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SOUTH FLORIDA MULTIFAMILY 2023 FORECAST

CUSHMAN & WAKEFIELD MULTIFAMILY INVESTMENT SOUTH FLORIDA TEAM A trusted advisor, with over $80 BILLION in apartment sales in Florida.

APARTMENT SALES IN SOUTH FLORIDA # 1

MULTIFAMILY UPDATE 2023 SOUTH FLORIDA

MULTIFAMILY MARKET UPDATE SOUTH FLORIDA

In 2022, there were 631 multifamily sales totaling 26,390 units and just under $9 billion in volume. This is the second highest year on record. Pricing remains strong with all three South Florida counties (Miami-Dade, Broward, and Palm Beach) experiencing record average per unit sales of $350,874; $312,369, and $385,215, respectively in 2022. South Florida multifamily fundamentals remain enviable versus virtually anywhere else in the U.S. Following record rent increases in 2021, effective rents continued to increase in 2022 by 6.6% in Miami-Dade, 4.8% in Broward, and 1.4% in Palm Beach County. Vacancies marginally increased in all three counties as deliveries outpaced absorption, but the market still favors the landlord on leases. Within the last year the 10-Year Treasury increased from around 1.75% to 3.5% (and topped out at 4.25% in October 2022). In effect, the 10 Year Treasury has doubled in the last year, and sales volume remains strong. How can this be? There are several factors as outlined below: Let’s start with timing. In the first half of 2022, there was $5.1 billion in sales (57% of total sales), versus $3.9 billion (43% of total sales) in the second half of 2022. So, yes sales volume dropped in the second half of 2022. However, if you annualized the second half of 2022 it would still represent the third highest sale activity in South Florida ever. While sale activity is down from record levels it has remained elevated despite a challenging debt environment. Overall sales will likely be down in 2023 but still above pre pandemic levels. Next is pricing. Cap rates have increased due to the higher cost of debt. Cap rates today are ranging between 4.25%-4.5% for Class A properties. Class B and C cap rates are ranging between 4.75% to 5.5%. Many sellers have acknowledged the higher cap rates and deals continue to happen. Interestingly, this has not translated into any noticeable price changes. For example, in the second half of 2022, South Florida witnessed a record average per unit sale price of $353,382 versus $331,802 per unit in the first half of 2022. With the uncertain macro backdrop, sellers’ priorities have shifted, with surety of closing deals now at the top of their list. Depending on terms, debt today ranges between 5% and 6%. In most cases the in place cap rate is below the interest rate. There are three prevailing reasons for this: 1) Many private capital investors have capital lined up or are nimble enough to swap to an all-cash offer as the debt markets shift. In many instances, private capital investors are looking towards acquiring smaller properties on an all cash basis and anticipating putting on new debt one to two years after acquisition at more favorable interest rates. Where once an investor would seek a larger acquisition with leverage, they are now focused on similar equity outlays, often with proximity to properties they own, but on an all-cash basis. Consequently, 2023 is expected to be a very active environment for deals that are $20 million or less. $9BILLION :: SECONDHIGHESTYEARFOR MULTIFAMILY SALES IN SOUTH FLORIDA.

For more information, contact: CALUM WEAVER EXECUTIVE MANAGING DIRECTOR +1 954 377 0517 direct +1 786 443 3105 mobile calum.weaver@cushwake.com

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2) Rent growth remains elevated, despite being below the records seen in 2021, and investors recognize that there remains significant upside on deals that have notable loss-to-lease or value-add potential. 3) South Florida multifamily fundamentals remain excellent and arguably the best in the U.S. There continues to be an influx of domestic capital, mostly made up of high-net-worth investors, that are looking to invest in South Florida as they seek to move capital and sell assets in states where rent restrictions are becoming burdensome. Despite the bullish sale activity and multifamily fundamentals there remain headwinds. The Fed is committed to reducing inflation, which is creating volatility in the interest rate and financial market environment. Financial markets will stabilize as the path of the Fed becomes clearer and the proverbial basic rules of the game are better grasped. Typically, interest rates and the financial markets respond swiftly as the Fed cuts rates. Even before rate cuts, as the markets gain clarity on terminal (peak fed funds rate), other rates including treasuries, corporate bond yields, and comparative CRE lending spreads. The 10-Year Treasury decreasing 75 basis points in the last three months suggests this downward movement has already begun. The increase in population will continue to have implications for South Florida’s multifamily market. Last year, the world’s population reached 8 billion. In 1974 the worlds population was 4 billion, so it has doubled in less than 50 years. South Florida’s growth is even more pronounced. The region today is home to over 6.3 million people. In 1979, South Florida’s population was 3.15 million, so it has also doubled in just 43 years. The growth of the region shows no signs of slowing and with an array of corporate relocations and people moving to the area, the population growth will keep increasing in the coming years. In fact, by 2030, the South Florida population is forecasted to grow by 7.5% to over 6.8 million. There will always be bumps in the road, but South Florida’s multifamily resiliency is unquestionable. News headlines, inflation, and fears of a recession can skew judgement. Fellow Englishman Winston Churchill once said. “ The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty.” South Florida multifamily will continue to be a bright spot and the optimists in the market recognize this. In the following section are compiled key data points along with thoughts and commentary on the South Florida multifamily market:

