appraisal report · cbre, inc. file no. 19-164ch-2643-1 dear mr. do: at your request and...

1000M 1000 SOUTH MICHIGAN AVENUE CHICAGO, ILLINOIS 60605 CBRE FILE NO. 19-164CH-2643-1 GOLDMAN SACHS BANK USA

APPRAISAL REPORT

CBRE VALUATION & ADVISORY SERVICES

VALUATION & ADVISORY SERVICES

321 N. Clark St. Ste. 3400 Chicago, IL 60654

T 312-233-8689 F 312-233-8660

www.cbre.com

October 17, 2019 Mr. Adrian Do GOLDMAN SACHS BANK USA 100 Crescent Court Dallas, Texas 75201 RE: Appraisal of: 1000M 1000 South Michigan Avenue Chicago, Cook County, Illinois 60605 CBRE, Inc. File No. 19-164CH-2643-1

Dear Mr. Do:

At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report (Self-Contained).

1000M is a proposed high-rise development comprised of luxury residential condominium units and minor ground-level retail. The project will be located along South Michigan Avenue in the Loop neighborhood in Chicago, Illinois. The project is planned to contain 450 condominium units throughout 71 floors of residential space. Construction of the improvements are expected to begin in the 4th quarter of 2019 and take approximately 38 months to complete and be in new/excellent condition upon completion. The proposed improvements will be situated on a 0.74-acre site.

The subject is proposed and construction has not yet started. Several values have been provided. The “As Is” value estimate represents the value of the underlying land as of the date of inspection. We have also provided a “Hypothetical" As If Complete - Aggregate Retail Value (Condo Units Only)” for the proposed condominium units and an As Complete and As Stabilized values as a market based rental apartment building.

Based on the analysis contained in the following report, the market value of the subject is concluded as follows:

Mr. Adrian Do October 17, 2019 Page 2

ii

1000M, Chicago, Illinois

SUMMARY OF VALUE CONCLUSIONS

As Is on As Complete on As Stabilized on

September 12, 2019 June 12, 2022 June 12, 2024

Land Value $38,000,000

Hypothetical As If Stabilized Complete Bulk Sale

(Condos)

$556,350,000

Hypothetical As If Complete Aggregate Retail

Value (Condo Units Only)

$632,000,000

Cost Approach $521,700,000 $559,500,000

Income Capitalization Approach-As Apartments $537,600,000 $575,400,000

Reconciled Value $537,600,000 $575,400,000

Compiled by CBRE

The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter.

The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. It also conforms to Title XI Regulations and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) updated in 1994 and further updated by the Interagency Appraisal and Evaluation Guidelines promulgated in 2010.

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. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered 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 any non-intended users does not extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof).

This report is for the use and benefit of, and may be relied upon by, Goldman, Sachs & Co., Goldman Sachs Mortgage Company, Goldman Sachs Bank USA, GS Commercial Real Estate LLC and any of their respective affiliates, agents and advisors, the initial and subsequent holders from time to time of any debt (or any portion thereof) and/or debt securities secured, directly and indirectly, by the property which is the subject of this report, by any participation interest in any such debt (or any portion thereof), and indenture trustee, servicer or other agent acting on behalf of such holders of such debt (or any portion thereof) and/or debt securities; any rating agencies; and the institutional provider(s) from time to time of any liquidity facility or credit support for such financings, and their respective successors and assigns.

In addition, this report or a reference to this report, may be included or quoted in any offering circular, registration statement, private placement memorandum, prospectus or sales brochure (in either electronic or hard copy format) in connection with a securitization or transaction involving such debt (or any portion thereof) and or debt securities.

It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us.

Mr. Adrian Do October 17, 2019 Page 2

iii


Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES

James O’Leary, MAI John Konrath, MAI Vice President Managing Director State Certified General Real Estate Appraiser State Certified General Real Estate Appraiser State of Illinois License No. 553.001461 Expiration Date: 9/30/2021

State of Illinois License No. 553.001733 Expiration Date: 9/30/2021

Phone: 312-861-7891 Phone: 312-233-8658 Email: [email protected] Email: [email protected]

Michael D’Alessandro Executive Vice President State Certified General Real Estate Appraiser State of Illinois License No. 553.001685 Expiration Date: 9/30/2021

Phone: 312-540-4608 Email: [email protected]

Certification

iv


Certification

We certify 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 or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment.

4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

5. 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.

6. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.

7. 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 Illinois.

8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

10. As of the date of this report, James O’Leary, MAI and John Konrath, MAI have completed the continuing education program for Designated Members of the Appraisal Institute.

11. As of the date of this report, Michael D'Alessandro has completed the Standards and Ethics Education Requirements for Candidates/Practicing Affiliates of the Appraisal Institute.

12. James O’Leary, MAI has and John Konrath, MAI and Michael D’Alessandro have not made a personal inspection of the property that is the subject of this report.

13. No one provided significant real property appraisal assistance to the persons signing this report.

14. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions 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.

15. James O’Leary, MAI, Michael D'Alessandro and John Konrath, MAI have not provided 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 acceptance of this assignment.

Certification

v


James O'Leary, MAI John Konrath, MAI Vice President Certified General Appraiser

Managing Director Certified General Appraiser

State of Illinois License No. 553.001461 State of Illinois License No. 553.001733 Expires: 9/30/21 Expires: 9/30/21 Phone: (312) 861-7891 Phone: (312) 233-8658 Fax: (312) 935-1880 Email: [email protected]

Fax: (312) 935-1880 Email: [email protected]

Michael D'Alessandro Executive Vice President License #553.001685 Date of Expiration: 09/30/21 Phone: 312-540-4608 Fax: 312-233-8660 Email: [email protected]

mailto:[email protected]



Subjec t Photographs

vi


Subject Photographs

Rendering


vii


Subject Photographs

Aerial Imagery


viii


Site Living Room Concept

Living Room Concept Kitchen Concept

Kitchen Concept Bathroom Concept


ix


Entrance Concept Model

Model Kitchen Concept

Shower Concept Bathroom Concept

Executive Summary

x


Executive Summary

Property Name

Location

Client

Highest and Best Use

As If Vacant

As Improved

Property Rights Appraised

Date of Inspection

Estimated Exposure Time

Estimated Marketing Time

Land Area 0.74 AC 32,339 SF

Zoning

Improvements

Property Type Multifamily

Number of Buildings

Number of Stories

Gross Building Area

Net Rentable Area

Number of Units 450

Average Unit Size 1,459 SF

Year Built 2022 Renovated: 0

Effective Age 0 Years

Remaining Economic Life 50 Years

Condition

Buyer Profile

Financial Indicators

Current Occupancy 0.0%

Stabilized Occupancy 95.0%

Stabilized Credit Loss 1.0%

Overall Capitalization Rate 4.75%

Pro Forma Operating Data-As Apartments Stabilized Total Per Unit

Effective Gross Income $37,901,290 $84,225

Operating Expenses $10,570,095 $23,489

Expense Ratio 27.89%

Net Operating Income $27,331,195 $60,736

6 - 12 Months

6 - 12 Months

PD 1323 Planned Development

1

1,088,350 SF

1000M

September 12, 2019

Fee Simple Estate

Residential Condominium

Residential Condominium

1000 South Michigan AvenueChicago, Cook County, IL 00000

Goldman Sachs Bank USA

(Condominium)

Institutional

New

72

656,497 SF

Executive Summary

xi


VALUATION Total Per Unit

Market Value As Is OnSeptember 12, 2019

Land Value $38,000,000 $84,444

AS AN APARTMENT

Market Value As Complete On July 1, 2022

Cost Approach $521,700,000 $1,159,333

Income Capitalization Approach $537,600,000 $1,194,667

Market Value As Stabilized On October 1, 2024

Cost Approach $559,500,000 $1,243,333

Income Capitalization Approach $575,400,000 $1,278,667

Insurable Value $391,100,000 $869,111

CONCLUDED MARKET VALUE

Appraisal Premise Interest Appraised Value

As Is Fee Simple Estate $38,000,000

Hypothetical As If Stabilized Complete Bulk Sale Fee Simple Estate $556,350,000

Hypothetical As If Complete Aggregate Retail Fee Simple Estate $632,000,000

As Complete-As Apartment Fallback Fee Simple Estate $537,600,000

As Stabilized-As Apartment Fallback Leased Fee Estate $575,400,000

Compiled by CBRE

June 12, 2022

September 12, 2019

Date of Value

September 12, 2019

June 12, 2022

June 12, 2024

STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)

Strengths/ Opportunities

• Significant improvement in the luxury condominium market has been reported by market participants over the past 2 to 3 years.

• The subject is expected to be in excellent overall condition upon completion. • The subject will have luxury interior unit finishes, which are expected to be near (if not the top)

of the luxury condominium market in the Chicago area with regard to quality and pricing.

• The project will include luxury amenities and will compete well with other luxury condominium projects in the Chicago area (such as Vista Tower, Renelle on the River and No. 9 Walton).

• The neighborhood is largely built-out and physical barriers to entry are high • The subject represents a premier location within the Chicago downtown market area with

direct frontage on Grant Park with unobstructed views of Lake Michigan and Chicago’s skyline to the north.

Weaknesses/ Threats

• Demand for high-rise condominium units is somewhat undefined, as limited empirical market data for the Chicago area is available, including absorption levels. Further the newer downtown condominium developments are all geared toward the ultra-luxury segment with prices above $750 per square foot.

Executive Summary

xii


EXTRAORDINARY ASSUMPTIONS

An extraordinary assumption is defined 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.” 1

• The subject has been evaluated in its as complete condition. This analysis is based upon the written and verbal documentation provided by the developer and/or its affiliates. This report assumes the project is constructed in accordance with this information and that the craftsmanship is of sufficient quality to support the assumptions presented. This report is based on the extraordinary assumption that information is correct.

• The project is a proposed development and construction is not expected to begin until October 2019 (4Q). Our analysis and the conclusions contained in this report specifically assume ownership’s proposed construction cost and time required to complete estimates to be accurate. The use of this Extraordinary Assumption may have affected the assignment results.

• Our analysis assumes the subject’s proposed improvements to be completed in a workmanlike fashion per the plans/schedule and drawings provided. Our estimated as complete and as stabilized market value estimates are based on proposed building and site work provided by the developer. Any significant deviations from the plans/drawings or costs noted could materially affect the conclusions reached in this analysis. The use of this Extraordinary Assumption may have affected the assignment results.

• As the subject represents a property that is not yet complete (construction) nor stabilized and the subject represents a future date, our analysis specifically assumes that no significant changes occur in the local market between the date of inspection and the estimated “as complete” and “as stabilized” dates. The use of this Extraordinary Assumption may have affected the assignment results.

HYPOTHETICAL CONDITIONS

A hypothetical condition is defined 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 purposes of analysis.” 2

• None noted

1 The Appraisal Foundation, USPAP, 2018-2019

2 The Appraisal Foundation, USPAP, 2018-2019

Executive Summary

xiii


OWNERSHIP AND PROPERTY HISTORY

OWNERSHIP SUMMARY

Item Current

Owner: 1000 South Michigan Equities, LLC (JK Equities, LLC)

Date Purchased: Apr 22, 2016

Purchase Price: $17,200,000

Legal Reference See Addenda

County/Locality Name: Cook

Pending Sale: No

Change of Ownership - Past 3 Years No

Compiled by CBRE

The larger subject parcel was purchased in April of 2016 for $17,200,000. There was also an

additional purchase of the adjacent building to the south, which included the parcels on Wabash

Avenue that are included in our analysis of the overall underlying land site. This parcel along

Wabash allows access to the building and was included in our underlying land site valuation.

The building to the south is included within the planned development zoning for the construction

of the subject property.

EXPOSURE/MARKETING TIME

Current appraisal guidelines require an estimate of a reasonable time period in which the subject

could be brought to market and sold. This reasonable time frame can either be examined

historically or prospectively. In a historical analysis, this is referred to as exposure time. Exposure

time always precedes the date of value, with the underlying premise being the time a property

would have been on the market prior to the date of value, such that it would sell at its appraised

value as of the date of value. On a prospective basis, the term marketing time is most often

used. The exposure/marketing time is a function of price, time, and use. It is not an isolated

estimate of time alone. In consideration of these factors, we have analyzed the following:

• the PwC Real Estate Investor Survey; and • the opinions of market participants.

The following table presents the information derived from these sources.

EXPOSURE/MARKETING TIME DATA

Exposure/Mktg. (Months)

Investment Type Range Average

PwC Apartment

National Data 1.0 - 9.0 3.8

Local Market Professionals 6.0 - 12.0 9.0

CBRE Exposure Time Estimate

CBRE Marketing Period Estimate

Source: CBRE National Investor Survey, RealtyRates.com Survey & PwC Real Estate Survey

6 - 12 Months

6 - 12 Months

Table o f Contents

xiv


Table of Contents

Certification ............................................................................................................................iv

Subject Photographs ...............................................................................................................vi

Subject Photographs ..............................................................................................................vii

Executive Summary .................................................................................................................. x

Table of Contents ................................................................................................................. xiv

Scope of Work ........................................................................................................................ 1

Area Analysis .......................................................................................................................... 5

Neighborhood Analysis ........................................................................................................ 11

Site Analysis.......................................................................................................................... 18

Improvements Analysis ......................................................................................................... 34

Zoning .................................................................................................................................. 41

Tax and Assessment Data ..................................................................................................... 43

Market Analysis .................................................................................................................... 46

Highest and Best Use............................................................................................................ 71

Land Value ........................................................................................................................... 73

Cost Approach ...................................................................................................................... 77

Insurable Replacement Cost ................................................................................................. 86

Income Capitalization Approach-Retail Only ........................................................................ 88

Condominium Analysis ......................................................................................................... 94

Income Capitalization Approach-Fallback Scenario............................................................ 119

Reconciliation of Value ....................................................................................................... 145

Assumptions and Limiting Conditions ................................................................................. 146

ADDENDA

A Land Sale Data Sheets

B Improved Sale Data Sheets

C Rent Comparable Data Sheets

D Operating Data

E Legal Description

F Client Contract Information

G Qualifications

Scope o f Work

1


Scope of Work

This Appraisal Report is intended to comply with the reporting requirements set forth under

Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in

which research is conducted, data is gathered, and analysis is applied.

INTENDED USE OF REPORT

This appraisal is to be used for financing and no other use is permitted.

CLIENT

The client is Goldman Sachs Bank USA.

INTENDED USER OF REPORT

This appraisal is to be used by Goldman Sachs Bank USA, and no other user may rely on our

report unless as specifically indicated in the report.

Intended Users - the intended user is the person (or entity) who the appraiser intends will use the results of the appraisal. The client may provide the appraiser with information about other potential users of the appraisal, but the appraiser ultimately determines who the appropriate users are given the appraisal problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the appraisal in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of the appraisal are not necessarily intended users. The appraiser’s responsibility is to the intended users identified in the report, not to all readers of the appraisal report. 3

This report is for the use and benefit of, and may be relied upon by, Goldman, Sachs & Co.,

Goldman Sachs Mortgage Company, Goldman Sachs Bank USA, GS Commercial Real Estate

LLC and any of their respective affiliates, agents and advisors, the initial and subsequent holders

from time to time of any debt (or any portion thereof) and/or debt securities secured, directly and

indirectly, by the property which is the subject of this report, by any participation interest in any

such debt (or any portion thereof), and indenture trustee, servicer or other agent acting on behalf

of such holders of such debt (or any portion thereof) and/or debt securities; any rating agencies;

and the institutional provider(s) from time to time of any liquidity facility or credit support for such

financings, and their respective successors and assigns.

In addition, this report or a reference to this report, may be included or quoted in any offering

circular, registration statement, private placement memorandum, prospectus or sales brochure (in

either electronic or hard copy format) in connection with a securitization or transaction involving

such debt (or any portion thereof) and or debt securities.

3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50.

Scope o f Work

2


PURPOSE OF THE APPRAISAL

The purpose of this appraisal is to estimate the market value of the subject property.

DEFINITION OF VALUE

The current economic definition of market value agreed upon by agencies that regulate federal

financial institutions in the U.S. (and used herein) is as follows:

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:

1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own

best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements

comparable thereto; and 5. 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. 4

INTEREST APPRAISED

The value estimated represents the Fee Simple Estate (condominiums) and the Leased Fee Interest

(as market rate apartments) as defined below:

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. 5

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 expires6

Extent to Which the Property is Identified

The property is identified through the following sources:

• postal address • assessor’s records • legal description

4 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237,

Page 77472.

5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), 90.

6 Dictionary of Real Estate Appraisal, 128.

Scope o f Work

3


Extent to Which the Property is Inspected

The extent of the inspection included the following: CBRE inspected the site of the proposed

development as well as the immediately surrounding area. We also view the sales center and

unit mock-ups as well as viewing the video tour and renderings. The inspection sample was

considered an adequate representation of the subject property and is the basis for our findings.

Type and Extent of the Data Researched

CBRE reviewed the following:

• applicable tax data • zoning requirements • flood zone status • demographics • income and expense data • comparable data

Type and Extent of Analysis Applied

CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal

methodology to arrive at a probable value indication via each applicable approach to value. The

steps required to complete each approach are discussed in the methodology section.

Data Resources Utilized in the Analysis

DATA SOURCES

Item: Source(s):

Site Data

Size Boundary and Topographic Survey dated June 10, 2019

Improved Data

Building Area Ownership

No. Bldgs. Architectural plans

Parking Spaces Ownership

Year Built/Developed Building Construction Timeline provided by ownership

Economic Data

Deferred Maintenance: None-new construction

Building Costs: Ownership

Other

Flood FEMA

Zoning City of Chicago zoning

RE Taxes Cook County Assessor

Compiled by CBRE

APPRAISAL METHODOLOGY

In appraisal practice, an approach to value is included or omitted based on its applicability to the

property type being valued and the quality and quantity of information available.

Scope o f Work

4


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 physical units of

comparison derived from the comparable sale. The unit of comparison chosen for the subject is

then used to yield a total value. Economic units of comparison are not adjusted, but rather

analyzed as to relevant differences, with the final estimate derived based on the general

comparisons.

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.

Methodology Applicable to the Subject

In valuing the subject, all three approaches are applicable and have been utilized.

Area Analysis

5


Area Analysis

The dynamic nature of economic relationships within a market area has a direct bearing on real

estate values and the long-term quality of a real estate investment. In the market, the value of a

property is not based on the price paid for it in the past or the cost of its creation, but on what

buyers and sellers perceive it will provide in the future. Consequently, the attitude of the market

toward a property within a specific neighborhood or market area reflects the probable future

trend of that area.

Since real estate is an immobile asset, economic trends affecting its location quality in relation to

other competing properties within its market area will also have a direct effect on its value as an

investment. To accurately reflect such influences, it is necessary to examine the past and

probable future trends, which may affect the economic structure of the market and evaluate their

impact on the market potential of the subject. This section of the report is designed to isolate and

examine the discernible economic trends in the region, which influence and create value for the

subject properties.

Area Analysis

6


GEOGRAPHIC LOCATION

The subject property is located in the geographic area generally referred to as the Chicago

metropolitan area, which is centrally located in the Midwestern United States.

Metropolitan Statistical Area (MSA) Metropolitan Divisions (MD) Counties

Chicago-Naperville-Joliet, IL MD

Cook, DeKalb,

DuPage, Grundy,

Kane, Kandall,

McHenry, and Will

Gary, IN MDJasper, Lake,

Newton, and Porter

Lake County-Kenosha County, IL-WI MDLake (IL) and

Kenosha (WI)

Source: Executive Office of the President of the United States, Office of Management and Budget

Chicago-Naperville-Joliet, IL-IN-WI MSA

CHICAGO-NAPERVILE-MICHIGAN CITY, IL-IN-WI CSA DEFINITIONS

The Chicago-Naperville-Joliet, IL Metropolitan Division consists of eight counties in northeastern

Illinois. These eight counties are Cook, DeKalb, DuPage, Grundy, Kane, Kendall, McHenry and

Will. Also included within the MSA are the counties found in the Gary, IN Metropolitan Division

which are Jasper, Lake (IN), Newton, and Porter as well as the counties found in the Lake

County-Kenosha County, IL-WI which are Lake (IL) and Kenosha (WI). The Michigan City-La

Porte, IN MSA and Kankakee-Bradley, IL MSA consist solely of LaPorte and Kankakee Counties

respectively.

POPULATION

Current and historical population figures for the fourteen counties comprising the Chicago Metro

Division are summarized in the following table.

Area Analysis

7


AREA POPULATION STATISTICS

County2000

Census

2010

Census

% Change

2000-2010

2019

Estimate

% Change

2010-2019

Cook 5,376,741 5,194,675 -3.4% 5,223,023 0.5%

DeKalb 88,969 105,160 18.2% 105,718 0.5%

DuPage 904,161 916,924 1.4% 930,613 1.5%

Grundy 37,535 50,063 33.4% 51,934 3.7%

Kane 404,119 515,269 27.5% 546,850 6.1%

Kendall 54,544 114,736 110.4% 126,916 10.6%

McHenry 260,077 308,760 18.7% 314,718 1.9%

Will 502,266 677,560 34.9% 706,224 4.2%

Jasper County (IN) 30,176 33,478 10.9% 34,292 2.4%

Lake County (IN) 484,536 496,005 2.4% 495,831 0.0%

Newton County (IN) 14,546 14,244 -2.1% 14,428 1.3%

Porter County (IN) 147,164 164,343 11.7% 172,246 4.8%

Lake County (IL) 648,116 703,462 8.5% 706,925 0.5%

Kenosha County (WI) 150,092 166,426 10.9% 172,048 3.4%

Total 9,103,042 9,461,105 3.9% 9,601,766 1.5%

Source: United States Census

The population of the fourteen-county region increased 3.9% between 2000 and 2010,

highlighted by collar counties including Will, DuPage and Kane. Cook County, on the other

hand, experienced a reduction in growth at -3.4%. This is indicative of the outward migration

pattern within the metropolitan area rather than an outflow of residents to other metropolitan

areas. Overall, the MSA population expanded by 3.9% between 2000 and 2010.

Population growth is expected to remain steady in the near future. The largest estimated growth

between 2010 and 2019 is forecasted for Kendall, Kane and Porter (IN) Counties, at 10.6%,

6.1% and 4.8%, respectively.

TRANSPORTATION

Chicago is one of the primary transportation hubs in the United States. Its extensive

transportation facilities give local firms ready access to national and international markets and

suppliers, as well as provide travelers with convenient traveling alternatives.

Several major interconnected expressways and interstate highways pass through the Chicago

area. Interstates 88 and 290 are the main east-west routes, providing access from the central

business district to the east and the Quad Cities to the west. Interstate 55 provides access to the

southwestern suburban areas and eventually the city of St. Louis. Communities to the north and

northwest are accessed via Interstates 90 and 94. North-south travel between the western

suburbs is facilitated by Interstates 294 and 355. With ten interstate freeways consisting of some

630 miles, Chicago is one of the best-connected cities in the nation and a primary hub of the

Area Analysis

8


trucking industry. To the south, Interstate 80 corridor traverses the entire country east to west and

is a significant highway for commerce and tourism.

O’Hare International Airport is the second busiest airport in the world serving over 79.8 million

domestic and international passengers via over 867,049 flights annually as of 2017. In addition,

O’Hare handles nearly 1.9 million tons of cargo per year. Midway Airport, located in Chicago’s

southwest side, serves as a secondary airport and has become an increasingly popular alternative

to O’Hare. Presently, Midway serves nearly 22.4 million passengers through nearly 251,341

flights annually. In addition, a number of smaller private airports dot the suburban areas.

In February of 2018, the city of Chicago announced an expansion of the O’Hare’s passenger

area, with dozens of new gates and 3 million square feet of terminal space, to be added by

2026. There will be new gates for O’Hare’s dominant carriers, American and United, as well as

discount carriers, new international space that would allow baggage to go directly to domestic

gates, additions to club space for frequent fliers and construction of a 10,000-space employee

parking lot on the western edge of the airport. Overall, terminal space will increase from 4.3

million square feet to 7.4 million square feet. The cost of the expansion is estimated at $8.54

billion.

In March of 2018, the Chicago Department of Aviation (CDA) announced that they are

implementing a nearly $400 million capital improvement program over the next three years at

Midway International Airport that will significantly upgrade the travel experience for years to

come. The Midway Modernization Program (MMP) will bring new and expanded concessions, a

larger security checkpoint area, and an expanded terminal parking garage.

Chicago has the busiest rail hub in North America. It is the only metro area where six Class-One

railroads converge and are able to interchange traffic. Fifty percent of all U.S. rail freight goes

through Chicago’s rail yards. Chicago is the world’s third largest intermodal facilitator with 12.3

million containers annually. Only Hong Kong and Singapore handle greater volume. For

reference, the ports of Los Angeles and Long Beach combine to handle 9.6 million containers

each year. Over the next 10 years, intermodal container traffic is expected to grow 15 percent

annually.

EMPLOYMENT

The Chicago metropolitan area has a large and well-diversified economic structure, which has

allowed it to remain among the strongest economic centers in the nation. Due to its economic

diversification, the Chicago metropolitan area tends to experience fewer seasonal and cyclical

peaks and valleys than do many single-industry areas. The table below shows employment levels

of major industry groups in the eight-county Chicago Metropolitan Division as of May 2019.

Area Analysis

9


CHICAGO'S LARGEST PUBLICLY TRADED COMPANIES

Rank Company Primary Industry# of

Employees

1 Walgreens Boots Alliance, Inc. Drugstores, mail-order pharmaceuticals 354,000

2 McDonald's Corporation Fast-food restaurants 210,000

3 Boeing Company Aerospace, defense 153,000

4 Caterpillar, Inc. Construction and mining machinery 104,000

5 Abbott Laboratories Pharmaceuticals, medical products 103,000

6 United Continental Holdings, Inc. Airline 92,000

7 Jones Lang Lasalle Commercial Real Estate 90,000

8 Tenneco Inc Auto Parts and Equipment 81,000

9 Mondelez International, Inc. Snacks, beverages, packaged meals 80,000

10 Deere & Company Construction and farm machinery 74,413

11 Hyatt Hotels Corp. Hospitality 54,000

12 LKQ Corp. Auto Parts and Equipment 51,000

13 Cushman & Wakefield Commercial Real Estate 51,000

14 Baxter International Medical products and services 50,000

15 Illinois Tool Works Industrial Machinery 48,000

Source: Crain's Chicago Business, May 20, 2019

The Chicago metropolitan area led the nation in corporate investment and relocation for the fifth

straight year in 2017, according to Site Selection magazine. The trade publication for economic

development professionals determined the Chicago metro had 402 major projects last year with

at least $1 million in investment. While this was down from 424 projects in 2016, it was more

than double that of the next closest two metros, Houston and Dallas. The Houston-The

Woodlands-Sugar Land metropolitan area had 196 such projects in 2017, while the Dallas-Fort

Worth-Arlington metro raked in 192 such investments, according to Site Selection Magazine.

Major projects in the Chicago area were concentrated mostly within city limits and included the

relocation of the Munster Whole Foods warehouse to the South Shore Pullman neighborhood, the

new GGP headquarters on the Chicago River and The Climate Corp.'s new office on West Fulton

Market in Chicago's West Loop. Site Selection magazine cited Chicago's transit options, wealth of

young professionals, more than 100 startup incubators, more than 300 corporate R&D centers,

addition of 70,000 new housing units over the next 20 years, and affordability compared to

coastal cities, especially with office space.

Education

Chicago is home to fifteen major public and private universities including the highly regarded

Northwestern University and University of Chicago. Other major educational institutions include

University of Illinois at Chicago, which has the largest local enrollment, as well as Loyola

University and DePaul University. These institutions offer a variety of undergraduate and

graduate fields of study. The total enrollment of these Chicago area universities is approximately

105,000 students. Prominent MBA programs in the Chicago area include Northwestern

University’s Kellogg School of Management, University of Chicago’s Graduate School of Business

and DePaul University’s Kellstadt Graduate School of Business.

Area Analysis

10


While in the surrounding areas of Chicago there are a number of private liberal arts colleges and

universities including North Central College, Wheaton College, Elmhurst College, North Park

University, Benedictine University and Lake Forest College. Additionally, many of the major

universities have established satellite campuses in the suburban areas. DePaul University has

suburban campuses located in Naperville, Oak Forest, O’Hare and Rolling Meadows. Northern

Illinois University has suburban campuses in Hoffman Estates and Naperville.

The Chicago area also has an extensive community college system comprised of twelve two-year

colleges with a total enrollment of 145,000 students. Courses range from vocational training to

classes in liberal arts, science, business and pre-professional studies. There are also seven City

Colleges of Chicago with an enrollment of over 75,000 students.

CONCLUSION

In summary, the interaction of the environmental, governmental, social, and economic forces has

contributed to the economic base of the Chicago metropolitan area. A central location and

transportation advantages such as an airport with direct connections around the globe have made

Chicago a hub for travel. The Chicago economy is showing modest improvement. A flurry of expansions

and relocations will extend tech-related job growth in the urban core. The dynamic startup culture has

drawn venture capital funding that will fuel further gains. These trends, as well as the economic growth

and office expansion in Chicago, bode well for continued corporate travel to Chicago. Overall, the

Chicago economy will strengthen this year, but fiscal pressures and weak demographics pose significant

challenges for the city in the long term.

Site Analysis

11


Neighborhood Analysis

LOCATION

The subject property is a planned mixed-use retail/high-rise apartment property located in the

Chicago CBD. More specifically, the property is situated along the west side of South Michigan

Avenue south of 9th Street in the Southeast quadrant of Chicago’s famed “Loop” business district.

Within the Loop, the subject is found in the area generally referred to as the Loop/South Loop.

However, Axiometrics tracks the subject location as part of “The Loop” submarket.

Site Analysis

12


Surrounding neighborhoods include: North Michigan Avenue/Streeterville to the northeast, River

North to the north, Central Loop (subject) and Millennium Park to the east.

BOUNDARIES

The neighborhood boundaries are detailed as follows:

North: Chicago River South: Roosevelt Road East: Lake Michigan

West: I-90 Expressway

LAND USE

The subject neighborhood is famous for historic structures which include Tribune Tower and the

Wrigley Building, which are both located just north of the Chicago River along Michigan Avenue.

The neighborhood is also known for some of the city’s premier hotels, including the Ritz-Carlton,

Four Seasons, Intercontinental, Westin, Omni, Crowne Plaza, Park Hyatt, and the Sheraton which

are all situated near the Chicago River and Michigan Avenue. Also, located to the east of Stetson

Avenue is the Fairmont Hotel along Columbus Drive and the Suisse Hotel is located just north of

the subject along East Wacker Drive. The Tower at St. Jane Hotel is located immediately north of

the subject site at the southwest corner of Michigan Avenue and South Water Street in the former

Union Carbide Building.

Twelve blocks north of the subject site is the south end of the North Michigan Avenue corridor

which is often also referred to as the Magnificent Mile, the premier shopping district in the region,

and contains some of the most favored retail establishments in the nation, such as Neiman

Marcus, Bloomingdale’s, Saks Fifth Avenue, Nordstrom’s, and Macy’s. Vertical shopping centers

on Michigan Avenue include The Shops at North Bridge, Water Tower Place, Chicago Place, and

900 North Michigan Shops. Over half of the retail space along the avenue is located in these

Site Analysis

13


vertical shopping centers, which comprises one of the largest collections of such centers in the

nation. Big-box developments are located at 600 North Michigan Avenue (Eddie Bauer, Levis,

Marshall’s), 700 North Michigan Avenue (Tiffany, Pottery Barn, Banana Republic, Polo Ralph

Lauren) and 800 North Michigan Avenue (Filenes Basement). Also located along the Magnificent

Mile are some of the world’s most prestigious boutiques such as Louis Vuitton, Cartier, Hermes

and Burberry.

There is approximately 8.7 million square feet of office space within a four square block area

near the subject. The Illinois Center Complex and One and Two Prudential Towers are all within

a block of each other and are connected via the underground pedway (and/or Metra Train

Station) system. The Aon Center (the third tallest building in Chicago) which has over 2.5 million

square feet of office space is located southeast of the subject along Stetson Avenue and Randolph

Street. The Blue Cross / Blue Shield building is located at Columbus and Randolph Streets and

this 32-story office development contains almost 1.0 million square feet of office space.

Millennium Park lies to the south of Randolph Street and is bordered by Michigan Avenue on the

west and Lake Shore Drive on the east. Millennium Park is an award-winning center for art,

music, architecture and landscape design. The result of a unique partnership between the City of

Chicago and the philanthropic community, the 24.5-acre park features the work of world-

renowned architects, planners, artists and designers.

Among Millennium Park's prominent features are the Frank Gehry-designed Jay Pritzker Pavilion ,

the most sophisticated outdoor concert venue of its kind in the United States; the interactive

Crown Fountain by Jaume Plensa; the contemporary Lurie Garden designed by the team of

Kathryn Gustafson, Piet Oudolf and Robert Israel; and Anish Kapoor's Cloud Gate sculpture on

the AT&T Plaza. Since its opening in July 2004, Millennium Park has hosted millions of people,

making it one of the most popular destinations in Chicago.

Additional recreational uses include The Art Institute (located several blocks south of the subject

on Michigan Avenue and Museum Campus which is found just southeast of Millennium Park.

Museum Campus is a 57-acre (23 ha) museum park that sits near Lake Michigan in Chicago and

surrounds three of the city's most notable museums, all dedicated to the natural sciences: the

Adler Planetarium; the Shedd Aquarium; and the Field Museum of Natural History. The park is

also the site of Soldier Field football stadium, the Lakeside Center of McCormick Place, as well as

Northerly Island, formerly home to Meigs Field airport. The campus comprises the southeast

corner of Grant Park. There are currently proposals to expand the Museum Campus southward

as the home of both Lucas Narrative Arts Museum as well as the Barack Obama Presidential

Library and Museum.

ACCESS

The primary roadways within the neighborhood are Lake Shore Drive, Michigan Ave., Wells St.,

Rush St., Clark St., Dearborn St., LaSalle St. and State Street. These streets traverse the

http://www.millenniumpark.org/artandarchitecture/jay_pritzker_pavilion.html

http://www.millenniumpark.org/artandarchitecture/crown_fountain.html

http://www.millenniumpark.org/artandarchitecture/lurie_garden.html

http://www.millenniumpark.org/artandarchitecture/cloud_gate.html

http://en.wikipedia.org/wiki/Museum

http://en.wikipedia.org/wiki/Lake_Michigan

http://en.wikipedia.org/wiki/Chicago

http://en.wikipedia.org/wiki/Natural_science

http://en.wikipedia.org/wiki/Adler_Planetarium

http://en.wikipedia.org/wiki/Shedd_Aquarium

http://en.wikipedia.org/wiki/Field_Museum_of_Natural_History

http://en.wikipedia.org/wiki/Soldier_Field

http://en.wikipedia.org/wiki/McCormick_Place

http://en.wikipedia.org/wiki/Northerly_Island

http://en.wikipedia.org/wiki/Meigs_Field

http://en.wikipedia.org/wiki/Grant_Park_(Chicago)

http://en.wikipedia.org/wiki/George_Lucas#Lucas_Cultural_Arts_Museum

http://en.wikipedia.org/wiki/Barack_Obama_Presidential_Library_and_Museum

http://en.wikipedia.org/wiki/Barack_Obama_Presidential_Library_and_Museum

Site Analysis

14


neighborhood in a north-south direction connecting to Chicago Avenue and Division Street to the

north (Near North Side neighborhood) and Congress Parkway to the south.

Key east-west thoroughfares are Wacker Drive, Randolph St. Washington St., Madison St., Adams

St., Jackson St., Congress Parkway, Chicago Ave., Illinois St., Grand Avenue, Ohio St., and

Ontario Street. Ohio and Ontario extend from Interstate 90/94 at the west end of the

neighborhood to Michigan Avenue at the east end of the district. Michigan Avenue provides

north-south linkage between Lake Shore Drive and the Central Business District (just south of the

Chicago River). Lake Shore Drive extends along the Lake and links the northern Chicago

neighborhoods with the CBD and south neighborhoods.

There are five interstate highways that lead directly to downtown Chicago as well as eight

suburban trains, six transit authority train lines and numerous public bus routes. Interstates

90/94 are the most convenient from North Michigan Avenue via Ohio and Ontario Streets.

These roadways provide east-west access through the neighborhood. Ohio Street is a one-way,

three-lane, eastbound street providing access from the Kennedy Expressway (Interstate 90/94) via

the Ohio feeder ramp. Ontario Street is a three-lane, one-way, westbound route also connecting

with the Kennedy Expressway. Both roadways are major feeder roads within the neighborhood.

Located south and west of the subject neighborhood are the Ogilvie Transportation Center and

Union Station. In regard to public transportation, the Red “El” line is just two blocks away (west) at

Lake & State, and the Brown and Purple “El” lines are two blocks south at Randolph & Wabash.

Additionally, cabs frequent the area and the CTA’s Bus Service runs immediately adjacent to the

subject site along Michigan Avenue.

DEMOGRAPHICS

Selected neighborhood demographics in 1-, 3- and 5 mile radii from the subject are shown in

the following table:

Site Analysis

15


1000 South Michigan Avenue

Chicago, IL 00000

Population

2024 Total Population 48,058 336,598 754,224




Annual Growth 2019 - 2024 2.23% 1.10% 0.53%

Annual Growth 2010 - 2019 1.97% 1.55% 0.87%

Annual Growth 2000 - 2010 8.05% 1.20% -0.11%

Households

2024 Total Households 25,445 177,848 349,781




Annual Growth 2019 - 2024 2.46% 1.24% 0.67%

Annual Growth 2010 - 2019 2.07% 1.77% 1.07%

Annual Growth 2000 - 2010 7.79% 2.17% 0.79%

Income

2019 Median Household Income $101,495 $81,512 $69,870

2019 Average Household Income $138,166 $122,464 $109,952

2019 Per Capita Income $73,436 $64,613 $50,903

2019 Pop 25+ College Graduates 25,543 162,453 300,661

Age 25+ Percent College Graduates - 2019 79.3% 66.8% 57.3%

Source: ESRI

SELECTED NEIGHBORHOOD DEMOGRAPHICS

1 Mile Radius 3 Mile Radius 5 Mile Radius

As shown, the subject’s neighborhood experienced positive demographic increases dating back

to 2000. Five-year projections are for continued growth. The neighborhood has a high-income

demographic with an average income of $138,166 within a one-mile radius. Within a three and

five-mile radius the average income is $122,464 and $109,952 respectively.

CONCLUSION

The subject property will conform well to surrounding neighborhood infrastructure and support

services. Nearby uses include a wide range of national retail developments as well as local

restaurants, retail stores and commercial service uses. Overall, the subject property is well

supported by both the neighborhood demographics and the primary traffic carriers within the

neighborhood. Because of the proximity to transportation and the other Loop Districts and recent

development trends in the area, this area is seen as a growing residential sector within the City.

Overall, the immediate neighborhood is well located with respect to access to public

transportation, the interstate highway system, cultural centers, retail/entertainment districts, and

the overall Chicago CBD.

Site Analysis

16


PLAT MAP

Site Analysis

17


FLOOD PLAIN MAP

Site Analysis

18


Site Analysis

The following chart summarizes the salient characteristics of the subject site.

SITE SUMMARY AND ANALYSIS

Physical Description

Gross Site Area 0.74 Acres 32,339 Sq. Ft.

Net Site Area 0.74 Acres 32,339 Sq. Ft.

Primary Road Frontage Michigan Avenue

Excess Land Area None n/a

Surplus Land Area None n/a

Zoning District

Flood Map Panel No. & Date 17031C0526J 19-Aug-08

Flood Zone Zone X (Unshaded)

Adjacent Land Uses

Earthquake Zone

Comparative Analysis

Visibility

Functional Utility

Traffic Volume

Adequacy of Utilities

Landscaping

Drainage

Utilities Availability

Water Yes

Sewer Yes

Natural Gas Yes

Electricity Yes

Telephone Yes

Mass Transit Yes

Other Yes No Unknown

Detrimental Easements X

Encroachments X

Deed Restrictions X

Reciprocal Parking Rights X

Source: Various sources compiled by CBRE

Rating

Average

Average

Average

PD 1323 Planned Development

n/a

Commercial and residential uses

CTA "El" Train, CTA Bus; Metra Rail

City of Chicago

People's Gas

Commonwealth Edison

AT&T or Comcast-TBD

Assumed adequate

Average

Provider

City of Chicago

Assumed adequate

LOCATION

The subject site is an interior parcel and sits along the west side of South Michigan Avenue as well

as a portion along the east side of Wabash Avenue to the rear of the site, which also allows

access to the projected improvements.

Site Analysis

19


LAND AREA

The site contains 0.74 Acres or 32,339 Sq. Ft. The site is considered adequate in terms of size

and utility. There is no unusable, excess or surplus land area. The site square footage was taken

from the zoning ordinance approval.

SHAPE AND FRONTAGE

The site is rectangular and has 134 linear feet of frontage along the west side of South Michigan

Avenue with 36 linear feet of frontage along the east side of South Wabash Avenue.

INGRESS/EGRESS

Vehicular access to the subject’s parking garage will be via Wabash Avenue and will feature a

covered drop/off pick up area with access to the main lobby, as well as access to the parking

garage. The cars will exit via an ingress/egress easement with the adjacent property to the north

(910 S Michigan), and will exit on to 9th street.

