HomeMy WebLinkAboutCasaLago Appraisal
CasaLago Eastlake Apartments
2816 Cielo Circulo
Chula Vista, San Diego County, CA 91915
NKF Job No.: 21-0149142-1
Appraisal Report Prepared For:
John N. Stevens
Director of Due Diligence
Opportunity Housing Group
550 Hartz Avenue, Suite 200
Danville, CA 94526
Prepared By:
Newmark Knight Frank
Valuation & Advisory, LLC
18401 Von Karman Avenue, Suite 150
Irvine, CA 92612
Newmark Knight Frank
18401 Von Karman Avenue, Suite 150
Irvine, CA 92612
www.ngkf.com
August 7, 2021
John N. Stevens
Director of Due Diligence
Opportunity Housing Group
550 Hartz Avenue, Suite 200
Danville, CA 94526
RE: Appraisal Of A Multifamily Property Known As CasaLago Eastlake Apartments Located
At 2816 Cielo Circulo, Chula Vista, San Diego County, CA 91915, Prepared By Newmark
Knight Frank Valuation & Advisory, LLC (herein “Firm” or “NKF”)
NKF Job No.: 21-0149142-1
Dear Mr. Stevens:
CasaLago Eastlake Apartments is a 2013-built, 427-unit townhouse style apartment project
situated on 30.52-acres in the city of Chula Vista. The subject consists of 86, two and three-story
buildings totaling 506,789 gross square feet. The unit mix includes 79 one-bedroom units, 183
two-bedroom units, and 165 three-bedroom units with 492,670 square feet of rentable area. The
subject includes 21 Section 8 units. These units can be rented at market and are subsidized by
the Section 8 affordable housing program based on the tenant’s income. As of the rent roll
provided, the property was 95.1% occupied.
Project amenities include controlled access, BBQ/picnic areas, a business center, fitness center,
two swimming pools and spas, courtyard, dog wash station, and a dog park. Units feature
stainless steel appliances, granite countertops, washer/dryers, wood like flooring, walk-in closets,
window coverings, fireplaces (in select units), vaulted ceilings, central AC/heat, and a private
patio/balcony. Parking is comprised of 112 single-car garage spaces, 630 two-car garage spaces,
and 187 surface spaces for a total of 929 parking spaces and a ratio of 2.18 per unit. Each unit
includes direct garage access.
The site is within the Eastlake III Planned Community District and is two miles east of the 125
Freeway.
As of June 24, 2021, there is a Letter of Intent in place to purchase the subject for $283,300,000,
or $663,466 per unit. Based on the analysis presented in this report, the contract price is
considered above market value and has been given less emphasis than the income approach in
our as is value conclusion.
August 7, 2021
John N. Stevens
CasaLago Eastlake Apartments
Key Value Considerations
Strengths
Operating at 95% occupancy
Subject was built in 2013 and is in overall good condition
Proximity to the 125 Freeway and the Brown Field Municipal Airport
Risk Factors
Potential continued impact of the Covid-19 pandemic, primarily as it relates to the
increased probability of an economic recession and declining employment.
COVID-19 Pandemic
The COVID-19 Pandemic has had a significant impact on the economy and, by extension, real
estate markets. Commercial real estate is transforming and adapting with some similarities and
some differences to previous crises. As the Pandemic has progressed, there has been greater
clarity about the effects through metric and transactional data as well as market participant
information and expectations. Investment volume in 2020 declined 32.1% year-over-year,
however investor momentum shifted significantly in the fourth quarter, with volume increasing by
93.9% quarter-over-quarter, according to Newmark Capital Markets Research. Available data and
analyses are contained within this appraisal report and are a foundation to the appraisal. Effects
and projections related to COVID-19 will be addressed throughout the report. The following are
highlights relevant to the subject and this market.
There is growing consensus in Q2 2021 from brokers and investors that the quoted
market rent for vacant units reflects the full Covid-impact and any further drop should
not be severe and once the economy starts to open, rents could potentially increase.
An article in the Los Angeles Times on the wider Southern California apartment market
published on June 17, 2021 indicated rents “bottomed” in Q1 2021 and that rates have
begun to increase and this trend is expected to continue with the full-reopening of the
California economy which started on June 15th.
Yield rates are generally at or below pre-Covid figures as the available debt continues
to attract investors and there is the perception of upside income potential.
Based on the analysis contained in the following report, the opinions of value for the subject are:
Value Conclusions
Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value "As Is"Leased Fee 7/15/2021 $277,200,000
Hypothetical Value at Income Restricted Rents Fee Simple 7/15/2021 $415,600,000
Compiled by NKF
August 7, 2021
John N. Stevens
CasaLago Eastlake Apartments
Extraordinary Assumptions
An extraordinary assumption is defined in USPAP as an assignment-specific assumption as of
the effective date regarding uncertain information used in an analysis which, if found to be false,
could alter the appraiser’s opinions or conclusions. The value conclusions are subject to the
following extraordinary assumptions that may affect the assignment results.
Hypothetical Conditions
A hypothetical condition is defined in USPAP as a condition, directly related to a specific
assignment, which is contrary to what is known by the appraiser to exist on the effective date of
the assignment results, but is used for the purpose of analysis. The value conclusions are based
on the following hypothetical conditions that may affect the assignment results.
The appraisal was developed based on, and this report has been prepared in conformance with
the Client’s appraisal requirements, the guidelines and recommendations set forth in the Uniform
Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of
Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute,
Title XI of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989, and
the Interagency Appraisal and Evaluation Guidelines (December 2, 2010).
1. None
1.
2.
Our analysis was completed under the hypothetical assumption that there is an affordable housing covenant
agreement in place restricting the rents. Based upon terms of these agreements, the concluded income restricted
value of the subject property is not reflective of the marekt value of the asset. We have relied upon information
provided by the buyer in concluding to a prospective hypothetical valie in this analysis and assume the information
provided is reflective of the actual terms that will be in place upon commencement of the agreements.
The use of these hypothetical conditions might have affected assignment results.
The income restriction and ownership entity result in no ad valorem real estate taxes which significantly increases
the value of the asset.
Certification 5
CasaLago Eastlake Apartments
Certification
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report and no personal
interest with respect to the parties involved.
4. We have no bias with respect to the property that is the subject of this report or to the parties involved with
this assignment.
5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of the value opinion,
the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended
use of this appraisal.
7. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the
approval of a loan.
8. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with
the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of
California.
9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
11. As of the date of this report, Brian Hegarty, MAI has completed the continuing education program for
Designated Members of the Appraisal Institute.
12. As of the date of this report, Robert Holman Jr. has completed the Standards and Ethics Education
Requirements for Practicing Affiliates of the Appraisal Institute.
13. Geoff Papp made a personal inspection of the property that is the subject of this report. Robert Holman Jr.
and Brian Hegarty, MAI have not personally inspected the subject.
14. Significant real property appraisal assistance was provided by Melissa Nowak who has not signed this
certification. The assistance of Melissa Nowak consisted of conducting research on the market, subject
property, and transactions involving comparable properties, performing certain appraisal analyses, and
assisting in report writing, all under the supervision of the person(s) signing this report.
15. The Firm operates as an independent economic entity. Although employees of other service lines or affiliates
of the Firm may be contacted as a part of our routine market research investigations, absolute client
confidentiality and privacy were maintained at all times with regard to this assignment without conflict of
interest.
16. Within this report, "Newmark Knight Frank", "NKF Valuation & Advisory", "NKF, Inc.", and similar forms of
reference refer only to the appraiser(s) who have signed this certification and any persons noted above as
having provided significant real property appraisal assistance to the persons signing this report.
Certification 6
CasaLago Eastlake Apartments
Robert Holman Jr.
Senior Vice President
Certified General Real Estate Appraiser
California # AG003298
Telephone: 949.608.2045
Email: Bob.Holman@nmrk.com
Brian Hegarty, MAI
Senior Vice President
Certified General Real Estate Appraiser
California # AG030406
Telephone: 415.445.5181
Email: Brian.Hegarty@nmrk.com
Geoff Papp
Associate Director
Certified General Real Estate Appraiser
California # AG026317
Telephone: 626.204.3767
Email: geoff.papp@nmrk.com
17. Robert Holman Jr. has not performed any services, as an appraiser or in any other capacity, regarding the
property that is the subject of this report within the three-year period immediately preceding the agreement to
perform this assignment. Brian Hegarty, MAI has not performed any services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three-year period immediately
preceding the agreement to perform this assignment. Geoff Papp has not performed any services, as an
appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding the agreement to perform this assignment.
Table of Contents
CasaLago Eastlake Apartments
Table of Contents
Appraisal Transmittal and Certification
Executive Summary 14
Introduction 16
Economic Analysis 19
Neighborhood Analysis 26
Land and Site Analysis 42
Zoning and Legal Restrictions 48
Improvements Analysis 50
Real Estate Taxes 54
Highest and Best Use 56
Appraisal Methodology 58
Sales Comparison Approach 59
Income Capitalization Approach 66
Hypothetical Income Restricted Analysis 89
Reconciliation of Value 94
Assumptions and Limiting Conditions 97
Addenda
Subject Maps 8
CasaLago Eastlake Apartments
Aerial Photo
Location Map
Subject Photographs 9
CasaLago Eastlake Apartments
Subject Access Subject Exterior
Subject Exterior Subject Exterior
Property Grounds Subject Exterior/Garage Parking
Subject Photographs 10
CasaLago Eastlake Apartments
Surface Parking Olympic Parkway - Southeast
Olympic Parkway - Northwest Lounge
Lounge Game Room
BBQ Grills Swimming Pool
Subject Photographs 11
CasaLago Eastlake Apartments
Spa Business Center
Fitness Center Dog Wash Station
Dog Park Living Room/Dining
Kitchen Bedroom
Subject Photographs 12
CasaLago Eastlake Apartments
Bathroom Living Room
Dining/Kitchen Kitchen
Bedroom Bathroom
Living Room Kitchen
Subject Photographs 13
CasaLago Eastlake Apartments
Bedroom Kitchen
Garage Washer/Dryer
Executive Summary 14
CasaLago Eastlake Apartments
Executive Summary
Property Type:Multifamily-Garden/Low-Rise
Street Address:2816 Cielo Circulo
City, State & Zip:Chula Vista, San Diego County, CA 91915
Gross Building Area (SF):506,789
Net Rentable Area (SF):492,670
Number of Units:427
Year Built:2013
Current Occupancy:95.1%
Land Area:30.516 acres; 1,329,288 SF
Zoning:PC5RM1
Highest and Best Use - As Vacant:Multifamily Use
Highest and Best Use - As Improved:Multifamily Use
Offer Pending Summary
Buying Entity:Opportunity Housing Group, LLC, a California limited liability company
Selling Entity:John Hancock Life Insurance Company (U.S.A)
Purchase Price:$283,300,000 ($663,466 Per Unit)
Contract Date:June 24, 2021
CasaLago Eastlake Apartments
Analysis Details
Valuation Dates:
Market Value "As Is" July 15, 2021
Hypothetical Value at Income Restricted Rents July 15, 2021
Inspection Date and Date of Photos:
Report Date:
Report Type:
Client:
Intended Use:
Intended User:
Appraisal Premise:
Intended Use and User:
Interest Appraised:
Exposure Time (Marketing Period) Estimate:
Opportunity Housing Group
July 15, 2021
As Is, Hypothetical Value at Income Restricted Rents
August 7, 2021
The intended use and user of our report are specifically identified in our report as
agreed upon in our contract for services and/or reliance language found in the report.
No other use or user of the report is permitted by any other party for any other
purpose. Dissemination of this report by any party to non-client, non-intended users
does not extend reliance to any other party and Newmark Knight Frank will not be
responsible for unauthorized use of the report, its conclusions or contents used
partially or in its entirety.
Appraisal Report
Solely for a securities offering
California Statewide Communities Development Authority ("CSCDA") and CSCDA
Community Improvement Authority
Leased Fee
6 Months (6 Months)
Compiled by NKF
Rental Unit Subtotals 1 BR 2 BR 3 BR Overall
Average Unit Size 808 SF 1,161 SF 1,311 SF 1,154 SF
Average Unit Asking Rent $2,097 $2,750 $2,898 $2,687
Average Unit Contract Rent $2,093 $2,689 $2,968 $2,691
Unit Occupancy 93.7% 93.4% 97.6%95.1%
Unit Market Rent $2,450 $3,104 $3,490 $3,132
Leasing Summary
Executive Summary 15
CasaLago Eastlake Apartments
Valuation Summary
Sales Comparison Approach $/Unit $ Total
Number of Sales 5
Range of Sale Dates Sep-20 to Jun-21
Adjusted Range of Comparables ($/Unit)$567,973 to $682,145
Indicated Sales Comparison Approach Value As Is $625,059 $266,900,000
Income Capitalization Approach - Direct Capitalization Method $/Unit $ Total
Capitalization Rate Indicators and Conclusion Indication
Comparable Sales 3.0% - 4.0%
Investor Surveys 3.50% - 7.00%
Market Participants 3.25% - 4.00%
Concluded Going-In Capitalization Rate 3.10%
Stabilized Income Estimate
Potential Gross Income $32,528 $13,889,430
Stabilized % Vacancy & Collection Loss -5.00% ($694,472)
Net Other Income $1,850 $789,950
Effective Gross Income $32,752 $13,984,909
Operating Expenses $12,630 $5,392,999
Operating Expense Ratio 38.6%
Net Operating Income $20,122 $8,591,909
Capitalization Rate 3.10%
Indicated Income Capitalization Approach Value As Is $649,180 $277,200,000
Market Value Conclusion As Is $649,180 $277,200,000
Exposure / Marketing Time
Concluded Exposure Time 6 Months or Less
Concluded Marketing Time 6 Months or Less
Compiled by NKF
1.
1.
2.
Compiled by NKF
Our analysis was completed under the hypothetical assumption that there is an affordable housing covenant
agreement in place restricting the rents. Based upon terms of these agreements, the concluded income restricted
value of the subject property is not reflective of the marekt value of the asset. We have relied upon information
provided by the buyer in concluding to a prospective hypothetical valie in this analysis and assume the information
provided is reflective of the actual terms that will be in place upon commencement of the agreements.
Extraordinary Assumptions and Hypothetical Conditions
An extraordinary assumption is defined in USPAP as an assignment-specific assumption as of the effective date regarding
uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. The
value conclusions are subject to the following extraordinary assumptions that may affect the assignment results.
A hypothetical condition is defined in USPAP as a condition, directly related to a specific assignment, which is contrary to
what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of
analysis. The value conclusions are based on the following hypothetical conditions that may affect the assignment results.
None
The use of these hypothetical conditions might have affected assignment results.
The income restriction and ownership entity result in no ad valorem real estate taxes which significantly increases
the value of the asset.
Introduction 16
CasaLago Eastlake Apartments
Introduction
Ownership History
The current owner is John Hancock Life Insurance CO USA who purchased the property in 2015.
As of June 24, 2021, there is a Letter of Intent in place to purchase the subject for $283,300,000,
or $663,466 per unit. Based on the analysis presented in this report, the contract price is
considered above market value and has been given less emphasis than the income approach in
our as is value conclusion.
To the best of our knowledge, no other sale or transfer of ownership has taken place within a
three-year period prior to the effective date of the appraisal.
Intended Use and User
The intended use and user of our report are specifically identified in our report as agreed upon in
our contract for services and/or reliance language found in the report. No other use or user of the
report is permitted by any other party for any other purpose. Dissemination of this report by any
party to non-client, non-intended users does not extend reliance to any other party and Newmark
Knight Frank will not be responsible for unauthorized use of the report, its conclusions or contents
used partially or in its entirety.
The intended use of the appraisal is for solely for a securities offering and no other
use is permitted.
The client is Opportunity Housing Group.
The intended user is California Statewide Communities Development Authority
("CSCDA") and CSCDA Community Improvement Authority and no other user is
permitted by any other party for any other purpose.
Definition of Value
Market value is defined as:
“The most probable price which a property should bring in a competitive and open market under
all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and acting in what they consider their
own best interests;
Introduction 17
CasaLago Eastlake Apartments
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated with
the sale.”
(Source: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and
Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472)
Interest Appraised
The appraisal is of the Leased Fee interest.1
Leased Fee Interest: The ownership interest held by the lessor, which includes the right to receive
the contract rent specified in the lease plus the reversionary right when the lease expires.
Appraisal Report
This appraisal is presented in the form of an appraisal report, which is intended to comply with
the reporting requirements set forth under Standards Rule 2-2(a) of USPAP. This report
incorporates sufficient information regarding the data, reasoning and analysis that were used to
develop the opinion of value in accordance with the intended use and user.
Purpose of the Appraisal
The primary purpose of the appraisal is to develop an opinion of the As Is, Hypothetical Value at
Income Restricted Rents of the Leased Fee interest in the property.
Scope of Work
Extent to Which the Property is Identified
Physical characteristics
Legal characteristics
Economic characteristics
1 The Dictionary of Real Estate, 6th Edition, Appraisal Institute
Purpose of the Appraisal
Appraisal Premise Interest Appraised Date of Value
Market Value "As Is"Leased Fee 7/15/2021
Hypothetical Value at Income Restricted Rents Fee Simple 7/15/2021
Compiled by NKF
Introduction 18
CasaLago Eastlake Apartments
Extent to Which the Property is Inspected
NKF inspected the subject property on July 15, 2021 as per the defined scope of work. Geoff
Papp made a personal inspection of the property that is the subject of this report. Robert Holman
Jr. and Brian Hegarty, MAI have not personally inspected the subject.
Type and Extent of the Data Researched
Exposure and marketing time;
Neighborhood and land use trends;
Demographic trends;
Market trends relative to the
subject property type;
Physical characteristics of the site
and applicable improvements;
Flood zone status;
Zoning requirements and
compliance;
Real estate tax data;
Relevant applicable comparable
data; and
Investment rates
Type and Extent of Analysis Applied
We analyzed the property and market data gathered through the use of appropriate, relevant, and
accepted market-derived methods and procedures. Further, we employed the appropriate and
relevant approaches to value, and correlated and reconciled the results into an estimate of market
value, as demonstrated within the appraisal report.
Economic Analysis 19
CasaLago Eastlake Apartments
Economic Analysis
Area Analysis
Area Map
The subject is located within Chula Vista and San Diego County, California. It is part of the San
Diego-Carlsbad metro area (San Diego MSA).
Moody’s Analytics’ Economy.com provides the following economic summary for the San Diego
MSA as of May, 2021.
Economic Analysis 20
CasaLago Eastlake Apartments
Moody’s summarizes the area’s economic performance in recent months as follows:
Recent Performance
San Diego MSA's economy is finding its way back to normal. Payrolls are just over halfway back
to their pre-pandemic peak, putting the recovery just ahead of the state average but still lagging
the nation. Healthcare, professional/business services, and retail jobs are leading the way, while
leisure/hospitality is barely off the mat. Though the economy is out of recession, joblessness
remains stubbornly high at more than twice its pre-pandemic rate. On the bright side, San Diego
MSA continues to attract eager homebuyers. Single-family home sales were up more than 30%
on a year-to-date basis through May, according to Greater San Diego Association of Realtors,
placing the metro area well ahead of the U.S.
Market Comparison
The following table illustrates key economic indicators and a comparison of the San Diego MSA
to the regional grouping as a whole. As indicated, San Diego MSA is projected to outperform the
National Region Metros in one of eight performance categories shown over the next five years.
2015 2016 2017 2018 2019 2020 INDICATORS 2021 2022 2023 2024 2025 2026
216.1 222.6 231.6 239.7 247.5 241.7 Gross metro product (C12$ bil) 261.8 276.8 284.8 294.5 303.5 311.5
4.1 3.0 4.1 3.5 3.3 -2.3 % change 8.3 5.7 2.9 3.4 3.0 2.6
1,384.8 1,422.4 1,452.0 1,482.3 1,503.7 1,384.9 Total employment (ths)1,412.1 1,473.1 1,501.3 1,516.9 1,526.7 1,535.6
3.0 2.7 2.1 2.1 1.4 -7.9 % change 2.0 4.3 1.9 1.0 0.6 0.6
5.24.74.03.43.39.3Unemployment rate (%) 6.43.93.13.23.53.6
6.03.93.85.14.47.0Personal income growth (%) 4.10.55.15.24.74.6
68.9 72.0 75.7 80.9 84.0 83.1 Median household income ($ ths) 84.6 85.0 87.9 91.0 94.2 97.4
3,280.8 3,306.1 3,321.2 3,333.9 3,338.3 3,343.1 Population (ths)3,356.0 3,366.2 3,379.0 3,390.4 3,400.1 3,409.6
1.00.80.50.40.10.1% change 0.40.30.40.30.30.3
8.5 3.1 -5.5 -5.2 -13.0 -10.4 Net migration (ths)-1.5 -6.0 -3.1 -4.4 -5.6 -5.4
3,222 2,351 4,056 3,489 3,019 2,952 Single-family permits (#)5,070 6,881 7,400 7,254 6,994 6,468
6,661 8,440 6,385 6,345 5,197 6,233 Multifamily permits (#)6,621 6,113 6,929 7,159 7,028 6,614
280 298 320 339 348 364 FHFA house price (1995Q1=100) 389 404 408 416 422 428
Source: Moody's Analytics Précis® US Metro
Moody's Analytics Précis® Metro Indicators: San Diego MSA
Indicator 2015 2020 2025 2015 - 2020 2020 - 2025 2015 2020 2025 2015 - 2020 2020 - 2025
Gross metro product (C12$ bil)222.6 261.8 311.5 3.3% 3.5% 17,432 18,423 21,900 1.1% 3.5%
Total employment (ths)1,422.4 1,412.1 1,535.6 -0.1% 1.7% 141,804 142,259 154,979 0.1% 1.7%
Unemployment rate (%)4.7% 6.4% 3.6%5.3% 8.1% 4.2%
Personal income growth (%)3.9% 4.1% 4.6%4.9% 6.3% 4.4%
Population (ths)3,306.1 3,356.0 3,409.6 0.3% 0.3% 320,739 329,484 338,293 0.5% 0.5%
Single-family permits (#)2,351 5,070 6,468 16.6% 5.0% 712,250 1,002,000 1,490,667 7.1% 8.3%
Multifamily permits (#)8,440 6,621 6,614 -4.7% 0.0% 394,500 395,000 476,230 0.0% 3.8%
FHFA house price (1995Q1=100)298 389 428 5.5% 1.9% N/A N/A N/A N/A N/A
San Diego MSA outperforming National Region Metros
San Diego MSA underperforming National Region Metros
Source: Moody's Analytics Précis® US Metro; Compiled by NKF
San Diego MSA Annual Growth National
Comparison of Key Economic Indicators - San Diego MSA Metro to National Region
Annual Growth
Economic Analysis 21
CasaLago Eastlake Apartments
Employment Sectors and Trends
Employment data by occupation and business/industry sectors provides an indication of the
amount of diversification and stability in the local economy. Job sector composition also gives
an indication of the predominant drivers of current and future demand for supporting commercial
real estate sectors. The following tables display employment data by occupation sector and by
business/industry sector for the area and region.
Comparing the industry sectors for the local market area (Chula Vista City) to San Diego County
indicates the local market area is somewhat more heavily weighted toward the Public
Administration, Transportation/Utilities, Retail Trade, and Wholesale Trade sectors. By contrast,
the industry employment totals for San Diego County indicate somewhat higher proportions
within the Services, Manufacturing, Agriculture/Mining, Finance/Insurance/Real Estate,
Information, and Construction sectors. The following graphic further illustrates this comparison.
Occupation Sector
White Collar 11,037 73.6% 80,787 64.2% 1,075,167 67.7% 1,075,167 67.7% 11,580,421 64.0%
Administrative Support 1,715 11.4% 16,749 13.3% 164,129 10.3% 164,129 10.3% 1,955,983 10.8%
Management/Business/Financial 3,527 23.5% 22,073 17.5% 314,049 19.8% 314,049 19.8% 3,318,432 18.3%
Professional 4,493 29.9% 30,501 24.2% 444,301 28.0% 444,301 28.0% 4,611,876 25.5%
Sales and Sales Related 1,302 8.7% 11,464 9.1% 152,688 9.6% 152,688 9.6% 1,694,130 9.4%
Services 2,501 16.7% 22,014 17.5% 252,178 15.9% 252,178 15.9% 2,768,509 15.3%
Blue Collar 1,466 9.8% 23,039 18.3% 261,087 16.4% 261,087 16.4% 3,746,712 20.7%
Construction/Extraction 207 1.4% 6,135 4.9% 73,940 4.7% 73,940 4.7% 901,454 5.0%
Farming/Fishing/Forestry 0 0.0% 203 0.2% 7,759 0.5% 7,759 0.5% 266,802 1.5%
Installation/Maintenance/Repair 388 2.6% 3,539 2.8% 37,261 2.3% 37,261 2.3% 437,054 2.4%
Production 228 1.5% 4,702 3.7% 54,116 3.4% 54,116 3.4% 768,621 4.2%
Transportation/Material Moving 643 4.3% 8,460 6.7% 88,011 5.5% 88,011 5.5% 1,372,781 7.6%
Total Employees (16+ Occupation Base)15,004 100.0% 125,840 100.0% 1,588,432 100.0% 1,588,432 100.0% 18,095,642 100.0%
Source: ESRI; Compiled by NKF
Current Employment by Occupation Sector
California91915
San Diego-Chula Vista-
Carlsbad, CA MSAChula Vista City San Diego County
Industry Sector
Agriculture/Mining 0 0.0% 219 0.2% 13,243 0.8% 13,243 0.8% 402,905 2.2%
Construction 529 3.5% 7,873 6.3% 102,090 6.4% 102,090 6.4% 1,236,406 6.8%
Manufacturing 911 6.1% 9,202 7.3% 133,263 8.4% 133,263 8.4% 1,567,303 8.7%
Wholesale Trade 419 2.8% 3,330 2.6% 36,222 2.3% 36,222 2.3% 487,645 2.7%
Retail Trade 1,349 9.0% 13,011 10.3% 156,795 9.9% 156,795 9.9% 1,818,261 10.0%
Transportation/Utilities 690 4.6% 7,925 6.3% 74,552 4.7% 74,552 4.7% 1,093,654 6.0%
Information 229 1.5% 2,417 1.9% 34,420 2.2% 34,420 2.2% 495,228 2.7%
Finance/Insurance/Real Estate 1,243 8.3% 7,595 6.0% 102,741 6.5% 102,741 6.5% 1,155,716 6.4%
Services 8,018 53.4% 61,609 49.0% 840,034 52.9% 840,034 52.9% 8,900,763 49.2%
Public Administration 1,616 10.8% 12,663 10.1% 95,072 6.0% 95,072 6.0% 937,761 5.2%
Total Employees (16+ Occupation Base) 15,004 100.0% 125,840 100.0% 1,588,432 100.0% 1,588,432 100.0% 18,095,642 100.0%
Source: ESRI; Compiled by NKF
Current Employment by Industry Sector
91915 Chula Vista City San Diego County
San Diego-Chula Vista-
Carlsbad, CA MSA California
Economic Analysis 22
CasaLago Eastlake Apartments
Unemployment
The following table displays the historical unemployment data for the area derived from the US
Department of Commerce, Bureau of Labor Statistics. The most recent reported unemployment
rate for the San Diego-Carlsbad, CA Metropolitan Statistical Area is 6.4% (May 2021).
Source: ESRI; Compiled by NKF
Employment Comparison
52.9%
9.9%
6.0%
8.4%
4.7%
6.4%
6.5%
2.3%
2.2%
0.8%
49.0%
10.3%
10.1%
7.3%
6.3%
6.3%
6.0%
2.6%
1.9%
0.2%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Services
Retail Trade
Public Administration
Manufacturing
Transportation/Utilities
Construction
Finance/Insurance/Real Estate
Wholesale Trade
Information
Agriculture/Mining
Chula Vista City San Diego County
Economic Analysis 23
CasaLago Eastlake Apartments
Major Employers
The following table lists a number of major employers within the San Diego MSA as reported by
Moody’s. While not all-encompassing, this list provides further indication of the types of
economic sectors that are drivers for the area.
Bars represent beginning to end range of unemployment rates in each year
Red bars denote increasing unemployment from beginning to end of year
Green bars are declining unemployment from beginning to end of year
Compiled by NKF
Unemployment Rate: San Diego-Carlsbad, CA Metropolitan Statistical Area
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Economic Analysis 24
CasaLago Eastlake Apartments
Analysis
Further economic analysis from Moody’s is detailed as follows:
High-Flying Tech
Tech weathered the recession relatively well and will remain the economy's driving force. High-
tech employment barely stumbled last year and has already expanded beyond the old peak. The
appetite for more workers is strong. Apple is significantly increasing its engineering footprint and
plans to add 5,000 jobs over the next five years, while Google is doubling its office space in
Sorrento Mesa. Steady venture capital inflows in the first quarter of 2021 indicate a robust startup
scene. The highly skilled workforce, abundant venture capital, product diversity, and lower
business and living costs compared with Bay Area high-tech hubs ensure a bright outlook for
high-tech employment. San Diego MSA has the third-highest concentration of high-tech
employment among California metro areas, and these jobs are exceptionally high-paying,
boosting their economic impact. Synergies with defense contractors also elevate the broader
tech industry.
Rank Employer Employees
1 Marine Corps Base Camp Pendleton 41,607
2 University of California, San Diego 38,749
3 Naval Base San Diego 30,144
4 Naval Base Coronado (incl. North Island NAS) 23,309
5 Sharp HealthCare 18,736
6 Scripps Health 12,348
7 Qualcomm Inc.10,300
8 Naval Base Point Loma 9,809
9 Marine Corps Air Station Miramar 9,577
10 UC San Diego Health 7,438
11 Marine Corps Recruit Depot 6,103
12 Foxconn Baja California 6,000
13 Souplantation & Sweet Tomatoes 5,935
14 San Diego Community College District 5,580
15 YMCA of San Diego County 5,487
16 General Atomics 5,480
17 Kaiser Permanente 5,349
18 Rady Children's Hospital, San Diego 5,129
19 San Diego State University 5,064
20 Space and Naval Warfare Systems Command - U 5,023
Source: Moody's Analytics Précis® US Metro
Selected Major Employers: San Diego MSA
Economic Analysis 25
CasaLago Eastlake Apartments
Defense
Defense spending will persist as a vital component of the economy. Between three Navy bases
and the Marine Corps Base Camp Pendleton, San Diego MSA is home to more than 90,000 military
personnel. Defense spending will level off but will still hover around decade-long highs. Although
San Diego MSA's bases will not expand significantly, the metro area's skilled workforce and deep
bench of defense contractors such as Lockheed Martin, Northrop Grumman and General
Dynamics will propel job growth. The metro area is among the top recipients of Department of
Defense contracts; the Air Force recently awarded a $3.6 billion contract to Northrop Grumman
for radio systems.
Healthcare
Healthcare will punch above its weight this year and next. Healthcare employment is growing at
a rapid pace as the industry hires to meet pent-up demand for elective procedures. And several
hospitals are planning major investments. Palomar Medical Center recently opened a
rehabilitation health center, while Scripps Health is constructing another hospital tower on its
Scripps Memorial Hospital La Jolla campus. As Scripps Health and other leading healthcare
institutions in San Diego MSA continue to invest and expand, the region will create more high-
income jobs in healthcare and medical research. Meanwhile, improving COVID-19 vaccination
rates lend optimism to the outlook and make it increasingly likely that other population-dependent
industries will gain momentum and add to payrolls.
Conclusion
San Diego MSA's recovery will shift into a higher gear over the summer as the pandemic is brought
under control. Strength in tech and healthcare along with a surge in consumer spending will help
power the recovery, while defense dollars offer long-term gains. High costs will deter migrants,
but growth in dynamic high-skill services and research and development clusters will allow San
Diego MSA to keep pace with California and the U.S.
Neighborhood Analysis 26
CasaLago Eastlake Apartments
Neighborhood Analysis
Area Map
Area Boundaries
The boundaries of the area are:
North Otay Lakes Road
South Olympic Training Center
East Lower Otay Lake
West Hunte Parkway
Neighborhood Analysis 27
CasaLago Eastlake Apartments
Land Use and Neighborhood Cycle
The development cycle for the area is generally stable and the existing infrastructure is consistent
with the surrounding area. The following map illustrates the land uses around the subject: Open
space, residential, public facilities, and sectional planning areas.
Land Use Map
Subject
Neighborhood Analysis 28
CasaLago Eastlake Apartments
Neighborhood Oversight/Government
The location and governmental oversight, including boundary maps, which influence the subject
are:
City Zoning Map
Subject
Neighborhood Analysis 29
CasaLago Eastlake Apartments
Access and Linkages
Primary Access
Regional freeways are shown in the following map.
Regional Freeways
Subject
Neighborhood Analysis 30
CasaLago Eastlake Apartments
Land Use
The following was developed from Costar data for the major property types in the surrounding
4.5-mile radius around the subject.
Souce: Costar; Compiled by NKF
Surrounding Area Commercial Property Characteristics
Office
Flex
Industrial
Retail
Multi-
Family
Specialty Hospitality
By # of Properties
Office
Flex
Industrial
Retail
Multi-
Family
Specialty
Hospitality
Health
Care
By Size (SF)
Neighborhood Analysis 31
CasaLago Eastlake Apartments
Immediate Vicinity
Within the immediate area of the subject, property uses include the following:
North
o Multifamily Residential/Open Space
East
o Lower Otay Lakes
South
o Olympic Training Center
West
o Olympic Training Center
Demographics
A demographic summary for the defined area is illustrated as follows:
1-Mile Radius 3-Miles Radius 5-Miles Radius 91915 Chula Vista City
San Diego
County
San Diego-Chula
Vista-Carlsbad,
CA MSA California
Population
2010 Total Population 8,813 60,695 109,171 24,660 243,916 3,095,313 3,095,313 37,253,956
2021 Total Population 10,159 73,133 134,573 32,703 274,747 3,287,244 3,287,244 39,476,705
2026 Total Population 11,286 76,841 139,457 35,419 282,516 3,379,404 3,379,404 40,507,842
Projected Annual Growth % 2.1%1.0%0.7%1.6%0.6%0.6%0.6%0.5%
Households
2010 Total Households 2,467 16,802 29,813 7,070 75,515 1,086,865 1,086,865 12,577,498
2021 Total Households 2,921 20,171 36,616 9,390 83,532 1,152,906 1,152,906 13,283,432
2026 Total Households 3,245 21,163 37,880 10,155 85,539 1,185,740 1,185,740 13,615,954
Projected Annual Growth % 2.1%1.0%0.7%1.6%0.5%0.6%0.6%0.5%
Income
2021 Median Household Income $117,953 $114,383 $112,041 $116,255 $84,565 $84,989 $84,989 $80,044
2021 Average Household Income $143,788 $135,688 $131,694 $137,786 $101,684 $113,225 $113,225 $113,468
2021 Per Capita Income $40,479 $38,085 $36,464 $39,562 $31,010 $40,045 $40,045 $38,272
Housing
2021 Owner Occupied Housing Units 66.3% 70.7% 69.9% 68.5% 56.0% 50.9% 50.9% 51.3%
2021 Renter Occupied Housing Units 28.2% 24.2% 25.3% 26.6% 39.3% 42.6% 42.6% 40.8%
2021 Median Home Value $649,210 $634,562 $628,117 $630,572 $580,538 $663,231 $663,231 $625,650
Median Year Structure Built 2006 2003 2001 2003 1984 1979 1979 1975
Miscellaneous Data Items
2021 Bachelor's Degree 33.1% 29.2% 27.9% 32.9% 21.5% 25.0% 25.0% 22.3%
2021 Grad/Professional Degree 12.5% 13.7% 13.4% 12.8% 9.5% 15.9% 15.9% 13.4%
2021 College Graduate % 45.6% 42.9% 41.3% 45.7% 31.0% 40.9% 40.9% 35.6%
2021 Average Household Size 3.48 3.52 3.48 3.48 3.27 2.76 2.76 2.91
2021 Median Age 32.5 34.2 35.0 33.6 35.2 36.2 36.2 36.6
Source: ESRI; Compiled by NKF
Demographic Analysis
Neighborhood Analysis 32
CasaLago Eastlake Apartments
Amenities
Retail tenants are shown in the following Land Vision aerial map.
Land Vision Retail Amenities Map
National and regional retail tenants are distributed throughout the area and the infrastructure
supports resident and day-time demand from businesses. The Otay Ranch Town Center is a
community shopping center located at Olympic Parkway and SR-125.
Subject
Neighborhood Analysis 33
CasaLago Eastlake Apartments
Residential Housing
Home sales from Land Vision are presented in the following tables and the heat maps show the
location of these transactions.
Neighborhood Analysis 34
CasaLago Eastlake Apartments
Land Vision Home Sales: 1,000-2,999 sq. feet
Subject
Neighborhood Analysis 35
CasaLago Eastlake Apartments
Schools
Scores for public elementary, middle, and high schools from Great Schools.org are presented in
the following exhibit.
School Map
Outlook and Conclusions
The region wide MSA market is generally stable and is characterized by a diverse
economy.
The subject is in the Eastlake Vistas neighborhood, an established higher end community.
Subject
Land and Site Analysis 36
CasaLago Eastlake Apartments
Multifamily Market Analysis
The following discussion outlines overall market performance in the surrounding Multifamily
market using Reis market metric data. Presented first are market statistics of the San Diego area
and the subject National City/Chula Vista submarket overall along with more closely focused
statistics related specifically to the subject property and its market segment. The analysis is then
further refined to focus on demand for the subject and the properties considered to be primary
competition.
Period San Diego
National
City/Chula
Vista
Q4 2017 96.4% 96.8%
Q1 2018 96.0% 95.8%
Q2 2018 96.0% 95.9%
Q3 2018 96.0% 96.4%
Q4 2018 95.8% 96.7%
Q1 2019 95.9% 96.8%
Q2 2019 96.2% 96.8%
Q3 2019 96.0% 96.8%
Q4 2019 95.9% 96.7%
Q1 2020 96.2% 96.8%
Q2 2020 96.1% 96.4%
Q3 2020 95.9% 96.6%
Q4 2020 95.9% 96.5%
Q1 2021 95.9% 96.4%
Source: Reis; Compiled by NKF Valuation & Advisory
Occupancy Rate
90.0%
91.0%
92.0%
93.0%
94.0%
95.0%
96.0%
97.0%
98.0%
99.0%
100.0%
Q4 2017 Q3 2018 Q2 2019 Q1 2020 Q4 2020
San Diego National City/Chula Vista
Period San Diego
National
City/Chula
Vista
Q4 2017 $1,730 $1,577
Q1 2018 $1,755 $1,615
Q2 2018 $1,778 $1,648
Q3 2018 $1,816 $1,667
Q4 2018 $1,831 $1,680
Q1 2019 $1,845 $1,700
Q2 2019 $1,870 $1,729
Q3 2019 $1,897 $1,740
Q4 2019 $1,905 $1,756
Q1 2020 $1,906 $1,765
Q2 2020 $1,902 $1,783
Q3 2020 $1,888 $1,785
Q4 2020 $1,882 $1,795
Q1 2021 $1,876 $1,799
Source: Reis; Compiled by NKF Valuation & Advisory
Asking Rent Per Unit
$1,500.00
$1,550.00
$1,600.00
$1,650.00
$1,700.00
$1,750.00
$1,800.00
$1,850.00
$1,900.00
$1,950.00
$2,000.00
Q4 2017 Q3 2018 Q2 2019 Q1 2020 Q4 2020
San Diego National City/Chula Vista
Land and Site Analysis 37
CasaLago Eastlake Apartments
The average occupancy rate for the subject submarket is slightly higher than that of
the overall market area.
The average rental rate for the submarket is lower than the overall San Diego market.
Market and Submarket Trends and Forecast
The overall market area and subject submarket is projected to improve with increasing
occupancy and rental rates.
There is no new supply forecast for the Chula Vista market after 2022.
Supply & Demand
Construction Versus Absorption
Information about supply and demand changes outside of the metric data was presented
previously. The following illustrates construction and absorption as reported by REIS separately.
