Salt Lake City New Construction & Proposed Multifamily Projects 3Q17

ID PROPERTY UNITS 49 Applewood Park Redevelopment 186 1 Ridge, The 261 37 50 Novi at Jordan Valley Station Phase II 362 2 Axio 8400 332 Novi at Jordan Valley Station Phases 51 638 3 Herriman Towne Center 304 IV - VIII 26 4 East Village, The 271 69 79 52 Parkside at Stone Creek 100 5 Aston at University Place, The 476 41 53 Station at Gardner Mill, The 272 18 24 6 Artesian Springs 378 83 13 23 21 54 View at 5600, The 580 30 9 27 7 Sharon Gardens 58 81 55 Draper South Point 119 70 32 77 8 TenFifteen 54 76 80 16 56 Liberty Point 50 71 28 20 42 9 Alta Gateway Station 277 25 19 57 Prestige, The 650 29 10 City Garden 61 82 58 Vista Station 1048 11 Tower View 144 8 59 Daybreak South 100 31 12 Station at Midvale Phase I & II 186 43 60 Riverton Peaks 80 13 Liberty Crest 176 38 32 85 61 Sagegate Anthem 422 14 Park at City Center 330 78 84 62 Parkway East & Town Center Blvd 275 15 Park East 70 63 Rivulet 252 Total Lease-Up 3,378 17 64 View, The 308 16 Milagro 182 87 89 39 36 88 65 200 CityView 159 17 21 by Urbana 126 35 93 66 Eighty East 75 18 Hardware Village West Village 265 7 67 Provo Towne Center 200 19 Greenprint 60 44 68 RedSky 126 20 4th and 4th 210 86 69 Carrington Place II 60 21 508 East South Temple 138 90 15 70 Foxboro Marketplace 102 22 Alta Gateway Phase II 200 45 71 Williamsburg Luxury 214 23 Hardison 77 53 49 52 47 72 Residences at Station Parkway 438 24 Hardware Village East Village 194 50 51 12 1 54 73 Clearfield Station 216 25 Liberty Square 135 91 2 26 Marmalade 275 74 Mountain View Townhomes Phase III 50 48 27 Metropolitan Building 74 75 Ranches, The 79 14 28 Pierpont 87 76 Centro Civico 60 59 57 4 29 Trolley Square Redevelopment 330 75 77 Liberty Uptown 109 61 30 West Gateway Commons 100 3 56 74 Total Planned 11,020 31 Central Ninth Lofts 89 60 78 North Temple Flats 168 58 79 North 4th Phase II 124 Total Under Construction 2,542 92 32 Meridian, The 265 55 80 Paper Box Site Redevelopment 168 33 Midtown360 Phase II 104 81 State Street Plaza 180 34 Vine, The 468 11 82 Central 9th 86 10 83 Bodhi 80 35 Ritz Classic 287 64 36 Sugarmont 341 62 84 1849 West 102 37 Logan Gateway Phase II 71 85 211 North Cornell 146 38 West Station Phase II 148 86 3844 West Temple 57 39 Zellerbach Development 292 87 HiGrade 100 40 Metro at Fireclay 175 63 88 Liberty Crossing 157 41 North 4th 112 89 Liberty on Main 120 42 Liberty Boulevard 267 73 90 Central Station 84 43 Paxton 365 103 91 Oquirrh Flats 96 33 44 Via Phase II 58 34 92 Landing at Five Points, The 66 45 Cottonwood Mall Redevelopment 600 5 93 Brigham Place Phase II 50 46 Metro at Fireclay Phase II 165 Total Prospective 1,784 47 Canyon Centre Heights 114 48 Little Cottonwood 120 65 66 68 LEGEND 67 72 Lease-up Under Construction Planned SOUTH NORTH Prospective 10 mi Source: Yardi Matrix

a Berkshire Hathaway and Leucadia National company Salt Lake City New Construction and Proposed Multifamily Projects

