A – Draft Strategic Marketing and Programming Analysis Report — Cupertino City Council, October 17, 2023

Strategic Market and Programming Analyses in Support of Residential Redevelopment Plans for Cupertino City Hall Annex & Sports Center; Cupertino, CA

Phase I: Go/No Go Assessment

City of Cupertino

CITY OF CUPERTINO September 2023
23148.00 – CUPERTINO, CA

TABLE OF CONTENTS

EXECUTIVE SUMMARY
 Market Areas
 Macroeconomic Overview of Local Rental
Housing Market
 Market-Rate Rental Performance
 Affordable Apartment Rent Limits vs. Market
Rents
 Product Menu
 City Hall Funding Options

180 Montgomery Street, Suite 2350 ◦ San Francisco, California 94104 ◦ Phone: (415) 397-5490 San Francisco ◦ Newport Beach ◦ Atlanta ◦ Austin ◦ Portland Executive Summary
To: City of Cupertino
From: The Concord Group, LLC, in conjun ction with Cumming Management Group, Inc.

Date: September 15, 2023
Re: Strategic Market and Programming Analyses in Support of Residential Redevelopment Plans for Cupertino City Hall, Annex & Sports Center
Part 1: Go/No-Go Assessment for City Hall and Sports Center Sites

BACKGROUND AND OBJECTIVES:

We understand that the City of Cupertino is evaluating the redevelopment opportunities for the City Hall and Sports Center sites:
 City Hall and Future Annex – 10300/10455 Torre Ave
 Sports Center – 21111 Stevens Creek Boulevard

The key objective is to create an economically sustainable project that may incorporate revenue generating uses in addition to the required Cupertino City functions. In this initial analysis, The Concord Group (TCG )has determined that due to the strong demand for housing, current supply gap in market and potential for revenue generation, residential redevelopment is the highest and best use of these sites. Other potential commercial uses, while considered, may be included as ancillary opportunities but are not recommended as key development uses relative to housing development.

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SCOPE OF WORK:

The “Go/No-Go Assessment” covered the following analyses, leading to initial recommendations for residential product types, focusing on mixed income (market-rate and below market-rate) or standalone affordable rental apartments compatible with civic uses.  Below Market Rate (“BMR”) is defined as rental units a ffordable to households earning typically below 80% of County Area Median Income (“AMI”).
o Housing development options based on market depth of demand, rent levels (market-rate and BMR), unit types and mix. o Overview of public-private partnership (P3) opportunities and project delivery approaches including financial tools and structures that can be used in the redevelopment process.

This package provides a high-level summary of findings and recommendations, supported by a detailed Appendix of supporting data and analyses.

KEY FINDINGS AND CONCLUSIONS
Overall, the initial market reconnaissance indicates strong demand and significant undersupply of rental housing in the City of Cupertino.

High home ownership costs due to rising interest rates, rapid home price appreciation, and scarcity of housing stock are putting upward pressure on rental housing demand while worsening overall housing affordability. Housing market conditions are summarized on Pages 5-6.
 The average age of Class A rental product in Cupertino is 1991, far older than in neighboring cities Mountain View (2021), Sunnyvale (2020), and Santa Clara (2017), thus reflecting the n eed for new housing supply. Since 2018, there have been no major Class A apartment deliveries in Cupertino.
 The current gap between average monthly owne r costs and average rent in Cupertino is over 100%. Rentership is thus likely to increase even further in the coming years as homeownership is farther out of reach.

Despite strong demand for new, quality rental housing in Cupertino, the current market conditions for rental development are extremely challenging with high costs for both financing and construction. Furthermore, given requirements for inclusionary housing in Santa Clara County, a minimum of 15% of units will need to be offered at below market rate (“BMR”) rents.  Importantly, financially feasible rental development (mixed inco me or standalone affordable) requires a finance plan that may include housing grants, low-income housing tax credits (LIHTC), tax abatements/exemptions, and other regulatory incentives. The menu of supportable housing types is shown on Pages 7-8.  For any rental development to be financially feasible, the City will likely need to bridge the funding gap between BMR rents an d development costs of delivering a building through a public-private partnership.

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Public-private partnership (P3) tools are available to facilitate the new development:
 Provide the opportunity to deliver a project that organically cannot be supported by the market.  Help governments leverage the expertise and efficiency of the pr ivate sector for vertical development, raise capital, and spur private development.
 Create revenue streams by unlocking the value of surplus public pr operty with private development that can be used to support construction of new civic facilities and BMR housing.
 Hold significant benefits that are identified in this report. They also present challenges requiring time and resources to ach ieve collaboration between public and private partners related to complex deal structures.

The conclusion and recommendation of this report is that the be st opportunity to financially su pport a new City Hall and BMR at the lowest possible cost to taxpayers is to further examine and inve stigate each of the strategies, including P3 approaches, identi fied in this initial phase of work.

Further detail outlining funding options, P3 and their respective opportunities and challenges are provided starting on Page 8.

Ultimately, even with a robust public-private partnership, there are still clear challenges moving forward. The magnitude of development needs to be correctly determined and P3’s are not a guaranteed solution to address all subsequent funding gap or feasibility co ncerns.

Nonetheless, P3’s are an avenue worth exploring. An actionable next step would be to reach out to affordable housing developers in the area and see if there is a viable partnership/financial structure that works for both entities.

Executive Summary Appendix

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Market Areas:
 The red outlined area is the Competitive Market Area (CMA), the so urce of competitive rental supply. This area is defined by zi p codes and consists of all or most of Cupertino, Mountain View/ Los Altos, Sunnyvale, and Santa Clara.  The blue outlined area represents the Primary Market Area (PMA), the geographical focus of this study and the main source of rental demand. This area is defined by zip code and stretches from Palo Alto down through the southern edge of Los Gatos.

Macroeconomic Overview of Local Rental Housing Market:

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 Population:
o Cupertino has a population of 62,426 people and 21,334 households, of which 40% rent and 60% own. Both population and households are projected to decrease over the next five years by around 0.5%, making Cupertino the only market in the CMA experiencing population decline.
o Cupertino is the smallest market in the CMA with the lowest share of renters: Sunnyvale has 60,328 households of which 55% rent, Santa Clara has 47,941 households of which 58% rent, and Mountain View has 50,941 households of which 47% rent. Lack of adequate rental supply is likely contributing to the relatively low rentership rate.  Incomes:
o Cupertino is the most affluent submarket in our CMA: 52% of households earn over $200k and the average net worth is over $3 million.
o 53% of renter households spend under 20% of their incomes on housing. There is thus room for rents to grow further.  Rentership:
o Due to astronomical home ownership costs and a lack of adeq uate supply, an increasing number of high earners still rent in Cupertino. In 2021, 37% of households that earned over $150k rented, marking a 54% increase from 2016. o Because of rising interest rates and rapid home price appreciation, the current gap between average monthly owner costs and average rent is a whopping 118%. Rentership is thus likely to increase even further in the coming years.  Age:
o Cupertino has a median age of 41.7, the highest across the CMA. Only 24% of the population is between the ages of 25 and 44, while 45% are over 45. Lack of adequate rental supply targeting y oung adults is likely contributing to the relatively high median age.
o Overall, the population is aging rapidly and the 75+ population is projected to increase 2.3% per year over the next five years. Seniors who want to downsize but still live in Cupertino will likely help drive rental demand.  Employment:
o Cupertino boasts strong employment numbers primarily due to the presence of numerous tech campuses, primarily Apple.

There are 50,298 jobs in the market but only 26,701 of those live in Cupertino, resulting in a net inflow of around 23,597 workers. Increased rental supply may help bridge the discrepancy between jobs and local workers.

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Market-Rate Rental Performance:
 To understand the current rental housing conditions, TCG surveyed 23 Class A apartment communities across four submarkets:

Cupertino, Mountain View, Sunnyvale, and Santa Clara. Across the four submarkets, communities in Cupertino had the lowest average base rent and PSF: $3,879 & $3.90 vs. $4,678 & $5.42 in Mountain View, $3,935 & $4.20 in Sunnyvale, and $3,985 & $4.01 in Santa Clara.
 This disparity in rents, although minor, is likely attribut ed to the average age of product in Cupertino: 1991 . The average age of surveyed product in Mountain View (2021), Sunnyvale (2020), and Santa Clara (2017) is much newer, thus reflecting the need for new housing supply in Cupertino.
 Furthermore, even with 70s & 90s built products, Cupertino is reaching rents near the level of Sunnyvale and Santa Clara, hence demonstrating the inherent demand for housing in the ar ea and Cupertino’s relative desirability to live in. Since 2018, there have been no major Class A apartment deliveries in Cupertino. $500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Base Rent
Unit Size
Color = Submarket
Red = Cupertino
Orange = Sunnyvale
Cyan = Mountain View
Yellow = Santa Clara
120% AMI
Studio
1-Bedroom
2-Bedroom
3-Bedroom
80% AMI
50% AMI
30% AMI

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Affordable Apartment Rent Limits vs. Market Rents:
 Workforce housing is defined as housing affordable for those earning between 80% and 120% of area median income (AMI).  When comparing area median income (AMI) rent limits in Sant a Clara County to the CMA market averages per bed type, there are significant gaps across the 50%, 80%, and 100% AMI rent limits. However, rent limits at the 120% AMI level exceed the CMA market averages.
 Given that average market rate rents are below the 120% AMI rent limit and already considered workforce, BMR rents should be targeted at or below the 100% AMI level in order to have an impact on affordability.

$3,746
$4,015
$4,817
$5,566
$3,400
$3,755
$4,628
$5,002
$3,122
$3,346
$4,014
$4,638
$2,498
$2,677
$3,211
$3,710
$1,561 $1,673
$2,007
$2,319
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Studio 1-Bed 2-Bed 3-Bed
AMI Rent Limits vs. CMA Market Averages
120% AMI CMA Market Avg. 100% AMI 80% AMI 50% AMI

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Product Menu:
 The market analysis concludes to the following product menu outl ining target product types, target audiences, and ranges for expected building types and achievable rents across the market and BMR rent levels:
 Market rate product ranges in construction type, density, and target renter audiences with varying degrees of financially feasibility at the Site due to growing construction costs and physical site limitations.

Land Use/Product Type Const. Avg. Size Range TCG Pricing Descriptio
n Target Market Audiences Type Densit y Avg. Size Recommendation Range Market-Rate Residential Units (Maximum 85% MR) Type DU/AC SF Avg. Rent ($/PSF) Garden Walk-Up • Entry-level programmers; young V 30 - 50 Weighted: 759 Weighted: $4,225 Walk-up three- to four-story families; down-sizing retirees wood-frame construction with local renters seeking new product; surface parking. Product type roommates
returns modest densities and
lower costs.

Traditional Wrap • Entry-level programmers; young III 80 - 100 Weighted: 736 Weighted: $4,265 Four- to five-story construction families; local renters seeking ne w
built around a centralized product; roommates
multi-story concrete parking
structure.

Traditional Podium • Dual-income couples; mid-level in III / I 100 - 120 Weighted: 708 Weighted: $4,317 Four- to five-story of light framing tech or professional services; young over one to two levels of families; roommates
concrete podium. Podium primarily
used for parking and may include
one level below grade. Commonly
includes ground floor retail.

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Product Menu (continued):
 BMR units can be offered across a range of densities from Garden/Walk-Up product (50 DU/AC) to Podium product (100+ DU/AC) however collected rents will remain at the respective AMI rent limits regardless of product type.

Land Use/Product Type Const. Avg. Size Range TCG Pricing Descriptio
n Target Market Audiences Type Densit y Avg. Size Recommendation Range Below Market-Rate Residential Units (Minimum 15% BMR) Type DU/AC SF AMI Rent Limit Affordable (50% AMI) • Locally employed at retail centers; --- 50 - 100+ 450 - 1,175 $1,561 - $2,319 in hospitality; service industry; or an $3.47 - $1.97
administrative position at various tech
companies
AMI Income Range:
$62,450 - $89,200
Affordable (80% AMI) • Locally employed at De Anza --- 50 - 100+ 450 - 1,175 $2,498 - $3,710 College; healthcare professionals; $5.55 - $3.16
entry-level professional services;
administrative position at various
tech companies
AMI Income Range:
$99,920 - $142,720

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City Hall Funding Options:

In this initial step of work, we have identified a menu of pu blic-private partnership and project delivery approaches (i.e., financial tools and structures) that can be used in the project.

A public-private partnership (P3) is a creat ive alliance between a government entity(s ) & private developer(s) to achieve a com mon purpose. Some states have P3’s embedded in their legislation, ma king it much easier for local governments and the private secto r to enter into a P3. Some have limitations, prohibiting the gift or lending of public funds. P3’s offer the potential to realize mutually beneficial goals while mitigating risk to the state and private investment.

P3’s are used locally and across the country to develop or redevelop an area or site, often blighted or underused. They are typically and proactively initiated by a municipality to achieve key public objectives:

 Public Amenity or facility
 Mixed use development
 Transit-oriented development
 Recreational facility
 Downtown revitalization
 Affordable housing
 Industrial and commercial development

We often see P3’s in the development of infrastructure where a pa rtnership in the form of a long-term performance-based contrac t between the public sector (any level of government) and the private sector is created to deliver public infrastructure or facilities.

We also see P3’s where partnerships are designed that unlock the existing monetary value found in public assets through:

 Ground lease
 Outright sale
 Other transaction mechanism

All P3’s start with a shared vision just like any land use and development process. P3’s and land use processes that begin from a shared vision have a far better chance of surviving economic downturns and changes in political leadership because they can withstand a longer implementation schedule based on their community support.

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Some key P3 points:

 Without a vision, the project will most likely fail
 Far more extensive, expensive, and time-consuming than either private developers or many public officials would like  Emanates from a community planning or visioning process; a developer-generated vision; or a combination of both  Public participation and engagement are critical
 Public Purpose is both a legal requirement and the core reason for a P3 project

P3’s also include some common principles. These have been published by the Urban Land Institute – a nonprofit research and education organization support by its nearly 40,000 members comprised of private and public real estate and land use professionals engaged in the exchange of ideas and information dedicated to creating better places.

Ten principles for successful public-private partnerships

1. Prepare properly for public/private partnerships

2. Create a shared vision

3. Understand your partners and key players

4. Be clear on the risks and rewards for all parties

5. Establish a clear and rational decision-making process

6. Make sure all parties do their homework

7. Secure consistent and coordinated leadership

8. Communicate early and often

9. Negotiate a fair deal structure

10. Build trust as a core value

Typical benefits/assets that the public sector can offer as part of a P3

 Vision/Political & Organizational Support
 Land (discounted or provided at no cost)
 Regulatory incentives (height, parking reductions, shared parking provisions, fee waivers/caps  Infrastructure contributions
 Contribution of funds from existing sources, grants, debt issuance, or public vote for new revenue source  Ability to share operational/capital costs with private partner

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Typical benefits/assets that the private sector can offer as part of a P3

 Needed capital to develop project
 Expertise and efficiency of vertical construction resulting in potentially lower cost  Ability to share operational/capital costs with public partner

Typical P3 Time Frame - Surplus Land Sale Transaction/Development

Implementation Step Timing (Months)
 Identify Potential Catalyst Surplus Site: 2-3
 RFQ/RFP Development with City Incentives: 2-3
 Recruit and Solicit Development Proposals: 2
 Evaluation/Interview and Selection: 2
 Negotiation of MOU/PSA/DA: 3-6
 Developer Due Diligence: 12
 Entitlements: 6
 Construction: 12-24

 Total Timeline: 40-68 Months (3-6 Years)
Preliminary findings of residual land value from private housin g development indicate that both traditional and various public- private partnership (P3) opportunities can be implemented to construct a quality civic center project at the lowest possible cost to the public.

In context, the ability to fund a new city hall may be one of the most difficult challenges facing local government, especially in the environment where expenses are rising faster than a city’s ability to raise revenue via property tax, sales tax, and other tax sources that are discretionary and not restricted for a specific use. Structur al deficits cause many governments to forgo necessary facility expansion, improvements, and/or new construction creati ng a modern, efficient, sustainable office and civic spaces that express the commun ity’s values and open engagement.

Older public facilities may not meet today’s seismic standards, especially if that public facility is identified as an essentia l facility under city or state regulations, leaving the local government with a substantial life safety and economic risk during a seismic event. Additionally, these same facilities lack current accessibility features or improvements required by the Americans with Disabilities Act. Local governments that are successful with funding new civic facilities have been able to generate a renewed civic pride, spark economic development efforts, increase employee retention, attrac t new talent, and provide for needed accessible public space for community gatherings, meeti ngs, and celebrations.

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As identified in the preliminary market analysis, there are development scenarios that can generate revenues from the sale/lease of land not needed for civic uses. The important finding suggests opportunities to lower anticipated taxpayer expense for civic facilities and/or enhance the experience when visiting the civic center by inviting, planning, and accommodating some private uses (in this case residential, with the possibility of ancillary commercial) on the site.

Mixed-use public-private developments can oc cur based on existing market conditions an d interest by the development community o r incentivized by the public sector by offering the land at market rate values. The City of Cupertino is fortunate to have strong underlying market demand for housing in its favor to attract investment.

There may be other opportunities to further enhance interest in the properties and to advance the city’s broader objectives, su ch as a package of other project-level incentives (e.g., shared parking, infrastructure contributions) to support the type of use(s) an d design criteria that may not be possible otherwise.

The various project delivery options will include:
 Design-Bid-Build.
 General Contractor/Construction Manager (AKA Construction Manager at Risk).  Progressive Design Build.
 63-20 Progressive Design Build.

In next stages of project planning, each delivery option will require an assessment of advantages and disadvantages available to the City to achieve the desired civic center project with an emphasis of examining public-private project delivery approaches to maximize public sector benefits while minimizing costs.

Below is a summary outline of the key elements or strategies to achieve the desired civic center at the lowest possible cost to the taxpayers of Cupertino. The key strategies fall within two categories of Revenue Generation and Cost Reduction. The strategies that likely will have the most financial impact are those that are identified in bold below. Once the City determines the likely financial impact of these strategies, the future phase of work will examine how viable the other strategies will be in filling any financial gap that exists to fund and construct a new City facility.

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Revenue Generation Strategies

 City allocation of funds over a number of years into capital account (cash option).  City issuance of debt and obligation of debt service to be paid with specific tax revenue stream.  Voted ballot measure to support some or all of debt service.  Surplus and sale of public property for private development to create funds (cash option via P3).  Philanthropic contributions toward civic facilities and for any below market housing that may be included on the site (e.g., Apple Affordable Housing Fund).

Cost Reduction Strategies

 Right-size facility (not too big and large enough to meet future needs). o Evaluate the same size of facility for construction and evaluation purposes – 21,450 SF. o Modifications to the size of facility may be directed by the City based on different growth scenarios. o Rough order of magnitude cost estimates are required to calculate debt service based on terms (e.g., 5 percent over 25 years) as directed by the City.

 P3 delivery approaches to produce quality facility at reduced cost.  Public agency partner(s) to share common spaces and facilities reducing overall costs.  Private entity partners for shared space (e.g., parking) to reduce costs and create additional site amenities.

Pros and Cons of P3’s

Pro’s
 Better return on investment; lower costs and taxpayer expense  Faster completion
 Better solutions
 Ability to complete project that otherwise would not be possible

Con’s
 Increased implementation risk
 Increase time, effort, and expense upfront as deals can be complicated  Lack of familiarity by public entity to manage process

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Potential P3 Funding Example

Below is a diagram that illustrates a possible example of how a P3 approach and funding strategy can be used to bridge a financial gap that otherwise would have to be paid by the taxpayers of Cupertino.

Bottom Line:

P3’s provide the opportunity to deliver a project that cannot be organically supported by the market given cost and financing constraints.

However, even the best organized P3 will be a complicated deal structures and will take time (years) to develop. The above stra tegies represent the best opportunity to financially support a new City Hall and BMR at the lowest possible cost to taxpayers. The next phase of our work will involve working collaboratively with the City to ex amine and investigate each of the P3 strategies identified in this initial phase of work to assess the best path forward.

****
This assignment was completed by Matthew Kim, Paolo Vera, Ethan Huang, Brian Nguyen under the direction of Richard M. Gollis, along with Bob Stowe. We have enjoyed working with you on this assign ment and look forward to our continued involvement with your tea m.

If you have any questions, please do not hesitate to call.

CITY OF CUPERTINO September 2023
23148.00 – CUPERTINO, CA

LIST OF EXHIBITS

EXECUTIVE SUMMARY

ITE-SPECIFIC ANALYSIS

1. Local Setting

2. Site Assessment

3. Product Menu

4. Product Program Positioning

5. AMI Rent Limits

DATA APPENDIX
I. MARKET OVERVIEW

1. Regional Location and Submarket Delineation

2. Demographics
A. Summary
B. Demographic Change Summary
C. Renter Demographics
D. Changing Nature of Rentership
E. Senior Demographics

3. Employment Trends
A. Total
B. By Industry
C. Commute

4. Home Prices, Rents, and Owner Cost

II. M

ARKET-RATE OPPORTUNITY ANALYSIS

1. Market-Rate Trends
A. Overall
B. Class A
C. Class A vs Class B

2. Market-Rate Inventory Performance
A. Select Apartment Inventory
B. Select Apartment Inventory Locations
C. Lease-up & Absorption
D. Apartment Product Indicators
E. Amenity and Service Profile

3. Shadow Market Analysis

4. Market Rate Demand
A. MR Demand Summary
B. MR Demand Capture Scenarios

5. Building Trades

III. BELOW MARKET-RATE OPPORTUNITY ANALYSIS

1. Below Market-Rate Trends

2. Below Market-Rate Inventory
A. Select BMR Inventory
B. Select BMR Inventory Locations
C. AMI Rent Limits

3. Below Market Rate Demand Summary

4. Building Trades

EXHIBIT 1

LOCAL SETTING

CUPERTINO, CA
AUGUST 2023
Key
Pink = Education
Purple = Medical
Red = Hospitality
Orange = Employment Nodes
Green = Recreation
Blue = Dining and Culture
Harbor Freight,
Safeway, World
Market, Philz
Apple Park
Kaiser Permanente
Subject Sites
Subject Site
Whole Foods,
Target, Marina
Food, TJ Maxx,
Starbucks
Apple Infinite Loop
Oakmont Produce
Market, Oakmont
Sandwiches, New
York Pizza
Nelson S.

Dilworth
Elementary
Safeway,
Chase Bank
Hyde Middle
School
Cupertino High
School
JOANN Fabrics,
Marukai Market,
Shane Co.

De Anza College
Home Depot, H Mart,
McDonalds, Trader
Joes, Chipotle
John F.

