Phoenix New Construction & Proposed Multifamily Projects 4Q20

21 ID PROPERTY UNITS

15 The Premiere at Eastmark 216 21 Springs at Red Mountain 192 156 22 BB Living at Eastmark 132 Total Lease Up 540 86

79 64 Hampton East Phase II & III 248 255 160 79 The Solstice of Mesa 237 64 258 86 Christopher Todd Communities on Ellsworth 145 256 93 Avilla Enclave 96 Total Under Construction 726 93

257 156 Isola Mesa 135 262 157 2.0 at Eastmark 320 254 160 Mera Mesa 189 157 15 163 The Bungalows at Combs & Gantzel 236 22 165 Cadence Gateway 194 165 170 Harvest Station 78 259 171 Madera 175 175 Rev at Spur Cross 174 Total Planned 1,501

254 Acero Eastmark 260 264 171 255 Ascend at Mountain Vista 200 175 256 The Falls at Crismon Commons 240 261 257 Springs at Eastmark 276 258 Talos Signal Butte 346 259 Destination at Gateway 100 163 170 261 The Ironwood District 50 262 Mesa Ray 200 264 South Ellsworth Road & East Queen Creek Road 200 Total Prospective 1,872 2 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

ID PROPERTY UNITS

2 Liv Crossroads 356 8 Aiya 360 13 Elevation San Tan 297 23 BB Living at Val Vista 217 Total Lease Up 1,230 154

54 EpiCenter at Agritopia 320 151 56 Soltra at SanTan Village 380 57 Springs at Cooley Station 276 153 65 Cabana on Power Road 244 158 66 The Crossing at Cooley Station 408 82 The Wyatt by Watermark 216 Total Under Construction 1,844 159 151 Broadstone Dobson Ranch 288 155 152 Desert Jewel Phase III 72 153 Gilbert Commons 205 152 154 The Landing at Fiesta Village 220 155 Uptown Commons 252 158 Bungalows on Ash 165 159 Heritage Park 250 260 161 Acero Val Vista 328 82 164 162 Alta Gilbert at Cooley Station 249 168 164 The Bungalows on Ray 159 56 54 166 Elevation at the Village 214 263 167 Encore Chandler 208 166 168 Gallery Park 347 66 57 169 Greystar Active Adult 204 8 162 265 266 65 172 Noria Phase II 246 267 174 176 167 13 169 173 Novel Val Vista 317 177 174 Quintana at Verde 197 173 176 DC Heights 237 177 Town Frye 420 178 Zaterra at Arden Park 392 Total Planned 4,970 161 23 178 260 Gabriella Pointe 605 172 2 263 SanTan Village 301 265 Williams Gateway 169 266 Alta Chandler at the Park 293 267 Chandler 101 200 Total Prospective 1,568 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

136 35

142 ID PROPERTY UNITS

6 Atmosphere 252 7 Canvas 263 19 The Grove on Main 252 47 24 V on 90 29 29 Broadstone Rio Salado 276 Total Lease Up 1,133 38 97 145 6 250 35 Camden Tempe II 397 146 38 Novus Place 318 7

39 Parc Broadway 324 147 98 285 143 253 150 47 The Pier 587 252 19 144 148 92 92 Park Place Tempe Phase II 121 251 149 97 Farmer Arts District 171 98 Array 55 24 Total Under Construction 1,973 39

136 Banyan Washington 223 142 Banyan North Tempe 651 143 Blue at Eastline Village 187 144 Culdesac Tempe 761 145 Hilo Tempe 122 250 17-31-37 West University 96 146 Skyview 429 147 Eco Mesa 102 251 The Grove on Main Phase II 100 148 The Palladium Grid 296 252 Mesa Hotel & Residences 75 149 Residences on First Phase II 72 253 Sycamore Station 200 150 The Residences on Main 200 285 Dorsey Lane 140 Total Planned 3,043 Total Prospective 611 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

90 110

211 208

105 212

108 107 207

ID PROPERTY UNITS

31 Scottsdale Entrada 735 209 41 Alexan Scottsdale 282 59 2040 - 2060 North Scottsdale Road 170 210 69 The McDowell 358 89 Cabana on Hayden 89 90 Gramercy Scottsdale 160 Total Under Construction 1,794

104 Broadstone Grand at Papago Plaza 274 105 Canalside 54 106 Continental 281 107 Museum Square 92 108 Scottsdale Residences 130 89 59 109 Southdale 267 110 WaterView 260 41 Total Planned 1,358

109 31 207 Bishop Lane 199 104 208 Gentry on the Green 1,241 69 209 Greenbelt 88 300 210 L'Esperance 77 211 Scottsdale Collection 512 212 The Triangle 230 106 Total Prospective 2,559 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

ID PROPERTY UNITS

14 Pearl Biltmore 470 124 25 Novel 345 26 Novella at Biltmore 51 Total Lease Up 866 26 227 232 125 91 43 Millennium at Park Central 278 226 216 231 77 Aura Central 251 234 81 Arcadia Grand 331 14 91 One Camelback 163 Total Under Construction 1,023 126 130 233 124 5727 North 7th Street 232 225 230 125 Broadstone Uptown 284 77 126 The Common 130 127 40 East 71 229 128 Patriot Square 83 43 25 129 Urban Connected Phase II 50 235 130 4100 North Central Avenue 402 131 131 The Haverly 323 132 Palmcroft 74 74 202 Harmony at the Park One 120 Total Planned 1,769 81

132 127 216 Alta Bluewater 216 228 225 3250 West Indian School Road 81 129 226 Grand Canyon University Development 100 227 Willowick 237 281 228 The Governor by Moderne 172 128 202 229 333 East Mulberry Drive 104 230 4040 - 4060 North Central Avenue 100 231 C17 330 232 Camelback & Central 120 233 The 250 234 Omninet West 286 235 Pederson 100 281 Harmony at the Park Two 115 Total Prospective 2,211 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

62

ID PROPERTY UNITS

9 Kenect Phoenix 320 Total Lease Up 320 203

72 32 Alta Warehouse 300 33 The Fillmore 609 46 The Derby 222 85 61 Adeline 379 244 62 City Center on the Park 209 242 241 63 Society Phoenix 330 137 46 68 St. Ambrose 241 282 71 Aspire Fillmore 256 76 72 Broadstone Portland 162 71 76 The LINK PHX Phase II 204 78 78 2nd and Fillmore 323 33 84 The Battery 278 85 Eco Phx 70 240 134 9 Total Under Construction 3,583 138 204 135 63 134 333 North 2nd Avenue 400 68 243 135 520 West Van Buren Street 243 137 First McKinley at and McKinley Street 385 139 138 Phoenix Central Station 573

