Phoenix New Construction & Proposed Multifamily Projects

Source: Yardi Matrix5 mi

4Q18

a Berkshire Hathaway and Jefferies Financial Group company

Lease-Up

Under Construction

Planned

Prospective

LEGEND

ID PROPERTY UNITS1 San Piedra 3463 Avilla Lehi Crossing 1184 San Valencia 3825 Avilla Centerra Crossings 1846 Stewart, The 3129 Arista at Ocotillo 21110 Craft @ Gilbert & Baseline 10411 Local, The 28613 Christopher Todd Communities at Country Place 15422 Alta San Marcos 273

Total Lease-Up 2,37024 Collective, The 26927 Parc at South Mountain 25828 Broadstone Rio Salado 27629 Cameron, The 34931 Ryan, The 33033 Sky at Chandler Airpark 50439 Derby, The 21140 Metro 101 20241 Riata 30044 Brighton Place 5345 LINK PHX, The 25750 Novel Rio 20951 Skyview 42952 CORE Chandler, The 220

Total Under Construction 3,86772 520 West Van Buren Street 24373 Aspire Fillmore 19874 Battery, The 27877 Kenect Phoenix 32078 McKinley & 2nd 10879 Phoenix Central Station 21780 Phoenix Central Station 30081 South 3rd Street & East Jefferson Street 37982 100 Mill 10083 7th & Forest 32884 Eastline Village 22085 Millennium at Rio Salado 26086 Novus Place 26287 Park Place 28588 Pier, The 58689 Country Club Drive & Main Street 20090 East Main Street & South Mesa Drive 25291 Grid, The 29692 West Pepper Place & North Robson 7093 Landing at Fiesta Village, The 22094 Christopher Todd Communities Ellsworth & University 14595 Avilla Enclave 9696 BB Living at Eastmark 13297 San Villante 34498 BB Living at Val Vista 21699 Crossing at Cooley Station, The 408100 Elevation San Tan 297101 EpiCenter at Agritopia 287102 Gallery Park 100103 Lyon's Gate 360104 Noria Phase II 246105 Premier at Eastmark 216106 Santan Village 301107 District at Chandler 320117 Fillmore, The 609118 Palmcourt Tower 354119 Avalon Villas 108120 1980 East Broadway Road 90121 Alor 391122 Footprint 70

Total Planned 10,212145 Imperial, The 140155 Canyon, The 100156 North 2nd Avenue & West Fillmore Street 322

157 North 2nd Avenue & West Monroe Street 100158 Presidential, The 84159 R Cubed 120160 St. Ambrose 200161 Laveen Gardens 102162 South Mountain Park & Preserve 240163 11 East 7th Street 100164 Tempe Crossroads 264165 1850 East Main 100166 Sycamore Station 300167 Desert Jewel Phase III 72168 Village Square at Dana Park 320169 Falcon Pointe at Pinelake 176170 Gabriella Pointe 605172 Ironwood District, The 50173 Liv at Gilbert Crossroads 356174 Sterling at Verde, The 340175 Village Greens of Queen Creek 50176 Williams Gateway 198177 DC Heights 250181 Christopher Todd Communities Estrella Commons 286196 North 3rd Street & East Pierce Street Phase II 204197 North 3rd Street & East Pierce Street Phase III 156

Total Prospective 5,235

Source: Yardi Matrix5 mi

1

3

4

5

6

9

10

11

13

22

24

27

31

39 45

28

40

29

52

33

50

51

44

41

72

73117

118

74

777980

89 9091

92

93

94

95

96

97

98

99100

104

105106

107

101102

103

81

82

83

84

120

121

85

86

87

88

78

119122

145

155 196 197156

157 158

159

160

161

162

163

164

165166

167

168

170

172

173

169

181

174

175

176177

Phoenix New Construction & Proposed Multifamily Projects

Source: Yardi Matrix5 mi

4Q18

a Berkshire Hathaway and Jefferies Financial Group company

Lease-Up

Under Construction

Planned

Prospective

LEGEND

ID PROPERTY UNITS2 Avilla Camelback Ranch 12712 Liv North Valley 38515 Summerly at Zanjero 34416 Elevation Plaza del Rio 33317 View 32 13518 Circa Central Avenue 22719 Avalon 40020 Alta Central 22321 Liv Goodyear 32623 Ascend on Cave Creek 240

Total Lease-Up 2,74034 Alta Marlette 22936 Crescent Midtown 32938 Christopher Todd Communities at Stadium 31342 Christopher Todd Communities at Marley Park 17347 Osborn Residences 19049 Broadstone Midtown 20053 Christopher Todd Communities on Camelback 16756 Glen Arbor Phase II 50

