Orange County New Construction and Proposed Multifamily Projects 1Q18

Lease-Up

Under Construction

Planned

Prospective

LEGEND

ID PROPERTY UNITS1 Metropolis 4572 Luce 5103 Parallel 3864 Rize Irvine 3635 Prisma 1826 Esencia Sur 1507 Pearl La Floresta 204

Total Lease-Up 2,2528 Uptown Newport 4629 Alexan Ctr City 22010 Alton Place 17011 Westerly, The 38812 Calligraphy 20613 Elements 36414 Line at Santa Ana, The 22815 Royce, The 52016 Fusion 28017 Blu Laguna Niguel 19218 Jefferson Stadium Park Phases I and II 64719 580 Anton 25020 ELEVEN10 West 26021 Brookhurst Place 18022 Cypress Walk 6723 A - Town/Core 400

Total Under Construction 4,83424 999 Town & Country 26225 Elan 60126 Legado at the Met 27827 Madison, The 21728 Chapman 27729 Serrano Summit 60830 A - Town Development Areas B - H 120031 East South Street 53032 Jefferson Stadium Park Phase III 33233 LT Platinum Center 40034 15 Degrees South 15035 Pistoia 37136 Red Oak Fullerton 290

Total Planned 5,51637 2700 North Street 24738 3rd & Broadway 16039 625IVE 100040 888 North Main Street 14641 Bridging the Aqua 5742 Santa Ana Veterans Village 7643 Town & Country 72744 Main Street 17845 Uptown Newport Phase II 56446 2277 Harbor Blvd 22447 Bolsa Row 20148 City Parkway 21349 City Plaza 33150 El Toro Marine Base 30051 Blu Laguna Niguel Phase II 23352 Dominion Place 32353 Link OC, The 40654 Nohl Ranch 6055 Brea Place 42456 Newport Crossings 350

Total Prospective 6,220

a Berkshire Hathaway and Leucadia National company

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ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP

1 Metropolis 2100 Sullivan Irvine CA 92614 Lease-Up 457 West Irvine 03/01/2015 12/31/2018 12/31/20162 Luce 7290 Edinger Avenue Huntington Beach CA 92647 Lease-Up 510 Huntington Beach 12/31/2016 05/31/2018 02/01/20183 Parallel 1105 East Katella Avenue Anaheim CA 92805 Lease-Up 386 Anaheim - Central 09/14/2015 05/31/2018 12/01/20174 Rize Irvine 1100 Synergy Irvine CA 92614 Lease-Up 363 West Irvine 10/01/2016 05/31/2018 12/01/20175 Prisma 301 Jeanette Lane Santa Ana CA 92705 Lease-Up 182 Santa Ana 10/19/2015 05/31/2018 10/01/20176 Esencia Sur 92 Esencia Drive Rancho Mission Viejo CA 92694 Lease-Up 150 South Orange County 11/04/2016 05/31/2018 09/01/20177 Pearl La Floresta 420 La Crescenta Drive Brea CA 92823 Lease-Up 204 Brea 01/11/2016 04/30/2018 11/01/2017

TOTAL LEASE-UP 2,2528 Uptown Newport 4311 Jamboree Road Newport Beach CA 92660 Under Construction 462 Newport Beach 05/01/2017 05/31/20199 Alexan Ctr City 200 North Lemon Street Anaheim CA 92805 Under Construction 220 Anaheim - Central 05/01/2017 04/30/201910 Alton Place 2851 Alton Pkwy Irvine CA 92606 Under Construction 170 West Irvine 10/01/2017 03/31/201911 Westerly, The SWC Jamboree Road & Main Street Irvine CA 92614 Under Construction 388 West Irvine 11/01/2016 01/31/201912 Calligraphy 350 West Central Avenue Brea CA 92821 Under Construction 206 Brea 11/30/2017 01/31/201913 Elements 18900 Teller Avenue Irvine CA 92612 Under Construction 364 South Irvine 07/01/2016 12/31/201814 Line at Santa Ana, The 3630 Westminster Avenue Santa Ana CA 92703 Under Construction 228 Santa Ana 07/01/2017 10/31/201815 Royce, The 3301 Michelson Drive Irvine CA 92612 Under Construction 520 South Irvine 10/01/2016 10/31/201816 Fusion 17321 Murphy Avenue Irvine CA 92614 Under Construction 280 West Irvine 07/01/2015 10/31/201817 Blu Laguna Niguel 25887 Crown Valley Pkwy Laguna Niguel CA 92677 Under Construction 192 South Orange County 09/29/2016 09/30/201818 Jefferson Stadium Park Phases I and II 1800 East Gene Autry Way Anaheim CA 92805 Under Construction 647 Anaheim - Central 03/01/2017 09/30/201819 580 Anton 580 Anton Blvd Costa Mesa CA 92626 Under Construction 250 Costa Mesa 03/16/2016 06/30/201820 ELEVEN10 West 1110 West Town and Country Road Orange CA 92868 Under Construction 260 Santa Ana 04/25/2016 05/31/201821 Brookhurst Place 12856 Brookhurst Street Garden Grove CA 92840 Under Construction 180 Garden Grove 02/01/2016 05/31/201822 Cypress Walk 4552 Lincoln Avenue Cypress CA 90630 Under Construction 67 Buena Park - Cypress 09/30/2017 05/31/201823 A - Town/Core 1815 South Westside Drive Anaheim CA 92805 Under Construction 400 Anaheim - Central 04/01/2016 05/31/2018

