April 2015 San Francisco Residential Development

SAN FRANCISCO DEVELOPMENT April 2015

S A N F R A N C I S CO D E V E L O P M E N T A P R I L 2 015P G .1

CONTENTS State of Development . . . . . . . . . . . . . . . . . . . . . . . . . 2

Market Performance . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Currently Selling . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Recently Sold-out & Resale . . . . . . . . . . . . . . . . . . . . . . 12

Upcoming Developments . . . . . . . . . . . . . . . . . . . . . . 23

Development Pipeline and Projections . . . . . . . . . . . . . . 25

About Vanguard Properties Developer Services . . . . . . . . . .27

REPORT NOTES

While the Report focuses on condominiums, select information on apartments is presented as well . The most recent available data has been used, with data from March 2014/2015 used for month-over-month figures . Below Market Rate (BMR) units and senior housing have been omitted from closings and statistics . Note that It can take a few months before closings appear in the records .

S A N F R A N C I S CO D E V E L O P M E N T A P R I L 2 015P G . 2

The City continues to benefit from several Area Plans, such as Market and Octavia, Eastern Neighbor-hoods and Rincon Hill . These Plans have acted as a catalyst for the construction of thousands of new market-rate and Below Market Rate (BMR) units .

The Planning Department recently hosted an open house for the Central SOMA Plan, which seeks to address challenges and opportunities in preparation for the Central Subway, which opens in 2019 . The Plan area encompasses 2nd Street to the East, 6th Street to the West, Townsend Street to the South and Market Street to the North . While the Plan focuses on transit-oriented job growth, housing is also addressed . It is estimated that approximately 3,500 additional residential units would be pos-sible through re-zoning and allowable height increases . The greatest building heights would be possible along 4th Street, where the Central Subway is slated to run . The City will mandate greater numbers of BMR units in areas with newfound residential capacity . Combined with existing zoning and height parameters, Central SOMA could yield nearly 12,000 new units . The City expects to complete the Environmen-tal Impact Report by Q2 2016, with implemen-tation of the Plan thereafter . For additional information, visit CentralSOMA .SFPlanning .org .

DEVELOPMENT NEWS...

CURRENTLY SELLING

Sales have commenced at The Rockwell, a two-tower condominium Development in Pacific Heights .

16th & Bryant is sold-out, with a price per square foot of approximately $950 .

Lumina announced the release of a 37th floor, four-bedroom penthouse at $29,000,000, including 8,000 square feet of furnished interiors .

8 Octavia is nearly sold-out, with just two units left . The Development originally began sales in June of last year, and absorption currently measures at about five units per month .

Sales have commenced at Townhomes on Tennessee, a new boutique Development in Dogpatch .

UNDER CONSTRUCTION

Construction is complete at V20, a new condominium Development in the Mission .

Construction at Luxe in Pacific Heights has topped-out, and presales are expected to commence in the second quarter .

The next release at The San Francisco Shipyard consists of 159 units, and sales are expected to commence in mid-April .

Groundbreaking has taken place at 1050 Valencia Street, a 12-unit Development in the Mission .

STATE OF DEVELOPMENT


MARKET PERFORMANCE$/SqFt Currently Year-Over-Year Month-Over-Month

New Condominium $1,163/SqFt 5% 3%

Resale Condominium $1,043/SqFt 13% 5%

Apartment $4.48/SqFt 10% n/a

NEW CONDOMINIUM PRICING & VOLUME

RESALE CONDOMINIUM PRICING & VOLUME

APARTMENT PRICING

Most Recent Month

Median Sale Price: $1,017,500

Number of Units Sold: 24

Most Recent Month

Median Sale Price: $1,110,000

Number of Units Sold: 186

Most Recent Month

Average List Price: $4,021/month

$3,250$3,350$3,450$3,550$3,650$3,750$3,850$3,950$4,050$4,150$4,250

Ave

rag

e Li

st P

rice

Average Price

0

10

20

30

40

50

$0$200,000$400,000$600,000$800,000

$1,000,000$1,200,000$1,400,000$1,600,000

Num

ber

Sol

d

Med

ian

Sale

Pri

ce

Median Price & Sales Volume

Median Sales Price # Sold

50

75

100

125

150

175

200

225

250

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

Num

ber

Sol

d

Med

ian

Sale

Pri

ce

Median Price & Sales Volume

Median Sale Price # Sold


DEVELOPMENT SNAPSHOT Currently Selling

THE ROCKWELL

1688 Pine Street | Pacific Heights - Van Ness CorridorStatus: Sales commence mid-April

Project info: Two 13-story towers, 260 units (first phase: 64 units), 31 BMRs, 201 parking spaces, 5,500 SqFt retail, Ground broken: Q4 2014

Developer: Oyster Development (Tricon Capital – equity partner)

Architect: Kwan Henmi

Amenities: Resident’s lounge with kitchen/screening room, Roof terrace with fireplace, Fitness center, Courtyard garden with fire-place/BBQ, 24-hour lobby attendant, Lounge with bar

Features & Finishes: Private balconies, Air conditioning, Caesar-stone counter tops, Porcelain tile in bathrooms, Studio Becker cabinetry, Bosch/Bertazzoni appliances, Walk-in shower and dual sinks in master bathrooms

Website: TheRockwellSF .com

Unit Type Number of Units Size Range Price Range

1 - Bedroom n/a 686 - 750 SqFt n/a

2 - Bedroom n/a 914 - 1,203 SqFt n/a

3 - Bedroom n/a 1,762 SqFt n/a

Unit Mix & Pricing Summary (Currently Selling)



SEVENTY 2 TOWNSEND

72 Townsend Street at 2nd | SOMA - South BeachStatus: 72 units available/2 units in-contract/0 closed

Project info: 74 units, 7 BMRs, 9-stories, 74 parking spaces, HOA: $653 - $1,257

Ground broken: Q1 2014

Date on market: April 2015

Closings anticipated: Q3 2015

Developer: KB Home

Architect: SB Architects

Amenities: Lobby attendant, Roof terrace, Resident’s lounge

Features & Finishes: Private decks, Bay and City views, Walk-in showers, Soaking tubs, Floor-to-ceiling windows, Approxi-mately 9’ ceilings

