THE POLARIS PACIFIC REPORT Condominium Market

SEPTEMBER 2016

MLS DISTRICT 1-10

SAN FRANCISCO / LOS ANGELES / / OAKLAND-EMERYVILLE / SILICON VALLEY / SEATTLE / PHOENIX MARKET SNAPSHOT SAN FRANCISCO | SEPTEMBER 2016

LOW-RISE BUILDING MID-RISE BUILDING HIGH-RISE BUILDING 4 STORIES OR LESS 5-12 STORIES 13 STORIES OR MORE

PRICE PER SQ. FT. PRICE PER SQ. FT. PRICE PER SQ. FT. $1,198 $1,303 $1,522 ANNUAL CHANGE ANNUAL CHANGE ANNUAL CHANGE +0.9% -0.4% +5.7%

MACRO TRENDS

CONDO INVENTORY CONDO SALES & MEDIAN PRICE MULTI-FAMILY COMPLETIONS BY TYPE BY TYPE BY BUILDING TYPE

915 202 971 NEW NEW NEW CONDOS 3.1 CONDOS $1,095K CONDOS 2,611 MONTHS OF MEDIAN 2015 RESALE RESALE MULTI-FAMILY INVENTORY PRICE 751 DELIVERIES 1,640 771 RESALES NEW RESALES APTS

ABOUT POLARIS PACIFIC Polaris Pacifi c is a new-condominium brokerage and advisory fi rm renowned for its grasp and insight into market trends and buyer sentiment in the major urban markets of the West Coast, and its ability to capitalize upon this information to generate sales performance. We produce monthly reports on six major urban markets on the West Coast—San Francisco, Los Angeles, Silicon Valley, Oakland-Emeryville, San Diego, Seattle and Phoenix —that provide timely insight into the performance of new and existing condominiums in these regions. We also generate comprehensive custom reports for specifi c multi-family development sites, including pricing and rental models, fl oorplan critique services, demographic analysis, and future supply projections by submarket at the request of developers and fi nancial institutions.

If you’re interested in further market intelligence, please contact Miles Garber at (415) 361-4805 or mgarber@polarispacifi c.com.

Source: SFARMLS, Polaris Pacifi c. Data from sources may be subject to errors, omissions and revisions. PSF Figures are for buildings built after 2004, infl ated to account for new construction premium. The fi gures cover the six-month periods ending 8/31/2015 and 8/31/2016.

MARKET SNAPSHOT SAN FRANCISCO, JULY 2014 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 3

TABLE OF CONTENTS

1 MARKET OVERVIEW

MARKET INSIGHTS DEMAND CONDITIONS SUPPLY CONDITIONS DISTRICTS

8 CURRENTLY SELLING

25 SOLD OUT

2016 RESALE DEVELOPMENTS PAST RESALE DEVELOPMENTS

86 ABOUT POLARIS PACIFIC

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 1

Annual Price and Sales Changes by District The maps below (Figures 1 & 2) show annual percentage changes in median price per square foot and total sales by district. While most districts in San Francisco experienced positive median price growth over the past year, the most notable year-over-year price increases occurred in District 10 (+8.4%).

FIG 1. ANNUAL PRICE PSF CHANGE MAP FIG 2. ANNUAL SALES CHANGE MAP

7 8 7 8 +1.1% +0.4% -3.1% -34.7%

1 6 1 6 +7.7% -0.6% +2.8% +18.9%

9 9 5 -3.9% 5 -14.8% 2 +0.4% 2 -5.3% +6.9% -37.5% 4 4 +2.7% -54.5%

3 10 3 10 +4.3% +5.6% -27.3% -12.5%

Annual Price PSF Change Map Annual Sales Change Map Year-over-year change in median PSF in each district Year-over-year change in total resales in each district of the city, for Jun 2016 - Aug 2016: of the city, for Jun 2016 - Aug 2016: (Source: Realquest) (Source: Realquest) -30% -15% No Change +15% +30% -30% -15% No Change +15% +30%

Current Prices and Sales by District Figure 3 shows a box-and-whisker plot of sales prices by district during the three-month period ending August 31, 2016, with wider boxes indicating more sales. As shown below, District 7 had the highest median price ($1,325,000), while District 10 had the lowest ($610,000). District 9 experienced the most sales during this period (207 sales).

FIG 3. SALES BY DISTRICT

$2,800k $2,600k $2,400k $2,200k $2,000k $1,800k $1,600k $1,400k $1,200k Sale Price $1,000k $800k $600k $400k $200k

1 − 45678910

Source: Realquest District

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 2

Historical Prices and Sales During the three-month period ending August 31, the median price increased 4.3 percent from the prior year to $1,095,000. At the same time, there were 751 total resales, a 2.5 percent decrease from the prior year. Since March 2015, the median price has surpassed the $1,000,000 mark.

FIG 4. MEDIAN PRICE AND RESALES

$1200k 400 Resales Median Price $1100k $1000k 300 $900k $800k $700k 200 $600k $500k $400k 100 $300k $200k $100k 0 $0k

2000 2002 2004 2006 2008 2010 2012 2014 2016

Source: SFARMLS Year

Cash and Investor Buyers Figure 5 provides an historical trend of all-cash and investor buyers in San Francisco since 2000. For the three months ending August 31, all-cash transactions represented 26.1 percent of sales, a decrease from 29.5 percent the same time last year; investor buyers represented 22.5 percent of buyers, a decrease from 25.6 percent the same time last year.

FIG 5. PERCENT OF CASH AND INVESTOR BUYERS

50% Investor Buyer Cash Buyer 40%

30%

20%

10%

0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Realquest Year

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 3

Historical Average Market Time (Monthly Trend) The average days on market (DOM) figure is calculated as the amount of time between the date a home is listed for sale and the date it goes into escrow. The 60-day benchmark signifies a balanced market (the dotted line in Figure 6). As shown in Figure 6, the average DOM figure was 40 days in the three-month period ending August 31.

FIG 6. AVERAGE SOLD MARKET TIME (MONTHLY)

100

80

60

40 Number of Days 20

0

2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: SFARMLS Year

Historical Average Market Time (Annual Trend) Figure 7 shows the average DOM figure at the end of each year going back to 2000 (the 2016 figure is year-to-date). Since 2012, the average DOM figure has been below 60 days.

FIG 7. AVERAGE SOLD MARKET TIME (ANNUAL)

80

60

40 Number of Days 20

0

2000 2002 2004 2006 2008 2010 2012 2014 2016

Source: SFARMLS Year

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 4

Months of Remaining Inventory (Monthly Trend) The months of remaining inventory figure, or MRI figure, indicates how many months it would take to absorb current supply. Six months is considered a balanced market, while nine months or more is considered an oversupplied market. Figure 8 shows a three-month moving average of the figure going back to 2008. As shown, the MRI figure has remained below the six-month benchmark since 2012. The most recent figure was 3.1 months.

FIG 8. MONTHS OF REMAINING INVENTORY

14

12

10

8

6

4 Number of Months

2

0

2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: SFARMLS Ye a r

Months of Remaining Inventory (Annual Trend) Figure 9 shows the MRI figure at the end of each year (the 2015 figure is year-to-date). As shown, the MRI figure decreased each year from 2010 through 2015 and has been indicative of a seller’s market since 2011.

FIG 9. AVERAGE MONTHS OF REMAINING INVENTORY

7

6

5

4

3

2 Number of Months

1

0

2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: SFARMLS Year

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 5

Active Condominium Inventory Figure 10 shows the inventory of unsold new condominiums (red) and active resale listings (dark gray) in San Francisco for the month of September for each year since 2011. Currently, there are 915 unsold new condominiums on the market.

FIG 10. CONDOMINIUM INVENTORY COMPOSITION

Number of Units Available 1,500 New Construction Resales

1,000

Total Units Total 500

0 2012 2013 2014 2015 2016 Ye a r Source: SFARMLS, Polaris Pacific

Annual Multi-Family Completions Figure 11 shows total annual multi-family completions of both apartments and condominiums in San Francisco. The peak year for condominium completions was 2008, when 2,069 new units were delivered to the market. In 2015, there were 1,640 apartments units completed and 971 condominium units completed.

FIG 11. TOTAL ANNUAL MULTI-FAMILY COMPLETIONS

2,000 Apartments Condos

1,500

1,000 Units

500

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Polaris Pacific Year

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 6

Future Condominium Supply by District Figures 12 and 13 show the number of new condominiums currently under construction and entitled by district. There are 2,261 new condominiums currently under construction in San Francisco. 350 units are Mission Bay Block One, which began construction in 2015. In addition, a sizeable number of condominium projects were entitled and could begin construction in the near future (see Districts 9 and 10 in Figure 13).

FIG 12. CONDOMINIUMS UNDER CONSTRUCTION FIG 13. CONDOMINIUMS APPROVED

7 8 7 8 104 588 27 360

1 6 1 6 0 354 39 161

9 9 5 1,131 5 1,582 2 0 2 73 56 0 4 4 0 29

3 10 3 10 28 0 0 3,732

Map of Market Map of Market Number of Units: 2,261 Number of Units: 6,003 (Source: Polaris Pacific) (Source: Polaris Pacific)

0 300 1,000 0 300 1,000

Future Apartment Supply by District Figures 14 and 15 show future supply of apartments by district. Displayed below, the majority of apartments under construction or entitled are concentrated in District 9.

FIG 14. APARTMENTS UNDER CONSTRUCTION FIG 15. APARTMENTS APPROVED

7 8 7 8 0 455 21 535

1 6 1 6 0 0 23 137

9 9 5 4,247 5 4,818 2 87 2 60 0 0 4 4 0 0

3 10 3 10 0 136 1,668 61

Map of Market Map of Market Number of Units: 4,925 Number of Units: 7,323 (Source: Polaris Pacific) (Source: Polaris Pacific)

0 300 1,000 0 300 1,000

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 7

DISTRICT 1 Inner Richmond, Laurel Heights, Outer DISTRICT 7 Cow Hollow, Marina, Pacific Heights Richmond DISTRICT 8 Downtown, Financial District, Nob Hill, North Beach, DISTRICT 2 Inner Sunset, Golden Gate Heights, Outer Sunset North Waterfront, Russian Hill, Telegraph Hill, Tenderloin, Van Ness / Civic Center DISTRICT 3 Ingleside, Lakeside, Oceanview, Stonestown DISTRICT 9 South of Market, South Beach, Yerba Buena, Rincon Hill, Mission Bay, Potrero Hill, Inner Mission, DISTRICT 4 Diamond Heights, Forest Hill, Midtown Terrace, West Portal Dogpatch, Bernal Heights

Bayview, Candlestick Point, Excelsior, Hunters DISTRICT 5 Corona Heights, Duboce Triangle, Eureka, Glen DISTRICT 10 Park, Mission Dolores, Noe Valley Point, Little Hollywood, Mission Terrace, Outer Mission, Portola, Silver Terrace, Visitacion Valley DISTRICT 6 Alamo Square, Hayes Valley, North Panhandle, Lower Pacific Heights, Western Addition

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 8

CURRENTLY SELLING DEVELOPMENTS

One Mission Bay

The Harrison

Rockwell

Summit 800

Fulton 555

Alma & Engel

The District

The Pacific

72 Townsend

388 Fulton

181 Fremont Residences

450 Hayes Number of Units Available One Franklin Units Available Units Closed Luxe Units in Contract 6 Mint

0 100 200 300 Total Units

NEW CONDOMINIUMS NOW SELLING

CURRENT LAST MONTH LAST YEAR PERFORMANCE

TOTAL PROJECTS 15 15 10

TOTAL UNITS 1,834 1,834 912

TOTAL UNSOLD UNITS 915 965 351

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 9

DISTRICT 9 LUMINA 201 FOLSOM ST

DESCRIPTION High-rise, luxury living soaring above the San Francisco Bay, LUMINA presents 656 modern residences with world-class amenities. Located at Main and Folsom Streets, where SOMA meets the Embarcadero, LUMINA will feature stunning design and breathtaking views.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Rooftop terrace Date on Market: Sep ‘14 Developer: Tishman Speyer • Club lounge First Close of Escrow: N/A Submarket: South Beach • Private dining room In Contract: Confi dential Number of Homes: 656 • Fitness center Closed: 0 HOA*: $930-$1,350/mo. • Screening room Avg. Monthly Absorption: N/A • Pool & spa • Library lounge • Children’s room • Music practice room • Pet grooming station UNIT MIX & LIST PRICE SUMMARY

