Phoenix New Construction & Proposed Multifamily Projects 3Q20

20

165 ID PROPERTY UNITS 78 16 BB Living at Eastmark 132 70 20 Springs at Red Mountain 192 34 Village Greens of Queen Creek 50 36 The Premiere at Eastmark 216 268 57 169 Total Lease Up 590 271 269

57 Hampton East Phase II & III 248 70 The Solstice of Mesa 237 85 78 Christopher Todd Communities on Ellsworth 145 85 Avilla Enclave 96 Total Under Construction 726 267 270

275 166 94 Rev at Spur Cross 174 16 165 Isola Mesa 140 36 166 2.0 at Eastmark 320 172 272 169 Mera Mesa 189 172 Cadence Gateway 194 173 Cordillera 118 178 Harvest Station 78 Total Planned 1,213

277 267 Acero Eastmark 260 268 Ascend at Mountain Vista 200 94 274 269 Crismon Commons 240 34 270 Springs at Eastmark 276 271 Talos Signal Butte 346

272 Destination at Gateway 100 173 178 274 The Ironwood District 50 275 Mesa Ray 200 277 South Ellsworth Road & East Queen Creek Road 200 Total Prospective 1,872 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

ID PROPERTY UNITS

2 Liv Crossroads 356 11 Elevation San Tan 297 17 BB Living at Val Vista 217 26 San Villante 348

32 The District at Chandler 340 164 Total Lease Up 1,558 161 26 163 50 EpiCenter at Agritopia 320 167 51 Soltra at SanTan Village 380 52 Springs at Cooley Station 276

58 Cabana on Power Road 244 168 59 The Crossing at Cooley Station 408 73 The Wyatt by Watermark 216 162 75 Aiya 366 Total Under Construction 2,210 171 273 73 92 Alta Gilbert at Cooley Station 249 51 50 176 161 Broadstone Dobson Ranch 288 276 52 162 Desert Jewel Phase III 72 174 59 163 Gilbert Commons 205 75 278 279 182 181 58 164 The Landing at Fiesta Village 220 32 175 11 92 183 167 Bungalows on Ash 165 180 177 168 Heritage Park 250 170 Acero Val Vista 328 170 171 The Bungalows on Ray 159 17 184 179 2 174 Elevation at the Village 214 175 Encore Chandler 208 176 Gallery Park 347 177 Greystar Active Adult 204 179 Noria Phase II 246 180 Novel Val Vista 317 181 Quintana at Verde 197 273 Gabriella Pointe 605 182 DC Heights 237 276 SanTan Village 301 183 Town Frye 420 278 Williams Gateway 169 184 Zaterra at Arden Park 392 279 Chandler 101 200 Total Planned 4,718 Total Prospective 1,275 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

81 110 ID PROPERTY UNITS 221 218 5 Atmosphere 252 104 6 Canvas 263 222 19 The Grove on Main 252 108 106 37 Broadstone Grand 300 102 38 Broadstone Rio Salado 276 219

Total Lease Up 1,343 220

43 Novus Place 318

44 Parc Broadway 324 100 80 47 The Pier 587 101 109 62 The McDowell 358 107 62 103 80 Cabana on Hayden 89

81 Gramercy Scottsdale 160 105 82 Park Place Tempe Phase II 121 84 Farmer Arts District 171 87 Array 55 91 1980 East Broadway Road 90 144 Total Under Construction 2,273 152 37 100 2040 North Scottsdale Road 170 101 Alexan Scottsdale 282 102 Bishop Lane 199 47 155 38 103 Broadstone Grand at Papago Plaza 276 158 The Palladium Grid 296 43 104 Canalside 54 159 Residences on First Phase II 72 154 84 5 263 105 Continental 282 160 The Residences on Main 200 156 6 106 Museum Square 92 Total Planned 5,760 264 293 151 266 157 107 Scottsdale Entrada 735 87 160 265 153 158 19 82 108 Scottsdale Residences 130 218 Gentry on the Green 1,241 159 109 Southdale 267 219 Greenbelt 88 300 91 44 110 WaterView 260 220 L'Esperance 77 144 Banyan Washington 223 221 Scottsdale Collective 512 151 Blue at Eastline Village 187 222 The Triangle 230 152 Camden Tempe II 397 263 17-31-37 West University 96 153 Culdesac Tempe 636 264 The Grove on Main Phase II 100 154 Hilo Tempe 122 265 Mesa Hotel & Residences 75 155 Rio 2100 349 266 Sycamore Station 200 156 Skyview 429 293 Dorsey Lane 140 157 Eco Mesa 102 Total Prospective 2,971 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

ID PROPERTY UNITS

7 Kenect Phoenix 320 24 The Ryan 332 27 The McKinley 108 Total Lease Up 760 139 240 40 Alta Warehouse 300 41 The Fillmore 609 46 The Derby 222 55 54 Adeline 379 55 City Center on the Park 209 212 56 Society Phoenix 330 61 St. Ambrose 241 64 63 Aspire Fillmore 256 77 64 Broadstone Portland 162 256 67 The LINK PHX Phase II 204 254 253 145 46 69 2nd and Fillmore 323 27 291 76 The Battery 278 67 77 Eco Phx 70 63 Total Under Construction 3,583 41 69

252 142 139 Palmcroft 74 74 7 146 213 142 333 North 2nd Avenue 400 143 56 143 520 West Van Buren Street 243 61 255 145 First McKinley at First Avenue and McKinley Street 385 147 146 Phoenix Central Station 573 292 147 The Ragsdale 350 24 54 212 Deck Park Vista Redevelopment 201 213 Palmcourt Tower 354 Total Planned 2,580 76 240 The Governor by Moderne 172 252 334 North 4th Avenue 100 253 6th & Garfield 309 40 254 Moon Tower 200 255 Society Phoenix Phase II 250 256 Union at Roosevelt Phase II 120 291 The LINK PHX Phase III 156 292 The Presidential 84 Total Prospective 1,391 1000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

ID PROPERTY UNITS

9 Camden North End Phase II 343 13 Optima Kierland Phase II 213 204 39 Vitri 300 96 Total Lease Up 856 9

98 42 42 San Artes 552 112 223 49 Alta Raintree 330 111 88 The Scottsdale Grand 290 97 93 Total Under Construction 1,172 88 114 13 49 39 215 93 Optima 15615 170 224 95 95 8501 East Raintree Drive 190 99 113 96 The Cavasson 298 97 Embrey Kierland North 272 98 San Bellara 181 99 Westby Drive 147 214 216 111 LCG Kierland 202 217 112 LMV Kierland 299 113 The Manor Scottsdale 293 114 Optima Kierland Phase III 288 204 City North 2,000 Total Planned 4,340

