serenity assisted living€¦ · serenity assisted living is located in the affluent anycity...

Broker’s Opinion of ValueSerenity Assisted Living

Presented to: First City HoldingsNovember 2019

I. Executive Summary 3

II. The Market 9

III. Valuation 16

IV. Marketing Process 23

V. Our Company 28

VI. Our Team 35

Contents

Executive Summary

4

The asset

Serenity Assisted Living150 Main Street

Anycity, California 99999

Care TypeAL

Year Built2012

# of Units120

Current Occupancy97.5%

Avg. Mkt. Rent per Unit$4,323

Year 1 Stabilized NOI$2,227,759

© 2019 Jones Lang LaSalle IP, Inc. All rights reserved. 5

JLL has provided a range of values below which is based on our knowledge of required returns by investors actively pursuing seniors housing investment opportunities nationwide. The indicative value range is $39,000,000 to $42,000,000 million.

$40,500,000$337.5K PPU

Base pricing Target pricing Stretch pricing

$42,000,000$350K PPU

$39,000,000$325K PPU

TradeRange

Intimate market expertise to drive maximum proceeds

Exceptional understanding of seniors housing underwriting

Full commitment of transaction leads supported by deep experience of dedicated team members

Exceptional current market intelligence through active listings

Value Per UnitCap Rate

T-6Cap Rate Year 1* LIRR

Cash Yield7 Yr. Avg.

UIRR

Stretch $42,000,000 $350,000 5.20% 5.27% 14.38% 9.12% 8.24%

Target $40,500,000 $337,500 5.39% 5.48% 16.07% 9.89% 9.00%

Base $39,000,000 $325,000 5.60% 5.72% 17.78% 10.71% 9.79%

Valuation overview and trade range

*Our proforma cap rate is inclusive of reassessed taxes.

© 2019 Jones Lang LaSalle IP, Inc. All rights reserved.

Strong Stabilized Cash FlowSerenity Assisted Living offers potential investors theopportunity to acquire a stabilized asset at a price belowcurrent replacement cost with new opportunities toenhance in-place high yields due to high demand andminimal new supply in the sub-market.

Highly Desirable LocationSerenity Assisted Living is located in the affluent Anycitysub-market with median household income out-pacingthe San Francisco MSA. The population of 65 and overresidents is projected to grow by 21% through 2024within a five mile radius of the property.

Proximity to Retail and Lifestyle DriversThere is over 1.3M SF of retail within a two mile radius ofSerenity Assisted Living including the popular outdoormall, The Streets of Anycity.

Unique Amenity OfferingSerenity Assisted Living stands out from the competitionwith features including well appointed common areas,large apartment floor plans with granite counters, in-unitwashers and dryers, private balconies or patios, and anoutdoor swimming pool.

Key investment drivers


Buyer Types

Institutional Investors REITs

PrivateEquity

Seniors Housing Operator

Cross Border

Our real-time experience with directly comparable assets in the national market provides us with exceptional insight into the most viable and aggressive foreign and domestic buyers for Serenity Assisted Living.

Buyer pool


$3.5 billion of seniors housing transactions by team in 2018

$11.2 billion of multifamily & seniors housing finance in the

U.S. in 2018

JLL completes $1.2 billion in capital markets transactions

every working day**

Active San Francisco market presence and knowledge of

market dynamics

Seniors housing track recordThe JLL team has extensive experience with this product type includingsales, finance, valuation, and property tax consulting. In 2018, JLL wasranked first in seniors housing loan originations, seniors housinginvestment sales, and seniors housing equity placements.* We knowhow to explain and sell the favorable investment drivers for these assets.

In-depth local market knowledgeJLL has extensive knowledge of the San Francisco market, with activebrokerage and leasing assignments underway in other product sectors.Our local market knowledge allows us to sell potential buyers on thefuture growth and desirability of this prime location.

Financing capabilityJLL has licenses for Fannie Mae, Freddie Mac, and HUD lending forseniors housing assets, and also places financing with debt funds, banksand insurance companies. Our investment sales teams work closely withdebt teams to ensure that buyers have access to widest array of potentialfinancing options.

Access to cross-border capitalWe are the only firm with a dedicated cross-border transaction teamreporting from and traveling to multiple locations every week. Our globalboots-on-the-ground approach allows us to track real-time investorpreferences and quickly identify emerging buyer groups. JLL has 3,700+capital markets employees in 224 offices across 47 countries.

Source: Mortgage Bankers Association, The SeniorCare Investor ; *Rankings for Holliday Fenoglio Fowler LP and its affiliates prior to being acquired by JLL on July 1, 2019.; **Based on combined 2018 year-end production volumes of Jones Lang LaSalle Americas, Inc. and its affiliates (“JLL”), Holliday Fenoglio Fowler LP and its affiliates prior to being acquired by JLL on July 1, 2019.; (1) Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

Our competitive advantages


The Market


The median housing value within a five-mile radius of the property is more than twice the national

median housing value

65+ population within a five-mile radius is forecast to increase 3.91%

per year through 2024, outpacing the national 65+ growth rate

Median household incomes within a five-mile radius are

significantly greater than national levels for every cohort

Demographics

Metric Five-Mile Radius San Francisco MSA USATotal Population2019 Population 146,690 4,679,805 332,417,793Forecasted 2024 Population 156,880 4,868,302 345,487,602Forecasted Annual Growth, 2019-2024 1.35% 0.79% 0.77%Adult Child (45-64) Population2019 Population 45-64 37,220 1,239,940 84,978,783Forecasted 2024 Population 45-64 35,481 1,226,635 83,059,723Forecasted Annual Growth, 2019-2024 -0.95% -0.22% -0.46%2019 Age 45-64 Pop. as % of Total Pop. 25.37% 26.50% 25.56%65 Plus Population2019 Population 65+ 17,037 757,295 54,574,009Forecasted 2024 Population 65+ 20,641 879,771 63,655,136Forecasted Annual Growth, 2019-2024 3.91% 3.04% 3.13%2019 Age 65+ Pop. as % of Total Pop. 11.61% 16.18% 16.42%75 Plus Population2019 Population 75+ 6,525 314,034 22,413,547Forecasted 2024 Population 75+ 8,100 382,249 27,167,030Forecasted Annual Growth, 2019-2024 4.42% 4.01% 3.92%2019 Age 75+ Pop. as % of Total Pop. 4.45% 6.71% 6.74%85 Plus Population2019 Population 85+ 1,679 98,906 6,716,109Forecasted 20294 Population 85+ 1,895 106,490 7,162,851Forecasted Annual Growth, 2019-2024 2.45% 1.49% 1.30%2019 Age 85+ Pop. as % of Total Pop. 1.14% 2.11% 2.02%Income LevelsMedian Household Income, All Ages $106,105 $105,595 $60,548Median Income Level Age 45 to 54 $130,892 $142,170 $80,226Median Income Level Age 55 to 64 $107,125 $118,042 $68,756Median Income Level Age 65 to 74 $84,289 $84,647 $54,015Median Income Level Age 75+ $45,433 $48,391 $33,128Housing ValuesMedian Housing Value $548,979 $864,218 $234,154Source: ESRI 2019