FINISHES TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Gaggenau ovens & cooktops STUDIO 15 580 - 972 • Gaggenau refrigerators & dishwashers with integrated 1-BED 203 852 - 947 CONFIDENTIAL paneling 2-BED 371 1,178 - 1,572

• Premium Ceasarstone quartz 3-BED 67 1,771 - 2,690 countertops & backsplashes • Custom SieMatic cabinetry with aluminum recessed channel pulls CLOSED NEW SALES SUMMARY • SieMatic vanity cabinets with Volakas marble countertops TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F • European porcelain tile on bathroom fl oors and shower walls ------• Expansive glass curtain wall with ------balconies / patios in select units ------• NEST learning thermostats

* HOA INCLUDES VALET PARKING

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 10

DISTRICT 9 ONE MISSION BAY 1000 CHANNEL ST

DESCRIPTION One Mission Bay features 350 luxury condominiums with extensive amenities surrounded by a waterfront, green parks and bike paths. One Mission Bay offers artful interior design with natural materials.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Resort style deck Date on Market: Apr ‘16 Developer: CIM Group • Pool, spa, cabanas & fi re pit First Close of Escrow: N/A Submarket: Mission Bay • 650’ waterfront In Contract: 105 Number of Homes: 350 • Resident lounge Closed: 0 HOA: $622-$825/mo. • Library Avg. Monthly Absorption: 20.6 Units

FINISHES • Gaggenau oven • Gas range • Refrigerator & dishwasher UNIT MIX & LIST PRICE SUMMARY • Kohler faucets TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Wood fl ooring & cabinetry • Air conditioning STUDIO 22 487 - 545 $582,000 - $1,171 - 1-BED 71 628 - 1,211 $725,000 - $1,158 -

1.5-BED 53 758-1,231 $825,000- $1,066-

2-BED 61 967 - 1,685 $1,260,000 - $1,093 -

2.5-BED 98 858-1,536 $1,250,000- $1,057-

3-BED 25 1,264-1,827 $1,718,000- $1,351-

3.5-BED 7 1,973 - 1,976 $3,070,000 - $1,554 -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 11

DISTRICT 9 THE HARRISON 401 HARRISON ST

DESCRIPTION Located in Rincon Hill neighborhood of San Francisco, The Harrison is the second tower of . The Harrison offers luxury condominium homes with panoramic views of the city and the bay.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Private top fl oor lounge Date on Market: Apr ‘16 Developer: Maximus Real Estate Partners • 2,500 square foot fi tness center First Close of Escrow: N/A Submarket: Rincon Hill • Swimming pool & jacuzzi In Contract: 44 Number of Homes: 299 • Concierge service Closed: 0 HOA: $1,240-$1,480/mo. Avg. Monthly Absorption: 8.6 Units FINISHES • Bertazzoni range • Sub-Zero refrigerator • Stone countertops • Waterworks fi xtures in bathrooms UNIT MIX & LIST PRICE SUMMARY • Siberian oak wood fl oors TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

1-BED 133 800 - 819 $825,000 - $1,339,065 $1,031 - $1,635 2-BED 154 1,240 - $1,517,743 - $1,223 -

3-BED 12 N/A - N/A - N/A -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 12

DISTRICT 7 ROCKWELL 1688 PINE ST

DESCRIPTION Located in the Pacific Heights neighborhood of San Francisco, Rockwell features two 13-story glass and concrete towers.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Fitness center Date on Market: Apr ‘15 Developer: Oyster Development • Courtyard First Close of Escrow: N/A Submarket: Pacifi c Heights • Sky lounge In Contract: 219 Number of Homes: 260 • Grand solarium Closed: 0 HOA: $600-$900/mo. • Sky terrace Avg. Monthly Absorption: 12.7 Units • Owners’ club

FINISHES • Ceasarstone counters • Studio Becker cabinetry UNIT MIX & LIST PRICE SUMMARY • Bosch / Bertazzoni cooktop, oven & dishwasher TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Exterior exhaust venting 1-BED 113 500 - 756 $795,126 - $1,214 - 1.5-BED 29 703 - 832 $843,931 - $1,122 -

2-BED 117 874 - 1,515 $1,377,619 - $1,318 -

3-BED 1 1,762 - $3,105,000 - $1,762 -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 13

DISTRICT 3 SUMMIT 800 800 BROTHERHOOD WY

DESCRIPTION Summit 800 consists of 60 townhomes and 122 duplexes in the Stonestown neighborhood of San Francisco.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Spacious decks on select plans Date on Market: Aug ‘14 Developer: Comstock Homes • Two-acre landscaped park with tot First Close of Escrow: N/A Submarket: Stonestown lot and dog park In Contract: 71 Number of Homes: 182 • Private streets Closed: 102 HOA: $160-$180/mo. Avg. Monthly Absorption: 6.8 Units FINISHES • Designer interiors • Granite slab countertops with 6” granite backsplashes in kitchen • Superior Viking® appliances UNIT MIX & LIST PRICE SUMMARY • Powder rooms in each residence TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

3-BED DX 122 1,548 - 2,328 $1,150,000 - $612 - 3-BED TH 60 2,001 - 2,385 $1,585,000 - $792 -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 14

DISTRICT 6 FULTON 555 555 FULTON ST

DESCRIPTION Fulton 555 is located in the Hayes Valley and consists of 139 homes and features an onsite grocery market. It is designed by Ian Birchall & Associates.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Onsite grocery market Date on Market: Jul ‘15 Developer: Fulton Street Ventures • Rooftop terrace First Close of Escrow: N/A Submarket: Hayes Valley • Lounge In Contract: 50 Number of Homes: 139 • Dog park Closed: 0 HOA: $490-$600/mo. • Private meeting space Avg. Monthly Absorption: 3.5 Units • Bike workstation

FINISHES • Stainless steel Bosch appliances • Sleek countertops UNIT MIX & LIST PRICE SUMMARY • Modern cabinets TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Hardwood fl oors 1-BED - 512 - 710 $691,380 - $794,321 $1,097 - $1,375 2-BED - 719 - 1,050 $923,025 - $1,344,801 $1,281 - $1,388

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 15

DISTRICT 10 ALMA & ENGEL FRIEDELL ST & INNES AVE

DESCRIPTION Alma & Engel are part of the larger Shipyard development by Lennar Urban. It contains 105 condominiums and townhomes, situated in Lennar’s Shipyard masterplan.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Roof deck Date on Market: Jul ‘15 Developer: Lennar Urban • Shuttle services to downtown First Close of Escrow: N/A Submarket: Hunters Point In Contract: 90 Number of Homes: 105 FINISHES Closed: 0 HOA: $200-$420/mo. • Stainless steel Bosch appliances Avg. Monthly Absorption: 6.3 Units • Ceasarstone kitchen countertops • Modern cabinets • Bosch wine coolers in select homes

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

1-BED - 603 - 656 $550,000 - $685,800 $912 - $1,045 2-BED - 956 - 1,376 $808,500 - $985,800 $716 - $846

3-BED - 1,235 - 1,437 $910,000 - $1,050,800 $731 - $737

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 16

DISTRICT 6 THE DISTRICT 2655 BUSH ST

DESCRIPTION The District is located at the corner of Divisadero and Bush Streets and features 81 high-end condominiums.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Fitness Center Date on Market: Dec ‘15 Developer: KB Homes • Greenhouse First Close of Escrow: N/A Submarket: Lower Pacifi c Heights • Rooftop deck In Contract: 29 Number of Homes: 81 Closed: 0 HOA: N/A Avg. Monthly Absorption: 3.2 Units

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

1-BED - 575 -980 $677,225-$1,169,150 $1,178-$1,193 2-BED - 971 - 1.164 $1,355,560 - $1,457,400 $1,252 - $1,396

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 17

DISTRICT 7 THE PACIFIC 2121 WEBSTER ST

DESCRIPTION Designed by Handel Architects, The Pacific is a paradigm of modern luxury. Located in the Pacific Heights, it offers luxury flats, two-story penthouses and three-bedroom townhomes.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Observatory lounge Date on Market: Aug ‘16 Developer: Trumark Urban • Private garage & valet First Close of Escrow: N/A Submarket: Pacifi c Heights • Private fi tness studio In Contract: Confi dential Number of Homes: 76 • Yoga garden Closed: 0 HOA: N/A Avg. Monthly Absorption: N/A FINISHES • Arclinea cabinetry • Floor-to-ceiling windows • Gaggenau appliances • Frixtures from Dombracht, UNIT MIX & LIST PRICE SUMMARY

Waterworks, Duravit, Blanco TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Honed marble from Statuario Vena, Asolto Bianco, Carrara, Gris Savoie 1-BED 10 965 - 1,123 - - 2-BED 23 1,325 - 1,956 - - 3-BED 21 2,112 - 3,241 - -

PH 4 3,031-3,856 - -

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 18

DISTRICT 9 72 TOWNSEND 72 TOWNSEND ST

DESCRIPTION 72 Townsend is located in San Francisco’s SOMA district and features one-, two- and three-bedroom homes.

AMENITIES CURRENT STATUS PROJECT INFORMATION • 78 assigned parking spaces Date on Market: Feb ‘15 Developer: KB Home • Outdoor terraces / balcony (select First Close of Escrow: N/A Submarket: South Beach units only) In Contract: 14 Number of Homes: 74 • Urban city and water bay views Closed: 37 HOA: $700-$900/mo. • Concierge services Avg. Monthly Absorption: 2.8 Units

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

1.-BED 14 725 - $955,000 - $1,399,000 $1,317 -

1.5-BED 20 876 - $1,021,250 - $1,695,000 $1,166 -

2-BED 24 1,155 - $1,496,000 - $1,695,000 $1,295 -

2.5-BED 12 1,234 - $1,520,000 - $1,656,250 $1,232 -

3-BED 4 1,973 - N/A - N/A -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 19

DISTRICT 6 388 FULTON 388 FULTON ST

DESCRIPTION 388 Fulton is a 69-unit development in the Hayes Valley, featuring modern studios, one- and two-bedroom homes.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Rooftop deck Date on Market: Mar ‘16 Developer: 7x7 Development • Work-lounge space First Close of Escrow: N/A Submarket: Hayes Valley • Courtyard In Contract: 53 Number of Homes: 69 • Indoor bike parking & work station Closed: 0 HOA: N/A • WiFi in Common Areas Avg. Monthly Absorption: 8.6 Units • Secured entry

FINISHES • Bertazzoni professional kitchen appliances UNIT MIX & LIST PRICE SUMMARY • Bosch built-in dishwasher • Blomberg built-in refrigerator TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Natural white oak fl ooring STUDIO 326 - 404 $500,000 - $1,534 -

• Operable windows 1-BED 404 - 559 $600,000 - $1,485 - • Washer/dryer hook ups 2-BED 701 - 779 $850,000 - $1,213 - • Kohler Archer bathrub • Grohe fi xtures

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 20

DISTRICT 9 RESIDENCES 181 FREMONT ST

DESCRIPTION When completed, 181 Fremont will be the second tallest building in San Francisco. In addition to residential units, the pre-certified LEED platinum building will offer 435,000 square feet of Class A+ commercial space. The building will also have direct access to the forthcoming Transbay Terminal’s elevated park via a seventh-floor skybridge.