139 The Ragsdale 268 283 203 Deck Park Vista Redevelopment 201 61 204 Palmcourt Tower 354 Total Planned 2,424

240 334 North 4th Avenue 100 241 6th & Garfield 309 84 242 Moon Tower 200 243 Society Phoenix Phase II 250 244 Union at Roosevelt Phase II 120

282 The LINK PHX Phase III 156 32 283 The Presidential 84 Total Prospective 1,219 1000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

51

102

55

111 88

112 18 ID PROPERTY UNITS

18 Optima Kierland Phase II 213 30 Vitri 300 Total Lease Up 513

51 LMV Kierland 290 55 LCG Kierland 202 30 88 The Scottsdale Grand 290 Total Under Construction 782

102 Embrey Kierland North 272 111 Optima 15615 170 112 Optima Kierland Phase III 288

Total Planned 730 215

215 RD Kierland 360 Total Prospective 360 500 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

ID PROPERTY UNITS 275 195 10 Camden North End Phase II 343 101 Total Lease Up 343 10 103 37 34 The Manor Scottsdale 286 213 37 San Artes 552 45 The Havenly Fountain Hills 147 50 50 Alta Raintree 330 99 45 Total Under Construction 1,315 34 214 217 99 8501 East Raintree Drive 190 205 100 9400 Shea 220 100 206 101 The Cavasson 298 218 103 San Bellara 180 219 115 115 Royal Palm Road 64 195 City North 2,000 Total Planned 2,952

205 Daybreak 270 206 Daybreak Senior 130 213 16640 North Scottsdale Road 200 214 100 217 Harmony at Cactus 400 218 Metro Lofts 204 219 Trillium Midtown 276 275 Aileron by Moderne 250 Total Prospective 1,830 2 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

ID PROPERTY UNITS

4 Mera City Center 193 5 Escape at Arrowhead 324 12 Paradise at P83 352 17 Proximity 16th St. 85 20 Christopher Todd Collection on Mountain View 217 27 The Reserve at Westpark 116 Total Lease Up 1,287 279

53 South 59th Avenue & West South Mountain Avenue 147 60 Avilla Magnolia 162 96 200 87 Avilla Lago 120 280 96 Grandstone at Sunrise 140 87 5 Total Under Construction 569 20 277 201 183 272 12 220 113 Encanto Cactus Park Phase II 50 4 180 114 114 The Hangar at Thunderbird 286 194 113 133 Retreat at Tuscano 220 191 140 Liv Laveen 360 141 Proximity Baseline 80 180 Avilla Grand 267 183 The Bungalows at Mountain Vista Ranch 339 191 Isola Surprise 149 194 Villas at Rancho TruGold 244 200 Bungalows at Asante 293 201 Surprise Farms Villas 252 Total Planned 2,540 60 27 133 284 220 Stadium Point @ P83 100 247 245 19th Avenue & Southern Avenue 308 249 245 246 Isola Elliot 249 17 141 53 247 Sunland 90 140 248 248 Urban 128 Phase II 120 246 249 Vita at 202 & Southern 207 272 Heritage on Dysart 120 277 Glendale Bell 418 279 Lake Pleasant Heights 100 280 Spurlock Ranch 100 284 Copper Sands Estates 100 Total Prospective 1,912 5 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

278

196

49

197 ID PROPERTY UNITS

3 Springs at Deer Valley 296 16 Elux at Norterra 212 Total Lease Up 508

49 Avilla Canyon 211 83 276 58 35th Avenue & Happy Valley Road 325 58 198 83 Kalon at Union Street 215 16 Total Under Construction 751

196 Ascend at Black Canyon & Dynamite 260 3 199 197 Atticus Jomax 242 198 BB Living at Norterra 154 199 North 19th Avenue & West Alameda Road 396 Total Planned 1,052

276 Central Foothills 109 278 Sage Phase II 232 Total Prospective 341 2000 Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

ID PROPERTY UNITS

1 Grayson Place 296 28 Christopher Todd Communities at Estrella Commons 286 Total Lease Up 582

40 Aviva Goodyear 288 42 Cabana on 99th 286 44 Acero Algodon Center 458 48 Bungalows on Camelback 325 67 Cabana on Encanto 286 73 Arise 135 74 Curve at Estrella Commons 64 42 119 75 Mera Goodyear 188 94 The Bungalows on Estrella 183 73 192 48 95 Desert View 160 Total Under Construction 2,373

40 274 119 Acero Glendale 352 179 Avari 354 44 181 Avondale Station I 420 182 Avondale Station II 145 184 Cabana on Bullard 334 181 237 185 Christopher Todd 67 Communities on Cotton Lane 328 182 236 273 186 Christopher Todd 186 166 271 Communities on McDowell 1 75 187 Crystal Cove 238 74 193 188 Hancock at Canyon Trails 261 185 28 179 95 189 Hillstone Residences at Canyon Trails 240 188 184 269 190 Isola Goodyear 228 187 268 192 Village at Camelback Park 194 94 193 Village at the BLVD 185 Total Planned 3,445 189 270

236 79th & Encanto Multi - Family 372 237 79th & Encanto Senior 203 268 Avondale Townhomes on Dysart 302 269 Cerro Vista 255 190 270 DeRosier Ranch 94 271 Hancock Communities 217 273 Nirvana at Harbor Shores 172 274 Rio Bonita 219 Total Prospective 1,834 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 4Q20

117 11 116

36 80 223 118

121 224 122 ID PROPERTY UNITS 70 52 11 Parc Roundtree Ranch 275 221 123 Total Lease Up 275 120 222

36 Village at Pioneer Park 332 52 Bungalows at Westgate 193 70 Mera Westgate 189 80 Village at Olive Marketplace 208 Total Under Construction 922

116 Landmark on 67th 56 117 North 83rd Avenue & West Olive Avenue 189 118 59 Butler 96 120 Glen 91 296 121 The Prescott at Park West 95 122 Townhomes at Manistee Ranch 71 123 Zanjero 310 Total Planned 1,113 239

221 Desert River 50 222 G83 Plaza 88 238 223 Golden Lane 192 224 North 107th Avenue & West Northern Avenue 74 238 Birdsong Phoenix 72 239 Fuze 602 180 Total Prospective 656 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE

1 Grayson Place 1499 North 159th Avenue Goodyear AZ 85395 Lease-Up 296 Western Suburbs 01/13/2020 05/31/2022 11/01/2020 2 Liv Crossroads 445 East Germann Road Gilbert AZ 85297 Lease-Up 356 Gilbert 04/06/2020 12/31/2021 10/03/2020

