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ATTACHMENT 3
<br />Summary of Comparable Improved Sales
<br />Sale Yr. Blt.; # Units; NOI/Unit;
<br />Date; # Stories; Rentable SF; $/Unit; NOI/SF;
<br />No. Name/Address Status % Occ. Avg Unit SF Sale Price $/SF Exp. Ratio Cap Rate
<br />1 Park Downtown Dec-20 1985 46 $12,100,000 $263,043 $13,477 4.25%
<br />1054 W. Santa Ana Blvd In Contract 3 31,187 $387.98 $19.88
<br />Santa Ana 98% 623 —
<br />CA
<br />Comments: Park Downtown Luxury Apartments, is a forty six -unit multifamily property. It offers eight 2 bed/2 bath units,
<br />thirty-seven 1 bed / 1 bath units, and one studio. The two- and three-story building is well maintained and has a beautifully
<br />landscaped front yard with grass, flowers, and plants. The complex is secured and gated with grade level parking. The property
<br />has multiple well -kept on -site laundry rooms for resident convenience. The units also have spacious private balconies. Thirty of
<br />the forty-six units have received renovations which include new granite counter tops, flooring, paint, and stainless -steel
<br />appliances.
<br />2 Highland Apartments Oct-20 1986 32 $8,435,000 $263,594 $11,862 4.50%
<br />1116-1120 Highland St Closed 3 25,128 $335.68 $15.10
<br />Santa Ana 100% 785 —
<br />CA
<br />Comments: The 32-unit multifamily property sold for $8,435,000 or about $263,594 per unit. The community was fully occupied
<br />at time of sale and generating a 4.50% cap rate.
<br />The property features 22 two-bed/one-bath and 10 one-bed/one-bath. There are laundry facilities onsite and security system
<br />throughout. There were no reported sale conditions.
<br />3 Bush Court Apartments Aug-19 1987 52 $12,260,000 $235,769 $10,323 4.38%
<br />1407 N. Bush St Closed 5 36,394 $336.87 $14.75
<br />Santa Ana 92% 709 38%
<br />CA
<br />Comments: The 52-unit Bush Court Apartments sold for $235,769 per unit, with a mix of one and two bedroom units. The cap
<br />rate at time of sale was 4.77%. The seller had acquired the property in February 2019 for $235.577 per unit and had to sell for
<br />personal reasons, and just wanted to break even on the sale.
<br />4 Park Townhome Apts Aug-19 1987 46 $12,525,000 $272,283 $12,471 4.58%
<br />510 E. Chestnut Ave Closed 3 25,174 $497.54 $22.78
<br />Santa Ana 100% 681 —
<br />CA
<br />Comments: This is the sale of a 47 unit apartment complex with a mix of one bedroom and two bedroom units, that sold for
<br />$272,283 per unit. A cap rate of 4.58% is reported based on the in place income at the time of sale. Approximately one-third of
<br />the units were renovated in 2019. Previous sale in August 2018 for $266,489 per unit.
<br />5 Park Midrise Luxury Jun-19 1986 63
<br />$17,100,000 $271,429 $14,357 5.29%
<br />518 E. Pine St Closed 3 42,537
<br />$402.00 $21.26
<br />Santa Ana 100% 674
<br />28%
<br />CA
<br />Comments: This is the sale of a 63 unit apartment complex with a mix
<br />of studio, one bedroom and two bedroom units, that sold
<br />for $271,429 per unit. A cap rate of 4.87% is reported based on the in
<br />place income at the time of sale. The broker reports that
<br />approximately one-third of the units had been renovated.
<br />Subject 1986 64
<br />$12,525
<br />Rim Pacific Investors 2 49,848
<br />$16.08
<br />Santa Ana, CA 98% 779
<br />37%
<br />Page 15
<br />Kiley Company
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