City of Jurupa Valley Within the Rio Vista Specific Plan

15.1 +/- Acres | City of Jurupa Valley Within the Rio Vista Specific Plan

OAK QUARRY GOLF CLUB

SIERRA AVE

ARMSTRONG RD

RIO VISTA

SPECIFIC PLAN N

EXCLUSIVE OFFERING MEMORANDUM

The THE HOFFMAN COMPANY BROKER CONTACT Hoffman SOUTHERN CALIFORNIA OFFICE CA BRE #01473762 Graham Gilles, CA BRE #01252103 ompany T 949.705.0914 | [email protected] C 18881 Von Karman Avenue, Suite 150 T 949.553.2020 | F 949.553.8449 Justin Esayian, CA BRE#01513596 Land Brokers Irvine, California 92612 www.hoffmanland.com T 949.705.0921 | [email protected] Realty Advisors DISCLAIMER

The information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Jurupa Valley, County of Riverside, California (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company Organization (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspec- tions, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation.

In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to ter- minate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller.

This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Bro- chure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller.

Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers.

The terms and conditions set forth above apply to this Brochure in its entirety. TABLE OF CONTENTS

1 Property Overview 4

2 Aerials, Maps & Photos 5-12

3 Area Overview 13-16

4 Market Overview 17-21 PROPERTY OVERVIEW 1

Site Detail

Property Overview CFD The subject property is a 15.1+/- acre portion of the 918 acre Rio Vista Specific Plan be- There is currently no CFD on the property. ing developed by Richland Communities. The property is flat in nature, has great access and would allow for development independent from the balance of the Specific Plan. Property Condition The approved SP allows for up to 1,697 units and currently has a proposed plan for The subject property is in an unimproved condition 1,215 homes. The community has 20 neighborhoods, a community park, an elementary school and 658 acres of open space. The subject parcel is shown as Equestrian Center Topography in the approved SP which allows for equestrian related uses. In the proposed amended The subject property is flat with very little to no topography SP it is shown as Open Space - Recreational. The ciy has suggested that residential may be viable on the subject site. Environmental There are no known environmental constraints with the subject parcel. Location The site can be easily accessed from Rorimer Drive which dead ends into the site or via Zoning Armstrong Road which has direct access to the 60 Freeway. The property is located at Specific Plan - Equestrian Center & Trail Head the northern corner of Brenton Street and Rorimer Drive cross streets. Specific Plan update proposed - Open Space - Recreation General Plan Map - Medium Density Residential Municipality City of Jurupa – County of Riverside Asking Price Submit Assessor’s Parcel Number 175-080-021 and 175-080-022 General Terms of Sale/Feasibility 30 days from Purchase and Sale Agreement Current Approvals Rio Vista Specific Plan (SP) Close of Escrow Buyers should submit offers on either a quick cash basis or with entitlement time. Sell- Size er’s preference is a quick deal but will review all offers. +/- 15.1 acres Close of Escrow Entitlement Status All cash The Rio Vista Specific Plan No. 245 was approved by the Riverside County Board of Su- pervisors in 1992. The proposed Specific Plan Amendment No. 1 is currently in process.

The Exclusive Offering Memorandum 4 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Close Up Aerial

LAUREN LN

BRENTON DR

MCLAREN LN GAIL DR ARMSTRONG RD

RORIMER ST GILLAM ST

SANDRA DR

PALADORA LN N

The Exclusive Offering Memorandum 5 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Vicinity Aerial

SUBJECT SITE N

The Exclusive Offering Memorandum 6 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Rio Vista Specific Plan