Kennedy Middle
School
Monta Vista High
School
Apple Results
Way Campus
Blackberry Farm
Golf Course and
Recreation
McClellan Ranch
Preserve, Deep
Cliff Golf Course
Cupertino Memorial
Park and Sports
Center
Wilson Park
Jollyman
Park
Residence Inn
Juniper Hotel
Marriot,
Hilton, Hyatt
Highway 85
Highway 280
Ortega Park
Homestead High
School
Cupertino Middle
School
Ortega Park
Crunch Fitness,
McDonald's,
Stocklmeir
Elementary
School
Panama Park
Peterson
Middle School
PG&E Trailhead,
Canyon Oak Park,
Permanente Creek
Picnic Area
23148.00 Local Setting: Local THE CONCORD GROUP
DRAFT
EXHIBIT 1

LOCAL SETTING - ZOOM

CUPERTINO, CA
AUGUST 2023
Whole Foods,
Target, Marina
Food, TJ Maxx,
Starbucks
Monta Vista High
School, Monta
Vista High School
De Anza
99 Ranch
Market
The Watercube Spa,
Lee's Sandwiches, DHL
Express Service Point
Eaton Elementary
School, CalColor
Academy
William
Faria
Elementary
School
Sam H. Lawson
Middle School
Apple
Results Way
Campus
Northwest
YMCA
Cupertino
Library and
Park
Memorial Park
Tennis Court
Quinlan
Community
Juniper Hotel
Key
Pink = Education
Purple = Medical
Red = Hospitality
Orange = Employment Nodes
Green = Recreation
Blue = Dining and Culture
Highway 85
23148.00 Local Setting: Local Zoom THE CONCORD GROUP
DRAFT
EXHIBIT 2

SITE ASSESSMENT

CUPERTINO, CA
AUGUST 2023
Physical Site: ● Density (DU/AC): 30 - 120 ● Density (DU/AC): 30 - 120 ● Density (DU/AC): --- ● GSF: 273,708 SF ● GSF: 144,279 SF ● GSF: 21,453 SF
Surrounding ● Adjacent to a townhome development and ● Surrounded by a mix of single family homes, ● Surrounded by offices, primarily medical, and Land Uses: Memorial Park; one block away from Whole Foods; townhome developments, offices, medical centers townhome developments; across the street from across the street from De Anza College and retail; adjacent to Civic Center and Library Cu pertino Library Park Transportation ● Good visibility along major thoroughfare Stevens ● Good visibility at corner of Torre and Rodrigues, ● Good visibility at corner of Torre and Pacifica, & Access: Creek Blvd; easy access to Highway 85 and I-280; no existing bus stops but a short walk away from no existing bus stops but a sho rt walk away from existing bus stop for routes 23 and 51 multiple stops on De Anza Blvd multiple stops on De Anza Blvd Suitability for ● Large site with lots of underutilized space; strategic ● Site is large enough and character of site is ● Site is likely too small for a housing development; Housing location by major thoroughfares, retail nodes, suited for housing, but replacing city hall will considering construction costs and physical site Development: public amenities and De Anza College lik ely be politically contentious constraints residential uses will be challenging to finance
Overall Ranking:

Sports Center - 21111 Stevens Creek Blvd City Hall - 10300 Torre Ave Future Annex - 10455 Torre Ave Strong Strong Moderate
Strong Moderate Weak
Strong Moderate Moderate
Strong Moderate Weak
23148.00 Site Assessment: Int The Concord Group
DRAFT
EXHIBIT 3

RESIDENTIAL PRODUCT DEVELOPMENT MENU

CUPERTINO, CALIFORNIA
AUGUST 2023
Land Use/Product Type Const. Avg. Size Range TCG Pricing Description Target Market Audiences Type Density Avg. Size Recommendation Range Market-Rate Residential Units (Maximum 85% MR) Type DU/AC SF Avg. Rent ($/PSF) Garden Walk-Up
Traditional Wrap
Traditional Podium
Below Market-Rate Residential Units (Minimum 15% BMR) Type DU/AC SF AMI Rent Limit Affordable (50% AMI)
Affordable (80% AMI)
Affordable (120% AMI)
DRAFT
EXHIBIT 4

RENT POSITIONING (RENT TO SIZE) - KEY COMPARABLES

COMPETITIVE MARKET AREA
AUGUST 2023
Note: AMI marker points are located at Competitive Market Area average unit sizes. $500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Base Rent
Unit Size
Garden Walk-Up Traditional Wrap Traditional Podium Cupertino City Center (1989, 92%) Main Street Cupertino Lofts (2018, 96%) Nineteen800 (2014, 96%) Landsby (2022, 51%) MV Apartments (2021, 97%) The Hadley (2022, 40%) The Tillery (2023, 59%) 1250 Lakeside (2021, 92%) Maxwell (2022, 100%) The Murphy Station (2022, 91%) Prado (2021, 93%) Santa Clara Square Apartments (2018, 99%) Color = Submarket
Red = Cupertino
Orange = Sunnyvale
Cyan = Mountain View
Yellow = Santa Clara
Nineteen800
Main Street Cupertino Lofts
Cupertino City Center
The Hadley
Landsby
The Tillery
MV Apartments
Santa Clara Square
Prado
50% AMI
80% AMI
120% AMI
Studio 1-Bedroom
2-Bedroom
3-Bedroom
23148.00 RecComps v2.19 Run: RS The Concord Group
DRAFT
EXHIBIT 4
RENT POSITIONING (RENT TO SIZE) - STUDIOS/OPEN 1-BEDROOMS

COMPETITIVE MARKET AREA
AUGUST 2023
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
400 500 600 700 800 900 1,000 1,100 1,200
Base Rent
Unit Size
Studios/Open 1-Bedrooms
Garden Walk-Up Traditional Wrap Traditional Podium Main Street Cupertino Lofts (2018, 96%) Landsby (2022, 51%) The Dean (2020, 91%) The Hadley (2022, 40%) The Tillery (2023, 59%) 1250 Lakeside (2021, 92%) Maxwell (2022, 100%) The Murphy Station (2022, 91%) Monticello Apts (2016, 97%) Santa Clara Square Apartments (2018, 99%) The Tillery The Hadley Santa Clara Square Apartments Main Street Cupertino Lofts 1250 Lakeside Landsby Color = Submarket
Red = Cupertino
Orange = Sunnyvale
Cyan = Mountain View
Yellow = Santa Clara
50% AMI
80% AMI
120% AMI
23148.00 RecComps v2.19 Run: RS0 The Concord Group
DRAFT
EXHIBIT 4
RENT POSITIONING (RENT TO SIZE) - 1-BEDROOMS

COMPETITIVE MARKET AREA
AUGUST 2023
$500
$1,500
$2,500
$3,500
$4,500
$5,500
$6,500
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Base Rent
Unit Size
1-Bedrooms
Garden Walk-Up Traditional Wrap Traditional Podium Arioso (1999, 92%) Cupertino City Center (1989, 92%) Cupertino Park Center (1997, 94%) Main Street Cupertino Lofts (2018, 96%) Markham Apartments (1972, 93%) The Biltmore Apartments (1973, 95%) The Hamptons (1999, 99%) Landsby (2022, 51%) MV Apartments (2021, 97%) The Dean (2020, 91%) The Hadley (2022, 40%) The Tillery (2023, 59%) 1250 Lakeside (2021, 92%) Maxwell (2022, 100%) Savoy (2020, 87%) The Flats at City Line (2018, 92%) The Murphy Station (2022, 91%) Hearth Apartments (2014, 93%) Monticello Apts (2016, 97%) Mylo Santa Clara (2019, 96%) Prado (2021, 93%) Santa Clara Square Apartments (2018, 99%) The Tillery Maxwell The Hadley Prado Santa Clara Square Apartments Cupertino City Center Main Street Cupertino Lofts 1250 Lakeside Landsby MV Apartments Color = Submarket
Red = Cupertino
Orange = Sunnyvale
Cyan = Mountain View
Yellow = Santa Clara
50% AMI
80% AMI
120% AMI
23148.00 RecComps v2.19 Run: RS1 The Concord Group
DRAFT
EXHIBIT 4
RENT POSITIONING (RENT TO SIZE) - 2-BEDROOMS

COMPETITIVE MARKET AREA
AUGUST 2023
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 Base Rent
Unit Size
2-Bedrooms
Garden Walk-Up Traditional Wrap Traditional Podium Arioso (1999, 92%) Cupertino City Center (1989, 92%) Cupertino Park Center (1997, 94%) Markham Apartments (1972, 93%) Nineteen800 (2014, 96%) The Biltmore Apartments (1973, 95%) The Hamptons (1999, 99%) Landsby (2022, 51%) MV Apartments (2021, 97%) The Dean (2020, 91%) The Hadley (2022, 40%) The Tillery (2023, 59%) 1250 Lakeside (2021, 92%) Maxwell (2022, 100%) Savoy (2020, 87%) The Flats at City Line (2018, 92%) The Murphy Station (2022, 91%) Hearth Apartments (2014, 93%) Monticello Apts (2016, 97%) Mylo Santa Clara (2019, 96%) Prado (2021, 93%) Santa Clara Square Apartments (2018, 99%) The Tillery Maxwell The Hadley Prado Santa Clara Square Apartments Cupertino City Center Nineteen800 1250 Lakeside Landsby MV Apartments Color = Submarket
Red = Cupertino
Orange = Sunnyvale
Cyan = Mountain View
Yellow = Santa Clara
50% AMI
80% AMI
120% AMI
23148.00 RecComps v2.19 Run: RS2 The Concord Group
DRAFT
EXHIBIT 4
RENT POSITIONING (RENT TO SIZE) - 3+ BEDROOMS

COMPETITIVE MARKET AREA
AUGUST 2023
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 Base Rent
Unit Size
3+ Bedrooms
Garden Walk-Up Traditional Wrap Traditional Podium Markham Apartments (1972, 93%) Nineteen800 (2014, 96%) The Biltmore Apartments (1973, 95%) The Hamptons (1999, 99%) Landsby (2022, 51%) The Dean (2020, 91%) The Hadley (2022, 40%) The Tillery (2023, 59%) The Flats at City Line (2018, 92%) 50% 80% 120% The Tillery The Hadley Nineteen800 Landsby
Color = Submarket
Red = Cupertino
Orange = Sunnyvale
Cyan = Mountain View
Yellow = Santa Clara
50% AMI
80% AMI
120% AMI
23148.00 RecComps v2.19 Run: RS3 The Concord Group
DRAFT
EXHIBIT 5

AFFORDABLE APARTMENT DEMAND - AMI INCOME AND RENT LIMITS

SANTA CLARA COUNTY, CALIFORNIA
2022
Santa Clara County AMI by Household Size: 2023
AMI Level 1-Person 2-Person 3-Person 4-Person 5-Person 6-Person 7-Person 8-Person 30%
40%
50%
60%
80%
100%
120%
150%
200%
Santa Clara County Maximum Rent by AMI and Unit Type: 2023 AMI Level Studio 1-Bed 2-Bed 3-Bed 4-Bed 5-Bed
30%
40%
50%
60%
80%
100%
120%
150%
200%
DRAFT
Data Appendix
DRAFT
I. Market Overview
DRAFT
EXHIBIT I-1

REGIONAL LOCATION AND SUBMARKET DELINEATION

PRIMARY MARKET AREA
AUGUST 2023
The multi-colored regions
represent the various
submarkets of the PMA.

Palo Alto
Mountain View/
Los Altos
Sunnyvale
Santa
Clara
Central
San Jose
Milpitas/ North
San Jose
East San Jose
Campbell/
South San Jose
Saratoga/ Los
Gatos
Cupertino
The red outlined area is the Competitive Market Area, ("CMA"), the source of competitive rental supply. This area is defined by zip codes and consists of all or most of Mountain View/ Los Altos, Sunnyvale, Cupertino and Santa Clara.

The blue outlined area represents the Primary Market Area ("PMA"), the geographical focus of this study and the main source of rental demand. This area is defined by zip code and stretches from Palo Alto down through the southern edge of Los Gatos.

Subject Site
23148.00 RegLoc PV: RegLocSC Page 1 of 2 THE CONCORD GROUP DRAFT
EXHIBIT I-1

REGIONAL LOCATION AND SUBMARKET DELINEATION - DRIVE TIME

PRIMARY MARKET AREA
AUGUST 2023
Subject Site
10 Minute
20 Minute
30 Minute
23148.00 RegLoc PV: Drive Time Page 2 of 2 THE CONCORD GROUP DRAFT
EXHIBIT I-2Ai

DEMOGRAPHICS - SUMMARY - SCALE

PRIMARY MARKET AREA
2022 THROUGH 2027
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA Palo Alto
Saratoga/ Los
Gatos
Campbell/ South
San Jose Central San Jose
Milpitas/ North San
Jose East San Jose PMA United States
Population
2022 62,426 162,189 130,301 129,705 484,621 125,925 110,418 406,029 164,418 185,775 380,245 1,857,431 335,707,897 2027 60,591 162,921 130,802 129,713 484,027 122,572 106,578 395,221 167,405 183,096 368,368 1,827,267 339,902,796 Gr/Yr ('22-'27) (Num.) (367) 146 100 2 (119) (671) (768) (2,162) 597 (536) (2,375) (6,033) 838,980 Gr/Yr ('22-'27) (%) (0.6%) 0.1% 0.1% 0.0% (0.0%) (0.5%) (0.7%) (0.5%) 0.4% (0.3%) (0.6%) (0.3%) 0.2% Households
2010 21,019 54,091 42,880 47,072 165,062 39,595 38,717 138,083 52,527 46,602 97,070 577,656 116,716,292 2022 21,334 60,328 47,941 50,941 180,544 41,046 39,013 144,455 62,418 60,764 102,551 630,791 128,657,669 % of PMA 3.4% 9.6% 7.6% 8.1% 28.6% 6.5% 6.2% 22.9% 9.9% 9.6% 16.3% -- -- Gr/Yr ('10-'22) (Num.) 26 520 422 322 1,290 121 25 531 824 1,180 457 4,428 995,115 % of PMA 0.6% 11.7% 9.5% 7.3% 29.1% 2.7% 0.6% 12.0% 18.6% 26.7% 10.3% -- -- Gr/Yr ('10-'22) (%) 0.1% 0.9% 0.9% 0.7% 0.7% 0.3% 0.1% 0.4% 1.4% 2.2% 0.5% 0.7% 0.8% 2027 20,911 61,398 48,691 51,473 182,473 40,267 38,065 142,009 64,498 60,544 100,510 628,366 130,651,872 Gr/Yr ('22-'27) (Num.) (85) 214 150 106 386 (156) (190) (489) 416 (44) (408) (485) 398,841 % of PMA 17.4% (44.1%) (30.9%) (21.9%) (79.5%) 32.1% 39.1% 100.9% (85.8%) 9.1% 84.2% -- -- Gr/Yr ('22-'27) (%) (0.4%) 0.4% 0.3% 0.2% 0.2% (0.4%) (0.5%) (0.3%) 0.7% (0.1%) (0.4%) (0.1%) 0.3% Employees
2022 25,127 66,384 118,733 117,424 327,668 89,797 37,523 130,982 139,710 142,089 66,455 934,224 151,363,907 % of PMA 2.7% 7.1% 12.7% 12.6% 35.1% 9.6% 4.0% 14.0% 15.0% 15.2% 7.1% -- -- Employees Per HH ('22) 1.18 1.10 2.48 2.31 1.81 2.19 0.96 0.91 2.24 2.34 0.65 1.48 1.18 Rentership ('22)
% Rent 40% 55% 58% 47% 52% 50% 21% 41% 67% 47% 37% 46% 35% Renter HHs 8,587 33,099 27,782 24,144 93,612 20,351 8,214 59,422 41,705 28,336 38,275 289,915 45,512,259 % of PMA 3.0% 11.4% 9.6% 8.3% 32.3% 7.0% 2.8% 20.5% 14.4% 9.8% 13.2% -- -- % Rent SFD 21% 13% 15% 13% 15% 25% 36% 22% 14% 17% 35% 20% 27% % Rent 1-4 Unit Attached 32% 25% 22% 22% 24% 13% 28% 28% 21% 17% 26% 23% 24% % Rent 5-50 Unit Attached 23% 35% 33% 39% 34% 40% 21% 30% 32% 16% 21% 29% 31% % Rent 50+ Unit Attached 25% 25% 30% 24% 26% 22% 15% 19% 32% 49% 15% 26% 14% Ownership ('22)
% Own 60% 45% 42% 53% 48% 50% 79% 59% 33% 53% 63% 54% 65% Owner HHs 12,747 27,230 20,159 26,795 86,931 20,696 30,799 85,032 20,712 32,429 64,277 340,876 83,145,410 % of PMA 3.7% 8.0% 5.9% 7.9% 25.5% 6.1% 9.0% 24.9% 6.1% 9.5% 18.9% -- -- % Own SFD 81% 69% 75% 74% 74% 85% 87% 80% 67% 68% 77% 77% 82% % Own 1-4 Unit Attached 15% 16% 17% 15% 16% 6% 10% 13% 13% 21% 15% 14% 8% % Own 5-50 Unit Attached 1% 4% 5% 5% 4% 5% 2% 3% 4% 3% 2% 3% 2% % Own 50+ Unit Attached 3% 1% 3% 2% 2% 3% 0% 1% 11% 2% 0% 2% 1% Source: Esri; U.S. Census (American Community Survey)
0%
10%
20%
30%
40%
50%
60%
70%
80%
(0.6%)
(0.4%)
(0.2%)

0.0%

0.2%

0.4%

0.6%

0.8%
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA Palo Al to Saratoga/ Los Gatos Campbell/ South San Jose Central San Jose Mil pitas/ North San Jose East San Jose PMA United States Projected Annual Household Growth ('22-'27) & Current Rate of Rentership Projected Annual HH Growth ('22-'27) (Left Axis) 2022 Rentership (Right Axis) 23148.00 DemoDemand v1.38 Clean: DS1 the concord group
DRAFT
EXHIBIT I-2Aii

DEMOGRAPHICS - SUMMARY - INCOME

PRIMARY MARKET AREA
2022 THROUGH 2027
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA Palo Alto
Saratoga/ Los
Gatos
Campbell/ South
San Jose Central San Jose
Milpitas/ North San
Jose East San Jose PMA United States
Households
2022 21,334 60,328 47,941 50,941 180,544 41,046 39,013 144,455 62,418 60,764 102,551 630,791 128,657,669 Growth Projections ('22-'27)
Annual HH Growth (85) 214 150 106 386 (156) (190) (489) 416 (44) (408) (485) 398,841 Over $100K HH Gr/Yr 250 1,180 743 857 3,030 509 391 2,083 1,293 1,005 1,046 9,357 1,967,344 Under $100K HH Gr/Yr (334) (966) (593) (751) (2,645) (665) (581) (2,572) (877) (1,049) (1,454) (9,842) (1,568,504) HH Income Breakdown ('22)
Median Income $200,001 $166,001 $146,653 $188,313 $168,842 $160,882 $200,001 $147,131 $106,313 $155,166 $109,817 $148,926 $72,414 vs. PMA +34% +11% -2% +26% +13% +8% +34% -1% -29% +4% -26% -- -51% Average Income $254,131 $210,795 $180,768 $250,623 $219,180 $229,638 $292,135 $186,729 $151,964 $192,311 $149,602 $196,390 $105,029 Under $50K 9% 11% 15% 12% 12% 18% 9% 14% 23% 12% 21% 15% 34% $50-$75K 6% 8% 10% 7% 8% 9% 6% 10% 13% 8% 13% 10% 17%
$75-$100K 6% 8% 8% 6% 7% 7% 6% 9% 11% 9% 11% 9% 13%
$100-$150K 13% 17% 18% 14% 16% 12% 11% 17% 17% 19% 19% 16% 17% $150-$200K 14% 15% 17% 13% 15% 11% 12% 16% 13% 17% 13% 14% 8% Over $200K 52% 41% 32% 48% 42% 42% 56% 34% 24% 35% 23% 35% 10% % HHs Income Over $75K 85% 81% 75% 81% 80% 73% 85% 76% 64% 81% 66% 75% 49% HH Net Worth Breakdown ('22)
Median Net Worth $653,352 $257,758 $199,220 $422,244 $293,861 $321,410 $1,467,277 $365,146 $98,736 $289,781 $246,177 $294,829 $155,942 vs. PMA +122% -13% -32% +43% -0% +9% +398% +24% -67% -2% -17% -- -47% Average Net Worth $3,020,466 $1,761,824 $1,137,246 $2,717,085 $2,014,225 $2,682,114 $4,593,942 $1,909,241 $714,327 $1,596,128 $1,500,061 $1, 940,720 $961,924 Under $50K 11% 17% 22% 17% 18% 25% 6% 18% 37% 16% 23% 20% 32% $50-$250K 22% 32% 33% 25% 29% 22% 12% 26% 32% 31% 27% 27% 29% $250-$500K 11% 13% 13% 11% 12% 9% 9% 12% 10% 13% 12% 12% 14% $500-$1MM 13% 11% 12% 10% 11% 9% 14% 14% 8% 15% 13% 12% 11% $1-$1.5MM 8% 6% 5% 7% 6% 6% 10% 7% 3% 7% 6% 6% 4%
$1.5-$2MM 8% 5% 4% 6% 5% 5% 11% 5% 2% 4% 4% 5% 2%
Over $2MM 27% 16% 11% 24% 18% 24% 39% 18% 7% 14% 14% 18% 7% Source: Esri; U.S. Census (American Community Survey)
9%
6% 6%
13%
14%
52%
11%
8% 8%
17%
15%
41%
15%
10%
8%
18%
17%
32%
12%
7% 6%
14%
13%
48%
12%
8% 7%
16%
15%
42%
18%
9%
7%
12%
11%
42%
9%
6% 6%
11%
12%
56%
14%
10% 9%
17%
16%
34%
23%
13%
11%
17%
13%
24%
12%
8%
9%
19%
17%
35%
21%
13%
11%
19%
13%
23%
15%
10% 9%
16%
14%
35%
34%
17%
13%
17%
8%
10%
0%
10%
20%
30%
40%
50%
60%
Under $50K $50-$75K $75-$100K $100-$150K $150-$200K Over $200K Household Income Distribution (2022)
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA Palo Alto Saratoga/ Los Gatos Campbell/ South San Jose Central San Jose Milpitas/ North San Jose East San Jose PMA United States 23148.00 DemoDemand v1.38 Clean: DS2 the concord group
DRAFT
EXHIBIT I-2Aiii

DEMOGRAPHICS - SUMMARY - AGE

DEMOGRAPHICS - CHANGE METRICS

CUPERTINO AND CMA
2010 THROUGH 2027
Annual Change Annual Change
Historical ('10-'22) Projec ted ('22-'27) Historical ('10-'22) Projected ('22-'27) 2010 2022 2027 Num. Perc. Num. Perc. 2010 2022 2027 Num. Perc. Num. Perc.

General
Population 60,434 62,426 60,591 166 +0.3% (367) -0.6% 434,424 484,621 484,027 4,183 +0.9% (119) -0.0% Households 21,019 21,334 20,911 26 +0.1% (85) -0.4% 165,062 180,544 182,473 1,290 +0.7% 386 +0.2% Average Household Size 2.9 2.9 2.9 0.0 +0.1% (0.0) -0.2% 2.6 2.7 2.6 0.0 +0.1% (0.0) -0.2% HH Income Breakdown
Median Income $122,600 $200,001 $200,001 $6,450 +4.2% $0 +0.0% $49,174 $168,842 $193,642 $9,972 +10.8% $4,960 +2.8% Average Income $145,502 $254,131 $290,739 $9,052 +4.8% $7,322 +2.7% $47,424 $219,180 $250,998 $14,313 +13.6% $6,364 +2.7% Under $50K 19%9 %5 % (174) -5.9% (160) -10.2% 25% 12% 8% (1,593) -5.1% (1,639) -8.8% $50-$75K 10% 6% 4% (73) -4.4% (96) -9.5% 12%8 %6 % (545) -3.1% (694) -5.5% $75-$100K 10% 6% 4% (70) -4.4% (79) -7.8% 12%7 %6 % ( 591) -3.5% (311) -2.5% $100-$150K 22% 13% 11% (149) -4.1% (76) -2.9% 21% 16% 15% (434) -1.4% (200) -0.7% $150-$200K 15% 14% 16% 3 +0.1% 49 +1.6% 12% 15% 17% 544 +2.3% 651 +2.3% Over $200K 25% 52% 60% 489 +6.4% 276 +2.4% 17% 42% 48% 3,909 +8.5% 2,579 +3.2% % HHs Income Over $75K 71% 85% 91% 274 +1.7% 171 +0.9% 63% 80% 87% 3,429 +2.8% 2,719 +1.8% Population Age Breakdown
Median Age 39.5 41.7 42.6 0.2 +0.5% 0.2 +0.4% 36.7 38.6 39.1 0.2 +0.4% 0.1 +0.3% Under 20 29% 26% 24% (134) -0.8% (353) -2.3% 25% 25% 23% 966 +0.9% (1,186) -1.0% 20-24 4%5 %5 % 5 6 +2.1% (29) -1.0% 5% 5% 6% 300 +1.2% 357 +1.3% 25-34 9% 10% 11% 52 +0.9% 76 +1.2% 17% 14% 15% (433) -0.6% 601 +0.9% 35-44 18% 15% 14% (156) -1.5% (98) -1.1% 17% 15% 14% 228 +0.3% (940) -1.3% 45-54 17% 16% 15% (55) -0.5% (153) -1.6% 14% 13% 13% 148 +0.2% 26 +0.0% 55-64 10% 13% 13% 167 +2.4% (31) -0.4% 10% 12% 11%
1,153 +2.3% (512) -0.9%
65-74 6% 9% 10% 164 +3.6% 112 +1.9% 6% 8% 9% 1,186 +3.7% 737 +1.8% 75+ 6%7 %8 % 7 3 +1.9% 107 +2.3% 6% 7% 8% 635 +2.2% 796 +2.3% % Population Age 25-44 27% 24% 25% (104) -0.7% (22) -0.1% 34% 30% 29% (205) -0.1% (339) -0.2% Source: Esri; U.S. Census (American Community Survey)
Cupertino CMA
-2.3%
-1.0%
+1.2%
-1.1%
-1.6%
-0.4%
+1.9%
+2.3%
-1.0%
+1.3%
+0.9%
-1.3%
+0.0%
-0.9%
+1.8%
+2.3%
-3%
-2%
-1%
0%
+1%
+2%
+3%
Under 20 20-24 25-34 35-44 45-54 55-64 65-74 75+
Projected Annual Population Change by Age Bracket (2022 - 2027) Cupertino CMA
-10.2%
-9.5%
-7.8%
-2.9%
+1.6%
+2.4%
-8.8%
-5.5%
-2.5%
-0.7%
+2.3%
+3.2%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0%
+2.0%
+4.0%
Under $50K $50-$75K $75-$100K $100-$150K $150-$200K Over $200K Projected Annual Household Change by Income Bracket (2022 - 2027) Cupertino CMA
23148.00 DemoDemand v1.38 Clean: DChg the concord group DRAFT
EXHIBIT I-2C

DEMOGRAPHICS - RENTERS

CUPERTINO, CMA AND PMA
2022
All Households Renter Households All Households Renter Households All Households Renter Households Num. Perc. % Rent Num. Perc. Num. Perc. % Rent Num. Perc. Num. Perc. % Rent Num. Perc.