Inventory
(Unit)
Completions
(Unit) Vacancy (%)
Net
Absorption
(Unit)
Asking
Rent/Unit
Inventory
(Unit)
Completions
(Unit) Vacancy (%)
Net
Absorption
(Unit)
Asking
Rent/Unit
Q1 2019 198,876 1,011 4.1% 1,141 $1,845 23,037 0 3.2% 34 $1,700
Q2 2019 199,203 327 3.8% 834 $1,870 23,037 0 3.2% -11 $1,729
Q3 2019 200,577 1,374 4.0% 1,032 $1,897 23,114 77 3.2% 63 $1,740
Q4 2019 201,634 1,057 4.1% 861 $1,905 23,114 0 3.3% -7 $1,756
Q1 2020 201,634 0 3.8% 465 $1,906 23,114 0 3.2% 21 $1,765
Q2 2020 201,939 305 3.9% 201 $1,902 23,222 108 3.6% -3 $1,783
Q3 2020 202,840 901 4.1% 330 $1,888 23,222 0 3.4% 51 $1,785
Q4 2020 203,169 329 4.1% 432 $1,882 23,222 0 3.5% -13 $1,795
Q1 2021 203,169 0 4.1% -49 $1,876 23,222 0 3.6% -21 $1,799
2021 * 206,417 3,480 4.1% 3,073 $1,890 23,304 170 3.2% 152 $1,672
2022 * 208,220 1,803 4.0% 1,921 $1,937 23,362 58 2.9% 125 $1,700
2023 * 209,466 1,246 3.9% 1,534 $1,986 23,362 0 2.6% 69 $1,727
2024 * 210,763 1,297 3.8% 1,380 $2,031 23,362 0 2.5% 18 $1,754
2025 * 212,304 1,541 3.8% 1,494 $2,079 23,362 0 2.5% 2 $1,782
2026 * 213,794 1,490 3.8% 1,488 $2,132 23,362 0 2.5% 1 $1,814
2027 * 215,270 1,476 3.7% 1,463 $2,188 23,362 0 2.6% -24 $1,851
2028 * 216,091 821 3.7% 933 $2,250 23,362 0 2.7% -24 $1,894
2029 * 216,955 864 3.6% 987 $2,316 23,362 0 2.9% -46 $1,943
2030 * 217,844 889 3.6% 953 $2,388 23,362 0 2.9% 0 $1,998
* Reis Base Case Forecast
Source: Reis; Compiled by NKF Valuation & Advisory
Multifamily Market Trends
San Diego National City/Chula Vista
Market / Submarket
Unit Built Unit
Absorbed
Const. /
Abs. Ratio Unit Built Unit
Absorbed
Const. /
Abs. Ratio Unit Built Unit
Absorbed
Const. /
Abs. Ratio Unit Built Unit
Absorbed
Const. /
Abs. Ratio
San Diego 1,535 1,428 1.1 10,155 8,849 1.1 14,807 12,670 1.2 9,367 9,402 1.0
National City/Chula Vista 108 56 1.9 698 602 1.2 1,078 1,050 1.0 228 366 0.6
Source: Reis; Compiled by NKF Valuation & Advisory
Prior Full Year History Prior Three Year History Prior Five Year History Five Year Forecast
Construction/Absorption Change
Full Calendar Years History Forecast
Land and Site Analysis 38
CasaLago Eastlake Apartments
Absorption in the National City/Chula Vista submarket has kept pace with
construction over the past five years as evidenced by the approximate one to one ratio
of construction to absorption.
Reis forecasts that demand will outpace new supply additions for the next five years.
Vacancy Trends
Subject and Market Historical Trends
Current Most Recent
Full Year
Trailing 3-
Year
Trailing 5-
Year
Trailing 10-
Year
Forward 1-
Year
Forward 3-
Year
Forward 5-
Year
Reis
San Diego 4.10% 4.10% 4.20% 3.10% 3.30% 4.00% 3.80% 3.80%
National City/Chula Vista 3.60% 3.50% 3.30% 2.80% 4.00% 2.90% 2.50% 2.50%
Source: Reis, NKF Valuation & Advisory
Market Vacancy Rate Indicators
Land and Site Analysis 39
CasaLago Eastlake Apartments
CoStar Competitive Market
The following map and tables provide a summary of the local market based on CoStar.
Geography
o The polygon borders the map
Property Type
o Multi-family apartments
o 100+ Units
CoStar Properties Map
Subject
Land and Site Analysis 40
CasaLago Eastlake Apartments
CoStar Trends
CoStar Trends
CoStar Analytics
Land and Site Analysis 41
CasaLago Eastlake Apartments
Vacancy is expected to remain stable through 2025 and rents are forecasted to
increase to over $3,000.
CoStar Buyer Profile
The following table provides a summary based upon the following sales search parameters in
CoStar.
Geography – San Diego County
Property – Apartment buildings 50 to 500 units
Time – Sales from July 7, 2020
Sale by Buyer Type
Outlook and Conclusions
The typical buyer is private parties, which is consistent with the buyer profiles noted
by brokers in the competitive market and the individual sales.
The long-term outlook is for continued growth.
Land and Site Analysis 42
CasaLago Eastlake Apartments
Land and Site Analysis
Tax Map
Land and Site Analysis 43
CasaLago Eastlake Apartments
Tax Map
Land and Site Analysis 44
CasaLago Eastlake Apartments
Flood Map
Land and Site Analysis 45
CasaLago Eastlake Apartments
Alquist-Priolo Map
Alquist-Priolo Legend
Land and Site Analysis 46
CasaLago Eastlake Apartments
Easements, Encroachments and Restrictions
We were provided a Commitment for Title Insurance prepared by First American Title Insurance
Company on June 23, 2021. Based upon a review of the title report, there do not appear to be any
easements, encroachments, or restrictions other than those that are typical for the property type.
Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and
further assumes that the subject has clear and marketable title.
Land Parcels
Parcel Summary Associated APN(s)Classification Land Area (SF) Land Area (Acres)
Site 1 643-040-19, 643-780-01 thru -07 Primary Site 1 1,329,288 30.5163
1,329,288 30.5163
Compiled by NKF
Total Gross Land Area
Total Land Area 30.5163 Acres; 1,329,288 SF
Usable Land Area 30.5163 Acres; 1,329,288 SF
Excess Land Area None
Surplus Land Area None
Source of Land Area Public Records
Site Characteristics
Primary Street Frontage Olympic Parkway (233 FF)
Accessibility Rating Average
Visibility Rating Average
Shape Irregular
Corner Yes
Topography Sloping
Other Site Characteristics None Noted
Easements / Encroachments None Noted
Environmental Hazards None Noted
Flood Zone Analysis
Flood Area Panel Number 06073C1945G
Date 5/16/2012
Zone Zone X
Description Area of minimal flood hazard, usually depicted on Flood Insurance
Rate Maps as above the 500-year flood level.
Insurance Required?No
Utilities
Utility Services Water, Sewer, Gas, Electricity
Compiled by NKF
Land Description
Land and Site Analysis 47
CasaLago Eastlake Apartments
Alquist-Priolo Earthquake Fault Zoning Act
The Alquist-Priolo Earthquake Fault Zoning (AP) Act provides a mechanism for reducing losses
from surface fault rupture on a statewide basis. The intent of the AP Act is to ensure public safety
by prohibiting the siting of most structures for human occupancy across traces of active faults
that constitute a potential hazard to structures from surface faulting or fault creep. The subject
is not within a designated fault zone.
Environmental Issues
No environmental issues were observed or reported. NKF is not qualified to detect the existence
of potentially hazardous issues such as soil contaminants, the presence of abandoned
underground tanks, or other below-ground sources of potential site contamination. The existence
of such substances may affect the value of the property. For this assignment, we have
specifically assumed that any hazardous materials that would cause a loss in value do not affect
the subject.
Conclusion
The subject site is irregular in shape with sloping topography and is functional for any
legally probable use.
The subject has frontage on Olympic Parkway and Wueste Road.
Overall, the physical characteristics of the site and the availability of the utilities result
in functional utility suitable a variety of uses including those permitted by zoning. We
are not aware of any other restrictions on development.
Zoning and Legal Restrictions 48
CasaLago Eastlake Apartments
Zoning and Legal Restrictions
Zoning Map
Zoning and Legal Restrictions 49
CasaLago Eastlake Apartments
Conclusion
The subject is zoned PC5RM-1, Planned Community – Multifamily Residential within the Eastlake
III Planned Community. Per the zoning requirements, it allows 15 units per acre for a total of 457
units. Zoning requires a total of 696 parking spaces. The subject appears to be legally conforming
as it was recently built and approved via the Eastlake III Planned Community.
We are not experts in the interpretation of zoning ordinances. A qualified land use/zoning expert
should be engaged if there are any zoning concerns or if a determination of compliance with
zoning is required.
Category Description
Zoning Jurisdiction City of Chula Vista
Zoning Designation PC5RM1
Description Eastlake Vistas III
Legally Conforming?Yes
Zoning Change Likely?Unlikely
Permitted Uses High Density Residential
Allowable Density 15 units per acre and greater
Building Height Restrictions 4 Stories
Parking Requirement Studio & 1BR units - N/A; 2BR & 3BR units - 2 spaces each
Parking Spaces Required 696
Compiled by NKF
Zoning Summary
Improvements Analysis 50
CasaLago Eastlake Apartments
Improvements Analysis
Component Structures
Improvements (Structures)Primary Use
General Improvement Type Multifamily
Use Description Garden/Low-Rise
No. Buildings 86
No. Units 427
GBA (SF)506,789
Rentable SF 492,670
Average Unit Size (SF)1,154
Construction Status Existing, Stabilized Operations
Construction Class D
Quality Average
Current Condition Good
Age/Life Depreciation Analysis
Year Built 2013
Year Renovated None
Actual Age (Yrs.)8
Economic Life (Yrs.)55
Effective Age (Yrs.)5
Remaining Economic Life (Yrs.)50
Percent Depreciation 9.09%
Floor Area Analysis
Number of Stories 3
Est. Ground Floor Area (GBA)168,930
Attributed Site Area (SF)1,329,288
Site Coverage 12.7%
Floor Area Ratio (FAR)0.381
Unit Density (Units/Acre)14.0
Land to Building Ratio 2.623
Parking Type Garage; Surface
Parking Spaces (including garages when applicable)929
Parking Ratio Per Unit 2.18
Construction Details Garden/Low-Rise
Foundation Reinforced Concrete
Basement None
Structural Frame Wood Frame
Roof Pitched
Improvements Description
Interior Finish Garden/Low-Rise
Floors Vinyl & Carpet
Improvements Analysis 51
CasaLago Eastlake Apartments
Unit Mix
Property Condition
Down Units
As of the date of inspection, the property did not include any down units.
Engineering & Mechanical Garden/Low-Rise
HVAC Central HVAC
Electrical Assumed adequate
Plumbing Assumed adequate
Utility Meters Individually metered
Elevators None
Fire Sprinklers Yes
Improvement Features and Amenities Garden/Low-Rise
Property Amenities Controlled access, BBQ/picnic areas,
business center, fitness center, dog
wash station, dog park, courtyard, two
swimming pools and spas,
garage/surface parking
Unit Amenities
Stainless steel appliances, granite
countertops, wood like flooring, walk-
in closets, washer/dryers, window
coverings, fireplaces, vaulted ceilings,
central AC/heat, patios/balcony
Compiled by NKF
No. Units Unit Description
Unit Size
(SF)
Rentable
Area (SF)
Occupied
Units
Unit
Occupancy
79 1 BR/1 BA - 808 SF 808 63,832 74 93.7%
79 1 BR Total 808 63,832 74 93.7%
33 2 BR/2 BA - 1,119 SF 1,119 36,927 33 100.0%
38 2 BR/2.5 BA TH + Den - 1,167 SF 1,167 44,346 37 97.4%
112 2 BR/2.5 BA TH - 1,171 SF 1,171 131,179 101 90.2%
183 2 BR Total 1,161 212,452 171 93.4%
132 3 BR/3 BA TH - 1,269 SF 1,269 167,480 130 98.5%
33 3 BR/2.5 BA TH - 1,482 SF 1,482 48,906 31 93.9%
165 3 BR Total 1,311 216,386 161 97.6%
427 Totals 492,670 406
Averages 1,154 95.1%
Compiled by NKF
Unit Mix
Improvements Analysis 52
CasaLago Eastlake Apartments
Recent Renovations
Based on information provided, the clubhouse and , fitness centers were renovated, and new pool
fencing was installed during 2019
Deferred Maintenance
Our observation of the property indicated no significant items of deferred maintenance.
Other Property Considerations
Functional Utility
Based on our inspection and consideration of its current and/or future use as well as review of
individual floor plans and the overall complex, there do not appear to be any significant items of
functional obsolescence.
CasaLago Eastlake Apartments is a 2013-built, 427-unit apartment project situated on 30.52-
acres in the city of Chula Vista. The subject consists of 86, two and three-story buildings totaling
506,789 square feet. The unit mix includes 79 one-bedroom units, 183 two-bedroom units, and
165 three-bedroom units with 492,670 square feet of rentable area. The subject includes 21
Section 8 units. These units can be rented at market and is subsidized by the Section 8 affordable
housing program based on the tenant’s income.
Project amenities include controlled access, BBQ/picnic areas, a business center, fitness center,
two swimming pools and spas, courtyard, dog wash station, and a dog park. Units feature
stainless steel appliances, granite countertops, washer/dryers, wood like flooring, walk-in closets,
window coverings, fireplaces (in select units), vaulted ceilings, central AC/heat, and a private
patio/balcony. Parking is comprised of 112 single-car garage spaces, 630 two-car garage spaces,
and 187 surface spaces for a total of 929 parking spaces. Each unit includes direct garage
access. All units are accessed via exterior hallways.
Based on our inspection and consideration of its current and future use as well as review of
individual floor plans and the overall complex, there do not appear to be any significant items of
functional obsolescence. The overall quality of the building is excellent and conforms to industry
standards.
ADA Compliance
Based on our observation as well as any information provided, no ADA compliance issues were
noted. However, the client is advised to obtain review by a qualified professional versed in ADA
compliance as we do not have expertise.
Environmental Assessment
We were not provided a Phase I Environmental Assessment. We did not observe any potentially
hazardous materials such as lead paint, asbestos, urea formaldehyde foam insulation, or other
Improvements Analysis 53
CasaLago Eastlake Apartments
potentially hazardous construction materials on or in the improvements. However, it is noted that
we did not search for such materials and are not qualified to detect such materials. The existence
of said hazardous materials (if any) may have an effect on the value of the property. Therefore,
for the purpose of this appraisal, we have specifically assumed that the property is not affected
by any hazardous materials that may be present on or in the improvements. We strongly
recommend that a qualified environmental engineering firm be retained by the Client prior to
making a business decision.
Personal Property
Certain items in apartment projects are sometimes considered personal property, such as
furniture, fixtures or equipment. These items include kitchen appliances (stove, refrigerator and
dishwasher) in each unit and various items in the common areas including miscellaneous
maintenance tools, pool furniture, leasing office furniture, recreational room and clubhouse
furniture, and various exercise machines. The apartment units are rented on an unfurnished
basis. However, typically personal property is included in the sale of multifamily apartment
complexes. The personal property items contained in the subject are not considered to contribute
significantly to the overall value of the real estate.
Conclusion
The improvements were built in 2013 and are in excellent condition.
There would be strong demand for the subject from private investors.
The improvements are considered to be functional for the existing use.
There is no known reason why the site would not support the highest and best use as
vacant and as improved
Real Estate Taxes 54
CasaLago Eastlake Apartments
Real Estate Taxes
Based on the Legislative Analyst’s Office (LAO) of the State of California real estate taxes are
based on property value in two basic components:
The 1 Percent Rate. The largest component of most property owners’ annual property
tax bill is the 1 percent rate—often called the 1 percent general tax levy or countywide
rate. The Constitution limits this rate to 1 percent of assessed value. The 1 percent
rate is a general tax, meaning that local governments may use its revenue for any
public purpose.
Voter–Approved Debt Rates. Most tax bills also include additional ad valorem
property tax rates to pay for voter–approved debt. Revenue from these taxes is used
primarily to repay general obligation bonds issued for local infrastructure projects,
including the construction and rehabilitation of school facilities. Most local
governments must obtain the approval of two–thirds of their local voters in order to
issue general obligation bonds repaid with debt rates. General obligation bonds for
school and community college facilities, however, may be approved by 55 percent of
the school or community college district’s voters. Local voters do not approve a fixed
tax rate for general obligation bond indebtedness. Instead, the rate adjusts annually
so that it raises the amount of money needed to pay the bond costs.
Based on the LAO, “The process that county assessors use to determine the value of real property
was established by Proposition 13. Under this system, when real property is purchased, the
county assessor assigns it an assessed value that is equal to its purchase price, or “acquisition
value.” Each year thereafter, the property’s assessed value increases by 2 percent or the rate of
inflation, whichever is lower. This process continues until the property is sold, at which point the
county assessor again assigns it an assessed value equal to its most recent purchase price. In
other words, a property’s assessed value resets to market value (what a willing buyer would pay
for it) when it is sold.”
Provided in the following table is a summary of the current assessed value and associated taxes.
Real Estate Taxes 55
CasaLago Eastlake Apartments
For the purposes of this analysis, real estate taxes are based on the appropriate methodology
required by California tax law. More specifically, based upon a review of real estate tax
assessments after a property purchase, the assessor uses the actual sale price more than 90
percent of the time as the new basis. Further, most investors also model pro-forma taxes based
upon their acquisition price. The premise of an appraisal is that the subject is sold at the
concluded value and therefore the value conclusion in the income approach is used as the real
estate tax basis in the pro-forma estimate.
The ad valorem property taxes and the pro forma conclusion are presented in the following table.
Tax Year 2020/2021
Tax ID Land Improvements Total
Land &
Improvements Improvements
Ad Valorem
Taxes
Direct
Assessments Total
643-780-06-00 $26,044,859 $31,774,726 $57,819,585 1.1268% 1.1268% $651,494 $12,569 $664,062
643-780-05-00 $28,022,949 $34,187,997 $62,210,946 1.1268% 1.1268% $700,974 $18,361 $719,335
643-780-04-00 $6,428,792 $7,843,127 $14,271,919 1.1268% 1.1268% $160,812 $3,307 $164,119
643-780-02-00 $9,890,451 $11,661,246 $21,551,697 1.1268% 1.1268% $242,838 $5,456 $248,294
643-780-01-00 $0 $0 $0 1.1268% 1.1268%$0 $0
643-780-07-00 $0 $0 $0 1.1268% 1.1268%$0 $0
643-780-03-00 $0 $0 $0 1.1268% 1.1268%$0 $0
643-040-19-00 $0 $0 $0 1.1268% 1.1268%$0 $0
$70,387,051 $85,467,096 $155,854,147 1.1268% 1.1268% $1,756,118 $39,693 $1,795,810
Compiled by NKF
Assessed Value Tax Rates Taxes and Assessments
Taxes and Assessments
Conclusion
2020/2021 Appraised
Total Assessed Value $155,854,147 $277,158,366
Total Assessed Value/Unit $364,998 $649,083
Direct Assessments $39,693 $39,693
Tax Rate 1.12677% 1.1268%
Actual / Pro Forma Taxes $1,795,810 $3,162,630
Reported Tax Delinquencies None None
Tax Exemptions or Abatements None None
Compiled by NKF
Ad Valorem Tax Analysis
Subject History
Highest and Best Use 56
CasaLago Eastlake Apartments
Highest and Best Use
As Vacant
Legally Permissible
The site is zoned PC5RM1 which allows for multifamily residential. Based on available data and
analysis, no other legal restrictions such as easements or deed covenants are present which
would impair the utility of the site. Given that surrounding properties have similar zoning and the
future land use plan is focused on similar uses as well, it is unlikely that there would be a change
of zoning classification. Further information and analysis about the legal restrictions to the
subject property is included in the Site Analysis and Zoning and Legal Restrictions sections of
this report.
Physically Possible
The subject site contains 1,329,288 square feet (30.516 acres), has favorable topography,
adequate access, and all necessary utilities to support the range of legally permissible uses. No
significant physical limitations were noted. The size of the site is typical for the categories of
uses allowed under zoning. In total, the site is physically capable of supporting the legally
permissible uses.
Financially Feasible
Of the legally permissible and physically possible uses, only multifamily use appears most
probable based on observation of surrounding properties as well as the location. This use is more
fully analyzed for their financial feasibility.
The following are relevant points related to the subject’s market segment:
The subject submarket has stable occupancy rates and market rent is increasing.
There have been several recent sales of similar properties in this market indicating
good investor demand.
Given the underlying market conditions and activity, it appears that multifamily development
would have a sufficient degree of feasibility.
Maximally Productive
The test of maximum productivity is to determine the actual use of the property that results in the
highest land value and/or the highest return to the land. It is important to consider the risk of
potential uses as a use that may generate the highest returns in cash could also be the riskiest
and thus not as likely for a developer to consider. In this case, the maximally productive use is
Highest and Best Use 57
CasaLago Eastlake Apartments
multifamily development. The associated risk is typical and market conditions appear to be
supportive.
Highest and Best Use Conclusion – As Vacant
The highest and best use of the subject as though vacant is the development of multifamily use.
As Improved
Legally Permissible
The existing multifamily improvements appear to be legally conforming to zoning.
Physically Possible
The current improvements conform to the physical characteristics of the site. Therefore,
continued multifamily use of the property is reasonably probable and appropriate.
Financially Feasible
Financial feasibility focuses on positive and excess returns from the improved property. In this
case, the subject is an income producing property and is capable of generating sufficient income
to support the continuation of the use. This is demonstrated in the income capitalization
approach by the fact that a positive income stream can be generated.
Maximally Productive
The existing multifamily improvements are legally permissible, physically possible, and financially
feasible. The concluded value as though improved exceeds the value of the underlying land and
removal of the improvements for redevelopment or substantial conversion to an alternative use
is not indicated based on current neighborhood trends. Given no alternatives, the maximally
productive use of the property is consistent with the existing multifamily development.
Highest and Best Use – As Improved
Therefore, the highest and best use of the subject as improved is the existing multifamily use.
Market and economic conditions are supportive of this continued use.
Appraisal Methodology 58
CasaLago Eastlake Apartments
Appraisal Methodology
Cost Approach
The cost approach is based on the proposition that the informed purchaser would pay no more
for the subject than the cost to produce a substitute property with equivalent utility. This
approach is particularly applicable when the property being appraised involves relatively new
improvements that represent the highest and best use of the land, or when it is improved with
relatively unique or specialized improvements for which there exist few sales or leases of
comparable properties.
Sales Comparison Approach
The sales comparison approach utilizes sales of comparable properties, adjusted for differences,
to indicate a value for the subject. Valuation is typically accomplished using physical units of
comparison such as price per square foot, price per unit, price per floor, etc., or economic units
of comparison such as gross rent multiplier. Adjustments are applied to the property units of
comparison derived from the comparable sale. The unit of comparison chosen for the subject is
then used to yield a total value.
Income Capitalization Approach
The income capitalization approach reflects the subject’s income-producing capabilities. This
approach is based on the assumption that value is created by the expectation of benefits to be
derived in the future. Specifically estimated is the amount an investor would be willing to pay to
receive an income stream plus reversion value from a property over a period of time. The two
common valuation techniques associated with the income capitalization approach are direct
capitalization and the discounted cash flow (DCF) analysis.
The cost approach was not used because market participants considering properties like the
subject do not consider the cost approach. The exclusion of this approach is not considered to
impact the reliability of the appraisal.
Application of Approaches to Value
Approach Comments
Cost Approach
Sales Comparison Approach
Income Capitalization Approach
Compiled by NKF
The Income Capitalization Approach is applicable and is utilized in this appraisal.
The Sales Comparison Approach is applicable and is utilized in this appraisal.
The Cost Approach is not applicable and is not utilized in this appraisal.
Sales Comparison Approach 59
CasaLago Eastlake Apartments
Sales Comparison Approach
The sales comparison approach value is derived by analyzing closed sales, listings, or pending
sales of properties that are similar to the subject. The sales comparison approach includes the
following steps.
Research and verify information on properties in the competitive market that are
similar to the subject and that have recently sold, are listed for sale, or are under
contract.
Select the most relevant units of comparison in the market and develop a comparative
analysis.
Examine and quantify via adjustments differences between the comparable sales and
the subject property using all appropriate elements of comparison.
Reconcile the various value indications to a value bracket and then a single value
indication.
The unit of comparison applied in this sales comparison analysis is price per unit as it mirrors the
primary comparison method used by market participants.
Comparable Map
Sales Comparison Approach 60 CasaLago Eastlake Apartments
Sales Comparison Approach 61
CasaLago Eastlake Apartments
Analysis of Improved Comparable Data
Comparable One
Joule La Floresta Apartments is a 2018-built, 204-unit apartment in Brea. The property was
reportedly in good condition at the time of sale and includes one-bedroom, two-bedroom, and
three-bedroom units (average 1.4 rooms per unit). Project amenities include pool, spa, rooftop
deck, fitness center, conference room, community center/game room, pet washing station, 24-
hour package locker, on-site storage, BBQ grills, and electric vehicle charging stations. Unit
amenities include stainless steel appliance package, in-unit washer/dryer, and patio/balcony.
Parking is provided by surface and covered spaces. Utilities are individually metered for gas and
electricity. The property sold in June 2021 for $108,125,000, or $530,025 per unit, and was 100%
occupied at the time of sale. The overall capitalization rate equates to 3.25% based on income in
place.
No transaction adjustments were warranted.
Property adjustments were required for age/condition, parking, and average unit size (sf)/mix.
After consideration of the individual elements of comparison, a net upward property adjustment
was required. Applying transaction and property adjustments results in a price per unit indication
of $575,077.
Comparable Two
The Resort at Encinitas is a 1984-built, 196-unit apartment building in Encinitas. The property
includes one-bedroom and two-bedroom units. Property amenities include a swimming pool, spa,
fitness center, and clubhouse. Unit amenities include kitchen appliances, washer/dryer, ceiling
fans, window coverings, and a private patio/balcony. Parking is provided by 400 surface and
covered parking spaces. Utilities are individually metered. The property sold in March 2021 for
$94,100,000 or $480,102 per unit. The property was 84% occupied at the time of sale and the
overall capitalization rate equates to 3.50% based on income in place.
No transaction adjustments were warranted.
Property adjustments were required for location, age/condition, parking, features/amenities,
quality, and average unit size (sf)/mix. After consideration of the individual elements of
comparison, a net upward property adjustment was required. Applying transaction and property
adjustments results in a price per unit indication of $636,135.
Comparable Three
Axis 2300 Apartments is a 2010-built, 115-unit apartment in Irvine. The property was reportedly
in good condition at the time of sale and includes studio, one-bedroom, two-bedroom and three-
bedroom units (with an average of 2.1 rooms per unit). Project amenities include pool and spa
with cabanas, fitness center, outdoor lounge with BBQ grills, and bike storage. Unit amenities
Sales Comparison Approach 62
CasaLago Eastlake Apartments
include stainless-steel appliance package, in-unit washer/dryer, and central HVAC. Parking is
provided by podium/subterranean spaces. Utilities are individually metered for gas and electric.
The property sold in February of 2021 for $57,500,000 or $500,000 per unit and was 99% occupied
at the time of sale. The capitalization rate was not disclosed.
A transaction adjustment was required for market conditions (time).
Property adjustments were required for age/condition, parking, and average unit size (sf)/mix.
After consideration of the individual elements of comparison, a net upward property adjustment
was required. Applying transaction and property adjustments results in a price per unit indication
of $578,850.
Comparable Four
Valentina by Alta is a 2019-built, 110-unit apartment in San Diego. The property includes studios,
one-bedroom, and two-bedroom units. Project amenities include night patrol, a fitness center,
yoga room, business center, BBQ/picnic area, parlor, swimming pool, clubhouse, and a sky
terrace. Parking is provided by garage spaces. Unit amenities include stainless steel appliances,
quartz/white countertops, oak flooring, in-unit washer/dryer, central AC, and a private patio or
balcony. The property sold in October 2020 for $78,000,000, or $709,091 per unit and was 100%
occupied at the time of sale. The overall capitalization rate equates to 4.0% based on income in-
place.
A transaction adjustment was required for market conditions (time).
Property adjustments were required for location, age/condition, parking, quality, and average unit
size (sf)/mix. After consideration of the individual elements of comparison, a net downward
property adjustment was required. Applying transaction and property adjustments results in a
price per unit indication of $682,145.
Comparable Five
AV8 Apartments is a 2018-built, 129-unit apartment in San Diego with 7,800 square feet of ground
floor retail. The property was reportedly in good condition at the time of sale and includes studio,
one-bedroom, two-bedroom and three-bedroom units (with an average of 1.2 rooms per unit).
Project amenities include fitness center, sky lounge, game/community room, pet washing station,
bike storage, and on-site retail. Unit amenities include central HVAC, in-unit washer/dryer, and
stainless-steel appliance package. Parking is provided by subterranean spaces. Utilities are
individually metered for gas and electric. The property sold in September of 2020 for $70,100,000,
or $543,411 per unit and was 96% occupied at the time of sale. The overall capitalization rate
equates to 4.00% based on income in-place.
A transaction adjustment was required for market conditions (time).
Sales Comparison Approach 63
CasaLago Eastlake Apartments
Property adjustments were required for location, age/condition, parking, and average unit size
(sf)/mix. After consideration of the individual elements of comparison, a net upward property
adjustment was required. Applying transaction and property adjustments results in a price per
unit indication of $567,973.
Summary of Adjustments / Adjustment Grid
Based on our comparative analysis, the following table summarizes the adjustments warranted
to each comparable.
Sales Comparison Approach 64 CasaLago Eastlake Apartments SubjectSale 1Sale 2Sale 3Sale 4Sale 5Property NameCasaLago Eastlake Joule La Floresta The Resort at Encinitas Axis 2300 Apartments Valentina by Alta AV8 ApartmentsAddress2816 Cielo Circulo 420 La Crescenta Drive 1320 Via Terrassa 2300 Dupont Drive 1919 Pacific Highway 2155 Kettner BouelvardCityChula Vista, CABrea, CAEncinitas, CAIrvine, CASan Diego, CASan Diego, CALand Size30.52 Acres2.92 Acres16.34 Acres1.82 Acres0.74 Acres6.13 AcresSize (Rentable Area)492,670 SF171,700 SF205,604 SF100,000 SF104,170 SF98,341 SFNumber of Apt. Units427204 196 115 110 129 Average Unit Size (SF)1,154 SF842 SF1,049 SF870 SF947 SF762 SFYear Built (Renovated)201320181984201020192018NOI/Unit$20,122 $17,226 $16,804 N/A$28,364 $21,736 Transaction Type--ClosedClosedClosedClosedClosedTransaction Date--Jun-21Mar-21Feb-21Oct-20Sep-20Actual Sale Price--$108,125,000$94,100,000$57,500,000$78,000,000$70,100,000Price per Unit--$530,025 $480,102 $500,000 $709,091 $543,411 Occupancy95%100%84%99%100%96%Cap Rate--3.25%3.50%N/A4.00%4.00%Transaction AdjustmentsProperty Rights0%0%0%0%0%Financing0%0%0%0%0%Conditions of Sale0%0%0%0%0%Market Conditions (Time)7/15/20210%0%2%4%4%Subtotal (adjustments are multiplied)0%0%2.0%4.0%4.0%Transaction Adjusted Price per Unit$530,025 $480,102 $510,000 $737,455 $565,147 Property AdjustmentsLocation0%-5%0%-10%-10%Size0%0%0%0%0%Age/Condition-3%20%3%-3%-3%Parking5%5%5%5%5%Features/Amenities0%3%0%0%0%Quality0%5%0%-5%0%Economic Characteristics0%0%0%0%0%Average Unit Size (SF)/Mix6%5%6%5%8%Subtotal (adjustments are summed)9%33%14%-8%1%Gross Adjustment14%43%16%32%30%Overall Adjustment8.5%32.5%15.77%-3.8%4.52%Indicated Price per Unit$575,077 $636,135 $578,850 $682,145 $567,973 Compiled by NKFComparable Sales Adjustment Grid
Sales Comparison Approach 65
CasaLago Eastlake Apartments
Price per Unit Conclusion
To arrive at an indication of value by price per unit, primary emphasis was not placed on any
specific sales as all of them were in the competitive market and required adjustments (primarily
for location and bedroom count). Based on the preceding analysis, the value indication by price
per unit is as follows:
Based on the preceding analysis, the value indication by the price per unit is as follows:
Sales Comparison Approach Conclusion
Price per Unit Low High Average
Unadjusted Range $480,102 $709,091 $552,526
Adjusted Range $567,973 $682,145 $608,036
Concluded Price per Unit Indication $625,000
Compiled by NKF
Multifamily Sales Adjustment Summary
Reconciliation of Price per Unit Indication Value Indication
Adjusted Value Range - Low $567,973
Adjusted Value Range - High $682,145
Reconciled As Stabilized Value - Price per Unit Effective Date: 7/15/2021 $625,000
Subject Apt. Units 427
Reconciled As Stabilized Value - Price per Unit Analysis $266,875,000
Reconciled As Stabilized Value - Sales Comparison Approach Effective Date: 7/15/2021 $266,875,000
Value Indications
As Is Value Indication
Reconciled As Stabilized Value Effective Date: 7/15/2021 $266,875,000
As Is Value Effective Date: 7/15/2021 $266,875,000
Rounded $266,900,000
Compiled by NKF
Sales Comparison Approach Conclusion
Income Capitalization Approach 66
CasaLago Eastlake Apartments
Income Capitalization Approach
The income capitalization approach reflects the subject’s income-producing capabilities. This
approach is based on the assumption that value is created by the expectation of benefits to be
derived in the future. Specifically estimated is the amount an investor would be willing to pay to
receive an income stream plus reversion value from a property over a period of time. The two
common valuation techniques associated with the income capitalization approach are direct
capitalization and the discounted cash flow (DCF) analysis.
The direct capitalization method is normally more appropriate for properties with relatively stable
operating histories and expectations. The DCF analysis is more appropriate for investment
properties with multiple or long-term leases, particularly leases with cancellation clauses or
renewal options, and especially in volatile markets.
In this analysis, we utilized only direct capitalization because investors and market participants
typically rely more on this method.
Rent Roll / Tenant Overview
A summary rent roll for the property is shown below, based on our review of the owner's rent roll.
Market rent will be developed below.
As of the date of the rent roll provided (dated July 1, 2021), the subject is 95.1% occupied
with 21 vacant units.
The subject has two model units (2BR/2.5BA TH & 3BR/3BA TH).
The property includes two employee units (2BR/2.5BA TH & 3BR/2.5BA TH) which receive
a discount on rent.
The subject has 8 future applicants.
No. Units Unit Description
Unit Size
(SF)
Rentable
Area (SF)
Occupied
Units
Unit
Occupancy
Avg.
Contract
Rent Asking Rent
Recent Leasing
Since March
2021 Market Rent
Market Rent
PSF
79 1 BR/1 BA - 808 SF 808 63,832 74 93.7% $2,093 $2,097 $2,424 $2,450 $3.03
79 1 BR Total 808 63,832 74 93.7% $2,093 $2,097 $2,450 $3.03
33 2 BR/2 BA - 1,119 SF 1,119 36,927 33 100.0% $2,541 $2,551 $2,800 $2,900 $2.59
38 2 BR/2.5 BA TH + Den - 1,167 SF 1,167 44,346 37 97.4% $2,651 $2,530 $2,959 $3,000 $2.57
112 2 BR/2.5 BA TH - 1,171 SF 1,171 131,179 101 90.2% $2,751 $2,884 $3,280 $3,200 $2.73
183 2 BR Total 1,161 212,452 171 93.4% $2,689 $2,750 $3,104 $2.67
132 3 BR/3 BA TH - 1,269 SF 1,269 167,480 130 98.5% $2,878 $2,796 $3,311 $3,400 $2.68
33 3 BR/2.5 BA TH - 1,482 SF 1,482 48,906 31 93.9% $3,344 $3,306 $3,872 $3,850 $2.60
165 3 BR Total 1,311 216,386 161 97.6% $2,968 $2,898 $3,490 $2.66
427 Totals 492,670 406
Averages 1,154 95.1% $2,691 $2,687 $3,132 $2.71
Compiled by NKF
Unit Mix
Income Capitalization Approach 67
CasaLago Eastlake Apartments
Market Rent Analysis
In estimating market rent for the subject property, we considered data and opinions from the
following:
Leasing activity with competing properties; and
Market area leasing trends
Comparable Map
No.Name Address
Subject CasaLago Eastlake Apartments 2816 Cielo Circulo, Chula Vista, CA 91915
1 Pulse Millenia Apartments 2043 Artisan Way, Chula Vista, CA
2 The Residences at Escaya 1925 Avenida Escaya, Chula Vista, CA
3 The Club at Enclave 1629 Santa Venetia Street, Chula Vista, CA
4 Enclave at Otay Ranch 1625 Santa Venetia Street, Chula Vista, CA
5 Alexan Rivue Apartments 1902 Millenia Avenue, Chula Vista, CA
Compiled by NKF
Income Capitalization Approach 68
CasaLago Eastlake Apartments
Comparable One Comparable Two
Comparable Three Comparable Four
Comparable Five
Income Capitalization Approach 69
CasaLago Eastlake Apartments
Analysis of Comparable Properties
Comparable One
This comparable is identified as Pulse Millenia Apartments, a 2015-built, 273-unit, 3-story
apartment project located at 2043 Artisan Way in the City of Chula Vista. The project includes
one-bedroom, two-bedroom, and three-bedroom units. Property amenities include a fitness
center, sundeck with a swimming pool and cabanas, spa, social lounge, media area, conference
room, bocce ball court, outdoor fireplace lounge, and ground-floor retail. Units feature stainless
steel appliances, granite countertops, washer/dryer, plank flooring, ceiling fans, walk-in closets,
central AC, and private patios. Parking is provided by 200 covered spaces. It is currently 98%
occupied and lease terms range from 4 to 14 months. Gas and electricity are individually metered.
Management is not offering any concessions.
Comparable Two
This comparable is identified as The Residences at Escaya, a 2019-built, 272-unit, 3-story
apartment project located at 1925 Avenida Escaya in the City of Chula Vista. The project includes
one-bedroom, two-bedroom, and three-bedroom units. Property amenities include a clubhouse,
dog parks, picnic area, playground, hiking trails, clubhouse, fitness center, swimming pool, spa,
cabanas, outdoor lounge with BBQ grills, pet grooming center, dog run, and on-site retail. Units
feature stainless steel appliances, quartz countertops, walk-in closets, high ceilings, plank
flooring, washer/dryers, wood blinds, and a private patio/balcony. Parking is provided by attached
garages. It is currently 99% occupied and lease terms are typically 12 months. Management is
not offering any concessions.
No. Units Year Built Group for
No. Property Name Avg. Unit SF Occupancy Unit Type Size (SF) Rent $/SF Comparison Comments
1 273 2015 1 BR/1 BA 827 $2,390 $2.89 1 BR
970 98% 2 BR/1 BA 1,102 $3,264 $2.96 2 BR
3 BR/2 BA 1,371 $3,543 $2.58 3 BR
2 272 2019 1 BR/1 BA 768 $2,323 $3.02 1 BR
961 99% 1 BR/2 BA 1,080 $2,573 $2.38 1 BR
2 BR/1 BA 1,068 $2,811 $2.63 2 BR
3 BR/4 BA 1,569 $3,741 $2.38 3 BR
3 297 2020 1 BR/1 BA 811 $2,455 $3.03 1 BR
1,051 56% 2 BR/2 BA 1,088 $3,093 $2.84 2 BR
3 BR/2 BA 1,466 $3,638 $2.48 3 BR
4 301 2017 1 BR/1 BA 730 $2,115 $2.90 1 BR
971 99% 2 BR/1 BA 1,097 $3,015 $2.75 2 BR
3 BR/2 BA 1,327 $3,340 $2.52 3 BR
5 253 2019 1 BR/1 BA 761 $2,120 $2.79 1 BR
963 98% 2 BR/1 BA 1,075 $3,011 $2.80 2 BR
3 BR/2 BA 1,499 $3,487 $2.33 3 BR
3 BR/2.5 BA 1,839 $4,016 $2.18 3 BR
Competitive Set Totals By Unit Type Unit Size Range Average Average Rent /SF Range Average
1 BR 730 - 1,080 SF 830 SF $2,329 $2.38 - $3.03/SF $2.83
2 BR 1,068 - 1,102 SF 1,086 SF $3,039 $2.63 - $2.96/SF $2.80
3 BR 1,327 - 1,839 SF 1,512 SF $3,628 $2.18 - $2.58/SF $2.41
Compiled by NKF
$2,115 - $2,573
$2,811 - $3,264
$3,340 - $4,016
Unit Rent Range
The Residences at Escaya
Comparable Garden/Low-Rise Rentals Summary
Pulse Millenia Apartments
The Club at Enclave
Enclave at Otay Ranch
Alexan Rivue Apartments
Income Capitalization Approach 70
CasaLago Eastlake Apartments
Comparable Three
This comparable is identified as The Club at Enclave Apartments, a 2020-built, 297-unit, 3-story
apartment project consisting of one-bedroom two-bedroom, and three-bedroom units. Project
amenities include controlled access, a recreation room, swimming pool, spa, night patrol,
business center, media room, fitness center, clubhouse, picnic area, and a playground. Unit
amenities include window coverings, washer/dryers, ceiling fans, central AC, stainless steel
appliances, and a private patio/balcony. It is currently 56% occupied and lease terms are typically
14 to 18 months. Utilities are individually metered for gas and electricity. Management is offering
up to two weeks of free rent.