TOTAL UNDER CONSTRUCTION 4,834

24 999 Town & Country 999 West Town and Country Road Orange CA 92868 Planned 262 Santa Ana25 Elan 1660 East First Street Santa Ana CA 92701 Planned 601 Santa Ana26 Legado at the Met 200 First American Way Santa Ana CA 92707 Planned 278 Santa Ana27 Madison, The 200 North Cabrillo Park Drive Santa Ana CA 92705 Planned 217 Santa Ana28 Chapman 3800 West Chapman Avenue Orange CA 92868 Planned 277 Orange29 Serrano Summit Bake Pkwy & Commercentre Drive Lake Forest CA 92630 Planned 608 Mission Viejo - Lake Forest30 A - Town Development Areas B - H 1404 East Katella Avenue Anaheim CA 92805 Planned 1,200 Anaheim - Central31 East South Street 901 East South Street Anaheim CA 92805 Planned 530 Anaheim - Central32 Jefferson Stadium Park Phase III 1800 East Gene Autry Way Anaheim CA 92805 Planned 332 Anaheim - Central33 LT Platinum Center NEC Orangewood Avenue & South State College Blvd Anaheim CA 92806 Planned 400 Anaheim - Central34 15 Degrees South 2525 Main Street Irvine CA 92614 Planned 150 West Irvine35 Pistoia 17422 Derian Avenue Irvine CA 92614 Planned 371 West Irvine36 Red Oak Fullerton 600 West Commonwealth Avenue Fullerton CA 92832 Planned 290 Fullerton - North

TOTAL PLANNED 5,51637 2700 North Street 2700 North Main Street Santa Ana CA 92705 Prospective 247 Santa Ana38 3rd & Broadway West 3rd Street & North Broadway Santa Ana CA 92701 Prospective 160 Santa Ana39 625IVE 625 North Grand Avenue Santa Ana CA 92701 Prospective 1,000 Santa Ana40 888 North Main Street 888 North Main Street Santa Ana CA 92701 Prospective 146 Santa Ana41 Bridging the Aqua 317 17th Street Santa Ana CA 92706 Prospective 57 Santa Ana42 Santa Ana Veterans Village 3312 West 1st Street Santa Ana CA 92703 Prospective 76 Santa Ana43 Town & Country Lawson Way & Town and Country Road Orange CA 92868 Prospective 727 Santa Ana44 Main Street 2055 Main Street Irvine CA 92614 Prospective 178 West Irvine45 Uptown Newport Phase II 4311 Jamboree Road Newport Beach CA 92660 Prospective 564 Newport Beach46 2277 Harbor Blvd 2277 Harbor Blvd Costa Mesa CA 92626 Prospective 224 Costa Mesa47 Bolsa Row SEC Bolsa Avenue & Brookhurst Street Westminster CA 92683 Prospective 201 Westminster48 City Parkway City Pkwy West & South Lewis Street Orange CA 92868 Prospective 213 Orange49 City Plaza 1 City Blvd West Orange CA 92868 Prospective 331 Orange50 El Toro Marine Base Alton Pkwy & Irvine Blvd Irvine CA 92618 Prospective 300 North Irvine51 Blu Laguna Niguel Phase II 27930 Cabot Road Laguna Niguel CA 92677 Prospective 233 South Orange County52 Dominion Place 3320 East La Palma Avenue Anaheim CA 92801 Prospective 323 Anaheim Hills53 Link OC, The 1011 North Tustin Avenue Anaheim CA 92807 Prospective 406 Anaheim Hills54 Nohl Ranch 6509 East Serrano Avenue Anaheim CA 92807 Prospective 60 Anaheim Hills55 Brea Place 1000 Brea Mall Brea CA 92821 Prospective 424 Brea56 Newport Crossings Dove Street & Scott Drive Newport Beach CA 92660 Prospective 350 Newport Beach

TOTAL PROSPECTIVE 6,220

TOTAL ORANGE COUNTY 18,822

Orange County New Construction and Proposed Multifamily Projects

Source: Yardi Matrix© 2018 Berkadia Real Estate Advisors LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx