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Guardian Place I & II

       Guardian Place I & II                                                            Summary of Rent Comparables
       richmond, Va
       year Built: 1994
       units: 236

       Studio Units
                                                                                              Net Rent         Distance to
                                  AMI     Year Built /     Low Market   High Market   Average   Average
                Property                          Average SF                                   After   Vacancy  Subject
                                Restrictions Year Renovated  Rent     Rent  Market Rent  Rent PSF
                                                                                             Concessions        (Miles)
       Guardian Place I & II      60%      1994      408     $726     $726    $726     $1.78    $726     0%
       Richmond Dairy             60%     1895 / 2001  380   $630     $660    $645     $1.70   $645      5%      2.8
                          Averages                   394     $678     $693    $686     $1.74   $686      3%
       One-Bedroom Units
                                                                                              Net Rent         Distance to
                                  AMI     Year Built /     Low Market   High Market   Average   Average
                Property                          Average SF                                   After   Vacancy  Subject
                                Restrictions Year Renovated  Rent     Rent  Market Rent  Rent PSF
                                                                                             Concessions        (Miles)
       Summit at Scott's Addition 1x1      2021      679     $1,415   $1,792  $1,604   $2.36   $1,604    1%      0.6
       Malvern Manor 1x1                  1990 / 2009  712   $1,425   $1,749  $1,587   $2.23   $1,587    4%      1.4
       Scott's Edge 1x1                    2015      661     $1,223   $1,791  $1,507   $2.28   $1,507    0%      0.8
       3600 West Broad Street 1x1          2011      775     $1,250  $1,250   $1,250   $1.61   $1,250    3%      0.3
       Guardian Place I & II 1x1           1994      546     $1,130   $1,130  $1,130   $2.07   $1,130    0%
       Kensington Court 1x1               1930 / 2006  666   $1,076  $1,076   $1,076   $1.62   $1,076    0%      1.3
       Dominion Place 1x1         60%      1978      475     $1,012   $1,012  $1,012   $2.13   $1,012    2%      2.1
       William Byrd Senior 1x1    60%     1925 / 2016  467   $925     $925    $925     $1.98   $925      2%      1.2
       Guardian Place I & II 1x1  60%      1994      549     $906     $921    $914     $1.66    $914     0%
       Richmond Dairy 1x1                 1895 / 2001  600   $870     $870    $870     $1.45   $870      5%      2.8
       William Byrd Senior 1x1    50%     1925 / 2016  467   $835     $835    $835     $1.79   $835      2%      1.2
       Richmond Dairy 1x1         60%     1895 / 2001  628   $760     $810    $785     $1.25   $785      5%      2.8
                          Averages                   602     $1,069  $1,180   $1,125   $1.87   $1,125    2%
       Two-Bedroom Units
                                                                                              Net Rent         Distance to
                                  AMI     Year Built /     Low Market   High Market   Average   Average
                Property                          Average SF                                   After   Vacancy  Subject
                                Restrictions Year Renovated  Rent     Rent  Market Rent  Rent PSF
                                                                                             Concessions        (Miles)
       Summit at Scott's Addition 2x2      2021      953     $1,812  $2,346   $2,079   $2.18   $2,079    1%      0.6
       Scott's Edge 2x2                    2015      1,077   $1,604   $1,883  $1,744   $1.62   $1,744    0%      0.8
       3600 West Broad Street 2x2          2011      1,125   $1,730   $1,730  $1,730   $1.54   $1,730    3%      0.3
       Kensington Court 2x2               1930 / 2006  1,022  $1,647  $1,647  $1,647   $1.61   $1,647    0%      1.3
       Malvern Manor 2x1                  1990 / 2009  1,000  $1,541  $1,541  $1,541   $1.54   $1,541    4%      1.4
       Kensington Court 2x1               1930 / 2006  975   $1,473   $1,473  $1,473   $1.51   $1,473    0%      1.3
       Guardian Place I & II 2x2           1994      885     $1,330   $1,415  $1,373   $1.55   $1,373    0%
       Richmond Dairy 2x2.5               1895 / 2001  1,000  $1,120  $1,120  $1,120   $1.12   $1,120    5%      2.8
       Guardian Place I & II 2x2  60%      1994      821     $1,059  $1,093   $1,076   $1.31   $1,076    0%
       Richmond Dairy 2x2                 1895 / 2001  835   $1,060  $1,060   $1,060   $1.27   $1,060    5%      2.8
       William Byrd Senior 2x1    60%     1925 / 2016  677   $1,000  $1,000   $1,000   $1.48   $1,000    2%      1.2
       Richmond Dairy 2x2         60%     1895 / 2001  780   $940     $950    $945     $1.21   $945      5%      2.8
                          Averages                   929     $1,360  $1,438   $1,399   $1.50   $1,399    2%
































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