EASEMENTS AND ENCROACHMENTS

There are no known easements or encroachments impacting the site that are considered to affect

the marketability or highest and best use. It is recommended that the client/reader obtain a

current title policy outlining all easements and encroachments on the property, if any, prior to

making a business decision.

COVENANTS, CONDITIONS AND RESTRICTIONS

There are no known covenants, conditions or restrictions impacting the site that are considered to

affect the marketability or highest and best use. It is recommended that the client/reader obtain

a copy of the current covenants, conditions and restrictions, if any, prior to making a business

decision.

ENVIRONMENTAL ISSUES

Although CBRE was not provided an Environmental Site Assessment (ESA), a tour of the site did

not reveal any obvious issues regarding environmental contamination or adverse conditions.

The appraiser is not qualified to detect the existence of potentially hazardous material or

underground storage tanks which may be present on or near the site. The existence of

hazardous materials or underground storage tanks may affect the value of the property. For this

appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous

materials that may be present on or near the property.

ADJACENT PROPERTIES

The adjacent land uses are summarized as follows:

Site Analysis

20


North: 20-story residential condominium building (910 S Michigan)

South: 8-story office building

East: Grant Park/Lake Michigan

West: Asphalt paved parking lot

The adjacent properties are complimentary to the planned use of the subject site.

CONCLUSION

The site is well located and has excellent access and visibil ity from roadway frontage. The size of

the site is typical for the area and use, and there are no known detrimental uses in the immediate

vicinity. Overall, there are no known factors which are considered to prevent the site from

development to its highest and best use, as if vacant, or adverse to the existing use of the site.

Improvements Analysis

21


IMPROVEMENTS LAYOUT-GROUND FLOOR


22


IMPROVEMENTS LAYOUT-LEVEL 3


23




24




25


IMPROVEMENTS LAYOUT-LEVEL 14/15


26


IMPROVEMENTS LAYOUT-LEVEL 20/21


27


IMPROVEMENTS LAYOUT-LEVEL 22 & 40


28




29




30




31




32




33




34



The following chart shows a summary of the improvements.

IMPROVEMENTS SUMMARY AND ANALYSIS

Multifamily

2022 Renovated: 0


1,459 SF

450

(Condominium)Property Type

Net Rentable Area

1

1,088,350 SF

656,497 SF

72

Number of Units

Average Unit Size

Number of Buildings

Number of Stories

Gross Building Area

0 Years

Development Density

Parking Improvements

50 Years

Year Built

0 Years

10-Story Garage

540 Units/Acre

Total Economic Life

Parking Spaces:

Remaining Economic Life

Actual Age

Effective Age

0.96Parking Ratio (spaces/unit)

430

50 Years


35


UNIT MIX

Unit Mix/Type Comments No. Units

Percent of

Total

Unit Size

(SF) NRA (SF)

1BR/1.5BA-Signature 10 2.2% 1,465 14,648

1BR/1BA-International 70 15.6% 485 33,946

1BR/1BA-Signature 57 12.7% 1,016 57,927


2BR/2.5BA-Signature 66 14.7% 1,515 99,968

2BR/2BA-Signature 3 0.7% 1,483 4,450

2BR/2BA-Tower 34 7.6% 1,662 56,495

2BR+Den/2.5BA-Signature 26 5.8% 2,078 54,026

3BR/2.5BA-Signature 25 5.6% 1,828 45,699


3BR/3.5BA-Tower 34 7.6% 2,622 89,132

3BR/3BA-Signature 19 4.2% 2,101 39,921

3BR/3BA-Tower 14 3.1% 2,242 31,382

3BR/BA-Signature 2 0.4% 1,965 3,930


3BR+Den/3.5BA-Tower 15 3.3% 2,992 44,887


3BR+Den/4.5BA-Tower 3 0.7% 4,081 12,243

4BR/3.5BA-Tower 3 0.7% 3,622 10,865

4BR+Den/4BAPent-Tower 2 0.4% 5,490 10,979

Studio-International 21 4.7% 317 6,664

Total/Average: 450 100.0% 1,459 656,497


YEAR BUILT

The subject will be completed in 2022.

CONSTRUCTION CLASS

Building construction class is as follows:

A - Fireproofed structural steel frames with reinforced concrete or masonry floors and roofs

The construction components are assumed to be in working condition and adequate for the

building.

The overall quality of the facility will be considered to be excellent for the neighborhood and age.

However, CBRE, Inc. is not qualified to determine structural integrity and it is recommended that

the client/reader retain the services of a qualified, independent engineer or contractor to

determine the structural integrity of the improvements prior to making a business decision.


36


FOUNDATION/FLOOR STRUCTURE

The foundation will have adequate load-bearing capacity to support the improvements. The floor

structure is summarized as follows:

Ground Floor: Concrete over sunken caissons (drilled piers)

Other Floors: Concrete decking

FRAMING

Type One reinforced/post-tensioned concrete and steel.

Looking North Upper Level View Looking North & West

EXTERIOR WALLS

The exterior wall structure will be concrete/steel/window wall with aluminum panels. The building

will have double-pane aluminum frame windows.

ROOF COVER

The subject’s roof cover will be a hydro tech with eco/green roof system. The 11th and 72st floor

roofs will have green elements, with the 11th floor featuring outdoor amenities including

swimming pool, BBQ grill areas, fire pit areas and a terraced dining area.

ELEVATOR/STAIR SYSTEM

There will be six passenger elevators (serving floors 1-19) with one elevator doubling as the

freight elevator and two main interior concrete stairwells servicing the property. Floors 20 through

73 are serviced by four of the six elevators.

HVAC

The building will be heated and cooled via a heat pump system with boilers and chillers.

Residential apartments have individual furnace/CAC units. The common areas and retail tenants

are conditioned by multiple air handlers and split system units. The HVAC systems will be


37


assumed to be in good operating condition and adequate for the respective square footage of

each individual unit.

UTILITIES

Each unit will be individually metered for electrical and gas usage. Water, sewer, cable/internet

and trash charges are included within the monthly assessment. The retail suite will be separately

metered for water, sewer, electricity and gas usage and tenants directly pay these charges.

SECURITY

The building will have a 24-hour doorman and individually locked unit doors. The parking

garage will be an electronic keycard entry with an automatic overhead rolling metal door. The

building will also be monitored with mounted cameras.

LIFE SAFETY AND FIRE PROTECTION

The residential building and parking garage will be 100% fire sprinklered. Units will be equipped

with carbon monoxide/smoke detectors. Specifically, fire and life safety systems serving the

building include a multiple-zone, fire alarm control panel; an auto-dialer reportedly tying the

system to a 24-hour monitoring service; hardwired, with battery backup, smoke and heat

detectors; illuminated exit lights; emergency lighting; horn/light annunciators; fire extinguishers;

and a full-coverage, wet and dry-pipe sprinkler system with check valves and tamper and flow

switches.

Standpipes with hose connections will be in the stair towers. Fire department connections are

located on the exterior of the building. Overall, the improvements will have adequate fire alarm

systems, fire exits, fire extinguishers, fire escapes and/or other fire protection measures to meet

local fire marshal requirements.

PROJECT AMENITIES

1st Floor

Hosted by a full-service concierge staff, the lobby is designed to act as an amenity to the building.

The lobby has a lounge-like setting with mailboxes off the entrance. There will be interior

decorative features at the immediate entrance which are followed by an approach to the security

desk and lounge area.

In addition to the main lobby, the first floor will also feature one retail suite along Michigan

Avenue as well as the mail room, dog spa, illuminated dog park, management office and

package room. Personal Car and Driver service for residents, grocery delivery and cold storage.

11th Floor

The 11th floor will serve as one of two main amenity floors. This floor will feature a rooftop pool

area, with outdoor dining and grilling stations. The interior will feature a fitness room, golf

simulator, spa, game lounge, catering kitchen, sound studio, co-working lounge, library lounge

and children’s room as well as the concierge desk.


38


72nd Floor

The 72nd floor will feature a private dining room with kitchen, a winter garden with seating, a

piano lounge/bar with bartender, wine tasting room with private wine storage, as well as an

outdoor sky terrace.

UNIT AMENITIES

Kitchens

Each unit features a full appliance package including a Sub-Zero refrigerator with integrated

millwork panels, Wolf ranges with gas ovens, undercounter Wolf microwave drawers, concealed

600 CFM best direct exhaust kitchen hoods, LG front loading washers and dryers, energy efficient

low water consumption dishwashers. The kitchens will feature three custom color palettes to

choose from.

BATHROOMS

Master

Wet room concepts featuring 6-foot Kohler soaking tubs with stone slab decks, natural stone

floors and walls, oversized showers with recessed rain heads, wall showers and hand showers.

Floating Glassos stone vanities, Toto toilets with softclose seats.

Secondary Bathrooms

Large format tile, Kohler tubs or custom showers per plans, Toto toilets with softclose seats.

Interior Features

• 5” wide natural wood flooring throughout • Ceiling heights of 9.5 feet to 10 feet, with penthouses having 11 feet

• Select units will have in-set terraces • Unobstructed views of the City skyline, Lake Michigan and Grant Park • 8 Foot sold core entry doors to each unit

Interior Lighting

Each unit will feature LED lighting throughout with adjusted recessed lighting.

SITE AMENITIES

Parking and Drives

The improvements include a 430-stall, ten-level pre-cast concrete parking deck with automated

card readers and corresponding access gate. The garage includes interior stairwells located at

opposite corners of the structure. The entrance to the garage is from Wabash Avenue and the exit

is via an ingress/egress easement which exits along 9th Street.

RETAIL SPACE INTERIOR

The first floor retail space will be 950 square feet per plans. As the completion is not expected

until late 2022 a tenant has not been sought out.


39


FUNCTIONAL UTILITY

All the floor plans appear to feature functional layouts and the layout of the overall project is

considered functional in utility. The unit mix appears to be targeted to the local and international

population and typical for the local luxury high-rise market.

ADA COMPLIANCE

All common areas of the property are assumed to have handicap accessibility and an adequate

number of the project’s units are assumed to have been designed for handicap occupancy. The

client/reader’s attention is directed to the specific limiting conditions regarding ADA compliance.

FURNITURE, FIXTURES AND EQUIPMENT

The apartment units are rented on an unfurnished basis. However, miscellaneous maintenance

tools, pool furniture, leasing office furniture, recreational room and clubhouse furniture, and

various exercise machines are examples of personal property associated with, and typically

included in residential complexes.

ENVIRONMENTAL ISSUES

The appraiser is not qualified to detect the existence of potentially hazardous material or

underground storage tanks which may be present on or near the site. The existence of

hazardous materials or underground storage tanks may affect the value of the property. For this

appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous

materials that may be present on or near the property.

ECONOMIC AGE AND LIFE

CBRE, Inc.’s estimate of the subject improvements effective age and remaining economic life is

depicted in the following chart:


Actual Age 0 Years


MVS Expected Life 50 Years


Accrued Physical Incurable Depreciation 0.0%

Compiled by CBRE

The remaining economic life is based upon our on-site observations and a comparative analysis

of typical life expectancies as published by Marshall and Swift, LLC, in the Marshall Valuation

Service cost guide. While CBRE, Inc. did not observe anything to suggest a different economic

life, a capital improvement program could extend the life expectancy.


40


CONCLUSION

The improvements will be in excellent overall condition upon completion. Overall, there are no

known factors that adversely impact the marketability of the improvements.

Zoning

41


Zoning

The following chart summarizes the subject’s zoning requirements.

ZONING SUMMARY

Current Zoning PD 1323 Planned Development

Legally Conforming Yes

Uses Permitted Planned residential high density development

Zoning Change Not likely

Category Zoning Requirement

Minimum Lot Size Per the Planned Development

Minimum Lot Width Per the Planned Development

Maximum Height Per the Planned Development

Minimum Setbacks

Front Yard Per the Planned Development

Side Yard Per the Planned Development

Interior Side Yard Per the Planned Development

Rear Yard Per the Planned Development

Maximum Bldg. Coverage Per the Planned Development

Maximum FAR/Density 27.74 : 1

Parking Requirements Per the Planned Development

Source: Planning & Zoning Dept.

ANALYSIS AND CONCLUSION

Upon completion the improvements will represent a legally-conforming use and, if damaged,

may be restored without special permit application. Additional information may be obtained

from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed

the information obtained is correct.

Zoning

42


ZONING MAP

Tax and Assessment Data

43



The following summarizes the local assessor’s estimate of the subject’s market value, assessed

value, and taxes, and does not include any furniture, fixtures or equipment. The CBRE estimated

tax obligation is also shown.

AD VALOREM TAX INFORMATION-CONDO

Parcel Assessor's Parcel No. Parcel Description 2018 pay 2019 Pro Forma

1 17-15-307-005 Wabash $866,290

2 17-15-307-006 Wabash 866,290

3 17-15-307-037 Michigan 13,052,380

4 17-15-307-038 Michigan 1,186,810

Subtotal $15,971,770 $487,500,000

Assessed Value @ 10% 10%

$1,597,177 $48,750,000

Equalization Factor 2.9109 2.9109

Equalized Value $4,649,223 $141,906,375

General Tax Rate (per $100 A.V.) 6.786000 6.786000

Total Taxes $315,496 $9,629,767

Taxes Per Square Foot of NRA $14.67

Source: Assessor's Office

The chart above projects the overall tax load for the condominiums as a whole. We have utilized

the comparable taxes of recent sold units at Trump Tower, which is a newer high profile

condominium development in Chicago with a full assessment on the individual units.

TAX COMPARABLES

As a crosscheck to the subject’s applicable real estate taxes, CBRE, Inc. has reviewed the real

estate tax information according to Cook County for comparable properties in the market area.

The following table summarizes the comparables employed for this analysis:

AD VALOREM TAX COMPARABLES-CONDO

Comparable Rental

Trump

Tower Unit

87A

Trump

Tower Unit

72D

Trump

Tower Unit

54D

Trump

Tower Unit

47H

Trump

Tower Unit

61G

Subject

Year Built 2015 2015 2015 2015 2015 2022

No. Units 486 486 486 486 486 450

NRA (SF) 6,850 3,102 2,022 1,961 1,419 656,497

Tax Year 2018/2019 2018/2019 2018/2019 2018/2019 2018/2019 Pro Forma

Total Taxes $135,655 $46,034 $25,564 $26,854 $21,459 $9,629,767

Per SF (NRA) $19.80 $14.84 $12.64 $13.69 $15.12 $14.67


CONCLUSION-CONDOMINIUM

Based on the foregoing information, the subject’s projected taxes as condominiums are well

supported by the comparable properties shown.


44


The following summarizes the local assessor’s estimate of the subject’s market value, assessed

value, and taxes, and does not include any furniture, fixtures or equipment. The CBRE estimated

tax obligation is also shown.

AD VALOREM TAX INFORMATION-APARTMENTS

Parcel Assessor's Parcel No. Parcel Description 2018 pay 2019 Pro Forma

1 17-15-307-005 Wabash $866,290

2 17-15-307-006 Wabash 866,290

3 17-15-307-037 Michigan 13,052,380

4 17-15-307-038 Michigan 1,186,810

Subtotal $15,971,770 $250,000,000

Assessed Value @ 10% 10%

$1,597,177 $25,000,000

Equalization Factor 2.9109 2.9109

Equalized Value $4,649,223 $72,772,500

General Tax Rate (per $100 A.V.) 6.786000 6.786000

Total Taxes $315,496 $4,938,342

Taxes Per Square Foot $7.52


The chart above projects the overall tax load for the apartment as a rental apartment complex.

We have utilized the comparable taxes of other recently constructed comparables in the Chicago

CBD.

TAX COMPARABLES

As a crosscheck to the subject’s applicable real estate taxes, CBRE, Inc. has reviewed the real

estate tax information according to Cook County for comparable properties in the market area.

The following table summarizes the comparables employed for this analysis:

AD VALOREM TAX COMPARABLES-CONDO

Comparable Rental1000 S

Clark

111 W

Wacker

200 N

Michigan

360 W

Hubbard

340 E North

WaterSubject

Year Built 2015 2014 2015 2013 2015 2022

No. Units 469 504 486 450 398 450

NRA (SF) 376,936 419,212 318,982 378,797 362,180 656,497

Tax Year 2018/2019 2018/2019 2018/2019 2018/2019 2018/2019 Pro Forma

Total Taxes $1,962,089 $2,693,947 $1,945,616 $2,378,575 $2,693,221 $4,938,342

Per SF (NRA) $5.21 $6.43 $6.10 $6.28 $7.44 $7.52



45


CONCLUSION-APARTMENT

Based on the foregoing information, the subject’s projected taxes as an apartment complex are

slightly higher than the comparable set on a per square foot basis and is due to the new

construction of the subject as well as the finish level, which is superior to typical rental apartment

units.

Market A nalysis

46


Market Analysis

NATIONAL LUXURY HOME MARKET

Below are the national statistics for single-family homes and attached homes reflecting days on

market, price per square foot and sale price versus list price.

Market A nalysis

47


Attached home statistics month over month from July of 2019 through August of 2019.

The median price per square foot is just over $500 psf with median days on market near 40

days, with a sale to list price of just over 98% indicating strong demand for luxury attached

homes.

Market A nalysis

48


The statistics of inventory in relation to sales indicate that the Chicago market is currently trending

toward a Buyer’s market, with buyer’s having greater control over the price point.

REGIONAL OVERVIEW

As demand is generated from the population and income characteristics of the surrounding

areas, it is necessary to examine the demographics of the area.

DEMOGRAPHIC ANALYSIS

Demand for residential properties is a direct function of demographic characteristics analyzed on

the following pages.

Housing, Population and Household Formation

The following table illustrates the population and household changes for the areas at 0.5, 1 and

3 mile radii from the subject.

Market A nalysis

49


POPULATION AND HOUSEHOLD PROJECTIONS

Population





Annual Growth 2019 - 2024 3.13% 2.23% 1.09%

Annual Growth 2010 - 2019 2.18% 1.97% 1.53%

Annual Growth 2000 - 2010 6.91% 8.05% 1.16%

Households





Annual Growth 2019 - 2024 3.38% 2.46% 1.23%

Annual Growth 2010 - 2019 2.37% 2.07% 1.75%

Annual Growth 2000 - 2010 6.25% 7.79% 2.14%

Source: ESRI

0.5 Mile Radius 1 Mile Radius 3 Mile Radius

As shown, subject neighborhood within a one-mile radius of the subject property experienced

good growth relative to population and households between the 2000 Census and the 2019

Census. Since the 2000 Census, the annual rates of population growth have increased

significantly and are projected to increase at a good pace. An increased rate of positive growth

is projected for both demographic categories over the next five years.

Income Distributions

Household income available for expenditure on housing and other consumer items is a primary

factor in determining the price/rent level of housing demand in a market area. In the case of this

study, projections of household income, particularly for renters, identifies in gross terms the

market from which the subject submarket draws. The following table illustrates estimated

household income distribution for the subject neighborhood.

Market A nalysis

50


HOUSEHOLD INCOME DISTRIBUTION

Households by Income Distribution (2019)

<$15,000 10.44% 9.18% 13.03%

$15,000 - $24,999 2.02% 2.77% 6.32%

$25,000 - $34,999 4.36% 4.34% 5.56%

$35,000 - $49,999 6.05% 6.38% 7.65%

$50,000 - $74,999 13.61% 13.56% 13.81%

$75,000 - $99,999 12.96% 12.88% 11.40%

$100,000 - $149,999 20.10% 19.61% 15.38%

$150,000 - $199,999 11.75% 12.71% 10.08%

$200,000+ 18.71% 18.58% 16.78%

Source: ESRI


The following table illustrates the median and average household income levels for the subject

neighborhood.

HOUSEHOLD INCOME LEVELS

Income

2019 Median Household Income $100,893 $101,495 $81,615

2019 Average Household Income $137,088 $138,166 $122,579

2019 Per Capita Income $74,523 $73,436 $64,692

Source: ESRI


The 2017 median household income for the subject immediate area (within 1 mile) is between

$100,893 and $101,495 per household and the average within this area is $137,088 to

$138,166, which are very strong figures on a per household basis. An analysis of the income

data indicates that the immediate area surrounding the subject is comprised of upper-middle

income economic cohort groups. However, the majority of buyers will come from outside the

immediate area with a mix of international, regional second home buyers, local second home

buyers, empty nesters and affluent young professionals making up the cross-cut of potential

buyers in a luxury high-rise development.

CONDOMINIUM ANALYSIS

The market analysis forms a basis for assessing market area boundaries, supply and demand

factors, and indications of financial feasibility.

The subject property is a proposed development with 450 condominium units to be sold to

individual buyers. Therefore, we have provided market analysis for condominium property types.

Market A nalysis

51


CONDOMINIUM MARKET OVERVIEW

Over the past decade, urban cores have become increasingly popular with young professionals

and empty nesters and to some extent, families; the Chicago CBD has witnessed an explosion in

residential development. Since 1990 nearly 70,000 new housing units (for-sale and rental) have

been added to the Downtown Chicago market, a more than 100% increase in the total number

of housing units.

Today, the downtown Chicago residential market has become apportioned into six distinct

submarkets – Gold Coast, River North, West Loop / River West, Loop / New East Side, South

Loop/Loop and South Streeterville. The subject is situated in the Loop/South Loop submarket.

In this section CBRE, Inc. discusses relevant area condominium market characteristics. There is

no known published survey related to the Chicago condominium market. Thus, the following

information on the residential attached housing market in Chicago is based on secondary

published sources, our direct observations and interviews with market participants that are active

in the market.

MARKET SUMMARY

The for-sale downtown Chicago residential market is comprised of various segments, which are:

• New construction condominium market;

• New construction townhouse market;

• Condominium conversion market; and

• Adaptive reuse/loft condominium market

INVENTORY

The condo inventory being marketed for sale by developers is heavily weighted towards the ultra-

luxury segment of the market, this segment makes up the vast majority of new construction

condominiums. Over 95% of the units being marketed are in developments with an average

price over $1,000,000 and $750+ per square foot, both considered to be the ultra-luxury

segment of the market and represent a rather thin segment of affluent buyers.

The vast majority of under construction and planned construction of new condominiums is geared

and marketed toward the affluent in ultra-luxury condominiums, which is leading to a demand

spike for more modestly priced condominiums. However, the new ARO (Affordable Requirements

Ordinance) requirement is making already high land prices even higher with developers being

required to set aside 10 percent of their product for low income households, thus reducing the

potential profitability of those units if offered at market rates. The requirement has recently

slowed land purchases as well as the heavy increase in the supply of downtown apartment units

Market A nalysis

52


coming on line in 2017, 2018 and 2019. After 2021 there is a significant drop in new

construction deliveries in the apartment market.

RECENT SALES/PENDING/CONTINGENT

The following tables track current off-market (sold, pending or contingent) condominium

properties priced over $1,000,000 within the downtown, near north side and near west side

market areas per the MLS over the last 24 months.

As can be seen in the above chart there has been significant activity in the $1,000,000+ condo

market with over 975 units sold, pending or contingent in the past 24 months. The average list

to sale price is typically over 95% as the survey includes a mix of new construction and resale

condo’s. The two highest segments are the three bedroom units followed by the 4 bedroom

units. The overall average market time is 152 days.

ACTIVE LISTINGS

The chart below represents the active listings of condominiums located in the downtown, near

north side and near west side market areas per the MLS that are priced over $1,000,000+. The

average overall market time is significantly higher than the average market time of the sold

properties in the chart above and is likely a direct effect of the amount of units located in the

Wanda which is under construction and has somewhat skewed the figure higher.

Market A nalysis

53


The quick takeaways from this unsold inventory data include the following:

• Unsold inventory is heavily weighted towards the ultra-luxury product, both in terms of

price per square foot and average unit pricing.

• Very little unsold inventory which is already completed or under construction;

approximately 75% has not yet broken ground.

• Largest concentration of units is in the Loop due to the size of the Vista Residences project,

and no developments in the Streeterville submarket.

Despite the frequently repeated mantra that the condo buyers in the new construction market

want large units, there is market evidence that demand can be more widespread, as shown by

1345 S. Wabash. This 144-unit South Loop building was the first Downtown condo high-rise to

be developed post-recession. The grand opening for the marketing effort occurred late in 1Q

2014 with prices averaging $321 PSF and units averaging 891 SF in size. The project sold out in

2Q 2016. Pricing was modest, unit sizes were significantly smaller than the units in the other new

developments being marketed, and the project was able to sellout in a very timely manner,

although with very little fanfare.

Small amounts of rented condo inventory have been marketed for sale and we expect this to be

an increasing trend: While several buildings had been renting unsold inventory, the stronger

market conditions have convinced some developers to stop renewing leases and initiate sales

programs. This has been occurring on a small scale, without much fanfare, for the past few

years. The biggest block of unsold, rented inventory to be re-introduced to the market began in

4Q 2014 with the rebranding of 1555 S. Wabash as The Guild. Developed as a 14-story, 176

unit condominium building which completed construction in 2009 with only 35 buyers closing on

their pre-construction contracts, these units have been quietly rented for the past few years.

In addition, the 153 units of unsold inventory at Walton on the Park was purchased in 1Q 2016

by JDL which reported that its ultimate plan is to re-market the units for sale as condominiums

rather than holding them as rentals. What's most interesting is that these two projects are at

opposite ends of the price spectrum, indicating that developers are seeing opportunities in

varying price segments of the market.

Market A nalysis

54


New condo development has started taking place and is beginning to increase in pace and

project size: Starting in 2011 with some very small-scale developments targeting very specific

niche markets, these developments have increased in size over the past five years.

The big surge in the 2015 totals is a result of the 406-unit Vista Residences project which began

marketing late in 2015 and had its grand opening in late March 2016. This Jeanne Gang-

designed mixed-use building, which is a joint venture between Magellan and its Chinese partner

Wanda, will include both very high-end residential condominium units (Vista Residences) along

with a five-star Wanda Vista Hotel and will be the third tallest building in Chicago upon

completion. With the typical condominium buildings in recent years being boutique in size, the

Vista Residences will be very different from its competition and will test the depth of market

demand with its 400+ ultra-luxury units.

However, according to a Chicago Tribune report in August of 2017 the main partner in the Vista

Tower development Dalian Wanda Group is in the midst of a major company restricting as a

result of pressure from the Chinese government over investments in the U.S. and other countries.

During August of 2017 Wanda Hotel Development Co. which is publicly traded in Hong Kong

announced that it is selling stakes in real estate projects including Vista Tower to a privately held

company controlled by the Wang Family (owners of Dalian Wanda Group). Mingtiandia a

website covering Asian commercial real estate indicated that it could be a step toward Wanda

eventually selling ownership stakes in properties including Chicago, London and Sydney.

However, Dalian Wanda has not sold their stake as of September 2019.

RECENT/POTENTIAL CONDOMINIUM DEVELOPMENT PIPELINE

The Chicago market is seeing signs that demand for for-sale product is returning and are already

seeing renewed interest on the part of developers in this segment of the market. Clearly, the

overhang of pre-recession unsold developer condominium inventory in the market has

diminished quarter by quarter, and only three projects are still engaged in developer marketing

programs.

As developers are analyzing potential development sites, there is now a trend which began in

2013 to consider both the condominium and rental possibilities, something that was not

considered a few years ago when the trend was strictly for rental development. Projects that are

extremely larger (300-400 units) are only beginning to be considered for their purely

condominium potential, with the condo pipeline generally limited to the boutique-style project,

with fewer than 100 units. However, as new projects begin and gain traction, it is expected to see

the development pipeline expand both in terms of new potential projects and also in the size of

the potential projects.

With the 406-unit Vista Residences project now engaged in marketing, other potential large

condo buildings include Cirrus at LakeShore East, which recently broke ground and is being

Market A nalysis

55


developed by LendLease, both are located in the LakeShore East Devleopment. Presented below

is a table of projects in the public pipeline for Chicago.

Project Developer Submarket Units Type

Vista Tower Dalian Wanda Loop 396 Hi-Rise Condo

One Chicago JDL Gold Coast 450 Hi-Rise Condo

Cirrus Lendlease Loop 363 Hi-Rise Condo

Riverline CMK/LendLease South Loop TBD Multi-Phase Dev

The Bentham Sedgwick River North 31 Mid-Rise

Superior House Ascend Real Estate Streeterville 34 Mid-Rise Condo

Renelle on the River Belgravia River North 45 Hi-Rise Condo

Compiled by CBRE and market research

Projects in the Pipeline or Recently Completed

CONDOMINIUM ABSORPTION

As a result of the credit crunch and turmoil in the financial markets, the downtown residential

market witnessed a sharp decline in sales activity (sales contracts). A whole variety of factors

kept buyers out of the market over the past six to seven years, which include: the crisis in the

financial markets and a global recession, increased job loss and uncertainty as to job security,

lack of consumer confidence, lack of price appreciation along with some concerns that the

housing market has not yet bottomed out with no urgency to buy.

The job market remains strong and approaching holiday season is assumed to hold sales velocity

in check for at least another quarter. However, as previously discussed, most indicators point to

optimism and an overall improving housing market. Furthermore, with the stock market having

regained lost ground, the sales of high-end residential units appear to be leading the pack of

condominium development and demand.

The following table illustrates absorption rates for existing new construction projects within the

downtown Chicago market.

EXISTING CONDO ABSORPTION TRENDS

Construction Start # of Avg List Total

Project Submarket Status Date Units Price PSF % Sold Contracts/Sales Units/Month

Renelle on the River River North Delivered 2019 Jun-16 45 $803 84% 38 1.58

111 South Peoria (111ume) West Loop Delivered Jun-16 79 $580 99% 78 5.20

The Residences on Racine West Loop Delivered Mar-16 20 N/A 100% 20 2.66

Vista Residences Loop Construction Apr-16 406 $1,100 46% 187 6.68

360 W Erie West Loop Construction Feb-18 38 N/A 61% 23 1.92

CA Washington West Loop Delivered Dec-15 70 $430 100% 70 6.67

Sedgwick at Locust River North Delivered Jul-15 45 $416 96% 43 3.31

No. 9 Walton Gold Coast Construction Oct-14 71 $1,250 93% 66 2.75

4 East Elm Gold Coast Complete 2006/2014 35 $1,000 100% 35 1.75

The Guild South Loop Complete Oct-14 176 $377 98% 173 4.94

Average 3.75

Source: CBRE and the MLS

Absorption trends range from 1.58 units to 6.68 units per month with an average monthly

absorption of units is 3.75 units per month. At the upper end, Vista Residences, which is a

development in the Lake Shore East community, is performing extremely well (80 presales in the

Market A nalysis

56


first three months and has reached 50% pre-sold within a large 406-unit development) with

presales with an asking price point of $1,100/SF. No. 9 Walton and 4 East Elm also have similar

price points to Vista Residences but sold at a slightly slower rate, however, these are smaller

developments.

The three completed projects are selling between one and five units per month. The under-

construction buildings are averaging 40% to 100% of the units being presold. However, ultra-

luxury price point, which exceeds $700 per square foot, have ranged from 40% to 100% of the

units being presold.

In addition to optimism in the housing market, there is small amount of unsold inventory which is

completed or under construction. This means that supply of new condos will be diminishing while

projects are being completed. The inventory of new luxury and ultra-luxury properties is slowly

dwindling. However, there are several new luxury and ultra-luxury properties in the pipeline that

would be in direct competition to the subject.

ABSORPTION CONCLUSION

In our absorption analysis, we have emphasized the absorption of Vista Terraces as this

development is the most similar to the subject in terms of size, unit amenities, quality, pricing,

and views. Presales have been strong and the price point is higher than the subject projects. No.

9 Walton, 4 East Elm and Renelle on the River were also emphasized as they are similar ultra-

luxury properties coming into the market. However, the views are considered inferior to the

subject.

95 units have been sold since the initial pre-sales began in late 2017 or over a 19 month period

for a rate of 5.0 units per month. We have projected approximately 205 additional units to be

sold in the pre-leasing phase during construction for a total of 300 units sold prior to construction

completion. Typically, once the building is completed typically the pace of sales will increase as

many buyers wait on the sidelines until the project nears completion. We have projected that

after the initial occupancies it will take an additional 27 months to sell-out of the remaining

inventory or a pace of 5.55 units per month, which is slightly higher than the current pace of 5.0

units per month. This is in-line with the sales being achieved at nearby Vista Tower during their

construction phase. Additionally, ownership has projected pricing that will likely be slightly lower

on a per square foot basis while fronting directly on Michigan Avenue which may possibly

increase demand as it will be newer product with potentially more favorable pricing. Considering

the recent absorption trends, the amount new ultra-luxury unit inventory coming online in Lake

Shore East, a growing pool of high net worth buyers, and an overall improving economy, at our

concluded sales pricing we project absorption to be 5.55 units per month (16 to 17 per quarter)

after construction is completed. In addition, we have also anticipated the presales to be 66.67%

of the total units prior to completion. The following summarizes the absorption schedule for the

subject.

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57


SUBJECT'S PROJECTED ABSORPTION SCHEDULE

# of Subject Units 450

Absorption Pace

Units Sold

Per Month

Total units

Sold During

Timeframe

Total Units

Sold

2022

Third Quarter 5 300 (*) 300

Fourth Quarter 5.55 16.65 16.65

2023

First Quarter 5.55 16.65 33.30

Second Quarter 5.55 16.65 49.95

Third Quarter 5.55 16.65 66.60


2024

First Quarter 5.55 16.65 99.90

Second Quarter 5.55 16.65 116.55

Third Quarter 5.55 16.65 133.20


Months From Date of Completion to Sell Out 27

Months From Date of Marketing (08/2018) 74

(*) Pre-Sales (300 units/66.67% of total units)

Complied by CBRE

We believe the absorption pace is reasonable given the most recent absorption data at

comparable condo developments, the current market conditions affecting the downtown

condominium market, as well as the projected improvement. Moreover, we believe the

absorption schedule is predicated on our estimate of sales prices for the units, which will be

discussed in the sell-out analysis.

DOWNTOWN CHICAGO CONDOMINIUM CONCLUSION

There are signs that the Chicago market is beginning to move in the right direction. Although

sale transaction volume is low, there is a limited amount of inventory available. With the

continued absorption of the completed projects, unsold inventory levels have been declining

leading to opportunity for future developments. There are several proposed projects in the

construction phase proving that the market has demand for new residential condominium

developments in prime spots.

The projects that can differentiate and stand out from the competition will be the first to reach

sell-out, which include aggressive pricing, architectural design, level of amenities, view or

location. The subject property benefits from its location and views of the Chicago Skyline, Navy

Pier and Lake Michigan, nearby Michigan Avenue and cultural and entertainment amenities in

Market A nalysis

58


the Loop and South Loop neighborhoods, which make its location attractive. Additionally, the

units will be in the ultra-luxury price point with an excellent location along South Michigan

Avenue.

METROPOLITAN CHICAGO METRO APARTMENT MARKET OVERVIEW

As we have also been asked to value the property as a rental fallback, we have presented the

Chicago market area multi-family apartment statistics and the Loop submarket.

Metropolitan Chicago Metro Apartment Market Overview

Recent Performance

The following table summarizes historical and projected future performance of the overall

metropolitan Chicago Metro apartment market, as defined by Axiometrics.

CHICAGO METRO APARTMENT MARKET

Year

Ending Inventory Completions

Occupied

Stock Occupancy

Effective

Rent

Effective

Rent Change

Net

Absorption

2009 673,330 1,604 626,130 93.0% $1,012 -3.89% -2,551

2010 677,039 3,809 641,156 94.7% $1,072 1.51% 15,038

2011 676,951 737 640,463 94.6% $1,126 5.71% -739

2012 679,732 3,092 642,687 94.6% $1,162 4.18% 2,282

2013 685,047 5,435 647,301 94.5% $1,189 3.04% 4,581

2014 689,262 4,588 654,937 95.0% $1,251 2.46% 7,653

2015 693,729 4,793 657,308 94.8% $1,307 3.33% 2,344

2016 701,302 8,373 663,993 94.7% $1,343 2.48% 6,701

2017 709,762 8,768 668,383 94.2% $1,403 1.50% 4,421

2018 718,507 9,218 680,642 94.7% $1,486 1.11% 12,237

2019 Q1 720,444 1,984 681,396 94.6% $1,497 0.18% 757

2019 Q2 723,286 2,950 689,653 95.4% $1,537 2.41% 8,223

2019 Q3* 725,570 2,284 691,468 95.3% $1,520 -1.11% 2,177

2019 Q4* 727,703 2,133 686,952 94.4% $1,531 0.72% -4,517

2020* 736,474 8,771 696,704 94.6% $1,557 2.25% 9,753

2021* 742,104 5,629 698,320 94.1% $1,590 1.60% 1,615

2022* 745,337 3,233 705,089 94.6% $1,632 2.50% 6,769

2023* 748,623 3,286 706,700 94.4% $1,672 2.40% 1,611

* Future Projected Data according to Axiometrics

Source: Axiometrics, 2nd Quarter 2019

The Chicago Metro apartment market consists of approximately 723,286 units of apartment

space. Historical Inventory is indicated in the table below.

Market A nalysis

59


The overall inventory has been consistently growing since 2013 and will continue through 2022

after years of significant growth in the multi-family housing sector. The majority of the new

deliveries has been in the downtown market and near downtown market areas.

Occupancy

Market A nalysis

60


As of 2nd Quarter 2019, there was approximately 689,653 units of occupied apartment space,

resulting in an overall occupancy rate of 95.4% for the competitive properties. This reflects an

increase from the previous quarter’s occupancy of 94.6%, and an increase from an occupancy

rate of 94.7% for the same quarter last year.

Net Absorption

The area experienced positive 8,223 units of net absorption for the current quarter. This indicates

an improvement from the previous quarter’s positive 757 units of net absorption, and indicates

an improvement from the positive 5,586 units of net absorption from a year ago. Overall, the

area has experienced positive 8,980 units of net absorption for the current year-to-date period.

Market A nalysis

61


Completions

The area had completions of positive 2,950 units for the current quarter, which indicates an

increase from the previous quarter’s completions of positive 1,984 units, and an increase from

completions of positive 2,216 units from a year ago. Overall, the area has achieved completions

of positive 4,934 units for the current year-to-date period.

Market A nalysis

62


Effective Rent

The area achieved average effective rent of $1,537, which indicates an increase from the

previous quarter’s effective rent of $1,497, and an increase from the effective rent of $1,445

from a year ago.

Submarket Snapshot

The following table summarizes the supply of apartment units within the Chicago apartment

market by submarket as of Fourth Quarter 2018.

Market A nalysis

63


CHICAGO METRO SUBMARKET SNAPSHOT

Submarket Inventory Completions

Effective

Rent Occupancy

Arlington Heights/Palatine/Wheeling 21,695 120 $1,373 95.3%

Aurora 14,152 63 $1,394 95.7%

Bronzeville/Hyde Park/South Shore 59,112 172 $1,330 94.6%

Central Cook County 107,326 1,128 $1,329 96.1%

Central DuPage County 16,743 773 $1,464 95.7%

Evanston/Rogers Park/Uptown 83,284 486 $1,457 96.4%

Far Northwest Chicago Suburbs 28,469 501 $1,165 96.8%

Gary/Hammond 16,743 0 $840 94.6%

Lake County/Kenosha 43,674 877 $1,179 96.4%

Lincoln Park/Lakeview 46,067 778 $1,864 95.5%

Merrillville/Portage/Valparaiso 16,718 194 $975 94.6%

Naperville 9,681 0 $1,466 94.3%

North Cook County 24,909 267 $1,509 94.1%

North DuPage County 20,929 0 $1,197 96.8%

Schaumburg 13,550 0 $1,359 92.6%

South Cook County 82,829 0 $1,011 95.5%

Southeast DuPage County 19,950 448 $1,298 96.2%

Streeterville/River North 47,929 1,355 $2,494 95.5%

The Loop 33,290 3,004 $2,286 94.6%

Will County 16,236 60 $1,197 94.9%

Source: Axiometrics, 2nd Quarter

The Loop Submarket

Important characteristics of the Loop apartment market are summarized below:

THE LOOP APARTMENT SUBMARKET

Year

Ending Inventory Completions

Occupied

Stock Occupancy

Effective

Rent

Effective

Rent Change

Net

Absorption

2009 20,306 516 18,929 93.2% $1,436 -8.86% 601

2010 21,541 1,235 20,572 95.5% $1,569 0.96% 1,643

2011 20,851 135 19,906 95.5% $1,739 8.22% -666

2012 22,001 1,150 20,903 95.0% $1,814 7.73% 998

2013 22,768 767 21,340 93.7% $1,857 3.79% 436

2014 24,412 1,773 23,045 94.4% $1,953 1.11% 1,706

2015 25,439 1,027 24,047 94.5% $2,125 3.56% 1,004

2016 27,995 2,556 26,352 94.1% $2,137 1.93% 2,304

2017 29,426 1,431 27,275 92.7% $2,144 -0.88% 921

2018 31,080 1,786 29,091 93.6% $2,228 0.86% 1,816

2019 Q1 32,108 1,028 30,024 93.5% $2,218 -0.65% 933

2019 Q2 33,290 1,182 31,492 94.6% $2,286 3.35% 1,469

2019 Q3* 34,246 956 32,191 94.0% $2,303 0.74% 699

2019 Q4* 34,554 308 32,170 93.1% $2,270 -1.43% -21

2020* 36,807 2,253 34,451 93.6% $2,297 1.35% 2,291

2021* 38,355 1,548 35,862 93.5% $2,342 1.05% 1,313

2022* 39,210 855 36,857 94.0% $2,407 2.28% 1,003

2023* 40,100 890 37,614 93.8% $2,469 2.20% 740

*Future Projected Data according to Axiometrics

Source: Axiometrics, 2nd Quarter 2019

Market A nalysis

64


The The Loop apartment submarket consists of approximately 33,290 units of apartment space.

