Dominion Boulevard Corridor Study (Final)

Exhibit II-4 E4-11982.40 Printed: 3/27/2014 65+ Single-family Detached 55 -64 Exhibit II-4 AGE BY BUILDING TYPE VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA 1 2007-2011 ESTIMATE 54 35 - Building Type Single-family Attached 34 Multifamily 25 - CITY OF CHESAPEAKE Mobile Home 1 Estimated by Pumas 2000, 2100, 2200, 2801, 2802, 2803, 2900, 3000, and 3100 Under 25 SOURCE: American Community Survey, 5% Sample, 2007-2011 600,000 500,000 400,000 300,000 Number of Units 200,000 100,000 0

Exhibit II-5 E4-11982.40 Printed: 3/27/2014 2013 2012 2011 2010 2009 2008 AVERAGE SALE PRICES HAMPTON ROADS MSA 2000-2013 2007 New Sales Exhibit II-5 2006 Resales CITY OF CHESAPEAKE 2004 2005 2003 2002 SOURCE: Rose and Womble (2000-2011), Old Dominion University (2012-2013) 2001 2000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 50,000 $150,000 $ $100,000 $50,000 $0

Exhibit II-6 E4-11982.40 Printed: 3/27/2014 13 $501k+ 7 $401k-$500k 6 $351k-$400k 6 $301k-$350k Months of Supply HAMPTON ROADS AREA MONTHS OF SUPPLY, ACTIVE LISTINGS, AND PAST SIX MONTHS SALES AUGUST 2013 6 $251k-$300k Past 6 Months Exhibit II-6 5 $201k-$250k Sales - CITY OF CHESAPEAKE Active Listings 6 $151k-$200k 7 $101k-$150k SOURCE: Rose and Womble <$100k 5 2,500 2,000 1,500 Units 1,000 500 0

Exhibit II-7 E4-11982.40 Printed: 3/27/2014 % NEW HOME SALES % New Year 30.0% 2000 35.0% 2001 31.0% 2002 29.0% 2003 34.0% 2004 32.0% 2005 30.0% 2006 26.0% 2007 22.8% 2008 17.8% 2009 16.9% 2010 15.6% 2011 16.7% 2012 15.3% 2013 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2013 2012 2011 2010 2009 HAMPTON ROADS AREA PERCENT NEW HOME SALES BY YEAR 2000-2013 2008 % New Exhibit II-7 2007 2006 New Sales CITY OF CHESAPEAKE Resales 2005 2004 2003 2002 SOURCE: Residential DataBank (2000-2011), Old Dominion University (2012-2013) 2001 2000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

Exhibit II-8 E4-11982.40 Printed: 3/27/2014 HAMPTON ROADS PRODUCT MIX 2013 CLOSINGS % Product Type 67% Detached 3% Multistory 10% Multiplex 20% Townhouse/Duplex Townhouse/Duplex HAMPTON ROADS AREA % NEW HOME SALES BY PRODUCT TYPE 2000-2013 Exhibit II-8 Multiplex CITY OF CHESAPEAKE Multistory SOURCE: Residential DataBank (2000-2011), Old Dominion University (2012-2013) Detached 80% 70% 60% 50% 40% 30% 20% 10% 0%

Exhibit II-9 E4-11982.40 Printed: 3/27/2014 New Home Sales MAP OF HOME SALES CHESAPEAKE CITY, VA 2009-2013 Exhibit II-9 CITY OF CHESAPEAKE All Home Sales SOURCE: City of Chesapeake

Exhibit II-10 E4-11982.40 Printed: 3/27/2014 MAP KEY CHESAPEAKE CITY, VA MAP OF HOME SALES BY PRICE RANGE - NEW AND RESALE 2009-2013 Exhibit II-10 CITY OF CHESAPEAKE SOURCE: City of Chesapeake

Exhibit II-11 E4-11982.40 Printed: 3/27/2014 MAP KEY CHESAPEAKE CITY, VA MAP OF NEW HOME SALES BY PRICE RANGE 2009-2013 Exhibit II-11 CITY OF CHESAPEAKE SOURCE: City of Chesapeake

Exhibit II-12 E4-11982.40 Printed: 3/27/2014 More than $500,000 $400,000-$500,000 $300,000-$400,000 $200,000-$300,000 000 Less than $200,000 $200 h L 2013 2012 2011 NEW HOME SALES ONLY 2010 2009 CHESAPEAKE CITY, VA 2009-2013 100% 90% 80% 70% 60% 50% 40% 40% 30% 20% 10% 0% Exhibit II-12 HOMES SALES BY YEAR AND PRICE RANGE 000 $200 CITY OF CHESAPEAKE More than $500,000 $400,000-$500,000 $300,000-$400,000 $200,000-$300,000 Less than $200,000 h L 2014 2013 2012 2011 2010 ALL HOME SALES 100% 90% 80% 70% 60% 50% 40% 40% 30% 20% 10% 0% 2009 SOURCE: City of Chesapeake

Exhibit II-13 E4-11982.40 Printed: 3/27/2014 More than $500,000 $400,000-$500,000 $300,000-$400,000 $200,000-$300,000 000 Less than $200,000 $200 th L 2013 2012 CHESAPEAKE CITY, VA 2009-2013 Exhibit II-13 HOMES SALES BY YEAR AND PRICE RANGE 2011 CITY OF CHESAPEAKE 2010 2009 SOURCE: City of Chesapeake ALL HOME SALES 5,000 4,500 4,000 3,500 3,000 2,500 2,000 000 2 1,500 1,000 500 0

Exhibit II-14 E4-11982.40 UNITS 40 63 112 63 278 83 86 51 81 200 98 0 599 740 Printed: 3/27/2014 COMMUNITY NAME Deep Creek Commons GreenTree Commons The Grove at Arboretum Monarch Walk The Meadows at KempBridge Stony Run Manor Albemarle River Chapel Hill Estates Ashdon Builders Master-Planned Community Culpepper Landing MAP KEY Attached Product A1 A2 A3 A4 Total Detached Product Jordan Hall D1 D2 D3 Edinburgh D4 D5 D6 D7 Total M1 Study Area Exhibit II-14 LOCATION OF ACTIVELY SELLING RESIDENTIAL COMMUNITIES CHESAPEAKE, VA FEBRUARY 2014 D2 A2 D3 D5 D6 A3 D4 D1 D1 CITY OF CHESAPEAKE A1 M1 SOURCE: RCLCO; Google Earth A4

