Orlando New Construction & Proposed Multifamily Projects 4Q19

ID PROPERTY UNITS 1 Springs at Hibiscus Crossing, The 288 4 Carlton of West Melbourne, The 382 9 Aqua, The 320 Total Lease Up 990

0.0417 in 37 Addison Pointe 370 41 Oasis at West Melbourne Luxury Apartment Homes, The 316 42 Olea at Viera 166 43 Highline 171 Total Under Construction 1,023

0.25 in

161 603 Brevard 100 162 Grand Oaks 100 163 Heritage Lakes of West Melbourne 275 164 Rockledge Flats Apartment Complex 246 165 Shell Harbor 130 166 Atrium, The 149 167 San Filippo 96 168 Space Coast Town Center 600 169 Space Coast Town Center Phase II 800 Total Planned 2,496

235 Suntree 100 236 Cricket Drive 264 Total Prospective 364 2 mi Source: Yardi Matrix

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

ID PROPERTY UNITS 226 Brownie Wise Mixed Use 1,700 227 Osceola Village Center 125 5 Hamilton at Lakeside, The 108 228 Parkway Crossings 384 10 Monterosso 216 229 Edgewater, The 5,000 21 San Mateo Crossing 352 Total Prospective 10,304 Total Lease Up 676

0.0417 in 24 Epoch Flora Ridge Phase I & II 448 26 Oasis at Moss Park Phase II, The 300 28 Vesta 315 Total Under Construction 1,063

0.25 in

105 Boggy Creek Crossing 306 106 Wetherbee Road 950 107 East Park Village Center 264 108 Education Village 400 109 Futura At Nona Cove 260 110 Narcoossee Cove 354 111 Weller Boulevard Multi Residential 300 137 Poinciana Estates C 100 139 212 141 Loop South 400 142 Magic Place 251 145 Mosaic @ Lake Toho 304 146 Weston 4 Hundred 203 147 1050 Narcoossee Road 122 148 Neo Square 292 149 NeoCity 100 150 Center Lake Ranch 800 Total Planned 5,618

201 Meadow Woods 68 Meadow Woods TOD Midtown 202 Village & Meadow Woods 730 Town Center 203 Meadow Woods TOD South Village 626 204 Meadow Woods TOD Wellness Village 144 205 7042 Lake Nona Blvd 450 222 2420 Old Vineland Road 225 223 Epoch Flora Ridge Phase III 292 224 Old Tampa Highway 510 225 Vineland Landings Phase II 50 1 mi Source: Yardi Matrix

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

ID PROPERTY UNITS 138 Sentosa Sinclair 348 140 Waterstar 320 2 Ascend Waterleigh 354 143 North Poinciana Blvd & Sunrise Blvd 296 6 Lake House by Alta 297 144 Red Lion 300 11 Astoria at Celebration 306 151 Hartzog & Avalon 202 12 Veere 250 152 Registry on Grass, The 360 16 Addison at Universal Boulevard, The 344 Total Planned 9,785 17 Kestra 280 Total Lease Up 1,831 185 Grand National 260 0.0417 in 186 International Drive 62 22 Flamingo Crossings East 1,323 187 International Drive & 23 Flamingo Crossings West 1,291 Wildwood Avenue 350 29 Alta Headwaters 328 197 Conroy Townhomes 52 31 Prime 340 198 Horizon West Town Center 2,300 35 Millennium at Citrus Ridge 326 199 Turkey Lake Road 424 45 Serenity at Flamingo Crossings 300 200 Plaza 360 Total Under Construction 3,908 220 Golden Lagoon 100

0.25 in 221 North Old Lake Wilson Road & Western Beltway 400 72 Artegon 365 230 Serenade at Ovation 269 73 Lakehurst Drive 540 231 Withers PD 798 74 Republic Square 350 Total Prospective 5,375 75 Waterside 408 89 Addison at Cypress Sound 216 90 Avalon Road & Old YMCA Road 350 91 Azul Sand Lake Vista 264 92 Chapel Crossing 62 93 Horizon West 284 94 O-Town West & O-Town Village 800 96 Overture 180 97 Ruby Lake Road 400 98 Sentosa Sinclair 288 99 Vintage Horizon West 340 100 Westerly, The 352 101 Addison on Lake Bryan, The 266 102 Daryl Carter Pkwy & International Drive 481 103 2630 Amazonas Circle 386 104 Alta Headwaters Phase II 100 133 Daniel Wesbster Western Beltway & Sinclair Road 348 134 Delamarre 379 135 Fortune Star 500

136 Island Village 300 1 mi Source: Yardi Matrix

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

ID PROPERTY UNITS 44 Sandlake Palazzo 120 Total Under Construction 120

0.25 in

62 Addison at Gateway 323 63 Hoffner Avenue Multi Residential 348 64 Twelve Oaks 348 65 Sandlake Mirage 60 66 Sandlake Station 196 67 Millenia Park 960 68 East Side of Central Park 250 69 Park Central 215 70 Gardens on Millenia 350 71 Millenia Lakes 323 76 Millenium MetroWest 352 77 West Vue 442 Total Planned 4,167

