quinta offers over 100 restaurant locations including Steakhouse, Seafood, Bistros and much more. THE CITY’S WORLD-RENOWNED GOLF DESTINATION Some high ranking restaurants are Morgan’s in the Desert, LG’s Prime Steakhouse, and Chapellis Italian La Quinta is home to more than twenty prestigious golf courses including Silver Rock Resort which Restaurant. Old Town La Quinta is known for its spirit and architecture which makes this dining village hosts an Arnold Palmer Classic Course, and the world-famous PGA West, which has hosted prestigious complete. Surrounded by sunny mountain vistas, this picturesque village beckons residents and tourists tournaments such as The Skins Game, Bob Hope Chrysler Classic, The Grand Slam of Golf, The Legends alike as it embraces the creativity of culture, style and cuisine. of Golf, as well as the PGA Tour Qualifying School. Residents of La Quinta can play golf at Silver Rock Resort for the reduced rate of $30-$55 per round, depending on the season. HISTORIC HOLLYWOOD GETAWAY The city has been home to a number of celebrity residents, including the late Merv Griffin. Griffin was LA QUINTA RESORT & CLUB the driving force behind the annual La Quinta Arts Festival, one of the country’s leading plein air art La Quinta is also home to the historic La Quinta Resort and Club, a world-class resort operated by shows, and was instrumental in the development of Griffin Ranch, La Quinta’s first equestrian-oriented Waldorf Astoria situated at the base of the beautiful Santa Rosa Mountains. The resort is expansive and resort residential neighborhood. has 796 casitas, suites, and villas, 41 swimming pools, 53 whirlpool spas, 23,000-square-foot spa, over LA QUINTA RESORT

\ 31 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 4 LA QUINTA PROFILE & DEMOGRAPHICS La Quinta Overview

HITS THERMAL DESERT CIRCUIT The six-week hunter/jumper horse show circuit produced by HITS, Inc. runs from January through March annually. The Desert Circuit has been a mainstay of West Coast competition for the past 21 years and offers classes ranging from Grand Prix show jumping to a selection of divisions for both the novice and experienced rider. In addition, four of the 16 Grand Prix events at HITS Thermal are FEI World Cup Qualifiers. The HITS Desert Circuit is the winter show home to some of the most accomplished equestrian riders in the world, including U.S. Olympic Gold Medalists.

EMPIRE POLO CLUB Established in 1987, the Empire Polo Club (located in South Indio, bordering La Quinta) has been an intricate part of polo history in the California desert. There are year round polo league practices, games and professional events that play here and attract spectators. The facilities include 9 grass polo fields, 2 exercise tracks, stabling facilities, and a tavern.

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 32 \ COMPANY Company LA QUINTA PROFILE & DEMOGRAPHICS 4 La Quinta Overview

COACHELLA & STAGECOACH FESTIVALS place for the first time in 2007. Put on at the same venue, Stagecoach is seen as a “cousin” of Coachella. It The Coachella Valley Music and Arts Festival (commonly referred to as Coachella or the Coachella Fest) has grown at a faster pace than Coachella, with the 2012 festival’s 55,000 attendees marking its first sell-out is an annual two-weekend, three-day music and arts festival held at the Empire Polo Club in Indio, crowd. Notable performers have included Brad Paisley, Jason Aldean, Kenny Chesney, Brooks and Dunn, California, located in the City of Indio adjacent to La Quinta. It was founded in 1999 and is organized by Toby Keith, Miranda Lambert, Blake Shelton, Sugarland, The Charlie Daniels Band, Alabama.[4] George Goldenvoice, a subsidiary of AEG Live. The event features many genres of music, including rock, indie, hip Strait, Alan Jackson, Willie Nelson, Eagles, Rascal Flatts, Taylor Swift, Tim McGraw, Carrie Underwood, Keith hop, and electronic dance music, as well as art installations and sculptures. Across the grounds, several Urban, Martina McBride, and Luke Bryan. stages continuously host live music. Coachella showcases popular and established musical artists, as well as emerging artists and reunited groups. Notable appearances in the past include: Amy Winehouse, Dr. ACCESSIBILITY TO JOB CENTERS Dre and Snoop Lion, Prince, Paul McCartney, Arcade Fire, Wu-Tang Clan, The Killers, Radiohead, Daft Punk, The Employment Development Department is located on the corner of Monroe Street and Fred Waring Madonna, The Cure, Kanye West, The Black Keys, Rage Against the Machine, Beck, Nine Inch Nails, The Drive. In addition to standard service industries, many residents work for the tourist industries in hotels, Strokes, The White Stripes, Jay-Z, Beastie Boys, Muse, Red Hot Chili Peppers, and Foo Fighters. Coachella resorts, golf courses, and nearby Vegas-style casinos, such as: Spa Resort Casino, Agua Caliente Casino, is one of the largest, most famous, and most profitable music festivals in the United States. In 2014, the Spotlight 29, Fantasy Springs and Augustine Casino. There are many service industry jobs related to festival tallied an attendance of 579,000 and grossed a record-breaking $78.3 million. the construction, hotel, landscaping, and retail industries. La Quinta has sought to bring in high-paying professional businesses to the city and has benefited from neighboring cities’ growth (Indio, Palm Desert The Stagecoach Festival is an outdoor country music festival presented by Goldenvoice, The Messina and Palm Springs). Group, and Moore Entertainment with the same founder as Coachella Fest. The festival is also located at the Empire Polo Club in Indio, CA. Various artists attend, whether they be mainstream or relatively unknown, ranging from folk, mainstream country, bluegrass, roots rock, and alternative country. Stagecoach took COACHELLA FESTIVAL