Exhibit II-15 E4-11982.40 Printed: 3/27/2014 OTHER AVG. $113 $141 $122 $132 $/SF MAX - $114 - $130 - $120 - $103 - MIN AVG. $111 1,488 $135 1,808 $122 1,704 $125 1,200 BASE HOME SIZE (SF) MAX - MIN - 1,488 1,488 - 2,045 1,808 - 1,727 1,704 - 1,632 1,200 AVG. $167,400 $254,750 $207,650 $158,700 BASE SALES PRICE MAX - - $169,900 $164,900 - $266,000 $243,500 - $207,900 $207,400 - $167,500 $149,900 Exhibit II-15 ACTIVELY SELLING RESIDENTIAL COMMUNITIES CHESAPEAKE, VA FEBRUARY 2014 ANNUAL TOTAL MIN ABSORP. SALES 33 18 65 111 29 Page 1 of 3 TOTAL HOMES PLANNED 33 40 54 63 112 44 63 YEAR SALES BEGAN 2013 2011 1Q 2012 3Q 2012 CITY OF CHESAPEAKE TYPE TH 3B, 2.5ba One car garage TH 3B, 2.5ba One car garage 4 Plex 2 story 2-3B Duplex 55+ PICTURE COMMUNITY/ BUILDER/ ADDRESS Deep Creek Commons Ashdon Builders 904 Deep Creek Run GreenTree Commons Ashdon Builders 821 Harvest Green Lane 757-312-0918 The Grove at Arboretum Dragas Companies Kempsville Rd & Green Tree Road 757-410-0087 Monarch Walk McQ Builders 3901 Regina Way Eva Hendrick 757-746-5814 MAP KEY A1 A2 A3 A4

Nature access, large backyards Families, retirees Move-up buyers Families, older couples Lots of people have pets Buyers like Greenbriar access, short commutes, and Work all over HR area and natural feel Exhibit II-15 E4-11982.40 Printed: 3/27/2014 OTHER customize the homes Like the convenience Close to Greenbriar Close to Greenbriar AVG. $168 $168 $159 $175 $170 $131 $164 $148 $/SF MAX - $135 - $136 - $135 - $136 - $170 - $105 - $146 - $138 - MIN AVG. $156 2,176 $159 2,176 $148 2,300 $163 2,250 $170 2,518 $200 6,500 $156 2,300 $142 2,393 BASE HOME SIZE (SF) MAX - MIN - 2,878 2,176 - 2,825 2,176 - 2,878 2,300 - 3,080 2,250 2,518 - 2,518 - 9,500 3,500 - 2,700 2,300 - 2,684 2,393 AVG. $364,900 $365,770 $364,900 $392,900 $429,000 $850,000 $377,275 $354,900 BASE SALES PRICE MAX - - $389,900 $339,900 - $384,770 $346,770 - $389,900 $339,900 - $418,900 $366,900 - $429,000 $429,000 - $1,000,000 $700,000 - $394,650 $359,900 - $369,900 $339,900 Exhibit II-15 ACTIVELY SELLING RESIDENTIAL COMMUNITIES CHESAPEAKE, VA FEBRUARY 2014 ANNUAL TOTAL MIN ABSORP. SALES 54 27 8.0 n/a n/a 50 n/a n/a Page 2 of 3 TOTAL HOMES PLANNED 81 83 82 86 3 51 81 50 200 98 YEAR SALES BEGAN 3Q 2012 2010 2007 n/a 2013 2013 CITY OF CHESAPEAKE TYPE SFD 4-7B SFD SFD SFD 4-6B SFD SFD PICTURE COMMUNITY/ BUILDER/ ADDRESS Jordan Hall Ashdon Builders 509 Hanbury Road W The Meadows at KempBridge Napolitano Homes 1429 Kemp Bridge Lane 757-277-9493 Stony Run Manor Christopher Kait Construction Preston Homes 609 Flatrock Lane Edinburgh Cohen Homes Preston Homes 1608 Falls Brook Run Debbie - 757-648-0999 Albemarle River Graf Construction 1203 Bonnie View Arch Lana Cary 757 729 5724 Lana Cary 757-729-5724 Chapel Hill Estat MAP KEY D1 D2 D3 D4 D5 D6

Lots - $215K-$715K Exhibit II-15 E4-11982.40 Printed: 3/27/2014 OTHER AVG. $225 $150 $155 $156 $119 $121 $214 $193 $/SF MAX - $151 - $124 - $111 - $128 - $119 - $116 - $155 - $188 - MIN AVG. $165 1,785 $145 1,943 $141 2,112 $135 1,496 $119 1,471 $104 2,164 $144 1,822 $150 3,166 BASE HOME SIZE (SF) MAX - MIN - 3,380 1,785 - 2,406 1,943 - 3,220 2,112 - 2,073 1,496 - 1471 1,471 - 2,583 2,164 - 3,345 1,822 - 4000 3,166 AVG. $402,453 $290,490 $328,000 $233,652 $174,524 $262,500 $390,238 $612,450 BASE SALES PRICE MAX - - $510,380 $294,525 - $298,990 $281,990 - $358,000 $298,000 - $265,344 $201,960 - $174,524 $174,524 - $300,000 $225,000 - $518,475 $262,000 - $750,000 $474,900 Exhibit II-15 ACTIVELY SELLING RESIDENTIAL COMMUNITIES CHESAPEAKE, VA FEBRUARY 2014 ANNUAL TOTAL MIN ABSORP. SALES Closings 104 293 21 25 22 7 657 Resales 124 7 533 Page 3 of 3 TOTAL HOMES PLANNED Closings 740 767 124 43 600 YEAR SALES BEGAN 2007 2011 2004 2011 2005 CITY OF CHESAPEAKE TYPE MPC SFD SFD SFD Row Homes Villas MPC 4 plex SFD & Attached SFD PICTURE Robinson Dev. Group ABT Cust. & Vintage Homes HH Hunt Ryan Homes ABT Custom Homes Kotarides Builders East West Communities Terry Peterson Multiple Custom Bldrs COMMUNITY/ BUILDER/ ADDRESS Culpepper Landing Culpepper Legacy Series Culpepper Heritage Series Culpepper The Grove The Riverfront at Harbour View Harbour View Linkside Cove Harbour View The Gables Harbor View Neighborhoods SOURCE: Individual Project Websites; Broker interviews; CREED MAP KEY M1 N/a