Total Under Construction 1,65162 Parc at Roundtree Ranch 27563 T83 18364 Camelback 95 24067 Columbus 22368 Haverly, The 25669 Omninet West 28670 Park Central Mall Phase II 27871 6740 West Thomas Road 6076 City Center on the Park 345108 Acero Estrella Commons 352109 Avilla Gateway 50111 Avilla at Jomax 211112 Avilla Paseo 89113 Bungalows on Jomax, The 141114 Sage Phase II 232115 Sunrise Village 140116 Christopher Todd Collection on Mountain View 217

Total Planned 3,578140 Metrocenter 250141 Landmark on 67th 56142 Paradise @ P83 352143 3250 West Indian School Road 81148 333 East Mulberry Drive 104149 4040 - 4060 North Central Avenue 100150 Broadstone Central 192151 C17 330152 Camelback & Central 120153 North 12th Street & East Devonshire Avenue 311154 Omninet East 181171 Golden Lane 192178 1610 North 91st Avenue 166179 Amberlea 136180 Centerscape at Palm Valley 50182 Christopher Todd Communities on Dysart 370183 Cornerstone at the Wigwam 313184 Harmony at Goodyear 288185 North 146th Avenue & West Palm Lane 188186 Peoria Avenue & Perryville Road 250187 Virtua 99th 250189 Trillium 101 295190 Avilla Lago 120191 Jomax 260192 NorTerra Mixed Use 1,100193 Christopher Todd at Vistancia 222194 Happy Valley 250195 Lake Pleasant Heights 100

Total Prospective 6,627

Source: Yardi Matrix5 mi

2

15

16

17

23

1819

20

21

12

34

36

38

53

56

42

4749

62

63

64

108

109 67

68

69

7071

76

111113

114

115

116

112

140141

143

148

149

150

171

178179

180

182183184

185

186

187

189190

191

192193

194

195

151152 154

153

142

Source: Yardi Matrix5 mi

a Berkshire Hathaway and Jefferies Financial Group company

Lease-Up

Under Construction

Planned

Prospective

LEGEND

ID PROPERTY UNITS7 Optima Sonoran Village Phase III 1728 Alta Drinkwater 27714 Camden North End 441

Total Lease-Up 89025 Pearl Biltmore 47426 Vitri 30030 Encore Residential on Van Buren 22232 66th & Mayo 34935 Montreux 33537 Broadstone Grand 30043 Aura at Watermark 36046 Residences at Chauncey Lane 30148 Angela, The 25354 District at Scottsdale, The 33255 Jefferson Town Lake 244

Total Under Construction 3,47057 District at Scottsdale Phase II 29058 Princess Hayden 55259 Residence at 90th Street & San Victor 17960 McDowell, The 37161 Papago Plaza 24765 40 East Mixed Use 7166 Urban Connected Phase II 5075 Cabana on Washington 220110 Camden North End Phase II 628

Total Planned 2,608123 Cavasson, The 1,600124 La Via 100125 Northsight Mixed Use 300126 1000 North Scottsdale Road 282127 2040 North Scottsdale Road 170128 Alexan Scottsdale 282129 Blue Sky 329130 East Highland & Goldwater Blvd 100131 L'Esperance 77132 Museum Square 300133 Palmeraie 50134 Peacock Scottsdale 146135 Scottsdale Entrada 560136 WaterView 240137 Acoma Court 475138 LMV Kierland 299139 North 24th Street & Arizona Biltmore Circle 320144 Arcadia Grand 331146 North 44th Street & East Palm Lane 66147 Pinnacle Club 164188 Shea at North Tatum 1,044