Website: 72Townsend .com

Unit Type Number of Units* Size Range Price Range

1 - Bedroom 31 619 - 1,005 SqFt $950K - $1.4M

2 - Bedroom 33 935 - 1,289 SqFt $1.4M - $1.8M

2 - Bedroom Penthouse 1 1,444 SqFt $3.5M

3 - Bedroom Penthouse 2 1,571 - 1,740 SqFt $3.5M - $4.4M


*BMRs excluded



TOWNHOMES ON TENNESSEE

1189 Tennessee Street at 22nd | DogpatchStatus: 11 units available/0 in-contract/0 closed

Project info: 11 units, 4-stories, 12 parking spaces, HOA: $481 - $693


Architect: Gary Gee

Amenities: Elevator, Bicycle storage

Features & Finishes: Wide-plank oak floors, Underfloor heating, Elfa closet systems, Vaulted ceilings, Private terraces, Viking ap-pliances, Quartz counter tops, Grohe faucets, Soaking tubs

Website: DogpatchTownhomes .com


1 - Bedroom 2 1,275 - 1,443 SqFt $1.1M

2 - Bedroom 4 1,218 - 1,501 SqFt $1.25M - $1.6M

3 - Bedroom 2 1,444 SqFt $1.7M - $1.8M

Commercial Condominium 3 844 - 1,571 SqFt $695K - $1M


V20

3584 Valencia Street at 20th | MissionStatus: 18 units available/0 in-contract/0 closed

Project info: 18 units, 5-stories

Date on market: March 2015

Amenities: Roof terrace, Courtyard, Elevator, Bicycle storage

Features & Finishes: Private outdoor spaces, Oak floors, Studio Becker cabinetry, Miele appliances, Pentalquartz counter tops, Grohe fixtures, Walk-in showers, Gas fireplaces

Website: Valencia20 .com


2 - Bedroom 4 1,126 - 1,221 SqFt n/a

3 - Bedroom 14 1,266 - 1,634 SqFt n/a




LUMINA

201 Folsom Street at Beale | South BeachStatus: 406 units available/250 in-contract/0 closed, Approximate $/SqFt: $1,400, Approximate absorption: 40 units/month

Project info: 656 units, one 42-story tower, one 37-story tower, two 8-story podiums

Developer: Tishman Speyer (China Vanke – equity partner)

Architect: Bernardo Fort-Brescia of Arquitectonica

Date on market: September 2014

First closings anticipated: Q3 2015

Amenities: 10,500 SqFt rooftop with vegetable garden/dining/fire pits/movie screening, 7,000 SqFt fitness center with yoga studio/aerobics room/20-foot climbing wall, lounge with fireplace/bar, private dining room with chef’s kitchen/prep kitchen/fireplace/out-door terrace, screening room with tiered seating for thirty/surround sound, 75-foot lap pool, library with WIFI, 2,000 SqFt spa with treatment room/day lockers/steam room/sauna, children’s room, music practice room, pet grooming station, on-site gourmet grocer

Features & Finishes: 9’ to 10’10” ceilings, Bay views, Gaggenau ovens/cook tops, Bosch refrigerators/dishwashers, Caesarstone quartz counter tops/backsplash, SieMatic cabinetry, marble vani-ty counter tops, porcelain tile bathroom floors/shower walls, Nest Thermostats

Website: LuminaSF .com


Studio/Jr. 1-Bedroom 16 650 - 870 SqFt $850K - $950K

1 - Bedroom 200 850 - 1,400 SqFt $1.1M - $1.7M

2 - Bedroom 373 1,180 - 1,600 SqFt $1.5M - $3.5M

3 - Bedroom 67 1,700 - 2,650 SqFt $3.2M - $6M




MISSION@1875

1875 Mission Street at 15th | MissionStatus: 12 units available/14 in-contract/13 closed, Average $/SqFt: $1,048, Approximate absorption: 5 units/month

Date on market: October 2014

Developer: M1875 LLC

Project info: 39 units, 4-stories, 6 BMRs, 24 parking spaces, HOA: $400 - $520

Amenities: Rooftop pool, dog run

Finishes: Ann Sacks/Porcelanosa tile, hardwood floors, frosted glass walls, Blanco faucets, Bertazzoni microwaves/ranges, Leibherr refrigerators, brass entry doors, Heath Ceramics house numbers, radiant heated floors

Website: M1875 .com

Unit Type SqFt Parking Closing Price $/SqFt Closing Date

Mission@1875 - 403 2/1 752 1 $920,000 $1,223 4/1/2015

Mission@1875 - 106 0/1 619 0 $560,000 $905 3/31/2015

Mission@1875 - 202 1/1 772 1 $754,000 $977 3/16/2015

Mission@1875 - 305 2/1 780 1 $905,000 $1,160 3/10/2015

Mission@1875 - 107 0/1 633 0 $575,000 $908 3/6/2015

Mission@1875 - 407 0/1 645 0 $650,000 $1,008 3/6/2015

Mission@1875 - 108 0/1 620 0 $589,000 $950 2/27/2015

Mission@1875 - 206 0/1 626 0 $619,000 $989 2/27/2015

Mission@1875 - 211 1/1 799 1 $775,000 $970 2/27/2015

Mission@1875 - 212 2/1 804 1 $867,000 $1,078 2/27/2015

Mission@1875 - 309 1/1 804 1 $899,000 $1,118 2/27/2015

Mission@1875 - 306 0/1 620 0 $650,000 $1,048 2/25/2015

Mission@1875 - 304 1/1 751 1 $901,200 $1,200 2/20/2015

Closing Details


TOWNHOMES ON THIRD

4132 3rd Street at Innes | BayviewStatus: 2 units available/2 in-contract/3 closed, Average $/SqFt: $694

Project info: 7 units, 4-stories, 7 parking spaces, HOA: $570 - $590

Date on market: January 2015

Developer: Mutual Seiko Construction, Inc .