183 7567 Narcoossee Road 324 184 BellaNova at JubiLee Park Phase II 392

Total Prospective 716 2000 ft Source: Yardi Matrix

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

ID PROPERTY UNITS 3 Addison at Clermont, The 230 Total Lease Up 230

0.0417 in 39 Apopka City Center 82 Total Under Construction 82

0.25 in

46 Colonial Drive 242 78 Lake Betty 336 79 Cinderlane Apartments 52 83 Greens at Forest Lake, The 198 84 Marden Ridge Phase II 228 85 Monarchs At Lake Pleasant 126 86 Ocoee Village Center 316 87 Alta Winter Garden 250 88 Longleaf at Oakland 364 95 Olympus 100 153 Hancock 306 154 Hills of Minneola 297 155 Minneola Hills 297 156 Neo at Four Corners 350 Total Planned 3,462

190 Fifty West 275 191 Inspiration 90 192 Alta East Shore 285 193 Avian Pointe 750 194 West 429 1,000 195 Lakeland Plaza 70 196 Oakland Hills 100 232 Hancock Commons 281 233 Vue at Clermont, The 100 234 Wellness Way PUD 1,850

Total Prospective 4,801 1 mi Source: Yardi Matrix

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

ID PROPERTY UNITS 20 Parramore Oaks 120 Total Lease Up 120

0.0417 in 25 Camden Lake Eola 360 32 Radius 389 38 Creative Village - Parcel M 409 Total Under Construction 1,158

0.25 in

47 319 N. Magnolia Ave 232 48 500 North Orange Avenue 350 49 Altis Lake Willis 567 50 Orange & Robinson 368 51 X Orlando 290 52 X Orlando Phase II 285 53 X Orlando Phase III 292 54 Zoi House Orlando 300 81 Modera Creative Village 292 82 Orlando Magic Complex 300 170 DXV Central 189 Total Planned 3,465

172 401 South Rosalind Avenue 318 174 City Centre 215 175 Novel Lucerne Phase II 300 176 Orange Avenue 184 177 Orlando Central 450 178 Tribune 318 179 Tribune II 428 188 Green District, The 464 237 Orange Center Blvd 58

Total Prospective 2,735 1000 ft Source: Yardi Matrix

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

ID PROPERTY UNITS 180 Alta at Health Village 285 7 Oasis at Crosstown, The 343 181 Urbon Apartments Homes Phase II 493 8 Alexan Winter Park 310 182 Epoch Aloma 241 13 Yard at Ivanhoe, The 591 189 Maitland West Phase II 285 14 Bainbridge at Lake Shadow 300 206 River Cross Land 500 18 Urbon Apartment Homes 361 207 Waterford Lakes 265 Total Lease Up 1,905 208 Cottages at Alafaya 151 209 Paseo at Collegiate Village, The 350 0.0417 in 210 Seminole Avenue 50 27 Alta Longwood 263 211 Cranes Roost Boulevard & 330 30 River Run at Valencia 176 Shorecrest Drive 33 Sanctuary, The 250 Total Prospective 3,150 40 Lake House 252 Total Under Construction 941

0.25 in

55 Baldwin House 122 56 Orlando Fashion Square 100 57 Alexan North End Phase II 222 58 Gem Lake Redevelopment 100 59 Ranch Mall Redevelopment 100 60 Colonial Drive 280 61 Balsam & Dogwood 86 80 Cannery at The Packing District 307 112 EDEN Stoneybrook 250 113 Innovation Pointe 350 114 Reserve at Avalon, The 1,750 116 2649 Stanmore Court 350 117 3210 Rouse Rd 130 118 Orlando 230 119 Dwell at Oviedo 296 120 Noma Planned Development 294 121 Grandeville at Weststate 294 122 Dog Track Road 340 123 Oxford Place 210 124 General Hutchison Multi-Family 50 125 John L. Mica Way & Palmetto Avenue 52 126 Kiwi Apartments 75 171 Alafaya Trail & Beasley Road 99 Total Planned 6,087

173 845 North Magnolia Avenue 200 1 mi Source: Yardi Matrix

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

ID PROPERTY UNITS 15 Lake Monroe 280 Total Lease Up 280

0.0417 in 34 Parkview at Lake Mary 300 36 Allure on the Parkway 290 Total Under Construction 590

0.25 in

127 Fountain Parke 115 128 Broadstone Forest 260 129 Heritage Park 235 130 Integra Crossings 352 131 St. Josephs Court Townhouses 100 132 View @ Lake Monroe, The 300 Total Planned 1,362

212 Preserve, The 240 213 Reagan Center 827 214 First Street Station 292 215 Norton Commons 68 216 Parkside Place 100 217 First Street & Riverview Avenue 160 218 Monroe Place 102 219 West 1st Street & Rinehart Road 100

