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1' <br />AppraisalFlrst <br />Real Estate Appraisers LLC <br />1444 Biscayne Boulevard, Suite 211 <br />Miami, Florida 33132 <br />Phone: 305 -470 -2130 <br />Fax: 305 -381 -8047 <br />E -mail: residentialAamaisalfirst.net <br />E- mail: commercial�7a aoomisalfirst.net <br />September 3, 2014 <br />Sunny Isles Property Ventures, LLC <br />1300 Brickell Avenue, <br />Miami, Florida 33131 <br />Re: A multi - family zoned, ocean front, property located at 15701 and 15795 Collins Avenue, <br />Sunny Isles Beach, Florida 33160. <br />Dear Gentlemen: <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. This is an Appraisal Report which is <br />intended to comply with reporting requirements set forth under Standards Rule 2 -2(a) of the Uniform <br />Standards of Professional Appraisal Practice (2014 - 2015). Under the previous USPAP for 2012- <br />2013 the report would have been described as a Summary Report <br />The value opinion reported is qualified by certain definitions, limiting conditions and certifications <br />which are set forth on pages 36 through 38 of this report. The extraordinary assumption as it relates <br />to market value is stated herein. The report is not premised upon a hypothetical condition. <br />This appraisal report is in compliance with the minimum standards of the Uniform Standards of <br />Professional Appraisal Practice ( USPAP 2014- 2015). Because the intended use of the appraisal is <br />for internal purposes the report may not be in conformance with Title XI of FIRREA and Department <br />of the Treasury Interagency Appraisal and Evaluation Guidelines. <br />The subject property of this appraisal consists of two, contiguous, MU -R zoned, parcels of land <br />located at the southern tip of Sunny Isles Beach, Florida. The combined parcels contain 2.2036 acres <br />or 95,988 square feet (Survey). The parcels include a total of approximately 200 feet of frontage <br />along Collins Avenue and the erosion control line of the Atlantic Ocean. <br />