Architect: Alan Martinez

Finishes: Quartz counter tops, Glass tile backsplash, Blanco and Hansgrohe fixtures, Wide-plank hardwood floors, Security systems

Website: Townhomeson3rd .com


SUMMIT 800

800 Brotherhood Way at Junipero Serra | Park MercedStatus: 129 units available/39 in-contract/14 closed, Approximate absorp-tion: 6 units/month

Developer: Comstock Homes & Maracor Development

Project info: 182 units, Townhomes and single family homes, 2-3 car park-ing, HOA: $205 - $760

Date on market: July 2014

Amenities: HOA maintained front yard landscaping, adjacent to two-acre park with tot lot/dog area Features and Finishes: Decks, walk-in closets, Copper Creek polished chrome door hardware, Emser ceramic tile floors, Crema Marfil master bath floors, Superior Shaw stain-resistant carpet, Andersen windows and sliding doors, granite kitchen counter tops and backsplash, Viking appli-ances, Kohler sinks and tubs, Delta faucets, powder rooms in each floor plan, Piedrafina bathroom counter tops and surrounds, 1 .5 KW solar sys-tem, tank-less water heaters

Website: Summit800 .com


3 - Bedroom 182 1,547 - 2,133 SqFt $979K - 1.675M


Townhomes on Third - 3 3/2.5 1,391 1 $929,000 $668 3/31/2015

Townhomes on Third - 7 2/2 1,391 1 $1,030,000 $740 3/17/2015

Townhomes on Third - 1 3/2.5 1,391 1 $935,000 $672 3/12/2015

Closing Details


S A N F R A N C I S CO D E V E L O P M E N T A P R I L 2 015PG.10


VIDA

2558 Mission Street at 22nd | MissionStatus: 6 units available/34 in-contract/74 closed, Approxi-mate absorption: 8 units/month, Average $/SqFt: $1,084

Developer: Oyster Development

Architect: Kwan Henmi

Project info: 114 units, 8-stories, off-site BMRs, 77 parking spaces, HOA: $430 - $620, Date on market: March 2014

Amenities: Roof terrace with BBQ, lounge area

Finishes: Bosch and Bertazzoni appliances, quartz counter tops, exposed concrete ceilings and columns, porcelain tile bathroom floors

Website: VidaSF .com


Vida - 314 1/1 507 0 $575,000 $1,134 3/31/2015

Vida - 204 1/1 680 0 $649,000 $954 3/25/2015

Vida - 306 2/2 943 1 $939,000 $996 3/6/2015

Vida - 413 1/1 631 0 $689,000 $1,092 2/27/2015

Vida - 402 1/1 816 1 $799,000 $979 2/17/2015

Vida - 315 0/1 494 0 $579,000 $1,172 1/30/2015

Vida - 307 2/2 916 1 $917,000 $1,001 1/29/2015

Vida - 415 0/1 494 0 $599,000 $1,213 1/27/2015

Vida - 416 0/1 517 0 $599,000 $1,159 1/15/2015

Vida - 509 2/2 1,003 1 $1,195,000 $1,191 1/15/2015

Vida - 313 1/1 631 0 $654,000 $1,036 1/13/2015

Vida - 212 1/1 631 0 $691,500 $1,096 12/3/2014

Vida - 215 0/1 494 0 $585,000 $1,184 12/3/2014

Vida - 216 0/1 517 0 $595,000 $1,151 12/3/2014

Vida - 301 2/2 1,144 1 $1,190,500 $1,041 12/3/2014

Vida - 303 1/1 832 1 $822,500 $989 12/3/2014

Vida - 305 2/2 1,104 1 $1,155,000 $1,046 12/3/2014

Vida - 316 0/1 517 0 $585,000 $1,132 12/3/2014

Vida - 318 1/1 725 1 $765,500 $1,056 12/3/2014

Vida - 409 2/2 1,003 1 $1,137,000 $1,134 12/3/2014

Vida - 501 2/2 1,071 1 $1,174,000 $1,096 12/3/2014

Vida - 503 1/1 832 1 $849,000 $1,020 12/3/2014

Vida - 510 2/2 930 1 $1,019,000 $1,096 12/3/2014

Vida - 513 1/1 631 0 $696,000 $1,103 12/3/2014

Vida - 515 0/1 494 0 $631,500 $1,278 12/3/2014

Vida - 518 1/1 739 1 $827,000 $1,119 12/3/2014

Closing Details



8 OCTAVIA

8 Octavia Street at Market | Hayes ValleyStatus: 2 units available/21 in-contract/24 closed, Approximate absorption: 5 units/month, Average $/SqFt: $1,169

Project info: 47 units, 8-stories, HOA: $500 - $850, 7 BMRs, 24 parking spaces, Date on market: June 2014

Developer: DM Development & DDG

Architect: Stanley Saitowitz

Landscape architect: Marta Fry

Amenities: Roof terrace

Features & Finishes: Louvered facade, SieMatic kitchen cabinetry, Corian counter tops, FSC certified wide-plank oak flooring, Visionline key-less entry, Virtual Doorman

Website: 8Octavia .com


8 Octavia - 805 3/3 1,757 1 $2,599,999 $1,480 3/13/2015

8 Octavia - 404 2/2 1,001 0 $939,000 $938 2/18/2015

8 Octavia - 303 1/1 726 0 $729,000 $1,004 1/6/2015

8 Octavia - 301 2/2.5 968 0 $980,000 $1,012 10/21/2014

8 Octavia - 302 2/2 1,001 0 $940,000 $939 10/21/2014

8 Octavia - 304 2/2 1,001 0 $1,000,000 $999 10/21/2014

8 Octavia - 403 1/1 726 0 $749,000 $1,032 10/21/2014

8 Octavia - 406 2/2 1,001 1 $950,000 $949 10/21/2014

8 Octavia - 501 2/2.5 968 1 $1,125,000 $1,162 10/21/2014

8 Octavia - 505 1/1 726 0 $749,000 $1,032 10/21/2014

8 Octavia - 506 2/2 1,001 1 $1,320,000 $1,319 10/21/2014

8 Octavia - 508 2/2 1,001 1 $1,320,000 $1,319 10/21/2014

8 Octavia - 601 2/2.5 968 1 $1,150,000 $1,188 10/21/2014

8 Octavia - 602 2/2 1,001 0 $959,000 $958 10/21/2014

8 Octavia - 604 2/2 1,001 1 $1,215,000 $1,214 10/21/2014

8 Octavia - 605 1/1 726 0 $779,000 $1,073 10/21/2014

8 Octavia - 608 2/2 1,001 1 $1,165,000 $1,164 10/21/2014

8 Octavia - 701 2/2.5 968 1 $1,165,000 $1,204 10/21/2014

8 Octavia - 803 3/3 1,757 1 $2,549,000 $1,451 10/21/2014

8 Octavia - 806 2/2.5 1,225 1 $1,600,000 $1,306 10/21/2014

Closing Details


DEVELOPMENT SNAPSHOT Recently Sold-Out

16th & BRYANT

2421-2425 16th Street at Bryant | MissionStatus: 2 in-contract, 10 closed, Average $/SqFt: $950


