Market Update Newsletter Q1 2017

MULTIFAMILY INVESTMENT SOUTH FLORIDA TEAM | SOUTH FLORIDA YEAR $ SALES VOLUME # OF SALES TOTAL # OF UNITS ASKING RENT ASKING RENT PSF ASKING RENT GROWTH 2017 (YTD) $46,875,000 5 2016 $1,266,145,979 51 2015 $832,152,724 2014 $482,599,189 2013 $273,242,418 22 63,042 $1,174 $1.16 2012 $354,481,000 21 60,308 $1,113 $1.11 2011 2010 $268,935,358 11 2009 $121,138,414 2008 $45 MILLION $9.4 MILLION $147 PSF 2017 Sales (YTD) YTD Average Sale Price $1,411 93.7% Average Rent Per Unit Occupancy Rate PALM BEACH MULTIFAMILY MARKET SUMMARY EFFECTIVE RENT EFFECTIVE RENT PSF 68,476 $1,411 $1.39 0.6% $1,387 $1.37 68,358 $1,402 $1.38 4.6% $1,391 $1.37 42 66,966 $1,340 $1.33 8.1% $1,333 $1.32 35 64,904 $1,240 $1.23 5.6% $1,236 $1.22 5.5% $1,162 $1.15 4.3% $1,098 $1.09 $282,395,600 15 59,905 $1,067 $1.07 1.8% $1,060 $1.06 59,224 $1,048 $1.05 2.4% $1,041 $1.04 10 58,804 $1,023 $1.02 -2.1% $1,015 $1.02 $100,031,000 9 58,392 $1,045 $1.05 -3.0% $1,037 $1.04 YTD Median Sale PSF 406 UNITS

$137,381

YTD Median Sale per Unit

68,476 UNITS

Annual Unit Net Absorption Inventory of Rentable Units

EFFECTIVE RENT GROWTH

NET ABSORP

NEW UNITS

VACANCY

-0.3% 6.3% 406 118

4.4% 6.9% 593 2,020

7.8% 6.0% 1,685 2,097

6.4% 5.6% 1,843 2,021

5.8% 5.7% 2,700 2,746

3.6% 6.0% 960 416

1.8% 6.9% 776 716

2.6% 7.3% 1,275 466

-2.1% 8.8% 630 673

-3.0% 9.2% 21

488

Palm Beach Apartments Under Construction 12 apartment buildings totaling 3,634 units under construction in Palm Beach BUILDING Allure Boca 500 Ocean

# OF UNITS

EXPECTED COMPLETION

CITY

Altis Boca Raton

Boca Raton Boca Raton

513

2018 2018 2017 2017 2018

282 341 284

Boyton Beach Delray Beach

Alta Delray Station

West Palm Beach 290

Brightline Station Apts.

Palm Beach Deliveries Versus Absorption

3,000

2,500

2,000

1,500

1,000

500

0

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017 (YTD)

Net Absorption (Units)

Deliveries (Units)

Cushman & Wakefield

10