ENCANTO PARK

7TH ST

ST. JOSEPH’S HOSPITAL PHOENIX COLLEGE & MEDICAL CENTER PHOENIX MOUNTAINS CAMELBACK PRESERVE MOUNTAIN DOWNTOWN TEMPE MIDTOWN PARK CENTRAL PHOENIX

OSBORN RD 7TH AVE 3RD AVE

LIGHT RAIL CENTRAL AVE LIGHT RAIL CLARENDON PARK STATION APARTMENTS PARK CENTRAL

CENTRAL AVE 3RD ST

CLARENDON AVE 3RD AVE

LIGHT RAIL OBSORN RD

INDIAN SCHOOL RD N

SCOTTSDALE MULTIFAMILY DEVELOPMENTQUARTER SITES MAYO CLINIC KIERLAND SCOTTSDALE 101 TPC SCOTTSDALE COMMONS SCOTTSDALE CHAMPIONS PERIMETER AIRPARK COURSE CENTER FRANK LLOYD WRIGHT BOULEVARD

CASE STUDY PORTFOLIO SUPERCENTER

90TH STREET

David Fogler Steven Nicoluzakis Executive Managing Director Executive Managing Director p +1 602 224 4443 p +1 602 224 4429 [email protected] [email protected] mesa

Mesa Riverview Outdoor Shopping & Entertainment 1.1 M SF DOBSON ROAD UNIVERSITY DRIVE Riverview Park

EVERGREEN ROAD Sloan Park Chicago Cubs Spring Training Facility

Tempe

RIO SALADO PARKWAY

TABLE OF CONTENTS PHOENIX SKY HARBOR MIDTOWN PHOENIX INTERNATIONAL AIRPORT PAPAGO PARK CAMELBACK 4 City North - Senior Living CORRIDOR32 LennarCAMELBACK Chandler MOUNTAIN ARCADIA 6 ASU Novus Innovation Corridor - 3A 34 3rd Street & Roosevelt 8 City North - Desert Ridge PHOENICIAN RESORT36 Robb & Stucky Scottsdale & OPTIMA SONORAN 10 ASU Novus Innovation Corridor - 3F 38 Gilbert Town Center CHAPARRAL ROAD OLD TOWN VILLAGE CONDOS 12 90th & Raintree 40 Safari Drive Phase II SCOTTSDALE SCOTTSDALE SCOTTSDALE 14 Central & Indian School - 8.2 Acres 42 Elevation Chandler WATERFRONT FASHION CENTER 16 4th Avenue & OsbornOPTIMA CAMELVIEW 44 Downtown Scottsdale Lodge GALLERIA VILLAGE CONDOS CORPORATE CENTER 18 3rd Street & Portland 46 Downtown Scottsdale PORTALES W HOTEL 20 ASU Novus Innovation Corridor - 3B 48 Portales PlaceFINANCIAL CENTER PLANNED 22 Tempe ASU Surplus SCOTTSDALE ROAD50 Scottsdale Waterfront DOWNTOWN SCOTTSDALE 5 STAR HOTEL SAFARI DRIVE ENTERTAINMENT DISTRICT CONDOS 24 Central & Columbus High Density 52 Miller & McDowell CAMELBACK ROAD FIRESKY 26 The Grand at Papago Park Center 54 RESORT & SPA HIGHLAND AVENUE 28 Palm Valley 56 Camelback Corridor 30 Central & Indian School - 3.17 Acres

SAGE SCOTTSDALE Desert Ridge Senior/Active Adult Multifamily Site NWC 56th Street & 101 Freeway | Phoenix, | ±5.47 Net Acres

DEER VALLEY SKY CROSSING By Taylor Morrison & Pulte Homes WILDFIRE GOLF CLUB DESERT RIDGE SUBJECT COMING SOON TO HIGH STREET MARKETPLACE NAANKINGS INDO CHINESE CUISINE

Office DEER VALLEY DRIVE

STATESMAN Office TOSCANA Core Residential Core HIGH STREET

City North Boulevard

Mixed-Use Mixed-Use

Proposed Rendering 56TH STREET City North - Senior/Active Adult Multifamily 5 | Case Study Portfolio Development Site Case Study Marketing • Developer To Be Determined Sublessee • Equity Source To Be Determined • Construction Lender To Be Determined

Sublessor / Crown Realty & Development, Inc. Master Developer

Location Within the Desert Ridge Master Plan - NWC 56th Street & 101 Freeway, Phoenix, Arizona

• Acres ±5.47 Net Acres Site Information • Square Feet ±238,273 Net Square Feet • Ground Lease

Zoning • PAD, City of Phoenix

• Sales Price Market Ground Lease • Per Unit To Be Determined Information • Per Square Foot To Be Determined • Close of Escrow To Be Determined

• Project Name City North • Number of Units To Be Determined Project Information • Density To Be Determined • Construction Type To Be Determined • Parking To Be Determined Mixed-Use Development Block Within the ASU Novus Innovation Corridor SWC 6th Street and Rural Road | Tempe, Arizona | ±1.9 Net Acres ASU Novus Innovation Corridor Mixed-Use 7 | Case Study Portfolio Development Site - Parcel 3A Case Study Marketing • Developer To Be Determined Sublessee • Equity Source To Be Determined • Construction Lender To Be Determined

