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Top 50Master-PlannedCommunities of 2018Top 50Master-PlannedCommunities of 2018Amenities and Broad-BasedDemand Drove Top 50Masterplans’ SalesJODY KAHNSenior Vice mDEVYN BACHMANSenior Research omTop MPCs of 2018 John Burns Real Estate Consulting1

Top 50Top 50Master-PlannedCommunities of 20182018RANKDEVELOPER1THE VILLAGESVillages of Lake Sumter, LLCVillages, FL2,1342LAKEWOOD RANCHSchroeder-Manatee Ranch, Inc.Sarasota, FL1,4823SUMMERLINThe Howard Hughes CompanyLas Vegas, NV1,3184WEST VILLAGESWest Villages PartnershipSarasota, FL1,1085IRVINE RANCH1The Irvine CompanyOrange County, CA1,0006NOCATEEThe PARC GroupJacksonville, FL9387EASTMARKDMB and BrookfieldPhoenix, AZ9298ONTARIO RANCHBrookfield, DR Horton, Lennar, Lewis, StrathamRiverside-San Bernardino, CA9029INSPIRADABeazer, KB Home, Pardee & Toll BrothersLas Vegas, NV71710OTAY RANCH1Baldwin, Stratford Land, Cornerstone & HomeFedSan Diego, CA66011STAPLETONForest City EnterprisesDenver, CO62512RANCHO MISSION VIEJORancho Mission Viejo, LLCOrange County, CA62313DAYBREAKDaybreak CommunitiesSalt Lake City, UT57514TVERRADODMBPhoenix, AZ53014TSIENNA PLANTATIONJohnson Development Corp.Houston, TX53016LAKE NONATavistock GroupOrlando, FL50717ESTRELLANewland CommunitiesPhoenix, AZ49018BRIDGELANDThe Howard Hughes CompanyHouston, TX48219CADENCEThe LandWell CompanyLas Vegas, NV48120THE GREAT PARK NEIGHBORHOODSFive Point CommunitiesOrange County, CA48021SKYE CANYONOlympia CompaniesLas Vegas, NV47822MOUNTAIN HOUSEMountain House Developers LLC.Stockton, CA47723CANE BAY PLANTATIONGramling Brothers Real Estate & DevelopmentCharleston, SC47424SIENA1John Lloyd DevelopmentAustin, TX47025VIERAThe Viera CompanyBrevard County, FL463Bold Multiple MPCs on listUPDATED JANUARY 12, 2019LOCATION2018NET SALESPROJECT NAMEEstimates1Master-PlannedCommunities of 2018TOP 25 TOTAL18,873SOURCE: John Burns Real Estate Consulting, LLC (January 2019)

Top 50Top 50Master-PlannedCommunities of 20182018RANKMaster-PlannedCommunities of 2018PROJECT NAMEDEVELOPER26CROSS CREEK RANCHJohnson Development Corp.Houston, TX45527VISTANCIAVistancia Land Holdings/Stratford LandPhoenix, AZ45128WESTSHOREK Hovnanian, Lennar & DR HortonSacramento, CA44429STARKEY RANCHWheelock CommunitiesTampa, FL43530ALIANAAIRIA Development CompanyHouston, TX43031HARMONYJohnson Development Corp./Land Tejas Company Houston, TX42532BARTRAM PARKEastland Development GroupJacksonville, FL42133HARVESTHillwood CommunitiesFort Worth, TX42034LATITUDE MARGARITAVILLEMinto CommunitiesDaytona Beach, FL41235RIVER ISLANDSRiver Islands DevelopmentStockton, CA40936WILLOWSFORDWillowsford Management, LLCWashington, DC40037TRADITIONTradition Land CompanyPort St. Lucie, FL38538WHITNEY RANCHSunset Ranchos InvestorsSacramento, CA38039RIVERSTONEJohnson Development Corp.Houston, TX37040TEHALEHNewland CommunitiesTacoma, WA36641WOODFORESTJohnson Development Corp.Houston, TX36542TVIRIDIANJohnson Development Corp.Dallas, TX35742TBRAMBLETONBrambleton Group LLCWashington, DC35744THE WOODLANDSThe Woodlands Dev Co/Howard Hughes Corp Houston, TX34345BANNING LEWIS RANCHOakwood HomesColorado Springs, CO33946WILDWOOD AT NORTHPOINTE1Friendswood Development Company (Lennar)Houston, TX33547BALMORALLand Tejas CompanyHouston, TX33448ALAMO RANCH1Galo PropertiesSan Antonio, TX33049THE MEADOWS1Communities SouthwestPhoenix, AZ32850HIGHLAND MEADOWSLandmark Investment Services, LLCLakeland, FL327EstimatesBold Multiple MPCs on list1PCs of 2017 John Burns Real Estate ConsultingUPDATED JANUARY 12, 2019LOCATION2018NET SALESTOP 50 TOTAL28,491SOURCE: John Burns Real Estate Consulting, LLC (January 2019)