ORIGINAL PLAN NEW PLAN RIO VISTA SPECIFIC PLAN Planning in the 21st Century

Proposed Rio Vista Plan Highlights

 Reduces the amount of grading by 3 million cubic yards  Smaller overall development footprint  Preserves more of the natural features of the site (e.g. hillsides; i.e., more green spaces!)  Reduces number of homes by about 480 homes (25% reduction)  Expands the variety and diversity of home types to respond to market desires and avoid monolithic subdivisions  New design guidelines will result in improved architectural styles reflective of current trends and styles  Incorporates sustainable features and design (water and energy efficiency)  Increases the number of parks and improves their accessibility  50% increase of usable parkland  Increases open space by 239 acres (57%)  Recognizes current stringent water quality requirements  Sensitive to extreme drought condition  Accommodates current requirements to allow for a new school  Expands buffers from existing neighborhoods  Relates better to surrounding existing uses through context-sensitive design  Positive Economic Impacts*:

 Produces $260 Million of direct effect on

N N economic output  Produces $85 Million of direct effect on in- creased wages within local economy  Produces 2,646 construction-related jobs PROPOSED 2015 RIO VISTA LAND USE PLAN APPROVED 1992 RIO VISTA LAND USE PLAN  Produces $4 Million in new revenues to City over 10 years * Rio Vista Economic Benefits Analysis, DPFG, 8-5-14

The Exclusive Offering Memorandum 7 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Rio Vista Specific Plan Features

RIO VISTA SPECIFIC PLAN Plan Highlights: Community Plan for the 21st Century  6 Community parks  New elementary school

 Enhanced community buffers SECONDARY ENTRY  Trail system through community and open space—over 10 miles!

 Reduced unit count by 25%

 Positive fiscal impact to City and local economy

 Preservation of natural features

 Sustainable features and design * PEAK

OPEN SPACE MOUNTAIN PARK

SCHOOL PRESERVED*

RIDGELINE & PEAK

CENTRAL PARK

PRIMARY ENTRY N

NOTABLE FEATURES OF RIO VISTA PLAN

The Exclusive Offering Memorandum 8 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Jurupa Valley General Plan Land Use Map

The Exclusive Offering Memorandum 9 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Jurupa Valley Zoning Map

The Exclusive Offering Memorandum 10 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Assessor’s Parcel Map

The Exclusive Offering Memorandum 11 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AERIALS, MAPS & PHOTOS 2

Property Photos

Easterly view from Armstrong Road Southeasterly view from Armstrong Road

Northerly view from Rorimer Street

The Exclusive Offering Memorandum 12 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AREA OVERVIEW 3

Area Attractions Map: West Inland Empire

NORTH TO VICTOR VALLEY POINTS OF INTEREST 3 1 Ontario Mills Mall UPLAND 15 4 FONTANA 10 2 LA/Ontario International Airport 1 COLTON 3 Victoria Gardens 10 ONTARIO 10 2 4 Auto Club Speedway

215 DOWNTOWN 5 The Cove /Jurupa Aquatic Center

6 Jurupa Hills Country Club 60 CHINO 5 7 Paradise Knolls Golf Course

WEST TO ORANGE/LA COUNTIES TO WEST 8 Galleria at Tyler 15 11 10 9 Castle Park 19 16 13 JURUPA 12 10 Mission Inn VALLEY 7 6 EASTVALE MT RUBIDOUX 11 Downtown Riverside PRADO VIEW RIVERSIDE REGIONAL PARK 12 Riverside City College 21 18 NORCO 13 University of California, Riverside Ingalls Equestrian 91 20 8 17 9 14 Crossings at Corona 71 Event Center VALLEY EASTTO COACHELLA 215 15 Shops at Dos Lagos

CHINO HILLS STATE PARK 16 Chino Airport

17 Prado Regional Park

CORONA 18 Chino Hills State Park

19 Mt. Rubidoux 14 20 La Sierra University 15 22 23 21 George Ingalls Equestrian Event Center 22 Dos Lagos Golf Course

SOUTH TO TEMECULA 23 Champions Club at The Retreat

The Exclusive Offering Memorandum 13 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AREA OVERVIEW 3