214 9400 Shea 331 215 Axis Raintree Residential 190 216 Daybreak 270 217 Daybreak Senior 130 223 16640 North Scottsdale Road 200 224 Acoma Court 475 Total Prospective 1,596 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

ID PROPERTY UNITS

14 Pearl Biltmore 470 18 Novel 345 21 Novella at Biltmore 51 22 Proximity 16th St 85 33 Senderos at South Mountain 96 Total Lease Up 1,047 244 129 21 239 130 89 68 Aura Central 251 238 243 225 14 72 Arcadia Grand 331 246 89 One Camelback 163 136 135 245 131 237 Total Under Construction 745 68 242 241 138 18 251 129 5727 North 7th Street 232 247 137 130 Broadstone Uptown 284 72 250 132 131 The Common 130 134 132 40 East Mixed-Use 71 133 133 Patriot Square 83 134 Urban Connected Phase II 50 135 4100 North Central Avenue 402 136 Callia 402

137 The Haverly 323 140 138 Millennium at Park Central 278 141 140 Avilla Magnolia 162 141 Retreat at Tuscano 220 258 148 Liv Laveen 360 149 Proximity Baseline 80 257 260 262 150 South 59th Avenue & West South Mountain Avenue 147 22 Total Planned 3,224 149 246 Omninet West 286 150 247 Pederson Mixed-Use 100 261 225 Alta Bluewater 216 148 250 Birdsong Phoenix 72 237 3250 West Indian School Road 81 33 251 Sunset Vista Estates 66 238 Grand Canyon 100 259 University Development 257 19th Avenue & Southern Avenue 308 239 Willowick 237 258 Copper Sands Estates 100 241 333 East Mulberry Drive 104 259 Isola Elliot 249 242 4040 - 4060 North Central Avenue 100 260 Sunland 90 243 C17 330 261 Urban 128 Phase II 120 244 Camelback & Central 120 262 Vita at 202 & Southern 207 245 The Central Park 250 Total Prospective 3,136 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

ID PROPERTY UNITS

1 Grayson Place 296 23 Christopher Todd Communities at Estrella Commons 286 29 Avilla Gateway 127 30 Village at Harvard Crossing 184 31 Copper Falls 240 125 236 124 35 Amiya 188 121 Total Lease Up 1,321 233 128

123 234 45 Acero Algodon Center 458 48 Bungalows on Camelback 325 60 Cabana on Encanto 286 120 122 65 Arise 135 86 The Bungalows on Estrella 183 65 31 202 48 90 Desert View 160 Total Under Construction 1,547 187 284 29

120 Acero Glendale 352 45 121 Bungalows at Westgate 193 122 Cabana on 99th 286 188 249 30 60 123 Glen 91 296 189 248 35 124 Mera Westgate 100 283 193 1 125 The Prescott at Park West 95 200 192 203 128 Zanjero 310 185 23 281 90 185 Avari 354 195 191 194 280 187 Aviva Goodyear 288 86 188 Avondale Station I 420 197 189 Avondale Station II 145 282 191 Cabana on Bullard 334 192 Christopher Todd Communities on Cotton Lane 328 233 Desert River 50 234 G83 Plaza 88 198 193 Christopher Todd Communities 166 on McDowell North 107th Avenue & West 236 Northern Avenue 74 194 Crystal Cove 238 248 79th & Encanto Multi-Family 372 195 Hancock at Canyon Trails 261 249 79th & Encanto Senior 203 197 Hillstone Residences at Canyon Trails 240 280 Avondale Townhomes on Dysart 302 198 Isola Goodyear 228 281 Cerro Vista 255 200 Mera Goodyear 188 282 DeRosier Ranch 94 202 Village at Camelback Park 194 283 Hancock Communities 217 203 Village at the BLVD 185 284 Rio Bonita 219 Total Planned 5,201 Total Prospective 1,874 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

ID PROPERTY UNITS

3 Mera City Center 193 4 Escape at Arrowhead 324 8 Parc Roundtree Ranch 275 10 Paradise at P83 352 Christopher Todd Collection on 15 Mountain View 217 28 The Reserve at Westpark 116 Total Lease Up 1,477 289

71 Village at Olive Marketplace 208 79 Avilla Lago 120 83 Grandstone at Sunrise 140 83 210 Total Under Construction 468 290

79 115 Encanto Cactus Park Phase II 50 4 15 116 The Hangar at Thunderbird 286 287 228 117 Royal Palm Road 64 211 190 196 10 232 118 Christopher Todd on 83rd 189 3 186 116 119 59 Butler 96 201 126 Townhomes at Manistee Ranch 71 199 115 227 127 Village at Pioneer Park 332 8 226 231 186 Avilla Grand 267 71 229 118 230 190 The Bungalows at Mountain 235 119 Vista Ranch 339 127 117 126 196 Heritage on Dysart 120 199 Isola Surprise 149 201 Rancho TruGold 244 210 Bungalows at Asante 293 211 Surprise Farms Villas 252 Total Planned 2,752

226 Desert Cove Place 90 227 Harmony at Cactus 400 North 53rd Avenue & 228 West Bell Road 208 28 229 Metro Lofts 204 230 Trillium Midtown 100 287 Glendale Bell 418 231 Landmark on 67th 56 289 Lake Pleasant Heights 100 232 Stadium Point @ P83 100 290 Spurlock Ranch 100 235 Golden Lane 192 Total Prospective 1,968 2 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Phoenix New Construction & Proposed Multifamily Projects 3Q20

288

205 207

25

206

ID PROPERTY UNITS 74 12 Elux at Norterra 212 286 53 208 25 The Bungalows on Jomax 141 12 Total Lease Up 353

66 209 53 35th Avenue & Happy Valley Road 325 66 Springs at Deer Valley 296 74 Kalon at Union Street 215 Total Under Construction 836

205 Ascend at Black Canyon & Dynamite 260 206 Atticus Jomax 242 207 Avilla Canyon 211 208 BB Living at Norterra 154 209 North 19th Avenue & West Alameda Road 396 285 Total Planned 1,263

285 Aileron by Moderne 250 286 Central Foothills 109 288 Sage Phase II 232 Total Prospective 591 2000 ft Source: Yardi Matrix