Historical Inventory for the market and submarket are indicated in the table below:

The current submarket inventory represents approximately 4.6% of the overall market inventory.

Market A nalysis

65


Occupancy

As of 2nd Quarter 2019, there was approximately 31,492 units of occupied apartment space,

resulting in an overall occupancy rate of 94.6% for the competitive properties. This reflects an

increase from the previous quarter’s occupancy of 93.5%, and an increase from an occupancy

rate of 93.9% for the same quarter last year. The subject’s current occupancy is below the 95.4%

market occupancy.

Market A nalysis

66


Net Absorption

The area experienced positive 1,469 units of net absorption for the current quarter. This indicates

an improvement from the previous quarter’s positive 933 units of net absorption, and indicates

an improvement from the positive 988 units of net absorption from a year ago. Overall, the

submarket has experienced positive 2,402 units of net absorption for the current year-to-date

period. The submarket’s current net absorption of positive 1,469 units is below the overall

market net absorption of positive 8,223 units.

Market A nalysis

67


Completions

The area had no completions for the current quarter, which indicates an increase from the

previous quarter, which had no completions, and down from the 26 completions from a year

ago. Overall, the submarket has achieved completions of positive 2,210 units for the current

year-to-date period. The submarket's current completions represent approximately 40.1% of the

overall market completions.

Market A nalysis

68


Effective Rent

The submarket achieved average effective rent of $2,286, which indicates an increase from the

previous quarter’s effective rent of $2,218, and an increase from the effective rent of $2,207

from a year ago. The submarket’s current effective rent of $2,286 compares favorably with the

overall market asking rent of $1,537.

COMPETITIVE PROPERTIES

Comparable properties were surveyed in order to identify the current occupancy within the

competitive market. The comparable data is summarized in the following table:

Market A nalysis

69


SUMMARY OF COMPARABLE MULTIFAMILY RENTALS

Comp.

No. Name Location Occupancy

1 1000 South Clark 1000 South Clark,

Chicago, IL

93%

2 OneEleven 111 W. Wacker Dr.,

Chicago, IL

92%

3 Wolf Point West 343 W Wolf Point Plaza,

Chicago, IL

94%

4 3Eleven Apartments 311 W. Illinois Street,

Chicago, IL

94%

5 Hubbard 221 221 W. Hubbard Street,

Chicago, IL

91%

6 Six Forty North Wells 640 N. Wells Street,

Chicago, IL

96%

7 NorthWater 340 East North Water,

Chicago, IL

97%

8 MILA 201 North Garland Court,

Chicago, IL

93%

Subject 1000M 1000 South Michigan Avenue,

Chicago, Illinois

94%

Compiled by CBRE

SUBJECT ANALYSIS-AS MARKET BASED RENTALS

Absorption

Property Submarket Unit Count

Current

Occupancy Units Leased Started Leasing

Months on

Market/Reach

Stabilization

Implied

Absorption

(Unit/Month

Arkadia Tower West Loop 351 91.5% 321 November 1, 2015 11 29.2

Jeff Jack West Loop 190 97.9% 186 February 1, 2015 5 37.2

Circa 922 West Loop 105 95.2% 100 January 1, 2015 8 12.5

AMLI Lofts South Loop 398 94.0% 374 May 15, 2014 14 26.7

73 E Lake Loop 332 92.1% 306 May 1, 2014 13 23.5

OneEleven Loop 504 93.0% 469 July 1, 2014 15 31.3

Wolf Point West River North 509 93.7% 477 December 1, 2015 15 31.8

Block 37 Loop 690 92.9% 641 July 1, 2014 15 42.7

MILA Loop 402 93.0% 374 May 1, 2016 17 22.0

The Parker West Loop 227 96.5% 219 June 27, 2016 8 27.4

Total/Average: 3,708 93.5% 3,467 28.4

Compiled by: CBRE

CHICAGO URBAN LEASE-UP PROPERTIES - ABSORPTION RATE SCHEDULE

Avg. Monthly Absorption

Considering the subject’s Loop location and the fact that the subject will be a premier asset, we

would expect the subject’s absorption trend to be lower than the average indication of the

absorption rate range noted due to the large unit sizes and higher pricing on a monthly basis.

We have projected 24 months to reach stabilization from July 2022 or 17 to 18 units per month

to reach this figure.

Market A nalysis

70


At a market-extracted occupancy level of 95.0%, the subject needs to lease approximately 428

units to reach stabilization. Overall, we believe our estimate is supportable and market-based

considering the evidence presented.

Lease-Up Discount

The value estimates contained in this analysis are reflective of a property operating at a stabilized

level. A stabilized occupancy for the subject has been estimated to be 95.0% while the subject

represents a property that is under construction and is not projected to be stabilized at the time of

construction completion. Consequently, an adjustment is warranted and the lease-up discount is

presented in the income capitalization approach.

Occupancy

The subject’s occupancy is detailed in the following chart.

OCCUPANCY LOSS TO LEASE

Year % PGI

CBRE Estimate (As Stabilized) 95%

Compiled by CBRE

Based on the foregoing analysis, CBRE, Inc.’s conclusion of stabilized occupancy for the subject is

illustrated in the following table. This estimate considers both the physical and economic factors

of the market.

OCCUPANCY CONCLUSIONS

Chicago Area 95.4%

Submarket 94.6%

Rent Comparables 93.7%

Subject's Stabilized Occupancy 95.0%

Lease-up Period 24 Months

Compiled by CBRE

Our concluded stabilized occupancy is within the range of the stabilized direct competitive

properties identified and the developer’s pro forma estimate.

CONCLUSION

Chicago, in the long term, remains an attractive market for investors and is widely considered the

strongest market in the Midwest. Locally the subject property is in a strong submarket with low

historical vacancy and significant absorption occurring.

Highest and B est Use

71


Highest and Best Use

In appraisal practice, the concept of highest and best use represents the premise upon which

value is based. The four criteria the highest and best use must meet are:

• legally permissible; • physically possible; • financially feasible; and • maximally productive.

The highest and best use analysis of the subject is discussed below.

AS VACANT

Legal Permissibility

The legally permissible uses were discussed in the Site Analysis and Zoning Sections.

Physical Possibility

The subject is adequately served by utilities, and has an adequate shape and size, sufficient

access, etc., to be a separately developable site. There are no known physical reasons why the

subject site would not support any legally probable development (i.e. it appears adequate for

development).

Existing structures on similar sites provides additional evidence for the physical possibility of

development.

Financial Feasibility

Potential uses of the site include multi-family residential. The determination of financial feasibility

is dependent primarily on the relationship of supply and demand for the legally probable land

uses versus the cost to create the uses. As discussed in the market analysis, the subject

condominium market is generally stabilized. Development of new condominium properties has

occurred in limited amounts in the past few years as most of the residential product has been for

multi-family rental apartments. Further, within the subject market, condominium developments

appear to have been well received.

New condominium projects have been limited in development in this market due to the vast

majority of new residential development being geared toward residential rental properties.

However, this lack of condominium development has led to a pent-up demand for this product

type.

Maximum Productivity - Conclusion

The final test of highest and best use of the site as if vacant is that the use be maximally

productive, yielding the highest return to the land.

Based on the information presented above and upon information contained in the market and

neighborhood analysis, we conclude that the highest and best use of the subject as if vacant

Highest and B est Use

72


would be the development of a high-rise condominium development. More specifically, the

subject would be developed at a density of 400 to 600 units per acre, which is typical of similar

projects in this market. Our analysis of the subject and its respective market characteristics

indicate the most likely buyer, as if vacant, would be a land speculator or a developer.

AS IMPROVED

Legal Permissibility

The site is being improved with a high-rise condominium development that is a legal, conforming

use.

Physical Possibility

The layout and positioning of the improvements are considered functional for residential use.

While it would be physically possible for a wide variety of uses, based on the legal restrictions

and the design of the improvements, the proposed use of the property for residential

condominium users would be the most functional use.

Financial Feasibility

The financial feasibility of a condominium project is based on the amount of sales revenue that

can be generated through the sale of individual units. As will be indicated in the income

capitalization approach, the proposed subject is expected to produce a positive net cash flow as a

condominium project. Further, our market value estimate exceeds the budgeted construction

costs and is financially feasible to build.

Maximum Productivity - Conclusion

The maximally profitable use of the proposed subject as improved should conform to

neighborhood trends and be consistent with existing land uses. Although several uses may

generate sufficient revenue to satisfy the required rate of return on investment and provide a

return on the land, the single use that produces the highest price or value is typically the highest

and best use. Overall, the maximally profitable use for the proposed subject is to sell the

proposed units as individual condominiums.

Based on the foregoing, the highest and best use of the property, as proposed, is consistent with

the proposed use as a condominium development.

Land Value

73


Land Value

The following map and table summarize the comparable data used in the valuation of the subject

site. A detailed description of each transaction is included in the addenda.

Land Value

74


SUMMARY OF COMPARABLE LAND SALES

Actual Sale Size Size Allowable Maximum Price Per

No. Property Location Type Date Proposed Use Price (Acres) (SF) Bldg. Area (SF) FAR SF (FAR)

1 424-434 S. Wabash

Chicago, IL 60605

Under

Contract

May-19 Medical Assisted

Living High Rise

$8,100,000 0.33 14,514 232,224 16.00 $34.88

2 300-324 W Huron

Chicago, IL 60654

Sale Mar-19 Mixed Use

Development

$15,800,000 0.75 32,503 227,521 7.00 $69.44

3 1214-1230 West Jackson Boulevard

Chicago, IL 60607

Sale Sep-18 Apartments, Retail $5,435,000 0.48 21,037 136,741 6.50 $39.75

4 600 South Wells Street

Chicago, IL 60607

Sale Apr-17 Multi-Family $11,000,000 0.98 42,486 297,402 7.00 $36.99

Subject 1000 South Michigan Avenue,

Chicago, Illinois

--- --- Residential

Condominium

--- 0.74 32,339 897,080 27.74 ---

1 Adjusted sale price for cash equivalency and/or development costs (where applicable)

Compiled by CBRE

Transaction

DISCUSSION/ANALYSIS OF ADJUSTMENTS

Comparables Three and Four required an upward adjustment for its older date of sale.

Comparable One and Three required downward adjustments for their smaller size.

Comparable Two and Four required downward adjustments for their corner sites, which typically

are more development friendly.

Comparables One, Three and Four while located nearby lack the visibility offered by the subject

property and required upward adjustments. Comparable Two is located in superior area that

typically demands higher pricing on a per square foot basis that the subject market area.

SUMMARY OF ADJUSTMENTS

Based on our comparative analysis, the following chart summarizes the adjustments warranted to

each comparable.

Land Value

75


LAND SALES ADJUSTMENT GRID

Comparable Number 1 2 3 4 Subject

Transaction Type Under Contract Sale Sale Sale ---

Transaction Date May-19 Mar-19 Sep-18 Apr-17 ---

Proposed Use Medical

Assisted Living

High Rise

Mixed Use

Development

Apartments,

Retail

Multi-Family Residential

Condominium

Actual Sale Price $8,100,000 $15,800,000 $5,435,000 $11,000,000 ---

Size (Acres) 0.33 0.75 0.48 0.98 0.74

Size (SF) 14,514 32,503 21,037 42,486 32,339

Allowable Bldg. Area (SF) 232,224 227,521 136,741 297,402 897,080

Maximum FAR 16.00 7.00 6.50 7.00 27.740

Price Per Bldg. Area $34.88 $69.44 $39.75 $36.99 ---

Price ($ PSF FAR) $34.88 $69.44 $39.75 $36.99

Property Rights Conveyed 0% 0% 0% 0%

Financing Terms 10% 0% 0% 0%

Conditions of Sale 0% 0% 0% 0%

Market Conditions (Time) 0% 0% 5% 10%

Subtotal $34.88 $69.44 $41.74 $40.69

Size -5% 0% -2.5% 0%

Shape 0% 0% 0% 0%

Corner 0% -5% 0% -5%

Frontage 0% 0% 0% 0%

Topography 0% 0% 0% 0%

Location 10% -20% 10% 10%

Zoning/Density 0% 0% 0% 0%

Utilities 0% 0% 0% 0%

Highest & Best Use 0% 0% 0% 0%

Total Other Adjustments 5% -25% 7.5% 5%

Value Indication for Subject $36.62 $52.08 $44.87 $42.72

Absolute Adjustment 15% 25% 17.5% 25%

1 Adjusted sale price for cash equivalency and/or development costs (where applicable)

Compiled by CBRE

The unadjusted per square foot of FAR is from $34.88 to $69.44 with an unadjusted average per

square foot of FAR value of $45.27. The adjusted per square foot of FAR is from $36.62 to

$52.08 psf with an adjusted average per square foot of FAR value of $44.07 per square foot of

FAR.

Overall, Comparables One and Three required the lowest overall (absolute) adjustments, while

Comparables One and Four required the lowest other or net adjustments.

CONCLUSION

All four comparables are applicable to the subject property, albeit for different reasons, but the

more recent transactions are emphasized. In conclusion, a price per FAR towards the middle

aspect of the range was most appropriate for the subject. The following table presents the

valuation conclusion:

Land Value

76


CONCLUDED LAND VALUE

$ PSF FAR Subject FAR Total

$40.00 x 897,080 = $35,883,200

$45.00 x 897,080 = $40,368,600

Indicated Value: $38,000,000

(Rounded $ PSF FAR) $42.36

Compiled by CBRE

Cost Approach

77


Cost Approach

In estimating the replacement cost new for the subject, the following methods/data sources have

been utilized (where available):

• the comparative unit method, utilizing the Marshall Valuation Service (MVS) cost guide, published by Marshall and Swift, LLC;

• the subject’s actual construction costs (where available); and • actual/budget construction cost figures available for comparable properties.

MARSHALL VALUATION SERVICE

Direct Cost

Salient details regarding the direct costs are summarized in the Cost Approach Conclusion at the

end of this section. The MVS cost estimates include the following:

1. average architect’s and engineer’s fees for plans, plan check, building permits and survey(s) to establish building line;

2. normal interest in building funds during the period of construction plus a processing fee or service charge;

3. materials, sales taxes on materials, and labor costs; 4. normal site preparation including finish grading and excavation for foundation and

backfill; 5. utilities from structure to lot line figured for typical setback; 6. contractor’s overhead and profit, including job supervision, workmen’s compensation,

fire and liability insurance, unemployment insurance, equipment, temporary facilities, security, etc.;

7. site improvements (included as lump sum additions); and 8. initial tenant improvement costs are included in MVS cost estimate. However, additional

lease-up costs such as advertising, marketing and leasing commissions are not included.

Base building costs (direct costs) are adjusted to reflect the physical characteristics of the subject.

Making these adjustments, including the appropriate local and current cost multipliers, the direct

building cost is indicated.

Additions

Items not included in the direct building cost estimate include parking and walks, signage,

landscaping, and miscellaneous site improvements. The cost for these items is estimated

separately using the segregated cost sections of the MVS cost guide.

Indirect Cost Items

Several indirect cost items are not included in the direct building cost figures derived through the

MVS cost guide. These items include developer overhead (general and administrative costs),

property taxes, legal and insurance costs, local development fees and contingencies, lease-up

and marketing costs and miscellaneous costs.

Cost Approach

78


MVS Conclusion

The concluded direct and indirect building cost estimates obtained via the MVS cost guide are

illustrated as follows:

MARSHALL VALUATION SERVICE COST SCHEDULE

Primary Building Type: Height per Story: 10'

Effective Age: Number of Buildings: 1

Condition: Gross Building Area: 1,088,350 SF

Exterior Wall: Net Rentable Area: 656,497 SF

Number of Units: Average Unit Size: 1,459 SF

Number of Stories: Average Floor Area: 15,116 SF

MVS Sec/Page Sec. 15/Pg. 18 Sec. 13/Pg. 26 Sec. 11/Pg. 15

Quality/Bldg. Class Avg./ClassCDS Avg./Class B Good/Class B

Building Component Parking Garage Retail Stores Luxury Apt

Component Sq. Ft. 150,386 SF 940 SF 937,024 SF

Base Square Foot Cost $53.50 $104.00 $258.00

Square Foot Refinements

Heating and Cooling $0.00 $4.62 $11.35

Sprinklers $2.01 $2.01 $2.01

Subtotal $55.51 $110.63 $271.36

Height and Size Refinements

Number of Stories Multiplier 1.000 1.000 1.299

Height per Story Multiplier 1.000 1.000 1.000

Floor Area Multiplier 1.000 1.000 1.000

Subtotal $55.51 $110.63 $352.50

Cost Multipliers

Current Cost Multiplier 0.99 0.99 0.99

Local Multiplier 1.26 1.26 1.26

Final Square Foot Cost $69.24 $138.00 $439.70

Base Component Cost $10,413,204 $129,720 $412,013,490

Base Building Cost (via Marshall Valuation Service cost data) $422,556,414

Additions

Signage, Landscaping & Misc. Site Improvements (not included above)

Parking/Walks (not included above) $500,000

Other $0

Direct Building Cost $423,056,414

Indirect Costs 5.0% of Direct Building Cost $21,152,821

Direct and Indirect Building Cost $444,209,235

Rounded $444,209,000

Compiled by CBRE

450

72

Multifamily

0 YRS

New

Steel/Glass

Cost Approach

79


Cost Approach

80


Cost Approach

81


Cost Approach

82


Cost Approach

83


ACTUAL/BUDGET COMPARABLE CONSTRUCTION COSTS

The comparable cost information for three (3) similar Chicago CBD high-rise apartment

developments is presented in the following. The subject’s reconstructed construction budget (less

land acquisition costs) is also presented for comparison.

CONSTRUCTION COSTS

Comparable: 1 2 3 Average Subject

Name: Chicago High Rise Chicago High Rise Chicago High Rise

Property Type Condominium

Year of Cost Data 2019 2016 2017 2019

Cost Data Based Upon… Actual Actual Actual Budget

Number of Units: 452 402 199 351 450

Size (SF): 540,792 514,060 233,000 429,284 1,088,350

Cost Component

Direct Cost $128,183,000 $132,275,715 $65,309,236 $108,589,317 $332,000,000

Indirect Cost $26,727,180 $11,608,440 $12,778,540 $81,897,449

Contingency $0 $20,694,872

Total Direct, Indirect & Lease-up $128,183,000 $159,002,895 $76,917,676 $121,367,857 $434,592,321

Cost Adjustment $0 $0 $0 $0 $0

Total Adjusted Costs $128,183,000 $159,002,895 $76,917,676 $121,367,857 $434,592,321

Rounded $121,368,000 $434,592,000

Cost Per Unit $283,591 $395,530 $386,521 $355,214 $965,761

Cost Per SF $237.03 $309.31 $330.12 $292.15 $399.31

Compiled by CBRE

DIRECT AND INDIRECT COST CONCLUSION

The indicated direct and indirect building costs for the subject are illustrated as follows:

DIRECT AND INDIRECT COST CONCLUSION

Source Subject Estimate Per Unit Per SF

MVS Cost Guide $444,209,000 $987,131 $408.15

Cost Comparables (Avg.) n/a $355,214 $292.15

Subject's Budget Cost Est. $434,592,000 $965,761 $399.31

CBRE Estimate $434,592,000 $965,760 $399.31

Compiled by CBRE

We have utilized a cost figure that is more in-line with the Marshall & Swift figures, which include

other indirect costs.

ENTREPRENEURIAL PROFIT

Entrepreneurial profit represents the return to the developer, and is separate from contractor’s

overhead and profit.

ACCRUED DEPRECIATION

There are essentially three sources of accrued depreciation:

1. physical deterioration, both curable and incurable; 2. functional obsolescence, both curable and incurable; and 3. external obsolescence.

Cost Approach

84


Physical Deterioration

The following chart provides a summary of the remaining economic life.


Actual Age 0 Years


MVS Expected Life 50 Years


Accrued Physical Incurable Depreciation 0.0%

Compiled by CBRE

Functional Obsolescence

Based on a review of the design and layout of the proposed improvements, no forms of curable

functional obsolescence were noted. Because replacement cost considers the construction of the

subject improvements utilizing modern materials and current standards, design and layout,

functional incurable obsolescence is not applicable.

External Obsolescence

Based on a review of the local market and neighborhood, no forms of external obsolescence

affect the subject.

COST APPROACH CONCLUSION

The value estimate is calculated as follows.

Cost Approach

85


COST APPROACH CONCLUSION







Direct and Indirect Building Cost $434,592,000

Entrepreneurial Profit 20.0% of Total Building Cost $86,918,400

Replacement Cost New $521,510,400

Accrued Depreciation

Incurable Physical Deterioration 0.0% $0

Functional Obsolescence $0

External Obsolescence $0

Total Accrued Depreciation 0.0% of Replacement Cost New $0

Contributory Value of FF&E $0

Depreciated Replacement Cost $521,510,400


Indicated Stabilized Value $559,510,400

Rounded $559,500,000

Lease-Up Discount ($37,799,000)

Indicated Value As Complete $521,701,000

Rounded $521,700,000

Value Per Unit $1,159,333

Compiled by CBRE

of Replacement Cost New less

Curable Physical Deterioration

450

72

Multifamily

0 YRS

Steel/Glass

New

Insurable R eplacement Cost

86


Insurable Replacement Cost

Insurable Replacement Cost is defined as follows:

1. the value of an asset or asset group that is covered by an insurance policy; can be estimated by deducting costs of noninsurable items (e.g., land value) from market value.

2. The estimated cost, at current prices as of the effective date of valuation, of a substitute for the building being valued, using modern materials and current standards, design, and layout for insurance coverage purposes guaranteeing that damaged property is replaced with new property (i.e., depreciation is not deducted). 7

CBRE, Inc. has followed traditional appraisal standards to develop a reasonable calculation

based upon industry practices and industry-accepted publications such as the Marshall Valuation

Service. The methodology employed is a derivation of the cost approach and is not reliable for

Insurable Replacement Cost estimates. Actual construction costs and related estimates can vary

greatly from this estimate.

The Insurable Replacement Cost estimate presented herein is intended to reflect the value of the

destructible portions of the subject, based on the replacement of physical items that are subject to

loss from hazards (excluding indestructible items such as basement excavation, foundation, site

work, land value and indirect costs). In the case of the subject, this estimate is based upon the

base building costs (direct costs) as obtained via the Marshall Valuation Service cost guide, with

appropriate deductions.

This analysis should not be relied upon to determine proper insurance coverage as only

consultants considered experts in cost estimation and insurance underwriting are qualified to

provide an Insurable Replacement Cost. It is provided to aid the client/reader/user as part of their

overall decision-making process and no representations or warranties are made by CBRE, Inc.

regarding the accuracy of this estimate. It is strongly recommended that other sources be utilized

to develop any estimate of Insurable Replacement Cost.

7 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), 119.

Insurable R eplacement Cost

87


INSURABLE REPLACEMENT COST







Base Building Cost (via Marshall Valuation Service cost data) $434,592,000

Insurable Exclusions 10.0% of Total Building Cost ($43,459,200)

Indicated Insurable Replacement Cost $391,132,800

Rounded $391,100,000

Value Per Unit $869,111

Compiled by CBRE

72

450

Multifamily

0 YRS

New

Steel/Glass


88


Income Capitalization Approach-Retail Only

As noted, the subject property will include 950 square feet of ground-level retail space. The

following analysis considers only the retail portion of the subject, and the condominium portion of

the subject will be considered in the Condominium Discounted Sellout Analysis further herein.

MARKET RENT ESTIMATE

This space will be open to both tenants at the condominium units and patrons that do not live at

the proposed subject. Somewhat limited information regarding the retail portion of the subject

was made available. In our analysis we have projected a rental rate of $65 per square foot per

year on a triple-net basis and vacancy and credit loss of 5% was projected.

Rent Comparables

In order to cross-check the terms of the subject’s in-place retail leases and asking rents for the

unleased space, CBRE compiled a number of actual retail leases for similar street level space in

the subject’s market area within a ½ mile radius. The following table summarizes the actual retail

lease transactions in the local market to support our projection of retail lease income.

However, we still have to deduct a vacancy and credit loss factor for the retail portion, which is

described below.


89


Address Tenant Lease Date

Term

(Months) Size (SF)

Base Rent

($/SF) Lease Type

1400 S Michigan Ave N/A 6/1/2019 60 1,719 $35.00 NNN

OPEX $12.58

311 S Wacker Ava Salon 11/1/2018 60 692 $45.00 NNN

OPEX $20.66

120 W Madison Cousins Subs 6/1/2018 60 2,400 $70.83 NNN

OPEX $8.55

141 W Jackson N/A 4/1/2018 60 1,310 $55.00 NNN

OPEX $17.69

29 E Madison N/A 6/1/2019 60 1,444 $70.00 NNN

OPEX $12.58

STOREFRONT COMMERCIAL/RETAIL RENT COMPARABLES

Compiled by CBRE

The comparable leases indicate a rental rate range of $35.00 to $70.83 per square foot and a

simple average rental rate of $55.17 psf. All of the comparable leases are structured on a triple-

net basis (NNN). The subject’s in-place retail rent projection is within the range and is consistent

with the opinion of a local retail broker surveyed for this assignment. Based on the foregoing, the

subject’s projected retail rent is considered market-supported and sustainable. The above chart

represents signed, executed leases, however, the majority of the lease rates represent the asking

rental rate unless noted otherwise.

Vacancy and Credit loss

Ground-level retail space below residential development has success in the Chicago CBD market.

Commercial and residential mixed-use developments in the CBD have performed well, especially

considering the subject location and exposure to foot traffic.

Expense Reimbursements

The subject’s retail lease will be based on NNN lease structure whereby the tenant reimburses the

owner for a pro rata share of operating expenses with the tenants typically paying directly to

providers/contractors for interior electricity and janitorial services. The subject’s expense

reimbursements are detailed as follows:

EXPENSE REIMBURSEMENTS OPERATING EXPENSES

Year Total $/SF

CBRE Estimate-Current $10,716 $11.28

CBRE Estimate (As Stabilized) $11,831 $12.45

Compiled by CBRE

The developer did not provide an expense budget or estimate for this revenue line item. Our

estimate includes a 6.0% allocation for Vacancy and Credit Loss. The reader should note that the

subject retail component is projected to be leased on a NNN basis whereby the tenant is

responsible for paying real estate taxes and common area maintenance expenses which include

(insurance, maintenance related expenses and management). Therefore, the estimated real


90


estate tax liability for the retail portion of the subject will be reimbursed by the tenant. As a result,

a higher or lower real estate tax liability for the retail portion of the subject will only slightly affect

the “as stabilized” value estimate for the retail component via the Income Capitalization

Approach to value.

Effective Gross Income

The subject’s effective gross income is detailed as follows:

EFFECTIVE GROSS INCOME

Year Total $/SF



Compiled by CBRE

Our estimate includes a 6.0% allocation for Vacancy and Credit Loss, this decrease in revenue is

mitigated by the inclusion of expense reimbursements. Our estimate is based on the data

gathered through the use of appropriate and accepted appraisal methodology and appears

reasonable.

OPERATING EXPENSE ANALYSIS

Expense Comparables

The following chart summarizes expenses obtained from recognized industry publications and/or

comparable properties.

OPERATING EXPENSE CONCLUSION

The subject’s expense is detailed as follows:

OPERATING EXPENSES

Year Total $/SF

Expense Comparable 1 N/A $12.58







Compiled by CBRE

The developer did not provide any expense estimates for the retail portion of the subject property.

Our estimate is consistent with market comparables.


91


NET OPERATING INCOME CONCLUSION

The subject’s net operating income is detailed as follows:

RETAIL-NET OPERATING INCOME

Year Total $ SF



Compiled by CBRE

The developer did not provide an estimated income or expense amount for the retail portion of

the subject. Therefore, our estimate of the subject’s Net Operating Income is market based.

DIRECT CAPITALIZATION

Direct capitalization is a method used to convert a single year’s estimated stabilized net operating

income into a value indication. The following subsections represent different techniques for

deriving an overall capitalization rate.

Comparable Sales

The overall capitalization rates (OARs) confirmed for a number of retail sales in the Dallas area

are as follows:

COMPARABLE CAPITALIZATION RATES-RETAIL

Sale Sale Price

Sale Date $/SF Occupancy Buyer's Primary Analysis OAR

1 Jun-18 $1,229 93% Trailing Actuals 4.53%

2 Dec-17 $679.50 100% Pro Forma 5.26%

3 Mar-17 $603.48 100% Pro Forma 4.85%

4 Oct-18 $294.00 100% Trailing Actuals 5.80%

5 Apr-18 $719.00 100% Trailing Actuals 6.57%

Indicated OAR: 94% 4.53%-6.57%

Compiled by: CBRE

Published Investor Surveys

The results of the most recent investor surveys are summarized in the following chart.


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OVERALL CAPITALIZATION RATES

Investment Type OAR Range Average

RealtyRates.com

Retail 4.96% - 14.67% 10.10%

Anchored 4.96% - 13.27% 10.26%

Un-Anchored 5.75% - 14.67% 11.05%

PwC Strip Shopping Center

National Data 4.25% - 10.00% 6.63%

Indicated OAR: 4.75%-5.25%

Compiled by: CBRE

The subject will be considered to be a Class A + property. Because of the subject’s location, an

OAR near the lower end of the range indicated by the PwC National Survey in the preceding

table is considered appropriate.

Market Participants

The results of recent interviews with knowledgeable real estate professionals are summarized in

the following table.


Respondent Company OAR Income Date of Survey

Broker National Firm 4.75%-5.50% Current w/bump Sep-19

Broker Naitonal Firm 5.0%-5.50% Current w/bump Sep-19

Indicated OAR: 5.00%

Compiled by: CBRE

Capitalization Rate Conclusion

The following chart summarizes the OAR conclusions.

OVERALL CAPITALIZATION RATE - CONCLUSION

Source Indicated OAR

Comparable Sales 4.53%-6.57%

Published Surveys 4.75%-5.25%

Market Participants 5.00%

CBRE Estimate 5.00%

Compiled by: CBRE

In concluding an overall capitalization rate for the retail portion of the proposed subject, primary

reliance has been placed upon the data obtained from the improved sales and interviews with

active market participants. This data tends to provide the most accurate depiction of both buyers’

and sellers’ expectations within the market and the ranges indicated are relatively tight. Further

secondary support for our conclusion is noted via the Investor Survey.


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Direct Capitalization Summary

A summary of the direct capitalization is illustrated in the following chart.

DIRECT CAPITALIZATION SUMMARY-RETAIL ONLY AS STABILIZED

Income $/Door/Mo. $PSF Total

Potential Rental Income #DIV/0! $71.77 $68,177

Adjusted Rental Income #DIV/0! $71.77 68,177

Vacancy 5.00% #DIV/0! (3.59) (3,409)

Credit Loss 1.00% #DIV/0! (0.72) (682)

Net Rental Income #DIV/0! $142 $64,086

Reimbursements #DIV/0! 12.45 11,831

Effective Gross Income #DIV/0! $79.91 $75,918

Expenses

Real Estate Taxes $8.83 $8,391

CAM 4.00 4,196

Operating Expenses $13.25 $12,587

Operating Expense Ratio 36.62%

Net Operating Income $66.66 $63,331

OAR ÷ 6.00%


Rounded $1,050,000

Compiled by CBRE

Condominium Discounted Sellout An alysis

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Condominium Analysis

In the following analysis, we have presented the recent or pending sales at five newer luxury high

rise condominiums. These comparables represent similar data sets that vary based on location,

floor height, unit finishes and available amenities at each individual complex. We will compare

the average projected asking rate for the subject property in relation to the data set provided.

Potential Revenues

First, we will examine the subject’s unit pricing information. Second, we will summarize the

comparable data used in the analysis of the subject’s individual condominium units. We have

utilized recent or pending sales of luxury residential condominium units within the subject market

or similar surrounding markets as well as active listings within these developments that are under

construction where available.

Subject Unit Pricing Information

The following table depicts the subject’s unit mix and pricing:

Unit Mix/Type No. Units

Average Unit

Size (SF)

Total GLA

(SF)

Average

Listing Price

Average Listing

Price PSF

1 Bedroom/1Bathroom-Signature 57 1,016 57,927 $628,325 $618

1 Bedroom/1.5 Bathroom-Signature 10 1,465 14,648 $809,500 $553

2 Bedroom/2 Bathroom-Signature 3 1,483 4,450 $990,000 $667

2 Bedroom/2.5 Bathroom-Signature 66 1,515 99,968 $1,102,706 $728

2 Bedroom +Den/2.5 Bathroom-Signature 26 2,078 54,026 $1,804,038 $868

3 Bedroom/2 Bathroom - Signature 2 1,965 3,930 $1,415,000 $720

3 Bedroom/2.5 Bathroom-Signature 25 1,828 45,699 $1,152,000 $630

3 Bedroom +Den/2.5 Bathroom-Signature 3 2,279 6,838 $1,656,667 $727

3 Bedroom +Den/4.5 Bathroom-Signature 1 3,849 3,849 $4,960,000 $1,289

3 Bedroom/3 Bathroom-Signature 19 2,101 39,921 $1,863,684 $887

Studio-International 21 317 6,664 $302,913 $955

1 Bedroom/1Bathroom-International 70 485 33,946 $499,738 $1,031

2 Bedroom/1Bathroom-International 28 595 16,671 $682,536 $1,146

3 Bedroom/2 Bathroom- International 14 856 11,977 $937,000 $1,095

2 Bedroom/2 Bathroom-Tower 34 1,662 56,495 $1,659,382 $9993 Bedroom/3 Bathroom-Tower 14 2,242 31,382 $2,687,643 $1,199

3 Bedroom/3.5 Bathroom-Tower 34 2,622 89,132 $2,854,794 $1,089

3 Bedroom + Den/3.5 Bathroom-Tower 15 2,992 44,887 $3,749,267 $1,253

3 Bedroom + Den/4.5 Bathroom-Tower 3 4,081 12,243 $6,107,333 $1,497

4 Bedroom/3.5 Bathroom-Tower 3 3,622 10,865 $4,887,000 $1,349

Penthouse/4Bedroom/4Bathroom-Tower 2 5,490 10,979 $8,370,000 $1,525

Total/Average: 450 1,459 656,497 $614,175,929 $936


SUBJECT LISTING PRICES

Overall, the subject units range from 317 to 5,490 (average) square feet with prices ranging

from $302,913 to $8,370,000 or $553 to $1,525 per square foot on average.


95


DISCUSSION/ANALYSIS OF RESIDENTIAL CONDOMINIUM SALES

Condominium Comparable One – 4 East Elm

4 East Elm is a 25-story tower is a LEED certified building completed in 2016 in the Gold Coast

area located at the southeast corner of State Street and Elm Street. 4 East Elm is comprised of

three-bedroom units (34) with one whole floor unit and totals 35 condominiums. Amenities

include a 24-hour doorman, a landscaped sundeck, an outdoor pool and spa, a conference

area, a fitness center, and indoor parking.

The sales from early 2016 through the 2019 range from $717/SF to $1,277/SF. Presented below

are the recent sales in the building.


96


Unit

# Bedrooms Bathrooms Parking

Unit Size

(SF) Sale Date Sale Price Price Per SF

19S 3 3.5 2 (Garage) 3,486 Aug-19 $4,450,000 $1,277

18S 3 3.5 2 (Garage) 3,486 Jul-19 $4,301,000 $1,234

14N 3 3.5 None 3,135 Apr-19 $3,100,000 $989

11N 3 3.5 1 (Garage) 3,135 Apr-19 $2,950,000 $941

21S 3 3.5 1 (Garage) 3,516 Apr-17 $4,000,000 $1,138

15S 3 3.5 1 (Garage) 3,516 Feb-17 $3,665,000 $1,042

10S 3 3.5 1 (Garage) 3,486 Jan-17 $3,190,000 $915

13S 3 3.5 1 (Garage) 3,516 Dec-16 $3,400,000 $967

12S 3 3.5 1 (Garage) 3,516 Nov-16 $3,480,000 $990

20S 3 3.5 2 (Garage) 3,516 Sep-16 $4,239,954 $1,206

18N 3 3.5 2 (Garage) 3,095 Sep-16 $3,200,000 $1,034

13N 3 3.5 1 (Garage) 3,135 Sep-16 $2,600,000 $829

11S 3 3.5 1 (Garage) 3,516 Sep-16 $3,260,000 $927

20N 2 2 1 (Garage) 2,150 Aug-16 $2,400,000 $1,116

22S 3 3.5 2 (Garage) 3,516 Aug-16 $4,187,000 $1,191

17N 3 3.5 2 (Garage) 3,095 Jul-16 $3,135,000 $1,013

21N 3 3.5 2 (Garage) 3,135 Jun-16 $3,600,000 $1,148

19N 3 3.5 2 (Garage) 3,095 Jun-16 $3,202,990 $1,035

16N 3 3.5 2 (Garage) 3,095 Jun-16 $2,975,000 $961

15N 3 3.5 2 (Garage) 3,135 Jun-16 $2,800,000 $893

14S 3 3.5 1 (Garage) 3,516 May-16 $3,483,229 $991

8S 3 3.5 2 (Garage) 3,486 May-16 $2,880,000 $826

PH Raw Raw 2 (Garage) 5,400 May-16 $6,692,192 $1,239

17S 3 3.5 1 (Garage) 3,486 May-16 $3,963,794 $1,137

16S 3 3.5 2 (Garage) 3,486 May-16 $3,827,391 $1,098

7N 3 3.5 2 (Garage) 3,095 May-16 $2,220,000 $717

10N 3 3.5 2 (Garage) 3,095 Apr-16 $2,404,265 $777

12N 3 3.5 1 (Garage) 3,135 Apr-16 $2,493,695 $795


SUMMARY OF 4 EAST ELM SALES


97


Condominium Comparable Two – 9 West Walton Avenue (Done)

9 West Walton Street is a 37-story tower building currently under construction in the Gold Coast

area located at the southeast corner of Walton Street and State Street. 9 West Walton Street is

comprised of two, three, four and five-bedroom units and totals 71 condominiums. Amenities

include a 24-hour doorman, an indoor pool and spa, private wine storage, dry cleaning services,

fitness center, a house car and driver, guest suites, dog run and indoor parking.

The listings below represent the pending contract dates and active listings. The price per square

foot range from $872/SF to $1,640/SF.


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Unit


Unit Size

(SF) Contract Date Sale Price Price Per SF

1003 4 4.5 2 (Garage) 3,665 Closed 2/28/2019 $4,328,079 $1,181

2902 4 4.5 2 (Garage) 4,420 Contingent $7,250,000 $1,640

2201 4 4.5 3 (Garage) 4,776 Closed 5/8/2019 $6,094,591 $1,276

1803 4 4.5 None 3,665 Closed 7/12/2019 $3,900,000 $1,064

903 3 3.5 2 (Garage) 3,172 Closed 4/24/2019 $3,900,000 $1,230

1102 3 3.5 2 (Garage) 2,745 Closed 1/14/2019 $3,460,000 $1,260

504 2 2 None 1,950 Closed 8/28/2019 $1,825,000 $936

3100 4 4.5 2 (Garage) 7,085 Mar-19 $11,274,395 $1,591

1901 4 4.5 2 (Garage) 4,776 Dec-18 $6,933,698 $1,452

2801 4 4.5 2 (Garage) 4,420 Feb-18 $6,546,000 $1,481

2902 3 3.5 2 (Garage) 4,420 Sep-18 $6,448,206 $1,459

2502 4 4.5 2 (Garage) 4,776 Aug-18 $6,293,311 $1,318

2302 4 4.5 2 (Garage) 4,776 Sep-18 $6,280,938 $1,315

2401 4 4.5 2 (Garage) 5,230 Aug-18 $6,112,114 $1,169

504 2 2 2 (Garage) 1,950 Apr-18 $1,700,000 $872

1603 3 3.5 2 (Garage) 3,172 Sep-17 $3,995,000 $1,259

2202 4 4.5 2 (Garage) 4,776 Jul-17 $5,450,000 $1,141

602 3 3 2 (Garage) 2,703 Jul-17 $2,750,000 $1,017

501 2 2.5 2 (Garage) 2,610 Jul-17 $2,375,000 $910

701 2 2.5 2 (Garage) 2,425 Feb-17 $2,300,000 $948

403 3 3.5 2 (Garage) 3,320 Jan-17 $3,400,000 $1,024

601 2 2.5 2 (Garage) 2,610 Oct-16 $2,425,000 $929

17N 3 3.5 2 (Garage) 3,095 Jul-16 $3,135,000 $1,013

2701 3 3.5 2 (Garage) 4,420 May-16 $5,750,000 $1,301

1002 2 2 2 (Garage) 2,252 May-16 $2,400,000 $1,066

2002 4 4.5 2 (Garage) 5,270 Feb-16 $5,850,000 $1,110

1202 3 3.5 2 (Garage) 2,745 Feb-16 $3,050,000 $1,111

2501 4 4.5 2 (Garage) 4,776 Jan-16 $5,800,000 $1,214

902 3 3.5 2 (Garage) 2,745 Jan-16 $2,800,000 $1,020

1001 3 3.5 2 (Garage) 3,172 Nov-15 $3,295,000 $1,039

901 3 3.5 2 (Garage) 3,172 Nov-15 $3,185,000 $1,004

1203 3 3.5 2 (Garage) 3,172 Nov-15 $3,365,000 $1,061


SUMMARY OF 9 W WALTON SALES


99


Condominium Comparable Three – Renelle on the River

Renelle on the River (405 N Wabash Avenue) is an 18-story tower building currently under

construction in the River North area located at the southeast corner of Wabash Avenue and

Hubbard Street. The residences are comprised of three and four-bedroom units and total 50

condominiums. Amenities include a 24-hour doorman, a fitness center with yoga room, outdoor

dog run, indoor and outdoor kitchens, outdoor terrace with fireplace, private screening room and

game room as well as indoor parking.