Jurupa Valley Info & Demographics

City Info Income (2011) Population (2012) Median Household Income $54,003 State: California Total: 97,496 (est.) County: Riverside Mayor: Frank Johnston Climate Average Temperature Incorporated: July 1, 2011 Median Age: 30.7 January high 67º, low 43º Jurupa Website: www.jurupavalley.org Average Household Size: 3.93 July high 95º, low 62º Valley Average Family Size: 4.05

Average Rainfall 3 inches

Jurupa Valley High School Jurupa Valley Water Tower Most Common Industries

For Males Construction (17%) Truck transportation (6%) Administrative and support and waste management services (5%) Accommodation and food services (5%) Repair and maintenance (4%) Metal and metal products (3%) Agriculture, forestry, fishing and hunting (3%)

View of City of Jurupa Valley For Females Health care (11%) Educational services (11%) Accommodation and food services (7%) Social assistance (5%) Professional, scientific, and technical services (5%) Public administration (4%) Administrative and support and waste management services (4%)

Source: wikipedia.org and city-data.com

The Exclusive Offering Memorandum 14 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AREA OVERVIEW 3

Jurupa Valley Overview

Jurupa Valley is a city in Riverside County, California. On March 8, 2011, voters approved a ballot measure, designated as Measure A, to incorporate the area into its own city; as a result, the area has been an incorporated city since July 1, 2011.

The city of Jurupa Valley covers approximately 43.5 square miles (113 km2), and has an estimated population of 94,235. It is north and west of the Santa Ana River, south of the Riverside-San Bernardino County line, and east of Interstate 15. It includes the neighborhoods of Mira Loma, Glen Avon, Sky Country, Indian Hills, Pedley, Rubidoux, Belltown, Jurupa, Jurupa Hills, and Sunnyslope. Residents of the area had previously voted on incorporation in 1992; however, voters rejected it as well as a competing ballot measure that would have incorporated Mira Loma.

Source: http://en.wikipedia.org/wiki/Jurupa_Valley,_California

The Cove Waterpark Jurupa Hills Country Club Rancho Jurupa Regional Sports Park The Cove is a new state-of the-art aquatic complex in River- Jurupa Hills is family owned and has been operating Jurupa Located at 5249 Crestmore Road, the Rancho Jurupa Region- side which offers a variety of water-based activities for kids Hills since November, 2008. The country club includes an 18- al Sports Park is home to 32 acres of beautiful, lush, natural and adults of all ages. The Cove offers 6 progressive learn-to- hole golf course along with golf lessons, practice facility, and and synthetic turf fields. Comprised of four large marked and swim classes. Classes are designed to develop the students’ restaurant and with a full bar. Special events can be held here lighted synthetic turf fields, two large natural turf fields as swimming ability while teaching water safety skills. Their in- including tournaments, weddings, birthday parties, business well as nine smaller natural turf fields, the park is available by structors provide a positive learning experience for swimmers meetings, etc. reservation for many outdoor activities. Nestled between the www.jurupahills.net synthetic and natural fields is a landscaped plaza with picnic of all ages and abilities. shelters, restrooms, a snack bar and two playgrounds. www.covewaterpark.org www.rivcoparks.org

The Exclusive Offering Memorandum 15 15.1 +/- Acres | JURUPA VALLEY Hoffman Company AREA OVERVIEW 3

Area Schools Exhibit: Jurupa Valley USD

SUBJECT SITE

SUNNYSLOPE E.S. ARMSTRONG RD

PATRIOT M.S. 1

VALLEY WAY JURUPA M.S. MISSION BLVD 3 60

2 PEDLEY RD JURUPA RD

N I

M A C

1 Sunnyslope Elementary School (K-6) 2 Jurupa Middle School (7-8) 3 Patriot High School (9-12) 7050 38th Street 8700 Galena St 4355 Camino Real Jurupa Valley, CA 92509 Jurupa Valley, CA 92509 Jurupa Valley, CA 92509 T (951) 360-2781 T (951) 360-2846 T (951) 361-6500 Growth 2013 API Score: 769 Growth 2013 API Score: 808 Growth 2013 API Score: 746