Project info: 12 units, 4-stories, 1 BMR, 12 parking spaces, HOA: $490 - $650

Finishes: Living areas with white oak hardwood floors, Patios with Eleganza quartzite pavers, Kitchens with Liebherr HCB 30 inch fully integrated refrigerator & freezer, Bertazzoni Master Series 30-inch 4-burner gas range

Amenities: Bicycle storage

Website: 16thandBryant .com


16th & Bryant - 402 2/2 1,158 1 $1,185,000 $1,023 3/30/2015

16th & Bryant - 301 2/2 1,024 1 $1,005,000 $981 3/27/2015

16th & Bryant - 303 2/2 1,133 1 $1,149,000 $1,014 3/27/2015

16th & Bryant - 302 2/2 1,157 1 $1,099,000 $950 3/25/2015

16th & Bryant - 2425 3/2.5 1,900 1 $1,375,000 $724 3/24/2015

16th & Bryant - 201 2/2.5 1,228 1 $1,362,000 $1,109 3/20/2015

16th & Bryant - 2423 3/2.5 1,891 1 $1,331,000 $704 3/20/2015

16th & Bryant - 202 2/2.5 1,208 1 $1,299,000 $1,075 3/13/2015

16th & Bryant - 401 2/2 1,021 1 $1,200,000 $1,175 3/13/2015

16th & Bryant - 404 2/2 1,022 1 $1,105,000 $1,081 3/13/2015

Closing Details



870 HARRISON

870 Harrison Street at 4th | SOMAStatus: Approximate absorption: 5 units/month, Average $/SqFt: $1,075

Developer: JS Sullivan Architect: RG Architecture

Project info: 26 units, 4 BMRs, 6-stories, Date on market: October 2014, HOA: $475 - $600

Amenities: Roof terrace with BBQ, bicycle storage

Features and Finishes: Floor-to-ceiling bay windows, radiant floor heating, 13’ penthouse ceilings, white oak flooring, Caesarstone counter tops, Bertazzoni ranges, Bosch dishwashers, Grohe plumbing fixtures, Porcelanosa Krion backsplash


870 Harrison - 505 2/1.5 898 1 $955,000 $1,063 4/1/2015

870 Harrison - 605 2/1.5 883 1 $960,000 $1,087 2/20/2015

870 Harrison - 404 2/1.5 845 1 $895,000 $1,059 1/30/2015

870 Harrison - 201 1/1 628 0 $560,000 $892 11/11/2014

870 Harrison - 202 1/1 598 0 $595,000 $995 11/11/2014

870 Harrison - 203 1/1 531 0 $575,000 $1,083 11/11/2014

870 Harrison - 204 1/1 616 0 $575,000 $933 11/11/2014

870 Harrison - 206 1/1 545 0 $535,000 $982 11/11/2014

870 Harrison - 301 1/1 628 0 $685,000 $1,091 11/11/2014

870 Harrison - 302 1/1 598 0 $615,000 $1,028 11/11/2014

870 Harrison - 303 1/1 531 0 $595,000 $1,121 11/11/2014

870 Harrison - 401 1/1 628 1 $650,000 $1,035 11/11/2014

870 Harrison - 402 1/1 598 0 $650,000 $1,087 11/11/2014

870 Harrison - 403 1/1 531 0 $575,000 $1,083 11/11/2014

870 Harrison - 501 1/1 628 1 $680,000 $1,083 11/11/2014

870 Harrison - 503 1/1 531 0 $578,000 $1,089 11/11/2014

870 Harrison - 601 1/1 613 1 $800,000 $1,305 11/11/2014

870 Harrison - 604 2/1.5 814 1 $950,000 $1,167 11/11/2014

870 Harrison - 602 1/1 583 1 $720,000 $1,235 11/10/2014

Closing Details



AMERO

1501 Filbert Street at Van Ness | Cow HollowStatus: Approximate absorption: 5 units/month, Average $/SqFt: $1,393

Developer: Trumark Urban Architect: NC2 Studio

Project info: 27 units, 0 BMRs, 7-stories, HOA: $560 - $765, Date on market: July 2014

Amenities: Roof terrace with BBQ/fireplace, lobby lounge, entry water feature, bicycle parking

Features & Finishes: Studio Becker cabinetry, Haussmann stone bathroom counter tops and flooring, Bolyu bedroom carpeting, DuChateau wide-plank oak flooring, Domus & Domus cabinetry, Bertazzoni range ovens, Bosch microwaves & dishwashers, Thermador refrigerators, Kohler sinks, quartz counter tops

Website: AmeroSF .com


Amero - PH7G 2/2 1,613 2 $3,475,000 $2,154 2/27/2015

Amero - TH5F 2/2.5 1,789 1 $2,485,000 $1,389 2/27/2015

Amero - PH7C 2/2 1,040 1 $1,648,000 $1,585 2/23/2015

Amero - PH7A 2/2 1,132 2 $1,575,000 $1,391 2/2/2015

Amero - 5C 2/2 1,130 1 $1,600,000 $1,416 1/30/2015

Amero - 5G 2/2 1,770 1 $2,500,000 $1,412 1/27/2015

Amero - 6C 2/2.5 1,130 1 $1,799,000 $1,592 1/2/2015

Amero - 5D 2/2.5 1,768 1 $2,575,000 $1,456 12/16/2014

Amero - PH7E 2/2.5 1,680 2 $3,550,000 $2,113 12/6/2014

Amero - 3C 2/2 1,130 1 $1,325,000 $1,173 11/25/2014

Amero - 6A 2/2 1,220 1 $1,464,000 $1,200 11/25/2014

Amero - 4C 2/2 1,130 1 $1,450,000 $1,283 11/24/2014

Amero - PH7D 2/2.5 1,562 2 $3,700,000 $2,369 11/24/2014

Amero - 3B 2/2 1,192 1 $1,239,000 $1,039 11/22/2014

Amero - 6B 2/2 1,192 1 $1,399,000 $1,174 11/22/2014

Amero - TH1B 3/3.5 2,470 1 $2,450,000 $992 11/22/2014

Amero - TH1C 3/3.5 2,570 1 $2,325,000 $905 11/22/2014

Amero - 3D 2/2.5 1,662 1 $1,850,000 $1,113 11/21/2014

Amero - 3A 2/2 1,222 1 $1,279,000 $1,047 11/15/2014

Amero - 4A 2/2 1,220 1 $1,345,000 $1,102 11/15/2014

Amero - 4B 2/2 1,192 1 $1,289,000 $1,081 11/13/2014

Amero - 5B 2/2 1,192 1 $1,340,000 $1,124 11/13/2014

Amero - 5A 2/2 1,220 1 $1,390,000 $1,139 11/9/2014

Amero - PH7F 2/2.5 1,634 2 $3,500,000 $2,142 10/13/2014

Closing Details



35 DOLORES

35 Dolores Street at Market | Mission DoloresStatus: Approximate absorption: 6 units/month, Average $/SqFt: $1,231

Developer: Lightner Property Group Architect: Levy Design Partners

Project info: 37 units, 4-stories, HOA: $300 - $425, Date on market: September 2014

