Research & Forecast Report

RICHMOND Accelerating success. Q1 2017 | Multifamily

Richmond Feels the Pressure for Increased Housing Densities

NATIONAL The national investment sale activity showed a sharp decline in more apartments being built downtown and more apartments all real estate sectors in the first quarter of 2017, including the and townhouses being built in the suburbs. Andrew Florance, sale of institutional quality multi-family communities. Per Real Costar founder and CEO, stated recently at a ULI function that Capital Analytics, activity fell 35% YOY, primarily due to the lack Richmond currently has a shortage of nearly 20,000 residential of quality assets coming to the market. The lack of product has units and that there are only six existing units for every ten further stimulated cap rate compression, in turn increasing prices households in need of one. Despite that fact, per Florance, the and providing incentives for owners to reconsider their current Richmond area rental rates and incomes have kept a steady investment horizon. Also, Institutional investors are being drawn pace, unlike that in Primary and Gateway markets. from the Primary and Gateway markets to the Secondary and Tertiary The driving force behind this growth is the Millennial generation, markets in the pursuit of potentially higher yields. Richmond is one the country’s largest generation. Millennials have shown that of the markets benefiting from this action. they are partial to rental housing over ownership and Colliers RICHMOND International predicts that this trend will continue well into the future. Richmond is a prime example. Per Zillow, a Seattle- Richmond is feeling the pressure to increase residential densities based real estate and rental research firm, more Millennials live to accommodate the housing needs for a growing population of alone in Richmond than in any other major U.S. metro market, Millennials which are following new employers to Richmond. In most likely a reflection of the affordability of the rental market. Downtown Richmond alone, more than 300,000 SF of office Still, that will change without an influx of new housing. space was leased in the last six months to firms relocating from Washington DC and other primary cities in pursuit of the area’s lower Barriers to entry for new product are beginning to fall. Currently, cost of living and less expensive office rent. These include the there are about 3,000 new apartment units in lease up and CoStar Group, software developer AvePoint, medical supplier Owens another 4,800 new apartments in one stage of construction or & Minor, health care navigator Envera Health and retirement plan another. These new units have higher rent demands than the administrator ICMA-RC. existing inventory, providing opportunities for investments in the 1970’s, 1980’s and 1990’s vintage apartment communities where The Richmond region is expected to add 10,800 jobs in 2017. For 2018, improvements and updates have resulted in strong returns. there are 12,654 jobs forecasted, further increasing the likelihood of

Source: AXIOMetrics. RCA, CoStar MARKET METRICS

Market Survey Results and Forecasts Sequential Month Annual 2Q16 3Q16 4Q16 1Q17 Mar-17 2015 2016 2017F 2018F 2019F 2020F 2021F Effective Rent Per Unit $1,008 $1,010 $998 $1,007 $1,017 $971 $998 $1,029 $1,058 $1,084 $1,115 $1,157 Per Sq. Ft $1.11 $1.11 $1.10 $1.11 $1.12 $1.07 $1.10 $1.13 $1.16 $1.19 $1.22 $1.27 Effective Rent Growth - Annually 3.1% 2.9% 2.5% 3.0% 3.3% 2.3% 2.8% 3.0% 2.9% 2.4% 2.9% 3.7%

Effective Rent Growth - Quarterly 3.1% 0.2% -1.3% 1.0% Occupancy Rate 95.3% 95.2% 94.9% 94.8% 95.0% 94.5% 95.0% 95.1% 94.7% 94.1% 94.6% 95.1% Occupancy Change - Annually 0.8% 0.3% 0.4% 0.2% 1.0% 0.2% 0.5% 0.1% -0.5% -0.6% 0.5% 0.5% Occupancy Change - Quarterly 0.8% 0.0% -0.3% -0.2% Economic Concessions Concession Value $-3.85 $-3.68 $-7.35 $-6.93 $-6.35 $-5.89 $-5.57 As a % of Asking Rent -0.4% -0.4% -0.7% -0.7% -0.6% -0.6% -0.6% SUPPLY AND DEMAND According to the Bureau of Labor Statistics, job growth in Richmond, VA Metro Area was 1.1% in March 2017, reflecting 7,500 jobs added during a 12-month period.

Axiometrics forecasts Richmond, VA Metro Area’s job growth to be 1.9% in 2018, with 12,654 jobs added. Job growth is expected to average 1.4% from 2019 to 2021, with an average of 9,979 jobs added each year.

On the supply side, permits for 1,156 multifamily units were issued in the 12 months ending in February 2017, up 405 units from the prior year’s sum. In terms of total residential housing, 5,383 units were permitted in the 12 months ending February 2017, an increase of 546 units from the prior year’s total.

