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EXHIBIT III-4BRENT TO SIZE POSITIONING - STUDIO/ONE-BEDROOMCOMPETITIVE MARKET AREANOVEMBER 2017Source: Appendix A$1,800$1,900$2,000$2,100$2,200$2,300$2,400$2,500450 500 550 600 650 700 750 800 850 900TCG Base RecsNineteen01 (2016)Residences on Jamboree (2017)The Alton (2016)The Kelvin Apartments (2014)Amalfi (2014)The Marke (2014)Fusion (2017)AMLI Uptown Orange (2016)Metropolis (2017)Jefferson Platinum Triangle (2017)Color = LocationYellow = IrvineRed = Remaining CMAGrey = Platinum Triangle17590.00 RecComps: RSThe Concord Group2-280