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THIF CONCORD GROUP
<br />Apartment Rent Recommendations
<br />Arnel Program
<br />TCG Recommended Rents
<br />Unit Mix
<br />Den/
<br />Unit
<br />Base Rent
<br />Avg. Premium
<br />Average Rent
<br />Floorplan
<br />Num.
<br />Perc.
<br />Beds Loft
<br />Bath
<br />Size
<br />$
<br />$/sf
<br />$
<br />%
<br />$
<br />$/sf
<br />S1
<br />19
<br />3%
<br />0 ---
<br />1
<br />518
<br />$2,080
<br />54.02
<br />$62
<br />3.0%
<br />52,142
<br />$4.14
<br />S2
<br />20
<br />3%
<br />0 ---
<br />1
<br />543
<br />$2,120
<br />$3.90
<br />S64
<br />3.0%
<br />$2,184
<br />$4.02
<br />1 B - 1
<br />122
<br />19%
<br />1 ---
<br />1
<br />683
<br />$2,425
<br />$3.55
<br />$73
<br />3.0%
<br />$2,498
<br />$3.66
<br />1 B - 2
<br />176
<br />27%
<br />1 ---
<br />1
<br />726
<br />$2,485
<br />$3.42
<br />S75
<br />3.0%
<br />$2,560
<br />$3.53
<br />1 B - 3
<br />3
<br />0%
<br />1 ---
<br />1
<br />728
<br />$2,590
<br />53.56
<br />$78
<br />3.0%
<br />$2,668
<br />$3.66
<br />1 B - 5
<br />5
<br />1%
<br />1 ---
<br />1
<br />750
<br />$2,545
<br />$3.39
<br />$76
<br />3.0%
<br />$2,621
<br />$3.50
<br />1 B - 4
<br />20
<br />3%
<br />1 ---
<br />1
<br />752
<br />$2,550
<br />53.39
<br />$77
<br />3.0%
<br />$2,627
<br />$3.49
<br />2B - 1
<br />140
<br />22%
<br />2 ---
<br />2
<br />1,066
<br />$3,061
<br />$2.87
<br />$92
<br />3.0%
<br />$3,153
<br />$2.96
<br />2B - 3
<br />68
<br />11%
<br />2 ---
<br />2
<br />1,071
<br />$3,069
<br />$2.87
<br />$92
<br />3.0%
<br />$3,162
<br />$2.95
<br />2B - 2
<br />40
<br />6%
<br />2 ---
<br />2
<br />1,148
<br />$3,195
<br />52.78
<br />$96
<br />3.0%
<br />$3,291
<br />$2.87
<br />3B - 1
<br />25
<br />4%
<br />3 ---
<br />3
<br />1,274
<br />$3,400
<br />52.67
<br />$102
<br />3.0%
<br />$3,502
<br />$2.75
<br />3B - 2
<br />6
<br />1%
<br />3 ---
<br />3
<br />1,339
<br />$3,680
<br />$2.75
<br />$1 10
<br />3.0%
<br />$3,790
<br />$2.83
<br />Total
<br />644
<br />100%
<br />560,650
<br />$1,758,803
<br />$1,811,567
<br />Average
<br />871
<br />$2,731
<br />$3.14
<br />$82
<br />$2,813
<br />$3.23
<br />Studio
<br />39
<br />6%
<br />531
<br />$2,101
<br />53.96
<br />$63
<br />$2,164
<br />$4.08
<br />1-Bed
<br />326
<br />51%
<br />712
<br />$2,468
<br />$3.47
<br />$74
<br />$2,542
<br />$3.57
<br />2-Bed
<br />248
<br />39%
<br />1,081
<br />$3,085
<br />$2.85
<br />$93
<br />$3,178
<br />$2.94
<br />3-Bed
<br />31
<br />5%
<br />1,287
<br />$3,454
<br />52.68
<br />$104
<br />$3,558
<br />$2.77
<br />• TCG recommends an average base rent of $2,731, or $3.14 PSF, placing the project at the near the top of the CMA
<br />(Exhibit 28).
<br />• Rent premium garners for elevation, courtyard and views generate an additional $82 in premium revenue for an
<br />average project rent of $2,813 ($3.23 PSF).
<br />Commercial Rent Recommendations
<br />• In -line commercial tenancy will achieve rents ranging from $28 to $32 PSF per year (NNN), in line with mixed -use
<br />analogs (Appendix B) and at the top of the local 4'" Street / Irvine Boulevard commercial corridor.
<br />ARNEL DEVELOPMENT CO. August 2020
<br />Santa Ana - 4'" & Cabrillo Park Dr 20233.00
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