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Vineyard Homes for Obvious Legalreasons.Allinformation Shouldbe Independentlyverified

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Vineyard Homes for Obvious Legalreasons.Allinformation Shouldbe Independentlyverified The Hoffman Company Land Brokers Realty Advisors GONZALES RD AST HWY CIFIC CO 101 PA 1 VD W VINEY ARD RD N VENTURA BL SITE River Ridge Golf Club N Vineyard Homes 156 Housing Units D R Oxnard, Ventura County, CA TREET EXCLUSIVE LISTING H S VENTURA N Scott Covington, DRE Lic #01807000 Tom Dallape, DRE Lic #01100284 THE HOFFMAN COMPANY 18881 Von Karman Ave., Ste 150, Irvine, CA 92612 Tel (949) 553-2020 • Fax (949) 553-8449 CA Corp ID #01473762 www.hoffmanland.com Disclaimer: The information contained herein and attached is information provided from sources deemed reliable. We, however, do not guarantee any of the information and must disclaim for obvious legal reasons. All information should be independently verified. The Hoffman Company Land Brokers Realty Advisors TABLE OF CONTENTS 1 Executive Summary a. Transaction Narrative b. Investment Highlights c. Portfolio Offering d. Offering Details e. Aerials 2 Property Overview a. Site Detail b. Proposed Site Plan c. Proposed Unit Mix d. Elevations e. City Parcel and Easement f. Land Use Permit Fee Schedule g. Property Photos h. Due Diligence Material 3 Area Overview a. City Data/Demographics/Income Profile b. Oxnard Unified School District c. Regional Aerial Map 4 Market Analysis a. May 2011 Concord Report b. Ventura County Home Market Overview The Hoffman Company Land Brokers Realty Advisors 1 EXECUTIVE SUMMARY a) Transaction Narrative b) Investment Highlights c) Portfolio Offering d) Offering Details e) Aerials The Hoffman Company Land Brokers Executive Summary Realty Advisors Transaction Narrative: The Hoffman Company is offering the unique opportunity to develop and build 156 Housing Units in the seaside com- munity of Oxnard, California. Resting on 21 acres of land with close proximity to the Pacific Ocean, Vineyard Homes is the ideal property to deliver homes in a community and region where land is scarce a new housing stock is in short supply. Vineyard Homes have entitlements that consist of 156 housing units spread across two (2) product lines; 90 cluster homes and 66 single family detached units. The achieved entitlements also encompass approved architecture and eleva- tions. Any changes or alterations to theses approvals must occur post close. Investment Highlights: • Vineyard Homes Housing project will NOT have Mello Roos/Assessment Fees; putting it in a distinct, competitive advantage to its peers, notably, the active communities located within RiverPark • Vineyard Homes represents the relatively affordable alternative to buyers seeking new home opportunities geographi- cally located between Malibu and Santa Barbara • Outstanding value for buyers seeking well located new housing in West Ventura County. • The future ability to develop adjacent lands within City and County boundaries is greatly impacted by SOAR (Save Our Agricultural Resources) • Close proximity to River Ridge Golf Club • Community will be gated • Approximately 3 miles from the Pacific Ocean and Mandalay County Park Portfolio Offering: The seller will consider a sale of this site individually or as a portfolio with the 266 Housing Unit project, La Madera Village in Simi Valley. Offering Details: • Asking Price: Submit. All cash. • Terms: 45 Day Review. 15 Day Close of Escrow. • Bid Date: Call for offers TBD • Seller Profile: This project is not a distressed sale, the owner has engaged The Hoffman Company for marketing purposes as well as Urban Partners and Kennedy Wilson to assist a buyer with due diligence, development and fee cost to complete review, Modifica- tion of existing site plan, and governmental agency meetings. Both Urban Partners and Kennedy Wilson have extensive experience with the City of Oxnard. McGrath State Beach in Oxnard is approximately 6.5 miles fom the Vineyard Homes site. THE HOFFMAN COMPANY Vineyard Homes | 4 The Hoffman Company Land Brokers Vicinity Aerial Realty Advisors 101 P A CIFIC CO River Ridge Golf Club SITE AST HWY W VINEYARD RD 1 W GONZALES RD D R TREET H S VENTURA N N THE HOFFMAN COMPANY Vineyard Homes | 5 The Hoffman Company Land Brokers Close Up Aerial Realty Advisors River Ridge Golf Club D R ONE CREEK DR ST VENTURA SITE E VINEYARD AvE D R MUIRFIELD DR E G D RI ER RIV N THE HOFFMAN COMPANY Vineyard Homes | 6 The Hoffman Company Land Brokers Realty Advisors 2 PROPErtY OvErviEW a) Site Detail b) Proposed Site Plan c) Proposed Unit Mix d) Elevations e) City Parcel and Easement f) Land Use Permit Fee Schedule g) Property Photos h) Due Diligence Material The Hoffman Company Land Brokers Site Detail Realty Advisors Vineyard Homes 156 Housing Units Oxnard, Ventura County, CA Location: The Vineyard 156 housing project is located on the Northwest corner of West Vineyard Av- enue and North Ventura Road, in the City of Oxnard, California. The subject site is in close proximity to Highway 101; accessed via the Oxnard Blvd offramp. Municipality: City of