Rank Market Occup.1 San Jose, CA 95.5%2 Minneapolis, MN 93.4%3 New York, NY 93.1%4 Portland, OR 92.8%5 Boston, MA 92.7%6 Sacramento, CA 92.2%7 Baltimore, MD 91.8%8 Philadelphia, PA 91.7%9 Pittsburgh, PA 91.7%

10 San Francisco, CA 91.5%11 Los Angeles, CA 90.7%12 Seattle, WA 90.7%13 Cincinnati, OH 90.6%14 Washington, DC 90.6%15 San Diego, CA 90.4%16 St. Louis, MO 90.2%17 Denver, CO 89.8%18 Chicago, IL 89.5%19 Tampa, FL 89.5%20 Miami, FL 88.7%

Seniors housing stabilized occupancyRank Market AMR

1 San Francisco, CA $5,8182 San Jose, CA $5,5083 New York, NY $5,4914 Boston, MA $5,0785 Los Angeles, CA $4,8476 Washington, DC $4,6507 San Diego, CA $4,6048 Sacramento, CA $4,5149 Seattle, WA $4,481

10 Atlanta, GA $4,19411 Philadelphia, PA $4,15712 Baltimore, MD $4,10913 Cleveland, OH $4,02614 Denver, CO $4,01615 Chicago, IL $3,96016 Pittsburgh, PA $3,95117 Portland, OR $3,92718 Cincinnati, OH $3,90419 Miami, FL $3,89920 Riverside, CA $3,895

Average monthly rentRank Market Penetration %

1 New York, NY 4.7%2 Las Vegas, NV 6.0%3 Miami, FL 7.4%4 Riverside, CA 7.6%5 Los Angeles, CA 7.9%6 San Francisco, CA 8.7%7 Pittsburgh, PA 9.1%8 San Jose, CA 9.2%9 Cleveland, OH 9.6%

10 Boston, MA 10.0%11 Detroit, MI 11.0%12 Sacramento, CA 11.4%13 Houston, TX 11.5%14 Tampa, FL 11.5%15 San Antonio, TX 11.5%16 Baltimore, MD 11.8%17 Chicago, IL 11.9%18 San Diego, CA 12.1%19 Cincinnati, OH 12.1%20 St. Louis, MO 12.1%

Seniors housing penetration rate

San Francisco MSA market rankings

Source: NICMAP 3Q2019


San Francisco MSA seniors housing market – Majority AL

Source: NICMAP 3Q2019

82.0%

84.0%

86.0%

88.0%

90.0%

92.0%

94.0%

-200-150-100

-500

50100150200250300

4Q20

051Q

2006

2Q20

063Q

2006

4Q20

061Q

2007

2Q20

073Q

2007

4Q20

071Q

2008

2Q20

083Q

2008

4Q20

081Q

2009

2Q20

093Q

2009

4Q20

091Q

2010

2Q20

103Q

2010

4Q20

101Q

2011

2Q20

113Q

2011

4Q20

111Q

2012

2Q20

123Q

2012

4Q20

121Q

2013

2Q20

133Q

2013

4Q20

131Q

2014

2Q20

143Q

2014

4Q20

141Q

2015

2Q20

153Q

2015

4Q20

151Q

2016

2Q20

163Q

2016

4Q20

161Q

2017

2Q20

173Q

2017

4Q20

171Q

2018

2Q20

183Q

2018

4Q20

181Q

2019

2Q20

193Q

2019

Inventory Growth Absorption Occupancy

80.0%

82.0%

84.0%

86.0%

88.0%

90.0%

92.0%

94.0%

96.0%

98.0%

4Q20

052Q

2006

4Q20

062Q

2007

4Q20

072Q

2008

4Q20

082Q

2009

4Q20

092Q

2010

4Q20

102Q

2011

4Q20

112Q

2012

4Q20

122Q

2013

4Q20

132Q

2014

4Q20

142Q

2015

4Q20

152Q

2016

4Q20

162Q

2017

4Q20

172Q

2018

4Q20

182Q

2019

Occupancy Stabilized Occupancy Median Occupancy

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

4Q20

052Q

2006

4Q20

062Q

2007

4Q20

072Q

2008

4Q20

082Q

2009

4Q20

092Q

2010

4Q20

102Q

2011

4Q20

112Q

2012

4Q20

122Q

2013

4Q20

132Q

2014

4Q20

142Q

2015

4Q20

152Q

2016

4Q20

162Q

2017

4Q20

172Q

2018

4Q20

182Q

2019

Annual Rent Growth


Property Location Type # Units Year Built Buyer Sale Price PPU Sale Date Comments

The Meridian at Anaheim Hills Anaheim, CA IL/AL/MC 227 1989 Harrison Street Real Estate Capital $95,500,000 $420,704 Oct-19Sold by Pacifica, Pacifica to stay on board as operator

Peninsula Del Ray Daly City, CA IL/AL 207 2011 Senior Resource Group $74,250,000 $358,695 Aug-19 Sold by Walton Street Capital

Cypress Place Ventura, CA IL/AL/MC 76 2003 Meridian Senior Living $17,750,000 $206,395 Jun-19Sold by the Manhattan

Group, whose motivation was to redeploy capital

Bayside Park Emeryville, CA AL/MC 126 2010Kayne Anderson /

Watermark Communities

$54,300,000 $307,143 Apr-19 100% occupied, sold by Welltower, Inc.