Total Prospective 7,235

Source: Yardi Matrix5 mi

Phoenix New Construction & Proposed Multifamily Projects 4Q18

7

14

8

26

30

2548

32

35

37

43 55

46

5457

58

59

60 616566

75

110 123

124

137

138

125

139

126

127128

129130

131

132

133

134

147

144146

135

136

188

ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP

1 San Piedra 4510 East Banner Gateway Drive Mesa AZ 85206 Lease-Up 346 Superstition Springs 05/10/2017 11/30/2019 08/01/20182 Avilla Camelback Ranch 10770 West Highland Avenue Phoenix AZ 85037 Lease-Up 127 Western Suburbs 03/01/2018 08/31/2019 11/02/20183 Avilla Lehi Crossing 3425 East Thomas Road Mesa AZ 85213 Lease-Up 118 North Mesa 09/01/2017 07/31/2019 08/08/20184 San Valencia 1450 East Germann Road Chandler AZ 85286 Lease-Up 382 Gilbert 02/01/2017 07/31/2019 03/01/20185 Avilla Centerra Crossings 15390 West Centerra Drive Goodyear AZ 85338 Lease-Up 184 Western Suburbs 01/15/2018 06/30/2019 11/10/20186 Stewart, The 800 North Central Avenue Phoenix AZ 85004 Lease-Up 312 Sky Harbor 09/01/2017 05/31/2019 12/01/20187 Optima Sonoran Village Phase III 6895 East Camelback Road Scottsdale AZ 85251 Lease-Up 172 South Scottsdale 03/15/2018 05/31/2019 11/05/20188 Alta Drinkwater 3234 North Scottsdale Road Scottsdale AZ 85251 Lease-Up 277 South Scottsdale 06/15/2017 05/31/2019 10/01/20189 Arista at Ocotillo 3200 South Dobson Road Chandler AZ 85248 Lease-Up 211 Chandler 08/15/2017 04/30/2019 11/09/201810 Craft @ Gilbert & Baseline 1930 South 24th Street Mesa AZ 85204 Lease-Up 104 Superstition Springs 04/15/2018 04/30/2019 09/15/201811 Local, The 750 South Ash Avenue Tempe AZ 85281 Lease-Up 286 North Tempe 08/15/2017 04/30/2019 09/01/201812 Liv North Valley 31113 North North Valley Pkwy Phoenix AZ 85085 Lease-Up 385 Deer Valley 05/01/2017 04/30/2019 07/01/201813 Christopher Todd Communities at Country Place 2500 South 99th Avenue Tolleson AZ 85353 Lease-Up 154 Western Suburbs 11/01/2017 03/31/2019 09/24/201814 Camden North End 6800 East Mayo Blvd Phoenix AZ 85054 Lease-Up 441 Union Hills 01/01/2017 03/31/2019 04/14/201815 Summerly at Zanjero 7375 North Zanjero Blvd Glendale AZ 85305 Lease-Up 344 Glendale 06/15/2017 03/31/2019 04/13/201816 Elevation Plaza del Rio 13310 North Plaza Del Rio Blvd Peoria AZ 85381 Lease-Up 333 Sun City - Youngtown - Peoria 04/15/2017 02/28/2019 04/15/201817 View 32 10801 North 32nd Street Phoenix AZ 85028 Lease-Up 135 Sunnyslope 10/01/2017 01/31/2019 11/09/201818 Circa Central Avenue 1505 North Central Avenue Phoenix AZ 85004 Lease-Up 227 Sky Harbor 06/01/2017 01/31/2019 10/20/201819 Avalon 2005 North 103rd Avenue Avondale AZ 85392 Lease-Up 400 Western Suburbs 09/01/2017 01/31/2019 07/01/201820 Alta Central 4001 North Central Avenue Phoenix AZ 85012 Lease-Up 223 Uptown 04/01/2017 01/31/2019 05/15/201821 Liv Goodyear 15361 West Virginia Avenue Goodyear AZ 85395 Lease-Up 326 Western Suburbs 03/01/2017 01/31/2019 04/21/201822 Alta San Marcos 445 West Chandler Blvd Chandler AZ 85225 Lease-Up 273 Chandler 02/15/2017 01/31/2019 04/02/201823 Ascend on Cave Creek 23555 East Desert Peak Pkwy Phoenix AZ 85024 Lease-Up 240 Union Hills 03/27/2017 01/31/2019 01/05/2018