Comparable Four
This comparable is identified as Enclave Apartments, a 2017-built, 301-unit, 3-story apartment
project located at 1625 Santa Venetia in the city of Chula Vista. The project includes one-
bedroom, two-bedroom, and three-bedroom units. Property amenities include controlled access,
a business center, picnic area, playground, saltwater pool, spa, clubhouse, outdoor fireplace,
recreation room, media room, fitness center, night patrol, guest room, and a recereation room.
Parking is provided by garage, covered, and surface parking. Rates include $60 one-time fee for
a parking permit (per vehicle), surface parking is $20 per month, and $100 per month for a second
vehicle. Garage rates include $125 to $150 per month. Units feature stainless steel appliances,
quartz countertops, hardwood-style flooring, washer/dryer, ceiling fans, walk-in closet, window
coverings, central AC, and a private patio/balcony. It is currently 99% occupied and lease terms
range from 12 to 18 months. Management is not offering any concessions.
Comparable Five
This comparable is identified as Alexan Rivue Apartments, a 2019-built, 253-unit, 3-story
apartment project located at 1902 Millenia Ave in the city of Chula Vista. The project includes
one-bedroom, two-bedroom, and three-bedroom units. Property amenities include a business
center, clubhouse, fitness center, swimming pool, spa, and picnic area. Units feature central AC,
recreation room, stainless steel appliances, washer/dryer, and a private balcony. It is currently
98% occupied and lease terms range from 6 to 12 months. Management is not offering any
concessions.
Individual Unit Type Analysis
Subject Subject Average Recent Leasing
Unit Type Asking Rates Contract Mar-21 Min Max Average $/SF $/Unit
1 BR/1 BA - 808 SF $2,097 $2,093 $2,424 $2,115 $2,573 $2,329
$3.03 $2,450
2 BR/2 BA - 1,119 SF $2,551 $2,541 $2,800 $2,811 $3,264 $3,039
$2.59 $2,900
2 BR/2.5 BA TH + Den - 1,167 SF $2,530 $2,651 $2,959 $2,811 $3,264 $3,039
$2.57 $3,000
2 BR/2.5 BA TH - 1,171 SF $2,884 $2,751 $3,280 $2,811 $3,264 $3,039
$2.73 $3,200
3 BR/3 BA TH - 1,269 SF $2,796 $2,878 $3,311 $3,340 $4,016 $3,628
$2.68 $3,400
3 BR/2.5 BA TH - 1,482 SF $3,306 $3,344 $3,872 $3,340 $4,016 $3,628
$2.60 $3,850
Compiled by NKF
Unit Rent Adjustment Summary and Conclusions
NKF Market Rent EstimateComparables Indicators
Income Capitalization Approach 71
CasaLago Eastlake Apartments
1 BR Units
The subject includes 79 one-bedroom units averaging 808 square feet.
The subject includes 3 (1BR) Section 8 units. These units can be rented at market and
subsidized by the Section 8 affordable housing program based on the tenant’s income.
The comparables current 1BR asking rates range from $2,115 to $2,573 per month.
Average contract rent over all the subject’s 1BR units is approximately $2,093 per
month.
The subject has 7 recent 1BR leases since March 2021 ranging from $2,075 to $2,688,
with an average of $2,424.
Overall, we have concluded to a rate of $2,450 per month for 1BR units as this rate is
supported by the comparables and recent leasing at the subject.
2 BR Units
1 BR Units
Property Unit Type - Size Asking Rent $/SF
4 - Enclave at Otay Ranch 1 BR/1 BA - 730 SF $2,115 $2.90
5 - Alexan Rivue Apartments 1 BR/1 BA - 761 SF $2,120 $2.79
2 - The Residences at Escaya 1 BR/1 BA - 768 SF $2,323 $3.02
1 - Pulse Millenia Apartments 1 BR/1 BA - 827 SF $2,390 $2.89
3 - The Club at Enclave 1 BR/1 BA - 811 SF $2,455 $3.03
2 - The Residences at Escaya 1 BR/2 BA - 1,080 SF $2,573 $2.38
NKF Market Rent Projection Unit Type - Size Market Rent $/SF
1 BR/1 BA - 808 SF $2,450 $3.03
Compiled by NKF
Summary of Asking Rental Rates and Market Rent Conclusions
2 BR Units
Property Unit Type - Size Asking Rent $/SF
2 - The Residences at Escaya 2 BR/1 BA - 1,068 SF $2,811 $2.63
5 - Alexan Rivue Apartments 2 BR/1 BA - 1,075 SF $3,011 $2.80
4 - Enclave at Otay Ranch 2 BR/1 BA - 1,097 SF $3,015 $2.75
3 - The Club at Enclave 2 BR/2 BA - 1,088 SF $3,093 $2.84
1 - Pulse Millenia Apartments 2 BR/1 BA - 1,102 SF $3,264 $2.96
NKF Market Rent Projection Unit Type - Size Market Rent $/SF
2 BR/2 BA - 1,119 SF $2,900 $2.59
2 BR/2.5 BA TH + Den - 1,167 SF $3,000 $2.57
2 BR/2.5 BA TH - 1,171 SF $3,200 $2.73
Compiled by NKF
Summary of Asking Rental Rates and Market Rent Conclusions
Income Capitalization Approach 72
CasaLago Eastlake Apartments
The subject includes 183 two-bedroom units ranging in size from 1,119 to 1,235
square feet.
The subject includes 6 (2BR) Section 8 units. These units can be rented at market and
is subsidized by the Section 8 affordable housing program based on the tenant’s
income.
The comparables current 2BR asking rates range from $2,811 to $3,264 per month.
Average contract rent for the subject’s 2BR units range from $2,541 to $2,751 per
month.
The subject has 13 recent 2BR leases since March 2021 ranging from $2,750 to
$3,368, with an overall weighted average of $3,095.
Due to the variance in unit size and bathroom count, we have concluded to a rate of
$2,900 to $3,200 per month for the 2BR units as these rates are supported by the
comparables and recent leasing at the subject.
3 BR Units
The subject includes 165 three-bedroom units ranging in size from 1,230 to 1,482
square feet.
The subject includes 13 (3BR) Section 8 units. These units can be rented at market
and is subsidized by the Section 8 affordable housing program based on the tenant’s
income.
The comparables current 3BR asking rates range from $3,340 to $4,016 per month.
Average contract rent for the subject’s 3BR units range from $2,878 to $3,344 per
month.
3 BR Units
Property Unit Type - Size Asking Rent $/SF
4 - Enclave at Otay Ranch 3 BR/2 BA - 1,327 SF $3,340 $2.52
5 - Alexan Rivue Apartments 3 BR/2 BA - 1,499 SF $3,487 $2.33
1 - Pulse Millenia Apartments 3 BR/2 BA - 1,371 SF $3,543 $2.58
3 - The Club at Enclave 3 BR/2 BA - 1,466 SF $3,638 $2.48
2 - The Residences at Escaya 3 BR/4 BA - 1,569 SF $3,741 $2.38
5 - Alexan Rivue Apartments 3 BR/2.5 BA - 1,839 SF $4,016 $2.18
NKF Market Rent Projection Unit Type - Size Market Rent $/SF
3 BR/3 BA TH - 1,269 SF $3,400 $2.68
3 BR/2.5 BA TH - 1,482 SF $3,850 $2.60
Compiled by NKF
Summary of Asking Rental Rates and Market Rent Conclusions
Income Capitalization Approach 73
CasaLago Eastlake Apartments
The subject has 26 recent 3BR leases since March 2021 ranging from $2,735 to
$4,093, with an overall weighted average of $3,440.
Due to the variance in unit size and bathroom count, we have concluded to a rate of
$3,400 to $3,850 per month for the 3BR units as these rates are supported by the
comparables and recent leasing at the subject.
Market Rent Conclusions
The following is a summary of the subject’s unit mix and our market rent conclusions based on
our analysis of the subject rent roll and comparable market data detailed in the preceding.
Gross Income Estimate
Potential Gross Rent
For the direct capitalization analysis, potential gross rent is based on actual rents in place plus
vacant units at market rent (if applicable).
No. Units Unit Description
Unit Size
(SF)
Rentable
Area (SF)
Occupied
Units
Unit
Occupancy
Avg.
Contract
Rent Asking Rent
Recent Leasing
Since March
2021 Market Rent
Market Rent
PSF
79 1 BR/1 BA - 808 SF 808 63,832 74 93.7% $2,093 $2,097 $2,424 $2,450 $3.03
79 1 BR Total 808 63,832 74 93.7% $2,093 $2,097 $2,450 $3.03
33 2 BR/2 BA - 1,119 SF 1,119 36,927 33 100.0% $2,541 $2,551 $2,800 $2,900 $2.59
38 2 BR/2.5 BA TH + Den - 1,167 SF 1,167 44,346 37 97.4% $2,651 $2,530 $2,959 $3,000 $2.57
112 2 BR/2.5 BA TH - 1,171 SF 1,171 131,179 101 90.2% $2,751 $2,884 $3,280 $3,200 $2.73
183 2 BR Total 1,161 212,452 171 93.4% $2,689 $2,750 $3,104 $2.67
132 3 BR/3 BA TH - 1,269 SF 1,269 167,480 130 98.5% $2,878 $2,796 $3,311 $3,400 $2.68
33 3 BR/2.5 BA TH - 1,482 SF 1,482 48,906 31 93.9% $3,344 $3,306 $3,872 $3,850 $2.60
165 3 BR Total 1,311 216,386 161 97.6% $2,968 $2,898 $3,490 $2.66
427 Totals 492,670 406
Averages 1,154 95.1% $2,691 $2,687 $3,132 $2.71
Compiled by NKF
Unit Mix
Income Capitalization Approach 74
CasaLago Eastlake Apartments
Concessions
The rent comparables are not reporting specials at this time (except for one). Any
concessions are insignificant and have not been modeled.
Unit Description No. Units
Avg. Contract
Rent / Unit
Potential Gross
Rent-Contract
Market Rent /
Unit
Potential Gross
Rent-Market Loss to Lease
Leased Units
1 BR/1 BA - 808 SF 74 $2,093 $1,858,477 $2,450 $2,175,600 -14.6%
2 BR/2 BA - 1,119 SF 33 $2,541 $1,006,379 $2,900 $1,148,400 -12.4%
2 BR/2.5 BA TH + Den - 1,167 SF 37 $2,651 $1,176,826 $3,000 $1,332,000 -11.6%
2 BR/2.5 BA TH - 1,171 SF 101 $2,751 $3,334,273 $3,200 $3,878,400 -14.0%
3 BR/3 BA TH - 1,269 SF 130 $2,878 $4,490,070 $3,400 $5,304,000 -15.3%
3 BR/2.5 BA TH - 1,482 SF 31 $3,344 $1,244,005 $3,850 $1,432,200 -13.1%
Total Leased 406 $2,691 $13,110,030 $3,134 $15,270,600 -14.1%
Vacant Units (at market rents)
1 BR/1 BA - 808 SF 5 $2,450 $147,000 $2,450 $147,000
2 BR/2.5 BA TH + Den - 1,167 SF 1 $3,000 $36,000 $3,000 $36,000
2 BR/2.5 BA TH - 1,171 SF 11 $3,200 $422,400 $3,200 $422,400
3 BR/3 BA TH - 1,269 SF 2 $3,400 $81,600 $3,400 $81,600
3 BR/2.5 BA TH - 1,482 SF 2 $3,850 $92,400 $3,850 $92,400
Total Vacant 21 $3,093 $779,400 $3,093 $779,400
Grand Total 427 $2,711 $13,889,430 $3,132 $16,050,000 -14.1%
Compiled by NKF
Potential Gross Rent
Rental Income
Subject Historical and Projections $/Unit Total
12 Months Ending Dec-2019 $31,211 $13,327,053
12 Months Ending Dec-2020 $31,601 $13,493,414
Apr-2021 T12 $31,817 $13,585,731
Newmark Projection $32,528 $13,889,430
Compiled by Newmark
Concessions
Subject Historical and Projections % of RI $/Unit Total
12 Months Ending Dec-2019 0.80%$250 $106,932
12 Months Ending Dec-2020 0.62%$197 $84,063
Apr-2021 T12 0.04%$12 $5,240
Newmark Projection 0.00%$0 $0
Compiled by Newmark
Income Capitalization Approach 75
CasaLago Eastlake Apartments
Loss/Gain to Lease
The subject’s loss to lease is not modelled since potential gross rent is based on
occupied units at contract rent with market rent applied to vacant units (if applicable).
The overall loss to lease is moderate and has been considered in our overall cap rate
conclusion.
Potential Rental Income
Operating History
Operating expense statements provided include: 2019, 2020, and T12 through April 2021. As
appropriate, the owner’s operating expenses are reclassified into standard categories and
exclude items that do not reflect normal operating expenses for this type of property.
The reclassification is done for proper analysis against comparable data and industry
benchmarks as appropriate. Because the historical operating data statements use different
names for some categories and it is not always immediately apparent which expenses belong to
which standard expense category, the following provides a mapping of these expenses. The
categories on the historical operating statements are in the far left column while the “NKF
Revenue or Operating Expense Category” are the categories used in this analysis for that line item.
Number of Units
Average
Monthly Rent
Total Monthly
Rent
Total Annual
Rent
Occupied Units 406 $2,691 $1,092,503 $13,110,030
Less Employee/Model Units $0
Occupied Units at Contract Rents 406 $2,691 $1,092,503 $13,110,030
Occupied Units at Market Rents 406 $3,134 $1,272,550 $15,270,600
Differential ($2,160,570)
Indicated Gain/Loss Differential -14.1%
Compiled by NKF
Rental Revenue Segment
Loss to Lease Analysis
Potential Rental Income
Subject Historical and Projections $/Unit Total
12 Months Ending Dec-2019 $29,805 $12,726,823
12 Months Ending Dec-2020 $30,363 $12,964,811
Apr-2021 T12 $30,926 $13,205,336
Newmark Projection $32,528 $13,889,430
Compiled by Newmark
Income Capitalization Approach 76
CasaLago Eastlake Apartments
Actual or Proforma Actuals Actuals Actuals
Period Length 12 Mos. 12 Mos. T12
Period Ending 12/31/2019 12/31/2020 4/30/2021
Owner's Revenue Category Newmark Revenue Category
Residential Market Rent Rental Income $13,346,447 $13,560,150 $13,653,210
Residential Rent Rental Income $37,609 $0
Gain Loss to Lease vs Market Loss to Lease ($493,298) ($444,540) ($375,155)
Residential Concession Concessions ($106,932) ($84,063) ($5,240)
Down Unit Loss Rental Income ($60,540) ($66,736) ($67,479)
Vacancy Loss Vacancy ($1,009,353) ($751,168) ($533,523)
Residential Bad Debt - 3rd Party Management Collection Loss ($54,605) ($295,947) ($461,139)
Parking Rent Net Parking Income $18,978 $58,832 $59,804
Storage Rent Net Other Income $1,958 $8,931 $7,503
Locker Storage Net Other Income $6,862 $0
Pet Rent Net Other Income $65,585 $53,004 $50,802
Cable TV Income Net Other Income $2,472 $17,459 $16,329
Lease Termination Fees Net Other Income $66,069 $78,761 $71,466
Electric Rebill Net Expense Reimbursements $68 ($250)
Water/Sewer Rebill Net Expense Reimbursements ($847) $0
Other Utility Rebill Net Expense Reimbursements $1,763 $0
Conference and Meeting Facility Income Net Other Income ($300) $750 ($300)
Vending Machines Income Net Other Income $244 $659 $467
Administrative Fees Net Other Income $0 $0
Tenant Late Fees and Interest Net Other Income $40,559 $13,834 $5,667
NSF Fee Income Net Other Income $1,950 $1,325 $975
Assignment Fees Net Other Income $22,114 $0
Miscellaneous Real Estate Income Net Other Income $3,151 $5,961 $6,636
Short Term Fees Net Other Income ($24,052) $0
Application Fees Net Other Income $24,140 $0
Damages Fees Net Other Income $36,846 $0
Short Term Fees - Residential Net Other Income ($40,574)
PY - Other Rent Net Other Income $39,756 $79,210 $75,017
Operating Cost Recovery Net Expense Reimbursements $18,092 $22,091 $24,654
Water Recovery Net Expense Reimbursements $191,693 $245,797 $241,689
Gas Recovery Net Expense Reimbursements ($116)
Janitorial and Waste Recovery Net Expense Reimbursements $175,525 $150,455 $155,139
Tenant Security Net Other Income $21,806
Tenant Security - Self Charged Net Other Income $53,408
Free Base Rent Rental Income ($1,505) $0
PY - Base Rent Rental Income $5,042 $0
Free Water Recovery Net Expense Reimbursements $158 $0
Electricity Recovery Net Expense Reimbursements ($158) $0
Effective Gross Income Effective Gross Income $12,318,556 $12,691,697 $12,960,795
Application of NewmarkAccount Standards to Owner's Revenue and Expenses
Income Capitalization Approach 77
CasaLago Eastlake Apartments
Actual or Proforma Actuals Actuals Actuals
Period Length 12 Mos. 12 Mos. T12
Period Ending 12/31/2019 12/31/2020 4/30/2021
Owner's Operating Expense Category Newmark Operating Expense Category
Residential Concession - Employee Payroll and Benefits $29,149 $32,148 $32,148
Salaries - Management Payroll and Benefits $250,548 $275,202 $0
Salaries - Management - 3rd Party Payroll and Benefits $37,437 $0
Salaries - Maintenance Payroll and Benefits $178,667 $215,009 $0
Salaries - Maintenance - 3rd Party Payroll and Benefits $43,120 $0
Staff Benefits Payroll and Benefits $11,390 $192,157 $0
Salaries - Bonuses Payroll and Benefits $27,092 $13,395 $0
Janitorial Services Repairs and Maintenance $44,235 $33,358 $33,938
Janitorial Supplies Repairs and Maintenance $10,798 $15,425 $14,042
Window Covering Cleaning Repairs and Maintenance $0 $0
Interior Plant Maintenance Repairs and Maintenance $0 $0
Pest Control Contract Repairs and Maintenance $8,020 $11,316 $10,849
Waste Removal Repairs and Maintenance $155,183 $138,099 $152,549
Landscaping Contract Repairs and Maintenance $102,116 $118,330 $126,346
Landscaping Planting Repairs and Maintenance $2,944 $0
Landscaping and Grounds Maintenance Repairs and Maintenance $120,705 $28,389 $17,086
Irrigation System Repairs and Maintenance $640 $4,418 $7,548
Garage and Parking Contract Repairs and Maintenance $6,709 $0
Garage and Parking Repairs Repairs and Maintenance $1,997 $12,032 $16,161
Alarms Monitoring Repairs and Maintenance $28,922 $24,379 $0
Access Control System Contract Repairs and Maintenance ($520) $0
Fire and Life Safety Service Contract Repairs and Maintenance $31,453 $31,575 $0
Fire and Life Safety Repairs Repairs and Maintenance $1,341 $37,113
Sprinklers Repairs Repairs and Maintenance $3,777 $0
HVAC Water Treatment Contract Repairs and Maintenance $13,427 $0
HVAC Equipment Repairs Repairs and Maintenance $24,071 $36,428 $23,932
Electrical Repairs Repairs and Maintenance $14,986 $18,999 $15,659
Lamps and Ballasts Repairs and Maintenance $261 $0
Plumbing Repairs Repairs and Maintenance $21,843 $8,713 $5,634
Plumbing Fixtures and Supplies Repairs and Maintenance $0 $8,950 $13,161
Uniforms General and Administrative $223 $1,523 $911
Roof Repairs Repairs and Maintenance $2,153 $0
Exterior Repairs and Maintenance Repairs and Maintenance $4,721 $8,355 $6,868
Exterior Window Repairs and Maintenance Repairs and Maintenance ($352) $0
Doors - Common Area Repairs and Maintenance $343 $2,371 $1,941
Signage Repairs and Maintenance $70 $0
Interior Repairs and Maintenance Repairs and Maintenance $726,819 $15,979 $18,972
Floor Repairs and Maintenance Repairs and Maintenance ($149) $0
Painting - Common Area Repairs and Maintenance $96,581 $83,796 $83,882
Vehicle Maintenance Repairs and Maintenance $2,825 $3,968 $1,741
Building Equipment Rental Repairs and Maintenance $0 $0
Building Equipment Repairs Repairs and Maintenance $8,590 $0
Building Equipment Purchases Repairs and Maintenance $2,416 $0
Income Capitalization Approach 78
CasaLago Eastlake Apartments
Actual or Proforma Actuals Actuals Actuals
Period Length 12 Mos. 12 Mos. T12
Period Ending 12/31/2019 12/31/2020 4/30/2021
Owner's Operating Expense Category Newmark Operating Expense Category
Residential Concession - Employee Payroll and Benefits $29,149 $32,148 $32,148
Salaries - Management Payroll and Benefits $250,548 $275,202 $0
Salaries - Management - 3rd Party Management $37,437 $0
Salaries - Maintenance Payroll and Benefits $178,667 $215,009 $0
Salaries - Maintenance - 3rd Party Payroll and Benefits $43,120 $0
Staff Benefits Payroll and Benefits $11,390 $192,157 $0
Salaries - Bonuses Payroll and Benefits $27,092 $13,395 $0
Janitorial Services Repairs and Maintenance $44,235 $33,358 $33,938
Janitorial Supplies Repairs and Maintenance $10,798 $15,425 $14,042
Window Covering Cleaning Repairs and Maintenance $0 $0
Interior Plant Maintenance Repairs and Maintenance $0 $0
Pest Control Contract Repairs and Maintenance $8,020 $11,316 $10,849
Waste Removal Utilities $155,183 $138,099 $152,549
Landscaping Contract Repairs and Maintenance $102,116 $118,330 $126,346
Landscaping Planting Repairs and Maintenance $2,944 $0
Landscaping and Grounds Maintenance Repairs and Maintenance $120,705 $28,389 $17,086
Irrigation System Repairs and Maintenance $640 $4,418 $7,548
Garage and Parking Contract Repairs and Maintenance $6,709 $0
Garage and Parking Repairs Repairs and Maintenance $1,997 $12,032 $16,161
Alarms Monitoring Repairs and Maintenance $28,922 $24,379 $0
Access Control System Contract Repairs and Maintenance ($520) $0
Fire and Life Safety Service Contract Repairs and Maintenance $31,453 $31,575 $0
Fire and Life Safety Repairs Repairs and Maintenance $1,341 $37,113
Sprinklers Repairs Repairs and Maintenance $3,777 $0
HVAC Water Treatment Contract Repairs and Maintenance $13,427 $0
HVAC Equipment Repairs Repairs and Maintenance $24,071 $36,428 $23,932
Electrical Repairs Repairs and Maintenance $14,986 $18,999 $15,659
Lamps and Ballasts Repairs and Maintenance $261 $0
Plumbing Repairs Repairs and Maintenance $21,843 $8,713 $5,634
Plumbing Fixtures and Supplies Repairs and Maintenance $0 $8,950 $13,161
Uniforms General and Administrative $223 $1,523 $911
Roof Repairs Repairs and Maintenance $2,153 $0
Exterior Repairs and Maintenance Repairs and Maintenance $4,721 $8,355 $6,868
Exterior Window Repairs and Maintenance Repairs and Maintenance ($352)$0
Doors - Common Area Repairs and Maintenance $343 $2,371 $1,941
Signage Repairs and Maintenance $70 $0
Interior Repairs and Maintenance Repairs and Maintenance $726,819 $15,979 $18,972
Floor Repairs and Maintenance Repairs and Maintenance ($149)$0
Painting - Common Area Repairs and Maintenance $96,581 $83,796 $83,882
Vehicle Maintenance Repairs and Maintenance $2,825 $3,968 $1,741
Building Equipment Rental Repairs and Maintenance $0 $0
Building Equipment Repairs Repairs and Maintenance $8,590 $0
Income Capitalization Approach 79
CasaLago Eastlake Apartments
Building Equipment Purchases Repairs and Maintenance $2,416 $0
Building Supplies and Small Tools Repairs and Maintenance $38,558 $10,040 $10,697
Conference Centre Repairs and Maintenance Repairs and Maintenance $0 $0
Swimming Pool Repairs and Maintenance $34,774 $41,512 $38,358
Appliance Services and Repairs Repairs and Maintenance $14,379 $25,852 $26,884
Fitness Centre - Supplies Repairs and Maintenance ($550)$0
General Repairs Non Recoverable Repairs and Maintenance $47,370 $23,435 $0
Advertising Other General and Administrative $30,468 $11,400 $0
Marketing Services General and Administrative $50,004 $6,622 $0
Prospect Refreshments General and Administrative $12,177 $2,536 $0
Locator Fees General and Administrative $1,216 $0
Security Guard Services Repairs and Maintenance $4,560 $18,000 $18,180
License Fees and Permits General and Administrative $1,592 $13,025 $19,226
Management Office Cost General and Administrative $11,811 $0
IT Costs General and Administrative $63,243 $72,601 $80,284
Dues and Subscriptions General and Administrative $1,864 $2,479 $2,502
Postage and Courier Expenses General and Administrative $4,405 $4,163 $3,854
Office Supplies General and Administrative $3,493 $16,446 $15,978
Travel and Transportation General and Administrative $732 $1,166 $1,289
Professional Fees General and Administrative $32,299 $0
Tax Consultant Fees General and Administrative ($112)$0
Management Fees Management $176,063 $0
Cable and Internet General and Administrative $8,094 $8,382 $7,193
Telephone - Office/PM General and Administrative $12,365 $42,155 $46,308
Bank Charges and Interest General and Administrative $2,357 $4,147 $0
Landlord Expense Omit Row $895,777 $0
Incentives General and Administrative $9,102 $0
Professional Fees General and Administrative $0 $0
Resident Screening General and Administrative $145 $12,878 $0
Legal Fess - Leasing General and Administrative $5,545 $9,825 $0
Legal Fees - Litigation General and Administrative $11,475 $0
Carpet Cleaning Repairs and Maintenance $19,025 $16,773 $15,995
Cleaning Housekeeping Services Repairs and Maintenance $3,775 $0
Painting Contractors Repairs and Maintenance $5,653 $0
Other Make-Ready Costs Repairs and Maintenance $15,811 $3,250 $0
Electricity - Common Utilities $77,427 $46,552 $43,269
Gas - Common Utilities $27,076 $28,203 $12,156
Water and Sewer - Common Utilities $336,507 $299,852 $302,062
Electricity - N/R Utilities $8,253 $0
Fuel - N/R Utilities $1,671 $0
Income Capitalization Approach 80
CasaLago Eastlake Apartments
Property Management Fees - 3rd Party Management Management $36,971 $242,149 $244,671
Insurance Premiums Insurance $192,860 $232,450 $250,564
Property Tax Real Estate Taxes $1,826,651 $1,778,684 $1,794,585
Salaries - Accounting & Administration Payroll and Benefits $9,756 $0
Internet Listing Services (ILS)General and Administrative $43,857 $0
Advertising - Property Website General and Administrative $13,511 $13,511
Residents Events General and Administrative $4,005 $0
Residents Referral Fees General and Administrative $11,250 $0
Association Dues General and Administrative $3,196 $3,196
Electricity - Vacant Units Utilities $13,113 $0
Gas - Vacant Units Utilities $2,265 $0
PY - General Expense General and Administrative $10,509 $0
Monitoring Contract Repairs and Maintenance $27,192
Building Maintenance Services Repairs and Maintenance $211,164
Building Engineers - Union Benefits Repairs and Maintenance $185,732
Property Support Services General and Administrative $9,942
Electricity - Shared Units Utilities $10,794
Gas - Shared Units Utilities $1,880
Total Operating Expenses Total Operating Expenses $5,143,658 $4,420,355 $4,017,947
Net Operating Income $7,174,898 $8,271,342 $8,942,848
Compiled by Newmark
Period Length 12 Mos.12 Mos.T12 Newmark
Period Ending 12/31/2019 12/31/2020 4/30/2021 Projection
Occupancy 92.1%94.2%96.0%96.0%
Multifamily Income Total $ $/Unit Total $ $/Unit Total $ $/Unit Total $ $/Unit
Rental Income $13,327,053 $31,211 $13,493,414 $31,601 $13,585,731 $31,817 $13,889,430 $32,528
Loss to Lease ($493,298) ($1,155) ($444,540) ($1,041) ($375,155) ($879)$0 $0
Concessions ($106,932) ($250) ($84,063) ($197) ($5,240) ($12)$0 $0
Potential Rental Income $12,726,823 $29,805 $12,964,811 $30,363 $13,205,336 $30,926 $13,889,430 $32,528
Vacancy ($1,009,353) ($2,364) ($751,168) ($1,759) ($533,523) ($1,249) ($555,577) ($1,301)
Collection Loss ($54,605) ($128) ($295,947) ($693) ($461,139) ($1,080) ($138,894) ($325)
Effective Rental Income $11,662,865 $27,314 $11,917,696 $27,910 $12,210,674 $28,596 $13,194,959 $30,902
Net Expense Reimbursements $386,294 $905 $418,342 $980 $421,115 $986 $427,000 $1,000
Net Parking Income $18,978 $44 $58,832 $138 $59,804 $140 $64,050 $150
Net Other Income $250,419 $586 $296,828 $695 $269,201 $630 $298,900 $700
Effective Gross Multifamily Income $12,318,556 $28,849 $12,691,697 $29,723 $12,960,795 $30,353 $13,984,909 $32,752
Operating Expenses Total $ $/Unit Total $ $/Unit Total $ $/Unit Total $ $/Unit
Real Estate Taxes $1,826,651 $4,278 $1,778,684 $4,166 $1,794,585 $4,203 $3,162,713 $7,407
Insurance $192,860 $452 $232,450 $544 $250,564 $587 $234,850 $550
Utilities $606,117 $1,419 $528,084 $1,237 $522,710 $1,224 $512,400 $1,200
Repairs and Maintenance $1,465,097 $3,431 $605,642 $1,418 $969,074 $2,269 $341,600 $800
Payroll and Benefits $539,966 $1,265 $737,668 $1,728 $32,148 $75 $597,800 $1,400
General and Administrative $262,496 $615 $295,677 $692 $204,195 $478 $213,500 $500
Management $250,471 $587 $242,149 $567 $244,671 $573 $244,736 $573
Replacement Reserves $0 $0 $0 $0 $0 $0 $85,400 $200
Total Operating Expenses $5,143,658 $12,046 $4,420,355 $10,352 $4,017,947 $9,410 $5,392,999 $12,630
Operating Expense Ratio 41.8%34.8%31.0%38.6%
Net Operating Income $7,174,898 $16,803 $8,271,342 $19,371 $8,942,848 $20,943 $8,591,909 $20,122
Compiled by Newmark
Operating History and Projections
Income Capitalization Approach 81
CasaLago Eastlake Apartments
Vacancy & Collection Loss Allowance
Based on this analysis, the total stabilized vacancy and collection loss allowance for the subject
is 5.00% and is comprised of 4.00% vacancy and 1.00% collection loss. The following was
considered in estimating the total stabilized vacancy and collection loss allowance.
The subject as of the July rent roll provided was at a stabilized occupancy of 95.1%.
The regional and competitive market, as discussed in the market analysis section, are
well occupied and most investors would use this information to reflect a lower
vacancy and collection loss
Market rent was well supported and these comparables were also generally well
occupied (if a property is not offered at market rate vacancy would increase)
A total vacancy and collection loss of 5.00% appears reasonable based on the market
data.
Effective Rental Income
Net Expense Recoveries (RUBS)
The subject includes a RUBS program (Ratio Utility Billing System), whereby a portion
of the utility expense is shared by tenants and reimbursed to the landlord on a pro rata
basis.
The NKF estimate emphasizes the most recent actual amounts at the property.
Reimbursements at the subject include water, sewer, and trash. The subject figures
are reasonable and considered at market.
Effective Rental Income
Subject Historical and Projections % of PGI $/Unit Total
12 Months Ending Dec-2019 91.64% $27,314 $11,662,865
12 Months Ending Dec-2020 91.92% $27,910 $11,917,696
Apr-2021 T12 92.47% $28,596 $12,210,674
Newmark Projection 95.00% $30,902 $13,194,959
Compiled by Newmark
Net Expense Reimbursements
Subject Historical and Projections $/Unit Total
12 Months Ending Dec-2019 $905 $386,294
12 Months Ending Dec-2020 $980 $418,342
Apr-2021 T12 $986 $421,115
Newmark Projection $1,000 $427,000
Compiled by Newmark
Income Capitalization Approach 82
CasaLago Eastlake Apartments
Net Parking Income
The subject includes 929 total parking spaces. Each unit receives direct garage access
(either one-car or two-car).
Based on information provided at the inspection, additional unreserved parking
spaces are available for $50 per space, per month.
The NKF estimate emphasizes the most recent actual amounts at the property.
Net Other Income
Other income includes storage rent, pet rent/deposit, cable TV income, lease
termination fees, conference/meeting facility income, vending machines, NSF fees,
administrative fees, late fees, short term fees, application fees, damages, tenant
security, and miscellaneous income.
The NKF estimate emphasizes the most recent actual amounts at the property.
Other income at newer projects is typically between $500 to $1,500 per unit per year.
Effective Gross Multifamily Income
Net Parking Income
Subject Historical and Projections $/Unit Total
12 Months Ending Dec-2019 $44 $18,978
12 Months Ending Dec-2020 $138 $58,832
Apr-2021 T12 $140 $59,804
Newmark Projection $150 $64,050
Compiled by Newmark
Net Other Income
Subject Historical and Projections $/Unit Total
12 Months Ending Dec-2019 $586 $250,419
12 Months Ending Dec-2020 $695 $296,828
Apr-2021 T12 $630 $269,201
Newmark Projection $700 $298,900
Compiled by Newmark
Effective Gross Multifamily Income
Subject Historical and Projections $/Unit Total
12 Months Ending Dec-2019 $28,849 $12,318,556
12 Months Ending Dec-2020 $29,723 $12,691,697
Apr-2021 T12 $30,353 $12,960,795
Newmark Projection $32,752 $13,984,909
Compiled by Newmark
Income Capitalization Approach 83
CasaLago Eastlake Apartments
Operating Expense Analysis
Expense data for the subject and comparable properties are summarized in the following table.
The operating expenses have been classified into eight categories as there is
inconsistent expense reporting for multi-family assets similar to the subject (i.e.
investors use a wide array of classifications for assets of this size and value). The
exceptions are real estate taxes, insurance (typically a bill), utilities (typically based on
multiple bills), and management (when included, it is typically a percentage of
income).
Real estate taxes in the valuation are based on the appropriate methodology required
by California tax law and typical underwriting methods. Specifically, based upon a
review of real estate tax assessments after a property purchase, the assessor uses
the actual sale price more than 90 percent of the time as the new basis. Most investors
also model pro-forma taxes based upon their acquisition price. The definition of
market value used in this appraisal is based on the premise the subject is sold at the
concluded value. Therefore, the value conclusion by each approach, where
appropriate, is used as the real estate tax basis in the pro-forma estimate. The tax
calculation is based upon the final un-rounded concluded value, multiplied by the tax
rate, plus direct assessments.
Primary support for the insurance and utilities expenses, where possible, are based on
the subject as these items are typically consistent.
Comp 1Comp 2Comp 3Comp 4
Year Built 2002 2003 2017 2015
Apt. Units 230 346 478 360
Operating Data Type Actual Actual Actual Actual Actual Actual T12 Newmark
Year 2020 2020 2020 2020 2019 2020 2021 Projection
Effective Gross Multifamily Income Per Unit $26,341 $24,394 $27,160 $26,537 $28,849 $29,723 $30,353 $32,752
Operating Expenses Per Unit
Real Estate Taxes $2,395 $2,632 $4,135 $4,810 $4,278 $4,166 $4,203 $7,407
Insurance $1,285 $440 $498 $343 $452 $544 $587 $550
Utilities $1,468 $905 $1,057 $1,421 $1,419 $1,237 $1,224 $1,200
Repairs and Maintenance $802 $949 $301 $1,075 $3,431 $1,418 $2,269 $800
Payroll and Benefits $2,559 $1,372 $2,342 $2,115 $1,265 $1,728 $75 $1,400
General and Administrative $1,408 $516 $910 $663 $615 $692 $478 $500
Management $790 $610 $951 $1,249 $587 $567 $573 $573
Replacement Reserves $200
Total Operating Expenses Per Unit $10,706 $7,423 $10,195 $11,676 $12,046 $10,352 $9,410 $12,630
Net Operating Income Per Unit $15,635 $16,972 $16,966 $14,861 $16,803 $19,371 $20,943 $20,122
Operating Expense KPIs (% of EGI)
Management 3.00% 2.50% 3.50% 4.70% 2.03% 1.91% 1.89%1.75%
Operating Expense Ratio (% of EGI)40.64% 30.43% 37.53% 44.00% 41.76% 34.83% 31.00%38.56%
Net Operating Income (% of EGI)59.36% 69.57% 62.47% 56.00% 58.24% 65.17% 69.00%61.44%
Compiled by Newmark
Expense Analysis Per Unit
Subject Historical and Projections
2013
427
Income Capitalization Approach 84
CasaLago Eastlake Apartments
The repairs and maintenance expenses include any item which was classified as
having a direct impact on the operation of the physical asset (e.g. repairs and
maintenance, janitorial, utilities, landscaping, common areas, etc.). The range of
expenses in this category can be extensive as landlords occasionally include capital
repairs. The subject historical figure appears high which likely includes some capital
expense or payroll items. We have concluded to a figure of $800 per unit, which is in-
line with industry standards.
Payroll and benefits includes all employees such as the manager, leasing agents,
maintenance personnel, and grounds crew. This expense also includes any non-
revenue units. Emphasis was placed on the subject’s historical expense.
The general and administrative expense includes any item which was classified as off-
site and not having direct impact on the operation of the physical asset (e.g. annual
financial reporting, legal expense to remove a tenant ….). Emphasis was placed on the
subject’s most recent expense.
Management fees are considered an expense of operation, whether the services are
contracted or provided by the property owner. Typical management fees for properties
of this type range from 2.0% to 3.5%. We have projected an overall management fee
of 1.75% as this is market for an asset with this level of gross potential rent. According
to the buyer, Greystar has agreed to manage this asset for a 1.75% management fee.
Reserves are typically included in appraisals and the figure is typically $200-$250 per
unit.
Total Operating Expenses
The concluded expenses, net of real estate taxes, range from $4,791 to $8,311 per
unit. The conclusion for the subject is $5,305 per unit which is well supported.
Total Operating Expenses
Source % of EGI $/Unit Total
Comparables Low 30.4% $7,423
Comparables High 44.0% $11,676
Comparables Average 38.2% $10,000
Subject Historical and Projections
2019 (Actual Operations)41.8% $12,046 $5,143,658
2020 (Actual Operations)34.8% $10,352 $4,420,355
2021 (T12 Operations)31.0% $9,410 $4,017,947
Newmark Projection 38.6% $12,630 $5,392,999
Compiled by Newmark
Income Capitalization Approach 85
CasaLago Eastlake Apartments
Net Operating Income
The projected NOI is slightly lower than the most recent performance due to the higher
real estate tax expense.
Direct Capitalization
The following subsections represent different techniques for deriving an overall capitalization
rate.
Comparable Sales
Due to the subject size, the subject would attract institutional capital.
All comparables are in-place cap rates.
There is a clear downward trend in overall rates.
IMT Mission Valley on San Diego Mission Road is the most recent institutional sale
that traded at a 3.05% cap rate. It was built in 1979 and recently renovated.
The subject’s loss to lease is approximately -15%, indicating there is good upside
potential.
Net Operating Income
Source % of EGI $/Unit Total
Subject Historical and Projections
2019 (Actual Operations)58.2% $16,803 $7,174,898
2020 (Actual Operations)65.2% $19,371 $8,271,342
2021 (T12 Operations)69.0% $20,943 $8,942,848
Newmark Projection 61.4% $20,122 $8,591,909
Compiled by Newmark
No. Property Location Yr. Built Sale Date
Number of
Apt. Units Occ. %
Price per
Unit OAR
1 420 La Crescenta Drive, Brea, CA 2018 Jun-2021 204 100% $530,025 3.25%
2 1320 Via Terrassa, Encinitas, CA 1984 Mar-2021 196 84% $480,102 3.50%
3 2300 Dupont Drive, Irvine, CA 2010 Feb-2021 115 99% $500,000 N/A
4 1919 Pacific Highway, San Diego, CA 2019 Oct-2020 110 100% $709,091 4.00%
5 2155 Kettner Bouelvard, San Diego, CA 2018 Sep-2020 129 96% $543,411 4.00%
Secondary Cap Rate Sales
1 10343 San Diego Mission Rd, San Diego, CA 1979 Jul-2021 344 98% $422,965 3.05%
2 2040 Columbia Street, San Diego, CA 2003 May-2021 108 94% $419,907 3.00%
Average (Mean) Cap Rate:3.47%
Compiled by NKF
Comparable Multifamily Sales Summary
Income Capitalization Approach 86
CasaLago Eastlake Apartments
Based on this information, a capitalization rate within a range of 3.00% to 4.00% could
be expected for the subject. This also takes into consideration the impact of COVID-
19
Market Participants
The quoted figures from the brokers are for stabilized assets at market rents.
