CC 09-03-19 Late Written CommunicationsCC 09-03-19
11 General Plan
Amendments for Vallco
Written Communications
Coblentz
Pat ch Duffy
Bass LLP
Jonathan R. Bass
D 415 .772 .5726
jbass@coblentzlaw.com
September 3, 2019
VIA E-MAIL
Cupertino City Council
10300 Torre Avenue
Cupertino, California 95014
citycouncil@cupertino.org
Re : September 3, 2019 City Council Meeting
One Montgomery Street, Suite 3000
San Francisco, CA 94104-5500
T 415 391 4800
coblentzlaw.com
Request for Reconsideration of the August 20 General Plan Amendments for the Vallco
Fashion Mall Site
Dear Mayor Scharf and City Council Members,
This firm represents Vallco Property Owner, LLC, which owns the 50 .82-acre site of the former
Vallco Fashion Mall (the "Site"). The Site is the subject of the General Plan amendment that
was passed by this Council on August 20, 2019 and the second reading of the zoning
ordinances that will be heard this evening .
For the reasons stated in the August 19 letter from Charmaine Yu on behalf of Vallee Property
Owner, LLC, I request that you (1) reconsider and rescind the General Plan amendment passed
on August 20, and (2) decline to adopt the second reading of the zoning ordinances .
Enclosed is an updated feasibility report by the Concord Group (based on the 2018 EPS and
2019 Hausrath reports), which adds a new scenario of 620 units, the maximum amount allowed
with a density bonus . The report confirms that this scenario, like all others studied , is also
economically infeasible . While the density bonus allows more units, achieving the full bonus
requires increasing the affordable component, which given today's high costs of construction is
not offset by the additional market rate units.
SincV:Q
uanR.Bass \
Enclosure
cc: Deb Feng, City Manager (via e-mail : manager@cupertino.org)
Heather Minner, City Attorney (via e-mail : Minner@smwlaw.com)
Department of Housing and Community Development, Division of Housing
Policy Development (via e-mail : compliancereview@hcd .ca.gov)
17571 .004 4833-3854-8387.1
THE
CO i CORD
GROUP ~~te
Memorandum
To :
From:
Date:
Vallco Property Owner, LLC
The Concord Group
September 3, 2019
Re: Feasibility Impact of a Revised General Plan Scenario for the Vallco Redevelopment in Cupertino,
California
Vallco Property Owner, LLC ("VPO") is pursuing the redevelopment of the site of the Vallco Fashion Mall (the "Vallco
Site"), a 51-acre site located in Cupertino, California . The City of Cupertino ("City") is currently entertaining a
General Plan amendment that will effectively downzone the Vallco Site . VPO has retained The Concord Group
TCG") to assesses the financial feasibility of the proposed amended General Plan Scenario .
In the following report, TCG evaluated the four scenarios shown below, and found each to be clearly infeasible .
Scenarios l and 2 evaluate the feasibility of a purely rental program, with and without a density bonus . Scenarios
3 and 4 evaluate the feasibility of a for-sale residential program, with and without a density bonus.
Rental For-Sale
Scenario 1
Land Use Program Resulting Value
Apartment
Market Rate
BMR Apartment
Condominium
Market Rate
BMR Condo
Traditional Office
Retail
Hotel
Traditional
Entertainment
390 ($15 ,861 ,520)
69 ($42 ,452,275)
0 $0
0 $0
0 $0
0 0
0 0
0 0
0 0
Residual Value Before Site Costs/Fee Credit, ($58,313,795)
Site Costs/Fee Credits
VPO's Approximate Land Cost Basis
Estimated Project Residual :
53 ,6 13,952)
93,1 84,000)
205,111,74 7)
Scenario 2 Scenario 3 Scenario 4
Program Resulting Value Program Resulting Value Program Resulting Value
551 ($22,409,48 1) 0 $0 0 $0
69 ($42 ,834,510) 0 $0 0 $0
0 $0 390 $40,535,0 76 436 $45,316,136
0 $0 69 ($32,569,689) 184 ($76,301 ,852)
0 $0 0 $0 0 $0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
65 ,243,991) $7,965,387 ($30,985,71 6)
53,6 13 ,95 2) ($53,6 13 ,952) ($53,6 13 ,952)
93 ,184,000) ($93 ,184,000) ($93,1 84,000)
2 12,041 ,943) {$138,832,565} ($177,783 ,668}
Each scenario replaces EPS BMR revenue assumptions and construction cost assumptions with TCG's own
assumptions (detailed methodology attached in report). Other assumptions including site costs and market rate
product revenue are taken from the EPS and Hausrath reports .
Each scenario had an overall negative project residual. Even before Site Costs, the only scenario with a positive
residual value is Scenario 3, an entirely for-sale residential project with 85% market rate units and 15% below
market rate units . With site costs over$ l 46MM, even that project would be underwater. Scenario 4, a condominium
program with a density bonus, does not result in a positive residual value despite having more market rate units .
The increased costs brought by requiring a greater share of BMR units outweighs the increased revenue from
additional market rate condominiums.
Vallco Property Owner, LLC
19446.00
Pagel September 2019
THE
CONCORD
G Ro U·p Real _ Estate
Advisors
Feasibility Analysis for the Vallco Mall Redevelopment in Cupertino,
California
Report Prepared for
Vallco Property Owner
August 2019
Newport Beach
369 San Miguel Dr, #265
Newport Beach, CA 92660
949) 717-6450
San Francisco
251 Kearny St, 6th Floor
San Francisco, CA 94108
415) 397-5490
New York
641 Lexington Ave, #1400
New York, NY 10022
212) 535-2225
Atlanta
1170 Peachtree ST NE, #1200
Atlanta, GA 30309
404) 879-5000
EXECUTIVE SUMMARY
l . Summary of Scenario Feasibility
A. Scenario l : All Rental -459 Units
B. Scenario 2 : All Rental -620 Units
C. Scenario 3 : All For-Sale -459 Units
D . Scenario 4 : All For-Sale -620 Units
2 . Land Residual Model
A. Rental Apartments
i . Market Rate
ii . Below Market Rate
B. For-Sale Residential
i . Market Rate
ii . Below Market Rate
3 . Below Market Rate Condominium Affordable Prices
4 . Construction Cost Evaluation and Comparison
5 . Below Market Rate Rent Calculation
Valko Property Owner
Cupertino, CA
TECHNICAL APPENDIX
A. Regional Location
B. Demographic Summary
C. Rental Apartments
l . Current Inventory
i. Performance
ii. Location
2 . Product Positioning
D . For-Sale Residential
1. Current Inventory
i. Performance
ii . Location
2. Product Positioning
ti•
T H E CONCORD GRO UP
August 2019
19446.00
C
E
E
V)
1)
u
1)
w
Project Factors
Dwelling Units
Gross Square Feet
Structured Parking Stal ls
Market Value
Value/ Gross SF
Value per Unit
Development Budget
Soft Cost
Hard Cost
Other Costs and ROI
Total Cost
Total Cost/ Gross SF
Total Cost per Unit
Residual Value
Before Site Costs)
Land Value/ Gross SF
Land Value per Unit
Site Costs
Demolition
Basic Site Work
Open Space Improvements
Parkland In-Lieu Fee
Apartment
Market Rate
390
487,500
780
317,499,975
651
8 14 ,103
5 4 ,478,008)
216,107,62 1)
62 I 77 5 ,866)
333 ,361 ,495)
684)
854,773)
15 ,861,520)
33)
40,67 1)
Right-of-Way and Backbone Infrastructure
Additional Off-Site Improvements/Mitigation
Subtotal
Site Development Fina nc ing Cost
Devel oper Return on Site Costs
Total Site Costs Includin g ROI
VPO's Approximate Land Cost Basis
Estimated Project Residual
19446.00 Residuals and Conclusions 8 .29 : Rental 469
EXHIBIT lA
AL L RENTAL -459 UNITS
VALLCO MALL REDEVELOPMENT
AUGUST2019
Residential Uses
Condomin ium
BMR Market Rate BMR
69 0 0
86,250 0 0
138 0 0
15,461,154 $0 $0
179
224 ,075 $1,083,500 $496,677
8,500,93 7) $0 $0
38 ,506,716) $0 $0
10,905 ,77 6) $0 $0
57 ,913,429) $0 $0
67 1)
839,32 5)
42,452,275) $0 $0
4 9 2 ) --
61 5,2 50) $103,936 ($4 72,024)
Office
N/A
0
0
N/A
Non-Residential Uses
Traditional
Retail
N/A
0
0
0
889
N/A
0
0
0
0
N/A
0
22
N/A
Entertainment
N/A
0
Hotel
0
0
0
Impact Fee Credits (Including Avo ided Contingency and ROI)
6% Financing Cost
12% ROI
Total
332,961 ,129
62,978,945)
254,6 14,337)
73,681,642)
391 ,274,924)
58,313,795)
None Assumed
4 ,600,000)
6,600,000)
0
21,060 ,000)
12,900,000)
0
45 ,1 60,000)
2,709 ,600)
