SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 CONTENTS

STATE OF DEVELOPMENT MARKET PERFORMANCE CURRENTLY SELLING SOLD-OUT & RESALE Fulton 555 8 OCTAVIA Redevelopment efforts at the$/SqFt Schlage Site inVisitacion Currently Year-Over-Year Month-Over-Month Valley are well underway,New with Condominium the Developer work- $1,174/SqFt 8% 6% 555 Fulton Street at Octavia | Hayes Valley 8 Octavia Street at Market | Hayes Valley ing through design and programmatic elements. The Status: 139 units available/0 in-contract/0 Status: Approximate absorption: 4 units/month, Average $/ first phase consists of Resalenearly 600Condominium units plus a planned $1,060/SqFt 12% 4% closed SqFt: $1,181 grocery store. In 1926, SchlageNew Apartment Lock opened a manu- $5.02/SqFt 7% n/a Ground Broken: May 2014 Project info: 47 units, 8-stories, Monthly HOA fee: $500 - facturing Plant on the Site. In 1999, after a sale of the Date on Market: June 2015 $850, 7 BMRs, 24 parking spaces Company, the manufacturing facility was closed. After First Closings Anticipated: Q4 2015 Date on market: June 2014 All units in-contract: May 2015 nearly ten years ofNEW planning CONDOMINIUM efforts, the City PRICING approved &a VOLUME Project info: 5-stories, 148 parking spaces (77 Developer: DM & DDG development plan for the Site mid last year. In all, the 20 retail/68 residential), Architect: Stanley Saitowitz acre Site will result in nearly 1,700 units, withMedian 15% Price desig &- Sales Volume Most Recent Month Fulton Street Ventures nated Below Market Rate.$1,600,000 Nearly 50,000 square feet of 30 Developer: Landscape architect: Marta Fry Median Sale Price: $1,285,000 planned retail will supplement$1,400,000 the existing retail district 25 Architect: Ian Birchall & Associates Amenities: Roof terrace $1,200,000 Retail: 30,000 SqFt grocery store Louvered facade, SieMatic kitchen on Leland Avenue. Two$1,000,000 acres of planned open space in- 20 Number of Units Closed: 6 Features & Finishes: clude a park and greenway.$800,000 An extension of the existing 15 Features & Finishes: n/a cabinetry, Corian counter tops, FSC certified wide-plank p. p. oak flooring, Visionline key-less entry, Virtual Doorman, street grid onto the Site,$600,000 will create a sense of continuity 10 p. Amenities: Lounge,p. Roof terrace, Dog park,

2 $400,000 3 Number Sold Webpass, Nest Thermostats with the existing neighborhood. The Site has the distinct Bicycle repair station, Conference room Median Sale Price 5 4 16 advantage of being adjacent$200,000 to a CalTrain Station and a Website: 8Octavia.com $0 0 Website: Fulton555.com Muni Metro Stop. The Site is also within close proximity Closing Details to McLaren Park, the City’s second largest park, which Unit Type SqFt Parking Closing Price $/SqFt Closing Date includes Coffman Pool. Infrastructure constructionMedian Sale on Price # Closings the site could commence as early as next year. Recently, 8 Octavia - 802 2/2 1,001 1 $1,250,000 $1,249 5/28/2015 a second Developer announced plans to build some 200 units on a plot of RESALEland adjacent CONDOMINIUM to the Schlage Site. PRICING For & VOLUME 8 Octavia - 801 2/2 968 1 $1,320,000 $1,364 5/22/2015 additional information, visit SFPlanning.org. 8 Octavia - 502 2/2 1,001 1 $1,120,000 $1,119 4/29/2015 Median Price & Sales Volume Most Recent Month 8 Octavia - 504 2/2 1,001 1 $1,250,000 $1,249 4/29/2015 $1,400,000 250 8 Octavia - 704 2/2 1,001 1 $1,230,000 $1,229 4/24/2015 225 Median Sale Price: $1,105,000 DEVELOPMENT NEWS... $1,200,000 8 Octavia - 702 2/2 1,001 1 $1,130,000 $1,129 4/9/2015 200 $1,000,000 Number of Units Closed: 177 175 8 Octavia - 805 3/3 1,757 1 $2,599,999 $1,480 3/13/2015 CURRENTLY SELLING $800,000 150 8 Octavia - 404 2/2 1,001 0 $939,000 $938 2/18/2015 $600,000 Preselling has commenced at Fulton 555, a 139-unit condominium Development in Hayes Valley. 125 8 Octavia - 303 1/1 726 0 $729,000 $1,004 1/6/2015 $400,000 100 Number Sold

Median Sale Price 8 Octavia - 301 2/2.5 968 0 $980,000 $1,012 10/21/2014 Nearly three-fourths of units are reserved at 400 Grove, in just two-months$200,000 time. Absorption measures 75 at about 13 units/month. $0 50 8 Octavia - 302 2/2 1,001 0 $940,000 $939 10/21/2014 8 Octavia - 304 2/2 1,001 0 $1,000,000 $999 10/21/2014 Over forty-percent of the units at The Rockwell are in-contract, representing an approximate 8 Octavia - 403 1/1 726 0 $749,000 $1,032 10/21/2014 absorption rate of 55 units/month. Median Sale Price # Closings UPCOMING DEVELOPMENTS PIPELINE SUMMARY PROJECTEDUnit Mix & Pricing Summary SUPPLY ABOUT8 Octavia - 406 DEVELOPER2/2 SERVICES1,001 1 $950,000 $949 10/21/2014 Lumina has released its 42-story Tower B. First closings at the Development are anticipated in the third 8 Octavia - 501 2/2.5 968 1 $1,125,000 $1,162 10/21/2014 quarter. New apartmentUnit Type supply shouldNumber swell of by theSize start Range of 2017, whilePrice new Range condominiumsVanguard Properties should expertly be guides urban residential developers. Core consulting services Development Developer / Owner NEWArea APARTMENTSales PRICINGUnits & OCCUPANCY Units include Analytics, Land Acquisition, Design, Branding and Sales Strategy. From concept to Approved, UnderCommence Review and Conceptual nearly depleted. This may encourage developers to sell apartment units8 Octavia as condominiums - 505 1/1 726 0 $749,000 $1,032 10/21/2014 Junior 1 - Bedroom 21 446 - 523 SqFt n/aclose-out, Vanguard leads the way. For a list of developments, visit VanguardSF.com AreaAverage Price & Occupancy Approved instead.Under The Review potential forConceptual this sea change depends largely on the type8 Octaviaof developer - 506 (REIT2/2 versus 1,001 1 $1,320,000 $1,319 10/21/2014 Luxe - 1650 Broadway Street at Van Ness Belrich Partners Van Ness Corridor Q2 2015 34 Most Recent Quarter others),1 -debt Bedroom structures and market51 pricing.542 -Many 1,269 developersSqFt “condominiumn/a 8 Octavia map”- 508 units, in2/2 order 1,001 1 $1,320,000 $1,319 10/21/2014 IN PLANNING $3,800Bayview/Hunters Point/Candlestick Point 12,600 95.0%to have 499such flexibility. This3,780 was a phenomenon which occurred in the last market cycle, and is 2655 Bush Street at Divisadero KB Home Lower Pac Heights Q2 2015 81 2 - Bedroom 64 690 - 1,153 SqFt n/aFor Developer Services, contact: $3,700 94.0% Average Price: $3,775/month 8 Octavia - 601 2/2.5 968 1 $1,150,000 $1,188 10/21/2014 Construction has commenced at 360 Berry Street in Mission Bay. The DevelopmentDogpatch will 360 likely to 907occur again. 1 $3,600 93.0% 3 - Bedroom 2 1,852 - 2,118 SqFt n/aFRANK8 Octavia NOLAN - 602 2/2 JAMES1,001 NUNEMACHER0 $959,000 $958 10/21/2014 Parkconsist 181 - Fremontof 129 apartments Street at Howard (30 BMR), and Jaycompletion Paul Company is anticipatedTransbay by Q3Hayes 2016. Valley Q2 2015 67 151 170Average Occupancy: 93%24 $3,500 92.0%4 - Bedroom Penthouse 1 2,304 SqFt n/aVP, Director of Development Co-founder & Principal The Planning Commission approved plans for a 27-unit (4 BMR) condominium project at 8 Octavia - 604 2/2 1,001 1 $1,215,000 $1,214 10/21/2014 1450 Franklin Street at Bush Village Properties Western AdditionMid-MarketQ3 2015 67 32 2,628 0 600 South Van Ness Avenue in the Mission. $3,400 91.0% 415.377.37268 Octavia - 605 1/1 415.519.7772726 0 $779,000 $1,073 10/21/2014 $3,300 90.0% Occupancy Average Price Average Mission 141 1,489 141 [email protected] [email protected] 1001The 17thNavy Street transfered at Pennsylvania 290 acres at Treasure1001 17th Island Street Associatesto the City, allowingPotrero infrastructure Hill Q3 2015 26 Projected Supply 8 Octavia - 608 2/2 1,001 1 $1,165,000 $1,164 10/21/2014 $3,200 89.0% construction to commence next year. Mission Bay 692 1,5002,500 0 BRE8 OctaviaLicense No. - 701 01300017 2/2.5 BRE968 License No. 009136061 $1,165,000 $1,204 10/21/2014 Onyx Phase II - 310 Carolina Street at 17th LNF Partners Potrero$3,100 Hill Q3 2015 21 88.0% The Developer of 75 Howard has reduced the proposed building heightNorthern from 292-feetQ1 Neighborhoods 2014 to Q2 2014 Q3 2014 Q4 2014 132Q1 2015 1,415 0 8 Octavia - 803 3/3 1,757 1 $2,549,000 $1,451 10/21/2014 220-feet, reducing the unit count by 26. 2,110 832 Sutter Street at Jones n/a Lower NobPotrero Hill HillQ3 2015 20Average Price Occupancy 131 1,0192,000 323 For8 Octavia additional - 806 market2/2.5 reporting, contact:1,225 1 $1,600,000 $1,306 10/21/2014 1,714 South of Market 2,580 5,933 888 JONATHAN MOFTAKHAR 1868 Van Ness Avenuep. at Sacramento JS Sullivan Nob Hill Q4p. 2015 35 1,500 p. Market Analyst p. 28 Southern Neighborhoods30 1,875 1,001 461

