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New Community Summary The Paseos at Magnolia ­ Riverside, California

A 168 Unit Luxury Apartment Community

2520 North Santiago Boulevard Orange, California 92867 Office: 714 921 1200 Fax: 714 921 1201 Attn: Scott C. Felix, Vice President. www.huttoncompanies.com [email protected]

Executive Summary

Hutton Companies, established in 1977, one of Southern California's foremost developers, is developing a 168 unit luxury apartment community located in Riverside, California. The garden style, tuck-under product type meets the demand of the current economy providing efficient floor plans and competitive rents. This community benefits from a discounted land price, depressed construction costs, an increasing rental market with population growth on the horizon and non-existent new supply in this submarket. This unique 7.68 acre community is favorably located at the westerly most edge of Riverside, making it one of the closest communities in Riverside to Orange County Employers, beaches, shopping and entertainment. The site is located immediately off the 91 Freeway Magnolia exit, offering excellent marketing visibility and access.

Project Profile

Gross Site Area Dwelling Units Net Rentable Square Feet Density Entitlement Status Building Occupancy Construction Type Municipality APNs School District Parking Location 7.68 Acres 168 153,682 22 DU/AC Fully approved ­ Final Map Approval R-2 V-B Sprinklered (Garden Style Walk-up/Tuck-under) City of Riverside, County of Riverside 132-020-035 and 036 Riverside Unified School District 323 spaces (1.9/DU) ­ 172 garages, 109 covered, 42 open North of California State Route 91 (the "Riverside Freeway"), South of Magnolia Avenue and West of Fillmore Street.

"The Paseos at Magnolia represents the best of Southern California's new rental housing options within an established sub-market." Scott C. Felix

Aerials, Site Plan, Renderings

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