Amenities: Courtyard, double-height lobby, guest studio, rear yard, bicycle storage, dog wash, car wash area, wiring for EV charging

Finishes: Exterior louvers, fireplaces, Viking appliances, quartz counter tops, wide-plank oak flooring, porcelain tile bathroom floors, Maytag washer/dryers


35 Dolores - 402 2/2 1,133 1 $1,550,000 $1,368 3/31/2015

35 Dolores - 104 1/1 750 0 $895,000 $1,193 3/2/2015

35 Dolores - 105 1/1 670 0 $795,000 $1,187 2/26/2015

35 Dolores - 308 3/2 1,280 1 $1,610,000 $1,258 2/25/2015

35 Dolores - 101 2/2 1,175 1 $1,350,000 $1,149 2/19/2015

35 Dolores - 107 2/2 1,170 1 $1,495,000 $1,278 2/7/2015

35 Dolores - 206 2/2 1,188 1 $1,345,000 $1,132 2/7/2015

35 Dolores - 305 1/1 670 0 $745,000 $1,112 2/7/2015

35 Dolores - 406 2/2 1,186 1 $1,575,000 $1,328 2/7/2015

35 Dolores - 405 1/1 670 0 $800,000 $1,194 2/3/2015

35 Dolores - 201 2/2 1,152 1 $1,225,000 $1,063 1/31/2015

35 Dolores - 204 1/1 750 0 $790,000 $1,053 1/31/2015

35 Dolores - 306 2/2 1,186 1 $1,495,000 $1,261 1/31/2015

35 Dolores - 401 2/2 1,237 1 $1,495,000 $1,209 1/31/2015

35 Dolores - 404 1/1 755 1 $900,000 $1,192 1/31/2015

35 Dolores - 409 1/1 620 0 $739,000 $1,192 1/31/2015

35 Dolores - 205 1/1 665 0 $730,000 $1,098 1/30/2015

35 Dolores - 108 3/2 1,267 1 $1,695,000 $1,338 1/26/2015

35 Dolores - 106 2/2 1,170 1 $1,465,000 $1,252 1/24/2015

35 Dolores - 207 2/2 1,165 1 $1,295,000 $1,112 1/24/2015

35 Dolores - 208 3/2 1,280 1 $1,495,000 $1,168 1/24/2015

35 Dolores - 303 2/2 935 1 $1,145,000 $1,225 1/24/2015

35 Dolores - 304 1/1 755 0 $830,000 $1,099 1/24/2015

35 Dolores - 310 2/2 995 1 $1,295,000 $1,302 1/24/2015

35 Dolores - 403 2/2 935 1 $1,195,000 $1,278 1/24/2015

35 Dolores - 407 2/2 1,162 1 $1,625,000 $1,398 1/24/2015

35 Dolores - 408 3/2 1,280 1 $1,750,000 $1,367 1/24/2015

35 Dolores - 410 2/2 995 1 $1,395,000 $1,402 1/24/2015

Closing Details



THE SAN FRANCISCO SHIPYARD (1st release)

11 Innes Court | Hunters PointStatus: Approximate absorption: 10 units/month

Developer: Lennar Urban

Date on market: June 2014

First closings: December 2014

Project info: 5-story condominium building (Merchant) & 25 town-homes (Olympia), HOA: $250 - $505, 9 BMRs

Amenities: Community park, shuttle service, roof terrace (Merchant)

Features & Finishes: Attached garages (Olympia), balconies & patios, Bay & City views, walk-in closets, Barbosa cabinetry, Bosch appliances, quartz and Corian counter tops, porcelain tile and sus-tainable Plyboo bamboo floors


OLYMPIA TOWNHOMES

2 - Bedroom 18 948 - 1,172 SqFt $650K - $725K

3 - Bedroom 7 1,418 - 1,587 SqFt $850K - $925K


MERCHANT CONDOS

Studio 1 457 SqFt -

1 - Bedroom 29 595 - 744 SqFt $450K - $500K

2 - Bedroom 32 921 - 1,027 SqFt $550K - $750K

3 - Bedroom 1 1,158 SqFt $675K

Unit Mix & Pricing Summary


LINEA

8 Buchanan Street at Market | Duboce TriangleAverage $/SqFt (last six months): $1,102

Date on market: August 2013

Sold-out: December 2014

Developer: Brian Spiers

Architect: Arquitectonica

Project info: 115 units, 9-stories, HOA: $450 - $675

Amenities: Attended lobby, roof terrace, courtyard

Finishes: Quartz counter tops, hardwood floors, Bertazzoni/Liebherr/Bosch appliances


ARDEN

718 Long Bridge Street at 4th | Mission BayStatus: Approximate absorption: 65 units/month, All units in contract: Sep-tember 2014

Developer: Bosa Development; Architect: Chris Dikeakos

Project info: 267 units, 0 BMRs, 16-stories, HOA: $775 - $1,175

Date on market: June 2014

Closings anticipated: Q3 2015

Amenities: Attended lobbies, 75’ lap pool, spa, fitness center with changing rooms, resident’s lounge with kitchen/billiards, numerous terraces, BBQ, library, electric car share, workshop, pet grooming facility, common area WIFI and USB ports, storage

Features and Finishes: Hardwood floors, Whirlpool washer/dryers, walk-in closets, solid core interior doors, USB and fiber optic wiring, Caesarstone counter tops, Thermador appliances, Grohe plumbing fixtures

