South Florida Multifamily 2020 Forecast

PALM BEACH MULTIFAMILY MARKET SUMMARY

$870M 2019 Sales

$19,350,000 2019 Average Sale Price

$180

$167,660

2019 Average Sale PSF 2019 Average Sale per Unit

$1,612

93.7%

927

70,465

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 2015 $888,583,151 2012 $397,162,417 2011 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2010 2011

EFFECTIVE RENT GROWTH

ASKING RENT GROWTH

ASKING RENT PSF

NET ABSORP

NEW UNITS

EFFECTIVE RENT

EFFECTIVE RENT PSF

# OF SALES

TOTAL # OF UNITS

ASKING RENT

VACANCY

2019 $869,821,410 45 70,465 $1,612 $1.59

4.3% $1,602

$1.58

5.5% 6.3% 927 1,527

2018 $1,497,216,822 61

68,938 $1,545 $1.52

3.2% $1,519

$1.49

3.8% 5.6% 2,924 1,984

2017 $1,188,544,719 37 66,954 $1,497 $1.47

3.4% $1,463

$1.44

2.4% 7.3% 1,130 2,749

2016 $1,535,027,318 52 64,898 $1,448 $1.43

4.2% $1,429

$1.41

3.9% 6.6% 1,113 1,306

50 63,772 $1,390 $1.37

9.7% $1,375

$1.35

9.6% 6.7% 1,043 1,622

2014 $577,918,189 39 62,166 $1,267 $1.25

6.0% $1,255

$1.24

6.0% 6.0% 1,444 1,693

2013 $408,905,378 24 60,632 $1,195 $1.18

4.4% $1,184

$1.17

4.5% 6.0% 2,929 2,531

21

58,111

$1,145 $1.13

5.3% $1,133

$1.12

5.0% 7.0% 1,119 825

$271,650,706 13 57,299 $1,087 $1.08

2.8% $1,079

$1.07

2.9% 7.7% 143 144

2010 $304,605,358 15 57,188 $1,057 $1.05

1.6% $1,049

$1.05

1.6% 7.7% 850 248

Palm Beach Apartments Under Construction 9 apartment buildings totaling BUILDING

# OF UNITS

EXPECTED COMPLETION

CITY

Atlantic Crossings

Delray Beach

261

2022

2,440 units under construction in Palm Beach

Georgia Gardens

West Palm Beach

87

2020

Uptown Boca

Boca Raton

456

2021

Cortina III

Boynton Beach

433

2022

Aura Boca

Boca Raton

322

2022

Palm Beach Deliveries Versus Absorption

2012

2013

2014

2015

2016

2017

2018

2019

Net Absorption (Units)

Deliveries (Units)