Downtown Chicago Multifamily Development Pipeline

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CBRE Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

AS OF APRIL 2020 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

# Project Name Submarket Developer/Equity Status Delivery Date Units 2021 RENTAL DELIVERIES 1 One Chicago Square River North JDL / Wanxiang U/C 20 21 795 2 AMLI 808 Old Town AMLI U/C 20 21 297 3 3300 N Clark* Lakeview Blitzlake Partners U/C 20 21 140 4 Pilsen Gateway Pilsen Cedar Street / Origin U/C 20 21 202 5 Parkline Loop Moceri / Rozak U/C 20 21 190 6 300 N Michigan Loop Magellan / Sterling Bay U/C 20 21 289 7 Cascade Lakeshore East Magellan / Lend Lease U/C 20 21 503 8 Old Town Park III (1100 N Wells St) Near North Onni U/C 20 21 456 9 Triangle Square* Bucktown Belgravia / Lennar U/C 20 21 300 Subtotal 2021 3,172 2020 RENTAL DELIVERIES 10 740 N Aberdeen River West Fifield U/C 2020 188 11 The Grand River North Onni U/C 2020 356 12 Aspire* South Loop Draper & Kramer Inc. U/C 2020 275 13 1900 West Lawrence* Ravenswood Springbank U/C 2020 59 14 Oak and Larrabee Near North Brinshore Development U/C 2020 104 15 2405 W Hutchinson* Lincoln Square KR Developments U/C 2020 48 16 Motif on Belden* Logan Square Inland U/C 2020 100 17 128 S Laflin West Loop Michigan Avenue RE Group U/C 2020 52 18 2701 W Armitage* Logan Square Eco Development U/C 2020 59 19 Edge on Broadway* Edgewater City Pads Leasing Q2 2020 105 20 Porte West Loop The John Buck Company / Lend Lease Leasing Q2 2020 586 21 Logan Apartments* (2500 N Milwaukee) Logan Square Fifield / Terraco Inc Leasing Q2 2020 220 22 Imprint South Loop CMK Leasing Q2 2020 349 23 North+Vine Near North CA Ventures / White Oak Leasing Q2 2020 261 24 The Ainslie* Ravenswood Peerless Development Leasing Q1 2020 54 25 The Jax West Loop LG Development Leasing Q1 2020 166 26 Union West (935 W Washington) West Loop ZOM Leasing Q1 2020 356 27 Wolf Point East River North Hines / Kennedy Leasing Q1 2020 698 28 Alta Grand Central South Loop Wood Partners Leasing Q1 2020 364 29 TWO Old Town Park (1100 N Wells St) Near North Onni Leasing Q1 2020 428 30 Avenir River West Tandem Partners / Rambaud Leasing Q1 2020 196 Subtotal 2020 5,024 2019 RENTAL DELIVERIES 31 2150 W Lawrence* Ravenswood Sonco RE Leasing Q4 2019 59 32 Broadway Apartments* (3817 N Broadway) Uptown DLG Management Leasing Q4 2019 135 33 Four50 Lakeview CA Ventures Leasing Q3 2019 80 34 Millenium on LaSalle (29 S LaSalle) Loop Dolce Living Leasing Q3 2019 207 35 The Draper* Uptown Cedar Street Leasing Q3 2019 342 36 Milieu (855 W Adams St) West Loop CA Ventures / White Oak Leasing Q3 2019 275 37 The Arcade* (1135 West Sheridan Road) Edgewater Algonquin Ventures RE Leasing Q3 2019 58 38 Upshore* (4555 N Sheridan) Uptown CRG Leasing Q2 2019 149 39 The Paragon (1326 S. Michigan) South Loop Murphy Development Leasing Q2 2019 500 40 Essex on the Park (808 S Michigan) South Loop Oxford Capital Leasing Q1 2019 479 41 Bevel Old Town (301 W North Ave) Old Town Sedgwick Properties Leasing Q1 2019 69 42 Concord at Sheridan* (6438 N Sheridan Rd) Rogers Park Three Corners Stabilized Q4 2019 111 43 810 N Clark Gold Coast Cedar Street Stabilized Q3 2019 129 44 1435 N Wells Near North LG Development Stabilized Q3 2019 50 45 61 Banks St. Gold Coast Draper & Kramer Inc. Stabilized Q2 2019 58 46 NEMA (1210 S Indiana) South Loop Crescent Heights Stabilized Q2 2019 800 47 Coeval Chicago (1419 S Wabash) South Loop CMK Stabilized Q2 2019 261 48 The Lincoln Common* (2300 N Lincoln Ave) Lincoln Park McCaffery Interests / Hines Stabilized Q2 2019 538 49 The Mason (172 N. Ada) West Loop Marquette Stabilized Q2 2019 263