388 Fulton Street at Franklin 7x7 Development Hayes Valley Q4 2015 61 Units 1,188 PG.16 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 PG.2 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 PG.3 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 PG.4 SAN FRANCISCO RESIDENTIAL31 DEVELOPMENT JUNE 2015 1,131 415.920.3731 32 1,085 Transbay 940 657 1,000 1,030 0 875 925 [email protected] 450 Hayes Street at Gough DDG/DM Hayes Valley Q4 2015 41 Treasure Island 8,619 0 0 720 674 666 500 556 BRE License No. 01442709 Pacific - 2155 Webster Street at Sacramento Trumark Urban Pacific UpperHeights MarketQ4 2015 76 24 222 0 344 Van Ness Corridor 0 1,413 0 107 Knox - 645 Texas Street at 22nd Trumark Urban Potrero Hill Q1 2016 91 0 21 0 Western Neighborhoods 9,007 574 Q2 2015 Q3550 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Rowan - 346 Potrero Avenue at 16th Trumark Urban Potrero Hill Q1 2016 75 New Condominiums New Apartments Total 37,284 19,427 6,168

580 Hayes Street at Laguna Laguna Hayes LLC Hayes Valley Q1 2016 29 Under Construction (by product type) Area Condominiums HISTORICALApartments SUPPLY All

1450 FRANKLIN Dogpatch 0 Roughly259 1,500 housings units259 have been produced year-to-date. 580 HAYES Hayes Valley 131 280 411 VANGUARD PROPERTIES REPORT DISCLAIMER Mid-Market 0 143 143 Data sources for this Report include but are not limited to SFAR MLS, the San Francisco Planning Department, development mar - Historical Supply keting websites and industry news/information outlets. The information in this Report is subject to errors, as it is compiled from Mission 12 0 12 multiple sources, with varying degrees of accuracy and currency. This Report should not be reproduced or distributed, in whole or Mission Bay 0 4,000402 402 in part, without the prior written consent of Vanguard Properties. The statements in this Report, which are not historical facts, are projections or estimates based on Vanguard Properties’ opinions and expectations of future market performance. Although the Northern Neighborhoods 279 3,5000 279 information presented is believed to be correct, no representation is made by Vanguard Properties as to the accuracy or complete - 3,000 ness of the information. The information presented may be subject to updating, revision or verification, and such information may ROWAN Potrero Hill 213 453 666 change in a material nature. This is not an offer to sell property, and is intended for information purposes only. This Report should South of Market 0 3,0382,500 3,038 not be relied upon or utilized in making investment decisions. ©2015 Vanguard Properties, All rights reserved. 2,000

Transbay 67 Units 0 67 3,366 3,454 1,500 3,019 Upper Market 0 87 87 2,730 2,260 2,197 2,330 1,000 1,859 1,872 Van Ness Corridor 34 0 34 1,619 1,780 1,675 500 1,225 1,082 Totals 736 4,662 909 906 909 5,398 794 532 348 0 PG.28 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 The category, under construction - condominiums, does not include developments which are preselling1995 1996 units.1997 These1998 developments1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 PG.322009 2010SAN FRANCISCO2011 2012 RESIDENTIAL2013 2014 DEVELOPMENT JUNE 2015 are categorized as Currently Selling. Northern Neighborhoods covers Cathedral Hill, Western Addition, Pacific Heights, Nob Hill, Lower Nob Hill, Financial District, Russian Hill, Telegraph Hill, North Beach & Marina/Cow Hollow. Southern Neighborhoods covers Oceanview, Glen Park, Outer Mission, Mission Terrace, Visitacion Valley.

Western Neighborhoods covers Park Merced, Parkside, Forest Knolls, Richmond, Sunset,PG.31 SAN Laurel FRANCISCO Heights. RESIDENTIAL DEVELOPMENT JUNE 2015 REPORT NOTES PG.30 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 While the Report focuses on condominiums, select information on apartments has been presented as well. The most recent available data has been used, with data from MAY 2014/2015 used for comparisons. Be- low Market Rate (BMR) and senior housing units have been omitted from closings and statistics. Note that it can take a few months before unit closings appear in the public records.

PG.1 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 STATE OF DEVELOPMENT

Redevelopment efforts at the Schlage Site inVisitacion Valley are well underway, with the Developer work- ing through design and programmatic elements. The first phase consists of nearly 600 units plus a planned grocery store. In 1926, Schlage Lock opened a manu- facturing Plant on the Site. In 1999, after a sale of the Company, the manufacturing facility was closed. After nearly ten years of planning efforts, the City approved a development plan for the Site mid last year. In all, the 20 acre Site will result in nearly 1,700 units, with 15% desig- nated Below Market Rate. Nearly 50,000 square feet of planned retail will supplement the existing retail district on Leland Avenue. Two acres of planned open space in- clude a park and greenway. An extension of the existing street grid onto the Site, will create a sense of continuity with the existing neighborhood. The Site has the distinct advantage of being adjacent to a CalTrain Station and two major Muni lines. The Site is also within close proxim- ity to McLaren Park, the City’s second largest park, which includes Coffman Pool. Infrastructure construction on the site could commence as early as next year. Recently, a second Developer announced plans to build some 200 units on a plot of land adjacent to the Schlage Site. For additional information, visit SFPlanning.org. DEVELOPMENT NEWS...

CURRENTLY SELLING

Preselling has commenced at Fulton 555, a 139-unit condominium Development in Hayes Valley.

Nearly three-fourths of units are reserved at 400 Grove, in just two-months time. Absorption measures at about 13 units/month.

Over forty-percent of the units at The Rockwell are in-contract, representing an approximate absorption rate of 55 units/month.

Lumina has released its 42-story Tower B. First closings at the Development are anticipated in the third quarter.

IN PLANNING Construction has commenced at 360 Berry Street in Mission Bay. The Development will consist of 129 apartments (30 BMR), and completion is anticipated by Q3 2016. The Planning Commission approved plans for a 27-unit (4 BMR) condominium project at 600 South Van Ness Avenue in the Mission. The Navy transfered 290 acres at Treasure Island to the City, allowing infrastructure construction to commence next year. The Developer of 75 Howard has reduced the proposed building height from 292-feet to 220-feet, reducing the unit count by 26.

PG.2 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 MARKET PERFORMANCE

$/SqFt Currently Year-Over-Year Month-Over-Month New Condominium $1,174/SqFt 8% 6% Resale Condominium $1,060/SqFt 12% 4% New Apartment $5.02/SqFt 7% n/a

NEW CONDOMINIUM PRICING & VOLUME

Median Price & Sales Volume Most Recent Month $1,600,000 30 Median Sale Price: $1,285,000 $1,400,000 25 $1,200,000 $1,000,000 20 Number of Units Closed: 6 $800,000 15 $600,000 10

$400,000 Number Sold

Median Sale Price $200,000 5 $0 0

Median Sale Price # Closings

RESALE CONDOMINIUM PRICING & VOLUME

Median Price & Sales Volume Most Recent Month $1,400,000 250 Median Sale Price: $1,105,000 $1,200,000 225 200 $1,000,000 Number of Units Closed: 177 175 $800,000 150 $600,000 125

$400,000 100 Number Sold Median Sale Price $200,000 75 $0 50

Median Sale Price # Closings

NEW APARTMENT PRICING & OCCUPANCY

Average Price & Occupancy Most Recent Quarter $3,800 95.0% Average Price: $3,775/month $3,700 94.0% $3,600 93.0% Average Occupancy: 93% $3,500 92.0% $3,400 91.0%

$3,300 90.0% Occupancy Average Price Average $3,200 89.0% $3,100 88.0% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Average Price Occupancy

PG.3 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling Fulton 555

555 Fulton Street at Octavia | Hayes Valley Status: 139 units available/0 in-contract/0 closed Ground Broken: May 2014 Date on Market: June 2015 First Closings Anticipated: Q4 2015 Project info: 5-stories, 148 parking spaces (77 retail/68 residential) Developer: Fulton Street Ventures Architect: Ian Birchall & Associates Retail: 30,000 SqFt grocery store Features & Finishes: n/a Amenities: Lounge, Roof terrace, Dog park, Bicycle repair station, Conference room Website: Fulton555.com

