Las Vegas New Construction & Proposed Multifamily Projects 4Q18

ID PROPERTY UNITS 1 Degree, The 226 2 Echo 1055 215 20 3 Well, The 396 4 Elysian at Flamingo 360 33 5 Level 25 at Oquendo 244 34 6 Vue at Centennial Phase II 261 6 11 Total Lease-Up 1,702 36 7 Empire 536 32 8 Eden Phase II 128 9 Kaktus Life I 210 10 University Gateway 125 Total Under Construction 999 11 Vue at Centennial Phase III 314 12 Vegas Trade Village 264 13 Palms Redevelopment, The 1,480 14 Royal Crest 300 15 Fort Apache Senior 192 16 Kaktus Life III 614 12 17 South Cimarron Road & West Sunset Road 260 18 West Hacienda Avenue & South Riley Street 181 21 19 Bruner Avenue & Gilespie Street 344 35 37 Total Planned 3,949 20 Villages at Centennial Springs 154 21 Elysian at Buffalo 220 22 Elysian at Tivoli 359 23 Aspen Heights Las Vegas 325 24 Avante Lofts 260 23 25 City Impact Center Senior 66 22 28 27 26 Downtown 57 Phase 1 250 24 26 31 27 Downtown 57 Phase 2 250 30 28 Midtown - Downtown 478 29 29 South Casino Center Blvd & East Utah Avenue 117 67 25 30 Thunderbird Lofts 370 13 31 Veterans Village Phase II 204 32 Colonial Grand at Azure 438 52 33 Diamond Creek 300 14 34 North 5th Street & East Rome Blvd 176 50 48 35 Rancho / Decatur 738 36 Shadow Hills 64 4 49 37 Carey Avenue & Pecos Road 118 8 1 38 27 Lofts 85 10 59 51 2 39 Aspen Peak Phase II 50 57 40 Jericho Heights 571 18 41 Lake Mead Senior 800 15 42 South Mountain Vista Street & Olympic Avenue 392 5 43 Summit on Boulder, The 144 17 3 39 44 Waverly 254 42 45 Aspen Heights Henderson 392 58 55 56 46 Life Time Living Mixed Use Campus 147 16 47 Wigwam Lofts 350 61 48 Elysian at Hughes Center 375 49 U District Phases II & III 591 50 3200 West Twain Avenue 100 60 51 Cameron Street & Tropicana Avenue 293 41 52 Spring Mountain & Polaris 471 68 47 62 54 43 53 Bermuda and St. Rose 219 63 54 East Ford Avenue & South Maryland Pkwy 100 46 38 55 8146 Rafael Rivera Way 364 64 56 Buffalo & Sunset 421 66 57 Ely at Fort Apache 206 58 Sunrise Sunset at Durango 286 59 Tropicana Avenue Senior 182 60 8090 Giles Street 235 7 44 61 Arby Avenue Mixed Use 271 9 62 Blue Diamond Road & Edmond Street 224 65 63 Blue Diamond Road & South Lindell Road 320 53 40 64 Blue Diamond Road & South Quarterhorse Lane 92 LEGEND 65 Gilespie Street & East Starr Avenue 220 19 Lease-Up 66 Silverado Ranch Blvd 68 45 67 Sahara and Pavilion Center 267 Under Construction 68 South Fort Apache Road & West Wigwam Avenue 160 Planned Total Prospective 13,537 Prospective 2 mi Source: Yardi Matrix

a Berkshire Hathaway and Jefferies Financial Group company Las Vegas New Construction & Proposed Multifamily Projects