Total Prospective 1,889 2000 ft Source: Yardi Matrix

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

ID PROPERTY UNITS 19 Dream Space Coast 79 Total Lease Up 79

0.25 in

115 Sunbridge 1,650 157 Atwater Phase II 208 158 Indian Springs 100 159 Spring Lake Road 110 160 Venetian Isles 100

Total Planned 2,168 5 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Orlando 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 Springs at Hibiscus Crossing, The Dairy Road & West Hibiscus Blvd Melbourne FL 32904 Lease-Up 288 Melbourne 05/31/2019 12/31/2020 11/25/2019 2 Ascend Waterleigh 10091 Tuller Loop Winter Garden FL 34787 Lease-Up 354 Lake Buena Vista 01/04/2019 08/31/2020 08/01/2019 3 Addison at Clermont, The 1700 Hooks Street Clermont FL 34711 Lease-Up 230 Clermont 01/21/2019 08/31/2020 08/01/2019 4 Carlton of West Melbourne, The 4152 Merrillville Drive West Melbourne FL 32904 Lease-Up 382 Palm Bay 04/01/2019 05/31/2020 10/21/2019 5 Hamilton at Lakeside, The 2250 Blue Hesper Drive Kissimmee FL 34741 Lease-Up 108 East Kissimmee 01/15/2019 04/30/2020 12/28/2019 6 Lake House by Alta 7600 Majorca Place Orlando FL 32819 Lease-Up 297 Lake Buena Vista 08/20/2018 04/30/2020 09/18/2019 7 Oasis at Crosstown, The 200 South Goldenrod Road Orlando FL 32807 Lease-Up 343 Union Park 06/14/2018 04/30/2020 05/06/2019 8 Alexan Winter Park 1874 Harmon Avenue Winter Park FL 32789 Lease-Up 310 Winter Park/Maitland 12/03/2018 03/31/2020 12/01/2019 9 Aqua, The 2133 Robert J. Conlan Blvd NE Palm Bay FL 32905 Lease-Up 320 Palm Bay 11/14/2018 03/31/2020 11/05/2019 10 Monterosso 3050 La Spezia Circle Kissimmee FL 34741 Lease-Up 216 West Kissimmee 01/15/2019 03/31/2020 10/21/2019 11 Astoria at Celebration 1688 Celebration Blvd Celebration FL 34747 Lease-Up 306 Celebration 04/15/2019 03/31/2020 09/02/2019 12 Veere 10000 Palma Linda Way Orlando FL 32836 Lease-Up 250 Lake Buena Vista 02/04/2019 03/31/2020 08/15/2019 13 Yard at Ivanhoe, The 1460 Alden Road Orlando FL 32803 Lease-Up 591 Colonial Town 03/01/2018 03/31/2020 08/01/2019 14 Bainbridge at Lake Shadow 2200 Flagler Promenade Way Maitland FL 32751 Lease-Up 300 Lockhart 10/01/2018 03/31/2020 08/01/2019 15 Lake Monroe 2205 West Seminole Blvd Sanford FL 32771 Lease-Up 280 Sanford 08/27/2018 03/31/2020 08/01/2019 16 Addison at Universal Boulevard, The 9707 Mia Circle Orlando FL 32819 Lease-Up 344 Center 08/01/2017 03/31/2020 03/01/2019 17 Kestra 10387 Vista Oaks Court Orlando FL 32836 Lease-Up 280 Lake Buena Vista 11/01/2018 02/29/2020 06/28/2019 18 Urbon Apartment Homes 825 McCullough Avenue Orlando FL 32803 Lease-Up 361 Colonial Town 05/07/2018 02/29/2020 03/26/2019 19 Dream Space Coast 2825 South Washington Avenue Titusville FL 32780 Lease-Up 79 Titusville 03/22/2018 02/29/2020 03/01/2019 20 Parramore Oaks 750 South Parramore Avenue Orlando FL 32805 Lease-Up 120 Holden Heights 10/22/2018 01/31/2020 08/01/2019 21 San Mateo Crossing 1115 Pacifica Drive Kissimmee FL 34744 Lease-Up 352 East Kissimmee 08/01/2018 01/31/2020 06/24/2019 Total Lease-Up 6,111 22 Flamingo Crossings East 13325 Flamingo Crossings Blvd Bay Lake FL 32821 Under Construction 1323 Lake Buena Vista 04/01/2019 05/31/2023 23 Flamingo Crossings West Flagler Avenue & Flamingo Crossings Blvd Winter Garden FL 34787 Under Construction 1291 Lake Buena Vista 06/14/2019 05/31/2023 24 Epoch Flora Ridge Phase I & II Dyer Blvd & West Osceola Pkwy Kissimmee FL 34741 Under Construction 448 West Kissimmee 11/01/2019 11/30/2021 25 Camden Lake Eola 520 East Church Street Orlando FL 32801 Under Construction 360 Downtown Orlando 02/01/2019 02/28/2021 26 Oasis at Moss Park Phase II, The 10955 Moss Park Road Orlando FL 32832 Under Construction 300 Lake Nona 08/26/2019 12/31/2020 27 Alta Longwood 881 West Warren Avenue Longwood FL 32750 Under Construction 263 Lake Mary 11/12/2019 12/31/2020 East Irlo Bronson Memorial Hwy & Partin 28 Vesta Settlement Road Kissimmee FL 34744 Under Construction 315 Fish Lake 10/01/2019 12/31/2020 29 Alta Headwaters 10501 South John Young Pkwy Orlando FL 32837 Under Construction 328 Hunter's Creek 09/09/2019 09/30/2020

