GVA Marquette Advisors

North Loop Village Comparable/Competitive Properties Analysis August 2007

Vacancy by Unit Type

Aug-07

Type Total Vacant Vacancy Rate

Studio 121 1 0.8%

1 BR 1,326 35 2.6%

1BR + Den 56 2 3.6%

2 BR 889 27 3.0%

2 BR + Den 3 0 0.0%

3 BR 29 1 3.4%

Total 2,424 66 2.7%

Project Name: Uptown City Apartments

ADDRESS: 1220 W. Lake Street

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

Studio 42 $1,000 $1,250 $1,125 550 675 612.5 1.82 1.85 1.84

1 BD 41 $1,300 $1,755 $1,528 700 950 825 1.86 1.85 1.85

2 BD 71 $1,600 $2,200 $1,900 875 1250 1062.5 1.83 1.76 1.79

3 BD 9 $2,000 $2,300 $2,150 1220 1550 1385 1.64 1.48 1.56

Unit Mix Comments: 18 Alcoves, 7 1BR lofts, 6 2BR lofts, 8 3BR lofts, 6 live/work units. http://www.uptowncityapartments.com/

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: None

FIREPLACE: Yes Sauna: Yes

VAULTED CEILINGS: Yes SEC DEPOSIT: 700 Jaccuzi: Yes

HARDWOOD FLR: Yes NOTICE: 60 Party Room: Yes

PATIO BALCONY: Yes APP FEE: 16 Business Center: Yes

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Both Tennis: No

WALK-IN CLOSET: Yes PET DEPOSIT: $150 Deposit. $20 pet rent. Volleyball: No

MICROWAVE: Some LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: Yes

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: N

Management Paid Utilities PARKING Laundry: full size

No No No Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Underground GARAGE INCL?: Yes # OF BLDGS: SECURE ENTRANCE: 2 Yes

NoHeat GARAGE RATE: 100 SENIOR BLDG: No

Comments: UG is $85/mo. At Aldrich building; $150 Redecoration Fee; hardwood floors, high ceilings, oversized closets, kitchen islands, private garden plazas, hot tubs

Source: GVA Marquette Advisors 8/15/2007

Project Name: The Metro

ADDRESS: 90 S. 9th Street YEAR BUILT: 2001

CITY: Minneapolis ZIP: 55402 UNITS: 112

COUNTY Hennepin TYPE: A

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

Studio 17 $910 $920 $915 587 655 621 1.55 1.40 1.48

1 BD 89 $1,025 $1,325 $1,175 715 915 815 1.43 1.45 1.44

2 BD 6 $1,425 $1,425 $1,425 1036 1036 1036 1.38 1.38 1.38

Unit Mix Comments:

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: None

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: No SEC DEPOSIT: 500 Jaccuzi: Yes

HARDWOOD FLR: No NOTICE: 60 Party Room: Yes

PATIO BALCONY: Yes APP FEE: 35 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: None Tennis: No

WALK-IN CLOSET: No PET DEPOSIT: 0 Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: Yes

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: No

Management Paid Utilities PARKING Laundry: full size

Yes No Yes Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Underground GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: 90 SENIOR BLDG: No

Comments: Beautiful outdoor landscaped plaza with gas grills. Huge Bathrooms!!

Source: GVA Marquette Advisors

Project Name: Symphony Place

ADDRESS: 1117 Marquette YEAR BUILT: 1983

CITY: Minneapolis ZIP: 55403 UNITS: 250

COUNTY Hennepin TYPE: A

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 129 $1,125 $1,315 $1,220 691 780 735.5 1.63 1.69 1.66

2 BD 73 $1,520 $1,745 $1,633 1022 1092 1057 1.49 1.60 1.54

Unit Mix Comments:

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: Indoor

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: No SEC DEPOSIT: $250 Dep Jaccuzi: Yes

HARDWOOD FLR: No NOTICE: 60 Party Room: Yes

PATIO BALCONY: No APP FEE: 35 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: CA PETS: Cat Tennis: Yes