*not within the maps boundaries

2 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

# Project Name Submarket Developer/Equity Status Delivery Date Units 50 1323 W. Morse Ave* Rogers Park TAWANI Property Development Stabilized Q2 2019 50 51 The Field's Lofts* (4000 W Diversey) Logan Square Hubbard Street Partners Stabilized Q1 2019 123 52 1325 N Wells Old Town Sedgwick Properties Stabilized Q1 2019 54 Subtotal 2019 4,790 2018 RENTAL DELIVERIES 53 Eight Eleven Uptown* (811 W Agatite Ave) Uptown JDL Development Leasing Q3 2018 3 81 54 The Cooper at Southbank (700 S Wells) South Loop Lend Lease Leasing Q2 2018 452 55 The Residences at Clark & Addison* Lakeview M&R / Bucksbaum Leasing Q2 2018 148 56 Solstice on the Park* (1616 E 56th St) Hyde Park Antheus Capital Stabilized Q4 2018 250 57 No. 508 Lincoln Park Broder Properties Stabilized Q4 2018 53 58 The Ardus (676 N LaSalle) River North Cedar Street Stabilized Q4 2018 149 59 One Bennett Park (451 E Grand) Streeterville Related Midwest Stabilized Q4 2018 279 60 727 West Madison West Loop F&F Realty / Fifield Stabilized Q4 2018 492 61 NoCa Blu at Logan Square* (2340 N California Ave) Logan Square Savoy / Hunt Stabilized Q4 2018 13 8 62 The Van Buren (808 W Van Buren) West Loop Loukas Development Stabilized Q3 2018 148 63 A.M. 1980* (1980 N Milwaukee Ave) Logan Square CRG Stabilized Q3 2018 132 64 FLATS Chicago the Otis* (1435 W 15th St) Pilsen Cedar Street Stabilized Q3 2018 92 65 465 N Park Streeterville Metlife Stabilized Q2 2018 444 66 Stewart School Lofts* (4525 N Kenmore) Uptown Morningside Equities Stabilized Q2 2018 64 67 Viridian* (734 W Sheridan Rd) Uptown Vermillion Stabilized Q2 2018 100 68 X University Village (1350 S Union) South Loop Property Markets Group Stabilized Q2 2018 100 69 Marlowe (169 W Huron) River North Lennar Stabilized Q2 2018 176 70 1407 on Michigan (1407 S Michigan) South Loop Russland Capital Stabilized Q1 2018 199 71 Monroe Aberdeen Place (1050 W Monroe) West Loop Michigan Avenue RE Group Stabilized Q2 2018 120 72 Seven10 (710 W Grand) River West Outlook Stabilized Q2 2018 105 73 Wicker Park Connection II (1664 W Division St) Wicker Park Centrum Partners Stabilized Q2 2018 146 74 Eleven40 (1140 S Wabash) South Loop CA Ventures / Kieth Giles Stabilized Q2 2018 320 75 Old Town Park (Atrium Village; 300 W Hill) Near North Onni Stabilized Q2 2018 405 76 Quarters (171 N Aberdeen) West Loop MCZ Development Stabilized Q1 2018 75 77 Elevate (2518-36 N Lincoln Ave)* Lincoln Park Baker Development Stabilized Q1 2018 191 78 3Eleven (311 W Illinois) River North The John Buck Company Stabilized Q1 2018 245 Subtotal 2018 5,404 2017 RENTAL DELIVERIES 79 Alta Roosevelt (801 S Financial Place) South Loop Wood Partners Stabilized Q4 2017 496 80 Flats No. 800 (Bush Temple rehab) Gold Coast Cedar Street Stabilized Q4 2017 101 81 The Northland (1550 N Wieland St) Old Town JAB Real Estate Stabilized Q4 2017 60 82 Hubbard 221 (221 W Hubbard) River North Centrum Partners Stabilized Q4 2017 195 83 2950 N Sheridan* Lakeview Wirtz Realty Stabilized Q4 2017 82 84 EMME Chicago (165 N Desplaines St) West Loop Gerding Edlen Stabilized Q4 2017 199 85 8 E. Huron River North CA Ventures Stabilized Q4 2017 102 86 Gallery on Wells (167 W Erie) River North Magellan / Cahan Stabilized Q3 2017 444 87 Spoke (728 N Morgan) River West Bond Companies Stabilized Q3 2017 363 88 Optima Signature (220 E Illinois) Streeterville Optima / DeBartolo Stabilized Q3 2017 490 89 Landmark West Loop (1035 W Van Buren) West Loop Related Midwest Stabilized Q3 2017 300 90 The Sinclair (1210 N Clark) Gold Coast Fifield Stabilized Q3 2017 390 91 Linea (215 W Lake Street) Loop Moceri / Rozak Stabilized Q3 2017 265 92 640 N Wells Street River North JDL Stabilized Q2 2017 251 93 MODE Logan Square* Logan Square Spearhead Properties Stabilized Q2 2017 78 94 The Hudson (750 N Hudson) River North Onni Stabilized Q2 2017 240 95 30 East (30 E Balbo) South Loop Gilbane Stabilized Q2 2017 134 96 3141 N. Sheffield* Lakeview BJB Properties Stabilized Q2 2017 80 97 Centrum Bucktown* Bucktown Centrum Partners Stabilized Q2 2017 94 98 Niche 905 (905 N Orleans) River North Ascend Real Estate Group Stabilized Q1 2017 202 99 Aurelien (833 N Clark) Gold Coast Ryan / Lincoln Stabilized Q1 2017 368