Exhibit II-16 E4-11982.40 Printed: 3/27/2014 4,000 The Grove at Arboretum Stony Run Manor Albemarle River Harbour View The Gables 3,500 3,000 Exhibit II-16 PRICE-TO-SIZE RELATIONSHIP - NEW HOME COMMUNITIES CHESAPEAKE, VA MARCH 2014 2,500 GreenTree Commons The Meadows at KempBridge Edinburgh Harbour View Linkside Cove Culpepper Landing 2,000 CITY OF CHESAPEAKE Deep Creek Commons Harbor View Neighborhoods 1,500 Monarch Walk Jordan Hall Chapel Hill Estates 1,000 SOURCE: RCLCO $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

Exhibit II-17 E4-11982.40 Printed: 3/27/2014 3,000 2,800 The Grove at Arboretum Harbour View The Gables 2,600 2,400 2,200 Exhibit II-17 PRICE-TO-SIZE RELATIONSHIP - NEW SINGLE-FAMILY ATTACHED AND CONDOMINIUM UNITS CHESAPEAKE, VA MARCH 2014 2,000 1,800 GreenTree Commons Harbour View Linkside Cove 1,600 CITY OF CHESAPEAKE Deep Creek Commons 1,400 Monarch Walk Culpepper Landing 1,200 1,000 SOURCE: RCLCO $350,000 $300,000 $250,000 $200,000 $150,000 $100,000

Exhibit II-18 E4-11982.40 Printed: 3/27/2014 4,000 3,500 Culpepper Heritage Series Jordan Hall Chapel Hill Estates 3,000 Exhibit II-18 PRICE-TO-SIZE RELATIONSHIP - NEW SINGLE-FAMILY DETACHED UNITS CHESAPEAKE, VA MARCH 2014 2,500 Stony Run Manor Albemarle River Culpepper Legacy Series The Meadows at KempBridge Harbor View Neighborhoods CITY OF CHESAPEAKE 2,000 Edinburgh Culpepper The Grove 1,500 SOURCE: RCLCO $750,000 $650,000 $550,000 $450,000 $350,000 $250,000

UNITS 92 villas New phase Exhibit II-19 E4-11982.40 Printed: 3/27/2014 BUILDER Dragas Homes Graf Construction COMMUNITY NAME Hadley Park at Greenbrier Albemarle River MEP KEY 1 2 Study Area Exhibit II-19 LOCATION OF PLANNED AND PROPOSED COMMUNITIES CHESAPEAKE, VA MARCH 2014 2 1 CITY OF CHESAPEAKE SOURCE: RCLCO

III. MULTIFAMILY RESIDENTIAL CITY OF CHESAPEAKE

Exhibit III-1 E4-11982.40 Printed: 3/27/2014 Exhibit III-1 RENTAL APARTMENT SUBMARKET MAPS CHESAPEAKE AND NORFOLK-HAMPTON ROADS REGION FEBRUARY 2014 CITY OF CHESAPEAKE SOURCE: REIS

Exhibit III-2 E4-11982.40 Printed: 3/27/2014 VACANCY 4.0% 5.8% 3.3% 2.7% 3.6% 3.3% 4.3% 2.8% ASKING RENT $1,058 $1,026 $978 $969 $958 $889 $827 $785 Exhibit III-2 RENTAL APARTMENT SUBMARKET SNAPSHOT NORFOLK-HAMPTON ROADS REGION FEBRUARY 2014 UNITS BUILDINGS 16,271 80 9,867 49 12,146 70 2,790 19 7,793 43 15,854 114 19,374 103 6,966 45 CITY OF CHESAPEAKE SUBMARKET Kempsville/Bayside Lynnhaven/Oceana Hampton/York Williamsburg Chesapeake Newport News Portsmouth/Suffolk MAP KEY 1 2 3 4 5 Norfolk 6 7 8 SOURCE: REIS

Exhibit III-3 E4-11982.40 Printed: 3/27/2014 2018 2017 2016 PROJECTED 2015 2014 2013 2012 2011 2010 Net Absorption Exhibit III-3 APARTMENT ABSORPTION VERSUS COMPLETIONS NORFOLK-HAMPTON ROADS REGION 2000-2018 2009 2008 2007 Completions NET ABSORPTION: 951 units/year 2000-2013 AVG COMPLETIONS: 975 units/year 2006 2005 2004 CITY OF CHESAPEAKE 2000-2013 AVG 2003 2002 2001 2000 2,000 1,500 1,000 500 0 -500 SOURCE: REIS

Exhibit III-4 E4-11982.40 Printed: 3/27/2014 2018 2017 2016 PROJECTED 2015 2014 2013 2012 2011 CHESAPEAKE SUBMARKET APARTMENT ABSORPTION VERSUS COMPLETIONS 2000-2018 2010 2009 Net Absorption Exhibit III-4 2008 2007 Completions NET ABSORPTION: 133 units/year 2000-2013 AVG COMPLETIONS: 150 units/year 2006 2005 2004 CITY OF CHESAPEAKE 2000-2013 AVG 2003 2002 2001 2000 SOURCE: REIS 600 500 400 300 200 100 0 -100 -200

Exhibit III-5 E4-11982.40 Printed: 3/27/2014 40% 30% 20% 10% 0% -10% 10% -20% -30% -40% 2018 2017 2016 PROJECTED 2015 2014 2013 % Capture of Region 2012 2011 Exhibit III-5 CHESAPEAKE SUBMARKET CAPTURE OF NORFOK-HAMPTON ROADS APARTMENT ABSORPTION CHESAPEAKE AND NORFOLK-HAMPTON ROADS REGION 2000-2018 2010 2009 Chesapeake Absorption 2008 2007 9% 2006 CITY OF CHESAPEAKE CAPTURE: 2005 2004 Metro Absorption 2000-2013 AVG. 2003 2002 2001 2000 2,000 1,500 1,000 500 0 -500 SOURCE: REIS

