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