BKV Group: Opportunity Analysis

OPPORTUNITY ANALYSIS

ARCHITECTURE | INTERIOR DESIGN | URBAN DESIGN & LANDSCAPE ARCHITECTURE ENGINEERING | CONSTRUCTION ADMINISTRATION | BRANDED ENVIRONMENTS | SUSTAINABLE DESIGN

GOAL At BKV, our design process and experience will quickly generate site studies and matrix data for the developer to pursue a site of interest.

KEY FACTORS • Identify quality real estate locations • Select regional market locations • Efficient and timely review process • Quickly prioritizing potential sites

ANALYSIS/PROCESS • Development program goals • Define site, zoning, and geography • Quickly test property opportunity • Establish massing and building typography options • Establish matrix for units and square footages • Cost variables for options

DEVELOPMENT POTENTIAL • Complete building concept massing and plans • Finalize development matrix for units and square footages • Establish zoning, entitlement process, and schedule • Define building cost projections

FASTER. CHEAPER. BETTER.

BKV GROUP | 3

PATHWAYS TO PENCIL How do we afford our great work?

Our favorite project is one that leases up quickly, where the developer makes a ton of money, and hires us for the next one!

• Cost adaptations • Streamline schedules • Reduced Change Orders • Follow the sun model • Rapid prototyping of site plans • Cross-sector knowledge and integrated services • Fast lease up success and smoother permitting • Superior rents through great design that keep renewals strong • National best practices driving lower construction costs with efficient units

PERFORMANCE-DRIVEN DESIGN.

BKV GROUP | 5

ANALYSIS PATHWAY

PROFORMA DEVELOP Idea

The Goal: Once the developer D E VE

identifies a site opportunity, BKV quickly provides the site zoning, density, massing typology, and cost parameters for the developer to prepare a proforma and analyze next steps for site control.

Developed Units

LO

PE

Market

R

300

Developed Unit s

Development $/DU Site Availability SF/A

CONSTRUCTION TYPE COMPARISON

Building Height (Stories above grade)

18

MASS TIMBER 16

8

C ONCRET E

P ODIUM 4

WR A P 3

GA R DEN

C OL D - FOR MED METAL FR AMING

BKV RESOURCE

PMENT

BKV GR O

Design!

Site

UP

Site Massing Study

Project Program

Review, Zoning,

Developmental

Concept Plans & Matrix

Site Capacity

Typologies

TYPE 5

Wood Townhomes & Walk-ups TYPE 5

Wood Garden $/SF/DU

TYPE 3

Wood Wrap TYPE 3

Wood Podium

Review, Concepts

Site Controls

Finalize Program Matrix

Finalize Site LOI

Zoning & & Plans Fresh Cost Parameters

Establish Design Process & Schedule

Approach

TYPE 1

CFS Super Podium TYPE 1

Concrete Mass Timber Precast Podium

BKV GROUP | 7

TYPE V | WOOD TOWNHOUSE & WALK-UPS

GARAGES TOWNHOMES y 2-story building y 2 over 2

BUILDING y Type V Wood Construction y 3-story building | 35-39’ Height y 300 Units | ~1,000 GSF/DU y Slab on Grade Construction

CLUBHOUSE

SITE y Site: 5-20 AC y Townhomes: 6-14 DU/AC y 3 story product: 224 DU/AC y 4 story surface parked: 30-40 DU/AC

SURFACE PARKING y 1/bedroom or 1.6-1.8 per unit, depending on mix

COURTYARD

CONSTRUCTABILITY • GSF Building: 300,000GSF ○ $180k - $190k/DU Apartments ○ $100/SF TH (Vertical Only), $180 - $190k/SF (incl. site dev. work) • GSF Parking: 105,000GSF • $/Stall: $10k (incl. sitework per space) • Total GSF: 300,000GSF | Total $: $54M • Construction Timeline: 18 - 20 months

BKV GROUP | 9

TYPE V | WOOD TOWNHOUSE & WALK-UPS > Relevant Comps

Art Space, Silver Spring, MD

DR Horton

View at Manor Crossings, Manor, TX

BKV GROUP | 11

TYPE V | WOOD “GARDEN STYLE” OPTION

BUILDING y Type V Wood Construction y 4-story building | 45’ Height y 300 Units | ~1,000 GSF/DU y Slab on Grade Construction

POOL

SITE y Site: 6 to 8 AC y 30-50 DU/AC SURFACE PARKING y 1/bedroom or 1.6-1.8 per unit, depending on mix

COURTYARD

CLUBHOUSE

CONSTRUCTABILITY • GSF Building: 300,000GSF ○ $200k - $210k/DU Apartments ○ $185 - $195k/SF (incl. site dev. work) ○ $/Stall: $10k (incl. sitework for SP) • Total GSF: 300,000GSF | Total $: $54M • Construction Timeline: 18 - 20 months