AMENITIES CURRENT STATUS PROJECT INFORMATION • View terrace Date on Market: May ‘16 Developer: Jay Paul Company • Conservatory First Close of Escrow: N/A Submarket: Yerba Buena • Fitness center In Contract: 10 Number of Homes: 67 • Yoga room Closed: 0 HOA: $2,000 • Library Avg. Monthly Absorption: 3.3 Units • Catering kitchen • Conference room • Full-time concierge • Valet • Outdoor BBQ UNIT MIX & LIST PRICE SUMMARY • Fire pit TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. FINISHES 2-BEDS 47 1,200 - $3,000,000 - $2,400 - • Ceruse-ebonized oak wall features • French Oak fl oors 3-BEDS 20 - 7,000 $6,500,000 - $4,500 - • Brazilian Macaubas countertops • Polished Italian Calacatta Carrara marble fl oors CLOSED NEW SALES SUMMARY

• Custom Valcucine cabinets TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F • Custom Série Rare polished brass handles ------

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 21

DISTRICT 6 450 HAYES 450 HAYES ST

DESCRIPTION Designed by Handel Architects, 450 Hayes features 41 homes with 3,700 square foot ground-floor retail space.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Rooftop lounge Date on Market: Jan ‘16 Developer: DM Development • Courtyard First Close of Escrow: N/A Submarket: Hayes Valley • Virtual doorman In Contract: 38 Number of Homes: 41 • Curated retail Closed: 0 HOA: TBD Avg. Monthly Absorption: 4.7 Units FINISHES • Wide-plank oak fl ooring • SieMatic kitchens fi nished with Lotus White with solid quartz countertops UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

1.-BED 24 622 - $830,000 - $1,334 -

2-BED 16 1,234 - $1,682,000 - $1,363 -

3-BED 1 - - -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 22

DISTRICT 6 ONE FRANKLIN 1 FRANKLIN ST

DESCRIPTION One Franklin features 35 condo units in an 8-story building designed by Forum Design. The building features a reinforced concrete frame, bicycle storage, and over 2,500 square feet of ground-floor retail.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Courtyard Date on Market: Jun ‘16 Developer: JS Sullivan Development • Outdoor BBQ First Close of Escrow: N/A Submarket: Hayes Valley • Deck In Contract: 28 Number of Homes: 35 • Bike storage Closed: 0 HOA: $545 - $660 • Partnerships with Uber, Luxe, Bo Avg. Monthly Absorption: 9.1 Units Concept, Hello Alfred, Market Street Cycles, and Luke’s Local

FINISHES • Wide-plank oak wood fl ooring UNIT MIX & LIST PRICE SUMMARY • Bertazzoni ranges • Tiled backsplash TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Silestone quartz countertops STUDIO 10 445 - 479 $595,000 - $660,000 $1,242 - $1,439 • Grohe plumbing fi xtures 1-BED 10 504 - 548 $675,000 - $775,000 $1,232 - $1,538 • Single and dual vanities 2-BED 15 812 - 1,080 $1,049,000 - $1,453,000 $1,228 - $1,464

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 23

DISTRICT 7 LUXE 1650 BROADWAY ST

DESCRIPTION Located in Pacific Heights, Luxe consists of 34 luxury condominiums. It is designed by award-winning architecture firm, Forum Design.

AMENITIES CURRENT STATUS PROJECT INFORMATION • $100K for extra parking Date on Market: Oct ‘15 Developer: Belrich Partners • 10-hour concierge First Close of Escrow: N/A Submarket: Pacifi c Heights In Contract: 10 Number of Homes: 34 FINISHES Closed: 19 HOA: $800-$1,000/mo. • Spacious balconies Avg. Monthly Absorption: 2.8 Units • Custom kitchen & bathroom vanity by Studio Becker • CeasarStone quartz contertops • Thermador appliances

• Subzero refrigerators UNIT MIX & LIST PRICE SUMMARY • Subzero / Uline wine coolers • Hansgrohe faucets TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Italian porcelain tiles 1-BED 9 816 - 1,103 $1,150,000 - $1,409 -

• Frameless glass shower enclosures 2-BED 10 1,040 - 1,129 $2,100,000 - $2,019 -

3-BED 11 1,394 - 1,943 $2,195,000 - $1,575 -

PH 2 1,930 - 1,965 $5,000,000 - $2,591 -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 24

DISTRICT 9 6 MINT 6 MINT PL

DESCRIPTION Station House #1 at 6 Mint Plaza was built in a San Francisco Fire Department firehouse. The building was renovated and repositioned to apartments in 2007 before it was converted to condominiums in 2015.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Rooftop deck with spa Date on Market: May ‘15 Developer: Veritas Investments / Carlyle Group • Private fi tness center First Close of Escrow: N/A Submarket: SOMA In Contract: Confi dential Number of Homes: 22 FINISHES Closed: 0 HOA: N/A • Warehouse-style windows Avg. Monthly Absorption: N/A • Polished concrete fl oors • Private walk-out balconies • Designer kitchen & baths

UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

1-BED 9 677 - 698 - -

2-BED 12 838 - 995 - -

3-BED 3 1,931-1,931 -

PH 1 3,390 - - -

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 25

RECENTLY SOLD OUT DEVELOPMENTS THAT SOLD OUT IN 2015

SAN FRANCISCO

PROJECT NAME ADDRESS DEVELOPER UNITS

1001 SEVENTEENTH 1001 17TH ST EAMONN HERLIHY 26

SAPPHIRE 252 9TH ST STANLEY CHIA 15

TOTAL 15

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 26

DISTRICT 9 1001 SEVENTEENTH 1001 17TH ST

DESCRIPTION Located in Potrero Hill, 1001 Seventeenth consists of 26 luxury condominiums designed by Elevation Architects.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Bicycle storage Date on Market: Nov ‘15 Developer: Eamonn Herlihy • Alarm systems First Close of Escrow: N/A Submarket: Potrero Hill • Solar ready In Contract: 0 Number of Homes: 26 Closed: 26 HOA: $420-$505/mo. FINISHES Avg. Monthly Absorption: 2.8 Units • Wide-planked oak fl ooring • High ceilings • Stainless steel appliances • Pental Quartz countertops UNIT MIX & LIST PRICE SUMMARY

TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F.

STUDIO 3 525 - 525 $625,000 - $1,190 -

1-BED 12 540 - 935 $680,000 - $1,259 -

2-BED 11 880-1,135 $1,050,000- $1,193-

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 27

DISTRICT 9 SAPPHIRE 252 9TH ST

DESCRIPTION Located in SOMA, with close proximity to Twitter and Mid-Market tech hub, Sapphire features 12 modern new residences.

AMENITIES CURRENT STATUS PROJECT INFORMATION • Skyline city views Date on Market: Oct ‘15 Developer: Stanley Chia • Rooftop deck First Close of Escrow: N/A Submarket: SOMA • Dog walking area In Contract: 0 Number of Homes: 15 • Bike room Closed: 15 HOA: $430-$444/mo. Avg. Monthly Absorption: 3.0 Units FINISHES • Oak wide-plank fl ooring • Large loft-style windows • Stainless steel appliances • Bertazzoni range UNIT MIX & LIST PRICE SUMMARY • Designer bathroom with a Toto toilet and ceramic tile TYPE #UNITS SIZE SF PRICE RANGES PRICE P.S.F. • Washer / dryer hookups 1-BED 634 - 764 $739,000 - $889,000 $1,164 - $1,166

• Additional storage 2-BED 715 - 715 $829,000 - $859,000 $1,159 - $1,201

CLOSED NEW SALES SUMMARY

TYPE #SALES AVG SF PRICE RANGES AVG PRICE PRICE P.S.F. AVG P.S.F

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SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 28

PAST RESALE DEVELOPMENTS

DISTRICT 5

PROJECT NAME ADDRESS DEVELOPER UNITS

LINEA 1998 MARKET ST BRIAN SPIERS DEVELOPMENT 115

BRODERICK PLACE 350 BRODERICK ST SIGNATURE PROPERTIES 70

CHELSEA PARK 29 OAKWOOD ST CULLEN PROPERTIES 39

THE CENTURY 2200 MARKET ST SIAVASH TAHBAZOF 22

ICON 2299 MARKET ST ANGUS MACCARTHY 18

200 DOLORES 200 DOLORES ST CORVORN, LLC 13

TOTAL 277

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 29

DISTRICT 5 LINEA 1998 MARKET ST

PROJECT INFORMATION Developer: Brian Spiers Development Sales Start Date: Jul ’13 Submarket: Duboce Triangle Sales End Date: Nov ’14 Number of Homes: 115 Avg. Absorption: 7.1 Units/Mo. HOA Fees: $450-$660

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 - $739,000 - - - 67 ACTIVE 2-BED AVGS 1 - $1,199,000 - - - 24 ------PENDING ------1-BED AVGS 1 - $835,000 - $845,000 - 14 SOLD 2-BED AVGS 1 963 $1,155,000 $1,199 $1,130,000 $1,173 151 ------

DISTRICT 5 BRODERICK PLACE 350 BRODERICK ST

PROJECT INFORMATION Developer: Signature Properties Sales Start Date: Feb ’06 Submarket: Haight Ashbury Sales End Date: May ’07 Number of Homes: 70 Avg. Absorption: 4.5 Units/Mo. HOA Fees: $370-$420

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 30

DISTRICT 5 CHELSEA PARK 29 OAKWOOD ST

PROJECT INFORMATION Developer: Cullen Properties Sales Start Date: Jan ’08 Submarket: Mission Dolores Sales End Date: Mar ’09 Number of Homes: 39 Avg. Absorption: 2.8 Units/Mo. HOA Fees: $355-$470

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------3-BED AVGS 1 - $1,495,000 - $1,540,000 - - SOLD ------

DISTRICT 5 THE CENTURY 2200 MARKET ST

PROJECT INFORMATION Developer: Siavash Tahbazof Sales Start Date: Oct ’13 Submarket: Duboce Triangle Sales End Date: Jun ’14 Number of Homes: 22 Avg. Absorption: 2.7 Units/Mo. HOA Fees: $430-$490

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

3-BED AVGS 1 2,661 $2,950,000 $1,109 - - 66 ACTIVE ------1-BED AVGS 1 - $899,000 - - - 42 PENDING ------1-BED AVGS 2 916 $899,000 $981 $997,500 $1,092 13 SOLD 2-BED AVGS 4 1,153 $1,384,500 $1,201 $1,441,250 $1,251 29 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 31

DISTRICT 5 ICON 2299 MARKET ST

PROJECT INFORMATION Developer: Angus McCarthy Sales Start Date: Jun ’12 Submarket: Duboce Triangle Sales End Date: Nov ’13 Number of Homes: 18 Avg. Absorption: 1.6 Units/Mo. HOA Fees: $385-$520

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 5 200 DOLORES 200 DOLORES ST

PROJECT INFORMATION Developer: Corvorn, LLC Sales Start Date: Jul ’13 Submarket: Duboce Tiangle Sales End Date: Oct ’13 Number of Homes: 13 Avg. Absorption: 12.4 Units/Mo. HOA Fees: $450-$630

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 615 $725,000 $1,179 $730,000 $1,187 175 SOLD 2-BED AVGS 1 1,393 $1,750,000 $1,256 $1,828,000 $1,312 27 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 32

PAST RESALE DEVELOPMENTS

DISTRICT 6

PROJECT NAME ADDRESS DEVELOPER UNITS

THE HAYES 55 PAGE ST INTRACORP 128

HERITAGE ON FILLMORE 1310 FILLMORE ST EM JOHNSON INTREST, INC. 80

300 IVY 401 GROVE ST POCKET DEVELOPMENT 63

ALAMO SQUARE 988 FULTON ST 988 HOLDINGS, LLC 63

77 VAN NESS 77 VAN NESS AVE COMAC 50

8 OCTAVIA 8 OCTAVIA BLVD DM DEVELOPMENT 47

400 GROVE 400 GROVE ST DM DEVELOPMENT 34

LINDEN HAYES 233 FRANKLIN ST VILLAGE PROPERTIES 32

2000 ELLIS 2000 ELLIS ST WESTERN ADDITION 21

2020 ELLIS 2020 ELLIS ST JOHN MCINERNEY 12

TOTAL 530

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 33

DISTRICT 6 THE HAYES 55 PAGE ST

PROJECT INFORMATION Developer: Intracorp Sales Start Date: Jun ’07 Submarket: Hayes Valley Sales End Date: Jun ’09 Number of Homes: 128 Avg. Absorption: 5.3 Units/Mo. HOA Fees: $300-$500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,037 $1,198,000 $1,155 - - 47 ACTIVE ------PENDING ------STUDIO AVGS 2 420 $549,000 $1,306 $645,000 $1,535 28 SOLD 1-BED AVGS 2 799 $1,017,000 $1,269 $1,030,000 $1,284 36 2-BED AVGS 5 1,135 $1,418,200 $1,278 $1,561,000 $1,398 16

DISTRICT 6 HERITAGE ON FILLMORE 1310 FILLMORE ST

PROJECT INFORMATION Developer: EM Johnson Interest, Inc. Sales Start Date: Feb ’07 Submarket: Western Addition Sales End Date: Apr ’09 Number of Homes: 80 Avg. Absorption: 3.0 Units/Mo. HOA Fees: $460-$640

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------2-BED AVGS 1 1,115 $1,095,000 $982 - - 23 PENDING ------1-BED AVGS 1 810 $743,000 $917 $738,000 $911 31 SOLD 2-BED AVGS 1 1,275 $1,095,000 $859 $1,067,500 $837 96 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 34

DISTRICT 6 300 IVY 401 GROVE ST

PROJECT INFORMATION Developer: Pocket Development Sales Start Date: May ’13 Submarket: Hayes Valley Sales End Date: Dec ’13 Number of Homes: 63 Avg. Absorption: 8.9 Units/Mo. HOA Fees: $410-$650