FORECASTED ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DEVELOPER PERMIT DATE COMPLETION DATE START OF RENT-UP 1 Degree, The 4505 South Maryland Pkwy Las Vegas NV 89154 Lease-Up 226 Las Vegas Strip Midby Companies, The 05/01/2016 08/31/2019 06/15/2018 2 Echo 1055 1055 East Tropicana Avenue Las Vegas NV 89119 Lease-Up 215 Las Vegas Strip Redbridge Capital 01/01/2018 06/30/2019 11/01/2018 3 Well, The 1050 Wellness Place Henderson NV 89011 Lease-Up 396 Henderson East Wolff Company, The 11/01/2017 05/31/2019 08/16/2018 4 Elysian at Flamingo 4150 South Hualapai Way Las Vegas NV 89147 Lease-Up 360 Spring Valley West Calida Group, The 12/08/2017 04/30/2019 11/29/2018 5 Level 25 at Oquendo 9005 West Oquendo Road Las Vegas NV 89148 Lease-Up 244 Spring Valley West Picerne Real Estate Group 03/01/2017 03/31/2019 03/01/2018 6 Vue at Centennial Phase II 7350 West Centennial Pkwy Las Vegas NV 89131 Lease-Up 261 Las Vegas NW Blue Marble Development 12/01/2016 02/28/2019 07/01/2017 TOTAL LEASE-UP 1,702 7 Empire 915 Alper Center Drive Henderson NV 89052 Under Construction 536 Henderson West Nevada West Development 12/11/2017 12/31/2021 8 Eden Phase II 4350 South Hualapai Way Las Vegas NV 89147 Under Construction 128 Summerlin / Blue Diamond Nevada West Development 07/15/2018 07/31/2019 9 Kaktus Life I 10650 Dean Martin Drive Las Vegas NV 89141 Under Construction 210 Enterprise TRU Development 11/20/2017 06/30/2019 10 University Gateway 4700 South Maryland Pkwy Las Vegas NV 89119 Under Construction 125 Las Vegas Strip G2 Capital Development 01/04/2018 05/31/2019 TOTAL UNDER CONSTRUCTION 999 11 Vue at Centennial Phase III 7350 West Centennial Pkwy Las Vegas NV 89131 Planned 314 Las Vegas NW Blue Marble Development 12 Vegas Trade Village NEC West Cheyenne Avenue & North Commerce Street North Las Vegas NV 89030 Planned 264 North Las Vegas West Meldrum, Floyd A. 13 Palms Redevelopment, The 713 East Sahara Avenue Las Vegas NV 89104 Planned 1,480 Winchester Florida East Coast Realty 14 Royal Crest 602 North Royal Crest Circle Las Vegas NV 89169 Planned 300 Las Vegas Strip DG Development 15 Fort Apache Senior South Fort Apache Road & West Russell Road Spring Valley NV 89148 Planned 192 Spring Valley West Wolff Company, The 16 Kaktus Life III 8030 West Maule Avenue Las Vegas NV 89113 Planned 614 Spring Valley West TRU Development 17 South Cimarron Road & West Sunset Road South Cimarron Road & West Sunset Road Spring Valley NV 89113 Planned 260 Spring Valley West Picerne Group, The 18 West Hacienda Avenue & South Riley Street West Hacienda Avenue & South Riley Street Spring Valley NV 89113 Planned 181 Spring Valley West Picerne Group, The 19 Bruner Avenue & Gilespie Street SWC Bruner Avenue & Gilespie Street Henderson NV 89044 Planned 344 Enterprise Nevada West Development 19 Bruner Avenue & Gilespie Street SWC Bruner Avenue & Gilespie Street Henderson NV 89044 Planned 344 Enterprise Enterprise TOTAL PLANNED 3,949 20 Villages at Centennial Springs Farm Road & Tule Springs Road Las Vegas NV 89143 Prospective 154 Las Vegas NW Robhana Group 21 Elysian at Buffalo North Buffalo Drive & Trinity Peak Avenue Las Vegas NV 89128 Prospective 220 Las Vegas Central Calida Group, The 22 Elysian at Tivoli Alta Drive & Rampart Blvd Las Vegas NV 89145 Prospective 359 Las Vegas Central Calida Group, The 23 Aspen Heights Las Vegas 251 South City Pkwy Las Vegas NV 89106 Prospective 325 South Las Vegas Southern Land Company, The 24 Avante Lofts 824 South 6th Street Las Vegas NV 89101 Prospective 260 Downtown Las Vegas Miro Development 25 City Impact Center Senior 950 East Sahara Avenue Las Vegas NV 89104 Prospective 66 Downtown Las Vegas Housing Authority City of North Las Vegas 26 Downtown 57 Phase 1 324 South Maryland Pkwy Las Vegas NV 89101 Prospective 250 Downtown Las Vegas Shooploop 27 Downtown 57 Phase 2 1020 Lewis Avenue Las Vegas NV 89101 Prospective 250 Downtown Las Vegas Shooploop 28 Midtown - Downtown 900 South Casino Center Blvd Las Vegas NV 89101 Prospective 478 Downtown Las Vegas Royce Realty & Management 29 South Casino Center Blvd & East Utah Avenue South Casino Center Blvd & East Utah Avenue Las Vegas NV 89104 Prospective 117 Downtown Las Vegas Mason, Dave 30 Thunderbird Lofts 1215 South Las Vegas Blvd Las Vegas NV 89104 Prospective 370 Downtown Las Vegas I&L Investments and Management 31 Veterans Village Phase II 50 North 21st Street Las Vegas NV 89101 Prospective 204 Downtown Las Vegas Stalk, Arnold R. 32 Colonial Grand at Azure NWC North Lamb Blvd & East Tropical Pkwy Las Vegas NV 89115 Prospective 438 North Las Vegas West MAA 33 Diamond Creek 6600 North 5th Street North Las Vegas NV 89084 Prospective 300 North Las Vegas West Sunrise Company 34 North 5th Street & East Rome Blvd North 5th Street & East Rome Blvd North Las Vegas NV 