Meridian at Whittier Place Whittier, CA AL/MC 91 2001 Kayne Anderson $28,000,000 $307,692 Feb-19 Sold by Bridge Investment Group as part of a portfolio

Meridian at Crown Cove Corona del Mar, CA AL/MC 80 1999 Kayne Anderson $56,000,000 $700,000 Feb-19 Sold by Bridge Investment Group as part of a portfolio

Raincross at Riverside Riverside, CA AL/MC 92 2006 Kayne Anderson $40,000,000 $434,782 Feb-19 Sold by Bridge Investment Group as part of a portfolio

Almond Heights Senior Living Orangevale, CA AL/MC 117 2015 MBK Senior Living $31,000,000 $264,957 Feb-19 Sold by developer and operated by Milestone

Aegis of Aptos Aptos, CA AL/MC 89 1999 Blue Moon Capital Partners $80,000,000 $898,876 Dec-18

Sold by Aegis Senior Communities as partof a portfolio with a

5.25% cap rate

Comparable sales


Source: Spring 2019 JLL Seniors Housing Investor Survey

JLL investor survey – product type desirability


Seniors-Only Apartments Freestanding Independent LivingA+ A B C A+ A B C

Min 4.00% 4.50% 5.30% 6.00% 5.00% 5.00% 5.50% 5.80%Max 7.00% 7.50% 9.00% 10.00% 7.00% 8.00% 9.00% 10.00%Avg 5.40% 5.80% 6.60% 7.50% 5.70% 6.20% 6.90% 7.60%

Independent and Assisted Living Freestanding Assisted LivingA+ A B C A+ A B C

Min 5.00% 5.30% 5.80% 6.30% 5.30% 5.30% 6.00% 6.50%Max 7.50% 8.00% 9.00% 10.00% 10.00% 11.00% 12.00% 13.00%Avg 6.00% 6.40% 7.10% 7.80% 6.40% 6.80% 7.40% 8.20%

Memory Care NursingA+ A B C A+ A B C

Min 5.80% 6.00% 6.30% 7.00% 8.00% 8.50% 9.50% 10.00%Max 11.00% 12.00% 13.00% 15.00% 12.00% 12.50% 13.00% 14.00%Avg 7.20% 7.70% 8.30% 9.00% 10.50% 11.10% 12.10% 13.10%

Rental CCRC Entry-Fee CCRCA+ A B C A+ A B C

Min 5.00% 5.50% 6.50% 7.50% 6.30% 6.50% 7.00% 7.80%Max 9.00% 9.50% 10.50% 11.50% 9.30% 10.00% 11.00% 12.00%Avg 6.90% 7.30% 8.00% 8.90% 7.70% 8.00% 8.60% 9.30%

Net Leased Seniors Housing Net Leased NursingA+ A B C A+ A B C

Min 5.00% 6.00% 7.00% 7.50% 7.00% 8.00% 9.00% 9.50%Max 10.00% 11.00% 12.00% 13.00% 10.00% 11.00% 12.00% 13.00%Avg 6.80% 7.20% 8.00% 8.80% 8.60% 9.20% 10.00% 11.10%

Likely stabilized cap rate range for the property

Source: Spring 2019 JLL Seniors Housing Investor Survey

JLL investor survey – cap rates


Valuation


Rent roll summary

Bed MixCare Other

Units % of Total Beds SF Total SF Occ Vac % Occ Rent PSF Rent LTL Rent PSF Fees Charges Monthly Annual26 22% 26 AL - STU 569 14,798 25 1 96% $3,795 $6.67 $3,701 -2.5% $3,701 $6.50 $594 $35 $98,670 $1,184,04066 55% 66 AL - 1BR 656 43,325 64 2 97% $4,087 $6.23 $3,909 -4.4% $3,909 $5.96 $495 $28 $269,770 $3,237,24028 23% 28 AL - 2BR 1,121 31,400 28 0 100% $5,370 $4.79 $5,281 -1.7% $5,281 $4.71 $597 $26 $150,360 $1,804,320120 100% 120 746 89,523 117 3 98% $4,323 $5.80 $4,193 $4,193 $5.62 $541 $29 $518,800 $6,225,600

120 100% 120 Assisted Living 746 89,523 117 3 98% $4,323 $5.80 $4,193 -3.0% $4,193 $5.62 $562 $29 $518,800 $6,225,600

Unit Status

Units Unit Status % of Total Market Rent LTL117 Occupied 97.5% $507,015 -3.2%3 Vacant 2.5% $11,785 -100.0%

120 100% $518,800 -5.4%

Unit TypeUnit Status Market Lease Effective Market

Lease Rent$490,587

$0$490,587

97%

3%

Occupied Vacant

100%

AL

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

AL

Effective Rent Summary

Cover Page

Valuation Analysis

regarding

Cortona Park

150 Cortona Way

Brentwood, CA 94513

Date Prepared:

1/23/20

JLL

2323 Victory Avenue

Suite 1200

Dallas, Texas 75219

Tel. 214-265-0880

Fax 214-265-9564

www.us.jll.com

One Pager

Cortona Park

One-Page Summary

Pricing Summary

ValuePer UnitCap RateT-3Cap RateYear 1LIRR7 YR Avg Cash YieldYr 1 Cash YieldUIRR

$42,000,000$350,0004.44%5.25%14.38%9.12%7.42%8.24%

$40,500,000$337,5004.60%5.48%16.07%9.89%8.07%9.00%

$39,000,000$325,0004.78%5.72%17.78%10.71%8.76%9.79%Debt ToggleHold Period

New7 Years

Unit SummaryProperty Description

Care Type# Units% of Total# BedsMarket RentEffective RentCity, StateBrentwood, CA 94513Acuity LevelUnitsUnit Mix

Independent Living00%0$0$0Year Built2007IL00%

Assisted Living120100%120$4,323$4,193Units120AL120100%

Memory Care00%0$0$0Avg. Unit Size746MC00%

Total120100%120$4,323$4,193Occupancy97.5%

Cash Flow Projection

Trailing-12Trailing-3Trailing-1Year 1Year 2Year 3Year 4Year 5Year 6Year 7

Effective Rental Income$5,651,137$5,777,377$5,791,562$6,015,185$6,332,959$6,586,278$6,849,729$7,123,718$7,408,667$7,705,013

Other Income$1,092,171$983,061$1,003,810$1,206,385$1,242,577$1,279,854$1,318,249$1,357,797$1,398,531$1,440,487

Total Operating Revenue$6,743,308$6,760,438$6,795,372$7,221,570$7,575,536$7,866,131$8,167,978$8,481,515$8,807,197$9,145,500