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 6 ALAMO SQUARE 988 FULTON ST

PROJECT INFORMATION Developer: 988 Holdings, LLC Sales Start Date: Oct ’05 Submarket: Western Addition Sales End Date: Nov ’06 Number of Homes: 63 Avg. Absorption: 4.8 Units/Mo. HOA Fees: $400-$500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 - $699,000 - - - 5 ACTIVE ------1-BED AVGS 1 666 $549,000 $824 - - 32 PENDING 2-BED AVGS 1 1,016 $799,999 $787 - - 137 ------1-BED AVGS 4 556 $580,475 $1,071 $656,250 $1,165 59 SOLD 2-BED AVGS 4 1,190 $1,007,250 $870 $1,002,500 $868 118 4-BED AVGS 1 1,800 $1,195,000 $664 $1,250,000 $694 37

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 35

DISTRICT 6 77 VAN NESS 77 VAN NESS AVE

PROJECT INFORMATION Developer: Comac Sales Start Date: Sep ’09 Submarket: Hayes Valley Sales End Date: Mar ’10 Number of Homes: 50 Avg. Absorption: 5.5 Units/Mo. HOA Fees: $460-$620

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 975 $999,000 $1,025 $980,000 $1,005 28 SOLD 2-BED AVGS 1 1,140 $1,095,000 $961 $1,095,000 $961 22 ------

DISTRICT 6 8 OCTAVIA 8 OCTAVIA BLVD

PROJECT INFORMATION Developer: DM Development Sales Start Date: May ’14 Submarket: Hayes Valley Sales End Date: May ’15 Number of Homes: 47 Avg. Absorption: 3.9 Units/Mo. HOA Fees: $625-$700

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 36

DISTRICT 6 400 GROVE 400 GROVE ST

PROJECT INFORMATION Developer: DM Development Sales Start Date: May ’15 Submarket: Hayes Valley Sales End Date: Jul ’15 Number of Homes: 34 Avg. Absorption: 17.0 Units/Mo. HOA Fees: $600-$950

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 6 LINDEN HAYES 233 FRANKLIN ST

PROJECT INFORMATION Developer: Village Builders Sales Start Date: Mar ’10 Submarket: Hayes Valley Sales End Date: Nov ’10 Number of Homes: 32 Avg. Absorption: 3.9 Units/Mo. HOA Fees: $395-$550

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 37

DISTRICT 6 2000 ELLIS 2000 ELLIS ST

PROJECT INFORMATION Developer: John McInerney Sales Start Date: Aug ’13 Submarket: Westen Addition Sales End Date: Dec ’13 Number of Homes: 21 Avg. Absorption: 5.2 Units/Mo. HOA Fees: $365-$395

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 3 761 $705,333 $997 $743,333 $1,051 21 SOLD ------

DISTRICT 6 2020 ELLIS 2020 ELLIS ST

PROJECT INFORMATION Developer: John McInerney Sales Start Date: Mar ’12 Submarket: Western Addition Sales End Date: Jun ’13 Number of Homes: 12 Avg. Absorption: 3.3 Units/Mo. HOA Fees: N/A

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------

PENDING ------

------1-BED AVGS 1 - $725,000 - $775,000 - 12 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 38

PAST RESALE DEVELOPMENTS

DISTRICT 7

PROJECT NAME ADDRESS DEVELOPER UNITS

THE GREENWICH 1501 GREENWICH ST J.C.N. DEVELOPERS 29

AMERO 1501 FILBERT ST TRUMARK URBAN 27

1840 WASHINGTON 1840 WASHINGTON ST WORLDCO COMPANY 26

TOTAL 82

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 39

DISTRICT 7 THE GREENWICH 1501 GREENWICH ST

PROJECT INFORMATION Developer: J.C.N. Developers Sales Start Date: Feb ’08 Submarket: Cow Hollow Sales End Date: Oct ’09 Number of Homes: 29 Avg. Absorption: 1.4 Units/Mo. HOA Fees: $400-$510

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------STUDIO AVGS 2 565 $589,000 $1,043 $587,000 $1,039 58 SOLD 1-BED AVGS 1 793 $949,000 $1,197 $935,000 $1,179 25 2-BED AVGS 3 1,013 $1,274,667 $1,263 $1,250,000 $1,237 81

DISTRICT 7 AMERO 1501 FILBERT ST

PROJECT INFORMATION Developer: Trumark Urban Sales Start Date: Aug ’14 Submarket: Cow Hollow Sales End Date: Feb ’15 Number of Homes: 27 Avg. Absorption: 4.4 Units/Mo. HOA Fees: $600-$790

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 40

DISTRICT 7 1840 WASHINGTON 1840 WASHINGTON ST

PROJECT INFORMATION Developer: Worldco Company Sales Start Date: Dec ’11 Submarket: Pacifi c Heights Sales End Date: Jun ’12 Number of Homes: 26 Avg. Absorption: 3.9 Units/Mo. HOA Fees: $410-$545

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------1-BED AVGS 1 837 $945,000 $1,129 - - 101 PENDING ------1-BED AVGS 2 791 $872,000 $1,097 $950,000 $1,198 24 SOLD 2-BED AVGS 4 1,074 $1,162,000 $1,082 $1,211,250 $1,127 25 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 41

PAST RESALE DEVELOPMENTS

DISTRICT 8

PROJECT NAME ADDRESS DEVELOPER UNITS

SYMPHONY TOWERS 750 VAN NESS AVE WEST BAY BUILDERS 130

MARLOW 1788 CLAY ST OYSTER DEVELOPMENT 98

733 FRONT ST 733 FRONT ST ATLANTIC PACIFIC PARTNERS 69

BOOK CONCERN BLDG. 83 MCALLISTER ST GROUP I 60

RITZ CARLTON RESIDENCES 690 MARKET ST HCT INVESTMENTS 59

THE ARTANI 818 VAN NESS AVE GEORGE NCNABB 52

THE ROYAL 201 SANSOME ST ATLANTIC PACIFIC PARTNERS 46

1645 PACIFIC 1645 PACIFIC ST GROSVENOR AMERICAS 39

901 BUSH 901 BUSH ST CASSIDY CONSTRUCTION 38

BLANC 1080 SUTTER ST JS SULLIVAN DEVELOPMENT 35

THE ODEON 181 O’FARRELL ST UNION PROPERTY CAPITAL 29

THE GARFIELD 942 MARKET ST HCT INVESTMENTS 28

AXIS 1299 BUSH ST MAURICE CASEY / MIKE JOYCE 26

1355 PACIFIC 1355 PACIFIC AVE MCGALKEN, LLC 23

THE HEIGHTS 2829 ST RAY STEFFEN / CHARLES CASTRO 13

TOTAL 745

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 42

DISTRICT 8 SYMPHONY TOWERS 750 VAN NESS AVE

PROJECT INFORMATION Developer: West Bay Builders Sales Start Date: May ’07 Submarket: Van Ness / Civic Center Sales End Date: Mar ’12 Number of Homes: 130 Avg. Absorption: 2.2 Units/Mo. HOA Fees: $300-$500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

STUDIO AVGS 1 391 $519,888 $1,330 - - 88 ACTIVE 1-BED AVGS 1 738 $749,000 $1,015 - - 159 ------PENDING ------STUDIO AVGS 8 393 $458,969 $1,070 $481,625 $1,173 73 SOLD 1-BED AVGS 3 755 $715,667 $1,058 $749,000 $1,072 41 ------

DISTRICT 8 MARLOW 1788 CLAY ST

PROJECT INFORMATION Developer: Oyster Development Sales Start Date: Apr ’13 Submarket: Russian Hill Sales End Date: Mar ’14 Number of Homes: 98 Avg. Absorption: 8.8 Units/Mo. HOA Fees: $550-$675

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 43

DISTRICT 8 733 FRONT 733 FRONT ST

PROJECT INFORMATION Developer: Atlantic Pacifi c Partners Sales Start Date: Apr ’07 Submarket: Barbary Coast Sales End Date: May ’08 Number of Homes: 69 Avg. Absorption: 5.2 Units/Mo. HOA Fees: $500-$750

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 890 $1,200,000 $1,348 $1,200,000 $1,348 - SOLD 2-BED AVGS 3 1,292 $1,912,667 $1,473 $1,966,667 $1,515 2 ------

DISTRICT 8 BOOK CONCERN BLDG. 83 MCALLISTER ST

PROJECT INFORMATION Developer: Group I Sales Start Date: May ’06 Submarket: Van Ness / Civic Center Sales End Date: Feb ’10 Number of Homes: 60 Avg. Absorption: 1.1 Units/Mo. HOA Fees: $275-$360

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

STUDIO AVGS 2 332 $449,000 $1,406 - - 44 ACTIVE 2-BED AVGS 1 630 $599,000 $951 - - 67 ------PENDING ------STUDIO AVGS 3 - $396,667 - $479,333 - 32 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 44

DISTRICT 8 RITZ-CARLTON RESIDENCES 690 MARKET ST

PROJECT INFORMATION Developer: HCT Investments Sales Start Date: May ’06 Submarket: Financial District Sales End Date: Jan ’10 Number of Homes: 59 Avg. Absorption: 1.3 Units/Mo. HOA Fees: $1,000-$4,000

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------2-BED AVGS 1 1,382 $1,495,000 $1,082 - - 182 PENDING ------1-BED AVGS 1 1,050 $1,150,000 $1,095 $1,050,000 $1,000 277 SOLD 2-BED AVGS 3 1,464 $1,693,333 $1,237 $1,663,333 $1,197 22 ------

DISTRICT 8 THE ARTANI 818 VAN NESS AVE

PROJECT INFORMATION Developer: George McNabb Sales Start Date: Mar ’12 Submarket: Van Ness / Civic Center Sales End Date: N/A Number of Homes: 52 Avg. Absorption: 1.4 Units/Mo. HOA Fees: $350-$600

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 - $749,000 - $780,000 - 4 SOLD 2-BED AVGS 1 1,033 $995,000 $963 $1,074,000 $1,040 14 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 45

DISTRICT 8 THE ROYAL 201 SANSOME ST

PROJECT INFORMATION Developer: Atlantic Pacifi c Partners Sales Start Date: Jun ’05 Submarket: Financial District Sales End Date: May ’08 Number of Homes: 46 Avg. Absorption: 1.3 Units/Mo. HOA Fees: $455-$635

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,368 $1,485,000 $1,086 - - 48 ACTIVE ------PENDING ------1-BED AVGS 4 707 $728,000 $1,093 $742,875 $1,115 26 SOLD ------

DISTRICT 8 1645 PACIFIC 1645 PACIFIC ST

PROJECT INFORMATION Developer: Grosvenor Americas Sales Start Date: Jun ’14 Submarket: Nob Hill Sales End Date: Aug ’14 Number of Homes: 39 Avg. Absorption: 18.9 Units/Mo. HOA Fees: $475-$625

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,626 $2,180,000 $1,341 - - 81 ACTIVE ------PENDING ------1-BED AVGS 1 845 $708,000 $838 $850,000 $1,006 13 SOLD 2-BED AVGS 3 1,145 $1,381,333 $1,191 $1,490,000 $1,291 21 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 46

DISTRICT 8 901 BUSH 901 BUSH ST

PROJECT INFORMATION Developer: Cassidy Construction Sales Start Date: Jul ’08 Submarket: Downtown Sales End Date: Sep ’10 Number of Homes: 38 Avg. Absorption: 1.4 Units/Mo. HOA Fees: $265-$340

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 790 $749,000 $948 - - 86 ACTIVE ------STUDIO AVGS 1 530 $599,000 $1,130 - - 81 PENDING 1-BED AVGS 1 892 $689,000 $772 - - 10 ------STUDIO AVGS 1 582 $549,000 $943 $565,000 $971 33 SOLD 1-BED AVGS 7 629 $653,129 $975 $672,143 $998 29 2-BED AVGS 2 928 $900,000 $943 $895,000 $943 28

DISTRICT 8 BLANC 1080 SUTTER ST

PROJECT INFORMATION Developer: JS Sullivan Development Sales Start Date: Aug ’13 Submarket: Downtown Sales End Date: Mar ’14 Number of Homes: 35 Avg. Absorption: 5.0 Units/Mo. HOA Fees: $485-$680

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,530 $1,649,000 $1,078 - - 17 ACTIVE ------PENDING ------1-BED AVGS 1 - $750,000 - $750,000 - 8 SOLD 2-BED AVGS 2 1,017 $974,000 $952 $1,035,000 $1,019 20 3-BED AVGS 4 1,323 $1,385,000 $1,052 $1,460,000 $1,101 33