Households
2022 21,334 100% 40% 8,587 100% 180,544 100% 52% 93,612 100% 630,791 100% 46% 289,915 100% Households by Income
Under $50K 1,925 9% 43% 819 10% 22,114 12% 54% 11,885 13% 96,697 15% 51% 49,689 17% $50-$75K 1,224 6% 41% 497 6% 14,045 8% 62% 8,732 9% 60,672 10% 61% 37,109 13% $75-$100K 1,182 6% 44% 520 6% 13,334 7% 60% 8,030 9% 55,551 9% 59% 32,584 11% $100-$150K 2,751 13% 50% 1,373 16% 28,649 16% 62% 17,657 19% 104,072 16% 54% 55,834 19% Over $150K 14,252 67% 38% 5,379 63% 102,402 57% 46% 47,308 51% 313,797 50% 37% 114,699 40% HHs Income Over $75K 18,185 85% 44% 7,978 93% 144,385 80% 56% 80,880 86% 473,420 75% 50% 234,907 81% Households by Age of Householder
Under 25 455 2% 99% 449 5% 5,441 3% 100% 5,441 6% 18,693 3% 97% 18,165 6% 25-34 1,955 9% 85% 1,668 19% 28,452 16% 90% 25,673 27% 93,392 15% 81% 75,899 26% 35-44 4,318 20% 65% 2,823 33% 39,422 22% 68% 26,700 29% 128,611 20% 56% 71,951 25% 45-54 5,178 24% 37% 1,930 22% 35,328 20% 43% 15,128 16% 126,709 20% 40% 50,789 18% 55-64 4,255 20% 18% 780 9% 31,055 17% 32% 9,956 11% 115,784 18% 29% 33,606 12% 65-74 2,652 12% 13% 344 4% 21,578 12% 25% 5,436 6% 82,009 13% 25% 20,763 7% 75+ 2,518 12% 24% 593 7% 19,259 11% 27% 5,160 6% 65,562 10% 29% 18,742 6% Householder Age 25-44 6,273 29% 75% 4,727 55% 67,874 38% 79% 53,608 57% 222,003 35% 69% 152,310 53% Households by Size
1-Person 3,722 17% 51% 1,894 22% 45,655 25% 63% 28,554 31% 139,115 22% 58% 80,607 28% 2-Person 5,606 26% 25% 1,393 16% 55,872 31% 50% 27,811 30% 181,784 29% 44% 80,654 28% 3+ Person 12,006 56% 44% 5,300 62% 79,017 44% 47% 37,247 40% 309,892 49% 42% 128,654 44% Units in Building Structure
SFD 12,093 57% 15% 1,769 21% 78,252 43% 18% 13,768 15% 325,367 52% 18% 59,405 20% 1-4 Unit Attached 4,581 21% 59% 2,718 32% 35,918 20% 62% 22,369 24% 114,758 18% 59% 67,426 23% 5-50 Unit Attached 2,126 10% 93% 1,968 23% 35,422 20% 91% 32,166 34% 93,631 15% 91% 85,389 29% 50+ Unit Attached 2,488 12% 85% 2,116 25% 26,102 14% 93% 24,382 26% 79,051 13% 94% 74,490 26% Source: Esri; U.S. Census (American Community Survey)
Cupertino CMA PMA
43%
41%
44%
50%
38%
54%
62%
60% 62%
46%
51%
61%
59%
54%
37%
0%
10%
20%
30%
40%
50%
60%
70%
Under $50K $50-$75K $75-$100K $100-$150K Over $150K
Percent Rent by HH Income
Cupertino CMA PMA
99%
85%
65%
37%
18%
13%
24%
100%
90%
68%
43%
32%
25% 27%
97%
81%
56%
40%
29%
25%
29%
0%
20%
40%
60%
80%
100%
120%
Under 25 25-34 35-44 45-54 55-64 65-74 75+
Percent Rent by Householder Age
Cupertino CMA PMA
23148.00 DemoDemand v1.38 Clean: DRen the concord group DRAFT
EXHIBIT I-2D

DEMOGRAPHICS - CHANGING NATURE OF RENTERSHIP

CUPERTINO AND CMA
2016 THROUGH 2021
2016 2021 5-Yr (Cumulative) 2016 2021 5-Yr (Cumulative) Total % Renter HHs Total % Renter HHs ∆ In Renter HHs Total % Renter HHs Total % Renter HHs ∆ In Renter HHs HHs Rent Num. Perc. HHs Rent Num. Perc. Num. Perc. HHs Rent Num. Perc. HHs Rent Num. Perc. Num. Perc.

Households
Overall 21,360 39% 8,367 100% 21,646 40% 8,765 100% 398 +5% 169,506 50% 85,169 100% 175,609 51% 90,208 100% 5,039 +6% HH Income Breakdown
Under $35K 2,308 51% 1,188 14% 2,498 51% 1,267 14% 79 +7% 25,328 65% 16,371 19% 17,897 59% 10,598 12% (5,773) -35% $35-$50K 1,026 37% 375 4% 667 42% 283 3% (92) -25% 11,254 59% 6,603 8% 7,107 58% 4,151 5% (2,452) -37% $50-$75K 2,130 42% 901 11% 1,345 40% 533 6% (368) -41% 18,864 56% 10,658 13% 14,064 60% 8,475 9% (2,183) -20% $75-$100K 1,621 40% 647 8% 1,390 43% 597 7% (50) -8% 16,993 58% 9,875 12% 14,012 58% 8,179 9% (1,696) -17% $100-$150K 3,941 52% 2,056 25% 2,357 49% 1,149 13% (907) -44% 32,907 56% 18,333 22% 26,329 60% 15,728 17% (2,605) -14% Over $150K 10,334 31% 3,200 38% 13,389 37% 4,936 56% 1,736 +54% 64,160 36% 23,329 27% 96,200 45% 43,077 48% 19,748 +85% HHs Income Over $75K 15,896 37% 5,903 71% 17,136 39% 6,682 76% 779 +13% 114,060 45% 51,537 61% 136,541 49% 66,984 74% 15,447 +30% Householder Age Breakdown
15-24 296 92% 273 3% 371 95% 351 4% 78 +29% 4,917 95% 4,679 5% 4,726 94% 4,459 5% (220) -5% 25-34 1,705 85% 1,447 17% 2,207 82% 1,804 21% 357 +25% 33,861 85% 28,636 34% 39,568 83% 32,974 37% 4,338 +15% 35-44 5,548 60% 3,333 40% 4,967 63% 3,111 35% (222) -7% 38,854 59% 22,782 27% 38,203 63% 23,896 26% 1,114 +5% 45-54 6,119 32% 1,934 23% 5,630 36% 2,010 23% 76 +4% 34,630 38% 13,149 15% 32,352 40% 12,794 14% (355) -3% 55-64 3,455 18% 613 7% 3,759 18% 660 8% 47 +8% 25,657 31% 7,860 9% 26,807 30% 7,937 9% 77 +1% 65-74 2,006 8% 167 2% 2,309 12% 287 3% 120 +72% 16,334 24% 3,850 5% 17,170 23% 3,995 4% 145 +4% 75+ 2,231 27% 600 7% 2,403 23% 542 6% (58) -10% 15,253 28% 4,213 5% 16,783 25% 4,153 5% (60) -1% HH Size Breakdown
1-Person 3,869 43% 1,673 20% 4,164 51% 2,110 24% 437 +26% 41,302 59% 24,171 28% 40,899 62% 25,475 28% 1,304 +5% 2-Person 5,347 28% 1,514 18% 5,362 25% 1,327 15% (187) -12% 53,059 47% 24,862 29% 56,812 50% 28,163 31% 3,301 +13% 3-Person 4,593 47% 2,150 26% 5,249 47% 2,489 28% 339 +16% 31,811 52% 16,395 19% 35,033 52% 18,065 20% 1,670 +10% 4+ Person 7,563 40% 3,029 36% 6,871 41% 2,839 32% (190) -6% 43,362 46% 19,748 23% 42,865 43% 18,505 21% (1,243) -6% % Income Spent on Housing Breakdown (Over $75K HH Income) Under 20% 8,382 33% 2,727 46% 10,329 34% 3,472 53% 745 +27% 63,618 43% 27,656 54% 75,917 43% 32,516 49% 4,860 +18% 20% to 29% 4,674 46% 2,161 37% 3,802 50% 1,895 29% (266) -12% 32,927 52% 17,030 33% 35,453 60% 21,333 32% 4,303 +25% Over 30% 2,822 35% 997 17% 2,884 41% 1,194 18% 197 +20% 16,872 37% 6,208 12% 24,218 50% 12,182 18% 5,974 +96% Source: U.S. Census (American Community Survey)
Cupertino CMA
1,188
375
901 647
2,056
3,200
1,267
283 533 597
1,149
4,936
0 1,000
2,000
3,000
4,000
5,000
6,000
Under $35K $35-$50K $50-$75K $75-$100K $100-$150K Over $150K Cupertino Renters by HH Income
2016 2021
16,371
6,603
10,658 9,875
18,333
23,329
10,598
4,151
8,475 8,179
15,728
43,077
0 10,000
20,000
30,000
40,000
50,000
Under $35K $35-$50K $50-$75K $75-$100K $100-$150K Over $150K CMA Renters by HH Income
2016 2021
2,727
2,161
997
3,472
1,895
1,194
0 1,000
2,000
3,000
4,000
5,000
Under 20% 20% to 29% Over 30%
Cupertino $75K+ Renter HHs by Income Spent on Rent
2016 2021
27,656
17,030
6,208
32,516
21,333
12,182
0 10,000
20,000
30,000
40,000
Under 20% 20% to 29% Over 30%
CMA $75K+ Renter HHs by Income Spent on Rent
2016 2021
23148.00 DemoDemand v1.38 Clean: DChR the concord group DRAFT
EXHIBIT I-2E

SENIOR DEMOGRAPHICS SUMMARY

PRIMARY MARKET AREA
2022 THROUGH 2027
56781 9 1 1 2 0
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA PMA U.S.

Geography: Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc.

Total Population / Households
Population
2022 62,426 162,189 130,301 129,705 484,621 1,857,431 335,707,897 2027 60,591 162,921 130,802 129,713 484,027 1,827,267 339,902,796 Gr./ Yr. -367 -0.6% 146 0.1% 100 0.1% 2 0.0% -119 0.0% -6,033 -0.3% 838,980 0.2% Households
2010 21,019 54,091 42,880 47,072 165,062 577,656 116,716,292 2022 21,334 60,328 47,941 50,941 180,544 630,791 128,657,669 Gr./ Yr. 26 0.1% 520 0.9% 422 0.9% 322 0.7% 1,290 0.7% 4,428 0.7% 995,115 0.8% 2027 20,911 61,398 48,691 51,473 182,473 628,366 130,651,872 Gr./ Yr. -85 -0.4% 214 0.4% 150 0.3% 106 0.2% 386 0.2% -485 -0.1% 398,841 0.3% Owners ('22) 12,747 60% 27,230 45% 20,159 42% 26,795 53% 86,931 48% 340,876 54.0% 83,145,410 65% Home Values ('22) %HHs %HHs %HHs %HHs %HHs %HHs %HHs
Median (000s) $1,911 $1,464 $1,274 $2,000 $1,633 $1,281 $283 Homes $500K+ 100 0% 709 1% 771 2% 407 1% 1,987 1% 26,237 4% 9,840,991 8% Age Profile ('22)
Median - Pop. 42 38 36 41 39 38 39
Householder %HHs %HHs %HHs %HHs %HHs %HHs %HHs
Under 26 455 2% 1,786 3% 1,648 3% 1,552 3% 5,441 3% 18,693 3% 5,005,172 4% 26-34 1,955 9% 9,324 15% 9,257 19% 7,916 16% 28,452 16% 93,392 15% 19,814,722 15% 35-44 4,318 20% 14,663 24% 11,257 23% 9,184 18% 39,422 22% 128,611 20% 21,952,907 17% 45-54 5,178 24% 11,997 20% 8,605 18% 9,548 19% 35,328 20% 126,709 20% 21,669,821 17% 55-64 4,255 20% 9,885 16% 7,585 16% 9,330 18% 31,055 17% 115,784 18% 24,313,589 19% 65-74 2,652 12% 6,784 11% 5,153 11% 6,989 14% 21,578 12% 82,009 13% 20,535,531 16% 75 Plus 2,518 12% 5,888 10% 4,434 9% 6,419 13% 19,259 11% 65,562 10% 15,362,341 12% Median Income (000s)
2022 $200 $166 $147 $188 $169 $149 $72
2027 $200 $192 $166 $200 $194 $171 $84
Gr./ Yr. $0 0.0% $5 2.9% $4 2.5% $2 1.2% $5 2.8% $4 2.8% $2 3.1% Income Profile ('22) %HHs %HHs %HHs %HHs %HHs %HHs %HHs Over $50K 1,224 6% 4,749 8% 4,637 10% 3,435 7% 14,045 8% 60,672 10% 21,752,562 17% Over $75K 1,182 6% 4,900 8% 3,983 8% 3,269 6% 13,334 7% 55,551 9% 16,970,915 13% Over $100K 2,751 13% 10,043 17% 8,551 18% 7,304 14% 28,649 16% 104,072 16% 22,166,379 17% Over $150K 3,084 14% 9,314 15% 8,062 17% 6,574 13% 27,034 15% 90,732 14% 10,814,812 8% Over $210K 11,168 52% 24,479 41% 15,499 32% 24,222 48% 75,368 42% 223,065 35% 12,737,741 10% Source: ESRI
12%
10%
9%
13%
11%
10%
12%$200,001
$166,001
$146,653
$188,313
$168,842
$148,926
$72,414
$0
$25,000
$50,000
$75,000
$100,000
$125,000
$150,000
$175,000
$200,000
$225,000
$250,000
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA PMA U.S. % HHs Age 75 Plus (left axis) & Median Income (right axis) % Age 75+ HHs Median Income
23148.00 DemosDemand Senior:DemoCL Page 1 of 4 THE CONCORD GROUP DRAFT
EXHIBIT I-2E

SENIOR DEMOGRAPHICS SUMMARY

PRIMARY MARKET AREA
2022 THROUGH 2027
56781 9 1 1 2 0
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA PMA U.S.

Geography: Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc.

Target Resident - Age 55 Plus Population / Households
Population % Ov % Ov % Ov % Ov % Ov % Ov % Ov
2022 18,242 29% 41,074 25% 30,862 24% 40,343 31% 130,521 27% 497,635 27% 101,673,395 30% 2027 19,184 32% 43,016 26% 32,235 25% 41,196 32% 135,631 28% 514,622 28% 106,187,319 31% Gr./Yr. # 188 -51% 388 265% 275 274% 171 10663% 1,022 -860% 3,397 -56% 902,785 108% Gr./Yr. % 1.0% 0.9% 0.9% 0.4% 0.8% 0.7% 0.9%
Households % Ov % Ov % Ov % Ov % Ov % Ov % Ov
2022 9,425 44% 22,557 37% 17,172 36% 22,738 45% 71,892 40% 263,355 42% 60,211,461 47% 2027 9,724 47% 23,672 39% 17,981 37% 23,255 45% 74,632 41% 270,115 43% 62,355,903 48% Gr./Yr. # 60 -71% 223 104% 162 108% 103 97% 548 142% 1,352 -279% 428,888 108% Gr./Yr. % 0.6% 1.0% 0.9% 0.5% 0.8% 0.5% 0.7%
HH Size ('22) 1.9 1.8 1.8 1.8 1.8 1.9 1.7
Ownership ('22) 5,861 62% 13,305 59% 9,762 57% 13,543 60% 42,525 59% 160,075 61% 36,009,561 60% Age Profile ('22) % 55+ % 55+ % 55+ % 55+ % 55+ % 55+ % 55+ Population
55-59 4,390 24% 9,523 23% 7,137 23% 8,785 22% 29,835 23% 115,977 23% 21,675,172 21% 60-69 6,884 38% 15,870 39% 12,058 39% 15,066 37% 49,878 38% 192,860 39% 40,298,479 40% 70-79 4,467 24% 9,732 24% 7,312 24% 10,267 25% 31,778 24% 122,163 25% 26,075,989 26% 80-84 1,194 7% 2,888 7% 2,057 7% 2,912 7% 9,051 7% 32,793 7% 6,733,102 7% 85 Plus 1,307 7% 3,061 7% 2,298 7% 3,313 8% 9,979 8% 33,842 7% 6,890,653 7% Households
55-59 2,268 24% 5,230 23% 3,971 23% 4,951 22% 16,433 23% 61,377 23% 12,836,138 21% 60-69 3,557 38% 8,715 39% 6,709 39% 8,491 37% 27,473 38% 102,064 39% 23,864,948 40% 70-79 2,308 24% 5,345 24% 4,068 24% 5,787 25% 17,504 24% 64,650 25% 15,442,323 26% 80-84 617 7% 1,586 7% 1,145 7% 1,641 7% 4,985 7% 17,354 7% 3,987,375 7% 85 Plus 675 7% 1,681 7% 1,279 7% 1,867 8% 5,497 8% 17,910 7% 4,080,677 7% Income ('22, $000s)
Median $147 $132 $107 $157 $138 $118 $61
Average $222 $182 $149 $240 $198 $174 $93
Income Profile ('22) % 55+ % 55+ % 55+ % 55+ % 55+ % 55+ % 55+ Over $50K 8,321 88% 18,809 83% 13,556 79% 19,334 85% 60,020 83% 210,758 80% 35,839,231 60% Over $75K 7,450 79% 16,187 72% 11,071 64% 17,352 76% 52,060 72% 179,100 68% 25,743,252 43% Over $100K 6,776 72% 14,254 63% 9,551 56% 15,884 70% 46,465 65% 155,870 59% 18,460,298 31% Over $150K 5,580 59% 11,100 49% 6,991 41% 13,046 57% 36,717 51% 117,099 44% 9,687,373 16% Over $210K 4,377 46% 7,836 35% 4,526 26% 10,424 46% 27,163 38% 84,073 32% 5,343,178 9% Net Worth ('22) % 55+ % 55+ % 55+ % 55+ % 55+ % 55+ % 55+ $1MM Plus 3,062 32% 4,811 21% 2,959 17% 5,662 25% 16,494 23% 58,448 22% 5,192,849 9% Source: ESRI
6,776
14,254 9,551 15,884
46,465
155,870
$146,684
$132,340
$106,802
$156,692
$138,307
$118,332
$61,116
$0
$25,000
$50,000
$75,000
$100,000
$125,000
$150,000
$175,000
$200,000
$225,000
0 20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA PMA U.S.

Age 55+ Households with $100K+ Incomes & Median Income
Age 55+ HHs, $100K Plus Income Age 55+ Median Income
188
388 275 171
1,022
3,397
29%
25%
24%
31%
27% 27%
30%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA PMA U.S.

Age 55+ Annual Household Growth ('20-'25) & % of Households Age 75+ Age 55+ HH Growth (Annual, 2022-2027) % HH Age 55+
23148.00 DemosDemand Senior:DemoCL Page 2 of 4 THE CONCORD GROUP DRAFT
EXHIBIT I-2E

SENIOR DEMOGRAPHICS SUMMARY

PRIMARY MARKET AREA
2022 THROUGH 2027
56781 9 1 1 2 0
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA PMA U.S.

Geography: Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc.

Target Resident - Age 75 Plus Population / Households
Population % Ov % Ov % Ov % Ov % Ov % Ov % Ov
2022 4,404 7% 10,029 6% 7,405 6% 10,721 8% 32,559 7% 118,022 6% 24,339,995 7% 2027 4,939 8% 11,334 7% 8,434 6% 11,834 9% 36,541 8% 134,738 7% 29,135,266 9% Gr./Yr. # 107 -29% 261 178% 206 205% 223 13913% 796 -670% 3,343 -55% 959,054 114% Gr./Yr. % 2.3% 2.5% 2.6% 2.0% 2.3% 2.7% 3.7%
Households % Ov % Ov % Ov % Ov % Ov % Ov % Ov
2022 2,518 12% 5,888 10% 4,434 9% 6,419 13% 19,259 11% 65,562 10% 15,362,341 12% 2027 2,764 13% 6,655 11% 5,040 10% 7,067 14% 21,526 12% 73,794 12% 18,148,498 14% Gr./Yr. # 49 -58% 153 72% 121 81% 130 122% 453 118% 1,646 -339% 557,231 140% Gr./Yr. % 1.9% 2.5% 2.6% 1.9% 2.3% 2.4% 3.4%
HH Size ('22) 1.7 1.7 1.7 1.7 1.7 1.8 1.6
Ownership ('22) 1,319 52% 3,725 63% 2,767 62% 4,216 66% 11,940 62% 35,658 54% 9,325,106 61% Age Profile ('22) % 75+ % 75+ % 75+ % 75+ % 75+ % 75+ % 75+ Population
75-84 3,097 17% 6,968 17% 5,107 17% 7,408 18% 22,580 17% 84,180 17% 17,449,342 17% 85 Plus 1,307 7% 3,061 7% 2,298 7% 3,313 8% 9,979 8% 33,842 7% 6,890,653 7% Households
75-84 427 17% 999 17% 734 17% 1,179 18% 3,332 17% 11,090 17% 2,636,508 17% 85 Plus 180 7% 439 7% 330 7% 527 8% 1,472 8% 4,459 7% 1,041,143 7% Income ('22, $000s)
Median $82 $82 $62 $105 $82 $67 $40
Average $148 $136 $107 $178 $145 $125 $69
Income Profile ('22) % 75+ % 75+ % 75+ % 75+ % 75+ % 75+ % 75+ Over $50K 1,848 20% 4,039 18% 2,659 15% 4,650 20% 13,196 18% 40,692 15% 6,247,253 10% Over $75K 1,332 14% 3,102 14% 1,891 11% 3,802 17% 10,127 14% 30,152 11% 3,956,357 7% Over $100K 1,108 12% 2,630 12% 1,549 9% 3,342 15% 8,629 12% 24,764 9% 2,640,790 4% Over $150K 805 9% 1,944 9% 1,109 6% 2,389 11% 6,247 9% 17,206 7% 1,353,082 2% Over $210K 562 6% 1,089 5% 542 3% 1,735 8% 3,928 5% 10,759 4% 695,624 1% Net Worth ('22) % 75+ % 75+ % 75+ % 75+ % 75+ % 75+ % 75+ $1MM Plus 1,310 14% 2,861 13% 1,657 10% 3,711 16% 9,539 13% 27,326 10% 3,133,383 5% Source: ESRI
1,108
2,630
1,549
3,342
8,629
24,764
$81,904 $82,154
$62,071
$105,008
$82,107
$66,982
$40,339
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
0 5,000
10,000
15,000
20,000
25,000
30,000
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA PMA U.S.

Age 75+ Households with $100K+ Incomes & Median Income
Age 75+ HHs, $100K Plus Income Age 75+ Median Income
107
261 206 223
796
3,343
7%
6%
6%
8%
7%
6%
7%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
0 1,000
2,000
3,000
4,000
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA PMA U.S.

Age 75+ Annual Household Growth ('20-'25) & % of Households Age 75+ Age 75+ HH Growth (Annual, 2022-2027) % HH Age 75+
23148.00 DemosDemand Senior:DemoCL Page 3 of 4 THE CONCORD GROUP DRAFT
EXHIBIT I-2E

SENIOR DEMOGRAPHICS SUMMARY

PRIMARY MARKET AREA
2022 THROUGH 2027
56781 9 1 1 2 0
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA PMA U.S.

Geography: Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc. Num. Perc.