5,744,352)
53,613,952)
93 ,184,0 0 0)
205,111 ,74 7)
T HE CONCORD GRO UP
Project Factors
Dwelling Units
Gross Square Feet
Structured Parking Stalls
Market Value
Value/ Gross SF
Value pe r Unit
Development Budget
Soft Cost
Hard Cost
Other Costs and ROI
Total Cost
Total Cost/ Gross SF
Total Cost per Unit
Residual Value
Before Site Costs)
Land Value/ Gross SF
Land Value per Unit
Site Casts
Demolition
Basic Site Work
Operi Space Improvements
Parkland In-Lieu Fee
Apartment
Market Rate
551
688,750
1102
448,570,478
651
814,103
76,967 ,647)
305,321,280)
88,691 ,03 1)
470,97 9,958)
684)
854,773)
22,409,481 )
33)
4 0,67 1)
Right-of-Way and Backbone Infrastructure
Addjtional Off-Site Improvements/Mitigation
Subtotal
Site Development Financing Cost
Developer Return on Site Costs
Total Site Costs Including ROI
VPO's Approximate Land Cost Basis
Estimated Project Residual
19446.00 Residual s and Conclusions 8 .29 : Rental 620
EXHIBIT 1B
ALL RENTAL -620 UNITS
VALLCO MALL REDEVELOPMENT
AUGUST 2019
Residential Uses
Condominium ~ice
BMR Market Rate BMR
69 0 0
86,250 0 0
138 0 0
15,078,919 $0 $0
175
218,535 $1,083 ,500 $554,017
8,5 00,937) $0 $0
38,506,7 16) $0 $0
10,905,776) $0 $0
57,913 ,429) $0 $0
671)
839,325)
42 ,834,510) $0 $0
4 97)
620,790) $103,936 ($414,684 )
N/A
0
0
N/A
Non-Residential Uses
Traditional
Retail
N/A
0
0
0
889
N/A
0
0
0
0
N/A
0
22
N/A
Entertainment
N/A
0
Hotel
0
0
0
Imped Fee Credits (Including Avoided Contingency and ROI)
6% Financing Cost
12% ROI
Total
463,649,396
85,468,584)
343,827,996)
99,596,807)
528,893 ,387)
65,243,991)
None Assumed
4,600 ,000)
6,600,000)
0
2 1,060,000)
12 ,900,000)
lQ
45,160,000)
2 ,709,600)
5 ,7 44 ,352)
53 ,613 ,952)
93 ,184,000)
212 ,041 ,943)
T HE CONCORD GROUP
Apartment
Project Factors Market Rate
Dwelling Units 0
Gross Square Feet 0
Structured Parking Stalls 0
Market Value $0
Value/ Gross SF
Va lue per Unit $814,103
Development Budget
Soft Cost $0
Hard Cost $0
Other Costs and ROI $0
Tota l Cost $0
Total Cost/ Gross SF
Total Cost per Unit
Residual Value
Before Site Costs) $0
Land Val ue/ Gross SF
La nd Value per Unit ($40 ,67 1)
Site Costs
Demolition
Basic Site Wo rk
Open Space Improve ments
Parkland In-Lieu Fee
Right-of-Way and Backbone Infrastructure
Additional Off-Site Improvements/Mitigation
Subtotal
Site Development Financing Cost
Developer Return on Site Costs
Total Site Costs Including ROI
VPO's Approximate Land Cost Basis
Estimated Project Residual
19446.00 Residuals and Conclusions 8 .29 : FS 469
EXHIBIT lC
ALL FOR-SALE -459 UNITS
VALLCO MALL REDEVELOPMENT
AUGUST2019
Residential Uses
Condominium ~ice
BMR Market Rate BMR
0 390 69
0 487,423 86,250
0 780 138
0 $422,565,000 $34,270,708
867 $397
218,535 $1,083,500 $496,677
0 ($68,733,423) ($11,560,9 19)
0 ($236 ,890,51 6) ($41,911,399)
0 ($76,40 5 ,985) ($13,368,0 79)
0 ($382,029,924) {$66,840,397)
78 4) ($775)
9 79 ,564) ($968,701 )
0 $40,535,076 ($32,569 ,689)
83 ($378)
62 0 ,790) $103 ,936 ($472,02 4 )
N/A
0
0
N/A
Non-Residential Uses
Traditional
Retail
N/A
0
0
0
889
N/A
0
0
0
0
N/A
0
22
N/A
Entertainment
N/A
0
Hotel
0
0
0
Impact Fee Credits (Including Avoided Contingency and ROI)
6% Financing Cost
12% ROI
Total
456,835,708
80 ,294 ,342)
278,80 1,915)
89 ,774,064)
448,870,32 1)
7,965,387
Non .a Assumed
4 ,600,000)
6,600,000)
0
21 ,060,000)
12 ,900,000)
0
45,1 60,000 )
2 ,709,600)
5 ,744 ,352)
53 ,613,952)
93,184 ,000)
138,832,565)
THECONCORD GROUP
Apartment
Project Factors Market Rate
Dwelling Units 0
Gross Square Feet 0
Structured Parking Stalls 0
Market Value $0
Value/ Gross SF
Va lue per Unit $814,103
Development Budget
Soft Cost $0
Hard Cost $0
Other Costs and ROI $0
Total Cost $0
Total Cost/ Gross SF
Total Cost per Unit
Residual Value
Before Site Costs) $0
Land Value/ Gross SF
Lan d Value per Unit ($40,6 7 1)
Site Costs
Demolition
Basic Site Work
Open Space Improve ments
Parkland In-Lieu Fee
Right-of-Way and Backbone Infra structure
Additional Off-Si te Improvements/Mitigation
Subtotal
Site Deve lopment Financing Cost
Developer Return on Site C osts
Total Site Costs Including ROI
VPO's Approximate Land Cost Basis
Estimated Project Residual
19446.00 Residuals and Conclusion s 8 .29 : FS 620
EXHIBIT lD
ALL FOR-SALE -620 UNITS
VALLCO MALL REDEVELOPMENT
AUGUST 2019
Residential Uses
Condominium ~ice
BMR Market Rate BMR
0 436 184
0 544,913 230,000
0 872 368
0 $472,406,000 $101,939,207
867 $443
218,535 $1,083,500 $554,017
0 ($76,8 4 0,443) ($30,829,1 17)
0 ($264,831,44 8) ($111,763,73 1)
0 ($85,417 ,973) ($35,648,2 12)
0 ($427,089,864) ($178,241,059)
784) ($775)
979 ,564 ) ($968,70 1)
0 $45,316,136 ($76,301,852)
83 ($332)
620,790) $103,936 ($41 4 ,68 4 )
N/A
0
0
N/A
Non-Residential Uses
Traditional
Retail
N/A
0
0
0
889
N/A
0
0
0
0
N/A
0
22
N/A
Entertainment
N/A
0
Hotel
0
0
0
Impact Fee Credits (Including Avoided Contingency ond ROI)
6% Financing Cost
12% ROI
Total
574,345,207
107 ,669 ,559)
376,595,179)
12 1,066,185)
605 ,3 3 0 ,92 3 )
30,98 5,71 6)
None Assumed
4 ,600,000)
6,600 ,000)
0
2 1,060,000)
12 ,900,000)
0
4 5,160,000)
2,7 09 ,600)
5 ,744,352)
53 ,6 13,95 2)
93 ,184 ,000)
177,783,668)
T HE CONCORD GROUP
Develo ment Pro ram Assum tions
Dwelling Units
Gross Building Area (Square Feet)
Rentable Area (Square Feet )
Structured Parking Spaces
Build in Value
Gross Potential Rent
Losses to Vacancy
Col lection Losse s
Losses to Concessions
Gross Residential Revenue
Operating Expenses
Net Operating Income -Residential
Net Operating Income -Parking
Net Operating Income
Building Value
Disposition Cost
Net Value
Pro· ect Costs
Construction Costs
Bui lding Direct Costs
Structured Parking Direct Cost
PLA Cost Premium
Total Construction Cost
Saft Costs
Architecture and Engineering
Other Professional Services
Permits and Fees
Taxes and Insurance
Financing
Marketing/Leasing
Developer Fee
Total Soft Costs
Other Costs
Development Contingency
Developer ROI
Total Other Costs
Total Project Costs
Residual Land Value
Residual Land Value
Per Dwelling Unit
Per Square Foot (GBA)
1,250
80%
2.0
4.00
5%
0%
0%
30%
50
4.0%
1.5%
223
46,95B
5%
4%
2%
34,404
2%
6%
1%
4%
10%
12%
EXHIBIT2Ai
MARKET RATE RESIDENTIAL RENTAL APARTMENTS-LAND RESIDUAL
VALLCO MALL REDEVELOPMENT
AUGUST2019
3ir1«tirfflih·i, Mffl®iiH,WdP,i·i,i·ii•Nf
1 1
per unit 1,250 1,250 per unit 1,250
GBA 1,000 80% GBA 1,000
spaces per unit 2 2.0 spaces per unit 2
per SF /Month $48,000 $4.00 per SF/Month $48,000
of GPR -$2,400 5% of GPR -$2,400
of GPR $0 0% of GPR $0
of GPR $0 0% of GPR $0
45 ,600 $45,600
of Gross Revenue -$13,680 30% of Gross Revenue -$13,680
31,920 $31,920
per Space/Month $1 ,140 $50 per Space/Month $1,140
33,060 $33,060
Capitalization Rate $826,500 4.0% Capitalization Rate $826,500
of Building Value -$12,398 1.5% of Building Value -$12,398
814,103 $814,103
cost/SF (GBA) $278,425 $346 cost/SF (GBA) $432,500
per Space $93,915 $46,958 per Space $93,916
ofT otal Const . Cost $19,597 5% of Total Const. Cost $27,706
391,937 $554,122
of Construction Cost $15,677.47 4% of Construction Cost $22,165
of Construction Cost $7,839 2% of Construction Cost $11,082
per Dwelling Unit $34,404 $34,404 per Dwelling Unit $34,404
of Construction Cost $7,839 2% of Construction Cost $11,082
of Construction Cost $23,516 6% of Construction Cost $33,247
of Construction Cost $3,919 1% of Construction Cost $5,541
of Construction Cost $15,677 4% of Construction Cost $22,165
108,872 $139,687
of Ha rd and Soft Costs $50,081 10% of Hard and Soft Costs $69,381
of Development Costs $66,106.77 12% of Development Costs $91,582.83
116,188 $160,964
616,997 $854,773
197,106 -$40,671
197,106 -$40,671
158 -$33
TCG Source
Appendix C2
Cupertino Planning Dept
Exhibit 4, see footnote
1) Building Direct Cost obtained by subtracting the parking costs and PLA Cost Premi um assumed by EPS from the total construction cost estimate obtained in Exhibit 4 .