Market Employment and Permitting Annual February-17 Annual Forecast 2014 2015 2016 Market National 2017F 2018F 2019F 2020F 2021F Employment (000s) 633.3 651.5 664.3 661.9 144,271.0 674.7 687.4 696.2 705.1 717.3 Job Gain (000s) 10.7 18.1 12.8 6.8 2,352.0 10.4 12.7 8.8 8.9 12.2 Job Growth (%) 1.7% 2.9% 2.0% 1.0% 1.7% 1.6% 1.9% 1.3% 1.3% 1.7% Total Residential Permitting 4,330 4,858 4,837 5,037 1,101,437 5,694 7,740 6,722 6,431 5,527 Relative Change -10.4% 12.2% -0.4% 10.1% 0.3% 17.7% 35.9% -13.2% -4.3% -14.1% Single Family Units Permitted 3,199 3,602 3,955 3,753 702,275 Relative Change -5.5% 12.6% 9.8% 11.1% 9.0% Multifamily Units Permitted 1,006 1,154 751 1,146 368,649 Relative Change -26.1% 14.7% -34.9% 3.2% -12.8% Multifamily as a % of Total 23.2% 23.8% 15.5% 22.8% 33.5% Demand/Supply Ratio Job Gain / Total Residential Units Permitted 2.2 4.2 2.6 1.5 2.1 2.2 2.2 1.1 1.3 1.9 Job Gain / Single Family Units Permitted 3.2 5.7 3.6 2.0 3.7 Job Gain / Multifamily Units Permitted 7.9 18.0 11.1 6.1 5.6

Multifamily Absorption and Supply Annual 1Q17 Annual Forecast 2014 2015 2016 Market National 2017F 2018F 2019F 2020F 2021F Total Units Absorbed 759 2,290 2,362 2,441 264,921 2,017 489 651 1,929 991 New Supply 1,224 1,865 2,109 2,082 350,515 1,862 1,364 1,252 1,018 838 Inventory Growth 1.4% 2.1% 2.3% 2.3% 1.4% 2.0% 1.5% 1.3% 1.1% 0.9%

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 3 THE DEMAND SIDE • Richmond is a continually evolving and growing market. The MSA’s population grew 190K between 2000 and 2013 and is forecasted to grow 852K between 2012 and 2030. Out of the top 10 absolute growth markets in the US, Richmond was forecasted as the highest growth rate (68.4%) followed by Atlanta (45.6%) and San Antonio (36%). Not only does Richmond have an increasing population, but the majority of the individuals moving to the city are millennials, which are the pulse of the multifamily sector. Strict zoning and entitlements within the MSA help to further insulate the market from new supply, which in turn increases demand.

Effective Rent Growth Ranking by Submarket Submarket Rank 1Q17 LTA* 2017 2018-2021 North Chesterfield 1 8.0% 3.5% 8.3% 3.2% Far West End 2 4.2% 2.6% 4.3% 3.2% South Chesterfield 3 4.2% 2.1% 2.5% 3.0% Near West End 4 4.0% 1.8% 3.6% 3.0% Chesterfield County/Other 5 3.9% 2.2% 2.6% 3.0% Downtown/The Fan 6 3.4% 2.5% 2.0% 3.1% Hanover County 7 3.0% 2.2% 3.1% 3.1% Petersburg 8 2.9% 1.3% 3.3% 2.9% Southside/Westover Hills 9 2.6% 1.8% 3.6% 3.1% Southside/Broadrock 10 0.5% 1.1% 1.7% 2.9% Airport 11 -0.1% 1.5% 3.7% 3.1% Northside/Laburnum 12 -1.9% 0.4% -0.6% 2.8% Market Average 2.9% 1.9% 3.2% 3.0%

• The “Downtown/The Fan” submarket leads the region in occupancy despite the influx of new apartments, encompassing the Manchester and Scotts Addition urban core districts, which have a growing millennial population. The next few submarkets listed are beneficiaries of very restrictive land use controls in Henrico and Hanover County.

Occupancy by Submarket Submarket Rank 1Q17 LTA* 2017 2018-2021 Downtown/The Fan 1 97.1% 96.8% 97.0% 96.0% Hanover County 2 96.5% 95.0% 96.0% 94.8% Far West End 3 96.1% 96.7% 96.1% 95.4% Near West End 4 95.8% 95.6% 95.9% 95.1% Airport 5 95.4% 95.3% 95.7% 95.2% Southside/Westover Hills 6 94.6% 92.3% 94.7% 93.8% Southside/Broadrock 7 94.4% 90.4% 94.3% 94.6% Chesterfield County/Other 8 94.4% 96.2% 95.2% 95.0% North Chesterfield 9 93.3% 93.1% 94.3% 94.3% Petersburg 10 93.0% 95.4% 93.2% 94.4% South Chesterfield 11 92.3% 91.2% 92.2% 91.7% Northside/Laburnum 12 91.6% 93.5% 92.3% 91.9% Market Average 94.5% 94.3% 94.8% 94.4% *LTA - Long term average 1996 (or available) to current

