1540 NATIONAL AVE. DOWNTOWN, , CA table of contents

1540 NATIONAL AVE. Executive Summary Property Overview Opportunity Zone DOWNTOWN, SAN DIEGO, CA 04 06 07 Zoning Information 10 Downtown Attractions 14 Job Market 16 Development Map 20 Comparables 22 Market Overview 28

TIM WINSLOW JASON KIMMEL KEVIN NOLEN 858.546.5436 858.546.5414 858.546.5487 [email protected] [email protected] [email protected] Lic #00891667 Lic #01328121 Lic #01840398 EXECUTIVE SUMMARY

1540 National Ave. is an approximate 18,730 SF multifamily development site in . The project is currently zoned MC Mixed Commercial where you can achieve a 4 F.A.R. The site is located in Downtown’s bustling East Village and borders Barrio Logan with great access to the best restaurants, lounges and entailment that Downtown has to offer. The site provides easy access to San Diego, a 10 minute walk to Petco Park and the Gaslamp District and a short drive to Bankers Hill, Balboa Park, the San Diego Airport and Interstate 5.

16TH ST. 16TH

COMMERCIAL ST.

1540 NATIONAL NATIONAL AVE. AVE.

4 | 1540 National Ave. PROPERTY OVERVIEW

ASKING PRICE: BASE MINIMUM & ZONING: Market Price MAXIMUM FAR: Mixed Commercial (MC) Tax Map: 2.0-3.0 Mixed Commercial (MC). This district accommodates a ADDRESS: MAXIMUM FAR THROUGH diverse array of uses, including 1540 National Ave. and 930 BONUS PAYMENT: N/A residential, artist studios, live/work & 924 S 16th St. spaces, hotels, offices, research San Diego, CA 92113 and development, and retail. APN: BONUS FAR FOR SPECIFIC AMENITIES AND/OR PARKS TDR: Commercial and service uses, 535-617-02, 535-617-03, 535-617-04, 535-617-05 1.0 including light industrial and repair, warehousing and distribution,

TOTAL SIZE AC: MAXIMUM FAR (WITH ALL INCENTIVES/ transportation, and communication BONUSES/TDR): 0.43 Acres services that are essential for 4.0 the livelihood of businesses and residents of the downtown area are APPROX. TOTAL SIZE SF: also permitted. 18,730 SF

WALK SCORE: 83 Property Documents:

6 | 1540 National Ave. CUSHMAN & WAKEFIELD RESEARCH

IN THE OPPORTUNITY ZONE: Don’t Miss this OPPORTUNITY ZONE$100 Billion CRE Event

Overview of Census Tract 51 Illustrative Example of Opportunity Zone Census Tract 51, San Diego County an Opportunity Zone Investment

DAY 0 How it works Investor liquidates assets for $150M. The investor has The program allows for any capital a basis of $50M producing gains realized after December 22, 2017 $100 million in capital gain. to be deferred provided those gains Within 180 days of are invested in one or more “qualified sale, investor deploys all gain into a QOF, opportunity funds” (QOF) within 180 which has at least days. QOFs are required to have at 90% of its assets invested in qualified Y1 least 90% of its capital invested in opportunity zone qualifying investments in designated investments. “opportunity zones.” (See additional discussion below in this report.) Y2 DAY 0 - YEAR 5 After reaching certain holding period hurdles—at five and seven years—the If the investor sells basis for the original capital gain is the QOF investment, Y3 capital gain on the adjusted upward, thereby not only original investment deferring but also reducing tax liability becomes taxable at that time as does tax by up to 15%. The balance of the on any incremental deferred gain, unless the investment is Y4 gain on the QOF investment. disposed of earlier, will be recognized in 2026. Finally, if the opportunity zone investment is held for at least 10 years, there is no capital gains tax on the YEAR 5 - YEAR 7 opportunity zone investment itself. Taxable gain on the original investment is reduced by 10%. Y6 Sounds great… Not available if QOF investment is first made so what’s in the fine print after December 31, 2021. The critical requirement of this 12/31/2026 program is that 90% of QOF assets Hard Assessment must be invested in designated Date: Capital YEAR 7 - YEAR 10 gain tax assessed opportunity zones. Opportunity zone on the original Taxable gain on the gain, regardless funds can either hold qualifying real original investment Y8 of whether QOF About this report: Enterprise's Opportunity360 platform draws together a wide breadth of data, made available for every census tract in estate directly or in equity investments is reduced by an investment has been incremental 5% the country. This report is a tool to help practitioners, policymakers and the public understand the complex place-based factors that shape in qualifying businesses. To qualify, a sold, potentially (15% total). Not creating a cash flow opportunity pathways and outcomes at a local level. OPPORTUNITY ZONE PROGRAM BENEFITS business must: available if QOF planning issue. Y9 investment is NO CAPITAL • Derive at least 50% of its gross first made after The data in this report come from a wide array of third-party providers, and links to data sources are available throughout. The information December 31, 2019. ORIGINAL GAIN 10% ORIGINAL 15% ORIGINAL presented herein has not been independentlyQOF INVESTMENT verified by Enterprise, DATE and Enterprise disclaims responsibility from any instances of inaccurate GAINS TAX ON QOF income from an active trade or DEFERRAL TO 12/31/2026 GAIN REDUCTION GAIN REDUCTION business located in one opportunity information. Detailed methods for index calculations are available at http://www.enterprisecommunity.org/resources/enterprise- INVESTMENT opportunity-index-methodology-18932. zone YEAR 10 -> • Have at least 70% of its tangible Before 12/31/19 X X X X assets be qualifying opportunity Investor can sell zone property QOF interest without incurring any tax Before 12/31/21 X X X • Have been established after liability on capital gain generated by the December 31, 2017 QOF investment. Before 12/31/26 X 8 | 1540 National Ave. cushmanwakefield.com 3

3 zoning information

ST ST KALMIA Figure 3-9 KALMIA Figure 3-10 LAUREL ST LAUREL ST Base Minimum Maximum FAR 3.0 JUNIPER ST & Maximum FAR JUNIPER ST Through (2.0) 5.5 IVY ST PACIFIC HWY IVY ST (3.5) Bonus Payment

163 HAWTHORN ST 163 HAWTHORN ST

GRAPE ST GRAPE ST6.0 C C

A (3.5)FIR ST A FIR ST

L L K BASE MINIMUM PACIFIC HWY MAXIMUM FAR I I E F F I T N O O

HARBOR DR T 5 D R 5 R ELM ST N ELM ST N N I

HARBOR DR A

E

I I

ETE ST KETTNER R A ST A A

ST

& MAXIMUM FAR THROUGH S DATE ST NI ST INDIA DATE ST ST 6.5 T (4.0) 6.5 CEDAR ST BONUS PAYMENT +1.0 CEDAR ST 3.0 4.0 (4.0) +2.0 +1.0 (2.0) (2.5) 8.0 BEECH ST (5.0) PARK BLVD BEECH ST PARK BLVD 3.0 ASH ST (2.0) ASH ST +2.0 +1.0 +3.0 +1.0 +1.0 4.5 5.5 A ST A ST (3.0) (3.5)

B ST B ST 2.0 6.5 +5.0

6TH AVE 6TH (4.0) AVE 4TH COLUMBIA ST ST STATE UNION ST FRONT ST AVE 1ST AVE 4TH AVE 6TH ST STATE UNION ST FRONT ST AVE 1ST C ST COLUMBIA ST C ST 7.0 10.0 +2.0 +5.0 +2.0 +2.0 (4.0) (6.0) BROADWAY BROADWAY +1.0 9.0 PDO See Gaslamp (5.5) +2.5 E ST E ST +3.0 6.5 5.0 8.0 +1.0 CENTRE CITY COMMUMITY PLAN CENTRE CITY COMMUNITY PLAN (4.0) (3.0) (5.0) +2.0 +4.0 6.0 F ST F ST 94 (3.5) 94

PARK BLVD PARK See Gaslamp PDO See Gaslamp

PARK BLVD PARK

5.5 AVE 10TH 16TH ST AVE 10TH 2.0 (3.5) G ST G ST See Marina PDO 6.0 See Marina PDO +7.0 14TH ST (3.5) 6.0 14TH ST MARKET ST (3.5) M MARKET ST MEAN HIG E A H TIDE N HIGH TIDE LINE LINE