The Exclusive Offering Memorandum 16 15.1 +/- Acres | JURUPA VALLEY Hoffman Company MARKET OVERVIEW 4

Market Trends: Jurupa Valley (Zip 92509)

AVERAGE LISTING PRICE MEDIAN SALES PRICE HOME STANDINGS 149 Homes for Sale $333,195 $290,000 +$43,500 0 Open Homes 323 Recently Sold for week ending January 2015 - April 2015 +17.6% 181 Foreclosures April 29, 2015 y-o-y 92 Number of Sales

MARKET SUMMARY

The median sales price for homes in ZIP code 92509 for Jan 15 to Apr 15 was $290,000. This represents an increase of 2.7%, or $7,500, compared to the prior quarter and an increase of 17.6% compared to the prior year. Sales prices have appreciated 61.1% over the last 5 years in 92509, Riverside. The median sales price of $290,000 for 92509 is 6.45% lower than the median sales price for Riverside CA. Average listing price for homes on Trulia in ZIP code 92509 was $333,195 for the week ending Apr 29, which represents a decline of 4.5%, or $15,794 compared to the prior week and an increase of 3.9%, or $12,436, compared to the week ending Apr 08. Average price per square foot for homes in 92509 was $191 in the most recent quarter, which is 3.05% lower than the average price per square foot for homes in Riverside.

AVERAGE PRICE PER SQ FT FOR HOMES (Y-O-Y) NUMBER OF LISTINGS

Data as of 05/06/15 | Source: www.trulia.com

The Exclusive Offering Memorandum 17 15.1 +/- Acres | JURUPA VALLEY Hoffman Company MARKET OVERVIEW 4

Residential Development Summary

EXHIBIT REAL ESTATE ECONOMICS RESIDENTIAL DEVELOPMENT SUMMARY New Housing Developments Surveyed in Select Areas of Riverside County as of 2015 Q1 Field Audit.