The following factors were cited as impacting the compression of capitalization rates in San
Diego County.
Very few class A sales in San Diego of this quality, none so far in 2021
Investors are targeting suburban, high-quality product like CasaLago, shifting from the
urban core
Multi-family product 7-10 years old, or “core plus” is of particular interest because of
potential upside for the next investor
The market has moved quickly, and cap rates are lower than in 2020 across the county,
and across all product types from core to value-add to development
Difficult to find willing Sellers in a low transaction market, so when product comes to
market it is highly competitive, often pushing pricing +-10% in final bidding rounds.
Investor Surveys
Respondent Cap Rate Comments
CBRE 3.50% - 3.75% Strong Demand and limited supply
Kidder Matthews 3.50% - 4.00% Demand is keeping cap rates low
ACI 3.25% - 4.00% Based on stabilized operations
Subject Indication 3.25% - 4.00%
Compiled by NKF
Market Participant Survey - Capitalization Rates
Income Capitalization Approach 87
CasaLago Eastlake Apartments
Limited emphasis is placed on this data other than it demonstrates wider trends in
investment yields for apartments.
Capitalization Rate Conclusion
Direct Capitalization Summary
Net operating income is divided by the capitalization rate to derive the stabilized value of the
subject. Valuation of the subject by direct capitalization is shown in the table immediately
following.
Source Indication
Comparable Sales 3.0% - 4.0%
Investor Surveys 3.50% - 7.00%
Market Participants 3.25% - 4.00%
Concluded Going-In Capitalization Rate 3.10%
Compiled by NKF
Capitalization Rate Conclusion
Income Capitalization Approach 88
CasaLago Eastlake Apartments
Summary of Stabilized Net Operating Income
Item Description % of Income $/Unit Total $
Multifamily Income 427 Units
Rental Income $32,528 $13,889,430
Potential Rental Income $32,528 $13,889,430
Vacancy -4.00% ($1,301) ($555,577)
Collection Loss -1.00% ($325) ($138,894)
Effective Rental Income $30,902 $13,194,959
Net Expense Reimbursements $1,000 $427,000
Net Parking Income $150 $64,050
Net Other Income $700 $298,900
Effective Gross Multifamily Income $32,752 $13,984,909
Operating Expenses 427 Units
Real Estate Taxes $7,407 $3,162,713
Insurance $550 $234,850
Utilities $1,200 $512,400
Repairs and Maintenance $800 $341,600
Payroll and Benefits $1,400 $597,800
General and Administrative $500 $213,500
Management 1.75% $573 $244,736
Replacement Reserves $200 $85,400
Total Operating Expenses 38.56% $12,630 $5,392,999
Net Operating Income $20,122 $8,591,909
Income Capitalization Approach
Direct Capitalization Method
$/Unit Total $
Stabilized Net Operating Income $20,122 $8,591,909
Overall Capitalization Rate 3.10%
As Stabilized Value Effective Date: $277,158,366
Rounded $649,180 $277,200,000
Value
$330,458,052
$301,470,504
$277,158,366
$256,474,906
$238,664,149
As Is
As Stabilized Value as of Current Date Effective Date:$277,158,366
As Is Value Effective Date:$277,158,366
Rounded $649,180 $277,200,000
Compiled by NKF
Value Indication
7/15/2021
7/15/2021
2.85%
3.10%
3.35%
3.60%
7/15/2021
OAR
2.60%
Valuation Matrix
Hypothetical Income Restricted Analysis 89
CasaLago Eastlake Apartments
Hypothetical Income Restricted Analysis
The income capitalization approach reflects the subject’s income-producing capabilities. This
approach is assuming that value is created by the expectation of benefits to be derived in the
future. Specifically estimated is the amount an investor would be willing to pay to receive an
income stream plus reversion value from a property over a period of time. The two common
valuation techniques associated with the income capitalization approach are direct capitalization
and the discounted cash flow (DCF) analysis.
The direct capitalization method is normally more appropriate for properties with relatively stable
operating histories and expectations. The DCF analysis is more appropriate for investment
properties with multiple or long-term leases, particularly leases with cancellation clauses or
renewal options, and especially in volatile markets.
In this analysis, we utilized direct capitalization only because investors and market participants
typically rely more on this method.
Income and Rent Limits
Due to the affordable housing challenges in California, the State of California is using two Joint
Power Authorities (JPA) – California Statewide Communities Development Authority (CSCDA)
and California Community Housing Agency (CalCHA) to acquire apartment buildings. The
acquisition process includes forming a Public Benefits Program with a local governmental entity
and the JPA issues municipal bonds to facilitate the acquisition. This results in government
ownership and the asset is no longer impacted by the standard ad-valorem real estate taxes;
however, it is subject to the direct assessments. The bonds are structured such that any excess
capital achieved through the operation of the asset above the bond debt service goes toward
bond redemptions with the governmental entity typically having full ownership (all debt paid off)
in approximately 30 years. The acquired apartment complex becomes subject to restrictions on
the income levels of the tenants, which is the core public benefit. Each acquisition is unique
relative to the income levels and structure. The subject property is using this process.
Hypothetical Income Restricted Analysis 90
CasaLago Eastlake Apartments
Per the client, the restricted rent schedule for the subject will be capped at 35% of the prospective
income level targeted and based on household size.
The following table is a recap of our concluded market rents.
The restricted rent schedule by AMI and unit type is summarized below.
Unit Description No. Units
Market Rent /
Unit
Potential Gross
Rent-Market
Leased Units
1 BR/1 BA - 808 SF 74 $2,450 $2,175,600
2 BR/2 BA - 1,119 SF 33 $2,900 $1,148,400
2 BR/2.5 BA TH + Den - 1,167 SF 37 $3,000 $1,332,000
2 BR/2.5 BA TH - 1,171 SF 101 $3,200 $3,878,400
3 BR/3 BA TH - 1,269 SF 130 $3,400 $5,304,000
3 BR/2.5 BA TH - 1,482 SF 31 $3,850 $1,432,200
Total Leased 406 $3,134 $15,270,600
Vacant Units (at market rents)
1 BR/1 BA - 808 SF 5 $2,450 $147,000
2 BR/2.5 BA TH + Den - 1,167 SF 1 $3,000 $36,000
2 BR/2.5 BA TH - 1,171 SF 11 $3,200 $422,400
3 BR/3 BA TH - 1,269 SF 2 $3,400 $81,600
3 BR/2.5 BA TH - 1,482 SF 2 $3,850 $92,400
Total Vacant 21 $3,093 $779,400
Grand Total 427 $3,132 $16,050,000
Compiled by NKF
Potential Gross Rent
Hypothetical Income Restricted Analysis 91
CasaLago Eastlake Apartments
Within the subject property approximately 143 units are expected to have 80% AMI income/rent
restrictions, 142 are expected to have 100% AMI restrictions, and 142 are expected to have 120%
AMI restrictions.
The restricted value program rents are set to the lesser of market rents, or the appropriate area
median income for the percentage class. In the case of the subject property, the restricted rents
are less than market rents in the categories highlighted red in the table below.
Restricted Rent by AMI and Unit Type
AMI:80%Rents shall not exceed Utility
Occupants Adjustment x% of Income Limit Gross Rent Allowance Net Rent
Studio 1 0.7 35%1,980$ -$ 1,980$
1-Bed 2 0.8 35%2,262$ -$ 2,262$
2-Bed 3 0.9 35%2,545$ -$ 2,545$
3-Bed 4.5 1 35%2,828$ -$ 2,828$
4-Bed 6 1.16 35%3,280$ -$ 3,280$
AMI:100%Rents shall not exceed Utility
Occupants Adjustment x% of Income Limit Gross Rent Allowance Net Rent
Studio 1 0.7 35%2,475$ -$ 2,475$
One Bed 2 0.8 35%2,828$ -$ 2,828$
Two Bed 3 0.9 35%3,182$ -$ 3,182$
Three Bed 4.5 1 35%3,535$ -$ 3,535$
Four Bed 6 1.16 35%4,101$ -$ 4,101$
AMI:120%Rents shall not exceed Utility
Occupants Adjustment x% of Income Limit Gross Rent Allowance Net Rent
Studio 1 0.7 35%2,969$ -$ 2,969$
One Bed 2 0.8 35%3,394$ -$ 3,394$
Two Bed 3 0.9 35%3,818$ -$ 3,818$
Three Bed 4.5 1 35%4,242$ -$ 4,242$
Four Bed 6 1.16 35%4,921$ -$ 4,921$
Source: OHG
Maximum Gros 1BR Units Total 2BR Units Total 3BR Units Total Grand Total
80% AMI $2,262 27 $61,074 $2,545 61 $155,245 $2,828 55 $155,540
100% AMI $2,450 26 $63,700 $3,104 61 $189,344 $3,490 55 $191,950
120% AMI $2,450 26 $63,700 $3,104 61 $189,344 $3,490 55 $191,950
Totals 79 $188,474 183 $533,933 165 $539,440 $15,142,164
Average Rent $2,386 $2,918 $3,269 $2,955
Compiled by NKF
Average Restricted Rent by Plan Type
Hypothetical Income Restricted Analysis 92
CasaLago Eastlake Apartments
Based upon the indicated restricted pro forma rental rates for each unit type and our concluded
market rents, the total potential restricted rental income is estimated at $15,142,164 annually,
which is approximately 9.0% above the actual rent in place plus market rent. The property will be
exempt from ad valorem property taxes and the real estate tax expense is reduced to include only
special assessments.
Hypothetical Income Restricted Analysis 93
CasaLago Eastlake Apartments
Summary of Stabilized Net Operating Income
Item Description % of Income $/Unit Total $
Multifamily Income 427 Units
Rental Income $35,462 $15,142,164
Potential Rental Income $35,462 $15,142,164
Vacancy -4.00% ($1,418) ($605,687)
Collection Loss -1.00% ($355) ($151,422)
Effective Rental Income $33,689 $14,385,056
Net Expense Reimbursements $1,000 $427,000
Net Parking Income $150 $64,050
Net Other Income $700 $298,900
Effective Gross Multifamily Income $35,539 $15,175,006
Operating Expenses 427 Units
Real Estate Taxes Direct Assessments $93 $39,693
Insurance $550 $234,850
Utilities $1,200 $512,400
Repairs and Maintenance $800 $341,600
Payroll and Benefits $1,400 $597,800
General and Administrative $500 $213,500
Management 1.75% $622 $265,563
Replacement Reserves $200 $85,400
Total Operating Expenses 15.10% $5,365 $2,290,806
Net Operating Income $30,174 $12,884,200
Direct Capitalization Method
$/Unit Total $
Stabilized Net Operating Income $30,174 $12,884,200
Overall Capitalization Rate 3.10%
As Stabilized Value Effective Date: $415,619,361
Rounded $973,302 $415,600,000
Value
$495,546,161
$452,077,200
$415,619,361
$384,602,991
$357,894,450
Hypothetical Value with Income Restrictions
Hypothetical Stabilized Value as of Current Date Effective Date:$415,619,361
Hypothetical Stabilized Value Effective Date:$415,619,361
Rounded $973,302 $415,600,000
Compiled by NKF
Value Indication
7/15/2021
7/15/2021
2.85%
3.10%
3.35%
3.60%
Income Capitalization Approach - Income Restricted
7/15/2021
OAR
2.60%
Valuation Matrix
Reconciliation of Value 94
CasaLago Eastlake Apartments
Reconciliation of Value
The values indicated by our analyses are as follows:
As of June 24, 2021, there is a Letter of Intent in place to purchase the subject for $283,300,000,
or $663,466 per unit. Based on the analysis presented in this report, the contract price is
considered above market value and has been given less emphasis than the income approach in
our as is value conclusion.
Cost Approach
The cost approach was not used because market participants considering properties like the
subject do not consider the cost approach. The exclusion of this approach is not considered to
impact the reliability of the appraisal.
Sales Comparison Approach
The Sales Comparison Approach is focused on comparing the subject to sale and other market
transactions with the aim to develop an indication of value that is founded on the theory of
substitution. Basically, the intention is to determine value through considering the prices of
properties which would be a substitute property to the subject. In this case, a selection of
reasonably similar sales was obtained, and the adjustment process was well founded by
reasoning and direct evidence. The subject contract price appears moderately aggressive and
would set a figure at the upper end of the range of value. Therefore, this was given strong
consideration.
Income Capitalization Approach
The subject property is an apartment property. It is distinctly an income producing property and
this approach is specifically designed to address the value of such a property. Market rent was
well established by reasonably similar lease data. The property has a stable history and both
income and expense estimates track with historical trends. Capitalization rates were developed
Market Value Premise As Is
Hypothetical Market Value
with Restricted Rents
As of Date:July 15, 2021 July 15, 2021
Cost Approach:Not Used Not Used
Sales Comparison Approach:$266,900,000 Not Used
Income Capitalization Approach:$277,200,000 $415,600,000
Market Value Conclusion $277,200,000 $415,600,000
Compiled by NKF
Market Value Indications
Reconciliation of Value 95
CasaLago Eastlake Apartments
from a number of sources including the sales used in the sales comparison approach. This
conclusion supports the sales comparison approach and was also given strong consideration.
Exposure Time
Exposure time is the estimated length of time the subject property would have been offered on
the market prior to the hypothetical consummation of a sale at market value on the effective date
of the appraisal. It is a retrospective estimate based on an analysis of past events assuming a
competitive and open market.
The following is national investor survey data which is one source for the underlying data to this
conclusion.
Value Conclusions
Appraisal Premise Interest Appraised Date of Value Value Conclusion
Market Value "As Is"Leased Fee 7/15/2021 $277,200,000
Hypothetical Value at Income Restricted Rents Fee Simple 7/15/2021 $415,600,000
Compiled by NKF
1.
1.
2.
Compiled by NKF
Our analysis was completed under the hypothetical assumption that there is an affordable housing covenant
agreement in place restricting the rents. Based upon terms of these agreements, the concluded income restricted
value of the subject property is not reflective of the marekt value of the asset. We have relied upon information
provided by the buyer in concluding to a prospective hypothetical valie in this analysis and assume the information
provided is reflective of the actual terms that will be in place upon commencement of the agreements.
Extraordinary Assumptions and Hypothetical Conditions
An extraordinary assumption is defined in USPAP as an assignment-specific assumption as of the effective date regarding
uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. The
value conclusions are subject to the following extraordinary assumptions that may affect the assignment results.
A hypothetical condition is defined in USPAP as a condition, directly related to a specific assignment, which is contrary to
what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of
analysis. The value conclusions are based on the following hypothetical conditions that may affect the assignment results.
None
The use of these hypothetical conditions might have affected assignment results.
The income restriction and ownership entity result in no ad valorem real estate taxes which significantly increases
the value of the asset.
Reconciliation of Value 96
CasaLago Eastlake Apartments
Recent sales transaction data for similar properties, supply and demand characteristics for the
local multifamily market, and the opinions of local market participants were reviewed and
analyzed. Based on this data and analysis, it is our opinion that the probable exposure time for
the subject at the concluded market values stated previously is 6 months.
Marketing Time
Marketing time is an opinion of the amount of time it might take to sell a real or personal property
interest at the concluded market value level during the period immediately after the effective date
of an appraisal. Marketing time differs from exposure time, which is always presumed to precede
the effective date of an appraisal. As no significant changes in market conditions are foreseen
in the near term, it is our opinion that a reasonable marketing period for the subject is likely to be
the same as the exposure time. Accordingly, we estimate the subject’s marketing period at 6
months.
Assumptions and Limiting Conditions 97
CasaLago Eastlake Apartments
Assumptions and Limiting Conditions
The Appraisal contained in this Report (herein “Report”) is subject to the following assumptions
and limiting conditions:
1. Unless otherwise stated in this report, title to the property which is the subject of this report (herein
“Property”) is assumed to be good and marketable and free and clear of all liens and encumbrances
and that there are no recorded or unrecorded matters or exceptions to title that would adversely
affect marketability or value. No responsibility is assumed for the legal description, zoning,
condition of title or any matters which are legal in nature or otherwise require expertise other than
that of a professional real estate appraiser. This report shall not constitute a survey of the Property.
2. Unless otherwise stated in this report, it is assumed: that the improvements on the Property are
structurally sound, seismically safe and code conforming; that all building systems
(mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major
deferred maintenance or repair required; that the roof and exterior are in good condition and free
from intrusion by the elements; that the Property and improvements conform to all applicable local,
state, and federal laws, codes, ordinances and regulations including environmental laws and
regulations. No responsibility is assumed for soil or subsoil conditions or engineering or structural
matters. The Property is appraised assuming that all required licenses, certificates of occupancy,
consents, or other legislative or administrative authority from any local, state, or national
government or private entity or organization have been or can be obtained or renewed for any use
on which the value estimates contained in this report is based, unless otherwise stated. The
physical condition of the Property reflected in this report is solely based on a visual inspection as
typically conducted by a professional appraiser not someone with engineering expertise.
Responsible ownership and competent property management are assumed.
3. Unless otherwise stated in this report, this report did not take into consideration the existence of
asbestos, PCB transformers or other toxic, hazardous, or contaminated substances or
underground storage tanks, or the cost of encapsulation, removal or remediation thereof. Real
estate appraisers are not qualified to detect such substances. The presence of substances such
as asbestos, urea formaldehyde foam insulation, contaminated groundwater or other potentially
hazardous materials and substances may adversely affect the value of the Property. Unless
otherwise stated in this report, the opinion of value is predicated on the assumption that there is
no such material or substances at, on or in the Property.
4. All statements of fact contained in this report as a basis of the analyses, opinions, and conclusions
herein are true and correct to the best of the appraiser's actual knowledge and belief. The appraiser
is entitled to and relies upon the accuracy of information and material furnished by the owner of
the Property or owner’s representatives and on information and data provided by sources upon
which members of the appraisal profession typically rely and that are deemed to be reliable by such
members. Such information and data obtained from third party sources are assumed to be reliable
and have not been independently verified. No warranty is made as to the accuracy of any of such
information and data. Any material error in any of the said information or data could have a
Assumptions and Limiting Conditions 98
CasaLago Eastlake Apartments
substantial impact on the conclusions of this Report. The appraiser reserves the right to amend
conclusions reported if made aware of any such error.
5. The opinion of value stated in this report is only as of the date of value stated in this report. An
appraisal is inherently subjective and the conclusions stated apply only as of said date of value,
and no representation is made as to the effect of subsequent events. This report speaks only as
of the date hereof.
6. Any projected cash flows included in the analysis are forecasts of estimated future operating
characteristics and are predicated on the information and assumptions contained within this
report. Any projections of income, expenses and economic conditions utilized in this report are not
predictions of the future. Rather, they are estimates of market expectations of future income and
expenses. The achievement of any financial projections will be affected by fluctuating economic
conditions and is dependent upon other future occurrences that cannot be assured. Actual results
may vary from the projections considered herein. There is no warranty or assurances that these
forecasts will occur. Projections may be affected by circumstances beyond anyone’s knowledge
or control. Any income and expense estimates contained in this report are used only for the
purpose of estimating value and do not constitute predictions of future operating results.
7. The analyses contained in this report may necessarily incorporate numerous estimates and
assumptions regarding Property performance, general and local business and economic
conditions, the absence of material changes in the competitive environment and other matters.
Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events
and circumstances may occur; therefore, actual results achieved during the period covered by the
analysis will vary from estimates, and the variations may be material.
8. All prospective value opinions presented in this report are estimates and forecasts which are
prospective in nature and are subject to considerable risk and uncertainty. In addition to the
contingencies noted in the preceding paragraphs, several events may occur that could
substantially alter the outcome of the estimates such as, but not limited to changes in the economy,
interest rates, capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed restrictions, etc. In
making prospective estimates and forecasts, it is assumed that conditions reasonably foreseeable
at the present time are consistent or similar with the future.
9. The allocations of value for land and improvements must not be used in conjunction with any other
appraisal and are invalid if so used. This report shall be considered only in its entirety. No part of
this report shall be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the
identity of the appraiser, or any reference to the Appraisal Institute) shall be disseminated through
advertising media, public relations media, news media or any other means of communication
(including without limitation prospectuses, private offering memoranda and other offering material
provided to prospective investors) without the prior written consent of the Firm. Possession of this
report, or a copy hereof, does not carry with it the right of publication.
11. Client and any other Intended User identified herein should consider this report and the opinion of
value contained herein as only one factor together with its own independent considerations and
Assumptions and Limiting Conditions 99
CasaLago Eastlake Apartments
underwriting guidelines in making any decision or investment or taking any action regarding the
Property. Client agrees that Firm shall not be responsible in any way for any decision of Client or
any Intended User related to the Property or for the advice or services provided by any other
advisors or contractors. The use of this report and the appraisal contained herein by anyone other
than an Intended User identified herein, or for a use other than the Intended Use identified herein,
is strictly prohibited. No party other than an Intended User identified herein may rely on this report
and the appraisal contained herein.
12. Unless otherwise stated in the agreement to prepare this report, the appraiser shall not be required
to participate in or prepare for or attend any judicial, arbitration, or administrative proceedings.
13. The Americans with Disabilities Act (ADA) became effective January 26, 1992. No survey or
analysis of the Property has been made in connection with this report to determine whether the
physical aspects of the improvements meet the ADA accessibility guidelines. No expertise in ADA
issues is claimed, and the report renders no opinion regarding the Property’s compliance with ADA
regulations. Inasmuch as compliance matches each owner’s financial ability with the cost to cure
the non-conforming physical characteristics of a property, a specific study of both the owner’s
financial ability and the cost to cure any deficiencies would be needed for the Department of
Justice to determine compliance.
14. Acceptance and/or use of this report constitutes full acceptance of these Assumptions and
Limiting Conditions and any others contained in this report, including any Extraordinary
Assumptions and Hypothetical Conditions, and is subject to the terms and conditions contained in
the agreement to prepare this report and full acceptance of any limitation of liability or claims
contained therein.
Addenda
CasaLago Eastlake Apartments
Addendum A
Glossary of Terms
Addenda
CasaLago Eastlake Apartments
The following definitions are derived from The Dictionary of Real Estate Appraisal, 6th ed.
(Chicago: Appraisal Institute, 2015).
Absorption Period: The actual or expected period required from the time a property, group of
properties, or commodity is initially offered for lease, purchase, or use by its eventual users until all
portions have been sold or stabilized occupancy has been achieved.
Absorption Rate: 1) Broadly, the rate at which vacant space in a property or group of properties for
sale or lease has been or is expected to be successfully sold or leased over a specified period of
time. 2) In subdivision analysis, the rate of sales of lots or units in a subdivision.
Ad Valorem Tax: A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of
exemptions, use-value assessment provisions, and the like, the property tax is an ad valorem tax.
(International Association of Assessing Officers [IAAO])
Assessed Value: The value of a property according to the tax rolls in ad valorem taxation; may be
higher or lower than market value, or based on an assessment ratio that is a percentage of market
value.
Cash Equivalency: An analytical process in which the sale price of a transaction with nonmarket
financing or financing with unusual conditions or incentives is converted into a price expressed in
terms of cash or its equivalent.
Contract Rent: The actual rental income specified in a lease.
Disposition Value: The most probable price that a specified interest in property should bring under
the following conditions: 1) Consummation of a sale within a specified time, which is shorter than
the typical exposure time for such a property in that market. 2) The property is subjected to market
conditions prevailing as of the date of valuation. 3) Both the buyer and seller are acting prudently
and knowledgeably. 4) The seller is under compulsion to sell. 5) The buyer is typically motivated.
6) Both parties are acting in what they consider to be their best interests. 7) An adequate marketing
effort will be made during the exposure time. 8) Payment will be made in cash in US dollars (or the
local currency) or in terms of financial arrangements comparable thereto. 9) The price represents
the normal consideration for the property sold, unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale. This definition can also be modified to
provide for valuation with specified financing terms.
Effective Rent: Total base rent, or minimum rent stipulated in a lease, over the specified lease term
minus rent concessions; the rent that is effectively paid by a tenant net of financial concessions
provided by a landlord.
Excess Land: Land that is not needed to serve or support the existing use. The highest and best
use of the excess land may or may not be the same as the highest and best use of the improved
parcel. Excess land has the potential to be sold separately and is valued separately. See also
surplus land.
Addenda
CasaLago Eastlake Apartments
Excess Rent: The amount by which contract rent exceeds market rent at the time of the appraisal;
created by a lease favorable to the landlord (lessor) and may reflect unusual management,
unknowledgeable or unusually motivated parties, a lease execution in an earlier, stronger rental
market, or an agreement of the parties.
Exposure Time: 1) The time a property remains on the market. 2) [The] estimated length of time
that the property interest being appraised would have been offered on the market prior to the
hypothetical consummation of a sale at market value on the effective date of the appraisal.
Extraordinary Assumption: An assumption, directly related to a specific assignment, as of the
effective date of the assignment results, which, if found to be false, could alter the appraiser’s
opinions or conclusions. See also hypothetical condition.
Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only
to the limitations imposed by the governmental powers of taxation, eminent domain, police power,
and escheat.
Floor Area Ratio (FAR): The relationship between the above-ground floor area of a building, as
described by the zoning or building code, and the area of the plot on which it stands; in planning
and zoning, often expressed as a decimal, e.g., a ratio of 2.0 indicates that the permissible floor
area of a building is twice the total land area.
Frictional Vacancy: The amount of vacant space needed in a market for its orderly operation.
Frictional vacancy allows for move-ins and move-outs.
Full Service Lease: See gross lease.
General Vacancy: A method of calculating any remaining vacancy and collection loss
considerations when using discounted cash flow (DCF) analysis, where turnover vacancy has been
used as part of the income estimate. The combined effects of turnover vacancy and general
vacancy relate to total vacancy and collection loss.
Going-Concern Premise: One of the premises under which the total assets of a business can be
valued; the assumption that a company is expected to continue operating well into the future
(usually indefinitely).
Going Concern Value: An outdated label for the market value of all the tangible and intangible
assets of an established and operating business with an indefinite life, as if sold in aggregate; more
accurately termed the market value of the going concern or market value of the total assets of the
business.
Gross Building Area (GBA): 1) Total floor area of a building, excluding unenclosed areas, measured
from the exterior of the walls of the above grade area. This includes mezzanines and basements if
and when typically included in the market area of the type of property involved. 2) Gross leasable
area plus all common areas. 3) For residential space, the total area of all floor levels measured
from the exterior of the walls and including the superstructure and substructure basement; typically
does not include garage space.
Addenda
CasaLago Eastlake Apartments
Gross Lease: A lease in which the landlord receives stipulated rent and is obligated to pay all of
the property’s operating and fixed expenses; also called full-service lease.
Hypothetical Condition: 1) A condition that is presumed to be true when it is known to be false.
(Appraisal Institute: The Standards of Valuation Practice [SVP]) 2) A condition, directly related to
a specific assignment, which is contrary to what is known by the appraiser to exist on the effective
date of the assignment results, but is used for the purpose of analysis. See also extraordinary
assumption.
Intended Users: 1) The party or parties the valuer intends will use the report. (SVP) 2) The client
and any other party as identified, by name or type, as users of the appraisal or appraisal review
report by the appraiser, based on communication with the client at the time of the assignment.
(USPAP, 2020-2021 ed.)
Investment Value: 1) The value of a property to a particular investor or class of investors based on
the investor’s specific requirements. Investment value may be different from market value because
it depends on a set of investment criteria that are not necessarily typical of the market.
2) The value of an asset to the owner or a prospective owner for individual investment or
operational objectives. (International Valuation Standards [IVS])
Land-to-Building Ratio: The proportion of land area to gross building area; one of the factors
determining comparability of properties.
Lease: A contract in which the rights to use and occupy land, space, or structures are transferred
by the owner to another for a specified period of time in return for a specified rent.
Leased Fee Interest: The ownership interest held by the lessor, which includes the right to receive
the contract rent specified in the lease plus the reversionary right when the lease expires.
Leasehold Interest: The right held by the lessee to use and occupy real estate for a stated term
and under the conditions specified in the lease.
Lessee: One who has the right to occupancy and use of the property of another for a period of time
according to a lease agreement.
Lessor: One who conveys the rights of occupancy and use to others under a lease agreement.
Liquidation Value: The most probable price that a specified interest in property should bring under
the following conditions: 1) Consummation of a sale within a short time period. 2) The property is
subjected to market conditions prevailing as of the date of valuation. 3) Both the buyer and seller
are acting prudently and knowledgeably. 4) The seller is under extreme compulsion to sell. 5) The
buyer is typically motivated. 6) Both parties are acting in what they consider to be their best
interests. 7) A normal marketing effort is not possible due to the brief exposure time.
8) Payment will be made in cash in US dollars (or the local currency) or in terms of financial
arrangements comparable thereto. 9) The price represents the normal consideration for the
property sold, unaffected by special or creative financing or sales concessions granted by anyone
Addenda
CasaLago Eastlake Apartments
associated with the sale. This definition can also be modified to provide for valuation with
specified financing terms.
Market Rent: The most probable rent that a property should bring in a competitive and open market
reflecting the conditions and restrictions of a specified lease agreement, including the rental
adjustment and revaluation, permitted uses, use restrictions, expense obligations, term,
concessions, renewal and purchase options, and tenant improvements (TIs).
Market Value: A type of value that is the major focus of most real property appraisal assignments.
Both economic and legal definitions of market value have been developed and refined, such as the
following. 1) The most widely accepted components of market value are incorporated in the
following definition: The most probable price, as of a specified date, in cash, or in terms equivalent
to cash, or in other precisely revealed terms, for which the specified property rights should sell after
reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the
buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that
neither is under undue duress. 2) Market value is described, not defined, in the Uniform Standards
of Professional Appraisal Practice (USPAP) as follows: A type of value, stated as an opinion, that
presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a
certain date, under specific conditions set forth in the definition of the term identified by the
appraiser as applicable in an appraisal. 2
Market Value of the Going Concern: The market value of an established and operating business
including the real property, personal property, financial assets, and the intangible assets of the
business.
Marketing Time: An opinion of the amount of time it might take to sell a real or personal property
interest at the concluded market value level during the period immediately after the effective date
of an appraisal. Marketing time differs from exposure time, which is always presumed to precede
the effective date of an appraisal.
Modified Gross Lease: A lease in which the landlord receives stipulated rent and is obligated to
pay some, but not all, of the property’s operating and fixed expenses. Since assignment of
expenses varies among modified gross leases, expense responsibility must always be specified.
In some markets, a modified gross lease may be called a double net lease, net net lease, partial net
lease, or semi-gross lease.
Net Lease: A lease in which the landlord passes on all expenses to the tenant. See also gross lease;
modified gross lease.
Net Net Net Lease: An alternative term for a type of net lease. In some markets, a net net net lease
is defined as a lease in which the tenant assumes all expenses (fixed and variable) of operating a
property except that the landlord is responsible for structural maintenance, building reserves, and
management; also called NNN lease, triple net lease, or fully net lease.
2 The actual definition of value used for this appraisal is contained within the body of the report. The
definition of market value given above is general in viewpoint and is only provided for amplification.
Addenda
CasaLago Eastlake Apartments
Occupancy Rate: 1) The relationship or ratio between the potential income from the currently
rented units in a property and the income that would be received if all the units were occupied.
2) The ratio of occupied space to total rentable space in a building.
Overage Rent: The percentage rent paid over and above the guaranteed minimum rent or base
rent; calculated as a percentage of sales in excess of a specified breakpoint sales volume.
Percentage Rent: Rental income received in accordance with the terms of a percentage lease;
typically derived from retail store and restaurant tenants and based on a certain percentage of their
gross sales.
Prospective Opinion of Value: A value opinion effective as of a specified future date. The term
does not define a type of value. Instead, it identifies a value opinion as being effective at some
specific future date. An opinion of value as of a prospective date is frequently sought in connection
with projects that are proposed, under construction, or under conversion to a new use, or those that
have not yet achieved sellout or a stabilized level of long-term occupancy.
Rentable Area: For office or retail buildings, the tenant’s pro rata portion of the entire office floor,
excluding elements of the building that penetrate through the floor to the areas below. The rentable
area of a floor is computed by measuring to the inside finished surface of the dominant portion of
the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively,
the amount of space on which the rent is based; calculated according to local practice.
Retrospective Value Opinion: A value opinion effective as of a specified historical date. The term
retrospective does not define a type of value. Instead, it identifies a value opinion as being effective
at some specific prior date. Value as of a historical date is frequently sought in connection with
property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and
condemnation. Inclusion of the type of value with this term is appropriate, e.g., “retrospective
market value opinion.”
Shell Rent: The typical rent paid for retail, office, or industrial tenant space based on minimal “shell”
interior finishes (called vanilla finish or white wall finish in some areas). Usually the landlord
delivers the main building shell space or some minimum level of interior build-out, and the tenant
completes the interior finish, which can include wall, ceiling, and floor finishes, mechanical
systems, interior electricity, and plumbing. Typically these are long-term leases with tenants paying
all or most property expenses.
Surplus Land: Land that is not currently needed to support the existing use but cannot be separated
from the property and sold off for another use. Surplus land does not have an independent highest
and best use and may or may not contribute value to the improved parcel. See also excess land.
Turnover Vacancy: A method of calculating vacancy allowance that is estimated or considered as
part of the potential income estimate when using discounted cash flow (DCF) analysis. As units or
suites turn over and are available for re-leasing, the periodic vacancy time frame (vacancy window)
to release the space is considered.
Addenda
CasaLago Eastlake Apartments
Usable Area: 1) For office buildings, the actual occupiable area of a floor or an office space;
computed by measuring from the finished surface of the office side of corridor and other
permanent walls, to the center of partitions that separate the office from adjoining usable areas,
and to the inside finished surface of the dominant portion of the permanent outer building walls.
Sometimes called net building area or net floor area. See also floor area. 2) The area that is actually
used by the tenants measured from the inside of the exterior walls to the inside of walls separating
the space from hallways and common areas.
Use Value: The value of a property assuming a specific use, which may or may not be the property’s
highest and best use on the effective date of the appraisal. Use value may or may not be equal to
market value but is different conceptually. See also value in use.
Value In Use: The value of a property assuming a specific use, which may or may not be the
property’s highest and best use on the effective date of the appraisal. Value in use may or may not
be equal to market value but is different conceptually. See also use value.
Value Indication: A valuer’s conclusion of value resulting from the application of an approach to
value, e.g., the value indication by the sales comparison approach.
Addenda
CasaLago Eastlake Apartments
Addendum B
Engagement Letter
One Bush Street, Sui te 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
June 23, 2021
John N. Stevens
Director of Due Diligence
OPPORTUNITY HOUSING GROUP
550 Hartz Avenue, Suite 200
Danville, CA 94526
Phone: 925-759-4335
Email: jstevens@blakegriggs.com
Re: Appraisal of the property described as:
CasaLago Eastlake, a 427 unit multifmaily property located at 2816 Cielo Circulo, Chula
Vista, CA 91915 (“Property”)
Dear Mr. Stevens:
Newmark Knight Frank Valuation & Advisory, LLC (“Firm”) agrees to provide Opportunity Housing
Group (“Client”) an appraisal of the above Property in accordance with, and subject to, the terms
and conditions set forth below and in the attached Schedules (collectively, “Agreement”).
APPRAISAL FEE: $10,000.00 (inclusive of expenses).
ADDITIONAL HOURLY
FEES:
None
RETAINER: None
REPORT
DELIVERABLES:
The appraisal shall be delivered in electronic format (typically,
pdf). One original hard copy of the final appraisal will be provided
to Client upon request.
COMMENCEMENT AND
DELIVERY DATE:
Delivery is as follows:
Appraisal report: Three (3) weeks from executed Letter of
Engagement
The appraisal process will commence upon receipt by the Firm
of (i) this Agreement, signed by Client, and (ii) information and
materials identified in Schedule “B.” The appraisal process will
conclude upon delivery of the final appraisal report, unless
terminated sooner by the Firm or Client or as provided herein.
REPORT TYPE: Appraisal Report
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 2 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
VALUATION PREMISE: Market Value – As Is
Hypothetical Value at Income Restricted Rents
INTEREST IN THE
PROPERTY APPRAISED:
Leased Fee
DATE(S) OF VALUE: Current as of: the Date of Inspection
INTENDED USER(S): Intended users of the appraisal include only Client and the
following parties: California Statewide Communities
Development Authority ("CSCDA") and CSCDA Community
Improvement Authority.(“Intended Users”), and no other party is
permitted to use or rely on the appraisal. The identification of
Intended User(s) of the appraisal is to determine the type and
extent of research, analysis and reporting appropriate for the
assignment. Designation of a party other than Client as an
Intended User is not intended to confer upon such party any
rights under this Agreement.
INTENDED USE: The intended use of the appraisal is solely for a securities
offering (“Intended Use”) and no other use. Such securities shall
be offered to “Qualified Institutional Buyers” as defined in Rule
144A under the Securities Act of 1933, as amended (the
“Securities Act”) or “Accredited Investors” as described in Rule
501 of Regulation D under the Securities Act.
RELIANCE LANGUAGE: None
GUIDELINES: The analyses, opinions and conclusions are to be developed
based on, and the appraisal will be prepared in conformance
with the Uniform Standards of Professional Appraisal Practice
(USPAP) as published by the Appraisal Foundation.
SCOPE OF WORK: The appraiser will use and properly apply all applicable and
appropriate approaches to value sufficient to produce credible
assignment results. The scope of the analysis will be appropriate
for the appraisal problem.
Cost Approach (If Applicable)
Sales Comparison Approach
Income Capitalization Approach
ASSUMPTIONS/
LIMITING CONDITIONS:
The appraisal will be subject to Firm’s standard Assumptions and
Limiting Conditions, which will be incorporated into the appraisal
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 3 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
report. In addition, the appraisal may be subject to, and the
appraisal report may contain, Extraordinary Assumptions and
Hypothetical Conditions.
ACCEPTANCE: This shall constitute a binding agreement only if countersigned
by the Client, or by an officer, director or other representative of
Client who, by signing and accepting this Agreement, represents
and warrants that he/she is authorized by Client to do so.
PAYMENT: Client will be invoiced the appraisal fee (and any expenses)
which will be earned in full upon initial delivery of the appraisal
report (draft or final), with such appraisal fee (and expenses)
payable within 30 days of invoicing.
Payment of the fee is not contingent upon any predetermined
value or on an action or event resulting from the analysis,
opinions, conclusions or use of the appraisal.
CHANGES TO THE
AGREEMENT:
Any significant changes to the assignment as outlined in this
Agreement, such as the identity of the Client, Intended User, or
Intended Use, will require the preparation and execution of a
new agreement.
CANCELLATION OF
ASSIGNMENT:
Client may cancel this Agreement at any time prior to the Firm’s
delivery of the appraisal upon written notification to the Firm.
Client shall pay Firm for all work completed on the assignment
prior to Firm’s receipt of such written cancellation notice, unless
otherwise agreed upon by Firm and Client in writing. The Firm
may withdraw without penalty or liability from the assignment(s)
contemplated by the Agreement before completion or reporting if
the Firm determines, after notice to Client and an opportunity to
cure, that incomplete information was provided to the Firm prior
to the engagement, that Client or other parties have not or
cannot provide documentation or information necessary to the
Firm’s analysis or reporting, that conditions of the Property
render the original scope of work inappropriate, that a conflict of
interest has arisen, or that Client has not complied with its
payment obligations under this Agreement. The Firm shall notify
Client of such withdrawal in writing.
NO THIRD-PARTY
BENEFICIARIES:
Nothing in the Agreement shall create a contractual relationship
or any legal duty between Firm or Client and any third party, nor
any cause of action, right, or claim in favor of any third party and
against Firm or Client. In addition, this Agreement is not intended
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 4 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
to, and shall not be construed to, render any person or entity a
third-party beneficiary of this Agreement. Client acknowledges
and agrees that the appraisal report shall reflect the foregoing. In
addition, the appraisal report shall state that no party other than
an Intended User identified in the Agreement is entitled to rely
upon the appraisal.
This Agreement may be rescinded by the Firm unless signed and returned to the undersigned
within 10 days from the date hereof.
If this Agreement correctly sets forth the Client’s understanding of the services to be rendered,
and if the terms are satisfactory, please execute and return the Agreement together with any
required retainer.
