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14 Bowen National Research 155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 (614) 833-9300 Market-Rate In order to further assess the proposed project’s overall market position and the perceived value of its rents, we identified the most comparable market-rate properties within the Site PMA, based on the proposed project concept as detailed within this report, which are summarized as follows: Map I.D. Project Name Year Built Units Occupancy Rate Distance to Site Rent Special Site The Boulevard 2019 60 - - - 1 Woodlawn Terrace 1978 113 100.0% 1.3 Miles None 4 Cielo Apts. 2016 101 100.0% 4.5 Miles None 5 Spring Brook Apts. 1986 361 99.2% 2.7 Miles None 9 Landmark Estates 1985 132 100.0% 1.9 Miles None 11 River Pointe Apts. 1972 300 97.7% 3.7 Miles None The five selected market-rate projects have a combined total of 1,007 units with an overall occupancy rate of 99.0%. None of the selected properties reports an occupancy rate below 97.7%, demonstrating that each of the selected properties has been well- received within the Mounds View market and will therefore serve as accurate benchmarks with which to compare the subject project. The gross rents for the comparable market-rate projects and the proposed rents at the subject site, as well as their unit mixes and vacancies by bedroom are listed in the following table: Gross Rent (Number of Units/Vacancies) Map I.D. Project Name Studio One- Br. Two- Br. Three- Br. Four- Br. Site The Boulevard - $784 (15) $942 (30)$1,115 (15) - 1 Woodlawn Terrace - $779 (30/0) $892 (83/0) - - 4 Cielo Apts. $1,138 (5/0) $1,255-$1,495 (36/0) $1,498-$1,918 (49/0) $1,973-$2,223 (11/0) - 5 Spring Brook Apts. - $1,069-$1,199 (109/1) $1,270-$1,400 (210/2) $1,591-$1,681 (40/0) $1,835 (2/0) 9 Landmark Estates - $1,011-$1,101 (66/0) $1,291-$1,401 (66/0) - - 11 River Pointe Apts. $788 (5/0) $911-$990 (130/3) $1,041-$1,121 (130/3) $1,341-$1,481 (35/1) - As the preceding illustrates, the proposed gross rents at the subject project are lower than those reported among most of the selected market-rate properties. While this suggests that the proposed rents will represent a value as compared to market-rate product within the Site PMA, this is based solely on price point alone and does not consider factors such as the age of the property, unit design (square feet and number of baths), or amenities offered.