DEVELOPMENT OPPORTUNITY

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Neal McCormick
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1 CUSHMAN AND WAKEFIELD INC. LIC. # Market Street, Suite 2300, San Francisco CA MOUNTAINSIDE DEVELOPMENT OPPORTUNITY

Cushman and Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire

Resort (the Property ), a 50-unit entitled ski-in / skiout luxury condominium development project located at

EXECUTIVESUMMARY The project, for which Phase I has already been completed, is physically connected to the one

California Resort, one of North America s premier alpine destination resorts.

situated on 1.5 acres of the Ritz-Carlton campus on the mountain.

2 Cushman and Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire the 100% fee simple interest in Phase II and III of The Constellation Residences at Northstar California Resort (the Property ), a 50-unit entitled ski-in / skiout luxury condominium development project located at Ritz-Carlton Highlands Drive, Truckee California. EXECUTIVESUMMARY The project, for which Phase I has already been completed, is physically connected to the one and only Ritz-Carlton Lake Tahoe Resort, and ideally situated at the mid-mountain level of the Northstar California Resort, one of North America s premier alpine destination resorts. The fully entitled project is designed for 100,917 net saleable square feet (Phases II & III) and will be situated on 1.5 acres of the Ritz-Carlton campus on the mountain. Architectural, structural and MEP design is complete through 90% Design Development with Oz Architecture, the architect of record for both the Ritz-Carlton Lake Tahoe and the Village at Northstar UNITS ACRES THE CONSTELLATION RESIDENCES AT NORTHSTAR// 2

PHASE II & III PHASE 1 COMPLETED THEOPPORTUNITY ADDRESS 13051 Ritz-Carlton Highlands Drive, Truckee, CA. 96161 SALEABLE SQ FT 100,917 SITE AREA APN 114-020-004 APPROVED # OF UNITS 50 1.

3 PHASE II & III PHASE 1 COMPLETED THEOPPORTUNITY ADDRESS Ritz-Carlton Highlands Drive, Truckee, CA SALEABLE SQ FT 100,917 SITE AREA APN APPROVED # OF UNITS acres This offering provides a ONE OF A KIND opportunity to acquire and complete a world class residential development site connected to the Ritz-Carlton Resort at the mid-mountain level of Northstar California Resort. The strategic slopeside location of the Property, combined with its current entitlements, provides an investor with a rare opportunity to quickly build up to 50 residential units to the highest construction standards in order to tap into the upper echelon of luxury mountain resort demand. The Property has the potential to be developed into one of the finest ski-in / ski-out projects in North America. Only ministerial improvement plans and building permits are required in order to commence vertical construction. The successful bidder will benefit from Vail Resorts relatively recent acquisition of Northstar operations and all of the subsequent Village and Mountain improvements that have been and continue to transform Northstar into a true year-round destination resort. Vail Resorts and the Ritz-Carlton are both world class operators with the experience and resources to operate and maintain Northstar as a premier four-season destination for generations yet to come, preserving value and providing the ultimate luxury mountain experience. UNIT TYPE # OF UNITS % OF TOTAL AVG. SF 2BD ,447 3 BD ,005 3BD Loft 2 4 2,768 4BD ,861 4BD Loft 2 4 3,146 TOTAL ,051 THE CONSTELLATION RESIDENCES AT NORTHSTAR// 3

INVESTMENTHIGHLIGHTS EXTREMELY VALUABLE ENTITLEMENTS IN PLACE The Property is entitled for fifty (50) luxury condominiums in Phases II and III of an existing project.

Only ministerial building permits and improvement plans are left to obtain before vertical construction may begin.

4 INVESTMENTHIGHLIGHTS EXTREMELY VALUABLE ENTITLEMENTS IN PLACE The Property is entitled for fifty (50) luxury condominiums in Phases II and III of an existing project. Phase I, consisting of 28 units, was completed in All discretionary approvals have been acquired. Only ministerial building permits and improvement plans are left to obtain before vertical construction may begin. In Placer County and especially near Lake Tahoe, obtaining approvals for new residential projects in alpine settings can often be very difficult, expensive and time consuming. The Constellation project represents an opportunity to build a signature project without going through the difficult entitlement process; the heavy lifting and political work has already occurred. MID-MOUNTAIN SKI-IN / SKI-OUT LOCATION The project is located in a premium mid-mountain location at the top of the new Highlands Express Gondola and is physically connected via skybridge to the Ritz-Carlton Resort, which was completed in Being mid-mountain allows residents to immediately access a ski run descent or a chair lift up the mountain. This location was chosen by the development team at the Ritz-Carlton for its specific ability to take advantage of the ski terrain and capture the exceptional views of the surrounding region. RITZ-CARLTON CONNECTION = ULTIMATE LUXURY & AMENITIES The Property is the only development at Northstar to enjoy a physical connection to the legendary Ritz-Carlton Resort. Being attached to and sharing THE CONSTELLATION RESIDENCES AT NORTHSTAR// 4

PHASE 3 INVESTMENT HIGHLIGHTS(CONTINUED) PHASE 2 CONSTELLATION RESIDENCES CONFERENCE CENTER amenities with the Ritz-Carlton Resort is a special privilege granting owners at the Constellation