MULTIFAMILY INVESTMENT SALES ANALYSIS | SOUTH FLORIDA GRAPH 1 :: SOUTH FLORIDA HISTORICAL PRICE/UNIT VERSUS PRICE/SF

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

$400

$400,000

MIAMI-DADE BROWARD PALM BEACH

$350

$350,000

$300

$300,000

$250

$250,000

$200

$200,000 Price per Unit

Price Per SF

$150

$150,000

$100

$100,000

$50

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Average per Unit

Average Per SF

* $1MM+ multifamily sales

Source: Cushman & Wakefield

GRAPH 2 :: SOUTH FLORIDA HISTORICAL TRANSACTION VOLUME VERSUS NUMBER OF TRANSACTIONS

$10.0 $12.0 $14.0

100 150 200 250 300 350 400

MIAMI-DADE BROWARD PALM BEACH

$0.0 $2.0 $4.0 $6.0 $8.0

Dollar Volume Billions

Number of Transactions

0 50

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Dollar Volume

Number of Transactions

* $1MM+ multifamily sales

Source: Cushman & Wakefield

MULTIFAMILY SALES • In 2022 there were 631 multifamily sales totaling $9 billion. This is the second highest year on record. • The Cushman & Wakefield Multifamily team in 2022 completed $4.65 billion in sales – 51% of the entire sale activity within South Florida (this includes any multifamily sale with 5+ units and over $1 million). • In 2022, all three South Florida counties (Miami-Dade, Broward, and Palm Beach) experienced record average per unit sales of $350,874 and $312,369 and $385,215 respectively. • 44% of the sale volume was in Miami-Dade, 37% in Broward and 19% in Palm Beach County. • The type of deals varied in each county. Class A sales in Miami-Dade were at 54% of total sales activity, 27% in Broward, and 40% in Palm Beach. RENTS • At 6.8% Miami-Dade had the highest rent growth in 2022 of any major market in the US. At 5.1% Broward made the top ten list of rent growth markets. Palm Beach snuck its way into the top 50 markets at 1.7% rent growth. • Effective rents are at record levels in all three counties. Average effective rents in Miami-Dade are $2,000, $2,204 in Broward, and $2,388 in Palm Beach.

• Aventura, Coral Gables, Fort Lauderdale, Pembroke Pines, Boca Raton, Delray Beach, and Palm Beach Gardens/ Jupiter submarkets each have rents averaging over $2,500 per unit. • There remains a significant delta between recent leases and effective leases at many properties. While rent growth has lowered from 2021 records, significant opportunities remain for investors to take advantage of notable loss to-lease upside with in-place rents notably below market and/or recent leases at the property. • Collections remain strong. We continue to closely monitor collections. If a softening were to happen, it’s predicated that collections, not rent growth will have a greater impact on revenue. VACANCY RATES AND ABSORPTION • Vacancies increased in all three counties in 2022. Miami Dade vacancies increased from 3.2% to 4.7%, Broward from 3.4% to 5.4%, and Palm Beach 4.6% to 6.4%. • Vacancies increased due to new supply. In 2022, there were 4,742 net units absorbed in South Florida. During that same period, there were 11,294 new units delivered to the market. • After a record 2021 of 20,608 units of net absorption, 2022 net absorption decreased to 4,742 units, the lowest level in 10 years. This is a trend to follow in 2023.

3

$2,600

10.00%

GRAPH 3 :: SOUTH FLORIDA ASKING RENT VS VACANCY RATE

MIAMI-DADE

BROWARD

PALM BEACH

$2,400

7.50%

$2,200

$2,000

5.00%

$1,800

$1,600 Asking Rent

Vacancy

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM $1,200 $1,400 2013 2014

2.50%

0.00%

2015

2016

2017

2018

2019

2020

2021

2022

Asking Rent

Vacancy Rate

Source: Cushman & Wakefield

VACANCY RATES AND ABSORPTION (CON’T) • Absorption levels are likely to be below the 18,513 units scheduled for delivery in 2023, which will likely increase vacancies in the coming year by 1.0% to 2.0%. • Submarket with 3.0% or less vacancy levels include: Coconut Grove, Hialeah/Miami Lakes, Westchester Tamiami, and Greenacres. CAP RATES AND UNDERWRITING ASSUMPTIONS • Cap rates increased in 2022 due to higher interest rates. • Cap rates today range between 4.25%-4.5% for Class A properties. Class B and C cap rates are ranging between 4.75% to 5.5%. • Investors continue to underwrite rent growth, loss-to-lease burn off and low bad debt write-offs. • At the time of writing, the 10-Year treasury is around 3.5%. This is double from one year ago. • While cap rates have increased, they have not moved in unison with the changing debt. This was explained earlier in report. • More transactions are occurring with lower leverage – 50%-60% LTV to take advantage of more favorable interest rates/debt terms. Opportunities with attractive assumable loans will be highly desirable.

WHO’S BUYING • Private capital continues to be the most active in the market. More specifically, out-of-state private capital continues to enter the South Florida region and is spurred by the positive market fundamentals, and a business friendly environment. • The last two years saw fewer new foreign capital inflows. A strong dollar and Covid were largely responsible for this. More recently, however, there has been an uptick in foreign capital seeking multifamily opportunities. Latin America, Europe and Canada remain the largest foreign buyers of multifamily in South Florida. • Investment committees remain patient in considering acquisitions. • 41% of 2022 sales volume was in newly built Class A product. Historically, this product was primarily the market for institutional investors and REIT’s. Ultra-high net worth investors and large private capital groups have become increasingly competitive within this space. • Many fixed rate loans maturing in 2023 will be facing significantly higher coupon rates. While floating rate loans will be able to consider extension options, thereby offering some protection from maturity and refinancing risk, many will also face higher interest rate