WALK-IN CLOSET: No PET DEPOSIT: $300, $200NR Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: No

Management Paid Utilities PARKING Laundry: In building

No No Yes Water Electric Gas OFF ST PKG: No GARAGE TYPE: Ramp GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: 90 SENIOR BLDG: No

Comments:

Project Name: StoneArch Apartments

ADDRESS: 601 Main Street SE

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

Studio 14 $950 $980 $965 548 637 592.5 1.73 1.54 1.64

1 BD 75 $1,015 $1,125 $1,070 739 920 829.5 1.37 1.22 1.30

2 BD 132 $1,355 $1,895 $1,625 961 1104 1032.5 1.41 1.72 1.56

Unit Mix Comments: 91 affordable and 130 market rate apartments.44 units at 50% median income and 47 at 60%

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: None

FIREPLACE: No Sauna: No

VAULTED CEILINGS: Yes SEC DEPOSIT: 500 Jaccuzi: No

HARDWOOD FLR: No NOTICE: 60 Party Room: No

PATIO BALCONY: Yes APP FEE: 37 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: None Tennis: No

WALK-IN CLOSET: Yes PET DEPOSIT: Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: No

Management Paid Utilities PARKING Laundry: Every floor

No No No Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Underground GARAGE INCL?: yes # OF BLDGS: SECURE ENTRANCE: 2 Yes

NoHeat GARAGE RATE: 50 SENIOR BLDG: No

Comments: Warehouse style floorplans with exposed beams, ductwork and high ceilings. Pedestal sinks & tubs

Source: GVA Marquette Advisors 8/15/2007

Project Name: ONE TEN GRANT

ADDRESS: 110 W Grant YEAR BUILT: 1985

CITY: Minneapolis ZIP: 55403 UNITS: 321

COUNTY Hennepin TYPE: AT

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 225 $944 $1,300 $1,122 595 811 703 1.59 1.60 1.59

2 BD 96 $1,475 $1,906 $1,691 1049 1200 1124.5 1.41 1.59 1.50

Unit Mix Comments: 4 Townhomes @ $2025

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: Both

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: No SEC DEPOSIT: 300 Jaccuzi: Yes

HARDWOOD FLR: No NOTICE: 30 Party Room: Yes

PATIO BALCONY: Yes APP FEE: 35 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Both Tennis: No

WALK-IN CLOSET: No PET DEPOSIT: 1 months rent for Dog. $350 for Cats with $100NR Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: Yes

Management Paid Utilities PARKING Laundry: In building

Yes No Yes Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Detached GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: 55, $70-reserved SENIOR BLDG: No

Comments: 4 THs$2125 S dogs allowed in THs

Project Name: MARQUETTE PLACE

ADDRESS: 1314 Marquette

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 34 $1,355 $1,614 $1,485 753 753 753 1.80 2.14 1.97

2 BD 206 $1,509 $2,394 $1,952 1193 1286 1239.5 1.26 1.86 1.56

Unit Mix Comments:

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: Indoor

FIREPLACE: Yes Sauna: Yes

VAULTED CEILINGS: Yes SEC DEPOSIT: $500 Dep Jaccuzi: Yes

HARDWOOD FLR: Yes NOTICE: 60 Party Room: Yes

PATIO BALCONY: Yes APP FEE: 35 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Cat Tennis: Yes

WALK-IN CLOSET: Yes PET DEPOSIT: $350, 100NR Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: No

Management Paid Utilities PARKING Laundry: Stackable

Yes No Yes Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Underground GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: $75 SENIOR BLDG: No

Comments:

Project Name: Loring Park City Apts

ADDRESS: 1300 Yale Place

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

Studio 48 $1,075 $1,215 $1,145 550 675 612.5 1.95 1.80 1.88

1 BD 38 $1,285 $1,975 $1,630 725 1300 1012.5 1.77 1.52 1.65

2 BD 62 $1,575 $2,090 $1,833 1050 1500 1275 1.50 1.39 1.45

3 BD 14 $1,950 $3,040 $2,495 1375 1775 1575 1.42 1.71 1.57

Unit Mix Comments: http://www.loringparkcityapartments.com/

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY Some DEPOSIT INFO: Pool: None