Sublessor / Catellus Tempe, LLC Master Developer

Location Parcel 3F Within the ASU Novus Innovation Corridor- SWC 6th Street & Rural Road Tempe, Arizona

• Acres ±1.9 Net Acres Site Information • Square Feet ±82,764 Net Square Feet • Ground Lease Prepaid, Long-Term

Zoning • MU-ED, City of Tempe; Zoned for Proposed Use and Density

• Sales Price Market Ground Lease • Per Unit To Be Determined Information • Per Square Foot To Be Determined • Close of Escrow To Be Determined

• Project Name ASU Novus Innovation Corridor • Number of Units To Be Determined Project Information • Density To Be Determined • Construction Type Type I (preferred) • Parking Podium Desert Ridge Multifamily Development Site NWC 56th Street & 101 Freeway | Phoenix, Arizona | ±3.73 Net Acres

DEER VALLEY SKY CROSSING BY TAYLOR MORRISON SAGEWOOD & PULE HOMES

SUMCO COMING SOON TO HIGH STREET WILDFIRE NAANKINGS INDO DESERT RIDGE CHINESE CUISINE GOLF CLUB HOTEL OFFICE MARKETPLACE 140 ROOMS 168,000 SF OFFICE - 135,000 SF OFFICE PARKING STRUCTURE MIXED USE DEER VALLEY DRIVE 1,282,000 SF RESIDENTIAL CORE ±2,200 UNITS HIGH STREET STATESMAN TOSCANA SUBJECT

HOTEL PARKING ±250 ROOMS STRUCTURE

OFFICE/RETAIL 57,000 SF MIXED USE

RESTAURANT 15,000 SF

Proposed Rendering 56TH STREET City North - Desert Ridge Multifamily Development Site 9 | Case Study Portfolio Case Study

In Escrow • Developer Undisclosed Sublessee • Equity Source Undisclosed • Construction Lender Undisclosed

Sublessor / Crown Realty & Development, Inc. Master Developer

Location Within the Desert Ridge Master Plan - NWC 56th Street & 101 Freeway, Phoenix, Arizona

• Acres ±3.73 Net Acres Site Information • Square Feet ±162,479 Net Square Feet • Ground Lease

Zoning • C-2, City of Phoenix

• Sales Price Undisclosed Ground Lease • Per Unit Undisclosed Information • Per Square Foot Undisclosed • Close of Escrow Undisclosed

• Project Name City North • Number of Units ±250 (proposed) Project Information • Density ±67 Units Per Acre (proposed) • Construction Type Type V or Type III • Parking Podium High Density Multifamily Development Site Within the ASU Novus Innovation Corridor SWC 6th Street and Packard Drive | Tempe, Arizona | ±1.0 Net Acres

DOWNTOWN PHOENIX MIDTOWN CAMELBACK PHOENIX CORRIDOR PAPAGO PARK HAYDEN DOWNTOWN TEMPE FERRY MILL AVENUE DISTRICT MARINA HEIGHTS

SUN DEVIL STADIUM

WELLS FARGO ARENA VETERANS WAY

UNIVERSITY DRIVE 6TH STREET

LIGHT RAIL

RURAL ROAD ASU Novus Innovation Corridor Multifamily 11 | Case Study Portfolio Development Site - Parcel 3F Case Study In Escrow • Developer Undisclosed Sublessee • Equity Source Undisclosed • Construction Lender Undisclosed

Sublessor / Catellus Tempe, LLC Master Developer

Location Parcel 3F Within the ASU Novus Innovation Corridor- SWC 6th Street & Packard Drive, Tempe, Arizona

• Acres ±1.0 Net Acres Site Information • Square Feet ±43,560 Net Square Feet • Ground Lease Prepaid, Long-Term

Zoning • MU-ED, City of Tempe; Zoned for Proposed Use and Density

• Sales Price Undisclosed Ground Lease • Per Unit Undisclosed Information • Per Square Foot Undisclosed • Close of Escrow Undisclosed

• Project Name ASU Novus Innovation Corridor • Number of Units ±300 Project Information • Density ±300 • Construction Type Type I • Parking Podium 90th & Raintree Multifamily Development Site N/NWC 90th Street & Raintree Drive | Scottsdale, Arizona | ±4.66 Net Acres

SCOTTSDALE QUARTER MAYO CLINIC KIERLAND SCOTTSDALE 101 TPC SCOTTSDALE COMMONS SCOTTSDALE CHAMPIONS PERIMETER AIRPARK GOLF COURSE CENTER FRANK LLOYD WRIGHT BOULEVARD

SUPERCENTER

90TH STREET 90th & Raintree Multifamily Development Site 13 | Case Study Portfolio Case Study

In Escrow • Developer Undisclosed Buyer • Equity Source Undisclosed • Construction Lender Undisclosed

Seller SFI Raintreet-Scottsdale LLC

Location North of the Northwest Corner of 90th Street and Raintree Drive, Scottsdale, Arizona