BKV GROUP | 13

TYPE V | WOOD “GARDEN STYLE” OPTION > Relevant Comps

Waterford Bay, St. Paul, MN

Bowline, Champlin, MN

Loden SV, Shoreline, MN

BKV GROUP | 15

TYPE III | WOOD "WRAP” OPTION

BUILDING y Type III Wood Construction y 5-story building | 55-60’ Height y 300 Units | ~1,000 GSF/DU y Slab on Grade Construction

AMENITY

SITE y Site: 3.5-5 AC y 50-60 DU/AC : 4 story y 70-80 DU/AC: 5 story SEPARATE PARKING RAMP y 1.5 spaces/unit

COURTYARD

CONSTRUCTABILITY • GSF Building: 330,000GSF ○ $215k - $225k/DU Apartments (incl. site) ○ $215 - $225k/SF (incl. site) • GSF Parking: 99,000GSF ○ $/Stall: $25k - $28k/Space

• Total GSF: 429,000GSF | Total $: $64.5M • Construction Timeline: 20 -24 months

BKV GROUP | 17

TYPE III | WOOD "WRAP” OPTION > Relevant Comps

Harwood Flats, Bethesda, MD

Scranton Peninsula, Pittsburgh, PA

The Standard at Auburn, Auburn, AL

BKV GROUP | 19

TYPE III atop TYPE I | WOOD "PODIUM” OPTION

INTERNAL CLUBHOUSE

2-LEVEL SEPARATE PARKING RAMP y .66 Spaces/Unit y 200 spaces TOWNHOMES

AMENITY

SITE y Site: 1½ - 1¾ acres y 200 - 170 Units per Acre BUILDING y Type III Wood Construction y 7-story building | 75’ Height y 300 Units | ~900 GSF/DU y Concrete Podium

PODIUM POOL RETAIL

CONSTRUCTABILITY • GSF Building: 270,000GSF ○ $220k - $230k/DU Apartments ○ $220 - $230k/GSF • GSF Parking: 66,000GSF with Transfer Slab ○ $/Stall: $35k - $45k/Stall • Total GSF: 336,000GSF | Total $: $73M • Construction Timeline: 24 months

BKV GROUP | 21

TYPE III | WOOD "PODIUM” OPTION > Relevant Comps

The Lucie, New Carrollton, MD

Indentity Dinkytown, Minneapolis, MN

The Fred, Edina, MN

BKV GROUP | 23

TYPE I | "SUPER PODIUM" OPTION

6-LEVEL SEPARATE PARKING RAMP y .66 Spaces/Unit y 200 spaces

AMENITY

BUILDING y Type I CFS Construction y 12 to 13-story building | 130’ Height y 300 Units | ~900 GSF/DU y Concrete Podium SITE y Site: 2/3 - 1 acre y 450 - 300 Units per Acre INTERNAL CLUBHOUSE PODIUM POOL

RETAIL

CONSTRUCTABILITY • GSF Building: 270,000GSF ○ $255k - $285k/DU Apartments ○ $280 - $315k/SF • GSF Parking: 66,000GSF with Transfer Slab ○ $/Stall: $40k/Stall - $50k/Stall (Above Grade)

• Total GSF: 336,000GSF | Total $: $81.5M • Construction Timeline: 24-28 months

BKV GROUP | 25

TYPE I | "SUPER PODIUM" OPTION > Relevant Comps

1001 Broad Street, Philadelphia, PA

Modera Katy Trail, Dallas, TX

East Lansing | Lansing, MI

BKV GROUP | 27

TYPE I | CONCRETE, MASS TIMBER, PRECAST "PODIUM" OPTION

BASEMENT PARKING

y .66 Spaces/Unit y 200 spaces

AMENITY

BUILDING

y Type I Concrete Construction y 28 to 30-story building | 300’ Height y 300 Units | ~900 GSF/DU y Concrete Podium

SITE

y Site: ½ - ¾ acre y 400 - 600 Units per Acre INTERNAL CLUBHOUSE PODIUM POOL RETAIL LOBBY

CONSTRUCTABILITY • GSF Building: 270,000GSF ○ $325k - $335k/DU Apartments ○ $360 - $370k/SF (incl. site) • GSF Parking: 75,000GSF with Columns ○ $/Stall: $55k/Stall - $65k/Stall • Total GSF: 345,000GSF | Total $: $102.5M • Construction Timeline | 24 - 28 months

BKV GROUP | 29

TYPE I | CONCRETE, MASS TIMBER, PRECAST "PODIUM" OPTION > Relevant Comps

240 Park, Minneapolis, MN

81 Orange, Newark, NJ

The Mark, Philadelphia, PA

BKV GROUP | 31

C H I C AG O

DALLAS

MI N N EAPOLI S

WASH INGTO N, DC

209 South LaSalle Street The Rookery, Suite 920 Chicago, IL 60604

1412 Main Street Adolphus Tower, Suite 700 Dallas, TX 75202

222 North Second Street Long & Kees Building, Suite 101 Minneapolis, MN 55401

1054 31st Street NW Canal Square, Suite 410 Washington, DC 20007

P 312.279.0470

P 469.405.1196

P 612.339.3752

P 202.595.3173

W W W . B K V G R O U P. C O M