Source: Yardi Matrix Orlando 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 30 River Run at Valencia 113 South Econlockhatchee Trail Orlando FL 32825 Under Construction 176 Stoneybrook 09/02/2019 09/30/2020 31 Prime West Osceola Pkwy & North Poinciana Blvd Kissimmee FL 34746 Under Construction 340 West Kissimmee 09/02/2019 08/31/2020 32 Radius 333 North Rosalind Avenue Orlando FL 32801 Under Construction 389 Downtown Orlando 04/15/2019 07/31/2020 33 Sanctuary, The East Central Pkwy & Douglas Avenue Altamonte Springs FL 32714 Under Construction 250 Altamonte Springs 09/09/2019 07/31/2020 34 Parkview at Lake Mary Primera Blvd & Rinehart Road Lake Mary FL 32746 Under Construction 300 Lake Mary 07/01/2019 07/31/2020 35 Millennium at Citrus Ridge West Orange Lake Blvd & US Highway 192 Four Corners FL 34747 Under Construction 326 Celebration 02/01/2018 07/31/2020 36 Allure on the Parkway 1400 Encore Place Lake Mary FL 32746 Under Construction 290 Lake Mary 03/03/2019 06/30/2020 37 Addison Pointe 3079 Parkway Drive Melbourne FL 32935 Under Construction 370 Melbourne 01/21/2019 06/30/2020 38 Creative Village - Parcel M West Amelia Street & North Terry Avenue Orlando FL 32801 Under Construction 409 Pine Hills 02/19/2019 05/31/2020 39 Apopka City Center State Route 436 & US Route North 441 Apopka FL 32704 Under Construction 82 Apopka/Piedmont 04/01/2019 05/31/2020 40 Lake House 301 NE Ivanhoe Blvd Orlando FL 32804 Under Construction 252 Colonial Town 04/01/2019 04/30/2020 Oasis at West Melbourne Luxury 41 Apartment Homes, The 1720 West John Rodes Blvd West Melbourne FL 32904 Under Construction 316 Melbourne 03/01/2019 03/31/2020 42 Olea at Viera 7700 Lake Andrew Drive Melbourne FL 32940 Under Construction 166 Melbourne 04/01/2019 03/31/2020 43 Highline SWC Grant Place & East New Haven Avenue Melbourne FL 32901 Under Construction 171 Palm Bay 08/29/2018 03/31/2020 44 Sandlake Palazzo West Lancaster Road & Winegard Road Pine Castle FL 32809 Under Construction 120 Belle Isle 01/01/2019 01/31/2020 45 Serenity at Flamingo Crossings Avalon Road & Flamingo Crossings Blvd Orlando FL 32830 Under Construction 300 Lake Buena Vista 06/14/2018 01/31/2020 Total Under Construction 8,885 46 Colonial Drive West Colonial Drive & Orange Avenue Oakland FL 34787 Planned 242 47 319 N. Magnolia Ave 319 North Magnolia Avenue Orlando FL 32801 Planned 232 Downtown Orlando 48 500 North Orange Avenue 500 North Orange Avenue Orlando FL 32801 Planned 350 Downtown Orlando 49 Altis Lake Willis 10055 Almondwood Circle Orlando FL 32821 Planned 567 Downtown Orlando 50 Orange & Robinson 336 North Orange Avenue Orlando FL 32801 Planned 368 Downtown Orlando 51 X Orlando 434 North Orange Avenue Orlando FL 32801 Planned 290 Downtown Orlando 52 X Orlando Phase II 434 North Orange Avenue Orlando FL 32801 Planned 285 Downtown Orlando 53 X Orlando Phase III 434 North Orange Avenue Orlando FL 32801 Planned 292 Downtown Orlando 54 Zoi House Orlando West Livingston Street & North Orange Avenue Orlando FL 32801 Planned 300 Downtown Orlando 55 Baldwin House 4787 New Broad Street Orlando FL 32814 Planned 122 Colonial Town 56 Orlando Fashion Square East Colonial Drive & Maguire Blvd Orlando FL 32803 Planned 100 Colonial Town 57 Alexan North End Phase II 1900 Oglesby Avenue Winter Park FL 32789 Planned 222 Winter Park/Maitland 58 Gem Lake Redevelopment 201 Monroe Avenue Maitland FL 32751 Planned 100 Winter Park/Maitland