Total Operating Expenses$4,153,456$4,501,975$4,854,522$4,943,811$5,113,160$5,270,205$5,432,107$5,599,018$5,771,095$5,948,498

NOI$2,589,852$2,258,463$1,940,850$2,277,759$2,462,375$2,595,926$2,735,871$2,882,496$3,036,103$3,197,002

Profit Margin38.4%33.4%28.6%31.5%32.5%33.0%33.5%34.0%34.5%35.0%

Capital Reserves$60,000$60,000$60,000$60,000$61,800$63,654$65,564$67,531$69,556$71,643

CF from Operations$2,529,852$2,198,463$1,880,850$2,217,759$2,400,575$2,532,272$2,670,307$2,814,966$2,966,546$3,125,359

Debt Service$1,053,000$1,053,000$1,053,000$1,053,000$1,053,000$1,053,000$1,053,000$1,508,155$1,508,155$1,508,155

CF after Debt Service$1,476,852$1,145,463$827,850$1,164,759$1,347,575$1,479,272$1,617,307$1,306,811$1,458,391$1,617,204

DSCR2.402.091.792.112.282.402.541.871.972.07

Cap Rate6.25%5.43%4.64%5.48%5.93%6.25%6.59%6.95%7.32%7.72%

Historical & Projected Rental Income GrowthEffective Rent Growth AnalysisNew Debt Overview

T-12 Effective Rental Income Growth3.3%PeriodRent Per MonthRent GrowthGrowth %Original Loan Balance$26,325,000

T-12 Effective Rent / Mo.$470,928Current RR$4,193LTV65%

T-3 Effective Rent / Mo.$481,448Yr 1 Pro Forma$4,397$680,7024.0%Interest Rate4.00%

Yr 1 Pro Forma Effective Rent / Mo.$501,265Yr 2 Pro Forma$4,629$258,9854.0%Term7 Years

Yr 3 Pro Forma$4,815$269,3444.0%Amortization30 Years

T-12 Net Rental Income Growth1.4%Yr 4 Pro Forma$5,007$280,1184.0%Interest Only4 Years

T-12 NRI Monthly Collections$215,821Yr 5 Pro Forma$5,207$291,3234.0%Loan Constant5.73%

T-3 NRI Monthly Collections$188,205Yr 6 Pro Forma$5,416$302,9764.0%Total Equity Required$14,438,250

Yr 1 Pro Forma Monthly Collections$189,813Yr 7 Pro Forma$5,632$315,0954.0%

7-Year Rent GrowthAverageCumulative

T-12 Gross Income Growth3.1%Monthly Growth$342,649$2,398,543

Percentage Growth4.0%34.3%

AL1

Pricing Matrix-New

Cortona ParkHold PeriodHigh Value TargetRangeReversion

Executive Summary7 Years$42,000,000$1,500,0006.50%

Property Description

Address:150 Cortona WayLevel of Care:AL

City, State:Brentwood, CA 94513Average Unit Size:746

Year Built:2007Current Occupancy(4): 97.5%

Number of Units:120Avg. Market Rent/Month:$4,323

Total Land AreaAvg. Effective Rent/Month:$4,193

Total Building SFAvg. Most Recent 20 Leases Rent/Month:$4,367

Rentable SF:89,523Avg. Oldest 20 Leases Rent/Month:$4,303

Pricing Matrix

ValueCap RateCap Rate (1)Cap Rate (1)Cap Rate (1)Cap Rate (1)Cap RateCap Rate Levered Indices (2)UnleveredReversion Price

Value Per Unit2018In PlaceIn PlaceIn PlaceIn Place2020Yr 17 YR AvgYr 16.50%

Value Per SFActualT-12T-6T-3T-1BudgetPro FormaIRRCash YieldCash YieldIRRCap Rate (3)

$42,000,0005.15%5.22%5.20%4.44%3.67%5.27%5.25%14.38%9.12%7.42%8.24%$50,365,377

$350,000$419,711

$469$563

$40,500,0005.34%5.42%5.39%4.60%3.81%5.46%5.48%16.07%9.89%8.07%9.00%$50,641,988

$337,500$422,017

$452$566

$39,000,0005.54%5.63%5.60%4.78%3.96%5.67%5.72%17.78%10.71%8.76%9.79%$50,918,599

$325,000$424,322

$436$569

Pricing Matrix Footnotes:

(1) In Place cap rates are calculated on the 2018 Actual, T-12 and T-6 numbers adjusted for $500 per unit in replacement reserves.

(2) Analysis assumes a new 7-year loan with a LTV of 65% at an interest rate of 4.00%, 4 years of interest only and 30-year amortization.

(3) Sale price is derived by capitalizing the new Owner's 8th year NOI at 6.50%.

(4) Current occupancy as of September 30, 2019.

IL

AL

MC

IL / AL

IL / AL / MC

AL / MC

IL / MC

IL / AL / MC / SNF

Age Restricted

CCRC

Pricing Matrix-Existing

Cortona Park - Existing DebtHold PeriodHigh Value TargetRangeReversion



Address:150 Cortona WayLevel of Care:ALLoan Balance:$0

City, State:Brentwood, CA 94513Average Unit Size:746Interest Rate:4.50%

Year Built:2007Current Occupancy(4): 97.5%Loan Constant:ERROR:#DIV/0!

Number of Units:120Avg. Market Rent/Month:$4,323Loan To Value:0%

Total Land Area0.00 ACAvg. Effective Rent/Month:$4,193Equity Required:$29,000,000

Total Building SF0Avg. Most Recent 20 Leases Rent/Month:$4,367Debt Yield:ERROR:#DIV/0!


Pricing Matrix




$30,000,0007.21%7.31%7.27%6.21%5.14%7.37%7.62%ERROR:#VALUE!8.52%7.62%11.89%$41,154,022

$250,000$342,950

$335$460

$29,000,0007.46%7.56%7.53%6.43%5.32%7.63%8.03%ERROR:#VALUE!8.98%8.03%12.93%$41,939,105

$241,667$349,493

$324$468

$28,000,0007.72%7.83%7.79%6.66%5.51%7.90%8.23%ERROR:#VALUE!9.20%8.23%13.42%$41,496,493

$233,333$345,804

$313$464


(1) In Place cap rates are calculated on the 2018 Actual, T-12, T-6, T-3 and T-1 numbers adjusted for $500 per unit in replacement reserves.

