Memphis New Construction & Proposed Multifamily Projects 2Q18

ID PROPERTY UNITS 1 Irene Woods 432 2 Thornwood 251 3 266 Lofts 140 16 4 Tennessee Brewery 152 5 Fieldstone Phase VII 118 6 Fieldstone Phase VI 178 Total Lease Up 1,271 7 Citizen, The 173 40 Total Under Construction 173 8 Tennessee Brewery Phase II 128 9 138 Museum Lofts 68 21 19 31 15 10 Pontotoc 117 3 22 28 10 23 25 27 12 11 39 11 Madison & McLean 108 8 9 32 17 7 12 Madison Avenue 230 4 20 18 24 30 13 Vantage at Germantown 288 29 26 14 Watermark at Forest Hill Heights 310 2 15 Parkside at Shelby Farms 1200 36 16 Lake District, The 550 34 35 17 South City 114 Total Planned 3,113 18 27 West Carolina Avenue 57 6 19 99-105 S Front Street 50 5 20 Harbor Town 100 13 21 Jefferson Plaza 60 42 14 38 22 One Beale 280 23 Edge District 286 37 24 South City Phase II 134 33 1 25 UTHSC 100 26 Mason Village Phase II 76 27 1245 Madison Avenue 100 28 Broad Avenue 400 29 Central Lofts 128 30 Memphis Fairgrounds 100 31 St Peter Manor Renovation 283 41 32 Tillman Cove Redevelopment 50 33 East Shelby Drive & Meadow Vale Drive 240 34 Avenida Germantown 150 35 Germantown Town Center 302 36 Thornwood Phase II 288 37 StoryPoint Collierville 164 38 Viridian 375 39 Dwell at Shelby Farms 930 40 Goodlett Farms 408 41 Silo Square 130 42 Garden at Eden Square, The 70 Total Prospective 5,261 LEGEND Lease-Up Under Construction Planned Prospective 2 mi Source: Yardi Matrix

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

FORECASTED ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE COMPLETION DATE START OF RENT-UP 1 Irene Woods 9199 Mayfield Road North Collierville TN 38017 Lease Up 432 03/03/2014 12/31/2019 05/11/2018 2 Thornwood 1680 South Germantown Road Germantown TN 38138 Lease Up 251 Germantown 03/20/2017 09/30/2018 01/30/2018 3 266 Lofts 266 South Front Street Memphis TN 38103 Lease Up 140 Memphis - Downtown west 12/21/2015 08/31/2018 07/01/2017 4 Tennessee Brewery 495 Tennessee Street Memphis TN 38103 Lease Up 152 Memphis - Downtown west 07/11/2016 07/31/2018 04/01/2017 5 Fieldstone Phase VII 3333 Hacks Cross Road Memphis TN 38125 Lease Up 118 Memphis - Windyke 02/01/2017 06/30/2018 03/02/2017 6 Fieldstone Phase VI 3333 Hacks Cross Road Memphis TN 38125 Lease Up 178 Memphis - Windyke 04/01/2015 06/30/2018 01/01/2017 TOTAL LEASE-UP 1,271

7 Citizen, The SWC South McLean Blvd & Union Avenue Memphis TN 38104 Under Construction 173 Memphis - Midtown central 03/15/2018 07/31/2019