Caregiver - Age 45-64 Population / Households
Population % Ov % Ov % Ov % Ov % Ov % Ov % Ov
2022 17,901 29% 40,230 25% 29,597 23% 34,481 27% 122,209 25% 467,035 25% 83,485,245 25% 2027 16,983 28% 40,849 25% 29,565 23% 32,381 25% 119,778 25% 449,822 25% 79,872,223 23% Gr./Yr. # -184 124 -6 -420 -486 -3,443 -722,604
Gr./Yr. % -1.0% 0.3% 0.0% -1.2% -0.4% -0.7% -0.9%
Households % Ov % Ov % Ov % Ov % Ov % Ov % Ov
2022 9,433 44% 21,882 36% 16,190 34% 18,878 37% 66,383 37% 242,493 38% 45,983,410 36% 2027 8,803 42% 22,353 36% 16,256 33% 17,813 35% 65,225 36% 232,438 37% 43,510,743 33% Gr./Yr. # -126 94 13 -213 -232 -2,011 -494,533
Gr./Yr. % -1.4% 0.4% 0.1% -1.2% -0.4% -0.8% -1.1%
HH Size ('21) 1.9 1.8 1.8 1.8 1.8 1.9 1.8
Age Profile ('21) % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 Households
45-54 5,178 55% 11,997 55% 8,605 53% 9,548 51% 35,328 53% 126,709 52% 21,669,821 47% 55-64 4,255 45% 9,885 45% 7,585 47% 9,330 49% 31,055 47% 115,784 48% 24,313,589 53% Income ('21, $000s)
Median $200 $200 $180 $200 $200 $195 $93
Average $305 $253 $217 $309 $267 $241 $129
Income Profile ('21) % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 Over $75K 8,867 94% 19,325 88% 13,530 84% 17,015 90% 58,737 88% 204,727 84% 26,350,194 57% Over $100K 8,627 91% 17,860 82% 12,376 76% 16,252 86% 55,115 83% 187,813 77% 20,123,971 44% Over $150K 7,617 81% 14,378 66% 9,453 58% 14,103 75% 45,551 69% 149,721 62% 11,101,345 24% Net Worth ('21) % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 % 45-64 $1MM Plus 5,514 58% 8,804 40% 5,089 31% 10,046 53% 29,453 44% 104,505 43% 8,340,654 18% Source: ESRI
7,617
14,378
9,453
14,103
45,551
149,721
$200,001 $200,001
$179,758
$200,001 $200,001
$194,575
$93,202
$0
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000
0 20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Cupertino Sunnyvale Santa Clara Mountain View/ Los Altos CMA PMA U.S.

Age 45-64 Households with $200K+ Incomes & Median Income Age 45-64 HHs, $150K Plus Income Age 45-64 Median Income 23148.00 DemosDemand Senior:DemoCL Page 4 of 4 THE CONCORD GROUP DRAFT
EXHIBIT I-3A

EMPLOYMENT - OVERALL

SAN JOSE MSA
1991 THROUGH 2027
Total Growth Total Growth
Period Jobs Num. Perc. Jobs Num. Perc.

Historical - Annual (000s)
1991 823 --- --- 108,434 --- ---
1992 809 (14) -1.7% 108,793 359 0.3%
1993 814 5 0.6% 110,935 2,142 2.0%
1994 817 3 0.3% 114,386 3,451 3.1%
1995 850 33 4.0% 117,410 3,025 2.6%
1996 899 49 5.8% 119,819 2,409 2.1%
1997 947 48 5.4% 122,930 3,111 2.6%
1998 978 31 3.2% 126,137 3,207 2.6%
1999 991 13 1.4% 129,229 3,092 2.5%
2000 1,051 59 6.0% 132,018 2,789 2.2%
2001 1,024 (27) -2.5% 132,078 60 0.0%
2002 924 (100) -9.8% 130,635 (1,444) -1.1%
2003 878 (46) -4.9% 130,327 (308) -0.2%
2004 873 (6) -0.7% 131,755 1,428 1.1%
2005 882 9 1.1% 134,021 2,266 1.7%
2006 905 22 2.5% 136,432 2,411 1.8%
2007 926 21 2.3% 137,979 1,547 1.1%
2008 933 7 0.8% 137,225 (754) -0.5%
2009 877 (56) -6.0% 131,290 (5,935) -4.3%
2010 875 (2) -0.2% 130,335 (955) -0.7%
2011 896 21 2.4% 131,920 1,585 1.2%
2012 931 35 3.9% 134,154 2,235 1.7%
2013 968 37 4.0% 136,358 2,204 1.6%
2014 1,009 41 4.2% 138,920 2,561 1.9%
2015 1,048 39 3.9% 141,801 2,882 2.1%
2016 1,083 35 3.3% 144,332 2,531 1.8%
2017 1,108 25 2.3% 146,611 2,279 1.6%
2018 1,128 19 1.8% 148,897 2,286 1.6%
2019 1,148 21 1.8% 150,891 1,994 1.3%
2020 1,077 (72) -6.2% 142,153 (8,738) -5.8%
2021 1,099 22 2.1% 146,281 4,128 2.9%
2022 1,157 58 5.3% 152,625 6,344 4.3%
Historical - Annual Average (Through '22)
5-Yr 10 0.9% 1,203 0.8%
10-Yr 23 2.2% 1,847 1.3%
20-Yr 12 1.1% 1,100 0.8%
30-Yr 12 1.2% 1,461 1.1%
Forecast
2023 1,185 27 2.4% 155,525 2,900 1.9%
2024 1,195 10 0.9% 156,030 505 0.3%
2025 1,208 13 1.0% 156,929 899 0.6%
2026 1,215 7 0.6% 157,564 634 0.4%
2027 1,219 5 0.4% 158,167 603 0.4%
5-Yr 12 1.0% 1,108 0.7%
Source: Moody's Analytics / Economy.com (July 2023); BLS San Jose MSA United States
0 200
400
600
800
1,000
1,200
1,400
(12.0%)
(10.0%)
(8.0%)
(6.0%)
(4.0%)
(2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%
'92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 Total Employment (000s)
Annual Employment Change
Total Employment and Annual Employment Change
San Jose MSA Total Employment (Right Axis) San Jose MSA Ann. Change (Left Axis) U.S. Ann. Change (Left Axis) 23148.00 EmpTrends v0.22: EmpO the concord group
DRAFT
EXHIBIT I-3B

EMPLOYMENT - INDUSTRY TRENDS

SAN JOSE MSA
2005 THROUGH 2027
Annual Growth Share of Total Employment
Forecas
t
'22-'2
7 Shift Share
Employment Industry 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
3 202
4 202
5 202
6 202
7 '17-'22
%
# 2022 2027 Nom. %
Professional & Business Services 168.7 175.1 181.5 182.2 164. 7 165.6 172.1 184.0 197.7 209.7 223.6 232.1 236.1 236. 2 243.2 237.4 242.5 253.6 256.9 255.9 258.2 261.8 265.5 1.4% 0.9% 2.4 22% 22% 0.99 -1% Financial Activities 36.1 36.9 36.9 34.3 31.5 31.0 32.3 33.2 33.7 34.1 34.6 35.6 36.1 36.7 37.9 38.0 38.4 38.0 37.6 37.6 37.7 37.9 38.0 1.0% 0.0% 0.0 3% 3% 0.95 -5% Health Care & Social Assistance 76.3 79.6 82.7 89.2 92.6 93.0 93.6 99.6 105.6 109.9 114.7 119.9 124.9 128.5 130.8 129.0 134.3 140.1 146.0 147.1 147.9 148.7 149.2 2.3% 1.3% 1.8 12% 12% 1.01 +1% Government 95.9 96.5 97.2 97.8 96.4 94.5 92.7 91.4 91.7 93.4 92.9 94.1 95.6 96.7 97.4 93.9 93.3 95.9 96.6 96.7 96.7 96.8 97.1 0.1% 0.2% 0.2 8% 8% 0.96 -4% Educational services 29.0 30.2 31.5 33.0 33.0 35.5 37.3 38.7 39.9 42.4 44.1 45.2 47.0 47.7 47.9 43.5 44.0 46.9 49.3 50.2 50.8 51.3 51.6 -0.0% 1.9% 0.9 4% 4% 1.04 +4% Leisure & Hospitality 73.5 75.9 77.3 78.5 75.3 75.2 77.7 82.8 87.8 92.8 96.7 100.6 103.4 105.7 107.6 73.4 78.8 96.5 105.7 111.7 115.6 116.6 116.8 -1.4% 3.9% 4.1 8% 10% 1.15 +15% Retail Trade 83.6 85.5 86. 1 84.1 78.5 78.0 81.0 83.2 83.9 85.3 86.6 85.8 85.8 85.7 83.1 73.0 73.7 73.6 74.1 74.7 75.5 75.7 75.8 -3.0% 0.6% 0.4 6% 6% 0.98 -2% Information 35.9 38.1 40.1 42.7 43.0 45.5 50.1 52.8 56.9 63.7 68.9 76.0 85.3 92. 1 100.6 105.8 107.0 106.4 106.3 106.7 107.0 106.9 106.9 4.5% 0.1% 0.1 9% 9% 0.95 -5% Transportation, Warehousing & Utilities 13.1 12.9 13.5 13.5 12.1 12.0 12.1 12.8 13.8 14.3 14.6 15.5 15.4 15.8 16.1 15.8 16.9 19.2 20.9 21.1 21.2 21.4 21.5 4.5% 2.3% 0.5 2% 2% 1.06 +6% Wholesale Trade 34.9 37.4 39.0 39. 2 35.1 34.4 33.5 34.5 35.7 35.8 35.8 35.5 33.5 32. 2 31.4 29.2 28.3 29.0 28.8 28.6 28.6 28.6 28.7 -2.8% -0.2% 0.1 3% 2% 0.94 -6% Manufacturing 165.5 164.3 167.0 168.3 155. 5 153.5 157.5 158.3 158.4 161.6 164.7 166.6 166.7 171. 2 170.3 165.6 167.4 179.0 182.6 185.6 188.7 189.6 189.0 1.4% 1.1% 2.0 15% 16% 1.00 +0% Construction 44.8 47.1 47. 5 44.5 34.7 32.4 31.8 34.8 37.5 39.7 43.9 48.2 49.4 49.9 53.0 50.1 51.7 53.9 54.8 53.7 53.8 53.4 52.9 1.8% -0.4% 0.2 5% 4% 0.93 -7% Natural Resources & Mining 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 -0.0% 2.3% 0.0 0% 0% 1.07 +7% Other Services (Except Public Admin.) 24.6 24.8 25.1 25.4 24.5 24.3 24.6 24.7 25.4 26.4 26.9 27.6 28.9 28.9 28.9 22.1 22.8 25.1 24.8 25.1 25.7 25.9 26.0 -2.8% 0.7% 0.2 2% 2% 0.98 -2% Total Nonfarm Employment 882 905 926 933 877 875 896 931 968 1,009 1,048 1,083 1,108 1,128 1,148 1,077 1,099 1,157 1,18
5 1,19
5 1,20
8 1,21
5 1,21
9 0.9%

1.0 %

12. 4 100% 100%
YOY Change (000s) 9.4 22.4 21.2 7.2 -56.1 -1.8 21.4 34.7 37.2 40.9 39.1 34.8 25.1 19.4 20.8 -71.5 22.4 58.0 27.2 10.4 12.5 7.2 4.6 % Change1 .1% 2.5% 2.3% 0.8% -6.0% -0.2% 2.4% 3.9% 4.0% 4.2% 3.9% 3.3% 2.3% 1.8% 1.8% -6.2% 2.1% 5.3% 2.4% 0.9% 1.0% 0.6% 0.4% Cumulative Gain/Loss +6.9% -6.2% +31.2% -6.2% +7.5% +5.4% Source: Moody's Analytics / Economy.com; BLS
Annual Employment (Total Jobs) (000s)
Historical
22%
3%
12%
8%
4%8%
6%
9%
2%
3%
15%
5% 0%2%
2022 San Jose MSA Employment
Composition
Professional & Business Services
Financial Activities
Health Care & Social Assistance
Government
Educational services
Leisure & Hospitality
Retail Trade
Information
Transportation, Warehousing & Utilities
Wholesale Trade
Manufacturing
Construction
Natural Resources & Mining
Other Services (Except Public Admin.)
0 200
400
600
800
1,000
1,200
1,400
(12.0%)
(10.0%)
(8.0%)
(6.0%)
(4.0%)
(2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Total Nonfarm Employment (000s)
YOY Employment Change
San Jose MSA YOY Employment Change & Annual Total Nonfarm Employment (Historical & Forecast) Total Nonfarm Employment (Historical) Total Nonfarm Employment (Forecast) YOY Nonfarm Employment Change (Historical) YOY Nonfarm Employment Change (Forecast) 23148.00 EmpTrends v0.22: EmpT the concord group
DRAFT
EXHIBIT I-3B

EMPLOYMENT - INDUSTRY GROWTH BY TIME PERIOD

SAN JOSE MSA
2010 THROUGH 2027
2010 to 2019 2019 to 2020 2020 to 2022 2022 to 2027
2010 2019 Shift Growth / Yr 2020 Shift Growth / Yr 2022 Shift Growth / Yr 2027 Shift Growth / Yr Industry Num. Share Num. Share Share Num. Perc. Num. Share Share Num. Perc. Num. Share Share Num. Perc. Num. Share Share Num. Perc.

Prof/Biz Services 165.6 19% 243.2 21% 1.12 8.6 4.4% 237.4 22% 1.04 -5.8 -2.4% 253.6 22% 0.99 8.1 3.3% 265.5 22% 0.99 2.4 0.9% Financial Activities 31.0 4% 37.9 3% 0.93 0.8 2.2% 38.0 4% 1.07 0.1 0.4% 38.0 3% 0.93 -0.0 -0.0% 38.0 3% 0.95 0.0 0.0% Health Care 93.0 11% 130.8 11% 1.07 4.2 3.9% 129.0 12% 1.05 -1.8 -1.4% 140.1 12% 1.01 5.6 4.2% 149.2 12% 1.01 1.8 1.3% Government 94.5 11% 97.4 8% 0.79 0.3 0.3% 93.9 9% 1.03 -3.5 -3.6% 95.9 8% 0.95 1.0 1.1% 97.1 8% 0.96 0.2 0.2% Education 35.5 4% 47.9 4% 1.03 1.4 3.4% 43.5 4% 0.97 -4.4 -9.2% 46.9 4% 1.00 1.7 3.8% 51.6 4% 1.04 0.9 1.9% Leisure/Hospitality 75.2 9% 107.6 9% 1.09 3.6 4.1% 73.4 7% 0.73 -34.2 -31.8% 96.5 8% 1.22 11.5 14.7% 116.8 10% 1.15 4.1 3.9% Retail Trade 78.0 9% 83.1 7% 0.81 0.6 0.7% 73.0 7% 0.94 -10.2 -12.2% 73.6 6% 0.94 0.3 0.5% 75.8 6% 0.98 0.4 0.6% Information 45.5 5% 100.6 9% 1.68 6.1 9.2% 105.8 10% 1.12 5.2 5.2% 106.4 9% 0.94 0.3 0.3% 106.9 9% 0.95 0.1 0.1% Construction/Nat. Res. 32.6 4% 53.2 5% 1.25 2.3 5.6% 50.3 5% 1.01 -3.0 -5.6% 54.1 5% 1.00 1.9 3.7% 53.1 4% 0.93 -0.2 -0.4% Transportation/Utils 12.0 1% 16.1 1% 1.02 0.5 3.3% 15.8 1% 1.05 -0.3 -1.7% 19.2 2% 1.13 1.7 10.2% 21.5 2% 1.06 0.5 2.3% Wholesale Trade 34.4 4% 31.4 3% 0.70 -0.3 -1.0% 29.2 3% 0.99 -2.3 -7.2% 29.0 3% 0.93 -0.1 -0.2% 28.7 2% 0.94 -0.1 -0.2% Manufacturing 153.5 18% 170.3 15% 0.85 1.9 1.2% 165.6 15% 1.04 -4.7 -2.8% 179.0 15% 1.01 6.7 3.9% 189.0 16% 1.00 2.0 1.1% Other Services 24.3 3% 28.9 3% 0.91 0.5 2.0% 22.1 2% 0.81 -6.8 -23.6% 25.1 2% 1.06 1.5 6.5% 26.0 2% 0.98 0.2 0.7% Total 875.1 1,148.5 30.4 3.1% 1,077.0 -71.5 -6.2% 1,157.3 40.2 3.7% 1,219.3 12.4 1.0% Prof/Biz Services 16,819 13% 21,334 14% 1.10 502 2.7% 20,372 14% 1.01 -963 -4.5% 22,577 15% 1.03 1,103 5.3% 23,764 15% 1.02 237 1.0% Financial Activities 7,695 6% 8,754 6% 0.98 118 1.4% 8,704 6% 1.06 -50 -0.6% 9,043 6% 0.97 169 1.9% 9,140 6% 0.98 19 0.2% Health Care 16,820 13% 20,420 14% 1.05 400 2.2% 19,795 14% 1.03 -626 -3.1% 20,556 13% 0.97 381 1.9% 21,562 14% 1.01 201 1.0% Government 22,490 17% 22,609 15% 0.87 13 0.1% 21,982 15% 1.03 -627 -2.8% 22,178 15% 0.94 98 0.4% 22,909 14% 1.00 146 0.7% Education 3,153 2% 3,741 2% 1.03 65 1.9% 3,476 2% 0.99 -265 -7.1% 3,796 2% 1.02 160 4.5% 4,092 3% 1.04 59 1.5% Leisure/Hospitality 13,042 10% 16,587 11% 1.10 394 2.7% 13,131 9% 0.84 -3,455 -20.8% 15,850 10% 1.12 1,359 9.9% 17,009 11% 1.04 232 1.4% Retail Trade 14,407 11% 15,552 10% 0.93 127 0.9% 14,814 10% 1.01 -738 -4.7% 15,487 10% 0.97 336 2.2% 15,694 10% 0.98 41 0.3% Information 2,707 2% 2,863 2% 0.91 17 0.6% 2,721 2% 1.01 -143 -5.0% 3,073 2% 1.05 176 6.3% 3,102 2% 0.97 6 0.2% Construction/Nat. Res. 6,223 5% 8,221 5% 1.14 222 3.1% 7,857 6% 1.01 -364 -4.4% 8,354 5% 0.99 249 3.1% 8,406 5% 0.97 10 0.1% Transportation/Utils 4,733 4% 6,214 4% 1.13 165 3.1% 6,176 4% 1.05 -38 -0.6% 7,212 5% 1.09 518 8.1% 7,551 5% 1.01 68 0.9% Wholesale Trade 5,387 4% 5,888 4% 0.94 56 1.0% 5,632 4% 1.02 -256 -4.3% 5,964 4% 0.99 166 2.9% 6,087 4% 0.98 25 0.4% Manufacturing 11,529 9% 12,816 8% 0.96 143 1.2% 12,165 9% 1.01 -651 -5.1% 12,827 8% 0.98 331 2.7% 13,046 8% 0.98 44 0.3% Other Services 5,331 4% 5,890 4% 0.95 62 1.1% 5,328 4% 0.96 -563 -9.6% 5,708 4% 1.00 190 3.5% 5,805 4% 0.98 19 0.3% Total 130,335 150,891 2,284 1.6% 142,153 -8,738 -5.8% 152,625 5,236 3.6% 158,167 1,108 0.7% Source: Moody's Analytics / Economy.com (July 2023); BLS United States Jobs (000s)
>> 2010 to 2019 >> >> 2022 to 2027 >>>> 2019 to 2020 >> >> 2020 to 2022 >> San Jose MSA Jobs (000s)
(1.0%)
(0.5%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%
0%
5%
10%
15%
20%
25%
Prof/Biz Services Financial Activities Health Care Government Educ ation Leisure/Hospitality Retail Trade Information Construction/Nat. Res. Transportation/Utils Wholesale Trade Manufacturing Other Services Annual Growth Forecast (Circle)
Share of Total Jobs (Bar)
Share of Jobs ('22, Bar) and Annual Growth Forecast ('22-'27, Circle) San Jose MSA United States San Jose MSA '22-'27 Annual Growth Forecast United States '22-'27 Annual Growth Forecast 23148.00 EmpTrends v0.22: EmpP the concord group
DRAFT
EXHIBIT I-3C

EMPLOYMENT - COMMUTE

PRIMARY MARKET AREA
2020
N u m .P e r c .N u m .P e r c .N u m .P e r c .

Jobs/Labor Ratio
Jobs 50,298 381,975 1,026,275
Employed Labor 26,701 232,685 860,039
Net Inflow / (Outflow) 23,597 149,290 166,236
Jobs/Labor 1.9 1.6 1.2
Commute Distance & Direction (Living in Geography)
Distance to Work
Under 10 Miles 16,523 61.9% 153,523 66.0% 489,870 57.0% 10-24 Miles 5,130 19.2% 39,281 16.9% 195,502 22.7%
25-50 Miles 2,892 10.8% 23,378 10.0% 98,653 11.5%
Over 50 Miles 2,156 8.1% 16,503 7.1% 76,014 8.8%
Direction of Work
Northerly 19,571 73.3% 136,678 58.7% 502,443 58.4%
Southerly 3,230 12.1% 46,645 20.0% 188,451 21.9%
Easterly 12,994 48.7% 92,301 39.7% 218,441 25.4%
Westerly 7,629 28.6% 97,063 41.7% 458,648 53.3%
Residents Commute To (Living in Geography)
Location of Work
San Jose city, CA 5,235 19.6% 37,969 16.3% 251,334 29.2% Mountain View city, CA 1,976 7.4% 26,207 11.3% 52,027 6.0% Sunnyvale city, CA 2,210 8.3% 23,095 9.9% 54,445 6.3%
Santa Clara city, CA 2,289 8.6% 20,582 8.8% 65,856 7.7% Palo Alto city, CA 1,724 6.5% 18,111 7.8% 45,083 5.2%
Cupertino city, CA 2,980 11.2% 12,982 5.6% 31,931 3.7%
San Francisco city, CA 1,481 5.5% 12,667 5.4% 38,891 4.5% Menlo Park city, CA 772 2.9% 9,040 3.9% 18,586 2.2%
Redwood City city, CA 655 2.5% 6,405 2.8% 15,751 1.8%
Fremont city, CA 659 2.5% 6,214 2.7% 30,842 3.6%
All Other Cities 6,720 25.2% 59,413 25.5% 255,293 29.7% Total 26,701 100.0% 232,685 100.0% 860,039 100.0%
Workers Commute From (Working in Geography)
Location of Residence
San Jose city, CA 14,142 28.1% 98,349 25.7% 327,390 31.9% Sunnyvale city, CA 4,179 8.3% 31,853 8.3% 53,932 5.3%
Santa Clara city, CA 3,485 6.9% 24,274 6.4% 45,420 4.4% Fremont city, CA 1,393 2.8% 16,293 4.3% 38,754 3.8%
Mountain View city, CA 1,446 2.9% 16,292 4.3% 27,748 2.7% San Francisco city, CA 3,132 6.2% 15,491 4.1% 33,315 3.2% Cupertino city, CA 2,980 5.9% 10,100 2.6% 18,491 1.8%
Milpitas city, CA 900 1.8% 9,106 2.4% 26,670 2.6%
Palo Alto city, CA 699 1.4% 6,364 1.7% 17,263 1.7%
Campbell city, CA 1,101 2.2% 5,269 1.4% 14,938 1.5%
All Other Cities 16,841 33.5% 148,584 38.9% 422,354 41.2% Total 50,298 100.0% 381,975 100.0% 1,026,275 100.0%
Source: U.S. Census Bureau (Center for Economic Studies / OnTheMap / LEHD) Cupertino
Competitive
Market Area
Primary Market
Area Employed Labor Living in Competitive Market Area - Location of Work North
Northeast
East
Southeast
South
Southwest
West
Northwest
Over 50 Miles 25-50 Miles 10-24 Miles Under 10 Miles
Residents Commuting
Over 50 Miles 16,503
25-50 Miles 23,378
10-24 Miles 39,281
Under 10 Miles 153,523
66%
17%
10%
7%
0 50,000
100,000
150,000
200,000
250,000
Competitive Market Area Residents Commute Distance/Direction (Home to Work) 23148.00 EmpTrends v0.22: EmpC the concord group
DRAFT
EXHIBIT I-4

GROWTH IN HOME PRICES, RENTS AND OWNER COSTS

COMPETITIVE MARKET AREA
2005 THROUGH 2023
Annual YTD Growth/Y r
Year: 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 5-Y r 10-Yr Effective Rent $1,899 $2,097 $2,255 $2,290 $2,099 $2,218 $2,296 $2,411 $2,541 $2,685 $2,817 $2,833 $2,882 $3,041 $3,133 $2,746 $2,986 $3,043 $3,11 9 Chg/Yr (%) --- 10.4% 7.5% 1.6% (8.3%) 5.7% 3.5% 5.0% 5.4% 5.7% 4.9% 0.6% 1.7% 5.5% 3.0% (12.4%) 8.7% 1.9% 2.5% 0.5% 2.1% Median Home Price (000s) $595 $645 $644 $528 $402 $400 $371 $377 $449 $517 $574 $620 $674 $868 $939 $970 $1,054 $1,157 $1,110 Chg/Yr (%) --- 8.4% (0.1%) (18.1%) (23.8%) (0.6%) (7.2%) 1.6% 19.1% 15.0% 11.0% 8.0% 8.6% 28.8% 8.3% 3.2% 8.7% 9.8% (4.1%) 5.1% 9.5% Mortgage Rate 5.8% 6.4% 6.3% 6.0% 5.0% 4.7% 4.5% 3.7% 4.0% 4.2% 3.9% 3.7% 4.3% 4.5% 3.9% 3.1% 3.0% 4.3% 7.0% Monthly Mort. Payment $2,802 $3,231 $3,203 $2,540 $1,736 $1,657 $1,496 $1,382 $1,712 $2,015 $2,153 $2,270 $2,651 $3,533 $3,562 $3,317 $3,537 $4,5 92 $5,878 Home Insurance (mo.) $14 $16 $16 $13 $9 $8 $7 $7 $9 $10 $11 $11 $13 $18 $18 $17 $18 $23 $29 Property Tax (mo.) $496 $538 $537 $440 $335 $333 $309 $314 $375 $431 $478 $517 $561 $723 $783 $808 $878 $964 $925 Ownership Housing Cost $3,312 $3,785 $3,756 $2,992 $2,080 $1,999 $1,813 $1,704 $2,096 $2,456 $2,642 $2,798 $3,225 $4,274 $4,362 $4,141 $4,433 $5, 579 $6,833 Chg/Yr (%) --- 14.3% (0.8%) (20.3%) (30.5%) (3.9%) (9.3%) (6.0%) 23.0% 17.2% 7.6% 5.9% 15.3% 32.5% 2.1% (5.1%) 7.0% 25.9% 22.5% 9.8% 12.5% Ownership Premium/Discount 74% 80% 67% 31% -1% -10% -21% -29% -18% -9% -6% -1% 12% 41% 39% 51% 48% 83% 119% 46% Atlanta 14% 12% 7% 12% 38% 44% 59% 87% 62% 48% 58% 57% 45% #N/A #N/A #N/A #N/A --- --- #N/A Dallas -33% -37% -36% -34% -31% -33% -34% -35% -38% -40% -41% -45% -43% -43% -43% -41% -39% --- --- -43% East Bay Area 20% 18% 36% 38% 64% 95% 116% 119% 15% -37% -24% -33% -31% 0% 15% 20% 61% --- --- 5% Greenville 104% 106% 39% 67% 77% 53% 47% 33% 33% 61% 46% 65% 67% 34% 61% 48% 49% --- --- 54% Portland -17% -19% -14% -11% 0% 18% 39% 43% 33% 17% 5% -6% -9% 2% 11% 10% 18% --- --- 4% Note: Monthly owner cost assumes 30-year fixed at 4.5% interest rate and 10% or 20% down payment Note: Home prices assume 30 year fixed mortgage at average interest rate at time of purchase, 20% down payment and estimate property tax rate of 1.0%. Home insurance is factored in at 0.5% of the monthly mortgage cost.