(2) Analysis assumes an existing loan with an outstanding balance of $00,000,000, a blended interest rate of 4.50%, no interest only followed by 30-year amortization, and a maturity date of December 2025.



Pricing Matrix-Supplemental

Cortona Park - Supplemental DebtHold PeriodHigh Value TargetRangeReversion



Address:150 Cortona WayLevel of Care:ALLoan Balance:$21,750,000

City, State:Brentwood, CA 94513Average Unit Size:746Interest Rate:4.75%

Year Built:2007Current Occupancy(4): 97.5%Loan Constant:ERROR:#DIV/0!

Number of Units:120Avg. Market Rent/Month:$4,323Loan To Value:75%

Total Land Area0.00 ACAvg. Effective Rent/Month:$4,193Equity Required:$7,467,500

Total Building SF0Avg. Most Recent 20 Leases Rent/Month:$4,367Debt Yield:10.71%


Pricing Matrix




$30,000,0007.21%7.31%7.27%6.21%5.14%7.37%7.39%ERROR:#VALUE!13.90%10.48%11.32%$39,969,899

$250,000$333,082

$335$446

$29,000,0007.46%7.56%7.53%6.43%5.32%7.63%8.03%ERROR:#VALUE!16.65%12.97%12.93%$41,939,105

$241,667$349,493

$324$468

$28,000,0007.72%7.83%7.79%6.66%5.51%7.90%7.80%ERROR:#VALUE!15.66%12.04%12.37%$39,356,051

$233,333$327,967

$313$440


(1) In Place cap rates are calculated on the 2018 Actual, T-12, T-6, T-3 and T-1 numbers adjusted for $500 per unit in replacement reserves.

(2) Analysis assumes an existing loan with an outstanding balance of $21,750,000, a blended interest rate of 4.75%, no interest only followed by 30-year amortization, and a maturity date of December 2025.



(5) Both Interest Rate and Loan Constant are blended values of the Original Debt and Supplemental Debt.

(6) Loan to Value is based off of the Mid-Value Price.

(7) Equity Required is based off of the Mid-Value range and assumes a 1% loan assumption fee.


(1) In place cap rates are calculated on the T-3 and T-1 numbers and Pro Forma Other Income numbers adjusted for broker's projected expenses, 85% taxes,

$2068 per Unit for insurance, and $500 per Unit in replacement reserves.

(2) Analysis assumes an existing loan with an outstanding balance of $00,000,000, an interest rate of 4.50%, 0 months of interest only remaining followed by

30-year amortization, and a maturity date of December 2025. A second loan with an original loan balance of $21,750,000, an LTV of 75%, an interest rate of 4.75%,

no interest only followed by 30-year amortization, and a maturity date of December 2025 has been added starting October 2013. The Year 1 blended loan

constant is 0.00%.

0Blended Loan Constant (need to calculate)


Refinance Footnotes Hidden

Rent Roll Sum

Cortona Park

Rent Roll Summary

Bed Mix

Unit TypeUnit StatusMarket LeaseEffectiveCareOtherMarket

Units% of TotalBedsSFTotal SFOccVac% OccRentPSFRentLTLRentPSFFeesChargesMonthlyAnnualMarketLeaseEffectiveAcuity Level

00%0IL - STU00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0IL - STU

00%0IL - 1BR00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0IL - 1BR

00%0IL - 2BR00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0IL - 2BR

00%0IL - 3BR00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0IL - 3BR

00%0IL - VILLA00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0IL - VILLA

00%0IL - COTTAGE00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0IL - COTTAGE

00%0AL - COMPANION00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0AL - COMPANION

2622%26AL - STU56914,79825196%$3,795$6.67$3,701-2.5%$3,701$6.50$594$35$98,670$1,184,040$98,670$92,525$92,525AL - STU

6655%66AL - 1BR65643,32564297%$4,087$6.23$3,909-4.4%$3,909$5.96$495$28$269,770$3,237,240$269,770$250,205$250,205AL - 1BR

2823%28AL - 2BR1,12131,400280100%$5,370$4.79$5,281-1.7%$5,281$4.71$597$26$150,360$1,804,320$150,360$147,857$147,857AL - 2BR

00%0MC - COMPANION00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0MC - COMPANION

00%0MC - STU00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0MC - STU

00%0MC - 1BR00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0MC - 1BR

00%0MC - 2BR00000%$0$0.00$00.0%$0$0.00$0$0$0$0$0$0$0MC - 2BR

120100%12074689,523117398%$4,323$5.80$4,193$4,193$5.62$541$29$518,800$6,225,600$518,800$490,587$490,587

00%0Independent Living00000%$0$0.00$00.0%$0$0.00$0$0$0$0

120100%120Assisted Living74689,523117398%$4,323$5.80$4,193-3.0%$4,193$5.62$562$29$518,800$6,225,600

00%0Memory Care00000%$0$0.00$00.0%$0$0.00$0$0$0$0

Unit StatusChart ValuesAcuity LevelUnitsUnit MixMonthlyAnnualOccupancy

UnitsUnit Status% of TotalMarket Rent Lease RentLTLOccupied117IL00%$0$0Beds0.00%

117Occupied 97.5%$507,015$490,587-3.2%Vacant3AL120100%$518,800$6,225,600Beds0.00%

3Vacant 2.5%$11,785$0-100.0%MC00%$0$0

120100%$518,800$490,587-5.4%

Unit Status

OccupiedVacant1173

100%

AL1

Effective Rent Summary

MonthlyAL4193.0470085470088

Rent Roll Analysis

Cortona Park

Rent Roll Analysis

Unit TypeUnitsBedsAvg Sq FtOccupiedVacantOccupancy %Market RateCurrent RatePremium/DiscountCare FeesOther ChargesCare / Resident