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 4 IDENTIFIED SUPPLY As of April 16, 2017, Axiometrics has identified 1,951 apartment units scheduled for delivery in 2017, of which, 477 have been delivered. As a comparison, there were 1,837 apartment units delivered in 2016. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,326 per unit, or $1.60 per square foot. Effective rent has averaged $1,288, or $1.55 per square foot, resulting in an average concession value of $-38.59. As a comparison, existing properties in the market had an average asking rent of $1,014 per unit ($1.11 per square foot) and an average effective rent of $1,007 per unit, or $1.11 per square foot, in 1Q17. Concessions for existing properties averaged $-6.93.

Submarket Delivery Schedule Pipeline Delivery Schedule Pipeline Lease Up Trend Units Absorbed Asking Rent Effective Rent Top Submarkets 2015 2016 2017 Total Totals PPM Per Unit PSF Per Unit PSF Downtown/The Fan 347 421 319 1,087 273 11 $1,281 $1.96 $1,269 $1.94 Near West End 234 270 498 1,002 188 9 $1,352 $1.45 $1,276 $1.37 North Chesterfield 457 396 112 965 92 11 $1,226 $1.58 $1,125 $1.45 South Chesterfield 166 166 347 11 $1,387 $1.43 $1,378 $1.42 Southside/Westover Hills 140 187 494 821 900 11 $1,329 $1.58 $1,293 $1.54 Other 501 563 362 1,426 Richmond, VA 1,273 1,679 1,913 4,865 *Based on 2017 deliveries *Trend based on a trailing 12 month period

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 5 RECENT SALES We have utilized Real Capital Analytics for past transaction information on the most recent sales within the Richmond marketplace, from June 2016 to March 2017. Highlighted below are a few of the most notable transactions from 2016, Champions Club, Park West End and Hickory Creek. The Colliers International | East Region team, consisting of Will Mathews, Jason Hetherington, and Bruce Milam represented the Seller, Core Management Holdings of Newport Beach, California. These assets are mid-80’s vintage, garden style apartments totaling $82 Million in transactional volume.

Date Property Name Address City Units Year Built Price in $ $/Units Mar-17 Laurel Pines 4123 W Wood Harbor Ct Montrose 120 1988 10,558,000.00 87,983 Feb-17 Lofts at Commerce 700 Stockton St Richmond 225 1945 19,676,350.00 87,450 Jan-17 Bellevue Land Apartments 3935 Chamberlayne Ave Richmond 144 1946 3,700,000.00 25,694 Dec-16 Webster Court 400 Mars St Petersburg 89 1968 1,732,500.00 19,466 Dec-16 Hawthorne Hall 3505 Chamberlayne Ave Richmond 124 1963 5,100,000.00 41,129 Nov-16 Maple Springs Apartment 5624 Maple Run Ln Laurel 268 1986 23,950,000.00 89,366 Homes Nov-16 Sunrise Apartments 705 Pool Rd Chesterfield 229 1975 19,200,000.00 83,843 Oct-16 4053 Old Brook Rd 4053 Old Brook Rd Richmond 99 1976 8,375,000.00 84,596 Aug-16 Ram Cat Alley 111 W Marshall St Richmond 58 1940 5,700,000.00 98,276 Aug-16 The Birches Apartments 1307 And 1224 W Graham Rd Richmond 98 1956 5,500,000.00 56,122 2318 Cecil Rd An Aug-16 Audubon Village II 4633 Needham Ct Sandston 160 1974 3,300,000.00 20,625 Aug-16 Riverview 205 Archer Ave Colonial Heights 88 2003 5,500,000.00 62,500 Jul-16 Madison Terrace 2110 Richmond St Hopewell 76 1979 3,055,000.00 40,197 Jul-16 River Road Terrace 20800 Riverterrace Rd Petersburg 128 1973 2,900,000.00 22,656 Jul-16 Champions Club 4200 Harwin Innsbrook 212 1985 23,320,000.00 110,000 Jul-16 Park West End 5300 Glenside Dr Dumbarton 312 1985 28,500,000.00 91,346 Jul-16 Meadow Creek 5312 Hull Street Rd Lakeside 144 1973 6,250,000.00 43,403 Jun-16 Audubon Village I & II 4901 Wood Thrush Cir Sandston 214 2001 13,600,000.00 63,551 Jun-16 Ashland Woods I & II 1100 W Omni Ter Ashland 150 1999 10,400,000.00 69,333 Jun-16 Aspen Station 1500 Forest Run Dr Henrico 232 1980 22,900,000.00 98,707 Jun-16 Hickory Creek 2344 Hickory Creek Dr Henrico 294 1985 28,550,000.00 97,109 Jun-16 Millspring Commons 9318 Tarheel Ter Laurel 159 1972 18,180,000.00 114,340 Jun-16 South Pointe Landing 6110 Cricklewood Dr Bensley 192 1972 11,650,000.00 60,677 Jun-16 Hanover Crossing 9258 Hanover Crossing Dr Mechanicsville 220 1987 22,793,000.00 103,605 Apartments Jun-16 Wilde Lake 2900 Bywater Dr Short Pump 190 1989 20,937,000.00 110,195 Jun-16 Parachute Apartments 300 Decatur St Richmond 95 1937 6,500,000.00 68,421