19446.00 Residual s and Conclusions 8 .29 : MF THE CONCORD GRO UP
EXHIBIT 2Aii
BELOW MARKET RATE RESIDENTIAL RENTAL APARTMENTS -LAND RESIDUAL
VALLCO MALL REDEVELOPMENT
AUGUST2019
@t1fflitttfoH, I TCG Evaluation -WithoufDensi Bonus •
Develoement Pro9ram Assumetions
Dwel li ng Units l , l
Gross Building Area (Square Feet) 1,250 per unit 1,250 1,250 per unit 1,250 1,250
Rentable Area (Square Feet) 80% GSA 1,000 80% GSA 1,000 80%
Structured Parking Spaces 2.0 spaces per unit 2 2.0 spaces per un it 2 2 .0
Buildin Value
Gross Potential Re nt $1.94 per SF/Month $23,304 $1.60 per SF/Month $19,157 $1 .56
Los ses to Vacancy 5% of GPR -$1, 165 5% of GPR -$958 5%
Collection Losses 0% of GPR $0 0% of GPR $0 0%
Losses to Concessions 0% of GPR $0 0% of GPR $0 0%
Gross Residential Revenue $22,139 $18,199
Operating Expenses 50% of Gross Revenue -$11,069 50% of Gross Revenu e -$9,099 50%
Net Operating Income -Residential $11 ,069 $9,099
Net Operating Income -Parking $0 per Space/Mont h $0 $0 per Space/Month $0 $0
Net Operating Income $11,069 $9,099
Building Val ue 4.0% Capitalization Rate $276,735 4.0% Ca pitalization Ra te $227,487 4.0%
Dispos itio n Cost 1.5% of Bui ldin g Va lue -$4,151 1.5% of Bu ilding Value -$3,4 12 1.5%
Net Va lue $272,584 $224,075
Project Costs
Construction Casts
Bu ild in g Direct Costs $223 cost/SF (GBA) $278,425 $349 cost/SF (GBA) $436,250 $349
Structu re d Parking Direct Cost $46,957 per Space $93,915 $46,957 per Space $93,915 $4 6,957
PLA Cost Prem ium 5% of Tota l Const. Cost $19,597 5% of Total Const. Cost $27,903 5%
Tola/ Cons/rue/ion Cos/ $391,937 $558,068
Soft Costs
Architecture and Engineering 4% of Construction Cost $15,677 4% of Construction Cost $22,323 4%
Other Professional Services 2% of Construction Cost $7,839 2% of Construction Cost $11,161 2%
Permits and Fees $17,169 per Dwe lling Unit $17,169 $17,169 per Dwe lling Unit $17,169 $17,169
Taxes and Insurance 2% of Construction Cost $7,839 2% of Construction Cost $11,161 2%
Financi ng 6% of Const ructio n Cost $23,516 6% of Construction Cost $33,484 6%
Market ing /Leasing 1% of Construction Cost $3,919 1% of Const ruction Cost $5,581 1%
Developer Fee 4% of Construction Cost $15,677 4% of Construction Cost $22 ,323 4%
Tola/ Soll Casis $91,637 $123,202
Other Costs
Development Contingency 10% of Hard and Soft Costs $48,357 10% of Hard and Soft Costs $68,127 10%
Developer ROI 12% of Development Costs $63,832 12% of Development Costs $89,928 12%
Tola/ Other Casis $112,189 $158,055
Total Project Costs $595,763 $839,325
Residual Land Val ue
Residual Land Value -$323, 179 -$615,250
Per Dwelling Unit -$323, 179 -$615,250
Per Square Foot (GBA) -$258.54 -$492 .20
1) Building Direct Cost obtained by subtracting the parking costs and PLA Cost Premium assumed by EPS from the total construction cost estimate obtained in Exhibit 4 .
19446.00 Re siduo ls and Conclusions 8.29: MF BMR
ttfflii·i,WWPti•MM·M,i't TCG Source
l
per unit 1,250
G SA 1,000
spaces per unit 2 Cupertino Planning Dept
per SF/Month $18,683 HCD Rents
of G PR -$934
of G PR $0
of G PR $0
17,749
of Gross Revenue -$8,875
8,875
per Space/Month $0
8,875
Capita lization Rate $221,863
of Building Value -$3,328
218,535
cost/SF (GSA) $436,250 Exhibit 4 , see footnote
per Space $93,915
of Tota I Const. Cost $27,903
558,068
of Construction Cost $22,323
of Construction Cost $11 ,161
per Dwel ling Unit $17,169
of Construction Cost $11,161
of Construction Cost $33,484
of Construction Cost $5,581
of Construction Cost $22,323
123,202
of Hard and Soft Costs $68,127
of Development Costs $89,928
158,055
839,325
620,790
620,790
496 .63
T H E CONCORD GROUP
Oevelo ment Pro ram Assum lions
Dwelling Units
1,250 per unit
80% GBA
EXHIBIT 2Bi
MARKET RATE RES ID ENTIAL CONDOMINIUMS -LAND RESIDUAL
VALLCO MALL REDEVELOPMENT
AUGUST 2019
EPS Evaluation
l
1,250
1,000
@fflirffliMNIS,l·l,HJ .. N!
1,250 per unit
80% GBA
1,250
1,000
TCG Source
Gross Building Area (Square Feet)
Net Build ing Area (Square Feet)
Structured Parking Spaces 2.0 spaces per unit 2 .0 2.0 spaces per unit 2.0 Cupertino Planning Dept
Buildin Value
Condominium Sole Value
Other Value Additions
Building Value
Dispositio n Cost
Net Va lue
Pro·ect Costs
Constructi on Costs
Building Direct Costs
Structured Parking Direct Cost
PLA Cost Premium
Total Consfrudion Cosf
Saft Costs
Architecture and Engineering
Other Professional Services
Permits and Fees
Taxes and Insurance
Financing
Marketin g/leasin g
Developer Fee
Total Soft Costs
Other Costs
Development Contingency
Developer ROI
Total Other Costs
Total Project Costs
Residual land Value
Residual land Value
Per Dwelling Unit
Per Square Foot (GBA)
1,100 Market Va lue/ SF
0 Market Va lue/ Unit
1.5% of Building Value
256 cost/SF (G BA)
46,958 per Space
5% of Total Const. Cost
4% of Construction Cost
2% of Construction Cost
42,609 per Dwelling Unit
3% of Construction Cost
6% of Construction Cost
3% of Construction Cost
4% of Construction Cost
10% of Hord and Soft Costs
15% of Development Costs
1,099,826
0
1,099,826
16,497
1,083,32B
320,137
93,915
2 1,792
435,844
17,434
8,717
42,609
13,075
26,151
13,075
17,434
138,495
57,434
94,766
152,200
726,539
356,790
356,790
285.48
1,100 Market Value/ SF
0 Market Va lue/ Unit
1.5% of Building Value
387 cost/SF (GBA)
46,958 per Space
5% of Total Const. Cost
4 % of Construction Cost
2% of Construction Cost
42,609 per Dwelling Unit
3% of Construction Cost
6% of Construction Cost
3% of Construction Cost
4% of Construction Cost
l 0% of Hard and Soft Costs
15% of Deve lopment Costs
1,100,000
0
1,100,000
16,500
1,083,500
483,125
93,9 16
30,371
607,412
24,296
12,148
42,609
18,222
36,445
18,222
24,296
176,240
78,365
117,548
195,913
979,564
103,936
103,936
83.15
1) Building Direct Cost obtained by subtracting the parking costs and PLA Cost Premium assumed by EPS from the total construction cost estimate obtained in Exhibit 4 .
19446.00 Residuals and Conclusions 8.29: MR Condo
Exhibit 4, see footnote
T HE CONCORD GR.OUP
EXHIBI T 2 Bii
BELOW MARK ET RATE RESIDENTIAL CONDOMINIUMS -LAND RESIDUAL
VALLCO MALL REDEVELOPMENT
AUGUST2019
R~ifflnffliH, L TCG Evaluation -Witnovl DensitV Bonus TCG Evaluation -Wrth Density Bonus TCGSource
Develo men! Pro ram Assum tions
Dwelling Units
Gross Bui ldi ng Area (Squa re Feel)
Net Building Area {Square Feet)
Strudured Parking Spaces
Buildin Value
Condominium Sale Value
Other Value Additions
Building Value
Disposition Cost
Net Va lue
Pro·ed Costs
Construdion Costs
Bui lding Direct Costs
Structured Parking Direct Cost
PLA Cost Premium
Tola/ Conslrudion Cost
Soft Costs
Architecture and Eng ineerin g
Other Professional Services
Permits and Fees
Taxes and Insurance
Financing
Marketing/leasing
Developer Fee
Total Soft Costs
Other Costs
Development Contingency
Developer ROI
Tola/ Other Casis
Total Project Costs
Residua! Land Value
Resid ual Land Value
Pe r Ow-elling Unit
Pe r Sq ua re Foot (GBA)
1,250 per uni!