FORECASTED ID PROPERTY NAME ADDRESS CITY STATE ZIP OWNER NAME STATUS UNITS SUBMARKET PERMIT DATE COMPLETION DATE START OF RENT-UP 1 Ridge, The 7611 South Union Park Avenue Sandy UT 84093 Rockworth Companies Lease-Up 261 Sandy 11/27/2016 05/31/2018 08/01/2017 2 Axio 8400 32 East Princeton Drive Sandy UT 84070 Castlewood Development Lease-Up 332 Midvale 07/01/2016 01/31/2018 02/01/2017 3 Herriman Towne Center 12883 South Brundisi Way Herriman UT 84096 Bach Homes Lease-Up 304 South Jordan\Herriman 10/01/2015 12/31/2017 09/20/2016 4 East Village, The 159 East Midvillage Blvd Sandy UT 84070 Hamilton Partners Lease-Up 271 Sandy 10/01/2014 12/31/2017 02/22/2016 5 Aston at University Place, The 730 East 950 South Orem UT 84097 Woodbury Corporation Lease-Up 476 Orem 03/15/2015 12/31/2017 10/01/2015 6 Artesian Springs 4197 South Main Street Millcreek UT 84107 Paladin Resources Lease-Up 378 South Salt Lake 10/01/2015 11/30/2017 10/30/2016 7 Sharon Gardens 3354 South Sue Street South Salt Lake UT 84119 Utah Non Profit Housing Corporation Lease-Up 58 South Salt Lake 11/07/2016 10/31/2017 09/14/2017 8 TenFifteen 1015 South 200 West Salt Lake City UT 84101 Point Blank Construction Lease-Up 54 Salt Lake City - Central City 10/03/2016 10/31/2017 07/01/2017 9 Alta Gateway Station 505 West 100 South Salt Lake City UT 84101 Wood Partners Lease-Up 277 Salt Lake City - Downtown 08/01/2015 10/31/2017 03/15/2017 10 City Garden 357 27th Street Ogden UT 84401 Salmon, Chad Lease-Up 61 05/01/2016 09/30/2017 08/01/2017 11 Tower View 2276 Washington Blvd Ogden UT 84401 Cornerstone Residential Lease-Up 144 Ogden\Clearfield 02/01/2016 09/30/2017 05/01/2017 12 Station at Midvale Phase I & II 7690 South Center Square Midvale UT 84047 Horizon Development & Management Lease-Up 186 Midvale 08/01/2016 09/30/2017 04/15/2017 13 Liberty Crest 150 South 200 East Salt Lake City UT 84111 Cowboy Partners Lease-Up 176 Salt Lake City - Downtown 12/17/2014 09/30/2017 03/01/2017 14 Park at City Center 213 West Civic Center Drive Sandy UT 84070 Kaplan Management Lease-Up 330 Sandy 08/01/2015 09/30/2017 02/01/2017 15 Park East 1709 East Murray Holladay Road Holladay UT 84117 Harris, Mark E. Lease-Up 70 Holladay 09/01/2015 09/30/2017 10/01/2016 TOTAL LEASE-UP 3,378 16 Milagro 224 South 200 West Salt Lake City UT 84101 PEG Development Under Construction 182 Salt Lake City - Downtown 06/20/2017 12/31/2018 17 21 by Urbana 974 East 2100 South Salt Lake City UT 84106 Gardiner Properties Under Construction 126 Salt Lake City - Central City 07/20/2017 09/30/2018 18 Hardware Village West Village 487 West 200 North Salt Lake City UT 84103 SALT Development Under Construction 265 Salt Lake City - Downtown 05/15/2016 02/28/2018 19 Greenprint 840 South 200 West Salt Lake City UT 84101 Ruf & Associates Under Construction 60 Salt Lake City - Downtown 11/01/2016 09/30/2017 20 4th and 4th 371 East 400 South Salt Lake City UT 84111 Wright Development Group Under Construction 210 Salt Lake City - Downtown 21 508 East South Temple 508 East South Temple Salt Lake City UT 84102 Garbett Homes Under Construction 138 Salt Lake City - Downtown 22 Alta Gateway Phase II 553 West 100 South Salt Lake City UT 84101 Wood Partners Under Construction 200 Salt Lake City - Downtown 23 Hardison 466 East South Temple Salt Lake City UT 84111 Garbett Homes Under Construction 77 Salt Lake City - Downtown 24 Hardware Village East Village 425 West 200 North Salt Lake City UT 84103 SALT Development Under Construction 194 Salt Lake City - Downtown 25 Liberty Square 461 South 600 East Salt Lake City UT 84102 Cowboy