8TH AVE 8TH +2.0 +1.0 ISLAND ST ISLAND ST HARBOR DR HARBOR DR 8TH AVE 8TH +1.0

J ST J ST

3.0 16TH ST (2.0) 2.0 K ST K ST 3.0 (2.0) 6.5 (4.0) L ST 3.0 L ST +4.0 +3.0 4.0 (2.5) (2.0) 4.5 (3.0) IMPERIAL AVE IMPERIAL AVE 1540 +2.0 1540 5.0 (3.0) +1.0 COMMERCIAL ST NATIONAL COMMERCIAL ST NATIONAL 5.5 (3.5) +2.0 3.0 AVE. +1.0 AVE. 6.0 (3.5) LOGAN AVE5 +2.5 5 (2.0) 16TH ST 16TH ST LOGAN AVE 6.5 (4.0) +3.0 NATIONAL AVE 7.0 (4.0) +4.0 Maximum FAR shown may not be NATIONAL AVE Maximum FAR shown may not be achievable after including other SIGSBEE 8.0 (5.0) achievable after including other 3.0 NEWTON AVE +5.0 height and bulk restrictions contained NEWTON AVE height and bulk restrictions contained 9.0 (5.5) (2.0) +7.0 in other sections of the Centre City in other sections of the Centre City SIGSBEE Planned District Ordinance. Planned District Ordinance. 10.0 (6.0) Park/Open Space Overlay San Diego San Diego BEARDLEY Park/Open Space Overlay Trolley Bay BEARDSLEY Bay Trolley Note: Information shown outside the Centre City Planned Note: Information shown outside the Centre City District Boundary is for planning purposes only. Planned District Boundary is for planning purposes only. The Downtown Community Plan does not apply to 10 10 lands within the jurisdiction of the San Diego The Downtown Community Plan does not Unified Port District. acres apply to lands within the jurisdiction of the acres 0 500 1000 2000 San Diego Unified Port District. 0 500 1000 2000 ( ) Minimum FAR Required FEET FEET 10 | 1540 National Ave. zoning information

ST ST Figure 3-13 KALMIA Figure 3-11 KALMIA Figure 3-12 LAUREL ST LAUREL ST Potential Buildout Intensities Total Bonus Maximum FAR JUNIPER ST FAR Available JUNIPER ST (with bonuses) PACIFIC HWY IVY ST (including through 5.5 IVY ST

163 bonus payment) 3.0 MAXIMUM FAR HAWTHORN ST BASE MINIMUM HAWTHORN ST 163 GRAPE ST GRAPE ST C C 6.

A FIR ST A FIR ST K K L L

(WITH BONUSES) & MAXIMUM FAR PACIFIC HWY I E I E F I F I T N T N O O T 5 HARBOR DR T D D R R N ELM ST N 5 I ELM ST N I HARBOR DR N A A E E

I I R R A A

ST

ST

DATE ST S DATE ST S ST ST

T T 1.5 6.5 CEDAR ST CEDAR ST 2.0 1.5 3.0 3.5 4.0 8.0 8.0 8.0 BEECH ST PARK BLVD BEECH ST PARK BLVD 4.5 2.0 2.0 10.0 10.0 5.0 ASH ST ASH ST 6.0 2.0 14.0 12.0 10.0 8.0 2.0 A ST 4.5 7.5 A ST 10.0 4.0 10.0 20.0 14.0 B ST B ST 10.0 20.0 10.0 1.5 5.5 2.0 6.5 COLUMBIA ST

6TH AVE 6TH 4TH AVE 4TH 6TH AVE 6TH 4TH AVE 4TH

STATE ST STATE UNION ST FRONT ST AVE 1ST

STATE ST STATE UNION ST FRONT ST AVE 1ST COLUMBIA ST C ST 8.0 12.0 C ST 1.0 4.0 2.0 4.0 7.0 12.0 BROADWAY BROADWAY 12.0 .5 5.0 5.0 4.0 4.0 7.5 14.0 14.0 E ST 6.0 E ST 12.0 4.0 PDO See Gaslamp

14TH ST 1.5 8.0 3.0 CENTRE CITY COMMUNITY PLAN 6.5 9.0 10.0 F ST 94 F ST 94 CENTRE CITY COMMUNITY PLAN 2.0 8.0 6.0 8.0

See Gaslamp PDO See Gaslamp 4.0 10.0

PARK BLVD PARK 2.0 PARK BLVD PARK

10TH AVE 10TH G ST 2.0 5.5 G ST AVE 10TH See Marina PDO 14.0 See Marina PDO 20.0 6.0 14TH ST 8.0 M MARKET ST M MARKET ST E E AN H AN IGH TIDE L HIGH TIDE INE LINE

8TH AVE 8TH 4.0 2.0 AVE 8TH 10.0 10.0 ISLAND ST ISLAND ST 16TH ST +0.5 HARBOR DR 2.0 HARBOR DR 2.0 8.0 8.0 8.0 6.0 +1.0 J ST 3.0 3.0 J ST

16TH ST +1.5 4.0 6.0 K ST K ST +2.0 4.5 7.0 6.5 +2.5 L ST 5.0 5.0 L ST 10.0 +3.0 IMPERIAL AVE 5.5 IMPERIAL AVE +3.5 3.0 1540 6.0 6.0 1540 +4.0 COMMERCIAL ST COMMERCIAL ST NATIONAL 6.5 NATIONAL +4.5 3.0 7.0 6.0 1.0 5 AVE. 4.0 5 AVE. +5.0 16TH ST LOGAN AVE 7.5 16TH ST LOGAN AVE 3.0 +6.0 8.0 NATIONAL AVE Maximum FAR shown may not be NATIONAL AVE Maximum FAR shown may not be +7.0 SIGSBEE achievable after including other height 9.0 achievable after including other height and bulk restrictions contained in 1.0 NEWTON AVE NEWTON AVE +10.0 10.0 and bulk restrictions contained in other sections of the Centre City other sections of the Centre City +12.0 Planned District Ordinance. 12.0 Planned District Ordinance. SIGSBEE San Diego 14.0 San Diego TDR Sending Site 3.0 Bay BEARDSLEY BEARDSLEY Proposed Development Park/Open Space Overlay 20.0 Bay Trolley Parks/Open Space Overlay Pipeline Development Note: Information shown outside the Centre City Trolley Planned District Boundary is for planning Note: Information shown outside the Centre City purposes only. 10 Planned District Boundary is for planning 10 Existing Development The Downtown Community Plan does not acres purposes only. acres apply to lands within the jurisdiction of the 0 500 1000 2000 The Downtown Community Plan does not 0 500 1000 2000 San Diego Unified Port District. apply to lands within the jurisdiction of the FEET San Diego Unified Port District. FEET 12 | 1540 National Ave. downtown attractions

San Diego Zoo 6 5 amenity map 1. 21 2. Horton Plaza 7 5 3. Children’s Museum of San Diego Balboa Park 4. USS Midway Museum LITTLE ITALY 5. San Diego Air & Space Museum 6. San Diego Zoo 5 23 13 CO RTEZ HILL AMPLIFIED 7. Balboa Park THE ALE MISSION WORKS 8. Pantoja Park 9. Embarcadero Marine Park North BEAN BAR 10. San Diego Convention Center 19 COLUMBIA C IVIC / CORE 11. Petco Park 20 18 1512 12. City Hall/Civic Center 16 15 MISSION 13. County Administration Building BREWERY 14 14. Federal Building 4 MATURA’S LAS HORTON / SUSHI BAR CUARTRO 15. San Diego County Superior Court AND GRILL MILPAS GAS LAMP FOX SPORTS GRILL 16. Hall of Justice ISLAND PRIME F11 8 2 VELA RETAIL COMING 17. Central Library EAST VILLAGE TBC 18. San Diego City College 19. Copley Symphony Hall 22 MARINA PARK 12 IMPERIAL 45,00 SF RETAIL EXPERSS 20. Cruise Ship Terminal 17 TBC MISH 3 MASH 1 ALEXAN CAFE 21. San Diego International Airport RETAIL COMING VIRTUOSO TBC

22. The Headquarters Petco Park

23. Waterfront Park San Diego 11 Convention Center 24 24. Ballpark Village 9 MARISCO’S 10 EL PULPO IRON FIST BREWING

14 | 1540 National Ave. job market

78 million 766,848 attendee spending at visitors at 148 events at $1.3 billion economic impact restaurants/bars the Convention Center

32.8 million 8.3 billion visitors annually visitor spending

1540 NATIONAL AVE.

SAN DIEGO CONVENTION CENTER

CONVENTION CENTER SAN DIEGO CONVENTION EXPANSION ATTENDEES • $700,000,000 economic impact • 766,848 visitors at 148 events at the Convention Center • $13,000,000 addition hotel revenue • $562 million direct spending & $78 million attendee • 7,000 permanent new jobs spending at restaurants/bars • $1.3 billion economic impact Expansion includes: • Currently operates at maximum capacity; expansion • 225,000 sf of exhit space complete in 2017 • 101,000 sf meeting room space • San Diego’s highest volume restaurants are downtown • 80,000 sf ballroom with bay views • 2017 San Diego Convention Center & Visitor’s Bureau • 5 acres rooftop deck forecast is 32.8 million visitors; $8.3 billion visitor spending; $1.9 billion food and beverage spending; $1.1 billion shopping spending

16 | 1540 National Ave. job market

DOWNTOWN’S LARGEST EMPLOYERS:

EMPLOYMENT 3 MAIN PILLARS DOWNTOWN’S TOP Downtown serves as one of the top empoying areas within San Diego County. With 202,000 OF SAN DIEGO’S OCCUPATION & INDUSTRIES jobs within a 3 mile radius, 625 Broadway is ideally situated within walking distance to all ECONOMY: major office buildings and within 1.5 blocks from the Fifth Avenue Trolley Station. Finance & Business Technology Defense Law Firms & Legal Services Government/Defense Contractors 3.5% 91,413 202,288 9.7M SF Technology Unemployment jobs in Jobs within three miles of of Downtown Office & Administrative Arts & Entertainment rate in San Diego Downtown Downtown San Diego office space Tourism as of July 2018 (esri report) Architecture & Engineering Utilities

18 | 1540 National Ave. development map 1540 NATIONAL AVE.