The units will feature 10’ ceilings, private balconies, plank flooring, kitchens featuring Snaidero

cabinetry, quartz countertops, Subzero refrigerator, Wolf gas cooktop, Wolf double wall oven,

Wolf microwave drawer, dishwasher and disposal. Baths will feature Waterworks faucets, quartz

countertops and Snaidero cabinets.


foot range from $706/SF to $992/SF.


100


Unit


Unit Size

(SF)

Contract/Sale

Date Sale Price Price Per SF

7D 3 3 None 1,827 Active $1,350,900 $739

9D 3 3 None 1,827 Pending $1,429,900 $783

6C 3 3 None 2,249 Closed 9/11/2019 $1,654,900 $736

4C 3 3 None 2,249 Active $1,670,900 $743

7C 2 3 None 2,249 Pending $1,724,900 $767

14C 3 3 None 2,249 Closed 8/15/2019 $1,729,400 $769

5C 3 3 None 2,249 Closed 9/24/2019 $1,738,919 $773

10C 3 3 1 (Garage) 2,249 Closed 8/2/2019 $1,799,334 $800

9C 2 3 1 (Garage) 2,249 Closed 7/25/2019 $1,825,713 $812

12C 3 3 None 2,249 Closed8/8/2019 $1,839,838 $818

11C 3 3 None 2,249 Closed 8/16/2019 $1,884,989 $838

16C 2 3 None 2,249 Closed8/29/2019 $1,925,900 $856

15C 3 3 None 2,249 Closed 8/21/2019 $1,930,988 $859

10C 3 3 None 2,249 Active $1,999,999 $889

11B 3 3.5 None 2,517 Closed 8/28/2019 $2,124,900 $844

4B 3 3.5 None 2,517 Closed 9/17/2019 $2,154,400 $856

3A 3 3.5 None 2,424 Active $2,184,900 $901

13B 3 3.5 None 2,517 Closed 8/21/2019 $2,278,212 $905

5B 3 3.5 None 2,517 Closed 9/24/2019 $2,288,017 $909

15B 3 3.5 None 2,517 Closed 8/28/2019 $2,305,900 $916

7B 3 3.5 None 2,517 Active $2,312,900 $919

8B 3 3.5 None 2,517 Contingent $2,343,900 $931

10B 3 3.5 None 2,517 Closed 8/13/2019 $2,392,400 $950

14B 3 3.5 None 2,517 Closed 8/14/2019 $2,408,141 $957

11A 3 3.5 None 2,424 Closed 8/27/2019 $2,421,844 $999

16B 3 3.5 None 2,517 Closed 9/11/2019 $2,488,353 $989

9A 3 3.5 1 (Garage) 2,424 Closed 7/23/2019 $2,501,182 $1,032

12A 3 3.5 None 2,424 Closed 8/8/2019 $2,530,027 $1,044

PHB 3 3.5 None 2,517 Closed 8/27/2019 $2,661,602 $1,057

12B 3 3.5 None 2,517 Closed 8/16/2019 $2,776,213 $1,103

15A 4 4.5 None 3,434 Closed 8/28/2019 $3,033,900 $883

14A 4 4.5 None 3,434 Closed 8/14/2019 $3,117,400 $908

16A 4 4.5 None 3,434 Closed 8/29/2019 $3,333,630 $971

13A 4 4.5 None 3,434 Closed 8/23/2019 $3,377,461 $984

11D 3 3 1 (Garage) 1,827 Jan-19 $1,529,438 $837

8A 3 3.5 1 (Garage) 2,424 Mar-18 $2,250,900 $929

PHA 4 4.5 1 (Garage) 3,434 Feb-18 $3,215,900 $936

5D 3 3 1 (Garage) 1,827 May-18 $1,289,900 $706

6B 3 3.5 1 (Garage) 2,517 Sep-17 $2,101,900 $835

8C 3 3 1 (Garage) 2,249 Oct-17 $1,651,900 $735

3D 3 3 1 (Garage) 1,827 Aug-17 $1,330,900 $728

17B 3 3.5 1 (Garage) 2,517 May-17 $2,495,900 $992

15A 4 4.5 1 (Garage) 3,434 Mar-17 $2,913,900 $849

13C 3 3 1 (Garage) 2,249 Oct-16 $1,675,900 $745

17C 3 3 1 (Garage) 2,249 Aug-16 $1,852,900 $824

11B 3 3.5 1 (Garage) 2,517 Jul-16 $2,144,900 $852

10A 4 4.5 1 (Garage) 3,434 Jul-16 $2,797,900 $815


SUMMARY OF RENELLE CLOSED/PENDING SALES/ACTIVE


101


Condominium Comparable Four – One Bennett Park

One Bennett Park (451 E Grand Avenue) is a 68-story tower building currently under construction

in the Streeterville area located along the south side of East Grand Avenue just west of Lake

Shore Drive. The residences are comprised of two, three- and four-bedroom units and total 69

condominium units in addition to 279 rental apartment units. The condominium units will have

their own entrance and elevator. Amenities will include a 24-hour doorman, a fitness center with

yoga room, outdoor dog run, park, outdoor pool and spa and sun deck as indoor parking.

Upon completion One Bennett Park will be touted as one of the tallest residential buildings

reaching a peak of 850 feet.


foot range from $931/SF to $1,461/SF.


102


Unit


Unit Size

(SF) Contract Date Sale Price Price Per SF

4504 2 2.5 1 (Garage) 1,737 Closed 7/19 $1,900,000 $1,094

4304 2 2.5 1 (Garage) 1,737 Closed 4/19 $1,925,000 $1,108

4202 3 2.5 None 2,121 Active $1,975,000 $931

4704 2 2.5 None 1,737 Active $2,000,000 $1,151

4108 2 2.5 None 2,126 Active $2,233,000 $1,050

5402 3 2.5 None 2,121 Closed 8/8/2019 $2,250,000 $1,061

4303 3 3.5 None 2,403 Closed 2/8/2019 $2,420,000 $1,007

4803 3 3.5 None 2,403 Closed 8/19 $2,600,000 $1,082

4501 3 3.5 2 (Garage) 3,080 Closed 5/19 $3,225,000 $1,047

4601 3 3.5 None 3,080 Active $3,250,000 $1,055

4107 3 3.5 1 (Garage) 3,272 Jul-19 $3,486,000 $1,065

5105 3 3.5 None 3,431 Active $3,790,000 $1,105

4905 3 3.5 None 3,431 Closed 6/19 $3,815,000 $1,112

4906 3 3.5 None 3,622 Closed 4/19 $3,987,500 $1,101

4402 3 2.5 1 (Garage) 2,121 Closed 2/19 $2,275,000 $1,073

5206 3 3.5 None 3,622 Closed 2/19 $4,150,000 $1,146

4604 2 2.5 1 (Garage) 1,737 Closed 2/19 $1,875,000 $1,079

4503 3 3.5 2 (Garage) 2,403 Closed 2/19 $2,550,000 $1,061

5006 3 3.5 None 3,622 Closed 2/19 $4,050,000 $1,118

6211 3 3.5 None 4,798 Closed 7/19 $6,225,000 $1,297

4906 3 3.5 2 (Garage) 3,622 Mar-19 $3,950,000 $1,091

5306 3 3.5 2 (Garage) 3,622 Closed 4/19 $4,150,000 $1,146

5709 4 4.5 2 (Garage) 5,130 Closed 6/19 $6,350,000 $1,238

4703 3 3.5 1 (Garage) 2,403 Mar-18 $2,525,000 $1,051

5510 3 3.5 2 (Garage) 3,765 Closed 5/19 $5,500,000 $1,461

5609 4 4.5 2 (Garage) 5,130 Closed 6/19 $6,350,000 $1,238

5710 3 3.5 None 3,765 Closed 4/19 $4,700,000 $1,248

5610 3 3.5 None 3,765 Closed 4/19 $4,475,000 $1,189

5810 3 3.5 2 (Garage) 3,765 Closed 4/19 $4,475,000 $1,189

6111 3 3.5 2 (Garage) 4,798 Closed 6/19 $6,200,000 $1,292

5909 4 4.5 2 (Garage) 5,130 Jan-17 $6,250,000 $1,218


SUMMARY OF ONE BENNETT PARK PENDING SALES/ACTIVE


103


Condominium Comparable Five – Vista Tower

Vista Tower (363 East Wacker) upon completion will be a mix of luxury hotel, luxury

condominium units and retail space. The building will be 94 stories tall and at its peak will reach

1,198 feet. The building is slated to be completed in 2020. The development is located in

LakeShore East a master planned community consisting of residential apartment buildings,

townhomes and residential condominium buildings as well as a central park and school. Vista is

comprised of one, two, three- and four-bedroom units. The building will feature 402

condominiums upon completion and as of September 2019 are 50% presold.

The majority of the amenity spaces will be located on the 47th floor and will include a fitness

room, outdoor pool with sundeck, theater, wine tasting room, private dining suite with

demonstration kitchen, children’s activity room, game room along with a sky lounge.

The listings below represent the pending contract dates and active listings. Due to the large

number of condominium units we have presented the more recent as well as significant pending

sales and active listings broken out by one, two, three- and four-bedroom units.


104


One Bedroom Units

Unit


Unit Size

(SF)

Contract


3305 1 1.5 1 (Garage) 1,075 Active $990,080 $921

1707 1 1.5 1 (Garage) 1,310 Active $1,065,682 $813

4205 1 1.5 1 (Garage) 1,164 Active $1,151,196 $989

4405 1 1.5 1 (Garage) 1,189 Active $1,250,800 $1,052

4007 1 1.5 1 (Garage) 1,317 Active $1,213,220 $921

2407 1 1.5 None 1,288 Aug-19 $1,087,072 $844

3405 1 1.5 None 1,072 Aug-19 $991,600 $925

4105 1 1.5 None 1,151 Mar-18 $1,133,735 $985

4107 1 1.5 None 1,310 Mar-18 $1,299,520 $992

6905 1 2 1 (Garage) 1,382 Sep-17 $1,715,850 $1,242

2105 1 1.5 1 (Garage) 1,201 Jul-17 $991,209 $825

2807 1 1.5 1 (Garage) 1,317 Jul-17 $1,110,880 $843

3207 1 1.5 1 (Garage) 1,317 Jul-17 $1,144,000 $869

3905 1 1.5 1 (Garage) 1,126 Apr-17 $1,118,118 $993

3705 1 1.5 1 (Garage) 1,101 Apr-17 $1,091,091 $991

3005 1 1.5 1 (Garage) 1,126 Apr-17 $1,015,652 $902

4407 1 1.5 1 (Garage) 1,294 Apr-16 $1,287,530 $995

4207 1 1.5 1 (Garage) 1,304 Apr-16 $1,294,872 $993

4307 1 1.5 1 (Garage) 1,299 Apr-16 $1,323,275 $1,019


SUMMARY OF VISTA TOWER 1 BEDROOM PENDING SALES/ACTIVE

Listing Prices


105


Two Bedroom Units

Unit


Unit Size

(SF)

Contract


1303 2 2.5 1 (Garage) 2,095 Active $1,571,054 $750

2204 2 2 1 (Garage) 1,728 Active $1,880,320 $1,088

3804 2 2 1 (Garage) 1,701 Active $1,852,556 $1,089

4303 2 2.5 1 (Garage) 2,341 Active $2,112,518 $902

3104 2 2 1 (Garage) 1,709 Active $1,840,593 $1,077

3603 2 2.5 None 2,241 May-19 $1,811,624 $808

1304 2 2 None 1,701 Mar-19 $1,654,903 $973

4003 2 2.5 1 (Garage) 2,298 Mar-18 $2,068,200 $900

2609 2 2.5 1 (Garage) 2,484 Jul-18 $1,856,928 $748

1909 2 2.5 1 (Garage) 2,485 Mar-18 $1,844,944 $742

1804 2 2 1 (Garage) 1,704 Dec-17 $1,806,413 $1,060

1704 2 2 1 (Garage) 1,704 Dec-17 $1,799,830 $1,056

2209 2 2.5 1 (Garage) 2,408 Oct-17 $1,767,472 $734

7002 2 2 1 (Garage) 1,810 Aug-17 $2,133,600 $1,179

2409 2 2.5 1 (Garage) 2,408 Aug-17 $1,794,875 $745

3103 2 2.5 1 (Garage) 2,260 Aug-17 $1,863,040 $824

3403 2 2.5 1 (Garage) 2,241 Jul-17 $1,869,565 $834

3604 2 2 1 (Garage) 1,710 Apr-17 $1,850,220 $1,082

1404 2 2 1 (Garage) 1,701 Apr-17 $1,662,898 $978

1701 2 2 1 (Garage) 2,203 Apr-17 $1,498,040 $680

4403 2 2.5 1 (Garage) 2,357 Oct-16 $2,286,290 $970

4203 2 2.5 1 (Garage) 2,326 Oct-16 $2,139,920 $920

2004 2 2 1 (Garage) 1,717 Oct-16 $1,821,737 $1,061




106


Three Bedroom Units

Unit


Unit Size

(SF)

Contract


6303 3 3 1 (Garage) 2,347 Active $3,106,404 $1,324

1702 3 2 None 2,287 Active $1,738,120 $760

4109 3 3.5 None 2,640 Active $2,838,000 $1,075

3901 3 2 None 2,307 Active $1,960,950 $850

4402 3 2 1 (Garage) 2,047 Active $2,108,410 $1,030

2406 3 2.5 1 (Garage) 2,576 Active $2,782,060 $1,080

1902 3 2 None 2,112 Nov-19 $1,512,783 $716

6801 3 3 1 (Garage) 3,700 Jul-18 $4,445,210 $1,201

6601 3 3 1 (Garage) 3,266 Mar-18 $4,118,426 $1,261

3408 3 2.5 1 (Garage) 2,878 Jul-18 $3,306,000 $1,149

6605 3 3 1 (Garage) 1,962 Mar-18 $2,636,976 $1,344

3109 3 3.5 1 (Garage) 2,721 Jul-18 $2,085,647 $767

1509 3 3.5 1 (Garage) 2,600 Mar-18 $1,962,735 $755

1309 3 3.5 1 (Garage) 2,750 Jul-18 $1,949,000 $709

1409 3 3.5 1 (Garage) 2,500 Mar-18 $1,908,823 $764

2602 3 2 1 (Garage) 2,073 Jul-18 $1,826,313 $881

1902 3 2 1 (Garage) 2,112 Nov-18 $1,572,783 $745

3808 3 2.5 1 (Garage) 2,750 Aug-17 $3,171,903 $1,153

4901 3 2 1 (Garage) 2,140 Aug-17 $2,286,600 $1,069

2706 3 2.5 1 (Garage) 2,437 Jul-17 $2,733,462 $1,122

3706 3 2.5 1 (Garage) 2,437 Jul-17 $2,723,625 $1,118

1709 3 3.5 1 (Garage) 2,563 May-17 $1,923,529 $750

1609 3 3.5 1 (Garage) 2,563 May-17 $1,941,870 $758

3502 3 2 1 (Garage) 2,336 May-17 $2,156,470 $923

6606 3 5 1 (Garage) 5,059 Apr-17 $7,538,724 $1,490

3906 3 2.5 1 (Garage) 2,453 Apr-17 $2,784,155 $1,135

4502 3 2 1 (Garage) 2,196 Apr-17 $2,393,640 $1,090

3209 3 3.5 1 (Garage) 2,762 Apr-17 $2,111,549 $765

1602 3 2 1 (Garage) 2,247 Apr-17 $1,561,665 $695

3806 3 2.5 1 (Garage) 2,437 Apr-17 $2,588,581 $1,062

1506 3 2.5 1 (Garage) 2,453 Apr-17 $2,575,650 $1,050

6701 3 3 1 (Garage) 3,200 Jan-17 $4,041,600 $1,263



Listing Prices


107


Four Bedroom Units

Unit


Unit Size

(SF)

Contract


6906 4 5.5 None 5,258 Active $7,887,000 $1,500

4806 4 5.5 None 5,158 Active $7,231,516 $1,402

2703 4 4.5 None 3,491 Active $2,977,823 $853

2203 4 4.5 None 3,595 Aug-19 $3,023,395 $841

7301 4 4.5 1 (Garage) 5,497 Feb-18 $8,108,075 $1,475

7401 4 4.5 1 (Garage) 5,600 Jul-18 $8,355,920 $1,492

9001 4 4.5 1 (Garage) 5,861 Sep-18 $10,015,227 $1,709

7101 4 4.5 1 (Garage) 10,000 Jul-18 $18,500,000 $1,850

3201 4 4 1 (Garage) 4,610 Aug-17 $4,057,350 $880

6706 4 5.5 1 (Garage) 5,133 Apr-17 $7,659,520 $1,492

6806 4 5.5 1 (Garage) 5,208 Apr-17 $7,782,110 $1,494

6506 4 5.5 1 (Garage) 4,985 Apr-17 $7,419,716 $1,488

3301 4 4 1 (Garage) 4,527 Apr-17 $4,019,612 $888

7501 4 4.5 1 (Garage) 5,734 Dec-16 $8,658,340 $1,510

9101 4 4.5 1 (Garage) 5,734 Oct-16 $9,747,800 $1,700

2901 4 4 1 (Garage) 4,527 Oct-16 $3,716,440 $821

8101 4 4.5 1 (Garage) 6,521 May-16 $10,172,760 $1,560

7801 4 4.5 1 (Garage) 6,121 Apr-16 $9,118,464 $1,490

8001 4 4.5 1 (Garage) 6,386 Apr-16 $9,557,535 $1,497


SUMMARY OF VISTA TOWER 4 BEDROOM PENDING SALES

ESTIMATE OF UNIT SALES PRICES

In order to provide an estimate of the unit sales prices that could be achieved at the proposed

subject development, the subject unit types have been compared with similar units in comparable

projects. In estimating the sales prices for the subject units, consideration must be given to the

floor elevation and views of the individual units. The units analyzed within the

comparable/competitive facilities reflected the average sales prices for the respective unit types.

PROJECTED SALES PRICES

Premiums

Premiums are sometimes charged for views, vaulted ceilings, additional parking spaces, etc. In

this instance, the premiums for the respective units have been included in the weighted average

sale price for each unit type. Thus, an additional allocation for premiums is not indicated.

Current Contracts at the Subject

Some of the units at the proposed subject are under contract for sale due to pre-sale marketing

efforts at the existing sale center. The following chart illustrates the recent contracts at the subject

as provided by the developer representative.


108


Signature Units

Unit Size

Contract

Price

Contract

Price PSF

22-05 926 570,000$ $616

22-07 1,096 620,000$ $566

23-06 926 570,000$ $616

23-07 1,097 650,000$ $593

25-06 926 580,000$ $626

28-05 926 600,000$ $648

28-07 1,109 650,000$ $586

30-07 1,115 650,000$ $583

33-07 1,127 660,000$ $586

35-07 1,137 670,000$ $589

36-07 1,142 680,000$ $595

37-07 1,147 680,000$ $593

38-06 926 650,000$ $702

38-07 1,153 690,000$ $598

3-01 1,416 680,000$ $480

4-01 1,487 720,000$ $484

10-01 1,497 865,000$ $578

12-06 1,263 690,000$ $546

3-02 1,318 760,000$ $577

22-02 1,550 1,260,000$ $813

4-02 1,466 850,000$ $580

5-02 1,466 880,000$ $600

6-02 1,466 880,000$ $600

10-02 1,466 940,000$ $641

12-01 1,551 1,020,000$ $658

12-02 1,466 990,000$ $675

15-02 1,466 1,120,000$ $764

16-02 1,466 1,120,000$ $764

17-02 1,466 1,180,000$ $805

18-02 1,466 1,128,600$ $770

19-02 1,466 1,160,000$ $791

23-02 1,550 1,260,000$ $813

31-04 1,582 1,070,000$ $676

32-04 1,582 1,110,000$ $702

33-02 1,550 1,360,000$ $877

38-04 1,582 1,250,000$ $790

15-01 1,911 1,320,000$ $691

20-02 1,995 1,760,000$ $882

20-03 1,904 1,320,000$ $693

21-02 1,914 1,480,000$ $773

28-03 2,143 1,870,000$ $873

32-03 2,158 2,020,000$ $936

34-03 2,166 2,025,000$ $935

35-03 2,171 2,100,000$ $967

3-03 1,809 920,000$ $509

10-03 1,808 1,050,000$ $581

12-03 1,808 1,100,000$ $608

12-09 1,953 1,320,000$ $676

17-03 1,808 1,260,000$ $697

17-01 2,147 1,490,000$ $694

19-01 2,426 1,710,000$ $705

22-01 2,101 1,620,000$ $771

23-01 2,101 1,620,000$ $771

Source: Developer

CURRENT CONTRACTS - 1000M


109


International Units

Unit Size

Contract

Price

Contract

Price PSF

41-14 329 325,000$ $988

42-14 329 303,535$ $923

43-14 329 313,000$ $951

43-15 305 269,006$ $882

44-14 329 350,000$ $1,064

44-15 305 279,000$ $915

44-16 318 318,000$ $1,000

45-14 329 309,810$ $942

45-15 305 269,000$ $882

45-16 318 314,820$ $990

46-14 329 305,000$ $927

46-15 305 259,000$ $849

46-16 318 295,000$ $928

47-14 329 305,000$ $927

47-15 305 259,000$ $849

47-16 318 295,000$ $928

41-05 523 575,734$ $1,101

41-18 492 469,000$ $953

42-05 523 575,734$ $1,101

43-03 479 489,000$ $1,021

43-05 423 552,425$ $1,306

43-12 454 387,922$ $854

43-13 455 388,776$ $854

45-04 477 497,000$ $1,042

45-05 523 650,000$ $1,243

45-13 455 389,070$ $855

46-04 477 497,000$ $1,042

46-12 454 410,000$ $903

47-04 477 492,030$ $1,032

47-09 490 535,000$ $1,092

47-12 454 410,000$ $903

47-13 455 389,000$ $855

47-19 498 476,000$ $956

41-07 639 798,000$ $1,249

41-17 612 628,000$ $1,026

42-17 618 633,000$ $1,024

47-02 673 699,000$ $1,039

Source: Developer



110


Tower Units

Unit Size

Contract

Price

Contract

Price PSF

48-03 2,565 2,525,000$ $984

49-03 2,574 2,525,000$ $981

62-02 3,112 3,170,000$ $1,019

63-02 3,119 3,065,000$ $983

Source: Developer


The recent contracts for Signature Units at the subject range from $480 to $967 per square foot,

with an average of $684. The recent contracts for International Units at the subject range from

$849 to $1,306 per square foot with an average of $984 per square foot. The recent contracts

for the Tower Units at the subject range from $981 to $1,019 per square foot with an average of

$992 per square foot.

PROJECTED SALES CONCLUSION

The market data does not typically indicate meaningful differences in sale prices for modest

variances in square footage. Traditionally, smaller units have been thought to sell for a modestly

higher price relative to larger units. However, within the local condominium market, larger units

sometimes sell for a premium over smaller units (due in part to the general desirability of larger

units, but often coupled with extra features, amenities or views associated with the larger units).

Upon completion, the subject is expected to compete very favorably in overall appeal relative to

the comparables, with the sales presented being the most comparable luxury high-rise

condominium projects in the area. The quality of construction, level of amenities and interior

finish materials will be excellent and are expected to be generally commensurate with the

presented sales. The following chart illustrates the developer’s projected sales prices and the

CBRE estimated sale prices for each unit type.


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CONDOMINIUM SALES CHART - OWNER'S LIST PRICING & APPRAISER'S PROJECTION

Unit Mix

Owner's

Estimated

Sale

Price/Unit

Owner's

Estimated

Sale

Price/SF

No. of

Units Total Sales

Percent

of Total

Unit Size

(SF)

Net Sellable

Area

Appraiser's

Estimated

Sale

Price/Unit

Appraiser's

Estimated

Sale Price/SF Total Sales

1 Bedroom/1Bathroom-Signature $628,325 $618 57 $35,814,525 12.7% 1,016 57,927 $628,325 $618 $35,814,525

1 Bedroom/1.5 Bathroom-Signature $809,500 $553 10 $8,095,000 2.2% 1,465 14,648 $809,500 $553 $8,095,000

2 Bedroom/2 Bathroom-Signature $990,000 $667 3 $2,970,000 0.7% 1,483 4,450 $990,000 $667 $2,970,000

2 Bedroom/2.5 Bathroom-Signature $1,102,706 $728 66 $72,778,596 14.7% 1,515 99,968 $1,102,706 $728 $72,778,596

2 Bedroom +Den/2.5 Bathroom-Signature $1,804,038 $868 26 $46,904,988 5.8% 2,078 54,026 $1,804,038 $868 $46,904,988

3 Bedroom/2 Bathroom - Signature $1,415,000 $720 2 $2,830,000 0.4% 1,965 3,930 $1,415,000 $720 $2,830,000

3 Bedroom/2.5 Bathroom-Signature $1,152,000 $630 25 $28,800,000 5.6% 1,828 45,699 $1,152,000 $630 $28,800,000

3 Bedroom +Den/2.5 Bathroom-Signature $1,656,667 $727 3 $4,970,001 0.7% 2,279 6,838 $1,656,667 $727 $4,970,001

3 Bedroom +Den/4.5 Bathroom-Signature $4,960,000 $1,289 1 $4,960,000 0.2% 3,849 3,849 $4,960,000 $1,289 $4,960,000

3 Bedroom/3 Bathroom-Signature $1,863,684 $887 19 $35,409,996 4.2% 2,101 39,921 $1,863,684 $887 $35,409,996

Studio-International $302,913 $955 21 $6,361,173 4.7% 317 6,664 $302,913 $955 $6,361,173

1 Bedroom/1Bathroom-International $499,738 $1,031 70 $34,981,660 15.6% 485 33,946 $499,738 $1,031 $34,981,660

2 Bedroom/1Bathroom-International $682,536 $1,146 28 $19,111,000 6.2% 595 16,671 $682,536 $1,146 $19,111,000

3 Bedroom/2 Bathroom- International $937,000 $1,095 14 $13,118,000 3.1% 856 11,977 $937,000 $1,095 $13,118,000

2 Bedroom/2 Bathroom-Tower $1,659,382 $999 34 $56,418,988 7.6% 1,662 56,495 $1,659,382 $999 $56,418,988

3 Bedroom/3 Bathroom-Tower $2,687,643 $1,199 14 $37,627,002 3.1% 2,242 31,382 $2,687,643 $1,199 $37,627,002

3 Bedroom/3.5 Bathroom-Tower $2,854,794 $1,089 34 $97,062,996 7.6% 2,622 89,132 $2,854,794 $1,089 $97,062,996

3 Bedroom + Den/3.5 Bathroom-Tower $3,749,267 $1,253 15 $56,239,005 3.3% 2,992 44,887 $3,590,400 $1,200 $53,856,000

3 Bedroom + Den/4.5 Bathroom-Tower $6,107,333 $1,497 3 $18,321,999 0.7% 4,081 12,243 $5,611,375 $1,375 $16,834,125

4 Bedroom/3.5 Bathroom-Tower $4,887,000 $1,349 3 $14,661,000 0.7% 3,622 10,865 $4,887,000 $1,349 $14,661,000

Penthouse/4Bedroom/4Bathroom-Tower $8,370,000 $1,525 2 $16,740,000 0.4% 5,490 10,979 $7,960,500 $1,450 $15,921,000

Total/Average: $1,364,835 $936 450 $614,175,929 100.0% 1,459 656,497 $1,354,413 $928 $609,486,050

Rounded $609,500,000

Parking $22,500,000

Complied by CBRE

Total

Inclusive

of Parking $632,000,000

The reported actual contracts at the subject range from $480 to $1,306 per square foot, with

averages per tier of $684 (Signature), $984 (International) and $992 (Tower). The subject will be

the newest luxury high-rise condominium development in the area, and is expected to be at the

upper end of the comparable data.

Overall, the developer’s projected sales prices for the subject units appears reasonable based on

both the comparable data and current contract prices at the subject, with the exception of the

subject’s two Penthouse units located on the 71st floor, as well as 3 Bedroom +Den Tower units

which indicate per square foot list prices above those of the comparable data set.

The following chart illustrates the number of units within the applicable price per square foot

band and a percentage of total units at the proposed subject.

PRICING BAND $/SF AS % TOTAL

No. Units % Total

95 21.1%

71 15.8%

100 22.2%

184 40.9%

450 100.0%Total

Complied by CBRE

$/SF Price Ranges

$500-$699

$700-$799

$800-$999

> $1,000

The client has requested individual unit retail values, which have been included in the Addenda.

PARKING

The subject building offers 422 for sale parking spaces on levels 2 through 10, with an additional

9 spaces that are not for sale and are designated for accessible parking. The pricing for the


112


parking spaces ranges from $40,000 to $95,000 depending on floor and location within each

parking floor. The average price per parking space is $61,754. However, in typical

condominium sellouts sometimes a second parking space is purchased at a lower price or the

parking is negotiated into the purchase price of the unit and the actual price is somewhat lower.

Therefore, we have included an additional value of $50,000 to our estimated per unit value of

$1,354,413 for a total average unit value of $1,404,413 in our discounted cash flow analysis.

AGGREGATE RETAIL VALUE OF THE CONDOMINIUMS

As shown in the chart above, the aggregate retail value is $609,500,000 or $928 per square

foot ($609,486,050 rounded to $609,500,000) for the condominium units only. This value does

not reflect the price an investor would pay for the project; rather, it simply represents the sum of

all the individual retail prices for the units before deductions for any construction or sale

expenses.

MARKET VALUE BY DISCOUNTED SELLOUT

As stated, converting the Gross Sellout to Market Value As If Complete requires a discounting

process to account for sales expenses/holding costs during an absorption or sellout period. The

discounting process was performed in three steps. First, an absorption period was estimated for

the unsold units. Estimated sales expenses, holding costs as well as profit were then deducted

from the gross sales proceeds to derive net sales proceeds. A discount rate was then applied to

the net sales proceeds to reflect a return on debt and equity capital.

ESTIMATE OF ABSORPTION PERIOD

As discussed in the Market Analysis section of this report, discussions with market participants

indicate the high-rise condominium market is strong, however, this is somewhat tempered as the

majority of new condominiums are in the ultra-luxury segment with pricing above $800 per

square foot. Current demand is reportedly greatest for units lower than $1,000,000 and a there

is a current “sweet spot” for units in the $500,000 to $800,000 range. There is reportedly a lack

of inventory of high-rise condominiums, with limited new inventory recently completed. Further,

the re-sale inventory of high-rise units is also reportedly very low as current owners appear to be

long-term holders of these units. However, empirical data regarding supply and demand

characteristics for new high-rise condominium inventory is not available.

Given the decreasing number of new constructed luxury high-rise condominium developments in

the immediate area as existing units are sold coupled with the number of units currently under

contract at the subject, we have estimated the subject will sell five units per month during the

construction period of the proposed improvements for a total of 300 units with 95 already sold

prior to breaking ground. As 95 of the subject units are currently under contract, a total of 205

are expected to have sold by the subject’s completion in December of 2022. While some of the

subject units may close prior to December 2022 in anticipation of the issuance of the certificates


113


of occupancy for lower levels in December 2022, we have also conservatively estimated the first

revenue from unit sales to occur in December 2022.

The number of sales at the subject could reasonably be expected to increase when construction of

the subject is complete, as prospective buyers will be able to tour the actual units available for

purchase. We have therefore estimated that sales will increase to between 5 and 6 units per

month on average. This equates to an annual unit sales velocity of 65 to 70 units per year or

5.55 units per month. Based on these estimates, the subject is expected to sell the last units

October 2024. Please refer to the Discounted Cash Flow analysis for an illustration of projected

unit sales for the subject.

SELLING EXPENSES

Sales Commissions

The sales commissions were estimated at 2.00% of gross sales and would cover the developer's

payroll for the sales staff, as well as commissions for realtor-generated sales. Sales commissions

for detached single-family homes in this market are typically 3% of the purchase price, which is

usually split 1.5% per buyer and seller representative. However, some buyers will elect not utilize

buyer representation, and the developer is selling the units via “in-house” sales agents. Further,

we also include an overhead and marketing expense (discussed next), which provides additional

downward bias on this expense estimate. Overall, a 2.00% sales commission of gross sales is

considered appropriate. This expense is not expected to begin until the closings of the subject

units occurs, which is estimated in June 2022 upon the projected issuance of certificates of

occupancy for the subject’s lower floors. However, overall completion is not anticipated until

December of 2022

Overhead & Marketing

These expenses are for operation of a sales office, models and advertising. The analysis utilizes

an expense estimate of 1.0% of gross sales for the unit inventory. Since no sales are expected to

close during construction period and there will be cost associated with the operations of the

existing sales center, this expense is estimated based on the CBRE estimated average unit price

($1,404,413, including parking) for one unit (totaling $14,044 and growing) for each month

preceding the estimated initial closings in June 2022. Beginning in June 2022, this expense

estimate is based on the gross sales for the respective month.

Closing Costs

Closing costs are recording fees, title insurance and professional fees. The expense estimate is

based on 1.00% of gross sales income. Beginning in June 2022, this expense estimate is based

on the gross sales for the respective month.

The total selling expenses equate to 4% of gross sales for the preceding line items (2% Sales

Commission, 1% Overhead and Marketing, and 1.0% Closing Cost), which is considered


114


reasonable based on the available market data, and are consistent with market participant’s

expectations and experience for similar projects.

Ad Valorem Taxes

The tax liability for the condominium portion of the subject is based upon a pro rata share of the

estimated “Hypothetical As If Complete Discounted Sellout Value (Condos Only)”.

Taxes are paid in arrears in the state of Illinois. The subject is proposed and the real estate tax

liability for the remainder of 2019 is based on the subject’s current assessment of the land only.

Given the subject’s 38 month construction period, it is estimated the subject will be 13% complete

as of January 2020. Therefore, the subject’s tax liability is based on a pro rata share of an

assessment on a per square foot basis previously projected in the tax section of $9,629,767

annually for all units. It is estimated the subject will be 43% complete as of January 2021.

Therefore, the subject’s tax liability is based on a pro rata share assessment of 43% of the

previously projected taxes of $9,629,767 annually for all units. It is estimated the subject will be

73% complete as of January 2022. Therefore, the subject’s tax liability is based on a pro rata

share assessment of 73% of the previously projected taxes of $9,629,767 annually for all units.

However, the first closings at the subject are estimated to occur in June 2022, and therefore the

subject’s monthly tax liability is anticipated to decrease as unit sales occur. It is estimated the

subject will be 100% complete as of October 2024.

Association Fees on Unsold Units

There will be home owner’s association fees associated with subject units upon completion, and

the developer will be responsible for these fees for unsold units. The developer reports

association fees are expected to be $0.57 per square foot per month, and this expense is

estimated to begin upon the first sale of the subject units in July 2022. Similar to ad valorem

taxes, this expense will decrease as units are sold to individual buyers.

Entrepreneurial Profit

The entrepreneurial profit on retail sales in the Discounted Sellout Analysis was estimated at

10.00% of the remaining unit sales. Profit on retail sales is very difficult to abstract from the

market. The retail profit is remuneration to the seller/developer for management and

coordination as well as risk associated with the sellout.

Discount Rate

The discount rate was estimated at 8.00%. The discount rate reflects a return on debt and equity

capital. A discount rate for a discounted sellout analysis is difficult, if not impossible, to abstract

from the market. In order to abstract a rate, the holding costs, selling expenses and financing

costs would have to be researched and documented by the investor/owner of the condominium

units purchased in a bulk sale and sold individually over an absorption period. The resulting

calculated discount rate, however, would be reflective of the discount rate at the date of purchase

of the bulk sale and not of the discount rate as of the date of valuation. Further, this rate would


115


not necessarily be indicative of future expectation by market participants. The discount rate

estimated herein was based on a return on debt and equity commensurate with alternate

investments, but reflecting an added risk for the proposed subject based on the inherent volatility

of real estate markets, as well as taking in to consideration the long sell-out period.

Combined Profit and Discount Rate

The following chart illustrates discount rates (including developer profit) for condominiums for

Texas as of the 1st Quarter 2019 as published by RealtyRates.com

The above chart indicates a pro forma range for Hi-Rise/Urban Townhouse ranging from 12.01%

to 21.94%, with an average of 16.41%. Our combined profit/discount rate of 13% is at the low

end of the range and is inclusive of an 8% discount rate in conjunction with a 5% profit.

Discounted Sellout Analysis Conclusion:

The following chart illustrates the value conclusions via the discounted cash flow analysis for only

the condominium portion of the subject.

DISCOUNTED CASH FLOW VALUES

Hypothetical As If Complete Discounted Sellout

Value (Condos Only) $555,296,279

(Rounded): $555,300,000

Compiled by CBRE

The value conclusion via the Discounted Sellout Analysis is $555,300,000, or $1,234,000 per

unit ($555,296,279 rounded to $555,300,000). The schedule is presented on the following

page(s).