Sources: CoStar, Zillow
(25%)
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
2005 2006 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Annual % Change
Year
% Change in Rent % Change in Existing Home Price
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Average Monthly Owner Costs
Year
Average Monthly Renter Costs Average Monthly Owner Costs Pre-2008 Recession Gap: 78% 2023 Gap: 118%
5-year average gap: 68% 10-year average gap: 39%
23148.00 Price.Rents.Costs:RentvOwn Page 1 of 2 THE CONCORD GROUP DRAFT
EXHIBIT I-4

GROWTH IN HOME PRICES, RENTS AND OWNER COSTS - REAL TIME

COMPETITIVE MARKET AREA
JULY 2023
Note: Home prices assume 30 year fixed mortgage at 6.95% interest rate, 20% down payment and estimate property tax rate of 1%. Home insurance is factored in at 0.5% of the home sale price.

Sources: Redfin, TCG
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
$11,000
$12,000
$13,000
$14,000
$15,000
500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 Monthly Housing Cost
Unit Size (SF)
Rental Comps CMA L6M Resales (20% Down) CMA L3M Resales (10% Down) Shadow Market CMA L6M Resale
Monthly Payment
(10% Down)
CMA Class A Rental
Comparables
Shadow Market
-46%
-36%
-40%
-42%
-44%
CMA L6M Resale
Monthly Payment
(20% Down)
23148.00 Price.Rents.Costs:Price to Size Page 2 of 2 THE CONCORD GROUP DRAFT
EXHIBIT I-4

HOUSING COST CASE STUDY - SINGLE FAMILY DWELLING

CUPERTINO, CALIFORNIA
LAST THREE YEARS ENDING 2023
CMA Resales Monthly Home Payment Increase: Case Study: 10570 Deodara Dr, Cupertino, CA 95014 Case Study: 10570 Deodara Dr, Cupertino, CA 95014
Note: Monthly home payments assume 30Y fixed rate mortgage, 20% down, 1.0% property tax, 0.5% insurance costs, and $150 HOA Fee . 2021 2022 2023 2023 Redfin
Estimate
Monthly $12,010 $14,891 $17,034 $18,718
Monthly 2.96% 5.34% 6.95% 6.95%
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
30Y Mortgage Rate
Monthly Payment
+41.8% based on
interest rate
increase alone
+55.9% when
accounting for
HPA
Monthly Home Payment
2021 2022 2023
Monthly $5,033 $6,814 $7,471
Rate 2.96% 5.34% 6.95%
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
30Y Mortgage Rate
Monthly Payment
CMA Resales Monthly Home
+48.5% increase in monthly
housing costs when factoring
in interest rate increases and
HPA for the average home
The average home price in the CMA increased by 5.3% from 2021 to 2023. When factoring in home price appreciation and interest rate appreciation, the average monthly housing payment in the CMA increased by 48.5% from 2021 to 2023.

The 3 bedroom home shown to the right last sold for $2,560,000 in August 2021. Redfin estimates that its value in 2023 is $2,815,299, which equates to a 10.0% increase in home value in approximately two years.

When factoring in the rapid increase in mortgage interest rates alone, the monthly owner cost would be 41.8% greater than the ownership cost in 2023 ($17,034 vs. $12,010) if this home sold at its 2021 sale price.

When factoring in both home value appreciation and higher interest rates, the monthly mortgage payment would increase by 55.9% ($18,718 vs. $12,010). 23148.00 Housing Cost Case Study v1.03 BRN: SFD The Concord Group DRAFT
EXHIBIT I-4

HOUSING COST CASE STUDY - TOWNHOME

CUPERTINO, CALIFORNIA
LAST THREE YEARS ENDING 2023
CMA Resales Monthly Home Payment Increase: Case Study: 10830 Northoak Sq, Cupertino, CA 95014 Case Study: 10830 Northoak Sq, Cupertino, CA 95014
Note: Monthly home payments assume 30Y fixed rate mortgage, 20% down, 1.0% property tax, 0.5% insurance costs, and $150 HOA Fee . 2021 2022 2023 2023 Redfin
Estimate
Monthly $6,265 $7,751 $8,856 $9,232
Monthly 2.96% 5.34% 6.95% 6.95%
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
30Y Mortgage Rate
Monthly Payment
+41.4% based on
interest rate
increase alone
+47.4% when
accounting for
HPA
Monthly Home Payment
2021 2022 2023
Monthly $5,033 $6,814 $7,471
Rate 2.96% 5.34% 6.95%
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
30Y Mortgage Rate
Monthly Payment
CMA Resales Monthly Home
+48.5% increase in monthly
housing costs when factoring
in interest rate increases and
HPA for the average home
The average home price in the CMA increased by 5.3% from 2021 to 2023. When factoring in home price appreciation and interest rate appreciation, the average monthly housing payment in the CMA increased by 48.5% from 2021 to 2023.

The 2 bedroom townhome shown to the right last sold for $1,320,000 in August 2021. Redfin estimates that its value in 2023 is $1,376,988, which equates to a 4.3% increase in home value in approximately two years.

When factoring in the rapid increase in mortgage interest rates alone, the monthly owner cost would be 41.4% greater than the ownership cost in 2023 ($8,856 vs. $6,265) if this home sold at its 2021 sale price.

When factoring in both home value appreciation and higher interest rates, the monthly mortgage payment would increase by 47.4% ($9,232 vs. $6,265). 23148.00 Housing Cost Case Study v1.03 BRN: TH The Concord Group DRAFT
EXHIBIT I-4

HOUSING COST CASE STUDY - CONDO

CUPERTINO, CALIFORNIA
LAST THREE YEARS ENDING 2023
CMA Resales Monthly Home Payment Increase: Case Study: 10570 Deodara Dr, Cupertino, CA 95014 Case Study: 10570 Deodara Dr, Cupertino, CA 95014
Note: Monthly home payments assume 30Y fixed rate mortgage, 20% down, 1.0% property tax, 0.5% insurance costs, and $150 HOA Fee . 2021 2022 2023 2023 Redfin
Estimate
Monthly $5,339 $6,599 $7,537 $7,836
Monthly 2.96% 5.34% 6.95% 6.95%
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
30Y Mortgage Rate
Monthly Payment
+41.2% based on
interest rate
increase alone
+46.8% when
accounting for
HPA
Monthly Home Payment
2021 2022 2023
Monthly $5,033 $6,814 $7,471
Rate 2.96% 5.34% 6.95%
0%
1%
2%
3%
4%
5%
6%
7%
8%
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
30Y Mortgage Rate
Monthly Payment
CMA Resales Monthly Home
+48.5% increase in monthly
housing costs when factoring
in interest rate increases and
HPA for the average home
The average home price in the CMA increased by 5.3% from 2021 to 2023. When factoring in home price appreciation and interest rate appreciation, the average monthly housing payment in the CMA increased by 48.5% from 2021 to 2023.

The 2 bedroom condo shown to the right last sold for $1,120,000 in October 2021. Redfin estimates that its value in 2023 is $1,165,326, which equates to a 4.0% increase in home value in approximately two years.

When factoring in the rapid increase in mortgage interest rates alone, the monthly owner cost would be 41.2% greater than the ownership cost in 2023 ($7,537 vs. $5,339) if this home sold at its 2021 sale price.

When factoring in both home value appreciation and higher interest rates, the monthly mortgage payment would increase by 46.8% ($7,836 vs. $5,339). 23148.00 Housing Cost Case Study v1.03 BRN: Condo The Concord Group DRAFT

II. Market-Rate Opportunity Analysis

DRAFT
EXHIBIT II-1A

MULTIFAMILY MARKET TRENDS

PRIMARY MARKET AREA
2000 THROUGH YTD (AUGUST 2023)
5-Yr
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Av g Q3 '22 Q3 '23 L4Q Competitive Market Area
Inventory Units 54,117 54,473 54,473 54,903 54,903 55,173 55,457 55,793 56,327 58,226 59,064 61,255 61,987 64,271 65,631 67,004 68,087 69,489 66,896 69,018 6 9,715 Gross Deliveries 250 356 0 430 0 270 284 336 534 1,899 838 2,191 732 2,284 1,360 1,373 1,083 1,402 1,500 -- -- 697 Net Absorption 941 778 (163) (408) (110) 642 272 377 398 1,697 976 441 1,796 1,842 953 (1,796) 4,233 1,664 1,379 -- -- 940 Vacancy Rate (1) 3.9% 3.1% 3.4% 4.9% 5.1% 4.4% 4.4% 4.3% 4.5% 4.7% 4.4% 7.1% 5.3% 5.8% 6.3% 10.9% 6.1% 5.6% 6.9% 5.1% 4.7% Effective Rent /Unit $1,807 $1,972 $2,138 $2,133 $1,942 $2,059 $2,148 $2,267 $2,408 $2,567 $2,719 $2,688 $2,779 $2,904 $2,988 $2,602 $2,864 $3,02 4 $2,876 $3,117 $3,105 % Change (YOY) 3.7% 9.1% 8.4% (0.2%) (9.0%) 6.0% 4.3% 5.5% 6.2% 6.6% 5.9% (1.1%) 3.4% 4.5% 2.9% (12.9%) 10.1% 5.6% 1.7% (0.4%) Primary Market Area
Inventory Units 118,573 119,738 120,292 120,772 121,015 121,498 121,872 125,554 127,337 132,854 137,205 140,966 142,651 147,242 149,712 153,227 156,469 159,156 153,161 158,680 159,794 Gross Deliveries 795 1,165 554 480 243 483 374 3,682 1,783 5,517 4,351 3,761 1,685 4,591 2,470 3,515 3,242 2,687 3,301 -- -- 1,114 Net Absor
ption 2,410 2,432 296 (986) (373) 1,066 601 2,641 2,201 4,726 3,717 2,712 2,582 3,317 2,322 (2,212) 8,720 3,006 3,031 -- -- 1,534 Vacancy Rate (1) 4.3% 3.2% 3.4% 4.6% 5.1% 4.6% 4.4% 5.1% 4.7% 5.1% 5.4% 6.0% 5.3% 6.0% 6.0% 9.6% 5.9% 5.6% 6.6% 5.3% 5.0% Effective Rent /Unit $1,742 $1,876 $2,020 $2,043 $1,872 $1,955 $2,035 $2,131 $2,250 $2,374 $2,532 $2,513 $2,592 $2,691 $2,765 $2,489 $2,704 $2,84 8 $2,699 $2,917 $2,937 % Change (YOY) 3.0% 7.7% 7.7% 1.1% (8.4%) 4.4% 4.1% 4.7% 5.6% 5.5% 6.7% (0.8%) 3.1% 3.8% 2.7% (10.0%) 8.6% 5.3% 1.9% 0.7% Source: CoStar; The Concord Group
0%
2%
4%
6%
8%
10%
12%
(3,000)
(2,000)
(1,000)
0 1,000
2,000
3,000
4,000
5,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual Competitive Market Area Gross Deliveries, Net Absorption and Vacancy Rate Gross Deliveries (Units - Left Axis) Net Absorption (Units - Left Axis) Vacancy Rate (Right Axis) $0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
(15.0%)
(10.0%)
(5.0%)

0.0%

5.0%

10.0%

15.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Competitive Market Area Effective Rent Per Unit and YOY Rent Change Average Effective Rent Per Unit (Right Axis) Effective Rent Change (YOY - Left Axis) 23148.00 EmpTrends v0.22: MFTrO the concord group
DRAFT
EXHIBIT II-1A

MULTIFAMILY MARKET TRENDS - SCALE

SAN JOSE MSA
2000 THROUGH YTD (AUGUST 2023)
Aug 2023
Annual AverageU /C
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5-Yr 10-Yr 20-Yr YTD Units %In v Employment Growth
San Jose MSA (4.9%) (0.7%) 1.1% 2.5% 2.3% 0.8% (6.0%) (0.2%) 2.4% 3.9% 4.0% 4.2% 3.9% 3.3% 2.3% 1.8% 1.8% (6.2%) 2.1% 5.3% 0.9% 2.2% 1.1% Inventory (000s)
San Jose MSA 118.9 120.1 120.9 122.3 123.2 123.7 124.0 124.4 124.8 128.5 130.3 135.8 140.2 144.0 145.7 150.4 152.9 156.7 160.0 162.7 163.4 Primary Market Area 116.6 117.8 118.6 119.7 120.3 120.8 121.0 121.5 121.9 125.6 127.3 132.9 137.2 141.0 142.7 147.2 149.7 153.2 156.5 159.2 159.8 % MSA 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% Competitive Market Area 53.5 53.9 54.1 54.5 54.5 54.9 54.9 55.2 55.5 55.8 56.3 58.2 59.1 61.3 62.0 64.3 65.6 67.0 68.1 69.5 69.7 % PMA 46% 46% 46% 45% 45% 45% 45% 45% 46% 44% 44% 44% 43% 43% 43% 44% 44% 44% 44% 44% 44% Gross Deliveries (000s)
San Jose MSA 0.1 1.2 0.8 1.4 0.9 0.5 0.3 0.5 0.4 3.7 1.8 5.5 4.5 3.8 1.7 4.7 2.5 3.8 3.3 2.7 3.4 3.4 2.2 0.8 0.0 0.0% Primary Market Area 0.1 1.2 0.8 1.2 0.6 0.5 0.2 0.5 0.4 3.7 1.8 5.5 4.4 3.8 1.7 4.6 2.5 3.5 3.2 2.7 3.3 3.4 2.1 0.6 0.0 0.0% % MSA 100% 100% 100% 84% 62% 93% 97% 97% 100% 101% 100% 100% 97% 100% 99% 98% 100% 93% 98% 100% 97% 98% 97% 84% 0% Competitive Market Area 0.0 0.4 0.3 0.4 0.0 0.4 0.0 0.3 0.3 0.3 0.5 1.9 0.8 2.2 0.7 2.3 1.4 1.4 1.1 1.4 1.5 1.4 0.8 0.2 0.0 0.0% % PMA 0% 33% 31% 31% 0% 90% 0% 56% 76% 9% 30% 34% 19% 58% 43% 50% 55% 39% 33% 52% 45% 41% 38% 35% 0% Net Absorption (000s)
San Jose MSA 0.2 1.6 2.4 2.6 0.7 -0.9 -0.4 1.3 0.2 2.7 2.2 4.7 4.0 2.6 2.5 3.5 2.3 -2.1 9.1 3.0 3.2 3.2 2.1 1.7 Primary Market Area 0.2 1.6 2.4 2.4 0.3 -1.0 -0.4 1.1 0.6 2.6 2.2 4.7 3.7 2.7 2.6 3.3 2.3 -2.2 8.7 3.0 3.0 3.1 2.0 1.6 % MSA 99% 99% 99% 95% 40% 114% 98% 79% 258% 97% 99% 100% 94% 106% 104% 94% 99% 106% 96% 99% 95% 98% 97% 92% Competitive Market Area 0.0 0.6 0.9 0.8 -0.2 -0.4 -0.1 0.6 0.3 0.4 0.4 1.7 1.0 0.4 1.8 1.8 1.0 -1.8 4.2 1.7 1.4 1.2 0.8 0.8 % PMA 0% 37% 39% 32% 0% 41% 29% 60% 45% 14% 18% 36% 26% 16% 70% 56% 41% 81% 49% 55% 46% 39% 37% 54% Source: CoStar; The Concord Group
0 1,000
2,000
3,000
4,000
5,000
6,000
(12%)
(10%)
(8%)
(6%)
(4%)
(2%)
0%
2%
4%
6%
8%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Units Delivered (Bar)
Employment Growth (Line)
Annual Gross Deliveries and Employment Growth
Competitive Market Area Rem. Primary Market Area Rem. San Jose MSA San Jose MSA Employment Growth 23148.00 EmpTrends v0.22: MFTrS the concord group
DRAFT
EXHIBIT II-1A

MULTIFAMILY MARKET TRENDS - RENTS & OCCUPANCY

SAN JOSE MSA
2000 THROUGH YTD (AUGUST 2023)
Annual Average
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5-Yr 10-Yr 20-Yr 3Q22 3Q23 Effective Rent Per Unit ($)
San Jose MSA 1,767 1,707 1,756 1,888 2,034 2,060 1,887 1,970 2,048 2,151 2,278 2,405 2,565 2,576 2,647 2,739 2,790 2,565 2,761 2,883 2,922 2,941 Gr/Yr (7.3%) (3.4%) 2.9% 7.5% 7.7% 1.3% (8.4%) 4.4% 4.0% 5.0% 5.9% 5.6% 6.7% 0.4% 2.8% 3.5% 1.9% (8.1%) 7.6% 4.4% 1.7% 3.0% 2.1% YOY: 0.7% Primary Market Area 1,761 1,702 1,752 1,886 2,031 2,062 1,885 1,967 2,045 2,150 2,277 2,404 2,566 2,578 2,650 2,742 2,794 2,567 2,757 2,879 2,917 2,937 Gr/Yr (7.3%) (3.4%) 2.9% 7.6% 7.7% 1.5% (8.6%) 4.4% 4.0% 5.1% 5.9% 5.6% 6.7% 0.5% 2.8% 3.5% 1.9% (8.1%) 7.4% 4.4% 1.7% 3.0% 2.1% YOY: 0.7% Competitive Market Area 1,813 1,754 1,817 1,982 2,149 2,154 1,955 2,071 2,159 2,287 2,436 2,599 2,751 2,757 2,847 2,957 3,017 2,695 2,923 3,066 3,117 3,1 05 Gr/Yr (8.9%) (3.3%) 3.6% 9.1% 8.4% 0.2% (9.2%) 5.9% 4.2% 5.9% 6.5% 6.7% 5.8% 0.2% 3.3% 3.9% 2.0% (10.7%) 8.5% 4.9% 1.5% 3.0% 2.2% YOY: (0.4%) Effective Rent PSF ($)
San Jose MSA 2.06 2.00 2.05 2.21 2.38 2.41 2.21 2.30 2.40 2.52 2.67 2.82 3.00 3.01 3.10 3.20 3.26 3.00 3.23 3.37 3.42 3.44 Gr/Yr (7.6%) (2.9%) 2.5% 7.8% 7.7% 1.3% (8.3%) 4.1% 4.3% 5.0% 6.0% 5.6% 6.4% 0.3% 3.0% 3.2% 1.9% (8.0%) 7.7% 4.3% 1.7% 2.9% 2.1% YOY: 0.6% Primary Market Area 2.07 2.00 2.06 2.22 2.39 2.42 2.21 2.31 2.40 2.53 2.68 2.83 3.02 3.03 3.11 3.22 3.28 3.01 3.24 3.38 3.43 3.45 Gr/Yr (7.2%) (3.4%) 3.0% 7.8% 7.7% 1.3% (8.7%) 4.5% 3.9% 5.4% 5.9% 5.6% 6.7% 0.3% 2.6% 3.5% 1.9% (8.2%) 7.6% 4.3% 1.7% 2.9% 2.1% YOY: 0.6% Competitive Market Area 2.12 2.05 2.12 2.32 2.51 2.52 2.29 2.42 2.53 2.68 2.85 3.04 3.22 3.23 3.33 3.46 3.53 3.15 3.42 3.58 3.65 3.63 Gr/Yr (9.0%) (3.3%) 3.4% 9.4% 8.2% 0.4% (9.1%) 5.7% 4.5% 5.9% 6.3% 6.7% 5.9% 0.3% 3.1% 3.9% 2.0% (10.8%) 8.6% 4.7% 1.5% 2.9% 2.2% YOY: (0.5%) Occupancy
San Jose MSA 94% 94% 96% 97% 97% 96% 95% 96% 96% 95% 95% 95% 95% 94% 95% 94% 94% 91% 94% 95% 94% 94% 95% 94.9% 95.2% Primary Market Area 94% 94% 96% 97% 97% 95% 95% 95% 96% 95% 95% 95% 95% 94% 95% 94% 94% 90% 94% 94% 93% 94% 95% 94.7% 95.0% Competitive Market Area 94% 95% 96% 97% 97% 95% 95% 96% 96% 96% 96% 95% 96% 93% 95% 94% 94% 89% 94% 94% 93% 94% 95% 94.9% 95.3% Source: CoStar; The Concord Group
84%
86%
88%
90%
92%
94%
96%
98%
(15%)
(10%)
(5%)
0%
5%
10%
15%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Occupancy
Annual Rent Growth
Annual Effective Rent Growth and Occupancy
Competitive Market Area Rent Change (Left Axis) Primary Market Area Rent Change (Left Axis) San Jose MSA Rent Change (Left Axis) Competitive Market Area Occupancy (Right Axis) Primary Market Area Occupancy (Right Axis) San Jose MSA Occupancy (Right Axis) 23148.00 EmpTrends v0.22: MFTrR the concord group
DRAFT
EXHIBIT II-1B