GREYSTAR SAN DIEGO CONVENTION CENTER

RICHMAN GROUP

TCR PINNACLE

CISTERRA

TROLLEY HANOVER BOSA HOLLAND & *Not a current rendering PARTNERS OLIVER HOLLAND & MCMILLAN PARTNERS

TROLLEY

20 | 1540 National Ave. FUTURE PARK 9/22/2017 Google Maps

land sale comps

Residential BUYER SALE DATE # OF UNITS PURCHASE PRICE $ PER UNIT LAND SIZE $ PER LAND/SF $ PER F.A.R.

6.53 Hotels 1 Greystar 3/6/15 720 $32,365,000 $44,951 161,418 $201 $32.75

9.1 2 38,846 Gross SF "$311.48 Richman Group 9/8/15 226 $12,100,000 $53,540 29,557 Net SF $409.38" $45.12

3 Bosa 11.8 Development 12/8/15 620 $32,000,000 $51,613 60,090 $533 $44.44

4 4 AAA 10.0 Management 9/15/16 281 $13,700,000 $48,754 30,016 $457 $46

3 5 17.64 8 Pinnacle 11/18/16 431 $14,500,000 $33,642 30,000 $483 $25 5 6 3.5 - 6.0 - 20 Bosa 2/26/16 - $42,000,000 - 60,000 $700 $200-$117-$35 7 6 7 6.0- 8.0 Paragon 7/13/17 $34,000,000 unentitled 60,000 SF $566 $94.44 -$70.83

8 5.8 JPI 10/12/18 318 $25,000,000 $78,616 60,240 SF $415 $72.19 2 10 9 9 Jeff Svitak May 2018 $3,150,000 Unentitled 10,000 SF $315 $75 1

10 Trestle Development Sept 2016 $3,515,400 Unentitled 12,600 SF $279 $54

22 | 1540 National Ave.

Map data ©2017 Google United States 1000 ft

https://www.google.com/maps/@32.7142612,-117.1602574,15z 1/1 9/22/2017 Google Maps