Partners Under Construction 135 Salt Lake City - Downtown 26 Marmalade 580 North 300 West Salt Lake City UT 84103 Clear Water Homes Under Construction 275 Salt Lake City - Downtown 27 Metropolitan Building 315 East 200 South Salt Lake City UT 84111 Housing and Neighborhood Development Under Construction 74 Salt Lake City - Downtown 28 Pierpont 315 West Pierpont Avenue Salt Lake City UT 84101 Gardiner Properties Under Construction 87 Salt Lake City - Downtown 29 Trolley Square Redevelopment 600 South 700 East Salt Lake City UT 84102 S.K. Hart Management Under Construction 330 Salt Lake City - Downtown 30 West Gateway Commons 45 South 600 West Salt Lake City UT 84101 MW Development Enterprises Under Construction 100 Salt Lake City - Downtown 31 Central Ninth Lofts Goltz Avenue South & Jefferson Street West Salt Lake City UT 84101 Sojourn Lodging Under Construction 89 Salt Lake City - Central City TOTAL UNDER CONSTRUCTION 2,542 32 Meridian, The Orange Street & North Temple Salt Lake City UT 84116 Lake Union Partners Planned 265 Salt Lake City - Northwest 04/30/2017 04/30/2019 33 Midtown360 Phase II 320 South State Street Orem UT 84058 Ritchie Group, The Planned 104 Orem 08/20/2017 01/31/2019 34 Vine, The 255 North Mill Road Vineyard UT 84058 R2R Ventures Planned 468 Orem 11/01/2016 12/31/2018 35 Ritz Classic 2265 South State Street Salt Lake City UT 84115 Weidner Investment Services Planned 287 South Salt Lake 06/01/2017 08/31/2018 36 Sugarmont 2189 South McClelland Street Salt Lake City UT 84105 Boulder Ventures Development Planned 341 Salt Lake City - Central City 03/01/2017 06/30/2018 37 Logan Gateway Phase II 415 Suncrest Lane Logan UT 84321 CTI Planned 71 Logan 07/01/2017 04/30/2018 38 West Station Phase II 175 North Harold Street Salt Lake City UT 84116 Cornerstone Residential Planned 148 Salt Lake City - Northwest 03/13/2017 02/28/2018 39 Zellerbach Development 2255 South 300 East Salt Lake City UT 84115 Watt Companies Planned 292 South Salt Lake 04/04/2016 12/31/2017 40 Metro at Fireclay 61 West Fireclay Avenue Murray UT 84107 Rimrock Construction Planned 175 Murray 07/20/2016 12/31/2017 41 North 4th 375 North 500 West Salt Lake City UT 84116 GIV Development Planned 112 Salt Lake City - Downtown 02/01/2017 12/31/2017 42 Liberty Boulevard 734 East 400 South Salt Lake City UT 84102 Cowboy Partners Planned 267 Salt Lake City - Downtown 11/15/2016 11/30/2017 43 Paxton 365 365 Paxton Avenue Salt Lake City UT 84101 Connelly, William L. Planned 103 Salt Lake City - Central City 44 Via Phase II 3838 South West Temple Salt Lake City UT 84115 Castlewood Development Planned 58 South Salt Lake 45 Cottonwood Mall Redevelopment 4835 South Highland Drive Holladay UT 84117 ICO Multifamily Planned 600 Holladay 46 Metro at Fireclay Phase II 4374 South Main Street Murray UT 84107 Rimrock Construction Planned 165 Murray 47 Canyon Centre Heights 7358 South Canyon Centre Pkwy Cottonwood Heights UT 84121 David Weekley Homes Planned 114 Sandy 48 Little Cottonwood 9700 South Highland Drive Sandy UT 84092 Magna Investment & Development Planned 120 Sandy 49 Applewood Park Redevelopment 150 West 7500 South Midvale UT 84047 ICO Multifamily Planned 186 Midvale 50 Novi at Jordan Valley Station Phase II 8631 South 3255 West West Jordan UT 84088 Boulder Ventures Development Planned 362 West Jordan 51 Novi at Jordan Valley Station Phases IV - VIII 8631 South 3255 West West Jordan UT 84088 Boulder Ventures Development Planned 638 West Jordan 52 Parkside at Stone Creek 5415 West 7800 South West Jordan UT 84081 Peterson Development Planned 100 West Jordan