3 Springs at Deer Valley 24025 North 23rd Avenue Phoenix AZ 85085 Lease-Up 296 Deer Valley 05/01/2020 11/30/2021 12/07/2020 4 Mera City Center 15510 North La Cometa Avenue Surprise AZ 85379 Lease-Up 193 Western Suburbs 02/01/2020 11/30/2021 09/21/2020 5 Escape at Arrowhead 7951 West Beardsley Road Glendale AZ 85382 Lease-Up 324 Deer Valley 10/01/2019 08/31/2021 11/02/2020 6 Atmosphere 707 South Forest Avenue Tempe AZ 85281 Lease-Up 252 North Tempe 02/03/2020 08/31/2021 10/02/2020 7 Canvas 1028 East Orange Street Tempe AZ 85281 Lease-Up 263 North Tempe 12/16/2019 08/31/2021 08/21/2020 8 Aiya 2350 South Wade Drive Gilbert AZ 85295 Lease-Up 360 Gilbert 11/01/2018 07/31/2021 11/13/2020 9 Kenect Phoenix 355 North Central Avenue Phoenix AZ 85004 Lease-Up 320 Sky Harbor 05/01/2019 07/31/2021 07/22/2020 10 Camden North End Phase II 6800 East Mayo Blvd Phoenix AZ 85054 Lease-Up 343 Union Hills 08/01/2019 05/31/2021 10/16/2020 11 Parc Roundtree Ranch 9201 North 83rd Avenue Peoria AZ 85345 Lease-Up 275 Sun City - Youngtown - Peoria 10/01/2019 05/31/2021 09/18/2020 12 Paradise at P83 16601 North 75th Avenue Peoria AZ 85382 Lease-Up 352 Sun City - Youngtown - Peoria 09/01/2019 05/31/2021 08/21/2020 13 Elevation San Tan 2045 East Boston Street Gilbert AZ 85295 Lease-Up 297 Gilbert 07/08/2019 05/31/2021 06/08/2020 14 Pearl Biltmore 2323 East Highland Avenue Phoenix AZ 85016 Lease-Up 470 East Camelback 09/01/2018 05/31/2021 05/15/2020 15 The Premiere at Eastmark 9410 East Ray Road Mesa AZ 85212 Lease-Up 216 Superstition Springs 07/12/2019 05/31/2021 04/03/2020 16 Elux at Norterra 1717 West Happy Valley Road Phoenix AZ 85085 Lease-Up 212 Deer Valley 02/03/2020 05/30/2021 09/21/2020 17 Proximity 16th St. 7500 South 16th Street Phoenix AZ 85042 Lease-Up 85 South Phoenix 09/02/2019 04/30/2021 09/11/2020 18 Optima Kierland Phase II 7160 East Kierland Blvd Scottsdale AZ 85254 Lease-Up 213 North Paradise Valley 04/02/2019 04/30/2021 06/10/2020 19 The Grove on Main 435 East Main Street Mesa AZ 85203 Lease-Up 252 North Mesa 09/03/2019 03/31/2021 10/13/2020 20 Christopher Todd Collection on Mountain View 14155 West Mountain View Blvd Surprise AZ 85374 Lease-Up 217 Southwest Maricopa County 12/16/2019 03/31/2021 08/01/2020 21 Springs at Red Mountain 2639 North Power Road Mesa AZ 85215 Lease-Up 192 East Mesa 12/13/2019 03/31/2021 07/02/2020 22 BB Living at Eastmark 5150 South Inspirian Pkwy Mesa AZ 85212 Lease-Up 132 Superstition Springs 10/01/2019 03/31/2021 02/17/2020 23 BB Living at Val Vista 3936 South Decatur Drive Gilbert AZ 85297 Lease-Up 217 Gilbert 07/22/2019 03/31/2021 12/02/2019 24 V on Broadway 1890 South Country Club Way Tempe AZ 85282 Lease-Up 90 North Tempe 12/01/2019 02/28/2021 11/13/2020 25 Novel 400 East Earll Drive Phoenix AZ 85012 Lease-Up 345 Uptown 08/01/2019 02/28/2021 10/23/2020 26 Novella at Biltmore 5455 North 18th Street Phoenix AZ 85016 Lease-Up 51 South Paradise Valley 09/03/2019 02/28/2021 06/01/2020 27 The Reserve at Westpark 25936 West Superior Avenue Buckeye AZ 85326 Lease-Up 116 Southwest Maricopa County 06/01/2019 02/28/2021 05/18/2020 Christopher Todd Communities at 28 15385 West Fillmore Street Goodyear AZ 85338 Lease-Up 286 Western Suburbs 06/10/2019 02/28/2021 04/01/2020 Estrella Commons 29 Broadstone Rio Salado 2325 East Rio Salado Pkwy Tempe AZ 85281 Lease-Up 276 North Tempe 09/03/2018 01/31/2021 12/13/2019 30 Vitri 15125 North Scottsdale Road Scottsdale AZ 85254 Lease-Up 300 North Scottsdale 08/01/2018 01/31/2021 11/13/2019 Total Lease-Up 7,597