FIREPLACE: Yes Sauna: No

VAULTED CEILINGS: No SEC DEPOSIT: $300-700 Jaccuzi: No

HARDWOOD FLR: Yes NOTICE: 60 Party Room: Yes

PATIO BALCONY: Yes APP FEE: 25 Business Center: Yes

ELEVATOR: Yes PET INFO: Fitness Room: No

AC: Yes PETS: Both Tennis: No

WALK-IN CLOSET: Yes PET DEPOSIT: $150 Dep plus $20/month Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: N

Management Paid Utilities PARKING Laundry: stackable

No No No Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Underground GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

NoHeat GARAGE RATE: 100 SENIOR BLDG: No

Comments: 10 2br TH and 5 3BR TH. Alarms,bay windows,lofts,crown molding

Source: GVA Marquette Advisors

Project Name: Lake Calhoun City Apartments

ADDRESS: 3036 W Lake St.

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

Studio 60 $1,015 $1,260 $1,138 550 700 625 1.85 1.80 1.82

1 BD 25 $1,385 $1,440 $1,413 700 750 725 1.98 1.92 1.95

1 Den 15 $1,640 $1,640 $1,640 825 825 825 1.99 1.99 1.99

2 BD 50 $1,650 $1,820 $1,735 925 1100 1012.5 1.78 1.65 1.72

2 Den 6 $2,005 $2,300 $2,153 1175 1300 1237.5 1.71 1.77 1.74

3 BD 2 $2,250 $2,250 $2,250 1475 1475 1475 1.53 1.53 1.53

Unit Mix Comments: 4-2bd townhomes, 2- 3bd townhomes

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY DEPOSIT INFO: Pool: None

FIREPLACE: 40 Units Sauna:

VAULTED CEILINGS: SEC DEPOSIT: $150-300 Jaccuzi:

HARDWOOD FLR: Yes NOTICE: Party Room: Yes

PATIO BALCONY: Some APP FEE: $16 Business Center: Yes

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Yes Tennis:

WALK-IN CLOSET: Some PET DEPOSIT: Up to 30lbs, $150. Volleyball:

MICROWAVE: Yes LEASE TERMS: Basketball:

DISHWASHER: Yes 6 MONTH: Picnic Area: Yes

DISPOSAL: Yes 12 MONTH: PLAY AREA: N

Management Paid Utilities PARKING Laundry: full size

No No No Water Electric Gas OFF ST PKG: GARAGE TYPE: Underground GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1

NoHeat GARAGE RATE: $60/$125 SENIOR BLDG: No

Project Name: Heritage Landing

ADDRESS: 415 N 1st. St. YEAR BUILT: 2000

CITY: Minneapolis ZIP: 55401 UNITS: 229

COUNTY Hennepin TYPE: AT

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 99 $1,100 $1,520 $1,310 755 920 837.5 1.46 1.65 1.55

1 Den 35 $1,145 $1,585 $1,365 980 1205 1092.5 1.17 1.32 1.24

2 BD 86 $1,525 $2,260 $1,893 1165 1420 1292.5 1.31 1.59 1.45

2 Den 3 $1,705 $1,840 $1,773 1370 1395 1382.5 1.24 1.32 1.28

3 BD 6 $2,175 $2,500 $2,338 1590 1625 1607.5 1.37 1.54 1.45

Unit Mix Comments: http://www.stuartco.com

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: None

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: Yes SEC DEPOSIT: $350 Jaccuzi: Yes

HARDWOOD FLR: Yes NOTICE: 60 Party Room: Yes

PATIO BALCONY: Yes APP FEE: 50 Business Center:

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: C PETS: Both Tennis: No

WALK-IN CLOSET: Yes PET DEPOSIT: D in TH lst level/$400 Volleyball: No

MICROWAVE: Yes LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: No Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: No

Management Paid Utilities PARKING Laundry: full size

Yes No Yes Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Underground GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 2 Yes

Yes Heat GARAGE RATE: $80 SENIOR BLDG: No

Comments: Beautiful natural millwork, Exposed concrete ceilings/columns and floors,All ceilings nine feet or higher, some with a vault.