Source: Yardi Matrix Salt Lake City New Construction and Proposed Multifamily Projects

FORECASTED ID PROPERTY NAME ADDRESS CITY STATE ZIP OWNER NAME STATUS UNITS SUBMARKET PERMIT DATE COMPLETION DATE START OF RENT-UP 53 Station at Gardner Mill, The 1206 West 7800 South West Jordan UT 84084 Colosimo Brothers Development Planned 272 West Jordan 54 View at 5600, The 8000 South 5600 West West Jordan UT 84081 Uinta Land Company Planned 580 West Jordan 55 Draper South Point 166 East Highland Drive Draper UT 84020 Triumph Construction Planned 119 Draper 56 Liberty Point 12243 South Draper Gate Drive Draper UT 84020 Cowboy Partners Planned 50 Draper 57 Prestige, The NWC Centennial Pkwy & West Sego Lily Drive Sandy UT 84070 Simons, Dan Planned 650 Draper 58 Vista Station Vista Station Blvd & Frontrunner Blvd Draper UT 84020 ICO Multifamily Planned 1048 Draper 59 Daybreak South 5000 West Daybreak Pkwy South Jordan UT 84095 Daybreak Communities Center Planned 100 South Jordan\Herriman 60 Riverton Peaks 12695 Redwood Road Riverton UT 84065 Newman Construction Planned 80 South Jordan\Herriman 61 Sagegate Anthem 5401 West 11800 South Herriman UT 84096 KeyBank - REO Planned 422 South Jordan\Herriman 62 Parkway East & Town Center Blvd NEC Parkway East & Town Center Blvd Highland UT 84003 Edwards, McKay Planned 275 Pleasant Grove\Lehi 63 Rivulet 650 South Utah Valley Drive American Fork UT 84003 Ritchie Group, The Planned 252 Pleasant Grove\Lehi 64 View, The 700 West Timpanogos Hwy Lehi UT 84043 Perry Homes Planned 308 Pleasant Grove\Lehi 65 200 CityView 200 South University Avenue Provo UT 84601 PEG Development Planned 159 Provo 66 Eighty East 80 East 100 North Provo UT 84606 Forge Companies Planned 75 Provo 67 Provo Towne Center 1200 Towne Centre Blvd Provo UT 84601 Brixton Capital Planned 200 Provo 68 RedSky 105 East Center Street Provo UT 84606 Forge Companies Planned 126 Provo 69 Carrington Place II 830 North 500 West Bountiful UT 84010 Larry H. Miller Real Estate Planned 60 North Salt Lake\Bountiful 70 Foxboro Marketplace 600 North Redwood Road North Salt Lake City UT 84054 Ensign Group, The Planned 102 North Salt Lake\Bountiful 71 Williamsburg Luxury 256 South Highway 89 North Salt Lake City UT 84054 Bonneville Builders Planned 214 North Salt Lake\Bountiful 72 Residences at Station Parkway SEC Red Barn Lane & Station Pkwy Farmington UT 84025 ICO Multifamily Planned 438 Layton 73 Clearfield Station 1250 South State Street Clearfield UT 84015 Rimrock Construction Planned 216 Ogden\Clearfield 74 Mountain View Townhomes Phase III 775 West Harrisville Road Harrisville UT 84404 TEC Management Planned 50 Ogden\Clearfield 75 Ranches, The 2250 North 150 East North Ogden UT 84414 Crockett, Ken Planned 79 Ogden\Clearfield 76 Centro Civico 155 South 600 West Salt Lake City UT 84101 Corroon Company Planned 60 Salt Lake City - Downtown 77 Liberty Uptown 340 East 200 South Salt Lake City UT 84111 Cowboy Partners Planned 109 Salt Lake City - Downtown TOTAL PLANNED 11,020 78 North Temple Flats 1999 West North Temple Salt Lake City UT 84116 Summit Housing Group Prospective 168 Salt Lake City - Northwest 08/08/2017 12/31/2018 79 North 4th Phase II 375 North 500 West Salt Lake City UT 84116 GIV Development Prospective 124 Salt Lake City - Downtown 80 Paper Box Site Redevelopment 340 West 200 South Salt Lake City UT 84101 PEG Development Prospective 168 Salt Lake City - Downtown 81 State Street Plaza 250 South State Street Salt Lake City UT 84111 La Porte Group Prospective 180 Salt Lake City - Downtown 82 Central 9th 906 South 200 West Salt Lake City UT 84101 Utah Non Profit Housing Corporation Prospective 86 Salt Lake City - Central City 83 Bodhi 750 West South Temple Salt Lake City UT 84104 Housing Authority of the County of Salt Lake Prospective 80 Salt Lake City - West Salt Lake 84 1849 West 1849 West North Temple Salt Lake City UT 84116 American Housing Partners Prospective 102 Salt Lake City - Northwest 85 211 North Cornell 211 North Cornell Street Salt Lake City UT 84116 Corroon Company Prospective 146 Salt Lake City - Northwest 86 3844 West Temple 3844 West Temple South Salt Lake UT 84115 Housing Authority of the County of Salt Lake Prospective 57 South Salt Lake 87 HiGrade 2160 South West Temple Salt Lake City UT 84115 Blake, David Prospective 100 South Salt Lake 88 Liberty Crossing 2209 South Main Street Salt Lake City UT 84115 Cowboy Partners Prospective 157 South Salt Lake 89 Liberty on Main 28 East 2100 South Salt Lake City UT 84115 Cowboy Partners Prospective 120 South Salt Lake 90 Central Station 4926 South Box Elder Street Murray UT 84107 Wasatch Premier Communities Prospective 84 Murray 91 Oquirrh Flats 3380 West 8756 South West Jordan UT 84088 Gardner Capital Prospective 96 West Jordan 92 Landing at Five Points, The 171 North Harrisville Road Ogden UT 84404 Neighborhood Nonprofit Housing Prospective 66 Ogden\Clearfield 93 Brigham Place Phase II 160 East 800 South Brigham City UT 84302 Tillitson, George David Prospective 50 Logan TOTAL PROSPECTIVE 1,784

TOTAL SALT LAKE CITY 18,724

© 2017 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