a Berkshire Hathaway and Jefferies Financial Group company 2020 LEASE-UP STUDY

INVESTMENT ADVISORS FINANCING

NICK STEELE JOHN LARATTA TYLER KING NATE MOYER SHANE SACKETT CHRISTOPHER ELLIS Senior Director Senior Director Associate Director Associate Director Financial Analyst Senior Managing Director 303.689.8306 303.607.0025 303.607.0847 303.689.8320 303.689.8303 303.689.8317 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

DENVER NOVEMBER LEASE-UP MOMENTUM

PROPERTY AVERAGE AVERAGE NUMBER MANAGEMENT OCCU- LEASES/ TOURS/ TRAFFIC/ PROPERTY SUBMARKET OF UNITS COMPANY LEASED PANCY WEEK WEEK WEEK ONLINE MARKETING CONCESSIONS

Apartments.com, 6 Weeks Free Rent. Free Jefferson The Alcott Park 248 CREA 42% 33% 4 10 25 Facebook, Instagram, Parking, Normally $75 Craigslist Per Month

Apartments.com, Littleton 163 AMLI 74% 76% 5 8 Facebook, Instagram, 1 Month Free Rent on AMLI Littleton Village Residential 13-18 Month Leases Craigslist

Cortland at Coalton Broomfield 284 Cortland 80% 76% 2 4 15 Apts, Zillow, Rent.com 1 Month Free Rent

Apartments.com, Golden 2 Months Free Rent If Parq on Speer 302 Greystar 78% 71% 4 8 Facebook, Craigslist, Moved In By 12/31/20 Triangle Instagram, Zillow

Apartments.com, Radiant Five Points 330 LMC 78% 81% 2 2 25 Facebook, Instagram, 2 Months Free Rent. Apartment Finder

Apartments.com, 2 Weeks Free Rent on Studio and 2 Bedroom Spur at Aurora 316 Grand Peaks 85% 75% 12 15 40 Facebook, Instagram, Craigslist, Zillow, Units, 1 Month Free Rent Zumper on 1 Bedroom Units

Apartments.com, Look & Lease Special: Zia Sunnyside Sunnyside 434 Confluence 11% 7% 5 15 25 Facebook, Instagram, $750 Off First Month's Craigslist, Zillow Rent

12/2/20 Survey Date Traffic/Week Data Not Provided By Parq on Speer or AMLI Littleton Village NOVEMBER LEASE-UP MOMENTUM

Average Leases Per Week

10

9

8

7

6

5

4

3

2

1

0 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19 Sep‐19 Oct‐19 Nov‐19 Dec‐19 Jan‐20 Feb‐20 Mar‐20 Apr‐20 May‐20 Jun‐20 Jul‐20 Aug‐20 Sep‐20 Oct‐20 Nov‐20

Average Leases Per Week DENVER LEASE-UP MOMENTUM

STARTED MONTHS TO PROPERTY UNITS LEASING STABILIZATION Edison at RiNo 277 Jun-18 11 Hanover Platt Park 303 Dec-18 8 The Henry 403 Aug-18 15 Christine Place 96 Aug-19 8 Encore Evans Station 224 Jul-18 21 Atelier at University Park 252 Mar-18 30 The Grand Denver 508 Jan-18 31 DENVER NEW CONSTRUCTION & PROPOSEDDenver New Construction MULTIFAMILY & Proposed Multifamily Projects PROJECTS 1Q20