apartment rental comps

1. 13TH & MARKET Alexan ALX

1330 Market St, 313 Units

San Diego, CA 92101 13th & Market 300 14th Street 1 2 San Diego, CA 92101 2. ALEXAN ALX $4.48 PSF 264 Units (619) 764-5316 9 1330 Market Street Completed Date Improvements Rating A 300 14TH STREET 13th & Market Alexan ALX San Diego, CA 92101 January, 2018 Location Rating B SAN DIEGO, CA 92101 313 Units 264 Units Occupancy 88.5% 3 $3.83 PSF (619) 746-8132 300 14th Street 1330 Market Street Common Area Amenities - Controlled Access, Fitness Center, Business Completed Date Improvements Rating A San Diego, CA 92101 3. BROADSTONE LITTLE ITALY Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone San Diego, CA 92101 May, 2014 Location Rating B Parking(619) 764-5316 - Total Parking - 380 Spaces, Covered Parking Is Available For 1980 Kettner Blvd, An Additional $20 Per Month, Parking Type - Above Ground and (619) 746-8132 Occupancy 94.3% SubterraneanCompleted Date Improvements Rating A San Diego, CA 92101 Functional Characteristics - Private Balcony/Patio, Construction Type - Completed Date Improvements Rating A Common Area Amenities - Controlled Access, Fitness Center, Business SteelJanuary, Frame 2018 Location Rating B Other Factor - View - Downtown San Diego, Pacific Ocean and San Center,May, 2014 Clubhouse, 1 SwimmingLocation Pool, Rental Rating Office - Stand AloneB Occupancy 88.5% 4. CAMDEN TUSCANY Parking - Total Parking - 341 Spaces, Parking Type - Subterranean Diego Bay Occupancy 94.3% ApartmentCommon Area Interior Amenities Amenities - Controlled - Internet Access, Access, Fitness Above Center, Standard Business Ceiling Functional Characteristics - Private Balcony/Patio, Construction Type - Height, Microwave Ovens 1980 Kettner Blvd, $3.01 PSF Steel Frame Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone $3.50 PSF 11 10 Common Area Amenities - Controlled Access, Fitness Center, Business Parking - Total Parking - 380 Spaces, Covered Parking Is Available For Other Factor - Major Street Exposure - G Street and Market Street, View An Additional $20 Per Month, Parking Type - Above Ground and San Diego, CA 92101 -Center, Downtown Clubhouse, San Diego 1 Swimming Pool, Rental Office - Stand Alone Unit Type Unit Size (SqFt) Actual Rent Parking - Total Parking - 341 Spaces, Parking Type - Subterranean Subterranean Apartment Interior Amenities - Internet Access, Optional Monitored Unit Description CountFunctional% ofCharacteristics Total Unit - PrivateTotal Balcony/Patio,Total ConstructionSqFt Type - 5. ENTRADA 4 Security,Functional Above Characteristics Standard Ceiling - Private Height, Balcony/Patio, Microwave OvensConstruction Type - Steel Frame Steel Frame Studio Other100 Factor -31.95% View - Downtown538 San 53,779Diego, Pacific $2,058Ocean and San$3.83 453 13th Street Other Factor - Major Street Exposure - G Street and Market Street, View One Bedroom Diego143 Bay 45.69% 757 108,248 $2,613 $3.45 Unit Type - DowntownUnit San Diego Size (SqFt) Actual Rent Apartment Interior Amenities - Internet Access, Above Standard Ceiling Two Bedroom/One and Three Quarter Bath 64 20.45% 1,156 74,005 $3,993 $3.45 Unit Description CountApartment% ofInterior Total AmenitiesUnit - InternetTotal Access, OptionalTotal MonitoredSqFt Height, Microwave Ovens San Diego, CA 92101 Security, Above Standard Ceiling Height, Microwave Ovens Two Bedroom/Townhouse/Den/Two and 2 0.64% 1,897 3,794 $4,623 $2.44 One Half Bath $3.67 PSF One Bedroom/Alcove 42 15.91% 589 24,753 $2,197 $3.73 Unit Type Unit Size (SqFt) Actual Rent $3.21 PSF 12 Penthouse - Two Bedroom/One and Three 6. IDEA 1 One Bedroom Unit Type 163 Unit 61.74% Size756 (SqFt)123,149 $2,298Actual Rent $3.04 Unit Description Count 2 % of Total0.64% Unit1,306 Total2,611 Total$7,320 SqFt$5.61 CamdenQuarter Bath TuscanyUnit Type % of Unit Size (SqFt) Market Rent Unit Description Count % of Total Unit Total Total SqFt Studio 100 31.95% 538 53,779 $2,058 $3.83 899 Park Blvd, Two Bedroom/Two Bath 59 22.35% 1,073 63,298 $2,915 $2.72 Penthouse - UnitTwo DescriptionBedroom/Den/Three Bath Total 2 Count0.64% Unit2,136 Total4,271 Total$10,068 SqFt$4.71 One Bedroom 160143 Units 45.69% 757 108,248 $2,613 $3.45 San Diego, CA 92101 Total/AverageOne Bedroom/Alcove 26442 15.91%100% 800589 211,20024,753 $2,419$2,197 $3.73$3.02 StudioTotal/Average 0.32%313 100%1 409788 246,708409 $1,952$2,808 $4.77$3.56 $3.52 PSF Two Bedroom/One and Three Quarter Bath 167064 Kettner Blvd20.45% 1,156 74,005 $3,993 $3.45 6 One Bedroom 163 61.74% 756 123,149 $2,298 $3.04 Studio 0.32% 1 505 505 $2,049 $4.06 Two Bedroom/Townhouse/Den/Two and San Diego, CA 92101 2 0.64%4 1,897 3,794 $4,623 $2.44 7. PINNACLE ON THE PARK Two Bedroom/Two Bath 59 22.35% 1,073 63,298 $2,915 $2.72 OneStudio Half Bath 1.28% 520 2,080 $2,123 $4.08 (619) 255-4000 45 Total/Average 264 100% 800 211,200 $2,419 $3.02 PenthouseStudio - Two Bedroom/One and Three 14.38% 536 24,120 $2,226 $4.15 2 0.64% 1,306 2,611 $7,320 $5.61 424 15th Street 3 StudioQuarter4 Bath 14.38%Completed Date 45 537Improvements24,165 Rating$2,242 A $4.18 San Diego, CA 92101 StudioPenthouse - Two Bedroom/Den/Three Bath 1.28%August,2 2002 0.64%4 2,136625Location2,5004,271 Rating $10,068$2,428 B+ $3.88$4.71 $3.02 PSF Total/Average 313 100% 788 246,708 $2,808 $3.56 1 Broadstone Little Italy CamdenOne Bedroom Tuscany 8.31% 26 679Occupancy17,654 $2,426 94.4%$3.57 One Bedroom 2.88% 9 726 6,534 $2,493 $3.43 8. SHIFT 160Prior Units Names $3.28 PSF 199 Units One Bedroom 19.81% 62 734 45,508 $2,459 $3.35 1501 Island Avenue 1670Park atKettner Little ItalyBlvd 1980 Kettner Blvd One Bedroom 5.11% 16 739 11,824 $2,540 $3.44 $3.06 PSF SanCommon Diego, Area CA 92101Amenities - Controlled Access, Fitness Center, Business San Diego, CA 92101 5 One Bedroom 0.64%Center, Clubhouse, 12 Swimming766 Pool, 11,532 Spa, Rental$2,835 Office $3.70 San Diego, CA 92101 (619) 255-4000 One Bedroom 1.28%Parking - Total Parking4 - 160 807Spaces, Covered3,228 Parking$2,865 Available, Parking$3.55 (619) 230-0888 Type - Subterranean 9. VICI 8 One Bedroom 5.11%FunctionalCompleted CharacteristicsDate 16 -878 PrivateImprovements Source: 14,048Balcony/Patio, Occupancy Rating data$3,105 derivedConstruction fromA USPS Type$3.54 records - Combination 7 Completed Date Improvements Rating A+ One Bedroom 1.28%August, 2002 4 921Location3,684 Rating $3,540 B+ $3.84 550 WEST DATE ST Apartment Interior Amenities - Internet Access, Above StandardPage Ceiling 2 of 11 $3.56 PSF October, 2014 Location Rating B+ One Bedroom 1.28%Height, Microwave Ovens4 1,059Occupancy4,236 $3,441 94.4%$3.25 San Diego, CA 92101 2 Two Bedroom/One and Three Quarter Bath 1.28% 4 857 3,428 $3,606 $4.21 Two Bedroom/Two Bath 2 1.01% 1,231Occupancy2,462 $3,829 94.0%$3.11 Prior Names Unit Type Unit 1 Size (SqFt) Actual Rent Two Bedroom/Two Bath 1 0.50% 1,262 1,262 $3,779 $2.99 Two Bedroom/One and Three Quarter Bath 0.32%Park at Little Italy 1,038 1,038 $3,126 $3.01 $3.19 PSF Common Area Amenities - Controlled Access, Fitness Center, Business Unit Description Count % of Total Unit Total Total SqFt Two Bedroom/One and Three Quarter Bath 6.71% 21 1,103 23,163 $3,615 $3.28 10. VANTAGE POINTE Two Bedroom/Two Bath Center,1 Clubhouse,0.50% 1 Swimming1,292 Pool, 11,292 Spa, Rental $3,852Office - Stand $2.98Alone Common Area Amenities - Controlled Access, Fitness Center, Business One Bedroom 88 55.00% 693 Source:61,000 Occupancy data $2,574derived from USPS$3.71 records Parking - Total Parking - 321 Spaces, Source: Covered Occupancy Parking data derived Is Available from USPS For records Two Bedroom/One and Three Quarter Bath 6.71%Center, Clubhouse,21 1 Swimming1,104 Pool,23,184 1 Spa, Rental$3,650 Office $3.31 1281 9th Avenue Two Bedroom/Loft/Two Bath 1 0.50% 1,100 1,100 $3,657 $3.32 Parking - Total Parking - 160 Spaces, Covered Parking Available, Parking An Additional $0 Per Month, Parking Type - Subterranean TwoOne Bedroom/One Bedroom/Den and Three Quarter Bath 0.32%1 0.63%1 1,140766 1,140766 $3,631$3,008 $3.19$3.93 Type - Subterranean Page 2 of 11 Two Bedroom/Loft/Two Bath Functional1 Characteristics0.50% 1,105 - Private Balcony/Patio,1,105 $3,733 Construction PageType$3.38 1 - of 11 Two Bedroom/One Bath 15 9.38% 908 13,625 $2,634 $2.90 San Diego, CA 92101 Steel Frame Two Bedroom/One and Three Quarter Bath 0.64%Functional Characteristics2 1,157 - Private Balcony/Patio,2,314 $5,363 Construction Type$4.64 - Combination Two Bedroom/Loft/Two Bath Other3 Factor - 1.51%Major Street1,144 Exposure -3,432 Grape Street,$4,165 View - Downtown$3.64 Two Bedroom/Two Bath 4 2.50%4 1,000 4,000 $2,982 $2.98 Two Bedroom/One and Three Quarter Bath 1.28%Apartment Interior Amenities1,201 - Internet4,804 Access, Above$3,920 Standard Ceiling$3.26 San Diego/ Source: Occupancy data derived from USPS records 11. THE REY Two Bedroom/Loft/Two Bath 1 0.50% 1,200 1,200 $3,916 $3.26 TwoTwo Bedroom/One Bedroom/Loft/One and Three Bath Quarter Bath 1.92%Height,4 Microwave2.50% Ovens6 1,4191,015 8,5144,060 $5,911$3,142 $4.17$3.10 Apartment Interior Amenities - Internet Access, Above Standard Ceiling Two Bedroom/Loft/Two Bath 21 13.13% 1,101 23,112 $3,256 $2.96 Two Bedroom/Loft/Two Bath Height,1 Microwave0.50% Ovens 1,219 1,219 $3,984 Page$3.27 1 of 11 Two Bedroom/One and Three Quarter Bath 1.28% 4 1,605 6,420 $6,532 $4.07 801 A Street Unit Size (SqFt) Actual Rent Two Bedroom/Loft/Two Bath 2 1.01% 1,263 2,526 $5,240 $4.15 TwoThree Bedroom/Townhouse/Den/Two Bedroom/TwoUnit TypeBath and 25 15.63% 1,282 32,042 $3,369 $2.63 0.64% 2 1,897 3,794 $5,926 $3.12 San Diego, CA 92101 OneThree Half Bedroom/Loft/Two BathUnit Description Bath Count 2 % of Total1.25% Unit1,582 Total3,164 Total$4,397 SqFt$2.78 Two Bedroom/Loft/TwoUnit Type Bath 1 Unit 0.50% 1,295Size (SqFt)1,295 $5,680Actual Rent $4.39 Penthouse - Two Bedroom/One and Three OneTotal/Average Bedroom 0.32%16088 55.00%100%1 1,305693886 141,76961,0001,305 $7,487$2,574$2,843 $5.74$3.71$3.21 Penthouse Unit Description Count 2 % of Total1.01% Unit643 Total1,286 Total$2,900 SqFt$4.51 Quarter Bath 12. BROADSTONE MAKERS One Bedroom/Den 1 0.63% 766 766 $3,008 $3.93 Total/Average 199 100% 823 163,722 $3,153 $3.83 Penthouse - Two Bedroom/One and Three Guest Suite 1 0.50% 616 616 0.32% 1 1,306 1,306 $7,681 $5.88 QuarterTwo Bedroom/One Bath Bath 15 9.38% 908 13,625 $2,634 $2.90 QUARTER Studio 2 1.01% 517 1,034 $2,267 $4.38 PenthouseTwo Bedroom/Two - Two Bedroom/Den/Three Bath Bath 0.32%4 2.50%1 2,0431,000 2,0434,000 $11,006$2,982 $5.39$2.98 Studio 1 0.50% 531 531 $2,248 $4.23 1601 Broadway PenthouseTwo Bedroom/Loft/One - Two Bedroom/Den/Three Bath Bath 0.32%4 2.50%1 2,2281,015 2,2284,060 $12,006$3,142 $5.39$3.10 Studio 2 1.01% 543 1,086 $2,588 $4.77 San Diego, CA 92101 Total/AverageTwo Bedroom/Loft/Two Bath 100%21 13.13%313 1,101788 246,70823,112 $2,902$3,256 $3.68$2.96 Studio 3 1.51% 552 1,656 $2,617 $4.74 Three Bedroom/Two Bath 25 15.63% 1,282 32,042 $3,369 $2.63 Studio 5 2.51% 559 2,795 $2,306 $4.13 Three Bedroom/Loft/Two Bath 2 1.25% 1,582 3,164 $4,397 $2.78 Studio 17 8.54% 562 9,554 $2,461 $4.38 Total/Average 160 100% 886 141,769 $2,843 $3.21 Studio 3 1.51% 572 1,716 $2,245 $3.92 Studio 10 5.03% 589 5,890 $1,897 $3.22 24 | 1540 National Ave. Source: Occupancy data derived from USPS records Studio 3 1.51% 601 1,803 $2,573 $4.28 Source: Occupancy data derived from USPS records Page 4 of 11 Studio 2 1.01% 615 1,230 $2,623 $4.27 Page 3 of 26 Studio 2 1.01% 616 1,232 $3,001 $4.87 Studio 2 1.01% 620 1,240 $2,380 $3.84 Studio 3 1.51% 623 1,869 $2,338 $3.75 Studio 4 2.01% 630 2,520 $2,691 $4.27 Map data ©2017 Google United StatesStudio 1000 ft 1 0.50% 647 647 $3,101 $4.79 Source: Occupancy data derived from USPS records Studio 2 1.01% 725 1,450 $3,093 $4.27 Loft/Studio 2 1.01% 675 1,350 $2,763 $4.09 Page 4 of 11