Exhibit III-6 E4-11982.40 Printed: 3/27/2014 2013 2012 2011 2010 2009 2008 Region Exhibit III-6 CLASS A ASKING RENTS CHESAPEAKE AND NORFOLK-HAMPTON ROADS REGION 2000-2013 2007 2006 Chesapeake 2004 2005 CITY OF CHESAPEAKE 2003 2002 2001 2000 $1,200 $1,100 $1,000 $900 $800 $700 $600 SOURCE: REIS

Exhibit III-7 E4-11982.40 Printed: 3/27/2014 2013 2012 2011 2010 2009 2008 CLASS A VACANCY RATES CHESAPEAKE AND NORFOLK-HAMPTON ROADS REGION 2000-2013 2007 Region Exhibit III-7 2006 Chesapeake CITY OF CHESAPEAKE 2005 2004 2003 2002 2001 SOURCE: REIS 2000 7% 6% 5% 4% 3% 2% 1% 0%

Exhibit III-8 E4-11982.40 Printed: 3/27/2014 UNITS 288 280 215 176 164 190 192 348 374 240 2,467 COMMUNITY NAME Fenwyck Manor Streets of Greenbrier Aura at Towne Place The Carlton at Greenbrier The Morgan Tapestry Park Bell Great Bridge Belmont at Greenbrier Hideaway at Greenbrier Adalay Bay MAP KEY 1 2 3 4 5 6 7 8 9 10 Total Study Area Exhibit III-8 SELECT APARTMENT COMMUNITY COMPARABLES CHESAPEAKE, VA FEBRUARY 2014 9 1 2 4 3 10 7 5 6 CITY OF CHESAPEAKE 8 SOURCE: Google Maps; RCLCO

AVG. EFF. RENT/SF $1.17 $1.28 $1.13 $1.12 $1.15 $1.06 $1.28 $1.30 $1.64 $1.36 $1.28 $1.26 $1.19 $1.19 $1.34 $1.61 $1.28 $1.27 $1.10 $1.21 $1.06 $1.16 $1.25 $1.40 $1.24 $1.18 $1.19 $1.27 $1.36 $1.17 $1.26 $1.18 $1.25 $1.52 $1.17 $1.21 $1.11 Exhibit III-9 E4-11982.40 Printed: 3/27/2014 EFFECTIVE RENT/SF $1.28 - $1.06 $1.28 - $1.28 $1.13 - $1.13 $1.12 - $1.12 $1.09 - $1.23 $1.06 - $1.06 $1.28 - $1.28 $1.64 - $1.19 $1.64 - $1.64 $1.28 - $1.48 $1.28 - $1.28 $1.24 - $1.28 $1.19 - $1.19 $1.19 - $1.19 $1.62 - $1.24 $1.61 - $1.62 $1.24 - $1.32 $1.27 - $1.27 $1.27 - $1.01 $1.27 - $1.15 $1.10 - $1.01 $1.16 - $1.16 $1.43 - $1.11 $1.37 - $1.43 $1.16 - $1.34 $1.13 AVG. EFF. RENT $1,287 $1,089 $1,202 $1,540 $1,386 $1,961 $2,142 $1,267 $965 $1,103 $1,200 $1,412 $1,440 $1,530 $1,427 $1,200 $1,450 $1,750 $1,236 $1,034 $1,256 $1,526 $1,377 $1,159 $1,393 $1,478 $1,670 $1,294 $1,071 $1,293 $1,399 $1,653 $1,304 $1,127 $1,297 $1,340 $1,475 EFFECTIVE RENT RANGE $2,142 - $1,089 $1,089 - $1,089 $1,202 - $1,202 $1,540 - $1,540 $1,444 - $1,329 $1,961 - $1,961 $2,142 - $2,142 $1,530 - $965 $965 - $965 $1,170 - $1,035 $1,200 - $1,200 $1,518 - $1,305 $1,440 - $1,440 $1,530 - $1,530 $1,750 - $1,195 $1,205 - $1,195 $1,505 - $1,395 $1,750 - $1,750 $1,526 - $953 $1,114 - $953 $1,343 - $1,169 $1,526 - $1,526 $1,705 - $1,126 $ CONCESSIONS 1 month free 1 month free Admin/Holding Fee only $99 None 1 month free 1 month free 1 month free None None AVG. RENT/SF $1.25 $1.37 $1.23 $1.12 $1.26 $1.06 $1.28 $1.30 $1.64 $1.38 $1.28 $1.26 $1.19 $1.19 $1.34 $1.61 $1.28 $1.27 $1.20 $1.32 $1.15 $1.26 $1.25 $1.40 $1.25 $1.19 $1.20 $1.27 $1.36 $1.10 $1.09 $1.18 $1.25 $1.53 $1.62 $1.24 $1.11 BASE AVG. RENT/SF SIZE $1.37 - $1.06 1,103 $1.37 - $1.37 850 $1.23 - $1.23 1,064 $1.12 - $1.12 1,374 $1.19 - $1.34 1,206 $1.06 - $1.06 1,858 $1.28 - $1.28 1,670 $1.64 - $1.19 978 $1.64 - $1.64 588 $1.28 - $1.48 809 $1.28 - $1.28 940 $1.24 - $1.28 1,121 $1.19 - $1.19 1,211 $1.19 - $1.19 1,286 $1.62 - $1.24 1,062 $1.61 - $1.62 744 $1.24 - $1.32 1,135 $1.27 - $1.27 1,378 $1.38 Exhibit III-9 SELECT APARTMENT COMMUNITY COMPARABLES CHESAPEAKE, VA FEBRUARY 2014 UNIT AVG. SIZE RANGE RENT 1,858 - 850 $1,379 850 - 850 $1,162 1,064 - 1,064 $1,311 1,374 - 1,374 $1,540 1,329 - 1,082 $1,513 1,858 - 1,858 $1,961 1,670 - 1,670 $2,142 1,286 - 588 $1,267 588 - 588 $965 917 - 701 $1,103 940 - 940 $1,200 1,221 - 1,020 $1,412 1,211 - 1,211 $1,440 1,286 - 1,286 $1,530 1,378 - 739 $1,42 BASE RENT $2,142 - $1,162 $1,162 - $1,162 $1,311 - $1,311 $1,540 - $1,540 $1,575 - $1,450 $1,961 - $1,961 $2,142 - $2,142 $1,530 - $965 $965 - $965 $1,170 - $1,035 $1,200 - $1,200 $1,518 - $1,305 $1,440 - $1,440 $1,530 - $1,530 $1,750 - $1,195 $1,205 - $1,195 $1,505 - $1,395 $1,750 - $1,750 $1,665 - $1,040 $1,215 - $1,040 $1,465 - $1,275 $1,665 - $1,665 $1,705 - $1,126 $1,192 CITY OF CHESAPEAKE OCC. % 93.8% 66.7% 75% pre-leased 95.3% 95.5% 87.8% 100.0% 96.9% UNIT MIX 100% 27% 35% 4% 27% 4% 2% 100% 6% 39% 4% 39% 4% 8% 100% 28% 56% 16% 100% 26% 61% 14% 100% 20% 56% 20% 5% 100% 38% 12% 38% 13% 100% 25% 3% 58% 14% TOTAL UNITS 288 78 102 12 78 12 6 280 17 108 12 108 12 23 215 61 120 34 176 45 107 24 164 32 92 32 8 190 72 22 72 24 192 48 6 111 27 FLOOR PLAN Garden/TH 1B/1Ba 2B/2Ba 2B/2Ba/G 2B/2.5Ba/TH 2B/2.5Ba/TH/G 3B/3.5ba/G Garden/TH Studio 1B/1Ba 1B/1Ba/L 2B/2Ba 2B/2Ba/L 3B/2Ba Garden 1B/1Ba 2B/2Ba 3B/2Ba Garden 1B/1Ba 2B/2Ba 3B/2Ba Garden 1B/1Ba 2B/2Ba 2B/2Ba/D 3B/2Ba Garden 1B/1Ba 2B/2Ba 2B/2Ba 3B/2Ba Garden 1B/1Ba 1B/1Ba/G 2B/2Ba 3B/2Ba YEAR BUILT 2013 2013 2012 2012 2010 2011 2009 MANAGEMENT LOCATION Fenwyck Manor 1805 Kerwyck Pl Chesapeake, VA 23320 757-389-8387 Streets of Greenbrier 929 Wintercress Way Chesapeake, VA 23320 757-420-4824 Aura at Towne Place 717 Eden Way North Chesapeake, VA 23320 757-296-0643 The Carlton at Greenbrier 501 Carlton Drive Chesapeake, VA 23320 855-637-1088 The Morgan 111 Gateway Court Chesapeake, VA 23320 757-410-2440 888-779-8143 Tapestry Park 728 Tapestry Park Loop Ch MAP KEY 1 2 3 4 5 6 7