31 Scottsdale Entrada NEC North 64th Street & East McDowell Road Scottsdale AZ 85257 Under Construction 735 South Scottsdale 11/01/2020 11/30/2023 32 Alta Warehouse 600 West Grant Street Phoenix AZ 85003 Under Construction 300 Sky Harbor 03/09/2020 11/30/2022 33 The Fillmore 555 North 5th Avenue Phoenix AZ 85003 Under Construction 609 Sky Harbor 02/17/2020 10/31/2022 34 The Manor Scottsdale 13220 North Scottsdale Road Scottsdale AZ 85254 Under Construction 286 North Paradise Valley 11/09/2020 09/30/2022 35 Camden Tempe II North College Avenue & East Weber Drive Tempe AZ 85281 Under Construction 397 North Tempe 12/07/2020 09/30/2022 Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE 36 Village at Pioneer Park SWC North 83rd Avenue & West Olive Avenue Peoria AZ 85345 Under Construction 332 Glendale 12/07/2020 08/31/2022 37 San Artes 17900 North Hayden Road Scottsdale AZ 85255 Under Construction 552 North Scottsdale 02/10/2020 07/31/2022 38 Novus Place East 6th Street & South Packard Drive Tempe AZ 85281 Under Construction 318 North Tempe 10/01/2020 06/30/2022 39 Parc Broadway 711 Road Tempe AZ 85282 Under Construction 324 South Tempe 10/19/2020 06/30/2022 40 Aviva Goodyear 4175 North Falcon Drive Goodyear AZ 85395 Under Construction 288 Western Suburbs 11/02/2020 06/30/2022 41 Alexan Scottsdale 2001 North Scottsdale Road Scottsdale AZ 85257 Under Construction 282 South Scottsdale 11/02/2020 04/30/2022 42 Cabana on 99th 10000 West Avenue Glendale AZ 85307 Under Construction 286 Glendale 10/19/2020 04/30/2022 NWC West Catalina Drive & 43 Millennium at Park Central Phoenix AZ 85013 Under Construction 278 Uptown 10/01/2020 04/30/2022 North Central Avenue 44 Acero Algodon Center North 91st Avenue & West Osborn Road Phoenix AZ 85037 Under Construction 458 Western Suburbs 08/03/2020 04/30/2022 45 The Havenly Fountain Hills East Palisades Blvd & East Westby Drive Fountain Hills AZ 85268 Under Construction 147 North Scottsdale 12/14/2020 03/31/2022 46 The Derby 800 North 2nd Street Phoenix AZ 85004 Under Construction 222 Sky Harbor 03/15/2017 03/31/2022 47 The Pier 1190 Vista Del Lago Drive Tempe AZ 85281 Under Construction 587 North Tempe 03/01/2019 03/31/2022 SEC North 99th Avenue & 48 Bungalows on Camelback Phoenix AZ 85037 Under Construction 325 Western Suburbs 10/05/2020 03/31/2022 West Camelback Road 49 Avilla Canyon 27701 North Black Canyon Hwy Phoenix AZ 85085 Under Construction 211 Deer Valley 12/07/2020 03/31/2022 50 Alta Raintree 8688 East Raintree Drive Scottsdale AZ 85260 Under Construction 330 North Scottsdale 08/24/2020 02/28/2022 51 LMV Kierland 15825 North 71st Street Scottsdale AZ 85254 Under Construction 290 North Paradise Valley 09/01/2020 02/28/2022 52 Bungalows at Westgate 7403 North 91st Avenue Glendale AZ 85305 Under Construction 193 Glendale 11/16/2020 02/28/2022 South 59th Avenue & SEC South 59th Avenue & 53 Laveen AZ 85339 Under Construction 147 South Phoenix 12/01/2020 02/28/2022 West South Mountain Avenue West South Mountain Avenue 54 EpiCenter at Agritopia NWC East Ray Road & South Higley Road Gilbert AZ 85296 Under Construction 320 Gilbert 04/01/2020 02/28/2022 55 LCG Kierland 7111 East Tierra Buena Lane Scottsdale AZ 85254 Under Construction 202 North Paradise Valley 11/09/2020 01/31/2022 SWC East Ray Road & 56 Soltra at SanTan Village Gilbert AZ 85295 Under Construction 380 Gilbert 01/13/2020 01/31/2022 South Santan Village Pkwy 57 Springs at Cooley Station 4210 East Williams Field Road Gilbert AZ 85295 Under Construction 276 Gilbert 10/01/2020 01/31/2022 NWC North 35th Avenue & 58 35th Avenue & Happy Valley Road Phoenix AZ 85085 Under Construction 325 Deer Valley 09/21/2020 01/31/2022 West Happy Valley Road 59 2040 - 2060 North Scottsdale Road 2040 North Scottsdale Road Scottsdale AZ 85257 Under Construction 170 South Scottsdale 11/02/2020 12/31/2021 NWC South 75th Avenue & 60 Avilla Magnolia Phoenix AZ 85043 Under Construction 162 Maryvale 10/01/2020 12/31/2021 West Lower Buckeye Road 61 Adeline 222 East Jefferson Street Phoenix AZ 85004 Under Construction 379 Sky Harbor 02/03/2020 12/31/2021 62 City Center on the Park 1314 North 3rd Street Phoenix AZ 85004 Under Construction 209 Sky Harbor 07/27/2020 12/31/2021 63 Society Phoenix 200 West Monroe Street Phoenix AZ 85003 Under Construction 330 Sky Harbor 10/15/2019 12/31/2021 64 Hampton East Phase II & III 9740 East Hampton Avenue Mesa AZ 85209 Under Construction 248 Superstition Springs 08/03/2020 12/31/2021 65 Cabana on Power Road 6151 South Power Road Gilbert AZ 85295 Under Construction 244 Gilbert 09/01/2020 12/31/2021 66 The Crossing at Cooley Station 3700 East Williams Field Road Gilbert AZ 85295 Under Construction 408 Gilbert 05/01/2020 12/31/2021 67 Cabana on Encanto SEC South 150th Avenue & West Encanto Blvd Goodyear AZ 85395 Under Construction 286 Western Suburbs 10/01/2020 12/31/2021 68 St. Ambrose 220 North 12th Street Phoenix AZ 85034 Under Construction 241 Sky Harbor 10/05/2020 12/31/2021 69 The McDowell 6601 East McDowell Road Scottsdale AZ 85257 Under Construction 358 South Scottsdale 03/06/2020 11/30/2021 Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE 70 Mera Westgate NWC North 91st Avenue & North Zanjero Blvd Glendale AZ 85305 Under Construction 189 Glendale 11/02/2020 11/30/2021 71 Aspire Fillmore 601 North 3rd Avenue Phoenix AZ 85003 Under Construction 256 Sky Harbor 12/02/2019 11/30/2021 72 Broadstone Portland 332 East Portland Street Phoenix AZ 85004 Under Construction 162 Sky Harbor 04/06/2020 11/30/2021 73 Arise 5110 North 129th Avenue Litchfield Park AZ 85340 Under Construction 135 Western Suburbs 04/01/2020 11/30/2021 SEC North Estrella Pkwy & 74 Curve at Estrella Commons Goodyear AZ 85338 Under Construction 64 Western Suburbs 11/02/2020 11/30/2021 West Roosevelt Street SEC North 144th Drive & 75 Mera Goodyear Goodyear AZ 85395 Under Construction 188 Western Suburbs 11/02/2020 11/30/2021 West McDowell Road 76 The LINK PHX Phase II 330 East Pierce Street Phoenix AZ 85004 Under Construction 204 Sky Harbor 02/17/2020 11/30/2021 77 Aura Central 3883 North Central Avenue Phoenix AZ 85012 Under Construction 251 Uptown 04/09/2020 10/31/2021 78 2nd and Fillmore 400 North 2nd Avenue Phoenix AZ 85003 Under Construction 323 Sky Harbor 04/06/2020 10/31/2021 79 The Solstice of Mesa 307 South Hawes Road Mesa AZ 85208 Under Construction 237 East Mesa 05/20/2020 10/31/2021 80 Village at Olive Marketplace SEC North 53rd Avenue & West Olive Avenue Glendale AZ 85302 Under Construction 208 Glendale 05/01/2020 09/30/2021 81 Arcadia Grand 2165 North 44th Street Phoenix AZ 85008 Under Construction 331 Central East Phoenix 01/03/2020 09/30/2021 82 The Wyatt by Watermark 1205 South Gilbert Road Gilbert AZ 85296 Under Construction 216 Gilbert 07/13/2020 09/30/2021 83 Kalon at Union Street NEC North Norterra Pkwy & White Thorn Phoenix AZ 85085 Under Construction 215 Deer Valley 03/01/2020 08/31/2021 84 The Battery 310 East Buchanan Street Phoenix AZ 85004 Under Construction 278 Sky Harbor 10/01/2019 06/30/2021 SWC North 3rd Avenue & 85 Eco Phx Phoenix AZ 85003 Under Construction 70 Sky Harbor 05/01/2020 06/30/2021 West Roosevelt Street Christopher Todd SWC North Ellsworth Road & 86 Mesa AZ 85207 Under Construction 145 East Mesa 08/03/2020 06/30/2021 Communities on Ellsworth East University Drive 87 Avilla Lago 10310 West Beardsley Road Peoria AZ 85382 Under Construction 120 Deer Valley 06/01/2020 06/30/2021 88 The Scottsdale Grand 15501 North Dial Blvd Scottsdale AZ 85260 Under Construction 290 North Scottsdale 05/15/2019 05/31/2021 89 Cabana on Hayden 2240 North Hayden Road Scottsdale AZ 85257 Under Construction 89 South Scottsdale 04/06/2020 05/31/2021 90 Gramercy Scottsdale 4735 North Scottsdale Road Scottsdale AZ 85251 Under Construction 160 South Scottsdale 12/16/2019 05/31/2021 91 One Camelback 1 East Camelback Road Phoenix AZ 85012 Under Construction 163 Uptown 04/01/2019 05/31/2021 92 Park Place Tempe Phase II 1317 South Terrace Road Tempe AZ 85281 Under Construction 121 North Tempe 09/07/2020 05/31/2021 93 Avilla Enclave 8433 East Guadalupe Road Mesa AZ 85212 Under Construction 96 Superstition Springs 05/01/2020 05/31/2021 94 The Bungalows on Estrella 15545 West Hudson Way Goodyear AZ 85338 Under Construction 183 Western Suburbs 08/01/2019 05/31/2021 95 Desert View 600 North 96th Avenue Tolleson AZ 85353 Under Construction 160 Western Suburbs 02/01/2018 05/31/2021 West Happy Valley Road & 96 Grandstone at Sunrise Peoria AZ 85383 Under Construction 140 Deer Valley 05/01/2020 05/31/2021 North Lake Pleasant Pkwy 97 Farmer Arts District 707 South Farmer Avenue Tempe AZ 85281 Under Construction 171 North Tempe 01/06/2020 05/31/2021 98 Array 1100 East Apache Blvd Tempe AZ 85281 Under Construction 55 North Tempe 03/01/2019 02/28/2021 Total Under Construction 17,655