TOTAL LEASE-UP 6,00024 Collective, The SWC East 7th Street & South Myrtle Avenue Tempe AZ 85281 Under Construction 269 North Tempe 10/01/2018 03/31/202125 Pearl Biltmore 4640 North 24th Street Phoenix AZ 85016 Under Construction 474 East Camelback 09/01/2018 10/31/202026 Vitri 15125 North Scottsdale Road Scottsdale AZ 85254 Under Construction 300 North Scottsdale 08/01/2018 07/31/202027 Parc at South Mountain 3400 East Southern Avenue Phoenix AZ 85040 Under Construction 258 South Phoenix 09/01/2018 06/30/202028 Broadstone Rio Salado 2325 East Rio Salado Pkwy Tempe AZ 85281 Under Construction 276 North Tempe 09/03/2018 06/30/202029 Cameron, The 2092 East Rio Salado Pkwy Tempe AZ 85281 Under Construction 349 North Tempe 07/13/2018 06/30/202030 Encore Residential on Van Buren 4633 East Van Buren Street Phoenix AZ 85008 Under Construction 222 Sky Harbor 09/03/2018 05/31/202031 Ryan, The SEC South 1st Street & East Washington Street Phoenix AZ 85004 Under Construction 330 Sky Harbor 05/26/2017 05/31/202032 66th & Mayo 6611 East Mayo Blvd Phoenix AZ 85054 Under Construction 349 Union Hills 06/01/2018 05/31/202033 Sky at Chandler Airpark 1441 East Germann Road Chandler AZ 85286 Under Construction 504 Gilbert 03/17/2018 04/30/202034 Alta Marlette NEC North 7th Street & East Marlette Avenue Phoenix AZ 85014 Under Construction 229 Christown 10/01/2018 03/31/202035 Montreux NWC North 56th Street & East Deer Valley Drive Phoenix AZ 85054 Under Construction 335 Union Hills 03/15/2018 03/31/202036 Crescent Midtown NEC North 3rd Street & East Earll Drive Phoenix AZ 85012 Under Construction 329 Uptown 08/27/2018 02/29/202037 Broadstone Grand 1003 West Washington Street Tempe AZ 85281 Under Construction 300 North Tempe 06/15/2018 02/29/202038 Christopher Todd Communities at Stadium North 99th Avenue & West Missouri Avenue Glendale AZ 85305 Under Construction 313 Glendale 05/01/2018 12/31/201939 Derby, The NWC North 2nd Street & East McKinley Street Phoenix AZ 85004 Under Construction 211 Sky Harbor 03/15/2017 12/31/201940 Metro 101 2177 East Apache Blvd Tempe AZ 85281 Under Construction 202 North Tempe 06/01/2018 11/30/201941 Riata 100 North Hearthstone Way Chandler AZ 85226 Under Construction 300 Chandler 06/15/2018 11/30/201942 Christopher Todd Communities at Marley Park SWC West Old Oak Lane & North Whisperwood Drive Surprise AZ 85379 Under Construction 173 Western Suburbs 07/16/2018 11/30/201943 Aura at Watermark 420 North Scottsdale Road Tempe AZ 85281 Under Construction 360 North Tempe 09/01/2017 09/30/201944 Brighton Place 955 North Jackson Street Chandler AZ 85225 Under Construction 53 Gilbert 07/27/2018 09/30/201945 LINK PHX, The 707 North 3rd Street Phoenix AZ 85004 Under Construction 257 Sky Harbor 12/01/2017 09/30/201946 Residences at Chauncey Lane SEC East Chauncey Lane & North Scottsdale Road Scottsdale AZ 85255 Under Construction 301 North Scottsdale 10/02/2017 08/31/201947 Osborn Residences SWC North 7th Avenue & West Osborn Road Phoenix AZ 85013 Under Construction 190 Uptown 02/15/2018 08/31/201948 Angela, The 2727 East Camelback Road Phoenix AZ 85016 Under Construction 253 ast Camelback 09/15/2017 06/30/201949 Broadstone Midtown 240 West Osborn Road Phoenix AZ 85013 Under Construction 200 Uptown 01/15/2018 06/30/201950 Novel Rio 815 West Rio Salado Pkwy Tempe AZ 85281 Under Construction 209 North Tempe 10/15/2017 05/31/201951 Skyview 855 South Rural Road Tempe AZ 85281 Under Construction 429 North Tempe 04/01/2017 05/31/201952 CORE Chandler, The 5151 South Arizona Avenue Chandler AZ 85248 Under Construction 220 Gilbert 10/01/2017 05/31/201953 Christopher Todd Communities on Camelback 12350 West Camelback Road Litchfield Park AZ 85340 Under Construction 167 Western Suburbs 03/01/2018 05/31/201954 District at Scottsdale, The 15446 North Greenway-Hayden Loop Scottsdale AZ 85260 Under Construction 332 North Scottsdale 09/01/2017 04/30/201955 Jefferson Town Lake 909 East Playa del Norte Drive Tempe AZ 85281 Under Construction 244 North Tempe 06/15/2016 03/31/201956 Glen Arbor Phase II 2250 West Glendale Avenue Phoenix AZ 85021 Under Construction 50 Metrocenter 11/01/2017 01/31/2019

