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8 Bowen National Research 155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 (614) 833-9300 Conventional Apartments Overview For the purpose of this report, our survey focused on non-subsidized market-rate and Tax Credit rental product within the Mounds View Site PMA. We identified and telephone surveyed 12 conventional rental housing projects containing a total of 2,064 units within the Site PMA. This survey was conducted to establish the overall strength of the rental market and to identify those properties most comparable to the subject site. These rentals have a combined occupancy rate of 98.8%, a strong rate for rental housing. All 12 of the properties surveyed offer unrestricted market-rate units, while only one (Silver Lake Pointe Apartments) offers units which operate under the Low-Income Housing Tax Credit (LIHTC) program. It should also be noted that the one LIHTC property surveyed in the Site PMA is age-restricted to seniors age 62 and older. Thus, this property will not be competitive with the proposed general-occupancy subject project and therefore has not been included in our comparable/competitive analysis later in this report. It is of note that in addition to the one property surveyed, we are aware of three additional properties within the Site PMA which operate and/or were awarded a Tax Credit allocation under the LIHTC program. Despite numerous attempts, we were unable to survey these properties via telephone at the time of this analysis. The known details of these projects based on our research are summarized in the following table: Name Location Year Allocated Total Units Target Population Additional Notes Cottages of Spring Lake Park 8263 Fillmore St. NE, Spring Lake Park, MN N/A 86 Seniors (55+) - Brandes Place 6160 5th St. NE, Fridley, MN 2005 16 Family Offers two- and three- bedroom units. Silver Lake Commons (fka Mounds View Family) 2665 Highway 10, Mounds View, MN 1997 50 Seniors (62+) - N/A – Not Available As the preceding illustrates, two of the three LIHTC properties unable to be surveyed are age-restricted properties which will not be directly competitive with the subject project. The one remaining property, Brandes Place, offers general-occupancy LIHTC units similar to those being considered at the subject site. Thus, this property will likely have some competitive overlap with the subject project. Note, however, that this property is comprised of only 16 two- and three-bedroom units and therefore will likely only have minimal competitive overlap. Regardless, since we were unable to survey this property, it has been excluded from our survey and comparable LIHTC analysis.