\ 33 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 4 LA QUINTA PROFILE & DEMOGRAPHICS Pit, Habit Burger Grill, Jersey Mike’s, La Rue Wine Bar, Waba SOURCE: COACHELLA VALLEY VISION | 2015-2016 Grill, and Yogurtland. The highly anticipated In-N-Out Burger will open by the end of 2015.

In addition to restaurants, La Quinta has added other new businesses this past year, including Phenix Salon Suites and Jule’s Market, which has been a welcome addition for the residents of the La Quinta Cove. Coming soon will be Aldi market, providing grocery services next to future In- N-Out Burger on the Highway 111 corridor.

Perhaps one of the most anxiously awaited new developments in La Quinta is the Cinemark Century Theatre, slated to open in November. It will bring a new element of entertainment to the community with a 42,000-square-foot, 12-screen movie theater. The company has announced the new theater will feature XD technology, and there will be a lobby bar with beer, wine, and frozen cocktails.

The Wellness Center — a significant expansion of the city’s former senior center — has been a resounding hit in the community. Since opening in January, it has experienced a surge of new members who enjoy the state-of-the-art exercise equipment; a hospitality area in the lobby; new restrooms with a shower and lockers for men and women; Photo Ethan Kaminsky larger classrooms with expanded programs such as fitness, youth karate, and dance; an artificial-turf putting green and chipping area; and a community gardening area. ALL IS WELL IN THE GEM OF THE DESERT Adjacent to the Wellness Center on the Civic Center With a brand-new state-of-the-art wellness center and residents along with the many visitors who frequent La Campus, the La Quinta Public Library is celebrating 10 a number of exciting economic development projects Quinta each year. years of service. As one of the busiest libraries in the recently completed and on the rise, it’s easy to see that all Riverside County Library system, the La Quinta library is well in the City of La Quinta. The city was buzzing with delight when the mega- offers everything from story time hours and computer superstore Hobby Lobby opened in January. Its 55,000 classes to movies and book clubs. Wellness is an overall theme embraced throughout the square feet of arts and crafts supplies have attracted community — boasting a vibrant and healthy city nestled hobbyists throughout the region. This was the national La Quinta is also known for some signature events that at the base of the magnificent Santa Rosa Mountains. retailer’s first expansion in the Coachella Valley. draw the national spotlight and thousands of attendees. Prudent planning has brought in a number of new The Career Builder Challenge, in partnership with the businesses in the last year, further diversifying the many An array of new dining venues have staked claim in La Clinton Foundation, once again brings the PGA Tour to the shopping and dining options available to full- and part- Quinta, including California Ocean Grill, Dickey’s Barbecue desert. La Quinta is the proud host of this renowned