Source: Occupancy data derived from USPS records

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Source: Occupancy data derived from USPS records

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https://www.google.com/maps/@32.7142612,-117.1602574,15z 1/1 apartment rental comps IDEA1

295 Units 895 Park Blvd San Diego, CA 92101 (619) 493-4429 Completed Date Improvements Rating A October, 2017 Location Rating B Occupancy 88.1% Vantage Pointe Entrada Common Area Amenities - Controlled Access, Fitness Center, 679 Units Clubhouse, 1 Spa, Rental Office - Stand Alone 172 Units Parking - Total Parking - 295 Spaces, Covered Parking Is Available For 1281 9th Avenue An Additional $0 Per Month, Parking Type - Subterranean Vici 453 13th Street Functional Characteristics - Private Balcony/Patio, Construction Type - San Diego, CA 92101 5 6 Steel Frame 9 97 Units 10 San Diego, CA 92101 (619) 696-8000 Apartment Interior Amenities - Internet Access, Above Standard Ceiling 550 West Date Street (619) 382-2753 Height, Microwave Ovens Completed Date Improvements Rating A San Diego, CA 92101 Entrada Completed Date Improvements Rating A IDEA1 Vici Vantage Pointe September, 2009 Location Rating B Unit Type Unit Size (SqFt) Actual Rent (619) 895-5500 May, 2004 Location Rating B 295 Units 97 Units Occupancy 95.1% 172 Units Unit Description Count % of Total Unit Total Total SqFt Completed Date Improvements Rating A 679 Units Occupancy 87.2% 550 West Date Street Common Area Amenities - Controlled Access, Fitness Center, Business Guest Suite - One Bedroom/One Bath 895 Park1 Blvd 0.34% 727 727 1281 9th Avenue 453 13th Street October, 2018 Location Rating B Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Common Area Amenities - Controlled Access, Fitness Center, Business San Diego, CA 92101 San Diego, CA 92101 Studio San48 Diego, CA16.27% 92101 532 25,520 $2,188 $4.12 ParkingSan Diego, - Total CA 92101Parking - 968 Spaces, Parking Type - Subterranean Center, Rental Office Common Area Amenities - Controlled Access, Fitness Center, Business Functional Characteristics - Private Balcony/Patio, Outside Storage, Parking - Total Parking - 250 Spaces, Covered Parking Available, Parking Live-Work 12 4.07% 903 10,839 $2,825 $3.13 (619) 895-5500 (619) 382-2753 (619) 493-4429 Center, Clubhouse, 1 Spa, Rental Office - Stand Alone Construction(619) 696-8000 Type - Steel Frame Type - Subterranean Parking - Covered Parking Is Available For An Additional $0 Per Month, Other Factor - Major Street Exposure - 9th Avenue, View - Downtown One Bedroom Completed172 Date58.31% 691Improvements118,834 Rating$2,446 A $3.54 Completed Date Improvements Rating A FunctionalCompleted Characteristics Date - PrivateImprovements Balcony/Patio, Rating ConstructionA Type - Parking Type - Multi-Level Structure SanCompleted Diego Date Improvements Rating A Combination One Bedroom/Den 5 1.69% 835 4,175 $2,484 $2.97 FunctionalOctober, 2018 Characteristics - PrivateLocation Balcony/Patio, Rating ConstructionB Type - Apartment Interior Amenities - Internet Access, Above Standard Ceiling Other Factor - View - Downtown San Diego October, 2017 Location Rating B September, 2009 Location Rating B May, 2004 Location Rating B One Bedroom/Townhouse/One and One Steel Frame Height, Microwave Ovens Apartment Interior Amenities - Internet Access, Included Monitored 8 2.71% 983 7,864 $2,897 $2.95 Half Bath Occupancy 88.1% ApartmentCommon Area Interior Amenities Amenities - Controlled - Internet Access, Access, Fitness Above Center, Standard Business Ceiling Occupancy 95.1% Security, Above Standard Ceiling OccupancyHeight, Microwave Ovens 87.2% HeightCenter, Clubhouse, 1 Spa, Rental Office - Stand Alone One Bedroom/Townhouse/Loft/One and Common Area Amenities - Controlled Access, Fitness Center, Unit Type CommonUnit Area Amenities -Size Controlled (SqFt) Access, FitnessActual Center, Rent Business Common Area Amenities - Controlled Access, Fitness Center, Business 4 1.36% 859 3,436 $2,685 $3.13 Parking - Covered Parking Is Available For An Additional $0 Per Month, One Half Bath Clubhouse, 1 Spa, Rental Office - Stand Alone Parking Type - Multi-Level Structure Unit Description CountCenter, Clubhouse,% of Total 1 SwimmingUnit Pool,Total 1 Spa, RentalTotal Office - StandSqFt Alone Unit Type Center,Unit Rental Office Size (SqFt) Actual Rent Parking - Total Parking - 295 Spaces, Covered Parking Is Available For Unit Type Unit Size (SqFt) Actual Rent Parking - Total Parking - 968 Spaces, Parking Type - Subterranean Parking - Total Parking - 250 Spaces, Covered Parking Available, Parking Two Bedroom/One Bath 2 0.68% 1,001 2,002 $2,712 $2.71 Functional Characteristics - Private Balcony/Patio, Construction Type - Unit Description Count % of Total Unit Total Total SqFt An Additional $0 Per Month, Parking Type - Subterranean Unit Description Count % of Total Unit Total Total SqFt One Bedroom Functional41 Characteristics6.04% - 625Private Balcony/Patio,25,625 $1,910Outside Storage,$3.06 Type - Subterranean Steel Frame Two Bedroom/One and Three Quarter Bath Functional8 Characteristics2.71% 1,187 - Private Balcony/Patio,9,495 $3,657Construction Type$3.08 - Apartment Interior Amenities - Internet Access, Above Standard Ceiling Construction Type - Steel Frame Functional Characteristics - Private Balcony/Patio, Construction Type - One Bedroom/Den 17 2.50% 773 13,147 $2,325 $3.01 Studio 125 72.67% 455 56,888 $1,509 $3.32 Steel Frame Studio Height17 17.53% 597 10,143 $2,618 $4.51 Other Factor - Major Street Exposure - 9th Avenue, View - Downtown Combination Two Bedroom/Townhouse/One Bath Apartment8 Interior2.71% Amenities809 - Internet6,469 Access, Above$2,931 Standard Ceiling$3.62 San Diego Loft/Studio 1 0.58% 668 668 $1,507 $2.26 One Bedroom 44 45.36% 808 35,541 $3,229 $4.00 Two Bedroom/One Bath 192 28.28% 710 136,357 $2,363 $3.33 Other Factor - View - Downtown San Diego Two Bedroom/Townhouse/One and Three Height, Microwave Ovens Apartment Interior Amenities - Internet Access, Above Standard Ceiling 14 4.75% 961 13,450 $3,361 $3.50 Two Bedroom/One and One Half Bath 96 14.14% 849 81,479 $2,433 $2.87 One Bedroom Apartment38 Interior22.09% Amenities687 - Internet26,116 Access, Included$1,745 Monitored$2.54 Quarter Bath Two Bedroom/OneUnit and Type Three Quarter Bath 29 Unit 29.90% Size1,115 (SqFt)32,338 $5,492Actual Rent $4.93 Height, Microwave Ovens Security, Above Standard Ceiling Height, Microwave Ovens Unit Description Count % of Total Unit Total Total SqFt BroadstoneTwo Bedroom/Two Makers Bath Quarter 308 45.36% 922 284,129 $2,716 $2.94 Two Bedroom/Two Bath 1 0.58% 1,164 1,164 $2,722 $2.34 Two Bedroom/Townhouse/TwoUnit Type Bath 3 Unit 1.02% 1,212Size (SqFt)3,636 $3,128Actual Rent $2.58 Two Bedroom/Two Bath 7 7.22% 1,411 9,878 $6,641 $4.71 Two Bedroom/TwoUnit and Type One Half Bath 7 Unit 1.03% 1,083Size (SqFt)7,584 $2,736Actual Rent $2.53 Two Bedroom/Townhouse/One and One Penthouse -Unit Two DescriptionBedroom/Two Bath Count10 % of Total3.39% Unit1,236 Total12,362 Total$4,802 SqFt$3.88 Total/AverageStudio 9717 17.53%100% 906597 87,90010,143 $4,138$2,618 $4.48$4.51 265 Units Unit Type % of 4 UnitUnit2.33% SizeSize882 (SqFt) (SqFt)3,528 $2,870MarketActual Rent Rent$3.25 Unit Description Count % of Total Unit Total Total SqFt Half Bath Unit Type One Bedroom 44 45.36% 808 35,541 $3,229 $4.00 Two Bedroom/Den/Two Bath 18 2.65% 1,160 20,884 $2,906 $2.50 Unit Description Count % of Total Unit Total Total SqFt GuestTotal/Average Suite - One Bedroom/One Bath 2951 0.34%100% 727742 218,809727 $2,614 $3.52 1601 Broadway PinnacleThree Bedroom/Two onUnit the Description Park Bath Total 3 Count1.74% Unit1,264 Total3,792 Total$2,832 SqFt$2.24 OneTotal/Average Bedroom 67941 6.04%100% 625838 569,20525,625 $1,910$2,523 $3.06$3.01 Studio 48 16.27% 532 25,520 $2,188 $4.12 Two Bedroom/One and Three Quarter Bath 29 29.90% 1,115 32,338 $5,492 $4.93 San Diego, CA 92101 Studio 125 72.67%6 455 56,888 $1,509 $3.32 Total/AverageStudio 3.49%172 100% 536403 92,1562,418 $1,601$1,446 $3.06$3.59 Two Bedroom/Two Bath 7 7.22% 1,411 9,878 $6,641 $4.71 One Bedroom/Den 17 2.50% 773 13,147 $2,325 $3.01 484 Units Live-Work 12 4.07% 903 10,839 $2,825 $3.13 (619) 595-1601 Loft/Studio 1 0.58%7 668 668 $1,507 $2.26 Studio 4.07% 413 2,891 $1,489 $3.61 Shift Total/Average 97 100% 906 87,900 $4,138 $4.48 Two Bedroom/One Bath 192 28.28% 710 136,357 $2,363 $3.33 424 15th Street One Bedroom 172 58.31% 691 118,834 $2,446 $3.54 StudioOne Bedroom 1.74%38 22.09%3 413687 1,23926,116 $1,745 $2.54 Two Bedroom/One and One Half Bath Completed96 Date14.14% 849Improvements81,479 Rating$2,433 A $2.87 One Bedroom/Den 368 5Units 1.69% 835 4,175 $2,484 $2.97 StudioTwo Bedroom/Two Bath 8.72%San Diego,1 CA 921010.58%15 1,164424 6,3601,164 $1,425$2,722 $3.36$2.34 Two Bedroom/Two Bath January,308 201945.36% 922Location284,129 Rating $2,716 B- $2.94 One Bedroom/Townhouse/One and One 1501 Island Avenue Two Bedroom/Townhouse/One and One (619) 544-6800 3 8 2.71% 983 7,864 $2,897 $2.95 Two Bedroom/Two and One Half Bath 7 1.03% 1,083Occupancy7,584 $2,736 69.1%$2.53 Studio7 1.74%4 2.33% 424882 1,2723,528 $2,870 $3.25 Half8 Bath 11 12 PinnacleHalf Bath on the Park San Diego, CA 92101 Source: Occupancy data derived from USPS records Studio 7.56%Completed Date 13 439Improvements5,707 Rating$1,475 A $3.36 One Bedroom/Townhouse/Loft/One and Rey, The Two Bedroom/Den/Two Bath Common18 Area2.65% Amenities -1,160 Controlled20,884 Access, Fitness$2,906 Center, Business$2.50 Three Bedroom/Two Bath 3 1.74% 1,264 3,792 $2,832 $2.24 4 1.36% 859 3,436 $2,685 $3.13 Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone 3 One Half Bath (619) 541-8734 Total/Average 679 100% 838 569,205 $2,523 $3.01 Studio 1.74%April,484 Units 2016 439Location1,317 Rating B- Page 6 of 11 Parking - Total Parking - 343 Spaces, Covered Parking Is Available For Total/Average 172 100% 536 92,156 $1,601 $3.06 478 Units 12 ShiftTwo Bedroom/One Bath Completed2 Date0.68% 1,001Improvements2,002 Rating$2,712 A $2.71 An Additional $0 Per Month, Parking Type - Above Ground and Studio 6.98% 460Occupancy5,520 $1,493 87.4% $3.25 424 15th Street 801 A Street Subterranean Studio 1.74% 3 460 1,380 Two Bedroom/One and Three Quarter Bath June,8 2018 2.71% 1,187Location9,495 Rating $3,657 C+ $3.08 Rey, The Broadstone Makers Quarter CommonSan Diego, Area CA 92101Amenities - Controlled Access, Fitness Center, 368 Units Functional Characteristics - Construction Type - Steel Frame Two Bedroom/Townhouse/One Bath 8 2.71% 809 6,469 $2,931 $3.62 San Diego, CA 92101 Studio 8.14%Clubhouse, Playground,14 1 Swimming471 Pool,6,594 1 Spa, Rental$1,585 Office - Stand$3.37 Occupancy 16.0% 478 Units 265Other Units Factor - Major Street Exposure - Broadway 1501 Island Avenue Apartment Interior Amenities - Internet Access, Above Standard Ceiling Alone(619) 544-6800 Two Bedroom/Townhouse/One and Three (619) 678-1778 Studio 1.74% 3 471 1,413 Common14 Area 4.75%Amenities - Controlled961 13,450 Access, Fitness$3,361 Center, Business$3.50 Height Parking - Total Parking - 528 Spaces, Covered Parking Is Available For Quarter Bath San Diego, CA 92101 801 A Street 1601 Broadway AnCompleted Additional Date $0 Per18 Month, ParkingImprovements Type - Subterranean Rating A Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Completed Date Improvements Rating A- Studio 10.47% 475 8,550 $1,576 $3.32 San Diego, CA 92101 San Diego, CA 92101 Functional Characteristics - Private Balcony/Patio, Construction Type - Two Bedroom/Townhouse/Two Bath Parking(619)3 541-8734 - Total 1.02%Parking - 5081,212 Spaces, Covered3,636 Parking$3,128 Is Available $2.58For Studio 1.74%April, 2016 3 475Location1,425 Rating B- An Additional $0 Per Month, Parking Type - Subterranean February, 2017 Location Rating B Unit Type Unit Size (SqFt) Actual Rent Steel Frame Penthouse - Two Bedroom/Two Bath 10 3.39% 1,236 12,362 $4,802 $3.88 (619) 678-1778 (619) 595-1601 Source: Occupancy data derived from USPS records FunctionalCompleted CharacteristicsDate - PrivateImprovements Balcony/Patio, Rating ConstructionA Type - Unit Description Count % of Total Unit Total Total SqFt Studio 9.88%Other Factor - View17 - Downtown491Occupancy San Diego/Pacific8,347 Ocean/San$1,420 87.4% Diego$2.89 Occupancy 94.1% Bay Total/Average Steel295 Frame 100% 742 218,809 $2,614 $3.52 Completed Date Improvements Rating A- Completed Date Improvements Rating A June, 2018 Location Rating C+ Studio 147 55.47% 572 84,061 $2,381 Page$4.16 10 of 11 Studio 2.91%ApartmentCommon Area Interior Amenities Amenities5 - Controlled491 - Internet Source: Access,2,455 Occupancy Access, Fitness Abovedata derived Center, Standard from USPS Ceiling records Other Factor - View - Downtown San Diego Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, Playground, 1 Swimming Pool, 1 Spa, Rental Office - Stand Apartment Interior Amenities - Internet Access, Above Standard Ceiling February,Clubhouse, 20171 Swimming Pool, RentalLocation Office Rating - Stand Alone B January, 2019 Location Rating B- Loft/Studio 0.58%Height, Microwave Ovens1 668 668 $1,565 $2.34 Occupancy 16.0% Source: Occupancy data derived from USPS records One Bedroom 63 23.77% 784 49,423 $2,732 $3.48 Alone Page 5 of 11 Height, Microwave Ovens Parking - Total Parking - 882 Spaces, Covered Parking Is Available For Occupancy 94.1% Occupancy 69.1% One Bedroom 8.72%Parking - Total Parking15 - 528 Spaces,682 Covered10,230 Parking$1,679 Is Available $2.46For Common Area Amenities - Controlled Access, Fitness Center, Business An Additional $0 Per Month, Parking Type - Above Ground and One Bedroom/Den 8 3.02% 895 7,156 $2,909 $3.25 Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Page 11 of 11 Unit Type An AdditionalUnit $0 Per Month, SizeParking (SqFt) Type - SubterraneanActual Rent CommonSubterranean Area Amenities - Controlled Access, Fitness Center, One Bedroom/Den/One and Three Quarter Common Area Amenities - Controlled Access, Fitness Center, Business One Bedroom 1.74% 3 682 2,046 Unit Type ParkingUnit - Total Parking - 508Size Spaces, (SqFt) Covered ParkingActual Is Available Rent For Functional Characteristics - Private Balcony/Patio, Construction Type - 10 3.77% 1,019 10,190 $3,017 $2.96 Unit Description CountFunctional% ofCharacteristics Total Unit - PrivateTotal Balcony/Patio,Total ConstructionSqFt Type - Clubhouse, 1 Swimming Pool, Rental Office - Stand Alone Bath Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone An Additional $0 Per Month, Parking Type - Subterranean One Bedroom 6.40%Steel Frame 11 692 7,612 Unit Description Count % of Total Unit Total Total SqFt ParkingSteel Frame - Total Parking - 882 Spaces, Covered Parking Is