Source: Yardi Matrix Orlando 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 59 Ranch Mall Redevelopment 415 South Orlando Avenue Winter Park FL 32789 Planned 100 Winter Park/Maitland 60 Colonial Drive 6575 East Colonial Drive Orlando FL 32807 Planned 280 Aloma 61 Balsam & Dogwood Balsam Drive & Dogwood Drive Azalea Park FL 32807 Planned 86 Union Park 62 Addison at Gateway Forbes Place & Shadowridge Drive Orlando FL 32812 Planned 323 Vista Park 63 Hoffner Avenue Multi Residential 5000 Hoffner Avenue Orlando FL 32812 Planned 348 Vista Park 64 Twelve Oaks 5000 Hoffner Avenue Orlando FL 32822 Planned 348 Vista Park 65 Sandlake Mirage West Lancaster Road & Winegard Road Pine Castle FL 32809 Planned 60 Belle Isle 66 Sandlake Station 7803 South Orange Avenue Orlando FL 32809 Planned 196 Belle Isle 67 Millenia Park West Oak Ridge Road & South John Young Pkwy Belle Isle FL 32809 Planned 960 Oak Ridge - east 68 East Side of Central Park Holden Avenue & South Texas Avenue Orlando FL 32839 Planned 250 Lake Catherine 69 Park Central 2429 Americana Blvd Orlando FL 32839 Planned 215 Lake Catherine 70 Gardens on Millenia 3692 Cathy Street Orlando FL 32839 Planned 350 Oak Ridge - west 71 Millenia Lakes 5450 Millenia Lakes Blvd Orlando FL 32839 Planned 323 Oak Ridge - west 72 Artegon Austrian Court & International Drive Orlando FL 32819 Planned 365 Florida Center 73 Lakehurst Drive 5885 Lakehurst Drive Orlando FL 32819 Planned 540 Florida Center 74 Republic Square Carrier Drive & Universal Blvd Orlando FL 32819 Planned 350 Florida Center 75 Waterside Destination Pkwy & Universal Blvd Orlando FL 32819 Planned 408 Florida Center 76 Millenium MetroWest South Hiawassee Road & Lake Debra Drive Orlando FL 32835 Planned 352 Kirkman 77 West Vue 6003 Raleigh Street Orlando FL 32835 Planned 442 Kirkman 78 Lake Betty 2695 South Orange Blossom Trail Apopka FL 32703 Planned 336 Lockhart 79 Cinderlane Apartments 5001 Cinderlane Pkwy Orlando FL 32808 Planned 52 Rosemont 80 Cannery at The Packing District 2501 North Orange Blossom Trail Orlando FL 32804 Planned 307 Pine Hills 81 Modera Creative Village West Amelia Street & Ronald Blocker Avenue Orlando FL 32801 Planned 292 Pine Hills 82 Orlando Magic Complex North Hughey Avenue & West Livingston Street Orlando FL 32801 Planned 300 Pine Hills 83 Greens at Forest Lake, The West Orange Trail & State Road 429 Ocoee FL 34761 Planned 198 Apopka/Piedmont 84 Marden Ridge Phase II 1501 Marden Road Apopka FL 32703 Planned 228 Apopka/Piedmont 85 Monarchs At Lake Pleasant 1711 Apopka Blvd Apopka FL 32703 Planned 126 Apopka/Piedmont 86 Ocoee Village Center Clarcona Ocoee Road & North Lakewood Avenue Ocoee FL 32703 Planned 316 Apopka/Piedmont 87 Alta Winter Garden West Crown Point Road & Plant Street Winter Garden FL 34787 Planned 250 Winter Garden 88 Longleaf at Oakland Oakland Avenue & North Pollard Street Winter Garden FL 34760 Planned 364 Winter Garden 89 Addison at Cypress Sound Lake Sawyer Drive & Winter Garden Vineland Road Lake Butler FL 34786 Planned 216 Lake Buena Vista

Source: Yardi Matrix Orlando 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 90 Avalon Road & Old YMCA Road Avalon Road & Old YMCA Road Winter Garden FL 34787 Planned 350 Lake Buena Vista 91 Azul Sand Lake Vista 9200 Turkey Lake Road Orlando FL 32819 Planned 264 Lake Buena Vista 92 Chapel Crossing 8464 Winter Garden Vineland Road Orlando FL 32836 Planned 62 Lake Buena Vista 93 Horizon West 10958 Avalon Road Winter Garden FL 34787 Planned 284 Lake Buena Vista 94 O-Town West & O-Town Village Daryl Carter Pkwy & Palm Pkwy Orlando FL 32819 Planned 800 Lake Buena Vista 95 Olympus Bradshaw Road & Schofield Road Clermont FL 34713 Planned 100 Lake Buena Vista 96 Overture 5300 Hamlin Groves Trail Winter Garden FL 34787 Planned 180 Lake Buena Vista 97 Ruby Lake Road 11907 Ruby Lake Road Orlando FL 32836 Planned 400 Lake Buena Vista 98 Sentosa Sinclair Epcot Center Drive & World Drive Winter Garden FL 32836 Planned 288 Lake Buena Vista 99 Vintage Horizon West Avalon Road & Flamingo Crossings Blvd Winter Garden FL 34787 Planned 340 Lake Buena Vista 100 Westerly, The 13324 Flamingo Crossings Blvd Winter Garden FL 34787 Planned 352 Lake Buena Vista 101 Addison on Lake Bryan, The 13500 International Pkwy Orlando FL 32821 Planned 266 Lake Bryan 102 Daryl Carter Pkwy & International Drive Daryl Carter Pkwy & International Drive Orlando FL 32821 Planned 481 Lake Bryan 103 2630 Amazonas Circle 2630 Amazonas Circle Orlando FL 32837 Planned 386 Hunter's Creek SWC South John Young Pkwy & 104 Alta Headwaters Phase II West Taft Vineland Road Orlando FL 32837 Planned 100 Hunter's Creek 105 Boggy Creek Crossing 5757 Simpson Road Orlando FL 32824 Planned 306 Hunter's Creek 106 Wetherbee Road 4402 East Wetherbee Road Orlando FL 32824 Planned 950 Hunter's Creek 107 East Park Village Center Greeneway & Moss Park Road Orlando FL 32832 Planned 264 Lake Nona 108 Education Village Narcoossee Road & Tyson Road Orlando FL 32832 Planned 400 Lake Nona 109 Futura At Nona Cove Boggy Creek Road & Narcoossee Road Kissimmee FL 34744 Planned 260 Lake Nona 110 Narcoossee Cove Kirby Smith Road & Narcoossee Road Southeast Orlando FL 32832 Planned 354 Lake Nona 111 Weller Boulevard Multi Residential Narcoossee Road & Weller Blvd Orlando FL 32827 Planned 300 Lake Nona 112 EDEN Stoneybrook 2900 Northampton Avenue Orlando FL 32828 Planned 250 Stoneybrook 113 Innovation Pointe South Alafaya Trail & Innovation Way Orlando FL 32828 Planned 350 Stoneybrook 114 Reserve at Avalon, The South Alafaya Trail & Innovation Way Orlando FL 32828 Planned 1750 Stoneybrook 115 Sunbridge Dallas Blvd & State Route 528 Orlando FL 32832 Planned 1650 Stoneybrook 116 2649 Stanmore Court 2649 Stanmore Court Orlando FL 32817 Planned 350 University Park 117 3210 Rouse Rd 3210 Rouse Road Orlando FL 32817 Planned 130 University Park 118 Orlando Dean Road & University Blvd Orlando FL 32817 Planned 230 University Park 119 Dwell at Oviedo NWC West Broadway Street & Oviedo Mall Blvd Oviedo FL 32765 Planned 296 Oviedo