ID PROPERTY UNITS 1 Westerly 345 2 Gables Vista 255 3 Aspire 7th & Grant 178 4 Overture 9th + Co 207 5 Park 17 190 6 DECO 350 7 Encore at Boulevard One 347 60 Current Elements Collection 58 8 Alcott, The 248 61 Rose Hill 2,100 9 Milo 319 62 Broadstone Uptown West 107 10 Ascent, The 255 63 1010 Santa Fe 207 11 AMLI Littleton Village 352 64 1055 19th Street 750 Total Lease Up 3,046 65 1115 North Acoma Street 100 23 60 66 1899 Market Street 50 35 67 2114 Curtis Street 50 10 12 10th & Acoma 393 68 601 16th Street mixed use 50 61 13 Broadstone Bowles Crossing 326 69 601 East Colfax Avenue 113 14 1225 Santa Fe Drive 126 70 990 Bannock Street 205 15 4400 South Syracuse Street 316 36 71 Art District Lofts 124 16 Broadstone Uptown 216 72 Bell Park 300 17 Parkside at City Centre 216 73 Castle Broadstone 511 18 Hooper, The 103 74 Champa Flats 169 19 DTC Union 310 75 Cortland 100 20 Fitzgerald, The 282 76 Emerson Place 84 21 Overland, The 140 77 Evans East 300 45 22 Airie 176 93 30 24 78 Kenect Denver 431 92 23 Aspire 226 46 79 Love This City 1,253 90 48 24 21 Fitzsimons Phase III 253 9 91 80 Opus - Colfax and Kalamath 297 56 112 25 Watermark at 63 4 47 81 Renaissance Legacy Lofts 64 26 Chroma 280 88 111 82 River Mile, The 8,000 57 27 Modera West Wash Park 241 55 110 83 X Denver III 392 2 7 28 PDG Design District 354 66 74 84 1150 East Colfax Avenue 336 17 78 83 29 Bespoke Uptown 316 99 85 1200 Lincoln Street 155 54 22 20 67 81 30 Solana Stapleton 280 64 18 86 235 Fillmore Street 100 116 8 82 31 Bromwell 171 6 34 79 75 58 87 782 Sherman Street 81 21 53 37 32 Mezz Fiddler's Green, The 149 100 59 98 43 88 Modera Cherry Creek 100 95 52 101 115 76 33 Neon Local 238 72 16 89 Route 40 Flats Phase II 140 68 38 62 34 Apartment Homes at Market Station 225 29 5 90 2201 Clinton Street 338 113 40 Total Under Construction 5,400 77 69 89 102 80 71 91 Alta Fitzsimons at Colfax Station 294 15 25 84 39 65 85 92 Fitzsimons Veterans 50 103 14 106 42 35 Westglenn 306 93 Stanley Residential 172 41 70 73 19 36 Westminster Station Mixed Use 123 94 1st Avenue 106 104 63 12 87 44 37 1401 Wazee Street 55 95 2141 South Broadway 380 109 13 38 El Jebel Temple 350 96 50 South Kalamath Street 100 3 39 Evans West 479 97 32 Gates District at Broadway 597 108 27 40 Lorreto Heights Area Plan 100 Station Phase II 49 31 41 Modera Golden Triangle 420 107 86 98 Avere on the High Line 56 105 11 94 42 Santa Fe Drive Apartments 203 99 Cherry Creek North 180 96 43 Six Fifty 17 100 100 Colorado Blvd & Evans Avenue 86 33 1 114 44 777 Grant 68 101 Monaco Parkway 300 26 50 45 4141 East 35th Avenue 100 102 ALTA Englewood Station 316 28 46 1725 Peoria Street 96 103 Navajo 141 47 Citadel on Colfax 300 104 Columbine Square 340 48 Legacy at Fitz 363 105 River Park 306 49 360 Acoma 171 106 4552 South Ulster 150 97 50 Alameda Avenue & Bannock Street 370 107 Clinton Street 230 51 51 Gates District at Broadway Station 290 108 Village at Centennial 203 52 4105 East Warren Avenue 52 109 5890 South Alkire Street 90 53 Atlantic Senior 62 110 Abilene Station 767 54 Bloom at Cherry Creek 111 111 Edge Pointe Phase III 340 55 Argenta 207 112 Fitzsimons Village 490 56 Coark Tower 76 113 Point at , The 350 57 Luxe on 4th 300 114 Summit Square / Quincy Point 200 58 Alsation 238 115 14th Street & Larimer Street 300 59 Cameron, The 350 116 Main and Main 361

Total Planned 5,290 Total Prospective 23,970 5 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective

DENVER OFFICE 1331 17th Street, 10th Floor | Denver, CO 80202 Phone: 303.689.8312 | Fax: 303.689.8352 www.Berkadia.com

INVESTMENT ADVISORS FINANCING

NICK STEELE JOHN LARATTA TYLER KING NATE MOYER SHANE SACKETT CHRISTOPHER ELLIS Senior Director Senior Director Associate Director Associate Director Financial Analyst Senior Managing Director 303.689.8306 303.607.0025 303.607.0847 303.689.8320 303.689.8303 303.689.8317 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]