Respectfully,
Brian P. Hegarty, MAI
Senior Vice President
Certified General Appraiser
License No. California - AG030406
brian.hegarty@ngkf.com
415-445-5181
415-531-0368
Agreed:
OPPORTUNITY HOUSING GROUP
SIGNATURE:
PRINT NAME:
TITLE:
DATE:
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
Authorized Signatory
Lauren Seaver
06/30/21 | 2:56 PM PDT
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 5 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
Schedule “A”
TERMS AND CONDITIONS
ATTACHED TO AND A PART OF THE AGREEMENT DATED JUNE 23, 2021 TO PROVIDE
APPRAISAL SERVICES FOR OPPORTUNITY HOUSING GROUP
1. These Terms and Conditions are attached to and incorporated into the above referenced Agreement
as though fully set forth in full therein. Capitalized terms if not defined herein shall have the same
meaning as defined in the Agreement.
2. With respect to any appraisal report, use of or reliance on the appraisal by any party, regardless of
whether the use or reliance is authorized or known by the Firm, constitutes acceptance of these Terms
and Conditions as well as acceptance of all other appraisal statemen ts, limiting conditions and
assumptions stated in the Agreement and appraisal report.
3. It is assumed that there are no matters affecting the Property that would require the expertise of other
professionals, such as engineers or an environmental consultant, for Firm to provide the appraisal. If
such additional expertise is required, it shall be provided by other parties retained by Client at Client’s
sole cost and expense.
4. Client acknowledges that the Firm is being retained as an independent contractor to pro vide the
services described herein and nothing in this Agreement shall be deemed to create any other
relationship between Firm and Client, including but not limited to an agency relationship. The parties
neither intend nor have any expectation that any suc h relationship will arise as a matter of law or as a
result of this Agreement. This assignment shall be deemed concluded and the services hereunder
completed upon delivery of the appraisal described herein to Client.
5. All statements of fact contained in the appraisal report as a basis of the appraiser's analyses, opinions,
and conclusions will be true and correct to the best of the appraiser's actual knowledge and belief. The
appraiser is entitled to, and shall rely upon the accuracy of information and mater ial furnished to the
Firm by Client. Appraiser is also entitled to, and shall, rely on information provided by sources upon
which members of the appraisal profession typically rely and that are deemed to be reliable by members
of that profession without independent verification.
6. The Firm and the appraiser shall have no responsibility for legal matters, or questions or issues
involving survey or title, soil or subsoil conditions, engineering, zoning, buildability, environmental
contamination, structural matters, construction defects, material or methodology, or other similar
technical matters with regarding the Property. Furthermore, the appraisal will not constitute a survey of
the Property.
7. The appraisal and the data and information gathered in its preparation (other than the confidential data
and information provided by Client) is and will remain, the property of the Firm. The Firm shall not
violate the confidential nature of the appraiser-client relationship by improperly disclosing any
confidential information furnished by Client to the Firm. Notwithstanding the foregoing, the Firm and the
appraiser are authorized by Client to disclose all or any portion of the appraisal and appraisal report
and the related data and information, including confidential data and information provided by Client, to
appropriate representatives of the Appraisal Institute if such disclosure is required to comply with the
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 6 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
Standards, Bylaws and Regulations of the Appraisal Institute, as well as, such disclosure as required
by law and regulations, including compliance with a subpoena and licensing authority regulatory
inquiries. The Firm is also authorized to include both confidential and non-confidential data assembled
in the course of preparing the appraisal and which may be incorporated into the appraisal report in a
database controlled by the Firm for the aggregation of such data and information to produce analytics
and other metrics or products.
8. Unless specifically noted in the appraisal report, the appraisal will not take into consideration the
possibility or probability of the existence of asbestos, PCB transformers, other toxic, hazardous, or
contaminated substances and/or underground storage tanks (hazardous material) at on or in the
Property, or the cost of encapsulation, removal or remediation thereof.
9. Client shall indemnify, defend (by counsel to be selected by Firm), protect, and hold Firm and Firm’s
appraisers, agents, employees, affiliates, representatives, successors and assigns (each , a “Firm
Party”), free and harmless from any and all claims, liabilities, losses, penalties, fines, forfeitures,
amounts paid in settlement, judgments, and all reasonable attorneys' fees and related litigation costs,
fees and expenses incurred by the any of such indemnitees, which result from (i) if delivery of the
appraisal to a third party is permitted by the Firm, Client providing an incomplete copy of the appraisal
to such third party; or (ii) arising from Client or Client’s agents or representatives providing a copy of
the appraisal to a party not authorized by the Firm to receive such copy.
10. In preparing the appraisal, it is possible that the appraiser will discover conflicting information. In that
event, appraiser will utilize information and data considered to be the most authoritative and for critical
information will document the source. Information and data referred to may include, but is not limited
to, legal descriptions; physical street addresses; assessor parcel numbers; property history; dimensions
and areas of the site/land; dimensions and areas of the building improvements; physical unit counts;
rent rolls; leases; lease abstracts; income and expense data; and any other related data. Any material
discrepancy and/or error in any of the above data could have a substantial impact on the conclusions
reported, and the Firm therefore reserves the right to amend conclusions reported if the Firm is made
aware of any such discrepancy and/or error.
11. Except as provided in the Intended Use section of this Agreement, the appraisal may not be used,
included or referenced, in whole or in part, in any offering or other materials without the prior written
consent of the Firm, which consent may be conditioned upon the receipt by the Firm of an indemnity
agreement, in form and content, satisfactory to Firm and provided by an indemnitor satisfactory to Firm.
Client agrees to pay the fees of the Firm’s legal counsel for review of any materials which is the subject
of the requested consent. Except as agreed by the Firm expressly in writing, the Firm disclaims liability
to any party other than Client.
12. The Firm shall not provide a copy of the appraisal to, or disclose the results of the appraisal to, any
party other than Client or the Intended Users, unless Client authorizes same, except` as provided in
the Confidentiality Section of the ETHICS RULE of the Uniform Standards of Professional Appraisal
Practice (USPAP) or as otherwise required by law or regulations.
13. Client and any other identified Intended User should consider the appraisal as only one factor together
with its own independent considerations and underwriting guidelines in making any decision or
investment or taking any action regarding the Property. Client agrees that Firm shall not be responsible
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 7 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
in any way for any decision of Client or any Intended User related to the Property or for the advice or
services provided by any other advisors or contractors.
14. Unless otherwise stated in this Agreement, Client agrees that the services pursuant to this Agreement
shall not include participation in or preparation for, or attendance at, any legal, judicial, administrative,
or arbitration proceeding relating to this assignment. In the event the Firm or any Firm Party is required,
whether through the service of a subpoena or otherwise, to produce documents or participate in or
prepare for any discovery, testimony or attendance, relating to the appraisal or this assignment, where
the Firm or Firm Party is not a party to the action or proceedings involved, Client agrees to reimburse
expenses incurred by the Firm or Firm Party, including attorney’s fees, in responding to such subpoena
or other legal process and compensate the Firm therefor based upon the appraiser’s prevailing hourly
or daily rate for providing services as an expert consultant or witness.
15. Except as expressly provided herein, Firm makes no representations or warranties to Client or to any
other person or entity with respect to the appraisal and the services to be provided by Firm under this
Agreement. To the maximum extent permitted under applicable law, in no event will the Firm or any
Firm Party be liable to Client or any third party (regardless of whether such party’s claimed use or
reliance on the appraisal was authorized by the Firm or a Firm Party) for any indirect, special,
exemplary, incidental, or consequential damages (including loss of profits) arising from or relating to
this Agreement or the appraisal, even if such party knew or should have known of the possibility of, or
could reasonably have prevented, such damages. In no event shall the total liability of the Firm or any
Firm Party to Client or any third party (regardless of whether such party’s claimed use or reliance on
the appraisal was authorized by the Firm or a Firm Party) arising from or relating to this Agre ement or
the appraisal, whether based on tort, contract, or any other legal theory, exceed the amount of fees
paid to the Firm for the appraisal and the services described herein. Legal claims or causes of action
relating to the appraisal are not assignable, except: (i) as the result of a merger, consolidation, sale or
purchase of a legal entity, (ii) with regard to the collection of a bona fide existing debt for services but
then only to the extent of the total compensation for the appraisal plus reasonable interest, or (iii) in the
case of an appraisal performed in connection with the origination of a mortgage loan, as part of the
transfer or sale of the mortgage before an event of default on the mortgage or note or its legal
equivalent.
16. Federal banking regulations require banks and other lending institutions to engage appraisers where
FIRREA compliant appraisals must be used in connection with mortgage loans or other transactions
involving federally regulated lending institutions. In view of that requirem ent, the appraisal may not be
accepted by a federally regulated financial institution.
17. In the event Client fails to make payments of any fees or sums when due and payable under this
Agreement; then from the date due and payable until paid, the amount due a nd payable shall bear
interest at the maximum rate permitted under the laws of the state in which the Property is located. If
the Firm is required to undertake collection efforts including institution of legal action against Client
relating to the Agreement, the Firm shall be entitled to recover attorney's fees, litigation expenses, and
costs from Client.
18. To the extent permitted under applicable law, any legal action or lawsuit or other proceeding by Client
or any Intended User of the appraisal against Firm or a Firm Party whether based in contract, tort,
warranty, indemnity or otherwise, relating to the appraisal shall be commenced within two (2) years
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 8 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
from the date of delivery of the appraisal to the claimant in such action or proceeding , unless the
applicable law provides for a shorter period, and any such claimant waives the right to a jury in any
such legal action or lawsuit or other proceeding. Notwithstanding the state of domicile or residency of
either party to this Agreement, this Agreement shall be governed and construed under the laws of the
state in which the Property is located, and venue for any action or proceeding arising out of this
Agreement shall be deemed proper only in the court of competent jurisdiction located in the state in
which the Property is located.
19. Throughout the performance of services under this Agreement, the Firm shall maintain at i ts sole cost
and expense the following insurance:
(a) Workers’ Compensation, so as to provide statutory benefits as required by the laws of each state
within the United States in which the Firm’s services are being provided, and Employer’s Liability
insurance with limits of liability of $1,000,000 each accident, $1,000,000 disease each employee
and $1,000,000 disease policy limit covering all employees of the Firm engaged in the performance
of such services.
(b) Fidelity insurance or bond with a limit of $1,000,000 to insure the Firm against loss of its or Client’s
assets caused from the dishonest acts of the Firm’s employees.
(c) Professional Liability insurance with a limit of liability of $1,000,000 each claim and $1,000,000
aggregate, which limits may be provided by a combination of primary and excess policies.
(d) Commercial General Liability insurance providing coverage against damages due to bodily injury
(including death), property damage and personal and advertising injury arising in connection with
the Firm’s services provided under this Agreement, which insurance coverage shall: (i) be
occurrence-based; (ii) provide limits of liability in an amount of $1,000,000 each occurrence and
$1,000,000 aggregate (including excess and/or umbrella limits), (iii) include at least those
coverages generally included in the most current ISO Commercial General Liability insurance policy
form (or its equivalent); and (iv) include Client, and such other persons or entities as Client has
identified in writing, as additional insureds solely with regard to claims arising out of this Agreement.
(e) Commercial automobile liability for owned, hired and non-owned motor vehicles, with a $1,000,000
combined single limit.
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 9 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
Schedule “B”
PROPERTY INFORMATION LIST
ATTACHED TO AND A PART OF THE AGREEMENT DATED JUNE 23, 2021 TO PROVIDE
APPRAISAL SERVICES FOR OPPORTUNITY HOUSING GROUP
The following information is requested to be delivered to the Firm so we can provide the proposed
services and prepare the Appraisal within the agreed upon time frame. Please forward the
physical data such as the site plan, previous engineering reports and/or property reports
describing the physical attributes of the Property and all financial information such as rent roll and
income and expense statements first as these items are the most time sensitive and should be
received immediately to meet the time requirements of this assignment. If, at this time, you are
certain you will not be providing any specific items noted below, please cross out the item and
mark “NA” next to the item so that we will be notified that the information is not available and will
not be forthcoming.
1. Please indicate whether Newmark Knight Frank is sales broker, leasing broker or property
manager for the subject property.
2. Site plan, if available. (Preferably, an AS BUILT PLAN showing an outline of building/s drawn to scale.
Please do not send reductions so original scale may be used for measurement purposes.
3. Building plans, if available.
4. Prior engineering report or physical descriptions from prior appraisals or asset management report, if
available.
5. Leasing brochures and/or other marketing materials, if available.
6. If the Property has been offered for sale within the last two years, a copy of the offering memorandum
or investment book.
7. Past feasibility or market studies and economic impact studies as well as any relevant information
collected from third party sources.
8. Agreements of Sale/Options to Buy (current or during last three years), if any.
9. Income and expense statements for the past three years plus year -to-date income and expense
statements.
10. Operating budget for current and next year, if available.
11. Management contracts.
12. Copy of most recent real estate tax bill. Please advise if there has been a notice or inquiry by either the
County Assessment Board or the School Board regarding the property assessment. Is there any
pending litigation or negotiations with these parties that could result in an assessment increase or
decrease?
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
John N. Stevens
OPPORTUNITY HOUSING GROUP
June 23, 2021
Page 10 of 10
One Bush Street, Suite 1500 | San Francisco, CA 94104
PHONE: 415 -445 -5181 | WEB: www.ngkf.com
13. Title report, Legal Description, or copy of deed. Provide a written statement of five -year history of legal
property owner. Please advise, if there any deed restrictions or encumbrances, easements or cross
easements.
14. Personal property inventory, if available.
15. Occupancy rates for the last three years, if not revealed in the financial statements.
16. Ground leases, if any.
17. Approximate actual construction costs, if built during the past three years.
18. Environmental audits and studies disclosing any wetlands, hazardous wastes or other environmental
conditions such as asbestos or radon.
19. List of any known major repairs and improvements needed.
20. Three-year history of capital improvements.
21. Name of contact person for the on-site physical inspection.
22. Unit mix showing rentable area and asking rent by unit type
23. Scaled apartment unit plans showing layouts and measurements so that rentable area can be
confirmed, if available.
24. Rent roll showing tenant name, apartment number, dates of leases and the type of apartment,
asking/market rents for each apartment, and contractual rent for each apartment unit. (It would be
greatly appreciated if you can provide the rent roll in Excel.)
25. Terms of leases and/rent roll for leased commercial space or roof top rentals. Copies of commercial
leases are desirable. If any commercial leases provide for pass through of operating expenses over a
base year stop, please provide the dollar amount of the base year stop.
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
INVOICE DATE: NOTES:
INVOICE #:
SERVICES THROUGH:
VENDOR ID: new01
JOB CODE: ohgl0014 ohg14new01210630
APPRAISAL FEE 113-020 $10,000.00 $0.00 $10,000.00 0.0%$0.00 $0.00 $0.00
TOTAL $10,000.00 $0.00 $10,000.00 $0.00 $0.00 $0.00
550 Hartz Ave., Suite 200
Danville, CA 94526
TO: Opportunity Housing Group LLC
EXHIBIT C
CONSULTANT PAYMENT APPLICATION
[must be included and filled out with all invoices]
Please submit completed and signed W-9 form along with your first invoice.
Invoices will not be processed without a complete W-9 on file.
Description Cost Code Contract
Amount
FROM: Newmark Knight Frank (NKF)
PROJECT: CASALAGO EASTLAKE - Chula Vista
Amount
CompleteChange Order Adjusted
Contract
Previously
Billed
Currently
due
Percent
Complete
DocuSign Envelope ID: 4FBBEEDC-DD59-4674-BCD4-A02FB37A9338
Addenda
CasaLago Eastlake Apartments
Addendum C
Financials and Property Information
7/21/2021 12:34 PM
Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Total
Revenue
Residential Rent
Rental Income - Residential
Residential Market Rent 1,141,264.81 1,124,032.08 2,208,010.00 6,420.00 1,108,340.00 1,108,340.00 1,108,340.00 1,108,340.00 1,108,340.00 1,108,340.00 1,108,340.00 1,108,340.00 13,346,446.89
Residential Rent -11,361.84 8,457.37 9,748.37 -4,675.80 3,190.95 2,796.93 2,667.59 2,942.57 1,797.75 2,236.67 23,669.03 -3,860.24 37,609.35
Gain Loss to Lease vs Market -106,099.81 -24,175.29 -99,237.10 7,019.10 -44,168.00 -42,171.00 -37,705.00 -35,909.00 -33,864.00 -29,665.00 -25,495.00 -21,828.00 -493,298.10
Total Rental Income - Residential 1,023,803.16 1,108,314.16 2,118,521.27 8,763.30 1,067,362.95 1,068,965.93 1,073,302.59 1,075,373.57 1,076,273.75 1,080,911.67 1,106,514.03 1,082,651.76 12,890,758.14
Other Rental Income - Residential
Residential Concession -5,250.00 4,321.61 -804.52 -5,737.48 -38,990.00 -15,581.13 -13,067.96 -1,442.10 -10,010.54 -5,229.33 -9,731.68 -5,409.00 -106,932.13
Residential Concession - Employee -4,975.68 -3,847.23 -7,696.23 3,994.23 -1,851.00 -1,851.00 -1,851.00 -1,851.00 -1,851.00 -1,851.00 -2,839.26 -2,679.00 -29,149.17
Down Unit Loss 0.00 -5,640.00 -5,590.00 -5,590.00 -5,465.00 -5,465.00 -5,465.00 -5,465.00 -5,465.00 -5,465.00 -5,465.00 -5,465.00 -60,540.00
Vacancy Loss -51,140.00 -75,980.75 -121,311.88 -38,817.70 -96,500.99 -90,505.88 -83,294.67 -73,589.51 -46,503.99 -85,427.14 -115,791.08 -130,489.22 -1,009,352.81
Residential Bad Debt - 3rd Party Management 2,250.00 -1,804.03 -673.85 673.85 730.28 0.00 0.00 0.00 -43,349.36 2,956.55 -18,013.59 2,625.27 -54,604.88
Total Other Rental Income - Residential -59,115.68 -82,950.40 -136,076.48 -45,477.10 -142,076.71 -113,403.01 -103,678.63 -82,347.61 -107,179.89 -95,015.92 -151,840.61 -141,416.95 -1,260,578.99
Total Residential Rent 964,687.48 1,025,363.76 1,982,444.79 -36,713.80 925,286.24 955,562.92 969,623.96 993,025.96 969,093.86 985,895.75 954,673.42 941,234.81 11,630,179.15
Other Income - Residential
Parking Rent 0.00 0.00 0.00 0.00 0.00 0.00 82.26 5,100.00 3,764.80 3,243.50 3,452.54 3,334.84 18,977.94
Storage Rent 807.92 -225.00 625.00 -625.00 0.00 0.00 0.00 0.00 -202.00 0.00 775.00 801.67 1,957.59
Locker Storage 0.00 858.93 775.00 708.06 637.07 700.00 694.36 625.48 928.67 934.75 0.00 0.00 6,862.32
Pet Rent 6,155.77 6,042.15 11,721.95 -104.63 5,536.90 5,302.55 4,895.82 4,965.80 5,104.00 5,824.68 4,973.09 5,166.86 65,584.94
Cable TV Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,471.63 2,471.63
Lease Termination Fees 10,400.00 -2,590.45 20,309.55 319.38 9,160.69 7,840.00 2,500.00 -3,250.00 0.00 11,860.00 3,910.00 5,610.00 66,069.17
Electric Rebill 414.89 -347.13 -122.13 122.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 67.76
Water/Sewer Rebill 13,085.02 -13,932.23 539.46 -539.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -847.21
Other Utility Rebill 13,236.94 -11,473.71 273.80 -273.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,763.23
Conference and Meeting Facility Income 300.00 -600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -300.00
Vending Machines Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 244.00 0.00 244.00
Administrative Fees 3,969.00 -2,065.00 3,280.00 -3,280.00 0.00 0.00 0.00 0.00 -1,904.00 0.00 0.00 0.00 0.00
Tenant Late Fees and Interest 0.00 1,550.00 800.00 5,500.00 3,000.00 4,200.00 3,000.00 5,792.27 2,750.00 3,825.00 4,766.36 5,375.00 40,558.63
NSF Fee Income 0.00 0.00 350.00 125.00 325.00 175.00 300.00 175.00 175.00 125.00 75.00 125.00 1,950.00
Assignment Fees 0.00 636.99 840.00 1,984.00 3,589.00 2,299.00 2,965.00 2,551.00 2,854.00 1,695.00 1,300.00 1,400.00 22,113.99
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2019-Dec 2019
Book = Accrual ; Tree = multires_cf
Page 1 of 6
7/21/2021 12:34 PM
Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2019-Dec 2019
Book = Accrual ; Tree = multires_cf
Miscellaneous Real Estate Income -1,536.00 -3,600.55 4,692.99 -87.16 23,690.24 11,408.85 9,310.31 -4,606.69 -12,573.22 -5,522.85 4,662.58 -22,687.73 3,150.77
Total Other Income - Residential 46,833.54 -25,746.00 44,085.62 3,848.52 45,938.90 31,925.40 23,747.75 11,352.86 897.25 21,985.08 24,158.57 1,597.27 230,624.76
Rental Income - Commercial
Base Rent
Free Base Rent -2,504.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,000.00 0.00 0.00 0.00 -1,504.91
Total Base Rent -2,504.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,000.00 0.00 0.00 0.00 -1,504.91
Prior Year Real Estate Revenue
PY - Base Rent 0.00 0.00 0.00 -1,201.49 -382.05 4,605.00 4,318.73 -1,178.87 711.94 -1,831.49 0.00 0.00 5,041.77
PY - Other Rent 0.00 0.00 0.00 0.00 0.00 9,847.21 0.00 0.00 0.00 26,649.97 2,334.67 924.22 39,756.07
Total Prior Year Real Estate Revenue 0.00 0.00 0.00 -1,201.49 -382.05 14,452.21 4,318.73 -1,178.87 711.94 24,818.48 2,334.67 924.22 44,797.84
Total Rental Income - Commercial -2,504.91 0.00 0.00 -1,201.49 -382.05 14,452.21 4,318.73 -1,178.87 1,711.94 24,818.48 2,334.67 924.22 43,292.93
Recovery Income - Commercial
Recovery - Operating
Operating Cost Recovery 0.00 1,690.11 1,592.50 1,428.98 1,433.93 1,477.98 1,708.65 1,808.71 1,717.35 2,002.00 1,583.83 1,647.66 18,091.70
Water Recovery 0.00 14,833.38 14,135.86 17,865.13 15,216.50 14,947.10 17,926.90 19,784.77 19,122.57 21,530.59 18,159.66 18,170.82 191,693.28
Free Water Recovery 0.00 -98.21 0.00 0.00 0.00 31.34 48.31 74.79 85.38 16.81 0.00 0.00 158.42
Electricity Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -57.83 -100.59 -158.42
Gas Recovery 0.00 -30.98 0.00 0.00 0.00 0.00 21.04 19.39 11.41 8.84 12.64 -42.34 0.00
Janitorial and Waste Recovery 0.00 9,680.80 15,731.85 16,984.02 16,462.71 19,886.64 20,272.29 20,108.52 7,788.65 25,469.40 11,243.80 11,896.38 175,525.06
Total Recovery - Operating 0.00 26,075.10 31,460.21 36,278.13 33,113.14 36,343.06 39,977.19 41,796.18 28,725.36 49,027.64 30,942.10 31,571.93 385,310.04
Total Recovery Income - Commercial 0.00 26,075.10 31,460.21 36,278.13 33,113.14 36,343.06 39,977.19 41,796.18 28,725.36 49,027.64 30,942.10 31,571.93 385,310.04
Total Revenue 1,009,016.11 1,025,692.86 2,057,990.62 2,211.36 1,003,956.23 1,038,283.59 1,037,667.63 1,044,996.13 1,000,428.41 1,081,726.95 1,012,108.76 975,328.23 12,289,406.88
Operating Expenses
Payroll and Benefits
Salaries - Management 31,484.84 -1,169.81 37,622.75 -5,270.90 20,694.98 34,367.85 33,675.15 53,828.83 24,180.82 21,133.12 0.00 0.00 250,547.63
Salaries - Management - 3rd Party 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18,711.79 18,724.94 37,436.73
Salaries - Maintenance 18,727.94 3,890.98 32,455.78 -1,351.66 15,105.35 22,092.49 22,599.39 34,588.81 15,362.17 15,196.02 0.00 0.00 178,667.27
Page 2 of 6
7/21/2021 12:34 PM
Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2019-Dec 2019
Book = Accrual ; Tree = multires_cf
Salaries - Maintenance - 3rd Party 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21,172.27 21,947.32 43,119.59
Staff Benefits 15,183.94 -3,793.71 11,943.68 -11,943.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,390.23
Salaries - Bonuses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,678.50 12,413.82 27,092.32
Total Payroll and Benefits 65,396.72 -1,072.54 82,022.21 -18,566.24 35,800.33 56,460.34 56,274.54 88,417.64 39,542.99 36,329.14 54,562.56 53,086.08 548,253.77
Repairs and Maintenance
Janitorial Services 0.00 0.00 3,465.00 3,165.00 6,375.00 3,840.00 5,595.00 3,475.00 2,870.00 4,815.00 5,375.00 5,260.00 44,235.00
Janitorial Supplies 1,462.98 -1,237.78 217.22 2,694.34 -25.07 177.64 1,897.59 0.00 2,817.26 1,804.60 989.05 0.00 10,797.83
Window Covering Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 250.00 -250.00 0.00
Interior Plant Maintenance 283.00 -283.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Pest Control Contract 1,516.78 -850.00 1,100.00 550.00 550.00 550.00 1,021.63 550.00 887.01 604.52 550.00 990.00 8,019.94
Waste Removal 15,246.24 -2,133.00 11,075.00 34,727.43 11,720.62 11,899.64 14,438.60 11,715.98 11,569.95 13,313.31 10,434.01 11,174.75 155,182.53
Landscaping Contract 9,834.12 -350.00 22,650.00 5,512.50 7,350.00 7,350.00 7,469.81 8,710.00 8,210.00 8,460.00 8,460.00 8,460.00 102,116.43
Landscaping Planting 0.00 0.00 0.00 876.00 578.00 298.00 298.00 298.00 449.98 146.02 0.00 0.00 2,944.00
Landscaping and Grounds Maintenance 600.00 1,388.18 7,587.17 6,986.65 16,417.19 3,320.00 125.00 9,954.93 42,007.89 24,014.84 1,395.70 6,907.50 120,705.05
Irrigation System 50.00 -50.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 440.00 200.00 640.00
Garage and Parking Contract 0.00 0.00 0.00 610.08 0.00 3,183.33 2,223.84 -169.73 202.50 659.02 0.00 0.00 6,709.04
Garage and Parking Repairs 180.00 -700.00 0.00 0.00 0.00 0.00 0.00 0.00 225.00 0.00 1,159.93 1,132.50 1,997.43
Alarms Monitoring 32.45 0.00 3,000.01 3,316.20 3,232.81 2,970.28 3,337.80 3,100.00 4,299.13 2,942.34 1,470.30 1,220.30 28,921.62
Access Control System Contract -520.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -520.00
Fire and Life Safety Service Contract 4,882.00 5,999.00 12,831.00 -6,855.20 5,286.86 0.00 139.70 0.00 7,488.26 1,681.00 0.00 0.00 31,452.62
Fire and Life Safety Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 133.76 1,207.50 1,341.26
Sprinklers Repairs 0.00 0.00 0.00 0.00 0.00 0.00 2,807.00 0.00 970.00 0.00 0.00 0.00 3,777.00
HVAC Water Treatment Contract 0.00 0.00 0.00 0.00 6,713.28 1,342.65 1,342.65 1,342.65 1,342.65 1,342.65 0.00 0.00 13,426.53
HVAC Equipment Repairs -1,324.12 -191.34 8.66 1,609.11 2,325.50 1,736.32 1,690.44 -1,012.53 7,710.28 3,848.46 2,947.16 4,722.86 24,070.80
Electrical Repairs 1,600.43 -281.18 2,131.15 949.01 -291.16 2,024.56 2,992.18 -7.59 1,774.24 1,299.40 2,124.67 670.74 14,986.45
Lamps and Ballasts 145.71 115.76 715.76 -715.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 261.47
Plumbing Repairs 4,250.84 -644.42 505.58 -505.58 2,301.36 0.00 3,886.77 -141.74 3,837.80 6,126.29 1,314.96 911.05 21,842.91
Plumbing Fixtures and Supplies 0.00 0.00 129.04 2,036.82 739.77 592.61 0.00 0.00 0.00 -3,498.24 0.00 0.00 0.00
Uniforms 0.00 0.00 0.00 222.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 222.50
Roof Repairs 237.62 -100.00 2,015.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,153.18
Exterior Repairs and Maintenance -3,167.10 824.95 1,304.95 1,035.05 -2,808.39 1,457.70 55.52 1,005.83 849.94 0.00 0.00 4,162.34 4,720.79
Exterior Window Repairs and Maintenance -351.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -351.86
Doors - Common Area 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 233.22 109.90 343.12
Signage 8,650.00 -8,580.00 360.00 -360.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 70.00
Interior Repairs and Maintenance 7,299.00 -6,322.60 7,692.77 10,878.22 15,158.99 8,126.06 22,301.22 8,879.90 13,833.37 11,328.37 126,556.61 501,087.08 726,818.99
Floor Repairs and Maintenance -258.00 -284.00 160.00 -160.00 0.00 0.00 0.00 0.00 393.00 0.00 0.00 0.00 -149.00
Page 3 of 6
7/21/2021 12:34 PM
Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2019-Dec 2019
Book = Accrual ; Tree = multires_cf
Painting - Common Area -60.00 0.00 6,366.00 14,770.03 12,346.27 6,884.93 9,746.07 11,032.93 4,901.76 7,128.31 11,960.00 11,504.20 96,580.50
Vehicle Maintenance 1,167.80 -250.40 -0.40 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,907.11 2,824.51
Building Equipment Rental 619.63 -629.00 0.00 9.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Building Equipment Repairs 954.22 18.99 1,018.99 102.24 185.95 0.00 4,295.70 560.72 778.64 674.17 0.00 0.00 8,589.62
Building Equipment Purchases 3,516.09 -1,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,416.09
Building Supplies and Small Tools 0.00 0.00 93.12 3,173.27 4,745.58 4,452.00 14,141.93 623.20 4,181.26 5,215.93 1,360.33 571.65 38,558.27
Conference Centre Repairs and Maintenance 130.00 -130.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Swimming Pool 3,533.97 603.25 3,869.01 2,274.09 3,144.74 3,126.23 949.00 8,298.89 5,595.22 1,460.22 6,646.84 -4,727.95 34,773.51
Appliance Services and Repairs 0.00 1,140.90 1,140.90 -1,140.90 0.00 0.00 0.00 0.00 0.00 0.00 7,518.87 5,719.61 14,379.38
Fitness Centre - Supplies -550.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -550.00
General Repairs Non Recoverable 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23,685.00 23,685.00 47,370.00
Total Repairs and Maintenance 59,961.80 -14,025.69 89,436.49 85,760.87 96,047.30 63,331.95 100,755.45 68,216.44 127,195.14 93,366.21 215,005.41 586,626.14 1,571,677.51
Advertising and Marketing
Advertising Other 9,111.20 -4,432.47 5,846.53 -5,837.53 0.00 0.00 2,941.88 -2,909.25 93.79 0.00 6,379.16 19,274.79 30,468.10
Marketing Services 0.00 595.36 6,692.51 6,420.15 6,932.82 6,210.04 3,295.29 9,848.30 5,938.63 4,070.52 0.00 0.00 50,003.62