MULTIFAMILY MARKET TRENDS - CLASS A

PRIMARY MARKET AREA
2000 THROUGH YTD (AUGUST 2023)
5-Yr
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Av g Q3 '22 Q3 '23 L4Q Competitive Market Area
Inventory Units 923 923 923 1,353 1,353 1,623 1,907 2,243 2,574 3,120 3,958 5,882 6,614 8,766 10,114 11,361 12,217 13,503 11,192 13,032 13,729 Gross Deliveries 0 0 0 430 0 270 284 336 331 546 838 1,924 732 2,152 1,348 1,247 856 1,286 1,378 -- -- 697 Net Absorption 5 (6) (3) 273 96 233 323 232 281 587 758 972 1,444 1,629 822 405 1,847 1,217 1,184 -- -- 652 Vacancy Rate (1) 3.0% 3.6% 3.9% 14.3% 7.2% 8.3% 5.0% 8.9% 9.7% 6.7% 7.3% 21.1% 8.0% 12.0% 15.6% 21.3% 11.7% 11.1% 14.3% 8.4% 8.3% Effective Rent /Unit $2,510 $2,709 $2,940 $2,932 $2,665 $2,837 $2,901 $2,954 $3,061 $3,242 $3,378 $3,367 $3,494 $3,640 $3,747 $3,160 $3,626 $3,74 1 $3,583 $3,928 $3,834 % Change (YOY) 2.7% 7.9% 8.5% (0.3%) (9.1%) 6.5% 2.3% 1.8% 3.6% 5.9% 4.2% (0.3%) 3.8% 4.2% 2.9% (15.7%) 14.7% 3.2% 1.4% (2.4%) Primary Market Area
Inventory Units 3,871 4,605 5,050 5,480 5,480 5,963 6,247 8,925 10,412 12,975 16,597 19,621 21,116 24,795 27,253 30,541 33,254 34,999 30,168 34,528 35,591 Gross Deliveries 535 734 445 430 0 483 284 2,678 1,487 2,563 3,622 3,024 1,495 3,679 2,458 3,288 2,713 1,745 2,777 -- -- 1,063 Net Absor
ption 423 773 500 210 126 301 336 1,877 1,532 2,868 2,828 2,679 1,827 2,715 1,677 1,408 4,702 1,885 2,477 -- -- 947 Vacancy Rate (1) 7.8% 5.7% 4.1% 7.8% 5.5% 8.1% 6.9% 13.8% 11.4% 6.8% 10.1% 10.3% 8.0% 10.7% 12.6% 17.4% 10.0% 9.1% 12.0% 7.6% 7.7% Effective Rent /Unit $2,302 $2,461 $2,660 $2,672 $2,455 $2,566 $2,626 $2,674 $2,766 $2,890 $3,027 $3,028 $3,117 $3,207 $3,283 $2,864 $3,244 $3,39 3 $3,198 $3,517 $3,497 % Change (YOY) 2.6% 6.9% 8.1% 0.5% (8.1%) 4.5% 2.3% 1.8% 3.4% 4.5% 4.7% 0.0% 2.9% 2.9% 2.4% (12.8%) 13.3% 4.6% 1.7% (0.6%) Source: CoStar; The Concord Group
0%
5%
10%
15%
20%
25%
(500)
0 500
1,000
1,500
2,000
2,500
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual Competitive Market Area Gross Deliveries, Net Absorption and Vacancy Rate Gross Deliveries (Units - Left Axis) Net Absorption (Units - Left Axis) Vacancy Rate (Right Axis) $0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
(20.0%)
(15.0%)
(10.0%)
(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Competitive Market Area Effective Rent Per Unit and YOY Rent Change Average Effective Rent Per Unit (Right Axis) Effective Rent Change (YOY - Left Axis) 23148.00 EmpTrends v0.22: MFTrO cA the concord group
DRAFT
EXHIBIT II-1B

MULTIFAMILY MARKET TRENDS - SCALE - CLASS A

SAN JOSE MSA
2000 THROUGH YTD (AUGUST 2023)
Aug 2023
Annual AverageU /C
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5-Yr 10-Yr 20-Yr YTD Units %In v Employment Growth
San Jose MSA (4.9%) (0.7%) 1.1% 2.5% 2.3% 0.8% (6.0%) (0.2%) 2.4% 3.9% 4.0% 4.2% 3.9% 3.3% 2.3% 1.8% 1.8% (6.2%) 2.1% 5.3% 0.9% 2.2% 1.1% Inventory (000s)
San Jose MSA 3.1 3.3 3.9 4.6 5.3 5.8 5.8 6.3 6.5 9.2 10.7 13.3 17.0 20.0 21.5 25.2 27.7 31.1 33.8 35.6 36.3 Primary Market Area 3.1 3.3 3.9 4.6 5.1 5.5 5.5 6.0 6.2 8.9 10.4 13.0 16.6 19.6 21.1 24.8 27.3 30.5 33.3 35.0 35.6 -- 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Competitive Market Area 0.9 0.9 0.9 0.9 0.9 1.4 1.4 1.6 1.9 2.2 2.6 3.1 4.0 5.9 6.6 8.8 10.1 11.4 12.2 13.5 13.7 % PMA 28% 28% 24% 20% 18% 25% 25% 27% 31% 25% 25% 24% 24% 30% 31% 35% 37% 37% 37% 39% 39% Gross Deliveries (000s)
San Jose MSA 0.0 0.2 0.5 0.7 0.7 0.4 0.0 0.5 0.3 2.7 1.5 2.6 3.7 3.0 1.5 3.7 2.5 3.5 2.7 1.7 2.8 2.6 1.6 0.7 0.0 0.0% Primary Market Area 0.0 0.2 0.5 0.7 0.4 0.4 0.0 0.5 0.3 2.7 1.5 2.6 3.6 3.0 1.5 3.7 2.5 3.3 2.7 1.7 2.8 2.6 1.6 0.6 0.0 0.0% -- 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Competitive Market Area 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.3 0.3 0.3 0.3 0.5 0.8 1.9 0.7 2.2 1.3 1.2 0.9 1.3 1.4 1.1 0.6 0.2 0.0 0.0% % PMA 0% 19% 0% 0% 0% 100% 0% 56% 100% 13% 22% 21% 23% 64% 49% 58% 55% 38% 32% 74% 50% 43% 40% 38% 0% Net Absorption (000s)
San Jose MSA 0.1 0.3 0.4 0.8 0.8 0.2 0.1 0.3 0.3 1.9 1.5 2.9 2.9 2.7 1.9 2.7 1.7 1.5 4.8 1.9 2.5 2.4 1.5 1.2 Primary Market Area 0.1 0.3 0.4 0.8 0.5 0.2 0.1 0.3 0.3 1.9 1.5 2.9 2.8 2.7 1.8 2.7 1.7 1.4 4.7 1.9 2.5 2.4 1.5 1.0 -- 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Competitive Market Area 0.0 0.1 0.0 -0.0 -0.0 0.3 0.1 0.2 0.3 0.2 0.3 0.6 0.8 1.0 1.4 1.6 0.8 0.4 1.8 1.2 1.2 1.0 0.6 0.6 % PMA 15% 20% 1% 0% 0% 130% 76% 77% 96% 12% 18% 20% 27% 36% 79% 60% 49% 29% 39% 65% 48% 41% 38% 56% Source: CoStar; The Concord Group
0 1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
(12%)
(10%)
(8%)
(6%)
(4%)
(2%)
0%
2%
4%
6%
8%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Units Delivered (Bar)
Employment Growth (Line)
Annual Gross Deliveries and Employment Growth
Competitive Market Area Rem. Primary Market Area San Jose MSA San Jose MSA Employment Growth 23148.00 EmpTrends v0.22: MFTrS cA the concord group
DRAFT
EXHIBIT II-1B

MULTIFAMILY MARKET TRENDS - RENTS & OCCUPANCY - CLASS A

SAN JOSE MSA
2000 THROUGH YTD (AUGUST 2023)
Annual Average
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 5-Yr 10-Yr 20-Yr 3Q22 3Q23 Effective Rent Per Unit ($)
San Jose MSA 2,381 2,254 2,313 2,470 2,668 2,707 2,469 2,578 2,633 2,702 2,821 2,924 3,068 3,101 3,171 3,276 3,333 3,052 3,328 3,450 3,508 3,495 Gr/Yr (7.1%) (5.3%) 2.6% 6.8% 8.0% 1.5% (8.8%) 4.4% 2.1% 2.6% 4.4% 3.7% 4.9% 1.1% 2.3% 3.3% 1.7% (8.4%) 9.0% 3.7% 1.7% 2.5% 1.5% YOY: (0.4%) Primary Market Area 2,384 2,258 2,317 2,474 2,674 2,712 2,472 2,582 2,638 2,707 2,825 2,928 3,072 3,107 3,177 3,283 3,337 3,054 3,333 3,454 3,517 3,497 Gr/Yr (7.0%) (5.3%) 2.6% 6.8% 8.1% 1.4% (8.8%) 4.4% 2.2% 2.6% 4.4% 3.6% 4.9% 1.1% 2.3% 3.3% 1.6% (8.5%) 9.1% 3.6% 1.7% 2.5% 1.5% YOY: (0.6%) Competitive Market Area 2,608 2,461 2,526 2,722 2,954 2,984 2,685 2,854 2,914 2,998 3,132 3,279 3,419 3,465 3,580 3,728 3,792 3,411 3,715 3,856 3,928 3,8 34 Gr/Yr (9.7%) (5.6%) 2.6% 7.8% 8.5% 1.0% (10.0%) 6.3% 2.1% 2.9% 4.5% 4.7% 4.3% 1.3% 3.3% 4.1% 1.7% (10.0%) 8.9% 3.8% 1.5% 2.5% 1.5% YOY: (2.4%) Effective Rent PSF ($)
San Jose MSA 2.54 2.41 2.47 2.64 2.85 2.89 2.63 2.75 2.81 2.88 3.01 3.12 3.27 3.31 3.38 3.50 3.56 3.26 3.55 3.68 3.74 3.73 Gr/Yr (7.0%) (5.1%) 2.5% 6.9% 8.0% 1.4% (9.0%) 4.6% 2.2% 2.5% 4.5% 3.7% 4.8% 1.2% 2.1% 3.6% 1.7% (8.4%) 8.9% 3.7% 1.7% 2.5% 1.5% YOY: (0.3%) Primary Market Area 2.55 2.41 2.48 2.65 2.86 2.90 2.64 2.76 2.82 2.90 3.02 3.13 3.29 3.32 3.40 3.51 3.57 3.27 3.56 3.70 3.76 3.74 Gr/Yr (6.9%) (5.5%) 2.9% 6.9% 7.9% 1.4% (9.0%) 4.5% 2.2% 2.8% 4.1% 3.6% 5.1% 0.9% 2.4% 3.2% 1.7% (8.4%) 8.9% 3.9% 1.7% 2.5% 1.5% YOY: (0.5%) Competitive Market Area 2.77 2.62 2.69 2.89 3.14 3.17 2.86 3.04 3.10 3.19 3.33 3.49 3.64 3.68 3.81 3.97 4.03 3.63 3.95 4.10 4.18 4.08 Gr/Yr (9.8%) (5.4%) 2.7% 7.4% 8.7% 1.0% (9.8%) 6.3% 2.0% 2.9% 4.4% 4.8% 4.3% 1.1% 3.5% 4.2% 1.5% (9.9%) 8.8% 3.8% 1.5% 2.5% 1.5% YOY: (2.4%) Occupancy
San Jose MSA 91% 94% 92% 94% 96% 93% 95% 92% 93% 87% 89% 93% 90% 90% 92% 89% 88% 83% 90% 91% 88% 89% 91% 92.4% 92.3% Primary Market Area 91% 94% 92% 94% 96% 92% 95% 92% 93% 86% 89% 93% 90% 90% 92% 89% 87% 83% 90% 91% 88% 89% 91% 92.4% 92.3% Competitive Market Area 94% 97% 97% 96% 96% 86% 93% 92% 95% 91% 90% 93% 93% 79% 92% 88% 84% 79% 88% 89% 86% 88% 91% 91.6% 91.7% Source: CoStar; The Concord Group
0%
20%
40%
60%
80%
100%
120%
(20%)
(15%)
(10%)
(5%)
0%
5%
10%
15%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Occupancy
Annual Rent Growth
Annual Effective Rent Growth and Occupancy
Competitive Market Area Rent Change (Left Axis) Primary Market Area Rent Change (Left Axis) San Jose MSA Rent Change (Left Axis) Competitive Market Area Occupancy (Right Axis) Primary Market Area Occupancy (Right Axis) San Jose MSA Occupancy (Right Axis) 23148.00 EmpTrends v0.22: MFTrR cA the concord group
DRAFT
EXHIBIT II-1C

APARTMENT MARKET PERFORMANCE - CLASS A VERSUS CLASS B

PRIMARY MARKET AREA
2007 THROUGH 2023 YTD
Annual 5 & 10 Yr Avg.

Geography 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD '18-'22 '13 -'22 Primary Market Area (Asking Rent)
Class A $2,674 $2,712 $2,472 $2,582 $2,638 $2,707 $2,825 $2,928 $3,072 $3,107 $3,177 $3,283 $3,337 $3,054 $3,333 $3,454 $3,561 $3,292 $3,157 Gr/Yr 1.4% -8.8% 4.4% 2.2% 2.6% 4.4% 3.6% 4.9% 1.1% 2.3% 3.3% 1.6% -8.5% 9.1% 3.6% 3.1% 1.7% 1.4% Class B $2,001 $2,032 $1,865 $1,945 $2,037 $2,165 $2,315 $2,454 $2, 626 $2,603 $2,693 $2,804 $2,865 $2,608 $2,837 $2,986 $3,092 $2,820 $2,679 Gr/Yr 1.5% -8.2% 4.3% 4.7% 6.3% 6.9% 6.0% 7.0% -0.9% 3.5% 4.1% 2.2% -9.0% 8.8% 5.3% 3.5% 2.1% 1.7% Competitive Market Area (Asking Rent)
Class A $2,954 $2,984 $2,685 $2,854 $2,914 $2,998 $3,132 $3,279 $3,419 $3,465 $3,580 $3,728 $3,792 $3,411 $3,715 $3,856 $3,942 $3,700 $3,538 Gr/Yr 1.0% -10.0% 6.3% 2.1% 2.9% 4.5% 4.7% 4.3% 1.3% 3.3% 4.1% 1.7% -10.0% 8.9% 3.8% 2.2% 1.5% 1.4% Class B $2,104 $2,115 $1,929 $2,040 $2,137 $2,296 $2,480 $2,659 $2, 812 $2,794 $2,895 $3,029 $3,111 $2,742 $3,023 $3,201 $3,293 $3,021 $2,875 Gr/Yr 0.5% -8.8% 5.8% 4.8% 7.4% 8.0% 7.2% 5.8% -0.6% 3.6% 4.6% 2.7% -11.9% 10.2% 5.9% 2.9% 2.0% 1.6% Class A vs Class B Premium
PMA 34% 33% 33% 33% 30% 25% 22% 19% 17% 19% 18% 17% 16% 17% 17% 16% 15% 17% 18% CMA 40% 41% 39% 40% 36% 31% 26% 23% 22% 24% 24% 23% 22% 24% 23% 20% 20% 156% 169% Source: CoStar
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD % Spread
% Spread - Class A Asking Rents vs B/C
PMA
CMA
23184.00 Apartment Market Trends: A vs B The Concord Group DRAFT
EXHIBIT II-2A

COMPARABLE INVENTORY - PERFORMANCE

COMPETITIVE MARKET AREA
AUGUST 2023
Project Averages (Size and Base List Rent)
Overall
Base Concession Studio One-Bed Two-Bed Three-Bed+
Year Unit Mix Unit Rent % of Unit Rent Unit Rent Unit Rent Unit Rent Project Name Submarket Elev. Prod. Type Units Built Reno Occ. 0 1 2 3+ Size $ $/s f $ Base Size $ $/s f Size $ $/s f Size $ $/s f Size $ $/s f Cupertino
The Biltmore Apartments Cupertino 2s Garden 179 1973 2003 95% 0% 47% 48% 5% 968 $4,160 $4.30 $0 0.0% -- -- -- 775 $3,575 $4.61 1,127 $4,634 $4.11 1,245 $5,080 $4.08 Cupertino City Center Cupertino 5s Podium 99 1989 2012 92% 0% 53% 47% 0% 829 $3,389 $4.09 $261 7.7% -- -- -- 694 $3,094 $4.46 979 $3,715 $3.80 -- -- -- Main Street Cupertino Lofts Cupertino 4s Podium 120 2018 -- 96% 20% 80% 0% 0% 1,043 $4,217 $4.04 $0 0.0% 839 $3,946 $4.70 1,094 $4,284 $3.92 -- -- -- -- -- --
Arioso Cupertino 3s Garden 201 1999 2008 92% 0% 40% 60% 0% 1,015 $4,064 $4.00 $0 0.0% -- -- -- 717 $3,485 $4.86 1,216 $4,455 $3.66 -- -- -- Markham Apartments Cupertino 2s Garden 504 1972 2014 93% 0% 40% 51% 9% 879 $3,464 $3.94 $400 11.5% -- -- -- 738 $3,136 $4.25 1,012 $3,809 $3.76 750 $2,971 $3.96 The Hamptons Cupertino 4s Garden 342 1999 2013 99% 0% 38% 50% 12% 967 $3,775 $3.90 $0 0.0% -- -- -- 766 $3,254 $4.25 1,052 $3,966 $3.77 1,252 $4,628 $3.70 Nineteen800 Cupertino 6s Podium 204 2014 -- 96% 0% 0% 91% 9% 1,334 $4,729 $3.54 $91 1.9% -- -- -- -- -- -- 1,307 $4,650 $3.56 1,614 $5,541 $3.43 Cupertino Park Center Cupertino 3s Podium 120 1997 2012 94% 0% 39% 61% 0% 1,095 $3,811 $3.48 $318 8.3% -- -- -- 926 $3,548 $3.83 1,203 $3,980 $3.31 -- -- -- Total / Weighted Average 1,769 1991 95% 1% 39% 53% 7% 996 $3,879 $3.90 $160 4.1% 839 $3,946 $4.70 804 $3,437 $4.27 1,127 $4,171 $3.70 1,103 $4,129 $3.74 Excluding Lease-Up 1,769 95%
Units Rem. to Stabilize (@95% Occ.) 0
Mountain Vie
w
Landsby Mountain View 5s Podium 632 2022 -- 51% 8% 62% 29% 0% 805 $4,668 $5.80 $898 19.2% 623 $3,892 $6.24 702 $4,222 $6.01 1,062 $5,786 $5.45 1,246 $6,763 $5.43 MV Apartments Mountain View 5s Podium 211 2021 -- 97% 0% 67% 33% 0% 824 $4,514 $5.48 $561 12.4% -- -- -- 714 $4,065 $5.70 1,052 $5,440 $5.17 -- -- -- The Dean Mountain View 5s Podium 583 2020 -- 91% 9% 55% 29% 7% 864 $4,681 $5.42 $390 8.3% 519 $3,201 $6.17 773 $4,383 $5.67 1,055 $5,388 $5.11 1,254 $6,083 $4.85 The Tillery Mountain View 6s Podium 226 2023 -- 59% 7% 54% 37% 2% 912 $4,659 $5.11 $986 21.2% 721 $3,965 $5.50 774 $4,140 $5.35 1,112 $5,405 $4.86 1,491 $6,870 $4.61 The Hadley Mountain View 5s Podium 471 2022 -- 40% 3% 56% 36% 6% 938 $4,771 $5.09 $1,009 21.2% 627 $3,752 $5.98 792 $4,170 $5.27 1,115 $5,517 $4.95 1,367 $6,302 $4.61 Total / Weighted Average 2,123 2021 65% 6% 58% 32% 4% 864 $4,678 $5.42 $759 16.2% 592 $3,603 $6.09 748 $4,226 $5.65 1,079 $5,537 $5.13 1,312 $6,243 $4.76 Excluding Lease-Up 794 93%
Units Rem. to Stabilize (@95% Occ.) 616
Sunnyvale
Maxwell Sunnyvale 4s Podium 75 2022 -- 100% 11% 52% 37% 0% 913 $4,167 $4.56 $0 0.0% 615 $3,516 $5.72 787 $3,888 $4.94 1,174 $4,742 $4.04 -- -- -- The Murphy Station Sunnyvale 5s Podium 108 2022 -- 91% 9% 49% 42% 0% 909 $4,065 $4.47 $0 0.0% 531 $3,040 $5.73 778 $3,550 $4.56 1,148 $4,900 $4.27 -- -- -- 1250 Lakeside Sunnyvale 6s Podium 250 2021 -- 92% 28% 44% 28% 0% 805 $3,566 $4.43 $411

11.5% 473 $2,827 $5.98 824 $3,604 $4.37 1,106 $4,242 $3.84 -- -- -- Savoy Sunnyvale 5s Wrap 480 2020 -- 87% 0% 69% 31% 0% 930 $3,818 $4.10 $318 8.3% -- -- -- 773 $3,518 $4.55 1,282 $4,489 $3.50 -- -- -- The Flats at City Line Sunnyvale 4s Wrap 198 2018 -- 92% 0% 17% 71% 12% 1,147 $4,529 $3.95 $0 0.0% -- -- -- 892 $3,962 $4.44 1,155 $4,551 $3.94 1,466 $5,202 $3.55 Total / Weighted Average 1,111 2020 90% 8% 51% 39% 2% 938 $3,935 $4.20 $230 5.8% 493 $2,914 $5.92 792 $3,590 $4.53 1,191 $4,528 $3.80 1,466 $5,202 $3.55 Excluding Lease-Up 523 93%
Units Rem. to Stabilize (@95% Occ.) 43
Santa Clara
Prado Santa Clara 6s Podium 251 2021 -- 93% 0% 59% 41% 0% 930 $4,423 $4.76 $0 0.0% -- -- -- 756 $3,807 $5.04 1,185 $5,323 $4.49 -- -- -- Mylo Santa Clara Santa Clara 4s Podium 476 2019 -- 96% 0% 68% 32% 0% 872 $3,613 $4.14 $0 0.0% -- -- -- 733 $3,463 $4.73 1,166 $3,929 $3.37 -- -- -- Santa Clara Square Apartments Santa Clara 5s Wrap 1,840 2018 -- 99% 8% 58% 34% 0% 1,022 $4,147 $4.06 $0 0.0% 764 $3,415 $4.47 915 $3,841 $4.20 1,269 $4,848 $3.82 -- -- -- Hearth Apartments Santa Clara 4s Wrap 548 2014 -- 93% 0% 42% 58% 0% 975 $3,861 $3.96 $149 3.8% -- -- -- 731 $3,261 $4.46 1,153 $4,298 $3.73 -- -- -- Monticello Apts Santa Clara 6s Podium 825 2016 -- 97% 1% 53% 46% 0% 1,037 $3,790 $3.66 $0 0.0% 917 $3,554 $3.88 854 $3,391 $3.97 1,251 $4,257 $3.40 -- -- -- Total / Weighted Average 3,940 2017 97% 4% 56% 40% 0% 995 $3,985 $4.01 $21 0.5% 769 $3,419 $4.45 846 $3,632 $4.29 1,226 $4,537 $3.70 -- -- -- Excluding Lease-Up 3,940 97%
Units Rem. to Stabilize (@95% Occ.) 0
Overall Total / Weighted Average 8,943 2013 88% 5% 53% 41% 2% 957 $4,123 $4.31 $250 6.1% 655 $3,400 $5.19 807 $3,755 $4.65 1,169 $4,628 $3.96 1,218 $5,002 $4.11 Excluding Lease-Up 7,026 96%
Units Rem. to Stabilize (@95% Occ.) 659
Source: The Concord Group; CoStar
23148.00 RecComps v2.19 Run BRN: Prf The Concord Group
DRAFT
EXHIBIT II-2B

RENTAL INVENTORY - LOCATION

COMPETITIVE MARKET AREA
AUGUST 2023
Note: Numbers in parentheses represents year built and number of units respectively.

Subject Sites
23148.00 Maps: Rental Comps Page 1 of 2 The Concord Group DRAFT
EXHIBIT II-2B

RENTAL INVENTORY - LOCATION

COMPETITIVE MARKET AREA
AUGUST 2023
Note: Numbers in parentheses represents year built and number of units respectively.

Subject Sites
23148.00 Maps: Rental Comps Page 2 of 2 The Concord Group DRAFT
EXHIBIT II-2C

COMPARABLE INVENTORY - LEASE-UP VELOCITY

COMPETITIVE MARKET AREA
AUGUST 2023
Lease-Up Total Months Percent Units Leased
Project Name Submarket Status Start End Units Leasing Leased Total Per Mo.