Website: ArdenByBosa .com


1 - Bedroom 17 732 - 1,168 SqFt $775K - $1M

2 - Bedroom 205 995 - 1,436 SqFt $1M - $1.8M

3 - Bedroom 45 1,611 - 2,044 SqFt $1.5M - $2.5M


Linea - 312 1/1 836 0 $749,000 $896 1/2/2015

Linea - 601 2/1 787 1 $899,000 $1,142 12/31/2014

Linea - 813 2/2 963 1 $1,090,000 $1,132 12/22/2014

Linea - 406 1/1 778 1 $829,000 $1,066 11/13/2014

Linea - 302 2/2 1,223 1 $1,490,000 $1,218 10/21/2014

Unit Mix and Pricing Summary

Closing Details



MILLWHEEL NORTH

1275 Indiana Street at 23rd | DogpatchAverage $/SqFt (last six months): $869

Developer: The R Group

Project info: 39 units, 4-stories, HOA: $400 - $450, Date on market: May 2014, Sold-out: December 2014

Amenities: Courtyard

Features & Finishes: Bonelli windows, hardwood floors, Heat & Glo fireplaces, Shaw carpeting, black marble in bathrooms, Inox polished chrome door hardware, Grohe plumbing fixtures, Elfa closet systems, GE washer/dryers, private outdoor spaces, Bellmont cabinetry, Caesarstone counter tops, KitchenAid refrigerator, Bertazzoni range ovens, Bosch dishwashers, marble flooring, Hydro Systems soaking tubs, porcelain tile bathroom floors


Millwheel North - 403 2/2 1,096 1 $1,045,000 $953 12/16/14

Millwheel North - 405 2/2 1,215 1 $1,150,000 $947 10/28/14

Millwheel North - 103 2/2 1,467 1 $1,245,000 $849 10/24/14

Millwheel North - 101 2/2 1,360 1 $1,050,000 $772 10/22/14

Millwheel North - 102 2/2 1,121 1 $995,000 $888 10/22/14

Millwheel North - 203 2/2 1,223 1 $949,000 $776 10/22/14

Millwheel North - 206 2/2 1,221 1 $1,100,000 $901 10/22/14

Millwheel North - 301 2/2 1,316 1 $1,125,000 $855 10/22/14

Millwheel North - 304 2/2 1,094 1 $999,000 $913 10/22/14

Closing Details

MINT COLLECTION

410 Jessie Street at 5th | SOMAAverage $/SqFt (last six months): $1,053

Developer: Martin Building Company

Project info: 10-stories, HOA: $350 - $1,200


Amenities: Roof terrace with BBQ, fitness center, spa

Features and Finishes: 11’6” and 11’15” ceilings, granite/concrete counter tops, acid-stained concrete floors


Mint Collection - 3 2/2 1,559 1 $1,600,000 $1,026 2/27/2015

Mint Collection - 801 2/1 1,240 1 $1,350,000 $1,089 11/5/2014

Mint Collection - 2 1/2 1,559 1 $1,550,000 $994 10/28/2014

Mint Collection - 4 2/2 1,559 1 $1,675,000 $1,074 10/23/2014

Mint Collection - 5 1/2 1,559 1 $1,750,000 $1,123 10/14/2014

Mint Collection - 1 1/2 1,559 1 $1,500,000 $962 10/9/2014

Mint Collection - 305 0/1 433 0 $515,000 $1,189 10/8/2014

Mint Collection - 405 0/1 433 0 $525,000 $1,212 10/8/2014

Mint Collection - 407 1/1 658 0 $650,000 $988 10/8/2014

Closing Details


DEVELOPMENT SNAPSHOT Resale

MILLENNIUM TOWER

301 Mission Street at Fremont | SOMAAverage $/SqFt (last 6 months): $1,595

Developer: Millennium Partners

Architect: Handel Architects

Project info: 419 units, 58-story high-rise & 11-story mid-rise, HOA: $450 - $1,750

Date on market: November 2007

Sold-out: April 2013

Amenities: Concierge, resident’s lounge, tasting room and cellar, private dining room, screening room, children’s play-room, outdoor terrace, 5,500 square-foot fitness center with Pilates/yoga studios/massage service/locker rooms/spa room/steam room/75-foot indoor lap pool

Finishes: Hardwood floors, Studio Becker cabinetry, mar-ble/quartzite counter tops, Sub-Zero/Wolfe/Miele/GE/Bosch/U-Line appliances


Millennium Tower - 1004 2/2 1,400 1 $3,000,000 $2,143 4/1/2015

Millennium Tower - 32E 2/2 1,714 1 $2,775,000 $1,619 3/31/2015

Millennium Tower - 36D 2/3 1,952 1 $4,000,000 $2,049 3/10/2015

Millennium Tower - 406 1/2 1,633 1 $2,325,000 $1,424 3/2/2015

Millennium Tower - 22H 1/1 733 0 $1,080,000 $1,473 1/16/2015

Millennium Tower - 15A 2/2 1,479 1 $2,000,000 $1,352 12/15/2014

Millennium Tower - 16H 1/1 773 0 $950,000 $1,229 10/23/2014

Millennium Tower - 12E 2/2 1,098 0 $1,500,000 $1,366 10/15/2014

Millennium Tower - 11G 2/2 1,246 0 $1,650,000 $1,324 10/3/2014

Millennium Tower - 25H 1/1 773 0 $1,137,500 $1,472 10/2/2014

Millennium Tower - 29F 2/2 1,601 1 $2,300,000 $1,437 9/15/2014

Closing Details



ONE RINCON HILL

425 1st Street at Harrison | SOMAAverage $/SqFt (last 6 months): $1,479

Developer: Urban West Associates

Architect: SCB

Project info: 376 units, 60-stories, HOA: $650 - $1,000


Sold-out: November 2012

Amenities: 24-hour doorman, concierge, high-speed Internet access, fit-ness center, resident’s lounge with catering kitchen, valet parking, full-size swimming pool, outdoor kitchen, outdoor fireplace

Finishes: Hardwood floors, Del Tongo cabinetry, Sub-Zero refrigerators, Bosch appliances


One Rincon Hill - 3208 1/1 755 1 $1,079,000 $1,429 3/11/2015

One Rincon Hill - 2508 1/1 755 1 $1,059,000 $1,403 3/5/2015

One Rincon Hill - 2407 1/1 819 1 $1,150,000 $1,404 2/20/2015

One Rincon Hill - 4607 1/1 819 1 $1,288,000 $1,573 2/18/2015

One Rincon Hill - 1608 1/1 755 1 $915,000 $1,212 2/6/2015

One Rincon Hill - 5204 3/3 1,947 1 $3,530,000 $1,813 12/31/2014

One Rincon Hill - 4207 1/1 819 1 $1,200,000 $1,465 12/27/2014

One Rincon Hill - 2107 1/1 819 1 $1,075,000 $1,313 12/18/2014

One Rincon Hill - 4101 1/1 837 1 $1,149,000 $1,373 11/28/2014

One Rincon Hill - 4805 1/1 710 1 $915,000 $1,289 11/10/2014

Closing Details



THE INFINITY

301 & 333 Main Street, 318 & 338 Spear Street | South BeachAverage $/SqFt (last 6 months): $1,504

