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AppraisalFirst <br />Real Estate Appraisers LLC <br />1444 Biscayne Buulmrard, Suite 211 <br />Miami, Florida 33132 <br />Phone: 305 -470 -2130 <br />Fax: 305- 381 -8047 <br />.. & mail' midentialQapraisalfint.nel <br />E-mail: eommemialr4appraisalfiru net <br />June 27, 2014 <br />Beach Club Acquisition, LLC <br />19950 West Country Club Drive, 10'h Floor <br />Aventura, Florida 33180 <br />Re: A multi- family zoned, ocean front, property located at 18501 Collins Avenue, Sunny Isles <br />Beach, Florida 33160. <br />Dear Gentleman: <br />As requested; I have prepared the attached appraisal report of the above referenced property. The <br />purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights <br />(TDR's), as it pertains to the underlying subject property, as a fee simple estate. This is an Appraisal <br />Report which is intended to comply with reporting requirements set forth under Standards Rule 2- <br />2(a) of the Uniform Standards of Professional Appraisal Practice (2014-2015). Under the previous <br />USPAP for 2012 -2013 the report would have been described as a Summary R.-pon <br />The value opinion reported is qualified by certain definitions, limiting conditi(m, w)d ccrti fications <br />which are set forth on pages 35 through 37 of this report. The report inc)vxks rr hpputhetical <br />conditions or extraordinary assumptions. <br />This appraisal report is in compliance with the minimum standards of the t r,fimm Standards of <br />Professional Appraisal Practice ( USPAP 2014- 2015). Because the intended -.r of d+r rgraisal is <br />for internal purposes the report may not be in conformance with Title XI of FIR R EA --.*4 Npartment <br />of the Treasury Interagency Appraisal and Evaluation Guidelines. <br />Exhibit "A" <br />