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Mr. Arne Gregory <br />May 16, 1988 <br />Page 2 <br />early 1970's, and saw very little new construction between 1975 and 1985. <br />"lie market has only recently begun to build new units in response to what <br />we believe is pent-up demand. <br />Listed below are seven comparable apartment projects in the Roseville <br />area. The first two on the list, Victoria Place and Rosehill Estates, are <br />expected to be the principal competitors for tenants with the proposed <br />project. <br />COMPARABLE RENTAL APARTMENTS IN THE ROSEVILLE AREA <br />One <br />Two <br />Three <br />Name, Location <br />Efficiencies <br />Bedrooms <br />Bedrooms <br />Bedrooms <br />VICTORIA PLACE <br />--- --- <br />$560 <br />- $590 <br />$630 <br />- $680 <br />$760 --- <br />Roseville <br />--- --- <br />800 <br />- 960 <br />1,050 <br />-1,130 <br />1,260 --- <br />--- --- <br />$0.70 <br />-$0.61 <br />$0.60 <br />-$0.60 <br />$0.60 --- <br />ROSEHILL ESTATES <br />--- --- <br />$580 <br />- $630 <br />$690 <br />- $770 <br />--- --- <br />Lauderdale <br />--- --- <br />630 <br />- 630 <br />860 <br />- 936 <br />--- -- <br />--- --- <br />$0.92 <br />-$1.00 <br />$0.80 <br />-$0.82 <br />--- -�- <br />THE PALISADES <br />--- --- <br />$505 <br />- $515 <br />$655 <br />- --- <br />--- --- <br />Roseville <br />--- c-- <br />770 <br />- 790 <br />1,080 <br />- --- <br />--- --- <br />--- --- <br />$0.66 <br />-$0.65 <br />$0.61 <br />- --- <br />--- --- <br />WHITE BEAR WOODS <br />--- --- <br />$530 <br />- --- <br />$620 <br />- $635 <br />--- --- <br />White Bear Lake <br />--- --- <br />767 <br />- --- <br />1,003 <br />-1,036 <br />--- --- <br />--- --- <br />$0.69 <br />- --- <br />$0.62 <br />-$0.61 <br />--- --- <br />MAPLE RIDGE <br />--- --- <br />$510 <br />- $540 <br />$620 <br />- $645 <br />--- --- <br />Maplewood <br />--- --- <br />804 <br />- 882 <br />1,044 <br />-1,044 <br />--- --- <br />--- --- <br />$0.63 <br />-$0.61 <br />$0.59 <br />-$0.62 <br />--- --- <br />GRAND PRE EAST <br />--- --- <br />$490 <br />- $530 <br />$590 <br />- $630 <br />--- --- <br />Little Canada <br />--- --- <br />800 <br />- 850 <br />1,000 <br />-1,050 <br />--- --- <br />--- --- <br />$0.61 <br />-$0.62 <br />$0.59 <br />-$0.50 <br />--- --- <br />CANABURY HILL <br />$375 --- <br />$500 <br />--- <br />$625 <br />--- <br />--- --- <br />Little Canada <br />438 --- <br />750 <br />--- <br />1,009 <br />--- <br />-.- --- <br />$0.86 --- <br />$0.67 <br />--- <br />$0.62 <br />--- <br />--- --- <br />TOTALS <br />$375 <br />$525 <br />- $561 <br />$633 <br />- $672 <br />$760 <br />_ <br />438 <br />760 <br />- 822 <br />1,007 <br />-1,039 <br />1,260 <br />$0.86 <br />$0.69 <br />-$0.68 <br />$0.63 <br />-$0.65 <br />$0.60 <br />As indicated above, the average one -bedroom rent for the seven apartments <br />is $0.68-.69 per square foot, and about $0.64 per square foot for the <br />two -bedroom units. Only Victoria Place has three bedroom units, but these <br />units typically enjoy very strong occupancy. <br />It is important to note that the subject property includes several <br />amenities not supplied by the competition. Washers and dryers inside the <br />