Source: Yardi Matrix Orlando 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 120 Noma Planned Development Legacy Lane & West State Road 426 Oviedo FL 32765 Planned 294 Oviedo 121 Grandeville at Weststate State Road 417 & West State Road 426 Oviedo FL 32765 Planned 294 Red Bug Lake 122 Dog Track Road 301 Dog Track Road Longwood FL 32750 Planned 340 Altamonte Springs 123 Oxford Place 6405 South US Hwy 17-92 Fern Park FL 32730 Planned 210 Altamonte Springs 124 General Hutchison Multi-Family General Hutchison Pkwy & Timocuan Way Longwood FL 32750 Planned 50 Longwood 125 John L. Mica Way & Palmetto Avenue John L. Mica Way & Palmetto Avenue Longwood FL 32750 Planned 52 Longwood 126 Kiwi Apartments 707 East Street Longwood FL 32750 Planned 75 Longwood 127 Fountain Parke West Lake Mary Blvd & Rinehart Road Lake Mary FL 32746 Planned 115 Lake Mary 128 Broadstone Forest International Pkwy & West State Road 46 Sanford FL 32771 Planned 260 Lake Monroe 129 Heritage Park West Seminole Blvd & Walnut Crest Run Sanford FL 32771 Planned 235 Lake Monroe 130 Integra Crossings Grant Line Road & Woodruff Springs Road Sanford FL 32746 Planned 352 Lake Monroe 131 St. Josephs Court Townhouses 750 St. Josephs Court Sanford FL 32771 Planned 100 Lake Monroe 132 View @ Lake Monroe, The 2485 US Highway 17 Sanford FL 32771 Planned 300 Lake Monroe 133 Daniel Wesbster Western Beltway & Sinclair Road Daniel Wesbster Western Beltway & Sinclair Road Four Corners FL 32826 Planned 348 Celebration 134 Delamarre 1198 Celebration Blvd Celebration FL 34747 Planned 379 Celebration 135 Fortune Star 7650 West Irlo Bronson Memorial Hwy Kissimmee FL 34747 Planned 500 Celebration 136 Island Village Celebration Blvd & Interstate 4 Celebration FL 34747 Planned 300 Celebration 137 Poinciana Estates C South Poinciana Blvd & Reaves Road Kissimmee FL 34758 Planned 100 Celebration 138 Sentosa Sinclair Sinclair Road & SR 429 Kissimmee FL 34747 Planned 348 Celebration 139 Shingle Creek Blossom Drive & Pleasant Hill Drive Kissimmee FL 34746 Planned 212 Celebration 140 Waterstar West Irlo Bronson Memorial Hwy & World Drive Celebration FL 34747 Planned 320 Celebration 141 Loop South West Osceola Pkwy & North Thacker Avenue Kissimmee FL 34741 Planned 400 West Kissimmee 142 Magic Place Ham Brown Road & South Orange Blossom Trail Kissimmee FL 34746 Planned 251 West Kissimmee 143 North Poinciana Blvd & Sunrise Blvd North Poinciana Blvd & Sunrise Blvd Kissimmee FL 34746 Planned 296 West Kissimmee 144 Red Lion 5150 West Irlo Bronson Memorial Hwy Kissimmee FL 34746 Planned 300 West Kissimmee 145 Mosaic @ Lake Toho Lakeshore Blvd & Ruby Avenue Kissimmee FL 34741 Planned 304 East Kissimmee 146 Weston 4 Hundred Lawrence Silas Blvd & Neptune Road Kissimmee FL 34744 Planned 203 East Kissimmee 147 1050 Narcoossee Road 1050 Narcoossee Road St. Cloud FL 34771 Planned 122 Fish Lake 148 Neo Square 1450 East Vine Street Kissimmee FL 34744 Planned 292 Fish Lake 149 NeoCity 200 NeoCity Way Kissimmee FL 34744 Planned 100 Fish Lake