Sales Information PRICING INFORMATION FLOOR PLAN CHARACTERISTICS Min Est. Mo. Costs Map Total Units Units Monthly Sales List Advertised Price/ Maximum Size Bed Rm. Bath No. Of Garage Lot Size Assoc. Tax Mo. No. Development Builder City Community Units Off'd Avail. Quarter Overall Base Concess. Sq. Ft. Premiums (Sq. Ft.) Count Count Levels Spaces (Sq. Ft.) Dues Assess. Pymt. (1) 1 Sierra Pointe DR Horton Jurupa Valley Jurupa Valley 78 20 4 13.15 13.15 $359,815 $5,000 $143.97 $0 2,502 4.3 2.8 2.0 2.0 6,200 $0 $314 $2,044 2 Traditions DR Horton Jurupa Valley Jurupa Valley 91 22 10 9.86 9.86 $421,934 $7,500 $140.01 $883 3,054 3.6 2.8 1.7 2.5 6,200 $0 $364 $2,364 3 Harvest Villages Lennar Homes Jurupa Valley Jurupa Valley 138 75 11 7.77 6.83 $497,184 $8,000 $157.97 $671 3,240 4.9 3.2 1.6 2.6 7,500 $0 $366 $2,738 4 Cielo Lennar Homes Jurupa Valley Rancho Del Sol 107 48 6 2.03 5.70 $457,744 $8,000 $167.42 $0 2,806 4.2 2.9 1.5 2.8 7,200 $0 $377 $2,574 5 Estrella Lennar Homes Jurupa Valley Rancho Del Sol 96 50 7 2.03 5.84 $433,140 $8,000 $172.63 $0 2,516 3.7 3.0 1.7 2.3 7,200 $0 $352 $2,408 6 Coventry - The William Lyon Hom Jurupa Valley Turnleaf 154 8 3 0.34 0.91 $584,692 $5,000 $162.04 $0 3,605 4.4 3.3 2.0 3.0 8,000 $54 $97 $2,980 7 Crossing - The William Lyon Hom Jurupa Valley Turnleaf 146 14 8 0.68 1.09 $541,794 $5,000 $177.94 $0 3,067 3.6 2.8 1.7 3.0 8,000 $54 $89 $2,748 8 Highlands DR Horton Riverside Riverside 72 20 8 1.07 1.62 $566,950 $5,000 $173.87 $0 3,224 4.6 3.3 1.8 3.3 8,000 $70 $95 $2,932 9 Skyridge William Lyon Hom Riverside Riverside 90 22 16 1.41 0.92 $529,354 $5,000 $165.85 $30,833 3,237 4.0 3.5 1.7 3.0 7,800 $60 $350 $2,964 10 Fallbrook Richmond AmericaRiverside Riverwalk Vista 111 29 12 3.68 3.59 $393,990 $8,500 $201.34 $22,824 1,973 3.4 2.5 2.0 2.0 3,600 $228 $275 $2,371 11 Paseo Richmond AmericaRiverside Riverwalk Vista 52 21 9 1.54 2.34 $464,177 $9,500 $192.37 $0 2,470 4.1 2.6 2.0 2.7 4,000 $228 $374 $2,783 12 Topaz Ridge II TRI Pointe HomesRiverside Riverwalk Vista 60 49 14 3.38 2.57 $517,329 $10,000 $161.49 $5,667 3,308 4.4 2.9 1.7 3.0 7,600 $184 $295 $2,935 13 Bridlecreek William Lyon Hom Riverside Skyridge 10 10 5 1.41 0.77 $593,990 $5,000 $184.64 $10,667 3,444 4.1 3.8 1.7 3.0 43,600 $0 $122 $2,962 14 Mission Gate KB Home Riverside Spring Mountain Ranch 125 38 3 7.51 9.95 $360,227 $3,601 $165.79 $0 2,146 3.3 2.3 1.6 2.0 7,800 $45 $302 $2,106 15 Presidio Point KB Home Riverside Spring Mountain Ranch 125 34 9 6.08 7.11 $402,314 $4,022 $143.17 $0 2,814 3.7 2.8 1.5 2.0 8,000 $45 $333 $2,321 16 Stellan Ridge Warmington ResidRiverside Stellan Ridge 48 21 10 0.72 1.19 $842,423 $0 $240.64 $0 3,509 4.0 4.5 1.0 3.0 30,000 $163 $70 $4,328

OVERALL AVERAGES: 93.9 30.1 8 3.92 4.59 $497,941 $6,070 $171.95 $4,472 2,932 4.0 3.1 1.7 2.6 10,669 $71 $261 $2,722 GRAND TOTALS: 1,503 481 135 62.67 73.43 WEIGHTED AVERAGES: $431,451 $160.33 2,726

Jurupa Valley 307 117 25 30.79 29.85 $426,311 $6,833 $147.32 $518 2,932 4.3 3.0 1.7 2.4 6,633 $0 $348 $2,382 Rancho Del Sol 203 98 13 4.06 11.54 $445,442 $8,000 $170.03 $0 2,661 3.9 3.0 1.6 2.5 7,200 $0 $365 $2,491 Turnleaf 300 22 11 1.01 1.99 $563,243 $5,000 $169.99 $0 3,336 4.0 3.0 1.8 3.0 8,000 $54 $93 $2,864 Riverside 162 42 24 2.49 2.54 $548,152 $5,000 $169.86 $15,417 3,230 4.3 3.4 1.7 3.1 7,900 $65 $223 $2,948 Riverwalk Vista 223 99 35 8.59 8.50 $458,498 $9,333 $185.07 $9,497 2,584 4.0 2.7 1.9 2.6 5,067 $213 $315 $2,696 Skyridge 10 10 5 1.41 0.77 $593,990 $5,000 $184.64 $10,667 3,444 4.1 3.8 1.7 3.0 43,600 $0 $122 $2,962 Spring Mountain Ranch 250 72 12 13.60 17.06 $381,270 $3,812 $154.48 $0 2,480 3.5 2.5 1.6 2.0 7,900 $45 $317 $2,214 Stellan Ridge 48 21 10 0.72 1.19 $842,423 $0 $240.64 $0 3,509 4.0 4.5 1.0 3.0 30,000 $163 $70 $4,328