80% GSA
2.0 spaces per unit
835 Market Va lue/ SF
0 Market Value/ Unit
1.5% of Building Value
256 cost/SF {GBA)
46,957 per Space
5% of Total Const. Cost
4% of Construction Cost
2% of Construction Cost
33,919 per Dwelling Unit
3% of Construction Cost
6% of Construction Cost
1% of Construction Cost
4% of Construction Cost
10% of Hard a nd Soft Costs
15% of Development Costs
1,250
1,000
2.0
835,000
0
835,000
12,525
822,475
320,187
93,915
2 1,795
435,897
17,436
8,718
33,919
13,077
26, I 54
4,359
17,436
121,098
55,699
91,904
147,604
704 ,599
11 7,876
117,876
94.30
1,250 per unit
80% GBA
2.0 spaces per unit
504 Market Value/ SF
0 Market Value/ Unit
1.5% of Building Value
387 cost/SF (GBA)
46,958 per Space
5% of Total Const. Cost
4% of Construction Cost
2% of Construction Cost
33,919 per Dwelling Unit
3% of Construction Cost
6% of Construction Cost
3% of Construction Cost
4% of Construction Cost
10% of Hard and Soft Costs
15% of Development Costs
1,250
1,000
2 .0
504,241
0
504,241
7,564
496,677
483,125
93,916
30,371
607,412
24,296
12,148
33,919
18,222
36,445
18,222
24,296
167,550
77,496
116,244
193,740
968,701
472,024
472,024
377.62
1,250 per unit
80% GBA
2.0 spaces per unit
562 Market Value/ SF
0 Market Value/ Unit
1.5% of Building Value
387 cost/SF (GBA)
46,958 per Space
5% of Total Const. Cost
4% of Construction Cost
2% of Construction Cost
33,919 per Dwelling Unit
3% of Construction Cost
6% of Construction Cost
3% of Construction Cost
4% of Construction Cost
10% of Hard and Soft Costs
15% of Development Costs
1) Building Direct Cost obtained by subtracting the parking costs and PLA Cost Premium assumed by EPS from the total construction cost estimate obtained in Exh ibit 4
19446.00 Residuals and Conclusions 8.29: BMR Condo
I
1,250
1,000
2.0 Cupertino Planning Dept
562,454 Exhibit 3
0
562,454
8,437
5 54,0l 7
483,125 Exhibit 4, see footnote
93,916
30,371
607,412
24,296
12,148
33,919
18,222
36,445
18,222
24,296
167,550
77,496
116,244
193,740
968,701
414 ,684
414,684
33 1.75
THE CONCORD GROUP
EXHIBIT 3
BELOW MARKET RATE CONDOMINIUM AFFORDABLE HOME PRICE TABLE
CUPERTINO, CALIFORNIA
Affordabili ty Target
Affordabi lity Mix
Wi th Density Bonus
EPS
9/11/2018
Unknown /Blended
Hausrath
Based on EPS
Unknow n/Bl ended
AUGUST 2019
Strategic Economics (Existi ng Pol icy)
7/16/2019
Me dian (90%)
53%
Moderate (110%)
47%
2 Bed 3 Bed 2 Bed 3 Bed
Assumed Average Unit Size (GSF)
Assumed Average Un it Size (NSF)
Unit Mix
Wi th Density Bonu s
Overall Average Net Un it Size
Household Size (1)
Santa C lara County Median In come
of Median Income Target
Qualifying Income
Max% of Income Spent on All Housi ng Costs (2)
1,250
1,000
Funds Ava il able for Mortgage (Assumi ng No Other Cos ts)
Utility Allowance (3)
Property Tax (4)
Homeowner's Insurance (5)
Mortgage Insurance (6 )
Net Funds Available for Mortgage
10 Year Trail ing Interest Rate
Loan Amount Supported
Down Payment
Average BMR Condo Price Per Unit Type
Price per Net Rentable Square Feet
Overall Average BMR Condo Price
Price per Net Rentable Squa re Feet
Month ly Housing Costs
Required Household In come
835,000
835
4,957
178,457
Overall Average BMR Condo Pri ce w/ Dens ity Bonus
Price per Net Rentable Square Feet
Monthly Mortgage Payment
Required Household In come
1,250
1,000
835,000
835
4,957
178,45 7
1,688
1,350
27%
2,000
1,600
27%
1,475
375,431
278
2,506
90,227
1,688
1,350
23%
l) City of Cupertino BMR Housing Mitigation Program Procedura l Manual ; Section 2.3.5 In itial Maximum Sales Prices and Rents of BMR Units A.1
2) City of Cupertino BMR Housi ng Mitigation Program Procedural Manual; Section 2 .3.5 Initial Maximum Sales Prices and Rents of BMR Units A.3
3) Santa Clara County Housing Authority, 2019 Utility Allowances Schedu le.
4) Property tax of 1 .125%.
5) Hello Housing
6) 0.55% of Loan Amount; He ll o Housing
19446.00 Residuals and Co ncl usions 8.29: BMR Cale and Compa rison
2,000
1,600
23%
Bed
81 3
650
17%
6%
2
105,100
90%
94,590
30%
28,377
2,052
4,131
984
1,818
19,393
4.2%
330 ,468
10%
367,187
565
Media n (90%)
50%
19%
2 Bed
1,275
1,020
17%
6%
3
11 8,250
90%
106,425
30%
31,928
2,436
4,647
984
2,045
21,816
4.2%
371,762
10%
41 3,069
405
The Concord Group
8/15/2019
3 Bed 1 Bed
1,663 813
1,330 650
17% 17%
6% 27%
1,000
4 2
131,400 $105,100
90% 1 10%
118,260 $115,610
30% 35%
35,478 $40,464
3,228 $2,052
5,097 $6,101
984 $984
2,243 $2,684
23,927 $28,642
4.2% 4.2%
407,736 $488,087
10% 10%
453,039 $542,319
341 $834
504,241
504
3,196
118,017
562,454
562
3,531
124,398
Moderate (1 10%)
50%
81%
2 Bed 3 Bed
1,275 1,663
1,020 1,33d
17% 17%
27% 27%
3 4
1 18,250 $150,000
100% 100%
118,250 $150,000
35% 35%
41,388 $52,500
2,436 $3,228
6,189 $7,871
984 $984
2,723 $3,463
29,055 $36,953
4.2% 4.2%
495,129 $629,717
10% 10%
550,143 $699,686
539 $526
THE CONCORD GRO U P
EPS Hausrath
9/11/2018 BasedonEPS I
Residential Construction Costs (1)
11
I
Building Direct Costs (per GSF) 256 256
Structured Parking (per Space) 46,958 46,958
PLA Cost Premium 5% 5%
Total Construction Costs (per GSF) (2) $349 $349
EXHIBIT 4
CONSTRUCTION COST EVALUATION AND COMPARISON
CUPERTINO, CALIFORNIA
AUGUST 2019
Strategic Ecanamics
7/16/2019
TypeV Type 111 Mod Truebeck
Condo Apartments Low High
275 300
30,000 30,000
323 $348 $420 $477
Condo
The Concord Group
8/15/2019
De vcon South Bay Construction Truebeck
Low High Low High J Low High
500 $540
Condo Consensus
486
455 $525 $395 $440
1) TCG construction cost estimates provided by named developers; see attached letters .
2) Total Construction Costs do not include site costs .
19446.00 Residuals and Conclusions 8.29 : Hard Costs
Ae_artment
Devcon South Bay Construction
Low High Low High
500 $540
Apartment Consensus
443
370 $410
THE CONCORD GRO UP
Unit Mix
AMI
M ix
Un it Avg Square Feet
Rent per Un it (1)
Rent / SF
l) Source : HCD
EPS
9/11/2018
Unknown
1,000
1,940
1.94
1,000
1,940
1.94
19446.00 Res iduals and Conclusions 8 .29 : Rental BMR Cale
EXHIBIT 5
RENTAL BMR REVENUE CALCULATION
CUPERTINO, CALIFORNIA
AUGUST 2019
Without Dens ity Bonus
50%
9%
1,000
1,478
1.48
1 .60
60%
6%
The Concord Group
8/30/2019
1,000
1,774
1 .77
50%
11 %
With Density Bonus
1,000
1,478
1.48
1.56
60%
4%
1,000
1,774
1 .77
THE CONCORD GRO UP
c
C:
I)
a.
a.
C
u ·-
c: ..
c:
u
I)
I-
APPENDIX A
REGIONAL LOCATION AND SUBMARKET DELINEATION
SANTA CLARA COUNlY, CALIFORNIA
AUGUST 2019
The red outlined area is the Competitive Market Area , ("CMA"),
the source of competitive rental , for-sale, hotel, and office supply.
This area is defined by zip codes and consists of all or most of
Sunnyvale, Santa Clara, Cupertino, Saratoga, Los Gatos,
Campbell, and South San Jose.
The blue outlined area represents the Primary Market Area
PMA"), the geographical limit for prospective renters and owners
in the CMA . This area is defined by zip code and stretches from
Palo Alto down through the southern edge of Los Gatos .
19446.00 RegLoc: RegLocSC
Alum Rock
1
The multi-colored reg ions
represent the various
submarkets of the PMA .
See Page 2 for a detailed view
THE CONCORD GRO UP
1
1 Mountain View/
Los Altos
CJ1tt., ROd: St.Oh,
P•il.
19446 .00 RegLoc : SCZoom
Saratoga/ Los
Gatos
APPENDIX A
REGIONAL LOCATION AND SUBMARKET DELINEATION
SANTA CLARA COUNTY, CALIFORNIA
AUGUST 2019
Alum Rock
East San Jose
R•td•H1!tv1.-\l/
1101 ,i
The multi-colored regions
represent the various
submarkets of the PMA .