116


1000M 1000M

DCF SELLOUT CASHFLOW BEGINNING JULY 1, 2022 DCF SELLOUT CASHFLOW BEGINNING JULY 1, 2022

Month 1 2 3 4 5 6 7 8 9 10 11 12

Number of Pre-Sold Units: 0 0 0 0 0 0 0 0 0 0 0 0

Number of Units Sold Per Month: 300 5 6 5 6 5 6 5 6 5 6 5

Total Number of Units Closed in Month: 300 5 6 5 6 5 6 5 6 5 6 5

Cumulative Number of Units Closed: 300 305 311 316 322 327 333 338 344 349 355 360

Total Number of Remaining Units: 150 145 139 134 128 123 117 112 106 101 95 90

% Remaining Available 33% 32% 31% 30% 28% 27% 26% 25% 24% 22% 21% 20%

Average Price Per Unit: $1,404,413 $1,406,754 $1,409,099 $1,411,447 $1,413,799 $1,416,155 $1,418,515 $1,420,879 $1,423,247 $1,425,619 $1,427,995 $1,430,375

Closed Unit Sales: $421,324,033 $7,033,770 $8,454,594 $7,057,235 $8,482,794 $7,080,775 $8,511,090 $7,104,395 $8,539,482 $7,128,095 $8,567,970 $7,151,875

Total Income: $421,324,033 $7,033,770 $8,454,594 $7,057,235 $8,482,794 $7,080,775 $8,511,090 $7,104,395 $8,539,482 $7,128,095 $8,567,970 $7,151,875

Expenses:

Commissions: $8,426,481 $140,675 $169,092 $141,145 $169,656 $141,616 $170,222 $142,088 $170,790 $142,562 $171,359 $143,038

Closing Costs: 4,213,240 70,338 84,546 70,572 84,828 70,808 85,111 71,044 85,395 71,281 85,680 71,519

Overhead & Marketing (Sold Inventory): 4,213,240 70,338 84,546 70,572 84,828 70,808 85,111 71,044 85,395 71,281 85,680 71,519

Real Estate Taxes (Unsold Units): 193,933 187,468 179,711 173,247 165,489 159,025 151,268 204,722 193,754 184,615 173,648 164,509

Association Fees: 0 0 0 0 0 0 0 0 0 0 0 0

Total Expenses: $17,046,894 $468,819 $517,895 $455,536 $504,801 $442,256 $491,711 $488,898 $535,334 $469,739 $516,367 $450,584

Net Income Before Profit: $404,277,139 $6,564,951 $7,936,699 $6,601,699 $7,977,993 $6,638,519 $8,019,379 $6,615,497 $8,004,148 $6,658,356 $8,051,603 $6,701,291

Profit (Presold Units): $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Profit (Monthly Unit Sales): 21,066,202 351,689 422,730 352,862 424,140 354,039 425,555 355,220 426,974 356,405 428,399 357,594

Total Profit $21,066,202 $351,689 $422,730 $352,862 $424,140 $354,039 $425,555 $355,220 $426,974 $356,405 $428,399 $357,594

Net Income After Profit $383,210,937 $6,213,262 $7,513,969 $6,248,837 $7,553,853 $6,284,480 $7,593,824 $6,260,278 $7,577,174 $6,301,951 $7,623,205 $6,343,698

Monthly Present Value Factor: 0.993377 0.986799 0.980264 0.973772 0.967323 0.960917 0.954553 0.948232 0.941952 0.935714 0.929517 0.923361

Present Value of Cash Flow: $380,673,117 $6,131,240 $7,365,672 $6,084,942 $7,307,017 $6,038,864 $7,248,710 $5,936,194 $7,137,335 $5,896,824 $7,085,900 $5,857,526

Hypothetical As If Complete Discounted Sellout

Value (Condos Only) $555,296,279

(Rounded): $555,300,000

Retail Space Valuation $1,050,000

Hypothetical As Complete Value $556,350,000

(Rounded): $556,350,000

ASSUMPTIONS

Total Number Units: 150

Sales Per Month: 5 to 7

Initial Unit Selling Price: $1,404,413

Monthly Price Change: 0.17%

Closing Costs Per Unit: 1.00%

% Commissions: 2.00%

Overhead and Marketing: 1.00%

Discount Rate: 8.00%

Profit on Unsold Units: 5.00%

Compiled by CBRE


117


1000M

DCF SELLOUT CASHFLOW BEGINNING JULY 1, 2022

13 14 15 16 17 18 19 20 21 22 23 24

0 0 0 0 0 0 0 0 0 0 0 0

6 5 6 5 6 5 6 5 6 5 6 5

6 5 6 5 6 5 6 5 6 5 6 5

366 371 377 382 388 393 399 404 410 415 421 426

84 79 73 68 62 57 51 46 40 35 29 24

19% 18% 16% 15% 14% 13% 11% 10% 9% 8% 6% 5%

$1,432,759 $1,435,147 $1,437,539 $1,439,935 $1,442,335 $1,444,739 $1,447,147 $1,449,559 $1,451,975 $1,454,395 $1,456,819 $1,459,247

$8,596,554 $7,175,735 $8,625,234 $7,199,675 $8,654,010 $7,223,695 $8,682,882 $7,247,795 $8,711,850 $7,271,975 $8,740,914 $7,296,235

$8,596,554 $7,175,735 $8,625,234 $7,199,675 $8,654,010 $7,223,695 $8,682,882 $7,247,795 $8,711,850 $7,271,975 $8,740,914 $7,296,235

$171,931 $143,515 $172,505 $143,994 $173,080 $144,474 $173,658 $144,956 $174,237 $145,440 $174,818 $145,925

85,966 71,757 86,252 71,997 86,540 72,237 86,829 72,478 87,119 72,720 87,409 72,962

85,966 71,757 86,252 71,997 86,540 72,237 86,829 72,478 87,119 72,720 87,409 72,962

153,541 144,402 133,435 124,295 113,328 104,189 93,221 84,082 73,115 63,976 53,008 43,869

0 0 0 0 0 0 0 0 0 0 0 0

$497,403 $431,431 $478,444 $412,282 $459,488 $393,137 $440,537 $373,994 $421,589 $354,855 $402,645 $335,718

$8,099,151 $6,744,304 $8,146,790 $6,787,393 $8,194,522 $6,830,558 $8,242,345 $6,873,801 $8,290,261 $6,917,120 $8,338,269 $6,960,517

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

429,828 358,787 431,262 359,984 432,701 361,185 434,144 362,390 435,593 363,599 437,046 364,812

$429,828 $358,787 $431,262 $359,984 $432,701 $361,185 $434,144 $362,390 $435,593 $363,599 $437,046 $364,812

$7,669,323 $6,385,517 $7,715,528 $6,427,409 $7,761,821 $6,469,374 $7,808,201 $6,511,411 $7,854,669 $6,553,522 $7,901,223 $6,595,705

0.917246 0.911172 0.905138 0.899143 0.893189 0.887274 0.881398 0.875561 0.869762 0.864002 0.858280 0.852596

$7,034,659 $5,818,304 $6,983,616 $5,779,163 $6,932,772 $5,740,105 $6,882,131 $5,701,136 $6,831,694 $5,662,257 $6,781,465 $5,623,474


118


25 26 27 28

0 0 0 0

6 6 6 6

6 6 6 6

432 438 444 450

18 12 6 0

4% 3% 1% 0%

$1,461,679 $1,464,115 $1,466,555 $1,468,999

$8,770,074 $8,784,690 $8,799,330 $8,813,994

$8,770,074 $8,784,690 $8,799,330 $8,813,994

$175,401 $175,694 $175,987 $176,280

87,701 87,847 87,993 88,140

87,701 87,847 87,993 88,140

32,902 21,934 10,967 0

0 12,473 7,484 2,495

$383,705 $385,796 $370,424 $355,054

$8,386,369 $8,398,894 $8,428,906 $8,458,940

$0 $0 $0 $0

438,504 439,235 439,967 440,700

$438,504 $439,235 $439,967 $440,700

$7,947,866 $7,959,660 $7,988,939 $8,018,240

0.846950 0.841341 0.835769 0.830234

$6,731,445 $6,696,789 $6,676,910 $6,657,019

DCF SELLOUT CASH FLOW BEGINNING JULY 1, 2022

1000M


119


Income Capitalization Approach-Fallback Scenario

The following map and table summarize the primary comparable data used in the valuation of

the subject. A detailed description of each transaction is included in the addenda.


120


SUMMARY OF COMPARABLE MULTIFAMILY RENTALS

No.

Property Name

and Location

YOC /

Reno'd Property Subtype Occ.

No.

Units

Distance

from Subj

Avg. Rent

Per Unit

1 2016 Multi-unit Mid / High Rise 93% 469 0.3 Miles $2,452








Subj. 1000M

1000 South Michigan Avenue,

Chicago, Illinois

2022 Condominium 0% 450 --- ---

Compiled by CBRE

1000 South Clark

1000 South Clark,

Chicago, IL 60605

Six Forty North Wells

640 N. Wells Street,

Chicago, IL 60654

MILA

201 North Garland Court,

Chicago, IL 60601

NorthWater

340 East North Water,

Chicago, IL 60611

OneEleven

111 W. Wacker Dr.,

Chicago, IL 60601

Wolf Point West

343 W Wolf Point Plaza,

Chicago, IL 60654

3Eleven Apartments

311 W. Illinois Street,

Chicago, IL 60654

Hubbard 221

221 W. Hubbard Street,

Chicago, IL 60654

SUMMARY OF COMPARABLE

Comp.

No.

Property Name

and Location

YOC /

Reno'd Property Subtype Occ.

No.

Units

Distance

from Subj

Avg. Rent

Per Unit

9 2019 Residential 98% 58 2.5 Miles $8,330

10 2018 Residential 12% 279 1.6 Miles $5,789

Subj. 1000M

1000 South Michigan Avenue,

Chicago, Illinois

2022 0% 450 ---

Compiled by CBRE

61 E. Banks

61 E. Banks Street,

Chicago, IL 60610

One Bennett Park

514 N Peshtigo Ct.,

Chicago, IL 60611

The rentals utilized represent the best data available for comparison with the subject. They were

selected from our research within the subject’s immediate vicinity. These comps were chosen

based upon their recent construction and higher profile status.

SUBJECT RENTAL INFORMATION

The following table shows the subject’s unit mix. As this is a proposed condominium

development ownership does not have projected rental rates on a per unit basis.


121


SUBJECT RENTAL INFORMATION

No. of Unit Unit

Type Units Size (SF) Occ.

1BR/1.5BA-Signature 10 1,465 0%

1BR/1BA-International 70 485 0%

1BR/1BA-Signature 57 1,016 0%




2BR/2BA-Tower 34 1,662 0%

2BR+Den/2.5BA-Signature 26 2,078 0%



3BR/3.5BA-Tower 34 2,622 0%


3BR/3BA-Tower 14 2,242 0%

3BR/BA-Signature 2 1,965 0%


3BR+Den/3.5BA-Tower 15 2,992 0%


3BR+Den/4.5BA-Tower 3 4,081 0%

4BR/3.5BA-Tower 3 3,622 0%

4BR+Den/4BAPent-Tower 2 5,490 0%

Studio-International 21 317 0%

Total/Average: 450 1,459 0%

Compiled by CBRE

In order to estimate the market rates for the various floor plans, the subject unit types have been

compared with similar units in the comparable projects. The following pages discuss each unit

type.

MARKET RENT ESTIMATE

In order to estimate the market rates for the various floor plans, the subject unit types have been

compared with similar units in the comparable projects. The following is a discussion of each

unit type.


122


Studio Units

SUMMARY OF COMPARABLE RENTALS

STUDIO UNITS

Rental Rates

Comparable Plan Type Size (SF) $/Mo. $/SF

3Eleven Apartments Studio 638 SF $1,977 $3.10


1000 South Clark Studio 512 SF $1,828 $3.57

NorthWater Studio/Convertible 630 SF $2,254 $3.58

Six Forty North Wells Studio 630 SF $2,253 $3.58

MILA Studio 540 SF $1,959 $3.63



Wolf Point West Studio 493 SF $1,886 $3.83


Wolf Point West Studio 560 SF $2,236 $3.99

Hubbard 221 Studio 530 SF $2,226 $4.20


Subject (Concluded Mkt.) Studio-International 317 SF $1,460 $4.60

Hubbard 221 Studio 437 SF $2,021 $4.62

Compiled by CBRE

As can be seen, on a per square foot basis, our overall average estimated rent levels for the

subject’s studio unit types are within the unadjusted range displayed by the comparables. On a

per unit basis, our estimates are below the comparable range, which is due to the smaller unit

size.


123


One-Bedroom Units


ONE BEDROOM UNITS

Rental Rates


1000 South Clark 1BR/1BA/Den 1,081 SF $1,786 $1.65

1000 South Clark 1BR/1BA 766 SF $1,279 $1.67

OneEleven 1BR/1BA 951 SF $2,419 $2.54


1000 South Clark 1BR/1BA/Den 765 SF $2,132 $2.79


3Eleven Apartments 1BR/1BA 770-913 $2,395 $2.85

MILA 1BR/1BA 860 SF $2,492 $2.90






MILA 1BR/1BA 717 SF $2,252 $3.14


MILA 1BR/1BA 729 SF $2,327 $3.19

MILA 1BR/1BA 869 SF $2,785 $3.20

Wolf Point West 1Bed/1Bath 720 SF $2,305 $3.20



Six Forty North Wells 1BR/1BA 815 SF $2,648 $3.25

3Eleven Apartments 1BR/1BA 692-753 $2,354 $3.26

MILA 1BR/1BA 879 SF $2,873 $3.27





Hubbard 221 1BR/1BA 711 SF $2,453 $3.45


Hubbard 221 1BR/1BA 746 SF $2,608 $3.50

Hubbard 221 1BR/1BA 765 SF $2,680 $3.50



Hubbard 221 1BR/1BA 721 SF $2,553 $3.54

NorthWater 1BR/1BA 806 SF $2,864 $3.55





Hubbard 221 1BR/1BA 784 SF $2,824 $3.60













Hubbard 221 1BR/1BA 789 SF $3,017 $3.82





Hubbard 221 1BR/1BA 804 SF $3,157 $3.93








Subject (Concluded Mkt.) 1BR/1.5BA-Signature 1,465 SF $6,500 $4.44


Subject (Concluded Mkt.) 1BR/1BA-Signature 1,016 SF $4,575 $4.50


Subject (Concluded Mkt.) 1BR/1BA-International 485 SF $2,550 $5.26

Wolf Point West 1Bed/1Bath 1,080 SF $7,736 $7.16

Compiled by CBRE


124



subject’s one bedroom unit types are within the unadjusted range displayed by the comparables.

On a per unit basis, our estimates are within the comparable range and vary widely based on the

size on the units.

Two-Bedroom Units


TWO BEDROOM UNITS

Rental Rates


1000 South Clark 2BR/2BA 1,412 SF $2,209 $1.56





3Eleven Apartments 2BR2BA 1,192 SF $3,594 $3.02


MILA 2BR/2BA 1,134 SF $3,505 $3.09

MILA 2BR/2BA 1,107 SF $3,697 $3.34

Hubbard 221 2BR/2BA 1,162 SF $3,916 $3.37

Six Forty North Wells 2BR2BA 1,130 SF $3,821 $3.38

Hubbard 221 2BR/2BA 1,182 SF $4,022 $3.40

Six Forty North Wells 2BR/2BA 1,190 SF $4,050 $3.40

Hubbard 221 2BR/2BA 1,142 SF $3,942 $3.45

Hubbard 221 2BR/2BA 1,167 SF $4,039 $3.46


Hubbard 221 2BR/2BA 1,163 SF $4,072 $3.50


NorthWater 2BR/2BA 1,240 SF $4,402 $3.55



Six Forty North Wells 2BR/2BA/Den 1,445 SF $5,325 $3.69



Subject (Concluded Mkt.) 2BR+Den/2.5BA-Signature 2,078 SF $8,825 $4.25

Hubbard 221 2BR/2BA-Pent 1,485 SF $6,399 $4.31

Subject (Concluded Mkt.) 2BR/2BA-Tower 1,662 SF $7,400 $4.45




Hubbard 221 2BR/2BA 1,726 SF $7,799 $4.52




Compiled by CBRE


subject’s two bedroom unit types are within the unadjusted range displayed by the comparables.


125


On a per unit basis, our estimates are within the comparable range and vary widely based on the

size on the units.

Three-Bedroom Units


THREE BEDROOM UNITS

Rental Rates


1000 South Clark 3BR/3.5BA 2,588 SF $5,784 $2.23








Subject (Concluded Mkt.) 4BR+Den/4BAPent-Tower 5,490 SF $19,225 $3.50



3Eleven Apartments 3BR/2BA 1,400 SF $5,198 $3.71

Subject (Concluded Mkt.) 3BR+Den/3.5BA-Tower 2,992 SF $11,200 $3.74

Subject (Concluded Mkt.) 3BR/3.5BA-Tower 2,622 SF $9,825 $3.75



Subject (Concluded Mkt.) 3BR+Den/4.5BA-Tower 4,081 SF $15,300 $3.75

Subject (Concluded Mkt.) 4BR/3.5BA-Tower 3,622 SF $13,575 $3.75


Subject (Concluded Mkt.) 3BR/3BA-Tower 2,242 SF $8,950 $3.99

Subject (Concluded Mkt.) 3BR/BA-Signature 1,965 SF $7,850 $3.99

3Eleven Apartments 3BR/2BA 1,692 SF $6,959 $4.11


Wolf Point West 3Bed/2.5Bath 1,829 SF $8,690 $4.75

NorthWater 3BR/3BA 1,726 SF $8,432 $4.89



Hubbard 221 3BR/2BA 1,511 SF $7,642 $5.06

Compiled by CBRE


subject’s three and four bedroom unit types are within the unadjusted range displayed by the

comparables. On a per unit basis, our estimates are within the comparable range and vary

widely based on the size on the units.


126


MARKET RENT CONCLUSIONS

The following chart shows the market rent conclusions for the subject:

MARKET RENT CONCLUSIONS

No. Unit Monthly Rent Annual Rent Annual

Units Unit Type Size (SF) Total SF $/Unit $/SF PRI $/Unit $/SF Total

10 1BR/1.5BA-Signature 1,465 14,648 $6,500 $4.44 $65,000 $78,000 $53.25 $780,000

70 1BR/1BA-International 485 33,946 $2,550 $5.26 $178,500 $30,600 $63.10 $2,142,000

57 1BR/1BA-Signature 1,016 57,927 $4,575 $4.50 $260,775 $54,900 $54.02 $3,129,300

28 2BR/1BA-International 595 16,671 $2,975 $5.00 $83,300 $35,700 $59.96 $999,600

66 2BR/2.5BA-Signature 1,515 99,968 $6,800 $4.49 $448,800 $81,600 $53.87 $5,385,600

3 2BR/2BA-Signature 1,483 4,450 $6,675 $4.50 $20,025 $80,100 $54.00 $240,300

34 2BR/2BA-Tower 1,662 56,495 $7,400 $4.45 $251,600 $88,800 $53.44 $3,019,200

26 2BR+Den/2.5BA-Signature 2,078 54,026 $8,825 $4.25 $229,450 $105,900 $50.96 $2,753,400

25 3BR/2.5BA-Signature 1,828 45,699 $7,300 $3.99 $182,500 $87,600 $47.92 $2,190,000

14 3BR/2BA-International 856 11,977 $4,200 $4.91 $58,800 $50,400 $58.91 $705,600

34 3BR/3.5BA-Tower 2,622 89,132 $11,125 $4.24 $378,250 $133,500 $50.92 $4,539,000

19 3BR/3BA-Signature 2,101 39,921 $8,900 $4.24 $169,100 $106,800 $50.83 $2,029,200

14 3BR/3BA-Tower 2,242 31,382 $9,500 $4.24 $133,000 $114,000 $50.86 $1,596,000

2 3BR/BA-Signature 1,965 3,930 $8,300 $4.22 $16,600 $99,600 $50.69 $199,200

3 3BR+Den/2.5BA-Signature 2,279 6,838 $9,625 $4.22 $28,875 $115,500 $50.67 $346,500

15 3BR+Den/3.5BA-Tower 2,992 44,887 $12,700 $4.24 $190,500 $152,400 $50.93 $2,286,000

1 3BR+Den/4.5BA-Signature 3,849 3,849 $14,250 $3.70 $14,250 $171,000 $44.43 $171,000

3 3BR+Den/4.5BA-Tower 4,081 12,243 $15,300 $3.75 $45,900 $183,600 $44.99 $550,800

3 4BR/3.5BA-Tower 3,622 10,865 $13,575 $3.75 $40,725 $162,900 $44.98 $488,700

2 4BR+Den/4BAPent-Tower 5,490 10,979 $20,500 $3.73 $41,000 $246,000 $44.81 $492,000

21 Studio-International 317 6,664 $1,460 $4.60 $30,660 $17,520 $55.21 $367,920

450 1,459 656,497 $6,372 $4.37 $2,867,610 $76,470 $52.42 $34,411,320

Compiled by CBRE

RENT ADJUSTMENTS

As noted, the rental rates for some of the subject’s units vary depending upon floor height and

view amenities and unit finish level. However, we have utilized the weighted average rental rates,

taking into account this variance. Thus, no rent adjustments are required.

POTENTIAL RENTAL INCOME CONCLUSION

Within this analysis, potential rental income is estimated based upon the estimated market rents

for the subject’s various unit types. This method of calculating rental income is most prevalent in

the local market and is consistent with the method used to derive overall capitalization rates from

the comparable sales data.

POTENTIAL RENTAL INCOME

Year Total % Change

CBRE Estimate-Current $34,411,320 ---

CBRE Estimate (As Stabilized) $37,992,878 10%

Compiled by CBRE

Our development of market rents for the subject was previously discussed and the market rents

utilized to construct our projected potential apartment rental income are supported by prevailing


127


market trends. We have grown forward our current rent projection at 2% per year annually for

five years until the property is projected to reach stabilization.

OPERATING HISTORY

As the subject is a proposed condominium development there is no projected stabilized budget.

LOSS TO LEASE

Loss-to-lease occurs because there are in-place leases, which are below the current quoted,

and/or market lease rates. That is the subject will never attain 100% of its potential market rents

at any given time because there are always existing leases in-place at lower rates. As we have

utilized the weighted average in-place rental rates for each floor plan as a base when estimating

market rent, the loss-to-lease factor is already accounted for at the property. Furthermore, the use

of a Yieldstar/LRO pricing system at the property will act to mitigate the typical spread between

asking and actual rents. Based on these factors, a separate loss-to-lease adjustment is not

applied in the analysis of the subject property.

CONCESSIONS

Several of the subject’s identified competing properties are currently utilizing various forms of

concession packages (prevailing concession is one-month free rent on an extended lease or

reduced 1st month rent on a 12-month lease) in an effort to facilitate lease-up. Other newly

constructed properties in the market are doing the same. The remaining comparables that have

achieved stabilization are also offering concessions in an effort to maintain occupancy levels. This

is currently a common practice in the market and is in response to the high levels of new

construction entering the market. Somewhat off-setting the required use of concessions at the

subject will be the property’s status as the newest project in the immediate market upon

completion.

Based on the noted factors, a relatively moderate concession factor of 1.0% is estimated and

charged against the subject’s projected PGI, which reflects our valuation as the project has

achieved stabilization, somewhat offsetting the initial need for more significant concessions.

VACANCY

The subject’s estimated stabilized occupancy rate was previously discussed in the market analysis.

The subject’s vacancy is detailed as follows:

VACANCY RETAIL-NET OPERATING INCOME

Year Total % PGI

CBRE Estimate-Current $1,703,360 5%


Compiled by CBRE


128


CREDIT LOSS

The credit loss estimate is an allowance for nonpayment of rent or other income. The subject’s

credit loss is detailed as follows:

CREDIT LOSS POTENTIAL RENTAL INCOME

Year Total % PGI

CBRE Estimate-Current $340,672 1.0%

CBRE Estimate (As Stabilized) $376,129 1.0%

Compiled by CBRE

PARKING INCOME

Parking income is supplemental to that derived from apartment units. This includes collections

from sources such as reserved covered parking and/or individual garages.

The following table provides a summary of comparable properties, subject quoted rates, and the

CBRE, Inc. pro forma parking rate estimates.

Garage

($/Month)

1000 South Clark $230-$280

OneEleven $285-$385

Wolf Point West $300-$375

3Eleven Apartments $275-$350

Hubbard 221 $275-$365

Six Forty North Wells $250-$300

NorthWater $300-$350

MILA $325.00

CBRE Estimate $325.00

Compiled by CBRE

Comparable

SUMMARY OF COMPARABLE PARKING RATES

The subject’s quoted rates are bracketed by the comparable data and appear to be reasonable

at this time. The estimated potential gross parking income for the subject is estimated as follows:

Component No. SpacesMonthly

RateOccupancy

Monthly

Total

Annual

Total

Garage 422 Spaces $325.00 85.0% $116,578 $1,398,930

Total Parking Income $116,578 $1,398,930

Compiled by CBRE

POTENTIAL GROSS PARKING INCOME

The subject’s potential / effective parking income is detailed as follows:


129


PARKING INCOME

Year Total $/Unit

CBRE Estimate-Current $1,398,930 $3,109

CBRE Estimate (As Stabilized) $1,544,532 $3,432

Compiled by CBRE

OTHER INCOME

Other income is supplemental to that derived from leasing of the improvements. This includes

categories such as forfeited deposits, vending machines, late charges, etc. The subject’s income

is detailed as follows:

OTHER INCOME CONCESSIONS

Year Total $/Unit

CBRE Estimate-Current $337,500 $750

CBRE Estimate (As Stabilized) $372,627 $828

Compiled by CBRE

We have stabilized this revenue stream at $750 per unit which is in-line with the comparables.

Further, three similar high rise residential buildings reported other income on a per unit basis of

$530, $611 and $762.

RETAIL RENTAL REVENUE

The subject property will feature one (1) separate street-level retail storefront totaling 950-square-

feet based on the plans provided. The subject’s projected retail rent roll is reconstructed and

summarized as follows.

Suite Lease Lease Term Size (GLA) Market

No. Tenant Tenant Type Start Expiration (Mos.) SF % Total $/SF/Yr. $/Yr. Expense Basis $/SF/Yr. $/Yr.

1 Vacant --- --- --- --- 950 0.1% $65.00 $61,750 --- $61,750

950 0.1% $65.00 $61,750 --- $61,750

950 0.1% --- $65.00 $61,750

950 0.1% $0.09 $61,750 $65.00

Market Rent

RENT ROLL ANALYSIS FOR 1000M

Vacant Subtotals

Property Totals - Contract Rent

Property Totals - Market Rent

Compiled by CBRE

Vacant at Market

The subject lease is projected to be on a triple-net (NNN) basis. We project the unit will lease for

$65.00 psf (NNN).

In order to cross-check the terms of the subject’s in-place retail leases and asking rents for the

unleased space, CBRE compiled a number of actual retail leases for similar street level space in

the subject’s market area within a ½ mile radius. The following table summarizes the actual retail

lease transactions in the local market to support our projection of retail lease income.

However, we still have to deduct a vacancy and credit loss factor for the retail portion, which is

described below.


130


Address Tenant Lease Date

Term

(Months) Size (SF)

Base Rent

($/SF) Lease Type

1400 S Michigan Ave N/A 6/1/2019 60 1,719 $35.00 NNN

OPEX $12.58

311 S Wacker Ava Salon 11/1/2018 60 692 $45.00 NNN

OPEX $20.66

120 W Madison Cousins Subs 6/1/2018 60 2,400 $70.83 NNN

OPEX $8.55

141 W Jackson N/A 4/1/2018 60 1,310 $55.00 NNN

OPEX $17.69

29 E Madison N/A 6/1/2019 60 1,444 $70.00 NNN

OPEX $12.58

STOREFRONT COMMERCIAL/RETAIL RENT COMPARABLES

Compiled by CBRE

The comparable leases indicate a rental rate range of $35.00 to $70.83 per square foot and a

simple average rental rate of $55.17 psf. All of the comparable leases are structured on a triple-

net basis (NNN). The subject’s in-place retail rent projection is within the range and is consistent

with the opinion of a local retail broker surveyed for this assignment. Based on the foregoing, the

subject’s projected retail rent is considered market-supported and sustainable. The above chart

represents signed, executed leases, however, the majority of the lease rates represent the asking

rental rate unless noted otherwise.

Income Capitalization Approach-As If Market Apartment Rental

131


RETAIL INCOME

The subject’s projected retail income and CBRE’s pro forma estimate is presented in the following

chart.

RETAIL INCOME PARKING INCOME

Year Total $/Unit



Compiled by CBRE

Our projection is based on $65.00 per square foot on a triple net basis, with an operating

expense reimbursement included of $12.00 per square foot for a total rental rate of $77.00 per

square foot.

We have applied the same vacancy and collection loss as the multi-family portion as Costar

indicates a current vacancy rate of 3.3%, which is slightly lower than our overall rate of 6% for

vacancy/credit loss.

RUBS INCOME

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 subject’s

RUBS income is detailed as follows:

RUBS/UTILITY INCOME MANAGEMENT FEE

Year Total $/Unit

CBRE Estimate-Current $500,000 $1,111

CBRE Estimate (As Stabilized) $552,041 $1,227

Compiled by CBRE


The subject’s effective gross income is detailed as follows:


Year Total % Change

CBRE Estimate-Current $34,328,365 ---


Compiled by CBRE

Our pro forma estimate is based upon market comparables and assumptions.


132


OPERATING EXPENSE ANALYSIS

Expense Comparables

The following chart summarizes expenses obtained from recognized industry publications and/or

comparable properties.

EXPENSE COMPARABLES

Comparable Number 1 2 3 4 Subject

Location Chicago MSA Chicago MSA Chicago MSA Chicago MSA Chicago, IL

No. Units 450 188 310 298 450

GLA (SF) 656,497

Expense Year 2018 2017 2018 2017 Pro Forma

Revenues $/Unit $/Unit $/Unit $/Unit $/Unit

Effective Gross Income $34,792 $36,944 $32,624 $31,500 $84,225

Expenses

Real Estate Taxes $5,305 $2,740 $4,000 $3,680 $12,116

Property Insurance 236 392 219 248 386

Utilities 1,167 1,621 1,009 1,782 1,325

Administrative & General 1,208 469 287 502 828

Repairs & Maintenance 615 1,156 458 1,088 690

Paint & Decorating 881 - - 448 718

Contract Services 1,425 111 323 1,380

Management Fee ¹ 723 883 727 945 1,685

Payroll 2,555 3,852 2,764 2,697 2,871

Non-Revenue Units 326 959 309 386

Advertising & Promotion 991 1,810 837 723 828

Replacement Reserves - - - 276

Operating Expenses $15,432 $13,993 $10,933 $12,113 $23,489

Operating Expense Ratio 44.4% 37.9% 33.5% 38.5% 27.9%

¹ (Mgmt. typically analyzed as a % of EGI) 2.1% 2.4% 2.2% 3.0% 2.0%

Compiled by CBRE

A discussion of each expense category is presented on the following pages.

Real Estate Taxes

The comparable data and projections for the subject are summarized as follows:

REAL ESTATE TAXES PROPERTY INSURANCE

Year Total $/Unit

Expense Comparable 1 N/A $5,305






Compiled by CBRE


133


The chart above summarizes expenses obtained from four comparable high-rise apartment

properties in the subject’s Chicago CBD multi-family market. We have further discussed the real

estate taxes in the previous tax section.

Property Insurance

Property insurance expenses typically include fire and extended coverage and owner’s liability

coverage. The comparable data and projections for the subject are summarized as follows:

PROPERTY INSURANCE

Year Total $/Unit

Expense Comparable 1 N/A $236






Compiled by CBRE

Our projection is within the range indicated form the comparable data set.

Utilities

Utility expenses include electricity, natural gas, water, trash and sewer. The comparable data

and projections for the subject are summarized as follows:

UTILITIES

Year Total $/Unit







Compiled by CBRE


Administrative & General

Administrative expenses typically include legal costs, accounting, telephone, supplies, furniture,

temporary help and items that are not provided by off-site management. The comparable data

and projections for the subject are summarized as follows:


134


ADMINISTRATIVE & GENERAL

Year Total $/Unit







Compiled by CBRE


Repairs and Maintenance

Repairs and maintenance expenses typically include all outside maintenance service contracts

and the cost of maintenance and repairs supplies. The comparable data and projections for the

subject are summarized as follows:

REPAIRS & MAINTENANCE PAINT & DECORATING

Year Total $/Unit







Compiled by CBRE


Painting & Decorating

This expense category includes normal cleaning, painting, decorating and other “make ready”

costs expended prior to the initial move-in of a tenant. The comparable data and projections for

the subject are summarized as follows:

PAINT & DECORATING

Year Total $/Unit







Compiled by CBRE



135


Contract Services

This expense category includes the maintenance and upkeep provided by third-party vendors that

are contracted by the property to oversee the property’s HVAC and elevator systems as well as

the life safety systems and pest control services provided. For the subject, this expense also

includes security/concierge/doorman services.

CONTRACT SERVICES

Year Total $/Unit







Compiled by CBRE


Management Fee

Management expenses are typically negotiated as a percentage of collected revenues (i.e.,

effective gross income). The comparable data and projections for the subject are summarized as

follows:

MANAGEMENT FEE

Year Total % EGI

CBRE Estimate-Current $686,567 2.0%

CBRE Estimate (As Stabilized) $758,026 2.0%

Compiled by CBRE

Professional management fees in the local market range from 2.0% to 5.0%. Given the subject’s

size and the competitiveness of the local market area, we believe an appropriate management

expense for the subject would be towards the lower end of the range.

Payroll

Payroll expenses typically include all payroll and payroll related items for all directly employed

administrative personnel. Not included are the salaries or fees for off-site management firm

personnel and services. The comparable data and projections for the subject are summarized as

follows:


136


PAYROLL

Year Total $/Unit







Compiled by CBRE


Non-Revenue Units

Non-revenue units represent otherwise rentable units which are not available for lease due to

their use for other purposes such as employee occupied units and/or model units. The lost

revenue, which would have been generated by these units if leased, is deducted as an operating

expense. The comparable data and projections for the subject are summarized as follows:

NON-REVENUE UNITS

Year Total $/Unit







Compiled by CBRE


Advertising and Promotion

Advertising and promotion expenses typically include all costs associated with the promotion of

the subject including advertisements in local publications, trade publications, yellow pages, et

cetera. The comparable data and projections for the subject are summarized as follows:

ADVERTISING & PROMOTION OTHER

Year Total $/Unit







Compiled by CBRE


137



Reserves for Replacement

Reserves for replacement have been estimated based on market parameters. The comparable

data and projections for the subject are summarized as follows:

REPLACEMENT RESERVES OPERATING EXPENSES

Year Total $/Unit



Compiled by CBRE

OPERATING EXPENSE CONCLUSION


OPERATING EXPENSES

Year Total $/Unit







Compiled by CBRE

Our total operating expenses are estimated at $23,489 per unit while the expense comparables

range from $10,933 to $15,432 per unit. However, the comparable range excluding taxes is

$6,933 to $11,253 and the subject is estimated at $10,301 and is within the comparable range

excluding taxes. Our pro forma estimate is within the range displayed by the comparables and is

in line with the projected expenses. On an operating expense ratio (OER) basis, our estimate is

27.89% of EGI while the comparables indicate an OER range of 33.5% - 44.4%. Our estimate is

slightly lower and is due to the higher income on a per unit basis due to the upper echelon rental

rates being achieved.

Our overall expense estimate for the subject is market-based and reasonable considering it is

within the OER range.

Considering the individual differences noted as well as our overall estimated expense figure, we

believe our stabilized operating expense level for the subject to be reasonable and reflective of

the market/property-specific factors that affect an asset similar to the subject.


138


OPERATING EXPENSES EXCLUDING REAL ESTATE TAXES EFFECTIVE GROSS INCOME

Year Total $/Unit







Compiled by CBRE

NET OPERATING INCOME CONCLUSION


NET OPERATING INCOME EFFECTIVE GROSS INCOME

Year Total $/Unit



Compiled by CBRE

Our pro forma estimate is based on market rental and expense comparables.

DIRECT CAPITALIZATION

Direct capitalization is a method used to convert a single year’s estimated stabilized net operating

income into a value indication. The following subsections represent different techniques for

deriving an overall capitalization rate.

Comparable Sales

The overall capitalization rates (OARs) confirmed for the comparable sales analyzed in the sales

comparison approach are as follows:

COMPARABLE CAPITALIZATION RATES

Sale Sale Price

Sale Date $/Unit OAR

1 Jan-19 $484,043 4.45%

2 Dec-18 $456,981 4.53%

3 Oct-18 $537,234 5.18%

4 Apr-18 $476,923 4.50%

5 Dec-17 $490,513 4.20%

6 Jan-16 $603,799 4.80%


Compiled by: CBRE

Published Investor Surveys

The results of the most recent investor surveys are summarized in the following chart.


139



Investment Type OAR Range Average

RealtyRates.com

Retail 4.96% - 14.67% 10.10%

Anchored 4.96% - 13.27% 10.26%

Un-Anchored 5.75% - 14.67% 11.05%

PwC Strip Shopping Center

National Data 4.25% - 10.00% 6.63%


Compiled by: CBRE

Market Participants

The results of recent interviews with knowledgeable real estate professionals are summarized in

the following table.


Respondent Company OAR Income Date of Survey

Broker National Firm 4.75%-5.50% Current w/bump Sep-19

Broker Naitonal Firm 5.0%-5.50% Current w/bump Sep-19


Compiled by: CBRE

Band of Investment

The band of the investment technique has been utilized as a crosscheck to the foregoing

techniques. The Mortgage Interest Rate and the Equity Dividend Rate (EDR) are based upon

current market yields for similar investments. The analysis is shown in the following table.

BAND OF INVESTMENT

Mortgage Interest Rate 4.00%

Mortgage Term (Amortization Period) 30 Years

Mortgage Ratio (Loan-to-Value) 65%

Mortgage Constant (monthly payments) 0.05729

Equity Dividend Rate (EDR) 6.50%

Mortgage Requirement 65% x 0.05729 = 0.03724

Equity Requirement 35% x 0.06500 = 0.02275

100% 0.05999


Compiled by: CBRE

Debt Coverage Ratio

The debt coverage ratio (DCR) is the ratio of net operating income to annual debt service and

measures the ability of a given property to meet its debt service out of net operating income.


140


Utilizing data obtained from knowledgeable mortgage finance professionals, the subject’s

projected NOI can be tested for reasonableness against the market’s typical loan parameters to

determine whether or not the DCR is positive. This analysis is shown in the following table.

DEBT COVERAGE RATIO ANALYSIS

Estimated As Is Stabilized $575,400,000

Mortgage Ratio (Loan-to-Value) 65%

Estimated Mortage Loan Amount $374,010,000

Mortgage Interest Rate 4.00%

Mortgage Term (Amortization Period) 30 Years

Mortgage Constant (monthly payments) 0.05729

Annual Debt Service (monthly payments) $21,426,971

Estimated NOI $27,331,195

Estimated Debt Coverage Ratio (DCR) 1.28

Market Debt DCR 1.25

Positive DCR? (Y or N) Yes

Compiled by: CBRE

Capitalization Rate Conclusion

The following chart summarizes the OAR conclusions.

OVERALL CAPITALIZATION RATE - CONCLUSION

Source Indicated OAR

Comparable Sales 4.53%-6.57%

Published Surveys 4.75%-5.25%

Market Participants 4.75%

CBRE Estimate 4.75%

Compiled by: CBRE

In concluding an overall capitalization rate for the subject, primary reliance has been placed

upon the rates extracted from the comparable sales, broker opinions with secondary emphasis

given to the published investor surveys and the band-of-investment analysis. We have concluded

slightly below the sale range and broker survey due to the excellent location, amenity level and

the conservative tax projection, which is accounted for in the slightly lower cap rate selection as

other assets have traded at slightly higher cap rates based on trailing or lower tax projections.

Cost to Achieve Stabilized Operations

The cost estimates employed for this approach are reflective of a property operating at a

stabilized level. A stabilized occupancy for the subject has been estimated to be 94.0% while the

subject is currently operating at 0.0%, without consideration of a 1.0% credit loss allowance.

Consequently, an adjustment is warranted.

As the subject will be completed in December of 2022 with initial move-ins scheduled for July of

2022 a deduction for lease-up to stabilization is required. With the estimated lease-up period


141


estimated in the preceding discussion, the appropriate safe rate is concluded at 6.0%, based

upon short-term comparable investment instruments. This analysis utilizes assumptions

developed in the market analysis and income capitalization approach and will be deducted as a

line item in order to render an “as complete” value estimate based on the property operating as

a market based residential rental apartment.


142


LEASE UP DISCOUNT SCHEDULE LEASE UP DISCOUNT SCHEDULE, Cont'd.

Month 1 2 3 4 5 6 7 8 9 10 11 12

AS-STABILIZED

Potential Rental Income $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073

Loss to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Concessions ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661)

Adjusted Rental Income $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412

Vacancy & Credit Loss (%) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

Vacancy & Credit Loss ($) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065)

Net Rental Income $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348

Other Income $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093

Effective Gross Income $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441

Total Expenses ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841)

Net Operating Income $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600

AS-IS

Potential Rental Income $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073

Loss to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Concessions ($31,661) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Adjusted Rental Income $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412

Vacancy & Credit Loss (%) 100.0% 97.0% 93.1% 89.1% 85.2% 81.2% 77.3% 73.3% 69.3% 65.4% 61.4% 57.5%

Vacancy & Credit Loss ($) ($3,134,412) ($3,041,686) ($2,917,616) ($2,793,545) ($2,669,475) ($2,545,404) ($2,421,334) ($2,297,263) ($2,173,193) ($2,049,122) ($1,925,052) ($1,800,981)

Net Rental Income $0 $92,726 $216,797 $340,867 $464,938 $589,008 $713,079 $837,149 $961,220 $1,085,290 $1,209,361 $1,333,431

Other Income $0 $6,675 $15,606 $24,537 $33,469 $42,400 $51,331 $60,262 $69,194 $78,125 $87,056 $95,987

Effective Gross Income $0 $99,401 $232,403 $365,405 $498,406 $631,408 $764,410 $897,412 $1,030,413 $1,163,415 $1,296,417 $1,429,418

Total Expenses (30% Variable) ($616,589) ($624,905) ($636,033) ($647,161) ($658,288) ($669,416) ($680,544) ($691,671) ($702,799) ($713,927) ($725,054) ($736,182)

Net Operating Income ($616,589) ($525,504) ($403,630) ($281,756) ($159,882) ($38,008) $83,866 $205,740 $327,614 $449,489 $571,363 $693,237

NOI Differential $2,894,188 $2,803,104 $2,681,230 $2,559,355 $2,437,481 $2,315,607 $2,193,733 $2,071,859 $1,949,985 $1,828,111 $1,706,237 $1,584,363

Tenant Improvements $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Leasing Commissions $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sub-Total $2,894,188 $2,803,104 $2,681,230 $2,559,355 $2,437,481 $2,315,607 $2,193,733 $2,071,859 $1,949,985 $1,828,111 $1,706,237 $1,584,363

Plus: Profit @ 8.00% $231,535 $224,248 $214,498 $204,748 $194,999 $185,249 $175,499 $165,749 $155,999 $146,249 $136,499 $126,749

Total Lease-Up Cost $3,125,724 $3,027,352 $2,895,728 $2,764,104 $2,632,480 $2,500,856 $2,369,232 $2,237,608 $2,105,984 $1,974,360 $1,842,736 $1,711,112

Discounted @ 6.00% $3,110,173 $2,997,304 $2,852,723 $2,709,506 $2,567,644 $2,427,126 $2,287,943 $2,150,084 $2,013,541 $1,878,303 $1,744,361 $1,611,705

Indicated Lease-Up Discount $37,799,171

Rounded $37,799,000

Compiled by CBRE


143


LEASE UP DISCOUNT SCHEDULE, Cont'd.