• Acres ±4.66 Net Acres Site Information • Square Feet ±202,946 Net Square Feet

Zoning • R1-35, City of Scottsdale

• Sales Price Undisclosed • Per Unit Undisclosed Site Information • Per Square Foot Undisclosed • Close of Escrow Undisclosed

• Project Name To Be Determined • Number of Units ±175 Project Information • Density ±37.5 DU/AC • Construction Type Type V • Parking Surface Central & Indian School T.O.D. Multifamily Development Site NWC Central Avenue & Indian School Road | Phoenix, Arizona | ±8.2 Acres

ESTRELLA SOUTH MOUNTAIN MOUNTAINS DOWNTOWN PHOENIX

CORONADO ASHLAND HISTORIC DISTRICT ENCANTO HISTORIC WILLO GOLF COURSE DISTRICT PARK CENTRAL HISTORIC DISTRICT

CAMPUS VISTA HISTORIC DISTRICT MIDTOWN PHOENIX

LIGHT RAIL

3RD AVENUE

CENTRAL AVENUE

INDIAN SCHOOL ROAD STEELE INDIAN SCHOOL PARK

g Central & Indian School T.O.D. Multifamily Development Site 15 | Case Study Portfolio Case Study

TB 4100 N. Central Ave., LLC • Developer Toll Brothers Buyer • Equity Source Undisclosed • Construction Lender Undisclosed

Seller Bayless Investment & Trading Company

Location 230 West Indian School Road / 4100 North Central Avenue, Phoenix, Arizona

• Acres ±8.2 Net Acres Site Information • Square Feet ±356,905 Square Feet • T.O.D.

Zoning • C-3, City of Phoenix

• Sales Price $17,900,000 • Per Unit $44,527 Site Information • Per Square Foot $50.15 • Close of Escrow December 17, 2019

• Project Name To Be Determined • Number of Units ±402 Project Information • Density ±49 DU/AC • Construction Type Type V • Parking Surface 4th & Osborn Multifamily Development Site N/NWC 4th Avenue & Osborn Road | Phoenix, Arizona | ±2.71 Net Acres 4th & Osborn Multifamily Development Site 17 | Case Study Portfolio Case Study

Masyno Phoenix, LLC • Developer N/A - Hold for Development Buyer • Equity Source 1031 Exchange • Construction Lender N/A

Seller Seventh Camel, Inc. / 3410 Medical Investments, LLC

Location 3410 and 3500 North 4th Avenue, Phoenix, Arizona

• Acres ±2.71 Net Acres Site Information • Square Feet ±117,907 Net Square Feet

Zoning • R-5 and C-2, City of Phoenix

• Sales Price $5,745,000 • Per Unit To Be Determined Site Information • Per Square Foot $48.72 • Close of Escrow September 30, 2019

• Project Name To Be Announced • Number of Units To Be Determined Project Information • Density To Be Determined • Construction Type To Be Determined • Parking To Be Determined Map O

3rd & Portland Multifamily Development Site NEC 3rd Street & Portland Street | Phoenix, Arizona | ±1.53 Net Acres

Expires 12-31-2017 PHOENIX, ARIZONA 300 EAST PORTLAND ST. MIXED USE PROJECT 3RD & PORTLAND STREETS

Date MayNovember 16, 2017 17, 2017

Rendering

Maricopa County GIO, Maricopa County Assessor's Office

4/4/2017 9:10:33 AM Rendering Looking Northeast from Southwest Corner

Drawings and written material appearing herein constitute original and unpublished work of the architect and may not be duplicated, used, or disclosed without written consent of the architect.

© 2008 NELSEN PARTNERS, INC.

Project No. 316059 REND 2 O

3rd & Portland Multifamily Development Site 19 | Case Study Portfolio Case Study

Alliance Residential • Developer Alliance Residential Buyer • Equity Source Undisclosed • Construction Lender Undisclosed

Seller 3rd and Portland Investors, LLC (Edgehill Investments)

Location 300 East Portland Street, Phoenix, Arizona

• Acres ±1.53 Net Acres Site Information • Square Feet ±66,516 Net Square Feet

Zoning • DTC-E-EV, City of Phoenix

• Sales Price $6,450,000 • Per Unit $39,815 Site Information • Per Square Foot $96.97 • Close of Escrow August 22, 2019

• Project Name Broadstone at Portland • Number of Units ±162 Project Information • Density ±106 DU/AC • Construction Type Type V | 4-5 Story Wood Frame • Parking Structured

ro o , ro o eor e

2017 10 Multifamily Development Site Within the ASU Novus Innovation Corridor SWC Rural Road & Sixth Street | Tempe, Arizona | ±2.4 Net Acres

Loop 101

ASU Athletic Facilities District Master Plan Boundary Multi-Family Property Cornerstone Mall

ASU Tempe Campus Tempe Town Lake Wells Fargo Arena/ Sun Devil Stadium Metro Light Rail Stations

Marina Heights - State Farm Hayden Butte Downtown Tempe - Loop 202 Preserve Park Mill Avenue District

Hayden Ferry Lakeside One Hundred Mill

Tempe Beach Park

PROJECT VICINITY EXHIBIT D ASU Novus Innovation Corridor Multifamily 21 | Case Study Portfolio Development Site - Parcel 3B Case Study Aspen Heights • Developer Aspen Heights Sublessee • Equity Source Undisclosed • Construction Lender Undisclosed

