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EXHIBIT III-3PRODUCT RECOMMENDATIONS2525 MAIN STREET, SANTA ANANOVEMBER 2017Project•Located in the Orange County city of Santa Ana, an up-and-coming neighborhood with planned near term developmentDescription:•The area alongside I-5 and 55 moving south until the 405 highway make up the direct competitive area for the site labeled as Competitive Market Area ("CMA")•522-units in an eight story wrapped structure• Project slated to have top-of-market specifications (see lower right corner)Marketing•Strong Market Dynamics- Strong job growth in Orange County ("OC")(2.6% annually over last 5 years)Advantages:- Additionally, 2016 showed high occupancy and strong rent growth (96% and 12.2% respectively) in the CMA•Household Rent Growth-High historical household rent growth, with 1.7% annual CMA growth from 2000 to 2017 in the CMA•Proximity to retail and transit- Adjacent to 5 and 55 freeways, main connectors to regional employment cores- Close to downtown Santa Ana, with nightlife and employmentMarketing•Noise Pollution- Freeway adjacency will have some sound pollution that may be a slight marketing hurdleChallenges:•Future Developments- With large scale of project and projected deliveries, lease up will compete with new and similar location type product.Target• Key demographics for the Project are Young Singles and Couples with some Families and Mature Professionals / Empty NestersRenter- Young Singles and couples are the majority of new demand with 72% (352) of demandProfiles:- Families are projected to be 13% (66) of overall demand with mainly desiring 2 and 3 bedrooms- Mature Professionals / Empty Nesters equate to 14% (70) of projected demand with equal desire for 1 and 2 bedrooms• Based on TCG's detailed demand segmentation analysis, the CMA attracts households with the following housing needs: 50% 1Bs, 45% 2Bs, and 5% 3BsPositioning• Positioned at mid-of-market within the CMA due to location, proximity to retail, and vintageRationale &• Discount to newer large scale product found in the Irvine Buisiness Center ("IBC") due to closer proximity to larger employment coresKey Competition:RentTCG RecommendationsAmenity•Interior: Quartz countertops, full tile backsplashes, basicRecommendations: Bed/ Unit Mix Unit Base Recommendations:stainless still appliances, eco-plank / wood plank flooringBath Num. Perc. Size $ $/sfin-unit washer / dryer, squared-off mid-sized balconies,high-end light fixtures, wide windows0 / 1 73 14% 512 $1,800 $3.521 / 1 290 56% 726 $2,125 $2.93 •Community: Business center / work space, lounge area w/2 / 2 140 27% 1,063 $2,700 $2.54 coffee and TV, pet friendly, secured2 / 2 19 4% 1,311 $3,100 $2.36 self-service package delivery spaceTotal/Avg.: 522 100% 808 $2,269 $2.81Lease-Up• 20-30 units/monthProjection:17590.00 RecComps: RecsThe Concord Group2-278