8.0%

GRAPH 4 :: UNEMPLOYMENT RATE

7.0%

MIAMI-DADE

6.0%

BROWARD

PALM BEACH

5.0%

SOUTH FLORIDA

4.0%

3.0%

2.0%

1.0%

0.0%

1.9%

2.8%

3.0%

7.5%

7.3%

6.3%

3.3%

3.5%

3.1%

1.5%

2.5%

2.6%

Nov-2019

Nov-2020

Nov-2021

Nov-2022

Source: BLS

4

cap costs, putting some borrowers in a difficult position. Collectively, these dynamics suggest that many owners of maturing properties will need additional debt or equity capital as maturity looms. • Some investors are on the sidelines waiting for selling based out of some sort of necessity, whether that be distress, loan maturity, fund maturity or in response to redemption requests. These opportunities remain limited in scope. Some developers and GPs are also recognizing that they can still crystalize solid returns, having already achieved strong value creation over the last several years. NEW SUPPLY • There are 44,780 units under construction in South Florida. This represents 13.1% of the current apartment inventory. • Since 2018 49,717 units have been built – an average of 9,943 units per year. For the same period, net absorption in South Florida totaled 52,060 units or an average of 10,412 units per year. In short, the market remains in equilibrium despite new supply outpacing net absorption in 2022 by 6,552 units. • Development activity looks to be slowing. Despite falling input prices, construction costs haven’t abated – even if they had, the cost of development equity and debt has increased dramatically, meaning the cost to build has started to border on prohibitive in some markets. With some markets posing a significant barrier to homeownership - Miami’s is ranked as the least affordable housing market in the country – demand will have a very minimal release valve, keeping pressure on the rental pool. • Submarkets with the greatest number of units under construction include Brickell/Downtown 9,192 units; West Palm Beach 3,611 units; and Hialeah/Miami Lakes 3,657. RENTAL DEMAND • In 2022, South Florida’s population increased by 64,374 or about 1%. This was more than the 55,213 population increase for all of 2021. Palm Beach recorded the highest population growth at 1.5%. • In the last 10 years, the South Florida population grew by 555,000 – a 9.6% increase. • By 2030, the South Florida population is forecasted to grow by 7.5% to over 6.8 million. • Population growth has been spurred by employers and employees migrating from other states due to the business-friendly environment and workers who can operate remotely choosing South Florida as their new home. • There have been over 100 corporate relocations to South Florida including: Kirkland & Ellis, Citadel, Starwood, West Marine, and Thomas Bravo. This has contributed to a robust and healthy office market, job growth and multifamily rental demand. • Newhousehold formations - the number of newhouseholds created each year. Household formations in South Florida

are expected to increase to over 37,000 each year in the next five years. Assuming this projection materializes, with 50% entering homeownership and the other 50% as renters that represents over 18,500 new renters per year in South Florida. HOME PRICES CONTINUE TO INCREASE • Contrary to other markets, the single family home market in South Florida remains strong. The 12-month median home price in South Florida increased by 17.2% to $562,395. • Miami-Dade increased by 15.5% to $594,646. Broward increased by 17.3% to $517,487 and Palm Beach increased by 20.8% to $563,356. • Average home values are increasing at greater rate than rents, making ownership for many even tougher. The median home price in South Florida is $562,395 With 5% down, the mortgage would be around $3,350, which is ±$1,100 more than the average rent in the market. • The homeownership rate in South Florida decreased slightly from 60.6% to 59.4%. This is still significantly below the 2005 homeownership rate of 69.2%. JOBS. JOBS. JOBS. • As of November 2022, the unemployment rate in Miami Dade is 1.5%; Broward is 2.5%; and Palm Beach 2.6%. The overall South Florida unemployment rate is 2.1% which is the lowest level for any major metro area in the U.S. • The average median income in South Florida increased in 2022 to just under $66,000. Incomes increased by 3.2% in South Florida in the past 12 months. LOOKING AHEAD 2023 sale volume is expected to be strong in two areas, 1) large new construction properties and 2) small cap properties under $10-$15 million. The second half of 2023 will see more transactions as debt markets settle and more buyers and sellers become aligned on pricing. Fundamentals will continue to be strong. Positive sentiment is reflected from investors, according to a recent Cushman & Wakefield national sentiment survey. Investor intentions are the clearest barometer of that optimism: across all respondents, 76% said they would be net buyers of multifamily in the coming year. Inflation came quickly, peaked, and may depart at similar speeds with forecasts of mid 3% by year-end. The CPI trailing three-month annualized rate of 1.8% shows just how much improvement has registered over the last few months and points to the expected improvement in year-over-year pace to come. One could contend the battle of inflation will be won through an economic slowdown. Perhaps, but not necessarily impacting South Florida. The fundamentals referenced herein suggest the region is uniquely positioned to withstand, and continue to thrive at the expense of other areas of the U.S. A business friendly environment, climate/ lifestyle, and existing and new infrastructure projects have more individuals, companies and investors looking to be part of the South Florida experience. These trends are expected to continue.

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

5

A CONVERSATION ON INSURANCE WITH BRYAN SWICICKI AT BCI INSURANCE. Cushman & Wakefield sat down with Bryan Swicicki to discuss the current South Florida insurance market. Bryan has placed more than $8 Billion in commercial property insurance concentrated in the Habitational and Retail sectors. He has extensive experience negotiating insurance requirements with bank, agency CMBS and life company financing.

INSURANCE IS OBVIOUSLY AN IMPORTANT FACTOR IN MANY REAL ESTATE TRANSACTIONS. HOW WOULD YOU DESCRIBE THE CURRENT INSURANCE MARKET AND WHAT CHANGES DO YOU SEE ON THE HORIZON? Property insurance costs and even availability for real estate investors have been under considerable pressure for the last 12-18 months. Nationally, average rate increases for both the Property and Liability sectors have ranged between 10% and 40%. Unfortunately, in Florida, we are seeing this and worse. In the past year, we have seen a significant reduction in capacity. Increased construction costs and changes to climate models are driving costs even higher locally. Investors can expect increased insurance costs and reduction in coverage options. Increases on renewals will be commonplace. New purchases will typically trade with higher insurance costs than the seller previously experienced. One underwriter recently described the situation as, “turning all the dials.” As companies increase rates, they are also raising the amount of coverage required and increasing deductibles. It has become the norm for property insurers to only offer 10 or 15% wind deductibles while lenders typically require 5%. We are seeing the need for wind deductible buy down policies to satisfy lender requirements. The most important factor in obtaining a favorable insurance program is to work with a local broker with specific experience in South Florida habitational insurance. The market is fluid and a specialist will know how to best present your property to underwriters and which carriers to approach. If you control several properties, underwriters may give better terms on the entire portfolio when the program is properly designed and implemented. WHAT DO THESE TRENDS MEAN TO REAL ESTATE INVESTORS? HOW DOES AN INVESTOR MITIGATE COSTS AND PROCURE THE MOST SUITABLE COVERAGE?