Top 50Master-PlannedCommunities of 2018Amenities and Broad-Based Demand DroveTop 50 Masterplans’ SalesBy Jody Kahn, Senior Vice President, and Devyn Bachman, Senior Research AnalystBroad-based demand supported a solid sales year for builders and developers.The surge in first-time buyer demand that we identified in 2017 continued to expand in 2018, benefitting many MPCs.Though numerous builders are shifting away from higher price points, move-up demand continued in 2018 at manymasterplans, but at more subdued levels than earlier in the housing recovery. Strong demand among 55 buyers alsosupported sales at the top 50 masterplans, in both age-targeted sections and mixed within the larger community.Amenities feed into the masterplans’ lifestyle.Masterplan developers continue to look for the newest ways to attract buyers to their masterplans, and uniqueamenities always seem to be a hot topic. From large investments, such as the Crystal Lagoon in Balmoral, to smallerinvestments like cornhole in Lakewood Ranch, the developers who create a sense of community by incorporatingmultiple demographic groups, while also generating social media buzz, reap the largest benefits.Giant sales increase at BalmoralWith a 345% increase year over year, the Balmoral masterplan developed by Land Tejas on Houston’s northeast sidewins the title for most improved sales, exploding from a partial sales year in 2017. Senior Vice President David Jarvisobserves that Balmoral opened Texas’s first Crystal Lagoon amenity this year to great excitement. The developer hasplenty of additional lots under development for 2019 sales.WE EXPECT A MASTER-PLANNED COMMUNITY TO HAVE: A range of home sizes, types and prices and a variety of builders (with rare exceptions forespecially large and well-segmented communities) Consistent themes, such as signage, landscaping, lighting, street names, mailboxes, etc. Shared or reciprocal amenities and activities for a variety of lifestyles Branding and marketing that give the community a unique and well-recognized identityTop MPCs of 2018 John Burns Real Estate Consulting4

Top 50Master-PlannedCommunities of 2018Supply constraints sometimes limited 2018 sales.Developers were challenged to deliver lots at a pace matching builders’ demand, and temporary lot gaps were commonin many strong housing markets. Bad weather, development trade shortages, understaffed jurisdictions, and backloggedpower companies created plenty of headaches.Two developers placed 4 or more MPCs each in the top 50.Johnson Development accounts for 6 of this year’s top 50 masterplans—5 in Houston and one in Dallas. In addition,Lennar claims 4 of the top 50 masterplans, including those developed by its Friendswood Development and Five PointCommunities affiliates and through ventures with other builders. Several developers have 2 masterplans in the top 50,including Brookfield, DMB, The Howard Hughes Company, Land Tejas, Newland Communities, KB Home, DR Horton,and Stratford Land.2018 Top 50 Masterplans by Region40%35%Top 25Top thwestFloridaSouthernCaliforniaTexas4%2%4%0%0%2%0% 0%Northern Southeast Northeast Northwest MidwestCaliforniaRegionSOURCE: John Burns Real Estate Consulting, LLC (January 2019)Top MPCs of 2018 John Burns Real Estate Consulting5