TOTAL UNDER CONSTRUCTION 8,98857 District at Scottsdale Phase II NEC North 73rd Street & North Greenway-Hayden Loop Scottsdale AZ 85260 Planned 290 North Scottsdale58 Princess Hayden North Hayden Road & East Princess Blvd Scottsdale AZ 85255 Planned 552 North Scottsdale59 Residence at 90th Street & San Victor NEC North 90th Street & East San Victor Drive Scottsdale AZ 85258 Planned 179 North Scottsdale60 McDowell, The 6601 East McDowell Road Scottsdale AZ 85257 Planned 371 South Scottsdale61 Papago Plaza SEC East McDowell Road & North Scottsdale Road Scottsdale AZ 85257 Planned 247 South Scottsdale62 Parc at Roundtree Ranch NEC North 83rd Avenue & West Olive Avenue Peoria AZ 85345 Planned 275 Sun City - Youngtown - Peoria63 T83 8114 West Thunderbird Road Peoria AZ 85381 Planned 183 Sun City - Youngtown - Peoria64 Camelback 95 5151 North 95th Avenue Glendale AZ 85305 Planned 240 Glendale65 40 East Mixed Use 4040 East McDowell Road Phoenix AZ 85008 Planned 71 Central East Phoenix

Source: Yardi Matrix

Phoenix New Construction and Proposed Multifamily Projects

Source: Yardi Matrix

ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP

66 Urban Connected Phase II 1220 North 44th Street Phoenix AZ 85008 Planned 50 Central East Phoenix67 Columbus NEC North Central Avenue & East Columbus Avenue Phoenix AZ 85012 Planned 223 Uptown68 Haverly, The 31 East Thomas Road Phoenix AZ 85012 Planned 256 Uptown69 Omninet West 4800 North Central Avenue Phoenix AZ 85012 Planned 286 Uptown70 Park Central Mall Phase II 3121 North 3rd Avenue Phoenix AZ 85013 Planned 278 Uptown71 6740 West Thomas Road 6740 West Thomas Road Phoenix AZ 85033 Planned 60 Maryvale72 520 West Van Buren Street 520 West Van Buren Street Phoenix AZ 85003 Planned 243 Sky Harbor73 Aspire Fillmore 601 North 3rd Avenue Phoenix AZ 85003 Planned 198 Sky Harbor74 Battery, The South 4th Street & East Buchanan Street Phoenix AZ 85004 Planned 278 Sky Harbor75 Cabana on Washington 5240 East Washington Street Phoenix AZ 85034 Planned 220 Sky Harbor76 City Center on the Park SWC North 2nd Street & East Willetta Street Phoenix AZ 85004 Planned 345 Sky Harbor77 Kenect Phoenix 355 North Central Avenue Phoenix AZ 85004 Planned 320 Sky Harbor78 McKinley & 2nd NWC North 2nd Avenue & West McKinley Street Phoenix AZ 85003 Planned 108 Sky Harbor79 Phoenix Central Station NWC North Central Avenue & West Van Buren Street Phoenix AZ 85004 Planned 217 Sky Harbor80 Phoenix Central Station NWC North Central Avenue & West Van Buren Street Phoenix AZ 85004 Planned 300 Sky Harbor81 South 3rd Street & East Jefferson Street NWC South 3rd Street & East Jefferson Street Phoenix AZ 85004 Planned 379 Sky Harbor82 100 Mill 100 North Mill Avenue Tempe AZ 85281 Planned 100 North Tempe83 7th & Forest 707 South Forest Avenue Tempe AZ 85281 Planned 328 North Tempe84 Eastline Village 2001 East Apache Blvd Tempe AZ 85281 Planned 220 North Tempe85 Millennium at Rio Salado 2110 East Rio Salado Pkwy Tempe AZ 85281 Planned 260 North Tempe86 Novus Place East 6th Street & South Packard Drive Tempe AZ 85281 Planned 262 North Tempe87 Park Place 1135 East Apache Blvd Tempe AZ 85281 Planned 285 North Tempe88 Pier, The 1190 Vista Del Lago Drive Tempe AZ 85281 Planned 586 North Tempe89 Country Club Drive & Main Street NWC North Country Club Drive & West Main Street Mesa AZ 