The Hoffman RoBott Land INVESTMENT OVERVIEW \ 34 \ COMPANY Company LA QUINTA PROFILE & DEMOGRAPHICS 4 MAYOR: Linda Evans MAYOR PRO TEM: Kristy Franklin COUNCIL MEMBERS: Lee M. Osborne, John Peña, Robert Radi WEBSITES www.la-quinta.org, www.playinlaquinta.com YEAR INCORPORATED: 1982 POPULATION: 39,023 AVERAGE HOUSEHOLD INCOME: $93,091 golf tournament, played on the TPC Stadium Course; its on October 24; Date Farm Tour on November 1; Historic Traffic improvements currently in the works include a PGA West sister course, the Jack Nicklaus Tournament La Quinta Resort Tour on December 5; and the La Quinta new signal at the busy intersection of Adams Street and Course; and the La Quinta Country Club, the tournament’s History of Tennis on Feb. 25, 2016. Watch for Old Town La Corporate Center Drive by the La Quinta Post Office, as longtime mainstay course. Formerly the Bob Hope Classic Quinta Block Parties to be announced, as well as more well as the long awaited new Jefferson Street interchange and Humana Challenge, this is the event’s first tournament details on the La Quinta Chamber of Commerce’s top on Interstate 10, expected to be completed by Spring 2017. with CareerBuilder as title sponsor, to be held during the events such as the Taste of La Quinta and the Hot Rod and week of Jan. 18, 2016, with official rounds scheduled for Custom Car Show. La Quinta’s dynamic roster of events With wellness at the forefront in every aspect of La Quinta’s Thursday the 21st through Sunday the 24th. enhances its booming tourism market, and the city’s growth and vitality, it’s no wonder the City of La Quinta wide-ranging hospitality options offer choices for every continues to shine as the Gem of the Desert.  Ranked the No. 1 Fine Art Festival in the U.S. for the past preference and budget. Its newest hotel, the Chateau at — Andrea Carter three consecutive years, the La Quinta Arts Festival is Lake La Quinta, is one of California’s premier boutique held on the spectacular grounds of the La Quinta Civic resorts. The Chateau’s recent $3.5 million renovation Center Campus March 3–6, 2016. La Quinta Civic Center encompasses the entire resort property and includes Campus is a life-size picture postcard framed by majestic a “backyard” overlooking the lake and mountains. The mountains, lush green lawns, fountains and lakes — a hotel features 24 stunningly appointed guest rooms magnificent outdoor gallery extolled by Art Fair SourceBook — including 11 brand-new suites — and a chic 85 seat as “the most stunning festival site in the country.” gourmet restaurant with lakeside al fresco dining. The Chateau joins other popular La Quinta lodging venues, Hosting 220 of the foremost contemporary artists in including the historic La Quinta Resort & Club, with luxury the nation, this four-day event guarantees its patrons amenities such as shops, restaurants, and hundreds of an unparalleled cultural experience, with amenities that casitas meandering through lush grounds nestled along include daily music, performance art, and trendy food the mountains, as well as the Embassy Suites La Quinta concessions in upscale Restaurant Row, plus craft beers and Homewood Suites La Quinta — both gorgeous and fine wines. properties backed by trusted national hotel brands.

In addition to the festival, the La Quinta Arts Foundation For those who wish to stay and make La Quinta their also presents Art Under the Umbrellas, a diverse collection permanent place residents, new housing developments of 80 artists exhibiting their original creations along are under way. Darby Estates offers 19 single-family Old Town La Quinta’s picturesque Main Street, lined residential lots; Griffin Ranch is adding 393 single family with boutiques and restaurants on eight key Saturdays homes on approximately 240 acres to be served by an throughout the season. Upcoming dates are Oct. 31, Nov. existing a 10,000-square-foot community clubhouse; 14, and Nov. 28, 2015, as well as Jan. 16, Jan. 23, Feb. 6, Feb. and the Estates at Griffin Lakes will bring 78 single- The La Quinta Arts 13, and March 19, 2016. family homes to the former Merv Griffin Estate property, incorporating a six-acre lake for storm retention and Foundation presents Art Other events enjoyed in La Quinta include the La Quinta landscape irrigation purposes. Under the Umbrellas. Historical Society’s upcoming annual Haunted Hacienda

\ 35 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA 4 LA QUINTA PROFILE & DEMOGRAPHICS People Quick Facts