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range Junior 1 - Bedroom 21 446 - 523 SqFt n/a 1 - Bedroom 51 542 - 1,269 SqFt n/a 2 - Bedroom 64 690 - 1,153 SqFt n/a 3 - Bedroom 2 1,852 - 2,118 SqFt n/a 4 - Bedroom Penthouse 1 2,304 SqFt n/a

PG.4 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling 6 MINT PLAZA

6 Mint Plaza (5th & Mission) | South of Market Status: 19 units available/3 in-contract/0 closed, Average $/SqFt: $1,333 Date on Market: May 2015 Project info: 8-stories, Monthly HOA fee: $472 - $665, 2 parking spaces (for penthouse) Owner: The Carlyle Group/Veritas Features & Finishes: Historic rehab of early twentieth-century building, Acid-stained concrete floors, Exposed concrete and plaster walls, Industrial-era windows, Birch wood doors, Viking refrigerators, Thermador cook tops, Bosch washer/dryers, Concrete and stone counter tops, Monarch hardwood floors, Stainless steel soaking tubs, Walk-in closets, Private balconies, Central heat and air conditioning Amenities: Roof terrace with spa and BBQ, Gym, Fob-secured entry, 24-hour guard service, Mint Plaza Merchants: Blue Bottle Coffee, Mint 54 Italian Kitchen, flower stand Website: 6MintPlaza.com

Current Listings

Unit Number Type SqFt List Price $/SqFt

201 1/1 664 $695,000 $1,047 301 1/1 661 $770,000 $1,165 304 2/2 914 $1,195,000 $1,307 402 2/1 832 $945,000 $1,136 503 2/1 799 $925,000 $1,158 701 1/1 661 $835,000 $1,263 703 2/1 799 $970,000 $1,214 801 1/1 661 $870,000 $1,316 Penthouse 3/3.5 3,543 $5,500,000 $1,552

PG.5 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling 400 GROVE

400 Grove Street at Gough | Hayes Valley Status: 9 units available/25 reserved/0 closed, Approximate absorption: 13 units/month, Average $/SqFt: $1,279 Project info: 34 units, 4 BMRs, 5-stories, 17 parking spaces, Monthly HOA fee: $600 - $950 Pre-sale: April 2015 Closings anticipated: Q3 2015 Developer: DM & DDG Architect: Fougeron Landscape Architect: Marta Fry Features & Finishes: Redwood rain screen, FSC certified wide- plank oak flooring, LED accent lighting, SieMatic cabinetry, Corian counter tops, Bosch appliances, Liebherr refrigerator Amenities: Virtual Doorman, Courtyard bamboo garden, Roof terrace, On-site restaurant Website: 400Grove.com

Current Listings

Unit Number Type SqFt Parking List Price $/SqFt

104 0/1 577 0 $694,000 $1,203 403 2/2 905 0 $1,125,000 $1,243 402 2/2 1,098 1 $1,528,000 $1,392

Unit Mix & Pricing Summary

Number of Unit Type Units* Size Range Price Range Junior 1 - Bedroom 7 428 - 578 SqFt $550K + 1 - Bedroom 6 570 - 815 SqFt $700K + 2 - Bedroom 17 905 - 1,369 SqFt $1.1M +

*BMRs excluded

PG.6 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling SAN FRANCISCO SHIPYARD (2nd Release)

11 Innes Court - Hunters Point Status: 127 units available/32 in-contract/0 closed, Approximate absorption: 16 units/month, $/SqFt: $753 Project info: 159 units, 24 BMRs, Two-car parking for townho- mes, One-car parking for condominiums, Monthly HOA fees: $216 - $420 Pre-sale: April 2015 Closings anticipated: Q1 2016 Developer: Lennar Urban Architect: Kava Massih Features & Finishes: Nest thermostats and smoke/carbon diox- ide detectors, Bosch appliances, Caesarstone and quartz count- er tops, Barbosa high-gloss cabinetry, Porcelanosa bathroom floors, Plyboo wire-brushed hardwood floors, Private outdoor spaces, Secured parking, Dropcam Amenities: Shuttle service to Downtown, Terraces, Bicycle park- ing Website: TheSFShipyard.com

Current Listings

Unit Type SqFt Parking List Price $/SqFt 201 - Innes South 1+/1 760 1 $648,500 $853 202 - Hudson South 1+/1 811 1 $648,800 $800 302 - Hudson South 1+/1 811 1 $668,500 $824 202 - Innes South 2/2 956 1 $765,500 $801 204 - Innes South 2/2 970 1 $790,500 $815 302 - Innes South 2/2 956 1 $788,500 $825 304 - Innes North 2/2 970 1 $772,600 $796 203 - Hudson South 2/2 956 1 $775,600 $811 301 - Hudson South 2/2 970 1 $780,500 $805 303 - Hudson South 2/2 956 1 $795,800 $832 Townhome 151 3/3 1,419 2 $920,500 $649 Townhome 175 3/3 1,419 2 $920,500 $649 Townhome 174 3/3 1,419 2 $920,500 $649 Townhome 198 3/3 1,419 2 $948,600 $668

PG.7 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling THE ROCKWELL

1688 Pine Street at Franklin | Pac Heights - Van Ness Corridor Status: 150 units available, 110 units in-contract, 0 units closed, Approximate absorption: 55 units/month Project info: Two 13-story towers, 260 units, 31 BMRs, 201 parking spaces, 5,500 SqFt retail, Monthly HOA fee: $600 - $1,000 Ground broken: Q4 2014 Pre-sale: April 2015 First Closings anticipated: Q1 2016 Developer: Oyster Development (Tricon Capital – equity partner) Architect: Kwan Henmi Amenities: Resident’s lounge with kitchen/screening room, Roof terrace with fireplace, Fitness center, Courtyard garden with fire- place/BBQ, 24-hour lobby attendant, Lounge with bar Features & Finishes: Private balconies, Air conditioning, Caesar- stone counter tops, Porcelain tile in bathrooms, Studio Becker cabinetry, Bosch/Bertazzoni appliances, Walk-in shower and dual sinks in master bathrooms Website: TheRockwellSF.com

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range 1 - Bedroom 142 448 - 832 SqFt $600K - $1M 2 - Bedroom 117 874 - 1,515 SqFt $1M - $2.5M 3 - Bedroom 1 1,762 SqFt $3.1M

PG.8 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling SEVENTY 2 TOWNSEND

72 Townsend Street at 2nd | SOMA - South Beach Status: 60 units available/14 units in-contract/0 closed, Aver- age $/SqFt: $1,286 Project info: 74 units, 7 BMRs, 9-stories, 74 parking spaces, HOA: $653 - $1,257, Ground broken: Q1 2014 Date on market: April 2015 Closings anticipated: Q3 2015 Developer: KB Home Architect: SB Architects Amenities: Lobby attendant, Roof terrace, Resident’s lounge Features & Finishes: Private decks, Bay and City views, Walk- in showers, Soaking tubs, Floor-to-ceiling windows, Approxi- mately 9’ ceiling heights Website: 72Townsend.com

Current Listings

Unit Type SqFt Parking List Price $/SqFt

403 1/1.5 785 1 $949,000 $1,209 409 2/2 1,136 1 $1,445,000 $1,272 n/a 1/1 632 1 $825,000 $1,305 505 1/1 632 1 $856,000 $1,354 407 1/1.5 851 1 $999,000 $1,174 506 2/2 1,176 1 $1,650,000 $1,403 412 1/1.5 900 1 $1,179,000 $1,310 507 1/1.5 851 1 $1,110,025 $1,304 404 2/2 1,260 1 $1,540,000 $1,222 609 2/2 1,136 1 $1,599,000 $1,408

Unit Mix & Pricing Summary

Number of Unit Type Units* Size Range Price Range 1 - Bedroom 31 619 - 1,005 SqFt $825K - $1.4M *BMRs excluded 2 - Bedroom 33 935 - 1,289 SqFt $1.4M - $1.8M 2 - Bedroom Penthouse 1 1,444 SqFt $3.5M 3 - Bedroom Penthouse 2 1,571 - 1,740 SqFt $3.5M - $4.4M

PG.9 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling LUMINA

201 Folsom Street at Beale | South Beach Status: 386 units available/280 in-contract/0 closed, Approxi- mate $/SqFt: $1,450, Approximate absorption: 31 units/month Project info: 656 units, one 42-story tower, one 37-story tower, two 8-story podiums Developer: Tishman Speyer (China Vanke – equity partner) Architect: Bernardo Fort-Brescia of Arquitectonica Date on market: September 2014 First closings anticipated: Q3 2015 Amenities: 10,500 SqFt rooftop with vegetable garden/din- ing/fire pits/movie screening, 7,000 SqFt fitness center with yoga studio/aerobics room/20-foot climbing wall, lounge with fireplace/bar, private dining room with chef’s kitchen/prep kitchen/fireplace/outdoor terrace, screening room with tiered seating for thirty/surround sound, 75-foot lap pool, library with WIFI, 2,000 SqFt spa with treatment room/day lockers/steam room/sauna, children’s room, music practice room, pet groom- ing station, on-site gourmet grocer Features & Finishes: 9’ to 10’10” ceilings, Bay views, Gaggenau ovens/cook tops, Bosch refrigerators/dishwashers, Caesarstone quartz counter tops/backsplash, SieMatic cabinetry, marble vanity counter tops, porcelain tile bathroom floors/shower walls, Nest Thermostats Website: LuminaSF.com