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

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

1 Grayson Place 1499 North 159th Avenue Goodyear AZ 85395 Lease-Up 296 Western Suburbs 01/13/2020 03/31/2022 10/23/2020 2 Liv Crossroads 445 East Germann Road Gilbert AZ 85297 Lease-Up 356 Gilbert 04/06/2020 12/31/2021 10/03/2020 3 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 4 Escape at Arrowhead 7951 West Beardsley Road Glendale AZ 85382 Lease-Up 324 Deer Valley 10/01/2019 08/31/2021 10/21/2020 5 Atmosphere 707 South Forest Avenue Tempe AZ 85281 Lease-Up 252 North Tempe 02/03/2020 08/31/2021 10/02/2020 6 Canvas 1028 East Orange Street Tempe AZ 85281 Lease-Up 263 North Tempe 12/16/2019 08/31/2021 08/21/2020 7 Kenect Phoenix 355 North Central Avenue Phoenix AZ 85004 Lease-Up 320 Sky Harbor 05/01/2019 07/31/2021 07/22/2020 8 Parc Roundtree Ranch 9201 North 83rd Avenue Peoria AZ 85345 Lease-Up 275 Sun City - Youngtown - Peoria 10/01/2019 06/30/2021 09/18/2020 9 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 10 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 11 Elevation San Tan 2045 East Boston Street Gilbert AZ 85295 Lease-Up 297 Gilbert 07/08/2019 05/31/2021 06/08/2020 12 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 13 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 14 Pearl Biltmore 2323 East Highland Avenue Phoenix AZ 85016 Lease-Up 470 East Camelback 09/01/2018 04/30/2021 05/15/2020 Christopher Todd Collection on 15 14155 West Mountain View Blvd Surprise AZ 85374 Lease-Up 217 Southwest Maricopa County 12/16/2019 03/31/2021 08/01/2020 Mountain View 16 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 17 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 18 Novel 400 East Earll Drive Phoenix AZ 85012 Lease-Up 345 Uptown 08/01/2019 02/28/2021 10/23/2020 19 The Grove on Main 435 East Main Street Mesa AZ 85203 Lease-Up 252 North Mesa 09/03/2019 02/28/2021 10/13/2020 20 Springs at Red Mountain 2639 North Power Road Mesa AZ 85207 Lease-Up 192 East Mesa 12/13/2019 02/28/2021 07/02/2020 21 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 22 Proximity 16th St. 7500 South 16th Street Phoenix AZ 85042 Lease-Up 85 South Phoenix 09/02/2019 01/31/2021 09/11/2020 Christopher Todd Communities at 23 15385 West Fillmore Street Goodyear AZ 85338 Lease-Up 286 Western Suburbs 06/10/2019 01/31/2021 04/01/2020 Estrella Commons 24 The Ryan 188 East Jefferson Street Phoenix AZ 85004 Lease-Up 332 Sky Harbor 05/26/2017 01/31/2021 02/14/2020 25 The Bungalows on Jomax 27441 North Black Canyon Hwy Phoenix AZ 85085 Lease-Up 141 Deer Valley 06/01/2019 01/31/2021 01/24/2020 26 San Villante 4760 East Baseline Road Mesa AZ 85206 Lease-Up 348 Superstition Springs 01/18/2019 01/31/2021 01/01/2020 27 The McKinley 280 West McKinley Street Phoenix AZ 85003 Lease-Up 108 Sky Harbor 04/02/2019 12/31/2020 08/14/2020 28 The Reserve at Westpark 25936 West Superior Avenue Buckeye AZ 85326 Lease-Up 116 Southwest Maricopa County 06/01/2019 12/31/2020 05/18/2020 29 Avilla Gateway 9950 West Indian School Road Phoenix AZ 85037 Lease-Up 127 Western Suburbs 09/16/2019 12/31/2020 05/15/2020 30 Village at Harvard Crossing 15550 West Harvard Street Goodyear AZ 85395 Lease-Up 184 Western Suburbs 05/01/2019 12/31/2020 05/01/2020 31 Copper Falls 5151 North 95th Avenue Glendale AZ 85305 Lease-Up 240 Glendale 02/22/2019 12/31/2020 02/12/2020 32 The District at Chandler 2222 West Frye Road Chandler AZ 85224 Lease-Up 340 Chandler 02/18/2019 12/31/2020 10/07/2019 33 Senderos at South Mountain 9700 South Central Avenue Phoenix AZ 85042 Lease-Up 96 South Phoenix 02/01/2019 11/30/2020 10/08/2020 34 Village Greens of Queen Creek 21565 East Village Loop Road North Queen Creek AZ 85142 Lease-Up 50 Gilbert 08/12/2019 11/30/2020 07/17/2020 35 Amiya 1830 North 145th Avenue Goodyear AZ 85395 Lease-Up 188 Western Suburbs 06/03/2019 11/30/2020 05/15/2020 Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

36 The Premiere at Eastmark 9410 East Ray Road Mesa AZ 85212 Lease-Up 216 Superstition Springs 07/12/2019 11/30/2020 04/03/2020 37 Broadstone Grand 1003 West Washington Street Tempe AZ 85281 Lease-Up 300 North Tempe 06/15/2018 11/30/2020 12/16/2019 38 Broadstone Rio Salado 2325 East Rio Salado Pkwy Tempe AZ 85281 Lease-Up 276 North Tempe 09/03/2018 11/30/2020 12/13/2019 39 Vitri 15125 North Scottsdale Road Scottsdale AZ 85254 Lease-Up 300 North Scottsdale 08/01/2018 11/30/2020 11/13/2019 Total Lease-Up 9,305