CAN YOU SHARE AN EXAMPLE OF A STRATEGY THAT HAS HELPED WITH INSURANCE COSTS? Out of necessity or the goal of obtaining better coverage options, we have found the “layering” of property insurance limits to be beneficial. With this strategy, we can arrange for several carriers to share the risk instead of one carrier insuring an entire building or portfolio. While this approach has historically been used for larger values, we are now seeing it done on deals of $5 million and under. The importance of having a seasoned insurance specialist who can thoroughly review and help you understand your insurance policies cannot be stressed enough. Knowing the answers to a few important questions such as: “do I have more coverage than I require?” and “are my properties rated correctly?” can make all the difference in positively influencing your insurance portfolio. Further, accurate details about your properties including building attributes such as construction type, year built, and distance to the coast are making a greater difference than before in the cost of insurance. In addition, factors such as the age of a roof are critical; replacing roofs over 10-15 years old may make a substantial difference in premiums. Lastly, be sure to investigate your insurance options at every renewal to ensure you are optimizing your portfolio. For more information or to discuss your specific situation contact Bryan Swicicki, CIC 772-359-5490 info@bci-ins.com WHAT CAN I DO TO INFLUENCE MY INSURANCE PORTFOLIO?

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

Insurance FLOR IDA

6

DEBT OPTIONS IN TODAY’S MARKET

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

The Federal Reserve’s actions to combat historically high inflation rates dominated 2022 and will continue to be the driving force in commercial lending in 2023. The Federal Reserve moved the Fed Funds rate 450 basis points over the last 12 months, driving up floating rate borrowing costs and creating a domino effect of capital repricing throughout the industry. As 2023 begins there are encouraging signs that the capital markets are adjusting to the new higher rate environment. The gap between cap rates and borrowing costs continues to narrow and we are seeing decreasing instances of negative leverage. A key trend into 2023 will likely be the widening gap between short term, floating rates and longer-term fixed rate borrowing costs. Fed action and concern over a possible 2023 recession have dramatically inverted the yield curve, leading to significantly higher short term borrowing costs versus longer term durations. Treasury rates also dramatically increased over 2022 but have trended lower since, supporting attractive fixed rate loan options. Fixed rate borrowing spreads have also decreased 20+bps from their Q4 highs and term (5 – 10 year) loans are pricing in the low to mid 5% range. The result is longer duration, fixed rate borrowing costs averaging 200 – 250 basis points lower than floating rate options. Multifamily remains a favored asset class among lenders with the highest level of both equity and debt liquidity in the CRE space.Agency, Bank, Insurance and Debt Fund lenders remain engaged in the market, although at widely differing levels of pricing and leverage. Multifamily fundamentals remain healthy relative to other CRE asset classes, with rent growth and occupancy forecast to remain strong. Also, Florida remains a favored market for both equity and debt capital. Dislocations across the debt markets have contributed to increased interest in Agency financing . Overall lending caps for Fannie Mae and Freddie Mac for 2023 total $150 billion ($75 billion each), with 50% of this amount reserved for “mission driven” lending (loans with some affordability component). Lending spreads at the start of Q1 are 20 – 25bps lower than where they averaged in Q4 2022. These lower spreads combined with a pullback in treasury rates should notably increase the appeal of agency loans relative to other sources. Fannie Mae, Freddie Mac, and HUD remain the de-facto lenders for stabilized Class B and C properties as well as those located in secondary and tertiary markets. Debt Funds remain the source for the highest leverage in today’s market. Lending spreads have stabilized in the +325 to +400 range for loans between 65%-70% LTC while higher leverage options are generally +400 and greater. The continued rise in the SOFR index has driven overall debt fund rates in excess of 7.5%, weakening demand for these loans. However, debt funds remain the single best source for high leverage, shorter duration, interest-only acquisition financing. Debt fund loans remain a compelling option for borrowers with high conviction in their business plans and a clear 18- to 36-month exit strategy. Federally mandated reserve increases and concern over a possible 2023 recession have moderated Bank appetite for new CRE loans. Tighter regulatory scrutiny has also resulted in higher debt yield and DSCR requirements, depressing average proceeds. For borrowers that are able to access bank loans, they remain among the cheapest sources of financing available, with pricing typically 150-200+ basis points inside of debt fund executions (though at lower leverage). Life Companies largely moved to the sidelines during H2 2022, as volatility in rates combined with historic production levels earlier in 2022 lead to very little motivation to pursue new business. New allocations for 2023 have created significant re-engagement from Life Co lenders for both lower leverage, fixed rate loans as well as higher leverage, floating rate opportunities. Lower leverage (58% - 62% LTC) life co bridge loans generally price 20bps+ inside of traditional debt funds. Interest Rate Outlook . 2022 opened with SOFR at 0.05% and the 10-Year US Treasury at 1.50%. The following 12 months saw the largest and most rapid increase in borrowing costs in over 40 years. As we enter 2023, SOFR stands at 4.35% with current market consensus projecting SOFR topping out at 5% - 5.25% during H1 2023. Once that “peak rate” is achieved the Fed is projected to pause and reassess their policy in relation to inflation and overall economic impact. Longer term and fixed rate borrowing costs are governed by US treasury rates. Treasury rates peaked at over 4.2% during Q4 2022 but have since trended lower with the 10-year currently ranging between 3.45% - 3.6%. The forward curve projects the 5-, 7- and 10-year treasuries to all trend gradually lower through 2023. This should push many borrowers to consider fixed rate options versus floating rate loans during the first half of 2023.

LENDER TYPE BANK

GSE (FANNIE/FREDDIE)

BRIDGE (LIFECO + DEBT FUND)

Recourse

Full, Partial, or Non-Recourse

Non-Recourse

Non-Recourse

Up to 75% LTV (DSCR loan constraint currently limits to 55%- 65%)

Leverage

Up to 65% LTV (DY limits to 50-60%)

Up to 75% LTC

Loan Type

Fixed or Floating rate

Fixed or Floating rate

Floating rate

Term

Floating: 3-5 years Fixed: 5-7 years

7, 10, 12 or more years

3 +1+1

Prepayment Lender Fees Interest Only Amortization

Flexible

Yield maintenance / Defeasance

Flexible

0.50% origination

Par

1.0%-1.50% origination, 0.25% ext

Half to full term, depending on leverage

Half to Full term, depending on leverage

Full term

25 to 30 Years

30 years

N/A

Index

SOFR, Prime or Swaps Fixed: 1.60% to 2.3% Floating: 1.60% to 2.2% Fixed 4.90% to 5.50% Floating: 6.10% to 6.70%

Treasuries or SOFR Fixed: 1.65% to 2.30% Floating: 2.0% to 2.7% Fixed: 5.15% to 5.80% Floating: 6.50% to 7.20%

SOFR

Up to 65% LTC: 3.0% to 3.75% Up to 75% LTC: 3.75% to 4.5% 60% - 65% LTC: 7.5% to 8.25% 70% - 75% LTC: 8.25% to 9.0%

Spread

Rate

(i) Can rate lock at application. Generally lowest cost of capital for new construction assets.