TOTAL UNDER CONSTRUCTION 173 8 Tennessee Brewery Phase II 495 Tennessee Street Memphis TN 38103 Planned 128 9 138 Museum Lofts 138 Huling Avenue Memphis TN 38103 Planned 68 Memphis - Downtown west 10 Pontotoc South Danny Thomas Blvd & East Pontotoc Avenue Memphis TN 38126 Planned 117 Memphis - Downtown east 11 Madison & McLean SWC Madison Avenue & North McLean Blvd Memphis TN 38104 Planned 108 Memphis - Midtown central 12 Madison Avenue 1544 Madison Avenue Memphis TN 38104 Planned 230 Memphis - Midtown central 13 Vantage at Germantown Hacks Cross Road & Tournament Drive Memphis TN 38125 Planned 288 Memphis - Windyke 14 Watermark at Forest Hill Heights Crestwyn Hills Drive & Forest Hill Irene Road Memphis TN 38125 Planned 310 Collierville 15 Parkside at Shelby Farms 6600 Mullins Station Road Memphis TN 38134 Planned 1200 Cordova 16 Lake District, The 3536 Canada Road Lakeland TN 38002 Planned 550 Arlington 17 South City 521 Vance Park Place Memphis TN 38126 Planned 114 Memphis - Downtown east TOTAL PLANNED 3,113 18 27 West Carolina Avenue 27 West Carolina Avenue Memphis TN 38103 Prospective 57 Memphis - Downtown west 19 99-105 S Front Street 99 South Front Street Memphis TN 38103 Prospective 50 Memphis - Downtown west 20 Harbor Town 722 Riverside Drive Memphis TN 38103 Prospective 100 Memphis - Downtown west 21 Jefferson Plaza 147 Jefferson Avenue Memphis TN 38103 Prospective 60 Memphis - Downtown west 22 One Beale Beale Street & Riverside Drive Memphis TN 38103 Prospective 280 Memphis - Downtown west 23 Edge District 435 Monroe Avenue Memphis TN 38103 Prospective 286 Memphis - Downtown east 24 South City Phase II 521 Vance Park Place Memphis TN 38126 Prospective 134 Memphis - Downtown east 25 UTHSC 910 Madison Avenue Memphis TN 38613 Prospective 100 Memphis - Downtown east 26 Mason Village Phase II 886 Latham Street Memphis TN 38126 Prospective 76 Memphis - Downtown south 27 1245 Madison Avenue 1245 Madison Avenue Memphis TN 38104 Prospective 100 Memphis - Midtown central 28 Broad Avenue North Bingham Street & Broad Avenue Memphis TN 38112 Prospective 400 Memphis - Midtown central 29 Central Lofts NEC South Hollywood Street & Milton Avenue Memphis TN 38104 Prospective 128 Memphis - Midtown central 30 Memphis Fairgrounds SWC Central Avenue & Home Run Lane Memphis TN 38104 Prospective 100 Memphis - Midtown central 31 St Peter Manor Renovation 108 North Auburndale Street Memphis TN 38104 Prospective 283 Memphis - Midtown central 32 Tillman Cove Redevelopment 3019 Tillman Cove Memphis TN 38112 Prospective 50 Memphis - East Memphis 33 East Shelby Drive & Meadow Vale Drive Meadow Vale Drive & East Shelby Drive Memphis TN 38125 Prospective 240 Memphis - Windyke 34 Avenida Germantown Farmington Blvd & Wolf River Blvd Germantown TN 38139 Prospective 150 Germantown 35 Germantown Town Center Poplar Avenue & West Street Germantown TN 38138 Prospective 302 Germantown 36 Thornwood Phase II NEC South Germantown Road & Neshoba Road Memphis TN 38138 Prospective 288 Germantown 37 StoryPoint Collierville South Byhalia Road & Collierville Road Collierville TN 38017 Prospective 164 Collierville 38 Viridian South Houston Levee Road & Winchester Road Collierville TN 38017 Prospective 375 Collierville 39 Dwell at Shelby Farms 524 Raleigh LaGrange Road Cordova TN 38018 Prospective 930 Cordova 40 Goodlett Farms 7192 Goodlett Farms Pkwy Cordova TN 38016 Prospective 408 Cordova 41 Silo Square Getwell Road & Goodman Road East Memphis TN 38116 Prospective 130 Southhaven/North Lake 42 Garden at Eden Square, The 5505 Winchester Road Memphis TN 38115 Prospective 70 Memphis - Hickory Ridge TOTAL PROSPECTIVE 5,261

TOTAL MEMPHIS 9,818

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