85201 Planned 200 North Mesa90 East Main Street & South Mesa Drive SEC East Main Street & South Mesa Drive Mesa AZ 85204 Planned 252 North Mesa91 Grid, The East Main Street & South Pomeroy Mesa AZ 85201 Planned 296 North Mesa92 West Pepper Place & North Robson SEC West Pepper Place & North Robson Mesa AZ 85201 Planned 70 North Mesa93 Landing at Fiesta Village, The NWC South Alma School Road & West Southern Avenue Mesa AZ 85210 Planned 220 South Mesa94 Christopher Todd Communities Ellsworth & University SWC North Ellsworth Road & East University Drive Mesa AZ 85207 Planned 145 East Mesa95 Avilla Enclave SEC East Guadalupe Road & South Hawes Road Mesa AZ 85212 Planned 96 Superstition Springs96 BB Living at Eastmark East Ray Road & South Eastmark Pkwy Mesa AZ 85212 Planned 132 Superstition Springs97 San Villante NEC East Baseline Road & North Greenfield Road Mesa AZ 85206 Planned 344 Superstition Springs98 BB Living at Val Vista East Germann Road & South Rome Street Gilbert AZ 85297 Planned 216 Gilbert99 Crossing at Cooley Station, The NEC South Wade Drive & East Williams Field Road Gilbert AZ 85295 Planned 408 Gilbert100 Elevation San Tan East Boston Street & South Santan Village Pkwy Gilbert AZ 85295 Planned 297 Gilbert101 EpiCenter at Agritopia NWC East Ray Road & South Higley Road Gilbert AZ 85296 Planned 287 Gilbert102 Gallery Park SEC Loop 202 & South Power Road Mesa AZ 85296 Planned 100 Gilbert103 Lyon's Gate NWC South Wade Drive & East Williams Field Road Gilbert AZ 85295 Planned 360 Gilbert104 Noria Phase II 2177 South McQueen Road Chandler AZ 85286 Planned 246 Gilbert105 Premier at Eastmark South Ellsworth Road & East Ray Road Mesa AZ 85212 Planned 216 Gilbert106 Santan Village SEC East Ray Road & South Santan Village Pkwy Gilbert AZ 85295 Planned 301 Gilbert107 District at Chandler NWC South 95th Street & West Frye Road Chandler AZ 85224 Planned 320 Chandler108 Acero Estrella Commons I-10 & Estrella Pkwy Goodyear AZ 85338 Planned 352 Western Suburbs109 Avilla Gateway North 99th Avenue & West Indian School Road Avondale AZ 85392 Planned 50 Western Suburbs110 Camden North End Phase II 6800 East Mayo Blvd Phoenix AZ 85054 Planned 628 Union Hills111 Avilla at Jomax 27701 North Black Canyon Hwy Phoenix AZ 85085 Planned 211 Deer Valley112 Avilla Paseo SWC North 35th Avenue & West Deer Valley Road Phoenix AZ 85027 Planned 89 Deer Valley113 Bungalows on Jomax, The 27441 North Black Canyon Hwy Phoenix AZ 85085 Planned 141 Deer Valley114 Sage Phase II 28425 North Black Canyon Hwy Phoenix AZ 85085 Planned 232 Deer Valley115 Sunrise Village West Happy Valley Road & North Lake Pleasant Pkwy Peoria AZ 85383 Planned 140 Deer Valley116 Christopher Todd Collection on Mountain View West Carlin Drive & West Mountain View Blvd Surprise AZ 85374 Planned 217 Southwest Maricopa County117 Fillmore, The 355 North 5th Avenue Phoenix AZ 85003 Planned 609 Sky Harbor118 Palmcourt Tower NWC North 5th Street & East Van Buren Street Phoenix AZ 85004 Planned 354 Sky Harbor119 Avalon Villas 825 West Broadway Road Phoenix AZ 85041 Planned 108 South Phoenix120 1980 East Broadway Road 1980 East Broadway Road Tempe AZ 85282 Planned 90 North Tempe121 Alor 1100 East Apache Blvd Tempe AZ 85281 Planned 391 North Tempe122 Footprint SWC North Center Street & West Main Street Mesa AZ 85210 Planned 70 North Mesa