Prospect Refreshments 0.00 765.09 756.39 -80.24 1,230.02 4,625.94 52.14 929.51 1,393.02 2,504.76 0.00 0.00 12,176.63
Locator Fees 15.87 1,200.00 1,200.00 -1,200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,215.87
Total Advertising and Marketing 9,127.07 -1,872.02 14,495.43 -697.62 8,162.84 10,835.98 6,289.31 7,868.56 7,425.44 6,575.28 6,379.16 19,274.79 93,864.22
General and Administrative
Security Guard Services 1,694.90 -135.00 1,500.00 -1,500.00 0.00 0.00 0.00 0.00 0.00 0.00 1,470.00 1,530.00 4,559.90
License Fees and Permits 5,680.55 -5,130.92 77.08 392.05 532.80 50.00 -50.00 40.00 0.00 0.00 0.00 0.00 1,591.56
Management Office Cost 16,654.03 -4,842.61 5,412.93 -5,412.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,811.42
IT Costs 0.00 377.42 11,849.90 6,985.58 7,026.08 5,145.35 5,145.35 5,163.11 7,266.59 5,999.35 5,145.35 3,139.24 63,243.32
Dues and Subscriptions 0.00 0.00 186.43 186.43 186.43 186.43 186.43 186.43 186.43 186.43 186.43 186.43 1,864.30
Postage and Courier Expenses 0.00 19.29 622.62 341.44 518.72 322.50 617.64 272.41 475.70 109.12 637.64 467.87 4,404.95
Office Supplies 48.32 -26.87 2,598.01 2,888.50 1,369.79 1,367.31 -8,265.28 277.58 27.86 821.39 1,461.50 924.56 3,492.67
Travel and Transportation 0.00 56.35 54.28 20.00 0.00 97.55 17.49 30.00 125.28 60.40 224.44 45.88 731.67
Professional Fees 2,565.00 -2,160.00 378.00 5,441.68 3,947.84 5,465.34 7,567.26 2,446.04 3,945.95 2,702.16 0.00 0.00 32,299.27
Tax Consultant Fees 0.00 0.00 0.00 0.00 -111.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -111.90
Management Fees 19,984.92 -2,684.60 37,788.90 1,451.46 19,286.07 18,896.85 20,328.02 20,191.63 20,404.35 20,415.40 0.00 0.00 176,063.00
Cable and Internet 324.02 287.32 951.17 98.81 771.83 858.43 701.88 706.58 714.85 798.84 1,016.66 863.13 8,093.52
Telephone - Office/PM 3,093.37 -346.35 2,437.95 -1,802.50 619.10 477.46 920.39 781.49 745.19 590.13 2,433.51 2,415.71 12,365.45
Bank Charges and Interest 0.00 404.25 695.80 -95.95 279.30 139.75 42.55 26.15 162.20 178.45 131.15 393.20 2,356.85
Landlord Expense 8,881.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 886,895.70 895,777.37
Incentives 0.00 335.33 1,893.54 830.41 1,716.73 1,574.05 92.40 592.68 906.97 1,159.65 0.00 0.00 9,101.76
Page 4 of 6
7/21/2021 12:34 PM
Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2019-Dec 2019
Book = Accrual ; Tree = multires_cf
Professional Fees 2,000.00 -2,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Resident Screening 1,758.84 -1,613.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 145.00
Legal Fess - Leasing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,618.00 3,926.50 5,544.50
Legal Fees - Litigation 0.00 -765.00 2,095.00 1,005.00 610.00 445.00 3,350.00 1,250.00 113.73 3,371.00 0.00 0.00 11,474.73
Total General and Administrative 62,685.62 -18,225.23 68,541.61 10,829.98 36,752.79 35,026.02 30,654.13 31,964.10 35,075.10 36,392.32 14,324.68 900,788.22 1,244,809.34
Residential Make-Ready
Carpet Cleaning 0.00 0.00 520.00 415.00 455.00 0.00 5,780.00 3,655.00 940.00 1,535.00 1,665.00 4,060.00 19,025.00
Cleaning Housekeeping Services 6,285.00 -2,510.00 3,775.00 -3,775.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,775.00
Painting Contractors 10,405.00 -4,751.58 5,653.42 -5,653.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,653.42
Other Make-Ready Costs 667.00 12,942.25 13,609.25 -13,609.25 0.00 0.00 0.00 0.00 0.00 0.00 822.49 1,379.67 15,811.41
Total Residential Make-Ready 17,357.00 5,680.67 23,557.67 -22,622.67 455.00 0.00 5,780.00 3,655.00 940.00 1,535.00 2,487.49 5,439.67 44,264.83
Utilities
Electricity - Common 7,566.04 -565.96 7,617.88 -2,440.83 11,289.54 10,241.29 7,607.06 9,241.34 8,569.41 4,992.22 7,070.62 6,238.18 77,426.79
Gas - Common 5,955.29 2,645.55 7,645.55 -2,366.25 2,186.25 3,087.55 1,534.30 956.71 534.36 2,094.06 997.71 1,805.20 27,076.28
Water and Sewer - Common 24,329.58 3,209.92 68,605.55 16,707.96 31,793.24 -6,539.19 28,281.86 28,631.74 30,683.37 24,966.52 25,199.67 60,637.07 336,507.29
Electricity - N/R 1,025.16 -191.17 528.83 -248.16 908.21 1,532.32 1,159.02 1,249.12 814.51 1,474.70 0.00 0.00 8,252.54
Fuel - N/R 330.74 -42.78 192.22 -111.59 170.53 437.26 224.33 213.07 97.44 160.04 0.00 0.00 1,671.26
Total Utilities 39,206.81 5,055.56 84,590.03 11,541.13 46,347.77 8,759.23 38,806.57 40,291.98 40,699.09 33,687.54 33,268.00 68,680.45 450,934.16
Property Management Fees
Property Management Fees - 3rd Party Management 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19,662.45 17,308.57 36,971.02
Total Property Management Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19,662.45 17,308.57 36,971.02
Insurance
Insurance Premiums 14,363.00 -305.00 15,250.00 -15,250.00 0.00 0.00 93,635.00 19,030.50 16,548.00 16,507.51 16,540.64 16,540.64 192,860.29
Total Insurance 14,363.00 -305.00 15,250.00 -15,250.00 0.00 0.00 93,635.00 19,030.50 16,548.00 16,507.51 16,540.64 16,540.64 192,860.29
Real Estate Taxes
Property Tax 160,342.73 -234.31 310,038.11 46,869.50 166,736.42 166,736.42 175,105.56 166,736.42 166,736.42 176,232.69 145,675.73 145,675.73 1,826,651.42
Total Real Estate Taxes 160,342.73 -234.31 310,038.11 46,869.50 166,736.42 166,736.42 175,105.56 166,736.42 166,736.42 176,232.69 145,675.73 145,675.73 1,826,651.42
Total Operating Expenses 428,440.75 -24,998.56 687,931.55 97,864.95 390,302.45 341,149.94 507,300.56 426,180.64 434,162.18 400,625.69 507,906.12 1,813,420.29 6,010,286.56
Net Operating Income - NOI 580,575.36 1,050,691.42 1,370,059.07 -95,653.59 613,653.78 697,133.65 530,367.07 618,815.49 566,266.23 681,101.26 504,202.64 -838,092.06 6,279,120.32
Page 5 of 6
7/21/2021 12:34 PM
Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2019-Dec 2019
Book = Accrual ; Tree = multires_cf
Non Recoverable Expenses
Bad Debt
Bad Debts - Actual -545.05 -3,218.60 11,177.96 3,889.52 -84.66 -536.07 642.17 11,716.03 -11,950.14 0.00 0.00 0.00 11,091.16
Total Bad Debt -545.05 -3,218.60 11,177.96 3,889.52 -84.66 -536.07 642.17 11,716.03 -11,950.14 0.00 0.00 0.00 11,091.16
Leasing Expenses
Leasing Expense 0.00 5,677.52 10,290.94 9,023.27 10,446.90 0.00 0.00 0.00 8,507.47 11,656.92 0.00 0.00 55,603.02
Credit Checks 0.00 718.25 718.25 -718.25 0.00 0.00 0.00 0.00 0.00 0.00 506.00 1,510.60 2,734.85
Total Leasing Expenses 0.00 6,395.77 11,009.19 8,305.02 10,446.90 0.00 0.00 0.00 8,507.47 11,656.92 506.00 1,510.60 58,337.87
Total Non Recoverable Expenses -545.05 3,177.17 22,187.15 12,194.54 10,362.24 -536.07 642.17 11,716.03 -3,442.67 11,656.92 506.00 1,510.60 69,429.03
Net Income 581,120.41 1,047,514.25 1,347,871.92 -107,848.13 603,291.54 697,669.72 529,724.90 607,099.46 569,708.90 669,444.34 503,696.64 -839,602.66 6,209,691.29
ADJUSTMENTS
Capital Expenditures
Building Additions and Major Repairs 15,849.00 -17,223.45 -10,298.10 10,298.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,374.45
Total Capital Expenditures 15,849.00 -17,223.45 -10,298.10 10,298.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,374.45
TOTAL ADJUSTMENTS -15,849.00 17,223.45 10,298.10 -10,298.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,374.45
CASH FLOW 565,271.41 1,064,737.70 1,358,170.02 -118,146.23 603,291.54 697,669.72 529,724.90 607,099.46 569,708.90 669,444.34 503,696.64 -839,602.66 6,211,065.74
Page 6 of 6
7/21/2021 12:34 PM
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Total
Revenue
Residential Rent
Rental Income - Residential
Residential Market Rent 1,108,340.00 1,122,766.00 1,122,766.00 1,122,766.00 1,122,766.00 1,122,916.00 1,137,342.00 1,138,407.35 1,137,342.00 1,135,044.34 1,146,618.40 1,143,076.00 13,560,150.09
Gain Loss to Lease vs Market -26,540.00 -39,177.00 -37,488.00 -37,957.00 -37,479.00 -38,474.00 -51,506.00 -45,538.00 -41,069.00 -35,523.00 -29,222.00 -24,567.00 -444,540.00
Total Rental Income - Residential 1,081,800.00 1,083,589.00 1,085,278.00 1,084,809.00 1,085,287.00 1,084,442.00 1,085,836.00 1,092,869.35 1,096,273.00 1,099,521.34 1,117,396.40 1,118,509.00 13,115,610.09
Other Rental Income - Residential
Residential Concession -36,330.25 -32,809.50 -9,457.69 -300.73 -4,905.24 0.00 0.00 -259.50 0.00 0.00 0.00 0.00 -84,062.91
Residential Concession - Employee -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -32,148.00
Down Unit Loss -5,465.00 -5,533.00 -5,533.00 -5,533.00 -5,533.00 -5,533.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -66,736.00
Vacancy Loss -115,362.25 -96,018.71 -72,576.24 -68,185.27 -81,051.82 -77,965.32 -49,144.63 -27,231.71 -50,983.87 -34,709.66 -35,085.96 -42,852.83 -751,168.27
Residential Bad Debt - 3rd Party Management -10,222.80 1,178.41 3,430.81 -1,627.34 -64,169.63 -7,525.34 -62,046.35 -52,982.66 1,407.28 -10,767.19 -15,652.38 -76,970.06 -295,947.25
Total Other Rental Income - Residential -170,059.30 -135,861.80 -86,815.12 -78,325.34 -158,338.69 -93,702.66 -119,470.98 -88,753.87 -57,856.59 -53,756.85 -59,018.34 -128,102.89 -1,230,062.43
Total Residential Rent 911,740.70 947,727.20 998,462.88 1,006,483.66 926,948.31 990,739.34 966,365.02 1,004,115.48 1,038,416.41 1,045,764.49 1,058,378.06 990,406.11 11,885,547.66
Other Income - Residential
Short Term Fees -19,620.29 16,647.08 29,702.70 -6,778.87 -47,413.11 -2,252.14 694.85 967.74 1,000.00 1,000.00 1,000.00 1,000.00 -24,052.04
Parking Rent 2,897.27 3,198.16 6,105.85 4,980.86 4,989.02 5,952.48 5,170.05 5,253.81 4,922.05 5,030.96 5,442.90 4,888.55 58,831.96
Storage Rent 855.00 855.00 815.00 855.00 873.39 742.42 750.33 690.49 700.00 612.18 610.00 572.10 8,930.91
Pet Rent 5,015.48 4,912.59 4,963.50 4,791.47 4,475.95 4,875.74 4,242.18 4,170.13 4,112.21 3,824.87 3,741.28 3,878.39 53,003.79
Cable TV Income 1,090.46 0.00 3,300.10 1,093.29 1,019.06 2,316.64 1,052.23 1,029.23 1,332.79 951.00 1,865.24 2,408.95 17,458.99
Lease Termination Fees 14,490.00 6,190.00 -3,970.00 255.00 33,871.28 -19,255.00 4,052.06 0.00 13,290.00 13,991.00 610.20 15,236.00 78,760.54
Application Fees 2,700.00 3,150.00 2,050.00 1,200.00 1,550.00 3,950.00 2,300.00 1,450.00 2,550.00 1,851.00 475.00 914.00 24,140.00
Damages Fees -18,090.66 11,516.15 6,811.89 4,060.03 -4,472.14 2,052.34 9,160.10 3,307.46 5,385.84 11,157.98 328.76 5,628.67 36,846.42
Conference and Meeting Facility Income 0.00 0.00 1,050.00 0.00 -300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 750.00
Vending Machines Income 0.00 0.00 192.30 0.00 0.00 0.00 0.00 0.00 0.00 225.15 0.00 241.40 658.85
Tenant Late Fees and Interest 4,941.94 5,175.00 5,000.00 -1,350.00 -582.67 0.00 -150.00 0.00 0.00 -300.00 -300.00 1,400.00 13,834.27
NSF Fee Income 175.00 100.00 50.00 275.00 75.00 75.00 25.00 150.00 125.00 100.00 100.00 75.00 1,325.00
Miscellaneous Real Estate Income 75.00 1,175.00 75.00 50.00 -64.16 0.00 600.00 1,100.00 300.00 1,150.00 900.00 600.00 5,960.84
Total Other Income - Residential -5,470.80 52,918.98 56,146.34 9,431.78 -5,978.38 -1,542.52 27,896.80 18,118.86 33,717.89 39,594.14 14,773.38 36,843.06 276,449.53
Rental Income - Commercial
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2020-Dec 2020
Book = Accrual ; Tree = multires_cf
Page 1 of 5
7/21/2021 12:34 PM
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2020-Dec 2020
Book = Accrual ; Tree = multires_cf
Prior Year Real Estate Revenue
PY - Other Rent 3,478.52 10,293.76 9,448.16 3,952.12 297.12 7,637.86 10,665.44 10,532.24 6,371.49 15,860.70 -3,013.43 3,686.17 79,210.15
Total Prior Year Real Estate Revenue 3,478.52 10,293.76 9,448.16 3,952.12 297.12 7,637.86 10,665.44 10,532.24 6,371.49 15,860.70 -3,013.43 3,686.17 79,210.15
Total Rental Income - Commercial 3,478.52 10,293.76 9,448.16 3,952.12 297.12 7,637.86 10,665.44 10,532.24 6,371.49 15,860.70 -3,013.43 3,686.17 79,210.15
Recovery Income - Commercial
Recovery - Operating
Operating Cost Recovery 1,485.46 1,674.27 1,645.44 1,710.93 1,679.27 1,603.98 1,753.49 1,973.76 2,211.58 2,132.44 2,168.03 2,052.00 22,090.65
Water Recovery 17,141.16 14,790.84 16,193.19 20,064.45 16,006.46 18,540.19 19,929.55 20,260.70 24,362.77 26,611.18 23,972.38 27,924.07 245,796.94
Electricity Recovery 0.00 78.16 0.00 172.27 74.01 93.23 -417.67 0.00 0.00 0.00 0.00 0.00 0.00
Gas Recovery 0.00 65.26 0.00 50.93 9.34 -14.30 -111.23 0.00 0.00 0.00 0.00 0.00 0.00
Janitorial and Waste Recovery 11,800.72 12,385.90 12,466.19 12,399.38 12,143.79 12,292.60 12,108.28 13,998.41 12,001.84 13,076.00 12,307.65 13,474.01 150,454.77
Total Recovery - Operating 30,427.34 28,994.43 30,304.82 34,397.96 29,912.87 32,515.70 33,262.42 36,232.87 38,576.19 41,819.62 38,448.06 43,450.08 418,342.36
Total Recovery Income - Commercial 30,427.34 28,994.43 30,304.82 34,397.96 29,912.87 32,515.70 33,262.42 36,232.87 38,576.19 41,819.62 38,448.06 43,450.08 418,342.36
Total Revenue 940,175.76 1,039,934.37 1,094,362.20 1,054,265.52 951,179.92 1,029,350.38 1,038,189.68 1,068,999.45 1,117,081.98 1,143,038.95 1,108,586.07 1,074,385.42 12,659,549.70
Operating Expenses
Payroll and Benefits
Salaries - Management 32,518.35 21,527.26 22,548.23 20,367.19 19,711.99 17,324.23 25,536.07 23,469.71 19,528.17 17,129.62 22,313.16 33,227.79 275,201.77
Salaries - Maintenance 20,546.68 15,814.71 15,508.12 16,436.46 14,887.24 16,049.44 24,740.24 16,648.70 15,393.45 14,639.28 15,836.75 28,508.34 215,009.41
Staff Benefits 23,940.54 16,345.14 15,217.43 14,155.62 12,610.89 12,537.11 18,879.27 13,480.68 14,241.73 14,484.96 14,959.82 21,303.85 192,157.04
Salaries - Accounting & Administration 1,037.91 690.00 704.17 671.61 636.21 634.85 954.10 636.91 634.86 892.07 897.66 1,365.83 9,756.18
Salaries - Bonuses 2,026.63 966.05 1,102.13 885.65 996.26 915.80 1,056.43 1,275.40 972.33 924.80 1,175.55 1,098.44 13,395.47
Total Payroll and Benefits 80,070.11 55,343.16 55,080.08 52,516.53 48,842.59 47,461.43 71,166.11 55,511.40 50,770.54 48,070.73 55,182.94 85,504.25 705,519.87
Repairs and Maintenance
Janitorial Services 2,295.00 3,340.00 1,895.00 1,635.00 1,395.00 4,050.00 2,150.00 1,795.00 1,487.50 4,365.00 6,715.00 2,235.00 33,357.50
Janitorial Supplies 3,043.03 903.92 699.86 1,163.24 1,072.24 575.35 918.73 906.68 813.03 3,128.56 1,360.64 839.51 15,424.79
Pest Control Contract 1,625.00 1,150.00 675.00 960.61 825.00 621.50 1,239.24 675.00 2,147.44 210.31 536.39 650.77 11,316.26
Waste Removal 11,550.56 13,042.57 10,635.01 2,615.33 19,927.32 4,546.98 11,468.01 13,786.98 11,499.12 13,732.02 11,567.82 13,727.44 138,099.16
Landscaping Contract 8,460.00 8,460.00 13,710.00 11,085.00 11,085.00 8,330.00 8,330.00 8,330.00 11,085.00 9,818.35 9,818.35 9,818.35 118,330.05
Page 2 of 5
7/21/2021 12:34 PM
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2020-Dec 2020
Book = Accrual ; Tree = multires_cf
Landscaping and Grounds Maintenance 1,031.00 1,038.00 12,433.00 638.00 3,938.00 638.00 1,083.47 2,757.53 718.00 943.00 1,038.00 2,133.00 28,389.00
Irrigation System 0.00 0.00 850.00 0.00 0.00 0.00 0.00 0.00 1,485.00 1,658.00 0.00 425.00 4,418.00
Garage and Parking Repairs 1,419.50 0.00 271.19 124.95 624.13 782.51 704.43 457.39 1,146.10 2,235.99 1,593.34 2,671.98 12,031.51
Alarms Monitoring 1,050.89 1,050.88 1,050.88 132.80 132.80 7,844.55 1,470.28 1,470.31 1,470.31 2,610.34 2,743.14 3,351.54 24,378.72
Fire and Life Safety Repairs 945.00 0.00 0.00 0.00 5,440.09 -3,246.65 6,521.87 3,619.55 1,753.08 5,434.41 9,517.56 1,590.02 31,574.93
HVAC Equipment Repairs 1,440.98 89.28 672.79 11,781.15 -830.36 1,552.79 4,215.00 672.35 2,445.58 11,238.12 2,342.11 807.91 36,427.70
Electrical Repairs 4,138.09 367.43 2,028.16 622.86 3,782.62 -938.58 2,512.20 421.77 1,370.10 1,147.36 1,095.53 2,451.41 18,998.95
Plumbing Repairs 3,677.79 481.53 -167.28 149.29 329.34 -408.20 1,646.08 750.65 842.32 1,411.53 0.00 0.00 8,713.05
Plumbing Fixtures and Supplies 0.00 1,111.65 711.85 921.12 -93.67 1,764.35 748.35 491.92 63.63 1,562.65 1,394.32 273.96 8,950.13
Uniforms 0.00 0.00 925.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 597.27 1,522.73
Exterior Repairs and Maintenance 190.00 257.58 1,509.03 1,112.93 190.00 0.00 213.04 227.43 1,597.34 468.88 121.76 2,467.05 8,355.04
Doors - Common Area 543.25 223.94 70.28 109.90 117.13 109.90 264.65 109.90 54.95 294.61 319.22 153.39 2,371.12
Interior Repairs and Maintenance 631.25 1,980.76 150.00 83.93 152.62 5,379.14 1,295.12 2,005.03 10.00 1,245.00 1,121.54 1,925.00 15,979.39
Painting - Common Area 7,952.89 4,321.25 3,750.75 4,061.07 6,406.82 10,258.60 6,417.41 5,912.92 4,914.37 10,778.16 11,312.27 7,709.02 83,795.53
Vehicle Maintenance 70.16 2,156.85 0.00 0.00 0.00 389.48 0.00 0.00 0.00 0.00 0.00 1,351.83 3,968.32
Building Supplies and Small Tools 354.01 576.47 1,173.85 1,352.08 641.96 1,400.31 967.13 1,346.39 379.73 538.74 761.28 548.51 10,040.46
Swimming Pool 3,015.16 1,200.00 4,909.44 1,984.80 2,236.18 0.00 4,762.59 2,236.00 5,940.04 3,968.92 9,234.63 2,024.51 41,512.27
Appliance Services and Repairs 4,228.11 1,556.17 664.49 3,399.89 -116.67 687.39 2,903.62 3,947.50 1,688.07 2,301.98 2,409.79 2,181.75 25,852.09
General Repairs Non Recoverable 23,434.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23,434.77
Total Repairs and Maintenance 81,096.44 43,308.28 58,618.76 43,933.95 57,255.55 44,337.42 59,831.22 51,920.30 52,910.71 79,091.93 75,002.69 59,934.22 707,241.47
Advertising and Marketing
Advertising Other 135.84 201.63 800.26 1,114.63 880.48 799.63 1,299.63 799.63 799.63 799.63 944.63 2,824.63 11,400.25
Internet Listing Services (ILS)3,232.95 3,476.52 3,257.00 3,197.00 4,209.85 3,361.95 4,443.97 3,939.95 2,568.93 4,876.95 3,281.95 4,009.95 43,856.97
Advertising - Property Website 0.00 0.00 0.00 0.00 491.34 0.00 20.01 0.00 0.00 0.00 0.00 13,000.00 13,511.35
Marketing & Promotions 1,337.90 15.73 3,824.22 330.74 -116.53 -1,907.53 308.13 987.00 99.81 198.12 1,543.91 0.00 6,621.50
Residents Events 716.85 465.47 363.38 625.00 870.89 625.00 0.00 0.00 0.00 0.00 0.00 338.21 4,004.80
Residents Referral Fees 2,250.00 750.00 750.00 1,500.00 750.00 750.00 1,500.00 750.00 750.00 0.00 1,500.00 0.00 11,250.00
Prospect Refreshments 295.96 625.45 762.05 -4.07 197.66 0.00 265.30 114.13 0.00 68.15 128.77 83.01 2,536.41
Total Advertising and Marketing 7,969.50 5,534.80 9,756.91 6,763.30 7,283.69 3,629.05 7,837.04 6,590.71 4,218.37 5,942.85 7,399.26 20,255.80 93,181.28
General and Administrative
Security Guard Services 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 18,000.00
License Fees and Permits 28.75 1,164.88 0.00 28.75 8,792.44 425.92 425.90 425.90 425.90 425.90 425.90 454.65 13,024.89
IT Costs 7,601.71 5,295.70 5,633.60 5,508.30 5,671.86 5,142.56 8,604.05 5,828.55 5,828.55 5,828.55 5,828.55 5,828.55 72,600.53
Dues and Subscriptions 192.02 192.02 192.02 192.02 192.02 192.02 366.88 192.02 192.02 0.00 384.04 192.02 2,479.10
Postage and Courier Expenses 292.30 290.46 473.69 282.17 575.29 180.54 164.52 331.14 149.45 1,003.48 149.45 270.82 4,163.31
Page 3 of 5
7/21/2021 12:34 PM
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2020-Dec 2020
Book = Accrual ; Tree = multires_cf
Office Supplies 1,638.44 1,347.80 1,089.18 763.32 1,721.22 1,059.05 1,546.98 854.18 513.00 1,359.79 740.65 3,812.40 16,446.01
Travel and Transportation 0.00 0.00 33.11 13.86 19.95 0.00 0.00 96.25 125.94 0.00 595.24 281.86 1,166.21
Association Dues 0.00 1,921.50 0.00 0.00 0.00 1,274.91 0.00 0.00 0.00 0.00 0.00 0.00 3,196.41
Cable and Internet 688.72 646.27 986.71 495.82 495.82 655.81 654.91 659.15 660.06 722.57 1,212.30 504.06 8,382.20
Telephone - Office/PM 3,465.39 3,538.95 2,782.23 2,804.19 3,548.55 3,626.42 3,859.18 3,696.93 3,656.80 3,812.05 3,612.04 3,752.70 42,155.43
Bank Charges and Interest -239.95 162.20 118.15 1,932.13 -1,336.56 308.53 546.13 529.32 519.27 482.47 606.70 518.32 4,146.71
Resident Screening 717.40 882.00 3,709.46 -818.00 779.57 672.00 2,269.39 1,372.67 1,170.91 1,075.45 738.41 309.17 12,878.43
Legal Fess - Leasing 2,492.00 1,305.00 0.00 675.00 -291.00 605.00 1,465.00 1,005.00 1,977.50 -1,030.00 1,621.50 0.00 9,825.00
Total General and Administrative 18,376.78 18,246.78 16,518.15 13,377.56 21,669.16 15,642.76 21,402.94 16,491.11 16,719.40 15,180.26 17,414.78 17,424.55 208,464.23
Residential Make-Ready
Carpet Cleaning 1,315.00 1,360.00 955.00 1,015.00 725.00 1,770.00 2,195.00 1,165.00 1,165.00 1,800.00 1,567.50 1,740.00 16,772.50
Other Make-Ready Costs 400.00 0.00 400.00 120.00 0.00 240.00 490.00 400.00 400.00 400.00 400.00 0.00 3,250.00
Total Residential Make-Ready 1,715.00 1,360.00 1,355.00 1,135.00 725.00 2,010.00 2,685.00 1,565.00 1,565.00 2,200.00 1,967.50 1,740.00 20,022.50
Utilities
Electricity - Common 3,381.36 2,968.94 3,910.06 6,099.93 4,003.95 3,645.69 3,816.47 2,893.80 3,040.60 3,867.89 5,012.77 3,910.26 46,551.72
Electricity - Vacant Units 1,964.23 1,303.53 291.71 1,758.65 1,357.02 1,867.19 1,235.66 1,210.12 999.21 1,017.31 -454.33 562.83 13,113.13
Gas - Common 8,374.04 6,810.15 1,157.06 7,951.76 68.65 36.32 222.41 112.35 41.21 299.63 1,133.33 1,995.92 28,202.83
Gas - Vacant Units 394.81 336.77 158.22 77.24 315.62 321.72 91.84 136.12 125.76 140.78 -14.08 180.14 2,264.94
Water and Sewer - Common 14,898.60 13,827.78 34,360.75 -3,440.69 26,330.13 28,880.95 28,817.64 34,469.86 36,858.49 31,220.07 23,952.96 29,675.86 299,852.40
Total Utilities 29,013.04 25,247.17 39,877.80 12,446.89 32,075.37 34,751.87 34,184.02 38,822.25 41,065.27 36,545.68 29,630.65 36,325.01 389,985.02
Property Management Fees
Property Management Fees - 3rd Party Management 19,740.69 19,334.81 21,395.75 19,389.60 19,097.40 19,627.48 20,794.58 20,172.81 20,939.22 20,528.57 20,969.04 20,159.19 242,149.14
Total Property Management Fees 19,740.69 19,334.81 21,395.75 19,389.60 19,097.40 19,627.48 20,794.58 20,172.81 20,939.22 20,528.57 20,969.04 20,159.19 242,149.14
Insurance
Insurance Premiums 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 41,446.65 21,068.99 21,068.99 232,450.39
Total Insurance 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 41,446.65 21,068.99 21,068.99 232,450.39
Real Estate Taxes
Property Tax 145,675.73 145,675.73 145,675.73 145,675.73 145,675.73 145,675.68 145,675.71 145,675.71 145,675.71 161,576.34 149,650.86 149,650.86 1,771,959.52
Property Tax - Building 2 0.00 0.00 0.00 0.00 0.00 6,724.96 0.00 0.00 0.00 0.00 0.00 0.00 6,724.96
Total Real Estate Taxes 145,675.73 145,675.73 145,675.73 145,675.73 145,675.73 152,400.64 145,675.71 145,675.71 145,675.71 161,576.34 149,650.86 149,650.86 1,778,684.48
Prior Year Expenses
Page 4 of 5
7/21/2021 12:34 PM
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = Jan 2020-Dec 2020
Book = Accrual ; Tree = multires_cf
PY - General Expense 0.00 12,709.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2,200.00 0.00 0.00 10,509.06
Total Prior Year Expenses 0.00 12,709.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2,200.00 0.00 0.00 10,509.06
Total Operating Expenses 400,197.93 343,300.43 364,818.82 311,779.20 349,165.13 336,401.29 380,117.26 353,289.93 350,404.86 408,383.01 378,286.71 412,062.87 4,388,207.44
Net Operating Income - NOI 539,977.83 696,633.94 729,543.38 742,486.32 602,014.79 692,949.09 658,072.42 715,709.52 766,677.12 734,655.94 730,299.36 662,322.55 8,271,342.26
Non Recoverable Expenses
Non-Operating Expenses – Residential
Appliance Replacement 599.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 599.52
Flooring Replacement 1,691.82 10,850.97 3,838.96 3,325.84 9,678.16 10,177.30 16,635.45 5,994.40 10,068.91 7,042.80 9,631.39 4,353.51 93,289.51
HVAC Replacement 0.00 0.00 0.00 1,434.54 1,434.54 2,691.01 1,691.01 598.40 582.52 544.46 2,635.34 544.46 12,156.28
Non Operating Expenses - Physical Units 455.42 545.29 202.46 0.00 0.00 467.17 461.90 180.60 276.44 996.44 145.68 76.65 3,808.05
Non Operating Expenses - Physical Common/Exterior 27,974.59 87,197.87 -1,297.41 -334,316.83 -45,168.50 1,907.53 701.09 1,130.19 0.00 1,285.00 9,390.70 10,307.50 -240,888.27
Non Operating Expenses - Other 0.00 0.00 0.00 110.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 110.00
Total Non-Operating Expenses - Residential 30,721.35 98,594.13 2,744.01 -329,446.45 -34,055.80 15,243.01 19,489.45 7,903.59 10,927.87 9,868.70 21,803.11 15,282.12 -130,924.91
Total Non Recoverable Expenses 30,721.35 98,594.13 2,744.01 -329,446.45 -34,055.80 15,243.01 19,489.45 7,903.59 10,927.87 9,868.70 21,803.11 15,282.12 -130,924.91
Net Income 509,256.48 598,039.81 726,799.37 1,071,932.77 636,070.59 677,706.08 638,582.97 707,805.93 755,749.25 724,787.24 708,496.25 647,040.43 8,402,267.17
CASH FLOW 509,256.48 598,039.81 726,799.37 1,071,932.77 636,070.59 677,706.08 638,582.97 707,805.93 755,749.25 724,787.24 708,496.25 647,040.43 8,402,267.17
Page 5 of 5
7/21/2021 12:35 PM
May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 Total
Revenue
Real Estate Revenue
Real Estate Rental Revenue
Residential Rent
Residential Market Rent 1,122,766.00 1,122,916.00 1,137,342.00 1,138,407.35 1,137,342.00 1,135,044.34 1,146,618.40 1,143,076.00 1,137,914.00 1,142,352.00 1,142,265.00 1,147,167.00 13,653,210.09
Short Term Fees - Residential -47,413.11 -2,252.14 694.85 967.74 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 828.57 800.00 800.00 -40,574.09
Residential Concession -4,905.24 0.00 0.00 -259.50 0.00 0.00 0.00 0.00 -75.00 0.00 0.00 0.00 -5,239.74
Residential Concession - Employee -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -2,679.00 -32,148.00
Gain Loss to Lease vs Market -37,479.00 -38,474.00 -51,506.00 -45,538.00 -41,069.00 -35,523.00 -29,222.00 -24,567.00 -19,503.00 -22,085.00 -14,932.00 -15,257.00 -375,155.00
Down Unit Loss -5,533.00 -5,533.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -5,601.00 -5,726.00 -5,726.00 -5,754.00 -67,479.00
Vacancy Loss -81,051.82 -77,965.32 -49,144.63 -27,231.71 -50,983.87 -34,709.66 -35,085.96 -42,852.83 -38,627.22 -36,591.66 -22,509.09 -36,769.10 -533,522.87
Residential Bad Debt - 3rd Party Management -64,169.63 -7,525.34 -62,046.35 -52,982.66 1,407.28 -10,767.19 -15,652.38 -76,970.06 -72,465.57 -14,219.58 -27,253.55 -58,494.16 -461,139.19
Total Residential Rent 879,535.20 988,487.20 967,059.87 1,005,083.22 1,039,416.41 1,046,764.49 1,059,378.06 991,406.11 999,963.21 1,061,879.33 1,069,965.36 1,029,013.74 12,137,952.20
Other Real Estate Rental Revenue
Other Commercial Rental Revenue
Parking Rent 4,989.02 5,952.48 5,170.05 5,253.81 4,922.05 5,030.96 5,442.90 4,888.55 5,233.01 4,728.18 4,723.96 3,469.51 59,804.48
Storage Rent 873.39 742.42 750.33 690.49 700.00 612.18 610.00 572.10 527.26 484.40 470.00 470.00 7,502.57
Total Other Commercial Rental Revenue 5,862.41 6,694.90 5,920.38 5,944.30 5,622.05 5,643.14 6,052.90 5,460.65 5,760.27 5,212.58 5,193.96 3,939.51 67,307.05
Other Residential Rental Revenue
Pet Rent 4,475.95 4,875.74 4,242.18 4,170.13 4,112.21 3,824.87 3,741.28 3,878.39 4,070.49 4,222.26 4,500.34 4,687.67 50,801.51
Cable TV Income 1,019.06 2,316.64 1,052.23 1,029.23 1,332.79 951.00 1,865.24 2,408.95 911.89 927.10 2,514.73 0.00 16,328.86
Total Other Residential Rental Revenue 5,495.01 7,192.38 5,294.41 5,199.36 5,445.00 4,775.87 5,606.52 6,287.34 4,982.38 5,149.36 7,015.07 4,687.67 67,130.37
Prior Year Real Estate Revenue
PY - Other Rent 297.12 7,637.86 10,665.44 10,532.24 6,371.49 15,860.70 -3,013.43 3,686.17 41.33 15,002.29 4,554.27 3,381.74 75,017.22
Total Prior Year Real Estate Revenue 297.12 7,637.86 10,665.44 10,532.24 6,371.49 15,860.70 -3,013.43 3,686.17 41.33 15,002.29 4,554.27 3,381.74 75,017.22
Total Other Real Estate Rental Revenue 11,654.54 21,525.14 21,880.23 21,675.90 17,438.54 26,279.71 8,645.99 15,434.16 10,783.98 25,364.23 16,763.30 12,008.92 209,454.64
Total Real Estate Rental Revenue 891,189.74 1,010,012.34 988,940.10 1,026,759.12 1,056,854.95 1,073,044.20 1,068,024.05 1,006,840.27 1,010,747.19 1,087,243.56 1,086,728.66 1,041,022.66 12,347,406.84
Recovery Revenue
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = May 2020-Apr 2021
Book = Accrual ; Tree = ysi_is
Page 1 of 5
7/21/2021 12:35 PM
May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = May 2020-Apr 2021
Book = Accrual ; Tree = ysi_is
Recovery - Operating
Operating Cost Recovery 1,679.27 1,603.98 1,753.49 1,973.76 2,211.58 2,132.44 2,168.03 2,052.00 2,078.23 2,308.43 2,466.85 2,226.43 24,654.49
Water Recovery 16,006.46 18,540.19 19,929.55 20,260.70 24,362.77 26,611.18 23,972.38 27,924.07 20,539.43 16,056.48 17,212.56 10,272.91 241,688.68
Electricity Recovery 74.01 93.23 -417.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -250.43
Gas Recovery 9.34 -14.30 -111.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -116.19
Janitorial and Waste Recovery 12,143.79 12,292.60 12,108.28 13,998.41 12,001.84 13,076.00 12,307.65 13,474.01 13,345.01 12,719.95 13,449.07 14,222.08 155,138.69
Total Recovery - Operating 29,912.87 32,515.70 33,262.42 36,232.87 38,576.19 41,819.62 38,448.06 43,450.08 35,962.67 31,084.86 33,128.48 26,721.42 421,115.24
Total Recovery Revenue 29,912.87 32,515.70 33,262.42 36,232.87 38,576.19 41,819.62 38,448.06 43,450.08 35,962.67 31,084.86 33,128.48 26,721.42 421,115.24
Lease Termination
Lease Termination Fees 33,871.28 -19,255.00 4,052.06 0.00 13,290.00 13,991.00 610.20 15,236.00 3,538.08 500.00 0.00 5,632.00 71,465.62
Total Lease Termination 33,871.28 -19,255.00 4,052.06 0.00 13,290.00 13,991.00 610.20 15,236.00 3,538.08 500.00 0.00 5,632.00 71,465.62
Other Real Estate Revenue
Tenant Security 1,550.00 3,950.00 2,300.00 1,450.00 2,550.00 1,851.00 475.00 914.00 1,326.00 2,080.00 1,724.00 1,636.00 21,806.00
Tenant Security - Self Charged -4,472.14 2,052.34 9,160.10 3,307.46 5,385.84 11,157.98 328.76 5,628.67 2,895.98 7,461.32 967.52 9,533.99 53,407.82
Conference and Meeting Facility Income -300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -300.00
Vending Machines Income 0.00 0.00 0.00 0.00 0.00 225.15 0.00 241.40 0.00 0.00 0.00 0.00 466.55
Tenant Late Fees and Interest -582.67 0.00 -150.00 0.00 0.00 -300.00 -300.00 1,400.00 2,825.00 -675.00 1,500.00 1,950.00 5,667.33
NSF Fee Income 75.00 75.00 25.00 150.00 125.00 100.00 100.00 75.00 100.00 50.00 25.00 75.00 975.00
Miscellaneous Real Estate Income -64.16 0.00 600.00 1,100.00 300.00 1,150.00 900.00 600.00 50.00 925.00 75.00 1,000.00 6,635.84
Total Other Real Estate Revenue -3,793.97 6,077.34 11,935.10 6,007.46 8,360.84 14,184.13 1,503.76 8,859.07 7,196.98 9,841.32 4,291.52 14,194.99 88,658.54
Total Real Estate Revenue 951,179.92 1,029,350.38 1,038,189.68 1,068,999.45 1,117,081.98 1,143,038.95 1,108,586.07 1,074,385.42 1,057,444.92 1,128,669.74 1,124,148.66 1,087,571.07 12,928,646.24
Total Revenue 951,179.92 1,029,350.38 1,038,189.68 1,068,999.45 1,117,081.98 1,143,038.95 1,108,586.07 1,074,385.42 1,057,444.92 1,128,669.74 1,124,148.66 1,087,571.07 12,928,646.24
Recoverable Expenses
Janitorial and Waste Removal
Janitorial Services 1,395.00 4,050.00 2,150.00 1,795.00 1,487.50 4,365.00 6,715.00 2,235.00 2,140.00 2,110.00 1,865.00 3,630.00 33,937.50
Janitorial Supplies 1,072.24 575.35 918.73 906.68 813.03 3,128.56 1,360.64 839.51 777.09 1,169.75 1,210.97 1,269.51 14,042.06
Carpet Cleaning 725.00 1,770.00 2,195.00 1,165.00 1,165.00 1,800.00 1,567.50 1,740.00 1,656.00 550.00 606.00 1,055.00 15,994.50
Pest Control Contract 825.00 621.50 1,239.24 675.00 2,147.44 210.31 536.39 650.77 843.00 1,472.38 1,078.00 550.00 10,849.03
Waste Removal 19,927.32 4,546.98 11,468.01 13,786.98 11,499.12 13,732.02 11,567.82 13,727.44 12,826.26 7,585.30 6,281.77 25,600.06 152,549.08
Total Janitorial and Waste Removal 23,944.56 11,563.83 17,970.98 18,328.66 17,112.09 23,235.89 21,747.35 19,192.72 18,242.35 12,887.43 11,041.74 32,104.57 227,372.17
Grounds and Parking Maintenance
Page 2 of 5
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May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = May 2020-Apr 2021
Book = Accrual ; Tree = ysi_is
Landscaping Contract 11,085.00 8,330.00 8,330.00 8,330.00 11,085.00 9,818.35 9,818.35 9,818.35 15,274.95 11,505.57 11,505.57 11,444.43 126,345.57
Landscaping and Grounds Maintenance 3,938.00 638.00 1,083.47 2,757.53 718.00 943.00 1,038.00 2,133.00 1,478.00 1,028.00 1,033.00 298.00 17,086.00
Irrigation System 0.00 0.00 0.00 0.00 1,485.00 1,658.00 0.00 425.00 950.00 1,399.79 1,630.00 0.00 7,547.79
Garage and Parking Repairs 624.13 782.51 704.43 457.39 1,146.10 2,235.99 1,593.34 2,671.98 447.38 1,948.26 2,131.08 1,418.40 16,160.99
Total Grounds and Parking Maintenance 15,647.13 9,750.51 10,117.90 11,544.92 14,434.10 14,655.34 12,449.69 15,048.33 18,150.33 15,881.62 16,299.65 13,160.83 167,140.35
Security and Life Safety
Monitoring Contract 132.80 7,844.55 1,470.28 1,470.31 1,470.31 2,610.34 2,743.14 3,351.54 1,470.30 1,687.80 1,470.31 1,470.29 27,191.97
Security Guard Services 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,545.00 1,545.00 1,545.00 1,545.00 18,180.00