PEOPLE QUICK FACTS LA QUINTA CALIFORNIA Population, 2012 estimate 38,783 37,999,878 Population, 2010 (April 1) estimates base 37,467 37,253,959 Population, percent change, April 1, 2010 to July 1, 2012 3.5% 2.0% Population, 2010 37,467 37,253,956 Persons under 5 years, percent, 2010 4.8% 6.8% Persons under 18 years, percent, 2010 21.9% 25.0% Persons 65 years and over, percent, 2010 20.9% 11.4% Female persons, percent, 2010 51.7% 50.3%

White alone, percent, 2010 (a) 78.7% 57.6% Black or African American alone, percent, 2010 (a) 1.9% 6.2% American Indian and Alaska Native alone, percent, 2010 (a) 0.6% 1.0% Asian alone, percent, 2010 (a) 3.1% 13.0% Native Hawaiian and Other Pacific Islander alone, percent, 2010 (a) 0.1% 0.4% Two or More Races, percent, 2010 3.3% 4.9% Hispanic or Latino, percent, 2010 (b) 30.3% 37.6% White alone, not Hispanic or Latino, percent, 2010 63.1% 40.1%

Living in same house 1 year & over, percent, 2008-2012 87.5% 84.2% Foreign born persons, percent, 2008-2012 14.2% 27.1% Language other than English spoken at home, pct age 5+, 2008-2012 26.3% 43.5% High school graduate or higher, percent of persons age 25+, 2008-2012 89.8% 81.0% Bachelor's degree or higher, percent of persons age 25+, 2008-2012 33.6% 30.5% Veterans, 2008-2012 3,425 1,952,910 Mean travel time to work (minutes), workers age 16+, 2008-2012 23.3 27.1 Housing units, 2010 23,489 13,680,081 Homeownership rate, 2008-2012 73.6% 56.0% Housing units in multi-unit structures, percent, 2008-2012 10.1% 30.9% Median value of owner-occupied housing units, 2008-2012 $366,800 $383,900 Households, 2008-2012 14,650 12,466,331 Persons per household, 2008-2012 2.55 2.93 Per capita money income in past 12 months (2012 dollars), 2008-2012 $44,090 $29,551 Median household income, 2008-2012 $72,099 $61,400 Persons below poverty level, percent, 2008-2012 8.0% 15.3%

BUSINESS QUICK FACTS LA QUINTA CALIFORNIA The Hoffman RoBott Land INVESTMENT OVERVIEW \ 36 \ COMPANYTotal number of firms, 2007 4,219 3,425,510 Company Black-owned firms, percent, 2007 S 4.0% American Indian- and Alaska Native-owned firms, percent, 2007 S 1.3% Asian-owned firms, percent, 2007 S 14.9% Native Hawaiian and Other Pacific Islander-owned firms, percent, 2007 F 0.3% Hispanic-owned firms, percent, 2007 12.9% 16.5% Women-owned firms, percent, 2007 S 30.3%

Manufacturers shipments, 2007 ($1000) 0 491,372,092 Merchant wholesaler sales, 2007 ($1000) 20,091 598,456,486 Retail sales, 2007 ($1000) 784,724 455,032,270 Retail sales per capita, 2007 $18,562 $12,561 Accommodation and food services sales, 2007 ($1000) 219,202 80,852,787

GEOGRAPHY QUICK FACTS LA QUINTA CALIFORNIA Land area in square miles, 2010 35.12 155,779.22 Persons per square mile, 2010 1,066.9 239.1 FIPS Code 40354 6 Counties Riverside County

(a) Includes persons reporting only one race. (b) Hispanics may be of any race, so also are included in applicable race categories. FN: Footnote on this item for this area in place of data NA: Not available D: Suppressed to avoid disclosure of confidential information X: Not applicable S: Suppressed; does not meet publication standards Z: Value greater than zero but less than half unit of measure shown F: Fewer than 100 firms Source: US Census Bureau State & County QuickFacts PEOPLE QUICK FACTS LA QUINTA CALIFORNIA Population, 2012 estimate 38,783 37,999,878 Population, 2010 (April 1) estimates base 37,467 37,253,959 Population, percent change, April 1, 2010 to July 1, 2012 3.5% 2.0% Population, 2010 37,467 37,253,956 Persons under 5 years, percent, 2010 4.8% 6.8% Persons under 18 years, percent, 2010 21.9% 25.0% Persons 65 years and over, percent, 2010 20.9% 11.4% Female persons, percent, 2010 51.7% 50.3%