40 Alta Warehouse 600 West Grant Street Phoenix AZ 85003 Under Construction 300 Sky Harbor 03/09/2020 11/30/2022 41 The Fillmore 555 North 5th Avenue Phoenix AZ 85003 Under Construction 609 Sky Harbor 02/17/2020 10/31/2022 42 San Artes 17900 North Hayden Road Scottsdale AZ 85255 Under Construction 552 North Scottsdale 02/10/2020 07/31/2022 43 Novus Place East 6th Street & South Packard Drive Tempe AZ 85281 Under Construction 318 North Tempe 10/01/2020 06/30/2022 44 Parc Broadway 711 West Broadway Road Tempe AZ 85282 Under Construction 324 South Tempe 10/19/2020 06/30/2022 North 91st Avenue & 45 Acero Algodon Center Phoenix AZ 85037 Under Construction 458 Western Suburbs 08/03/2020 04/30/2022 West Osborn Road 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 Alta Raintree 8688 East Raintree Drive Scottsdale AZ 85260 Under Construction 330 North Scottsdale 08/24/2020 02/28/2022 NWC East Ray Road & 50 EpiCenter at Agritopia Gilbert AZ 85296 Under Construction 320 Gilbert 04/01/2020 02/28/2022 South Higley Road SWC East Ray Road & South 51 Soltra at SanTan Village Gilbert AZ 85295 Under Construction 380 Gilbert 01/13/2020 01/31/2022 Santan Village Pkwy 52 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 & 53 35th Avenue & Happy Valley Road Phoenix AZ 85085 Under Construction 325 Deer Valley 09/21/2020 01/31/2022 West Happy Valley Road 54 Adeline 222 East Jefferson Street Phoenix AZ 85004 Under Construction 379 Sky Harbor 02/03/2020 12/31/2021 55 City Center on the Park 1314 North 3rd Street Phoenix AZ 85004 Under Construction 209 Sky Harbor 07/27/2020 12/31/2021 56 Society Phoenix 200 West Monroe Street Phoenix AZ 85003 Under Construction 330 Sky Harbor 10/15/2019 12/31/2021 57 Hampton East Phase II & III 9740 East Hampton Avenue Mesa AZ 85209 Under Construction 248 Superstition Springs 08/03/2020 12/31/2021 58 Cabana on Power Road 6151 South Power Road Gilbert AZ 85295 Under Construction 244 Gilbert 09/01/2020 12/31/2021 59 The Crossing at Cooley Station 3700 East Williams Field Road Gilbert AZ 85295 Under Construction 408 Gilbert 05/01/2020 12/31/2021 SEC South 150th Avenue & 60 Cabana on Encanto Goodyear AZ 85395 Under Construction 286 Western Suburbs 10/01/2020 12/31/2021 West Encanto Blvd 61 St. Ambrose 220 North 12th Street Phoenix AZ 85034 Under Construction 241 Sky Harbor 10/05/2020 12/31/2021 62 The McDowell 6601 East McDowell Road Scottsdale AZ 85257 Under Construction 358 South Scottsdale 03/06/2020 11/30/2021 63 Aspire Fillmore 601 North 3rd Avenue Phoenix AZ 85003 Under Construction 256 Sky Harbor 12/02/2019 11/30/2021 64 Broadstone Portland 332 East Portland Street Phoenix AZ 85004 Under Construction 162 Sky Harbor 04/06/2020 11/30/2021 65 Arise 5110 North 129th Avenue Litchfield Park AZ 85340 Under Construction 135 Western Suburbs 04/01/2020 11/30/2021 66 Springs at Deer Valley 24025 North 23rd Avenue Phoenix AZ 85085 Under Construction 296 Deer Valley 05/01/2020 11/30/2021 67 The LINK PHX Phase II 330 East Pierce Street Phoenix AZ 85004 Under Construction 204 Sky Harbor 02/17/2020 11/30/2021 Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

68 Aura Central 3883 North Central Avenue Phoenix AZ 85012 Under Construction 251 Uptown 04/09/2020 10/31/2021 69 2nd and Fillmore 400 North 2nd Avenue Phoenix AZ 85003 Under Construction 323 Sky Harbor 04/06/2020 10/31/2021 70 The Solstice of Mesa 307 South Hawes Road Mesa AZ 85208 Under Construction 237 East Mesa 05/20/2020 10/31/2021 SEC North 53rd Avenue & 71 Village at Olive Marketplace Glendale AZ 85302 Under Construction 208 Glendale 05/01/2020 09/30/2021 West Olive Avenue 72 Arcadia Grand 2165 North 44th Street Phoenix AZ 85008 Under Construction 331 Central East Phoenix 01/03/2020 09/30/2021 73 The Wyatt by Watermark 1233 South Gilbert Road Gilbert AZ 85296 Under Construction 216 Gilbert 07/13/2020 09/30/2021 NEC North Norterra Pkwy & 74 Kalon at Union Street Phoenix AZ 85085 Under Construction 215 Deer Valley 03/01/2020 08/31/2021 White Thorn 75 Aiya 2350 South Wade Drive Gilbert AZ 85295 Under Construction 366 Gilbert 11/01/2018 07/31/2021 76 The Battery 310 East Buchanan Street Phoenix AZ 85004 Under Construction 278 Sky Harbor 10/01/2019 06/30/2021 SWC North 3rd Avenue & 77 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 & 78 Mesa AZ 85207 Under Construction 145 East Mesa 08/03/2020 06/30/2021 Communities on Ellsworth East University Drive 79 Avilla Lago 10310 West Beardsley Road Peoria AZ 85382 Under Construction 120 Deer Valley 06/01/2020 06/30/2021 80 Cabana on Hayden 2240 North Hayden Road Scottsdale AZ 85257 Under Construction 89 South Scottsdale 04/06/2020 05/31/2021 81 Gramercy Scottsdale 4735 North Scottsdale Road Scottsdale AZ 85251 Under Construction 160 South Scottsdale 12/16/2019 05/31/2021 82 Park Place Tempe Phase II 1317 South Terrace Road Tempe AZ 85281 Under Construction 121 North Tempe 09/07/2020 05/31/2021 West Happy Valley Road & 83 Grandstone at Sunrise Peoria AZ 85383 Under Construction 140 Deer Valley 05/01/2020 05/31/2021 North Lake Pleasant Pkwy 84 Farmer Arts District 707 South Farmer Avenue Tempe AZ 85281 Under Construction 171 North Tempe 01/06/2020 05/31/2021 85 Avilla Enclave 8415 East Guadalupe Road Mesa AZ 85212 Under Construction 96 Superstition Springs 05/01/2020 03/31/2021 86 The Bungalows on Estrella 15545 West Hudson Way Goodyear AZ 85338 Under Construction 183 Western Suburbs 08/01/2019 02/28/2021 87 Array 1100 East Apache Blvd Tempe AZ 85281 Under Construction 55 North Tempe 03/01/2019 02/28/2021 NEC North 73rd Street & 88 The Scottsdale Grand Scottsdale AZ 85260 Under Construction 290 North Scottsdale 05/15/2019 01/31/2021 North Greenway Hayden Loop 89 One Camelback 1 East Camelback Road Phoenix AZ 85012 Under Construction 163 Uptown 04/01/2019 01/31/2021 90 Desert View 600 North 96th Avenue Tolleson AZ 85353 Under Construction 160 Western Suburbs 02/01/2018 01/31/2021 91 1980 East Broadway Road 1980 East Broadway Road Tempe AZ 85282 Under Construction 90 North Tempe 12/01/2019 01/31/2021 Total Under Construction 13,560 SWC South Recker Road & 92 Alta Gilbert at Cooley Station Gilbert AZ 85295 Planned 249 East Williams Field Road 93 Optima 15615 15615 North 71st Street Scottsdale AZ 85254 Planned 170