Sublessor / Catellus Tempe, LLC Master Developer

Location Within the ASU Novus Innovation Corridor - SWC Rural Road & Sixth Street, Tempe, Arizona

• Acres ±2.4 Net Acres Site Information • Square Feet ±104,544 Net Square Feet • Ground Lease Prepaid, Long-Term

Zoning • MU-ED and GID; Appropriate zoning to be obtained by Catellus

• Sales Price $10,596,800 Ground Lease • Per Unit $33,323 Information • Per Square Foot $101.36 • Close of Escrow July 26, 2019

• Project Name ASU Novus Innovation Corridor • Number of Units 318 Project Information • Density ±132.5 DU/AC • Construction Type Type III • Parking Wrap d ow n tow n M i dtow n Tempe ASU Surplus DevelopmentP h o e nSite i x P h o e n i x

SEC Rio Salado ParkwayMill Avenue & Price Road | Tempe, Arizona | ±9.29 Acres Papago Park MILL AVENUE a r i zo n a District S tat e Marina Heights RURAL ROAD U n i v e r S i t y aSU KarSten Tempe Town Lake Golf coUrSe S c ot t S da l e

MCCLINTOCK DRIVE Tempe APACHE BOULEVARD Marketplace

RIO SALADO PARKWAYOutdoor Shopping & Entertainment Tempe 1.3 M SF

UNIVERSITY DRIVE

Sloan Park Chicago Cubs Spring Training Facility Tempe ASU Surplus Development Site 23 | Case Study Portfolio Case Study

Alliance Residential • Developer Alliance Residential Buyer • Equity Source Phoenix Capital Partners, LLC • Construction Lender Undisclosed

Seller

Location 2325 East Rio Salado Parkway, Tempe, Arizona

• Acres ±9.29 Gross Acres Site Information • Square Feet ±404,672 Gross Square Feet

Zoning • RI-6, City of Tempe

• Sales Price $11,250,000 • Per Unit $40,761 Sale Information • Per Square Foot $27.80 • Close of Escrow May 11, 2018

• Project Name Broadstone Rio Salado • Number of Units 276 Project Information • Density 29.7 Units per Acre • Construction Type Wood Frame, Type V • Parking Surface A r i z o n A S tAt e U n i v e r S i t y Central & Columbus High Density Development Site (D o w n to w n C A m PUS ) U n i v e r S i t y o f A r i z o n A NEC Central Avenue & Columbus(D o w n to w n C AvenueA m PUS ) | Phoenix,D o Arizona w n to w | n ±2.0 Acres P h o e n i x Good Samaritan C o r o n AD o Hospital Phoenix h i S to r i C n e i g h b o r h o o D Art Museum w i l lo Phoenix Central n e i g h b o r h o o D e AS t A lvA r AD o o U n t ry l U b A r k Library C C P n e i g h b o r h o o D n e i g h b o r h o o D LIGHT RAIL STATION C o U n t ry THOMAS ROAD C l U b m A n o r St. Joesph’s The Edison Phoenix Condominiums Hospital Country Club One Lexington Park Condominiums Central Mall

LIGHT RAIL OSBORN ROAD STATION

CENTRAL AVENUE

7TH STREET COLUMBUS AVENUE City of Phoenix Housing WELDON AVENUE Department

3RD STREET m i Dto w n P h o e n i x

LIGHT RAIL Central & Columbus High Density Development Site 25 | Case Study Portfolio Case Study

Fore Properties • Developer Fore Properties Buyer • Equity Source Undisclosed • Construction Lender Undisclosed

Seller Ironline Partners - Central & Columbus, LLC

Location 3617 North Central Avenue, Phoenix, Arizona

• Acres 1.98 Gross Acres Site Information • Square Feet ±86,249 Gross Square Feet • T.O.D.

Zoning • C-2 HR, TOD-1 with Height Waiver, City of Phoenix

• Sales Price $5,150,000 • Per Unit $23,094 Sale Information • Per Square Foot $59.82 Gross • Close of Escrow April 12, 2018

• Project Name To Be Announced • Number of Units 223 Project Information • Density 113 Units per Acre • Construction Type Type III • Parking Podium Multifamily Development Site Within the Grand at Papago Park Center 1003 West Washington Street | Tempe, Arizona | 6.01 Acres ARIZONA STATE MILL AVENUE UNIVERSITY DISTRICT LIGHT RAIL MILL AVENUE STATION ROLLING HILLS TEMPE CENTER GOLF COURSE TEMPE TOWN LAKE FOR THE ARTS

LIGHT RAIL

LIGHT RAIL STATION WASHINGTON STREET

PRIEST DRIVE Multifamily Development Site Within The Grand 27 | Case Study Portfolio at Papago Park Center Case Study Alliance Residential • Developer Alliance Residential Sublessee • Equity Source Appian Capital • Construction Lender BBVA

Sublessor Papago Park Center, Inc.