Properties In Lease-Up
The Tillery Mountain Vie
w Lease-Up 1/1/23 -- 226 7.0 59% 133 19.1
The Hadley Mountain Vie w Lease-Up 10/1/22 -- 471 10.0 35% 166 16.6 Landsby Mountain Vie w Lease-Up 3/16/22 -- 632 16.5 47% 295 17.8 The Murphy Station Sunnyvale Lease-Up 3/1/22 -- 108 17.0 83% 90 5.3 Savoy Sunnyvale Lease-Up 2/1/20 -- 480 42.0 87% 418 10.0 Total / Average 1,917 92.5 57% 1,102 13.8
5 Communities in Lease-Up x 13.8 Units Per Month x 12 Months Per Year = Annual Lease-Up Run Rate of 825 Units Recently Stabilized Properties
MV Apartments Mountain Vie
w Stabilized 6/1/21 12/1/22 211 18.0 95% 200 11.1
The Dean Mountain Vie w Stabilized 8/15/19 8/1/21 583 23.6 92% 537 23.5 Maxwell Sunnyvale Stabilized 6/ 1/22 12/1/22 75 6.0 99% 74 11.8 1250 Lakeside Sunnyvale Stabilized 7/1/21 6/1/22 250 11.0 92% 229 21.6 Prado Santa Clara Stabilized 2/11/21 5/1/22 251 14.6 93% 233 16.3 Monticello Apts Santa Clara Stab ilized 7/15/16 9/1/21 825 61.6 97% 796 12.7 Santa Clara Square Apartments Santa Clara Stabilized 7/15/16 7/1/21 1,840 59.6 99% 1,823 29.3 Mylo Santa Clara Santa Clara Sta bilized 4/1/19 5/30/21 476 26.0 96% 457 17.4 Total / Average 4,511 220.4 96% 4,349 18.0
13 Total Communities x 16.4 Units Per Month x 12 Months Per Year = Aggregate Annual Run Rate of 2,554 Units Source: The Concord Group

19.1 16.6

17.8 5.3

10.0 11.1

22.8 12.3

20.8 16.0

12.9 30.6

17.6 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
The Tillery
The Hadley
Landsby
The Murphy Station
Savoy
MV Apartments
The Dean
Maxwell
1250 Lakeside
Prado
Monticello Apts
Santa Clara Square Apartments
Mylo Santa Clara
Average Monthly Lease-Up Rate
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Available Units
Available
Leased
23148.00 RecComps v2.19 Run: Abs the concord group
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EXHIBIT II-2D

COMPARABLE INVENTORY - PRODUCT INDICATORS

COMPETITIVE MARKET AREA
AUGUST 2023
I. Unit Mix III. Bedrooms by Unit Rent ($)
CMA Cupertino
Unit CM A Cupertino
Type Num. Share Num. Share
0 404 5% 24 1%
1 4,700 53% 690 39%
2 3,623 41% 940 53%
3 216 2% 115 7%
40 0 % 0 0 %
Total 8,943 100% 1,769 100%
II. Unit Sizes (Average & Range) IV. Bedrooms by PSF Rent ($/SF) CM
A Cupertino
Unit CM A Cupertino
Type Min Max Avg Min Max Avg
0 442 1,120 655 608 1,120 459
1 518 1,816 807 518 1,736 662
2 836 1,703 1,169 920 1,425 697
3 750 1,764 1,218 750 1,764 744
4 - -- -- -- -- -- -
Source: The Concord Group
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Studios One-Bedrooms Two-Bedrooms Three-Bedrooms
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Studios One-Bedrooms Two-Bedrooms Three-Bedrooms
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Studios One-Bedrooms Two-Bedrooms Three-Bedrooms
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Studios One-Bedrooms Two-Bedrooms Three-Bedrooms
23148.00 RecComps v2.19 Run: Ind The Concord Group
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EXHIBIT II-2E

COMPARABLE INVENTORY - AMENITIES

COMPETITIVE MARKET AREA
AUGUST 2023
Main Street Cupertino Lofts Nineteen800 Landsby Savoy Prado Community Overview
City Cupertino Cupertino Mountain View Sunnyvale Santa Clara Walk Score 7 76 77 03 55 1
Built 2018 2014 2022 2020 2021
Elevation 4 s6 s5 s5 s6 s
Units 120 204 632 480 251
Base Rent ($) $4,217 $4,729 $4,668 $3,818 $4,423
Base Rent ($/sf) $4.04 $3.54 $5.80 $4.10 $4.76
Community Amenities
Health/Wellness
Fitness Center Modest Fitness Center Modest Fitness + Yoga Center Multiple Fitness & Wellness Centers Indoor/Outdoor Fitness Studio s Two-Story Fitness Center Pool -- -- Multiple Pools & Jacuzzis 75' Lap Pools Olympic-Sized Pool & Spa Sports Courts -- -- -- -- Access to Park & Community Center Tot Lot -- Playground -- -- --
Social Rooms
Club Room Yes Yes Yes Two Clubroom Lounges Multiple Club Rooms Catering Kitchen -- -- Yes -- --
Outdoor Lounge Terrace + BBQ BBQ + Dining BBQ, Fire Pit, Rooftop Dining Tw o Rooftop Deks w/ BBQ + TVs BBQ + Fireplace + Dining Theater/Game Yes Private Theater + Game Room Gaming Areas Outdoor Movie Screening Area Game Room Other Rooms
Biz Center -- Yes Business Pods/Co-Working Spaces Co-Working Space Co-Working Space Conference Room -- Yes Yes -- Yes
Other (1) WiFi Coffee Lounge Pet Park w/ Shower Pet Spa Pet Spa Pet Spa Other (2) Wine Den + Tasting Lounge Private Subterranean Parking Half-Acre Public Park Bike Parking EV & Tesla Stations Other (3) Parcel Concierge Package Lockers On-Site Retail Collection Savoy Green Central Park 24/7 Package Acceptance 23148.00 Amenities v1.03: Amenities Page 1 of 2 the concord group DRAFT
EXHIBIT II-2E

COMPARABLE INVENTORY - AMENITIES

COMPETITIVE MARKET AREA
AUGUST 2023
Main Street Cupertino Lofts Nineteen800 Landsby Savoy Prado Community Overview
City Cupertino Cupertino Mountain View Sunnyvale Santa Clara Walk Score 7 76 77 03 55 1
Built 2018 2014 2022 2020 2021
Elevation 4 s6 s5 s5 s6 s
Units 120 204 632 480 251
Base Rent ($) $4,217 $4,729 $4,668 $3,818 $4,423
Base Rent ($/sf) $4.04 $3.54 $5.80 $4.10 $4.76
Services
Concierge -- -- Yes -- Yes
Wi-Fi (public) Yes -- Yes Yes Yes
Storage
In-Unit - -- -- -- -- -
Other $) -- -- -- -- --
Interior Spec
Kitchen
Appliance Stainless Energy Star Stainless Stainless (GE) Stainless (GE) Stainless (Whirlpool) Counters Quartz Quartz Quartz Quartz Quartz
Flooring Wood-Style Hardwood-Style Hardwood-Style Wood Plank Hardwood-Style Cabinets Euro Euro Euro Euro Euro
Backsplash Full Tile Full Tile Full Tile Full Tile Full Quartz Living Area
Flooring Wood-Style Hardwood-Style Hardwood-Style Wood Plank Hardwood-Style F i r e p l a c e - -- -- -- -- -
Washer/Dryer Yes Yes Yes Yes Yes
Ceiling Height 9' 9' 9' 9' 9'
Balcony Some Some Some Some Some
Other (1) In-Unit Storage Amp le Closet Space Condominium-Level Finish es NEST Thermostats Central Heat & A/C Other (2) Oversized Kitchen Island Oversized Windows Dorma kaba Smart Locks Keyless Entry Moveable Kitchen Islands 23148.00 Amenities v1.03: Amenities Page 2 of 2 the concord group DRAFT
EXHIBIT II-3

SHADOW MARKET ANALYSIS

COMPETITIVE MARKET AREA
AUGUST 2023
CMA
Average Attached Average Detached
Unit Monthly Rent Unit Monthly Rent
Beds Num. % Size $ $/sf Beds Num. % Size $ $/sf
0 27 5% 412 $2,319 $5.63 0 4 1% 525 $2,411 $4.59
1 164 31% 682 $2,791 $4.09 1 8 2% 635 $2,903 $4.58
2 213 40% 1,018 $3,473 $3.41 2 39 12% 1,138 $3,718 $3.27 3+ 125 24% 1,492 $4,667 $3.13 3+ 280 85% 1,718 $5,501 $3.20 Total / Wtd Avg: 529 100% 995 $3,485 $3.50 Total / Wtd Avg: 331 100% 1,609 $5,191 $3.23 Cupertino
Average Attached Average Detached
Unit Monthly Rent Unit Monthly Rent
Beds Num. % Size $ $/sf Beds Num. % Size $ $/sf
0 1 3% 350 $2,750 $7.86 0 1 2% 550 $2,395 $4.35
1 7 20% 802 $2,979 $3.72 1 2 3% 625 $3,300 $5.28
2 25 71% 1,042 $3,754 $3.60 2 3 5% 839 $3,635 $4.33
3+ 2 6% 1,410 $3,948 $2.80 3+ 54 90% 2,077 $6,003 $2.89 Total / Wtd Avg: 35 100% 995 $3,581 $3.60 Total / Wtd Avg: 60 100% 1,941 $5,735 $2.95 Mountain View
Average Attached Average Detached
Unit Monthly Rent Unit Monthly Rent
Beds Num. % Size $ $/sf Beds Num. % Size $ $/sf
0 10 4% 413 $2,270 $5.49 0 2 2% 500 $2,700 $5.40
1 62 27% 675 $2,943 $4.36 1 2 2% 750 $2,800 $3.73
2 100 44% 1,007 $3,562 $3.54 2 16 16% 1,302 $4,095 $3.15 3+ 56 25% 1,510 $5,059 $3.35 3+ 80 80% 1,699 $5,739 $3.38 Total / Wtd Avg: 228 100% 1,014 $3,704 $3.65 Total / Wtd Avg: 100 100% 1,593 $5,356 $3.36 Sunnyvale
Average Attached Average Detached
Unit Monthly Rent Unit Monthly Rent
Beds Num. % Size $ $/sf Beds Num. % Size $ $/sf
0 8 6% 353 $1,973 $5.59 0 1 1% 550 $1,850 $3.36
1 48 33% 659 $2,780 $4.22 1 1 1% 506 $2,250 $4.45
2 49 34% 997 $3,173 $3.18 2 9 10% 992 $3,288 $3.31
3+ 39 27% 1,528 $4,395 $2.88 3+ 77 88% 1,562 $5,121 $3.28 Total / Wtd Avg: 144 100% 993 $3,306 $3.33 Total / Wtd Avg: 88 100% 1,481 $4,864 $3.28 5%
31%
40%
24%
0 1
2 3+
1% 2%
12%
85%
0 1
2 3+
3%
20%
71%
6%
0 1
2 3+
2%3%5%
90%
0 1
2 3+
4%
27%
44%
25%
0 1
2 3+
2% 2%
16%
80%
0 1
2 3+
6%
33%
34%
27%
0 1
2 3+
1% 1%
10%
88%
0 1
2 3+
23148.00 Shadow: Shadow Page 1 of 2 The Concord Group
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EXHIBIT II-3

SHADOW MARKET ANALYSIS

COMPETITIVE MARKET AREA
AUGUST 2023
Santa Clara
Average Attached Average Detached
Unit Monthly Rent Unit Monthly Rent
Beds Num. % Size $ $/sf Beds Num. % Size $ $/sf
0 8 7% 476 $2,671 $5.61 0 0 0% -- --- ---
1 47 39% 695 $2,575 $3.70 1 3 4% 607 $2,926 $4.82
2 39 32% 1,056 $3,445 $3.26 2 11 13% 1,101 $3,288 $2.99 3+ 28 23% 1,412 $4,315 $3.06 3+ 69 83% 1,632 $5,257 $3.22 Total / Wtd Avg: 122 -- 961 $3,259 $3.39 Total / Wtd Avg: 83 100% 1,525 $4,911 $3.22 7%
39%
32%
23%0
1 2
3+
4%
13%
83%
0 1
2 3+
$1,500
$2,500
$3,500
$4,500
$5,500
$6,500
$7,500
$8,500
$9,500
$10,500
$11,500
$12,500
$13,500
$14,500
400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 Rent Price
Size
Shadow Market Listings
Cupertino Mountain View Sunnyvale Santa Clara
Mountain View
Cupertino Sunnyvale
Santa Clara
23148.00 Shadow: Shadow Page 2 of 2 The Concord Group
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EXHIBIT II-4A

RENTAL DEMAND FORECAST - HOUSEHOLD GROWTH - DEMAND INDICATORS

PRIMARY MARKET AREA
2022 THROUGH 2027
I. Current Rentership II. Future Rentership
2021 ACS (5-Yr Estimate) 2022 TCG Estimate ACS Net New HHs (2016-2021) 2022-2027 TCG Projections 2027 Implications Annual Net New Annual
Household Tenure Household Total Percent Household Households Hous ehold Effective Percent Rente r Percent Income Range % Rent % Own Income Range HHs Rent Income Range Rent Own Income Range New HHs Rent HHs Rent $0 - $25,000 66% 34% $0 - $25,000 43,566 70% $0 $25,000 (2,864) (1,006) $0 - $25,000 0 90% 19,365 70% $25,000 - $35,000 57% 43% $25,000 - $35,000 21,381 62% $25,000 $35,000 (1,468) (671) $25,000 - $35,000 0 90% 8,870 62% $35,000 - $50,000 58% 42% $35,000 - $50,000 31,750 61% $35,000 $50,000 (1,711) (1,242) $35,000 - $50,000 0 86% 13,809 61% $50,000 - $75,000 56% 44% $50,000 - $75,000 60,672 57% $50,000 $75,000 (1,332) (2,012) $50,000 - $75,000 0 81% 27,786 57% $75,000 - $100,000 53% 47% $75,000 - $100,000 55,551 54% $75,000 $100,000 (438) (1,567) $75,000 - $100,000 0 77% 27,184 54% $100,000 - $150,000 49% 51% $100,000 - $150,000 104,072 50% $100,000 $150,000 667 (2,606) $100,000 - $150,000 0 73% 50,061 50% $150,000 + 33% 67% $150,000 - $200,000 90,732 42% $150,000 + 9,475 10,507 $150,000 - $200,000 2,111 70% 45,262 45% $200,000 + 223,065 27% $200,000 + 7,968 50% 80,690 31%
Total / Wtd. Average 45% 55% 630,789 44% 2,328 1,404 10,079 54% 273,027 43% Share of Total 62.4% 37.6%
III. Current Income to Housing and Affordable Housing Budget 2021 ACS (5-Yr Estimate) 2022 TCG Estimate
Gross Rent as % of HH Income (Share of Households) Median Household Below 20%- 25%- 30%- 35%- 40%- 50% In come to Household Rente r Income to Average Income Range 20% 25% 30% 35% 40% 50% And Above Housing Income Range HHs Housing Monthly Rent $0 - $25,000 1% 2% 4% 6% 5% 4% 77% 55% $0 - $25,000 30,379 60% $0 - $1,300 $25,000 - $35,000 3% 2% 2% 5% 4% 8% 76% 55% $25,000 - $35,000 13,289 59% $1,300 - $1,700 $35,000 - $50,000 3% 2% 5% 8% 7% 18% 57% 52% $35,000 - $50,000 19,356 56% $1,700 - $2,300 $50,000 - $75,000 6% 4% 8% 12% 13% 25% 31% 43% $50,000 - $75,000 34,382 44% $2,300 - $2,700 $75,000 - $100,000 7% 11% 18% 22% 15% 17% 9% 33% $75,000 - $100,000 30,213 36% $2,700 - $3,000 $100,000 + 52% 22% 13% 7% 4% 2% 0% 20% $100,000 - $150,000 51,859 27% $3,000 - $3,300 $150,000 - $200,000 37,897 25% $3,300 - $4,100
$200,000 + 60,689 20% $4,100 +
Total / Wtd. Average 30% 14% 11% 9% 6% 8% 21% 28% 278,063 35% IV. Household Turnover V. Housing Obsolescence
2021 ACS (5-Yr Estimate) 2022 TCG Estimate 2021 ACS (5-Yr Estimate) TCG Est.

Year Renter Percent Average Implied Household Turnove r Total Percent Obsol.

Household Moved Renter HH Tenure (Yrs) Turnover Income Range Rate Year Home Built Homes of Homes Likelihood 2019 - 2021 19% 1.0 100% $0 - $25,000 60% 2010 - 2021 47,318 7% 0.00% 2015 - 2018 43% 4.5 22% $25,000 - $35,000 55% 2000 - 2009 56,109 9% 0.00% 2010 - 2014 20% 9.0 11% $35,000 - $50,000 50% 1990 - 1999 59,936 9% 0.00% 2000 - 2009 13% 16.5 6% $50,000 - $75,000 45% 1980 - 1989 75,495 12% 0.00% 1990 - 1999 3% 26.5 4% $75,000 - $100,000 40% 1970 - 1979 138,803 21% 0.50% Before 1989 1% 41.5 2% $100,000 - $150,000 38% 1960 - 1969 122,196 19% 0.75% $150,000 - $200,000 35% 1950 - 1959 98,003 15% 1.50%
$200,000 + 30% 1940 - 1949 23,699 4% 2.50%
Before 1940 31,372 5% 5.00%
Total / Wtd. Average 100% 7.4 32% 41% 652,931 100% 0.80% Source: Esri; U.S. Census (American Community Survey); TCG -
-
-
-
-
-
23148.00 DemoDemand v1.38 Clean: DemRI the concord group DRAFT
EXHIBIT II-4A

RENTAL DEMAND FORECAST - HOUSEHOLD GROWTH - DEMAND MODEL

PRIMARY MARKET AREA
2022 THROUGH 2027
Demand from Existing Household Turnover Demand from New HH Growth Effective Existing Annual Annual Demand Annual Demand Annual Demand Household Income to Average Total Households Existing Percent Rente r HH Turnove r from Effective Percent from New All (4) New (5) Income Range Housing Monthly Rent 2022 2027 HHs (1) Rent HHs Turnove r Pool T/O (2) New HHs (3) Rent HH Growth Homes Homes $0 - $25,000 60% $0 - $1,300 43,566 27,771 35,669 70% 24,872 60% 14,923 120 0 90% 0 14,923 120 $25,000 - $35,000 59% $1,300 - $1,700 21,381 14,272 17,827 62% 11,080 55% 6,094 49 0 90% 0 6,094 49 $35,000 - $50,000 56% $1,700 - $2,300 31,750 22,651 27,201 61% 16,582 50% 8,291 67 0 86% 0 8,291 67 $50,000 - $75,000 44% $2,300 - $2,700 60,672 49,032 54,852 57% 31,084 45% 13,988 112 0 81% 0 13,988 112 $75,000 - $100,000 36% $2,700 - $3,000 55,551 49,982 52,767 54% 28,698 40% 11,479 92 0 77% 0 11,479 92 $100,000 - $150,000 27% $3,000 - $3,300 104,072 100,463 102,268 50% 50,960 38% 19,365 155 0 73% 0 19,365 155 $150,000 - $200,000 25% $3,300 - $4,100 90,732 101,289 90,732 42% 37,897 35% 13,264 106 2,111 70% 1,473 14,737 1,580 $200,000 + 20% $4,100 + 223,065 262,903 223,065 27% 60,689 30% 18,207 146 7,968 50% 4,000 22,207 4,146 Total / Wtd. Average 630,789 628,363 604,379 43% 261,862 40% 105,611 848 10, 079 54% 5,473 111,084 6,321 Income-Qualified 417,869 464,655 416,065 36% 149,545 34% 50,835 408 10,079 54% 5,473 56,309 5,881 (1) Effective existing HHs: Current household base or 5-year average if projected loss for income segment (2) Demand derived from annual turnover of existing households multiplied by an obsolescence rate of 0.80% per year (3) Effective New HHs: Future household growth net of any loss effect (e.g. in-migration, "splitting" (divorce, children moving out of house, etc.), and upward financial mobility (entering new income bracket)) (4) Includes all renter households that will look for a rental unit in a given year, includes both turnover of existing households as well as new household growth (5) Net new demand for new rental units annually, i.e. the sum of demand from existing household turnover/obsolescence and new household growth Source: Esri; U.S. Census (American Community Survey); TCG 120 49 67 112 92 155
1,580
4,146
0 500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Under $1,300 $1,300-$1,700 $1,700-$2,300 $2,300-$2,700 $2,700-$3,000 $3,000-$3,300 $3,300-$4,100 $4,100 And Above Annual Demand - New Rental Homes
Primary Market Area Income-Qualified Demand
(Dark Shading): 5,881 Annual Units
23148.00 DemoDemand v1.38 Clean: DemRM the concord group DRAFT
EXHIBIT II-4B

RENTAL DEMAND FORECAST - SUBMARKET CAPTURE SCENARIOS

PRIMARY MARKET AREA
2022 THROUGH 2027
5,881
5,881
Cupertino Sunnyvale Santa Clara
Mountain View/ Los
Altos CMA Palo Alto
Saratoga/ Los
Gatos
Campbell/ South
San Jose Central San Jose
Milpitas/ North San
Jose East San Jose PMA
Capture Metrics - Current (In-Place & Historical)
Households ('22) 21,334 60,328 47,941 50,941 180,544 41,046 39,013 144,455 62,418 60,764 102,551 630,791 Share of PMA 3.4% 9.6% 7.6% 8.1% 28.6% 6.5% 6.2% 22.9% 9.9% 9.6% 16.3% 100.0% 1 & 2-Person Households ('22) 9,328 33,779 26,908 31,683 101,527 24,188 20,611 76,837 38,411 25,758 33,524 320,899 Share of PMA 2.9% 10.5% 8.4% 9.9% 31.6% 7.5% 6.4% 23.9% 12.0% 8.0% 10.4% 100.0% Renter Households ('22) 8,587 33,099 27,782 24,144 93,612 20,351 8,214 59,422 41,705 28,336 38,275 289,915 Share of PMA 3.0% 11.4% 9.6% 8.3% 32.3% 7.0% 2.8% 20.5% 14.4% 9.8% 13.2% 100.0% $100K Plus Income HHs ('22) 17,003 43,836 32,112 38,100 131,051 26,789 31,064 95,877 33,046 43,618 56,424 417,869 Share of PMA 4.1% 10.5% 7.7% 9.1% 31.4% 6.4% 7.4% 22.9% 7.9% 10.4% 13.5% 100.0% MF Inventory (Units) (YTD) (CoStar) 000000000000
Share of PMA -- -- -- -- -- -- -- -- -- -- -- --
L5Y Average Annual MF Deliveries (CoStar) 000000000000
Share of PMA -- -- -- -- -- -- -- -- -- -- -- --
Employment ('22) 25,127 66,384 118,733 117,424 327,668 89,797 37,523 130,982 139,710 142,089 66,455 934,224 Share of PMA 2.7% 7.1% 12.7% 12.6% 35.1% 9.6% 4.0% 14.0% 15.0% 15.2% 7.1% 100.0% Affluent Young Households ('22) 1,664 7,865 7,333 6,485 23,347 4,507 1,896 14,962 8,518 8,009 9,492 70,731 Share of PMA 2.4% 11.1% 10.4% 9.2% 33.0% 6.4% 2.7% 21.2% 12.0% 11.3% 13.4% 100.0% Capture Metrics - Future (Growth)
Household Growth (Annual, '22-'27) (85) 214 150 106 386 (156) (190) (489) 416 (44) (408) (485) Share of PMA -- -- -- -- -- -- -- -- -- -- -- --
$100K Plus Income HH Growth (Annual, '22-'27) 250 1,180 743 857 3,030 509 391 2,083 1,293 1,005 1,046 9,357 Share of PMA 2.7% 12.6% 7.9% 9.2% 32.4% 5.4% 4.2% 22.3% 13.8% 10.7% 11.2% 100.0% Capture Metric Ranges
Minimum 2.4% 7.1% 7.3% 7.3% 27.4% 5.2% 2.7% 14.0% 7.9% 8.0% 7.1% 100.0% Maximum 4.1% 12.6% 12.7% 12.6% 35.1% 9.6% 7.4% 23.9% 15.0% 15.2% 18.3% 100.0% Average 3.2% 10.3% 8.8% 9.0% 31.4% 6.7% 5.1% 21.5% 11.3% 10.8% 13.2% 100.0% Concluded Demand Capture
TCG Concluded Demand Capture 4.0% 11.0% 9.0% 9.0% 33.0% 5.5% 6.0% 15.5% 12.0% 12.0% 10.5% 100.0% TCG Concluded Annual Rental Demand 235 647 529 529 1,941 323 353 912 706 706 618 5,881 Aggregate CMA Demand Capture
Annual CMA Rental Demand 1,941
Source: Esri; U.S. Census (American Community Survey); TCG

33.0% Share of PMA
Annual Primary Market Area Rental Demand
Household Growth Demand Methodology
TCG Concluded Annual Primary Market Area Rental Demand
23148.00 DemoDemand v1.38 Clean: CapR the concord group DRAFT
EXHIBIT II-5