*not within the maps boundaries

3 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

# Project Name Submarket Developer/Equity Status Delivery Date Units 100 Exhibit on Superior (165 W Superior) River North Magellan / Cahan Stabilized Q1 2017 298 101 Lakeview 3200* Lakeview Blitzlake Partners Stabilized Q1 2017 90 102 Wicker Park Connection I Wicker Park Centrum Partners Stabilized Q1 2017 61 Subtotal 2017 5,383 2016 RENTAL DELIVERIES 103 MiCA* Logan Square Henry Street Partners Stabilized Q4 2016 216 104 L Logan Square* Logan Square Property Markets Group Stabilized Q4 2016 120 105 SoNu Digs Old Town Smithfield Stabilized Q4 2016 98 106 Linkt Apartments (830 N Milwaukee Ave) River West Akara Partners Stabilized Q4 2016 47 107 Sienna Apartments (423 E Ohio) Streeterville Golub Stabilized Q4 2016 50 108 One333 (1333 S Wabash) South Loop CMK Stabilized Q4 2016 307 109 Next (347 W Chestnut) River North Fifield Stabilized Q3 2016 310 110 1822 W Chicago* West Town Fifield Stabilized Q3 2016 59 111 The Parker Fulton Market (171 N Halsted) West Loop Shapack / Focus / Atlantic Stabilized Q3 2016 227 112 1001 S State South Loop Golub / Walsh Stabilized Q3 2016 396 113 Moment (545 N McClurg) Streeterville Golub Stabilized Q3 2016 490 114 Kenect Chicago (500 N Milwaukee) River West Akara Partners / CA Ventures Stabilized Q2 2016 227 115 Marquee at Block 37 (108 N State) Loop CIM / Morguard Stabilized Q2 2016 694 116 MILA (201 N Garland) Loop The John Buck Company Stabilized Q2 2016 402 117 Library Lofts (619 S LaSalle) South Loop Marc Realty Residential Stabilized Q1 2016 106 118 1000 S Clark South Loop JDL / iStar Financial Stabilized Q1 2016 469 119 Wolf Point West (343 W Wolf Point) River North Hines / Magellan Stabilized Q1 2016 509 Subtotal 2016 4,727 2015 RENTAL DELIVERIES 120 The Hensley (707 N Wells) River North Akara Partners Stabilized Q4 2015 43 121 Luxe on Madison Expansion (1224 W Madison) West Loop Fifield Stabilized Q4 2015 42 122 Xavier Apartments (625 W Division) Near North Gerding Edlen Stabilized Q4 2015 240 123 Gateway (11 S Green) West Loop Lennar Stabilized Q3 2015 167 124 Lofts at River East (445 E Illinois) Streeterville Group Fox Stabilized Q3 2015 285 125 Residences at New City (1515 N Halsted) Lincoln Park Structured Dev Stabilized Q3 2015 199 126 State & Chestnut (845 N State) Gold Coast Newcastle Stabilized Q2 2015 367 127 Eight O Five (805 N LaSalle) River North Smithfield Stabilized Q2 2015 292 128 Circa 922 (922 W Washington) West Loop Focus / Atlantic Stabilized Q1 2015 104 129 Arkadia Tower (765 W Adams) West Loop White Oak / CA Ventures Stabilized Q1 2015 350 130 North Water (340 E North Water Street) Streeterville DRW Stabilized Q1 2015 398 131 Jeff Jack (601 W Jackson) West Loop Moceri / Rozak Stabilized Q1 2015 190 132 Jones Chicago (220 W Illinois) River North Gerding Edlen / Fred Latsko Stabilized Q1 2015 188 Subtotal 2015 2,865 2014 RENTAL DELIVERIES 133 The Aberdeen (22 N Aberdeen St) West Loop Michigan Avenue RE Group Stabilized Q3 2014 81 134 The Scott Residences (211 W Scott) Old Town JDL / Harlem Irving Stabilized Q3 2014 71 135 AMLI Lofts (800 S Clark) South Loop AMLI Stabilized Q3 2014 398 136 The Madison at Racine (1164 W Madison) West Loop Ascend Stabilized Q3 2014 216 137 Webster Square Apartments (558 W Webster) * Lincoln Park Sandz Development Stabilized Q3 2014 75 138 Catalyst (123 N Desplaines) West Loop Urban R2 / Marquette Stabilized Q2 2014 223 139 OneEleven (111 W Wacker) Loop Related Stabilized Q2 2014 504 140 73 E Lake Loop M&R Stabilized Q2 2014 332 141 850 N Lake Shore Drive Streeterville Nat Advisors Stabilized Q1 2014 198 142 1611 W Division Wicker Park Henry Street Partners Stabilized Q1 2014 99 14 3 Halsted Flats (3740 N Halsted) * Lakeview JDL / Harlem Irving Stabilized Q1 2014 269 Subtotal 2014 2,466