AVG. EFF. RENT/SF $1.10 $1.17 $1.03 $1.21 $1.07 $1.12 $1.00 $1.23 $1.06 $1.28 $0.96 $1.12 Exhibit III-9 E4-11982.40 Printed: 3/27/2014 EFFECTIVE RENT/SF $1.20 - $1.04 $1.20 - $1.14 $1.05 - $1.04 $1.07 - $1.07 $1.22 - $0.94 $1.04 - $1.22 $1.00 - $1.00 $0.94 - $1.02 $1.32 - $0.95 $1.25 - $1.32 $0.98 - $1.01 $0.95 - $0.95 AVG. EFF. RENT $1,128 $937 $1,141 $1,338 $1,037 $829 $1,112 $1,366 $1,047 $893 $1,061 $1,243 EFFECTIVE RENT RANGE $1,338 - $912 $963 - $912 $1,187 - $1,095 $1,338 - $1,338 $1,416 - $792 $866 - $792 $1,232 - $992 $1,416 - $1,316 $1,243 - $858 $928 - $858 $1,073 - $1,048 $1,243 - $1,243 CONCESSIONS 1 month free 1 month free 1 month free $1,000 off rent $1,000 off rent $1,000 off rent $500 off rent $500 off rent $500 off rent AVG. RENT/SF $1.20 $1.28 $1.14 $1.17 $1.16 $1.24 $1.08 $1.04 $1.11 $1.35 $1.04 $0.99 BASE AVG. RENT/SF SIZE $1.31 - $1.14 1,030 $1.31 - $1.25 799 $1.15 - $1.14 1,106 $1.17 - $1.17 1,106 $1.35 - $1.00 966 $1.14 - $1.35 742 $1.07 - $1.08 1,106 $1.00 - $1.08 1,106 $1.38 - $0.99 983 $1.31 - $1.38 696 $1.02 - $1.05 1,106 $0.99 - $0.99 1,106 Exhibit III-9 SELECT APARTMENT COMMUNITY COMPARABLES CHESAPEAKE, VA FEBRUARY 2014 UNIT AVG. SIZE RANGE RENT 1,249 - 798 $1,231 800 - 798 $1,023 1,130 - 1,050 $1,245 1,249 - 1,249 $1,460 1,499 - 650 $1,120 833 - 650 $912 1,226 - 995 $1,195 1,499 - 1,290 $1,449 1,304 - 650 $1,089 742 - 650 $935 1,090 - 1,041 $1,103 1,304 - 1,304 $1,285 Page 2 of 2 BASE RENT $1,460 - $995 $1,050 - $995 $1,295 - $1,195 $1,460 - $1,460 $1,499 - $875 $949 - $875 $1,315 - $1,075 $1,499 - $1,399 $1,285 - $900 $970 - $900 $1,115 - $1,090 $1,285 - $1,285 CITY OF CHESAPEAKE OCC. % 93.4% 97.9% 91.7% UNIT MIX 100% 25% 56% 19% 100% 39% 48% 13% 100% 30% 50% 20% TOTAL UNITS 348 87 194 67 374 144 180 50 240 72 120 48 FLOOR PLAN Garden 1B/1Ba 2B/2Ba 3B/2Ba Garden 1B/1Ba 2B/2Ba 3B/2Ba Garden 1B/1Ba 2B/2Ba 3B/2Ba YEAR BUILT 2006 2005 2002 SOURCE: Property Websites; Leasing agent interviews MANAGEMENT LOCATION Belmont at Greenbrier 1212 Triple Crown Circle Chesapeake, VA 23320 888-481-9125 Hideaway at Greenbrier 150 Coveside Lane Chesapeake, VA 23320 Adalay Bay 101 Sabal Palm Lane Chesapeake, VA 23320 757-275-8097 MAP KEY 8 9 10

