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EXHIBIT III-4CRENT TO SIZE POSITIONING - TWO-BEDROOMCOMPETITIVE MARKET AREANOVEMBER 2017Source: Appendix A$2,400$2,500$2,600$2,700$2,800$2,900$3,000$3,100$3,200$3,300$3,400$3,5009501,0001,0501,1001,1501,2001,2501,3001,350TCG 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 Group11/12/17312-355