11 unchanged sentences
While a community is in the lease-up phase, the Company’s primary motivation is to stabilize the property, which may entail the use of rent concessions and other incentives, and thus financial occupancy which is based on contractual income is not considered the best metric to quantify occupancy.
−Removed: The Company’s communities are primarily urban and suburban high density wood frame communities comprising of two to seven stories above grade construction with structured parking situated on 1-20 acres of land with densities of approximately 10 to 80+ units per acre.
+Added: The Company’s communities are primarily urban and suburban high density wood frame communities comprising of two to seven stories above grade construction situated on 1-20 acres of land with densities of approximately 10 to 80+ units per acre.
As of December 31, 2025, the Company’s communities include 105 garden-style, 146 mid-rise, and 8 high-rise communities.
10 unchanged sentences
The Company owns two operating commercial buildings (totaling approximately 185,000 square feet) located in California and Washington, of which the Company occupied an aggregate of approximately 50,000 square feet as of December 31, 2025.
−Removed: Furthermore, as of December 31, 2024, the commercial buildings’ physical occupancy rate was 93% consisting of seven tenants, including the Company.
+Added: Furthermore, as of December 31, 2025, the commercial buildings’ physical occupancy rate was 85% consisting of six tenants, including the Company.
Operating Portfolio
50 unchanged sentences
Los Angeles, CA High-rise 251 2004 2013 95%
−Removed: Apartment Year Year
−Removed: Communities (1)
−Removed: Location Type Homes Built Acquired (2)
−Removed: Occupancy (3)
Marbella Los Angeles, CA Mid-rise 60 1991 2005 97%
7 unchanged sentences
Skye at Bunker Hill Los Angeles, CA High-rise 456 1968 1998 96%
+Added: TENTEN Downtown Los Angeles, CA Mid-rise 376 2021 2025 88%
The Blake LA Los Angeles, CA Mid-rise 196 1979 1997 96%
25 unchanged sentences
Fountain Park Playa Vista, CA Mid-rise 705 2002 2004 93%
−Removed: Highridge (5)
−Removed: Rancho Palos Verdes, CA Mid-rise 255 1972 1997 96%
Cortesia Rancho Santa Margarita, CA Garden 308 1999 2014 97%
12 unchanged sentences
Montanosa San Diego, CA Garden 472 1990 2014 97%
−Removed: Apartment Year Year
−Removed: Communities (1)
−Removed: Location Type Homes Built Acquired (2)
−Removed: Occupancy (3)
Summit Park San Diego, CA Garden 300 1972 2002 97%
−Removed: Essex Skyline (11)
−Removed: Santa Ana, CA High-rise 350 2008 2010 94%
Fairhaven (5)
26 unchanged sentences
Belmont Terrace Belmont, CA Mid-rise 71 1974 2006 96%
−Removed: Fourth & U Berkeley, CA Mid-rise 171 2010 2010 94%
+Added: Revere Campbell (5)
+Added: Campbell, CA Mid-rise 168 2015 2025 95%
The Commons Campbell, CA Garden 264 1973 2010 96%
+Added: The Parc at Pruneyard Campbell, CA Garden 252 1968 2025 95%
Pointe at Cupertino Cupertino, CA Garden 116 1963 1998 96%
5 unchanged sentences
Foster’s Landing Foster City, CA Garden 490 1987 2014 97%
+Added: One Hundred Grand (5)
+Added: Foster City, CA Mid-rise 166 2016 2025 95%
+Added: The Plaza Foster City, CA Mid-rise 307 2013 2025 96%
Boulevard Fremont, CA Garden 172 1978 1996 96%
15 unchanged sentences
Menlo Park, CA Mid-rise 195 2017 2019 97%
+Added: ROEN Menlo Park Menlo Park, CA Garden 146 2017 2025 94%
Apex Milpitas, CA Mid-rise 367 2014 2014 97%
ARLO Mountain View Mountain View, CA Mid-rise 164 2018 2024 97%
−Removed: Apartment Year Year
−Removed: Communities (1)
−Removed: Location Type Homes Built Acquired (2)
−Removed: Occupancy (3)
Regency at Mountain View (6)
1 unchanged sentence
Bridgeport Newark, CA Garden 184 1987 1987 96%
−Removed: The Grand Oakland, CA High-rise 243 2009 2009 95%
+Added: Artizan Oakland, CA Mid-rise 241 2022 2025 94%
The Landing at Jack London Square Oakland, CA Mid-rise 282 2001 2014 96%
28 unchanged sentences
The Carlyle San Jose, CA Garden 132 2000 2000 95%
+Added: ViO San Jose, CA Mid-rise 234 2016 2025 94%
Waterford Place San Jose, CA Mid-rise 238 2000 2000 96%
18 unchanged sentences
Chestnut Street Santa Cruz, CA Garden 96 2002 2008 92%
−Removed: Apartment Year Year
−Removed: Communities (1)
−Removed: Location Type Homes Built Acquired (2)
−Removed: Occupancy (3)
+Added: 1250 Lakeside Sunnyvale, CA Mid-rise 250 2021 2025 98%
Bristol Commons Sunnyvale, CA Garden 188 1989 1995 97%
49 unchanged sentences
Mercer Island, WA Mid-rise 166 2013 2014 96%
−Removed: Apartment Year Year
−Removed: Communities (1)
−Removed: Location Type Homes Built Acquired (2)
−Removed: Occupancy (3)
Laurels at Mill Creek Mill Creek, WA Garden 164 1981 1996 96%
16 unchanged sentences
Pinnacle on Lake Washington Renton, WA Mid-rise 180 2001 2014 95%
−Removed: 8th & Republican (15)
−Removed: Seattle, WA Mid-rise 211 2016 2017 97%
Annaliese Seattle, WA Mid-rise 56 2009 2013 97%
29 unchanged sentences
(10) The community is subject to a ground lease, which, unless extended, will expire in 2086.
−Removed: (11) The Company has a 97% interest and a former Executive Vice President of the Company has a 3% interest in this community.
(11) This community is owned by Wesco IV, LLC (“Wesco IV”).
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.