Exhibit III-10 E4-11982.40 Printed: 3/27/2014 1,900 The Carlton at Greenbrier 1B/1Ba The Morgan 2B/2Ba Tapestry Park 2B/2Ba Bell Great Bridge 2B/2Ba Belmont at Greenbrier 3B/2Ba Adalay Bay 1B/1Ba Fenwyck Manor 2B/2Ba Fenwyck Manor 3B/3.5ba/G Streets of Greenbrier 2B/2Ba 1,700 1,500 Belmont at Greenbrier 2B/2Ba Hideaway at Greenbrier 3B/2Ba Fenwyck Manor 2B/2.5Ba/TH/G Streets of Greenbrier 1B/1Ba/L PRICE TO SIZE RELATIONSHIP NEWER APARTMENTS IN CHESAPEAKE, VA FEBRUARY 2014 1,300 Aura at Towne Place 3B/2Ba The Morgan 1B/1Ba Tapestry Park 1B/1Ba Bell Great Bridge 1B/1Ba/G Fenwyck Manor 1B/1Ba Exhibit III-10 1,100 CITY OF CHESAPEAKE Aura at Towne Place 2B/2Ba The Carlton at Greenbrier 3B/2Ba The Morgan 3B/2Ba Bell Great Bridge 1B/1Ba Belmont at Greenbrier 1B/1Ba Hideaway at Greenbrier 2B/2Ba Adalay Bay 3B/2Ba Fenwyck Manor 2B/2.5Ba/TH Streets of Greenbrier 1B/1Ba Streets of Greenbrier 3B/2Ba 900 Aura at Towne Place 1B/1Ba The Morgan 2B/2Ba/D Tapestry Park 3B/2Ba Bell Great Bridge 3B/2Ba Adalay Bay 2B/2Ba Fenwyck Manor 2B/2Ba/G Streets of Greenbrier Studio SOURCE: Property Websites; Leasing agent interviews 700 The Carlton at Greenbrier 2B/2Ba Hideaway at Greenbrier 1B/1Ba Streets of Greenbrier 2B/2Ba/L 500 $2,400 $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800

Exhibit III-11 E4-11982.40 Printed: 3/27/2014 1,000 950 Tapestry Park 1B/1Ba Hideaway at Greenbrier 1B/1Ba Streets of Greenbrier 1B/1Ba 900 850 The Morgan 1B/1Ba Belmont at Greenbrier 1B/1Ba Streets of Greenbrier Studio 800 Exhibit III-11 PRICE TO SIZE RELATIONSHIP - STUDIO AND ONE-BEDROOM UNITS NEWER APARTMENTS IN CHESAPEAKE, VA FEBRUARY 2014 750 The Carlton at Greenbrier 1B/1Ba Bell Great Bridge 1B/1Ba/G CITY OF CHESAPEAKE 700 Fenwyck Manor 1B/1Ba 650 Aura at Towne Place 1B/1Ba Streets of Greenbrier 1B/1Ba/L 600 Bell Great Bridge 1B/1Ba Adalay Bay 1B/1Ba SOURCE: Property Websites; Leasing agent interviews 550 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800

Exhibit III-12 E4-11982.40 Printed: 3/27/2014 1,500 1,400 The Morgan 2B/2Ba/D Hideaway at Greenbrier 2B/2Ba Fenwyck Manor 2B/2.5Ba/TH 1,300 1,200 Belmont at Greenbrier 2B/2Ba Fenwyck Manor 2B/2Ba/G Streets of Greenbrier 2B/2Ba/L Exhibit III-12 PRICE TO SIZE RELATIONSHIP - TWO-BEDROOM UNITS NEWER APARTMENTS IN CHESAPEAKE, VA FEBRUARY 2014 1,100 1,000 The Morgan 2B/2Ba The Carlton at Greenbrier 2B/2Ba Streets of Greenbrier 2B/2Ba CITY OF CHESAPEAKE 900 Bell Great Bridge 2B/2Ba Fenwyck Manor 2B/2Ba 800 Aura at Towne Place 2B/2Ba Fenwyck Manor 2B/2.5Ba/TH/G 700 Tapestry Park 2B/2Ba Adalay Bay 2B/2Ba SOURCE: Property Websites; Leasing agent interviews 600 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000

Exhibit III-13 E4-11982.40 Printed: 3/27/2014 1,700 1,650 Tapestry Park 3B/2Ba 1,600 Adalay Bay 3B/2Ba 1,550 1,500 The Morgan 3B/2Ba Hideaway at Greenbrier 3B/2Ba Exhibit III-13 PRICE TO SIZE RELATIONSHIP - THREE-BEDROOM UNITS NEWER APARTMENTS IN CHESAPEAKE, VA FEBRUARY 2014 1,450 1,400 The Carlton at Greenbrier 3B/2Ba Belmont at Greenbrier 3B/2Ba CITY OF CHESAPEAKE Streets of Greenbrier 3B/2Ba 1,350 1,300 Aura at Towne Place 3B/2Ba Bell Great Bridge 3B/2Ba Fenwyck Manor 3B/3.5ba/G 1,250 SOURCE: Property Websites; Leasing agent interviews 1,200 $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000

STATUS Planned Planned Proposed Proposed Planned Proposed Under Const. Exhibit III-14 E4-11982.40 Printed: 3/27/2014 UNITS 120 304 336 144 48 24 225 1,201 COMMUNITY NAME The Morgan Apartments Phase II Clairmont at Joliff Red Knot at Edinburgh Catalina Crossing Apartments Cottage Trails at Culpepper Landing Phase II Grady Crescent Apartments Plantation Greens MAP KEY 1 2 3 4 5 6 7 Total Study Area Exhibit III-14 PLANNED AND PROPOSED RENTAL APARTMENTS CHESAPEAKE, VA FEBRUARY 2014 3 CITY OF CHESAPEAKE 1 4 6 7 5 2 SOURCE: REIS