99 8501 East Raintree Drive 8501 East Raintree Drive Scottsdale AZ 85260 Planned 190 North Scottsdale 100 9400 Shea 9375 East Shea Blvd Scottsdale AZ 85260 Planned 220 North Scottsdale 101 The Cavasson SEC East Cavasson Blvd & North Claret Drive Scottsdale AZ 85255 Planned 298 North Scottsdale Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE North Scottsdale Road & 102 Embrey Kierland North Phoenix AZ 85254 Planned 272 North Scottsdale East Tierra Buena Lane 103 San Bellara 17800 North 78th Street Scottsdale AZ 85255 Planned 180 North Scottsdale 104 Broadstone Grand at Papago Plaza 7047 East McDowell Road Scottsdale AZ 85257 Planned 274 South Scottsdale 105 Canalside 6824 East Indian School Road Scottsdale AZ 85251 Planned 54 South Scottsdale 106 Continental 1000 North Scottsdale Road Scottsdale AZ 85257 Planned 281 South Scottsdale 107 Museum Square 7108 East 2nd Street Scottsdale AZ 85251 Planned 92 South Scottsdale 108 Scottsdale Residences 6903 East Main Street Scottsdale AZ 85251 Planned 130 South Scottsdale 109 Southdale 7000 East McDowell Road Scottsdale AZ 85257 Planned 267 South Scottsdale 110 WaterView North 73rd Street & East Camelback Road Scottsdale AZ 85251 Planned 260 South Scottsdale 111 Optima 15615 15615 North 71st Street Scottsdale AZ 85254 Planned 170 North Paradise Valley 112 Optima Kierland Phase III 7160 East Kierland Blvd Scottsdale AZ 85254 Planned 288 North Paradise Valley 113 Encanto Cactus Park Phase II 4310 West Charter Oak Road Glendale AZ 85304 Planned 50 North Black Canyon 114 The Hangar at Thunderbird North 57th Avenue & West Thunderbird Road Glendale AZ 85306 Planned 286 North Black Canyon 115 Royal Palm Road 8125 North 23rd Avenue Phoenix AZ 85021 Planned 64 Metrocenter 116 Landmark on 67th 9160 North 67th Avenue Peoria AZ 85345 Planned 56 Sun City - Youngtown - Peoria 117 North 83rd Avenue & West Olive Avenue NWC North 83rd Avenue & West Olive Avenue Peoria AZ 85345 Planned 189 Sun City - Youngtown - Peoria 118 59 Butler SWC North 59th Avenue & West Butler Drive Glendale AZ 85302 Planned 96 Glendale 119 Acero Glendale 5550 North 95th Avenue Glendale AZ 85305 Planned 352 Glendale SEC North 91st Avenue & 120 Glen 91 Glendale AZ 85305 Planned 296 Glendale West Glendale Avenue 121 The Prescott at Park West 8128 North 99th Avenue Peoria AZ 85345 Planned 95 Glendale 122 Townhomes at Manistee Ranch 7959 North 53rd Avenue Glendale AZ 85301 Planned 71 Glendale 123 Zanjero SWC North 91st Avenue & North Zanjero Blvd Glendale AZ 85305 Planned 310 Glendale 124 5727 North 7th Street 5727 North 7th Street Phoenix AZ 85014 Planned 232 Christown 125 Broadstone Uptown 502 West Camelback Road Phoenix AZ 85013 Planned 284 Christown 126 The Common 4225 North 32nd Street Phoenix AZ 85018 Planned 130 East Camelback 127 40 East 4040 East McDowell Road Phoenix AZ 85008 Planned 71 Central East Phoenix 128 Patriot Square 640 North 32nd Street Phoenix AZ 85008 Planned 83 Central East Phoenix 129 Urban Connected Phase II 1220 North 44th Street Phoenix AZ 85008 Planned 50 Central East Phoenix 130 4100 North Central Avenue 4100 North Central Avenue Phoenix AZ 85012 Planned 402 Uptown 131 The Haverly 31 East Thomas Road Phoenix AZ 85012 Planned 323 Uptown 132 Palmcroft 74 1302 West McDowell Road Phoenix AZ 85007 Planned 74 Uptown 133 Retreat at Tuscano 7725 West Lower Buckeye Road Phoenix AZ 85043 Planned 220 Maryvale 134 333 North 2nd Avenue 333 North 2nd Avenue Phoenix AZ 85003 Planned 400 Sky Harbor 135 520 West Van Buren Street 520 West Van Buren Street Phoenix AZ 85003 Planned 243 Sky Harbor 136 Banyan Washington 5321 East Washington Street Phoenix AZ 85034 Planned 223 Sky Harbor Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE First McKinley at First Avenue and 137 North 1st Avenue & West McKinley Street Phoenix AZ 85003 Planned 385 Sky Harbor McKinley Street NWC North Central Avenue & 138 Phoenix Central Station Phoenix AZ 85004 Planned 573 Sky Harbor West Van Buren Street NWC North 12th Street & 139 The Ragsdale Phoenix AZ 85034 Planned 268 Sky Harbor East Washington Street 140 Liv Laveen SEC South 39th Avenue & West Dobbins Road Laveen AZ 85339 Planned 360 South Phoenix 141 Proximity Baseline 1640 East Baseline Road Phoenix AZ 85042 Planned 80 South Phoenix 142 Banyan North Tempe 1255 East Curry Road Tempe AZ 85281 Planned 651 North Tempe 143 Blue at Eastline Village 2058 East Apache Blvd Tempe AZ 85281 Planned 187 North Tempe 144 Culdesac Tempe 2025 East Apache Blvd Tempe AZ 85281 Planned 761 North Tempe 145 Hilo Tempe 701 South Mill Avenue Tempe AZ 85281 Planned 122 North Tempe 146 Skyview 855 South Rural Road Tempe AZ 85281 Planned 429 North Tempe 147 Eco Mesa SEC West Pepper Place & North Robson Mesa AZ 85201 Planned 102 North Mesa 148 The Palladium Grid East Main Street & South Pomeroy Mesa AZ 85201 Planned 296 North Mesa 149 Residences on First Phase II SEC West 1st Avenue & South MacDonald Mesa AZ 85210 Planned 72 North Mesa 150 The Residences on Main 424 West Main Street Mesa AZ 85201 Planned 200 North Mesa 151 Broadstone Dobson Ranch 1666 South Dobson Road Mesa AZ 85202 Planned 288 South Mesa 152 Desert Jewel Phase III 2800 North Avenue Chandler AZ 85225 Planned 72 South Mesa 153 Gilbert Commons 1121 East Baseline Road Gilbert AZ 85233 Planned 205 South Mesa NWC South Alma School Road & 154 The Landing at Fiesta Village Mesa AZ 85210 Planned 220 South Mesa West