Memphis New Construction & Proposed Multifamily Projects 4Q19

ID PROPERTY UNITS 1 Winchester Grove 446 2 Springs at Hill 296 3 Avenida Watermarq at Germantown 150 4 Vantage at Germantown 288 8 Fieldstone Phase VII 118 9 Fieldstone Phase VI 178 Total Lease Up 1,476

16 StoryPoint Collierville 164 Total Under Construction 164

26 3725 Champion Hills Drive 100 27 Carrefour at Kirby Wood Redevelopment 320 28 Parkside at 1,200 29 Velo at Shelby Farms 267 30 Lake District, The 580 31 Lakeland Commons 289 Total Planned 2,756

45 Oaks Ridge 180 46 East Shelby Drive & Meadow Vale Drive 240 47 Germantown Town Center 302 48 Residences at Thornwood, The Phase II 288 49 Viridian 375 50 Colonial Country Club Development 563 51 Dwell at Shelby Farms 930 52 Goodlett Farms 408 53 Millington 319 54 Garden at Eden Square, The 70

Total Prospective 3,675 2 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Memphis New Construction & Proposed Multifamily Projects 4Q19

ID PROPERTY UNITS 5 Foote Park at South City 114 6 Brewery Phase II, The 128 7 Melrose at Midtown Redevelopment, The 97 Total Lease Up 339

10 Overton Gateway 176 11 99 South Front Street 112 12 French Fort 71 13 Rise, The 286 14 Madison & McLean 108 15 138 Museum Lofts 68 17 Foote Park at South City Phase II 134 Total Under Construction 955

18 27 West Carolina Avenue 79 19 One Beale 280 20 Union Row 2,103 21 Vance Avenue Mixed Use 56 22 2115 Jefferson Avenue 50 23 Broad Avenue 355 24 Central Lofts 128 25 Tillman Cove Redevelopment 218 32 Madison Avenue 220 Total Planned 3,489

33 701 North Main 400 34 Harbor Town 100 35 Jefferson Plaza 60 36 Loews Hotel Redevelopment 500 37 Overton Avenue 108 38 300 Court Avenue 120 39 UTHSC 100 40 Mason Homes on Fourth Phase II 76 41 1245 Madison Avenue 100 42 Crosstown Mound Redevelopment 250 43 Memphis Fairgrounds 100 44 Poplar Arts Lofts 120

Total Prospective 2,034 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Memphis New Construction and Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 1 Winchester Grove 1305 Turkey Run Lane Memphis TN 38116 Lease-Up 446 Memphis - Whitehaven 10/01/2018 03/31/2020 04/01/2019 2 Springs at Forest Hill 3750 Moraine Street Memphis TN 38125 Lease-Up 296 Memphis - Windyke 01/09/2019 03/31/2020 04/01/2019 3 Avenida Watermarq at Germantown 7900 Blvd Germantown TN 38138 Lease-Up 150 Germantown 12/03/2018 01/31/2020 09/02/2019 4 Vantage at Germantown 7855 Silver Spur Circle North Memphis TN 38119 Lease-Up 288 Memphis - Windyke 09/03/2018 01/31/2020 09/01/2019 5 Foote Park at South City 521 Vance Park Place Memphis TN 38126 Lease-Up 114 Memphis - Downtown east 08/06/2018 01/31/2020 07/01/2019 6 Phase II, The 495 Tennessee Street Memphis TN 38103 Lease-Up 128 Memphis - Downtown west 09/04/2018 01/31/2020 06/03/2019 7 Melrose at Midtown Redevelopment, The 775 Melrose Street Memphis TN 38104 Lease-Up 97 Memphis - Midtown central 05/01/2018 01/31/2020 06/01/2018 8 Fieldstone Phase VII 3333 Hacks Cross Road Memphis TN 38125 Lease-Up 118 Memphis - Windyke 02/01/2017 01/31/2020 03/02/2017 9 Fieldstone Phase VI 3333 Hacks Cross Road Memphis TN 38125 Lease-Up 178 Memphis - Windyke 04/01/2015 01/31/2020 01/01/2017 Total Lease-Up 1,815 10 Overton Gateway East Pkwy North & Sam Cooper Blvd Memphis TN 38112 Under Construction 176 Memphis - Midtown central 10/01/2019 10/31/2020 11 99 South Front Street 99 South Front Street Memphis TN 38103 Under Construction 112 Memphis - Downtown west 09/16/2019 08/31/2020 12 French Fort 360 Metal Museum Drive Memphis TN 38106 Under Construction 71 Memphis - Downtown south 08/01/2019 06/30/2020 13 Rise, The 420 Monroe Avenue Memphis TN 38103 Under Construction 286 Memphis - Downtown east 11/01/2018 05/31/2020 14 Madison & McLean SWC Madison Avenue & North McLean Blvd Memphis TN 38104 Under Construction 108 Memphis - Midtown central 04/01/2019 05/31/2020 15 138 Museum Lofts 138 Huling Avenue Memphis TN 38103 Under Construction 68 Memphis - Downtown west 10/01/2019 04/30/2020 16 StoryPoint Collierville 619 South Byhalia Road Collierville TN 38017 Under Construction 164 Collierville 07/01/2019 02/29/2020 17 Foote Park at South City Phase II 521 Vance Park Place Memphis TN 38126 Under Construction 134 Memphis - Downtown east 03/01/2019 02/29/2020 Total Under Construction 1,119 18 27 West Carolina Avenue 27 West Carolina Avenue Memphis TN 38103 Planned 79 Memphis - Downtown west 19 One Beale & Riverside Drive Memphis TN 38103 Planned 280 Memphis - Downtown west 20 Union Row South Danny Thomas Blvd & Union Avenue Memphis TN 38103 Planned 2,103 Memphis - Downtown east 21 Vance Avenue Mixed Use South 4th St & Vance Avenue Memphis TN 38126 Planned 56 Memphis - Downtown east 22 2115 Jefferson Avenue 2115 Jefferson Avenue Memphis TN 38104 Planned 50 Memphis - Midtown central 23 Broad Avenue North Bingham Street & Broad Avenue Memphis TN 38112 Planned 355 Memphis - Midtown central 24 Central Lofts NEC South Hollywood Street & Milton Avenue Memphis TN 38104 Planned 128 Memphis - Midtown central 25 Tillman Cove Redevelopment 3019 Tillman Cove Memphis TN 38112 Planned 218 Memphis - East Memphis 26 3725 Champion Hills Drive 3725 Champion Hills Drive Memphis TN 38125 Planned 100 Memphis - Windyke 27 Carrefour at Kirby Wood Redevelopment 6685 Poplar Avenue Germantown TN 38138 Planned 320 Germantown 28 Parkside at Shelby Farms 6680 Mullins Station Road Memphis TN 38134 Planned 1,200 Cordova