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 47

DISTRICT 8 THE ODEON 181 O’FARRELL ST

PROJECT INFORMATION Developer: Union Property Capital Sales Start Date: Aug ’06 Submarket: Downtown Sales End Date: Jun ’07 Number of Homes: 29 Avg. Absorption: 2.9 Units/Mo. HOA Fees: $550-$625

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 2 1,357 $1,202,500 $886 - - 40 ACTIVE ------PENDING ------1-BED AVGS 2 1,076 $964,500 $896 $973,000 $904 78 SOLD ------

DISTRICT 8 THE GARFIELD 942 MARKET ST

PROJECT INFORMATION Developer: HCT Investments Sales Start Date: Sep ’08 Submarket: Downtown Sales End Date: Sep ’10 Number of Homes: 28 Avg. Absorption: 1.0 Units/Mo. HOA Fees: $470-$675

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 741 $599,000 $808 $760,000 $1,026 11 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 48

DISTRICT 8 AXIS 1299 BUSH ST

PROJECT INFORMATION Developer: Maurice Casey / Mike Joyce Sales Start Date: Nov ’10 Submarket: Downtown Sales End Date: Mar ’12 Number of Homes: 26 Avg. Absorption: 1.5 Units/Mo. HOA Fees: $385-$520

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,530 $1,649,000 $1,078 - - 17 ACTIVE ------PENDING ------1-BED AVGS 1 - $750,000 - $750,000 - 8 SOLD 2-BED AVGS 2 1,017 $974,000 $952 $1,035,000 $1,019 20 3-BED AVGS 4 1,323 $1,385,000 $1,052 $1,460,000 $1,101 33

DISTRICT 8 1355 PACIFIC 1355 PACIFIC AVE

PROJECT INFORMATION Developer: McGalken, LLC Sales Start Date: Apr ’10 Submarket: Russian Hill Sales End Date: Mar ’11 Number of Homes: 23 Avg. Absorption: 2.1 Units/Mo. HOA Fees: $380-$430

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 880 $998,000 $1,134 $1,225,000 $1,392 13 SOLD 2-BED AVGS 1 1,040 $1,095,000 $1,053 $1,100,000 $1,058 13 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 49

DISTRICT 8 THE HEIGHTS 2829 CALIFORNIA ST

PROJECT INFORMATION Developer: Ray Steff en / Charles Castro Sales Start Date: Oct ’12 Submarket: Pacifi c Heights Sales End Date: Jun ’13 Number of Homes: 13 Avg. Absorption: 1.7 Units/Mo. HOA Fees: $300-$600

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 4 1,754 $1,799,000 $1,025 $2,077,000 $1,182 49 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 50

PAST RESALE DEVELOPMENTS

DISTRICT 9

PROJECT NAME ADDRESS DEVELOPER UNITS

THE BEACON 250-260 KING ST CENTURION REAL ESTATE 595

MILLENIUM TOWER 301 MISSION ST MILLENNIUM PARTNERS 419

ONE RINCON 425 1ST ST URBAN WEST ASSOCIATES 396

THE INFINTIY-TOWER I 301-333 MAIN ST TISHMAN SPEYER 365

THE METROPOLITAN 333 & 355 1ST ST CRESCENT HEIGHTS 342

MADRONE 420 MISSION BAY BLVD BOSA DEVELOPMENT 329

THE BRANNAN 219-239 BRANNAN ST RELIANCE DEVELOPMENT CO. 328

THE PALMS 555 4TH ST CASSIDY CONSTRUCTION 301

INFINITY-TOWER II 338 SPEAR ST TISHMAN SPEYER 285

ARTERRA 300 BERRY ST INTRACORP 269

ARDEN 718 LONG BRIDGE ST BOSA DEVELOPMENT 267

SOMA GRAND 1160 MISSION ST AGI CAPITAL / TMG PARTNERS 246

888 SEVENTH STREET 888 7TH ST AF EVANS 224

140 SOUTH VAN NESS 140 S. VAN NESS AVE CHARIOT SVN 208

170 OFF THIRD 170 KING ST SECURITY PROPERTIES 201

YERBA BUENA LOFTS 855 FOLSOM ST ED TANSEV 200

199 NEW MONTGOMERY 199 NEW MONTGOMERY ST MONAHAN PACIFIC 166

ONE HAWTHORNE 1 HAWTHORNE ST JACKSON PACIFIC VENTURES 165

THE POTRERO 451 KANSAS ST LAMBERT DEVELOPMENT 165

FOUR SEASONS 765 MARKET ST MILLENNIUM PARTNERS 142

BLU 601 FOLSOM ST LENNAR URBAN 142

THE WATERMARK 501 BEALE ST LEND LEASE 136

PARK TERRACE 325 BERRY ST OPUS WEST 136

VIDA 2558 MISSION ST OYSTER DEVELOPMENT 114

88 TOWNSEND 88 TOWNSEND ST ROSENBERG CO. 109

THE MONTGOMERY 74 NEW MONTGOMERY NEW URBAN PROPERTIES 107 STARWOOD HOTELS / CARPENTER ST. REGIS RESIDENCES 188 MINNA ST 102 & CO RADIANCE 330 MISSION BAY BLVD BOSA DEVELOPMENT 99

235 BERRY 235 BERRY ST SIGNATURE PROPERTIES 99

CUBIX 766 HARRISON ST FIRST CITIZENS BANK 98

THE LANSING 40-45 LANSING ST LAMBERT DEVELOPMENT 82

SHIPLEY SQUARE 821 FOLSOM ST WILSON MEANY 78

UNION 2125 BRYANT ST BY PALISADES 76

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 51

PAST RESALE DEVELOPMENTS

DISTRICT 9 - CONTINUED

PROJECT NAME ADDRESS DEVELOPER UNITS

ESPRIT PARK-SOUTH 900 MINNESOTA ST MACQUARIE HOLDINGS 75

ESPRIT PARK-NORTH 850 MINNESOTA ST MACQUARIE HOLDINGS 67

SIERRA HEIGHTS 25 SIERRA ST R GROUP 66

555 BARTLETT 3240 CESAR CHAVEZ ST SEVEN HILLS PROPERTIES 60

THE MINT COLLECTION 410 JESSIE ST THE MARTIN BUILDING COMPANY 52

1 ECKER 16 JESSIE ST THE PAULS CORPORATION 51

310 TOWNSEND 310 TOWNSEND ST SANTA FE PROPERTIES 45

FIFTEEN FIFTEEN 1515 15TH ST JS SULLIVAN DEVELOPMENT 40

MISSION @ 1875 1875 MISSION ST CORVORN PROPERTIES, LLC 39

299 VALENCIA 299 VALENCIA ST JS SULLIVAN DEVELOPMENT 36

MILLWHEEL NORTH 1265 INDIANA ST R GROUP 36

ONE SOUTH PARK 1 SOUTH PARK AVE SANTA FE PROPERTIES 35

MOSAICA 601 601 ALABAMA ST CITIZENS HOUSINGS CORP. 34

35 DOLORES 35 DOLORES LIGHTNER PROPERTY GROUP 33

MILLWHEEL SOUTH 1301 INDIANA ST R GROUP 32

THE CITRINO 566 S. VAN NESS AVE DOLMEN PROPERTY GROUP 32

THE OLYMPIA 501 DONAHUE ST LENNAR URBAN 25

VALENCIA 270 270 VALENCIA ST BRIAN SPIERS DEVELOPMENT 24

2200 MISSION 2200 MISSION ST H&A INVESTMENTS 23

870 HARRISON 870 HARRISON ST JS SULLIVAN DEVELOPMENT 22

ONYX ON THE PARK 310 CAROLINA ST SEAN KEIGHRAN 21

788 MINNA 788 MINNA ST EAMONN HERLIHY 20

ONYX 415 DE HARO ST SEAN KEIGHRAN 20

V20 3590 20TH ST BROWN & CO 18

3500 19TH STREET 3500 19TH ST TOM MURPHY 17

411 VALENCIA 411 VALENCIA ST PHILLIP MCCARTHY 16

616 20TH STREET 616 20TH ST 616 20TH STREET HOMES, LLC 16

750 2ND 750 2ND ST MORGAN CREEK VENTURES 14

TOTAL 7,960

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 52

DISTRICT 9 THE BEACON 250-260 KING ST

PROJECT INFORMATION Developer: Centurion Real Estate Sales Start Date: Jul ’05 Submarket: South Beach Sales End Date: Jul ’07 Number of Homes: 595 Avg. Absorption: 23.8 Units/Mo. HOA Fees: $500-$800

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

STUDIO AVGS 1 556 $599,000 $1,077 - - 31 ACTIVE 1-BED AVGS 2 825 $774,000 $940 - - 28 2-BED AVGS 3 1,393 $1,454,333 $1,040 - - 55 1-BED AVGS 2 903 $874,000 $968 - - 71 PENDING ------STUDIO AVGS 5 666 $659,380 $997 $689,000 $1,041 17 SOLD 1-BED AVGS 26 827 $785,284 $958 $798,363 $974 46 2-BED AVGS 17 1,246 $1,278,052 $1,070 $1,299,912 $1,080 30

DISTRICT 9 MILLENNIUM TOWER 301 MISSION ST

PROJECT INFORMATION Developer: Millennium Partners Sales Start Date: Nov ’07 Submarket: SOMA - Yerba Buena Sales End Date: Apr ’13 Number of Homes: 419 Avg. Absorption: 9.0 Units/Mo. HOA Fees: $450-$650

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 2 1,092 $1,507,500 $1,366 - - 45 ACTIVE 2-BED AVGS 5 1,621 $2,087,800 $1,279 - - 61 ------PENDING ------1-BED AVGS 5 949 $1,362,200 $1,460 $1,268,600 $1,380 61 SOLD 2-BED AVGS 9 1,792 $3,141,333 $1,715 $2,920,556 $1,599 117 3-BED AVGS 2 2,743 $6,497,000 $2,278 $5,750,000 $2,013 117

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 53

DISTRICT 9 ONE RINCON 425 1ST ST

PROJECT INFORMATION Developer: Urban West Associates Sales Start Date: Jan ’06 Submarket: Rincon Hill Sales End Date: Nov ’12 Number of Homes: 396 Avg. Absorption: 7.2 Units/Mo. HOA Fees: $700-$1,000

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 5 712 $996,200 $1,399 - - 28 ACTIVE 2-BED AVGS 3 1,300 $1,822,000 $1,396 - - 74 3-BED AVGS 2 1,602 $3,372,000 $2,104 - - 115 1-BED AVGS 1 744 $782,000 $1,051 - - 15 PENDING 2-BED AVGS 5 1,267 $1,763,000 $1,387 - - 86 ------1-BED AVGS 6 743 $1,101,667 $1,481 $1,116,500 $1,501 54 SOLD 2-BED AVGS 7 1,273 $1,929,714 $1,514 $1,869,286 $1,467 57 3-BED AVGS 2 2,016 $3,347,000 $1,764 $3,200,000 $1,677 32

DISTRICT 9 -TOWER I 301-333 MAIN ST

PROJECT INFORMATION Developer: Tishman Speyer Sales Start Date: Jun ’06 Submarket: South Beach Sales End Date: Sep ’09 Number of Homes: 365 Avg. Absorption: 9.2 Units/Mo. HOA Fees: $630-$1,540

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 809 $1,435,000 $1,774 - - 11 ACTIVE 2-BED AVGS 2 1,216 $1,847,000 $1,510 - - 47 3-BED AVGS 1 1,661 $1,868,000 $1,125 - - 28 3-BED AVGS 1 1,679 $2,950,000 $1,757 - - 138 PENDING ------1-BED AVGS 2 809 $1,404,500 $1,736 $1,362,500 $1,684 34 SOLD 2-BED AVGS 7 1,340 $2,044,571 $1,531 $1,997,000 $1,496 62 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 54

DISTRICT 9 THE METROPOLITAN 333 & 355 1ST ST

PROJECT INFORMATION Developer: Crescent Heights Sales Start Date: Mar ’04 Submarket: South Beach Sales End Date: Feb ’05 Number of Homes: 342 Avg. Absorption: 30.4 Units/Mo. HOA Fees: $520-$650

