The subject property consists of 333 individual condominium units within a 574‐unit development known as Regents La Jolla. The 333 subject units are currently operated (rented) as luxury apartments. The improvements were constructed in 1999/2000 and a condominium map was recorded in 2005. 241 of the units in the project were sold as individual condominium units and were not included in this appraisal. The site area (for the
entire 574‐unit development) is 8.49 acres or 369,824 square feet. We valued the subject on an as is leased fee (rental) basis, as well as on a bulk basis assuming condominium sell‐out. 235 of the 333 units have been upgraded with superior quality interiors since the date of original construction. Appraisal done for a financial institution.