South Florida Multifamily 2018 Mid-Year Update

PALM BEACH MULTIFAMILY MARKET SUMMARY

$930M

$28,200,000 YTD Average Sale Price

$170

$198,770

2018 Sales (YTD)

YTD Average Sale PSF

YTD Average Sale per Unit

$1,506

92.9%

1,731

71,702

Average Rent Per Unit

Occupancy Rate

Annual Unit Net Absorption Inventory of Rentable Units

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM 10 YEAR $ SALES VOLUME 2017 2016 2015 2014 $505,418,189 2013 2012 $380,142,139 2011 2010 2009 $117,216,794 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2009 2010

ASKING RENT PSF

ASKING RENT GROWTH

EFFECTIVE RENT GROWTH

# OF SALES

TOTAL # OF UNITS

ASKING RENT

EFFECTIVE RENT

EFFECTIVE RENT PSF

NET ABSORP

NEW UNITS

VACANCY

2018 (YTD) $931,039,098 33 71,702 $1,506 $1.48 1.6% $1,486

$1.46

2.1% 7.1% 1,731

1,449

$1,184,468,480 38 70,256 $1,483 $1.45 2.3% $1,456

$1.43

1.7% 7.6% 1,424 2,329

$1,542,773,544 50 68,620 $1,450 $1.42 3.6% $1,431

$1.40

2.9% 7.5% 1,017 1,925

$886,276,202 49 66,875 $1,399 $1.37 9.6% $1,391

$1.37

9.3% 6.6% 1,604 2,174

36 64,717 $1,277 $1.26 6.0% $1,273

$1.25

6.5% 6.0% 1,679 1,846

$325,992,035 23 63,030 $1,205 $1.19

4.5% $1,195

$1.18

5.0% 6.1% 2,956 2,981

20 60,059 $1,153 $1.13

5.5% $1,138

$1.12

4.9% 6.5% 1,089 481

$275,895,600 13 59,591

$1,093 $1.08 2.8% $1,085

$1.07

2.8% 7.6% 568 716

$262,035,358 12 58,910 $1,063 $1.06 1.6% $1,055

$1.05

1.6% 7.6% 1,075 465

9 58,490 $1,046 $1.04 -2.5% $1,038

$1.03

-2.5% 8.8% 542 673

Palm Beach Apartments Under Construction 11 apartment buildings totaling 2,911 units under construction in Palm Beach BUILDING Alta at Cortina Central Gardens The Alexander Azola West Palm

# OF UNITS

EXPECTED COMPLETION

CITY

Boynton Beach

324

2019

West Palm Beach 179

2019 2018 2018 2018

P B Gardens

124

West Palm Beach 205 West Palm Beach 290

Brightline Station Apts.

Palm Beach Deliveries Versus Absorption

2011

2012

2013

2014

2015

2016

2017

2018 (YTD)

Net Absorption (Units)

Deliveries (Units)