89084 Prospective 176 North Las Vegas West Nevada H.A.N.D. 35 Rancho / Decatur North Rancho Drive & West Smoke Ranch Road North Las Vegas NV 89032 Prospective 738 North Las Vegas West Sand Dollar Partners 36 Shadow Hills SWC North 5th Street & East Regena Avenue North Las Vegas NV 89031 Prospective 64 North Las Vegas West Becker Enterprises 37 Carey Avenue & Pecos Road East Carey Avenue & North Pecos Road North Las Vegas NV 89030 Prospective 118 North Las Vegas East Oxford Investment Partners 38 27 Lofts South Major Avenue & East Van Wagenen Street Henderson NV 89015 Prospective 85 Henderson East LaPour Partners 39 Aspen Peak Phase II 833 Aspen Peak Loop Henderson NV 89011 Prospective 50 Henderson East York, David 40 Jericho Heights East Paradise Hills Drive & Dawson Avenue Henderson NV 89002 Prospective 571 Henderson East RPS Holdings 41 Lake Mead Senior Boulder Hwy & Lake Mead Drive Henderson NV 89002 Prospective 800 Henderson East Templeton Group 42 South Mountain Vista Street & Olympic Avenue South Mountain Vista Street & Olympic Avenue Henderson NV 89014 Prospective 392 Henderson East Wolff Company, The 43 Summit on Boulder, The Frontage Road & Pioneer Street Henderson NV 89015 Prospective 144 Henderson East Pacific Beach Investment Trust 44 Waverly Conestoga Way & Nevada State Drive Henderson NV 89002 Prospective 254 Henderson East Lennar Multifamily Communities 45 Aspen Heights Henderson Amigo Street & East Dale Henderson NV 89044 Prospective 392 Henderson West Aspen Heights Partners 46 Life Time Living Mixed Use Campus Carnegie Street & East Serene Avenue Henderson NV 89052 Prospective 147 Henderson West Life Time 47 Wigwam Lofts 1200 Wigwam Pkwy Henderson NV 89074 Prospective 350 Henderson West Vested Housing Group 48 Elysian at Hughes Center Howard Hughes Pkwy & Sands Avenue Las Vegas NV 89119 Prospective 375 Las Vegas Strip Calida Group, The 49 U District Phases II & III NWC Cottage Grove Avenue & South Maryland Pkwy Paradise NV 89119 Prospective 591 Las Vegas Strip Midby Companies, The 50 3200 West Twain Avenue 3200 West Twain Avenue Las Vegas NV 89102 Prospective 100 Bracken Fore Property Company 51 Cameron Street & Tropicana Avenue Cameron Street & West Tropicana Avenue Las Vegas NV 89103 Prospective 293 Bracken Victorson, Fred 52 Spring Mountain & Polaris Polaris Avenue & Spring Mountain Road Las Vegas NV 89103 Prospective 471 Bracken Pillar Income Asset Management 53 Bermuda and St. Rose Bermuda Road & St. Rose Pkwy Enterprise NV 89183 Prospective 219 Paradise Valley South Ryland Homes 54 East Ford Avenue & South Maryland Pkwy East Ford Avenue & South Maryland Pkwy Las Vegas NV 89123 Prospective 100 Paradise Valley South StoryBook Homes 55 8146 Rafael Rivera Way 8146 Rafael Rivera Way Las Vegas NV 89113 Prospective 364 Spring Valley West Calida Group, The 56 Buffalo & Sunset SEC South Buffalo Drive & West Sunset Road Las Vegas NV 89113 Prospective 421 Spring Valley West Pillar Income Asset Management 57 Ely at Fort Apache 5065 South Fort Apache Road Las Vegas NV 89148 Prospective 206 Spring Valley West Calida Group, The 58 Sunrise Sunset at Durango 8400 West Sunset Road Spring Valley NV 89113 Prospective 286 Spring Valley West Sunrise Company 59 Tropicana Avenue Senior 9780 South Grand Canyon Drive Las Vegas NV 89147 Prospective 182 Spring Valley West Ovation Development 60 8090 Giles Street 8090 Giles Street Las Vegas NV 89123 Prospective 235 Enterprise Pillar Income Asset Management 61 Arby Avenue Mixed Use West Arby Avenue & Redwood Street Enterprise NV 89118 Prospective 271 Enterprise Calida Group, The 62 Blue Diamond Road & Edmond Street Blue Diamond Road & Edmond Street Las Vegas NV 89139 Prospective 224 Enterprise Calida Group, The 63 Blue Diamond Road & South Lindell Road Blue Diamond Road & South Lindell Road Enterprise NV 89139 Prospective 320 Enterprise Nevada West Development 64 Blue Diamond Road & South Quarterhorse Lane Blue Diamond Road & South Quarterhorse Lane Las Vegas NV 89178 Prospective 92 Enterprise Warmington Companies 65 Gilespie Street & East Starr Avenue Gilespie Street & East Starr Avenue Las Vegas NV 89183 Prospective 220 Enterprise Warmington Companies 66 Silverado Ranch Blvd Gilespie Street & East Silverado Ranch Blvd Las Vegas NV 89123 Prospective 68 Enterprise Mainfair Realty 67 Sahara and Pavilion Center West Sahara Avenue & South Pavilion Center Drive Las Vegas NV 89135 Prospective 267 Summerlin / Blue Diamond Howard Hughes Corporation, The 68 South Fort Apache Road & West Wigwam Avenue South Fort Apache Road & West Wigwam Avenue Spring Valley NV 89178 Prospective 160 Summerlin / Blue Diamond Brown, Rusty TOTAL PROSPECTIVE 13,537

TOTAL LAS VEGAS 20,187

© 2018 Berkadia Real Estate Advisors LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx Source: Yardi Matrix