Developer: Tishman Speyer

Architect: Heller Manus/Bernardo Fort-Brescia of Arquitectonica

Project info: 650 units, one 37- and one 42-story high rise, one 8- and one 9-story podium, Date on market: June 2006, Sold-out: March 2011, HOA: $600 - $1,600

Amenities: Attended lobbies with concierge services, courtyards, 5,000 square foot fitness center, 75-foot indoor lap pool, sauna, resident’s lounge with catering kitchen, business center, screening room

Finishes: Granite counter tops, Studio Becker cabinetry, Watermark and Kohler fixtures, Bosch appliances, Bamboo flooring


The Infinity - 23B 2/2 1,317 1 $2,418,000 $1,836 3/27/2015

The Infinity - 5B 2/2.5 1,812 1 $2,369,000 $1,307 3/17/2015

The Infinity - 35A 2/2 1,268 1 $2,480,000 $1,956 3/3/2015

The Infinity - 9C 3/2.5 1,429 1 $1,850,000 $1,295 2/27/2015

The Infinity - 25H 2/2 1,317 1 $1,849,000 $1,404 2/24/2015

The Infinity - 27F 2/2 1,307 1 $2,088,000 $1,598 1/30/2015

The Infinity - 30A 2/2 1,268 1 $2,200,000 $1,735 1/23/2015

The Infinity - 14A 2/2 1,163 1 $1,415,000 $1,217 1/1/2015

The Infinity - 33G 3/2 1,610 1 $2,375,000 $1,475 12/19/2014

The Infinity - 36A 2/2 1,268 1 $2,327,500 $1,836 12/3/2014

The Infinity - T36E 3/2.5 1,679 1 $3,000,000 $1,787 11/25/2014

The Infinity - 18A 2/2 1,163 1 $1,450,000 $1,247 11/24/2014

The Infinity - 6E 1/1 838 1 $953,888 $1,138 11/20/2014

The Infinity - 18E 2/2 1,180 1 $1,500,000 $1,271 11/13/2014

The Infinity - 20A 2/2 1,163 1 $1,475,000 $1,268 10/27/2014

Closing Details


THE HAYES

55 Page Street at Gough | Hayes ValleyAverage $/SqFt (last 6 months): $1,267

Developer: Intracorp

Architect: Heller Manus


Amenities: Attended lobby, fitness center, roof terrace

Finishes: Studio Becker cabinetry, granite counter tops, bamboo flooring


ONE HAWTHORNE

1 Hawthorne Street at Howard | SOMAAverage $/SqFt (last 6 months): $1,232

Developer: Jackson Pacific Ventures

Architect: EHDD



Sold-out: May 2013

Amenities: Fitness center, roof terrace with BBQ, attended lobby

Finishes: Quartz and limestone counter tops, hardwood floors, Studio Becker cabinetry, Bosch appliances


The Hayes - 310 1/1 739 1 $899,000 $1,217 3/23/2015

The Hayes - 514 0/1 476 1 $564,000 $1,185 3/4/2015

The Hayes - 515 1/1 750 1 $905,000 $1,207 2/6/2015

The Hayes - 720 1/1 746 1 $890,000 $1,193 10/31/2014

The Hayes - 819 1/1 746 1 $1,121,000 $1,503 10/30/2014


One Hawthorne - 21C 2/2 1,313 1 $1,800,000 $1,371 2/27/2015

One Hawthorne - 11E 2/2 1,246 1 $1,500,000 $1,204 1/26/2015

One Hawthorne - 15A 1/1 909 1 $1,060,000 $1,166 11/4/2014

One Hawthorne - 14G 1/1 950 1 $1,150,000 $1,211 10/24/2014

One Hawthorne - 22A 2/2 1,558 1 $1,850,000 $1,187 10/15/2014

Closing Details

Closing Details


UPCOMING CONDOMINIUM DEVELOPMENTSDevelopment Developer / Owner Area Sales

Commence Units

The San Francisco Shipyard Phase II Lennar Urban Hunters Point Q2 2015 159

400 Grove Street at Gough DDG/DM Hayes Valley Q2 2015 35

Luxe - 1650 Broadway Street at Van Ness Belrich Partners LLC Van Ness Corridor Q2 2015 34

2655 Bush Street at Divisadero KB Home Lower Pac Heights Q2 2015 81

Park 181 - Fremont Street at Howard Jay Paul Company Transbay Q2 2015 67

840 Sutter Street at Jones Edward Duffy Lower Nob Hill Q3 2015 20

1450 Franklin Street at Bush Village Properties Western Addition Q3 2015 67

1001 17th Street at Pennsylvania 1001 17th Street Associates LLC Potrero Hill Q3 2015 26

Onyx Phase II - 310 Carolina Street at 17th LNF Partners Potrero Hill Q3 2015 21

388 Fulton Street at Franklin 7x7 Development Hayes Valley Q4 2015 61

450 Hayes Street at Gough DDG/DM Hayes Valley Q4 2015 50

1050 Valencia Street at Hill LLC Mission Q4 2015 12

Pacific - 2155 Webster Street at Sacramento Trumark Urban Pacific Heights Q4 2015 76

555 Fulton Street at Laguna Fulton Street Ventures Hayes Valley Q1 2016 136

PARK 181

LUXE 1001 17th


UPCOMING APARTMENT DEVELOPMENTSDevelopment Developer / Owner Area Marketing to

Commence Units

Azure - 690 Long Bridge Street Equity Residential Mission Bay Q2 2015 273

Jasper - 45 Lansing Street at 1st Crescent Heights South of Market Q2 2015 320

340 Fremont Street at Folsom Equity Residential South of Market Q3 2015 332

1321 Mission Street at 9th (Efficiency Units) Panoramic Interests South of Market Q3 2015 160

1401 Mission Street at 10th Behringer Harvard South of Market Q3 2015 117

299 Fremont Street at Folsom Golub and Company South of Market Q3 2015 409

101 Polk Street at Hayes Emerald Fund Mid-Market Q3 2015 143

Alta Laguna - 55 Laguna Street at Market Wood Partners Hayes Valley Q3 2015 280

360 Berry Street at 5th LLC Mission Bay Q4 2015 129

2198 Market Street at Sanchez Greystar Upper Market Q1 2016 87

350 8th Street at Harrison AIG Global/Associated Estates South of Market Q1 2016 408