Source: Yardi Matrix Memphis New Construction and Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT-UP 29 Velo at Shelby Farms 7620 Raleigh LaGrange Road Cordova TN 38018 Planned 267 Cordova 30 Lake District, The 3536 Canada Road Lakeland TN 38002 Planned 580 Arlington 31 Lakeland Commons 9768 Highway 70 Lakeland TN 38002 Planned 289 Arlington 32 Madison Avenue 1544 Madison Avenue Memphis TN 38104 Planned 220 Memphis - Midtown central Total Planned 6,245 33 701 North Main 701 North Main Street Memphis TN 38107 Prospective 400 Memphis - Downtown west 34 Harbor Town 722 Riverside Drive Memphis TN 38103 Prospective 100 Memphis - Downtown west 35 Jefferson Plaza 147 Jefferson Avenue Memphis TN 38103 Prospective 60 Memphis - Downtown west 36 Loews Hotel Redevelopment 100 North Main Street Memphis TN 38103 Prospective 500 Memphis - Downtown west 37 Overton Avenue 119 Overton Avenue Memphis TN 38103 Prospective 108 Memphis - Downtown west 38 300 Court Avenue 300 Court Avenue Memphis TN 38103 Prospective 120 Memphis - Downtown east 39 UTHSC 910 Madison Avenue Memphis TN 38103 Prospective 100 Memphis - Downtown east 40 Mason Homes on Fourth Phase II 886 Latham Street Memphis TN 38126 Prospective 76 Memphis - Downtown south 41 1245 Madison Avenue 1245 Madison Avenue Memphis TN 38104 Prospective 100 Memphis - Midtown central 42 Crosstown Mound Redevelopment North Bellevue Blvd & Avenue Memphis TN 38105 Prospective 250 Memphis - Midtown central 43 Memphis Fairgrounds SWC Central Avenue & Home Run Lane Memphis TN 38104 Prospective 100 Memphis - Midtown central 44 Poplar Arts Lofts 1935 Poplar Avenue Memphis TN 38104 Prospective 120 Memphis - Midtown central 45 Oaks Ridge 1023 Cherry Road Memphis TN 38117 Prospective 180 Memphis - East Memphis 46 East Shelby Drive & Meadow Vale Drive Meadow Vale Drive & East Shelby Drive Memphis TN 38125 Prospective 240 Memphis - Windyke 47 Germantown Town Center Poplar Avenue & West Street Germantown TN 38138 Prospective 302 Germantown 48 Residences at Thornwood, The Phase II NEC South Germantown Road & Neshoba Road Memphis TN 38138 Prospective 288 Germantown 49 Viridian South Houston Levee Road & Winchester Road Collierville TN 38017 Prospective 375 Collierville 50 Colonial Country Club Development 2460 Countrywood Pkwy Cordova TN 38016 Prospective 563 Cordova 51 Dwell at Shelby Farms 524 Raleigh LaGrange Road Cordova TN 38018 Prospective 930 Cordova 52 Goodlett Farms 7192 Goodlett Farms Pkwy Cordova TN 38016 Prospective 408 Cordova 53 Millington Oak Harbour Trace & Raleigh Millington Road Millington TN 38053 Prospective 319 Millington 54 Garden at Eden Square, The 5505 Winchester Road Memphis TN 38115 Prospective 70 Memphis - Hickory Ridge Total Prospective 5,709 TOTAL MEMPHIS 14,888

© 2019 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. Source: Yardi Matrix 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: January 2020