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<br />Study Area: Ramsey, MN - Metro Minneapolis Market Comps
<br />Prepared By: Flaherty & Collins Properties
<br />1
<br />Property
<br />City Walk
<br />Concessions: 8% off of 12month
<br />Units: 208
<br />Year Built: 2005
<br />Occ. Rate
<br />WNG
<br />2 The Landings @ Silver Village 95%
<br />Concessions: NONE
<br />Units: 263
<br />Year Built: 263
<br />3 The Classic @ Preserve
<br />Concessions: 2 1/2 month free
<br />Units: 408
<br />Year Built: Brand New
<br />4 Oaks Glen Lakes
<br />Concessions: 1 Month free
<br />SECTION 7.08
<br />MARKET STUDY
<br />1 Bed / 1 Bath
<br />Square Ft. Mkt Rent Rent/SF
<br />771 1,055 $ 1.37
<br />771
<br />; FLAHERTY & COLLINS
<br />v Properties
<br />Date: 1/15/2010
<br />Indianapolis
<br />Charlotte
<br />Cincinnati
<br />Raleigh
<br />2Bed/2Bath 3Bed/2Bath
<br />Square Ft. Mkt Rent Rent/SF Square Ft. Mkt Rent Rent/SF
<br />867 1,115 $1.29 1,143 1,530 $ 1.34
<br />967 1,155 $1.19 1,284 1,490 $ 1.16
<br />1,079 1,345 $1.25 1,297 1,250 $ 0.96
<br />1,085 1,285 $1.18 1,385 1,638 $ 1.18
<br />1,110 1,435 $1.29
<br />$1,055 $1.37 1,022 $1,267 $1.24 1,277 $1,477 $1.16
<br />$ 1.28 1,294 $1,433 $1.11 1,676 $ 1,967 1.17
<br />669 1 $ 853
<br />950 $ 1,115
<br />1,294 1 $ 1,155
<br />$ 1.17 1,198 $1,237 $1.03
<br />$ 0.89 1,661 $1,772 $1.07
<br />971 $1,041 $1.11
<br />90% 755 $ 989 $ 1.31
<br />894 $ 1,089 $ 1.22
<br />1,239 $ 1,006 $ 0.81
<br />963 $ 1,028 $ 1.11
<br />95% 540 $ 900 $ 1.67
<br />810 $ 1,125 $ 1.39
<br />850 $ 1,200 $ 1.41
<br />1,065 $ 1,250 $ 1.17
<br />1,100 $ 1,425 $ 1.30
<br />Units: 52
<br />Year Built: 2008 873 $1,180 $1.39
<br />5 Terrace Hill 93% 762 $ 830 $ 1.09
<br />762 $ 835 $ 1.10
<br />855 $ 910 $ 1.06
<br />878 $ 935 $ 1.06
<br />Concessions: None
<br />Units: 63
<br />Year Built: 2008 814 $878 $1.08
<br />1,384 $1,481 $1.07
<br />1,219 $ 1,1151 $0.91
<br />1,489 $ 1,115 $0.75
<br />1,250 $ 1,127 $0.90
<br />1,429 $ 1,265 $0.89
<br />1,589 $ 1,265 $0.80
<br />1,395 $
<br />1,150 $
<br />1,220 $
<br />1,330 $
<br />1,177 $ 0.85
<br />1,650 $ 1.43
<br />1,695 $ 1.39
<br />1,850
<br />1,233 $1,732
<br />966 $ 1,025
<br />1,036 $ 1,050
<br />1,017 $ 1,075
<br />1,061 $ 1,140
<br />$1.41
<br />$ 1.06
<br />$ 1.01
<br />$ 1.06
<br />$ 1.07
<br />1,676
<br />$1,967
<br />$1.17
<br />1,150 $ 1,530 $ 1.33
<br />1,150 $1,530 $ 1.33
<br />1,323 $1,350 $ 1.02
<br />1,020 81,073 81.05 1,323 $1,350 $ 1.02
<br />Ramsey Market Study.FC.1-14-10 Page 1 of 2
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