IL - STU00- 0000.0%$0$0$0$0$0$0$0

IL - 1BR00- 0000.0%$0$0$0$0$0$0$0

IL - 2BR00- 0000.0%$0$0$0$0$0$0$0

IL - 3BR00- 0000.0%$0$0$0$0$0$0$0

IL - VILLA00- 0000.0%$0$0$0$0$0$0$0

IL - COTTAGE00- 0000.0%$0$0$0$0$0$0$0

AL - COMPANION00- 0000.0%$0$0$0$0$0$0$0

AL - STU262656925196.2%$3,795$3,701-$94$594$35$98,670$14,860

AL - 1BR666665664297.0%$4,087$3,909-$178$495$28$269,770$31,705

AL - 2BR28281,121280100.0%$5,370$5,281-$89$597$26$150,360$16,710

MC - COMPANION00- 0000.0%$0$0$0$0$0$0$0

MC - STU00- 0000.0%$0$0$0$0$0$0$0

MC - 1BR00- 0000.0%$0$0$0$0$0$0$0

MC - 2BR00- 0000.0%$0$0$0$0$0$0$0

Total / Average120120746117397.5%$4,323$4,193-$130$541$29$528,423$63,275

490,5874,193$4,404$541-$3,863

IL00- 0000.0%$0$0$0$0$0

AL120120746117397.5%$4,323$4,193-$130$541$29

MC00- 0000.0%$0$0$0$0$0

Property NameCortona ParkCurrent Market RentsCurrent Leased Rents

Rent Roll DateSeptember 30, 2019VLENMTVLENMTVacantModelOccupied EmployeeMTM

IDTypeIDLevel StyleSFPrivateCapacityMove-InStartMarket RentLease RentLoss to Lease% Loss CareOtherPRORATEDUPFRONT# mthsTotalVacantOccupiedEmployeeN/AModel/OfficeM-T-MVacantOccupiedEmployeeN/AModel/OfficeM-T-MUnitUnitSFSFSF

Unit IDUnit TypeBed IDof CareUnit StyleUnit SFPrIvate StatusUnit CapResidentVacantMove In DateLease StartSTART DATEMarket RentLease RentLTLto LeaseFeesChargesCONCCONCUpfrontRentsRentsRentsRentsRentsRentsRentsRentsRentsRentsModel RentsRentsCountCountCountCountCount

356AL - 2BR1ALTwo Bedroom923P1.01952824Occupied9/30/199/30/199/30/194,995.004,995.00$00.00%- 0$000FALSE4995FALSEFALSEFALSEFALSEFALSE4995FALSEFALSEFALSEFALSEFALSEFALSE923FALSEFALSE

202AL - STU1ALStudio597P1.01950137Occupied9/20/199/20/199/30/193,795.005,947.50$2,153-36.19%- 0$000FALSE3795FALSEFALSEFALSEFALSEFALSE5947.5FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE

257AL - 2BR1ALTwo Bedroom1195P1.01945139Occupied8/31/198/31/198/31/195,495.005,495.00$00.00%1,390.00$000FALSE5495FALSEFALSEFALSEFALSEFALSE5495FALSEFALSEFALSEFALSEFALSEFALSE1195FALSEFALSE

242AL - STU1ALStudio562P1.01935857Occupied7/31/197/31/197/31/193,795.003,795.00$00.00%- 0$000FALSE3795FALSEFALSEFALSEFALSEFALSE3795FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE

203AL - STU1ALStudio597P1.01926377Occupied1/18/196/30/196/30/193,795.003,795.00$00.00%1,390.0073.00$010FALSE3795FALSEFALSEFALSEFALSEFALSE3795FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE

123AL - 1BR1ALOne Bedroom639P1.01927832Occupied6/30/196/30/196/30/193,995.003,995.00$00.00%- 0$000FALSE3995FALSEFALSEFALSEFALSEFALSE3995FALSEFALSEFALSEFALSEFALSEFALSE639FALSEFALSE




166AL - 2BR1ALTwo Bedroom1089P1.01926304Occupied6/30/196/30/196/30/195,295.004,481.00-$81418.17%- 0-$8140-205FALSE5295FALSEFALSEFALSEFALSEFALSE4481FALSEFALSEFALSEFALSEFALSEFALSE1089FALSEFALSE

225AL - STU1ALStudio597P1.01924020Occupied2/5/146/23/196/30/193,795.003,795.00$00.00%- 0$060FALSE3795FALSEFALSEFALSEFALSEFALSE3795FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE


138AL - 1BR1ALOne Bedroom1089P1.01918233Occupied5/31/195/31/195/31/195,295.005,095.00-$2003.93%- 0-$2000-67FALSE5295FALSEFALSEFALSEFALSEFALSE5095FALSEFALSEFALSEFALSEFALSEFALSE1089FALSEFALSE


234AL - 1BR1ALOne Bedroom639P1.01918672Occupied5/31/195/31/195/31/193,995.003,995.00$00.00%1,680.0073.00$000FALSE3995FALSEFALSEFALSEFALSEFALSE3995FALSEFALSEFALSEFALSEFALSEFALSE639FALSEFALSE


360AL - STU1ALStudio533P1.01908093Occupied4/29/194/29/194/30/193,795.003,695.00-$1002.71%- 073.00-$500-21FALSE3795FALSEFALSEFALSEFALSEFALSE3695FALSEFALSEFALSEFALSEFALSEFALSE533FALSEFALSE

260AL - STU1ALStudio533P1.01904929Occupied4/20/194/20/194/30/193,795.003,745.00-$501.34%670.00$000FALSE3795FALSEFALSEFALSEFALSEFALSE3745FALSEFALSEFALSEFALSEFALSEFALSE533FALSEFALSE


124AL - STU1ALStudio597P1.01898967Occupied10/30/093/30/193/31/193,795.003,745.00-$501.34%1,680.00$0100FALSE3795FALSEFALSEFALSEFALSEFALSE3745FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE

209AL - 1BR1ALOne Bedroom640P1.01898007Occupied3/28/193/28/193/31/193,995.003,945.00-$501.27%670.00$010FALSE3995FALSEFALSEFALSEFALSEFALSE3945FALSEFALSEFALSEFALSEFALSEFALSE640FALSEFALSE

256AL - 2BR1ALTwo Bedroom923P1.01891972Occupied2/28/192/28/192/28/194,995.004,995.00$00.00%1,390.0073.00$010FALSE4995FALSEFALSEFALSEFALSEFALSE4995FALSEFALSEFALSEFALSEFALSEFALSE923FALSEFALSE

211AL - STU1ALStudio562P1.01882541Occupied1/31/191/31/191/31/193,795.003,245.00-$55016.95%- 0-$5001-332FALSE3795FALSEFALSEFALSEFALSEFALSE3245FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE

217AL - STU1ALStudio562P1.01882706Occupied1/31/191/31/191/31/193,795.003,245.00-$55016.95%1,680.0073.00-$5001-332FALSE3795FALSEFALSEFALSEFALSEFALSE3245FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE


336AL - STU1ALStudio570P1.01881496Occupied1/30/191/30/191/31/193,795.003,745.00-$501.34%- 0$010FALSE3795FALSEFALSEFALSEFALSEFALSE3745FALSEFALSEFALSEFALSEFALSEFALSE570FALSEFALSE


240AL - 1BR1ALOne Bedroom639P1.01873872Occupied12/31/1812/31/1812/31/183,995.003,945.00-$501.27%995.0073.00$010FALSE3995FALSEFALSEFALSEFALSEFALSE3945FALSEFALSEFALSEFALSEFALSEFALSE639FALSEFALSE

321AL - 1BR1ALOne Bedroom611P1.01873529Occupied12/29/1812/29/1812/31/183,995.003,445.00-$55015.97%- 073.00-$5001-377FALSE3995FALSEFALSEFALSEFALSEFALSE3445FALSEFALSEFALSEFALSEFALSEFALSE611FALSEFALSE

224AL - STU1ALStudio597P1.01869333Occupied12/13/1812/13/1812/31/183,795.003,745.00-$501.34%945.0073.00$010FALSE3795FALSEFALSEFALSEFALSEFALSE3745FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE

236AL - STU1ALStudio597P1.01853481Occupied10/31/1810/31/1810/31/183,795.003,595.00-$2005.56%1,320.0073.00$010FALSE3795FALSEFALSEFALSEFALSEFALSE3595FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE

251AL - 1BR1ALOne Bedroom871P1.01852733Occupied10/30/1810/30/1810/31/184,795.004,595.00-$2004.35%- 0$010FALSE4795FALSEFALSEFALSEFALSEFALSE4595FALSEFALSEFALSEFALSEFALSEFALSE871FALSEFALSE


216AL - 1BR1ALOne Bedroom640P1.01824287Occupied8/29/188/29/188/31/183,995.003,995.00$00.00%995.00$010FALSE3995FALSEFALSEFALSEFALSEFALSE3995FALSEFALSEFALSEFALSEFALSEFALSE640FALSEFALSE



212AL - 1BR1ALOne Bedroom639P1.01813951Occupied7/27/187/27/187/31/183,995.003,985.00-$100.25%1,680.0074.00$010FALSE3995FALSEFALSEFALSEFALSEFALSE3985FALSEFALSEFALSEFALSEFALSEFALSE639FALSEFALSE

143AL - 2BR1ALTwo Bedroom1089P1.01805468Occupied6/30/186/30/186/30/185,295.005,355.00$60-1.12%1,390.0072.00$010FALSE5295FALSEFALSEFALSEFALSEFALSE5355FALSEFALSEFALSEFALSEFALSEFALSE1089FALSEFALSE


226AL - 1BR1ALOne Bedroom639P1.01790995Occupied5/20/185/20/185/31/183,995.003,985.00-$100.25%- 072.00$010FALSE3995FALSEFALSEFALSEFALSEFALSE3985FALSEFALSEFALSEFALSEFALSEFALSE639FALSEFALSE






137AL - 2BR1ALTwo Bedroom1277P1.01761039Occupied2/28/182/28/182/28/185,495.005,549.00$54-0.97%- 0$020FALSE5495FALSEFALSEFALSEFALSEFALSE5549FALSEFALSEFALSEFALSEFALSEFALSE1277FALSEFALSE


250AL - 1BR1ALOne Bedroom877P1.01751310Occupied1/31/181/31/181/31/184,795.004,510.00-$2856.32%670.00-$2262-376FALSE4795FALSEFALSEFALSEFALSEFALSE4510FALSEFALSEFALSEFALSEFALSEFALSE877FALSEFALSE


207AL - 1BR1ALOne Bedroom640P1.01747094Occupied1/25/181/25/181/31/183,995.003,675.00-$3208.71%1,390.0072.00-$3002-504FALSE3995FALSEFALSEFALSEFALSEFALSE3675FALSEFALSEFALSEFALSEFALSEFALSE640FALSEFALSE


254AL - 1BR1ALOne Bedroom619P1.01722430Occupied11/27/1711/27/1711/30/173,995.003,675.00-$3208.71%670.0072.00-$3002-552FALSE3995FALSEFALSEFALSEFALSEFALSE3675FALSEFALSEFALSEFALSEFALSEFALSE619FALSEFALSE




117AL - STU1ALStudio562P1.01684704Occupied12/27/168/30/178/31/173,795.003,471.00-$3249.33%- 0-$3003-828FALSE3795FALSEFALSEFALSEFALSEFALSE3471FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE

109AL - 1BR1ALOne Bedroom640P1.01680631Occupied4/18/148/19/178/31/173,995.003,675.00-$3208.71%1,680.0073.00-$3005-1636FALSE3995FALSEFALSEFALSEFALSEFALSE3675FALSEFALSEFALSEFALSEFALSEFALSE640FALSEFALSE

200AL - 2BR1ALTwo Bedroom1089P1.01679811Occupied8/15/178/15/178/31/175,295.005,110.00-$1853.62%- 0$020FALSE5295FALSEFALSEFALSEFALSEFALSE5110FALSEFALSEFALSEFALSEFALSEFALSE1089FALSEFALSE

160AL - STU1ALStudio562P1.01671014Occupied7/27/177/27/177/31/173,795.003,471.00-$3249.33%1,390.0071.00-$3002-653FALSE3795FALSEFALSEFALSEFALSEFALSE3471FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE

142AL - STU1ALStudio562P1.01662045Occupied6/30/176/30/176/30/173,795.002,350.00-$1,44561.49%995.0073.00-$1,4212-3200FALSE3795FALSEFALSEFALSEFALSEFALSE2350FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE


253AL - 1BR1ALOne Bedroom640P1.01656043Occupied6/15/176/15/176/30/173,995.002,569.00-$1,42655.51%- 0-$1,4062-3224FALSE3995FALSEFALSEFALSEFALSEFALSE2569FALSEFALSEFALSEFALSEFALSEFALSE640FALSEFALSE







164AL - STU1ALStudio562P1.01577660Occupied12/31/1612/31/1612/31/163,795.003,771.00-$240.64%1,390.00$030FALSE3795FALSEFALSEFALSEFALSEFALSE3771FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE


125AL - STU1ALStudio597P1.01544583Occupied10/14/1610/14/1610/31/163,795.003,405.00-$39011.45%- 067.00$030FALSE3795FALSEFALSEFALSEFALSEFALSE3405FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE



264AL - STU1ALStudio533P1.01500812Occupied7/20/167/20/167/31/163,795.003,775.00-$200.53%670.00$030FALSE3795FALSEFALSEFALSEFALSEFALSE3775FALSEFALSEFALSEFALSEFALSEFALSE533FALSEFALSE









111AL - STU1ALStudio562P1.01324727Occupied8/14/158/14/158/31/153,795.003,690.00-$1052.85%670.0070.00$040FALSE3795FALSEFALSEFALSEFALSEFALSE3690FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE

330AL - 1BR1ALOne Bedroom848P1.01278575Occupied3/31/096/16/156/30/154,795.004,395.00-$4009.10%670.0073.00-$40011-4203FALSE4795FALSEFALSEFALSEFALSEFALSE4395FALSEFALSEFALSEFALSEFALSEFALSE848FALSEFALSE







141AL - STU1ALStudio562P1.01184170Occupied11/7/1411/7/1411/30/143,795.003,720.00-$752.02%- 070.00$050FALSE3795FALSEFALSEFALSEFALSEFALSE3720FALSEFALSEFALSEFALSEFALSEFALSE562FALSEFALSE


230AL - 1BR1ALOne Bedroom877P1.01048466Occupied9/9/149/9/149/30/144,795.004,896.00$101-2.06%1,680.0073.00$050FALSE4795FALSEFALSEFALSEFALSEFALSE4896FALSEFALSEFALSEFALSEFALSEFALSE877FALSEFALSE




310AL - 1BR1ALOne Bedroom611P1.01013295Occupied5/12/114/13/144/30/143,995.004,573.00$578-12.64%670.0073.00$080FALSE3995FALSEFALSEFALSEFALSEFALSE4573FALSEFALSEFALSEFALSEFALSEFALSE611FALSEFALSE





317AL - STU1ALStudio533P1.0971885Occupied9/16/139/16/139/30/133,795.003,616.00-$1794.95%1,390.0073.00$060FALSE3795FALSEFALSEFALSEFALSEFALSE3616FALSEFALSEFALSEFALSEFALSEFALSE533FALSEFALSE



210AL - 1BR1ALOne Bedroom640P1.0945474Occupied5/10/135/10/135/31/133,995.004,018.00$23-0.57%995.0073.00$060FALSE3995FALSEFALSEFALSEFALSEFALSE4018FALSEFALSEFALSEFALSEFALSEFALSE640FALSEFALSE


158AL - 2BR1ALTwo Bedroom1216P1.0886418Occupied8/30/128/30/128/31/125,495.005,109.00-$3867.56%1,680.0074.00$070FALSE5495FALSEFALSEFALSEFALSEFALSE5109FALSEFALSEFALSEFALSEFALSEFALSE1216FALSEFALSE

136AL - STU1ALStudio597P1.0855087Occupied3/31/123/31/123/31/123,795.003,940.00$145-3.68%670.0074.00$080FALSE3795FALSEFALSEFALSEFALSEFALSE3940FALSEFALSEFALSEFALSEFALSEFALSE597FALSEFALSE

314AL - 1BR1ALOne Bedroom611P1.0823098Occupied10/25/1110/25/1110/31/113,995.004,219.00$224-5.31%995.00$080FALSE3995FALSEFALSEFALSEFALSEFALSE4219FALSEFALSEFALSEFALSEFALSEFALSE611FALSEFALSE

144AL - 2BR1ALTwo Bedroom1089P1.0775277Occupied7/11/117/11/117/31/115,295.005,412.00$117-2.16%670.00$080FALSE5295FALSEFALSEFALSEFALSEFALSE5412FALSEFALSEFALSEFALSEFALSEFALSE1089FALSEFALSE


319AL - 1BR1ALOne Bedroom611P1.0709035Occupied6/15/106/15/106/30/103,995.002,600.00-$1,39553.65%- 0$090FALSE3995FALSEFALSEFALSEFALSEFALSE2600FALSEFALSEFALSEFALSEFALSEFALSE611FALSEFALSE

316AL - 1BR1ALOne Bedroom611P1.0697692Occupied4/2/104/2/104/30/103,995.002,500.00-$1,49559.80%1,390.0060.00$0100FALSE3995FALSEFALSEFALSEFALSEFALSE2500FALSEFALSEFALSEFALSEFALSEFALSE611FALSEFALSE



351AL - 1BR1ALOne Bedroom828P1.0652347Occupied9/3/089/3/089/30/084,795.004,977.00$182-3.66%- 0$0110FALSE4795FALSEFALSEFALSEFALSEFALSE4977FALSEFALSEFALSEFALSEFALSEFALSE828FALSEFALSE

165AL - 2BR1ALTwo Bedroom1089P1.0652224Occupied6/16/086/16/086/30/085,295.004,264.00-$1,03124.18%- 071.00$0110FALSE5295FALSEFALSEFALSEFALSEFALSE4264FALSEFALSEFALSEFALSEFALSEFALSE1089FALSEFALSE

311AL - STU1ALStudio533P1.0Vacant1/31/003,795.000.00-$3,7950.00%- 0$012003795FALSEFALSEFALSEFALSEFALSE0FALSEFALSEFALSEFALSEFALSEAL - STUFALSEFALSEFALSEFALSE

119AL - 1BR1ALOne Bedroom640P1.0Vacant1/31/003,995.000.00-$3,9950.00%- 0$012003995FALSEFALSEFALSEFALSEFALSE0FALSEFALSEFALSEFALSEFALSEAL - 1BRFALSEFALSEFALSEFALSE

340AL - 1BR1ALOne Bedroom619P1.0Vacant1/31/003,995.000.00-$3,9950.00%- 0$012003995FALSEFALSEFALSEFALSEFALSE0FALSEFALSEFALSEFALSEFALSEAL - 1BRFALSEFALSEFALSEFALSE

0.5Vacant1/31/00$00.00%12000FALSEFALSEFALSEFALSEFALSE0FALSEFALSEFALSEFALSEFALSE0FALSEFALSEFALSEFALSE













































































































































































































































































































































0.5Vacant1/31/00$00.00%12000FALSEFALSEFALSEFA

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