Southern Avenue 155 Uptown Commons NEC North Arizona Avenue & West Elliot Road Chandler AZ 85225 Planned 252 South Mesa NWC North Ellsworth Road & 156 Isola Mesa Mesa AZ 85207 Planned 135 East Mesa East University Drive SEC South Ellsworth Road & 157 2.0 at Eastmark Mesa AZ 85212 Planned 320 Superstition Springs East Point Twenty - Two Blvd 158 Bungalows on Ash NEC North Ash Street & North Gilbert Road Gilbert AZ 85234 Planned 165 Superstition Springs SWC North Gilbert Road & 159 Heritage Park Gilbert AZ 85234 Planned 250 Superstition Springs West Juniper Avenue SWC South 105th Place & 160 Mera Mesa Mesa AZ 85208 Planned 189 Superstition Springs East Hampton Avenue 161 Acero Val Vista 1500 East Melrose Street Gilbert AZ 85297 Planned 328 Gilbert SWC South Recker Road & 162 Alta Gilbert at Cooley Station Gilbert AZ 85295 Planned 249 Gilbert East Williams Field Road 163 The Bungalows at Combs & Gantzel NWC East Combs Road & North Gantzel Road Queen Creek AZ 85140 Planned 236 Gilbert 164 The Bungalows on Ray East Ray Rd & South Santan Village Pkwy Gilbert AZ 85296 Planned 159 Gilbert 165 Cadence Gateway 9410 East Cadence Pkwy Mesa AZ 85212 Planned 194 Gilbert South Coronado Road & 166 Elevation at the Village Gilbert AZ 85295 Planned 214 Gilbert South SanTan Village Pkwy 167 Encore Chandler 100 South Nevada Street Chandler AZ 85225 Planned 208 Gilbert 168 Gallery Park 18420 East Ray Road Mesa AZ 85212 Planned 347 Gilbert Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE 169 Greystar Active Adult South Recker Road & East Somerton Blvd Gilbert AZ 85295 Planned 204 Gilbert 170 Harvest Station SEC North Gary Road & East Riggs Road Queen Creek AZ 85142 Planned 78 Gilbert SEC East Queen Creek Road & 171 Madera Queen Creek AZ 85142 Planned 175 Gilbert Signal Butte Road 172 Noria Phase II 2177 South McQueen Road Chandler AZ 85286 Planned 246 Gilbert 173 Novel Val Vista East Pecos Road & South Val Vista Drive Gilbert AZ 85295 Planned 317 Gilbert SWC South Recker Road & 174 Quintana at Verde Gilbert AZ 85295 Planned 197 Gilbert East Williams Field Road NEC East Ocotillo Road & 175 Rev at Spur Cross Queen Creek AZ 85142 Planned 174 Gilbert South Signal Butte Road 176 DC Heights 201 West Commonwealth Avenue Chandler AZ 85225 Planned 237 Chandler 177 Town Frye SEC South Ellis Road & West Frye Road Chandler AZ 85224 Planned 420 Chandler 178 Zaterra at Arden Park South Arizona Avenue & West Germann Road Chandler AZ 85286 Planned 392 Chandler NWC North Avondale Blvd & 179 Avari Avondale AZ 85323 Planned 354 Western Suburbs West City Center Drive 180 Avilla Grand 11755 West Thompson Ranch Road El Mirage AZ 85335 Planned 267 Western Suburbs 181 Avondale Station I North 99th Avenue & West Encanto Blvd Avondale AZ 85392 Planned 420 Western Suburbs 182 Avondale Station II North 99th Avenue & West Encanto Blvd Avondale AZ 85392 Planned 145 Western Suburbs 183 The Bungalows at Mountain Vista Ranch SEC West Bell Road & North Sarival Road Surprise AZ 85347 Planned 339 Western Suburbs NWC South Bullard Avenue & 184 Cabana on Bullard Goodyear AZ 85338 Planned 334 Western Suburbs West Van Buren Street Christopher Todd Communities 185 North Cotton Lane & West Garfield Street Goodyear AZ 85338 Planned 328 Western Suburbs on Cotton Lane 186 Christopher Todd Communities on McDowell 1610 North 91st Avenue Phoenix AZ 85037 Planned 166 Western Suburbs NEC North Central Avenue & 187 Crystal Cove Avondale AZ 85323 Planned 238 Western Suburbs East La Canada Blvd 188 Hancock at Canyon Trails North 173rd Avenue & West Van Buren Street Goodyear AZ 85338 Planned 261 Western Suburbs 189 Hillstone Residences at Canyon Trails NWC South 173rd Avenue & West Yuma Road Goodyear AZ 85338 Planned 240 Western Suburbs 190 Isola Goodyear NEC South Cotton Lane & West Elwood Street Goodyear AZ 85338 Planned 228 Western Suburbs 191 Isola Surprise SWC West Cactus Road & North Reems Road Surprise AZ 85379 Planned 149 Western Suburbs 192 Village at Camelback Park North Ball Park Blvd & West Camelback Road Phoenix AZ 85037 Planned 194 Western Suburbs 193 Village at the BLVD North 107th Avenue & West Roosevelt Street Avondale AZ 85323 Planned 185 Western Suburbs 194 Villas at Rancho TruGold 17180 West Sweetwater Avenue Surprise AZ 85388 Planned 244 Western Suburbs 195 City North NEC North 56th Street & Loop 101 Phoenix AZ 85054 Planned 2,000 Union Hills 196 Ascend at Black Canyon & Dynamite Black Canyon Hwy & West Dynamite Blvd Phoenix AZ 85085 Planned 260 Deer Valley 197 Atticus Jomax 26800 North 27th Avenue Phoenix AZ 85085 Planned 242 Deer Valley 198 BB Living at Norterra North 19th Avenue & West Happy Valley Road Phoenix AZ 85085 Planned 154 Deer Valley 199 North 19th Avenue & West Alameda Road SWC North 19th Avenue & West Alameda Road Phoenix AZ 85085 Planned 396 Deer Valley 200 Bungalows at Asante 16630 West Pat Tillman Blvd Surprise AZ 85387 Planned 293 Southwest Maricopa County 201 Surprise Farms Villas 17701 West Bell Road Surprise AZ 85388 Planned 252 Southwest Maricopa County Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE 202 Harmony at the Park One 500 North 20th Street Phoenix AZ 85006 Planned 120 Central East Phoenix 203 Deck Park Vista Redevelopment 1125 North 3rd Street Phoenix AZ 85004 Planned 201 Sky Harbor 204 Palmcourt Tower NWC North 5th Street & East Van Buren Street Phoenix AZ 85004 Planned 354 Sky Harbor Total Planned 26,897