Echelon - 399 Fremont Street at Harrison UDR/MetLife South of Market Q2 2016 452

EQR Potrero - 1000 16th Street at Missouri Equity Residential Potrero Hill Q2 2016 453

1 Henry Adams at Division Equity Residential Design District Q4 2016 239

801 Brannan Street at 8th Equity Residential Design District Q1 2017 435

1201 Tennessee Street at 22nd AGI/Avant Housing Dogpatch Q1 2017 259

801 BRANNAN101 POLK

1321 MISSION


APPROVED, UNDER REVIEW & CONCEPTUALArea Approved Under Review Conceptual

Bayview/Hunters Point/Candlestick 10,430 499 2,000

Dogpatch 360 907 1,000

Hayes Valley 151 191 24

Mid-Market 262 1,036 0

Mission 132 971 248

Mission Bay 692 1,000 0

Northern Neighborhoods 190 1,176 550

Park Merced 8,900 0 0

Potrero Hill 205 1,085 323

South of Market 2,538 5,566 1,007

Southern Neighborhoods 2,185 560 461

Transbay 1,076 615 0

Treasure Island 8,619 0 0

Upper Market 24 222 0

Van Ness Corridor 0 1,416 0

Total 35,764 15,244 5,613

UNDER CONSTRUCTION - BY PRODUCT TYPEArea Condominiums Apartments All

Bayview/Hunters Point/Candlestick 159 0 159

Dogpatch 0 259 259

Hayes Valley 282 280 562

Mid-Market 0 143 143

Mission 32 0 32

Mission Bay 0 402 402

Northern Neighborhoods 244 0 244

Potrero Hill 47 453 500

South of Market 0 2,872 2,872

Transbay 67 0 67

Upper Market 0 87 87

Van Ness Corridor 34 0 34

Totals 865 4,496 5,361

The category, under construction - condominiums, does not include developments which are preselling units . These developments are categorized as Currently Selling .

Northern (and Northwestern) Neighborhoods covers Richmond, Sunset, Laurel Heights, Cathedral Hill, Western Addition, Pacific Heights, Nob Hill, Lower Nob Hill, Financial District, Russian Hill, Telegraph Hill, North Beach & Marina/Cow Hollow .

Southern (and Southwestern) Neighborhoods covers Oceanview, Parkside, Glen Park, Forest Knolls, Outer Mission, Mission Terrace .

Apartment construction South of Market increased thirty-percent since last month . This upswing results from two large Developments breaking ground by Equity Residential . Condominium production continues to be dwarfed by apartments, despite ever increasing condominium prices . However, there are nearly 4,800 approved condominiums in the Pipeline . South of Market and Potrero Hill/Dogpatch have great concentrations of approved condominiums .

SAN FRANCISCO RESIDENTIAL PIPELINE


SAN FRANCISCO RESIDENTIAL PIPELINESUPPLY PROJECTIONS

South of Market continues to be the most promising sub-market, with nearly 3,000 units under construction . Hayes Valley and Potrero Hill come in second and third, with approximately 750 and 500 units respectively . One of the most popular sub-markets, the Mission, is only set to deliver 32 condominiums and no apartments . There are approximately 130 units which have been approved in the Mission, which have not yet broken ground .

The average size of condominium developments under construction is approximately 60 units, versus 280 units for apartment developments . Additionally, most of the apartment projects are being developed by large and/or publicly traded developers, whereas the condominium developers are mostly smaller and/or privately held .

Future supply may increase dramatically, depending on the time lines of large-scale, long-term projects at Hunters Point, Candlestick Point, Park Merced, Treasure Island and Visitacion Valley . The aforementioned projects have the potential to deliver 30,000 units . South of Market will continue to be a cornerstone of future infill supply, with over 2,500 approved units in the Pipeline .

New Condominiums* % Change New Apartments* % Change

Q2 2015 945 46% 750 85%

Q3 2015 919 -3% 1,871 149%

Q4 2015 908 -1% 1,263 -32%

Q1 2016 826 -9% 1,068 -15%

Q2 2016 637 -23% 1,434 34%

Q3 2016 470 -26% 1,002 -30%

Q4 2016 337 -28% 922 -8%

*Condominiums projected at a 5 unit per month, per project absorption level; Lumina at 40 units per month; Apartments projected at 30 units per month, per project

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Uni

ts

New Condominiums New Apartments


ABOUT VANGUARD PROPERTIES DEVELOPER SERVICESVanguard Properties expertly guides urban residential developers . Core consulting services include Analytics, Land Acquisition, Design, Branding and Sales Strategy . From concept to close-out, Vanguard leads the way . For a list of developments, visit VanguardSF .com

For Developer Services, contact:

Frank Nolan James Nunemacher

VP, Director of Development Principal, Founding Partner

415 .321 .7011 415 .519 .7772

Frank@VanguardSF .com James@VanguardSF .com

BRE License No . 01300017 BRE License No . 00913606

For additional market reporting, contact:

Jonathan Moftakhar

Market Analyst

415 .920 .3731

JonathanM@VanguardSF .com

BRE License No . 01442709

VANGUARD PROPERTIES REPORT DISCLAIMER

Data sources for this Report include but are not limited to SFAR MLS, the San Francisco Planning Department, development mar-keting websites and industry news/information outlets . The information in this Report is subject to errors, as it is compiled from multiple sources, with varying degrees of accuracy and currency . This Report should not be reproduced or distributed, in whole or in part, without the prior written consent of Vanguard Properties . The statements in this Report, which are not historical facts, are projections or estimates based on Vanguard Properties’ opinions and expectations of future market performance . Although the information presented is believed to be correct, no representation is made by Vanguard Properties as to the accuracy or complete-ness of the information . The information presented may be subject to updating, revision or verification, and such information may change in a material nature . This is not an offer to sell property, and is intended for information purposes only . This Report should not be relied upon or utilized in making investment decisions . ©2015 Vanguard Properties, All rights reserved .

Documents

April 2015 San Francisco Residential Development