Source: Yardi Matrix Orlando 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 150 Center Lake Ranch South Narcoossee Road & Rummell Road St. Cloud FL 34771 Planned 800 St Cloud 151 Hartzog & Avalon 14405 Hartzog Road Winter Garden FL 34787 Planned 202 Hancock Lake 152 Registry on Grass, The 14544 Avalon Road Winter Garden FL 34787 Planned 360 Hancock Lake 153 Hancock Hancock Road & State Road 50 Clermont FL 34711 Planned 306 Clermont 154 Hills of Minneola Center Street & South Hwy 27 Clermont FL 34711 Planned 297 Clermont 155 Minneola Hills Fosgate Road & North Hancock Road Minneola FL 34715 Planned 297 Clermont 156 Neo at Four Corners South Grassy Lake Road & US Highway 27 Clermont FL 34715 Planned 350 Clermont 157 Atwater Phase II 2570 Ann Rou Road Tavares FL 32778 Planned 208 Mt Dora 158 Indian Springs Britt Road & Wolf Branch Road Mount Dora FL 32757 Planned 100 Mt Dora 159 Spring Lake Road 2307 Spring Lake Road Fruitland Park FL 34731 Planned 110 Leesburg 160 Venetian Isles East Dixie Avenue & South Lake Street Leesburg FL 34748 Planned 100 Leesburg 161 603 Brevard 603 Brevard Avenue Cocoa FL 32922 Planned 100 Melbourne 162 Grand Oaks 2705 Bosque Circle Palm Shores FL 32940 Planned 100 Melbourne 163 Heritage Lakes of West Melbourne Ellis Road & West Drive Melbourne FL 32904 Planned 275 Melbourne 164 Rockledge Flats Apartment Complex 220 Barton Blvd Rockledge FL 32955 Planned 246 Melbourne 165 Shell Harbor 2855 Murrell Road Rockledge FL 32955 Planned 130 Melbourne 166 Atrium, The Dairy Road & Palm Bay Road NE Melbourne FL 32905 Planned 149 Palm Bay 167 San Filippo Jaslo Street SE & San Filippo Drive SE Palm Bay FL 32909 Planned 96 Palm Bay 168 Space Coast Town Center Interstate 95 & Space Coast Pkwy West Melbourne FL 32904 Planned 600 Palm Bay 169 Space Coast Town Center Phase II Interstate 95 & Space Coast Pkwy West Melbourne FL 32904 Planned 800 Palm Bay 170 DXV Central 515 West Central Blvd Orlando FL 32801 Planned 189 Holden Heights 171 Alafaya Trail & Beasley Road Alafaya Trail & Beasley Road Oviedo FL 32765 Planned 99 Oviedo Total Planned 38,610 172 401 South Rosalind Avenue 401 South Rosalind Avenue Orlando FL 32801 Prospective 318 Downtown Orlando 173 845 North Magnolia Avenue 845 North Magnolia Avenue Orlando FL 32803 Prospective 200 Downtown Orlando 174 City Centre 205 East Central Blvd Orlando FL 32801 Prospective 215 Downtown Orlando 175 Novel Lucerne Phase II NWC West Gore Street & South Orange Avenue Orlando FL 32806 Prospective 300 Downtown Orlando 176 Orange Avenue 944 South Orange Avenue Orlando FL 32806 Prospective 184 Downtown Orlando 177 Orlando Central 110 West Jefferson Street Orlando FL 32801 Prospective 450 Downtown Orlando 178 Tribune 501 North Orange Avenue Orlando FL 32801 Prospective 318 Downtown Orlando 179 Tribune II 501 North Orange Avenue Orlando FL 32801 Prospective 428 Downtown Orlando

Source: Yardi Matrix Orlando 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 180 Alta at Health Village North Orange Avenue & East Winter Park Street Orlando FL 32804 Prospective 285 Colonial Town 181 Urbon Apartments Homes Phase II 3660 Maguire Blvd Orlando FL 32803 Prospective 493 Colonial Town 182 Epoch Aloma 3045 Aloma Avenue Winter Park FL 32792 Prospective 241 Aloma 183 7567 Narcoossee Road 7567 Narcoossee Road Orlando FL 32822 Prospective 324 Vista Park 184 BellaNova at JubiLee Park Phase II 6708 Hazeltine National Drive Orlando FL 32822 Prospective 392 Vista Park 185 Grand National International Drive & West Oak Ridge Road Orlando FL 32819 Prospective 260 Florida Center 186 International Drive International Drive & Grand National Drive Orlando FL 32819 Prospective 62 Florida Center 187 International Drive & Wildwood Avenue International Drive & Wildwood Avenue Orlando FL 32819 Prospective 350 Florida Center 188 Green District, The West Church Street & South Division Avenue Orlando FL 32805 Prospective 464 Holden Heights 189 Maitland West Phase II 8805 Albemarle Road Orlando FL 32751 Prospective 285 Lockhart 190 Fifty West SWC West Colonial Drive & Maguire Road Ocoee FL 34761 Prospective 275 Gotha/Orlovista 191 Inspiration Florida's Turnpike & Maguire Road Ocoee FL 34761 Prospective 90 Gotha/Orlovista 192 Alta East Shore 2001 South Binion Road Apopka FL 32703 Prospective 285 Apopka/Piedmont 193 Avian Pointe 2771 Lust Road Apopka FL 32703 Prospective 750 Apopka/Piedmont 194 West 429 1324 Plymouth Sorrento Road Apopka FL 32712 Prospective 1,000 Apopka/Piedmont 195 Lakeland Plaza 535 Timbercreek Drive North Winter Garden FL 34787 Prospective 70 Winter Garden 196 Oakland Hills 15200 Oakland Avenue Winter Garden FL 34787 Prospective 100 Winter Garden 197 Conroy Townhomes 8284 Conroy Blvd Orlando FL 32835 Prospective 52 Lake Buena Vista 198 Horizon West Town Center Avalon Road & Schofield Road Winter Garden FL 34787 Prospective 2,300 Lake Buena Vista 199 Turkey Lake Road 10900 Turkey Lake Road Orlando FL 32819 Prospective 424 Lake Buena Vista 200 Interstate 4 Plaza Olde Florida Blvd & Westwood Blvd Orlando FL 32821 Prospective 360 Lake Bryan 201 Meadow Woods Rhode Island Woods Circle & Texas Woods Circle Orlando FL 32824 Prospective 68 Hunter's Creek Meadow Woods TOD Midtown Village & Meadow 202 Woods Town Center Landstar Blvd & East Wetherbee Road Meadow Woods FL 32824 Prospective 730 Hunter's Creek 203 Meadow Woods TOD South Village Landstar Blvd & East Wetherbee Road Meadow Woods FL 32824 Prospective 626 Hunter's Creek 204 Meadow Woods TOD Wellness Village Landstar Blvd & East Wetherbee Road Meadow Woods FL 32824 Prospective 144 Hunter's Creek 205 7042 Lake Nona Blvd 7042 Lake Nona Blvd Orlando FL 32827 Prospective 450 Lake Nona 206 River Cross Land East Colonial Drive & Chuluota Road Orlando FL 32820 Prospective 500 Stoneybrook 207 Waterford Lakes FL-50 & Woodbury Road Orlando FL 32826 Prospective 265 Stoneybrook 208 Cottages at Alafaya 12151 East Colonial Drive Orlando FL 32826 Prospective 151 University Park 209 Paseo at Collegiate Village, The 4000 Central Florida Blvd Orlando FL 32816 Prospective 350 University Park