TOTAL PLANNED 16,398123 Cavasson, The Loop 101 & North Hayden Road Scottsdale AZ 85255 Prospective 1,600 North Scottsdale124 La Via 16001 North Scottsdale Road Scottsdale AZ 85254 Prospective 100 North Scottsdale125 Northsight Mixed Use 8680 East Raintree Drive Scottsdale AZ 85260 Prospective 300 North Scottsdale126 1000 North Scottsdale Road 1000 North Scottsdale Road Scottsdale AZ 85257 Prospective 282 South Scottsdale127 2040 North Scottsdale Road 2040 North Scottsdale Road Scottsdale AZ 85257 Prospective 170 South Scottsdale128 Alexan Scottsdale 2001 North Scottsdale Road Scottsdale AZ 85257 Prospective 282 South Scottsdale129 Blue Sky 4649 North Scottsdale Road Scottsdale AZ 85251 Prospective 329 South Scottsdale130 East Highland & Goldwater Blvd 7001 East Highland Avenue Scottsdale AZ 85251 Prospective 100 South Scottsdale131 L'Esperance NWC North Scottsdale Road & East Earll Drive Scottsdale AZ 85251 Prospective 77 South Scottsdale

Phoenix New Construction and Proposed Multifamily Projects

Source: Yardi Matrix© 2018 Berkadia Real Estate Advisors LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx

ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP

132 Museum Square NWC East 2nd Street & North Marshall Way Scottsdale AZ 85251 Prospective 300 South Scottsdale133 Palmeraie SWC East Indian Bend Road & North Scottsdale Road Scottsdale AZ 85253 Prospective 50 South Scottsdale134 Peacock Scottsdale 4601 North Scottsdale Road Scottsdale AZ 85251 Prospective 146 South Scottsdale135 Scottsdale Entrada NEC North 64th Street & East McDowell Road Scottsdale AZ 85257 Prospective 560 South Scottsdale136 WaterView North 73rd Street & East Camelback Road Scottsdale AZ 85251 Prospective 240 South Scottsdale137 Acoma Court SWC East Acoma Drive & North Scottsdale Road Scottsdale AZ 85254 Prospective 475 North Paradise Valley138 LMV Kierland 15825 North 71st Street Scottsdale AZ 85254 Prospective 299 North Paradise Valley139 North 24th Street & Arizona Biltmore Circle North 24th Street & Arizona Biltmore Circle Phoenix AZ 84016 Prospective 320 South Paradise Valley140 Metrocenter North 28th Drive & North Metro Pkwy East Phoenix AZ 85051 Prospective 250 Metrocenter141 Landmark on 67th NWC North 67th Avenue & West Olive Avenue Peoria AZ 85345 Prospective 56 Sun City - Youngtown - Peoria142 Paradise @ P83 North 75th Avenue & West Paradise Lane Peoria AZ 85382 Prospective 352 Sun City - Youngtown - Peoria143 3250 West Indian School Road 3250 West Indian School Road Phoenix AZ 85017 Prospective 81 Northwest Phoenix144 Arcadia Grand 2165 North 44th Street Phoenix AZ 85008 Prospective 331 Central East Phoenix145 Imperial, The 919 North 20th Street Phoenix AZ 85006 Prospective 140 Central East Phoenix146 North 44th Street & East Palm Lane North 44th Street & East Palm Lane Phoenix AZ 85008 Prospective 66 Central East Phoenix147 Pinnacle Club 2702 North 44th Street Phoenix AZ 85008 Prospective 164 Central East Phoenix148 333 East Mulberry Drive 333 East Mulberry Drive Phoenix AZ 85012 Prospective 104 Uptown149 4040 - 4060 North Central Avenue 4040 North Central Avenue Phoenix AZ 85012 Prospective 100 Uptown150 Broadstone Central 3450 North Central Avenue Phoenix AZ 85012 Prospective 192 Uptown151 C17 SWC North 17th Avenue & West Camelback Road Phoenix AZ 85015 Prospective 330 Uptown152 Camelback & Central SWC West Camelback Road & North Central Avenue Phoenix AZ 85013 Prospective 120 Uptown153 North 12th Street & East Devonshire Avenue NEC North 12th Street & East Devonshire Avenue Phoenix AZ 85014 Prospective 311 Uptown154 Omninet East 4801 North Central Avenue Phoenix AZ 85012 Prospective 181 Uptown155 Canyon, The NEC North Central Avenue & East Fillmore Street Phoenix AZ 85004 Prospective 100 Sky Harbor156 North 2nd Avenue & West Fillmore Street SWC North 2nd Avenue & West Fillmore Street Phoenix AZ 85003 Prospective 322 Sky Harbor157 North 2nd Avenue & West Monroe Street SWC North 2nd Avenue & West Monroe Street Phoenix AZ 85003 Prospective 100 Sky Harbor158 Presidential, The 1100 East Jefferson Street Phoenix AZ 85034 Prospective 84 Sky Harbor159 R Cubed SWC North 3rd Avenue & West Roosevelt Street Phoenix AZ 85003 Prospective 120 Sky Harbor160 St. Ambrose North 12th Street & East