13 14 15 16 17 18 19 20 21 22 23 24

$3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661) ($31,661)

$3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412

6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065) ($188,065)

$2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348 $2,946,348

$212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093 $212,093

$3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441 $3,158,441

($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841) ($880,841)

$2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600 $2,277,600

$3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073 $3,166,073

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412 $3,134,412

53.5% 49.5% 45.6% 41.6% 37.7% 33.7% 29.8% 25.8% 21.8% 17.9% 13.9% 10.0%

($1,676,911) ($1,552,840) ($1,428,770) ($1,304,699) ($1,180,629) ($1,056,558) ($932,488) ($808,417) ($684,347) ($560,276) ($436,206) ($312,135)

$1,457,502 $1,581,572 $1,705,643 $1,829,713 $1,953,784 $2,077,854 $2,201,925 $2,325,995 $2,450,066 $2,574,136 $2,698,207 $2,822,277

$104,918 $113,850 $122,781 $131,712 $140,643 $149,575 $158,506 $167,437 $176,368 $185,299 $194,231 $203,162

$1,562,420 $1,695,422 $1,828,424 $1,961,425 $2,094,427 $2,227,429 $2,360,430 $2,493,432 $2,626,434 $2,759,436 $2,892,437 $3,025,439

($747,309) ($758,437) ($769,565) ($780,692) ($791,820) ($802,948) ($814,075) ($825,203) ($836,331) ($847,458) ($858,586) ($869,714)

$815,111 $936,985 $1,058,859 $1,180,733 $1,302,607 $1,424,481 $1,546,355 $1,668,229 $1,790,103 $1,911,977 $2,033,851 $2,155,725

$1,462,489 $1,340,615 $1,218,741 $1,096,867 $974,993 $853,118 $731,244 $609,370 $487,496 $365,622 $243,748 $121,874

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,462,489 $1,340,615 $1,218,741 $1,096,867 $974,993 $853,118 $731,244 $609,370 $487,496 $365,622 $243,748 $121,874

$116,999 $107,249 $97,499 $87,749 $77,999 $68,249 $58,500 $48,750 $39,000 $29,250 $19,500 $9,750

$1,579,488 $1,447,864 $1,316,240 $1,184,616 $1,052,992 $921,368 $789,744 $658,120 $526,496 $394,872 $263,248 $131,624

$1,480,326 $1,350,215 $1,221,361 $1,093,756 $967,391 $842,256 $718,342 $595,640 $474,141 $353,837 $234,718 $116,775


144


Direct Capitalization Summary

A summary of the direct capitalization is illustrated in the following chart.

DIRECT CAPITALIZATION SUMMARY-AS STABILIZED

Income $/Door/Mo. $/Unit/Yr Total

Potential Rental Income $7,036 $84,429 $37,992,878

Concessions 1.00% (70) (844) (379,929)

Adjusted Rental Income $6,965 $83,584 37,612,949

Vacancy 5.00% (348) (4,179) (1,880,647)

Credit Loss 1.00% (70) (835.84) (376,129)

Net Rental Income $6,547 $78,569 $35,356,172

Retail Income 15 179 80,764

Parking Income 286 3,432 1,544,532

Other Income 69 828 372,627

RUBS/Utility Income 102 1,227 552,041

Vacancy & Credit Loss 6.00% (1) (11) (4,846)

Effective Gross Income $7,019 $84,225 $37,901,290

Expenses

Real Estate Taxes $12,116 $5,452,329

Property Insurance 386 173,893

Utilities 1,325 596,204

Administrative & General 828 372,627

Repairs & Maintenance 690 310,523

Paint & Decorating 718 322,944

Contract Services 1,380 621,046

Management Fee 2.00% 1,685 758,026

Payroll 2,871 1,291,775

Non-Revenue Units 386 173,893

Advertising & Promotion 828 372,627

Replacement Reserves 276 124,209

Operating Expenses $23,489 $10,570,095

Operating Expense Ratio 27.89%

Net Operating Income $60,736 $27,331,195

OAR ÷ 4.75%


Rounded $575,400,000

Lease-Up Discount (37,799,000)

Indicated Value As Complete $537,594,571

Rounded $537,600,000

Value Per Unit $1,194,655

Value Per SF $818.89

Compiled by CBRE

R econciliation o f Value

145


Reconciliation of Value

The value indications from the approaches to value are summarized as follows:

SUMMARY OF VALUE CONCLUSIONS

As Is on As Complete on As Stabilized on

September 12, 2019 June 12, 2022 June 12, 2024


Hypothetical As If Stabilized Complete Bulk Sale

(Condos)

$556,350,000

Hypothetical As If Complete Aggregate Retail

Value (Condo Units Only)

$632,000,000

Cost Approach $521,700,000 $559,500,000

Income Capitalization Approach-As Apartments $537,600,000 $575,400,000

Reconciled Value $537,600,000 $575,400,000

Compiled by CBRE

The “Hypothetical As If Complete - Aggregate Retail Value (Condo Units Only)” does not reflect

the price an investor would pay for the condominium units; rather, it simply represents the sum of

all the CBRE estimated individual retail prices for the units before deductions for any capital

expenditures or sale expenses.

Assumptions and L imiting Conditions

146


Assumptions and Limiting Conditions

1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil

and the entire interior and exterior of the improvements on the subject property. Therefore, no representation i s made as to such matters.

2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected

levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of

fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date.

3. Unless otherwise expressly noted in the Report, CBRE has assumed that:

(i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or

exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may

affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may ari se out of defects in title should be

sought from a qualified title insurance company.

(ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes

and ordinances, are structurally sound and sei smically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing,

etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent

structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE apprai sers are not engineers and are not

qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a

sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems.

(iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices.

(iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater,

mold, or other potentially hazardous materials may affect the value of the property.

(v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development right s of value may be transferred. CBRE has not considered any rights

associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report.

(vi) There are no contemplated public initiatives, governmental development control s, rent control s, or changes in

the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property.

(vii) All required licenses, certificates of occupancy, consents, or other legislative or admini strative authority from any local, state, nor national government or private entity or organization have been or can be readily obtained or

renewed for any use on which the Report is based.

(viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or

super-efficiently.

(ix) The subject property and its use, management, and operation are in full compliance with all applicable federal,

state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable

uses, building codes, permits, and licenses.

(x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified

to assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report.


147


(xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor

reviewed or confirmed the accuracy of any legal description of the subject property.

Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s

attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsi stent with any of the foregoing assumptions i s discovered, such information could have a substantial

negative impact on the Report . Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report , which may include the conclusions of the Report. CBRE assumes no

responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report i s urged to retain an expert in the applicable field(s) for information regarding such

conditions.

4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner,

or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report . Such data and information include , without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel

Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count , room count, rent schedules, income data, historical operating

expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report . Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the

Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any

questions or errors within 30 days after the date of delivery of the Report.

5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or

information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit.

6. All furnishings, equipment and business operations have been disregarded with only real property being

considered in the Report, except as otherwise expressly stated and typically considered part of real property.

7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the

information and assumptions contained within the Report . Any projections of income, expenses and economic conditions utilized in the Report , including such cash flows, should be considered as only estimates of the

expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating

economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections.

8. The Report contains professional opinions and i s expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to

the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort , terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject

property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor,

or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect

recommendation of CBRE to buy, sell, hold, or finance the subject property.

9. No opinion i s expressed on matters which may require legal expertise or specialized investigation or knowledge

beyond that customarily employed by real estate appraisers. Any user of the Report i s advi sed to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters.

10. CBRE assumes no responsibility for any costs or consequences ari sing due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the

actual need for Flood Hazard Insurance.

11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any

special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no

responsibility for any situation arising out of the user’s failure to become familiar with and understand the same.

12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional

interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests.


148


13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to

be used with any other property or appraisal and are not valid for any such use.

14. The maps, plats, sketches, graphs, photographs, and exhibits included in thi s Report are for illustration purposes

only and shall be utilized only to assist in visualizing matters di scussed in the Report. No such items shall be removed, reproduced, or used apart from the Report.

15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from thi s restriction i s

duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Al so exempt from this restriction i s transmission of the Report pursuant to any requirement of

any court , governmental authority, or regulatory agency having juri sdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written

consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable

law. Any unintended user who may possess the Report is advi sed that it shall not rely upon the Report or it s conclusions and that it should rely on its own apprai sers, advisors and other consultants for any decision in

connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user.

Addenda

ADDENDA

Addenda

Addendum

LAND SALE DATA SHEETS

Under Contract Land - Planned Development No. 1Property Name Vertical Medical City

Address 424-434 S. WabashChicago, IL 60605United States

Government Tax Agency Cook

Govt./Tax ID Multiple

Site/Government Regulations

Acres Square feetLand Area Net 0.333 14,514

Land Area Gross N/A N/A

Site Development Status FinishedShape RectangularTopography Generally LevelUtilities All Available

Maximum FAR 16.00Min Land to Bldg Ratio 0.06:1

Maximum Density N/A

Frontage Distance/Street N/A Wabash Ave

General Plan N/ASpecific Plan N/AZoning DX-16

Entitlement Status N/A

Sale Summary

Recorded Buyer N/A Marketing Time N/ATrue Buyer Ponte Health Buyer Type N/ARecorded Seller Chicago Title Land Trust CO Trust#1106981 Seller Type OtherTrue Seller N/A Primary Verification Public Records

Interest Transferred N/A Type Under ContractCurrent Use Retail and Parking Lot Date 5/7/2019Proposed Use Medical Assisted Living High Rise Sale Price $8,100,000Listing Broker N/A Financing N/ASelling Broker N/A Cash Equivalent $8,100,000Doc # N/A Capital Adjustment $0

Adjusted Price $8,100,000

Transaction Summary plus Five-Year CBRE View HistoryTransaction Date Transaction Type Buyer Seller Price Price/ac and /sf

05/2019 Under Contract N/A Chicago Title Land Trust CO Trust#1106981

$8,100,000 $24,309,724 / $558.08

Under Contract Land - Planned Development No. 1Units of Comparison

$558.08 / sf N/A / Unit

$24,309,723.89 / ac N/A / Allowable Bldg. Units

$34.88 / Building Area

Financial

No information recorded

Map & Comments

This comparable represents the sale of 424-434 S. Wabash Avenue in Chicago's South Loop submarket. The net site area is 14,514 SF or .33-acres. Currently, under contract for $8.1 Million or $558.08 per SF of land area or $34.88 of buildable area. At the time of sale, the site is improved with a parking lot and low-rise building. The buyer plans on redeveloping the site with a 21-53 story building containing 245 assisted living units along with 200,000 SF of medical offices, provided that zoning changes can be approved. The redevelopment is named "Vertical Medical City" and is being built by Orlando based Ponte Health.

Sale Land - Spec-Holding No. 2Property Name 320 W. Huron Planned Development

Address 300-324 W HuronChicago, IL 60654United States


Govt./Tax ID 17-09-208-005 thru -015



Land Area Gross 1.141 49,705

Site Development Status Other(See Comments)Shape RectangularTopography Generally LevelUtilities All Available


Maximum Density 95.15 per ac

General Plan N/ASpecific Plan N/AZoning PD1338


Sale Summary

Recorded Buyer NWC 320 W. Huron, LLC Marketing Time N/ATrue Buyer North Well Capital Buyer Type Private SyndicatorRecorded Seller 701-707 North Orleans LLC Seller Type DeveloperTrue Seller Centaur Construction Co Inc Primary Verification Public Records and PD 1338

Interest Transferred Fee Simple/Freehold Type SaleCurrent Use Parking Lot Date 3/20/2019Proposed Use Mixed Use Development Sale Price $15,800,000Listing Broker William Montana, Chistopher D. Sackley -

Grey Stone Real Estate AdvisorsFinancing Cash to Seller

Selling Broker N/A Cash Equivalent $15,800,000Doc # 1908408247 Capital Adjustment $0



03/2019 Sale NWC 320 W. Huron, LLC 701-707 North Orleans LLC

$15,800,000 $21,173,948 / $486.11

Sale Land - Spec-Holding No. 2Units of Comparison

$486.11 / sf N/A / Unit

$21,173,948.00 / ac $222,535 / Allowable Bldg. Units


Financial


Map & Comments

This comparable represents the sale of an existing 140 surface space parking lot located at 300-324 W. Huron between Orleans and Franklin streets. The 1/2 block site contains 32,503 SF of buildable area and is one of the few remaining large land sites in the River North neighborhood of Chicago. According to a press release from the listing broker, Greystone Real Estate Advisors, North Wells Capital LLC purchased the land in an all-cash transaction from 707 North Orleans LLC. The property transferred for $15,800,000 or $486.11 per square foot of net site area or $69.44 per square foot of FAR. The property has a PD1338 zoning classification. North Wells Capital plans to improve the site with a mixed-use high rise building.

Sale Land - Planned Development No. 3Property Name Redevelopment Parcel

Address 1214-1230 West Jackson BoulevardChicago, IL 60607United States


Govt./Tax ID 17-17-113-040




Site Development Status FinishedShape RectangularTopography Generally LevelUtilities Available


Maximum Density N/A

Frontage Distance/Street 75 ft W Jackson Boulevard

General Plan Residential Business Planned DevelopmentSpecific Plan N/AZoning PD 1408


Sale Summary

Recorded Buyer 1220 West Jackson LLC Marketing Time 32 Month(s)True Buyer LG Development Group Buyer Type DeveloperRecorded Seller FredEric's Frame Studio Seller Type N/ATrue Seller FredEric's Frame Studio Primary Verification CoStar, Public Records, Marketing

Interest Transferred Fee Simple/Freehold Type SaleCurrent Use Industrial Date 9/7/2018Proposed Use Apartments, Retail Sale Price $5,435,000Listing Broker N/A Financing Cash to SellerSelling Broker N/A Cash Equivalent $5,435,000Doc # 1825445027 Capital Adjustment $0



09/2018 Sale 1220 West Jackson LLC FredEric's Frame Studio $5,435,000 $11,254,918 / $258.35

Sale Land - Planned Development No. 3Units of Comparison

$258.35 / sf $5,435,000 / Unit

$11,254,918.20 / ac N/A / Allowable Bldg. Units


Financial


Map & Comments

This comparable represents the sale of a redevelopment parcel that is located at 1214-1230 West Jackson Boulevard. The property is currently improved with an industrial building that is intended to be demolished and redeveloped into a multi-unit residential development with ground floor retail. The property was rezoned prior to the date of sale to increase the FAR to 6.5. The property transferred in September 2018 for $5,435,000 or $39.75 per square foot.

Sale Land - Mixed-Use No. 4Property Name SWC Harrison & Wells

Address 600 South Wells StreetChicago, IL 60607United States


Govt./Tax ID 17-16-401-010-0000




Site Development Status RawShape RectangularTopography Level, At Street GradeUtilities All available


Maximum Density 365.02 per ac

Frontage Distance/Street 223 ft Harrison StreetFrontage Distance/Street 268 ft Wells Street

General Plan N/ASpecific Plan N/AZoning DX-7; Downtown Mixed-Use

Entitlement Status Other (See Comments)

Sale Summary

Recorded Buyer WP West Acquisitions, L.L.C. Marketing Time N/ATrue Buyer Wood Partners Buyer Type DeveloperRecorded Seller Harrison Wells Partners, LLC Seller Type Private InvestorTrue Seller D2 Realty Primary Verification PSA

Interest Transferred N/A Type SaleCurrent Use N/A Date 4/24/2017Proposed Use N/A Sale Price $11,000,000Listing Broker N/A Financing Cash to SellerSelling Broker N/A Cash Equivalent $11,000,000Doc # N/A Capital Adjustment $0



04/2017 Sale WP West Acquisitions, L.L.C.

Harrison Wells Partners, LLC

$11,000,000 $11,278,581 / $258.91

03/2015 Sale 600 S Wells (Chicago) I, LLC

Franklin Point Equities, LLC

$10,468,500 $5,227,454 / $120.01

Sale Land - Mixed-Use No. 4Units of Comparison

$258.91 / sf $30,899 / Unit

$11,278,580.95 / ac $30,899 / Allowable Bldg. Units


Financial


Map & Comments

This property represents the northern most 42,486 square feet a the larger 63,729 square foot lat site located at the southwest corner of Harrison and Wells Streets in Chicago, Cook County, Illinois. The 21,243 square foot remainder represents an option parcel on which the purchaser has the option to acquire at a later date. The property address is 600 South Wells Street in Chicago's South Loop neighborhood. The property is intended for a base development of two, 14-story residential buildings containing 178 units. Additional development bonuses are being sought, but have not yet been granted. If granted, the bonuses would permit two, 15-story residential buildings containing 199 units. The sale price equates to $258.91 per square foot of land area, $30,899 per residential unit and $36.99 per square foot of building area.

Addenda

Addendum

RENT COMPARABLE DATA SHEETS

Comparable Residential - Multi-unit Mid / High Rise No. 1Property Name 1000 South Clark

Address 1000 South ClarkChicago, IL 60605United States


Govt./Tax ID N/A

Unit Mix Detail

Rate Timeframe N/A

Unit Type No. % Size (sf) Rent Rent / sfStudio 24 5% 512 $1,828 $3.57Studio 24 5% 537 $1,839 $3.421BR/1BA 46 10% 645 $2,280 $3.531BR/1BA 24 5% 660 $2,121 $3.211BR/1BA 24 5% 710 $2,131 $3.001BR/1BA 46 10% 722 $2,350 $3.251BR/1BA 24 5% 725 $2,194 $3.031BR/1BA 92 20% 730 $2,400 $3.291BR/1BA 24 5% 735 $2,211 $3.011BR/1BA 24 5% 765 $2,177 $2.851BR/1BA/Den 24 5% 765 $2,132 $2.791BR/1BA 2 0% 766 $1,279 $1.671BR/1BA/Den 2 0% 1,081 $1,786 $1.652BR/2BA 46 10% 1,083 $3,306 $3.052BR/2BA 2 0% 1,085 $2,253 $2.082BR/2BA 2 0% 1,108 $2,261 $2.042BR/2BA 24 5% 1,140 $3,179 $2.792BR/2BA 1 0% 1,160 $1,940 $1.672BR/2BA 1 0% 1,412 $2,209 $1.563BR/3BA 2 0% 1,700 $3,791 $2.233BR/2.5BA 2 0% 1,874 $4,808 $2.573BR/2.5BA 1 0% 1,910 $4,468 $2.343BR/3BA 1 0% 2,136 $4,896 $2.293BR/3BA 1 0% 2,242 $6,969 $3.113BR/3.5BA 4 1% 2,588 $5,784 $2.233BR/3.5BA 2 0% 2,730 $6,264 $2.29

Totals/Avg 469 $2,452 $3.05

Improvements

Land Area 2.534 ac Status Under ConstructionNet Rentable Area (NRA) N/A Year Built 2016Total # of Units 469 Units Year Renovated N/AAverage Unit Size 804 sf Condition ExcellentFloor Count N/A Exterior Finish Glass

Property Features Gated / Controlled Access, On-Site Management, Structured Parking

Project AmenitiesPlayground, Pool

Unit Amenities Dishwasher, Gourmet Kitchen, Refrigerator, Washer / Dryer

Rental Survey

Occupancy 93% Utilities Included in RentRUBS, Water, Sewer, Trash, Cable/Internet

Lease Term 12 - 14 Mo(s). Rent Premiums View, FloorTenant Profile Professionals Concessions Up to 2 mos. free rent on 14 mos.Survey Date 04/2019 Owner JDL

Survey Notes RUBS- S=$85 / 1BR=$110 / 2BR=$140 / 3BR=$175

Management N/A

Comparable Residential - Multi-unit Mid / High Rise No. 1Map & Comments

This comparable represents a 469-unit, Class A high-rise apartment property known as 1000 South Clark Street and located in the Chicago CBD South Loop neighborhood. The street address is 1000 South Clark Street and the property sits at the NWC of Clark Street and Taylor Street. The 29-story glass & steel structure was completed in May of 2016. The property offers studio, 1BR, 2BR and 3BR unit types that have average unit sizes ranging from 512 SF to 2,730 SF. The overall average unit size is 808 SF with an average rent of $2.84 PSF. Community property features include: full service pet care, outdoor dog park, 10,000 SF fitness center, Indoor/outdoor pool and outdoor hot tub, 1/6 mile rooftop running track, basketball court, golf simulator, outdoor terraces with grills and fire pits, full service dry cleaners and a sundeck. Unit amenities include in-unit washer/dryer, floor to ceiling windows, faux wood flooring throughout, SS appliances and upgraded cabinetry & countertops and some units will feature balconies. At the time of survey, the property was 93% occupied. The average rents range from $1,828 to $6,969 per unit. Rents is set daily through LRO software and do not include any utilities as water, sewer, trash, cable television and Internet are reimbursed via a flat monthly fee (S=$85 / 1BR=$110 / 2BR=$140 / 3BR=$175). Parking rates are $230 per stall per month for unreserved spaces and $280 per month for reserved spaces.

Comparable Residential - Multi-unit Mid / High Rise No. 2Property Name OneEleven

Address 111 W. Wacker Dr.Chicago, IL 60601United States


Govt./Tax ID 17-09-419-002 thru -008

Unit Mix Detail

Rate Timeframe N/A

Unit Type No. % Size (sf) Rent Rent / sfConvertible 4 1% 521 $2,117 $4.06Convertible 18 4% 525 $2,087 $3.98Studio 13 3% 538 $1,996 $3.71Studio 26 5% 539 $1,999 $3.71Studio 13 3% 544 $2,067 $3.80Convertible 1 0% 558 $2,702 $4.84Studio 13 3% 560 $2,090 $3.73Studio 13 3% 567 $2,103 $3.71Convertible 2 0% 571 $2,000 $3.50Studio 13 3% 573 $2,052 $3.581BR/1BA 2 0% 586 $2,356 $4.02Convertible 1 0% 596 $2,305 $3.871BR/1BA 18 4% 608 $2,325 $3.821BR/1BA 2 0% 609 $2,500 $4.111BR/1BA 4 1% 617 $2,761 $4.47Convertible 4 1% 627 $2,453 $3.911BR/1BA 2 0% 637 $2,294 $3.60Studio 2 0% 639 $2,062 $3.23Studio 13 3% 661 $2,088 $3.16Studio 11 2% 669 $2,229 $3.331BR/1BA 21 4% 689 $2,591 $3.761BR/1BA 1 0% 695 $2,776 $3.991BR/1BA 1 0% 704 $2,665 $3.791BR/1BA 4 1% 709 $2,781 $3.921BR/1BA 17 3% 711 $2,521 $3.551BR/1BA 2 0% 719 $2,820 $3.921BR/1BA 4 1% 733 $3,110 $4.241BR/1BA 18 4% 737 $2,674 $3.631BR/1BA 2 0% 751 $2,343 $3.121BR/1BA 1 0% 767 $2,100 $2.741BR/1BA 4 1% 779 $2,643 $3.391BR/1BA 17 3% 780 $2,469 $3.171BR/1BA 56 11% 786 $2,711 $3.451BR/1BA 2 0% 787 $4,050 $5.151BR/1BA 1 0% 794 $2,985 $3.761BR/1BA 4 1% 806 $3,341 $4.151BR/1BA 4 1% 810 $2,995 $3.701BR/1BA 13 3% 811 $2,500 $3.081BR/1BA 18 4% 823 $2,946 $3.581BR/1BA 13 3% 951 $2,419 $2.542BR/2BA 4 1% 1,049 $4,345 $4.142BR/2BA 23 5% 1,056 $3,804 $3.602BR/2BA 1 0% 1,082 $3,856 $3.562BR/2BA 22 4% 1,120 $4,258 $3.802BR/2BA 6 1% 1,149 $4,244 $3.692BR/2BA 4 1% 1,153 $4,134 $3.592BR/2BA 18 4% 1,154 $3,811 $3.302BR/2BA 2 0% 1,272 $3,418 $2.69

2BR/2BA 4 1% 1,282 $4,803 $3.752BR/2BA 2 0% 1,340 $4,429 $3.312BR/2BA-PH 2 0% 1,342 $6,456 $4.812BR/2BA 11 2% 1,344 $4,415 $3.282BR/2BA-PH 4 1% 1,363 $5,653 $4.153BR/3BA 4 1% 1,571 $5,963 $3.803BR/3BA-PH 4 1% 1,620 $7,952 $4.913BR/3BA 11 2% 1,734 $4,745 $2.743BR/3BA-PH 1 0% 2,217 $13,012 $5.873BR/3BA 1 0% 2,257 $10,295 $4.563BR/3BA-PH 1 0% 2,335 $11,577 $4.963BR/3BA-PH 1 0% 2,345 $10,850 $4.63

Totals/Avg 504 $2,984 $3.59

Improvements

Land Area 0.553 ac Status ExistingNet Rentable Area (NRA) 419,212 sf Year Built 2014Total # of Units 504 Unit Year Renovated N/AAverage Unit Size 832 sf Condition NewFloor Count 60 Exterior Finish Steel

Property Features Central Boiler and Chiller / Cooling Tower, Gated / Controlled Access, On-Site Management, Structured Parking

Project AmenitiesSecurity, Pool, Theater

Unit Amenities Dishwasher, Gourmet Kitchen, Refrigerator, Washer / Dryer

Rental Survey

Occupancy 92% Utilities Included in RentRUBS-$145-Std, $200-1Bd, $225-2Bd, $275 3Bd

Lease Term 12 Mo(s). Rent Premiums Floor, ViewTenant Profile Professionals Concessions NoneSurvey Date 08/2019 Owner N/A

Survey Notes N/A Management N/A


This comparable represents a 504-unit high-rise apartment complex known as OneEleven and located at the SWC of Wacker Dr. & Clark St. in the Loop neighborhood of Chicago s CBD. The 60-story tower was constructed on a 0.55 acre parcel in 2014 (opened in July 2014) and is in excellent overall condition. The property offers studio, convertible, one-, two-and three-bedroom floor plans that range in size from 521 SF to 2,345 SF. Property features include: 445-space parking garage, retail space, indoor/outdoor swimming pool with spa, a state-of-the-art fitness center, sky lounge with private dining rooms and chef kitchen, a roof-top terrace with fire pits, grills and private cabanas, movie theater, billiards room, cyber

hardwood floors, floor-to-ceiling windows and in-unit washer/dryer sets. At the time of survey, the property was 92.1% leased. According to management, the property is not offering concessions. Parking rates range from $285 unreserved to $385 per stall per month reserved.

Comparable Residential - Multi-unit Mid / High Rise No. 3Property Name Wolf Point West

Address 343 W Wolf Point PlazaChicago, IL 60654United States


Govt./Tax ID N/A

Unit Mix Detail

Rate Timeframe N/A

Unit Type No. % Size (sf) Rent Rent / sfStudio 86 17% 493 $1,886 $3.83Studio 87 17% 560 $2,236 $3.991Bed/1Bath 26 5% 615 $2,181 $3.551Bed/1Bath 27 5% 630 $2,057 $3.271Bed/1Bath 26 5% 648 $2,741 $4.231Bed/1Bath 26 5% 720 $2,565 $3.561Bed/1Bath 27 5% 722 $2,584 $3.581Bed/1Bath 27 5% 757 $2,615 $3.451Bed/1Bath 27 5% 900 $3,999 $4.441Bed/1Bath 26 5% 905 $3,221 $3.561Bed/1Bath 27 5% 1,080 $7,652 $7.092Bed/2Bath 21 4% 1,139 $4,568 $4.012Bed/2Bath 22 4% 1,207 $5,023 $4.162Bed/2Bath 22 4% 1,352 $5,071 $3.752Bed/2Bath 22 4% 1,386 $7,140 $5.153Bed/2Bath 5 1% 1,793 $8,946 $4.993Bed/2.5Bath 5 1% 1,829 $8,690 $4.75

Totals/Avg 509 $3,357 $4.22

Improvements

Land Area 4.000 ac Status ExistingNet Rentable Area (NRA) 379,264 sf Year Built 2016Total # of Units 509 Units Year Renovated N/AAverage Unit Size 745 sf Condition ExcellentFloor Count 48 Exterior Finish Glass

Property Features Elevators, Flat Roofs, LEED / Energy Star / Green, On-Site Management

Project AmenitiesTerrace, Storage Units

Unit Amenities Dishwasher, Microwave Oven, Plank Flooring, Quartz Countertops, Refrigerator, Stainless Steel Appliances, Washer / Dryer

Rental Survey

Occupancy 94% Utilities Included in Rent NoneLease Term 12 Mo(s). Rent Premiums Floor, ViewTenant Profile Professionals Concessions 1 month fee on small 1 BedroomsSurvey Date 07/2019 Owner N/A



Wolf Point West is a 509-unit apartment property located at 343 W Wolf Point Plaza in River North in Chicago, Illinois. The property opened in 2016 and contains studios, one, two and three-bedroom floor plans. Property amenities include a clubhouse, swimming pool with sundeck, fitness center, golf simulator, club room, terrace with grills, parking garage (500 spaces), dog walk, sauna and steam room, elevators, business center, bike parking rooftop lounge, media room, concierge, among others. The property was at 94% leased as of the date of our survey. Rental rates range from $1,886 to $8,946 per month. Parking is available for $300 per month per space for unreserved and $375 for reserved spaces.

Comparable Residential - Multi-unit Mid / High Rise No. 4Property Name 3Eleven Apartments

Address 311 W. Illinois StreetChicago, IL 60654United States



Unit Mix Detail

Rate Timeframe Monthly

Unit Type No. % Size (sf) Rent Rent / sfStudio 13 6% 425 $1,815 $4.27Studio 16 7% 638 $1,977 $3.101BR/1BA 44 19% 692-753 $2,354 $3.26Studio 16 7% 692 $2,244 $3.241BR/1BA 47 20% 770-913 $2,395 $2.852BR2BA 64 27% 1,192 $3,594 $3.023BR/2BA 17 7% 1,400 $5,198 $3.713BR/2BA 17 7% 1,692 $6,959 $4.11

Totals/Avg 234 $3,179 $3.28

Improvements

Land Area 0.352 ac Status ExistingNet Rentable Area (NRA) 227,427 sf Year Built 2017Total # of Units 234 Unit Year Renovated N/AAverage Unit Size 972 sf Condition ExcellentFloor Count 25 Exterior Finish Glass

Property Features Central Boiler and Chiller / Cooling Tower, Elevators, Fire Sprinklered, On-Site Management, Structured Parking

Project Amenities

Unit Amenities Ceramic Tile Flooring, Dishwasher, Double-Pane WIndows, Garbage Disposal, Gourmet Kitchen, Microwave Oven, Plank Flooring, Quartz Countertops, Range / Oven, Refrigerator with Icemaker, Stainless Steel Appliances, Tile Backsplash, Washer / Dryer

Rental Survey

Occupancy 94% Utilities Included in Rent RUBS - Utility ChargeLease Term 12 - 18 Mo(s). Rent Premiums Views, LevelsTenant Profile Professional Concessions 1 mo. free on 12 mo lease on allSurvey Date 04/2019 Owner N/A

Survey Notes S=$45 / C=$45 / 1BR=$55 / 2BR=$70 / 3BR=$90

Management John Buck


This comparable represents a 25-story luxury apartment community known as 3Eleven Apartments located at 311 W. Illinois Street in Chicago, Illinois. The property opened in January 2017 and contains 213 units with studio/convertible, one, two and three-bedroom floor plans. Property amenities include a tenant lounge/clubhouse, cyber cafe, fitness center, roof-top deck, swimming pool, sundeck, grilling stations, theater grounds, bike storage and parking garage. In addition to base monthly rent, tenants pay a mandatory monthly utility charge that varies depending on floor plan. Monthly charge as of the date of our survey was $45 for a studio, $55 for one-bedroom, $70 for two-bedroom and $90 for three-bedroom floor plans.

Comparable Residential - Multi-unit Mid / High Rise No. 5Property Name Hubbard 221

Address 221 W. Hubbard StreetChicago, IL 60654United States


Govt./Tax ID N/A

Unit Mix Detail


Unit Type No. % Size (sf) Rent Rent / sfStudio 43 22% 437 $2,021 $4.62Studio 21 11% 530 $2,226 $4.201BR/1BA 14 7% 711 $2,453 $3.451BR/1BA 14 7% 721 $2,553 $3.541BR/1BA 14 7% 746 $2,608 $3.501BR/1BA 13 7% 765 $2,680 $3.501BR/1BA 13 7% 784 $2,824 $3.601BR/1BA 13 7% 789 $3,017 $3.821BR/1BA 13 7% 804 $3,157 $3.932BR/2BA 5 3% 1,142 $3,942 $3.452BR/2BA 4 2% 1,162 $3,916 $3.372BR/2BA 4 2% 1,163 $4,072 $3.502BR/2BA 4 2% 1,167 $4,039 $3.462BR/2BA 4 2% 1,182 $4,022 $3.402BR/2BA-Pent 4 2% 1,485 $6,399 $4.313BR/2BA 2 1% 1,511 $7,642 $5.063BR/2BA-Pent 2 1% 1,511 $7,404 $4.902BR/2BA-Pent 4 2% 1,694 $8,091 $4.782BR/2BA 4 2% 1,726 $7,799 $4.52

Totals/Avg 195 $3,052 $3.93

Improvements

Land Area N/A Status ExistingNet Rentable Area (NRA) 151,329 sf Year Built 2017Total # of Units 195 Unit Year Renovated N/AAverage Unit Size 776 sf Condition ExcellentFloor Count 28 Exterior Finish Glass

Property Features N/A

Project AmenitiesSpin Room

Unit Amenities Dishwasher, Garbage Disposal, Microwave Oven, Plank Flooring, Quartz Countertops, Range / Oven, Refrigerator, Stainless Steel Appliances

Rental Survey

Occupancy 91% Utilities Included in Rent RUBSLease Term 12 - 14 Mo(s). Rent Premiums Views/LevelsTenant Profile Professionals Concessions 1/2 mo. on 12 mos.Survey Date 06/2019 Owner N/A

Survey Notes Submetered / SM for electricity Management Bozzuto Management


This comparable represents a 28-story luxury apartment community known as Hubbard 221 located at 221 W. Hubbard Street in Chicago, Illinois. The property opened in November 2017 and contains 195 units with studio, one, two and three-bedroom floor plans. Property amenities include tenant lounge, theater, private work hubs, swimming pool, hot tub, sundeck, grilling stations, roof-top deck, fire-pit, fitness center, yoga studio, concierge, dog run, bike storage and garage.The property is in initial lease-up with rents ranging between $2,021 and $8,091 per unit for its available units. The property was 91% occupied at the time of our survey. In addition to monthly base rent, the property has implemented a RUBS program and tenants reimburse for a pro-rata share of utility expenses. As of the date of survey, the property was offering one-half month free rent on a 12-month lease.

Comparable Residential - Multi-unit Mid / High Rise No. 6Property Name Six Forty North Wells

Address 640 N. Wells StreetChicago, IL 60654United States



Unit Mix Detail


Unit Type No. % Size (sf) Rent Rent / sfStudio 20 8% 500 $1,848 $3.70Studio 21 8% 630 $2,253 $3.58Studio 21 8% 635 $2,390 $3.76Studio 21 8% 660 $2,631 $3.991BR/1BA 14 6% 775 $2,792 $3.601BR/1BA 14 6% 785 $3,049 $3.881BR/1BA 13 5% 799 $2,875 $3.601BR/1BA 13 5% 815 $2,648 $3.251BR/1BA 13 5% 820 $3,034 $3.701BR/1BA 26 10% 880 $2,954 $3.361BR/1BA 13 5% 895 $3,364 $3.761BR/1BA 13 5% 995 $3,747 $3.772BR2BA 7 3% 1,130 $3,821 $3.382BR2BA 6 2% 1,135 $4,150 $3.662BR2BA 6 2% 1,180 $4,258 $3.612BR/2BA 6 2% 1,190 $4,050 $3.402BR/2BA 6 2% 1,200 $4,250 $3.542BR/2BA 6 2% 1,260 $4,387 $3.482BR/2BA/Den 6 2% 1,445 $5,325 $3.693BR/2BA 2 1% 1,545 $5,658 $3.663BR/2BA 3 1% 1,600 $5,862 $3.66

Totals/Avg 250 $3,065 $3.62

Improvements


Property Features Central Boiler and Chiller / Cooling Tower, Elevators, Flat Roofs, Structured Parking

Project AmenitiesRoof Deck / Terrace, Theater, Yoga / Spin Room

Unit Amenities 9-Foot Ceilings, Carpeted Flooring, Ceramic Tile Flooring, Dishwasher, Double-Pane WIndows, Garbage Disposal, Microwave Oven, Plank Flooring, Quartz Countertops, Range / Oven, Refrigerator with Icemaker, Stainless Steel Appliances

Rental Survey

Occupancy 96% Utilities Included in Rent NoneLease Term 12 - 16 Mo(s). Rent Premiums View, LevelsTenant Profile Professionals Concessions One MonthSurvey Date 05/2019 Owner N/A

Survey Notes S=$50 / C=$65 / 1BR=$75 / 2BR=$100 / 2BR+Den=$125 / 3BR=$125

Management JDL

Comparable Residential - Multi-unit Mid / High Rise No. 7Property Name NorthWater

Address 340 East North WaterChicago, IL 60611United States


Govt./Tax ID 17-10-219-020, 021

Unit Mix Detail


Unit Type No. % Size (sf) Rent Rent / sfStudio/Convertible 119 30% 630 $2,254 $3.581BR/1BA 146 37% 806 $2,830 $3.512BR/2BA 124 31% 1,240 $4,402 $3.553BR/3BA 9 2% 1,726 $8,432 $4.89

Totals/Avg 398 $3,274 $3.60

Improvements

Land Area 1.649 ac Status ExistingBuilding Area N/A Year Built 2015Total # of Units 398 Units Year Renovated N/AAverage Unit Size 1,173 sf Condition NewFloor Count 52 Exterior Finish N/A

Property Features On-Site Management, Structured Parking

Project AmenitiesRoof Deck / Terrace, Storage Units

Unit Amenities 9-Foot Ceilings, Ceramic Tile Flooring, Dishwasher, Fireplace, Garbage Disposal, Gourmet Kitchen, Laminate Countertops, Microwave Oven, Plank Flooring, Refrigerator, Stainless Steel Appliances, Tile Backsplash, Under-cabinet Lighting, Washer / Dryer

Rental Survey

Occupancy 97% Utilities Included in Rent None-RUBSLease Term 12 Mo(s). Rent Premiums View, Floor, PetsTenant Profile Professional Concessions NoneSurvey Date 06/2019 Owner N/A



This comparable represents a newly constructed 398-unit high-rise apartment complex known as NorthWater and located in the Streeterville neighborhood of Chicago s CBD and comprises floors 16 to 49 of the Loews Streeterville Hotel. The 52-story tower was constructed in 2013/2015 (opened in March 2015) and is in excellent overall condition. The property offers studio, one-, two-and three-bedroom floor plans that range in size from 550 SF to 2,163 SF. The hotel portion of the building includes 400 rooms. Property features include: Fitness center, heated pool, community lounge with full kitchen, business center and conference room, outdoor terrace with grill stations, fire pit and surround sound media, rooftop sky lounge, on-site dry cleaners, high-speed internet, 24-hour doorman, 232-car parking garage with bicycle storage, quartz counters, stainless steel appliances, wood look floors and in-unit washer/dryer sets. At the time of survey, the property was 95.23% occupied. The average asking rents range from $2,022 to $13,632 per unit . There are also unique floor plans at this property that have asking rents notably above those of the typical range. Rents do not include any utilities and tenants reimburse ownership for utility usage via flat fees that are stepped depending on unit type leased. Concessions are not currently offered. Parking is available for $300 to $350 per month depending on the floor.

Comparable Residential - Multi-unit Mid / High Rise No. 8Property Name MILA

Address 201 North Garland CourtChicago, IL 60601United States



Unit Mix Detail


Unit Type No. % Size (sf) Rent Rent / sfStudio 68 17% 540 $1,959 $3.63Convertible 66 16% 645 $2,264 $3.511BR/1BA 40 10% 717 $2,252 $3.141BR/1BA 26 6% 729 $2,327 $3.191BR/1BA 42 10% 860 $2,492 $2.901BR/1BA 26 6% 869 $2,785 $3.201BR/1BA 66 16% 879 $2,873 $3.272BR/2BA 66 16% 1,107 $3,697 $3.342BR/2BA 2 1% 1,134 $3,505 $3.09

Totals/Avg 402 $2,614 $3.29

Improvements


Property Features Central Boiler and Chiller / Cooling Tower, Elevators, Fire Sprinklered, Flat Roofs, Gated / Controlled Access, On-Site Management, Structured Parking

Project Amenities Barbeque Area, Clubhouse, Dog Park / Run, Doorman, Fitness Center, Outdoor Fireplace, Outdoor Kitchen, Pool, Roof Deck / Terrace, Storage Units, Yoga / Spin Room

Unit Amenities 9-Foot Ceilings, Ceramic Tile Flooring, Dishwasher, Garbage Disposal, Microwave Oven, Plank Flooring, Quartz Countertops, Range / Oven, Refrigerator with Icemaker, Stainless Steel Appliances, Tile Backsplash, Washer / Dryer

Rental Survey

Occupancy 93% Utilities Included in Rent None - RUBSLease Term 3 - 24 Mo(s). Rent Premiums FloorTenant Profile Professional Concessions None - YieldstarSurvey Date 07/2019 Owner John Buck



The property recently switched to Yieldstar and no longer offers rental concessions.