Source: Yardi Matrix Orlando 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 210 Seminole Avenue Princess Palm Place & Seminole Avenue Oviedo FL 32765 Prospective 50 Oviedo 211 Cranes Roost Boulevard & Shorecrest Drive Cranes Roost Boulevard & Shorecrest Drive Altamonte Springs FL 32701 Prospective 330 Altamonte Springs 212 Preserve, The 1010 West Lake Mary Blvd Sanford FL 32773 Prospective 240 Elder Springs 213 Reagan Center 4311 South Orlando Drive Sanford FL 32773 Prospective 827 Elder Springs 214 First Street Station 200 West 1st Street Sanford FL 32771 Prospective 292 Sanford 215 Norton Commons 2580 Ridgewood Avenue Sanford FL 32773 Prospective 68 Sanford 216 Parkside Place West 24th Street & South Holly Avenue Sanford FL 32771 Prospective 100 Sanford 217 First Street & Riverview Avenue West 1st Street & Riverview Avenue Sanford FL 32771 Prospective 160 Lake Monroe 218 Monroe Place 2306 West 1st Street Sanford FL 32771 Prospective 102 Lake Monroe 219 West 1st Street & Rinehart Road West 1st Street & Rinehart Road Sanford FL 32771 Prospective 100 Lake Monroe 220 Golden Lagoon State Road 429 & US Hwy 192 Kissimme FL 34747 Prospective 100 Celebration 221 North Old Lake Wilson Road & Western Beltway North Old Lake Wilson Road & Western Beltway Champions Gate FL 33896 Prospective 400 Celebration 222 2420 Old Vineland Road 2420 Old Vineland Road Kissimmee FL 34746 Prospective 225 West Kissimmee 223 Epoch Flora Ridge Phase III Dyer Blvd & West Osceola Pkwy Kissimmee FL 34741 Prospective 292 West Kissimmee 224 Old Tampa Highway Old Tampa Highway & South Poinciana Blvd Kissimmee FL 34758 Prospective 510 West Kissimmee 225 Vineland Landings Phase II 4480 Foothill Drive Kissimmee FL 34746 Prospective 50 West Kissimmee 226 Brownie Wise Mixed Use NWC South Orange Avenue & East Osceola Pkwy Kissimmee FL 34744 Prospective 1,700 East Kissimmee 227 Osceola Village Center Hacienda Circle & South John Young Pkwy Kissimmee FL 34741 Prospective 125 East Kissimmee 228 Parkway Crossings Orange Avenue & Osceola Pkwy Kissimmee FL 34744 Prospective 384 East Kissimmee 229 Edgewater, The Boggy Creek Road & Fish Camp Road Kissimmee FL 34774 Prospective 5,000 Fish Lake 230 Serenade at Ovation Avalon Road & Flemmings Road Winter Garden FL 34787 Prospective 269 Hancock Lake 231 Withers PD Avalon Road & Hartzog Road Four Corners FL 34787 Prospective 798 Hancock Lake 232 Hancock Commons Hancock Road & Hooks Street Clermont FL 34711 Prospective 281 Clermont 233 Vue at Clermont, The Giovani Blvd & Old Hwy 50 West Clermont FL 34711 Prospective 100 Clermont 234 Wellness Way PUD South Hartwood Marsh Road & US Route 27 Clermont FL 34711 Prospective 1,850 Clermont 235 Suntree 1000 Villa Drive Melbourne FL 32940 Prospective 100 Melbourne 236 Cricket Drive 825 NE Cricket Drive Palm Bay FL 32907 Prospective 264 Palm Bay 237 Orange Center Blvd South Dollins Avenue & Orange Center Blvd Orlando FL 32805 Prospective 58 Holden Heights Total Prospective 29,334 TOTAL ORLANDO 82,940

© 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