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

STUDIO AVGS 1 - $679,000 - - - 6 ACTIVE 1-BED AVGS 1 713 $899,999 $1,262 - - 10 2-BED AVGS 4 1,260 $1,459,750 $1,216 - - 44 1-BED AVGS 1 731 $899,000 $1,230 - - 90 PENDING ------STUDIO AVGS 1 432 $529,000 $1,225 $555,000 $1,285 17 SOLD 1-BED AVGS 10 740 $896,000 $1,307 $892,350 $1,301 39 2-BED AVGS 9 1,272 $1,544,111 $1,285 $1,533,889 $1,269 46

DISTRICT 9 MADRONE 420 MISSION BAY BLVD

PROJECT INFORMATION Developer: BOSA Development Sales Start Date: Jul ’11 Submarket: Mission Bay Sales End Date: Feb ’13 Number of Homes: 329 Avg. Absorption: 17.7 Units/Mo. HOA Fees: $715-$900

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------

ACTIVE ------

------PENDING ------1-BED AVGS 3 1,022 $1,047,333 $1,025 $1,076,667 $1,054 29 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 55

DISTRICT 9 THE BRANNAN 219-239 BRANNAN ST

PROJECT INFORMATION Developer: Reliance Development Co. Sales Start Date: Oct ’99 Submarket: South Beach Sales End Date: Jan ’03 Number of Homes: 328 Avg. Absorption: 8.3 Units/Mo. HOA Fees: $700-$825

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 7 1,279 $1,747,714 $1,460 $1,812,071 $1,521 25 SOLD ------

DISTRICT 9 THE PALMS 555 4TH ST

PROJECT INFORMATION Developer: Cassidy Construction Sales Start Date: Nov ’05 Submarket: SOMA Sales End Date: Apr ’08 Number of Homes: 301 Avg. Absorption: 10.2 Units/Mo. HOA Fees: $300-$900

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 4 785 $829,750 $1,094 $898,250 $1,166 24 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 56

DISTRICT 9 THE INFINITY-TOWER II 338 SPEAR ST

PROJECT INFORMATION Developer: Tishman Speyer Sales Start Date: Feb ’09 Submarket: South Beach Sales End Date: Mar ’11 Number of Homes: 285 Avg. Absorption: 11.3 Units/Mo. HOA Fees: $700-$1,100

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 - $1,495,000 - - - 53 ACTIVE 2-BED AVGS 5 1,278 $1,889,777 $1,334 - - 45 ------1-BED AVGS 1 804 $949,000 $1,180 - - 66 PENDING 2-BED AVGS 1 1,324 $1,495,000 $1,129 - - 38 ------1-BED AVGS 6 819 $1,056,333 $1,316 $1,048,167 $1,310 51 SOLD 2-BED AVGS 8 1,278 $2,410,875 $1,387 $2,333,875 $1,365 60 3-BED AVGS 2 1,672 $4,122,500 $2,445 $4,262,500 $2,531 1

DISTRICT 9 ARTERRA 300 BERRY ST

PROJECT INFORMATION Developer: Intracorp Sales Start Date: Jun ’06 Submarket: Mission Bay Sales End Date: Mar ’10 Number of Homes: 269 Avg. Absorption: 5.9 Units/Mo. HOA Fees: $400-$600

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 2 - $889,000 - - - 16 ACTIVE 2-BED AVGS 1 917 $1,025,000 $1,118 - - 46 3-BED AVGS 1 1,319 $1,495,000 $1,133 - - 53 1-BED AVGS 1 866 $998,000 $1,152 - - 53 PENDING ------1-BED AVGS 9 708 $832,667 $1,163 $871,333 $1,220 8 SOLD 2-BED AVGS 5 1,173 $1,260,800 $1,098 $1,280,000 $1,108 20 3-BED AVGS 1 1,278 $1,280,000 $1,002 $1,388,000 $1,086 28

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 57

DISTRICT 9 ARDEN 718 LONG BRIDGE ST

PROJECT INFORMATION Developer: BOSA Development Sales Start Date: May ’14 Submarket: Mission Bay Sales End Date: Jan ’15 Number of Homes: 267 Avg. Absorption: 43.4 Units/Mo. HOA Fees: $700-$900

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 9 SOMA GRAND 1160 MISSION ST

PROJECT INFORMATION Developer: AGI Capital / TMG Partners Sales Start Date: Mar ’07 Submarket: SOMA Sales End Date: Jun ’10 Number of Homes: 246 Avg. Absorption: 6.2 Units/Mo. HOA Fees: $500-$730

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 764 $938,000 $1,228 - - 31 ACTIVE 2-BED AVGS 1 1,146 $1,499,000 $1,308 - - 44 ------PENDING ------1-BED AVGS 7 732 $772,779 $1,058 $800,429 $1,095 44 SOLD 2-BED AVGS 6 1,152 $1,294,000 $1,132 $1,319,883 $1,159 48 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 58

DISTRICT 9 888 SEVENTH STREET 888 7TH ST

PROJECT INFORMATION Developer: AF Evans Sales Start Date: Jun ’06 Submarket: Potrero Hill Sales End Date: Mar ’09 Number of Homes: 224 Avg. Absorption: 6.7 Units/Mo. HOA Fees: $300-$470

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------STUDIO AVGS 1 495 $580,000 $1,172 $580,000 $1,172 44 SOLD ------

DISTRICT 9 140 SOUTH VAN NESS 140 S. VAN NESS AVE

PROJECT INFORMATION Developer: Chariot SVN Sales Start Date: Nov ’02 Submarket: SOMA Sales End Date: Jan ’04 Number of Homes: 208 Avg. Absorption: 14.6 Units/Mo. HOA Fees: $280-$360

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------2-BED AVGS 2 1,115 $849,000 $761 - - 78 PENDING ------1-BED AVGS 3 807 $679,667 $842 $716,667 $889 29 SOLD 2-BED AVGS 7 1,137 $959,714 $846 $977,071 $861 35 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 59

DISTRICT 9 170 OFF THIRD 170 KING ST

PROJECT INFORMATION Developer: Security Properties Sales Start Date: Feb ’07 Submarket: South Beach Sales End Date: Sep ’09 Number of Homes: 201 Avg. Absorption: 6.4 Units/Mo. HOA Fees: $515-$630

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

STUDIO AVGS 1 484 $625,000 $1,291 - - 3 ACTIVE 1-BED AVGS 1 815 $898,000 $1,102 - - 18 ------PENDING ------STUDIO AVGS 2 416 $559,450 $1,250 $569,500 $1,298 28 SOLD 1-BED AVGS 2 717 $799,000 $1,118 $812,000 $1,137 66 2-BED AVGS 8 1,015 $1,181,875 $1,156 $1,254,063 $1,225 29

DISTRICT 9 YERBA BUENA LOFTS 855 FOLSOM ST

PROJECT INFORMATION Developer: Ed Tansev Sales Start Date: Mar ’01 Submarket: SOMA Sales End Date: May ’05 Number of Homes: 200 Avg. Absorption: 3.9 Units/Mo. HOA Fees: $400-$550

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 1,094 $995,000 $910 - - 5 ACTIVE 2-BED AVGS 2 1,128 $858,063 $1,108 - - 59 ------1-BED AVGS 1 - $949,000 - - - 73 PENDING ------1-BED AVGS 6 - $898,333 - $956,917 - 38 SOLD 2-BED AVGS 4 1,092 $916,372 $825 $1,035,372 $924 50 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 60

DISTRICT 9 199 NEW MONTGOMERY 199 NEW MONTGOMERY ST

PROJECT INFORMATION Developer: Monahan Pacifi c Sales Start Date: Feb ’05 Submarket: Yerba Buena Sales End Date: Dec ’06 Number of Homes: 166 Avg. Absorption: 7.6 Units/Mo. HOA Fees: $400-$550

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------STUDIO AVGS 2 412 $564,500 $1,370 - - 29 PENDING ------1-BED AVGS 6 753 $837,333 $1,094 $872,667 $1,141 22 SOLD 2-BED AVGS 1 971 $1,098,000 $1,131 $1,150,000 $1,184 17 ------

DISTRICT 9 ONE HAWTHORNE 1 HAWTHORNE ST

PROJECT INFORMATION Developer: Jackson Pacifi c Ventures Sales Start Date: Apr ’10 Submarket: SOMA - Yerba Buena Sales End Date: May ’13 Number of Homes: 165 Avg. Absorption: 4.4 Units/Mo. HOA Fees: $450-$650

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,956 $3,795,000 $1,940 - - 88 ACTIVE 3-BED AVGS 1 1,995 $3,695,000 $1,852 - - 165 ------PENDING ------1-BED AVGS 2 878 $974,500 $1,110 $952,500 $1,084 94 SOLD 2-BED AVGS 4 1,280 $1,668,500 $1,305 $1,643,750 $1,285 56 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 61

DISTRICT 9 THE POTRERO 451 KANSAS ST

PROJECT INFORMATION Developer: Lambert Development Sales Start Date: Feb ’07 Submarket: Potrero Hill Sales End Date: Mar ’09 Number of Homes: 165 Avg. Absorption: 6.5 Units/Mo. HOA Fees: $380-$580

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------2-BED AVGS 1 969 $1,099,000 $1,134 - - 19 PENDING ------STUDIO AVGS 2 - $609,000 - $640,000 - 32 SOLD 1-BED AVGS 6 756 $788,250 $1,053 $808,583 $1,078 47 2-BED AVGS 6 1,019 $1,085,500 $1,040 $1,171,333 $1,170 25

DISTRICT 9 FOUR SEASONS RESIDENCES 765 MARKET ST

PROJECT INFORMATION Developer: Millennium Partners Sales Start Date: Mar ’00 Submarket: Yerba Buena Sales End Date: Dec ’04 Number of Homes: 142 Avg. Absorption: 2.4 Units/Mo. HOA Fees: $1,200-$2,200

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 947 $1,785,000 $1,885 - - 32 ACTIVE 3-BED AVGS 3 3,225 $6,576,667 $1,998 - - 50 4-BED AVGS 1 3,594 $6,556,500 $1,824 - - 181 ------PENDING ------1-BED AVGS 1 1,004 $1,550,000 $1,544 $1,415,000 $1,409 339 SOLD 2-BED AVGS 1 1,434 $2,895,000 $2,019 $2,800,000 $1,953 26 3-BED AVGS 1 2,677 $5,250,000 $1,961 $4,750,000 $1,774 32

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 62

DISTRICT 9 THE WATERMARK 501 BEALE ST

PROJECT INFORMATION Developer: Lend Lease Sales Start Date: Mar ’06 Submarket: South Beach Sales End Date: Oct ’06 Number of Homes: 136 Avg. Absorption: 17.7 Units/Mo. HOA Fees: $645-$890

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,259 $1,898,000 $1,508 - - 31 ACTIVE ------PENDING ------1-BED AVGS 1 759 $799,000 $1,053 $875,000 $1,153 29 SOLD 2-BED AVGS 2 1,210 $1,524,000 $1,269 $1,612,500 $1,346 35 ------

DISTRICT 9 VIDA 2558 MISSION ST

PROJECT INFORMATION Developer: Oyster Development Sales Start Date: Mar ’14 Submarket: Inner Mission Sales End Date: Jun ‘15 Number of Homes: 114 Avg. Absorption: 7.4 Units/Mo. HOA Fees: $430-$620

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 63

DISTRICT 9 BLU 631 FOLSOM ST

PROJECT INFORMATION Developer: Lennar Urban Sales Start Date: May ’08 Submarket: Yerba Buena Sales End Date: Oct ’12 Number of Homes: 114 Avg. Absorption: 2.0 Units/Mo. HOA Fees: $370-$420

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 4 1,145 $935,750 $809 - - 49 ACTIVE 3-BED AVGS 1 2,623 $3,695,000 $1,409 - - 114 ------2-BED AVGS 1 1,070 $1,300,000 $1,215 - - 30 PENDING ------1-BED AVGS 3 1,113 $897,000 $807 $947,667 $853 23 SOLD 2-BED AVGS 5 1,152 $1,418,800 $1,233 $1,405,600 $1,220 39 ------

DISTRICT 9 PARK TERRACE 325 BERRY ST

PROJECT INFORMATION Developer: Opus West Sales Start Date: Jun ’06 Submarket: Mission Bay Sales End Date: Dec ’08 Number of Homes: 110 Avg. Absorption: 3.6 Units/Mo. HOA Fees: $430-$550

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,589 $1,675,000 $1,054 - - 36 ACTIVE ------PENDING ------1-BED AVGS 1 907 $899,000 $991 $1,000,000 $1,103 18 SOLD 2-BED AVGS 2 1,439 $1,412,250 $991 $1,440,500 $1,011 51 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 64