Source: GVA Marquette Advisors 8/15/2007

Project Name: HENNEPIN CROSSING

ADDRESS: 1150 Hennepin Ave

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 126 $910 $1,180 $1,045 587 882 734.5 1.55 1.34 1.44

1 Den 21 $1,275 $1,400 $1,338 800 800 800 1.59 1.75 1.67

2 BD 63 $1,310 $1,650 $1,480 900 900 900 1.46 1.83 1.64

Unit Mix Comments:

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: Indoor

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: No SEC DEPOSIT: 300 Jaccuzi: Yes

HARDWOOD FLR: No NOTICE: 60 Party Room: Yes

PATIO BALCONY: No APP FEE: 50 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Cat Tennis: No

WALK-IN CLOSET: No PET DEPOSIT: Volleyball: No

MICROWAVE: LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: Yes

Management Paid Utilities PARKING Laundry: Full Size

Yes No No Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: Detached GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: $55 SENIOR BLDG: No

Comments:

Source: GVA Marquette Advisors

Project Name: CHURCHILL

ADDRESS: 111 Marquette YEAR BUILT: 1981

CITY: Minneapolis ZIP: 55401 UNITS: 360

COUNTY Hennepin TYPE: A

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 300 $1,045 $1,405 $1,225 710 800 755 1.47 1.76 1.61

2 BD 60 $1,535 $1,840 $1,688 1150 1200 1175 1.33 1.53 1.43

Unit Mix Comments:

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: Indoor

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: No SEC DEPOSIT: $300-400 Jaccuzi: No

HARDWOOD FLR: No NOTICE: 60 Party Room: Yes

PATIO BALCONY: No APP FEE: 40 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Cat Tennis: No

WALK-IN CLOSET: No PET DEPOSIT: $300 N.R. Volleyball: No

MICROWAVE: LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: No Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: No

Management Paid Utilities PARKING Laundry: In building

Yes No Yes Water Electric Gas OFF ST PKG: Yes GARAGE TYPE: DR GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: 85 SENIOR BLDG: No

Comments:

Project Name: WILSON PARK TOWER

ADDRESS: 1400 Laurel Ave

UnitType # Units Low Rent High Avg. Low High Square Footage Avg. Rent per Sq. Ft. Range Avg.

1 BD 170 $930 $1,310 $1,120 615 970 792.5 1.51 1.35 1.43

2 BD 34 $1,385 $1,500 $1,443 965 1001 983 1.44 1.50 1.47

Unit Mix Comments:

BUILDING FEATURES AND AMENITIES

PRIVATE ENTRY No DEPOSIT INFO: Pool: Indoor

FIREPLACE: No Sauna: Yes

VAULTED CEILINGS: No SEC DEPOSIT: 300 Jaccuzi: Yes

HARDWOOD FLR: No NOTICE: 60 Party Room: Yes

PATIO BALCONY: No APP FEE: 50 Business Center: No

ELEVATOR: Yes PET INFO: Fitness Room: Yes

AC: Yes PETS: Cat Tennis: No

WALK-IN CLOSET: No PET DEPOSIT: Volleyball: No

MICROWAVE: LEASE TERMS: Basketball: No

DISHWASHER: Yes 6 MONTH: Yes Picnic Area: No

DISPOSAL: Yes 12 MONTH: Yes PLAY AREA: Yes

Management Paid Utilities PARKING Laundry: stackable

Yes No Yes Water Electric Gas OFF ST PKG: No GARAGE TYPE: Underground GARAGE INCL?: No # OF BLDGS: SECURE ENTRANCE: 1 Yes

Yes Heat GARAGE RATE: $55 SENIOR BLDG: No

Comments:

Minneapolis, Minnesota, United States