5 PHASE 3 INVESTMENT HIGHLIGHTS(CONTINUED) PHASE 2 CONSTELLATION RESIDENCES CONFERENCE CENTER amenities with the Ritz-Carlton Resort is a special privilege granting owners at the Constellation Residences immediate access to the very best amenities available at Lake Tahoe. From 5 Star dining to 5 Star spa services, ultimate luxury is close at hand. Ritz-Carlton is a worldrenowned brand name synonymous with elite service and luxury that enhances the Constellation experience. PHASE 1 COMPLETED RITZ-CARLTON RESORT BEST IN CLASS OPERATOR VAIL RESORTS In 2010, Vail Resorts acquired operations of Northstar California, as well as selected commercial development opportunities adjacent to the resort. The Vail team brought significant capital and infrastructure improvements as well as substantial on-mountain operational improvements to Northstar California. Vail is a world-class operator with decades of experience managing four-season resorts and it is clear they are taking Northstar into a new era. The energy and PHASE UNITS DESCRIPTION 1 28 COMPLETED UNBUILT AVAILABLE IN THIS OFFERING UNBUILT AVAILABLE IN THIS OFFERING THE CONSTELLATION RESIDENCES AT NORTHSTAR//OFFERING 5 MEMORANDUM

INVESTMENTHIGHLIGHTS (CONTINUED) investment at Northstar and the synergy with Vail s other resorts at Lake Tahoe, Heavenly and Kirkwood, have brought Northstar to the attention of ski enthusiasts

TOP 10 $1 BILLION INVESTED AT NORTHSTAR During the past 10 years, over $1 Billion dollars has been invested in Northstar California in the form of the Village at Northstar, the Ritz-Carlton Resort,

6 INVESTMENTHIGHLIGHTS (CONTINUED) investment at Northstar and the synergy with Vail s other resorts at Lake Tahoe, Heavenly and Kirkwood, have brought Northstar to the attention of ski enthusiasts from around the globe, making it a must-ski destination. TOP 10 $1 BILLION INVESTED AT NORTHSTAR During the past 10 years, over $1 Billion dollars has been invested in Northstar California in the form of the Village at Northstar, the Ritz-Carlton Resort, Constellation Phase I, IN SKIER VISITS IN THE USA 2014 SOURCE: UNOFFICIALNETWORKS.COM Northstar Lodge, Mountainside View Road with associated utility infrastructure, as well as on-mountain improvements in the form of a new gondola and new ski lifts, snowmaking equipment and new trails. ACCESS TO EXTREMELY AFFLUENT BAY AREA RESIDENTS At only 3.5 hours by car, Lake Tahoe is the preferred alpine playground for an everincreasing number of affluent Bay Area residents. Over the past 10 years, this high net worth group has chosen Lake Tahoe and the Northstar area as their preferred vacation home locale in large numbers. The sales velocity at neighboring luxury residential projects such as Martis Camp and the Ritz-Carlton show the depth and demand of the target buyer pool. THE CONSTELLATION RESIDENCES AT NORTHSTAR// 6

INVESTMENT HIGHLIGHTS(CONTINUED) LAKE TAHOE NORTH LAKE TAHOE S PREMIER 4 SEASON RESORT Northstar is one of Tahoe s true four-season destination resorts.

Northstar delivers a unique mountain experience that makes it stand apart from competition and it has an exciting vision for the future.

Fantastic skiing, lively shopping and dining in a charming village setting, with world class golf courses, lift-access mountain biking, the Ritz-Carlton Resort and

7 INVESTMENT HIGHLIGHTS(CONTINUED) LAKE TAHOE NORTH LAKE TAHOE S PREMIER 4 SEASON RESORT Northstar is one of Tahoe s true four-season destination resorts. In the summer or the winter, Northstar exists in the midst of 3,000 acres of stunning terrain for skiing, biking, hiking, exploring and creating. Northstar delivers a unique mountain experience that makes it stand apart from competition and it has an exciting vision for the future. It is for these reasons that the legendary Ritz-Carlton chose Northstar as their only Lake Tahoe location. Fantastic skiing, lively shopping and dining in a charming village setting, with world class golf courses, lift-access mountain biking, the Ritz-Carlton Resort and a variety of housing options all located conveniently close to the jewel of the INCREASE IN MEDIAN PRICES AT NORTHSTAR YEAR OVER YEAR Sierra Nevada, Lake Tahoe, make Northstar a truly special destination. CONSTELLATION RESIDENCES THE CONSTELLATION RESIDENCES AT NORTHSTAR// 7

8 MARKET 13 million people within a 3.5 hour drive 150,000 households within this drive radius that earn more than $250,000 /year 50,000 households within this drive radius that earn more than $500,000 /year LOCATION Drive: 3.0 hours from San Francisco; 2.0 hours from Sacramento; 45minutes from Reno Flying to Reno: 45 minutes from RNO with 80 flights per day Flying to Truckee: 15 minutes from the Truckee Airport serving charter and private flights CONTACTS JASON PARR Lic. # jason.parr@cushwake.com LOCATION CONSTELLATION RESIDENCES RENO ANDREW WINBERRY Lic. # andrew.winberry@cushwake.com SETH SIEGEL Lic. # seth.siegel@cushwake.com SACRAMENTO 2 HOURS FINANCE CONTACT MARK ROOT Lic. # mark.root@cushwake.com LOCAL CONTACT TAHOE MOUNTAIN REALTY JEFF BROWN BRE. # jbrown@tahoemountainrealty.com SAN FRANCISCO 3 HOURS CUSHMAN AND WAKEFIELD INC. LIC. # Market Street, Suite 2300, San Francisco, CA

FOR SALE PRICE: $10,500,000 PLACER VINEYARDS - PROPERTY 12A Acres. South Line of Baseline Rd. East of Palladay Rd. Placer County, California

FOR SALE PRICE: $10,500,000 PLACER VINEYARDS - PROPERTY 12A Acres. South Line of Baseline Rd. East of Palladay Rd. Placer County, California PLACER VINEYARDS 12A BASELINE ROAD PALLADAY ROAD FOR SALE 193.40 Acres (8,424,504 SF) PRICE: $10,500,000 South Line of Baseline Rd. East of Palladay Rd. Placer County, California CUSHMAN & WAKEFIELD INC.