Fire and Life Safety Repairs 5,440.09 -3,246.65 6,521.87 3,619.55 1,753.08 5,434.41 9,517.56 1,590.02 6,443.40 -740.20 99.81 680.16 37,113.10
Total Security and Life Safety 7,072.89 6,097.90 9,492.15 6,589.86 4,723.39 9,544.75 13,760.70 6,441.56 9,458.70 2,492.60 3,115.12 3,695.45 82,485.07
HVAC Repairs and Maintenance
HVAC Equipment Repairs -830.36 1,552.79 4,215.00 672.35 2,445.58 11,238.12 2,342.11 807.91 -0.01 485.82 0.00 1,002.61 23,931.92
Total HVAC Repairs and Maintenance -830.36 1,552.79 4,215.00 672.35 2,445.58 11,238.12 2,342.11 807.91 -0.01 485.82 0.00 1,002.61 23,931.92
Electrical and Plumbing
Electrical Repairs 3,782.62 -938.58 2,512.20 421.77 1,370.10 1,147.36 1,095.53 2,451.41 813.49 568.52 1,989.37 445.67 15,659.46
Plumbing Repairs 329.34 -408.20 1,646.08 750.65 842.32 1,411.53 0.00 0.00 573.75 -378.00 866.73 0.00 5,634.20
Plumbing Fixtures and Supplies -93.67 1,764.35 748.35 491.92 63.63 1,562.65 1,394.32 273.96 1,289.62 806.88 3,073.27 1,785.96 13,161.24
Total Electrical and Plumbing 4,018.29 417.57 4,906.63 1,664.34 2,276.05 4,121.54 2,489.85 2,725.37 2,676.86 997.40 5,929.37 2,231.63 34,454.90
Repairs and Maintenance
Building Maintenance Services 14,887.24 16,049.44 24,740.24 16,648.70 15,393.45 14,639.28 15,836.75 28,508.34 15,758.31 19,657.57 12,249.77 16,794.63 211,163.72
Building Engineers - Union Benefits 12,610.89 12,537.11 18,879.27 13,480.68 14,241.73 14,484.96 14,959.82 21,303.85 16,906.42 19,868.85 11,848.06 14,610.53 185,732.17
Uniforms 0.00 0.00 0.00 0.00 0.00 0.00 0.00 597.27 126.73 0.00 0.00 187.37 911.37
Exterior Repairs and Maintenance 190.00 0.00 213.04 227.43 1,597.34 468.88 121.76 2,467.05 895.09 686.93 0.00 0.00 6,867.52
Doors - Common Area 117.13 109.90 264.65 109.90 54.95 294.61 319.22 153.39 187.17 109.90 109.90 109.90 1,940.62
Interior Repairs and Maintenance 152.62 5,379.14 1,295.12 2,005.03 10.00 1,245.00 1,121.54 1,925.00 3,215.00 397.50 928.14 1,297.61 18,971.70
Painting - Common Area 6,406.82 10,258.60 6,417.41 5,912.92 4,914.37 10,778.16 11,312.27 7,709.02 6,043.25 6,488.50 3,991.24 3,648.97 83,881.53
Vehicle Maintenance 0.00 389.48 0.00 0.00 0.00 0.00 0.00 1,351.83 0.00 0.00 0.00 0.00 1,741.31
Building Supplies and Small Tools 641.96 1,400.31 967.13 1,346.39 379.73 538.74 761.28 548.51 493.08 1,692.05 790.39 1,137.87 10,697.44
License Fees and Permits 8,792.44 425.92 425.90 425.90 425.90 425.90 425.90 454.65 6,230.88 484.00 708.75 0.00 19,226.14
Swimming Pool 2,236.18 0.00 4,762.59 2,236.00 5,940.04 3,968.92 9,234.63 2,024.51 1,829.66 1,959.05 2,168.81 1,998.06 38,358.45
Appliance Services and Repairs -116.67 687.39 2,903.62 3,947.50 1,688.07 2,301.98 2,409.79 2,181.75 2,130.57 5,925.74 1,518.56 1,305.68 26,883.98
Total Repairs and Maintenance 45,918.61 47,237.29 60,868.97 46,340.45 44,645.58 49,146.43 56,502.96 69,225.17 53,816.16 57,270.09 34,313.62 41,090.62 606,375.95
Page 3 of 5
7/21/2021 12:35 PM
May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = May 2020-Apr 2021
Book = Accrual ; Tree = ysi_is
Fitness Centre
Fitness Centre - General Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,068.72 -3,068.72 0.00 0.00 0.00
Total Fitness Centre 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,068.72 -3,068.72 0.00 0.00 0.00
General and Administrative
Property Management Services 19,711.99 17,324.23 25,536.07 23,469.71 19,528.17 17,129.62 22,313.16 33,227.79 23,482.29 22,576.05 20,163.30 20,467.61 264,929.99
Property Support Services 636.21 634.85 954.10 636.91 634.86 892.07 897.66 1,365.83 765.34 846.08 773.19 904.94 9,942.04
IT Costs 5,671.86 5,142.56 8,604.05 5,828.55 5,828.55 5,828.55 5,828.55 5,828.55 3,458.70 6,346.55 16,479.15 5,437.95 80,283.57
Dues and Subscriptions 192.02 192.02 366.88 192.02 192.02 0.00 384.04 192.02 197.78 395.56 395.56 -197.78 2,502.14
Postage and Courier Expenses 575.29 180.54 164.52 331.14 149.45 1,003.48 149.45 270.82 269.45 149.45 361.61 248.90 3,854.10
Office Supplies 1,721.22 1,059.05 1,546.98 854.18 513.00 1,359.79 740.65 3,812.40 1,355.91 891.91 1,495.90 626.58 15,977.57
Travel and Transportation 19.95 0.00 0.00 96.25 125.94 0.00 595.24 281.86 170.17 0.00 0.00 0.00 1,289.41
Association Dues 0.00 1,274.91 0.00 0.00 0.00 0.00 0.00 0.00 1,921.50 0.00 0.00 0.00 3,196.41
Total General and Administrative 28,528.54 25,808.16 37,172.60 31,408.76 26,971.99 26,213.51 30,908.75 44,979.27 31,621.14 31,205.60 39,668.71 27,488.20 381,975.23
Utilities
Electricity - Common 4,003.95 3,645.69 3,816.47 2,893.80 3,040.60 3,867.89 5,012.77 3,910.26 4,348.42 3,842.65 4,829.99 56.34 43,268.83
Electricity - Shared Units 1,357.02 1,867.19 1,235.66 1,210.12 999.21 1,017.31 -454.33 562.83 987.65 241.62 118.62 1,650.85 10,793.75
Gas - Common 68.65 36.32 222.41 112.35 41.21 299.63 1,133.33 1,995.92 2,675.90 2,889.10 2,677.74 3.81 12,156.37
Gas - Shared Units 315.62 321.72 91.84 136.12 125.76 140.78 -14.08 180.14 173.69 44.06 -150.32 514.77 1,880.10
Water and Sewer - Common 26,330.13 28,880.95 28,817.64 34,469.86 36,858.49 31,220.07 23,952.96 29,675.86 17,025.97 16,562.41 9,268.52 18,999.49 302,062.35
Cable and Internet 495.82 655.81 654.91 659.15 660.06 722.57 1,212.30 504.06 1,149.54 -753.18 396.47 835.73 7,193.24
Telephone - Office/PM 3,548.55 3,626.42 3,859.18 3,696.93 3,656.80 3,812.05 3,612.04 3,752.70 3,643.99 3,316.25 5,049.97 4,732.71 46,307.59
Total Utilities 36,119.74 39,034.10 38,698.11 43,178.33 45,382.13 41,080.30 34,454.99 40,581.77 30,005.16 26,142.91 22,190.99 26,793.70 423,662.23
Insurance
Insurance Premiums 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 41,446.65 21,068.99 21,068.99 21,068.99 21,069.00 21,069.00 21,069.00 250,563.82
Total Insurance 16,540.64 16,540.64 16,540.64 16,540.64 16,540.64 41,446.65 21,068.99 21,068.99 21,068.99 21,069.00 21,069.00 21,069.00 250,563.82
Real Estate Taxes
Property Tax 145,675.73 145,675.68 145,675.71 145,675.71 145,675.71 161,576.34 149,650.86 149,650.86 149,650.86 149,650.87 149,650.87 149,650.87 1,787,860.07
Property Tax - Building 2 0.00 6,724.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,724.96
Total Real Estate Taxes 145,675.73 152,400.64 145,675.71 145,675.71 145,675.71 161,576.34 149,650.86 149,650.86 149,650.86 149,650.87 149,650.87 149,650.87 1,794,585.03
Total Recoverable Expenses 322,635.77 310,403.43 345,658.69 321,944.02 320,207.26 382,258.87 345,376.25 369,721.95 337,759.26 315,014.62 303,279.07 318,287.48 3,992,546.67
Non Recoverable Expenses
Page 4 of 5
7/21/2021 12:35 PM
May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 Total
* Amounts in usd
Property = 42045 42050
Statement (12 months)
Period = May 2020-Apr 2021
Book = Accrual ; Tree = ysi_is
Residential Make-Ready
Other Make-Ready Costs 0.00 240.00 490.00 400.00 400.00 400.00 400.00 0.00 400.00 400.00 400.00 0.00 3,530.00
Total Residential Make-Ready 0.00 240.00 490.00 400.00 400.00 400.00 400.00 0.00 400.00 400.00 400.00 0.00 3,530.00
General and Administrative
Payroll Non-Recoverable 996.26 915.80 1,056.43 1,275.40 972.33 924.80 1,175.55 1,098.44 1,278.30 1,214.11 2,233.49 1,169.90 14,310.81
Advertising and Promotion 880.48 799.63 1,299.63 799.63 799.63 799.63 944.63 2,824.63 897.58 899.58 2,705.26 1,173.58 14,823.89
Internet Listing Services (ILS)4,209.85 3,361.95 4,443.97 3,939.95 2,568.93 4,876.95 3,281.95 4,009.95 3,330.95 3,409.95 1,761.95 3,329.95 42,526.30
Advertising - Property Website 491.34 0.00 20.01 0.00 0.00 0.00 0.00 13,000.00 0.00 0.00 0.00 0.00 13,511.35
Marketing & Promotions -116.53 -1,907.53 308.13 987.00 99.81 198.12 1,543.91 0.00 185.62 848.06 99.81 196.01 2,442.41
Residents Events 870.89 625.00 0.00 0.00 0.00 0.00 0.00 338.21 0.00 0.00 0.00 0.00 1,834.10
Residents Referral Fees 750.00 750.00 1,500.00 750.00 750.00 0.00 1,500.00 0.00 0.00 0.00 0.00 0.00 6,000.00
Meals and Entertainment 197.66 0.00 265.30 114.13 0.00 68.15 128.77 83.01 118.09 43.98 0.00 0.00 1,019.09
Bank Charges and Interest -1,336.56 308.53 546.13 529.32 519.27 482.47 606.70 518.32 53.90 394.90 26.25 292.34 2,941.57
Total General and Administrative 6,943.39 4,853.38 9,439.60 8,395.43 5,709.97 7,350.12 9,181.51 21,872.56 5,864.44 6,810.58 6,826.76 6,161.78 99,409.52
Appraisal Fees
Appraisal Fees - Quarterly 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Appraisal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leasing Expenses
Vacant Unit Cost 779.57 672.00 2,269.39 1,372.67 1,170.91 1,075.45 738.41 309.17 1,013.59 179.96 1,094.38 1,001.00 11,676.50
Total Leasing Expenses 779.57 672.00 2,269.39 1,372.67 1,170.91 1,075.45 738.41 309.17 1,013.59 179.96 1,094.38 1,001.00 11,676.50
Legal Fees
Legal Fees - Leasing -291.00 605.00 1,465.00 1,005.00 1,977.50 -1,030.00 1,621.50 0.00 822.00 0.00 469.51 32.00 6,676.51
Total Legal Fees -291.00 605.00 1,465.00 1,005.00 1,977.50 -1,030.00 1,621.50 0.00 822.00 0.00 469.51 32.00 6,676.51
Property Management Fees
Property Management Fees - 3rd Party Management 19,097.40 19,627.48 20,794.58 20,172.81 20,939.22 20,528.57 20,969.04 20,159.19 20,314.70 20,356.25 20,563.95 21,147.58 244,670.77
Total Property Management Fees 19,097.40 19,627.48 20,794.58 20,172.81 20,939.22 20,528.57 20,969.04 20,159.19 20,314.70 20,356.25 20,563.95 21,147.58 244,670.77
Total Non Recoverable Expenses 26,529.36 25,997.86 34,458.57 31,345.91 30,197.60 28,324.14 32,910.46 42,340.92 28,414.73 27,746.79 29,354.60 28,342.36 365,963.30
Net Operating Income - NOI 602,014.79 692,949.09 658,072.42 715,709.52 766,677.12 732,455.94 730,299.36 662,322.55 691,270.93 785,908.33 791,514.99 740,941.23 8,570,136.27
Page 5 of 5
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpiration1611-1 L2-PL1,230.00 cgo143512,735.00 petp55.00 1,200.000.00 3/9/2021 5/8/20210.00prkg50.00rent3,259.00Total3,364.001611-2 L3-PL1,310.00 cgo149262,860.00 rent2,860.00 1,400.000.00 4/11/2021 4/10/20224,366.27Total2,860.001611-3 L2-PL1,230.00 cgo098612,735.00 rent3,173.00 700.000.00 1/30/2021 9/29/2021172.47Total3,173.001611-4 L3-PL1,310.00 cgo161142,860.00 rent2,625.000.000.00 9/1/2017 10/31/2021142.18stor25.00Total2,650.001612-1 L3-PL1,310.00 cgo161212,860.00 petp55.00 3,790.000.00 5/25/2018 5/24/2021134.69rent2,952.00Total3,007.001612-2 L1-PL1,167.00 cgo421412,530.00 rent2,475.00 600.000.00 7/28/2019 7/27/20209,021.48Total2,475.001612-3 L2-PL1,230.00 cgo161232,735.00 mtom200.000.000.00 12/21/2015 12/20/2016251.25rent2,305.00Total2,505.001612-4 L3-PL1,310.00 cgo161242,860.00 rent2,754.00 700.000.00 9/28/2017 7/27/2019152.41Total2,754.001612-5 L1-PL1,167.00 cgo715712,530.00 rent2,440.00 600.000.00 6/11/2020 8/12/2022113.56Total2,440.001612-6 L2-PL1,230.00 cgo108852,735.00 petp110.00 1,200.000.00 3/14/2021 3/13/2022243.28rent3,054.00Total3,164.00Rent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Current/Notice/Vacant Residents Page 1 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211613-1 L2-PL1,230.00 cgo777882,735.00 rent2,375.00 700.000.00 6/5/2020 7/4/2021113.56Total2,375.001613-2 L1-PL1,167.00 cgo245362,530.00 rent3,094.00 1,100.000.00 6/8/2021 6/7/20220.00petp110.00Total3,204.001613-3 L3-PL1,310.00 cgo161332,860.00 rent3,026.00 700.000.00 9/12/2016 4/11/20215,127.48Total3,026.001613-4 L2-PL1,230.00 cgo161342,735.00 rent2,747.00 3,050.000.00 12/4/2017 12/31/202011,784.50Total2,747.001613-5 L1-PL1,167.00 cgo838982,530.00 rent2,714.00 600.000.00 9/7/2020 5/6/2022113.56Total2,714.001613-6 L3-PL1,310.00 cgo161362,860.00 prkg50.00 700.000.00 6/15/2016 11/14/2021141.79rent2,778.00Total2,828.001614-1 L2-PL1,230.00 cgo161412,735.00 prkg50.00 3,255.000.00 8/3/2018 11/2/20215,095.40rent3,095.00Total3,145.001614-2 L3-PL1,310.00 cgo362362,860.00 prkg50.00 700.000.00 5/8/2019 7/7/2021113.56rent2,698.00Total2,748.001614-3 L2-PL1,230.00 cgo211412,735.00 subsidy3,320.00 1,200.000.00 5/24/2021 6/23/20224,373.53petp55.00Total3,375.001614-4 L3-PL1,310.00 cgo361652,860.00 petp35.00 900.000.00 5/26/2019 6/25/2021113.56rent2,704.00Total2,739.00 Page 2 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211615-1 L2-PL1,230.00 t16273262,735.00 rent3,314.00 600.000.00 6/21/2021 6/20/2022-3,313.97Total3,314.001615-2 L3-PL1,310.00 cgo038492,860.00 petp70.00 1,000.000.00 1/15/2021 7/14/2022158.24rent3,010.00Total3,080.001615-3 L2-PL1,230.00 cgo161532,735.00 rent2,590.00 2,425.000.00 5/1/2014 8/31/20210.00Total2,590.001615-4 L3-PL1,310.00 cgo479332,860.00 rent2,884.00 700.000.00 9/14/2019 3/13/20220.00Total2,884.001616-1 L2-PL1,230.00 t16256302,735.00 rent611.00 1,400.000.00 6/19/2021 7/18/20221,081.20subsidy2,703.00Total3,314.001616-2 L1-PL1,167.00 cgo161622,530.00 rent2,663.000.000.00 6/25/2016 7/24/2021141.79Total2,663.001616-3 L3-PL1,310.00 cgo161632,860.00 petp55.00 1,100.000.00 9/11/2018 9/10/20210.00prkg50.00rent2,974.00Total3,079.001616-4 L2-PL1,230.00 cgo886542,735.00 petp55.00 1,200.000.00 9/11/2020 9/10/20212,217.38rent2,780.00Total2,835.001616-5 L1-PL1,167.00 cgo161652,530.00 rent2,889.00 2,335.000.00 6/17/2015 9/24/20212,814.83Total2,889.001616-6 L3-PL1,310.00 cgo161662,860.00 prkg50.00 4,170.000.00 11/1/2018 8/31/2020123.30rent2,765.00Total2,815.00 Page 3 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211621-1 L2-PL1,230.00 cgo884972,735.00 prkg50.00 700.000.00 8/31/2020 6/30/2021127.68rent2,780.00Total2,830.001621-2 L1-PL1,167.00 cgo124502,530.00 rent2,750.00 600.000.00 2/22/2021 2/21/202228.78Total2,750.001621-3 L2-PL1,230.00 cgo097512,735.00 rent2,860.000.000.00 2/16/2021 4/15/2022288.78Total2,860.001621-4 L2-PL1,230.00 cgo067232,735.00 rent2,965.00 700.000.00 2/15/2021 7/14/20220.00Total2,965.001621-5 L1-PL1,167.00 cgo125382,530.00 rent2,750.00 600.000.00 2/19/2021 2/18/2022172.47Total2,750.001621-6 L2-PL1,230.00 cgo924952,735.00 rent3,010.00 700.000.00 10/5/2020 4/4/202212,392.47Total3,010.001622-1 L3-PL1,310.00 cgo658292,860.00 petp55.00 1,200.000.00 2/13/2020 8/12/2021224.98rent2,605.00Total2,660.001622-2 L1-PL1,167.00 VACANT2,530.000.000.000.000.00Total0.001622-3 L2-PL1,230.00 cgo162232,735.00 mtom200.000.000.00 8/18/2014 8/17/2017138.29prkg50.00rent2,430.00Total2,680.001622-4 L3-PL1,310.00 cgo162242,860.00 prkg50.00 3,050.000.00 8/31/2013 1/31/2022113.56rent2,794.00Total2,844.00 Page 4 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211622-5 L1-PL1,167.00 cgo162252,530.00 rent2,471.00 600.000.00 2/12/2018 5/15/202285.32Total2,471.001622-6 L2-PL1,230.00 cgo657542,735.00 prkg50.00 700.000.00 2/7/2020 8/6/2021140.78rent2,510.00Total2,560.001623-1 L3-PL1,310.00 cgo764182,860.00 petp70.00 1,000.000.00 6/4/2020 12/3/2021255.16prkg50.00rent2,600.00Total2,720.001623-2 L1-PL1,167.00 t16256202,530.00 rent2,995.00 600.000.00 5/30/2021 6/29/2022-38.99Total2,995.001623-3 L2-PL1,230.00 cgo083062,735.00 petp110.00 1,200.000.00 1/23/2021 7/22/2021 7/22/2021115.34prkg50.00rent3,565.00Total3,725.001623-4 L3-PL1,310.00 cgo649852,860.00 rent2,610.00 700.000.00 1/30/2020 7/29/20206,919.57Total2,610.001623-5 L1-PL1,167.00 cgo062952,530.00 petp55.00 1,100.000.00 1/5/2021 11/4/20210.00prkg50.00rent2,770.00Total2,875.001623-6 L2-PL1,230.00 cgo162362,735.00 prkg50.00 700.000.00 3/1/2018 2/28/20196,440.94rent2,654.00Total2,704.001624-1 L2-PL1,230.00 cgo778032,735.00 rent2,494.00 700.000.00 6/21/2020 9/20/2021240.00Total2,494.001624-2 L3-PL1,310.00 cgo206822,860.00 rent3,441.00 700.000.00 4/16/2021 5/15/2022174.56 Page 5 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total3,441.001624-3 L2-PL1,230.00 cgo431482,735.00 petp35.00 1,000.000.00 7/5/2019 4/4/2022255.16rent2,842.00Total2,877.001624-4 L3-PL1,310.00 cgo162442,860.00 petp55.00 1,100.000.00 5/18/2017 6/13/2019674.61prkg50.00rent2,785.00Total2,890.001625-1 L2-PL1,230.00 cgo449372,735.00 rent2,678.00 700.000.00 7/16/2019 8/15/202199.82Total2,678.001625-2 L1-PL1,167.00 cgo695302,530.00 rent2,385.00 600.000.00 5/2/2020 7/1/2021113.56Total2,385.001625-3 L2-PL1,230.00 cgo380702,735.00 rent2,635.00 700.000.00 5/10/2019 5/9/202021,076.01Total2,635.001625-4 L2-PL1,230.00 cgo162542,735.00 mtom200.000.000.00 10/12/2016 10/11/2017307.74prkg50.00rent2,525.00Total2,775.001625-5 L1-PL1,167.00 cgo162552,530.00 rent2,438.00 600.000.00 1/1/2014 5/30/2019110.06Total2,438.001625-6 L2-PL1,230.00 cgo162562,735.00 petp55.00 2,220.000.00 7/3/2015 9/2/20216,049.79rent2,755.00Total2,810.001626-1 L2-PL1,230.00 cgo853102,735.00 rent2,945.00 700.000.00 8/30/2020 5/29/2021-294.00Total2,945.001626-2 L3-PL1,310.00 cgo923022,860.00 rent3,170.00 1,200.000.00 10/5/2020 3/4/2022115.34 Page 6 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021stor40.00Total3,210.001626-3 L2-PL1,230.00 cgo162632,735.00 rent2,696.000.000.00 9/1/2018 8/30/2021141.79Total2,696.001626-4 L3-PL1,310.00 t16270142,860.00 rent3,439.00 700.000.00 6/13/2021 6/12/20220.00Total3,439.001627-1 L3-PL1,310.00 cgo162712,860.00 rent3,575.00 3,510.000.00 7/8/2017 7/7/202029,593.44Total3,575.001627-2 L2-PL1,230.00 cgo797712,735.00 prkg50.00 700.000.00 7/16/2020 4/15/2022200.72rent2,811.00Total2,861.001627-3 L3-PL1,310.00 cgo162732,860.00 petp55.00 1,100.000.00 8/11/2017 9/9/2021155.91prkg50.00rent2,936.00Total3,041.001627-4 L2-PL1,230.00 cgo714122,735.00 subsidy2,587.00 700.000.00 5/5/2020 9/4/202185.32rent53.00Total2,640.001631-1 L3-PL1,310.00 cgo741612,860.00 rent2,756.00 700.000.00 5/12/2020 8/11/20220.00Total2,756.001631-2 L2-PL1,230.00 cgo632432,735.00 prkg50.000.000.00 1/10/2020 7/9/20211,209.90rent2,615.00Total2,665.001631-3 L3-PL1,310.00 cgo163132,860.00 rent2,562.00 1,795.000.00 2/28/2016 8/27/2021155.67Total2,562.001631-4 L2-PL1,230.00 cgo025762,735.00 rent2,870.00 700.000.00 1/4/2021 9/3/2021-2,483.59 Page 7 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total2,870.001632-1 L3-PL1,310.00 cgo661792,860.00 rent2,605.00 700.000.00 2/14/2020 7/13/20213,058.81Total2,605.001632-2 L1-PL1,167.00 cgo246042,530.00 rent2,978.00 600.000.00 6/2/2021 6/1/20220.00Total2,978.001632-3 L2-PL1,230.00 cgo163232,735.00 rent2,652.00 3,280.000.00 11/29/2018 5/28/2021151.53Total2,652.001632-4 L3-PL1,310.00 cgo836832,860.00 prkg50.00 1,400.000.00 8/8/2020 5/7/202118,767.67rent2,990.00Total3,040.001632-5 L1-PL1,167.00 cgo163252,530.00 rent2,704.00 600.000.00 7/11/2018 4/14/20227,097.56Total2,704.001632-6 L2-PL1,230.00 cgo163262,735.00 rent2,695.00 700.000.00 4/12/2018 7/11/2021306.28stor25.00Total2,720.001634-1 L2-PL1,230.00 cgo939282,735.00 prkg50.00 700.000.00 10/30/2020 9/30/202139.17rent3,681.00Total3,731.001634-2 L1-PL1,167.00 cgo163422,530.00 rent2,473.00 2,895.000.00 12/21/2017 5/20/2021142.18Total2,473.001634-3 L3-PL1,310.00 cgo437172,860.00 rent2,850.00 1,100.000.00 8/1/2019 2/29/2020224.98Total2,850.001634-4 L2-PL1,230.00 cgo741692,735.00 rent2,560.00 700.000.00 5/1/2020 8/31/202196.07Total2,560.001634-5 L1-PL1,167.00 cgo939402,530.00 rent2,795.00 600.000.00 11/16/2020 5/15/202287.10 Page 8 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total2,795.001634-6 L3-PL1,310.00 cgo163462,860.00 rent2,770.00 3,585.000.00 12/18/2018 5/17/2021 7/3/202184.31Total2,770.001635-1 L2-PL1,230.00 cgo649932,735.00 rent2,515.000.000.00 2/4/2020 8/3/2021267.64Total2,515.001635-2 L1-PL1,167.00 cgo466502,530.00 petp110.00 1,100.000.00 9/7/2019 2/6/2022 7/30/2021155.91prkg50.00rent2,450.00Total2,610.001635-3 L2-PL1,230.00 cgo639872,735.00 prkg50.00 500.000.00 1/17/2020 7/16/2021 7/16/2021127.05rent2,550.00stor40.00Total2,640.001635-4 L2-PL1,230.00 cgo589022,735.00 prkg50.000.000.00 12/12/2019 9/27/2020127.05rent2,690.00Total2,740.001635-5 L1-PL1,167.00 cgo411602,530.00 rent2,503.00 600.000.00 6/12/2019 10/11/2021113.56Total2,503.001635-6 L2-PL1,230.00 cgo777602,735.00 rent2,375.00 700.000.00 6/3/2020 6/2/2021142.56Total2,375.001636-1 L2-PL1,230.00 cgo773352,735.00 rent2,670.00 1,400.000.00 6/2/2020 6/1/2021 8/1/2021674.15Total2,670.001636-2 L1-PL1,167.00 cgo083312,530.00 petp110.00 1,100.000.00 2/6/2021 11/5/20210.00rent2,775.00Total2,885.001636-3 L3-PL1,310.00 cgo868892,860.00 petp55.00 1,200.000.00 9/4/2020 7/3/20210.20 Page 9 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021subsidy2,428.00rent602.00Total3,085.001636-4 L2-PL1,230.00 cgo215992,735.00 rent3,396.00 339.600.00 4/28/2021 5/27/20228,708.74Total3,396.001636-5 L1-PL1,167.00 cgo065922,530.00 rent2,695.00 600.000.00 1/10/2021 8/9/202187.10Total2,695.001636-6 L3-PL1,310.00 cgo672682,860.00 prkg50.00 700.000.00 3/1/2020 7/31/20210.00rent2,850.00Total2,900.001637-1 L3-PL1,310.00 cgo364192,860.00 rent2,553.00 700.000.00 6/20/2019 6/19/20210.00Total2,553.001637-2 L2-PL1,230.00 cgo098492,735.00 subsidy2,275.00 700.000.00 2/23/2021 7/22/20224,454.31rent690.00Total2,965.001637-3 L3-PL1,310.00 cgo163732,860.00 rent2,832.00 400.000.00 8/3/2018 5/31/20210.00stor25.00Total2,857.001637-4 L2-PL1,230.00 cgo982892,735.00 rent2,805.00 700.000.00 12/13/2020 6/12/20220.00Total2,805.001642-1 L3-PL1,310.00 cgo352622,860.00 prkg50.00 700.000.00 4/16/2019 7/15/202128,936.92rent2,676.00Total2,726.001642-2 L1-PL1,167.00 t16300892,530.00 rent2,990.00 500.000.00 6/25/2021 6/23/2022598.00Total2,990.001642-3 L2-PL1,230.00 cgo124732,735.00 rent2,735.00 700.000.00 3/23/2021 5/22/2022115.34 Page 10 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total2,735.001642-4 L3-PL1,310.00 cgo738602,860.00 prkg50.00 700.000.00 5/31/2020 8/30/2021283.30rent2,655.00Total2,705.001642-5 L1-PL1,167.00 cgo889082,530.00 rent2,800.00 600.000.00 9/20/2020 8/19/2021 7/15/2021113.56Total2,800.001642-6 L2-PL1,230.00 cgo783412,735.00 rent2,685.00 1,400.000.00 6/21/2020 8/20/202126,819.39Total2,685.001644-1 L2-PL1,230.00 cgo042012,735.00 rent2,885.00 1,400.000.00 1/10/2021 7/9/202215,504.71Total2,885.001644-2 L1-PL1,167.00 cgo164422,530.00 rent2,377.000.000.00 1/24/2018 7/24/2021112.55Total2,377.001644-3 L3-PL1,310.00 cgo686872,860.00 prkg50.00 700.000.00 3/9/2020 8/8/20210.00rent3,105.00Total3,155.001644-4 L2-PL1,230.00 cgo777982,735.00 rent2,475.00 700.000.00 6/1/2020 6/30/202185.32Total2,475.001644-5 L1-PL1,167.00 cgo378952,530.00 petp110.00 1,000.000.00 5/12/2019 7/11/2021124.31rent2,475.00Total2,585.001644-6 L3-PL1,310.00 cgo245312,860.00 rent3,380.00 700.000.00 5/15/2021 2/14/202265.52Total3,380.001645-1 L3-PL1,310.00 cgo884022,860.00 subsidy2,708.00 700.000.00 10/1/2020 9/30/2021453.92rent232.00Total2,940.00 Page 11 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211645-2 L2-PL1,230.00 cgo164522,735.00 petp55.00 3,985.000.00 6/10/2017 8/11/2021124.31petp35.00prkg50.00rent2,987.00Total3,127.001645-3 L3-PL1,310.00 cgo652942,860.00 rent2,724.00 700.000.00 2/1/2020 5/31/20220.00Total2,724.001645-4 L2-PL1,230.00 VACANT2,735.000.000.000.000.00Total0.001646-1 L2-PL1,230.00 t16282082,735.00 rent3,314.00 600.000.00 6/12/2021 6/11/20220.00Total3,314.001646-2 L3-PL1,310.00 cgo793692,860.00 rent2,695.00 1,400.000.00 7/29/2020 4/28/202127,930.90Total2,695.001646-3 L2-PL1,230.00 VACANT2,735.000.000.000.000.00Total0.001646-4 L3-PL1,310.00 cgo045832,860.00 subsidy2,922.00 700.000.00 1/11/2021 7/10/20224,988.52rent143.00Total3,065.001647-1 L3-PL1,310.00 t16256082,860.00 rent3,643.00 1,100.000.00 5/21/2021 11/20/2021162.10petp55.00Total3,698.001647-2 L2-PL1,230.00 t16272832,735.00 rent3,314.00 1,400.000.00 6/12/2021 6/11/202231.67prkg50.00Total3,364.001647-3 L3-PL1,310.00 cgo666532,860.00 rent2,956.00 700.000.00 3/8/2020 3/7/2021224.13Total2,956.00 Page 12 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211647-4 L2-PL1,230.00 cgo880962,735.00 rent2,860.00 700.000.00 8/22/2020 6/21/2021113.56Total2,860.001652-1 L3-PL1,310.00 cgo165212,860.00 rent2,998.00 3,515.000.00 10/29/2018 9/28/20210.00stor25.00Total3,023.001652-2 L1-PL1,167.00 cgo892492,530.00 rent2,800.00 600.000.00 9/26/2020 9/25/2021129.46Total2,800.001652-3 L2-PL1,230.00 cgo894702,735.00 subsidy2,756.00 1,400.000.00 9/27/2020 3/26/2022781.17rent139.00Total2,895.001652-4 L3-PL1,310.00 cgo165242,860.00 rent2,811.000.000.00 2/5/2019 7/4/2021 7/7/2021263.89Total2,811.001652-5 L1-PL1,167.00 cgo165252,530.00 rent2,503.00 3,300.000.00 12/1/2017 8/31/202118,113.21Total2,503.001652-6 L2-PL1,230.00 cgo088862,735.00 prkg50.00 700.000.00 2/22/2021 8/21/2022271.44rent2,860.00Total2,910.001654-1 L3-PL1,310.00 cgo643522,860.00 rent2,648.00 700.000.00 1/22/2020 7/21/202127.49Total2,648.001654-2 L1-PL1,167.00 cgo165422,530.00 rent2,390.000.000.00 2/19/2018 12/18/2020 7/25/2021239.38Total2,390.001654-3 L1-PL1,167.00 cgo324632,530.00 rent2,554.00 600.000.00 4/1/2019 10/31/2021141.79Total2,554.001654-4 L3-PL1,310.00 cgo128262,860.00 prkg50.00 1,200.000.00 4/1/2021 5/31/2022185.46rent3,100.00Total3,150.00 Page 13 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211654-5 L3-PL1,310.00 cgo875542,860.00 rent3,030.00 700.000.00 9/17/2020 8/16/2021 8/16/2021255.16Total3,030.001654-6 L1-PL1,167.00 cgo238612,530.00 rent2,947.00 600.000.00 5/23/2021 5/22/2022143.03Total2,947.001654-7 L1-PL1,167.00 cgo673532,530.00 rent2,304.00 1,200.000.00 4/5/2020 8/4/202121,831.09Total2,304.001654-8 L3-PL1,310.00 cgo885562,860.00 subsidy2,472.00 1,400.000.00 9/11/2020 3/10/2022165.66rent468.00Total2,940.001656-1 L2-PL1,230.00 cgo234702,785.00 rent3,412.00 700.000.00 6/9/2021 6/8/20222,451.86Total3,412.001656-2 L3-PL1,310.00 cgo181852,860.00 subsidy3,254.00 1,400.000.00 4/16/2021 4/15/20221,714.10rent283.00Total3,537.001656-3 L2-PL1,230.00 cgo978402,735.00 prkg50.00 700.000.00 1/22/2021 7/21/2022115.34prkg50.00rent2,890.00Total2,990.001656-4 L3-PL1,310.00 cgo329262,860.00 rent2,970.00 700.000.00 4/19/2019 2/18/2022170.69Total2,970.001657-1 L3-PL1,310.00 cgo442852,860.00 rent2,889.00 700.000.00 8/12/2019 8/11/2022170.69Total2,889.001657-2 L2-PL1,230.00 cgo485182,735.00 prkg50.00 700.000.00 8/27/2019 2/25/20215,918.26rent2,859.00Total2,909.00 Page 14 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211657-3 L3-PL1,310.00 cgo288322,860.00 rent2,816.00 700.000.00 2/25/2019 7/23/2021112.55Total2,816.001657-4 L2-PL1,230.00 cgo778412,735.00 prkg50.00 700.000.00 6/27/2020 6/26/20212,407.23subsidy402.00rent2,073.00Total2,525.001666-1 L3-PL1,310.00 cgo914262,860.00 prkg50.00 700.000.00 9/24/2020 9/30/20210.00rent3,110.00Total3,160.001666-2 L1-PL1,167.00 cgo434102,530.00 petp55.00 1,000.000.00 8/14/2019 5/13/2021113.56rent2,500.00Total2,555.001666-3 L1-PL1,167.00 cgo166632,530.00 petp55.00 400.000.00 12/31/2018 6/30/202115,480.16rent2,510.00Total2,565.001666-4 L3-PL1,310.00 cgo166642,860.00 rent2,725.00 1,842.500.00 9/6/2015 3/4/2022283.30Total2,725.001666-5 L3-PL1,310.00 cgo382732,860.00 rent2,585.00 700.000.00 5/26/2019 5/25/202196.07Total2,585.001666-6 L1-PL1,167.00 cgo166662,530.00 rent2,540.00 600.000.00 7/31/2014 6/30/2021127.68Total2,540.001666-7 L1-PL1,167.00 cgo103762,530.00 petp55.00 1,200.000.00 4/5/2021 8/4/2022115.34rent2,750.00Total2,805.001666-8 L3-PL1,310.00 cgo914342,860.00 rent3,110.00 700.000.00 9/25/2020 8/24/2021158.46Total3,110.00 Page 15 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211667-1 L3-PL1,310.00 cgo242392,910.00 rent3,537.00 700.000.00 5/22/2021 6/21/2022224.49prkg50.00Total3,587.001667-2 L2-PL1,230.00 cgo825112,735.00 rent2,831.00 1,400.000.00 7/10/2020 9/9/202178.00Total2,831.001667-3 L3-PL1,310.00 cgo642572,860.00 rent2,645.00 700.000.00 1/27/2020 7/26/20210.00Total2,645.001667-4 L2-PL1,230.00 cgo778972,735.00 prkg50.00 1,400.000.00 6/28/2020 8/27/2021141.79rent2,475.00Total2,525.002804-1 L3-PL1,310.00 cgo280412,860.00 prkg50.00 3,435.000.00 4/21/2016 4/20/201939,588.90rent2,832.00Total2,882.002804-2 L1-PL1,167.00 cgo103612,530.00 petp110.00 1,100.000.00 2/26/2021 7/25/2022115.34prkg50.00rent2,750.00Total2,910.002804-3 L2-PL1,230.00 cgo280432,735.00 prkg50.00 700.000.00 9/3/2015 1/2/2022141.79rent2,731.00Total2,781.002804-4 L3-PL1,310.00 cgo132362,860.00 subsidy3,003.00 700.000.00 3/29/2021 3/28/20229,414.95rent588.00Total3,591.002804-5 L1-PL1,167.00 cgo915212,530.00 rent2,672.00 600.000.00 11/7/2020 10/6/2021172.47Total2,672.002804-6 L2-PL1,230.00 cgo508382,735.00 rent2,854.00 700.000.00 10/17/2019 9/16/2021227.00Total2,854.00 Page 16 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212808-1 L2-PL1,230.00 cgo280812,735.00 prkg50.00 3,180.000.00 3/1/2018 4/30/20216,978.38rent2,629.00Total2,679.002808-2 L3-PL1,310.00 MODEL2,860.000.000.000.000.00Total0.002808-3 L2-PL1,230.00 cgo148142,735.00 petp55.00 1,200.000.00 4/1/2021 8/31/2021115.34prkg50.00rent3,259.00Total3,364.002808-4 L3-PL1,310.00 cgo280842,860.00 rent2,724.00 3,310.000.00 8/19/2018 9/18/2021311.46Total2,724.002905-1 T1-PL1,119.00 ago290512,558.00 prkg50.00 600.000.00 8/20/2017 7/19/2021141.79rent2,450.00Total2,500.002905-2 T2-PL1,258.00 t16265983,068.00 rent3,368.00 600.000.00 6/12/2021 6/11/20220.00Total3,368.002905-3 T3-PL1,482.00 cgo290533,363.00 rent3,320.00 700.000.00 9/7/2014 9/6/2021113.56Total3,320.002909-1 T1-PL1,119.00 cgo998542,558.00 subsidy1,957.00 600.000.00 1/2/2021 7/1/2022225.41rent548.00Total2,505.002909-2 T2-PL1,258.00 cgo290923,068.00 rent2,986.00 600.000.00 9/6/2015 3/5/202285.32stor25.00Total3,011.002909-3 T3-PL1,482.00 cgo290933,363.00 prkg50.00 700.000.00 2/2/2018 6/30/2021255.16rent3,200.00 Page 17 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total3,250.002912-1 L2-PL1,230.00 cgo791262,735.00 prkg50.00 700.000.00 6/16/2020 6/15/2021127.68rent2,660.00Total2,710.002912-2 L3-PL1,310.00 cgo855872,860.00 rent3,105.00 700.000.00 10/5/2020 10/4/202187.10Total3,105.002912-3 L2-PL1,230.00 cgo291862,735.00 prkg50.00 700.000.00 3/31/2019 6/30/2021255.16rent2,777.00Total2,827.002912-4 L3-PL1,310.00 cgo388802,860.00 prkg50.00 700.000.00 7/6/2019 4/6/20218,005.89rent2,947.00Total2,997.002913-1 T1-PL1,119.00 cgo486732,558.00 rent2,674.00 600.000.00 8/26/2019 5/25/2022147.00Total2,674.002913-2 T2-PL1,258.00 cgo585803,068.00 rent2,790.00 600.000.00 12/2/2019 6/1/202158.59Total2,790.002913-3 T3-PL1,482.00 t16258763,363.00 rent4,093.00 700.000.00 5/21/2021 11/20/202134.13Total4,093.002917-1 T1-PL1,119.00 cgo688972,558.00 subsidy949.00 600.000.00 4/22/2020 9/21/202185.32rent1,471.00Total2,420.002917-2 T2-PL1,258.00 VACANT3,068.000.000.000.000.00Total0.002917-3 T3-PL1,482.00 t16256133,363.00 rent3,889.00 700.000.00 5/26/2021 6/25/202226.36Total3,889.00 Page 18 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212923-1 T1-PL1,119.00 cgo795352,558.00 rent2,610.00 600.000.00 6/18/2020 3/17/202185.32Total2,610.002923-2 T2-PL1,258.00 cgo928713,068.00 rent3,325.00 600.000.00 11/7/2020 9/6/2021138.50Total3,325.002923-3 T3-PL1,482.00 cgo800203,363.00 rent3,280.00 700.000.00 6/29/2020 7/28/2021127.68Total3,280.002931-1 T1-PL1,119.00 cgo318162,558.00 petp55.00 1,000.000.00 3/18/2019 8/17/2021170.69rent2,480.00Total2,535.002931-2 T2-PL1,258.00 cgo671673,068.00 prkg50.00 600.000.00 2/15/2020 8/14/2021168.67rent2,820.00Total2,870.002931-3 T3-PL1,482.00 t16288493,363.00 rent3,890.00 600.000.00 6/16/2021 6/15/2022-3,890.00Total3,890.002941-1 T1-PL1,119.00 cgo379812,558.00 petp35.00 800.000.00 6/23/2019 12/22/202185.32rent2,455.00Total2,490.002941-2 T2-PL1,258.00 cgo688953,068.00 petp55.00 1,100.000.00 3/23/2020 7/22/2021156.56rent2,895.00Total2,950.002941-3 T3-PL1,482.00 cgo788243,363.00 rent3,195.00 1,400.000.00 6/19/2020 6/17/2021 7/25/20210.00Total3,195.002951-1 T1-PL1,119.00 cgo770252,558.00 rent2,336.00 600.000.00 6/15/2020 10/14/202185.32Total2,336.002951-2 T2-PL1,258.00 cgo295123,068.00 rent3,266.00 600.000.00 7/22/2016 7/21/202199.82stor25.00 Page 19 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total3,291.002951-3 T3-PL1,482.00 cgo241963,363.00 rent3,793.00 700.000.00 5/14/2021 6/13/202277.27Total3,793.002957-1 T1-PL1,119.00 cgo059252,558.00 rent2,641.00 600.000.00 1/9/2021 7/8/2022101.60Total2,641.002957-2 T2-PL1,258.00 cgo104833,068.00 petp70.00 900.000.00 2/27/2021 8/26/2022228.78rent3,300.00Total3,370.002957-3 T3-PL1,482.00 cgo295733,363.00 rent2,945.00 1,325.000.00 5/1/2015 10/31/2021127.68Total2,945.002963-1 T1-PL1,119.00 cgo613952,558.00 rent2,709.00 600.000.00 12/28/2019 9/27/2022263.89Total2,709.002963-2 T2-PL1,258.00 cgo296322,868.00 rent2,793.00 600.000.00 2/5/2019 8/4/2022112.61Total2,793.002963-3 T3-PL1,482.00 cgo724803,163.00 rent2,910.00 700.000.00 5/15/2020 7/14/2021113.56Total2,910.002969-1 T1-PL1,119.00 cgo105882,558.00 petp35.00 900.000.00 3/15/2021 5/14/2022-65.47rent2,800.00Total2,835.002969-2 T2-PL1,258.00 cgo986512,868.00 petp110.00 1,100.000.00 1/3/2021 7/2/2022115.34rent3,160.00Total3,270.002969-3 T3-PL1,482.00 cgo296933,163.00 petp55.00 1,100.000.00 5/7/2018 4/6/2021137.42rent3,135.00Total3,190.00 Page 20 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212975-1 T1-PL1,119.00 cgo297512,558.00 petp35.00 200.000.00 7/20/2018 4/19/2021 6/30/2021237.75rent2,454.00Total2,489.002975-2 T2-PL1,258.00 cgo298122,868.00 rent3,071.00 3,260.000.00 2/13/2019 4/12/2021 6/30/2021198.27Total3,071.002975-3 T3-PL1,482.00 