205 Daybreak NEC North Palisades Blvd & East Shea Blvd Fountain Hills AZ 85268 Prospective 270 North Scottsdale 206 Daybreak Senior NEC North Palisades Blvd & East Shea Blvd Fountain Hills AZ 85268 Prospective 130 North Scottsdale 207 Bishop Lane 7125 East 2nd Street Scottsdale AZ 85251 Prospective 199 South Scottsdale 208 Gentry on the Green 7979 East Camelback Road Scottsdale AZ 85251 Prospective 1,241 South Scottsdale 209 Greenbelt 88 3370 North Hayden Road Scottsdale AZ 85251 Prospective 300 South Scottsdale 210 L'Esperance NWC East Earll Drive & North Scottsdale Road Scottsdale AZ 85251 Prospective 77 South Scottsdale 211 Scottsdale Collection East Camelback Road & North Scottsdale Road Scottsdale AZ 85251 Prospective 512 South Scottsdale 212 The Triangle 7110 East Indian School Road Scottsdale AZ 85251 Prospective 230 South Scottsdale 213 16640 North Scottsdale Road 16640 North Scottsdale Road Scottsdale AZ 85254 Prospective 200 North Paradise Valley 214 Paradise Valley Mall East Cactus Road & North Tatum Blvd Phoenix AZ 85032 Prospective 100 North Paradise Valley 215 RD Kierland 7025 East Greenway Pkwy Scottsdale AZ 85254 Prospective 360 North Paradise Valley NEC North 16th Street & 216 Alta Bluewater Phoenix AZ 85014 Prospective 216 South Paradise Valley East Camelback Road 217 Harmony at Cactus 2625 East Cactus Road Phoenix AZ 85032 Prospective 400 Sunnyslope 218 Metro Lofts 9201 North 29th Avenue Phoenix AZ 85051 Prospective 204 Metrocenter 219 Trillium Midtown 2121 West Butler Drive Phoenix AZ 85021 Prospective 276 Metrocenter 220 Stadium Point @ P83 NEC North 83rd Avenue & West Mariners Way Peoria AZ 85382 Prospective 100 Sun City - Youngtown - Peoria 221 Desert River North 99th Avenue & West Desert River Blvd Glendale AZ 85305 Prospective 50 Glendale SEC North 83rd Avenue & 222 G83 Plaza Glendale AZ 85303 Prospective 88 Glendale West Glendale Avenue 223 Golden Lane SWC North 67th Avenue & West Alice Avenue Glendale AZ 85345 Prospective 192 Glendale 224 North 107th Avenue & West Northern Avenue North 107th Avenue & West Northern Avenue Glendale AZ 85307 Prospective 74 Glendale 225 3250 West Indian School Road 3250 West Indian School Road Phoenix AZ 85017 Prospective 81 Northwest Phoenix 226 Grand Canyon University Development 2850 West Camelback Road Phoenix AZ 85017 Prospective 100 Northwest Phoenix 227 Willowick North 16th Street & East Colter Street Phoenix AZ 85014 Prospective 237 Christown 228 The Governor by Moderne SWC North 18th Street & East McDowell Road Phoenix AZ 85006 Prospective 172 Central East Phoenix 229 333 East Mulberry Drive 333 East Mulberry Drive Phoenix AZ 85012 Prospective 104 Uptown 230 4040 - 4060 North Central Avenue 4040 North Central Avenue Phoenix AZ 85012 Prospective 100 Uptown SWC North 17th Avenue & 231 C17 Phoenix AZ 85015 Prospective 330 Uptown West Camelback Road SWC West Camelback Road & 232 Camelback & Central Phoenix AZ 85013 Prospective 120 Uptown North Central Avenue 233 The Central Park NEC Central Avenue & Indian School Road Phoenix AZ 85012 Prospective 250 Uptown 234 Omninet West 4800 North Central Avenue Phoenix AZ 85012 Prospective 286 Uptown Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE NWC North Central Avenue & 235 Pederson Phoenix AZ 85012 Prospective 100 Uptown West Thomas Road 236 79th & Encanto Multi - Family NEC North 79th Avenue & West Encanto Blvd Phoenix AZ 85035 Prospective 372 Maryvale 237 79th & Encanto Senior NEC North 79th Avenue & West Encanto Blvd Phoenix AZ 85035 Prospective 203 Maryvale 238 Birdsong Phoenix 6626 West McDowell Road Phoenix AZ 85035 Prospective 72 Maryvale 239 Fuze 602 2822 North 59th Avenue Phoenix AZ 85035 Prospective 180 Maryvale 240 334 North 4th Avenue 334 North 4th Avenue Phoenix AZ 85003 Prospective 100 Sky Harbor 241 6th & Garfield SEC North 6th Street & East Garfield Street Phoenix AZ 85004 Prospective 309 Sky Harbor 242 Moon Tower 811 North 3rd Street Phoenix AZ 85004 Prospective 200 Sky Harbor 243 Society Phoenix Phase II North 2nd Avenue & West Monroe Street Phoenix AZ 85003 Prospective 250 Sky Harbor 244 Union at Roosevelt Phase II 888 North 1st Avenue Phoenix AZ 85003 Prospective 120 Sky Harbor NWC South 19th Avenue & 245 19th Avenue & Southern Avenue Phoenix AZ 85041 Prospective 308 South Phoenix West Southern Avenue 246 Isola Elliot NEC South 59th Avenue & West Elliot Road Laveen AZ 85339 Prospective 249 South Phoenix 247 Sunland 205 West Sunland Avenue Phoenix AZ 85041 Prospective 90 South Phoenix 248 Urban 128 Phase II 8818 South Central Avenue Phoenix AZ 85040 Prospective 120 South Phoenix SWC South 59th Avenue & 249 Vita at 202 & Southern Laveen AZ 85339 Prospective 207 South Phoenix West Southern Avenue 250 17-31-37 West University 17 West University Drive Mesa AZ 85201 Prospective 96 North Mesa 251 The Grove on Main Phase II SEC East Main Street & South Mesa Drive Mesa AZ 85204 Prospective 100 North Mesa 252 Mesa Hotel & Residences SWC North Center Street & West Main Street Mesa AZ 85210 Prospective 75 North Mesa 253 Sycamore Station 1830 West Main Street Mesa AZ 85201 Prospective 200 North Mesa NEC Ellsworth Road & 254 Acero Eastmark Mesa AZ 85212 Prospective 260 Superstition Springs East Point Twenty - Two Blvd NEC South 105th Place & 255 Ascend at Mountain Vista Mesa AZ 85207 Prospective 200 Superstition Springs East Hampton Avenue 256 The Falls at Crismon Commons 1810 South Crismon Road Mesa AZ 85209 Prospective 240 Superstition Springs 257 Springs at Eastmark SEC South Ellsworth Road & East Warner Road Mesa AZ 85212 Prospective 276 Superstition Springs SEC South 105th Place & 258 Talos Signal Butte Mes AZ 85208 Prospective 346 Superstition Springs East Hampton Avenue South Signal Butte Road & 259 Destination at Gateway Mesa AZ 85212 Prospective 100 Gilbert East Williams Field Road 260 Gabriella Pointe SWC South Wade Drive & East Warner Road Gilbert AZ 85296 Prospective 605 Gilbert 261 The Ironwood District SEC East Ocotillo Road & North Gantzel Road San Tan Valley AZ 85140 Prospective 50 Gilbert NWC South Ellsworth Road & 262 Mesa Ray Mesa AZ 85212 Prospective 200 Gilbert East Point Twenty Two Blvd SEC East Ray Road & 263 SanTan Village Gilbert AZ 85295 Prospective 301 Gilbert South Santan Village Pkwy South Ellsworth Road & SWC South Ellsworth Road & 264 Queen Creek AZ 85142 Prospective 200 Gilbert East Queen Creek Road East Queen Creek NWC East Somerton Blvd & 265 Williams Gateway Gilbert AZ 85295 Prospective 169 Gilbert East Williams Field Road Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