(i) Supplemental loan available after 12 months with improvement in NOI.

(i) Will provide future funding to fund capex.

Comments

DENNY ST. ROMAIN Vice Chairman T 305 586 2032 dennis.st.romain@cushwake.com

CHARLES CRAPSE Senior Director T 786 792 5215 charles.crapse@cushwake.com

ALEX KUPP Director T 813 204 5351 alex.kupp@cushwake.com

7

MIAMI-DADE MULTIFAMILY MARKET SUMMARY

$3,985,000,000

$12,050,000 2022 Average Sale Price

$340

$350,874

2022 Sales

2022 Average Sale PSF

2022 Average Sale Per Unit

$2,213

95.3%

3,631

147,874

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 YEAR $ SALES VOLUME 2022 2021 2020 2019 2018 2017 $1,520,486,703 2016 $1,471,746,821 2015

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

$3,984,529,193 330 147,874 $2,213 $2.54

6.8% $2,200

$2.52

6.6% 4.7% 3,631 6,108

$4,256,237,831 341 141,766 $2,072 $2.38

16.6% $2,064

$2.37

18.8% 3.2% 9,457 3,828

$990,181,876 108 137,938 $1,777 $2.03

0.6% $1,737

$1.98

-0.7% 7.4% 4,522 6,435

$987,230,577 166 131,503 $1,767 $2.02

1.9% $1,750

$2.00

3.0% 6.3% 3,307 4,519

$947,212,357 155 126,984 $1,734

$1.98

2.4% $1,699

$1.94

2.4% 5.5% 4,397 3,672

157 123,312 $1,694

$1.94

2.2% $1,659

$1.90

2.0% 6.3% 2,544 3,456

172 119,856 $1,658

$1.90

2.3% $1,627

$1.86

1.5% 5.7% 4,431 5,469

$830,165,975 159 114,387 $1,620

$1.85

3.2% $1,603

$1.83

3.1% 5.1% 3,641 3,541

2014

$475,750,961 176 110,846 $1,570

$1.79

2.6% $1,555

$1.78

2.4% 5.3% 1,968 2,708

2013

$429,891,181

110 108,138 $1,530

$1.75

3.2% $1,518

$1.73

3.2% 4.7% 2,409 2,177

Miami-Dade Apartments Under Construction

84 apartment buildings totaling 23,734 units under construction in Miami-Dade.

EXPECTED COMPLETION # OF UNITS # OF PROPERTIES 2023 8,278 38 2024 15,456 46

Miami-Dade Deliveries Versus Absorption

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Net Absorption (Units)

Deliveries (Units)

8

MIAMI-DADE MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

NET ABSORPTION

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY

SUBMARKET

UNITS

2,155

$2,617

$2.53

0.9%

4.6%

-36

-

1,273

Aventura

Bal Harbor/ Miami Beach

10,022

$1,987

$2.77

6.0%

5.3%

-82

-

1,143

21,793

$2,380

$3.02

6.4%

6.3%

926

1,210

9,396

Brickell/Downtown

2,191

$2,385

$2.92

5.3%

2.8%

-3

-

400

Coconut Grove

8,947

$2,869

$3.37

6.7%

5.1%

41

26

1,133

Coral Gables

20,444 $1,800

$2.08

10.4%

1.8%

605

843

2,426

Hialeah/Miami Lakes

8,651

$1,886

$2.08

11.5%

7.6%

355

792

2,348

Homestead/S. Dade

14,193

$2,194

$2.43

7.7%

5.5%

933

1,420

921

Kendall

Miami Gardens/ Opa-Locka

18,693

$1,743

$2.12

6.9%

4.1%

510

770

1,270

19,715

$2,428

$2.59

6.4%

4.4%

198

601

1,777

Miami Springs/Doral

North Miami/ North Miami Beach Outlying Miami-Dade County

17,732

$1,881

$2.30

6.5%

5.7%

176

446

1,647

718

$2,332

$2.15

1.6%

2.0%

1

-

0

2,620

$1,745

$2.34

6.4%

0.7%

7

-

0

Westchester/Tamiami

TOTAL/AVERAGE

147,874

$2,213

$2.54

6.8%

4.7% 3,631

6,108

23,734

• In 2022 there were 330 apartment sales totaling $3.98 billion with an average price of $350,874 per unit or $340 per square foot. • This was the second highest year ever for sales in Miami-Dade. • A recent RentCafe report found Miami-Dade was the “most competitive” apartment market of 2022. An average of 32 renters vied for each available unit. • Miami-Dade lead the country in rent growth in 2022. Effective rents increased by 6.6%. • Average effective rents are at a record $2,200. • Coral Gables has the highest average rent of $2,869. Hialeah and Homestead submarkets witnessed rent increases in excess of 10%. • After decreasing to records lows in 2021, vacancies increased from 3.2% to 4.7% in 2022. • Homestead/South Dade has highest vacancy of 7.6% in Miami-Dade. • Hialeah/Miami Lakes has the lowest vacancy of 1.8%, this is despite having the third highest completions in Miami Dade. • There are 84 buildings totaling 23,734 units under construction. This represents 16.1% of the current inventory in the market. • 9,396 of the under construction units are in Downtown/Brickell submarket. • New deliveries outpaced net absorption by almost 2,500 units which resulted in the higher vacancies in 2022. • After 9,457 net absorbed units in 2021, net absorption in 2022 reverted to the norm. • New deliveries are likely to outpace net absorption which may contribute to short-term higher vacancies in specific submarkets. • Kendall, Brickell/Downtown and Hialeah/Miami Lakes had the highest 2022 net absorption levels.