White alone, percent, 2010 (a) 78.7% 57.6% Black or African American alone, percent, 2010 (a) 1.9% 6.2% American Indian and Alaska Native alone, percent, 2010 (a) 0.6% 1.0% Asian alone, percent, 2010 (a) 3.1% 13.0% Native Hawaiian and Other Pacific Islander alone, percent, 2010 (a) 0.1% 0.4% Two or More Races, percent, 2010 3.3% 4.9% Hispanic or Latino, percent, 2010 (b) 30.3% 37.6% White alone, not Hispanic or Latino, percent, 2010 63.1% 40.1%

Living in same house 1 year & over, percent, 2008-2012 87.5% 84.2% Foreign born persons, percent, 2008-2012 14.2% 27.1% Language other than English spoken at home, pct age 5+, 2008-2012 26.3% 43.5% High school graduate or higher, percent of persons age 25+, 2008-2012 89.8% 81.0% Bachelor's degree or higher, percent of persons age 25+, 2008-2012 33.6% 30.5% Veterans, 2008-2012 3,425 1,952,910 Mean travel time to work (minutes), workers age 16+, 2008-2012 23.3 27.1 Housing units, 2010 23,489 13,680,081 Homeownership rate, 2008-2012 73.6% 56.0% Housing units in multi-unit structures, percent, 2008-2012 10.1% 30.9% Median value of owner-occupied housing units, 2008-2012 $366,800 $383,900 Households, 2008-2012 14,650 12,466,331 Persons per household, 2008-2012 LA QUINTA PROFILE2.55 & DEMOGRAPHICS2.93 4 Per capita money income in past 12 months (2012 dollars), 2008-2012 $44,090 $29,551 Median household income, 2008-2012 $72,099 $61,400 Persons below poverty level, percent, 2008-2012 Business Quick Facts8.0% & Geography Quick15.3% Facts

BUSINESS QUICK FACTS LA QUINTA CALIFORNIA Total number of firms, 2007 4,219 3,425,510 Black-owned firms, percent, 2007 S 4.0% American Indian- and Alaska Native-owned firms, percent, 2007 S 1.3% Asian-owned firms, percent, 2007 S 14.9% Native Hawaiian and Other Pacific Islander-owned firms, percent, 2007 F 0.3% Hispanic-owned firms, percent, 2007 12.9% 16.5% Women-owned firms, percent, 2007 S 30.3%

Manufacturers shipments, 2007 ($1000) 0 491,372,092 Merchant wholesaler sales, 2007 ($1000) 20,091 598,456,486 Retail sales, 2007 ($1000) 784,724 455,032,270 Retail sales per capita, 2007 $18,562 $12,561 Accommodation and food services sales, 2007 ($1000) 219,202 80,852,787

GEOGRAPHY QUICK FACTS LA QUINTA CALIFORNIA Land area in square miles, 2010 35.12 155,779.22 Persons per square mile, 2010 1,066.9 239.1 FIPS Code 40354 6 Counties Riverside County

(a) Includes persons reporting only one race. (b) Hispanics may be of any race, so also are included in applicable race categories. FN: Footnote on this item for this area in place of data NA: Not available D: Suppressed to avoid disclosure of confidential information X: Not applicable S: Suppressed; does not meet publication standards Z: Value greater than zero but less than half unit of measure shown F: Fewer than 100 firms Source: US Census Bureau State & County QuickFacts

\ 37 \ THE CITRUS CLUB, GOLD RESERVE | LA QUINTA THE HOFFMAN COMPANY www.hoffmanland.com The Hoffman SOUTHERN CALIFORNIA OFFICE COACHELLA VALLEY OFFICE NORTHERN CALIFORNIA OFFICE NEVADA OFFICE Company 18881 Von Karman Avenue, Suite 150 777 E Tahquitz Way, Suite 200 2121 North California Blvd., Suite 290 9205 W Russell Rd, Suite 235 Irvine, California 92612 Palm Springs, California 92262 Walnut Creek, California 94596 Las Vegas, Nevada 89148 Leading the Land T 949.553.2020 | F 949.553.8449 T 760.969.7357 | F 949.553.8449 T 925.478.8429 F 949.553.8449 T 702.929.3120 Brokerage Industry CALIFORNIA + NEVADA