1003 West Washington Street, Tempe, Arizona Location Within The Grand at Papago Park Center Mixed Use Master Planned Community

• Acres 6.01 Acres Site Information • Square Feet 261,796 Square Feet • Ground Lease Approximately 99 Year Unsubordinated

Zoning • PAD Overlay, City of Tempe

• Sales Price Undisclosed Ground Lease • Per Unit Undisclosed Information • Per Square Foot Undisclosed • Close of Escrow February 27, 2018

• Project Name The Grand at Papago Park Center • Number of Units 300 Project Information • Density 49.9 Units per Acre • Construction Type Type V • Parking Podium Palm Valley Development Site N/NWC 145th Avenue & McDowell Road | Goodyear, Arizona | ±2.3 Acres Palm Valley Development Site 29 | Case Study Portfolio Case Study

NextGen Apartments - Goodyear 145, LLC • Developer NextGen Apartments Buyer • Equity Source Undisclosed • Construction Lender Undisclosed

Seller NLW Arizona, LLC

North of the Northwest Corner of 145th Avenue and McDowell Road, Goodyear, Arizona Location Part of the Palm Valley Master Planned Community

Site Information • Acres ±10.42 Gross Acres • Square Feet ±454,062 Gross Square Feet

Zoning • MF-18, City of Goodyear

• Sales Price $2,200,000 • Per Unit $11,702 Sale Information • Per Square Foot ±$4.85 Gross • Close of Escrow December 13, 2017

• Project Name To Be Announced • Number of Units 188 Units Project Information • Density 18 Units per Acre • Construction Type Type V, 2-3 Story Garden • Parking Surface 16TH ST Central & Indian School T.O.D. Development Site

4040, 4050 and 4060 North Central Avenue | Phoenix, Arizona | ±3.17 Acres OSBORN RD

CAMELBACK RD PHOENIX BANNER UNIVERSITY COUNTRY CLUB MEDICAL CENTER MCDOWELL RD

7TH ST XAVIER

STEELE INDIAN SCHOOL PARK 3RD ST BROPHY

HEARD MUSEUM PHOENIX ART LIGHT RAIL CENTRAL AVE MUSEUM

PARK CENTRAL

THOMAS RD 3RD AVE ST. JOSEPH’S HOSPITAL & MEDICAL CENTER

INDIAN SCHOOL RD

7TH AVE

ENCANTO PARK 16TH ST Central & Indian School T.O.D. Development Site 31 | Case Study Portfolio Case Study

OSBORN RD Bright Land Holdings, LLC CAMELBACK RD PHOENIX • Investor N/A BANNER UNIVERSITY COUNTRY CLUB Buyer MEDICAL CENTER • Equity Source Cash MCDOWELL RD • Construction Lender N/A

7TH ST Seller 4040 N Central, LLC (Glasir Capital Partners) XAVIER

STEELE INDIAN SCHOOL PARK Location Southwest Corner of Central3RD ST Avenue and Indian School Road, Phoenix, Arizona BROPHY • Acres ±3.17 Net Acres HEARD MUSEUM PHOENIX ART Site Information • Square Feet ±138,111 Net Square Feet MUSEUM LIGHT RAIL CENTRAL AVE • T.O.D.

PARK CENTRAL • Current Zoning C-3, City of Phoenix Zoning THOMAS RD • Proposed Zoning PUD, City of Phoenix 3RD AVE ST. JOSEPH’S HOSPITAL & MEDICAL CENTER • Sales Price $6,100,000 • Per Unit Undisclosed Sale Information • Per Square Foot $44.17 INDIAN SCHOOL RD • Close of Escrow July 5, 2017

7TH AVE • Project Name To Be Announced • Proposed Number of Units ±250 Units Project Information • Proposed Density ±80 Units Per Acre • Construction Type To Be Determined • Parking ToENCANTO Be Determined PARK Lennar Chandler Development Site E/NEC Chandler Boulevard & McClintock Drive | Chandler, Arizona | ±10.79 Acres

Rendering Lennar Chandler Development Site 33 | Case Study Portfolio Case Study

Jefferson Chandler, LLC (JPI Companies) • Developer JPI Buyer • Equity Source (Mezz) Pacific Coast Capital Partners • Construction Lender Great Western Bank

Seller LMC Chandler and McClintock Holdings, LLC c/o Lennar Multifamily

Location East of the Northeast Corner of Chandler Boulevard & McClintock Drive, Chandler, Arizona

• Acres 10.79 Gross Acres Site Information • Square Feet 469,995 Gross Square Feet

• PAD, City of Chandler Zoning • Height 250 Feet

• Sales Price $11,280,000 • Per Unit $39,859 Sale Information • Per Square Foot $24.00 • Close of Escrow March 31, 2016

• Project Name Jefferson Chandler • Number of Units 283 Project Information • Density 26 Units per Acre • Construction Type Type V • Parking Surface 3rd Street & Roosevelt Development Site NEC 3rd Street & Roosevelt Street | Phoenix, Arizona | ±3.33 Acres

Downtown Phoenix Chase US Airways Field Center CBD Light Rail Phoenix Convention Center ASU Arizona Downtown Biomedical Center Campus Central Avenue Skyline Lofts Apartments Light Rail

7th Street Roosevelt Point Roosevelt Street Apartments

3rd Street

Portland Street

Phoenix Public Margaret T. Hance Park Library 3rd Street & Roosevelt Development Site 35 | Case Study Portfolio Case Study