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2022 2021

2,774,853 2,753,416

0.8% 0.7% 0.6%

1.50% 5.27% 7.50%

$60,933 $59,044 $57,718

3.2% 2.3% 3.6%

$594,646 $514,897 $427,159

15.5% 20.5% 10.3%

2020 2,734,975

*Data as of Jan-2023, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar, BLS

9

BROWARD MULTIFAMILY MARKET SUMMARY

$3,355,000,000

$15,300,000 2022 Average Sale Price

$308

$312,369

2022 Sales

2022 Average Sale PSF

2022 Average Sale Per Unit

$2,218

94.6%

508

127,708

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 YEAR $ SALES VOLUME 2022 2021 2020 $1,465,943,863 2019 $1,821,209,813 2018 2017 $1,604,438,161 2016 2015

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

$3,355,154,650 219 127,708 $2,218 $2.27

5.1% $2,204

$2.26

4.8% 5.4% 508 3,260

$4,624,704,346 225 124,448 $2,110

$2.16

21.3% $2,103

$2.15

23.2% 3.4% 7,095 2,174

111 122,274 $1,739

$1.78

2.1% $1,707

$1.74

1.0% 7.4% 3,589 6,090

112 116,184 $1,704

$1.74

2.5% $1,690

$1.73

3.4% 5.7% 2,488 1,810

$1,503,133,467 102 114,374 $1,662

$1.70

2.3% $1,634

$1.67

2.4% 6.4% 3,342 2,478

83 111,896 $1,625

$1.66

3.2% $1,595

$1.63

2.8% 7.3% 2,800 3,796

$2,442,285,991 106 108,100 $1,574

$1.61

1.8% $1,551

$1.58

1.3% 6.6% 1,742 3,394

$1,633,404,361 104 104,706 $1,546

$1.58

5.7% $1,531

$1.56

6.0% 5.2% 2,482 2,171

2014

$726,945,679

82 102,535 $1,463

$1.49

4.1% $1,444

$1.47

3.7% 5.7% 3,419 3,901

2013

$668,093,919

60 98,634 $1,405

$1.43

2.6% $1,393

$1.42

2.7% 5.4% 2,436 1,844

Broward Apartments Under Construction 48 apartment buildings totaling 13,114 units under construction in Broward.

EXPECTED COMPLETION # OF UNITS # OF PROPERTIES 2023 6,955 27 2024 6,159 21

Broward Deliveries Versus Absorption

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Net Absorption (Units)

Deliveries (Units)

10

BROWARD MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

NET ABSORPTION

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY

SUBMARKET

UNITS

19,425

$2,206

$2.09

3.6%

6.1%

-567

-

555

Coral Springs

22,208

$2,715

$3.02

3.7%

6.8%

333

711

3,268

Fort Lauderdale

Hollywood/ Dania Beach

14,057

$1,850

$2.18

6.6%

6.6%

261

771

3,123

Miramar/ Hallandale Beach Oakland Park/ Lauderhill Pembroke Pines/ West Miramar

4,798

$2,042

$2.24

5.5%

4.6%

128

250

0

14,734

$1,731

$1.94

6.9%

4.1%

-213

-

1,165

11,678

$2,566

$2.39

5.7%

5.2%

456

650

1,291

19,087

$2,190

$2.14

5.4%

5.5%

388

828

1,360

Plantation/Sunrise

Pompano Beach/ Deerfield Beach

13,822

$1,925

$2.07

5.7%

3.3%

-98

50

1,535

7,899

$2,361

$2.31

5.8%

4.7%

-180

-

817

Weston/Davie

TOTAL/AVERAGE

127,708

$2,218

$2.27

5.1%

5.4%

508

3,260

13,114

• In 2022 there were 219 apartment sales totaling $3.36 billion with an average price of $312,369 per unit or $308 per square foot. • This was the second highest year ever for sales in Broward.

• Broward was a top 10 market in the U.S. for rent growth in 2022. Effective rents increased by 4.8%. • Average effective rents are at a record $2,204. • Ft. Lauderdale has the highest average rent of $2,715. Oakland Park/Lauderhill has the lowest rent of $1,731 but also the highest rent growth of 6.9%.

• After decreasing to record lows in 2021, vacancies increased from 3.4% to 5.4% in 2022. • Ft. Lauderdale has highest vacancy of 6.8% in Broward. • Pompano Beach/Deerfield Beach has the lowest vacancy of 3.3%.

• There are 48 buildings totaling 13,114 units under construction. This represents 10.3% of the current inventory in the market. • 3,268 of the under construction units are in Ft Lauderdale.

• New deliveries outpaced net absorption by 2,752 units which resulted in the higher vacancies in 2022. • After 7,095 net absorbed units in 2021, net absorption in 2022 fell below the norm at only 508 units. • New deliveries are likely to outpace net absorption which may contribute to short-term higher vacancies in specific submarkets. • Pembroke Pines/West Miramar had the highest 2022 net absorption levels.

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2022 2021

2,005,793 1,986,136

1.0% 0.9% 0.7%

2.50% 4.93% 9.62%

$67,937 $65,747 $63,622

3.3% 3.3% 4.4%

$517,487 $441,270 $365,744

17.3% 20.7%

2020 1,969,257

9.8%

*Data as of Jan-2023, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar, BLS

11

PALM BEACH MULTIFAMILY MARKET SUMMARY

$1,655,000,000

$20,150,000 2022 Average Sale Price

$339

$385,215

2022 Sales

2022 Average Sale PSF

2022 Average Sale Per Unit

$2,403

93.6%

603

67,395

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 YEAR $ SALES VOLUME 2022 $1,653,728,608 2021 2020 $672,119,734 2019 $847,178,601 2018 $1,459,542,772 2017 $1,207,092,302 2016 $1,429,524,939 2015 $774,150,512