MULTIFAMILY - BUILDING TRADES

COMPETITIVE MARKET AREA
LAST TWO YEARS THROUGH AUGUST 2023
Sale Price
Project Name Address Cit y Buyer Date Sold Acres # of Units T otal Per Unit Per Acre Cap Rate Building Trades - Cupertin
o
The Villages at Cupertino Apartments 20875 Valley Green Dr Cupertino Koret Foundation 6/15/2023 10.00 110 $50,100,000 $455,455 $5,010,000 -- Mcclellan Terrace 7954 McClellan Rd Cupertino Prometheus Real Estate Group, Inc. 8/5/2022 5.02 94 $52,000,000 $553,191 $10,352,379 3.25% Total / Average: 2 Transactions 7.51 102 $51,050,000 $500,490 $6,796,246 3.25% Building Trades - Santa Clar
a
Cedartree Square 2420 Pacific Dr Santa Clara The MuirField Properties 6/1/2023 1.95 50 $18,456,000 $369,120 $9,464,615 -- Vista Pointe Apartments 3455 Homestead Rd Santa Clara The Sobrato Organization 5/24/2023 2.70 68 $26,100,000 $383,824 $9,666,667 -- Normandy Park Apartments 48 Washington St Santa Clara Spieker Companies, Inc 5/23/2023 2.56 140 $49,500,000 $353,571 $19,335,938 4.80% 887 Franklin St 887 Franklin St Santa Clara Jonathan Sheehan | David Sheehan 11/17/2022 0.27 26 $2,600,000 $100,000 $9,679,821 -- Montecito 3760-3765 Tamarack Ln Santa Clara Pacific Urban Investors, LLC 10/25/2022 1.99 114 $50,700,000 $444,737 $25,477,387 -- Santana Terrace 190 N Winchester Blvd Santa Clara Zurich Insurance Group Ltd. 10/7/2022 1.86 92 $53,000,000 $576,087 $28,447,212 -- Alhambra Gardens Apartments 2729 Chromite Dr Santa Clara David W. Yancey 1/21/2022 2.60 62 $29,000,000 $467,742 $11,153,846 -- Total / Average: 7 Transactions 1.61 79 $26,232,889 $332,663 $16,324,250 4.80% Building Trades - Sunnyval
e
Anton 1101 1101 N Fair Oaks Ave Sunnyvale St Anton Multifamily, Inc. 7/14/2023 2.58 97 $23,286,000 $240,062 $9,011,610 -- Cherryhill Apartments 902 W Remington Dr Sunnyvale Spieker Companies, Inc. 1/19/2023 8.52 244 $106,002,000 $434,434 $12,441,549 -- Carmel Park Apartments 175 E Homestead Rd Sunnyvale Zell Associates, Inc. 8/10/2022 0.98 28 $14,732,687 $526,167 $14,973,765 3.50% Monterey Park Apartments 185 E Homestead Rd Sunnyvale Zell Associates, Inc. 8/10/2022 0.98 28 $10,267,313 $366,690 $10,476,850 3.50% Mary Manor Mobile Estate 125 N Mary Ave Sunnyvale Hometown America 3/22/2022 14.88 116 $39,000,000 $336,207 $2,621,813 -- Ayala Terrace Apartments 1285-1291 Ayala Dr Sunnyvale Christina Chao 1/10/2022 1.17 32 $14,250,000 $445,313 $12,179,487 4.00% Avana Sunnyvale 355 N Wolfe Rd Sunnyvale Ivanhoé Cambridge 11/8/2021 6.83 192 $113,083,500 $588,977 $16,568,040 -- 678 Bellflower 678 Bellflower Ave Sunnyvale Canyon Partners Real Estate LLC 10/5/2021 4.10 93 $49,000,000 $526,882 $11,951,220 3.00% Total / Average: 8 Transactions 5.46 104 $46,202,688 $445,327 $8,457,848 3.50% Building Trades - Mountain Vie
w
Mountain View Gardens (1) 570 S Rengstorff Ave Mountain View Taylor Morrison 4/5/2023 4.10 70 $57,375,000 $819,643 $13,993,902 -- Total / Average: 1 Transactions 4.10 70 $57,375,000 $819,643 $13,993,902 -- (1) Sold as a redevelopment opportunity. Will be torn down and replaced with for-sale rowhouses. 23148.00 Land Trades: MF-Build The Concord Group
DRAFT
III. Below Market-Rate Opportunity Analysis
DRAFT
EXHIBIT III-1

MULTIFAMILY MARKET TRENDS - BELOW MARKET-RATE

PRIMARY MARKET AREA
2000 THROUGH YTD (AUGUST 2023)
5-Yr
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Avg Q3 '22 L4Q Competitive Market Area
Inventory Units 6,468 6,960 6,960 6,960 6,960 6,960 6,960 7,000 7,254 7,222 7,270 8,021 8,176 8,340 9,124 9,836 10,232 10,607 9,628 10,411 G r o s s D e l i v e r i e s 0 4 9 200000 4 0 2 5 40 4 8 7 5 1 1 5 5 1 6 4 7 8 4 7 1 2 3 9 6 3 7 5 4 8 6 - - 1 9 6 Net Absorption 26 446 70 (125) (35) 118 (28) 94 122 85 61 165 573 173 592 106 1,054 281 441 -- 104 Vacancy Rate (1) 3.7% 4.1% 3.1% 4.9% 5.4% 3.7% 4.1% 3.3% 5.0% 3.4% 3.2% 10.2% 4.9% 4.7% 6.4% 12.1% 5.2% 5.9% 6.9% 3.9% Effective Rent /Unit $2,009 $2,174 $2,349 $2,313 $2,110 $2,250 $2,300 $2,414 $2,534 $2,631 $2,750 $2,745 $2,826 $2,948 $3,038 $2,621 $2,922 $3,10 6 $2,927 $3,172 % Change (YOY) 3.2% 8.2% 8.0% (1.5%) (8.8%) 6.6% 2.2% 5.0% 5.0% 3.8% 4.5% (0.2%) 3.0% 4.3% 3.1% (13.7%) 11.5% 6.3% 1.9% Primary Market Area
Inventory Units 27,576 28,753 30,429 30,748 31,061 31,061 31,342 31,891 32,673 32,916 33,819 35,185 35,410 35,687 36,606 37,564 38,149 38,958 37,3 93 38,621 Gross Deliveries 1,377 1,177 1,676 319 313 0 281 549 782 275 903 1,366 225 277 919 958 585 809 710 -- 383 Net Absorption 1,259 1,494 1,769 125 146 280 209 371 653 529 975 762 746 304 745 (51) 1,580 510 617 -- 294 Vacancy Rate (1) 4.8% 3.5% 3.0% 3.6% 4.1% 3.2% 3.4% 3.9% 4.2% 3.3% 3.0% 4.6% 3.1% 3.0% 3.4% 6.0% 3.3% 4.0% 3.9% 2.8% Effective Rent /Unit $1,558 $1,660 $1,785 $1,798 $1,647 $1,721 $1,773 $1,840 $1,936 $1,990 $2,064 $2,073 $2,143 $2,230 $2,306 $2,159 $2,330 $2,46 0 $2,297 $2,480 % Change (YOY) 2.4% 6.5% 7.5% 0.7% (8.4%) 4.5% 3.0% 3.8% 5.2% 2.8% 3.7% 0.4% 3.4% 4.1% 3.4% (6.4%) 7.9% 5.6% 2.8% Source: CoStar; The Concord Group
0%
2%
4%
6%
8%
10%
12%
14%
(200)
0 200
400
600
800
1,000
1,200
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual Competitive Market Area Gross Deliveries, Net Absorption and Vacancy Rate Gross Deliveries (Units - Left Axis) Net Absorption (Units - Left Axis) Vacancy Rate (Right Axis) $0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
(15.0%)
(10.0%)
(5.0%)

0.0%

5.0%

10.0%

15.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Competitive Market Area Effective Rent Per Unit and YOY Rent Change Average Effective Rent Per Unit (Right Axis) Effective Rent Change (YOY - Left Axis) 23148.00 BMR Trends: MFTrO the concord group
DRAFT
EXHIBIT III-2A

COMPETITIVE SET - INVENTORY - BELOW MARKET RATE HOUSING

COMPETITIVE MARKET AREA
AUGUST 2023
Year Built / BMR Avg Unit Avg AMI
Project Name Address Renovated Type Units Size % Studio % 1 Bed % 2 Bed % 3 Bed Rent % Below-Market-Rate (BMR) Housing - Existing Projects List Cupertino
The Markham 20800 Homestead Rd 1961 Garden 17 876 0% 65% 35% 0% $2,866 50% - 80% AMI Forge Homestead Apartments 20691 Forge Way 1998 Garden 15 940 0% 33% 67% 0% $3,034 50% - 80% AMI Aviare 20415 Via Paviso 1998 Garden 22 904 0% 36% 64% 0% $3,017 50% - 80% AMI Arioso 19608 Pruneridge Ave 1999 Garden 20 1015 --- --- --- --- --- 50% - 80% AMI The Hamptons 19500 Pruneridge Ave 1998 Garden 34 1022 --- --- --- --- --- 50% - 80% AMI Vista Village 10114 Vista Drive --- --- 24 --- --- --- --- --- --- 30% - 80% AMI Cupertino Park Center 20380 Stevens Creek Blvd 1998 Low-Rise 4 1096 0% 100% 0% 0% $2,677 50% - 80% AMI Biltmore 10159 Blaney Ave 1972 Garden 2 941 0% 0% 100% 0% $3,212 50% - 80% AMI Greenwood Court 10352 Greenwood Court 1963 Low-Rise 4 --- 0% 0% 0% 100% $3,711 30% - 80% AMI Cupertino City Center 20350 Stevens Creek Blvd 1987 Mid-Rise --- 819 --- --- --- --- --- 50% - 80% AMI Sunnyvale
Cherry Orchard 250 W El Camino Real 2001 Mid-Rise 30 1016 0% 27% 63% 10% $2,542 50% - 80% AMI Encinal Place 604 S Fairoaks Ave 2006 Low-Rise 2 1304 0% 0% 100% 0% $2,590 50% - 80% AMI The Flats and Flats West 300 W Washington Ave 2019 Mid-Rise 34 1070 0% 56% 41% 3% $2,166 50% - 80% AMI Lawrence Station Apartments 1271-1281 Lawrence Station Rd 2012 Mid-Rise 46 884 0% 63% 37% 0% $2,409 50% - 80% AMI Magnolia Lane 113-117 S Mary Ave 2002 Garden 3 --- 0% 0% 100% 0% $2,590 50% - 80% AMI The Murphy Station 1008 E El Camino Real 2022 Mid-Rise 22 909 9% 45% 45% 0% $2,407 50% - 80% AMI Tamarind Square 1160 Morse Ave 2004 Garden 12 1034 0% 50% 50% 0% $2,447 50% - 80% AMI Via 621 Tasman Dr 2011 Mid-Rise 43 910 0% 60% 40% 0% $2,416 50% - 80% AMI Villa Del Sol 355 E Evelyn Ave 2001 Low- Rise 11 969 0% 18% 73% 9% $2,564 50% - 80% AMI Savoy 1120 Kifer Rd 2020 Mid-Rise 40 943 3% 60% 38% 0% $2,249 50% - 80% AMI Mountain Vie
w
Elan Mountain View 1030 Castro St 2018 Mid-Rise 2 840 0% 50% 50% 0% $2,945 50% - 80% AMI mResidences 2580 El Camino Real 2015 Low-Rise 2 764 --- --- --- --- --- 50% - 80% AMI 100 Moffett 100 Moffett Blvd 2016 Mid-Rise 8 896 0% 75% 25% 0% $2,811 50% - 80% AMI Madera Apartments 455 W Evelyn Ave 2013 Mid-Rise 7 988 0% 57% 43% 0% $2,906 50% - 80% AMI Revela 200 Infinity Way 2019 Mid-Rise 16 879 13% 56% 31% 0% $2,822 50% - 80% AMI Novo 2270 El Camino Real 2019 Mid-Rise 10 796 20% 60% 20% 0% $2,748 50% - 80% AMI Landsby 2580-2590 California St 2022 Mid-Rise 32 806 0% 69% 31% 0% $4,266 80% - 120% AMI Santa Clara
The Benton 588 El Camino Real 2021 Mid-Rise 36 1012 0% 56% 44% 0% $4,371 80% - 120% AMI Prado 3560 Rambla Pl 2021 Mid-Rise 46 858 0% 76% 24% 0% $4,207 80% - 120% AMI Santana Terrace 190 N Winchester Blvd 2020 Mid-Rise 10 806 0% 70% 30% 0% $4,256 120% AMI 30 communities 554 936 1% 47% 35% 2% $3,000
Note: This inventory excludes affordable communities catering only certain service-connected or aging-related restrictions / disabilities.

Source: TCG
% Unit Mi
x
23148.00 BMR Inventory: Perf_BMR THE CONCORD GROUP
DRAFT
EXHIBIT III-2A

COMPETITIVE SET - INVENTORY - AFFORDABLE HOUSING

COMPETITIVE MARKET AREA
AUGUST 2023
Year Built / Aff. Avg Unit Avg AMI
Project Name Address Renovated Type Units Size % Studio % 1 Bed % 2 Bed % 3 Bed Rent % Affordable Housing - Existing Projects List
Cupertino
Le Beaulieu Apartments 10092 Bianchi Way 1984 Low-Rise 27 665 0% 78% 22% 0% $1,747 30% - 50% AMI Sunnyvale
Encasa Apartments 550 E Weddell Dr 2016 Garden 27 969 --- --- --- --- --- 30% - 50% AMI Ironworks 457 E Evelyn Ave 2017 Mid-Rise 14 1105 0% 29% 50% 21% $1,711 30% - 50% AMI 481 on Mathilda 481 S Mathilda Ave 2016 Mid-Rise --- 898 --- --- --- --- --- 30% - 50% AMI 6TenEAST 610 E Weddell Dr 2017 Mid-Rise 16 996 13% 38% 38% 13% $1,460 30% - 50% AMI Redwood Place 1030 Indian Wells Ave 2014 Mid-Rise --- 878 --- --- --- --- --- 30% - 50% AMI Maxwell 490 W McKinley Ave 2022 Mid-Rise --- 917 --- --- --- --- --- 30% - 50% AMI Mountain Vie
w
San Antonio Place 210 San Antonio Cir 2006 Low-Rise 120 335 98% 1% 1% 0% $1,566 30% - 50% AMI Maryce Freelen Apartments 2230 Latham St 1964 Garden 74 883 0% 32% 35% 32% $2,000 30% - 50% AMI Studio 819 819 N Rengstorff Ave 2015 Low-Rise 48 --- 50% 50% 0% 0% $1,617 30% - 50% AMI Sierra Vista One Apartments 1909 Hackett Ave 1974 Garden 34 1104 0% 9% 56% 35% $2,088 30% - 50% AMI 1585 Studios Apartments 1581-1585 W El Camino Real 1946 Low-Rise 5 375 0% 100% 0% 0% $1,673 30% - 50% AMI Franklin Street Apartments 135 Franklin St 2013 Mid-Rise 51 --- 0% 8% 63% 29% $2,073 30% - 50% AMI San Veron Park 807-841 San Veron Ave 1971 Low-Rise 32 --- 0% 0% 31% 47% $2,280 30% - 50% AMI Tyrella Garden Apartments 449 Tyrella Ave 1970 Low-Rise 56 812 0% 21% 57% 21% $2,002 30% - 50% AMI Evelyn Family Apartments 779 E Evelyn Ave 2019 Mid-Rise 116 791 9% 39% 39% 13% $1,875 30% - 50% AMI MV Apartments 2700 El Camino Real 2021 Mid-Rise 11 822 0% 73% 27% 0% $1,764 30% - 50% AMI The Dean 458 San Antonio Rd 2020 Mid-Rise 48 855 0% 69% 25% 6% $1,797 30% - 50% AMI % Unit Mix
23148.00 BMR Inventory: Perf_AFF THE CONCORD GROUP
DRAFT
EXHIBIT III-2A

COMPETITIVE SET - INVENTORY - AFFORDABLE HOUSING

COMPETITIVE MARKET AREA
AUGUST 2023
Year Built / Aff. Avg Unit Avg AMI
Project Name Address Renovated Type Units Size % Studio % 1 Bed % 2 Bed % 3 Bed Rent % Affordable Housing - Existing Projects List
% Unit Mix
Santa Clara
Estancia at Santa Clara Apartm1650 Hope Dr 2000 Garden 90 956 0% 47% 47% 7% $1,872 30% - 50% AMI Balmoral Luxury Apartments 3585 Agate Ct 2004 Mid-Rise 4 1096 0% 50% 50% 0% $1,840 30% - 50% AMI The Benton 588 El Camino Real 2021 Mid-Rise 36 1012 0% 56% 44% 0% $1,821 30% - 50% AMI Buckingham Place Apartments30 Buckingham Dr 1967 Low-Rise 6 1034 0% 50% 50% 0% $1,840 30% - 50% AMI Calabazas Community Apartm2904 Corvin Dr 2021 Mid-Rise 144 315 100% 0% 0% 0% $1,561 30% - 50% AMI Catalina Luxury Apartments 3600-3616 Flora Vista Ave 2004 Garden 23 910 0% 65% 35% 0% $1,789 30% - 50% AMI Chateau Villa Apartments 2150 Main St 1969 Lo w-Rise 25 850 0% 32% 68% 0% $1,900 30% - 50% AMI Deborah Apartments 2215 Deborah Dr 1962 Garden 4 --- 0% 50% 50% 0% $1,840 30% - 50% AMI Domicilio 431 El Camino Real 2006 Mid-Ri se 16 1013 13% 44% 44% 0% $1,805 30% - 50% AMI Eklund Gardens I 2002 Halford Ave 1997 Low-Rise 10 --- 0% 0% 100% 0% $2,007 30% - 50% AMI Eklund Gardens II 3780 Poinciana Dr 1997 Low-Rise 6 1274 0% 0% 100% 0% $2,007 30% - 50% AMI Klamath Gardens 2051 Klamath Ave 1996 Garden 17 1097 0% 0% 59% 35% $2,151 30% - 50% AMI Mansion Grove 502 Mansion Park Dr 1988 Garden 13 856 0% 0% 100% 0% $2,007 30% - 50% AMI Miramar Way Apartments 3761 Miramar Way 1960 Low-Rise 16 --- 0% 50% 50% 0% $1,840 30% - 50% AMI Prado 3560 Rambla Pl 2021 Mid-Rise 47 858 0% 74% 26% 0% $1,758 30% - 50% AMI Presidio El Camino 1450 El Camino Real 2012 Low-Rise 39 553 49% 51% 0% 0% $1,618 30% - 50% AMI Rivertown 1302-1340 Hope Dr 2003 Garden 100 930 0% 0% 70% 30% $2,101 30% - 50% AMI Riverwood Grove 2150-2158 Tasman Dr 2003 Garden 71 1106 0% 7% 42% 42% $2,164 30% - 50% AMI Riverwood Place 5090 Lick Mill Blvd 2003 Low-Ri se 148 366 99% 1% 0% 0% $1,563 30% - 50% AMI Santana Terrace 190 N Winchester Blvd 2020 Mid-Rise 14 806 0% 79% 21% 0% $1,745 30% - 50% AMI St. Anton Tasman 2233 Calle del Mundo 2022 Mid-Rise 196 558 78% 22% 0% 0% $1,586 30% - 50% AMI Summerset Apartments 2151 Main St 1963 Garden 43 872 0% 5% 67% 28% $2,079 30% - 50% AMI Villa Granada 3595 Granada Ave 2010 Mid-Rise 27 966 0% 56% 44% 0% $1,821 30% - 50% AMI Westwood Ambassador 2606 Newhall St 1960 Low-Rise 42 616 0% 88% 12% 0% $1,713 30% - 50% AMI 42 communities 1,816 713 34% 26% 28% 10% $1,797
Note: This inventory excludes affordable communities catering only certain service-connected or aging-related restrictions / disabilities.

Source: TCG
23148.00 BMR Inventory: Perf_AFF THE CONCORD GROUP
DRAFT
EXHIBIT III-2B

BELOW-MARKET-RATE & AFFORDABLE HOUSING - LOCATION

COMPETITIVE MARKET AREA
AUGUST 2023
Note: Label indicates year built and number of BMR/affordable units, respectively.

Subject Sites
23148.00 BMR Inventory: Loc Page 1 of 2 THE CONCORD GROUP DRAFT
EXHIBIT III-2B

BELOW-MARKET-RATE & AFFORDABLE HOUSING - LOCATION

COMPETITIVE MARKET AREA
AUGUST 2023
Note: Label indicates year built and number of BMR/affordable units, respectively.

Subject Sites
23148.00 BMR Inventory: Loc Page 2 of 2 THE CONCORD GROUP DRAFT
EXHIBIT III-2C

AFFORDABLE APARTMENT DEMAND - AMI INCOME AND RENT LIMITS

SANTA CLARA COUNTY, CALIFORNIA
2022
Santa Clara County AMI by Household Size: 2023
AMI Level 1-Person 2-Person 3-Person 4-Per son 5-Person 6-Person 7-Person 8-Person 30% $37,470 $42,840 $48,180 $53,520 $57,810 $62,100 $66,390 $70,650 40% $49,960 $57,120 $64,240 $71,360 $77,080 $82,800 $88,520 $94,200 50% $62,450 $71,400 $80,300 $89,200 $96,350 $103,500 $110,650 $117,750 60% $74,940 $85,680 $96,360 $107,040 $115,620 $124,200 $132,780 $141,300 80% $99,920 $114,240 $128,480 $142,720 $154,160 $165,600 $177,040 $188,400 100% $124,900 $142,800 $160,600 $178,400 $192,700 $207,000 $221,300 $235,500 120% $149,880 $171,360 $192,720 $214,080 $231,240 $248,400 $265,560 $282,600 150% $187,350 $214,200 $240,900 $267,600 $289,050 $310,500 $331,950 $353,250 200% $249,800 $285,600 $321,200 $356,800 $385,400 $414,000 $442,600 $471,000 Santa Clara County Maximum Rent by AMI and Unit Type: 2023 AMI Level Studio 1-Bed 2-Bed 3-Bed 4-Bed 5-Bed
30% $937 $1,004 $1,204 $1,391 $1,552 $1,713
40% $1,249 $1,338 $1,606 $1,855 $2,070 $2,284
50% $1,561 $1,673 $2,007 $2,319 $2,587 $2,855
60% $1,873 $2,008 $2,408 $2,783 $3,104 $3,426
80% $2,498 $2,677 $3,211 $3,710 $4,139 $4,568
100% $3,122 $3,346 $4,014 $4,638 $5,174 $5,710
120% $3,746 $4,015 $4,817 $5,566 $6,209 $6,852
150% $4,683 $5,019 $6,021 $6,957 $7,761 $8,565
200% $6,244 $6,692 $8,028 $9,276 $10,348 $11,420
Source: US Dept of Housing and Urban Development (HUD), California Tax Credit Allocation Committee (CTCAC) 23148.00 AMI Rent and Income Limits: AMI.Hud THE CONCORD GROUP DRAFT
EXHIBIT III-4

AFFORDABLE MULTIFAMILY - BUILDING TRADES

PRIMARY MARKET AREA
LAST THREE YEARS THROUGH JULY 2023
Sale Price
Project Name Address City Buye r Date Sold Acres # of Units Total Per Acre Building Trades - Cupertin
o
-- -- -- -- -- -- --
Total / Average: 0 Transactions $0 $0
Building Trades - Santa Clara
-- -- -- -- -- -- --
Total / Average: 0 Transactions $0 $0
Building Trades - Sunnyval
e
-- -- -- -- -- -- --
Total / Average: 0 Transactions $0 $0
Building Trades - Mountain Vie
w
-- -- -- -- -- -- --
Total / Average: 0 Transactions $0 $0
Building Trades - Central San Jose
Vintage Tower 235 E Santa Clara St San Jose COR Community Development Corporation | Avanath Capital Management, L 10/21/2020 0.22 59 $17,300,00 0 $78,636,364 Total / Average: 1 Transaction 0.22 $17,300,000 $78,636,364 23148.00 Land Trades: Aff-Build The Concord Group
DRAFT

Newport Beach
369 San Miguel Dr, #265
Newport Beach, CA 92660
(949) 717-6450
San Francisco
180 Montgomery St, #2350
San Francisco, CA 94104
(415) 397-5490
Austin
201 W 5th St, 11th Floor #21
Austin, TX 78701
(512) 287-4530
Atlanta
725 Ponce De Leon Ave, #315
Atlanta, GA 30306
(404) 879-5000
DRAFT

Cupertino City CouncilOctober 17, 2023

Cupertino City Council
October 17, 2023