THE CONCORD GRO UP
19446.00 Reg Loe -Retail : Retail Z oo m
APPENDIX A
REGIONAL LOCATION AND SUBMARKET DELINEATION
RETAIL TRADE AREA
AUGUST 2019
THE CONCORD GRO UP
APPEN DIX B
DEMOGRAP HIC SUMMARY
PRIMARY MARKET AREA
AU GUST20 19
Geography i Cuperti no 1•1 , • ISa~toga/ Los I
Genera l Information
Population (' 18) 66,278 158,631 129,986 407,766 112,223 874,884 399,443 158,644 184,177 120,358 127,543 1,865,049
Households ('18) 22,626 59,162 47,028 145,947 40,631 315,394 101,719 58,443 58,103 42,077 51 ,250 626,986
PMA 3 .6% 9.4% 7.5% 23.3% 6.5% 50.3% 16.2% 9.3% 9.3% 6.7% 8 .2% 100.0%
Ann . Growth (#, '18-'23) 811 3,351 2,585 4,762 1,164 12,673 3,074 4,425 5 ,631 1,304 3,372 30,479
PMA 2.7% 11.0% 8.5% 15.6% 3.8% 41.6% 10.1% 14.5% 18.5% 4.3% 11.1% 100.0%
Ove r $100K HH Growth 390 1,268 998 2,694 529 5,879 1,679 1,235 1,483 638 1,040 11,954
Under $ 100K HH Growth 421 2,083 1,587 2,068 635 6,794 1,395 3,190 4,148 666 2,332 18,525
Ann. Growth (%, '18-'23) 3 .4% 5.1% 5.0% 3 .1% 2.7% 3.7% 2.9% 6.6% 8.2% 2.9% 5.9% 4.4%
House hold Size ('18) 2 .93 2 .68 2.76 2.79 2.76 2.77 3.93 2.71 3.17 2.86 2 .49 2 .97
Employed Population ('18) 31,280 84,329 68,533 215,140 53,674 452 ,956 186,132 84,054 94 ,853 59,218 68,898 946,111
PMA 3.3% 8.9% 7 .2% 22 .7% 5.7% 47.9% 19.7% 8.9% 10.0% 6 .3% 7.3% 100.0%
Wh ite Collar 1.2% 2.5% 2.7% 3.0% 1.4% 2.5% 5.7% 4.8% 2.9% 1.9% 1.7% 3 .3%
Household Breakdown ('18)
l Person 16% 23% 23% 22% 18% 21% 12% 28% 13% 27% 26% 20%
2 Person 22% 23% 22% 23% 29% 24% 17% 17% 18% 22% 24% 21 %
3+ Person 62% 54% 55% 55% 52% 55% 72% 55% 70% 51% 50% 58%
Age Breakdown -Population ('18)
Median Age (Pop.) 41.0 37.5 35.5 38.9 48.1 39.2 34.7 34.0 37.6 35.2 40.4 37 .4
Under 18 25% 23% 22% 23% 22% 23% 26% 20% 22% 22% 21% 2 3%
18-24 7% 7% 10% 8% 7% 8% 9% 12% 8% 14% 7% 9%
2 5-34 10% 15% 18% 13% 7% 13% 15% 19% 16% 14% 14% 15 %
35-44 ~15% ~16% B16% 814% ~{ 10% 814% 814% Bl5% ~{::~ ~{ 11% ~{ 14%
B
14%
45-54 16% 14% 12% 15% 17% 15% 13% 12% 12% 14% 14%
55-64 13% 11% 11% 13% 17% 13% 11% 10% 12% 11% 13% 12%
65-74 8% 7% 7% 8% 12% 8% 7% 6% 8% 8% 9% 8%
75+ 6% 6% 5% 6% 9% 6% 5% 4% 5% 7% 8% 6%
Income/Wealth Breakdow n -Households ('18)
Median Income $140,772 $109,169 · $102,591 $102,098 $164,835 $110,772 $82,347 $67,961 '$112,508 $117,460 $126,243 $103,994
Average Income $182,947 $143,939 $129,941 $133,439 -$226,888 $150,477 $1 10,484 $99,219 $141,466 $181,509 $182,999 $143,117
PMA 127.8% 100.6% 90.8% 93.2% 158.5% 105.1% 77.2% 69.3% 98.8% 126.8% 127.9% 100.0%
Un d er $SOK 15% 19% 23% 22% 12% 20% 30% 38% 19% 25% 20% 23%
50 -$75K 9% 12% 13% 14% 8% 12% 15% 15% 11% 10% 11% 13%
75-$100K
10%
r4% r2% {
13% { 8% r2% ~12% r2% {
12% { 9% { 9% { 12 % $1 00-$150K 19% 21% 21% 20% 17% 20% 19% 15% 23% 13% 17% 19%
150 -$200K 176o/,I 1s% 169%1 13% 164%1 12% 164%1 13% 180%1 14% 168%1 13% 10% 147o/,I 9% l7o%1 15% 165%1 10% l7o%I 12% 164%1 12%
20 0K + 32% 21 % 18% 19% 41% 23% 14% 11% 20% 32% 31% 21 %
Rental Housing ('18)
Rent 40% 53% 55% 40% 21% 42% 37% 66% 44% 48% 46% 45%
Renter Households 9,095 31,487 26,026 58,674 8,368 133,650 37,373 38,518 25,717 20,300 23,562 279,120
PMA 3.3% 11 .3% 9 .3% 21.0% 3.0% 47 .9% 13.4% 13.8% 9 .2% 7.3% 8.4% 100.0%
Annual New Renters 326 1,783 1,431 1,914 240 5,370 1,129 2,916 2,492 629 1,550 13,569
Rente r HHs Rent SFD ('18) 21.8% 14.4% 14.8% 21.6% 41.5% 19.7% 36.7% 14.6% 19.4% 25 .8% 13.6% 21.4%
Rente r HHs Rent 1-4 Unit Att. ('18) 30.6% 22.8% 20.9% 26.5% 23 .3% 24 .6% 26.8% 22 .3% 20.0% 14.2% 20.0% 23.1%
Rente r HHs Rent 4-50 Unit Att. ('18 ) 25 .2% 38.8% 40.5% 33.9% 21.6% 35.1% 20.4% 35.9% 18.1% 36.2% 45.7% 32.6%
Rente r HHs Rent 50+ Unit Att. ('18) 22 .2% 22.0% 23.6% 17.7% 12 .6% 19.9% 14.2% 26.3% 40 .7% 22 .9% 20.0% 22 .0%
For-Sale Housing ('18)
Own 60% 47% 45% 60% 79% 58% 63% 34% 56% 52% 54% 55%
Owner HHs 13,531 27,675 21,002 87,273 32,263 181,744 64,346 19,925 32,386 21,777 27,688 347,866
of PMA 3.9% 8 .0% 6.0% 25.1% 9 .3% 52.2% 18.5% 5 .7% 9 .3% 6.3% 8.0% 100.0%
Annual New Owners ('18-'23) 485 1,568 1,154 2,848 924 7,303 1,945 1,509 3 ,139 675 1,822 16,910
O wn SFD 77.3% 69 .5% 74.1% 80.4% 88.9% 79.4% 77.4% 68.1% 68.4% 84 .3% 73.8% 77.2%
O wn 1-4 Unit Attached 16.6% 13.8% 16.7% 12.5% 9 .7% 13.0% 14 .3% 11.7% 20.4% 6.5% 14.4% 13.5%
Own 5-49 Unit Attached 2.1% 3 .0% 4.9% 2.5% 0 .7% 2.5% 1.8% 4 .4% 2 .9% 4.8% 5.2% 2 .8%
Own 50 + Unit Attached 4 .0% 0.9% 4.0% 1.0% 0 .3% 1.4% 0.5% 10 .8% 1.6% 3 .4% 2.8% 2 .0 %
19446.00 DemosDemand: Demos T HE CONCORD GRO UP
Project Name
Noya
Loft House Apartments
The Flats at City Line
481 Mathilda
Stewart Village Sunnyvale
6TenEast
Cherry Orchard
Anton 1101
Solstice Apartments
Magnolia Square
Villa Del Sol
Via
Ironworks Apts
Sofi Sunnyvale
Kensington Place Apartments
Encasa
Avalon Silicon Valley
Tamarind Square
Lawrence Station
Sunnyvale Total/Weighted Average (1):
Cu ertino
Glenbrook
Cupertino City Center
The Biltmore Apartments
The Hamptons
Markham Apartments
Arioso
Main Street Cupertino Loft s
Cupertino Park Center
Nineteen800
Cupertino Total/Weighted Average (1 ):
18616.02 Reccomps : Inv
Property Manager
APPENDIX Cl i
CURRENT APARTMENT INVENTORY
PRIMARY MARKET AREA
AUGUST2019
Elevation/
of Floors
Year Built/
Reno . 121
Total
Units
0cc.