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range Studio/Jr. 1-Bedroom 16 650 - 870 SqFt $850K - $950K 1 - Bedroom 200 850 - 1,400 SqFt $1.1M - $1.7M 2 - Bedroom 373 1,180 - 1,600 SqFt $1.6M - $3.5M 3 - Bedroom 67 1,700 - 2,650 SqFt $3.2M - $6M

PG.10 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling TOWNHOMES ON TENNESSEE

1189 Tennessee Street at 22nd | Dogpatch Status: 3 units available (2 residential, 1 commercial)/6 in-contract/2 closed, Average $/SqFt: $1,006 Project info: 11 units, 4-stories, 12 parking spaces, HOA: $481 - $693 Date on market: April 2015 Architect: Gary Gee Amenities: Elevator, Bicycle storage Features & Finishes: Wide-plank oak floors, Underfloor heating, Elfa clos- et systems, Vaulted ceilings, Private terraces, Viking appliances, Quartz counter tops, Grohe faucets, Soaking tubs Website: DogpatchTownhomes.com

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range 1 - Bedroom 2 866 - 1,004 SqFt $1.1M 2 - Bedroom 4 1,034 - 1,673 SqFt $1.25M - $1.55M 3 - Bedroom 2 1,652 - 1,922 SqFt $1.7M - $1.8M Commercial Condominium 3 844 - 1,571 SqFt $695K - $795K

INDIA COVE LOFTS

748 Innes Avenue | Hunters Point Status: 6 units available/0 in-contract/0 closed, Average $/SqFt: $656 Project info: 6 units, 4-stories, Monthly HOA fee: $600 - $750 Date on market: April 2015 Architect: Samuel Kwong Amenities: On-site health spa, Roof terrace Features & Finishes: Granite counter tops, Gas fireplaces, Bay and City views Website: IndiaCoveLofts.com

Current Listings

Unit Type SqFt Parking List Price $/SqFt

303 1/1.5 775 1 $555,000 $716 304 1/1.5 862 1 $559,000 $648 302 1/1.5 981 1 $599,000 $611 301 2/2 998 1 $649,000 $650

PG.11 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling V20

3590 20th Street at Valencia | Mission Status: 4 units available/11 in-contract/3 leased/0 closed, Average $/SqFt: $1,583 Project info: 18 units, 5-stories, 18 parking spaces, Monthly HOA fee: $445 - $527 Date on market: March 2015 Architect: Kerman Morris Architects Amenities: Roof terrace, Courtyard, Elevator, Bicycle storage Features & Finishes: Private outdoor spaces, Oak floors, Stu- dio Becker cabinetry, Miele appliances, Pentalquartz counter tops, Grohe fixtures, Walk-in showers, Gas fireplaces Website: Valencia20.com

Current Listings

Unit Type SqFt Parking List Price $/SqFt

203 2/2 1,166 1 $1,695,000 $1,454 204 3/2.5 1,578 1 $2,495,000 $1,581 501 3/2.5 1,722 1 $2,795,000 $1,623 505 2+/3 1,634 1 $2,595,000 $1,588 507 2+/3 1,526 1 $2,495,000 $1,635

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range 2 - Bedroom 4 1,126 - 1,221 SqFt $1.7M - $2.6M 3 - Bedroom 14 1,266 - 1,634 SqFt $2.5M - $2.8M

PG.12 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling MISSION@1875

1875 Mission Street at 15th | Mission Status: 9 units available (6 BMR)/8 in-contract/22 closed, Average $/SqFt: $1,050, Approximate absorption: 4 units/ month Date on market: October 2014 Developer: M1875 LLC Project info: 39 units, 4-stories, 6 BMRs, 24 parking spac- es, Monthly HOA fee: $400 - $520 Amenities: Rooftop pool, dog run Finishes: Ann Sacks/Porcelanosa tile, hardwood floors, Blanco faucets, Bertazzoni microwaves/ranges, Leibherr refrigerators, brass entry doors, Heath Ceramics house numbers, radiant heated floors Website: M1875.com Closing Details

Development - Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Mission@1875 - 308 0/1 623 0 $675,000 $1,083 5/14/2015 Mission@1875 - 208 0/1 626 0 $625,000 $998 5/11/2015 Mission@1875 - 312 2/1 805 1 $910,000 $1,130 4/24/2015 Mission@1875 - 210 1/1 779 1 $780,000 $1,001 4/23/2015 Mission@1875 - 412 2/1 801 1 $980,000 $1,223 4/22/2015 Mission@1875 - 204 1/1 752 1 $740,000 $984 4/21/2015 Mission@1875 - 203 1/1 754 1 $754,000 $1,000 4/17/2015 Mission@1875 - 209 1/1 800 1 $765,000 $956 4/17/2015 Mission@1875 - 406 2/1 631 1 $700,000 $1,109 4/14/2015 Mission@1875 - 403 2/1 752 1 $920,000 $1,223 4/1/2015 Mission@1875 - 106 0/1 619 0 $560,000 $905 3/31/2015 Mission@1875 - 202 1/1 772 1 $754,000 $977 3/16/2015 Mission@1875 - 305 2/1 780 1 $905,000 $1,160 3/10/2015 Mission@1875 - 107 0/1 633 0 $575,000 $908 3/6/2015 Mission@1875 - 407 0/1 645 0 $650,000 $1,008 3/6/2015 Mission@1875 - 108 0/1 620 0 $589,000 $950 2/27/2015 Mission@1875 - 206 0/1 626 0 $619,000 $989 2/27/2015 Mission@1875 - 211 1/1 799 1 $775,000 $970 2/27/2015 Mission@1875 - 212 2/1 804 1 $867,000 $1,078 2/27/2015 Mission@1875 - 309 1/1 804 1 $899,000 $1,118 2/27/2015 Mission@1875 - 306 0/1 620 0 $650,000 $1,048 2/25/2015 Mission@1875 - 304 1/1 751 1 $901,200 $1,200 2/20/2015

PG.13 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling SUMMIT 800

800 Brotherhood Way at Junipero Serra | Park Merced Status: 117 units available/41 in-contract/24 closed, Approximate absorp- tion: 6 units/month, Average $/SqFt: $712 Developer: Comstock Homes & Maracor Development Project info: 182 units, Townhomes and single family homes, 2-3 car park- ing, Monthly HOA fee: $205 - $760 Date on market: July 2014 Amenities: HOA maintained front yard landscaping, adjacent to two-acre park with tot lot/dog area Features and Finishes: Decks, walk-in closets, Copper Creek polished chrome door hardware, Emser ceramic tile floors, Crema Marfil master bath floors, Superior Shaw stain-resistant carpet, Andersen windows and sliding doors, granite kitchen counter tops and backsplash, Viking appli- ances, Kohler sinks and tubs, Delta faucets, powder rooms in each floor plan, Piedrafina bathroom counter tops and surrounds, 1.5 KW solar sys- tem, tank-less water heaters Website: Summit800.com

Current Listings

Unit Type SqFt Parking List Price $/SqFt 155 3/2.5 2,024 2 $1,349,000 $667 159 3/2.5 2,133 2 $1,295,000 $607 186 3/2 1,547 2 $998,000 $645 188 3/2.5 1,839 2 $1,125,000 $612 287 3/2.5 2,001 3 $1,449,000 $724

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date 89 3/2.5 2,024 2 $1,400,000 $692 5/22/2015 83 3/2.5 2,024 2 $1,516,329 $749 5/7/2015

PG.14 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Currently Selling VIDA

2558 Mission Street at 22nd | Mission Status: 1 unit available/7 in-contract/106 closed, Approxi- mate absorption: 8 units/month, Average $/SqFt: $1,084 Developer: Oyster Development Architect: Kwan Henmi Project info: 114 units, 8-stories, off-site BMRs, 77 parking spaces, Monthly HOA fee: $430 - $620, Date on market: March 2014 Amenities: Roof terrace with BBQ, lounge area Finishes: Bosch & Bertazzoni appliances, quartz counter tops, exposed concrete ceilings and columns, porcelain tile bathroom floors Website: VidaSF.com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Vida - 314 1/1 507 0 $575,000 $1,134 3/31/2015 Vida - 204 1/1 680 0 $649,000 $954 3/25/2015 Vida - 306 2/2 943 1 $939,000 $996 3/6/2015 Vida - 413 1/1 631 0 $689,000 $1,092 2/27/2015 Vida - 402 1/1 816 1 $799,000 $979 2/17/2015 Vida - 315 0/1 494 0 $579,000 $1,172 1/30/2015 Vida - 307 2/2 916 1 $917,000 $1,001 1/29/2015 Vida - 415 0/1 494 0 $599,000 $1,213 1/27/2015 Vida - 416 0/1 517 0 $599,000 $1,159 1/15/2015 Vida - 509 2/2 1,003 1 $1,195,000 $1,191 1/15/2015 Vida - 313 1/1 631 0 $654,000 $1,036 1/13/2015 Vida - 212 1/1 631 0 $691,500 $1,096 12/3/2014 Vida - 215 0/1 494 0 $585,000 $1,184 12/3/2014 Vida - 216 0/1 517 0 $595,000 $1,151 12/3/2014 Vida - 301 2/2 1,144 1 $1,190,500 $1,041 12/3/2014 Vida - 303 1/1 832 1 $822,500 $989 12/3/2014 Vida - 305 2/2 1,104 1 $1,155,000 $1,046 12/3/2014 Vida - 316 0/1 517 0 $585,000 $1,132 12/3/2014 Vida - 318 1/1 725 1 $765,500 $1,056 12/3/2014 Vida - 409 2/2 1,003 1 $1,137,000 $1,134 12/3/2014 Vida - 501 2/2 1,071 1 $1,174,000 $1,096 12/3/2014 Vida - 503 1/1 832 1 $849,000 $1,020 12/3/2014 Vida - 510 2/2 930 1 $1,019,000 $1,096 12/3/2014 Vida - 513 1/1 631 0 $696,000 $1,103 12/3/2014 Vida - 515 0/1 494 0 $631,500 $1,278 12/3/2014 Vida - 518 1/1 739 1 $827,000 $1,119 12/3/2014