Note: community sales reflects total monthly sales for all individual new home developments within the community Note: Monthly Costs assume 80.00% LTV and 4.000% fixed 30yr. mortgage Note: Dens, bonus rooms, lofts, etc. are counted as bedrooms

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7:58 AM 4/13/2015 Page 1 of 1 Residential Development Summary MARKET OVERVIEW 4

New Home Comparables Graph

PRODUCT POSITIONING VS. NEW HOUSING PRICES (NET OF CONCESSIONS) AND LOCAL AREA RESALES

$850,000

$800,000

$750,000

$700,000

$650,000

$600,000

$550,000 EFFECTIVEBASE PRICE

$500,000

$450,000

$400,000

$350,000

$300,000 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 3,500 3,750 4,000

SQUARE FEET

Local Resales Resale Price Line Foreclosure Sales xxx Sales

xxx Sales Fore. Sale Price Line XXX Price Line XXX Price Line

Sierra Pointe (Jurupa Valley) - 6200 sf Lots (13.15/mo.) Traditions (Jurupa Valley) - 6200 sf Lots (9.86/mo.) Highlands (Riverside) - 8000 sf Lots (1.62/mo.) Mission Gate (Riverside) - 7800 sf Lots (9.95/mo.)

Presidio Point (Riverside) - 8000 sf Lots (7.11/mo.) Harvest Villages (Jurupa Valley) - 7500 sf Lots (6.83/mo.) Cielo (Jurupa Valley) - 7200 sf Lots (5.7/mo.) Estrella (Jurupa Valley) - 7200 sf Lots (5.84/mo.)

Fallbrook (Riverside) - 3600 sf Lots (3.59/mo.) Paseo (Riverside) - 4000 sf Lots (2.34/mo.) Topaz Ridge II (Riverside) - 7600 sf Lots (2.57/mo.) Stellan Ridge (Riverside) - 30000 sf Lots (1.19/mo.)

Coventry - The (Jurupa Valley) - 8000 sf Lots (0.91/mo.) Crossing - The (Jurupa Valley) - 8000 sf Lots (1.09/mo.) Skyridge (Riverside) - 7800 sf Lots (0.92/mo.) Bridlecreek (Riverside) - 43600 sf Lots (0.77/mo.)

New Home Price Line

The Exclusive Offering Memorandum 19 15.1 +/- Acres | JURUPA VALLEY Hoffman Company EXHIBIT EXHIBIT REAL ESTATE ECONOMICS REAL ESTATE ECONOMICS RANKING CHARTS RANKING CHARTS New Housing Developments Surveyed in Select Areas of New Housing Developments Surveyed in Select Areas of Riverside County as of 2015 Q1 Field Audit. Riverside County as of 2015 Q1 Field Audit. SALES BY PRICE SALES BY PRICE 250 4.0 250 4.0 3.5 200 3.5 MONTHLYSALES RATE 3.0 200 MARKET OVERVIEW