Rate 131
Avg
Unit Size
All iance Lowrise (4s) 2016 156 92% 852
Carmel Partners Midrise (5s) 2014 133 95% 942
Sores Regis Midrise (4s) 2018 198 90% 1,113
Al liance Mirdrise (4s) 2016 105 97% 872
The Irvine Company Lowrise (3s) 2014 202 97% 822
Sores Regis Lowrise (4s) 2017 224 95% 798
Irvine Company Midrise (4s) 2001/2010 300 96% 1,014
Alliance Midrise (4s) 2015 97 98% 855
Essex Midrise (5s) 2013 280 98% 982
Essex Lowrise (3s) 1970/2012 189 97% 797
Pinnacl e Lowrise (3s) 2001 124 97% 1,000
Essex Midrise (5s) 2011 284 98% 911
Prometheus Midrise (4s) 2016 184 96% 1,155
Pinnacle Lowrise (3s) 1989/2014 204 97% 829
Prometheus Midrise (4s) 1993/2007 186 96% 899
Alliance Midrise (4s) 2016 465 97% 967
AvalonBay Communities Midrise (5s) 1998 710 94% 1,008
Alliance Residential Lowrise (3s) 2004 123 98% 1,002
Essex Midrise (4s) 2012 336 99% 1,034
19 Communities 2011 4,500 96% 954
ACCO Management Lowrise (2s) 1973/2008 517 946
Prometheus Midrise (5s) 1989/2012 99 99% 829
Prom etheus Lowrise (2s) 1973/2003 179 81% 965
The Irvine Company Lowrise (4s) 1999/2013 342 96% 963
Prometheus Lowrise (2s) 1972/2014 504 95% 879
Greystar Lowrise (3s) 1999/2008 201 92% 1,015
Greystar Midrise (4s) 2018 120 92% 1,060
Prometheu s Lowrise (3s) 1997 /2012 120 97% 1,095
Legacy Partners Midrise (6s) 2014 204 96% 1,341
9 Communities 2011 2,286 94% 985
Page 1 of 5
June 2019
Base Rent Net Rent
SF _$__ $/SF
4,116 $4.83 $4,057 $4 .7 6
4,421 $4 .69 $4,421 $4 .69
5,043 $4 .53 $5,043 $4.53
3,903 $4.48 $3,903 $4.48
3,650 $4.44 $3,415 $4 .15
3,492 $4 .37 $3,492 $4.37
4,320 $4 .26 $4,320 $4 .26
3,625 $4.24 $3,625 $4 .24
4,029 $11 .10 $4,029 $4 .10
3,261 $4 .09 $3,261 $4 .09
4,083 $4 .08 $4,083 $4 .08
3,657 $4.02 $3,657 $4 .02
4,608 $3 .99 $4,488 $3 .88
3,235 $3 .90 $3,235 $3.90
3,502 $3 .90 $3,502 $3 .90
3,764 $3.89 $3,722 $3.85
3,883 $3.85 $3,883 $3 .85
3,530 $3 .52 $3,530 $3 .5 2
3,633 $3.51 $3,633 $3 .51
3,870 $4 .05 $3,848 $4.03
3,759 $3 .97 $3,645 $3.85
3,233 $3 .90 $3,233 $3.90
3,749 $3 .89 $3,567 $3 .70
3,641 $3.78 $3,558 $3 .69
3,275 $3 .7 3 $3,275 $3 .73
3,769 $3 .71 $3,769 $3 .71
3,891 $3.67 $3,891 $3 .67
3,895 $3.56 $3,895 $3 .5 6
4,551 $3.39 $4,551 $3 .39
3,697 $3 .75 $3,644 $3.70
THE CONCORD GROUP
APPENDIX Cl i
CURRENT APARTMENT INVENTORY
PRIMARY MARKET AREA
AUGUST2019
I June 2019
Elevation/ Year Built/ Total 0cc. Avg Base Rent Net Rent
Project Name Proee!:!}'. Mana9er #'of Floors Reno. 121 Units Rate 131 Unit Size $ $/Sf $ $/SF
Santa Clara
Mylo Santa Clara 1•1 Essex Midrise (4s) 2019 476 0% 871 $3,457 $3 .97 $3,169 $3.64
Hearth Apartments Prometheus Midrise (4s) 2014 548 95% 936 $3,653 $3.90 $3,653 $3.90
Cobalt Prometheus Midrise (4s) 2016 222 96% 930 $3 ,550 $3 .82 $3,550 $3 .82
Santa Clara Square Apartments Irvine Company Midrise (4s) 2018 455 61% 1,001 $3,791 $3.79 $3,633 $3 .63
Vi lla s on the Boulevard Pinnacle Midrise (4s) 2017 186 95% 949 $3,547 $3.74 $3,547 $3 .74
Monticello Apts Irvine Company Midrise (4s) 2016 825 96% 1,039 $3,873 $3 .73 $3,873 $3 .73
Vi lla Granada Essex Midrise (4s) 2010 270 96% 882 $3,246 $3 .68 $3,246 $3 .68
Tuscany Apartments Lyon Midrise (4s) 2014 133 98% 889 $3 ,196 $3 .60 $3,196 $3 .60
Catalina Lu xury Apartments De Anza Properties Midrise (3s) 2006 230 99% 909 $3,215 $3 .54 $3,215 $3 .54
Nantucket Apartments AMC Midrise (4s) 1998/2012 252 99% 867 $3,050 $3 .52 $3 ,050 $3 .52
Mansion Grove Prometheus Lowrise (3s) 1993/2009 1,000 97% 1,060 $3,641 $3.43 $3,641 $3.43
The Carlyle Riverstone Lowrise (3s) 2001/2011 276 97% 1,038 $3,403 $3 .28 $3,403 $3 .28
550 Moreland Prometheus Midrise (8s) 2010 430 98% 1,330 $4,153 $3 .12 $4,153 $3 .12
Domicilio Alliance Residential Midrise (4s) 2006 306 97% 1,132 $3,516 $3 .10 $3,516 $3.10
River Terrace UDR , Inc . Midrise (4s) 2005 250 96% 1,010 $3,111 $3.08 $3,049 $3 .02
Estancia at Santa Clara Apartments Equity Lowrise (3s) 2001 450 98% 943 $2,820 $2 .99 $2,820 $2 .99
Santa Clara Total/Weighted Average (1): 16 Communities 2012 6,309 97% 1,006 $3,537 $3.51 $3,501 $3 .48
jCamebell/ South San Jose
300 Railwa y Apartments St . Anton Partners Midrise (5s) 2018 119 97% 759 $3,586 $4.72 $3,437 $4.53
Rev ere Campbell FPI Midrise (5s) 2015 168 94% 1,054 $4,360 $4.14 $4,360 $4.14
Ascent Shea Midrise (4s) 2015 650 93% 1 ,024 $3,147 $3 .07 $3,113 $3 .04
Sagemark Greystar Lowr ise (2s) 1982/2017 432 93% 937 $2,807 $3 .00 $2,807 $3.00
Anton La Moraga St . Anton Management, Inc Midrise (4s) 2014 275 99% 1,033 $3,041 $2.94 $3,041 $2 .94
Latitude 37 Pacifica Midrise (5s) 2012 86 94% 1,045 $2,798 $2.68 $2,798 $2 .68
lmpbell/ South San Jose Total/Weighted Average (1): 6 Communities 2015 1,730 94% 989 $3,176 $3 .21 $3,153 $3 .1 9
Sarato a/ Los Gatos
Vive re Woodmont Lowrise (3s) 1960/2013 181 99% 862 $3,010 $3.49 $3,010 $3.49
Saratoga / Los Gatos Total/Weighted Average (1): 1 Communities 2013 181 99% 862 $3,010 $3.49 $3,010 $3.49
18616 .02 Reccomps : Inv Page 2 of 5 THI: CONCORD GROU P
APPENDIX Cl i
CURRENT APARTMENT INVENTORY
PRIMARY MARKET AREA
AUGUST 2019
I June 2019
Elevation/ Year Built/ Total 0cc. Avg Base Rent Net Rent
Project Name Proee!:!}:'. Mana9er # of Floors Reno . 121 Units Rote_131 Unit Size $ $/SF $ $/SF
Palo Alto
The More, Palo Alto FPI Management Highrise (12s) 1965/2008 118 95% 828 $5,940 $7 .17 $5,940 $7 .17
Mia Palo Alto FPI Midrise (6s) 1964 90 99% 530 $3,673 $6.93 $3,673 $6.9 3
Oak Creek Gerson Baker Associated Midrise (4s) 1969/2005 759 99% 876 $4,467 $5 .10 $4,467 $5 .10
Park Plaza Apartments Hohbach Realty Lowrise (3s) 2016 82 100% 1,069 $4,249 $3 .97 $4,249 $3.97
Palo Alto Total/Weighted Average (1): 4 Communities 2003 1,049 99% 856 $4,547 $5 .31 $4,547 $5.31
IMountain View/ Los Altos
Revelo (41 Alliance Residential Midr ise (4s) 2019 348 0% 727 $4,107 $5.65 $4,107 $5.65
The Village Residences Greystar Midrise (5s) 2013 330 96% 748 $4,045 $5.41 $4,045 $5.41
Elon Mountain View Greystar Midrise (4s) 2018 164 92% 816 $4,307 $5.28 $4,128 $5.06
Verve UDR Midrise (4s) 2017 155 100% 994 $5,011 $5.04 $5,011 $5 .04
Park Place Prometheus Real Estate Group Lowrise (3s) 2000/2012 373 93% 820 $4,111 $5.01 $3 ,769 $4 .59
100 Moffett Blvd Prometheus Midrise (4s) 2016 137 94% 944 $4,676 $4.95 $4,676 $4 .95
Montrose Prometheus Midrise (4s) 2016 228 90% 914 $4,407 $4.82 $4,407 $4 .82
Madrone Prometheus Lowrise (3s) 1962/2014 134 95% 798 $3,727 $4.67 $3,686 $4 .62
Park Place South Prometheus Real Estate Group Midrise (4s) 2000/2012 120 95% 929 $3,757 $4 .04 $3,757 $4 .04
Aountain View/ Los Altos Total/We ighted Average (1 ): 5 Communities 2015 1,989 94% 830 $4,211 $5.08 $4,130 $4.98
18616 .02 Reccomps: Inv Page 3 of 5 THE CONCORD GRO UP
APPENDIX Cl i
CURRENT APARTMENT INVENTORY
PRIMARY MARKET AREA
AUGUST2019
I June 2019
Elevation/ Year Built/ Total 0cc. Avg Base Rent Net Rent
Project Name Proeer:!}' Mana9er # of Floors Reno . 121 Units Rate 131 Unit Size $ $/SF $ ___!LSF
I'\"•, .......... ·-. . ~ . ,.,-... _ :
The Edge Citation Homes Central Midrise (5s) 2018 381 76% 677 $2,763 $4 .08 $2,282 $3 .37
Amalfi Apartments Legacy Partners Midrise (5s) 2015 378 96% 785 $2,832 $3 .61 $2,665 $3 .39