NEC East Ocotillo Road & 94 Rev at Spur Cross Queen Creek AZ 85142 Planned 174 South Signal Butte Road

95 8501 East Raintree Drive 8501 East Raintree Drive Scottsdale AZ 85260 Planned 190 North Scottsdale SEC East Cavasson Blvd & 96 The Cavasson Scottsdale AZ 85255 Planned 298 North Scottsdale North Claret Drive North Scottsdale Road & 97 Embrey Kierland North Phoenix AZ 85254 Planned 272 North Scottsdale East Tierra Buena Lane Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

98 San Bellara ` Scottsdale AZ 85255 Planned 181 North Scottsdale East Palisades Blvd & 99 Westby Drive Fountain Hills AZ 85268 Planned 147 North Scottsdale East Westby Drive 100 2040 North Scottsdale Road 2040 North Scottsdale Road Scottsdale AZ 85257 Planned 170 South Scottsdale 101 Alexan Scottsdale 2001 North Scottsdale Road Scottsdale AZ 85257 Planned 282 South Scottsdale 102 Bishop Lane 7125 East 2nd Street Scottsdale AZ 85251 Planned 199 South Scottsdale 103 Broadstone Grand at Papago Plaza 7047 East McDowell Road Scottsdale AZ 85257 Planned 276 South Scottsdale 104 Canalside 6824 East Indian School Road Scottsdale AZ 85251 Planned 54 South Scottsdale 105 Continental 1000 North Scottsdale Road Scottsdale AZ 85257 Planned 282 South Scottsdale 106 Museum Square 7108 East 2nd Street Scottsdale AZ 85251 Planned 92 South Scottsdale NEC North 64th Street & 107 Scottsdale Entrada Scottsdale AZ 85257 Planned 735 South Scottsdale East McDowell Road 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 North 73rd Street & 110 WaterView Scottsdale AZ 85251 Planned 260 South Scottsdale East Camelback Road 111 LCG Kierland 7111 East Tierra Buena Lane Scottsdale AZ 85254 Planned 202 North Paradise Valley 112 LMV Kierland 15825 North 71st Street Scottsdale AZ 85254 Planned 299 North Paradise Valley 113 The Manor Scottsdale 13220 North Scottsdale Road Scottsdale AZ 85254 Planned 293 North Paradise Valley 114 Optima Kierland Phase III 7160 East Kierland Blvd Scottsdale AZ 85254 Planned 288 North Paradise Valley 115 Encanto Cactus Park Phase II 4310 West Charter Oak Road Glendale AZ 85304 Planned 50 North Black Canyon North 57th Avenue & 116 The Hangar at Thunderbird Glendale AZ 85306 Planned 286 North Black Canyon West Thunderbird Road North 23rd Avenue & 117 Royal Palm Road Phoenix AZ 85021 Planned 64 Metrocenter West Royal Palm Road NWC North 83rd Avenue & 118 Christopher Todd on 83rd Peoria AZ 85345 Planned 189 Sun City - Youngtown - Peoria West Olive Avenue SWC North 59th Avenue & 119 59 Butler Glendale AZ 85302 Planned 96 Glendale West Butler Drive North 95th Avenue & 120 Acero Glendale Glendale AZ 85305 Planned 352 Glendale West Missouri Avenue 121 Bungalows at Westgate 7403 North 91st Avenue Glendale AZ 85305 Planned 193 Glendale 122 Cabana on 99th 10000 West Missouri Avenue Glendale AZ 85307 Planned 286 Glendale SEC North 91st Avenue & 123 Glen 91 Glendale AZ 85305 Planned 296 Glendale West Glendale Avenue NWC North 91st Avenue & 124 Mera Westgate Glendale AZ 85305 Planned 100 Glendale North Zanjero Blvd 125 The Prescott at Park West 8128 North 99th Avenue Peoria AZ 85345 Planned 95 Glendale 126 Townhomes at Manistee Ranch 7959 North 53rd Avenue Glendale AZ 85301 Planned 71 Glendale SWC North 83rd Avenue & 127 Village at Pioneer Park Peoria AZ 85345 Planned 332 Glendale West Olive Avenue SWC North 91st Avenue & 128 Zanjero Glendale AZ 85305 Planned 310 Glendale North Zanjero Blvd Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

129 5727 North 7th Street 5727 North 7th Street Phoenix AZ 85014 Planned 232 Christown 130 Broadstone Uptown 502 West Camelback Road Phoenix AZ 85013 Planned 284 Christown 131 The Common 4225 North 32nd Street Phoenix AZ 85018 Planned 130 East Camelback 132 40 East Mixed-Use 4040 East McDowell Road Phoenix AZ 85008 Planned 71 Central East Phoenix 133 Patriot Square 640 North 32nd Street Phoenix AZ 85008 Planned 83 Central East Phoenix 134 Urban Connected Phase II 1220 North 44th Street Phoenix AZ 85008 Planned 50 Central East Phoenix 135 4100 North Central Avenue 4100 North Central Avenue Phoenix AZ 85012 Planned 402 Uptown 136 Callia 4110 North Central Avenue Phoenix AZ 85012 Planned 402 Uptown 137 The Haverly 31 East Thomas Road Phoenix AZ 85012 Planned 323 Uptown NWC West Catalina Drive & 138 Millennium at Park Central Phoenix AZ 85013 Planned 278 Uptown North Central Avenue 139 Palmcroft 74 1302 West McDowell Road Phoenix AZ 85007 Planned 74 Uptown South 75th Avenue & 140 Avilla Magnolia Phoenix AZ 85043 Planned 162 Maryvale West Lower Buckeye Road 141 Retreat at Tuscano 7725 West Lower Buckeye Road Phoenix AZ 85043 Planned 220 Maryvale 142 333 North 2nd Avenue 333 North 2nd Avenue Phoenix AZ 85003 Planned 400 Sky Harbor 143 520 West Van Buren Street 520 West Van Buren Street Phoenix AZ 85003 Planned 243 Sky Harbor 144 Banyan Washington 5321 East Washington Street Phoenix AZ 85034 Planned 223 Sky Harbor First McKinley at First Avenue and North 1st Avenue & 145 Phoenix AZ 85003 Planned 385 Sky Harbor McKinley Street West McKinley Street NWC North Central Avenue & 146 Phoenix Central Station Phoenix AZ 85004 Planned 573 Sky Harbor West Van Buren Street NWC North 12th Street & 147 The Ragsdale Phoenix AZ 85034 Planned 350 Sky Harbor East Washington Street SEC South 39th Avenue & 148 Liv Laveen Laveen AZ 85339 Planned 360 South Phoenix West Dobbins Road 149 Proximity Baseline 1640 East Baseline Road Phoenix AZ 85042 Planned 80 South Phoenix South 59th Avenue & SEC South 59th Avenue & 150 Laveen AZ 85339 Planned 147 South Phoenix West South Mountain Avenue West South Mountain Avenue 151 Blue at Eastline Village 2058 East Apache Blvd Tempe AZ 85281 Planned 187 North Tempe North College Avenue & 152 Camden Tempe II Tempe AZ 85281 Planned 397 North Tempe East Weber Drive 153 Culdesac Tempe 2025 East Apache Blvd Tempe AZ 85281 Planned 636 North Tempe 154 Hilo Tempe 701 South Mill Avenue Tempe AZ 85281 Planned 122 North Tempe 155 Rio 2100 2110 East Rio Salado Pkwy Tempe AZ 85281 Planned 349 North Tempe 156 Skyview 855 South Rural Road Tempe AZ 85281 Planned 429 North Tempe SEC West Pepper Place & 157 Eco Mesa Mesa AZ 85201 Planned 102 North Mesa North Robson 158 The Palladium Grid East Main Street & South Pomeroy Mesa AZ 85201 Planned 296 North Mesa SEC West 1st Avenue & 159 Residences on First Phase II Mesa AZ 85210 Planned 72 North Mesa South MacDonald 160 The Residences on Main 424 West Main Street Mesa AZ 85201 Planned 200 North Mesa Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