FORECASTED PERMIT START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET COMPLETION DATE RENT-UP DATE 266 Alta Chandler at the Park West Chandler Blvd & South Parklane Blvd Chandler AZ 85224 Prospective 293 Chandler 267 Chandler 101 2919 West Chandler Blvd Chandler AZ 85224 Prospective 200 Chandler SWC North Dysart Road & 268 Avondale Townhomes on Dysart Avondale AZ 85323 Prospective 302 Western Suburbs East Van Buren Street 269 Cerro Vista 12116 West Van Buren Street Avondale AZ 85323 Prospective 255 Western Suburbs 270 DeRosier Ranch SEC South Cotton Lane & West Yuma Road Goodyear AZ 85338 Prospective 94 Western Suburbs 271 Hancock Communities North 117th Avenue & West McDowell Road Avondale AZ 85392 Prospective 217 Western Suburbs 272 Heritage on Dysart 12939 West Elm Street Surprise AZ 85378 Prospective 120 Western Suburbs NWC Harbor Shores Blvd & 273 Nirvana at Harbor Shores Avondale AZ 85392 Prospective 172 Western Suburbs West McDowell Road NWC North El Mirage Road & 274 Rio Bonita Avondale AZ 85392 Prospective 219 Western Suburbs West Indian School Road 275 Aileron by Moderne 20350 North 7th Avenue Phoenix AZ 85027 Prospective 250 Union Hills NEC North Central Avenue & 276 Central Foothills Phoenix AZ 85085 Prospective 109 Deer Valley East Happy Valley Road 277 Glendale Bell NWC SR 101 & West Bell Road Peoria AZ 85382 Prospective 418 Deer Valley 278 Sage Phase II 28425 North Black Canyon Hwy Phoenix AZ 85085 Prospective 232 Deer Valley North El Mirage Road & 279 Lake Pleasant Heights Peoria AZ 85383 Prospective 100 Southwest Maricopa County West Lone Mountain Pkwy 280 Spurlock Ranch North 275th Avenue & West Beardsley Pkwy Buckeye AZ 85396 Prospective 100 Southwest Maricopa County 281 Harmony at the Park Two 500 North 20th Street Phoenix AZ 85006 Prospective 115 Central East Phoenix 282 The LINK PHX Phase III 330 East Pierce Street Phoenix AZ 85004 Prospective 156 Sky Harbor 283 The Presidential 1100 East Jefferson Street Phoenix AZ 85034 Prospective 84 Sky Harbor 284 Copper Sands Estates 1025 West Broadway Road Phoenix AZ 85041 Prospective 100 South Phoenix 285 Dorsey Lane East Apache Blvd & South Dorsey Lane Tempe AZ 85281 Prospective 140 North Tempe Total Prospective 16,973

TOTAL PHOENIX 69,122 Source: Yardi Matrix Yardi Source:

© 2020 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 , 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. The information and details contained within this report have been obtained from a third-party and believed to be accurate; however, Berkadia has not independently verified its accuracy. Date of survey: December 2020