Turing Lyon Living Midrise (7s) 2018 371 71% 942 $3,331 $3 .54 $2,886 $3 .07
Capit ol 650 LMC Midrise (5s) 2018 351 73% 935 $3,237 $3.46 $2,832 $3 .03
555 Apartments Trinity Property Lowrise (2s) 1985/2008 137 95% 845 $2,811 $3.32 $2,811 $3 .32
The Crossing at Montague RPM Company Lowrise (3s) 2002 468 97% 824 $2,732 $3 .31 $2,669 $3 .24
Mill Creek Equity Residential Lowrise (3s) 1992 516 96% 906 $2,851 $3 .15 $2,851 $3 .15
Apex Essex Midrise (6s) 2013 336 96% 953 $2,894 $3 .04 $2,894 $3.04
Cerono Apartments Fairfield Residential Lowrise (3s) 2013 280 96% 1,029 $3,102 $3 .02 $3,077 $2.99
llara ES Ring Lowrise (4s) 2014 200 97% 918 $2,659 $2.89 $2,659 $2 .89
Milpitas Total/Weighted Average (1): 10 Communities 2010 3,418 96% 876 $2,926 $3.34 $2,754 $3.14
l~ortn Sii[!-J6se -----·--··· ·-· ···---. J
Riverview The Irvine Company Midrise (4s) 2015 1,087 96% 899 $3,416 $3.80 $3,416 $3 .80
The Redwoods at North Park The Irvine Company Midrise (4s) 2007 439 99% 822 $3,030 $3.69 $3,030 $3.69
AIRE Berkshire Property Advisors Midrise (4s) 2014 293 97% 884 $3,165 $3.58 $3,165 $3 .58
The Pines at North Park The Irvine Company Midrise (4s) 2002 382 98% 893 $3,173 $3 .55 $3,173 $3 .55
The Laurels At North Park The Irvi ne Campany Midrise (4s) 2004 535 99% 825 $2,904 $3 .52 $2,904 $3 .52
Crescent Village -To scano The Irvine Company Midrise (4s) 2012 321 98% 907 $3,168 $3.49 $3,168 $3.49
Elon at River Oaks Shea Apartments Midrise (4s) 1993/2007 941 95% 807 $2,799 $3.47 $2,799 $3.47
Crescent Village -Verona The Irvine Company Midrise (4s) 2013 438 97% 1,000 $3,437 $3.44 $3,437 $3.44
Crescent Village -Cadiz The Irvine Company Midrise (4s) 2012 322 96% 1,039 $3,557 $3.42 $3,557 $3.42
Vista 99 Equity Residential Midrise (5s) 2015 554 99% 1,065 $3,595 $3 .38 $3,562 · $3 .3 5
The Verdant Fairfield Residential Midrise (5s) 2013 498 95% 932 $3,128 $3.36 $3,063 $3.29
Epic Apartments Essex Property Trust Midrise (4s) 2013 759 96% 879 $2,945 $3 .35 $2,945 $3.35
Crescent Village -Milano The Irvine Company Midrise (4s) 2012 357 98% 1,131 $3,753 $3 .32 $3,753 $3.32
The Sycamores at North Park The Irvine Company Midrise (5s) 2007 445 . 99% 967 $3,186 $3 .29 $3,186 $3 .29
The Cypress at North Park The Irvine Company Midrise (4s) 1999 477 99% 968 $3,146 $3.25 $3,146 $3 .25
121 Tasman Greystar Midrise (4s) 2013 174 95% 958 $3,113 $3.25 $3,113 $3 .25
Domain Apartments Equity Residential Midrise (5s) 2013 444 98% 1,034 $3,282 $3 .17 $3,282 $3 .17
The Oaks at North Park The Irvine Company Midrise (4s) 2001/2003 388 99% 1,038 $3,277 $3 .16 $3,277 $3 .16
Crescent Village -Tesoro The Irvine Company Midrise (4s) 2012 380 97% 1,086 $3,423 $3 .15 $3,423 $3 .15
Venue Fairfield Residential Midrise (5s) 2014 206 95% 1,050 $3,304 $3 .15 $3,304 $3 .15
Enso Apartments Fairfield Residential Midrise (4s) 2014 498 96% 973 $3,043 $3 .13 $3,043 $3 .13
Crescent Village -Mirada The Irvine Company Midrise (4s) 2012 370 97% 1,133 $3,503 $3 .09 $3 ,503 $3.09
Fountains at River Oaks Essex Lowrise (3s) 1990/2011 226 96% 929 $2,841 $3 .06 $2,841 $3.06
The Enclave Berkshire Property Advisors Lowrise (3s) 1998/20 13 637 96% B37 $2,521 $3 .01 $2,521 $3 .01
North San Jose Total/Weighted Average (1 ): 24 Communities 2010 11,171 97% 942 $3,168 $3.36 $3,164 $3 .36
18616 .02 Reccomps : Inv Page 4 of 5 THE CONCORD GRO UP
APPENDIX Cl i
CURRENT APARTMENT INVENTORY
PRIMARY MARKET AREA
AUGUST2019
I June 2019
Elevation/ Year Built/ Total 0cc. Avg Base Rent Net Rent
Project Name Proee!!J:'. Mana9er # of Floors Reno. 121 Units Rate(JJ Unit Size $ $/SF $ $/SF
Central San Jose
The James Apartments 1•1 Fairfield Residential Midrise (7s) 2019 195 0% 834 $3,586 $4 .30 $3,359 $4 .03
The Standard Alliance Midrise ( 6s) 2017 190 96% 770 $3 ,254 $4.23 $3,254 $4 .23
Modero The Alameda Mill Creek Midrise (5s) 2018 170 95% 823 $3,355 $4 .08 $3,076 $3 .74
Levare Greystar Midrise (4s) 2012 108 94% 1,095 $4,175 $3.81 $4,175 $3 .81
Misora Greystar Midrise (4s) 2013 212 95% 1,122 $4,170 $3 .72 $4,170 $3.72
Silver San Jase Woodmont Midrise (5s) 2019 268 3% 903 $3,309 $3.67 $2,758 $3.05
Century Towers Essex Highrise (12s) 2016 376 95% 878 $3,128 $3 .56 $3,084 $3 .51
One South Market Essex Highrise (23s) 2015 310 96% 910 $3,225 $3 .54 $3,153 $3.46
Hanover Cannery Park Hanover Company Midrise (5s) 2018 403 91% 869 $3,071 $3 .53 $2,815 $3 .24
Meridian at Midtown Apartments Essex Midrise (4s) 2014 218 96% 836 $2,883 $3.45 $2,883 $3.45
The Pierce Sores Regis Midrise (7s) 2016 232 96% 928 $3,137 $3.38 $3,137 $3 .38
Vi lla Torino Prometheu s Lowrise (3s) 1997 198 96% 1,021 $3,446 $3 .37 $3,446 $3.37
Foundry Commons Greystar Midrise (4s) 2016 238 88% 867 $2,923 $3 .37 $2,436 $2 .81
Mio Japantown Es sex Lowrise (4s) 2015 103 98% 897 $3 ,020 $3 .37 $3,020 $3 .3 7
Lex Alliance Midrise (5s) 2017 387 84% 803 $2,703 $3.36 $2,478 $3 .08
Avalon at Cahill Park Avalon Bay Lowrise (4s) 2002 218 97% 994 $3,340 $3 .36 $3,340 $3 .36
Marquis Essex Lowrise (3s) 2015 166 96% 837 $2,791 $3.33 $2,748 $3.28
Centerra Alliance Highrise (23s) 2015 347 94% 991 $3,270 $3 .30 $3,270 $3.30
Legacy Fountain Plaza Legacy Partners Residential Lowrise (4s) 2003 367 95% 866 $2,858 $3 .30 $2,739 $3.16
Avalon on the Alameda Avalon Bay Lowrise (4s) 1998 305 96% 1,073 $3,503 $3 .26 $3,503 $3.26
Linq Woodmont Midrise (4s) 2016 230 89% 848 $2,747 $3.24 $2,5 18 $2 .97
808 West Fairfield Midrise (7s) 2017 315 78% 1,003 $3,230 $3.22 $2,826 $2.82
ViO Johnson Development Associates Midrise (4s) 2016 234 95% 904 $2,846 $3.15 $2,846 $3 .15
Avalon Morrison Park Avalon Bay Lowrise (3s/TH) 2013 250 97% 1,216 $3,819 $3 .14 $3,819 $3.14
Pavona Windsor Communities Lowrise (3s) 2000 232 97% 866 $2,707 $3 .13 $2,707 $3 .13
101 San Fernando Essex Midrise (5s) 2000 323 95% 956 $2,916 $3 .05 $2,875 $3.01
33 South Third Saratoga Capital, Inc . Lowrise (4s) 2004 89 90% 982 $2,975 $3 .03 $2,975 $3 .03
Waterford Place Essex Lowrise (3s) 2000/2007 236 95% 924 $2,769 $3 .00 $2,644 $2 .86
Fruitdale Station De Anza Midrise (4s) 2008 443 96% 1,052 $3,041 $2 .89 $3,041 $2 .89
360 Residences Essex Highrise (23s) 2010 213 96% 1,497 $4,313 $2 .88 $4,313 $2 .88
The Esplanade Essex Lowr ise (3s) 2002 278 95% 1,001 $2,867 $2.87 $2,867 $2 .87
Mosaic Apartments Prometheus Lowrise (5s) 2012 386 93% 1,053 $3,001 $2 .85 $2,778 $2.64
Santana Heights Greystar Midrise (4s) 2006 295 92% 1,330 $3,665 $2.76 $3,665 $2.76
The Elements Alliance Lowrise (4s) 2009 243 91% 1,079 $2,891 $2 .68 $2,891 $2 .68
Museum Park Esse x Lowrise (3s) 2002 117 94% 1,087 $2,866 $2 .64 $2,741 $2 .52
Central San Jose Total/Weighted Average (1): 35 Communities 2011 8,895 95% 993 $3,165 $3.19 $3,058 $3 .08
Grand Total/Weighted Average : 133 Communities 2011 41,528 96% 955 $3,393 $3 .55 $3,339 --$3.50
l) All property averages weighted by number of units (3) Communities in lease-up are not included in occupancy average
2) Weighted average by year built, not year renovated (4) Community started pre-leasing, but has not yet finished construction/ opened .