CRP/AR 3rd Street & Roosevelt Owner, LLC • Developer Alliance Residential Buyer • Equity Source Carlyle • Construction Lender BMO Harris Bank NA

Seller Southwest Investment Funds of Arizona, LLC , et al

Location 1011 North 3rd Street, Phoenix, Arizona

• Acres 3.33 Gross Acres Site Information • Square Feet 145,055 Gross Square Feet

• DTC-E-EV, City of Phoenix Zoning • Height 250 Feet

• Sales Price $11,200,000 • Per Unit $37,333 Sale Information • Per Square Foot $77.21 • Close of Escrow November 12, 2015

• Project Name Broadstone Roosevelt Row • Number of Units ±316 Project Information • Density ±95 Units per Acre • Construction Type Wood Frame, Type III • Parking Podium Robb & Stucky Scottsdale Re-Development Site NWC Scottsdale Road & Kierland Boulevard | Scottsdale, Arizona | ±6.5 Acres

SCOTTSDALE ROAD

KIERLAND GOLF CLUB

KIERLAND BLVD

KIERLAND COMMONS

WESTIN-KIERLAND RESORT & SPA Robb & Stucky Scottsdale Re-Development Site 37 | Case Study Portfolio Case Study

Kierland Center, LLC • Developer Optima Buyer • Equity Source Amstar (1st Phase) • Construction Lender PNC Bank

15440 Scottsdale, LLC Seller 15222 Kierland, LLC

Location 15440 North Scottsdale Road, Scottsdale, Arizona

• Acres 7.5 Acres Site Information • Square Feet 328,048 Square Feet

Zoning • C-2 (existing); Planned Unit Development (PUD) (proposed)

• Sales Price $21,585,000 • Per Unit $32,704 Sale Information • Per Square Foot $65.81 • Close of Escrow August 31, 2015

• Project Name Optima Kierland Center • Number of Units ±660 (+234 Hotel Rooms) Project Information • Density ±88 Units per Acre • Construction Type Three Type I Twelve Story Towers • Parking Podium / Below Ground Gilbert Town Center Development Site Gilbert, Arizona | ±13.50 Acres Gilbert Town Center Development Site 39 | Case Study Portfolio Case Study

Broadstone Civic Center, LLC • Developer Alliance Residential Buyer • Equity Source Appian Capital • Construction Lender Undisclosed

Seller AZ Gilbert Holdings 2, LLC (an entity formed by Lehman Partners Holdings, Inc.)

Location South of the Southwest Corner of Warner Road and Civic Center Drive, Gilbert, Arizona

• Acres ±13.72 Gross Acres Site Information • Square Feet ±597,643 Gross Square Feet

Zoning • PAD, City of Gilbert

• Sales Price $3,850,000 • Per Unit $15,039 Sale Information • Per Square Foot $6.44 • Close of Escrow May 5, 2015

• Project Name Broadstone Civic Center • Number of Units 256 Project Information • Density 18.7 Units per Acre • Construction Type Two and Three Story, Wood Frame • Parking Surface Safari Drive Phase II Development Site N/NEC Scottsdale Road & Camelback Road | Scottsdale, Arizona | ±1.85 Acres

Scottsdale Healthcare Hospital

Old Town Scottsdale Neiman Marcus Scottsdale Dillards Galleria Corporate Scottsdale Waterfront Macy’s Center Fashion Square Maya Barneys W Hotel Day + Nightclub Blue Sky Residential Project Hotel (Planned) Indigo Scottsdale Road Scottsdale Safari Drive Scottsdale Camelback Road Canal Condos (Planned Mercedes Mixed-Use)

SAFARI DRIVE phase ii Safari Drive Phase II Development Site 41 | Case Study Portfolio Case Study

Safari 159, LLC • Developer Safari Property Holdings, LLC Buyer • Equity Source N/A Scottsdale • Construction Lender N/A Healthcare Hospital Seller ST Residential, LLC Old Town Scottsdale Neiman Nordstrom Marcus Scottsdale Dillards Galleria Corporate Scottsdale 4751 North Scottsdale Road, Scottsdale, Arizona Waterfront Macy’s Location Center Fashion Square North of the Northeast Corner of Scottsdale Road and Camelback Road Maya Barneys New York W Hotel Day + Nightclub Blue Sky Residential Project • Acres ±1.85 Acres Site Information Hotel (Planned) • Square Feet ±80,586 Square Feet Indigo Scottsdale Road Scottsdale Safari Drive Scottsdale Camelback Road Canal Zoning • D/RCO-2, PBD DO, City of Scottsdale Condos (Planned Mercedes Mixed-Use) • Sales Price $2,850,000 • Per Unit $17,925 SAFARI DRIVE Sale Information • Per Square Foot $35.37 phase ii • Close of Escrow December 22, 2014

• Project Name Safari - Phase II • Number of Units Approximately 159 Project Information • Density 85.95 Units per Acre • Construction Type Type I • Parking Podium Elevation Chandler Development Site NWC Loop 101 & Loop 202 Freeways | Chandler, Arizona | ±10.55 Acres

Chandler Fashion Center

FRYE ROAD Elevation Chandler Development Site 43 | Case Study Portfolio Case Study

Hines • Developer Hines (subsequently sold to Alliance Residential) Buyer • Equity Source AIG • Construction Lender Undisclosed

Seller Point Center Financial, Inc.