PG.15 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 8 OCTAVIA

8 Octavia Street at Market | Hayes Valley Status: Approximate absorption: 4 units/month, Average $/ SqFt: $1,181 Project info: 47 units, 8-stories, Monthly HOA fee: $500 - $850, 7 BMRs, 24 parking spaces Date on market: June 2014 All units in-contract: May 2015 Developer: DM & DDG Architect: Stanley Saitowitz Landscape architect: Marta Fry Amenities: Roof terrace Features & Finishes: Louvered facade, SieMatic kitchen cabinetry, Corian counter tops, FSC certified wide-plank oak flooring, Visionline key-less entry, Virtual Doorman, Webpass, Nest Thermostats Website: 8Octavia.com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

8 Octavia - 802 2/2 1,001 1 $1,250,000 $1,249 5/28/2015 8 Octavia - 801 2/2 968 1 $1,320,000 $1,364 5/22/2015 8 Octavia - 502 2/2 1,001 1 $1,120,000 $1,119 4/29/2015 8 Octavia - 504 2/2 1,001 1 $1,250,000 $1,249 4/29/2015 8 Octavia - 704 2/2 1,001 1 $1,230,000 $1,229 4/24/2015 8 Octavia - 702 2/2 1,001 1 $1,130,000 $1,129 4/9/2015 8 Octavia - 805 3/3 1,757 1 $2,599,999 $1,480 3/13/2015 8 Octavia - 404 2/2 1,001 0 $939,000 $938 2/18/2015 8 Octavia - 303 1/1 726 0 $729,000 $1,004 1/6/2015 8 Octavia - 301 2/2.5 968 0 $980,000 $1,012 10/21/2014 8 Octavia - 302 2/2 1,001 0 $940,000 $939 10/21/2014 8 Octavia - 304 2/2 1,001 0 $1,000,000 $999 10/21/2014 8 Octavia - 403 1/1 726 0 $749,000 $1,032 10/21/2014 8 Octavia - 406 2/2 1,001 1 $950,000 $949 10/21/2014 8 Octavia - 501 2/2.5 968 1 $1,125,000 $1,162 10/21/2014 8 Octavia - 505 1/1 726 0 $749,000 $1,032 10/21/2014 8 Octavia - 506 2/2 1,001 1 $1,320,000 $1,319 10/21/2014 8 Octavia - 508 2/2 1,001 1 $1,320,000 $1,319 10/21/2014 8 Octavia - 601 2/2.5 968 1 $1,150,000 $1,188 10/21/2014 8 Octavia - 602 2/2 1,001 0 $959,000 $958 10/21/2014 8 Octavia - 604 2/2 1,001 1 $1,215,000 $1,214 10/21/2014 8 Octavia - 605 1/1 726 0 $779,000 $1,073 10/21/2014 8 Octavia - 608 2/2 1,001 1 $1,165,000 $1,164 10/21/2014 8 Octavia - 701 2/2.5 968 1 $1,165,000 $1,204 10/21/2014 8 Octavia - 803 3/3 1,757 1 $2,549,000 $1,451 10/21/2014 8 Octavia - 806 2/2.5 1,225 1 $1,600,000 $1,306 10/21/2014

PG.16 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 16th & BRYANT

2421-2425 16th Street at Bryant | Mission Average $/SqFt: $950 Date on market: January 2015 Project info: 12 units, 4-stories, 1 BMR, 12 parking spaces, Month- ly HOA fee: $490 - $650 Finishes: Living areas with white oak hardwood floors, Patios with Eleganza quartzite pavers, Kitchens with Liebherr HCB 30 inch fully integrated refrigerator & freezer, Bertazzoni Master Series 30-inch 4-burner gas range Amenities: Bicycle storage Website: 16thandBryant.com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date 16th & Bryant - 402 2/2 1,158 1 $1,185,000 $1,023 3/30/2015 16th & Bryant - 301 2/2 1,024 1 $1,005,000 $981 3/27/2015 16th & Bryant - 303 2/2 1,133 1 $1,149,000 $1,014 3/27/2015 16th & Bryant - 302 2/2 1,157 1 $1,099,000 $950 3/25/2015 16th & Bryant - 2425 3/2.5 1,900 1 $1,375,000 $724 3/24/2015 16th & Bryant - 201 2/2.5 1,228 1 $1,362,000 $1,109 3/20/2015 16th & Bryant - 2423 3/2.5 1,891 1 $1,331,000 $704 3/20/2015 16th & Bryant - 202 2/2.5 1,208 1 $1,299,000 $1,075 3/13/2015 16th & Bryant - 401 2/2 1,021 1 $1,200,000 $1,175 3/13/2015 16th & Bryant - 404 2/2 1,022 1 $1,105,000 $1,081 3/13/2015

TOWNHOMES ON THIRD

4132 3rd Street at Innes | Bayview Average $/SqFt: $684 Project info: 7 units, 4-stories, 7 parking spaces, Monthly HOA Fee: $570 - $590 Date on market: January 2015 All units in-contract: May 2015 Developer: Mutual Seiko Construction Architect: Alan Martinez Finishes: Quartz counter tops, Glass tile backsplash, Blanco and Hansgrohe fixtures, Wide-plank hardwood floors, Security sys- tems Website: Townhomeson3rd.com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date Townhomes on Third - 5 2/2 1,314 1 $910,000 $693 6/2/2015 Townhomes on Third - 4 3/2.5 1,391 1 $899,000 $646 6/1/2015 Townhomes on Third - 2 3/2.5 1,391 1 $929,000 $668 4/21/2015 Townhomes on Third - 6 2/2 1,432 1 $1,000,000 $698 4/17/2015 Townhomes on Third - 3 3/2.5 1,391 1 $929,000 $668 3/31/2015 Townhomes on Third - 7 2/2 1,391 1 $1,030,000 $740 3/17/2015 Townhomes on Third - 1 3/2.5 1,391 1 $935,000 $672 3/12/2015

PG.17 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 870 HARRISON

870 Harrison Street at 4th | SOMA Status: Approximate absorption: 5 units/month, Average $/SqFt: $1,075 Developer: JS Sullivan Architect: RG Architecture Project info: 26 units, 4 BMRs, 6-stories, Date on market: October 2014, HOA: $475 - $600 Amenities: Roof terrace with BBQ, bicycle storage Features and Finishes: Floor-to-ceiling bay windows, radiant floor heating, 13’ penthouse ceilings, white oak flooring, Caesarstone counter tops, Bertazzoni ranges, Bosch dishwashers, Grohe plumbing fixtures, Porcelanosa Krion backsplash

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

870 Harrison - 505 2/1.5 898 1 $955,000 $1,063 4/1/2015 870 Harrison - 605 2/1.5 883 1 $960,000 $1,087 2/20/2015 870 Harrison - 404 2/1.5 845 1 $895,000 $1,059 1/30/2015 870 Harrison - 201 1/1 628 0 $560,000 $892 11/11/2014 870 Harrison - 202 1/1 598 0 $595,000 $995 11/11/2014 870 Harrison - 203 1/1 531 0 $575,000 $1,083 11/11/2014 870 Harrison - 204 1/1 616 0 $575,000 $933 11/11/2014 870 Harrison - 206 1/1 545 0 $535,000 $982 11/11/2014 870 Harrison - 301 1/1 628 0 $685,000 $1,091 11/11/2014 870 Harrison - 302 1/1 598 0 $615,000 $1,028 11/11/2014 870 Harrison - 303 1/1 531 0 $595,000 $1,121 11/11/2014 870 Harrison - 401 1/1 628 1 $650,000 $1,035 11/11/2014 870 Harrison - 402 1/1 598 0 $650,000 $1,087 11/11/2014 870 Harrison - 403 1/1 531 0 $575,000 $1,083 11/11/2014 870 Harrison - 501 1/1 628 1 $680,000 $1,083 11/11/2014 870 Harrison - 503 1/1 531 0 $578,000 $1,089 11/11/2014 870 Harrison - 601 1/1 613 1 $800,000 $1,305 11/11/2014 870 Harrison - 604 2/1.5 814 1 $950,000 $1,167 11/11/2014 870 Harrison - 602 1/1 583 1 $720,000 $1,235 11/10/2014