DISTRICT 9 88 TOWNSEND 88 TOWNSEND ST

PROJECT INFORMATION Developer: Rosenberg Co. Sales Start Date: Jul ’04 Submarket: South Beach Sales End Date: Nov ’06 Number of Homes: 109 Avg. Absorption: 3.8 Units/Mo. HOA Fees: $400-$575

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 2 869 $1,064,000 $1,228 - - 13 ACTIVE 2-BED AVGS 1 1,219 $1,429,000 $1,172 - - 17 3-BED AVGS 1 1,740 $3,549,000 $2,040 - - 130 2-BED AVGS 3 1,158 $1,407,667 $1,217 - - 85 PENDING ------1-BED AVGS 18 807 $1,033,388 $1,322 $1,036,704 $1,336 16 SOLD 2-BED AVGS 18 1,170 $1,604,418 $1,378 $1,603,863 $1,377 4 3-BED AVGS 1 1,722 $4,064,798 $2,361 $4,064,798 $2,361 -

DISTRICT 9 THE MONTGOMERY 74 NEW MONTGOMERY ST

PROJECT INFORMATION Developer: New Urban Properties Sales Start Date: Jan ’07 Submarket: Yerba Buena Sales End Date: Dec ’09 Number of Homes: 107 Avg. Absorption: 3.0 Units/Mo. HOA Fees: $625-$875

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 792 $869,000 $1,097 - - 31 ACTIVE 2-BED AVGS 2 1,038 $1,297,500 $1,259 - - 57 ------PENDING ------STUDIO AVGS 1 698 $698,000 $1,000 $750,000 $1,074 10 SOLD 1-BED AVGS 2 673 $797,000 $1,186 $842,500 $1,253 36 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 65

DISTRICT 9 ST. REGIS RESIDENCES 188 MINNA ST

PROJECT INFORMATION Developer: Carpenter & Co. Sales Start Date: Sep ’04 Submarket: Yerba Buena Sales End Date: Dec ’06 Number of Homes: 102 Avg. Absorption: 3.8 Units/Mo. HOA Fees: $1,600-$2,200

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,670 $3,200,000 $1,916 - - 55 ACTIVE ------PENDING ------2-BED AVGS 3 1,757 $3,356,667 $1,905 $3,341,667 $1,897 51 SOLD ------

DISTRICT 9 RADIANCE 330 MISSION BAY BLVD

PROJECT INFORMATION Developer: BOSA Development Sales Start Date: Mar ’07 Submarket: Mission Bay Sales End Date: Dec ’09 Number of Homes: 99 Avg. Absorption: 3.0 Units/Mo. HOA Fees: $640-$750

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 850 $878,000 $1,033 $918,000 $1,080 21 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 66

DISTRICT 9 235 BERRY 235 BERRY ST

PROJECT INFORMATION Developer: Signature Properties Sales Start Date: Sep ’06 Submarket: Mission Bay Sales End Date: Feb ’08 Number of Homes: 99 Avg. Absorption: 5.7 Units/Mo. HOA Fees: $500-$600

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------2-BED AVGS 2 1,264 $1,292,000 $1,023 - - 24 PENDING ------1-BED AVGS 1 1,045 $949,000 $908 $1,100,000 $1,053 13 SOLD 2-BED AVGS 8 1,214 $1,398,125 $1,136 $1,507,750 $1,235 19 3-BED AVGS 2 2,293 $2,097,500 $959 $2,150,000 $959 16

DISTRICT 9 CUBIX 766 HARRISON ST

PROJECT INFORMATION Developer: First Citizens Bank Sales Start Date: Aug ’08 Submarket: SOMA Sales End Date: Aug ’11 Number of Homes: 98 Avg. Absorption: 2.7 Units/Mo. HOA Fees: $265-$280

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------STUDIO AVGS 1 264 $431,000 $1,633 - - - PENDING ------STUDIO AVGS 2 267 $407,000 $1,530 $425,000 $1,597 10 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 67

DISTRICT 9 THE LANSING 40-45 LANSING ST

PROJECT INFORMATION Developer: Lambert Development Sales Start Date: Jul ’05 Submarket: Rincon Hill Sales End Date: Mar ’06 Number of Homes: 82 Avg. Absorption: 10.1 Units/Mo. HOA Fees: $500-$600

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 3 1,066 $1,172,667 $1,079 - - 58 ACTIVE ------PENDING ------1-BED AVGS 3 766 $787,333 $1,046 $827,000 $1,071 28 SOLD 2-BED AVGS 3 1,194 $1,331,333 $1,116 $1,316,667 $1,105 26 ------

DISTRICT 9 SHIPLEY SQUARE 821 FOLSOM ST

PROJECT INFORMATION Developer: Wilson Meany Sales Start Date: Apr ’05 Submarket: SOMA Sales End Date: Oct ’05 Number of Homes: 78 Avg. Absorption: 12.8 Units/Mo. HOA Fees: $300-$450

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------1-BED AVGS 2 687 $732,000 $1,069 - - 84 PENDING ------STUDIO AVGS 1 557 $675,000 $1,212 $675,000 $1,212 33 SOLD 1-BED AVGS 4 701 $756,500 $1,040 $851,750 $1,161 29 2-BED AVGS 3 999 $1,144,667 $1,145 $1,245,000 $1,257 17

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 68

DISTRICT 9 UNION 2125 BRYANT ST

PROJECT INFORMATION Developer: Palisades Sales Start Date: Sep ’09 Submarket: Inner Mission Sales End Date: Sep ’10 Number of Homes: 76 Avg. Absorption: 6.2 Units/Mo. HOA Fees: $360-$540

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------1-BED AVGS 1 557 $625,000 $1,122 - - 17 PENDING ------1-BED AVGS 2 759 $750,000 $995 $882,500 $1,184 21 SOLD 2-BED AVGS 1 1,240 $1,199,000 $967 $1,375,000 $1,109 5 ------

DISTRICT 9 ESPRIT PARK-SOUTH 900 MINNESOTA ST

PROJECT INFORMATION Developer: Macquarie Holdings Sales Start Date: Oct ’07 Submarket: Dogpatch Sales End Date: Sep ’11 Number of Homes: 75 Avg. Absorption: 1.6 Units/Mo. HOA Fees: $400-$500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 69

DISTRICT 9 ESPRIT PARK-NORTH 850 MINNESOTA ST

PROJECT INFORMATION Developer: Macquarie Holdings Sales Start Date: Aug ’11 Submarket: Dogpatch Sales End Date: Jul ’12 Number of Homes: 67 Avg. Absorption: 6.1 Units/Mo. HOA Fees: $400-$500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 852 $869,000 $1,020 - - - ACTIVE 2-BED AVGS 1 1,659 $1,659,000 $1,000 - - 21 ------PENDING ------1-BED AVGS 7 937 $920,429 $990 $976,429 $1,048 15 SOLD 2-BED AVGS 3 1,237 $1,176,667 $951 $1,225,000 $990 17 ------

DISTRICT 9 SIERRA HEIGHTS 25 SIERRA ST

PROJECT INFORMATION Developer: R Group Sales Start Date: Jun ’06 Submarket: Potrero Hill Sales End Date: Nov ’06 Number of Homes: 66 Avg. Absorption: 12.8 Units/Mo. HOA Fees: $440-$605

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------3-BED AVGS 2 1,804 $1,349,000 $749 $1,663,039 $922 12 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 70

DISTRICT 9 555 BARTLETT 3420 CESAR CHAVEZ ST

PROJECT INFORMATION Developer: Seven Hills Properties Sales Start Date: Mar ’10 Submarket: Inner Mission Sales End Date: May ’11 Number of Homes: 60 Avg. Absorption: 4.4 Units/Mo. HOA Fees: $320-$535

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 9 THE MINT COLLECTION 410 JESSIE ST

PROJECT INFORMATION Developer: Martin Building Company Sales Start Date: Jan ’07 Submarket: SOMA Sales End Date: Mar ’08 Number of Homes: 52 Avg. Absorption: 3.6 Units/Mo. HOA Fees: $355-$790

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 1,242 $1,295,000 $1,043 - - 53 ACTIVE 2-BED AVGS 1 2,653 $2,850,000 $1,074 - - 7 ------1-BED AVGS 1 1,104 $1,195,000 $1,082 - - 26 PENDING ------1-BED AVGS 3 753 $973,333 $1,295 $960,833 $1,282 10 SOLD 2-BED AVGS 2 1,109 $1,287,000 $1,180 $1,235,000 $1,129 25 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 71

DISTRICT 9 1 ECKER 16 JESSIE ST

PROJECT INFORMATION Developer: The Pauls Corp. Sales Start Date: Oct ’10 Submarket: Yerba Buena Sales End Date: May ’11 Number of Homes: 51 Avg. Absorption: 7.4 Units/Mo. HOA Fees: $425-$700

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 1,313 $1,199,500 $914 - - 53 ACTIVE 2-BED AVGS 1 1,046 $1,375,000 $1,315 - - 39 ------STUDIO AVGS 1 444 $649,000 $1,462 - - 33 PENDING ------1-BED AVGS 2 880 $1,024,000 $1,166 $1,034,000 $1,177 32 SOLD ------

DISTRICT 9 310 TOWNSEND 310 TOWNSEND ST

PROJECT INFORMATION Developer: Santa Fe Properties Sales Start Date: Mar ’06 Submarket: South Beach Sales End Date: Mar ’09 Number of Homes: 45 Avg. Absorption: 1.2 Units/Mo. HOA Fees: $250-$345

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

1-BED AVGS 1 803 $789,000 $983 - - 25 ACTIVE ------PENDING ------1-BED AVGS 5 832 $839,000 $1,011 $905,200 $1,087 23 SOLD 2-BED AVGS 1 1,238 $1,149,000 $928 $1,120,000 $905 63 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 72

DISTRICT 9 FIFTEEN FIFTEEN 1515 15TH ST

PROJECT INFORMATION Developer: JS Sullivan Development Sales Start Date: May ’14 Submarket: Mission District Sales End Date: Aug ’14 Number of Homes: 40 Avg. Absorption: 9.8 Units/Mo. HOA Fees: $400-$450

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 9 MISSION @ 1875 1875 MISSION ST

PROJECT INFORMATION Developer: Corvorn Properties, LLC Sales Start Date: Oct ’14 Submarket: Inner Mission Sales End Date: Aug ’15 Number of Homes: 39 Avg. Absorption: 3.8 Units/Mo. HOA Fees: $400-$450

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 73

DISTRICT 9 MILLWHEEL NORTH 1265 INDIANA ST

PROJECT INFORMATION Developer: R Group Sales Start Date: May ’14 Submarket: Dogpatch Sales End Date: Jan ’15 Number of Homes: 39 Avg. Absorption: 6.2 Units/Mo. HOA Fees: $400-$450

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 9 299 VALENCIA 299 VALENCIA ST

PROJECT INFORMATION Developer: JS Sullivan Development Sales Start Date: Mar ’12 Submarket: Inner Mission Sales End Date: Jul ’12 Number of Homes: 36 Avg. Absorption: 8.9 Units/Mo. HOA Fees: $315-$405

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 823 $949,000 $1,153 - - 60 ACTIVE ------PENDING ------2-BED AVGS 2 - $887,250 - $904,750 - 37 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 74

DISTRICT 9 ONE SOUTH PARK 1 S. PARK AVE

PROJECT INFORMATION Developer: Santa Fe Partners Sales Start Date: Dec ’05 Submarket: South Beach Sales End Date: Sep ’09 Number of Homes: 35 Avg. Absorption: 0.8 Units/Mo. HOA Fees: $425-$575

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 928 $895,000 $964 $1,090,000 $1,175 13 SOLD 2-BED AVGS 1 - $1,598,000 - $1,750,000 - 36 ------

DISTRICT 9 MOSAICA 601 601 ALABAMA ST

PROJECT INFORMATION Developer: Citizens Housing Corp. Sales Start Date: Feb ’09 Submarket: Inner Mission Sales End Date: Aug ’09 Number of Homes: 34 Avg. Absorption: 5.6 Units/Mo. HOA Fees: $475-$505

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------3-BED AVGS 2 1,453 $997,000 $754 $1,240,000 $895 28 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 75

DISTRICT 9 35 DOLORES 35 DOLORES ST

PROJECT INFORMATION Developer: Lightner Property Group Sales Start Date: Aug ’14 Submarket: Mission Dolores Sales End Date: Feb ’15 Number of Homes: 33 Avg. Absorption: 6.3 Units/Mo. HOA Fees: $310-$415

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 9 MILLWHEEL SOUTH 1301 INDIANA ST