Top 50Master-PlannedCommunities of 2018Notable regional shifts versus 2017More Southwest masterplans ranked in the top 50 this year, as in-migration from California and other regionsaugmented strong local demand. Phoenix claims 5 of the top 50 masterplans, which captured over 2,700 new homesales or nearly 10% of the sales at top 50 masterplans. Eastmark, the #1 Phoenix masterplan developed by Brookfieldand DMB, beat prior annual records to top 900 sales in 2018.Southern CaliforniaSouthern California masterplans represent 20% of the top 50, up from 12% in 2017, but 10% of the top 25.Northern CaliforniaNorthern California has fewer large-scale masterplans, capturing 8% of this year’s top 50 compared to 6% in 2017,with only 4% of the top 25.SouthwestSouthwest masterplans claim 24% of the top 50, flat YOY, but the region’s share of the top 25 jumped to 36%.TexasTexas captures 28% of our 2018 top 50, the highest share of any region, despite cooling from 30% last year.Sienna Plantation by Johnson Development is the only Texas masterplan to place among the top 25 ranking in 2018.FloridaFlorida captured 22% of this year’s top 50, similar to 2016 and 2017, but 24% of the top 25. Sarasota’s LakewoodRanch and West Villages mega-masterplans captured two of the top 5 rankings.SoutheastIn the Southeast, Cane Bay Plantation in Charleston was the only masterplan to rank among the top 25, staying on ourlist for years. Outside of Charleston, the large Southeast metros have few large-scale masterplans.SALES TOTALS MAY ADJUST SLIGHTLY.Our developer contacts rush to provide us with annual sales only days following year-end. Finalaccounting over the next couple of months may produce minor adjustments up or down.Top MPCs of 2018 John Burns Real Estate Consulting6

Top 50Master-PlannedCommunities of 2018Numerous single-builder communities have sales rivaling masterplans.We exclude from consideration masterplans with only one active builder to avoid sharing confidential, communityspecific information at the request of our publicly traded home builder contacts. Numerous entry-level and 55 communities would qualify for our ranking if we removed the multiple builder requirement. The Exchange by EdgeHomes in the Provo MSA and Lennar’s ChampionsGate and Storey Lake projects in Orlando are great examples ofsingle-builder communities with gigantic sales.More Information:John Burns Real Estate Consulting congratulates the developers and home builders that achieved our top 50 ranking.Please contact Jody Kahn at jkahn@realestateconsulting.com or Devyn Bachman atdbachman@realestateconsulting.com for information on any of the top masterplans.WE CONNECTED WITH DEVELOPER, BUILDER, AND CAPITAL SOURCECONTACTS TO CONSIDER 410 MASTER-PLANNED COMMUNITIESNATIONWIDE.We invest significant time and effort to identify all top-selling masterplans; however, somedevelopers and investors choose not to participate.VIEW PRIOR TOP 50 RANKINGS ON OUR WEBSITEYou can view our historical rankings since 2010 by visiting the following p-selling-master-planned-communities/Top MPCs of 2018 John Burns Real Estate Consulting7

Top 50Master-PlannedCommunities of 2018About UsJohn Burns Real Estate Consulting, LLC, helps executives make informed housing industrydecisions. Our passionate team of analysts and consultants from around the country helps our clients identify the bestrisk-adjusted investment opportunities. We are known for our: Client focus. Our clients have personal access to ourteam of market and industry experts. We also connect clientsto opportunities for new business. We always seek to innovateand improve our practices to make our clients’ lives easier. Speed. We are focused exclusively on housing and strive toQuick StatsRegularly quoted in:have the most current data at our fingertips. We are diligent,regularly out in the field, and tapped into industry leaders—resulting in great research and advice. Proprietary tools. We have created many tools toprovide unique and timely insight. They include a monthlysurvey of builder executives, several indexes and forecasts,and a demand model by price range and householdcomposition. Data quality. We create, collect, and buy the best industrydata available, and our analysts then advise clients how toapply that insight to their business planning.WeeklyNewsletterTop LinkedIn Local knowledge. Our team has offices in many major30,000 subscribers700K followershousing markets across the country.5,000 Management expertise. Our team leaders areseasoned industry veterans who have learned from multiplehousing cycles. Trusted integrity. We are independent advisors. We donot recommend stock investments or take contingency fees sothat it is clear we have no conflicting agendas.Top MPCs of 2018 John Burns Real Estate ConsultingfollowersBloombergTickerJBRE8