IV. RETAIL CITY OF CHESAPEAKE

Exhibit IV-1 E4-11982.40 Printed: 3/27/2014 RETAIL SUBMARKETS MAP HAMPTON ROADS MARKET, VA FEBRUARY 2014 Virginia Beach-Norfolk-Newport News, VA-NC MSA Exhibit IV-1 CITY OF CHESAPEAKE Study Area Deep Creek Submarket SOURCE: ESRI; CoStar

Exhibit IV-2 E4-11982.40 Printed: 3/27/2014 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2013 2012 Study Area as % of Submarket 2011 2010 Exhibit IV-2 RETAIL INVENTORY STUDY AREA; DEEP CREEK SUBMARKET 2005-2013 2009 Study Area 2008 Deep Creek Submarket CITY OF CHESAPEAKE 2007 2006 2005 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 SOURCE: CoStar

Exhibit IV-3 E4-11982.40 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Printed: 3/27/2014 2013 2012 2011 2010 Exhibit IV-3 RETAIL INVENTORY DEEP CREEK SUBMARKET; VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MSA 2005-2013 2009 2008 Submarket as % of MSA CITY OF CHESAPEAKE MSA 2007 2006 2005 100,000,000 98,000,000 96,000,000 94,000,000 92,000,000 90,000,000 88,000,000 86,000,000 84,000,000 SOURCE: CoStar

Exhibit IV-4 E4-11982.40 Printed: 3/27/2014 2014 YTD Absorption: 38,000 2006-2013 Avg. Completion: 35,000 2013 2006-2013 Avg. 2012 2011 DEEP CREEK SUBMARKET RETAIL ABSORPTION VS. COMPLETIONS 2006-2014 YTD 2010 Completions Exhibit IV-4 Absorption CITY OF CHESAPEAKE 2009 2008 2007 2006 300,000 250,000 200,000 150,000 100,000 50,000 0 -50,000 SOURCE: CoStar

Exhibit IV-5 E4-11982.40 Printed: 3/27/2014 2,764,767 2,612,944 3,197,280 1,169,554 2,665,693 982,417 SF RETAIL TYPE General Retail Community Center Neighborhood Center Power Center Regional Mall Strip Center SOUTH SIDE OF HAMPTON ROADS SF OF CURRENT RETAIL MIX BY TYPE MARCH 2014 20% Exhibit IV-5 21% Community Center Power Center Strip Center CITY OF CHESAPEAKE 24% 7% General Retail Neighborhood Center Regional Mall 20% 9% SOURCE: CoStar

Exhibit IV-6 E4-11982.40 Printed: 3/27/2014 16% 14% 12% 10% 8% 6% 4% 2% 2% 0% 2013 MSA Vacancy 2012 Deep Creek Vacancy 2011 2010 Exhibit IV-6 RETAIL ASKING RENT AND VACANCY DEEP CREEK SUBMARKET AND MSA 2005-2013 2009 2008 MSA Rent (NNN) CITY OF CHESAPEAKE 2007 Deep Creek Rent (NNN) 2006 2005 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $2 $0 SOURCE: CoStar

Exhibit IV-7 E4-11982.40 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Printed: 3/27/2014 Strip Center Regional Mall SOUTHSIDE OF HAMPTON ROADS RETAIL VACANCY SF AND RATE BY TYPE 2012 Power Center Vacancy % 100,000 to 350,000 square feet, discount department store, supermarket or drug store anchored 250,00 to 600,000 square feet, category killer, home improvement and discount department store anchored Exhibit IV-7 Neighborhood Center Vacant SF CITY OF CHESAPEAKE Community Center 30,000 to 150,000 square feet, supermarket anchored Shopping center with area designed for pedestrian use only General Retail - - SOURCE: ODU CREED; CoStar 1,200,000 1,000,000 800,000 600,000 400,000 200,000 - General Retail Strip Center Neighborhood Center Community Center Power Center Regional Mall

Exhibit IV-8 E4-11982.40 Printed: 3/27/2014 PROPERTY NAME GREENBRIER MALL CROSSWAYS CENTER GREENBRIER MARKET CENTER CHESAPEAKE CROSSING SC WOODFORD SQUARE GLENWOOD SQUARE PARKVIEW/GREENBRIAR DEEP CREEK PLAZA LIBERTY PLAZA ISLAND WHARF SHOPPES CEDAR LAKES CENTER BATTLEFIELD SHOPPES LAS GAVIOTAS SHOPPING CNTR GREENBRIER STATION THE CROSSING/DEEP CREEK GREENBRIER SOUTH ORCHARD SQUARE MILLWOOD PLAZA TOWNE PLACE AT GREENBRIER MAP KEY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Study Area SELECT RETAIL COMPARABLES CHESAPEAKE, VA FEBRUARY 2014 Exhibit IV-8 17 14 16 1 2 19 3 7 5 10 6 18 18 CITY OF CHESAPEAKE 12 4 11 9 13 SOURCE: Google Earth 8 15 10

