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EXHIBIT II-1BRENT POSITIONINGCOMPETITIVE MARKET AREANOVEMBER 2017Project Averages (Size and List Rent)Unit MixOverallOne-Bedrooms Two-Bedrooms Three-BedroomsMapYear(by Bed Count) Unit Base Rent Unit Base Rent Unit Base Rent Unit Base RentKey Project NameCity Elev. Units Built Elev. Occ. 0 1 2 3 Size $ $/sf Size $ $/sf Size $ $/sf Size $ $/sfCompetitive Market AreaAThe MarkeSanta Ana 5 300 2014 5 95% 0% 32% 35% 33% 1,101 $2,918 $2.65 764 $2,205 $2.89 1,133$2,794 $2.47 1,387 $3,724 $2.68BTustin CottagesTustin 4 93 2011 4 98% 0% 0% 0% 100% 1,647 $2,855 $1.73 --- --- --- --- --- --- 1,647 $2,855 $1.73CMetropolisIrvine4 232 2017 4 97% 13% 53% 21% 14% 1,073 $2,772$2.58 905 $2,506 $2.77 1,292 $3,006 $2.33 1,653 $3,855 $2.33DResidences on Jamboree Irvine5 381 2017 5 96% 19% 42% 33% 6%911 $2,593 $2.85 750 $2,327 $3.10 1,151 $2,922 $2.54 1,444 $3,776 $2.62ENineteen01Santa Ana 5 264 2016 5 95% 0% 46% 50% 4% 1,049 $2,553 $2.43 833 $2,144 $2.57 1,187$2,818 $2.37 1,799 $3,940 $2.19FFusionIrvine5 208 2017 5 100% 30% 30% 40% 0% 922 $2,526$2.74 757 $2,284 $3.02 1,145 $2,945 $2.57 --- --- ---GThe AltonIrvine5 344 2016 5 96% 5% 60% 35% 0% 792 $2,450 $3.09 668 $2,212 $3.31 1,041 $2,913 $2.80 --- --- ---HThe Kelvin Apartments Irvine5 194 2014 5 99% 0% 71% 29%0% 900 $2,407 $2.67 788 $2,197 $2.79 1,168 $2,911 $2.49 --- --- ---IAMLI Uptown Orange Orange 5 334 2016 5 95% 5% 49% 43% 4%916 $2,381 $2.60 771 $2,109 $2.73 1,079 $2,651 $2.46 1,413 $3,454 $2.44JAmalfiTustin 3 542 2014 3 99% 6% 75% 18% 0% 797 $2,252 $2.83 747 $2,194 $2.94 1,072 $2,586 $2.41 --- --- ---CMA Total:2,892 201597% 8% 51% 32% 9% 945 $2,523 $2.67764 $2,228 $2.91 1,128 $2,818 $2.50 1,530 $3,442 $2.25Platinum TriangleKJefferson Platinum TriangleAnaheim 5 200 2017 5 74% 14% 25% 51% 11% 986 $2,691 $2.73772 $2,241 $2.90 1,114 $2,869 $2.57 1,366 $3,567 $2.61CMA Total:200 201774% 14% 25% 51% 11% 986 $2,691 $2.73772 $2,241 $2.90 1,114 $2,869 $2.57 1,366 $3,567 $2.61Source: Appendix AColor = LocationYellow = IrvineRed = Remaining CMAGrey = Platinum Triangle17590.00 RecComps: PosThe Concord Group2-271
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