Oxnard, County of Ventura APNs: 179-0-040-170 & 179-0-040-180 Property Acreage: 20.7 Housing Units: 156 Entitlement Status: The subject site has an approved Development Agreement and Tentative Tract Map, memo- rialized on January 27,2009. The Development Agreement is valid for a period of 30 years. Accordingly, the Tentative Tract Map allows for the development and construction of 156 housing units; both single family and cluster homes. Site Plan: Approved Site Plan Subject Site HOA: To be determined. CFD: None. THE HOFFMAN COMPANY Vineyard Homes | 8 The Hoffman Company Land Brokers Site Detail Realty Advisors Product Mix Summary: Traditional Single Family Detached – 59 units • 3 & 4 bedrooms • 2,400- 3,000 sqft Cluster Home – 97 units • 3 & 4 bedrooms • 1,911 – 2,300 sqft Affordable Housing: Future developer/builder will be required to pay an in-lieu fee. The associated fee is in- cluded in the Permit and Fee Schedule section of this package. Developer Obligations: As required by the approved Development Agreement, the future developer/builder will be required to pay the following fees. Said fees have been included in the Permit and Fee Schedule section of this package. • Golf Course Development • Pro rata share of water system infrastructure Schools: Future residents will be able to attend public schools within the Oxnard Unified and Oxnard Union School Districts. As a note, Oxnard Unified governs grades K – 8 and Oxnard Union governs grades 9-12. Per district boundaries, the schools to be attended are as follows: • Thurgood Marshall Elementary: Grades K – 6 • Fremont Intermediate School: Grades 7 – 8 • Oxnard High School: Grades 9-12 * Please refer to Tab 3 for school location, data and performance. Contact: THE HOFFMAN COMPANY Scott Covington Tom Dallape Direct Line (949) 705-0910 Direct Line (949) 705-0928 [email protected] [email protected] DRE Lic #01807000 DRE Lic #01100284 Southern California Office 18881 Von Karman Ave., Suite 150, Irvine, CA 92612 Tel (949) 553-2020 • Fax (949) 553-8449 CA Corp. ID Lic #01473762 www.hoffmanland.com THE HOFFMAN COMPANY Vineyard Homes | 9 The Hoffman Company Land Brokers Approved Site Plan Realty Advisors Subject Site THE HOFFMAN COMPANY Vineyard Homes | 10 The Hoffman Company Land Brokers Proposed Unit Mix Realty Advisors UNITS MIX SIZE TOTAL SIZE Cluster Homes 3 Bed/ 2.5 Bath 48 31% 1,911 91,730 3 Bed/2.5 Bath/Den 25 16% 2,042 51,050 3 Bed/3.5 Bath/Den 24 15% 2,300 55,200 Subtotal 97 62% 2,041 197,980 Single Family Detached 3 Bed/ 2.5 Bath/Den 24 15% 2,400 57,600 3 Bed/2.5 Bath/Den 27 17% 2,684 72,468 3 Bed/3 Bath/Den 8 5% 3,000 24,000 Subtotal 59 38% 2,611 154,068 Total/Average 156 100% 2,257 352,048 THE HOFFMAN COMPANY Vineyard Homes | 11 The Hoffman Company Land Brokers Street Scene Elevations Realty Advisors These architectural renderings are a general sampling of the city approved elevations. THE HOFFMAN COMPANY Vineyard Homes | 12 The Hoffman Company Land Brokers Cluster Exterior Elevations — Spanish Cottage Realty Advisors These architectural renderings are a general sampling of the city approved elevations. THE HOFFMAN COMPANY Vineyard Homes | 13 The Hoffman Company Land Brokers Single Family Elevation – Old Santa Barbara Realty Advisors These architectural renderings are a general sampling of the city approved elevations. THE HOFFMAN COMPANY Vineyard Homes | 14 The Hoffman Company Land Brokers Single Family Elevation – Tuscan Villa Realty Advisors These architectural renderings are a general sampling of the city approved elevations. THE HOFFMAN COMPANY Vineyard Homes | 15 The Hoffman Company Land Brokers City Parcel and Easement Realty Advisors Adjacent to the subject site is a 4 acre parcel currently owned by the City of Oxnard. The exhibit below diagrams a proposed easement that would benefit the City owned parcel. Dedicating this easement to the city would ensure a lot count of 156 for the subject site. Should new ownership forego this dedication, the result would be a loss of 4 units; decreasing the unit count to 152. Proposed Ingress & Egress Access Easement to City Parcel City Parcel (Football Field) Revised Parent Site Roadway City Parcel Subject Site THE HOFFMAN COMPANY Vineyard Homes | 16 The Hoffman Company Land Brokers Land Use Permit Fee Schedule Realty Advisors CateGORY TOTAL FEES FEES/UNIT Comments Development Status $1,089,000 $6,980 Plan Check Fees, Groth Development Fees, Fees for Building, Electrical, Plumbing and Mechanical Permits Planning 18,000 120 Modifications Fees Storm Drain 303,000 1,940 Storm Drain Sewer 994,000 6,370 Connection Fees Water 1,349,000 8,650 Connection Fees, Meters, and Water District Fees Fire 32,000 210 Sprinkler, Alarm and Code Fees Other Outside Agencies 6,118,000 39,220 School Fees, QUIMBY Fee, Art Fees, Air Quality Mitigation Fees, Affordable Housing In-lieu Fee, County Traffic and Flood Control Fees, and Golf Course Development Fees Total Estimated Fees $9,903,000 $63,480 Note: The Permit and Fee Schedule is a preliminary estimate of fees based on the conceptual site plan pro- posed for the modification as of December 2010.
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