Van Buren Street Phoenix AZ 85006 Prospective 200 Sky Harbor161 Laveen Gardens 6650 South 27th Avenue Phoenix AZ 85041 Prospective 102 South Phoenix162 South Mountain Park & Preserve NEC South 7th Street & East Mineral Road Phoenix AZ 85042 Prospective 240 South Phoenix163 11 East 7th Street 11 East 7th Street Tempe AZ 85281 Prospective 100 North Tempe164 Tempe Crossroads 1010 East Orange Street Tempe AZ 85281 Prospective 264 North Tempe165 1850 East Main 1850 East Main Street Mesa AZ 85203 Prospective 100 North Mesa166 Sycamore Station 1830 West Main Street Mesa AZ 85201 Prospective 300 North Mesa167 Desert Jewel Phase III 2800 North Arizona Avenue Chandler AZ 85225 Prospective 72 South Mesa168 Village Square at Dana Park NWC East Baseline Road & South Val Vista Drive Mesa AZ 85204 Prospective 320 Superstition Springs169 Falcon Pointe at Pinelake SEC East Ocotillo Road & South Pinelake Way Chandler AZ 85249 Prospective 176 Gilbert170 Gabriella Pointe SWC South Wade Drive & East Warner Road Gilbert AZ 85296 Prospective 605 Gilbert171 Golden Lane SWC North 67th Avenue & West Alice Avenue Glendale AZ 85345 Prospective 192 Gilbert172 Ironwood District, The SEC East Ocotillo Road & North Gantzel Road San Tan Valley AZ 85140 Prospective 50 Gilbert173 Liv at Gilbert Crossroads SEC East Germann Road & South Mustang Drive Gilbert AZ 85297 Prospective 356 Gilbert174 Sterling at Verde, The SWC South Recker Road & East Williams Field Road Gilbert AZ 85295 Prospective 340 Gilbert175 Village Greens of Queen Creek SEC South Rittenhouse Road & East Village Loop Road North Queen Creek AZ 85142 Prospective 50 Gilbert176 Williams Gateway 17888 East Williams Field Road Gilbert AZ 85295 Prospective 198 Gilbert177 DC Heights 201 West Commonwealth Avenue Chandler AZ 85225 Prospective 250 Chandler178 1610 North 91st Avenue 1610 North 91st Avenue Phoenix AZ 85037 Prospective 166 Western Suburbs179 Amberlea North 83rd Avenue & West Palm Lane Phoenix AZ 85037 Prospective 136 Western Suburbs180 Centerscape at Palm Valley SEC North Bullard Avenue & West McDowell Road Goodyear AZ 85395 Prospective 50 Western Suburbs181 Christopher Todd Communities Estrella Commons 15354 West Van Buren Street Goodyear AZ 85338 Prospective 286 Western Suburbs182 Christopher Todd Communities on Dysart SWC North Dysart Road & West Indian School Road Avondale AZ 85392 Prospective 370 Western Suburbs183 Cornerstone at the Wigwam NWC North Litchfield Road & West Wigwam Blvd Litchfield Park AZ 85340 Prospective 313 Western Suburbs184 Harmony at Goodyear 4195 North Falcon Drive Goodyear AZ 85395 Prospective 288 Western Suburbs185 North 146th Avenue & West Palm Lane SEC North 146th Avenue & West Palm Lane Goodyear AZ 85395 Prospective 188 Western Suburbs186 Peoria Avenue & Perryville Road NWC West Peoria Avenue & North Perryville Road Waddell AZ 85355 Prospective 250 Western Suburbs187 Virtua 99th North 99th Avenue & West Encanto Blvd Avondale AZ 85392 Prospective 250 Western Suburbs188 Shea at North Tatum SEC East Grovers Avenue & North Tatum Blvd Phoenix AZ 85254 Prospective 1,044 Union Hills189 Trillium 101 20350 North 7th Avenue Phoenix AZ 85027 Prospective 295 Union Hills190 Avilla Lago NWC West Beardsley Road & North Lake Pleasant Road Peoria AZ 85382 Prospective 120 Deer Valley191 Jomax West Jomax Road & Norterra Pkwy Phoenix AZ 85085 Prospective 260 Deer Valley192 NorTerra Mixed Use NWC North 19th Avenue & West Happy Valley Road Phoenix AZ 85085 Prospective 1,100 Deer Valley193 Christopher Todd at Vistancia SWC West Happy Valley Road & North Vistancia Blvd Peoria AZ 85383 Prospective 222 Southwest Maricopa County194 Happy Valley SWC West Happy Valley Road & Loop 303 Peoria AZ 85383 Prospective 250 Southwest Maricopa County195 Lake Pleasant Heights West Lone Mountain Pkwy & North El Mirage Road Peoria AZ 85383 Prospective 100 Southwest Maricopa County196 North 3rd Street & East Pierce Street Phase II NEC North 3rd Street & East Pierce Street Phoenix AZ 85004 Prospective 204 Sky Harbor197 North 3rd Street & East Pierce Street Phase III NEC North 3rd Street & East Pierce Street Phoenix AZ 85004 Prospective 156 Sky Harbor

TOTAL PROSPECTIVE 19,097

TOTAL PHOENIX 50,483

Phoenix New Construction and Proposed Multifamily Projects