cgo915893,163.00 petp110.00 1,900.000.00 9/29/2020 9/28/202112,124.55rent3,470.00Total3,580.002981-1 T1-PL1,119.00 cgo533212,558.00 rent2,475.00 600.000.00 10/11/2019 7/10/202013,816.45Total2,475.002981-2 T2-PL1,258.00 cgo719332,868.00 petp55.00 1,100.000.00 4/27/2020 8/26/202121,544.25rent2,645.00Total2,700.002981-3 T3-PL1,482.00 cgo204663,163.00 rent3,664.00 700.000.00 5/8/2021 6/7/202290.42Total3,664.001622-2 L1-PL1,167.00 t16302492,530.000.00 600.000.00 7/1/2021 6/29/20220.00Total0.001634-6 L3-PL1,310.00 t16289482,860.000.00 600.000.00 7/10/2021 7/9/2022-93.00Total0.001635-3 L2-PL1,230.00 t16306732,735.000.00 600.000.00 7/23/2021 7/22/20220.00Total0.001636-1 L2-PL1,230.00 t16271162,735.000.00 600.000.00 8/9/2021 8/8/20220.00Total0.001642-5 L1-PL1,167.00 t16289532,530.000.00 600.000.00 8/1/2021 7/31/20220.00Total0.00Future Residents/Applicants Page 21 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211645-4 L2-PL1,230.00 t16298672,735.000.00 600.000.00 6/21/2021 7/20/2022-52.00Total0.001646-3 L2-PL1,230.00 t16274332,735.000.00 600.000.00 6/28/2021 6/26/2022100.00Total0.001652-4 L3-PL1,310.00 t16293502,860.000.000.000.00 7/15/2021 7/14/2022704.00Total0.001654-2 L1-PL1,167.00 t16308632,530.000.00 500.000.00 8/1/2021 8/31/20220.00Total0.001654-5 L3-PL1,310.00 t16313762,860.000.00 700.000.00 8/23/2021 8/22/20220.00Total0.002917-2 T2-PL1,258.00 t16284673,068.000.00 600.000.00 7/3/2021 12/2/202152.00Total0.002975-1 T1-PL1,119.00 t16277912,558.000.00 600.000.00 7/10/2021 7/9/20220.00Total0.002975-2 T2-PL1,258.00 t16303472,868.000.00 600.000.00 7/7/2021 8/6/20220.00Total0.00Total580,517.00589,470.00 211,352.100.00468,191.351604-1 P1-PN808.00 cgo915702,096.00 rent2,155.00 500.000.00 10/21/2020 10/20/202195.27Total2,155.001604-2 P2-PN1,135.00 cgocl0022,844.00 rent2,480.00 2,935.000.00 12/15/2018 10/14/2022159.00Total2,480.001604-3 P2-PN1,135.00 cgo469892,844.00 edsc-828.000.000.00 10/26/2019 10/25/2020189.85rent2,760.00Current/Notice/Vacant Residents Page 22 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total1,932.001604-4 P1-PN808.00 cgo769812,096.00 rent1,955.00 500.000.00 5/28/2020 9/27/202192.00Total1,955.001604-5 P1-PN808.00 cgo123342,096.00 prkg50.00 500.000.00 2/17/2021 4/16/2022109.77rent2,385.00Total2,435.001604-6 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.001604-7 P2-PN1,135.00 cgocl0072,844.00 rent2,645.00 1,000.000.00 1/20/2018 8/19/2021141.52Total2,645.001604-8 P1-PN808.00 cgo700792,096.00 rent1,930.00 500.000.00 6/21/2020 7/19/2021313.45Total1,930.001605-1 P1-PN808.00 cgocl0092,096.00 prkg50.00 500.000.00 5/25/2018 5/24/2020124.00rent2,045.00Total2,095.001605-2 P2-PN1,135.00 cgocl0102,844.00 rent2,415.000.000.00 1/3/2019 5/2/2021134.75Total2,415.001605-3 P2-PN1,135.00 cgo593112,844.00 rent2,450.000.000.00 12/21/2019 6/20/2021124.00Total2,450.001605-4 P1-PN808.00 cgo620122,096.00 rent1,890.000.000.00 1/18/2020 7/17/202190.99Total1,890.001605-5 P2-PN1,135.00 cgocl0132,844.00 rent2,573.00 600.000.00 5/10/2017 5/31/2021124.00Total2,573.001605-6 P1-PN808.00 cgo785952,096.00 rent2,200.00 500.000.00 6/21/2020 9/20/202192.00Total2,200.00 Page 23 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211606-1 P1-PN808.00 cgo558462,096.00 prkg50.00 500.000.00 11/14/2019 5/12/202292.00rent2,067.00Total2,117.001606-2 P2-PN1,135.00 cgo318282,844.00 rent2,508.00 600.000.00 2/1/2019 7/30/20202,761.09Total2,508.001606-3 P2-PN1,135.00 cgo693182,844.00 prkg50.000.000.00 3/17/2020 7/16/2021236.43rent2,595.00Total2,645.001606-4 P1-PN808.00 cgocl0172,096.00 prkg50.00 2,365.000.00 8/12/2017 12/11/202192.00rent2,236.00Total2,286.001606-5 P1-PN808.00 cgo151222,096.00 rent2,075.00 500.000.00 4/29/2021 4/28/2022140.51prkg50.00Total2,125.001606-6 P2-PN1,135.00 cgo812542,844.00 prkg50.00 600.000.00 8/28/2020 5/27/2021238.45rent2,532.00Total2,582.001606-7 P2-PN1,135.00 cgo240432,844.00 rent3,257.00 1,200.000.00 5/11/2021 4/10/2022688.51Total3,257.001606-8 P1-PN808.00 cgo871262,096.00 subsidy1,983.00 500.000.00 9/21/2020 10/20/20212,089.50rent92.00Total2,075.001607-1 P1-PN808.00 cgocl0222,096.00 rent2,189.00 500.000.00 2/10/2018 2/9/2021152.51Total2,189.001607-2 P2-PN1,135.00 cgo421162,844.00 rent2,450.00 1,200.000.00 6/27/2019 8/26/2021135.70Total2,450.00 Page 24 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211607-3 P2-PN1,135.00 cgo835332,844.00 petp55.00 1,100.000.00 8/17/2020 9/16/20210.00rent2,585.00Total2,640.001607-4 P1-PN808.00 cgo395372,096.00 rent2,050.00 500.000.00 6/1/2019 8/31/2021102.75Total2,050.001607-5 P1-PN808.00 cgo630472,096.00 prkg50.000.000.00 1/12/2020 2/10/2022125.01rent2,045.00Total2,095.001607-6 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.001607-7 P2-PN1,135.00 cgo299542,844.00 rent3,094.00 600.000.00 4/8/2019 4/7/2021154.01Total3,094.001607-8 P1-PN808.00 cgo733092,096.00 prkg50.00 500.000.00 4/28/2020 9/27/2021139.51rent1,895.00Total1,945.001608-1 P1-PN808.00 cgo597502,096.00 rent1,915.00 500.000.00 12/9/2019 6/8/20210.00Total1,915.001608-2 P2-PN1,135.00 cgo843052,844.00 petp55.00 1,100.000.00 8/10/2020 1/9/2022125.01rent2,665.00Total2,720.001608-3 P2-PN1,135.00 cgo619662,844.00 rent2,556.000.000.00 1/2/2020 12/1/20212,794.45Total2,556.001608-4 P1-PN808.00 VACANT2,096.000.000.000.000.00Total0.001608-5 P1-PN808.00 cgocl0332,096.00 prkg50.00 2,350.000.00 7/5/2018 10/4/2022177.37 Page 25 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021rent2,060.00Total2,110.001608-6 P2-PN1,135.00 cgo924602,844.00 rent2,735.00 600.000.00 10/16/2020 10/15/2021144.79Total2,735.001608-7 P2-PN1,135.00 cgo596302,844.00 rent2,450.000.000.00 12/11/2019 6/10/20215,704.53Total2,450.001608-8 P1-PN808.00 cgo854332,096.00 rent2,255.00 1,000.000.00 8/12/2020 8/11/202119,916.87Total2,255.001609-1 P1-PN808.00 cgo907082,096.00 rent2,100.00 500.000.00 10/15/2020 10/14/2021195.14Total2,100.001609-2 P2-PN1,135.00 cgo736682,844.00 petp35.00 900.000.00 5/15/2020 8/14/20210.00rent2,545.00Total2,580.001609-3 P2-PN1,135.00 cgo614332,844.00 rent2,450.000.000.00 12/30/2019 6/29/202136,917.32Total2,450.001609-4 P1-PN808.00 cgo711172,096.00 rent1,785.00 500.000.00 4/19/2020 8/18/20213,832.00Total1,785.001609-5 P1-PN808.00 cgo666752,096.00 rent1,955.00 500.000.00 2/22/2020 8/21/20216,021.77Total1,955.001609-6 P2-PN1,135.00 cgocl0422,844.00 prkg50.00 3,230.000.00 10/1/2018 4/30/2021125.01rent2,737.00Total2,787.001609-7 P2-PN1,135.00 cgo743432,844.00 prkg50.00 600.000.00 5/15/2020 9/14/2021125.01rent2,455.00Total2,505.00 Page 26 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211609-8 P1-PN808.00 cgocl0442,096.00 rent1,974.00 500.000.00 7/2/2018 6/1/20210.00Total1,974.002811-1 P1-PN808.00 cgo893132,096.00 prkg50.00 500.000.00 9/10/2020 9/9/202192.00rent2,005.00Total2,055.002811-2 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002811-3 P1-PN808.00 cgo777372,096.00 prkg50.00 500.000.00 7/6/2020 7/5/202192.00subsidy1,085.00rent905.00Total2,040.002811-4 P2-PN1,135.00 cgo828492,844.00 rent2,610.00 600.000.00 8/3/2020 5/2/2021125.01Total2,610.002811-5 P2-PN1,135.00 cgo753862,844.00 subsidy2,359.00 600.000.00 7/18/2020 10/17/2021125.36rent166.00Total2,525.002811-6 P1-PN808.00 cgo421212,096.00 petp55.00 900.000.00 7/25/2019 4/29/20217,868.57prkg50.00rent1,970.00Total2,075.002815-1 T1-PN1,119.00 cgo844242,546.00 rent2,698.00 600.000.00 7/22/2020 7/21/2022141.52Total2,698.002815-2 T2-PN1,258.00 cgo650122,798.00 rent2,565.00 600.000.00 1/29/2020 7/28/20210.00Total2,565.002815-3 T3-PN1,482.00 VACANT3,183.000.000.000.000.00Total0.00 Page 27 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212819-1 T1-PN1,119.00 cgo044662,546.00 rent2,550.00 1,200.000.00 12/20/2020 6/19/2022180.64Total2,550.002819-2 T2-PN1,258.00 cgocl0552,798.00 prkg50.00 1,700.000.00 7/27/2013 7/26/2018620.54rent2,957.00Total3,007.002819-3 T3-PN1,482.00 cgo700083,183.00 subsidy2,465.00 1,400.000.00 5/1/2020 9/30/20211,108.45rent435.00Total2,900.002820-1 P1-PN808.00 cgo446452,096.00 prkg50.00 500.000.00 8/1/2019 7/31/2020138.50rent2,460.00Total2,510.002820-10 P1-PN808.00 cgocl0582,096.00 rent2,126.00 500.000.00 8/29/2017 10/28/20210.00Total2,126.002820-2 P2-PN1,135.00 cgo679522,844.00 petp55.00 1,100.000.00 3/7/2020 8/6/202190.99rent2,617.00Total2,672.002820-3 P2-PN1,135.00 cgocl0602,844.00 rent2,525.00 3,155.000.00 11/18/2017 5/17/2021338.83Total2,525.002820-4 P1-PN808.00 cgo978752,096.00 subsidy1,995.00 500.000.00 12/27/2020 6/26/20222,490.64rent315.00Total2,310.002820-5 P1-PN808.00 cgocl0622,096.00 rent1,964.000.000.00 12/9/2015 7/7/202190.99Total1,964.002820-6 P2-PN1,135.00 cgo468192,844.00 petp55.00 1,000.000.00 9/14/2019 3/13/2022125.01rent2,610.00Total2,665.00 Page 28 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212820-7 P2-PN1,135.00 cgo435662,894.00 rent2,772.00 600.000.00 7/13/2019 4/12/2021249.20Total2,772.002820-8 P1-PN808.00 cgocl0652,096.00 rent1,890.00 500.000.00 11/15/2018 11/14/2019170.37Total1,890.002820-9 P2-PN1,135.00 MODEL2,894.000.000.000.000.00Total0.002821-1 P1-PN808.00 cgo616452,096.00 rent1,890.00 500.000.00 1/9/2020 7/8/2021124.00Total1,890.002821-2 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002821-3 P2-PN1,135.00 cgo048922,844.00 rent2,745.000.000.00 12/23/2020 6/22/2021128.28Total2,745.002821-4 P1-PN808.00 cgo979172,096.00 rent2,290.00 500.000.00 12/5/2020 6/4/202295.27Total2,290.002821-5 P1-PN808.00 cgo369682,096.00 rent2,020.00 500.000.00 5/8/2019 5/7/202192.00Total2,020.002821-6 P2-PN1,135.00 cgocl0712,844.00 rent2,593.00 600.000.00 4/13/2018 7/12/2021308.28Total2,593.002821-7 P2-PN1,135.00 cgo948402,844.00 rent2,940.00 600.000.00 12/9/2020 6/8/2022241.72Total2,940.002821-8 P1-PN808.00 cgocl0732,096.00 rent1,950.00 2,350.000.00 7/12/2017 4/11/202175.35Total1,950.002823-1 T1-PN1,119.00 cgocl0742,546.00 rent2,443.00 600.000.00 12/4/2018 4/3/20226,333.36Total2,443.00 Page 29 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212823-2 T2-PN1,258.00 cgo911572,798.00 rent3,065.00 600.000.00 9/22/2020 9/21/2021238.45Total3,065.002823-3 T3-PN1,482.00 cgo963773,183.00 petp90.00 1,200.000.00 11/11/2020 5/10/2021212.72prkg50.00rent3,495.00Total3,635.002826-1 P1-PN808.00 cgo198542,096.00 rent2,526.00 500.000.00 4/20/2021 5/19/20220.00Total2,526.002826-2 P2-PN1,135.00 cgo083252,844.00 petp55.00 1,100.000.00 1/23/2021 7/22/202295.27rent2,800.00Total2,855.002826-3 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002826-4 P1-PN808.00 cgo761182,096.00 prkg50.00 500.000.00 5/27/2020 9/26/2021125.01rent1,955.00Total2,005.002826-5 P1-PN808.00 cgo772702,096.00 rent1,955.00 500.000.00 7/3/2020 10/2/2021-1.88Total1,955.002826-6 P2-PN1,135.00 cgo244322,844.00 rent3,286.00 600.000.00 5/14/2021 5/13/2022-214.00Total3,286.002826-7 P2-PN1,135.00 cgocl0812,844.00 petp55.00 3,875.000.00 7/12/2018 12/11/2021125.01petp55.00prkg50.00rent2,770.00Total2,930.002826-8 P1-PN808.00 cgo748382,096.00 prkg50.00 500.000.00 6/7/2020 6/6/2021141.52rent1,960.00 Page 30 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total2,010.002827-1 T1-PN1,119.00 cgocl0832,546.00 petp35.00 800.000.00 4/7/2015 8/6/20219.95rent2,528.00Total2,563.002827-2 T2-PN1,258.00 cgocl0842,798.00 petp55.00 800.000.00 11/15/2017 9/16/2021125.01petp55.00rent2,687.00Total2,797.002827-3 T3-PN1,482.00 cgocl0853,183.00 edsc-1,851.000.000.00 11/5/2017 2/28/20190.00rent3,085.00Total1,234.002831CC-1 T1-PN1,119.00 cgo557012,546.00 petp55.00 500.000.00 11/13/2019 9/12/2021238.45rent2,590.00Total2,645.002831CC-2 T2-PN1,258.00 cgo988852,998.00 rent3,355.00 600.000.00 12/8/2020 8/7/202195.27Total3,355.002831CC-3 T3-PN1,482.00 cgo125663,383.00 rent3,900.00 700.000.00 3/1/2021 2/28/2022128.28Total3,900.002831CS-1 P1-PN808.00 cgo026722,096.00 rent2,750.00 500.000.00 12/18/2020 6/17/2021138.61Total2,750.002831CS-2 P2-PN1,135.00 cgo477582,844.00 prkg50.00 3,110.000.00 8/13/2019 8/12/202013,033.92rent2,510.00Total2,560.002831CS-3 P2-PN1,135.00 cgo927052,844.00 rent2,790.00 600.000.00 10/2/2020 9/1/2021128.28Total2,790.002831CS-4 P1-PN808.00 VACANT2,096.000.000.000.000.00 Page 31 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total0.002831CS-5 P1-PN808.00 cgo656032,096.00 prkg50.000.000.00 2/1/2020 7/31/2021175.35rent1,920.00Total1,970.002831CS-6 P2-PN1,135.00 cgo066852,844.00 subsidy2,173.00 1,200.000.00 2/4/2021 8/3/202210,827.32rent572.00Total2,745.002831CS-7 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002831CS-8 P1-PN808.00 cgocl0962,096.00 rent2,014.00 2,390.000.00 11/21/2017 10/20/202292.00Total2,014.002835-1 T1-PN1,119.00 cgocl0972,546.00 rent2,560.00 2,595.000.00 8/25/2013 5/24/2021125.01Total2,560.002835-2 T2-PN1,258.00 cgocl0982,923.00 rent2,610.00 3,035.000.00 5/16/2016 5/31/201988.50Total2,610.002835-3 T3-PN1,482.00 cgo735253,183.00 rent2,910.00 700.000.00 5/30/2020 7/29/2021135.76Total2,910.002838-1 P1-PN808.00 cgo518762,096.00 rent2,070.00 500.000.00 11/15/2019 10/14/2021177.37Total2,070.002838-10 P1-PN808.00 cgo799302,096.00 prkg50.00 500.000.00 7/12/2020 10/11/2022238.45rent2,173.00Total2,223.002838-2 P2-PN1,135.00 cgocl1022,844.00 rent2,532.00 600.000.00 10/18/2018 8/21/2021236.43Total2,532.002838-3 P2-PN1,135.00 cgo638692,844.00 rent2,465.00 500.000.00 1/11/2020 7/10/2021124.00 Page 32 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total2,465.002838-4 P1-PN808.00 cgo714332,096.00 rent1,785.00 500.000.00 4/18/2020 8/17/2021249.20Total1,785.002838-5 P1-PN808.00 cgo898642,096.00 prkg50.00 500.000.00 9/24/2020 3/23/2021236.45rent2,648.00Total2,698.002838-6 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002838-7 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002838-8 P1-PN808.00 cgo547392,096.00 prkg50.00 1,000.000.00 10/21/2019 4/20/202192.00rent1,993.00Total2,043.002838-9 P2-PN1,135.00 cgocl1092,844.00 prkg50.00 2,985.000.00 12/5/2018 11/28/20201,015.05rent2,468.00Total2,518.002839-1 T1-PN1,119.00 cgo680872,546.00 rent2,420.00 600.000.00 3/4/2020 9/3/2021196.04prkg50.00Total2,470.002839-2 T2-PN1,258.00 cgo151692,798.00 rent3,092.00 600.000.00 4/11/2021 4/10/2022363.10prkg50.00Total3,142.002839-3 T3-PN1,482.00 cgo338263,183.00 rent3,093.00 700.000.00 4/7/2019 7/6/2021134.75Total3,093.002842-1 P1-PN808.00 VACANT2,096.000.000.000.000.00Total0.00 Page 33 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212842-10 P1-PN808.00 cgo487482,096.00 rent1,944.00 500.000.00 8/22/2019 7/21/202192.00Total1,944.002842-2 P2-PN1,135.00 cgo428112,844.00 rent2,685.00 1,000.000.00 7/22/2019 9/30/2021177.37Total2,685.002842-3 P1-PN808.00 VACANT2,096.000.000.000.000.00Total0.002842-4 P2-PN1,135.00 cgo753042,844.00 petp55.00 1,100.000.00 6/22/2020 3/21/202292.00rent2,604.00Total2,659.002842-5 P2-PN1,135.00 cgo791192,844.00 rent2,450.000.000.00 6/10/2020 9/9/2021 9/9/20211,709.95Total2,450.002842-6 P1-PN808.00 cgocl1182,096.00 prkg50.00 2,380.000.00 12/5/2018 10/4/2021252.95rent2,024.00Total2,074.002842-7 P1-PN808.00 cgocl1192,096.00 rent1,883.000.000.00 1/2/2019 7/1/20210.00Total1,883.002842-8 P2-PN1,135.00 cgo471902,844.00 petp70.00 900.000.00 8/14/2019 5/13/2021125.01rent2,573.00Total2,643.002842-9 P2-PN1,135.00 cgo846172,844.00 petp35.00 900.000.00 8/9/2020 9/8/2021 7/10/20210.00rent2,765.00Total2,800.002843-1 T1-PN1,119.00 cgocl1222,546.00 petp55.00 3,180.000.00 7/22/2017 1/21/202225.01rent2,580.00Total2,635.00 Page 34 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212843-2 T2-PN1,258.00 VACANT2,998.000.000.000.000.00Total0.002843-3 T3-PN1,482.00 cgocl1243,183.00 prkg50.00 3,900.000.00 8/5/2017 8/5/2022339.02rent3,146.00Total3,196.002845-1 P1-PN808.00 cgo914252,096.00 rent2,460.00 500.000.00 10/2/2020 9/1/20210.00Total2,460.002845-2 P2-PN1,135.00 cgocl1262,894.00 rent2,772.00 3,125.000.00 6/15/2018 6/13/2021360.28Total2,772.002845-3 P2-PN1,135.00 cgo064142,894.00 rent2,795.00 1,200.000.00 1/15/2021 8/14/20210.00Total2,795.002845-4 P1-PN808.00 cgo139882,096.00 petp55.00 1,000.000.00 3/5/2021 7/4/2021 7/9/2021362.26rent2,621.00Total2,676.002845-5 P1-PN808.00 cgo665772,096.00 prkg50.00 500.000.00 2/9/2020 8/8/2022125.01rent2,117.00Total2,167.002845-6 P2-PN1,135.00 cgo980462,894.00 rent3,015.000.000.00 12/2/2020 6/1/202215,587.61Total3,015.002845-7 P2-PN1,135.00 cgo842002,894.00 petp55.00 1,100.000.00 7/25/2020 11/24/2021125.01rent2,736.00Total2,791.002845-8 P1-PN808.00 cgo415862,096.00 rent1,978.00 500.000.00 6/22/2019 9/21/20210.00Total1,978.002847-1 T1-PN1,119.00 cgo544912,546.00 rent2,544.00 1,200.000.00 10/22/2019 3/21/2022177.37Total2,544.00 Page 35 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212847-2 T2-PN1,258.00 cgo594652,998.00 petp110.00 1,100.000.00 12/3/2019 6/2/2021236.43prkg50.00rent2,750.00Total2,910.002847-3 T3-PN1,482.00 cgo651743,383.00 rent3,200.00 700.000.00 1/31/2020 6/29/20210.00Total3,200.002848-1 P1-PN808.00 t16262882,096.00 rent2,531.00 1,000.000.00 6/12/2021 6/11/20220.00petp55.00Total2,586.002848-2 P2-PN1,135.00 cgocl1372,844.00 rent2,495.00 2,930.000.00 2/9/2018 7/12/20212,681.10Total2,495.002848-3 P2-PN1,135.00 cgo754912,844.00 rent2,470.00 600.000.00 6/27/2020 9/26/2021125.01Total2,470.002848-4 P1-PN808.00 cgo104052,096.00 rent2,643.00 500.000.00 2/17/2021 8/16/2021262.84Total2,643.002848-5 P1-PN808.00 cgo640242,096.00 rent1,915.00 500.000.00 3/10/2020 6/9/2021103.23Total1,915.002848-6 P2-PN1,135.00 cgocl1412,844.00 rent2,517.00 600.000.00 5/8/2016 11/7/2021125.01Total2,517.002848-7 P2-PN1,135.00 cgo619722,844.00 rent2,450.000.000.00 1/2/2020 7/1/2021236.43Total2,450.002848-8 P1-PN808.00 cgo702942,096.00 rent1,785.00 1,000.000.00 3/19/2020 7/18/20211,376.11Total1,785.002851-1 T1-PN1,119.00 cgo359062,546.00 rent2,557.00 600.000.00 4/28/2019 7/27/2021236.43Total2,557.00 Page 36 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212851-2 T2-PN1,258.00 cgocl1452,998.00 prkg50.00 3,200.000.00 3/15/2017 3/14/2019291.41rent2,730.00Total2,780.002851-3 T3-PN1,482.00 cgocl1463,383.00 prkg50.00 500.000.00 12/5/2018 6/4/2021124.00rent3,224.00Total3,274.002852-1 P1-PN808.00 cgo870352,096.00 rent2,000.00 500.000.00 8/27/2020 5/26/20216,725.02Total2,000.002852-2 P2-PN1,135.00 cgo161082,844.00 rent3,319.00 600.000.00 3/29/2021 3/28/2022235.34Total3,319.002852-3 P2-PN1,135.00 cgo709462,844.00 petp55.00 1,100.000.00 4/6/2020 10/5/2022238.45rent2,810.00Total2,865.002852-4 P1-PN808.00 cgo620822,096.00 prkg50.000.000.00 1/11/2020 7/10/2021236.43rent1,890.00Total1,940.002852-5 P1-PN808.00 cgo607212,096.00 rent2,058.00 1,000.000.00 12/18/2019 6/17/2022156.02Total2,058.002852-6 P2-PN1,135.00 cgo836982,844.00 rent2,625.00 600.000.00 7/20/2020 6/19/20210.00Total2,625.002852-7 P2-PN1,135.00 cgo986382,844.00 subsidy2,576.000.000.00 1/19/2021 1/18/20228,427.96rent169.00Total2,745.002852-8 P1-PN808.00 cgo930742,096.00 rent2,170.00 500.000.00 10/13/2020 10/12/202195.27Total2,170.00 Page 37 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212855CC-1 T1-PN1,119.00 cgo545092,546.00 rent2,473.00 600.000.00 10/22/2019 4/21/20213,771.52Total2,473.002855CC-2 T2-PN1,258.00 cgocl1562,998.00 petp55.00 1,000.000.00 10/3/2016 2/11/202292.00rent3,028.00Total3,083.002855CC-3 T3-PN1,482.00 cgo729203,383.00 prkg50.00 700.000.00 4/26/2020 7/25/202115,434.86rent3,110.00Total3,160.002855VE-1 P1-PN808.00 cgo811822,096.00 petp35.00 800.000.00 7/7/2020 4/6/2021125.01rent2,280.00Total2,315.002855VE-2 P2-PN1,135.00 cgocl1592,844.00 prkg50.00 2,392.500.00 4/2/2015 7/6/2021141.52rent2,645.00Total2,695.002855VE-3 P2-PN1,135.00 cgo773962,844.00 rent2,576.00 1,200.000.00 6/8/2020 12/7/2021146.64Total2,576.002855VE-4 P1-PN808.00 cgo937632,096.00 rent2,170.00 1,000.000.00 10/17/2020 2/16/2022195.14Total2,170.002855VE-5 P1-PN808.00 cgo853182,096.00 prkg50.00 1,000.000.00 9/11/2020 9/10/2021125.01rent2,035.00Total2,085.002855VE-6 P2-PN1,135.00 cgocl1632,844.00 rent2,597.00 600.000.00 5/14/2017 11/13/202192.00Total2,597.002855VE-7 P2-PN1,135.00 cgo082962,894.00 subsidy1,807.00 600.000.00 2/1/2021 7/31/20223,751.34rent1,053.00Total2,860.00 Page 38 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212855VE-8 P1-PN808.00 t16282662,096.00 rent2,688.00 1,100.000.00 6/16/2021 12/15/202185.50petp55.00Total2,743.002856-1 P1-PN808.00 cgo131242,146.00 rent2,125.00 500.000.00 4/4/2021 10/3/202195.27Total2,125.002856-2 P2-PN1,135.00 cgo808942,844.00 petp145.00 1,100.000.00 7/27/2020 10/26/2022125.01rent2,651.00Total2,796.002856-3 P2-PN1,135.00 cgo916222,844.00 rent2,705.00 600.000.00 10/1/2020 9/30/20210.00Total2,705.002856-4 P1-PN808.00 cgo702252,096.00 rent1,800.00 500.000.00 3/28/2020 8/27/202192.00Total1,800.002856-5 P1-PN808.00 cgo637922,096.00 prkg50.00 500.000.00 1/17/2020 6/16/20218,514.84rent1,905.00Total1,955.002856-6 P2-PN1,135.00 VACANT2,844.000.000.000.000.00Total0.002856-7 P2-PN1,135.00 cgo740942,844.00 rent2,525.000.000.00 4/30/2020 9/29/202192.00Total2,525.002856-8 P1-PN808.00 cgocl1732,096.00 rent2,015.000.000.00 7/21/2018 4/20/202192.00Total2,015.002859-1 T1-PN1,119.00 cgocl1742,546.00 prkg50.00 400.000.00 12/26/2018 6/25/202190.99rent2,416.00Total2,466.002859-2 T2-PN1,258.00 cgo409182,998.00 rent2,912.00 600.000.00 6/14/2019 7/13/202192.00Total2,912.00 Page 39 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212859-3 T3-PN1,482.00 VACANT3,383.000.000.000.000.00Total0.002863-1 T1-PN1,119.00 cgo825162,546.00 petp55.00 1,100.000.00 8/2/2020 8/1/2021125.01rent2,595.00Total2,650.002863-2 T2-PN1,258.00 cgo424952,998.00 rent3,105.00 600.000.00 6/21/2019 10/20/202192.00Total3,105.002863-3 T3-PN1,482.00 cgo554433,383.00 prkg50.00 700.000.00 10/29/2019 4/28/202055,432.73rent3,420.00Total3,470.002864-1 P1-PN808.00 cgogon072,096.00 rent1,890.00 2,335.000.00 2/10/2019 8/9/2021 8/17/2021124.00Total1,890.002864-2 P2-PN1,135.00 cgo413202,844.00 rent2,690.00 600.000.00 6/21/2019 6/20/2020140.51Total2,690.002864-3 P2-PN1,135.00 cgocl1812,844.00 prkg50.00 1,920.000.00 2/17/2014 2/26/202038,658.96rent2,600.00Total2,650.002864-4 P1-PN808.00 cgo865582,096.00 prkg50.00 500.000.00 9/1/2020 9/30/20213,908.01subsidy1,783.00rent217.00Total2,050.002864-5 P1-PN808.00 cgo111952,096.00 petp55.00 1,000.000.00 3/6/2021 3/5/2022128.28rent2,405.00Total2,460.002864-6 P2-PN1,135.00 cgo673292,844.00 prkg50.00 600.000.00 3/30/2020 8/29/2021125.01rent2,614.00 Page 40 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total2,664.002864-7 P2-PN1,135.00 cgo724612,844.00 rent2,658.00 600.000.00 4/16/2020 10/15/2021125.01Total2,658.002864-8 P1-PN808.00 cgocl1852,096.00 rent1,805.00 900.000.00 2/22/2018 2/21/2019221.61Total1,805.002867-1 T1-PN1,119.00 cgo803452,546.00 rent2,375.00 600.000.00 6/18/2020 6/17/2021125.01Total2,375.002867-2 T2-PN1,258.00 cgo506032,998.00 rent3,026.00 600.000.00 9/16/2019 8/15/20220.00Total3,026.002867-3 T3-PN1,482.00 cgo453943,383.00 rent3,547.00 700.000.00 8/20/2019 2/19/2022152.27Total3,547.002871-1 T1-PN1,119.00 cgocl1892,546.00 rent2,454.00 600.000.00 9/13/2016 4/28/202192.00Total2,454.002871-2 T2-PN1,258.00 cgo719942,998.00 rent2,875.00 600.000.00 5/23/2020 8/21/20210.00Total2,875.002871-3 T3-PN1,482.00 cgocl1903,383.00 petp35.00 1,100.000.00 6/30/2018 6/29/2020173.54rent3,300.00Total3,335.002875-1 T1-PN1,119.00 cgo750152,546.00 rent2,487.00 600.000.00 6/28/2020 10/27/202192.00Total2,487.002875-2 T2-PN1,258.00 cgocl1922,998.00 petp55.00 1,000.000.00 2/27/2016 8/26/2021124.00rent2,770.00Total2,825.002875-3 T3-PN1,482.00 cgo758873,383.00 prkg50.00 700.000.00 5/20/2020 6/19/2021125.01rent3,175.00 Page 41 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total3,225.002876-1 P1-PN808.00 cgocl1942,096.00 rent1,886.0099.000.00 2/26/2016 8/25/202180.24Total1,886.002876-2 P2-PN1,135.00 cgo586692,844.00 prkg50.00 600.000.00 12/10/2019 6/9/20210.00rent2,435.00Total2,485.002876-3 P2-PN1,135.00 cgocl1962,844.00 rent2,610.00 400.000.00 11/1/2018 10/31/2022125.01Total2,610.002876-4 P1-PN808.00 VACANT2,096.000.000.000.000.00Total0.002879-1 T1-PN1,119.00 cgocl1982,546.00 rent2,518.00 997.500.00 5/15/2014 7/24/2021135.76Total2,518.002879-2 T2-PN1,258.00 cgo207702,998.00 petp55.00 1,100.000.00 5/1/2021 5/31/2022128.28rent3,357.00Total3,412.002879-3 T3-PN1,482.00 cgocl2003,383.00 prkg50.000.000.00 4/13/2018 7/12/2021157.03rent3,384.00Total3,434.002883-1 T1-PN1,119.00 cgocl2012,546.00 rent2,663.00 600.000.00 5/17/2018 8/16/2021135.76Total2,663.002883-2 T2-PN1,258.00 cgo818872,998.00 prkg50.00 1,100.000.00 7/10/2020 9/9/2021237.45rent3,075.00Total3,125.002883-3 T3-PN1,482.00 cgocl2033,383.00 rent3,219.00 700.000.00 10/12/2018 4/29/20211,053.71Total3,219.00 Page 42 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20212887-1 T1-PN1,119.00 cgo927632,546.00 petf55.00 1,100.000.00 11/22/2020 5/21/202295.27rent2,816.00Total2,871.002887-2 T2-PN1,258.00 cgo366172,998.00 rent2,895.00 600.000.00 4/30/2019 11/29/201911,972.09Total2,895.002887-3 T3-PN1,482.00 cgocl2063,383.00 prkg50.00 1,100.000.00 7/10/2018 8/9/2021156.02rent2,998.00Total3,048.002891-1 T1-PN1,119.00 cgocl2072,546.00 petp55.00 3,440.000.00 12/19/2017 3/18/202211,200.88rent2,589.00Total2,644.002891-2 T2-PN1,258.00 cgo584322,998.00 rent2,600.00 600.000.00 12/1/2019 5/31/20210.00Total2,600.002891-3 T3-PN1,482.00 cgo452243,308.00 petp55.00 700.000.00 7/31/2019 2/27/202192.00rent3,518.00Total3,573.001604-6 P2-PN1,135.00 t16307402,844.000.00 600.000.00 6/28/2021 5/27/20220.00Total0.001607-6 P2-PN1,135.00 t16313062,844.000.000.000.00 6/30/2021 7/29/2022704.00Total0.002811-2 P2-PN1,135.00 t16301812,844.000.00 600.000.00 6/25/2021 6/24/2022-3,540.00Total0.002831CS-4 P1-PN808.00 t16301432,096.000.00 500.000.00 6/24/2021 6/23/2022-2,724.43Total0.002831CS-7 P2-PN1,135.00 t16302502,844.000.00 600.000.00 6/22/2021 6/21/2022-2,938.60Future Residents/Applicants Page 43 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/2021Total0.002838-7 P2-PN1,135.00 t16307812,844.000.00 600.000.00 6/30/2021 6/29/20220.00Total0.002843-2 T2-PN1,258.00 t16304232,998.000.00 600.000.00 7/7/2021 8/6/20220.00Total0.002859-3 T3-PN1,482.00 t16298523,383.000.00 700.000.00 6/24/2021 6/23/20220.00Total0.00Total566,650.00504,880.00 178,874.000.00327,244.80427Total1,147,167.001,094,350.00 390,226.100.00795,436.15Square MarketLease SecurityOther# Of % Unit % Sqft BalanceFootageRent Charges Deposit DepositsUnits Occupancy Occupied492,670.00 1,147,167.00 1,094,350.00 378,826.100.00 427.0094.6194.76 803,224.1825,209.00 58,301.000.00 11,400.000.0021.00-7,788.03466,863.00 1,084,705.0040494.6194.762,445.00 5,754.0020.460.5223,362.00 56,708.00214.914.76492,670.00 1,147,167.00 1,094,350.00 390,226.100.00427 100.00 100.00 795,436.15Amount4,530.005,000.001,034,652.00230.00600.0051,962.00-2,679.0055.00Summary GroupsCurrent/Notice/Vacant ResidentsFuture Residents/ApplicantsOccupied UnitsTotal Non Rev UnitsTotal Vacant UnitsTotals:Summary of Charges by Charge Code (Current/Notice Residents Only)Charge Codepetpedscpetfprkgrentstormtomsubsidy Page 44 of 45
7/21/2021 1:14 PMUnitUnit TypeUnit ResidentMarket ChargeAmount ResidentOther Move In LeaseMove OutBalanceSq FtRent CodeDeposit DepositExpirationRent Roll with Lease ChargesFor Selected PropertiesAs Of = 07/01/2021Month Year = 07/20211,094,350.00Total Page 45 of 45
Addenda
CasaLago Eastlake Apartments
Addendum D
Comparable Data
Addenda
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Improved Sales
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Lease Comparables
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Addendum E
Appraiser Qualifications and Licenses
1
Brian P. Hegarty, MAI, joined Newmark Valuation & Advisory in 2017 as a senior vice
president in the San Francisco office. Brian specializes in valuation and advisory
throughout the San Francisco Bay Area. With 21 years of experience, Brian has
successfully completed appraisal and consulting assignments for all types of income-
producing properties including multi-family properties, office towers, retail centers,
industrial properties, automobile dealerships, condominium developments, land
developments and mixed-use projects. These assignments have been used in off-
balance sheet financing, disposition, acquisition, financial reporting, tax appeal
purposes, litigation and rent arbitration.
Prior to Newmark, Brian worked for 17 years as a senior director within Cushman &
Wakefield's Valuation and Advisory Group. In this role, Brian served as a member of the
Office, Multi-Family and Retail specialty groups.
Professional Achievements
– Valuation & Advisory Top Producer, Cushman & Wakefield, 2015
– Valuation & Advisory Excellence Award, Cushman & Wakefield, 2013
– Valuation & Advisory Rookie of the Year, Cushman & Wakefield, 2003
Licenses and Designations
– MAI designation, Appraisal Institute (MAI #435328)
– Certified general real estate appraiser, state of California (#AG030406)
Education
Brian earned a Bachelor of Science Degree in Business Administration from the
University of Colorado. He has also completed the requirements of the continuing
education program of the Appraisal Institute.
Brian P.
Hegarty
MAI
Senior Vice President
CA Appraiser License #AG030406
t 415-445-5181
m 415-531-0368
brian.hegarty@ngkf.com
YEARS OF
EXPERIENCE 20+
AREAS OF
SPECIA LTY
Valuation & Advisory
ROBERT HOLMAN
Senior Vice President
CA Appraiser License #AG003298
Newmark Knight Frank
18401 Von Karman Avenue
Suite 150
Irvine, CA 92612
bob.holman@ngkf.com
T 949.608.2045
Years of Experience
35 Years
Areas of Specialization
Valuation & Advisory
Professional Background
Robert Holman is a senior vice president in the Newport Beach,
California, office of Newmark Knight Frank Valuation & Advisory
Services. A residential subdivision specialist with 34 years of real estate
appraisal and consulting experience in Southern California, Mr. Holman
provides valuation expertise for the development of master planned
communities, residential subdivisions, multifamily projects and raw
acreage. His primary geographical focus includes Los Angeles, Orange
and San Diego counties and the Inland Empire. In 2018, Mr. Holman
established the subdivision practice at NKF V&A.
Mr. Holman joined NKF after more than 25 years at CBRE, where he
served as a vice president in the Newport Beach office. While serving in
that capacity, he established subdivision valuation as a practice area and
provided valuation services for properties ranging from custom homes to
residential subdivisions, condominium buildings and master planned
communities.
Prior to CBRE, Mr. Holman was an appraiser at Security Pacific Bank
from 1985 until its merger with Bank of America in 1992. He began his
career there, serving as a single-family appraiser until 1989, when he
began commercial/industrial appraising with an emphasis on residential
subdivisions.
Professional Affiliations
Certified general real estate appraiser, state of California
Affiliate member, Appraisal Institute
Education
Mr. Holman earned his Bachelor of science degree in finance, insurance
and real estate from California Polytechnic University.
1 Client Name or Logo
GEOFFREY M. PAPP
Associate Director
Newmark Knight Frank
150 S. Los Roble Ave.
Suite 850
Pasadena, CA 91011
geoff.papp@ngkf.com
T 626.204.3767
Years of Experience
25 Years
Areas of Specialization
Self-Storage
Portfolio Valuation
Self Storage Feasibility
Self Storage Market Analysis
Professional Background
Geoff Papp serves as an associate director in the Pasadena office of
Newmark Knight Frank Valuation & Advisory. Mr. Papp brings to his
position 25 years of valuation and consulting expertise. He has
completed assignments for a wide range of existing and proposed
commercial, industrial and special purpose properties with an emphasis
on self storage and storage-related properties. Mr. Papp accounts for a
significant portion of the firm’s self storage specialty valuation practice.
He has self-storage expertise in most of the metro areas of the West
Coast and Southwest, and since the start of his career has appraised
and/or inspected more than 4,000 existing and proposed self storage
facilities nationwide.
Additionally, Mr. Papp is responsible for performing review work, and
employee training and management. He also plays a crucial role in
completing large multi-property self storage portfolio valuation
assignments for REIT operators.
Mr. Papp joined Newmark Knight Frank in 2018, when the firm acquired
the Pasadena office of Integra Realty Resources. At the time of the
acquisition, he had been serving as an associate director for 11 years.
Previously, Mr. Papp was employed for 15 years with Charles R. Wilson
and Associates, a pioneering firm in self storage valuation.
Professional Affiliations
Certified general real estate appraiser, state of California
Education
Mr. Papp earned a Bachelor of Science degree in agriculture economics
with an emphasis in marketing from the University of California, Davis.