161 Broadstone Dobson Ranch 1666 South Dobson Road Mesa AZ 85202 Planned 288 South Mesa 162 Desert Jewel Phase III 2800 North Arizona Avenue Chandler AZ 85225 Planned 72 South Mesa 163 Gilbert Commons 1121 East Baseline Road Gilbert AZ 85233 Planned 205 South Mesa NWC South Alma School Road & 164 The Landing at Fiesta Village Mesa AZ 85210 Planned 220 South Mesa West Southern Avenue NWC North Ellsworth Road & 165 Isola Mesa Mesa AZ 85207 Planned 140 East Mesa East University Drive SEC South Ellsworth Road & 166 2.0 at Eastmark Mesa AZ 85212 Planned 320 Superstition Springs East Point Twenty-Two Blvd NEC North Ash Street & North 167 Bungalows on Ash Gilbert AZ 85234 Planned 165 Superstition Springs Gilbert Road SWC North Gilbert Road & 168 Heritage Park Gilbert AZ 85234 Planned 250 Superstition Springs West Juniper Avenue SWC South 105th Place & 169 Mera Mesa Mesa AZ 85208 Planned 189 Superstition Springs East Hampton Avenue 170 Acero Val Vista 1500 East Melrose Street Gilbert AZ 85297 Planned 328 Gilbert East Ray Rd & South Santan 171 The Bungalows on Ray Gilbert AZ 85296 Planned 159 Gilbert Village Pkwy 172 Cadence Gateway 9410 East Cadence Pkwy Mesa AZ 85212 Planned 194 Gilbert 173 Cordillera South Higley Road & East Riggs Road Gilbert AZ 85142 Planned 118 Gilbert South Coronado Road & 174 Elevation at the Village Gilbert AZ 85295 Planned 214 Gilbert South SanTan Village Pkwy 175 Encore Chandler 100 South Nevada Street Chandler AZ 85225 Planned 208 Gilbert 176 Gallery Park 18420 East Ray Road Mesa AZ 85296 Planned 347 Gilbert South Recker Road & 177 Greystar Active Adult Gilbert AZ 85295 Planned 204 Gilbert East Somerton Blvd SEC North Gary Road & 178 Harvest Station Queen Creek AZ 85142 Planned 78 Gilbert East Riggs Road 179 Noria Phase II 2177 South McQueen Road Chandler AZ 85286 Planned 246 Gilbert East Pecos Road & 180 Novel Val Vista Gilbert AZ 85295 Planned 317 Gilbert South Val Vista Drive SWC South Recker Road & 181 Quintana at Verde Gilbert AZ 85295 Planned 197 Gilbert East Williams Field Road 182 DC Heights 201 West Commonwealth Avenue Chandler AZ 85225 Planned 237 Chandler SEC South Ellis Road & 183 Town Frye Chandler AZ 85224 Planned 420 Chandler West Frye Road South Arizona Avenue & 184 Zaterra at Arden Park Chandler AZ 85286 Planned 392 Chandler West Germann Road NWC North Avondale Blvd & 185 Avari Avondale AZ 85323 Planned 354 Western Suburbs West City Center Drive 186 Avilla Grand 11755 West Thompson Ranch Road El Mirage AZ 85335 Planned 267 Western Suburbs 187 Aviva Goodyear 4175 North Falcon Drive Goodyear AZ 85395 Planned 288 Western Suburbs North 99th Avenue & 188 Avondale Station I Avondale AZ 85392 Planned 420 Western Suburbs West Encanto Blvd Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

