South Florida Multifamily 2018 Mid-Year Update

BROWARD MULTIFAMILY MARKET SUMMARY

$640M

$17,250,000 YTD Average Sale Price

$175

$179,652

2018 Sales (YTD)

YTD Average Sale PSF

YTD Average Sale per Unit

$1,465

94.7%

2,476

122,609

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 8 YEAR $ SALES VOLUME 2018 (YTD) $637,763,313 2017 2016 2015 2014 $731,689,336 2013 2012 $782,427,017 2011 $420,311,582 2010 2009 $149,843,728 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 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

37 122,609 $1,465 $1.51 1.9% $1,451

$1.50

2.3% 5.3% 2,476 1,133

$1,574,858,130 76 121,476 $1,438 $1.49 3.5% $1,419

$1.47

3.4% 6.5% 3,010 3,814

$2,385,610,508 103 117,899 $1,390 $1.44 2.7% $1,372

$1.42

1.8% 6.2% 1,252 3,380

$1,620,810,057 97 114,555 $1,354 $1.40 8.1% $1,348

$1.40

8.0% 4.5% 2,467 2,369

77 112,227 $1,253 $1.30 5.6% $1,248

$1.29

5.9% 4.8% 4,097 4,283

$684,063,801 62 108,028 $1,187 $1.23 4.4% $1,179

$1.22

4.6% 4.8% 2,696 2,194

59 105,932 $1,137 $1.18 4.4% $1,127

$1.17

4.2% 5.5% 1,321

1,019

31

105,206 $1,089 $1.13 2.1% $1,082

$1.12

2.1% 6.1% 498 725

$475,644,800 17 104,622 $1,067 $1.11

1.6% $1,060

$1.10

1.7% 6.1% 2,146 952

29 103,762 $1,050 $1.09 -3.7% $1,042

$1.09

-3.7% 7.4% 1,862 2,410

Broward Apartments Under Construction 21 apartment buildings totaling 6,191 units under construction in Broward BUILDING

# OF UNITS

EXPECTED COMPLETION

CITY

790 E Broward

Fort Lauderdale

329

2019

AMLI Plantation

Plantation

286

2018

Morgan on 3rd

Fort Lauderdale

357

2018

Village at Crystal Lakes

Deerfield Beach

125

2018

280

2018

Altis Pembroke Gardens

Pembroke Pines

Broward Deliveries Versus Absorption

2011

2012

2013

2014

2015

2016

2017

2018 (YTD)

Net Absorption (Units)

Deliveries (Units)