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Marquette Advisors <br />Real Estate Consultants <br />TO: Mr. Jim Waters <br />Quest Development, Inc. <br />FROM: Brent Wittenberg <br />Marquette Advisors <br />R.E.: Preliminary Apartment Market Assessment — St. Anthony, MN <br />DATE: July 24, 2013 <br />BACKGROUND AND UNDERSTANDING <br />We understand that Quest Development, Inc. ( "Quest') is considering the development of <br />apartments in St. Anthony, Minnesota. The proposed development is located within the "Silver <br />Lake Village" development in St. Anthony, MN. Silver Lake Village is a master - planned multi- <br />use development, anchored by Cub Foods and Wal -Mart, as well as The Landings at Silver Lake <br />Village rental apartments and townhomes. The proposed development by Quest involves the <br />construction of a 45 -unit market rate apartment building, with a projected 2014 occupancy date. <br />This would be followed by the conversion of an adjacent three -story office building to 45 <br />apartments with a projected 2015 occupancy date. <br />In evaluating this development opportunity, Quest retained Marquette Advisors ( "Marquette ") to <br />provide a preliminary assessment of St. Anthony apartment market conditions, to opine on <br />whether sufficient market support exists for such a development, and to estimate supportable <br />market rental rates for new apartments at this location. <br />This report does not constitute a feasibility study. Rather, the deliverable is intended to be <br />concise, summarizing our analysis, conclusions and preliminary recommendations on behalf of <br />Quest Development. Recommendations were developed by Marquette based on our review of <br />the proposed development site, relevant market information, and our knowledge of the Twin <br />Cities apartment market. <br />Marquette Advisors Offices: <br />Minneapolis Office: 50 South Sixth Street, Suite 1370, Minneapolis, MN 55402 <br />Phone: 612 - 335 -8888; Fax: 612 - 334 -3022 <br />Seattle Office: 2723 California Avenue SW, Seattle, WA 98116 <br />Phone: 425- 392 -7482; Fax: 425- 392 -7330 <br />Washington DC Office: 1140 Connecticut Avenue NW, Suite 800, Washington, DC 20036 <br />Phone: 202 - 331 -0226; Fax 612 - 334 -3022 <br />