Available For Parking - Total Parking - 343 Spaces, Covered Parking Is Available For Functional Characteristics - Private Balcony/Patio, Construction Type - Other Factor - Major Street Exposure - A Street and B Street One Bedroom/Townhouse/One and One One Bedroom Other204 Factor -42.15% View - Downtown608 San124,085 Diego/Pacific Ocean/San$1,920 Diego$3.16 An Additional $0 Per Month, Parking Type - Above Ground and An Additional2 $00.75% Per Month, Parking768 Type1,536 - Above Ground$2,990 and $3.89 One Bedroom 5.23% 9 692 6,228 $1,723 $2.49 Studio Steel69 Frame 18.75% 590 40,685 $2,261 $3.84 Apartment Interior Amenities - InternetSource: Occupancy Access, Abovedata derived Standard from USPS Ceiling records Half Bath Bay Subterranean Subterranean Source: Occupancy data derived from USPS records One Bedroom/Den 63 13.02% 703 44,272 $2,229 $3.17 Other Factor - View - Downtown Source:San Diego Occupancy data derived from USPS records Height, Microwave Ovens Two Bedroom/Two Bath 0.58%Apartment Interior Amenities1 1,164 - Internet1,164 Access, Above$2,724 Standard Ceiling$2.34 One Bedroom 194 52.72% 863 167,498 $2,863 $3.32 Functional Characteristics - Private Balcony/Patio, Construction Type - Two Bedroom/One and Three Quarter Bath Functional29 Characteristics10.94% 1,173- Construction34,013 Type - Steel$3,901 Frame $3.33 Apartment Interior Amenities - Internet Access, Above Standard Ceiling Page 11 of 11 Two Bedroom/Two Bath Height,159 Microwave32.85% Ovens 901 143,263 $2,791 $3.10 Steel Frame Other Factor - Major Street Exposure - Broadway Page 10 of 11 Two Bedroom/Townhouse/One and One Source: Occupancy data derived from USPS records One Bedroom/Den Height,1 Microwave0.27% Ovens 971 971 $2,915 Page$3.00 6 of 11 Two Bedroom/Townhouse/Den/One and 1.16% 2 882 1,764 $2,562 $2.90 Unit Type Other UnitFactor - Major Street SizeExposure (SqFt) - A Street andActual B Street Rent Apartment1 Interior0.38% Amenities1,662 - Internet1,662 Access, Above$4,523 Standard Ceiling$2.72 HalfThree Bath Bedroom/Two Bath 50 10.33% 1,249 62,445 $4,127 $3.30 Two Bedroom/One and Three Quarter Bath 102 27.72% 1,186 120,948 $3,605 $3.04 Apartment Interior Amenities - Internet Access, Above Standard Ceiling Three Quarter Bath Height Unit Type Unit Size (SqFt) Actual Rent Page 5 of 11 Unit Description Count % of Total Unit Total Total SqFt TwoPenthouse Bedroom/Townhouse/One - Three Bedroom/Den/Three and One Unit Size (SqFt) Actual Rent Height, Microwave Ovens Two Bedroom/Townhouse/Den/Two and 1.16%8 1.65%2 1,866882 14,9281,764 $7,530 $4.04 Penthouse - TwoUnit Bedroom/One Type and Three 3 1.13% 1,639 4,916 $4,673 $2.85 HalfBath Bath Unit Description Count % of Total Unit Total Total SqFt 2 0.54% 1,601 3,201 $5,621 $3.51 Studio 132 27.62% 465 61,369 $1,946 $4.19 One Half Bath Quarter BathUnit Description Count % of Total Unit Total Total SqFt Unit Type Unit Size (SqFt) Actual Rent OneTotal/Average Bedroom 204484 42.15%100%2 608804 388,993124,085 $1,920$2,567 $3.16$3.19 Unit Size (SqFt) Actual Rent Two Bedroom/Townhouse/Den/ThreeUnit Type and % of Unit Size (SqFt) Market Rent Three Bedroom/Two Bath 1.16% 1,264 2,528 $2,740 $2.17 Total/Average 368 100% 906 333,303 $2,970 $3.28 One Bedroom Unit Type 263 55.02% 712 187,227 $2,447 $3.44 Unit Description Count 2 % of Total0.75% Unit1,942 Total3,883 Total$4,749 SqFt$2.45 Studio 69 18.75% 590 40,685 $2,261 $3.84 One Half BathUnit Description Total Count Unit Total Total SqFt ThreeOne Bedroom/Den Bedroom/Two Bath 0.58%63 13.02%1 1,264703 44,2721,264 $2,229 $3.17 Two Bedroom/TwoUnit Description Bath Count83 % of Total17.36% Unit962 Total79,862 Total$2,993 SqFt$3.11 One Bedroom 194 52.72% 863 167,498 $2,863 $3.32 Studio 147 55.47% 572 84,061 $2,381 $4.16 Total/AverageStudio 13.21%265 100%35 550743 196,84019,250 $2,152$2,727 $3.91$3.67 Two Bedroom/Two Bath 159 32.85%172 901 143,263 $2,791 $3.10 StudioTotal/Average 132478 27.62%100% 687465 328,45861,369 $2,403$1,946 $3.50$4.19 Total/Average 100% 536 92,156 $1,574 $3.01 One Bedroom 63 23.77% 784 49,423 $2,732 $3.48 One Bedroom/Den 1 0.27% 971 971 $2,915 $3.00 Studio 6.04% 16 602 9,632 $1,996 $3.32 Three Bedroom/Two Bath 50 10.33% 1,249 62,445 $4,127 $3.30 One Bedroom 263 55.02% 712 187,227 $2,447 $3.44 One Bedroom/Den 8 3.02% 895 7,156 $2,909 $3.25 Two Bedroom/One and Three Quarter Bath 102 27.72% 1,186 120,948 $3,605 $3.04 Studio 1.13% 3 630 1,890 $2,121 $3.37 Penthouse - Three Bedroom/Den/Three Two Bedroom/Two Bath 83 17.36% 962 79,862 $2,993 $3.11 8 1.65% 1,866 14,928 $7,530 $4.04 Penthouse - Two Bedroom/One and Three One Bedroom/Den/One and Three Quarter Bath 2 0.54% 1,601 3,201 $5,621 $3.51 Studio 0.38%10 3.77%1 1,019665 10,190665 $3,017$2,281 $2.96$3.43 Quarter Bath Total/Average 478 100% 687 328,458 $2,403 $3.50 Bath Total/Average 484 100% 804 388,993 $2,567 $3.19 One Bedroom/Alcove 34.72% 92 572 52,624 $2,449 $4.28 One Bedroom/Townhouse/One and One Total/Average 368 100% 906 333,303 $2,970 $3.28 2 0.75% 768 1,536 $2,990 $3.89 HalfOne Bath Bedroom 2.26% 6 690 4,140 $2,472 $3.58 TwoOne Bedroom/One Bedroom and Three Quarter Bath 4.53%29 10.94%12 1,173705 34,0138,460 $3,901$2,556 $3.33$3.63 TwoOne Bedroom/Townhouse/Den/One Bedroom and 3.77% 10 732 7,320 1 0.38% 1,662 1,662 $4,523 $2.72 Three Quarter Bath 2 One Bedroom 0.75% 768 Source:1,536 Occupancy data derived from USPS records Two Bedroom/Townhouse/Den/Two and 26 | 1540 National Ave. One Bedroom 1.89%3 1.13%5 1,639773 4,9163,865 $4,673 $2.85 One Half Bath Page 3 of 11 One Bedroom 0.38% 1 777 777 Two Bedroom/Townhouse/Den/Three and 2 0.75% 1,942 3,883 $4,749 $2.45 OneOne Half Bedroom Bath 0.38% 1 778 778 Source: Occupancy data derived from USPS records Source: Occupancy data derived from USPS records Total/AverageOne Bedroom 1.13%265 100%3 743794 196,8402,382 $2,727 $3.67 Page 12 of 26 One Bedroom 2.26% 6 827 4,962 $2,601 $3.15 Page 7 of 11 Source: Occupancy data derived from USPS records One Bedroom 2.26% 6 872 5,232 $2,701 $3.10 Page 9 of 11 One Bedroom 5.28% 14 881 12,334 One Bedroom/Den 2.26% 6 888 5,328 Source: Occupancy data derived from USPS records One Bedroom/Den 0.38% 1 972 972 $2,901 $2.98 Source: Occupancy data derived from USPS records One Bedroom/Den/One and Three Quarter Page 8 of 11 3.77% 10 1,019 10,190 $3,132 $3.07 Bath Page 7 of 11 Source: Occupancy data derived from USPS records Two Bedroom/One and Three Quarter Bath 1.89% 5 1,095 5,475 Source: Occupancy data derived from USPS records Source: Occupancy data derived from USPS records Page 9 of 11 Two Bedroom/One and Three Quarter Bath 0.75% 2 1,103 2,206 Page 8 of 11 Two Bedroom/One and Three Quarter Bath 1.89% 5 1,144 5,720 Page 3 of 11 Two Bedroom/One and Three Quarter Bath 1.51% 4 1,150 4,600 Two Bedroom/One and Three Quarter Bath 0.75% 2 1,200 2,400 Two Bedroom/One and Three Quarter Bath 0.38% 1 1,202 1,202 Two Bedroom/One and Three Quarter Bath 1.89% 5 1,240 6,200 Two Bedroom/One and Three Quarter Bath 1.89% 5 1,242 6,210 Two Bedroom/One and Three Quarter Bath 0.38% 1 1,391 1,391 Two Bedroom/Den/Two and One Half Bath 0.38% 1 1,662 1,662 Two Bedroom/Den/Two and One Half Bath 0.38% 1 1,717 1,717 Two Bedroom/Den/Two and One Half Bath 0.38% 1 1,741 1,741 Two Bedroom/Den/Two and One Half Bath 0.38% 1 1,784 1,784 Two Bedroom/Den/Three and One Half 0.38% 1 2,166 2,166 Bath Total/Average 100% 265 743 196,811 $2,408 $3.84