*not within the maps boundaries

4 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

# Project Name Submarket Developer/Equity Status Delivery Date Units 2013 RENTAL DELIVERIES 14 4 Optima Chicago Center (200 E. Illinois) Streeterville Optima / DeBartlo Stabilized Q3 2013 325 14 5 AMLI River North (71 W. Hubbard) River North AMLI Stabilized Q3 2013 409 146 Hubbard Place (360 W. Hubbard) River North Habitat Stabilized Q3 2013 450 147 500 N. Lake Shore Drive Streeterville Related Stabilized Q2 2013 500 148 K2 (365 N. Halsted) West Loop Fifield / Wood Stabilized Q1 2013 496 149 The Coast (345 E. Wacker) Lakeshore East Magellan Stabilized Q1 2013 515 Subtotal 2013 2,695

*not within the maps boundaries

5 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE M

North North 23 Elk Gr Pierce 41 Pierce Wood N oble Weed 81 LeMoyne LeMoyne Fremont Dayton Blackhawk Burton LeMoyne Wicker Park

Julian Orleans North Park Elston 105 Blackhawk Kingsbury 125 Clybour n Schiller Dean Magnolia 44 Schiller Milwaukee Blackhawk Eastman Ada 41 Evergreen Evergr Evergreen Banks Wolcott 52 45 Mohawk Cleveland

Ellen Sedgwick e Potomac Goethe Bosworth Greenview Ada Marion Honor Scott Crystal North Branch Evergreen Scott Cleaver Noble 73 134 90 Stone Division 102 Division Division Hooker 142 Hickory 122 8 Elm Haddon Elm 75 Cedar Thomas Hill 29 Thomas Cambridge Cortez Maple Bliss Bellevue Cortez Cortez Cortez Haines Honore Hermitage 14 Oak Oak Oakley Augusta

Augusta d

n Kingsbury Walton

i Walton Leavitt

Walton Walton a

W Walton R 98 Locust Delaware Iowa Chestnut Elston Chestnut Chestnut Pearson Mies van der Rohe

Greenview 126

Dewitt Lake Shore Drive Larrabee Hudson Sedgwick olcott 109 141 Rice Rice Fry Institute 99 Pearson W Wood Hoyne Damen Winchester Ashland Paulina Marshfield 106 Elizabeth Lessing 2 43 Chicago 110 Chicago Chicago 127 80 Chicago Lee 94 Superior 87Carpenter Superior 1