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

82 67,395 $2,403 $2.32

1.7% $2,388

$2.31

1.4% 6.4% 603 1,926

$3,348,353,387 107 65,469 $2,362 $2.28

29.5% $2,355

$2.28

30.9% 4.6% 4,056 2,133

42 63,336 $1,824

$1.76

2.4% $1,799

$1.73

1.5% 7.8% 1,322 2,103

57 61,233 $1,781

$1.72

4.0% $1,773

$1.71

5.4% 6.8% 799 1,134

67 60,099 $1,713

$1.65

2.8% $1,682

$1.62

3.5% 6.4% 2,944 2,047

50 58,052 $1,666 $1.60

2.5% $1,625

$1.56

1.4% 8.1% 1,722 2,565

51 55,487 $1,625

$1.56

2.5% $1,603

$1.54

2.3% 7.0% 1,093 965

44 54,522 $1,586

$1.53

5.5% $1,567

$1.51

5.3% 7.3% 917 1,643

$578,421,800

40 52,879 $1,503

$1.45

4.2% $1,488

$1.43

4.2% 6.2% 1,491 1,534

2014

2013

$401,485,298

24 51,345 $1,443

$1.39

2.8% $1,428

$1.37

2.8% 6.3% 2,261 1,887

Palm Beach Apartments Under Construction 32 apartment buildings totaling 7,932 units under construction in Palm Beach.

EXPECTED COMPLETION # OF UNITS # OF PROPERTIES 2023 3,280 15 2024 4,652 17

Palm Beach Deliveries Versus Absorption

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Net Absorption (Units)

Deliveries (Units)

12

PALM BEACH MULTIFAMILY MARKET SUMMARY* CONTINUED

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM

NET ABSORPTION

DELIVERED UNITS

UNDER CONSTRUCTION

ASKING RENT

ASKING RENT PSF

ASKING RENT GROWTH

VACANCY

SUBMARKET

UNITS

1,511

$1,052

$1.32

12.3% 19.7%

-174

-

0

Belle Glade

12,660 $2,750

$2.61

0.0%

7.1%

398

581

620

Boca Raton

13,615

$2,193

$2.12

1.0%

5.9%

344

324

977

Boynton Beach

4,762

$2,628

$2.26

-0.8%

5.8%

86

212

910

Delray Beach

5,094

$1,705

$1.84

11.7%

3.0%

29

56

1,679

Greenacres

Outlying Palm Beach County Palm Beach Gardens/ Jupiter Royal Palm Beach/ Wellington

194

$580

-

1.9%

2.8%

-3

-

0

7,551

$2,611

$2.35

2.0%

7.5%

-160

20

396

7,214

$2,296

$2.12

0.1%

6.8%

111

402

191

14,794

$2,225

$2.28

3.8%

5.7%

-28

331

3,159

West Palm Beach

TOTAL/AVERAGE

67,395

$2,403

$2.32

1.7%

6.4%

603

1,926

7,932

• In 2022 there were 82 apartment sales totaling $1.65 billion with an average price of $385,215 per unit or $339 per square foot. • This was the second highest year ever for sales in Palm Beach.

• Effective rents increased by 1.4%. This is the lowest increase in South Florida. • Average effective rents are at a record $2,388. • Boca Raton has the highest average rent of $2,750. The lowest rent submarkets of Greenacres and Belle Glade had the highest rent growth over 10%.

• After decreasing to records lows in 2021, vacancies increased from 4.6% to 6.4% in 2022. • Belle Glade has the highest vacancy of 19.7% in Palm Beach. • Greenacres has the lowest vacancy of 3.0%.

• There are 32 buildings totaling 7,932 units under construction. This represents 11.8% of the current inventory in the market. • 3,159 of the under construction units are in Palm Beach.

• New deliveries outpaced net absorption by 1,323 units which resulted in the higher vacancies in 2022. • After 4,056 net absorbed units in 2021, net absorption in 2022 fell below the norm at only 603 units. • New deliveries are likely to outpace net absorption which may contribute to short-term higher vacancies in specific submarkets. • Boca Raton and Boynton Beach had the highest 2022 net absorption levels. Palm Beach Gardens/Jupiter was negative at 160 units.

12 MONTH POPULATION GROWTH

12 MONTH MEDIAN SALARY INCREASE

12-MONTH MEDIAN HOME GROWTH RATE

UNEMPLOYMENT RATE

MEDIAN INCOME

MEDIAN HOME VALUE

YEAR POPULATION

2022 2021

1,559,276 1,535,998

1.5% 1.3% 1.1%

2.60%

$72,151

3.1% 2.5% 3.7%

$563,356 $466,213 $385,899

20.8% 20.8%

4.34% $70,002

2020 1,516,105

8.29%

$68,282

9.6%

*Data as of Jan-2023, apartment sales of 10 units or more, in excess of $1MM in pricing, excluding all condo sales Source: CoStar, BLS

13

UNDER CONSTRUCTION IN SOUTH FLORIDA

2023

2024

MIAMI DADE

MIAMI DADE

PROPERTY NAME BROWARD

2023

PROPERTY NAME

CITY

UNITS

PROPERTY NAME

CITY

UNITS

CITY

UNITS

Emerald Bay

Hialeah

917 578 400 367 342 323 318 316 296 283 282 279 266 263 263 254 254 248 224 210 199

Namdar Towers Phase I Miami

640 632 588 576 565 560 560 506 460 456 441 428 422 393 391 390 380 373 359 358 350 345 341 326 304 290 283 280 269 266 266 252 246 244 237 236 232 206 176 172 144 103 102 216

Modera Coral Springs Coral Springs

351

Block 55

Miami Miami

Miami River Tower I Nema Biscayne PH I Kendall Town Center Miami World Tower PH I