Comparable Residential - Multi-unit Mid / High Rise No. 9Property Name 61 E. Banks

Address 61 E. Banks StreetChicago, IL 60610United States


Govt./Tax ID 17-03-108-018

Unit Mix Detail


Unit Type No. % Size (sf) Rent Rent / sf2BR/2BA 2 3% 1,439 $5,850 $4.072BR/2BA 6 10% 1,446 $5,142 $3.562BR/2BA 6 10% 1,551 $7,896 $5.092BR/2BA 6 10% 1,576 $7,417 $4.712BR/2BA 6 10% 1,606 $6,530 $4.072BR/2BA 6 10% 1,641 $6,420 $3.912BR/2BA 1 2% 1,735 $6,200 $3.572BR/2BA 6 10% 1,822 $8,348 $4.582BR/2.5BA 1 2% 1,984 $6,800 $3.432BR/2.5BA 1 2% 2,146 $9,100 $4.243BR/3BA 6 10% 2,230 $11,254 $5.053BR/2.5BA 1 2% 2,294 $9,800 $4.273BR/2.5BA 1 2% 2,331 $11,603 $4.983BR/3BA 6 10% 2,339 $12,626 $5.403BR/2.5BA 1 2% 2,431 $10,500 $4.323BR/2.5BA 1 2% 2,558 $11,800 $4.613BR/2.5BA 1 2% 2,681 $11,819 $4.41

Totals/Avg 58 $8,330 $4.54

Improvements

Land Area 0.584 ac Status ExistingNet Rentable Area (NRA) 106,304 sf Year Built 2019Total # of Units 58 Unit Year Renovated N/AAverage Unit Size 1,833 sf Condition ExcellentFloor Count 9 Exterior Finish Concrete

Property Features Aquatherm Systems, Elevators, Flat Roofs, On-Site Management, Under-building Parking

Project Amenities Barbeque Area, Doorman, Electric Car Charging Station, Fitness Center, Roof Deck / Terrace, Storage Units

Unit Amenities 10-Foot Ceilings, Ceramic Tile Flooring, Dishwasher, Garbage Disposal, Microwave Oven, Plank Flooring, Private Patios / Balconies, Quartz Countertops, Range / Oven, Refrigerator with Icemaker, Stainless Steel Appliances, Under-cabinet Lighting, Washer / Dryer, Wine Storage

Rental Survey

Occupancy 98% Utilities Included in Rent gas, water/sewer, trashLease Term 12 - 36 Mo(s). Rent Premiums Floor, ViewTenant Profile Professional, Retirees Concessions NoneSurvey Date 10/2019 Owner Draper & Kramer



The property is an ultra-luxury boutique building with large floor plans and high-end finishes. Select units feature private terraces and fireplaces. 7 units are duplex units. Garage parking is an additional $500/month.

Comparable Residential - Multi-unit Mid / High Rise No. 10Property Name One Bennett Park

Address 514 N Peshtigo Ct.Chicago, IL 60611United States


Govt./Tax ID N/A

Unit Mix Detail


Unit Type No. % Size (sf) Rent Rent / sf1BR/1BA N/A N/A 905 $3,850 $4.251BR/1BA N/A N/A 905 $3,925 $4.341BR/1BA N/A N/A 940 $4,295 $4.571BR/1BA N/A N/A 949 $3,250 $3.421BR/1BA N/A N/A 949 $4,495 $4.741BR/1BA N/A N/A 980 $4,255 $4.342BR/2BA N/A N/A 1,171 $4,740 $4.052BR/2BA N/A N/A 1,171 $5,350 $4.572BR/2BA N/A N/A 1,300 $4,275 $3.292BR/2BA N/A N/A 1,334 $5,555 $4.162BR/2BA N/A N/A 1,529 $6,565 $4.293BR/3BA N/A N/A 1,833 $9,350 $5.103BR/3BA N/A N/A 1,833 $10,225 $5.583BR/3BA N/A N/A 1,833 $9,650 $5.264BR/4.5BA N/A N/A 3,323 $17,500 $5.274BR/4.5BA N/A N/A 3,323 $22,500 $6.77

Totals/Avg 0 N/A N/A

Improvements

Land Area N/A Status ExistingNet Rentable Area (NRA) 353,772 sf Year Built 2018Total # of Units 279 Units Year Renovated N/AAverage Unit Size 1,268 sf Condition ExcellentFloor Count 70 Exterior Finish Glass

Property Features N/A

Project Amenities Business Center, Concierge, Conference Room, Demonstration Kitchen, Dog Park / Run, Doorman, Fitness Center, Game Room, Outdoor Fireplace, Outdoor Kitchen, Playground, Pool, Roof Deck / Terrace, Yoga / Spin Room

Unit Amenities Dishwasher, Garbage Disposal, Microwave Oven, Quartz Countertops, Range / Oven, Refrigerator, Stainless Steel Appliances

Rental Survey

Occupancy 12% Utilities Included in Rent N/ALease Term 12 Mo(s). Rent Premiums ViewTenant Profile Market/Luxury Concessions N/ASurvey Date 10/2019 Owner N/A


Addenda

Addendum

OPERATING DATA

Opening Estimated Estimated Estimated Estimated EstimatedFloor Unit Num. Sellable SF View Bedrooms Baths Price Sold Per Flr Total List $/SF Ownership % CC/Mo. CC/Yr. CC/$SF/Yr. Monthly RE Tax Annual RE Tax

Signature B 3‐01 1,416 SE 1 1.5 $680,000 Sold $480 0.2157% 808.84 9,706 0.57 1,133 13,600 Signature B 3‐02 1,318 E 2 2 $760,000 Sold $577 0.2008% 752.86 9,034 0.57 1,267 15,200 Signature B 3‐03 1,809 NE 3 2.5 $920,000 Sold $2,360,000 $509 0.2756% 1,033.33 12,400 0.57 1,533 18,400 Signature B 4‐01 1,487 SE 1 1.5 $720,000 Sold $484 0.2265% 849.39 10,193 0.57 1,200 14,400 Signature B 4‐02 1,466 E 2 2.5 $850,000 Sold $580 0.2233% 837.40 10,049 0.57 1,417 17,000 Signature B 4‐03 1,808 NE 3 2..5 $950,000 $2,520,000 $525 0.2754% 1,032.75 12,393 0.57 1,583 19,000 Signature B 400000000 1,487 SE 1 1.5 $740,000 $498 0.2265% 849.39 10,193 0.57 1,233 14,800 Signature B 5‐02 1,466 E 2 2.5 $880,000 Sold $600 0.2233% 837.40 10,049 0.57 1,467 17,600 Signature B 5‐03 1,808 NE 3 2.5 $980,000 $2,600,000 $542 0.2754% 1,032.75 12,393 0.57 1,633 19,600 Signature B 6‐01 1,487 SE 1 1.5 $740,000 $498 0.2265% 849.39 10,193 0.57 1,233 14,800 Signature B 6‐02 1,466 E 2 2.5 $880,000 $600 0.2233% 837.40 10,049 0.57 1,467 17,600 Signature B 6‐03 1,808 NE 3 2.5 $980,000 $2,600,000 $542 0.2754% 1,032.75 12,393 0.57 1,633 19,600 Signature B 7‐01 1,487 SE 1 1.5 $770,000 $518 0.2265% 849.39 10,193 0.57 1,283 15,400 Signature B 7‐02 1,466 E 2 2.5 $910,000 $621 0.2233% 837.40 10,049 0.57 1,517 18,200 Signature B 7‐03 1,808 NE 3 2.5 $1,010,000 $2,690,000 $559 0.2754% 1,032.75 12,393 0.57 1,683 20,200 Signature B 8‐01 1,487 SE 1 1.5 $770,000 $518 0.2265% 849.39 10,193 0.57 1,283 15,400 Signature B 8‐02 1,466 E 2 2.5 $910,000 $621 0.2233% 837.40 10,049 0.57 1,517 18,200 Signature B 8‐03 1,808 NE 3 2.5 $1,010,000 $2,690,000 $559 0.2754% 1,032.75 12,393 0.57 1,683 20,200 Signature B 9‐01 1,487 SE 1 1.5 $800,000 $538 0.2265% 849.39 10,193 0.57 1,333 16,000 Signature B 9‐02 1,466 E 2 2.5 $940,000 $641 0.2233% 837.40 10,049 0.57 1,567 18,800 Signature B 9‐03 1,808 NE 3 2.5 $1,050,000 Sold $2,790,000 $581 0.2754% 1,032.75 12,393 0.57 1,750 21,000 Signature B 10‐01 1,497 SE 1 1.5 $865,000 Sold $578 0.2280% 855.11 10,261 0.57 1,442 17,300 Signature B 10‐02 1,466 E 2 2.5 $940,000 Sold $641 0.2233% 837.40 10,049 0.57 1,567 18,800 Signature B 10‐03 1,808 NE 3 2.5 $1,050,000 Sold $2,855,000 $581 0.2754% 1,032.75 12,393 0.57 1,750 21,000 Signature B 12‐01 1,551 SE 2 2.5 $1,020,000 Sold $658 0.2363% 885.95 10,631 0.57 1,700 20,400 Signature B 12‐02 1,466 E 2 2.5 $990,000 Sold $675 0.2233% 837.40 10,049 0.57 1,650 19,800 Signature B 12‐03 1,808 NE 3 2.5 $1,100,000 Sold $608 0.2754% 1,032.75 12,393 0.57 1,833 22,000 Signature B 12‐05 1,364 W 2 2.5 $880,000 $645 0.2078% 779.14 9,350 0.57 1,467 17,600 Signature B 12‐06 1,263 SW 1 1.5 $690,000 Sold $546 0.1924% 721.44 8,657 0.57 1,150 13,800 Signature B 12‐07 1,389 S 2 2.5 $1,040,000 $749 0.2116% 793.42 9,521 0.57 1,733 20,800 Signature B 12‐08 1,397 S 2 2.5 $1,050,000 $752 0.2128% 797.99 9,576 0.57 1,750 21,000 Signature B 12‐09 1,953 S 3 2.5 $1,320,000 Sold $8,090,000 $676 0.2975% 1,115.58 13,387 0.57 2,200 26,400 Signature B 13‐01 1,666 SE 2 2.5 $1,210,000 $726 0.2538% 951.64 11,420 0.57 2,017 24,200 Signature B 13‐02 1,466 E 2 2.5 $1,100,000 $750 0.2233% 837.40 10,049 0.57 1,833 22,000 Signature B 13‐03 1,808 NE 3 2.5 $1,220,000 $675 0.2754% 1,032.75 12,393 0.57 2,033 24,400 Signature B 13‐04 1,802 NW 3 2.5 $1,180,000 $655 0.2745% 1,029.33 12,352 0.57 1,967 23,600 Signature B 13‐05 1,364 W 2 2.5 $880,000 $645 0.2078% 779.14 9,350 0.57 1,467 17,600 Signature B 13‐06 1,351 SW 2 2.5 $790,000 $6,380,000 $585 0.2058% 771.71 9,261 0.57 1,317 15,800 Signature B 14‐01 1,793 SE 2 2.5 $1,290,000 $719 0.2731% 1,024.19 12,290 0.57 2,150 25,800 Signature B 14‐02 1,466 E 2 2.5 $1,100,000 $750 0.2233% 837.40 10,049 0.57 1,833 22,000 Signature B 14‐03 1,808 NE 3 2.5 $1,220,000 $675 0.2754% 1,032.75 12,393 0.57 2,033 24,400 Signature B 14‐04 1,802 NW 3 2.5 $1,100,000 $610 0.2745% 1,029.33 12,352 0.57 1,833 22,000 Signature B 14‐05 1,364 W 2 2.5 $880,000 $645 0.2078% 779.14 9,350 0.57 1,467 17,600 Signature B 14‐06 1,429 SW 2 2.5 $850,000 $6,440,000 $595 0.2177% 816.26 9,795 0.57 1,417 17,000 Signature B 15‐01 1,911 SE 2+ 2.5 $1,320,000 Sold $691 0.2911% 1,091.59 13,099 0.57 2,200 26,400 Signature B 15‐02 1,466 E 2 2.5 $1,120,000 Sold $764 0.2233% 837.40 10,049 0.57 1,867 22,400 Signature B 15‐03 1,808 NE 3 2.5 $1,240,000 $686 0.2754% 1,032.75 12,393 0.57 2,067 24,800 Signature B 15‐04 1,802 NW 3 2.5 $1,120,000 $622 0.2745% 1,029.33 12,352 0.57 1,867 22,400 Signature B 15‐05 1,364 W 2 2.5 $900,000 $660 0.2078% 779.14 9,350 0.57 1,500 18,000 Signature B 15‐06 1,552 SW 2 2.5 $940,000 $6,640,000 $606 0.2364% 886.52 10,638 0.57 1,567 18,800 Signature B 16‐01 2,029 SE 3 2.5 $1,490,000 $734 0.3091% 1,158.99 13,908 0.57 2,483 29,800 Signature B 16‐02 1,466 E 2 2.5 $1,120,000 Sold $764 0.2233% 837.40 10,049 0.57 1,867 22,400 Signature B 16‐03 1,808 NE 3 2.5 $1,240,000 $686 0.2754% 1,032.75 12,393 0.57 2,067 24,800 Signature B 16‐04 1,802 NW 3 2.5 $1,120,000 $622 0.2745% 1,029.33 12,352 0.57 1,867 22,400 Signature B 16‐05 1,364 W 2 2.5 $900,000 $660 0.2078% 779.14 9,350 0.57 1,500 18,000 Signature B 16‐06 1,648 SW 2+ 2.5 $1,100,000 $6,970,000 $667 0.2510% 941.36 11,296 0.57 1,833 22,000 Signature B 17‐01 2,147 SE 3+ 2.5 $1,490,000 Sold $694 0.3270% 1,226.40 14,717 0.57 2,483 29,800 Signature B 17‐02 1,466 E 2 2.5 $1,180,000 Sold $805 0.2233% 837.40 10,049 0.57 1,967 23,600 Signature B 17‐03 1,808 NE 3 2.5 $1,260,000 Sold $697 0.2754% 1,032.75 12,393 0.57 2,100 25,200 Signature B 17‐04 1,802 NW 3 2.5 $1,140,000 $633 0.2745% 1,029.33 12,352 0.57 1,900 22,800 Signature B 17‐05 1,364 W 2 2.5 $920,000 $674 0.2078% 779.14 9,350 0.57 1,533 18,400 Signature B 17‐06 1,745 SW 2+ 2.5 $1,170,000 $7,160,000 $670 0.2658% 996.77 11,961 0.57 1,950 23,400 Signature B 18‐01 2,265 SE 3+ 2.5 $1,770,000 $781 0.3450% 1,293.80 15,526 0.57 2,950 35,400 Signature B 18‐02 1,466 E 2 2.5 $1,128,600 Sold $770 0.2233% 837.40 10,049 0.57 1,881 22,572 Signature B 18‐03 1,808 NE 3 2.5 $1,260,000 $697 0.2754% 1,032.75 12,393 0.57 2,100 25,200 Signature B 18‐05 1,379 W 2 2.5 $930,000 $674 0.2101% 787.70 9,452 0.57 1,550 18,600 Signature B 18‐06 1,841 SW 3 2.5 $1,240,000 $6,328,600 $674 0.2804% 1,051.60 12,619 0.57 2,067 24,800

1000 S. Michigan Price List Updated Summer 2019 w/SOLDS

Page 1 of 8


Signature B 19‐01 2,426 SE 3+ 3.5 $1,710,000 Sold $705 0.3695% 1,385.76 16,629 0.57 2,850 34,200 Signature B 19‐02 1,466 E 2 2.5 $1,160,000 Sold $791 0.2233% 837.40 10,049 0.57 1,933 23,200 Signature B 19‐03 1,808 NE 3 2.5 $1,290,000 $713 0.2754% 1,032.75 12,393 0.57 2,150 25,800 Signature B 19‐05 1,461 W 2 2.5 $1,000,000 $684 0.2225% 834.54 10,015 0.57 1,667 20,000 Signature B 19‐06 1,937 SW 3 2.5 $1,310,000 $6,470,000 $676 0.2951% 1,106.44 13,277 0.57 2,183 26,200 Signature B 20‐01 3,849 E/SE/SW 3+ 4.5 $4,960,000 $1,289 0.5863% 2,198.60 26,383 0.57 8,267 99,200 Signature B 20‐02 1,995 NE 2+ 2.5 $1,760,000 Sold $882 0.3039% 1,139.57 13,675 0.57 2,933 35,200 Signature B 20‐03 1,904 NW 2+ 2.5 $1,320,000 Sold $8,040,000 $693 0.2900% 1,087.59 13,051 0.57 2,200 26,400 Signature B 21‐01 2,012 SE 3 2 $1,510,000 $750 0.3065% 1,149.28 13,791 0.57 2,517 30,200 Signature B 21‐02 1,914 NE 2+ 2.5 $1,480,000 Sold $773 0.2915% 1,093.30 13,120 0.57 2,467 29,600 Signature B 21‐03 1,904 NW 2+ 2.5 $1,130,000 $593 0.2900% 1,087.59 13,051 0.57 1,883 22,600 Signature B 21‐04 1,918 SW 3 2 $1,320,000 $5,440,000 $688 0.2922% 1,095.59 13,147 0.57 2,200 26,400 Signature B 22‐01 2,101 SE 3 3 $1,620,000 Sold $771 0.3200% 1,200.12 14,401 0.57 2,700 32,400 Signature B 22‐02 1,550 E 2 2 $1,260,000 Sold $813 0.2361% 885.38 10,625 0.57 2,100 25,200 Signature B 22‐03 2,131 NE 2+ 2.5 $1,730,000 $812 0.3246% 1,217.26 14,607 0.57 2,883 34,600 Signature B 22‐04 1,582 NW 2 2 $950,000 $601 0.2410% 903.66 10,844 0.57 1,583 19,000 Signature B 22‐05 926 W 1 1 $570,000 Sold $616 0.1411% 528.94 6,347 0.57 950 11,400 Signature B 22‐06 926 W 1 1 $570,000 $616 0.1411% 528.94 6,347 0.57 950 11,400 Signature B 22‐07 1,096 SW 1 1 $620,000 Sold $7,320,000 $566 0.1669% 626.05 7,513 0.57 1,033 12,400 Signature B 23‐01 2,101 SE 3 3 $1,620,000 Sold $771 0.3200% 1,200.12 14,401 0.57 2,700 32,400 Signature B 23‐02 1,550 E 2 2 $1,260,000 Sold $813 0.2361% 885.38 10,625 0.57 2,100 25,200 Signature B 23‐03 2,132 NE 2+ 2.5 $1,730,000 $811 0.3248% 1,217.83 14,614 0.57 2,883 34,600 Signature B 23‐04 1,582 NW 2 2 $950,000 $601 0.2410% 903.66 10,844 0.57 1,583 19,000 Signature B 23‐05 926 W 1 1 $570,000 $616 0.1411% 528.94 6,347 0.57 950 11,400 Signature B 23‐06 926 W 1 1 $570,000 Sold $616 0.1411% 528.94 6,347 0.57 950 11,400 Signature B 23‐07 1,097 SW 1 1 $650,000 Sold $7,350,000 $593 0.1671% 626.62 7,519 0.57 1,083 13,000 Signature B 24‐01 2,101 SE 3 3 $1,650,000 $785 0.3200% 1,200.12 14,401 0.57 2,750 33,000 Signature B 24‐02 1,550 E 2 2 $1,280,000 $826 0.2361% 885.38 10,625 0.57 2,133 25,600 Signature B 24‐03 2,134 NE 2+ 2.5 $1,760,000 $825 0.3251% 1,218.97 14,628 0.57 2,933 35,200 Signature B 24‐04 1,582 NW 2 2 $970,000 $613 0.2410% 903.66 10,844 0.57 1,617 19,400 Signature B 24‐05 926 W 1 1 $580,000 $626 0.1411% 528.94 6,347 0.57 967 11,600 Signature B 24‐06 926 W 1 1 $580,000 $626 0.1411% 528.94 6,347 0.57 967 11,600 Signature B 24‐07 1,099 SW 1 1 $620,000 $7,440,000 $564 0.1674% 627.76 7,533 0.57 1,033 12,400 Signature B 25‐01 2,101 SE 3 3 $1,650,000 $785 0.3200% 1,200.12 14,401 0.57 2,750 33,000 Signature B 25‐02 1,550 E 2 2 $1,280,000 $826 0.2361% 885.38 10,625 0.57 2,133 25,600 Signature B 25‐03 2,136 NE 2+ 2.5 $1,760,000 $824 0.3254% 1,220.11 14,641 0.57 2,933 35,200 Signature B 25‐04 1,582 NW 2 2 $970,000 $613 0.2410% 903.66 10,844 0.57 1,617 19,400 Signature B 25‐05 926 W 1 1 $580,000 $626 0.1411% 528.94 6,347 0.57 967 11,600 Signature B 25‐06 926 W 1 1 $580,000 Sold $626 0.1411% 528.94 6,347 0.57 967 11,600 Signature B 25‐07 1,103 SW 1 1 $620,000 $7,440,000 $562 0.1680% 630.05 7,561 0.57 1,033 12,400 Signature B 26‐01 2,101 SE 3 3 $1,680,000 $800 0.3200% 1,200.12 14,401 0.57 2,800 33,600 Signature B 26‐02 1,550 E 2 2 $1,300,000 $839 0.2361% 885.38 10,625 0.57 2,167 26,000 Signature B 26‐03 2,138 NE 2+ 2.5 $1,800,000 $842 0.3257% 1,221.25 14,655 0.57 3,000 36,000 Signature B 26‐04 1,582 NW 2 2 $990,000 $626 0.2410% 903.66 10,844 0.57 1,650 19,800 Signature B 26‐05 926 W 1 1 $590,000 $637 0.1411% 528.94 6,347 0.57 983 11,800 Signature B 26‐06 926 W 1 1 $590,000 $637 0.1411% 528.94 6,347 0.57 983 11,800 Signature B 26‐07 1,103 SW 1 1 $630,000 $7,580,000 $571 0.1680% 630.05 7,561 0.57 1,050 12,600 Signature B 27‐01 2,101 SE 3 3 $1,680,000 $800 0.3200% 1,200.12 14,401 0.57 2,800 33,600 Signature B 27‐02 1,550 E 2 2 $1,300,000 $839 0.2361% 885.38 10,625 0.57 2,167 26,000 Signature B 27‐03 2,140 NE 2+ 2.5 $1,800,000 $841 0.3260% 1,222.40 14,669 0.57 3,000 36,000 Signature B 27‐04 1,582 NW 2 2 $990,000 $626 0.2410% 903.66 10,844 0.57 1,650 19,800 Signature B 27‐05 926 W 1 1 $590,000 $637 0.1411% 528.94 6,347 0.57 983 11,800 Signature B 27‐06 926 W 1 1 $590,000 $637 0.1411% 528.94 6,347 0.57 983 11,800 Signature B 27‐07 1,106 SW 1 1 $630,000 $7,580,000 $570 0.1685% 631.76 7,581 0.57 1,050 12,600 Signature B 28‐01 2,101 SE 3 3 $1,750,000 $833 0.3200% 1,200.12 14,401 0.57 2,917 35,000 Signature B 28‐02 1,550 E 1 1.5 $1,320,000 $852 0.2361% 885.38 10,625 0.57 2,200 26,400 Signature B 28‐03 2,143 NE 2+ 2.5 $1,870,000 Sold $873 0.3264% 1,224.11 14,689 0.57 3,117 37,400 Signature B 28‐04 1,582 NW 2 2 $1,030,000 $651 0.2410% 903.66 10,844 0.57 1,717 20,600 Signature B 28‐05 926 W 1 1 $600,000 Sold $648 0.1411% 528.94 6,347 0.57 1,000 12,000 Signature B 28‐06 926 W 1 1 $600,000 $648 0.1411% 528.94 6,347 0.57 1,000 12,000 Signature B 28‐07 1,109 SW 1 1 $650,000 Sold $7,820,000 $586 0.1689% 633.48 7,602 0.57 1,083 13,000 Signature B 29‐01 2,101 SE 3 3 $1,750,000 $833 0.3200% 1,200.12 14,401 0.57 2,917 35,000 Signature B 29‐02 1,550 E 2 2 $1,320,000 $852 0.2361% 885.38 10,625 0.57 2,200 26,400 Signature B 29‐03 2,146 NE 2+ 2.5 $1,870,000 $871 0.3269% 1,225.82 14,710 0.57 3,117 37,400 Signature B 29‐04 1,582 NW 2 2 $1,030,000 $651 0.2410% 903.66 10,844 0.57 1,717 20,600 Signature B 29‐05 926 W 1 1 $600,000 $648 0.1411% 528.94 6,347 0.57 1,000 12,000 Signature B 29‐06 926 W 1 1 $600,000 $648 0.1411% 528.94 6,347 0.57 1,000 12,000 Signature B 29‐07 1,112 SW 1 1 $670,000 $7,840,000 $603 0.1694% 635.19 7,622 0.57 1,117 13,400 Signature B 30‐01 2,101 SE 3 3 $1,820,000 $866 0.3200% 1,200.12 14,401 0.57 3,033 36,400 Signature B 30‐02 1,550 E 2 2 $1,340,000 $865 0.2361% 885.38 10,625 0.57 2,233 26,800 Signature B 30‐03 2,150 NE 2+ 2.5 $1,940,000 $902 0.3275% 1,228.11 14,737 0.57 3,233 38,800

Page 2 of 8


Signature B 30‐04 1,582 NW 2 2 $1,070,000 $676 0.2410% 903.66 10,844 0.57 1,783 21,400 Signature B 30‐05 926 W 1 1 $610,000 $659 0.1411% 528.94 6,347 0.57 1,017 12,200 Signature B 30‐06 926 W 1 1 $610,000 $659 0.1411% 528.94 6,347 0.57 1,017 12,200 Signature B 30‐07 1,115 SW 1 1 $650,000 Sold $8,040,000 $583 0.1698% 636.90 7,643 0.57 1,083 13,000 Signature B 31‐01 2,101 SE 3 3 $1,820,000 $866 0.3200% 1,200.12 14,401 0.57 3,033 36,400 Signature B 31‐02 1,550 E 2 2 $1,340,000 $865 0.2361% 885.38 10,625 0.57 2,233 26,800 Signature B 31‐03 2,154 NE 2+ 2.5 $1,940,000 $901 0.3281% 1,230.39 14,765 0.57 3,233 38,800 Signature B 31‐04 1,582 NW 2 2 $1,070,000 Sold $676 0.2410% 903.66 10,844 0.57 1,783 21,400 Signature B 31‐05 926 W 1 1 $610,000 $659 0.1411% 528.94 6,347 0.57 1,017 12,200 Signature B 31‐06 926 W 1 1 $610,000 $659 0.1411% 528.94 6,347 0.57 1,017 12,200 Signature B 31‐07 1,119 SW 1 1 $634,500 $8,024,500 $567 0.1705% 639.19 7,670 0.57 1,058 12,690 Signature B 32‐01 2,101 SE 3 3 $1,890,000 $900 0.3200% 1,200.12 14,401 0.57 3,150 37,800 Signature B 32‐02 1,550 E 2 2 $1,360,000 $877 0.2361% 885.38 10,625 0.57 2,267 27,200 Signature B 32‐03 2,158 NE 2+ 2.5 $2,020,000 Sold $936 0.3287% 1,232.68 14,792 0.57 3,367 40,400 Signature B 32‐04 1,582 NW 2 2 $1,110,000 Sold $702 0.2410% 903.66 10,844 0.57 1,850 22,200 Signature B 32‐05 926 W 1 1 $620,000 $670 0.1411% 528.94 6,347 0.57 1,033 12,400 Signature B 32‐06 926 W 1 1 $620,000 $670 0.1411% 528.94 6,347 0.57 1,033 12,400 Signature B 32‐07 1,123 SW 1 1 $690,000 $8,310,000 $614 0.1711% 641.47 7,698 0.57 1,150 13,800 Signature B 33‐01 2,101 SE 3 3 $1,890,000 $900 0.3200% 1,200.12 14,401 0.57 3,150 37,800 Signature B 33‐02 1,550 E 2 2 $1,360,000 Sold $877 0.2361% 885.38 10,625 0.57 2,267 27,200 Signature B 33‐03 2,162 NE 2+ 2.5 $2,020,000 $934 0.3293% 1,234.96 14,820 0.57 3,367 40,400 Signature B 33‐04 1,582 NW 2 2 $1,110,000 $702 0.2410% 903.66 10,844 0.57 1,850 22,200 Signature B 33‐05 926 W 1 1 $620,000 $670 0.1411% 528.94 6,347 0.57 1,033 12,400 Signature B 33‐06 926 W 1 1 $620,000 $670 0.1411% 528.94 6,347 0.57 1,033 12,400 Signature B 33‐07 1,127 SW 1 1 $660,000 Sold $8,280,000 $586 0.1717% 643.76 7,725 0.57 1,100 13,200 Signature B 34‐01 2,101 SE 3 3 $1,970,000 $938 0.3200% 1,200.12 14,401 0.57 3,283 39,400 Signature B 34‐02 1,550 E 2 2 $1,380,000 $890 0.2361% 885.38 10,625 0.57 2,300 27,600 Signature B 34‐03 2,166 NE 2+ 2.5 $2,025,000 Sold $935 0.3299% 1,237.25 14,847 0.57 3,375 40,500 Signature B 34‐04 1,582 NW 2 2 $1,150,000 $727 0.2410% 903.66 10,844 0.57 1,917 23,000 Signature B 34‐05 926 W 1 1 $630,000 $680 0.1411% 528.94 6,347 0.57 1,050 12,600 Signature B 34‐06 926 W 1 1 $630,000 $680 0.1411% 528.94 6,347 0.57 1,050 12,600 Signature B 34‐07 1,132 SW 1 1 $670,000 $8,455,000 $592 0.1724% 646.61 7,759 0.57 1,117 13,400 Signature B 35‐01 2,101 SE 3 3 $1,970,000 $938 0.3200% 1,200.12 14,401 0.57 3,283 39,400 Signature B 35‐02 1,550 E 2 2 $1,380,000 $890 0.2361% 885.38 10,625 0.57 2,300 27,600 Signature B 35‐03 2,171 NE 2+ 2.5 $2,100,000 Sold $967 0.3307% 1,240.10 14,881 0.57 3,500 42,000 Signature B 35‐04 1,582 NW 2 2 $1,150,000 $727 0.2410% 903.66 10,844 0.57 1,917 23,000 Signature B 35‐05 926 W 1 1 $630,000 $680 0.1411% 528.94 6,347 0.57 1,050 12,600 Signature B 35‐06 926 W 1 1 $630,000 $680 0.1411% 528.94 6,347 0.57 1,050 12,600 Signature B 35‐07 1,137 SW 1 1 $670,000 Sold $8,530,000 $589 0.1732% 649.47 7,794 0.57 1,117 13,400 Signature B 36‐01 2,101 SE 3 3 $2,050,000 $976 0.3200% 1,200.12 14,401 0.57 3,417 41,000 Signature B 36‐02 1,550 E 2 2 $1,400,000 $903 0.2361% 885.38 10,625 0.57 2,333 28,000 Signature B 36‐03 2,177 NE 2+ 2.5 $2,180,000 $1,001 0.3316% 1,243.53 14,922 0.57 3,633 43,600 Signature B 36‐04 1,582 NW 2 2 $1,200,000 $759 0.2410% 903.66 10,844 0.57 2,000 24,000 Signature B 36‐05 926 W 1 1 $640,000 $691 0.1411% 528.94 6,347 0.57 1,067 12,800 Signature B 36‐06 926 W 1 1 $640,000 $691 0.1411% 528.94 6,347 0.57 1,067 12,800 Signature B 36‐07 1,142 SW 1 1 $680,000 Sold $8,790,000 $595 0.1740% 652.33 7,828 0.57 1,133 13,600 Signature B 37‐01 2,101 SE 3 3 $2,050,000 $976 0.3200% 1,200.12 14,401 0.57 3,417 41,000 Signature B 37‐02 1,550 E 2 2 $1,400,000 $903 0.2361% 885.38 10,625 0.57 2,333 28,000 Signature B 37‐03 2,182 NE 2+ 2.5 $2,180,000 $999 0.3324% 1,246.39 14,957 0.57 3,633 43,600 Signature B 37‐04 1,582 NW 2 2 $1,200,000 $759 0.2410% 903.66 10,844 0.57 2,000 24,000 Signature B 37‐05 926 W 1 1 $640,000 $691 0.1411% 528.94 6,347 0.57 1,067 12,800 Signature B 37‐06 926 W 1 1 $640,000 $691 0.1411% 528.94 6,347 0.57 1,067 12,800 Signature B 37‐07 1,147 SW 1 1 $680,000 Sold $8,790,000 $593 0.1747% 655.18 7,862 0.57 1,133 13,600 Signature B 38‐01 2,101 SE 3 3 $2,130,000 $1,014 0.3200% 1,200.12 14,401 0.57 3,550 42,600 Signature B 38‐02 1,550 E 2 2 $1,450,000 $935 0.2361% 885.38 10,625 0.57 2,417 29,000 Signature B 38‐03 2,188 NE 2+ 2.5 $2,270,000 $1,037 0.3333% 1,249.82 14,998 0.57 3,783 45,400 Signature B 38‐04 1,582 NW 2 2 $1,250,000 Sold $790 0.2410% 903.66 10,844 0.57 2,083 25,000 Signature B 38‐05 926 W 1 1 $650,000 $702 0.1411% 528.94 6,347 0.57 1,083 13,000 Signature B 38‐06 926 W 1 1 $650,000 Sold $702 0.1411% 528.94 6,347 0.57 1,083 13,000 Signature B 38‐07 1,153 SW 1 1 $690,000 Sold $9,090,000 $598 0.1756% 658.61 7,903 0.57 1,150 13,800 Signature B 39‐01 2,102 SE 3 3 $2,210,000 $1,051 0.3202% 1,200.69 14,408 0.57 3,683 44,200 Signature B 39‐02 1,550 E 2 2 $1,500,000 $968 0.2361% 885.38 10,625 0.57 2,500 30,000 Signature B 39‐03 2,195 NE 2+ 2.5 $2,270,000 $1,034 0.3344% 1,253.81 15,046 0.57 3,783 45,400 Signature B 39‐04 1,582 NW 2 2 $1,300,000 $822 0.2410% 903.66 10,844 0.57 2,167 26,000 Signature B 39‐05 926 W 1 1 $660,000 $713 0.1411% 528.94 6,347 0.57 1,100 13,200 Signature B 39‐06 926 W 1 1 $660,000 $713 0.1411% 528.94 6,347 0.57 1,100 13,200 Signature B 39‐07 1,161 SW 1 1 $700,000 $9,300,000 $603 0.1768% 663.18 7,958 0.57 1,167 14,000 Signature B 40‐01 2,102 SE 3 3 $2,210,000 $1,051 0.3202% 1,200.69 14,408 0.57 3,683 44,200 Signature B 40‐02 1,550 E 2 2 $1,500,000 $968 0.2361% 885.38 10,625 0.57 2,500 30,000 Signature B 40‐03 2,202 NE 2+ 2.5 $2,360,000 $1,072 0.3354% 1,257.81 15,094 0.57 3,933 47,200 Signature B 40‐04 1,582 NW 2 2 $1,300,000 $822 0.2410% 903.66 10,844 0.57 2,167 26,000

Page 3 of 8


Signature B 40‐05 926 W 1 1 $660,000 $713 0.1411% 528.94 6,347 0.57 1,100 13,200 Signature B 40‐06 926 W 1 1 $660,000 $713 0.1411% 528.94 6,347 0.57 1,100 13,200 Signature B 40‐07 1,153 SW 1 1 $700,000 $9,390,000 $607 0.1756% 658.61 7,903 0.57 1,167 14,000 Inter. Collect. 41‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 41‐02 673 E 2 1 $699,000 $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 41‐03 479 E 1C 1 $499,000 $1,042 0.0730% 273.61 3,283 0.57 832 9,980 Inter. Collect. 41‐04 477 E 1C 1 $497,000 $1,042 0.0727% 272.47 3,270 0.57 828 9,940 Inter. Collect. 41‐05 523 E 1 1 $575,734 Sold $1,101 0.0797% 298.74 3,585 0.57 960 11,515 Inter. Collect. 41‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 41‐07 639 NE 2 1 $798,000 Sold $1,249 0.0973% 365.01 4,380 0.57 1,330 15,960 Inter. Collect. 41‐08 486 N 1 1 $530,000 $1,091 0.0740% 277.61 3,331 0.57 883 10,600 Inter. Collect. 41‐09 490 N 1 1 $535,000 $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 41‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 41‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300 Inter. Collect. 41‐12 454 W 1C 1 $410,000 $903 0.0692% 259.33 3,112 0.57 683 8,200 Inter. Collect. 41‐13 455 W 1C 1 $413,000 $908 0.0693% 259.90 3,119 0.57 688 8,260 Inter. Collect. 41‐14 329 W S 1 $325,000 Sold $988 0.0501% 187.93 2,255 0.57 542 6,500 Inter. Collect. 41‐15 305 W S 1 $289,000 $948 0.0465% 174.22 2,091 0.57 482 5,780 Inter. Collect. 41‐16 318 W S 1 $338,000 $1,063 0.0484% 181.65 2,180 0.57 563 6,760 Inter. Collect. 41‐17 612 SW 2 1 $628,000 Sold $1,026 0.0932% 349.58 4,195 0.57 1,047 12,560 Inter. Collect. 41‐18 492 S 1 1 $469,000 Sold $953 0.0749% 281.04 3,372 0.57 782 9,380 Inter. Collect. 41‐19 498 S 1 1 $476,000 $10,480,734 $956 0.0759% 284.46 3,414 0.57 793 9,520 Inter. Collect. 42‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 42‐02 673 E 2 1 $699,000 $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 42‐03 479 E 1C 1 $499,000 $1,042 0.0730% 273.61 3,283 0.57 832 9,980 Inter. Collect. 42‐04 477 E 1C 1 $497,000 $1,042 0.0727% 272.47 3,270 0.57 828 9,940 Inter. Collect. 42‐05 523 E 1 1 $575,734 Sold $1,101 0.0797% 298.74 3,585 0.57 960 11,515 Inter. Collect. 42‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 42‐07 645 NE 2 1 $806,000 $1,250 0.0982% 368.43 4,421 0.57 1,343 16,120 Inter. Collect. 42‐08 487 N 1 1 $532,000 $1,092 0.0742% 278.18 3,338 0.57 887 10,640 Inter. Collect. 42‐09 490 N 1 1 $535,000 $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 42‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 42‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300 Inter. Collect. 42‐12 454 W 1C 1 $410,000 $903 0.0692% 259.33 3,112 0.57 683 8,200 Inter. Collect. 42‐13 455 W 1C 1 $413,000 $908 0.0693% 259.90 3,119 0.57 688 8,260 Inter. Collect. 42‐14 329 W S 1 $303,535 Sold $923 0.0501% 187.93 2,255 0.57 506 6,071 Inter. Collect. 42‐15 305 W S 1 $289,000 $948 0.0465% 174.22 2,091 0.57 482 5,780 Inter. Collect. 42‐16 318 W S 1 $338,000 $1,063 0.0484% 181.65 2,180 0.57 563 6,760 Inter. Collect. 42‐17 618 SW 2 1 $633,000 Sold $1,024 0.0941% 353.01 4,236 0.57 1,055 12,660 Inter. Collect. 42‐18 493 S 1 1 $470,000 $953 0.0751% 281.61 3,379 0.57 783 9,400 Inter. Collect. 42‐19 498 S 1 1 $476,000 $10,475,269 $956 0.0759% 284.46 3,414 0.57 793 9,520 Inter. Collect. 43‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 43‐02 673 E 2 1 $699,000 $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 43‐03 479 E 1C 1 $489,000 Sold $1,021 0.0730% 273.61 3,283 0.57 815 9,780 Inter. Collect. 43‐04 477 E 1C 1 $497,000 $1,042 0.0727% 272.47 3,270 0.57 828 9,940 Inter. Collect. 43‐05 523 E 1 1 $552,425 Sold $1,056 0.0797% 298.74 3,585 0.57 921 11,049 Inter. Collect. 43‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 43‐07 651 NE 2 1 $813,000 $1,249 0.0992% 371.86 4,462 0.57 1,355 16,260 Inter. Collect. 43‐08 488 N 1 1 $532,000 $1,090 0.0743% 278.75 3,345 0.57 887 10,640 Inter. Collect. 43‐09 490 N 1 1 $535,000 $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 43‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 43‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300 Inter. Collect. 43‐12 454 W 1C 1 $387,922 Sold $854 0.0692% 259.33 3,112 0.57 647 7,758 Inter. Collect. 43‐13 455 W 1C 1 $388,776 Sold $854 0.0693% 259.90 3,119 0.57 648 7,776 Inter. Collect. 43‐14 329 W S 1 $313,000 Sold $951 0.0501% 187.93 2,255 0.57 522 6,260 Inter. Collect. 43‐15 305 W S 1 $269,006 Sold $882 0.0465% 174.22 2,091 0.57 448 5,380 Inter. Collect. 43‐16 318 W S 1 $338,000 $1,063 0.0484% 181.65 2,180 0.57 563 6,760 Inter. Collect. 43‐17 624 SW 2 1 $639,000 $1,024 0.0950% 356.44 4,277 0.57 1,065 12,780 Inter. Collect. 43‐18 494 S 1 1 $471,000 $953 0.0752% 282.18 3,386 0.57 785 9,420 Inter. Collect. 43‐19 498 S 1 1 $476,000 $10,399,129 $956 0.0759% 284.46 3,414 0.57 793 9,520 Inter. Collect. 44‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 44‐02 673 E 2 1 $699,000 $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 44‐03 479 E 1C 1 $499,000 $1,042 0.0730% 273.61 3,283 0.57 832 9,980 Inter. Collect. 44‐04 477 E 1C 1 $497,000 $1,042 0.0727% 272.47 3,270 0.57 828 9,940 Inter. Collect. 44‐05 523 E 1 1 $650,000 $1,243 0.0797% 298.74 3,585 0.57 1,083 13,000 Inter. Collect. 44‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 44‐07 657 NE 2 1 $821,000 $1,250 0.1001% 375.29 4,503 0.57 1,368 16,420 Inter. Collect. 44‐08 490 N 1 1 $534,000 $1,090 0.0746% 279.89 3,359 0.57 890 10,680 Inter. Collect. 44‐09 490 N 1 1 $535,000 $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 44‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 44‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300