Exhibit IV-9 E4-11982.40 Printed: 3/27/2014 ANCHOR AND MAJOR TENANTS DSW, VALUECITY FURNITURE, MARSHALLS, TJ MAXX, OFFICE DEPOT HARRIS TETTER, STEIN MART, TARGET, OLD NAVY, BABIESRUS, BIG LOTS, CITI TRENDS, HOME EMPORIUM, BLOOD PLASMA CENTER, KAPLAN UNIVERSITY, DARK FMR FURNITUREMA, FABRIC MARKET, RADIO BURGER KING, BANK, JIFFY LUBE, DOLLAR GENERAL, ROSE'S VARIETY, YMCA, HAIR SALON, BLOOM, CHINESE RESTAURANT, MOVIE GALLERY FOOD LION, LEE'S FASHIONS, TACO BELL, BANK, JO-ANN FABRICS, G JCPENNEY, DILLARD'S, MACY'S, SEARS PETSMART, OFFICEMAX, BEST BUY FARM FRESH CASH ADVANCE, PAWN SHOP, AUTO FINANCE CO RITE AID, DOMINO'S PIZZA, MONEY MART WILD WING, VET, TOY EXCHANGE CLEANERS, TRAVEL AGENCY, WELLNESS ONCE FOOD LION, RITE AID FEDEX OFFICE, CURVES, MCDONALD'S, FOOD LION FARM FRESH, WENDY'S MILLWOOD CLEANERS CHICO'S, JOS A BANK, HYATT PLACE HOTEL, APTS CENTER TYPE Regional Power Center Power Center Community SHACK Community Neighborhood Neighborhood STATION Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood TRI CARE Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Town Center SELECT RETAIL COMPARABLES SUFFOLK, CHESAPEAKE, PORTSMOUTH; VIRGINIA FEBRUARY 2014 VACANCY ANCHOR RATE (%) TENANT 1.5% n/a 0.0% n/a 0.0% n/a 5.5% $5.45 8.8% $8.12 4.3% $11.39 8.0% $5.84 0.0% n/a 19.0% n/a 0.0% n/a 7.9% $12.69 5.7% n/a 6.1% $9.16 0.0% $17.00 0.0% $7.78 7.9% $11.99 5.2% $9.92 10.0% n/a 13.0% n/a 5.4% $9.93 Exhibit IV-9 NON- ANCHOR TENANT n/a n/a n/a $14.00 $15.91 $15.00 $13.92 $12.07 $12.00 $9.95 $16.40 $16.88 $12.92 $17.00 $14.86 $20.84 $15.91 $13.00 n/a $14.71 CITY OF CHESAPEAKE YEAR BUILT 1981 1988 1996 1987 1986 1986 1985 1984 1983 1989 1987 1986 1986 1984 1989 1992 1989 1986 2007 1988 SIZE (SF) 898,416 153,111 493,657 287,679 139,623 66,659 80,831 16,000 19,500 15,000 35,659 23,967 68,822 21,633 74,120 97,000 88,728 16,969 78,072 2,675,446 STREET ADDRESS 1401 GREENBRIER PKWY 1591-1595 CROSSWAYS RD GREENBRIER PKWY AND VOLVO PKWY 1943 S MILITARY HWY 701 BATTLEFIELD BLVD N 717 BATTLEFIELD BLVD 1733 PARKVIEW DR 3330 S MILITARY HWY 1800 LIBERTY ST 123 BATTLEFIELD BLVD N 565 CEDAR RD STE 9 1200 BATTLEFIELD BLVD N 1245 CEDAR RD STE B 1011 EDEN WAY N 2901 CEDAR RD 1201 VOLVO PKWY 1400 KEMPSVILLE RD 800 S BATTLEFIELD BLVD 725 EDEN WAY NORTH PROPERTY NAME GREENBRIER MALL CROSSWAYS CENTER GREENBRIER MARKET CENTER CHESAPEAKE CROSSING SC WOODFORD SQUARE GLENWOOD SQUARE PARKVIEW/GREENBRIAR DEEP CREEK PLAZA LIBERTY PLAZA ISLAND WHARF SHOPPES CEDAR LAKES CENTER BATTLEFIELD SHOPPES LAS GAVIOTAS SHOPPING CNTR GREENBRIER STATION THE CROSSING/DEEP CREEK GREENBRIER SOUTH ORCHARD SQUARE MILLWOOD PLAZA TOWNE PLACE AT GREENBRIER Average SOURCE: Reis Total

Exhibit IV-10 E4-11982.40 Printed: 3/27/2014 MAP OF GROCERY STORES FEBRUARY 2014 Exhibit IV-10 CLOSE TO STUDY AREA IN CHESAPEAKE, VA CITY OF CHESAPEAKE SOURCE: Google Earth

Exhibit IV-11 E4-11982.40 Printed: 3/27/2014 Exhibit IV-11 MAP OF TARGET, WAL-MART, AND K-MART CLOSE TO STUDY AREA IN CHESAPEAKE, VA FEBRUARY 2014 CITY OF CHESAPEAKE SOURCE: Google Earth

Exhibit IV-12 E4-11982.40 Printed: 3/27/2014 Neighborhood Power Center Power Center Neighborhood TYPE STATUS Planned Proposed Planned Planned SIZE 30,000 600,000 225,000 6,000 861,000 PLANNED AND PROPOSED RETAIL NORFOLK/CHESAPEAKE SUBMARKET 3 Exhibit IV-12 FEBRUARY 2014 1 4 2 ADDRESS Cedar Rd at Dominion Blvd. S., Chesapeake Battlefield Blvd. at Hillcrest Pkwy., Chesapeake W. Berkley Ave. at S. Main St., Norfolk CITY OF CHESAPEAKE 300 W 21st St., Norfolk PROPERTY NAME Palace Station Phase II Dominion Commons East Edinburgh Shopping Center Ph II Berkley Shopping Center Ph II MAP KEY 1 2 3 4 Total SOURCE: Reis

Exhibit IV-13 E4-11982.40 Printed: 3/27/2014 10-MILE RING AROUND STUDY AREA MAP FOR CURRENT RETAIL UNDER AND OVER SUPPLY 2014 Exhibit IV-13 CITY OF CHESAPEAKE SOURCE: Esri

Exhibit IV-14 E4-11982.40 Printed: 3/27/2014 $250,000,000 Undersupplied Balanced $150,000,000 $50,000,000 ($50,000,000) 10-MILE RING AROUND STUDY AREA CURRENT RETAIL UNDER AND OVER SUPPLY MARCH 2014 ($150,000,000) Exhibit IV-14 CITY OF CHESAPEAKE Oversupplied ($250,000,000) ($350,000,000) Motor Vehicle & Parts Dealers Nonstore Retailers Food & Beverage Stores Health & Personal Care Stores Sporting Goods, Hobby, Book & Music Stores Food Services & Drinking Places Furniture & Home Furnishings Stores Gasoline Stations Miscellaneous Store Retailers Bldg Materials, Garden Equip. & Supply Stores Clothing & Clothing Accessories Stores Electronics & Appliance Stores General Merchandise Stores SOURCE: Esri

V. OFFICE AND INDUSTRIAL CITY OF CHESAPEAKE