18616.02 Reccomps : Inv Page 5 of 5 THE CONCORD GRO UP
j~-·
Mel
Color Coded by Base PSF
Purple = Be low $3 .13
Blue = $3 .13 -$3 .35
Green = $3 .35 -$3.52
Yellow= $3 .52 -$3.73
Orange = $3 .73 -$4 .11
Red = Above $4 .11
S.ir .. to1a Gap Op-,n
S'p•c• $'rH.,v•
17 666 .11 Rec Comps : Map
APPENDIX Cl ii
LOCATION OF COMPARABLE COMMUNITIES
PRIMARY MARKET AREA
AUGUST 2019
THI: CONCORD GRO UP
6,400
6,000
5,600
c $5,200
z
4,800
4,400
4,000
3,600
3,200
2,800
2,400
Color-Coded by Location
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Turquoise = Milpitos
Blue = North San Jose
Orange/ = Central San Jose
A
Green = Sunnyvale
Gray = Campbell
Red = Cupertino
Brow.n = Mountain View
P,, ,k = Los Gatos
0
APPENDIX C2
RENTAL PRODUCT OPPORTUNITY -PRODUCT PROGRAM RECOMMENDATIONS
PRIMARY MARKET AREA
AUGUST 2019
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Unit Size (s~
17666. 11 Rec Comps : RS Page l of 3 THE CONC ORD GR.O U 8
6,400
6,000
Color-Coded by Location
Purple = Santa Clara
Turquoise = Milpitas
Blue = North San Jose
APPENDIX C2
RENTAL PRODUCT OPPORTUNITY -PRODUCT PROGRAM RECOMMENDATIONS
PRIMARY MARKET AREA
AUGUST 2019
0
a ± f Sunnyvale Trendline
Orange/ = Central San Jose
G reen = Sunnyvale 0 0 I Campbell Trendline
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c $5,200 .,
z
4,800
4,400
4,000 -j
3,600 l
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17 666. 11 Rec Comps : RS (CMA) Page 2 of 3 TH E CONCORD GR.O UP
c
z
6,400
6,000
5,600
5,200
4,800
4,400
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2,400
Color-Coded by Location
Purple = Santo Clara
Turquoise = Mi lpitas
Blue = North Son Jose
APPENDIX C2
RENTAL PRODUCT OPPORTUNITY -PRODUCT PROGRAM RECOMMENDATIONS
COMPET ITIVE MARKET AREA
AUGUST 2019
Orange/ = Central San Jose
Green = Sunnyvale
Gray = Campbell
Red = Cupertino
Brown = Mountain View
P11 · k = Lo s Gatos
Cupertino City
Center Trend line
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2,000 +-----.-----,------,----,-------.------r-----,-----,------.------.-----,------,----,----~-.-----,
400 500 600 700
Iii Ariosa (1999, 92%)
Glenbrook (1973, --)
Nineteen800 (2014, 96%)
800
Linear (Cupe rtino City Center (1989, 99%))
900 1,000 1,100 1,200
Unit Size (sf)
Cupertino City Center ( 1989, 99%)
Main Street Cupertino Lofts (2018, 92%)
The Biltmore Apartments (1973, 81 %)
Linear (Glenbrook (1973, --))
1,300 1,400 1,500 1,600 1,700
6 Cupertino Park Center (1997, 97%)
l Markham Apartments (1972, 95%)
@I The Hamptans (1999, 96%)
1,800
Linear (Main Street Cupertino Loft s (2018, 92%))
1,900
17 666.11 Rec Camps: RS (Cupertino) Page 3 of 3 THE CONCORD GRO UP
APPENDIX D 1i
CURRENT INVENTORY
PRIMARY MARKET AREA
AUGUST2019
Julr 2019
Product Units Base Price
Project Name Address Ci!}'. Builder Tree Total ~ Absoretion Home Size $ PSF
San Jose
Platinum 11 at Communications Hill Casselino Drive San Jose KB Home SFD 31 4 0.9 2,628 $1,619,000 $616
The Capitol 641 North Capitol Avenue San Jose Pulte TH 188 159 4.5 1,541 $890,323 $578
Lexington At Avenue One 5951 Sunstone Dr #302 San Jose Lennar Condo/TH 190 125 4.1 1,411 $792,780 $562
SP78 127 W Julian Street San Jose Trumark Homes TH 78 40 3 .1 1,514 $825,056 $545
Promenade II at Communications Hill Communications Hill Blvd & Hillsdale Ave Son Jose KB Home SFD 32 20 2,165 $1,160,000 $536
Catalyst at Communications Hill Communications Hill Blvd & Mullinix Way San Jose KB Home TH 98 88 1,913 $1,016,667 $532
Metro 11 at Communications Hill Manuel Street & Casellino Drive San Jose KB Home TH 94 1,873 $957,400 $511
Cottlestone 3810 Dove Hill Road San Jose Lafferty SFD 17 14 0.2 3,373 $1,702,000 $505
The Residences at UrbanOak 6825 Chroma Court San Jose Pulte SFD 60 49 1.7 2,347 $1,084,990 $462
The Rows at UrbanOak 6825 Chroma Court San Jose Pulte TH 97 92 0 .8 1,873 $849,990 $454
Asano 2675 Interlude Street San Jose DeNova Homes TH 250 206 4.2 3,149 $1,336 ,000 $424
Overall Tota//vVei'ghted Average: 11 Projects 1,135 797 2 .8 2,117 $1,032,888 $488
Mountain View
Radius Townhomes 320 Circuit Way Mountain View Pulte TH 113 4 3.7 1,597 1,618,323 $1,013
Palmero Homes 326 Cherokee Loop Mountain View Classic Communities TH 33 1 1,694 1,702,667 $1,005
6Sixty 660 Tyrella Avenue Mountain View Taylor Morrison Condo 37 16 1.6 1,466 1,465,667 $1,000
Estancia 2290 Mora Place Mountain View Lennar TH/SFD 73 5 4.7 1,776 1,709,880 $963 ---
Overall Tota//vVei'ghted Average: 4 Projects 256 26 3 .2 1,555 $1,545,232 $994
Santa Clara
Downtown Gateway 1048 Monroe St . Santa Clara SiliconSage Homes TH 44 7 1.5 1,544 1,347,683 $873
Nuevo -Terraces 3505 Kifer Rd . Santa Clara Summerhill Homes TH 176 155 4.9 1,762 1,433,000 $813
Nuevo -E-Town 3505 Kifer Rd. Santa Clara Summerhill Homes TH 114 98 3.7 2,034 1,598,333 $786 ---
Overall Tota//vVei'ghted Average: 3 Projects 334 260 4 .0 1,859 $1,493,021 $803
Sunn ale
Nova at the Vale 915 Cotati Terrace Sunnyvale Taylor Morrison TH 136 12 7.8 1,563 $1,367,857 $875
Classics at Lawrence Station 1122 Aster Ave Sunnyvale Classic Communities TH 34 5 1.3 1,771 $1,521 ,250 $859
The Vale 812 Galt Terrace Sunnyvale Land Sea Homes TH 314 45 11.8 1,926 1,455,327 $756 ------
Overall Tota//vVei'ghted Average: 3 Projects 484 62 9.9 1,843 $1 ,443,713 $783
Grand Tota//vVei'ghted Average: 21 Projects 2,209 1,145 4.6 2,031 $1,171,252 $577
19446.00 FS RecComps : Cleaned Inv-Julyl 9 THE CONCORD GRO UP
J
19446.00 FS RecComps : CompMap
APPENDIX Dl ii
LOCATION OF NEW HOME COMMUNITIES
SOUTH BAY; SAN FRANCISCO BAY AREA, CALIFORNIA
AUGUST 2019 -~
Color Coded by $/SF
Purple = Be low $500
Blue = $500 -$550
Green = $550 -$700
Yellow = $700 -$850
Orange = $850 -$900
Red = Above $900
1.5
THE CONCORD GRO UP
2,100,000
1 ,900,000
lii!I
1 ,700,000
1,500,000
13 $1 ,300,000
d:
1 ,1 00,000
900,000
700,000
500,000
600
Asana -TH
I::,.
800
ii Downtow n Gateway -TH
0 Nuevo -Terraces -TH
1,000
The Residences at UrbanOak -SFD
t. Radius Townhomes -TH
Iii
1,200 1,400
APPENDIX D2
PRODUCT PROGRAM POSITIONING -ALL NEW HOME PRODUCT
PRIMARY MARKET AREA
AUGUST 2019
I Mountain ViewTrendline
o [ ~
I::,.
ri ! ~~
I::,
Sunnyvale Trendline I::,.
I::,.
I Santa Clara Trendline
Iii
Iii
Iii
X X
l
1,600 1,800 2,000 2,200 2,400 2,600
Home Size (SF)
2,800
Catalyst at Communications Hill -TH Classics at Lawrence Station -TH
Estancia -TH/SFD 6. Lexington At Avenue One -Condo/TH
3 ,000
b. Platinum II at Communications Hill -SFD
1:The Raws at UrbanOak -TH
0 Promenade II at Communications Hill -SFD
6. The Vale -TH
l!!l 6Sixty -Condo ti Palmero Homes -TH
s ~
an JoseTrendlineJ
3,200
Calor Coded by Submarket
Yellow/ Orange = Centrol San Jose
Purpl e = Santa Clora
Green = Sunnyvale
Brown = Mountain View
3,400 3,600 3 ,800
Cottlestone -SFD
Metro II at Communications Hill -TH
OThe Capitol -TH
Nova at the Vale -TH
6. Nuevo -E-Town -TH
4,000
D SP78 -TH ___ _ _ __________________ ~EPSAssumed Price _______________________________________________________ __,
19446 .00 Positioning NG: PS Page 1 af 1 T H E CON CORD GRO UP