North 99th Avenue & 189 Avondale Station II Avondale AZ 85392 Planned 145 Western Suburbs West Encanto Blvd The Bungalows at Mountain SEC West Bell Road & 190 Surprise AZ 85347 Planned 339 Western Suburbs Vista Ranch North Sarival Road NWC South Bullard Avenue & 191 Cabana on Bullard Goodyear AZ 85338 Planned 334 Western Suburbs West Van Buren Street Christopher Todd Communities North Cotton Lane & 192 Goodyear AZ 85338 Planned 328 Western Suburbs on Cotton Lane West Garfield Street Christopher Todd Communities 193 1610 North 91st Avenue Phoenix AZ 85037 Planned 166 Western Suburbs on McDowell NEC North Central Avenue & 194 Crystal Cove Avondale AZ 85323 Planned 238 Western Suburbs East La Canada Blvd North 173rd Avenue & 195 Hancock at Canyon Trails Goodyear AZ 85338 Planned 261 Western Suburbs West Van Buren Street 196 Heritage on Dysart 12939 West Elm Street Surprise AZ 85378 Planned 120 Western Suburbs NWC South 173rd Avenue & 197 Hillstone Residences at Canyon Trails Goodyear AZ 85338 Planned 240 Western Suburbs West Yuma Road NEC South Cotton Lane & 198 Isola Goodyear Goodyear AZ 85338 Planned 228 Western Suburbs West Elwood Street SWC West Cactus Road & 199 Isola Surprise Surprise AZ 85379 Planned 149 Western Suburbs North Reems Road SEC North Bullard Avenue & 200 Mera Goodyear Goodyear AZ 85395 Planned 188 Western Suburbs West McDowell Road SWC North Cotton Lane & 201 Rancho TruGold Surprise AZ 85388 Planned 244 Western Suburbs West Waddell Road North Ball Park Blvd & 202 Village at Camelback Park Phoenix AZ 85037 Planned 194 Western Suburbs West Camelback Road North 107th Avenue & 203 Village at the BLVD Avondale AZ 85323 Planned 185 Western Suburbs West Roosevelt Street 204 City North NEC North 56th Street & Loop 101 Phoenix AZ 85054 Planned 2,000 Union Hills Black Canyon Hwy & 205 Ascend at Black Canyon & Dynamite Phoenix AZ 85085 Planned 260 Deer Valley West Dynamite Blvd 206 Atticus Jomax 26800 North 27th Avenue Phoenix AZ 85085 Planned 242 Deer Valley 207 Avilla Canyon 27701 North Black Canyon Hwy Phoenix AZ 85085 Planned 211 Deer Valley North 19th Avenue & 208 BB Living at Norterra Phoenix AZ 85085 Planned 154 Deer Valley West Happy Valley Road North 19th Avenue & SWC North 19th Avenue & 209 Phoenix AZ 85085 Planned 396 Deer Valley West Alameda Road West Alameda Road North 163rd Avenue & 210 Bungalows at Asante Surprise AZ 85387 Planned 293 Southwest Maricopa County North Pat Tillman Blvd 211 Surprise Farms Villas 17701 West Bell Road Surprise AZ 85388 Planned 252 Southwest Maricopa County 212 Deck Park Vista Redevelopment 1125 North 3rd Street Phoenix AZ 85004 Planned 201 Sky Harbor NWC North 5th Street & 213 Palmcourt Tower Phoenix AZ 85004 Planned 354 Sky Harbor East Van Buren Street Total Planned 31,051

214 9400 Shea 9375 East Shea Blvd Scottsdale AZ 85260 Prospective 331 North Scottsdale Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

North 87th Street & 215 Axis Raintree Residential Scottsdale AZ 85260 Prospective 190 North Scottsdale East Raintree Drive NEC North Palisades Blvd & 216 Daybreak Fountain Hills AZ 85268 Prospective 270 North Scottsdale East Shea Blvd NEC North Palisades Blvd & 217 Daybreak Senior Fountain Hills AZ 85268 Prospective 130 North Scottsdale East Shea Blvd 218 Gentry on the Green 7979 East Camelback Road Scottsdale AZ 85251 Prospective 1,241 South Scottsdale 219 Greenbelt 88 3370 North Hayden Road Scottsdale AZ 85251 Prospective 300 South Scottsdale NWC East Earll Drive & 220 L'Esperance Scottsdale AZ 85251 Prospective 77 South Scottsdale North Scottsdale Road East Camelback Road & 221 Scottsdale Collective Scottsdale AZ 85251 Prospective 512 South Scottsdale North Scottsdale Road 222 The Triangle 7110 East Indian School Road Scottsdale AZ 85251 Prospective 230 South Scottsdale 223 16640 North Scottsdale Road 16640 North Scottsdale Road Scottsdale AZ 85254 Prospective 200 North Paradise Valley SWC East Acoma Drive & 224 Acoma Court Scottsdale AZ 85254 Prospective 475 North Paradise Valley North Scottsdale Road NEC North 16th Street & 225 Alta Bluewater Phoenix AZ 85014 Prospective 216 South Paradise Valley East Camelback Road 226 Desert Cove Place 1526 West Desert Cove Avenue Phoenix AZ 85029 Prospective 90 Sunnyslope 227 Harmony at Cactus 2625 East Cactus Road Phoenix AZ 85032 Prospective 400 Sunnyslope SWC North 53rd Avenue & 228 North 53rd Avenue & West Bell Road Glendale AZ 85308 Prospective 208 North Black Canyon West Bell Road 229 Metro Lofts 9201 North 29th Avenue Phoenix AZ 85051 Prospective 204 Metrocenter 230 Trillium Midtown 2121 West Butler Drive Phoenix AZ 85021 Prospective 100 Metrocenter NWC North 67th Avenue & 231 Landmark on 67th Peoria AZ 85345 Prospective 56 Sun City - Youngtown - Peoria West Olive Avenue NEC North 83rd Avenue & 232 Stadium Point @ P83 Peoria AZ 85382 Prospective 100 Sun City - Youngtown - Peoria West Mariners Way North 99th Avenue & 233 Desert River Glendale AZ 85305 Prospective 50 Glendale West Desert River Blvd SEC North 83rd Avenue & 234 G83 Plaza Glendale AZ 85303 Prospective 88 Glendale West Glendale Avenue SWC North 67th Avenue & 235 Golden Lane Glendale AZ 85345 Prospective 192 Glendale West Alice Avenue North 107th Avenue & North 107th Avenue & 236 Glendale AZ 85307 Prospective 74 Glendale West Northern Avenue West Northern Avenue 237 3250 West Indian School Road 3250 West Indian School Road Phoenix AZ 85017 Prospective 81 Northwest Phoenix Grand Canyon 238 2850 West Camelback Road Phoenix AZ 85017 Prospective 100 Northwest Phoenix University Development 239 Willowick North 16th Street & East Colter Street Phoenix AZ 85014 Prospective 237 Christown SWC North 18th Street & 240 The Governor by Moderne Phoenix AZ 85006 Prospective 172 Central East Phoenix East McDowell Road 241 333 East Mulberry Drive 333 East Mulberry Drive Phoenix AZ 85012 Prospective 104 Uptown 242 4040 - 4060 North Central Avenue 4040 North Central Avenue Phoenix AZ 85012 Prospective 100 Uptown Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