PG.18 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out AMERO

1501 Filbert Street at Van Ness | Cow Hollow Average $/SqFt: $1,372 Developer: Trumark Urban Architect: NC2 Studio Project info: 27 units, 0 BMRs, 7-stories, HOA: $560 - $765, Date on mar- ket: July 2014 Amenities: Roof terrace with BBQ/fireplace, lobby lounge, entry water feature, bicycle parking Features & Finishes: Studio Becker cabinetry, Haussmann stone bathroom counter tops and flooring, Bolyu bedroom carpeting, DuChateau wide-plank oak flooring, Domus & Domus cabinetry, Bertazzoni range ovens, Bosch microwaves & dishwashers, Thermador refrigerators, Kohler sinks, quartz counter tops Website: AmeroSF.com Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Amero - TH1A 3/3.5 2,345 1 $2,495,000 $1,064 4/8/2015 Amero - PH7G 2/2 1,613 2 $3,475,000 $2,154 2/27/2015 Amero - TH5F 2/2.5 1,789 1 $2,485,000 $1,389 2/27/2015 Amero - PH7C 2/2 1,040 1 $1,648,000 $1,585 2/23/2015 Amero - PH7A 2/2 1,132 2 $1,575,000 $1,391 2/2/2015 Amero - 5C 2/2 1,130 1 $1,600,000 $1,416 1/30/2015 Amero - 5G 2/2 1,770 1 $2,500,000 $1,412 1/27/2015 Amero - 6C 2/2.5 1,130 1 $1,799,000 $1,592 1/2/2015 Amero - 5D 2/2.5 1,768 1 $2,575,000 $1,456 12/16/2014 Amero - PH7E 2/2.5 1,680 2 $3,550,000 $2,113 12/6/2014 Amero - 3C 2/2 1,130 1 $1,325,000 $1,173 11/25/2014 Amero - 6A 2/2 1,220 1 $1,464,000 $1,200 11/25/2014 Amero - 4C 2/2 1,130 1 $1,450,000 $1,283 11/24/2014 Amero - PH7D 2/2.5 1,562 2 $3,700,000 $2,369 11/24/2014 Amero - 3B 2/2 1,192 1 $1,239,000 $1,039 11/22/2014 Amero - 6B 2/2 1,192 1 $1,399,000 $1,174 11/22/2014 Amero - TH1B 3/3.5 2,470 1 $2,450,000 $992 11/22/2014 Amero - TH1C 3/3.5 2,570 1 $2,325,000 $905 11/22/2014 Amero - 3D 2/2.5 1,662 1 $1,850,000 $1,113 11/21/2014 Amero - 3A 2/2 1,222 1 $1,279,000 $1,047 11/15/2014 Amero - 4A 2/2 1,220 1 $1,345,000 $1,102 11/15/2014 Amero - 4B 2/2 1,192 1 $1,289,000 $1,081 11/13/2014 Amero - 5B 2/2 1,192 1 $1,340,000 $1,124 11/13/2014 Amero - 5A 2/2 1,220 1 $1,390,000 $1,139 11/9/2014 Amero - PH7F 2/2.5 1,634 2 $3,500,000 $2,142 10/13/2014

PG.19 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out 35 DOLORES

35 Dolores Street at Market | Mission Dolores Status: Approximate absorption: 6 units/month, Average $/SqFt: $1,231 Developer: Lightner Property Group Architect: Levy Design Partners Project info: 37 units, 4-stories, HOA: $300 - $425, Date on market: September 2014 Amenities: Courtyard, double-height lobby, guest studio, rear yard, bicycle storage, dog wash, car wash area, wiring for EV charging Finishes: Exterior louvers, fireplaces, Viking appliances, quartz counter tops, wide-plank oak flooring, porcelain tile bathroom floors, Maytag washer/dryers Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

35 Dolores - 402 2/2 1,133 1 $1,550,000 $1,368 3/31/2015 35 Dolores - 104 1/1 750 0 $895,000 $1,193 3/2/2015 35 Dolores - 105 1/1 670 0 $795,000 $1,187 2/26/2015 35 Dolores - 308 3/2 1,280 1 $1,610,000 $1,258 2/25/2015 35 Dolores - 101 2/2 1,175 1 $1,350,000 $1,149 2/19/2015 35 Dolores - 107 2/2 1,170 1 $1,495,000 $1,278 2/7/2015 35 Dolores - 206 2/2 1,188 1 $1,345,000 $1,132 2/7/2015 35 Dolores - 305 1/1 670 0 $745,000 $1,112 2/7/2015 35 Dolores - 406 2/2 1,186 1 $1,575,000 $1,328 2/7/2015 35 Dolores - 405 1/1 670 0 $800,000 $1,194 2/3/2015 35 Dolores - 201 2/2 1,152 1 $1,225,000 $1,063 1/31/2015 35 Dolores - 204 1/1 750 0 $790,000 $1,053 1/31/2015 35 Dolores - 306 2/2 1,186 1 $1,495,000 $1,261 1/31/2015 35 Dolores - 401 2/2 1,237 1 $1,495,000 $1,209 1/31/2015 35 Dolores - 404 1/1 755 1 $900,000 $1,192 1/31/2015 35 Dolores - 409 1/1 620 0 $739,000 $1,192 1/31/2015 35 Dolores - 205 1/1 665 0 $730,000 $1,098 1/30/2015 35 Dolores - 108 3/2 1,267 1 $1,695,000 $1,338 1/26/2015 35 Dolores - 106 2/2 1,170 1 $1,465,000 $1,252 1/24/2015 35 Dolores - 207 2/2 1,165 1 $1,295,000 $1,112 1/24/2015 35 Dolores - 208 3/2 1,280 1 $1,495,000 $1,168 1/24/2015 35 Dolores - 303 2/2 935 1 $1,145,000 $1,225 1/24/2015 35 Dolores - 304 1/1 755 0 $830,000 $1,099 1/24/2015 35 Dolores - 310 2/2 995 1 $1,295,000 $1,302 1/24/2015 35 Dolores - 403 2/2 935 1 $1,195,000 $1,278 1/24/2015 35 Dolores - 407 2/2 1,162 1 $1,625,000 $1,398 1/24/2015 35 Dolores - 408 3/2 1,280 1 $1,750,000 $1,367 1/24/2015 35 Dolores - 410 2/2 995 1 $1,395,000 $1,402 1/24/2015

PG.20 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out THE SAN FRANCISCO SHIPYARD (1st Release)

11 Innes Court | Hunters Point Status: Average $/SqFt: $650, Approximate absorption: 10 units/ month Developer: Lennar Urban Date on market: June 2014 First closings: December 2014 Project info: 5-story condominium building (Merchant) & 25 town- homes (Olympia), Monthly HOA fee: $250 - $505, 9 BMRs Amenities: Community park, shuttle service, roof terrace (Merchant) Features & Finishes: Attached garages (Olympia), balconies & patios, Bay & City views, walk-in closets, Barbosa cabinetry, Bosch appliances, quartz and Corian counter tops, porcelain tile, sustain- able Plyboo bamboo floors Website: TheSFShipyard.com

Unit Mix & Pricing Summary

Number of Unit Type Units Size Range Price Range

OLYMPIA TOWNHOMES

2 - Bedroom 18 948 - 1,172 SqFt $650K - $725K 3 - Bedroom 7 1,418 - 1,587 SqFt $850K - $925K

Number of Unit Type Units Size Range Price Range

MERCHANT CONDOS

Studio 1 457 SqFt - 1 - Bedroom 29 595 - 744 SqFt $450K - $500K 2 - Bedroom 32 921 - 1,027 SqFt $550K - $750K 3 - Bedroom 1 1,158 SqFt $675K

PG.21 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out ARDEN

718 & 738 Long Bridge Street at 4th | Mission Bay Status: Approximate absorption: 65 units/month, All units in contract: Sep- tember 2014, Average $/SqFt: $1,135 Developer: Bosa Development; Architect: Chris Dikeakos Project info: 267 units, 0 BMRs, 16-stories, Monthly HOA fee: $775 - $1,175 Date on market: June 2014 Closings anticipated: Q3 2015 Amenities: Attended lobbies, 75’ lap pool, spa, fitness center with changing rooms, resident’s lounge with kitchen/billiards, numerous terraces, BBQ, library, electric car share, workshop, pet grooming facility, common area WIFI and USB ports, storage Features and Finishes: Hardwood floors, Whirlpool washer/dryers, walk-in closets, solid core interior doors, USB and fiber optic wiring, Caesarstone counter tops, Thermador appliances, Grohe plumbing fixtures Website: ArdenByBosa.com Unit Mix and Pricing Summary

Number of Unit Type Units Size Range Price Range

1 - Bedroom 17 732 - 1,168 SqFt $775K - $1M

2 - Bedroom 205 995 - 1,436 SqFt $1M - $1.8M 3 - Bedroom 45 1,611 - 2,044 SqFt $1.5M - $2.5M