200 MONTHLYSALES RATE MONTHLYSALES RATE 4 3.0 3.0 2.5 150 2.5 150 2.0 100 2.0 Ranking Graphs1.5 100 NO. OF UNITS 1.5

NO. OF UNITS 1.0 NO. OF UNITS 50 1.0 EXHIBIT 0.5 EXHIBIT 50 REAL ESTATE ECONOMICS 0.5 0 0.0 REAL ESTATE ECONOMICS 0 RANKING CHARTS 0.0 RANKING CHARTS New Housing Developments Surveyed in Select Areas of New Housing Developments Surveyed in Select Areas of Riverside County as of 2015 Q1 Field Audit. PRICE RANGE Riverside County as of 2015 Q1 Field Audit. PRICE RANGE SALES BY PRICE SALES BY PRICE SALES BY FLOOR PLAN SIZE

250 SALES BY FLOOR PLAN SIZE 4.0 250 4.0 180 2.5 3.5 180 160 2.5 200 3.5 MONTHLYSALES RATE

200 160 3.0 2.0 RATE SALES MONTHLY 160 MONTHLYSALES RATE 140 3.0

2.0 RATE SALES MONTHLY 2.0 RATE SALES MONTHLY 140 120 2.5 150 2.5 150 120 1.5 120 100 2.0 2.0 1.5 100100 80 100 1.5 1.0

NO. OF UNITS 1.5 80

NO. OF UNITS 80 NO. OF UNITS 60 1.01.0 1.0 NO. OF UNITS NO. OF UNITS 5060 50 40 0.5 0.5 40 0.5 40 20 0.5 0 0.0 0 20 0.0 0 0.0 0 0.0

PRICE RANGE PRICE RANGE FLOOR PLAN SIZE RANGE FLOOR PLAN SIZE RANGE SALES BY BED/BATH COUNT SALES BY FLOOR PLAN SIZE SALES BY FLOOR PLAN SIZE SALES BY BED/BATH COUNT 250 2.5 180 180 2.5 2.5 250 2.5 160 160 200 2.0 MONTHLY SALES RATE SALES MONTHLY 2.0 RATE SALES MONTHLY 2.0

140 140 RATE SALES MONTHLY 200 2.0 MONTHLY SALES RATE SALES MONTHLY 120 120 RATE SALES MONTHLY 1.5 150 1.5 1.5 100 100 150 1.5 80 80 1.0 1.0 100 1.0

NO. OF UNITS 60 NO. OF UNITS

60 NO. OF UNITS 100 1.0

40 NO. OF UNITS NO. OF UNITS 40 0.5 0.5 50 0.5 20 20 50 0.5 0 0 0.0 0.0 0 0.0 0 0.0 FLOOR PLAN SIZE RANGE FLOOR PLAN SIZE RANGE BEDROOM/BATH COUNT SALES BY BED/BATH COUNT SALESBEDROOM/BATH BY BED/BATH COUNT COUNT

250 2.5 UNRELEASED/UNPLOTTED RELEASED SOLD AVAILABLE SALES/PLAN 250 2.5 UNRELEASED/UNPLOTTED RELEASED SOLD AVAILABLE SALES/PLAN UNRELEASED/UNPLOTTED RELEASED Note:SOLD Dens, studies, bonusAVAILABLE rooms, etc. are tabulatedSALES/PLAN as bedrooms. Source: Real Estate Economics (www.realestateeconomics.com). 200 Note: Dens, studies, bonus rooms, etc. are tabulated as bedrooms.2.0 200Source: Real Estate Economics (www.realestateeconomics.com) RATE SALES MONTHLY . © 2001-2012 REAL ESTATE ECONOMICS 2.0 MONTHLY SALES RATE SALES MONTHLY © 2001-2012 REAL ESTATE ECONOMICS 150 1.5 150 1.5 The Exclusive Offering Memorandum 20 15.1 +/- Acres | JURUPA VALLEY Hoffman Company 100 1.0