Miami Miami Miami Miami Miami Miami Miami Miami Miami Miami Miami Hialeah

Old Town Square Pompano Beach 282 Fairfield Cypress Creek Pompano Beach 295 Mayla Residences Pompano Beach 355 Oaklyn Oakland Park 274 Bailey Square Tamarac 120 Westgate on University Lauderhill 529 RD Las Olas Fort Lauderdale 240 Coasterra Fort Lauderdale 242 The Ellsworth Plantation 315 Pixl Plantation 330 Shalimar Plantation West Plantation 240 The Reese Davie 170 Epic Apts Miramar 648 Manor Miramar Miramar 393 Alexan Miramar Miramar 250 Sea Viewat Dania Dania Beach 381 Elevate Dania Beach 293 Avery Dania Pointe II Dania Beach 336 Soleste Cityline Dania Beach 347 Atlantica at Dania Beach Dania Beach 124 Sonata Apts Pompano Beach 121 Pinnacle 441 Hollywood 113 ID Oakland Park Oakland Park 106 Davie 1 Apts Fort Lauderdale 48 Residences on Monroe Hollywood 40 Miami 2100 Fort Lauderdale 12

Grove Central

Soleste NoMi Beach Waterline Miami River

N. Miami Beach

Miami

The Julia

Allapattah

Metro Parc

Society Wynwood AMLI Wynwood

Miami Miami

Downtown 1st

444 Brickell Tower II CentroCity Phase I Gallery West Brickell

MU LT I FAM I LY I NVE S TMENT | SOUTH F LOR I DA T E AM Crest at Pinecrest PH I Miami Paseo Tower Doral The Kavista Miami Metro Edgewater Miami Avida Aventura Aventura Alexan Crafts Coral Gables Madison Point Apts Naranja Avalon Merrick Park Coral Gables Nexo Residences Wynwood 29 Miami Wynwood Haus Miami Ambar Trail Homestead Douglas Enclave Platform 3750 Coral Gables Paseo Del Rio Miami Bella Isla Miami Beach Wynd 27 & Wynd 28 Miami Fifteen Allapattah Miami Poe's Lofts Hialeah

Urban22

Modera Riverside Caoba Phase II

Edgewater Collective 1 Miami Cityplace Doral - Tract A Doral

Village at Old Cutler

Miami

N. Miami Beach

Biscayne Shores

North Miami

Aura N. Miami Beach N. Miami Beach

Elan Solea

Hialeah

Gardens Residences

North Miami

Upper East Side

West Aventura Town Ctr N. Miami Beach

191

Altra Kendall Cymbal DLT

Miami

182 172 152 132 105 100

Miami Gardens

Midtown Doral PH I

Doral Miami

WNWD21

Arvella

Aventura

72nd & Park Five Park Bay Pointe Thirty-Six Water Slide Uni Tower

Miami Beach Miami Beach

Flagler Oasis Phase I 18300 SW 98th Ave The Coral Gate Apts

Miami

Cutler Bay

60 54

Miami

Miami

Miami Springs

Miami Springs Town Ctr Miami Springs

51

Miami Miami Miami

2101 NW 36th St

Miami

30 30 30 30 28 28

601 Parc

Hialeah Hialeah Hialeah

Atlantic Station

Palm Avenue Lofts

Residences of Highland Hialeah

Milander Flats

Allapattah 14

Miami

BODE Redland Shores Naranja

Caroline at Golden Glades Miami

Loft Forty 9 East 8 Lofts

Hialeah Hialeah

Finvarb Mixed Use Site Miami Beach

21

AHS Biscayne

Homestead

Naranja Dixie Hwy

Miami

3900 Alton SoMi Parc

Miami Beach

Miami

Down South Phase I

Naranja

Haus 27

Miami

Hialeah

Station 21

Quarters Wynwood Miami

63 29

The Village

Miami

Total

15,456

Total

8,278

Total

6,955

2024

PALM BEACH

2024

PALM BEACH

2023

PROPERTY NAME BROWARD

PROPERTY NAME

CITY

UNITS

CITY

UNITS

PROPERTY NAME

CITY

UNITS

The Parks at Delray PH I

Delray Beach Boynton Beach

420 384 274 184 230 318 348

Metropolitan at Coral Sq.

Coral Springs

204

Camino Square

Boca Raton Boca Raton Delray Beach

342 137 292 198 319 198 197 326 220 399 301 96

Elan Palm Reserve

Aviara East Pompano Beach 229 Soleste Pompano Beach Pompano Beach 253 Sky Building Oakland Park 136 Bimini Cove Fort Lauderdale 140 Gables Riverwalk Fort Lauderdale 295 New River Yacht Club II Fort Lauderdale 349 Rivr Lofts Fort Lauderdale 352 One River PH I Fort Lauderdale 251 Advantis Station Fort Lauderdale 252 The Adderley Fort Lauderdale 410 Raintree Riverwalk Fort Lauderdale 677 Shalimar Plantation East Plantation 240 Sunrise Garden Apts Sunrise 235 MillCreekAcademicalVillage Davie 397 Nine Hollywood Hollywood 204 Soleste Hollywood Hollywood 324 Parc Place Hollywood 361 Town Hollywood Hollywood 420 Griffin 441 Hollywood 180 Zona Place Davie 250 Total 6,159

Nuvo Boca

Alliance Boynton Beach Boynton Beach

Aura Delray Beach

Polo Legacy

Lake Worth

Strand Delray Beach Delray Beach

Advantis @ Lake Worth Lake Worth

Avion Riverwalk

Boynton Beach

Altis Blue Lake

Lake Worth Lake Worth Lake Worth

4280 Lakewood Road Lake Worth

Elan Polo Gardens

1710 N Congress Banyan View One West Palm

W. Palm Beach W. Palm Beach W. Palm Beach W. Palm Beach W. Palm Beach W. Palm Beach

Deco Green

125

Palm Springs Residences Lake Worth

264

Lotis Wellington PH I

Wellington

191

Anya

Parkland on the Park W. Palm Beach

105 288 457 264 364 396

Icon Marina Village

Resia Pine Ridge

W. Palm Beach W. Palm Beach W. Palm Beach W. Palm Beach W. Palm Beach

The Grand

The Edge

4217 Gulfstream Rd

Lake Worth Boca Raton Boca Raton

114 93 48

Cielo (Loftin PH II)

Park Place

575 Rosemary PGA Station

475 Royal Palm Rd

The Symphony Place W. Palm Beach

40

Total

4,652

Total

3,280

14