LINEA

8 Buchanan Street at Market | Duboce Triangle Average $/SqFt (last six months): $1,060 Date on market: August 2013 Sold-out: December 2014 Developer: Brian Spiers Architect: Arquitectonica Project info: 115 units, 9-stories, HOA: $450 - $675 Amenities: Attended lobby, roof terrace, courtyard Finishes: Quartz counter tops, hardwood floors, Bertazzoni/Liebherr/Bosch appliances Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Linea - 312 1/1 836 0 $749,000 $896 1/2/2015 Linea - 601 2/1 787 1 $899,000 $1,142 12/31/2014 Linea - 813 2/2 963 1 $1,090,000 $1,132 12/22/2014 Linea - 406 1/1 778 1 $829,000 $1,066 11/13/2014

PG.22 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Recently Sold-Out MILLWHEEL NORTH

1275 Indiana Street at 23rd | Dogpatch Average $/SqFt: $869 Developer: The R Group Project info: 39 units, 4-stories, HOA: $400 - $450, Date on market: May 2014, Sold-out: December 2014 Amenities: Courtyard Features & Finishes: Bonelli windows, hardwood floors, Heat & Glo fireplaces, Shaw carpeting, black marble in bathrooms, Inox polished chrome door hardware, Grohe plumbing fixtures, Elfa closet systems, GE washer/ dryers, private outdoor spaces, Bellmont cabinetry, Caesarstone counter tops, KitchenAid refrigerator, Bertazzoni range ovens, Bosch dishwashers, marble flooring, Hydro Systems soaking tubs, porcelain tile bathroom floors

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Millwheel North - 403 2/2 1,096 1 $1,045,000 $953 12/16/14 Millwheel North - 405 2/2 1,215 1 $1,150,000 $947 10/28/14 Millwheel North - 103 2/2 1,467 1 $1,245,000 $849 10/24/14 Millwheel North - 101 2/2 1,360 1 $1,050,000 $772 10/22/14 Millwheel North - 102 2/2 1,121 1 $995,000 $888 10/22/14 Millwheel North - 203 2/2 1,223 1 $949,000 $776 10/22/14 Millwheel North - 206 2/2 1,221 1 $1,100,000 $901 10/22/14 Millwheel North - 301 2/2 1,316 1 $1,125,000 $855 10/22/14 Millwheel North - 304 2/2 1,094 1 $999,000 $913 10/22/14

MINT COLLECTION

2 & 10 Mint Plaza - 410 & 424 Jessie Street (5th & Mission) | SOMA Average $/SqFt (last six months): $1,135 Developer: Martin Building Company Project info: 10-stories, Monthly HOA fee: $350 - $1,200 Date on market: April 2014 Amenities: Roof terrace with BBQ, fitness center, spa Features and Finishes: 11’6” and 11’15” ceilings, granite/concrete counter tops, acid-stained concrete floors

Closing Details

Development - Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Mint Collection - 6 4/4 3,321 1 $3,995,000 $1,203 4/15/2015 Mint Collection - 3 2/2 1,559 1 $1,600,000 $1,026 2/27/2015 Mint Collection - 801 2/1 1,240 1 $1,350,000 $1,089 11/5/2014

PG.23 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Resale MILLENNIUM TOWER

301 Mission Street at Fremont | SOMA Average $/SqFt (last 6 months): $1,673 Developer: Millennium Partners Architect: Handel Architects Project info: 419 units, 58-story high-rise & 11-story mid- rise, Monthly HOA fee: $450 - $1,750 Date on market: November 2007 Sold-out: April 2013 Amenities: Concierge, resident’s lounge, tasting room and cellar, private dining room, screening room, children’s play- room, outdoor terrace, 5,500 square-foot fitness center with Pilates/yoga studios/massage service/locker rooms/ spa room/steam room/75-foot indoor lap pool Finishes: Hardwood floors, Studio Becker cabinetry, mar- ble/quartzite counter tops, Sub-Zero/Wolfe/Miele/GE/ Bosch/U-Line appliances

Closing Details

Development - Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Millennium Tower - 32D 2/3 1,952 1 $4,000,000 $2,049 6/1/2015 Millennium Tower - 301 2/2 2,280 1 $3,600,000 $1,579 5/12/2015 Millennium Tower - 9J 2/2 1,127 0 $1,500,000 $1,331 4/17/2015 Millennium Tower - 5E 2/2 1,136 0 $1,500,000 $1,320 4/10/2015 Millennium Tower - 1004 2/2 1,400 1 $3,000,000 $2,143 4/1/2015 Millennium Tower - 32E 2/2 1,714 1 $2,775,000 $1,619 3/31/2015 Millennium Tower - 36D 2/3 1,952 1 $4,000,000 $2,049 3/10/2015 Millennium Tower - 406 1/2 1,633 1 $2,325,000 $1,424 3/2/2015 Millennium Tower - 22H 1/1 733 0 $1,080,000 $1,473 1/16/2015 Millennium Tower - 15A 2/2 1,479 1 $2,000,000 $1,352 12/15/2014

PG.24 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Resale ONE RINCON HILL

425 1st Street at Harrison | SOMA Average $/SqFt (last 6 months): $1,449 Developer: Urban West Associates Architect: SCB Project info: 376 units, 60-stories, Monthly HOA fee: $650 - $1,000 Date on market: January 2006 Sold-out: November 2012 Amenities: 24-hour doorman, concierge, high-speed Internet access, fit- ness center, resident’s lounge with catering kitchen, valet parking, full-size swimming pool, outdoor kitchen, outdoor fireplace Finishes: Hardwood floors, Del Tongo cabinetry, Sub-Zero refrigerators, Bosch appliances

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

One Rincon Hill - 3103 2/2 1,328 1 $1,968,000 $1,482 5/29/2015 One Rincon Hill - 5103 2/2 1,328 1 $2,600,000 $1,958 5/29/2015 One Rincon Hill - 1803 2/2 1,278 1 $1,565,000 $1,225 4/30/2015 One Rincon Hill - 2904 3/3 1,947 1 $2,950,000 $1,515 4/28/2015 One Rincon Hill - 404 3/2.5 2,354 1 $2,400,000 $1,020 4/24/2015 One Rincon Hill - 3208 1/1 755 1 $1,079,000 $1,429 3/11/2015 One Rincon Hill - 2508 1/1 755 1 $1,059,000 $1,403 3/5/2015 One Rincon Hill - 2407 1/1 819 1 $1,150,000 $1,404 2/20/2015 One Rincon Hill - 4607 1/1 819 1 $1,288,000 $1,573 2/18/2015 One Rincon Hill - 1608 1/1 755 1 $915,000 $1,212 2/6/2015 One Rincon Hill - 5204 3/3 1,947 1 $3,530,000 $1,813 12/31/2014 One Rincon Hill - 4207 1/1 819 1 $1,200,000 $1,465 12/27/2014 One Rincon Hill - 2107 1/1 819 1 $1,075,000 $1,313 12/18/2014

PG.25 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Resale THE INFINITY

301 & 333 Main Street, 318 & 338 Spear Street | South Beach Average $/SqFt (last 6 months): $1,496 Developer: Tishman Speyer Architect: Heller Manus/Bernardo Fort-Brescia of Arquitectonica Project info: 650 units, one 37- and one 42-story high rise, one 8- and one 9-story podium, Date on market: June 2006, Sold-out: March 2011, HOA: $600 - $1,600 Amenities: Attended lobbies with concierge services, courtyards, 5,000 square foot fitness center, 75-foot indoor lap pool, sauna, resident’s lounge with catering kitchen, business center, screening room Finishes: Granite counter tops, Studio Becker cabinetry, Watermark and Kohler fixtures, Bosch appliances, Bamboo flooring

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

The Infinity - 21G 1/1 807 1 $1,125,000 $1,394 5/21/2015 The Infinity - T20H 2/2 1,331 1 $1,702,000 $1,279 5/20/2015 The Infinity - 9G 3/2 1,331 1 $1,635,000 $1,228 5/15/2015 The Infinity - IT3A 2/2 1,159 1 $1,275,000 $1,100 5/6/2015 The Infinity - IT4G 0/1 538 1 $753,000 $1,400 5/6/2015 The Infinity - T26D 2/2 1,317 1 $2,420,000 $1,838 4/7/2015 The Infinity - 23B 2/2 1,317 1 $2,418,000 $1,836 3/27/2015 The Infinity - 5B 2/2.5 1,812 1 $2,369,000 $1,307 3/17/2015 The Infinity - 35A 2/2 1,268 1 $2,480,000 $1,956 3/3/2015 The Infinity - 9C 3/2.5 1,429 1 $1,850,000 $1,295 2/27/2015 The Infinity - 25H 2/2 1,317 1 $1,849,000 $1,404 2/24/2015 The Infinity - 27F 2/2 1,307 1 $2,088,000 $1,598 1/30/2015 The Infinity - 30A 2/2 1,268 1 $2,200,000 $1,735 1/23/2015 The Infinity - 14A 2/2 1,163 1 $1,415,000 $1,217 1/1/2015 The Infinity - 33G 3/2 1,610 1 $2,375,000 $1,475 12/19/2014 The Infinity - 36A 2/2 1,268 1 $2,327,500 $1,836 12/3/2014

PG.26 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 DEVELOPMENT SNAPSHOT Resale ONE HAWTHORNE

1 Hawthorne Street at Howard | SOMA Average $/SqFt (last 6 months): $1,276 Developer: Jackson Pacific Ventures Architect: EHDD Project info: 165 units, 25-stories, Monthly HOA fee: $500 - $750 Date on market: January 2010 Sold-out: May 2013 Amenities: Fitness center, roof terrace with BBQ, attended lobby Finishes: Quartz and limestone counter tops, hardwood floors, Studio Beck- er cabinetry, Bosch appliances

