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TexStar Summary Comparables List Question 1 - Comparable Sales / Bracketing Method - 20 Points 3120 Timber Denton, TX 11/10/11 $17,000,000 10 ac 336 Question:

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TexStar Summary Comparables List Question 1 - Comparable Sales / Bracketing Method - 20 Points 3120 Timber Denton, TX 11/10/11 $17,000,000 10 ac 336 Question: Use the Comparable Sales given along with the bracketing method to determine a value for the subject. Use more than one unit of comparison. Be sure and write an of explanation of why you used each unit of comparison and what your findings were for each. Reconcile your values at the end with a statement of final value. You will need to calculate some of the missing information for the comps. Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable INOI 2001 S07,650 $1,012.500 5.96 Cap The comparables are listed on the next page. 4200 Continent Denton, TX Subject 160 Lenora, Denton TX Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable NOI 10/25/11 $28,250,000 19.5 ac 276 960 2002 265,000 $1,836.250 250 Fairway Denton, TX Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable INOI 3/20/10 $24,255,000 13 ac 304 973 2003 295,000 $1,360,269 5.61 | 701 Ridge Denton, TX 2/16/12 $24,650,000 14 ac 272 Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable NOI Cap Attributes 2004 251,000 $1,429,700 1800 Parkway Denton, TX Land Size Number of Units Avg unit Size Year Built Net Leasable NOI 19 ac 372 930 2007 345,960 $1,839,458 8/30/10 $34,100,000 16 ac 312 Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable NOI 2010 354,448 $1,800,480 5.28 TexStar Summary Comparables List Question 1 - Comparable Sales / Bracketing Method - 20 Points 3120 Timber Denton, TX 11/10/11 $17,000,000 10 ac 336 Question: Use the Comparable Sales given along with the bracketing method to determine a value for the subject. Use more than one unit of comparison. Be sure and write an of explanation of why you used each unit of comparison and what your findings were for each. Reconcile your values at the end with a statement of final value. You will need to calculate some of the missing information for the comps. Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable INOI 2001 S07,650 $1,012.500 5.96 Cap The comparables are listed on the next page. 4200 Continent Denton, TX Subject 160 Lenora, Denton TX Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable NOI 10/25/11 $28,250,000 19.5 ac 276 960 2002 265,000 $1,836.250 250 Fairway Denton, TX Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable INOI 3/20/10 $24,255,000 13 ac 304 973 2003 295,000 $1,360,269 5.61 | 701 Ridge Denton, TX 2/16/12 $24,650,000 14 ac 272 Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable NOI Cap Attributes 2004 251,000 $1,429,700 1800 Parkway Denton, TX Land Size Number of Units Avg unit Size Year Built Net Leasable NOI 19 ac 372 930 2007 345,960 $1,839,458 8/30/10 $34,100,000 16 ac 312 Sale Date Sale Price Land Size Number of Units Avg Unit size Year Built Net Leasable NOI 2010 354,448 $1,800,480 5.28

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