Page 4 of 8


Inter. Collect. 44‐12 454 W 1C 1 $410,000 $903 0.0692% 259.33 3,112 0.57 683 8,200 Inter. Collect. 44‐13 455 W 1C 1 $413,000 $908 0.0693% 259.90 3,119 0.57 688 8,260 Inter. Collect. 44‐14 329 W S 1 $350,000 Sold $1,064 0.0501% 187.93 2,255 0.57 583 7,000 Inter. Collect. 44‐15 305 W S 1 $279,000 Sold $915 0.0465% 174.22 2,091 0.57 465 5,580 Inter. Collect. 44‐16 318 W S 1 $318,000 Sold $1,000 0.0484% 181.65 2,180 0.57 530 6,360 Inter. Collect. 44‐17 630 SW 2 1 $645,000 $1,024 0.0960% 359.86 4,318 0.57 1,075 12,900 Inter. Collect. 44‐18 495 S 1 1 $472,000 $954 0.0754% 282.75 3,393 0.57 787 9,440 Inter. Collect. 44‐19 498 S 1 1 $476,000 $10,597,000 $956 0.0759% 284.46 3,414 0.57 793 9,520 Inter. Collect. 45‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 45‐02 673 E 2 1 $699,000 $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 45‐03 479 E 1C 1 $499,000 $1,042 0.0730% 273.61 3,283 0.57 832 9,980 Inter. Collect. 45‐04 477 E 1C 1 $497,000 Sold $1,042 0.0727% 272.47 3,270 0.57 828 9,940 Inter. Collect. 45‐05 523 E 1 1 $650,000 Sold $1,243 0.0797% 298.74 3,585 0.57 1,083 13,000 Inter. Collect. 45‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 45‐07 663 NE 2 1 $828,000 $1,249 0.1010% 378.71 4,545 0.57 1,380 16,560 Inter. Collect. 45‐08 492 N 1 1 $537,000 $1,091 0.0749% 281.04 3,372 0.57 895 10,740 Inter. Collect. 45‐09 490 N 1 1 $535,000 $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 45‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 45‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300 Inter. Collect. 45‐12 454 W 1C 1 $410,000 $903 0.0692% 259.33 3,112 0.57 683 8,200 Inter. Collect. 45‐13 455 W 1C 1 $389,070 Sold $855 0.0693% 259.90 3,119 0.57 648 7,781 Inter. Collect. 45‐14 329 W S 1 $309,810 Sold $942 0.0501% 187.93 2,255 0.57 516 6,196 Inter. Collect. 45‐15 305 W S 1 $269,000 Sold $882 0.0465% 174.22 2,091 0.57 448 5,380 Inter. Collect. 45‐16 318 W S 1 $314,820 Sold $990 0.0484% 181.65 2,180 0.57 525 6,296 Inter. Collect. 45‐17 636 SW 2 1 $652,000 $1,025 0.0969% 363.29 4,360 0.57 1,087 13,040 Inter. Collect. 45‐18 497 S 1 1 $474,000 $954 0.0757% 283.89 3,407 0.57 790 9,480 Inter. Collect. 45‐19 498 S 1 1 $476,000 $10,538,700 $956 0.0759% 284.46 3,414 0.57 793 9,520 Inter. Collect. 46‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 46‐02 673 E 2 1 $699,000 $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 46‐03 479 E 1C 1 $499,000 $1,042 0.0730% 273.61 3,283 0.57 832 9,980 Inter. Collect. 46‐04 477 E 1C 1 $497,000 Sold $1,042 0.0727% 272.47 3,270 0.57 828 9,940 Inter. Collect. 46‐05 523 E 1 1 $650,000 $1,243 0.0797% 298.74 3,585 0.57 1,083 13,000 Inter. Collect. 46‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 46‐07 669 NE 2 1 $836,000 $1,250 0.1019% 382.14 4,586 0.57 1,393 16,720 Inter. Collect. 46‐08 494 N 1 1 $539,000 $1,091 0.0752% 282.18 3,386 0.57 898 10,780 Inter. Collect. 46‐09 490 N 1 1 $535,000 $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 46‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 46‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300 Inter. Collect. 46‐12 454 W 1C 1 $410,000 Sold $903 0.0692% 259.33 3,112 0.57 683 8,200 Inter. Collect. 46‐13 455 W 1C 1 $413,000 $908 0.0693% 259.90 3,119 0.57 688 8,260 Inter. Collect. 46‐14 329 W S 1 $305,000 Sold $927 0.0501% 187.93 2,255 0.57 508 6,100 Inter. Collect. 46‐15 305 W S 1 $259,000 Sold $849 0.0465% 174.22 2,091 0.57 432 5,180 Inter. Collect. 46‐16 318 W S 1 $295,000 Sold $928 0.0484% 181.65 2,180 0.57 492 5,900 Inter. Collect. 46‐17 642 SW 2 1 $658,000 $1,025 0.0978% 366.72 4,401 0.57 1,097 13,160 Inter. Collect. 46‐18 499 S 1 1 $478,000 $958 0.0760% 285.04 3,420 0.57 797 9,560 Inter. Collect. 46‐19 498 S 1 1 $476,000 $10,548,000 $956 0.0759% 284.46 3,414 0.57 793 9,520 Inter. Collect. 47‐01 870 SE 3 2 $975,000 $1,121 0.1325% 496.96 5,963 0.57 1,625 19,500 Inter. Collect. 47‐02 673 E 2 1 $699,000 Sold $1,039 0.1025% 384.43 4,613 0.57 1,165 13,980 Inter. Collect. 47‐03 479 E 1C 1 $499,000 $1,042 0.0730% 273.61 3,283 0.57 832 9,980 Inter. Collect. 47‐04 477 E 1C 1 $492,030 Sold $1,032 0.0727% 272.47 3,270 0.57 820 9,841 Inter. Collect. 47‐05 523 E 1 1 $650,000 $1,243 0.0797% 298.74 3,585 0.57 1,083 13,000 Inter. Collect. 47‐06 503 E 1 1 $560,000 $1,113 0.0766% 287.32 3,448 0.57 933 11,200 Inter. Collect. 47‐07 675 NE 2 1 $843,000 $1,249 0.1028% 385.57 4,627 0.57 1,405 16,860 Inter. Collect. 47‐08 496 N 1 1 $541,000 $1,091 0.0756% 283.32 3,400 0.57 902 10,820 Inter. Collect. 47‐09 490 N 1 1 $535,000 Sold $1,092 0.0746% 279.89 3,359 0.57 892 10,700 Inter. Collect. 47‐10 841 NW 3 2 $899,000 $1,069 0.1281% 480.39 5,765 0.57 1,498 17,980 Inter. Collect. 47‐11 605 W 2 1 $565,000 $934 0.0922% 345.58 4,147 0.57 942 11,300 Inter. Collect. 47‐12 454 W 1C 1 $410,000 Sold $903 0.0692% 259.33 3,112 0.57 683 8,200 Inter. Collect. 47‐13 455 W 1C 1 $389,000 Sold $855 0.0693% 259.90 3,119 0.57 648 7,780 Inter. Collect. 47‐14 329 W S 1 $305,000 Sold $927 0.0501% 187.93 2,255 0.57 508 6,100 Inter. Collect. 47‐15 305 W S 1 $259,000 Sold $849 0.0465% 174.22 2,091 0.57 432 5,180 Inter. Collect. 47‐16 318 W S 1 $295,000 Sold $928 0.0484% 181.65 2,180 0.57 492 5,900 Inter. Collect. 47‐17 648 SW 2 1 $663,000 $1,023 0.0987% 370.15 4,442 0.57 1,105 13,260 Inter. Collect. 47‐18 501 S 1 1 $478,000 $954 0.0763% 286.18 3,434 0.57 797 9,560 Inter. Collect. 47‐19 498 S 1 1 $476,000 Sold $10,533,030 $956 0.0759% 284.46 3,414 0.57 793 9,520 Signature T 48‐01 2,219 SE 3 3 $2,496,000 $1,125 0.3380% 1,267.52 15,210 0.57 4,160 49,920 Signature T 48‐02 1,567 E 2 2 $1,721,000 $1,098 0.2387% 895.09 10,741 0.57 2,868 34,420 Signature T 48‐03 2,565 NE 3 3.5 $2,525,000 Sold $984 0.3907% 1,465.16 17,582 0.57 4,208 50,500 Signature T 48‐04 2,559 NW 3 3.5 $2,308,000 $902 0.3898% 1,461.74 17,541 0.57 3,847 46,160 Signature T 48‐05 1,685 SW 2 2 $1,318,000 $10,368,000 $782 0.2567% 962.49 11,550 0.57 2,197 26,360 Signature T 49‐01 2,222 SE 3 3 $2,496,000 $1,123 0.3385% 1,269.24 15,231 0.57 4,160 49,920

Page 5 of 8


Signature T 49‐02 1,567 E 2 2 $1,721,000 $1,098 0.2387% 895.09 10,741 0.57 2,868 34,420 Signature T 49‐03 2,574 NE 3 3.5 $2,525,000 Sold $981 0.3921% 1,470.30 17,644 0.57 4,208 50,500 Signature T 49‐04 2,559 NW 3 3.5 $2,308,000 $902 0.3898% 1,461.74 17,541 0.57 3,847 46,160 Signature T 49‐05 1,691 SW 2 2 $1,318,000 $10,368,000 $779 0.2576% 965.92 11,591 0.57 2,197 26,360 Signature T 50‐01 2,225 SE 3 3 $2,558,000 $1,150 0.3389% 1,270.95 15,251 0.57 4,263 51,160 Signature T 50‐02 1,567 E 2 2 $1,764,000 $1,126 0.2387% 895.09 10,741 0.57 2,940 35,280 Signature T 50‐03 2,583 NE 3 3.5 $3,003,000 $1,163 0.3935% 1,475.44 17,705 0.57 5,005 60,060 Signature T 50‐04 2,559 NW 3 3.5 $2,366,000 $925 0.3898% 1,461.74 17,541 0.57 3,943 47,320 Signature T 50‐05 1,697 SW 2 2 $1,351,000 $11,042,000 $796 0.2585% 969.35 11,632 0.57 2,252 27,020 Signature T 51‐01 2,229 SE 3 3 $2,558,000 $1,148 0.3395% 1,273.24 15,279 0.57 4,263 51,160 Signature T 51‐02 1,567 E 2 2 $1,764,000 $1,126 0.2387% 895.09 10,741 0.57 2,940 35,280 Signature T 51‐03 2,593 NE 3 3.5 $3,003,000 $1,158 0.3950% 1,481.16 17,774 0.57 5,005 60,060 Signature T 51‐04 2,559 NW 3 3.5 $2,366,000 $925 0.3898% 1,461.74 17,541 0.57 3,943 47,320 Signature T 51‐05 1,703 SW 2 2 $1,351,000 $11,042,000 $793 0.2594% 972.78 11,673 0.57 2,252 27,020 Signature T 52‐01 2,233 SE 3 3 $2,621,000 $1,174 0.3401% 1,275.52 15,306 0.57 4,368 52,420 Signature T 52‐02 1,567 E 2 2 $1,807,000 $1,153 0.2387% 895.09 10,741 0.57 3,012 36,140 Signature T 52‐03 2,603 NE 3 3.5 $3,076,000 $1,182 0.3965% 1,486.87 17,842 0.57 5,127 61,520 Signature T 52‐04 2,559 NW 3 3.5 $2,423,000 $947 0.3898% 1,461.74 17,541 0.57 4,038 48,460 Signature T 52‐05 1,709 SW 2 2 $1,384,000 $11,311,000 $810 0.2603% 976.20 11,714 0.57 2,307 27,680 Signature T 53‐01 2,230 SE 3 3 $2,621,000 $1,175 0.3397% 1,273.81 15,286 0.57 4,368 52,420 Signature T 53‐02 1,567 E 2 2 $1,807,000 $1,153 0.2387% 895.09 10,741 0.57 3,012 36,140 Signature T 53‐03 2,613 NE 3 3.5 $3,076,000 $1,177 0.3980% 1,492.58 17,911 0.57 5,127 61,520 Signature T 53‐04 2,559 NW 3 3.5 $2,423,000 $947 0.3898% 1,461.74 17,541 0.57 4,038 48,460 Signature T 53‐05 1,715 SW 2 2 $1,384,000 $11,311,000 $807 0.2612% 979.63 11,756 0.57 2,307 27,680 Signature T 54‐01 2,235 SE 3 3 $2,683,000 $1,200 0.3404% 1,276.66 15,320 0.57 4,472 53,660 Signature T 54‐02 1,567 E 2 2 $1,850,000 $1,181 0.2387% 895.09 10,741 0.57 3,083 37,000 Signature T 54‐03 2,645 NE 3 3.5 $3,149,000 $1,191 0.4029% 1,510.86 18,130 0.57 5,248 62,980 Signature T 54‐04 2,559 NW 3 3.5 $2,481,000 $970 0.3898% 1,461.74 17,541 0.57 4,135 49,620 Signature T 54‐05 1,721 SW 2 2 $1,417,000 $11,580,000 $823 0.2621% 983.06 11,797 0.57 2,362 28,340 Signature T 55‐01 2,239 SE 3 3 $2,683,000 $1,198 0.3411% 1,278.95 15,347 0.57 4,472 53,660 Signature T 55‐02 1,567 E 2 2 $1,850,000 $1,181 0.2387% 895.09 10,741 0.57 3,083 37,000 Signature T 55‐03 2,634 NE 3 3.5 $3,149,000 $1,196 0.4012% 1,504.58 18,055 0.57 5,248 62,980 Signature T 55‐04 2,559 NW 3 3.5 $2,481,000 $970 0.3898% 1,461.74 17,541 0.57 4,135 49,620 Signature T 55‐05 1,727 SW 2 2 $1,417,000 $11,580,000 $820 0.2631% 986.49 11,838 0.57 2,362 28,340 Signature T 56‐01 2,245 SE 3 3 $2,746,000 $1,223 0.3420% 1,282.37 15,388 0.57 4,577 54,920 Signature T 56‐02 1,567 E 2 2 $1,893,000 $1,208 0.2387% 895.09 10,741 0.57 3,155 37,860 Signature T 56‐03 2,645 NE 3 3.5 $3,223,000 $1,219 0.4029% 1,510.86 18,130 0.57 5,372 64,460 Signature T 56‐04 2,559 NW 3 3.5 $2,539,000 $992 0.3898% 1,461.74 17,541 0.57 4,232 50,780 Signature T 56‐05 1,733 SW 2 2 $1,450,000 $11,851,000 $837 0.2640% 989.91 11,879 0.57 2,417 29,000 Signature T 57‐01 2,249 SE 3 3 $2,746,000 $1,221 0.3426% 1,284.66 15,416 0.57 4,577 54,920 Signature T 57‐02 1,567 E 2 2 $1,893,000 $1,208 0.2387% 895.09 10,741 0.57 3,155 37,860 Signature T 57‐03 2,657 NE 3 3.5 $3,223,000 $1,213 0.4047% 1,517.71 18,213 0.57 5,372 64,460 Signature T 57‐04 2,559 NW 3 3.5 $2,539,000 $992 0.3898% 1,461.74 17,541 0.57 4,232 50,780 Signature T 57‐05 1,739 SW 2 2 $1,450,000 $11,851,000 $834 0.2649% 993.34 11,920 0.57 2,417 29,000 Signature T 58‐01 2,254 SE 3 3 $2,808,000 $1,246 0.3433% 1,287.52 15,450 0.57 4,680 56,160 Signature T 58‐02 1,567 E 2 2 $1,936,000 $1,235 0.2387% 895.09 10,741 0.57 3,227 38,720 Signature T 58‐03 2,669 NE 3 3.5 $3,296,000 $1,235 0.4066% 1,524.57 18,295 0.57 5,493 65,920 Signature T 58‐04 2,559 NW 3 3.5 $2,596,000 $1,014 0.3898% 1,461.74 17,541 0.57 4,327 51,920 Signature T 58‐05 1,745 SW 2 2 $1,483,000 $12,119,000 $850 0.2658% 996.77 11,961 0.57 2,472 29,660 Signature T 59‐01 2,261 SE 3 3 $2,808,000 $1,242 0.3444% 1,291.51 15,498 0.57 4,680 56,160 Signature T 59‐02 1,567 E 2 2 $1,936,000 $1,235 0.2387% 895.09 10,741 0.57 3,227 38,720 Signature T 59‐03 2,680 NE 3 3.5 $3,296,000 $1,230 0.4082% 1,530.85 18,370 0.57 5,493 65,920 Signature T 59‐04 2,559 NW 3 3.5 $2,596,000 $1,014 0.3898% 1,461.74 17,541 0.57 4,327 51,920 Signature T 59‐05 1,751 SW 2 2 $1,483,000 $12,119,000 $847 0.2667% 1,000.19 12,002 0.57 2,472 29,660 Signature T 60‐01 2,267 SE 3 3 $2,870,000 $1,266 0.3453% 1,294.94 15,539 0.57 4,783 57,400 Signature T 60‐02 1,567 E 2 2 $1,979,000 $1,263 0.2387% 895.09 10,741 0.57 3,298 39,580 Signature T 60‐03 2,693 NE 3 3.5 $3,369,000 $1,251 0.4102% 1,538.28 18,459 0.57 5,615 67,380 Signature T 60‐04 2,559 NW 3 3.5 $2,654,000 $1,037 0.3898% 1,461.74 17,541 0.57 4,423 53,080 Signature T 60‐05 1,757 SW 2 2 $1,516,000 $12,388,000 $863 0.2676% 1,003.62 12,043 0.57 2,527 30,320 Signature T 61‐01 2,274 SE 3 3 $2,933,000 $1,290 0.3464% 1,298.94 15,587 0.57 4,888 58,660 Signature T 61‐02 1,567 E 2 2 $2,022,000 $1,290 0.2387% 895.09 10,741 0.57 3,370 40,440 Signature T 61‐03 2,705 NE 3 3.5 $3,442,000 $1,272 0.4120% 1,545.13 18,542 0.57 5,737 68,840 Signature T 61‐04 2,559 NW 3 3.5 $2,712,000 $1,060 0.3898% 1,461.74 17,541 0.57 4,520 54,240 Signature T 61‐05 1,763 SW 2 2 $1,549,000 $12,658,000 $879 0.2685% 1,007.05 12,085 0.57 2,582 30,980 Signature T 62‐01 2,734 SE 3 3.5 $3,055,000 $1,117 0.4165% 1,561.70 18,740 0.57 5,092 61,100 Signature T 62‐02 3,112 NE 3+ 3.5 $3,170,000 Sold $1,019 0.4740% 1,777.62 21,331 0.57 5,283 63,400 Signature T 62‐03 2,791 NW 3+ 3.5 $3,272,000 $1,172 0.4251% 1,594.26 19,131 0.57 5,453 65,440 Signature T 62‐04 1,728 SW 2 2 $1,720,000 $11,217,000 $995 0.2632% 987.06 11,845 0.57 2,867 34,400 Signature T 63‐01 2,737 SE 3 3.5 $3,055,000 $1,116 0.4169% 1,563.41 18,761 0.57 5,092 61,100 Signature T 63‐02 3,119 NE 3+ 3.5 $3,065,000 Sold $983 0.4751% 1,781.62 21,379 0.57 5,108 61,300 Signature T 63‐03 2,791 NW 3+ 3.5 $3,272,000 $1,172 0.4251% 1,594.26 19,131 0.57 5,453 65,440

Page 6 of 8


Signature T 63‐04 1,732 SW 2 2 $1,720,000 $11,112,000 $993 0.2638% 989.34 11,872 0.57 2,867 34,400 Signature T 64‐01 2,741 SE 3 3.5 $3,153,000 $1,150 0.4175% 1,565.70 18,788 0.57 5,255 63,060 Signature T 64‐02 3,127 NE 3+ 3.5 $3,962,000 $1,267 0.4763% 1,786.18 21,434 0.57 6,603 79,240 Signature T 64‐03 2,791 NW 3+ 3.5 $3,377,000 $1,210 0.4251% 1,594.26 19,131 0.57 5,628 67,540 Signature T 64‐04 1,735 SW 2 2 $1,775,000 $12,267,000 $1,023 0.2643% 991.06 11,893 0.57 2,958 35,500 Signature T 65‐01 2,745 SE 3 3.5 $3,153,000 $1,149 0.4181% 1,567.98 18,816 0.57 5,255 63,060 Signature T 65‐02 3,134 NE 3+ 3.5 $3,962,000 $1,264 0.4774% 1,790.18 21,482 0.57 6,603 79,240 Signature T 65‐03 2,791 NW 3+ 3.5 $3,377,000 $1,210 0.4251% 1,594.26 19,131 0.57 5,628 67,540 Signature T 65‐04 1,739 SW 2 2 $1,775,000 $12,267,000 $1,021 0.2649% 993.34 11,920 0.57 2,958 35,500 Signature T 66‐01 2,748 SE 3 3.5 $3,250,000 $1,183 0.4186% 1,569.69 18,836 0.57 5,417 65,000 Signature T 66‐02 3,142 NE 3+ 3.5 $4,085,000 $1,300 0.4786% 1,794.75 21,537 0.57 6,808 81,700 Signature T 66‐03 2,791 NW 3+ 3.5 $3,481,000 $1,247 0.4251% 1,594.26 19,131 0.57 5,802 69,620 Signature T 66‐04 1,742 SW 2 2 $1,829,000 $12,645,000 $1,050 0.2653% 995.05 11,941 0.57 3,048 36,580 Signature T 67‐01 2,752 SE 3 3.5 $3,250,000 $1,181 0.4192% 1,571.98 18,864 0.57 5,417 65,000 Signature T 67‐02 3,149 NE 3+ 3.5 $4,085,000 $1,297 0.4797% 1,798.75 21,585 0.57 6,808 81,700 Signature T 67‐03 2,791 NW 3+ 3.5 $3,481,000 $1,247 0.4251% 1,594.26 19,131 0.57 5,802 69,620 Signature T 67‐04 1,745 SW 2 2 $1,829,000 $12,645,000 $1,048 0.2658% 996.77 11,961 0.57 3,048 36,580 Signature T 68‐01 3,610 E/SE/W 4 3.5 $4,857,000 $1,345 0.5499% 2,062.08 24,745 0.57 8,095 97,140 Signature T 68‐02 4,075 N/E 3+ 4.5 $6,028,000 $1,479 0.6207% 2,327.70 27,932 0.57 10,047 120,560 Signature T 68‐03 3,119 N/W 3+ 3.5 $4,550,000 $15,435,000 $1,459 0.4751% 1,781.62 21,379 0.57 7,583 91,000 Signature T 69‐01 3,622 E/SE/W 4 3.5 $4,952,000 $1,367 0.5517% 2,068.94 24,827 0.57 8,253 99,040 Signature T 69‐02 4,079 N/E 3+ 4.5 $6,147,000 $1,507 0.6213% 2,329.98 27,960 0.57 10,245 122,940 Signature T 69‐03 3,119 N/W 3+ 3.5 $4,550,000 $15,649,000 $1,459 0.4751% 1,781.62 21,379 0.57 7,583 91,000 Signature T 70‐01 3,633 E/SE/W 4 3.5 $4,952,000 $1,363 0.5534% 2,075.22 24,903 0.57 8,253 99,040 Signature T 70‐02 4,089 N/E 3+ 4.5 $6,147,000 $1,503 0.6229% 2,335.69 28,028 0.57 10,245 122,940 Signature T 70‐03 3,120 N/W 3+ 3.5 $4,550,000 $15,649,000 $1,458 0.4752% 1,782.19 21,386 0.57 7,583 91,000 Signature T 71‐PH1 5,488 S/E/W PH PH $8,192,000 $1,493 0.8360% 3,134.82 37,618 0.57 13,653 163,840 Signature T 71‐PH2 5,491 N/E/W PH PH $8,548,000 $16,740,000 $1,557 0.8364% 3,136.53 37,638 0.57 14,247 170,960

Total 656,497 $615,218,962 100% $375,000 $4,500,000 $1,025,365 $12,304,379

Page 7 of 8


656,497

Floors # of Units Total SF Gross Sales Avg $/Unit Avg. $/SF Avg. SF Total SF Sold Gross Sold Avg $/Unit Avg $/SF Avg. SF3‐40: Sig. Base 212 329,851 244,433,100 1,152,986 $741 1,556 82,006 57,368,600 1,082,426 700 1,547 41‐47: Int. Coll. 133 70,653 73,571,862 553,172 $1,041 531 15,851 15,710,862 424,618 991 428 48‐71: Sig. Tower 105 255,993 297,214,000 2,830,610 $1,161 2,438 11,370 11,285,000 2,821,250 993 2,843

450 656,497 615,218,962 1,367,153 937 1,459 109,227 84,364,462 897,494 772 1,162

BR Type # of Units Total SF Gross Sales Avg. $/Unit Avg. $/SF Avg. SF # of Units Total SF Gross Sales Avg. $/Unit Avg. $/SF Avg. SF1 67 71,170 43,909,500 655,366 617 1,062 18 20,416 11,875,000 659,722 582 1,134 2 69 104,418 76,648,600 1,110,849 734 1,513 17 25,459 18,458,600 1,085,800 725 1,498 2+ 26 54,026 46,905,000 1,804,038 868 2,078 8 16,362 13,895,000 1,736,875 849 2,045 3 46 89,550 67,040,000 1,457,391 749 1,947 8 15,196 9,940,000 1,242,500 654 1,900 3+ 4 10,687 9,930,000 2,482,500 929 2,672 2 4,573 3,200,000 1,600,000 700 2,287

Total 212 329,851 244,433,100 1,152,986 741 1,556 53 82,006 57,368,600 1,082,426 700 1,547

BR Type # of Units Total SF Gross Sales Avg. $/Unit Avg. $/SF Avg. SF # of Units Total SF Gross Sales Avg. $/Unit Avg. $/SF Avg. SFS 21 6,664 6,361,171 302,913 955 317 16 5,100 4,769,171 298,073 935 319 1C 28 13,055 12,623,798 450,850 967 466 10 4,637 4,349,798 434,980 938 464 1 42 21,002 22,357,893 532,331 1,065 500 7 3,572 3,833,893 547,699 1,073 510 2 28 17,955 19,111,000 682,536 1,064 641 4 2,542 2,758,000 689,500 1,085 636 3 14 11,977 13,118,000 937,000 1,095 856 ‐ ‐ ‐ ‐ ‐ ‐

Total 133 70,653 73,571,862 553,172 1,041 531 37 15,851 15,710,862 424,618 991 428

BR Type # of Units Total SF Gross Sales Avg. $/Unit Avg. $/SF Avg. SF # of Units Total SF Gross Sales Avg. $/Unit Avg. $/SF Avg. SF1 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2 34 56,495 56,462,000 1,660,647 999 1,662 ‐ ‐ ‐ ‐ ‐ ‐ 2+ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 3 48 120,524 134,690,000 2,806,042 1,118 2,511 2 5,139 5,050,000 2,525,000 983 2,570 3+ 18 57,130 74,561,000 4,142,278 1,305 3,174 2 6,231 6,235,000 3,117,500 1,001 3,116 4 3 10,865 14,761,000 4,920,333 1,359 3,622 ‐ ‐ ‐ ‐ ‐ ‐ PH 2 10,979 16,740,000 8,370,000 1,525 5,490 ‐ ‐ ‐ ‐ ‐ ‐

Total 105 255,993 297,214,000 2,830,610 1,161 2,438 4 11,370 11,285,000 2,821,250 993 ‐

UNIT MIX: SIGNATURE TOWER SOLD UNITS: SIGNATURE TOWER

1000M UNIT PROGRAM SNAP SHOT SOLD UNITS SNAP SHOT

UNIT MIX: SIGNATURE BASE SOLD UNITS: SIGNATURE BASE

UNIT MIX: INTERNATIONAL COLLECTION SOLD UNITS: INTERNATIONAL COLLECTION

Page 8 of 8

Addenda

Addendum

LEGAL DESCRIPTION

Addenda

Addendum

CLIENT CONTRACT INFORMATION

Name: Name:

ATTENTION: ATTENTION:

Address:

City / State:

Property Name: Loan Term:

Site Name: # of Buildings

Site Address # of Stories:

# Tenants/Units

Property Type Size (area - sf)

Year Built Parking Garage:

CLIENT CONSULTANT

Condo

1000M

1000M

1000 South Michigan AvenueChicago, IL,

N/A

N/A

N/A

421

654,000

GOLDMAN SACHS and its Affilates

TASK ORDER AUTHORIZATION FORM – APPRAISAL SERVICES

ATTENTION: ALL PROPERTY INFORMATION IS TO BE OBTAINED FROM GS THROUGH GS WEBSITE. PLEASE SUBMIT ANY REQUEST FOR PROPERTY INFORMATION AND NAMES AND EMAIL ADDRESSES FOR THOSE REQUIRING INFORMATION TO THE ANKURA CONSULTING GROUP, LLC (“ANKURA”) CONTACT LISTED BELOW. THE INFORMATION WILL BE UPLOADED TO THAT SITE AND YOU WILL BE GIVEN ACCESS AND ASKED TO CREATE A PASSWORD.

ALL DRAFT AND FINAL APPRAISAL REPORTS ARE TO BE UPLOADED TO THE WEBSITE WITH NO EXCEPTIONS. DO NOT EMAIL THE REPORT TO ANYONE (INCLUDING GS CONTACT/THE CLIENT, THE ADDRESSEE OF THE REPORT OR ANYONE ELSE INVOLVED).

PLEASE CONTACT THE BELOW A&M CONTACT IMMEDIATELY TO OBTAIN THE NECESSARY PROPERTY INFORMATION.

Because GS is subject to bank regulation by the Federal Reserve, there are some legal restrictions on what may be communicated to the appraiser in order to maintain the independence of the appraisal on a real-estate secured loan. Federal regulations state that in order to maintain independence of the appraisal, no information may be provided to an appraiser (by anyone) that may unduly influence the valuation or in any way suggest the property’s value, such as providing the expected value estimate, the loan amount or a target loan-to-value ratio. In order to manage compliance with this regulation, we have instructed the borrower not to communicate with the appraiser regarding any information about the proposed loan, the property or market data that could influence the appraisal. Instead, if the borrower wants certain information to be made available to the appraiser, we have instructed the borrower that such information should be provided to the GS Contact who will determine whether such information may be permissibly shared with the appraiser. Please assist us in complying with this regulation by limiting any communications with the borrower. If you are contacted by the borrower or mortgage broker, please remind them of the restrictions on communications and request that they contact the Loan Officer at GS with any proposed communication.

Signing of this Authorization by Client and Consultant authorizes Consultant to complete the services as described below under the terms and condition of the contract identified above.

PROJECT NAME: The services described below are to be provided by Consultant in connection with the Project Property identified as follows (Project Name information to be included on all correspondence):

Dallas, TX 75201

100 Crescent Court

Goldman Sachs CBRE

Adrian Do Mark Godfrey

Under Construction / N/A N/A

PLEASE ADDRESS THE REPORTS TO THE FOLLOWING ENTITY:

GOLDMAN SACHS MORTGAGE COMPANY

X GOLDMAN SACHS BANK USA

GOLDMAN SACHS BANK USA & GOLDMAN SACHS GROUP

AND SPECIFIED INTENDED USERS:_____________________________________________

Adrian Do - 100 Crescent Court - Dallas, TX 75201

EXISTING INFORMATION PROVIDED TO CONSULTANT (Describe):

Proposed Fee: Draft Due:

APPROVED FOR CLIENT: GS ACCEPTED FOR CONSULTANT

Signature: Signature:Name: Name:Title: Title:Date: Date:

On behalf of Goldman Sachs

1. CONTACT INFORMATION FOR A&M:

William Brown / Direct: 346-249-8482 / Cell: 713-732-8952 / [email protected]

2. CONTACT INFORMATION FOR GS:

Adrian Do - 100 Crescent Court - Dallas, TX 75201

3. CLOSER:

N/A

GOLDMAN SACHS and its Affilates

TASK ORDER AUTHORIZATION FORM – APPRAISAL SERVICES

SCOPE OF SERVICES: Consultant services will be reviewed as defined in the Master Services Agreement between the Consultant and The Goldman Sachs Group, Inc. (together with any amendments, modifications, extensions, or options thereto, collectively, the “Contract”) and as outlined in the GS Appraisal Scope of Work attached to the Task Order or Vendor contract.

1.CONDO SELLOUT – As-is & As-Complete 2.RENTAL FALLBACK - As-is & As-Complete & As-Stabilized

$7,500 09/17/19

8/26/2019

Scott Fowler - AnkuraSr. Managing Director - Ankura

Mark Godfrey (as Agent for CBRE, Inc.)Senior Managing [email protected]

Addenda

Addendum

QUALIFICATIONS

Jim O’Leary, MAI

Experience

Jim O'Leary is an integral part of the Multi-Family valuation group for CBRE Valuation and

Advisory group based in Chicago, Illinois. Mr. O'Leary has over 15 years of commercial real

estate valuation and consulting experience with a focus on multi-family and student housing

assets throughout the Midwest. Many of the valuations include signature Chicago assets

including; MILA, Jeffjack, Hubbard Place Apartments, One East Delaware, Xavier Chicago, Jones

Chicago, 1000 S Clark. Over the past 24 months Mr. O'Leary has provided valuations in excess

of $2 Billion dollars.

In addition to the valuation of these multi-family assets Mr. O'Leary has provided valuations for

various student housing developments at The University of Illinois, Purdue University, UIPUI,

DePaul, University of Indiana as well as many other campuses.

Assignments have been completed for mortgage loan underwriting, loan workouts, individual

and portfolio acquisitions and dispositions for both public and private sectors, asset securitization

and financial reporting purposes.

Consultation services include market studies, feasibility studies, property renovations and

conversions and proposed developments.

Client roster includes Lendlease, The John Buck Company, Golub, Gerding Edlen, Steadfast,

Bank of America, Wells Fargo, First Midwest Bank, TCF Bank, Morgan Stanley, Scion Group,

Opus Development, Busey Bank and Wintrust.

Professional Affiliations / Accreditations

• Certified General Appraiser Licensed in Illinois and Indiana

Education

• St. Xavier University, Chicago, IL

Bachelor of Science in Accounting

T + 1 312 861 7891 M+ 1 312 935 1880 [email protected] 321 North Clark Street Suite 3400 Chicago, IL 60654

• The John Buck Co • LendLease • Equity Residential • Steadfast • Scion Group • Hunt Mortgage Group • Opus Group • TGM • Golub • Gerding Edlen • Greystar • Walker & Dunlop • Manulife Financial • Bank of America • BMO Harris Bank • Antheus Capital • First Midwest Bank • Canada Life Assurance

Co • LNR Partners, LLC • The Private Bank • Wells Fargo

Clients Represented

John Konrath, MAI

Experience

John Konrath, MAI, is Managing Director, Valuation & Advisory Services in the Midwest Region, overseeing valuation operations in Chicago and St. Louis. Mr. Konrath is also the Multifamily valuation practice leader for the Midwest Region. He has over 15 years of experience in the appraisal of commercial real estate on behalf of financial institutions, government agencies, corporations, individual investors and legal firms. He has extensive experience in portfolio management for institutional clients across the United States and has completed assignments for a variety of asset types including multifamily, office, retail, residential, industrial, hospitality and mixed-use developments.

Included in recent appraisals are a wide variety of projects in the Midwest, including Class A high-rise residential and office properties in Chicago, existing and proposed retail projects, as well as a wide variety of industrial and apartment projects.

As the Multifamily valuation practice leader for the Midwest, Mr. Konrath oversees the valuation of a wide range of multifamily properties from proposed Class A residential towers to five unit walk-up apartment properties. Recent valuations include well know Chicago assets including MILA, Parc Huron, JeffJack, 1001 S. State, Luxe on Madison, Columbus Plaza, The Gateway, Madison at Racine, MDA City, Chestnut Place, Bel Harbor and many others.

Prior to joining the Chicago office of CBRE, John Konrath held leadership positions with Landauer Valuation & Advisory and Sovereign Bank.

Professional Affiliations / Accreditations • Designated Member of the Appraisal Institute (MAI) • Chicago Chapter of the Appraisal Institute – 2018 Regional Representative • State Certified General Real Estate Appraiser: Illinois (No. 553.001733) • State Certified General Real Estate Appraiser: Indiana (CG40801088) • State Certified General Real Estate Appraiser: Missouri (No. 2014012350) • State Certified General Real Estate Appraiser: Wisconsin (No. 1825-10)

Education

• Bachelor of Science Degree, Business & Communications

Arizona State University, Tempe, Arizona

T + 312 233 8658 M +312 420 8868 [email protected] 321 N. Clark Street Suite 3400 Chicago, IL 60654

• Wells Fargo • PNC Bank • Bank of America • Capital One • First Bank • MB Financial Bank • Wintrust Financial • Bancorp South • BB&T • U.S. Bank • Citibank • Northern Trust • Allstate Investments • Barclays • John Hancock • LendLease • John Buck Co. • ULLICO • Walker & Dunlop • Northmarq Capital • Fannie Mae • Bellwether Enterprise

Clients Represented:

JOHN PAUL KONRATH

JOHN PAUL KONRATH

CERTIFIED GENERAL REAL ESTATE APPRAISER

CERTIFIED GENERAL REALESTATE APPRAISER

553.001733 09/30/2019

553.001733

09/30/2019

BRYAN A. SCHNEIDER

SECRETARY

SECRETARY

BRYAN A. SCHNEIDER

KREG T. ALLISON

DIRECTOR

KREG T. ALLISON

DIRECTOR

LICENSE NO. EXPIRES:

The official status of this license can be verified at www.idfpr.com

EXPIRES:

LICENSE NO.

EXPIRES:

Division of Real Estate


Department of Financial and Professional Regulation




11909902

For future reference, IDFPR is now providing each person/businessa unique identification number, 'Access ID', which may be used inlieu of a social security number, date of birth or FEIN number whencontacting the IDFPR. Your Access ID is: 3374061

The person, firm, or corporation whose name appears on this certificate has complied with the provisionsof the Illinois Statutes and/or rules and regulations and is hereby authorized to engage in the activity asindicated below:

1875 N HOYNE AVECHICAGO, IL 60647

Michael D’Alessandro

Experience

Michael D’Alessandro, serves as an Executive Vice President and leads CBRE, Inc. Midwest Multifamily practice in Chicago, Illinois. Mr. D’Alessandro has more than 25 years of experience as an appraiser within the real estate valuation and advisory services sector always focused on multi-family. Prior to CBRE, Inc. Mr. D’Alessandro lead Colliers International’s multifamily practice and three years as a Managing Director at Butler Burgher Group (BBG) where he opened the Midwest office. Prior to that he spent 11 years at CBRE leading the Midwest Multifamily Practice and where he was consistently a top producer. Mr. D’Alessandro is a multifamily specialist with experience in affordable housing (LIHTC, Senior, Section 8, and Public Housing), CBD high-rise and mixed-use developments and conventional multifamily properties. He is also HUD MAP certified and completes HUD appraisals and market rent studies. Clients served include Fannie Mae and Freddie Mac lenders, HUD lenders, accountants, national and regional banks, CMBS and private-equity lenders, law firms, life companies, mortgage brokers, investments firms, REITS, pension funds, private corporations, municipalities, and government agencies.

Professional Affiliations / Accreditations • HUD Map Certification • Licensed in Illinois, Wisconsin, Indiana, Iowa, Michigan, Ohio, Minnesota, Missouri

Education

• Illinois State University

Accounting/Finance

T + 312 540 4608 M +630 632 8735 [email protected] 321 N. Clark Street 34th Floor Chicago, IL 60656

• Greystone • Berkadia • Walker Dunlop • Suntrust • HFF • Sabal • Wells Fargo • Hunt Mortgage • Capital One • PNC • M&T • New York Life • Principal • MetLife • Northmarq • JP Morgan

Clients Represented

MICHAEL S DALESSANDRO

CERTIFIED GENERAL REAL ESTATE APPRAISER

CERTIFIED GENERAL REALESTATE APPRAISER

553.001685 09/30/2019

553.001685

09/30/2019

BRYAN A. SCHNEIDER

SECRETARY

SECRETARY

BRYAN A. SCHNEIDER

KREG T. ALLISON

DIRECTOR

KREG T. ALLISON

DIRECTOR

LICENSE NO. EXPIRES:


EXPIRES:

LICENSE NO.

EXPIRES:







11907475

For future reference, IDFPR is now providing each person/businessa unique identification number, 'Access ID', which may be used inlieu of a social security number, date of birth or FEIN number whencontacting the IDFPR. Your Access ID is: 3161550

The person, firm, or corporation whose name appears on this certificate has complied with the provisionsof the Illinois Statutes and/or rules and regulations and is hereby authorized to engage in the activity asindicated below:

MICHAEL S DALESSANDRO

appraisal report · cbre, inc. file no. 19-164ch-2643-1 dear mr. do: at your request and...

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