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

One Hawthorne - 9C 2/2 1,298 1 $1,725,000 $1,329 4/15/2015 One Hawthorne - 3E 1/1 824 1 $949,000 $1,152 4/10/2015

One Hawthorne - 21C 2/2 1,313 1 $1,800,000 $1,371 2/27/2015

One Hawthorne - 11E 2/2 1,246 1 $1,500,000 $1,204 1/26/2015

THE HAYES

55 Page Street at Gough | Hayes Valley Average $/SqFt (last 6 months): $1,237 Developer: Intracorp Architect: Heller Manus Project info: 128 units, 8-stories, Monthly HOA fee: $300 - $500 Finishes: Studio Becker cabinetry, granite counter tops, bamboo flooring Amenities: Attended lobby, fitness center, roof terrace

Closing Details

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

The Hayes - 824 2/2 1,023 1 $1,367,000 $1,336 5/8/2015 The Hayes - 726 2/2 1,023 1 $1,225,000 $1,197 4/10/2015 The Hayes - 310 1/1 739 1 $899,000 $1,217 3/23/2015 The Hayes - 514 0/1 476 1 $564,000 $1,185 3/4/2015 The Hayes - 515 1/1 750 1 $905,000 $1,207 2/6/2015

PG.27 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 UPCOMING CONDOMINIUM DEVELOPMENTS

Sales Development Developer / Owner Area Commence Units

Luxe - 1650 Broadway Street at Van Ness Belrich Partners Van Ness Corridor Q2 2015 34

2655 Bush Street at Divisadero KB Home Lower Pac Heights Q2 2015 81

Park 181 - Fremont Street at Howard Jay Paul Company Transbay Q2 2015 67

1450 Franklin Street at Bush Village Properties Western Addition Q3 2015 67

1001 17th Street at Pennsylvania 1001 17th Street Associates Potrero Hill Q3 2015 26

Onyx Phase II - 310 Carolina Street at 17th LNF Partners Potrero Hill Q3 2015 21

832 Sutter Street at Jones n/a Lower Nob Hill Q3 2015 20

1868 Van Ness Avenue at Sacramento JS Sullivan Nob Hill Q4 2015 35

388 Fulton Street at Franklin 7x7 Development Hayes Valley Q4 2015 61

450 Hayes Street at Gough DDG/DM Hayes Valley Q4 2015 41

Pacific - 2155 Webster Street at Sacramento Trumark Urban Pacific Heights Q4 2015 76

Knox - 645 Texas Street at 22nd Trumark Urban Potrero Hill Q1 2016 91

Rowan - 346 Potrero Avenue at 16th Trumark Urban Potrero Hill Q1 2016 75

580 Hayes Street at Laguna Laguna Hayes LLC Hayes Valley Q1 2016 29

1450 FRANKLIN 580 HAYES

ROWAN

PG.28 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 UPCOMING APARTMENT DEVELOPMENTS

Leasing to Development Developer / Owner Area Commence Units

Azure - 690 Long Bridge Street Equity Residential Mission Bay Q2 2015 273

Jasper - 45 Lansing Street at 1st Crescent Heights South of Market Q2 2015 320

Alta Laguna - 55 Laguna Street at Market Wood Partners Hayes Valley Q3 2015 280

101 Polk Street at Hayes Emerald Fund Mid-Market Q3 2015 143

340 Fremont Street at Folsom Equity Residential South of Market Q3 2015 332

1321 Mission Street at 9th (Efficiency Units) Panoramic Interests South of Market Q3 2015 160

1401 Mission Street at 10th Behringer Harvard South of Market Q3 2015 117

299 Fremont Street at Folsom Golub and Company South of Market Q3 2015 409

350 8th Street at Harrison AIG Global/Associated Estates South of Market Q4 2015 408

2198 Market Street at Sanchez Greystar Upper Market Q1 2016 87

360 Berry Street at 5th Integral Group/Argosy RE Mission Bay Q2 2016 129

EQR Potrero - 1000 16th Street at Missouri Equity Residential Potrero Hill Q2 2016 453

Echelon - 399 Fremont Street at Harrison UDR/MetLife South of Market Q2 2016 452

SOMA - Design 1 Henry Adams at Division Equity Residential Q4 2016 241 District

1201 Tennessee Street at 22nd AGI/Avant Housing Dogpatch Q1 2017 259

SOMA - Design 801 Brannan Street at 8th Equity Residential Q1 2017 599 District

Trinity Place - Market & 8th Trinity Properties South of Market Q1 2017 550

ALTA LAGUNA EQR POTRERO

350 8th

PG.29 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 PIPELINE SUMMARY

Approved, Under Review and Conceptual Area Approved Under Review Conceptual Bayview/Hunters Point/Candlestick Point 12,600 499 3,780 Dogpatch 360 907 1 Hayes Valley 151 170 24 Mid-Market 32 2,628 0 Mission 141 1,489 141 Mission Bay 692 1,500 0 Northern Neighborhoods 132 1,415 0 Potrero Hill 131 1,019 323 South of Market 2,580 5,933 888 Southern Neighborhoods 1,875 1,001 461 Transbay 940 657 0 Treasure Island 8,619 0 0 Upper Market 24 222 0 Van Ness Corridor 0 1,413 0 Western Neighborhoods 9,007 574 550 Total 37,284 19,427 6,168

Under Construction (by product type) Area Condominiums Apartments All Dogpatch 0 259 259 Hayes Valley 131 280 411 Mid-Market 0 143 143 Mission 12 0 12 Mission Bay 0 402 402 Northern Neighborhoods 279 0 279 Potrero Hill 213 453 666 South of Market 0 3,588 3,588 Transbay 67 0 67 Upper Market 0 87 87 Van Ness Corridor 34 0 34 Totals 736 5,212 5,948

The category, under construction - condominiums, does not include developments which are preselling units. These developments are categorized as Currently Selling. Northern Neighborhoods covers Cathedral Hill, Western Addition, Pacific Heights, Nob Hill, Lower Nob Hill, Financial District, Russian Hill, Telegraph Hill, North Beach & Marina/Cow Hollow. Southern Neighborhoods covers Oceanview, Glen Park, Outer Mission, Mission Terrace, Visitacion Valley. Western Neighborhoods covers Park Merced, Parkside, Forest Knolls, Richmond, Sunset, Laurel Heights.

PG.30 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 SAN FRANCISCO RESIDENTIAL SUPPLY PROJECTED SUPPLY New apartment supply should swell by the start of 2017, while new condominiums should be nearly depleted. This may encourage developers to sell apartment units as condominiums instead. The potential for this sea change depends largely on the type of developer (REIT versus others), debt structures and market pricing. Many developers “condominium map” units, in order to have such flexibility. This was a phenomenon which occurred in the last market cycle, and is likely to occur again.

Projected Supply 2,500

2,110 2,000 1,714 1,500

Units 1,188 1,131 1,000 1,030 1,085 875 925 720 674 666 500 556 344 107 0 21 0 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 New Condominiums New Apartments

HISTORICAL SUPPLY Roughly 1,500 housings units have been produced year-to-date. There are approximately 7,500 units currently under construction (including units in Developments which are preselling units).

Historical Supply

4,000

3,500

3,000

2,500

2,000 Units 3,366 3,454 1,500 3,019 2,730 2,260 2,197 2,330 1,000 1,859 1,872 1,619 1,780 1,675 500 1,225 1,082 909 906 909 794 532 348 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PG.31 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015 ABOUT VANGUARD PROPERTIES DEVELOPER SERVICES Vanguard Properties expertly guides urban residential developers. Core consulting services include Research, Land Acquisition, Design, Branding and Sales Strategy. From concept to close-out, Vanguard leads the way. For a list of developments, visit VanguardSF.com

For Developer Services, contact: FRANK NOLAN JAMES NUNEMACHER VP, Director of Development Co-founder & Principal 415.377.3726 415.519.7772 [email protected] [email protected]

BRE License No. 01300017 BRE License No. 00913606

For additional market reporting, contact: JONATHAN MOFTAKHAR Market Analyst 415.920.3731 [email protected]

BRE License No. 01442709

VANGUARD PROPERTIES REPORT DISCLAIMER

Data sources for this Report include but are not limited to SFAR MLS, the San Francisco Planning Department, development mar- keting websites and industry news/information outlets. The information in this Report is subject to errors, as it is compiled from multiple sources, with varying degrees of accuracy and currency. This Report should not be reproduced or distributed, in whole or in part, without the prior written consent of Vanguard Properties. The statements in this Report, which are not historical facts, are projections or estimates based on Vanguard Properties’ opinions and expectations of future market performance. Although the information presented is believed to be correct, no representation is made by Vanguard Properties as to the accuracy or complete- ness of the information. The information presented may be subject to updating, revision or verification, and such information may change in a material nature. This is not an offer to sell property, and is intended for information purposes only. This Report should not be relied upon or utilized in making investment decisions. ©2015 Vanguard Properties, All rights reserved.

PG.32 SAN FRANCISCO RESIDENTIAL DEVELOPMENT JUNE 2015