NO. OF UNITS 100 1.0 NO. OF UNITS

50 0.5 50 0.5

0 0.0 0 0.0

BEDROOM/BATH COUNT BEDROOM/BATH COUNT

UNRELEASED/UNPLOTTED RELEASED SOLD AVAILABLE SALES/PLAN

Note: Dens, studies, bonus rooms, etc. are tabulated as bedrooms. UNRELEASED/UNPLOTTED RELEASED SOLD AVAILABLE SALES/PLAN Source: Real Estate Economics . (www.realestateeconomics.com) Note: Dens, studies, bonus rooms, etc. are tabulated as bedrooms. © 2001-2012 REAL ESTATE ECONOMICS Source: Real Estate Economics (www.realestateeconomics.com). © 2001-2012 REAL ESTATE ECONOMICS MARKET OVERVIEW 4

Market Performance Ranking

EXHIBIT REAL ESTATE ECONOMICS MARKET PERFORMANCE RANKING by NEW HOME DEVELOPMENT New Housing Developments Surveyed in Select Areas of Riverside County as of 2015 Q1 Field Audit.

Average Average Market Share List Average Price/ Minimum Floor Plans Sales Rate % Market Development Builder Price Size Sq.Ft. Lot Size # % # (per mo.) % Dev. Ranking

Sierra Pointe DR Horton $359,815 2,502 $143.97 6,200 3 5.08% 13.15/mo. 17.91% +12.8% 1 Mission Gate KB Home $360,227 2,146 $165.79 7,800 5 8.47% 9.95/mo. 13.55% +5.1% 2 Traditions DR Horton $421,934 3,054 $140.01 6,200 6 10.17% 9.86/mo. 13.43% +3.3% 3 Presidio Point KB Home $402,314 2,814 $143.17 8,000 4 6.78% 7.11/mo. 9.68% +2.9% 4 Estrella Lennar Homes $433,140 2,516 $172.63 7,200 3 5.08% 5.84/mo. 7.95% +2.9% 5 Cielo Lennar Homes $457,744 2,806 $167.42 7,200 4 6.78% 5.70/mo. 7.77% +1.0% 6 Fallbrook Richmond American Home $393,990 1,973 $201.34 3,600 3 5.08% 3.59/mo. 4.89% (0.2%) 7 Topaz Ridge II TRI Pointe Homes $517,329 3,308 $161.49 7,600 3 5.08% 2.57/mo. 3.50% (1.6%) 8 Stellan Ridge Warmington Residential $842,423 3,509 $240.64 30,000 2 3.39% 1.19/mo. 1.62% (1.8%) 9 Paseo Richmond American Home $464,177 2,470 $192.37 4,000 3 5.08% 2.34/mo. 3.19% (1.9%) 10 Harvest Villages Lennar Homes $497,184 3,240 $157.97 7,500 7 11.86% 6.83/mo. 9.30% (2.6%) 11 Crossing - The William Lyon Homes $541,794 3,067 $177.94 8,000 3 5.08% 1.09/mo. 1.48% (3.6%) 12 Skyridge William Lyon Homes $529,354 3,237 $165.85 7,800 3 5.08% 0.92/mo. 1.26% (3.8%) 13 Coventry - The William Lyon Homes $584,692 3,605 $162.04 8,000 3 5.08% 0.91/mo. 1.23% (3.9%) 14 Bridlecreek William Lyon Homes $593,990 3,444 $184.64 43,600 3 5.08% 0.77/mo. 1.05% (4.0%) 15 Highlands DR Horton $566,950 3,224 $173.87 8,000 4 6.78% 1.62/mo. 2.20% (4.6%) 16

OVERALL $497,941 2,932 $171.95 10,669 59 100.00% 73.43/mo. 100.00% +0.0% AVERAGES FOR TOP FIVE $395,486 2,606 $153.11 7,080 4 7.12% 9.18/mo. 12.50% +5.4% AVERAGES FOR BOTTOM FIVE $563,356 3,315 $172.87 15,080 3 5.42% 1.06/mo. 1.44% (4.0%) TOP FIVE MINUS BOTTOM FIVE ($167,870) -709 ($19.75) -8,000 1 1.69% 8.12/mo. 11.06% +9.4%

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