Ada Superior Morgan illard 10 Huron 100 Throop Elizabeth W 30 120 85 Huron Sangamon Huron Kingsbury

Ancona Halsted Green Peoria ells 69 58 Erie 94 Erie Clark Orleans Franklin W Erie LaSalle

Ontario Armour Bishop 92 86 Ohio 90 Ontario Ohio Ohio Ohio Race Ogden 107 Elizabeth Noble Ada Dearborn Wabash State Fairbanks Rush St Clair 114 72 Michigan 113 Grand Grand Grand 59 147 Ferdinand 11 144 88 132 Illinois Hubbard Hubbard 65 124 146 78 McClurg inchester Hubbard Ashland Kinzie W 82 Kinzie Kinzie145 130 North W ater Arbour Carroll 148

Bell Carroll Wacker Fulton Wayman 119 27 Laﬂin Justine 6 Fulton W acker 149 Walnut 139 Stetson Lake 116 Lake 111 7 Randolph 49 76 84 91 140 Seeley Maypole Maypole Randolph 5 Washington Hermitage 128 138

Willard 115 Washington Warren

26 een Hoyne Loomis May Aberdeen Carpenter Morgan Sangamon Peoria Gr Bishop Throop Racine Ada Elizabeth 121 136 133 Halsted Madison Madison 60 20 123 ferson n acker 71 Clinton Canal Desplaines Jef ells Damen Monroe Seeley Monroe Monroe 34 Paulina Franklin W 94 W

17 abash W LaSalle Clark Dearbor State Michigan e Adams Adams ey 90 oop kl

Laﬂin Columbus 129 Drive Shore Lake olcott 36 Wood Bell

Leavitt 25 Oa Honor Thr W Jackson Hamilton Jackson Gladys Winchester Gladys 131 Ogden 62 Van Buren 89 Van Buren 290 Congress Congress 41

Harrison Harrison Flournoy Flournoy Vernon Park 28 117 95 Lexington Lexington 22 Balbo Wells Financial LaSalle Clark

Ashland Lexington 54 Polk Polk 79 Polk ler 8th Cabrini 135 abash

Bell Cabrini 40 Bow State W Michigan Loomis Arthington 9th Park Terr Plymouth Marshfield Laflin Bishop Lake Shore Drive Racine Miller Taylor Ada Taylor deen 112 e 118 oop

Lytle 11th Fillmor May Aber Seeley

Fillmor Thr Grenshaw Morgan 74 Hermitage Paulina Hamilton Hoyne 94 Roosevelt Roosevelt 46 Washburne Washbur 90

13th 13th Newberry 13th Maxwell Maxwell 108 Hastings Hastings 39 Wolcott Clark Federal 68 Plymouth 14th 14th 14th 14th University 14th 70 47 14th Pl 14th Pl 14th Pl Prairie 14th Pl

deen 14th Pl 4 Village 64 15th College Aber Damen

UNDER CONSTRUCTION LEASING STABILIZED

6 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

TOTAL APARTMENT UNITS DELIVERED BY YEAR, SUBMARKET

6,500

6,000

5,500

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

2013 2014 2015 2016 2017 2018 2019 2020 2021

PROJECTS DELIVERED BY YEAR, SUBMARKET 25

2013 2014 2015 2016 2017 2018 2019 2020 2021

7 Q1 2020 DOWNTOWN CHICAGO MULTIFAMILY DEVELOPMENT PIPELINE

Downtown Chicago - Projects Delivered by Year 30

26 25 24

21 21 20 17

15 13 11 Projects Delivered Projects 10 9

6 5

0 2013 2014 2015 2016 2017 2018 2019 2020 2021

Downtown Chicago - Annual New Supply 6,000 5,383 5,404 5,024 5,000 4,727 4,790

4,000

3,172 2,865 3,000 2,695 2,466 Units Delivered 2,000

1,000

0 2013 2014 2015 2016 2017 2018 2019 2020 2021

36,526 4,058 TOTAL NUMBER OF UNITS SINCE 2013 AVERAGE ANNUAL UNITS 2013-2021

8 CONTACT INFORMATION

JOHN JAEGER DAN COHEN JUSTIN PUPPI NISHA MISHRA Multifamily Multifamily Multifamily Multifamily Executive Vice President Executive Vice President Senior Associate Associate + 1 312 935 1037 + 1 312 935 1427 + 1 312 861 7839 + 1 312 935 1952 [email protected] [email protected] [email protected] [email protected]