PROJECT INFORMATION Developer: R Group Sales Start Date: May ’12 Submarket: Dogpatch Sales End Date: Jun ’12 Number of Homes: 32 Avg. Absorption: 18.2 Units/Mo. HOA Fees: $350-$410

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------1-BED AVGS 1 1,020 $1,099,000 $1,077 - - 60 PENDING ------1-BED AVGS 5 999 $919,200 $931 $917,000 $929 16 SOLD 2-BED AVGS 1 943 $1,099,000 $1,165 $1,080,000 $1,145 38 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 76

DISTRICT 9 THE CITRINO 566 S. VAN NESS AVE

PROJECT INFORMATION Developer: Dolmen Property Group Sales Start Date: Jul ’07 Submarket: Inner Mission Sales End Date: Apr ’11 Number of Homes: 32 Avg. Absorption: 0.7 Units/Mo. HOA Fees: $275-$375

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------1-BED AVGS 1 860 $845,000 $983 $885,000 $1,029 33 SOLD 2-BED AVGS 2 887 $837,000 $951 $922,500 $1,043 60 ------

DISTRICT 9 THE OLYMPIA 501 DONAHUE ST

PROJECT INFORMATION Developer: Lennar Urban Sales Start Date: May ’14 Submarket: Hunters Point Sales End Date: Sep ’14 Number of Homes: 25 Avg. Absorption: 6.1 Units/Mo. HOA Fees: $400

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 77

DISTRICT 9 VALENCIA 270 270 VALENCIA ST

PROJECT INFORMATION Developer: Brian Spiers Development Sales Start Date: Aug ’05 Submarket: Inner Mission Sales End Date: Feb ’06 Number of Homes: 24 Avg. Absorption: 3.4 Units/Mo. HOA Fees: $250-$285

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 2 744 $799,000 $1,075 $897,500 $1,207 20 SOLD ------

DISTRICT 9 2200 MISSION ST 2200 MISSION ST

PROJECT INFORMATION Developer: H & A Investments Sales Start Date: Feb ’09 Submarket: Inner Mission Sales End Date: Aug ’09 Number of Homes: 23 Avg. Absorption: 3.8 Units/Mo. HOA Fees: $325-$525

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 1 833 $799,000 $959 $826,000 $992 31 SOLD 3-BED AVGS 1 1,173 $975,000 $831 $1,150,000 $980 77 ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 78

DISTRICT 9 870 HARRISON 870 HARRISON ST

PROJECT INFORMATION Developer: JS Sullivan Development Sales Start Date: Oct ’14 Submarket: SOMA Sales End Date: Mar ’15 Number of Homes: 22 Avg. Absorption: 3.6 Units/Mo. HOA Fees: $500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 9 788 MINNA 788 MINNA ST

PROJECT INFORMATION Developer: Eamonn Herlihy Sales Start Date: Jul ’11 Submarket: SOMA Sales End Date: Feb ’12 Number of Homes: 20 Avg. Absorption: 3.2 Units/Mo. HOA Fees: $390-$410

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 1 1,460 $1,199,000 $821 - - 38 ACTIVE ------PENDING ------2-BED AVGS 1 1,498 $1,200,000 $801 $1,200,000 $801 31 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 79

DISTRICT 9 ONYX 415 DE HARO ST

PROJECT INFORMATION Developer: Sean Keighran Sales Start Date: Apr ’14 Submarket: Potrero Hill Sales End Date: Jul ’14 Number of Homes: 20 Avg. Absorption: 10.9 Units/Mo. HOA Fees: $350-$485

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------1-BED AVGS 1 889 $999,000 $1,124 - - 105 PENDING ------SOLD ------

DISTRICT 9 V20 3590 20TH ST

PROJECT INFORMATION Developer: Brown & Co. Sales Start Date: May ’15 Submarket: Inner Mission Sales End Date: Aug ’15 Number of Homes: 18 Avg. Absorption: 5.5 Units/Mo. HOA Fees:

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 80

DISTRICT 9 3500 19TH STREET 3500 19TH ST

PROJECT INFORMATION Developer: Tom Murphy Sales Start Date: Oct ’12 Submarket: Inner Mission Sales End Date: Jan ’14 Number of Homes: 17 Avg. Absorption: 9.0 Units/Mo. HOA Fees: $450

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 3 1,575 $2,163,000 $1,079 $2,060,000 $1,098 40 SOLD 3-BED AVGS 1 1,450 $1,150,000 $793 $1,400,000 $966 13 ------

DISTRICT 9 411 VALENCIA ST 411 VALENCIA ST

PROJECT INFORMATION Developer: Phillip McCarthy Sales Start Date: Oct ’12 Submarket: Inner Mission Sales End Date: Feb ’13 Number of Homes: 16 Avg. Absorption: 5.6 Units/Mo. HOA Fees: $425-$460

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 81

DISTRICT 9 616 20TH STREET 616 20TH ST

PROJECT INFORMATION Developer: 616 20th Street Homes, LLC Sales Start Date: Oct ’13 Submarket: Dogpatch Sales End Date: Dec ’13 Number of Homes: 16 Avg. Absorption: 14.0 Units/Mo. HOA Fees: $440

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 1 744 $888,000 $1,194 $900,000 $1,210 24 SOLD ------

DISTRICT 9 750 2ND 750 2ND ST

PROJECT INFORMATION Developer: Phillip McCarthy Sales Start Date: Oct ’12 Submarket: Inner Mission Sales End Date: Feb ’13 Number of Homes: 16 Avg. Absorption: 5.6 Units/Mo. HOA Fees: $425-$460

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 2 1,568 $2,235,230 $1,433 $2,235,230 $1,433 2 SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 82

PAST RESALE DEVELOPMENTS

DISTRICT 10

PROJECT NAME ADDRESS DEVELOPER UNITS

CANDLESTICK POINT 301-501 CRESCENT WY TOP VISION DEVELOPMENT 176

TIDES & THAYER SHIPYARD SAN FRANCISCO SHIPYARD LENNAR URBAN 159

CANDLESTICK COVE 101 EXECUTIVE PARK BLVD SIGNATURE PROPERTIES 150

5800 THIRD STREET 5800 THIRD ST HOLLIDAY DEVELOPMENT 137

BAYSIDE VISTA 188 MARY TERESA WY BAYSIDE VISTA, LLC 64

THE MERCHANT 451 DONAHUE ST LENNAR URBAN 63

TOTAL 749

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 83

DISTRICT 10 CANDLESTICK POINT 301-501 CRESCENT WY

PROJECT INFORMATION Developer: Top Vision Development Sales Start Date: Jul ’06 Submarket: Candlestick Point Sales End Date: Jul ’10 Number of Homes: 176 Avg. Absorption: 4.1 Units/Mo. HOA Fees: $300-$350

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

2-BED AVGS 2 998 $659,500 $670 - - 32 ACTIVE ------PENDING ------1-BED AVGS 2 805 $467,720 $581 $483,276 $600 94 SOLD 2-BED AVGS 2 1,073 $662,000 $629 $693,500 $638 38 ------

DISTRICT 10 TIDES & THAYER SHIPYARD SAN FRANCISCO SHIPYARD

PROJECT INFORMATION Developer: Lennar Urban Sales Start Date: May ’15 Submarket: Hunters Point Sales End Date: Aug ’15 Number of Homes: 159 Avg. Absorption: 51.5 Units/Mo. HOA Fees: $215-$420

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 84

DISTRICT 10 CANDLESTICK COVE 5800 THIRD ST

PROJECT INFORMATION Developer: Signature Properties Sales Start Date: Oct ’07 Submarket: Candlestick Point Sales End Date: Dec ’13 Number of Homes: 150 Avg. Absorption: 2.0 Units/Mo. HOA Fees: $450-$575

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

DISTRICT 10 5800 THIRD ST 5800 THIRD ST

PROJECT INFORMATION Developer: Holliday Development Sales Start Date: Jun ’10 Submarket: Bayview Sales End Date: Mar ’13 Number of Homes: 137 Avg. Absorption: 4.1 Units/Mo. HOA Fees: $335-$500

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 85

DISTRICT 10 BAYSIDE VISTA 188 MARY TERESA ST

PROJECT INFORMATION Developer: BaySide Vista, LLC Sales Start Date: Jun ’09 Submarket: Visitacion Valley Sales End Date: Jul ’09 Number of Homes: 64 Avg. Absorption: 2.5 Units/Mo. HOA Fees: $200-$225

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------2-BED AVGS 1 1,333 $650,000 $488 $785,000 $589 16 SOLD ------

DISTRICT 10 THE MERCHANT 451 DONAHUE ST

PROJECT INFORMATION Developer: Lennar Urban Sales Start Date: May ’14 Submarket: Hunters Point Sales End Date: Jan ’15 Number of Homes: 63 Avg. Absorption: 9.4 Units/Mo. HOA Fees: $400

MLS MARKET ACTIVITY (PAST 12 MONTHS)

STATUS TYPE #LISTINGS SIZE SF LIST PRICE LIST PSF SOLD PRICE SOLD PSF DOM

------ACTIVE ------PENDING ------SOLD ------

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 86

ABOUT POLARIS PACIFIC

Polaris Pacific is the West Coast sales and marketing firm Use of Product. for the new economy. Polaris Pacific celebrates over 30 All information, data, projections and recommendations years of legacy, experience and results combined with the received by Client from Polaris Pacific, whether presented latest in marketing strategies, technology and research. orally or in writing, shall be solely for use by Client and is/ are not to be used or relied upon by any third party(ies) Our foremost goal is to align ourselves with the needs without the prior written approval of Polaris Pacific having and wants of our developer clients. We do this through been first had and obtained. our unparalleled expertise, innovation and execution. This razor-sharp focus allows Polaris Pacific to consistently Currently representing sales and marketing for: outperform competitors and maximize value at every step of the process. That’s why leading real estate 6 Mint Plaza San Francisco, CA 25 Units developers and financial partners such as Canyon Capital 1400 Mission San Francisco, CA 190 Units Realty Advisors, Lennar Urban, Emerald Fund, The Pauls The Burton & Livingston Pasadena, CA 16 Units Corporation, Oyster Development and Trumark Urban rely Colorado Commons Monrovia, CA 72 Units on our unrivaled understanding of market intelligence, 20 Pines Daly City, CA 25 Units homebuyer dynamics and local market nuances to The Globe San Jose, CA 76 Units increase bottom line profits. Lumina San Francisco, CA 656 Units Rockwell San Francisco, CA 260 Units From land acquisition, entitlement and architectural review The Shores Point Richmond, CA 333 Units to brand development, market launches and cutting edge Skyline San Jose, CA 121 Units marketing technologies, Polaris Pacific analyzes each new The Strand San Rafael, CA 81 Units property to maximize opportunities every step of the way. Summit 800 San Francisco, CA 182 Units Long-term client relationships are a testament to Polaris 1450 Franklin San Francisco, CA 67 Units Pacific’s extensive experience, results-driven focus and Ten50 Los Angeles, CA 151 Units ability to exceed expectation. The Arroyo Walnut Creek, CA 100 Units The Pacific San Francisco, CA 76 Units Our team brings unparalleled experience in sales and Knox San Francisco, CA 91 Units marketing in all major markets on the West Coast. One Franklin San Francisco, CA 35 Units 1198 Valencia San Francisco, CA 50 Units DISCLAIMER Rowan San Francisco, CA 70 Units 1001 Van Ness San Francisco, CA 256 Units Professional Opinion. 482 Arroyo Pasadena, CA 24 Units With regard to the consulting services, reports, projections Optima Kierland Scottsdale, AZ 220 Units and recommendations provided by Polaris Pacific, whether delivered orally or in writing, the parties acknowledge that the matters on which Polaris Pacific is consulted are not For more information on Polaris Pacific, the subject of a predictive science and are instead subject visit polarispacific.com. to unforeseen market variables and conditions. Client therefore understands and acknowledges that Polaris COPYRIGHT © 2016 POLARIS PACIFIC Pacific’s projections and recommendations are solely the result of Polaris Pacific’s considered opinion based on Polaris Pacific’s assumptions and judgments predicated on past experience in light of the relevant data studied with respect to the market conditions and the proposed project.

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016 MARKET OVERVIEW CURRENTLY SELLING SOLD OUT ABOUT POLARIS PACIFIC PAGE 87

For more market insights contact: MILES GARBER VICE PRESIDENT OF RESEARCH

[email protected]

850 7th Street San Francisco, CA 94107 P: 415.361.4805 www.polarispacific.com

SAN FRANCISCO MARKET REPORT, SEPTEMBER 2016