Location Northwest Corner of Loop 101 and Loop 202 Freeways, Chandler, Arizona

• Acres 10.55 Gross Acres Site Information • Square Feet 459,558 Gross Square Feet

Zoning • PAD, City of Chandler

• Sales Price $8,250,000 • Per Unit $24,775 Sale Information • Per Square Foot $17.95 • Close of Escrow October 14, 2014

• Project Name Broadstone Fashion Center • Number of Units Approximately 333 Project Information • Density 31.56 Units per Acre • Construction Type Three and Four Story, Wood Frame • Parking Surface Downtown Scottsdale Lodge Development Site 4422 North 75th Street | Scottsdale, Arizona | ±0.97 Acres Downtown Scottsdale Lodge Development Site 45 | Case Study Portfolio Case Study

Deco Acquisitions, LLC • Developer Deco Communities Buyer • Equity Source Private • Construction Lender Undisclosed

Seller Hewson 75th St, LLC

Location 4422 North 75th Street, Scottsdale, Arizona

• Acres 0.97 Gross Acres Site Information • Square Feet 42,253 Gross Square Feet

Zoning • D/OR-2/DO, City of Scottsdale

• Sales Price $4,050,000 • Per Unit $45,000 Sale Information • Per Square Foot $95.85 Gross • Close of Escrow March 28, 2014

• Project Name Envy Luxury Condominiums • Number of Units 90 Project Information • Density 93.0 Units per Acre, Gross • Construction Type Type 1 • Parking Three Levels Below Grade Downtown Scottsdale Development Site Scottsdale, Arizona | ±5.40 Acres Downtown Scottsdale Development Site 47 | Case Study Portfolio Case Study

Broadstone Stetson, LLC • Developer Alliance Residential Buyer • Equity Source Cottonwood • Construction Lender Bank of America

Seller Triyar Companies, LLC

Northeast Corner of Wells Fargo Avenue and Stetson Drive, Scottsdale, Arizona Location Northeast Corner of Civic Center Plaza and Stetson Drive, Scottsdale, Arizona

• Acres 5.40 Gross Acres Site Information • Square Feet 235,674 Net Square Feet

Zoning • D/OC - 2/DO, City of Scottsdale

• Sales Price $18,500,000 • Per Unit $58,544 Sale Information • Per Square Foot $78.50 • Close of Escrow October 17, 2013

• Project Name Broadstone Stetson • Number of Units 316 Project Information • Density 58.41 Units per Acre • Construction Type Four Story, Wood Frame • Parking Two Levels Above Grade Podium Portales Place Development Site 5000 North Portales Place | Scottsdale, Arizona | ±9.7 Acres

G O L D

W

A

T T

E E

R R

B

L

V

D Portales Place Development Site 49 | Case Study Portfolio Case Study

JLB Portales Partners, L.P. • Developer JLB Partners Buyer • Equity Source Nationwide • Construction Lender Pacific Life Insurance Company

Seller PPP Loan, LLC (an entity formed by ML Manager, Successor to Mortgages, LTD)

Location 5000 North Portales Place, Scottsdale, Arizona

• Acres 9.7 Gross Acres Site Information • Square Feet 422,532 Gross Square Feet

• D/RCO-2, City of Scottsdale Zoning • Located in Downtown Regional Multiple Use - Type 2, Overlay

• Sales Price $13,877,500 • Per Unit $37,608 Sale Information • Per Square Foot $32.84 • Close of Escrow February 28, 2012

• Project Name The Moderne • Number of Units 369 Project Information • Density 38.0 Units per Acre • Construction Type Four Story, Wood Frame • Parking One Level Below Grade Podium Scottsdale Waterfront Development Site High Density • Mixed Use SEC Goldwater Boulevard & Via Soleri Drive | Scottsdale, Arizona | 3.35 Acres Scottsdale Waterfront Development Site Scottsdale Waterfront Development Site 51 | Case Study Portfolio High Density • Mixed Use Case Study SEC Goldwater Boulevard & Via Soleri Drive | Scottsdale, Arizona | 3.35 Acres Broadstone Scottsdale Water Front, LLC • Developer Alliance Residential Buyer • Equity Source J.P. Morgan Investment Management • Construction Lender Undisclosed

Seller Scottsdale Waterfront, LLC (an entity formed by Starwood Capital Group and Golumb & Co. , LLC)

Location 7025 East Via Soleri Drive, Scottsdale, Arizona

• Acres 3.35 Gross Acres Site Information • Square Feet 145,926 Gross Square Feet

• D/RO-2 PBD DO, City of Scottsdale Zoning • Downtown Regional Commercial Office Type 2 • Planned Block Development • Downtown Overlay

• Sales Price $13,500,000 • Per Unit $52,124 Sale Information • Per Square Foot $92.51 • Close of Escrow February 17, 2012