Page 2 of 2 market OVERVIEW

DOWNTOWN SAN DIEGO use development featuring a public space called The Quartyard. Makers Quarter and the I.D.E.A. Downtown San Diego is the city center of San Diego, district both lie within East Village and are mixed the eighth largest city in the United States. There use developments focused on sustainable design, are eight neighborhoods in Downtown each with its art and fostering tech based jobs. The East Village own charm and character: Marina, Little Italy, Horton neighborhood is certainly the most culturally diverse, Plaza, Gaslamp Quarter, East Village, Columbia, creative and upbeat neighborhood in Downtown San Core and Cortez Hill. Downtown had an estimated Diego. 5 MIN WALK TO PARK population base of 38,287 in 2017 and is projected & MARKET TROLLEY to grow to 42,000 by 2022. Downtown serves as the cultural, financial and government centers and central BARRIO LOGAN business district of San Diego. Hosting City, County, State and Federal courthouses and government Barrio Logan is a neighborhood in south central San entities along with the majority of the counties law firms Diego. The area is bordered by East Village to the and large employers including Sempra Energy, Bank north, National City to the southeast, and the San Di- of America and Union Bank of . In recent ego Bay to the southwest. The area has an estimat- years, many tech companies have moved to Downtown ed population of 13,117 in 2018 and is expected to San Diego. This area offers the perfect atmosphere grow by 7.9% in 2023. These numbers exclude res- idents living on the local Naval Base. Barrio Logan 5 MIN WALK for the “live-work-play” lifestyle and creative office TO GASLAMP spaces. Notable tenants include Underground is home to Naval Base San Diego, which is houses Elephant, Basic, Fuse Integration and Classy. over 24,000 military personal and 10,000 civilians. The base is the 2nd largest Surface Ship base of East Village is the largest neighborhood in Downtown. the United States Navy. Within its 13 piers, the base Comprised of 130 city blocks and bordering the has over 50 ships and 190 tenants. Chicano Park is 5 freeway to the north and east and the Gaslamp, located in Barrio Logan. This public park was created Core and Cortez neighborhoods to the west. East by residents to honor the land takeover and cultural Village is experiencing an influx in development with renaissance for the Mexican-American community. many projects under construction and ready to build. The park has over 60 painted Murals on the columns of the Coronado Bridge. Barrio Logan lies along the Projects include, 7th and Market, a multi-use 300-foot 6 MIN WALK Interstate 5 and has a San Diego Trolley stop in the high rise featuring a 160 –room Ritz Carlton hotel TO PETCO PARK and Park and Market, a 550,000 square foot mixed- neighborhood.

28 | 1540 National Ave. disclaimer

Cushman & Wakefield has been retained as the owner’s exclusive advisor and Additional information and an opportunity to inspect the Property will be made broker regarding the sale of 9th and G located at 1540 National Ave. and 930 & available upon written request to interested and qualified prospective investors. 924 S 16th St. San Diego, CA 92113 (the “Property”) APN: 535-617-02, 535-617-03, 535-617-04, 535-617-05. Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding This Offering Memorandum has been prepared by Cushman & Wakefield for use the Property and/or terminate discussions with any entity at any time with or by a limited number of parties and does not purport to provide a necessarily without notice. Owner shall have no legal commitment or obligation to any accurate summary of the Property or any of the documents related thereto, entity reviewing this Offering Memorandum or making an offer to purchase the nor does it purport to be all-inclusive or to contain all of the information Property unless and until a written agreement for the purchase of the Property which prospective investors may need or desire. All projections have been has been fully executed, delivered, and approved by Owner and its legal counsel, developed by Cushman & Wakefield, the Owner, and designated sources and and any conditions to Owner’s obligations thereunder have been satisfied or are based upon assumptions relating to the general economy, competition, and waived. Cushman & Wakefield is not authorized to make any representations or other factors beyond the control of the Owner and, therefore, are subject to agreements on behalf of Owner. variation. No representation is made by Cushman & Wakefield or Owner as to the accuracy or completeness of the information contained herein, and nothing This Offering Memorandum and the contents, except such information which is contained herein is, or shall be relied on as, a promise or representation as to the a matter of public record or is provided in sources available to the public (such future performance of the Property. Although the information contained herein contents as so limited herein are called the “Contents”), are of a confidential is believed to be correct, Owner and its employees disclaim any responsibility nature. By accepting the package, you agree (i) to hold and treat it in the strictest for inaccuracies and expect prospective purchasers to exercise independent confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package due diligence in verifying all such information. Further, Cushman & Wakefield, or any of the contents to any other entity (except to outside advisors retained by Owner, and its employees disclaim any and all liability for representations and you, if necessary, for your determination of whether or not to make a proposal warranties, expressed and implied, contained in, or for omission from, this and from whom you have obtained an agreement of confidentiality) without Offering Memorandum or any other written or oral communication transmitted the prior written authorization of Owner or Cushman & Wakefield, (iv) not use or made available to the recipient. This Offering Memorandum does not the package or any of the contents in any fashion or manner detrimental to the constitute a representation that there has been no change in the business interest of Owner or Cushman & Wakefield, and (v) to return it to Cushman & or affairs of the Property or the Owner since the date of preparation of the Wakefield immediately upon request of Cushman & Wakefield or Owner. package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser.

TIM WINSLOW JASON KIMMEL KEVIN NOLEN 858.546.5436 858.546.5414 858.546.5487 [email protected] [email protected] [email protected] Lic #00891667 Lic #01328121 Lic #01840398

30 | 1540 National Ave. 1540 NATIONAL AVE. DOWNTOWN, SAN DIEGO

TIM WINSLOW JASON KIMMEL KEVIN NOLEN 858.546.5436 858.546.5414 858.546.5487 [email protected] [email protected] [email protected] Lic #00891667 Lic #01328121 Lic #01840398