SWC North 17th Avenue & 243 C17 Phoenix AZ 85015 Prospective 330 Uptown West Camelback Road SWC West Camelback Road & 244 Camelback & Central Phoenix AZ 85013 Prospective 120 Uptown North Central Avenue NEC Central Avenue & 245 The Central Park Phoenix AZ 85012 Prospective 250 Uptown Indian School Road 246 Omninet West 4800 North Central Avenue Phoenix AZ 85012 Prospective 286 Uptown NWC North Central Avenue & 247 Pederson Mixed-Use Phoenix AZ 85012 Prospective 100 Uptown West Thomas Road NEC North 79th Avenue & 248 79th & Encanto Multi-Family Phoenix AZ 85035 Prospective 372 Maryvale West Encanto Blvd NEC North 79th Avenue & 249 79th & Encanto Senior Phoenix AZ 85035 Prospective 203 Maryvale West Encanto Blvd 250 Birdsong Phoenix 6626 West McDowell Road Phoenix AZ 85035 Prospective 72 Maryvale 251 Sunset Vista Estates 2822 North 59th Avenue Phoenix AZ 85035 Prospective 66 Maryvale 252 334 North 4th Avenue 334 North 4th Avenue Phoenix AZ 85003 Prospective 100 Sky Harbor SEC North 6th Street & 253 6th & Garfield Phoenix AZ 85004 Prospective 309 Sky Harbor East Garfield Street 254 Moon Tower 811 North 3rd Street Phoenix AZ 85004 Prospective 200 Sky Harbor North 2nd Avenue & 255 Society Phoenix Phase II Phoenix AZ 85003 Prospective 250 Sky Harbor West Monroe Street 256 Union at Roosevelt Phase II 888 North 1st Avenue Phoenix AZ 85003 Prospective 120 Sky Harbor NWC South 19th Avenue & 257 19th Avenue & Southern Avenue Phoenix AZ 85041 Prospective 308 South Phoenix West Southern Avenue 258 Copper Sands Estates 1025 West Broadway Road Phoenix AZ 85041 Prospective 100 South Phoenix NEC South 59th Avenue & 259 Isola Elliot Laveen AZ 85339 Prospective 249 South Phoenix West Elliot Road 260 Sunland 205 West Sunland Avenue Phoenix AZ 85041 Prospective 90 South Phoenix 261 Urban 128 Phase II 8818 South Central Avenue Phoenix AZ 85040 Prospective 120 South Phoenix SWC South 59th Avenue & 262 Vita at 202 & Southern Laveen AZ 85339 Prospective 207 South Phoenix West Southern Avenue 263 17-31-37 West University 17 West University Drive Mesa AZ 85201 Prospective 96 North Mesa SEC East Main Street & 264 The Grove on Main Phase II Mesa AZ 85204 Prospective 100 North Mesa South Mesa Drive SWC North Center Street & 265 Mesa Hotel & Residences Mesa AZ 85210 Prospective 75 North Mesa West Main Street 266 Sycamore Station 1830 West Main Street Mesa AZ 85201 Prospective 200 North Mesa NEC Ellsworth Road & 267 Acero Eastmark Mesa AZ 85212 Prospective 260 Superstition Springs East Point Twenty - Two Blvd NEC South 105th Place & 268 Ascend at Mountain Vista Mesa AZ 85207 Prospective 200 Superstition Springs East Hampton Avenue 269 Crismon Commons 1810 South Crismon Street Mesa AZ 85209 Prospective 240 Superstition Springs SEC South Ellsworth Road & 270 Springs at Eastmark Mesa AZ 85212 Prospective 276 Superstition Springs East Warner Road Source: Yardi Matrix Yardi Source: Phoenix New Construction & Proposed Multifamily Projects

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

SEC South 105th Place & 271 Talos Signal Butte Mes AZ 85208 Prospective 346 Superstition Springs East Hampton Avenue South Signal Butte Road & 272 Destination at Gateway Mesa AZ 85212 Prospective 100 Gilbert East Williams Field Road SWC South Wade Drive & 273 Gabriella Pointe Gilbert AZ 85296 Prospective 605 Gilbert East Warner Road SEC East Ocotillo Road & 274 The Ironwood District San Tan Valley AZ 85140 Prospective 50 Gilbert North Gantzel Road NWC South Ellsworth Road & 275 Mesa Ray Mesa AZ 85212 Prospective 200 Gilbert East Point Twenty Two Blvd SEC East Ray Road & 276 SanTan Village Gilbert AZ 85295 Prospective 301 Gilbert South Santan Village Pkwy South Ellsworth Road & SWC South Ellsworth Road & 277 Queen Creek AZ 85142 Prospective 200 Gilbert East Queen Creek Road East Queen Creek NWC East Somerton Blvd & 278 Williams Gateway Gilbert AZ 85295 Prospective 169 Gilbert East Williams Field Road 279 Chandler 101 2919 West Chandler Blvd Chandler AZ 85224 Prospective 200 Chandler SWC North Dysart Road & 280 Avondale Townhomes on Dysart Avondale AZ 85323 Prospective 302 Western Suburbs East Van Buren Street 281 Cerro Vista 12116 West Van Buren Street Avondale AZ 85323 Prospective 255 Western Suburbs SEC South Cotton Lane & 282 DeRosier Ranch Goodyear AZ 85338 Prospective 94 Western Suburbs West Yuma Road North 117th Avenue & 283 Hancock Communities Avondale AZ 85392 Prospective 217 Western Suburbs West McDowell Road NWC North El Mirage Road & 284 Rio Bonita Avondale AZ 85392 Prospective 219 Western Suburbs West Indian School Road 285 Aileron by Moderne 20350 North 7th Avenue Phoenix AZ 85027 Prospective 250 Union Hills NEC North Central Avenue & 286 Central Foothills Phoenix AZ 85085 Prospective 109 Deer Valley East Happy Valley Road 287 Glendale Bell NWC SR 101 & West Bell Road Peoria AZ 85382 Prospective 418 Deer Valley 288 Sage Phase II 28425 North Black Canyon Hwy Phoenix AZ 85085 Prospective 232 Deer Valley West Lone Mountain Pkwy & 289 Lake Pleasant Heights Peoria AZ 85383 Prospective 100 Southwest Maricopa County North El Mirage Road North 275th Avenue & West 290 Spurlock Ranch Buckeye AZ 85396 Prospective 100 Southwest Maricopa County Beardsley Pkwy 291 The LINK PHX Phase III 330 East Pierce Street Phoenix AZ 85004 Prospective 156 Sky Harbor 292 The Presidential 1100 East Jefferson Street Phoenix AZ 85034 Prospective 84 Sky Harbor 293 Dorsey Lane East Apache Blvd & South Dorsey Lane Tempe AZ 85281 Prospective 140 North Tempe Total Prospective 16,674

TOTAL PHOENIX 70,590 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 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. 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: October 2020