• Project Name Broadstone Scottsdale Waterfront • Number of Units 259 Project Information • Density 77.31 Units per Acre • Construction Type Four Story, Wood Frame • Parking Two Levels Below Grade Podium Miller & McDowell Development Site (Los Arcos) Miller Road & McDowell Road | Scottsdale, Arizona | ±14.29 Acres

CAMELBACK

DOWNTOWN SCOTTSDALE SCOTTSDALE OSBORN HOSPITAL

SCOTTSDALE ROAD

ASU SKY SONG McDOWELL ROAD

MILLER ROAD Miller & McDowell Development Site (Los Arcos) 53 | Case Study Portfolio Case Study

74th and McDowell Apartments, LLC • Developer Mark Taylor Residential Buyer • Equity Source Private Equity • Construction Lender Undisclosed

Seller PDG LA Loan, LLC and ML Manager, LLC

Location Southwest Corner of Miller Road and McDowell Road, Scottsdale, Arizona

• Acres 14.29 Gross Acres Site Information • Square Feet 622,472 Gross Square Feet

Zoning • C-9 / C-3, City of Scottsdale

• Sales Price $6,400,000 • Per Unit* $20,641 *This sale represents a portion of the total land Sale Information • Per Square Foot $10.28 acquired for this project. The per unit price reflects an approximate allocation. • Close of Escrow December 2, 2011

• Project Name San Travesia • Number of Units 572 Project Information • Density 21.7* Units per Acre *Based on total project size of 26.5 gross acres • Construction Type One, Two and Three Story, Wood Frame • Parking Surface Tempe Town Lake Development Site Tempe, Arizona | ±5.215 Acres Tempe Town Lake Development Site 55 | Case Study Portfolio Case Study

Evergreen - Lakeside Rio Salado, LLC • Developer Evergreen Development (sold to Lennar Multifamily Investors) Buyer • Equity Source N/A • Construction Lender Bank & Trust

Seller Entities Formed by ML Manager, LLC (Successor to Mortgages, LTD)

Location 601 West Rio Salado Parkway, Tempe, Arizona

• Acres 5.215 Net Acres Site Information • Square Feet 227,182 Net Square Feet

Zoning • MU-4, PAD, City of Tempe

• Sales Price $4,600,000 • Per Unit $14,024 Sale Information • Per Square Foot $20.25 • Close of Escrow June 13, 2011

• Project Name The Argo at Tempe Town Lake • Number of Units 328 • Density 62.9 Units per Acre Project Information • Construction Type Four Story, Wood Frame • Parking One Level Below Grade Podium Camelback Corridor Development Site SEC 26th Street & Camelback Road | Phoenix, Arizona | ±4.83 Gross Acres

CAMELBACK ROAD

26th STREET Camelback Corridor Development Site 57 | Case Study Portfolio Case Study

UIF II / Broadstone on Camelback, LLC • Developer Alliance Residential Buyer • Equity Source AEW • Construction Lender National Bank of Arizona

Seller Liffey Camelback, LLC (an entity formed by Hypo Real Estate Group)

Location Southeast Corner of 26th Street and Camelback Road, Phoenix, Arizona

• Acres 4.83 Gross Acres Site Information • Square Feet 210,471 Gross Square Feet

• C-2 HR, City of Phoenix Zoning • Height 56 Feet for Residential

• Sales Price $10,500,000 • Per Unit $38,889 Sale Information • Per Square Foot $49.91 • Close of Escrow December 16, 2010

• Project Name Broadstone on Camelback • Number of Units 270 Project Information • Density 55.9 Units per Acre • Construction Type Four Story, Wood Frame • Parking Partial Underground Podium C ot t S DA l e Camelback Piestewa Peak S P A r A D i S e Mountain v A l l e y A r C A D i A Arizona Biltmore n e i g h b o r h o o D Esplanade n o r t h C e n t r A l C A m e l b A C k C o r r i D o r C o r r i D o r CAMELBACK ROAD

Xavier College Preparatory Brophy College Preparatory i Dy lw i l D e h i S to r i C n e i g h b o r h o o D Carl T.Hayden VA Steele Indian Medical Center INDIAN SCHOOL ROAD School Park 7TH STREET CENTRAL AVENUE

LIGHT RAIL STATION

City of Phoenix Housing Department COLUMBUS AVENUE WELDON AVENUE OSBORN ROAD m i Dto w n P h o e n i x

LIGHT RAIL

2555 E. Camelback Rd, Suite 400 David Fogler Steven Nicoluzakis Phoenix,LIGHT Arizona RAIL 85016 Executive Managing Director Executive Managing Director ph: +1 602STATION 954 9000 fx: +1 602 253 0528 p +1 602 224 4443 p +1 602 224 4429 Cushman & Wakefield [email protected] [email protected] cushmanwakefield.com

This projection is based on assumptions reflecting a certain set of conditions. However, some assumptions inevitably will not materialize and unanticipated events and circumstances may occur; therefore, actual results achieved may vary from our estimates, and the variation may be material. Cushman & Wakefield extends no guarantees and makes no warran- ties, expressed or implied, with respect to this projection. In that regard, neither Cushman & Wakefield nor any affiliate, employee, officer, director, shareholder, or agent thereof, shall have any liability whatsoever arising from this projection or the actual results achieved.