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 6 PIPELINE DETAIL # Name Status Owner Address Market Units Lease-Up Total Units 1,328 1 Ironbridge Road Apartments Lease Up Surber Development and 6700 Iron Creek Rd Chesterfield County 80 Consulting 2 Plant 1 Apartments Lease Up Larson Development 403 Stockton St Old Town Manchester 134 3 Shockoe Valley View Lease Up Genesis Properties 1904 Cedar St Upper Shockoe Valley 238 Apartments 4 Avia Luxury Apartments Lease Up Commonwealth Properties 12350 W Broad St Western Henrico County 320 5 Element at Stonebridge Lease Up Boyd Homes 301 Karl Linn Dr Chesterfield County 263 6 Charleston Ridge Apartments Lease Up Charter Realty 10449 Atlee Station Rd Hanover County 137 7 Cary Street Station Lease Up The Monument Companies, LLC 101 S Davis Ave The Fan 162 8 Courtyard Lofts at Scott's Lease Up Cushman & Wakefield|Thalhimer 3200 W Clay St Near West End 90 Addition Property Management 9 The Overview Lease Up Historic Housing Ltd. 1817 E Main St Shockoe Bottom 76 Under Construction Total Units 1,500 10 Valley West Apartments Under Construction Emerson Builders 100 N 20th St Shockoe Bottom 160 11 James River at Stony Under Construction The Taubman Company Chippenham Pky Stony Point 282 12 Bristol at West Creek Under Construction Riverstone Properties, LLC 12000 W Creek Pky Goochland County 373 13 GRTC Phase II Under Construction The Monument Companies, LLC 101-S S Davis Ave The Fan 174 14 Symbol Mattress Mult-Family Under Construction Spy Rock Real Estate Group 1814 Highpoint Ave Scott's Addition 202 Development 15 The Village at Westlake Under Construction The Breeden Company 6508 Jahnke Rd Jahnke 252 16 Colony Village Phase II Under Construction Plus Management 10220 Jefferson Davis Chesterfield County 166 Hwy 17 Element at Stonebridge Phase II Under Construction Boyd Homes 301 Karl Linn Dr Chesterfield County 137 18 Carytown Crossing Under Construction Oliver Properties 3500 Kensington Ave The Museum District 50 19 Overbrook Lofts Under Construction Henry Salomonsky 1650 Overbrook Rd The Diamond 173 20 Rocketts Landing Apartments Under Construction The WVS Companies LLC 212 Rocketts Way Eastern Henrico County 156 21 Gumenick Apartments Under Construction Gumenick Properties 5001 Libbie Mill Blvd E Western Henrico County 327 Proposed Total Units 2,452 22 Jackson Place Proposed CPDC, Inc. N 1st St Jackson Ward 174 23 Church Hill North Proposed City Of Richmond 1611 N 31st St Church Hill North 155 24 Abberly at CenterPointe Proposed University Of Virginia 1900 Brandermill Pky Midlothian 271 25 3200 W Broad St Proposed Better Housing Coalition 3200 W Broad St Scott's Addition 150 26 Belmont Apartments Proposed 2252 Llc 4000 W Broad St Sauer's Gardens 238 27 Chamberlayne Rd @ New Proposed Edge Development Partners Chamberlayne Rd @ New Hanover County 286 Ashcake Rd Ashcake Rd 28 Manchester on the James Proposed Northwood Ravin 700 Cowardin Ave Woodland Heights 200 29 603 E Franklin St Proposed City of Richmond Dept. of 603 E Franklin St City Center 364 Economic Development 30 2201 E Franklin St Proposed The Monument Companies, LLC 2201 E Franklin St Shockoe Bottom 59 31 Fountainhead MF Project Proposed Fountainhead Properties 115 Hull St Old Town Manchester 225 32 4235 Innslake Dr Proposed Wam Associates Llc 4235 Innslake Dr Western Henrico County 350 33 Moore's Lake Apartments - Proposed Plus MGT 12310 Jefferson Davis Chesterfield County 285 Phase I & II Hwy 34 Big Oak at Bell Creek Proposed Stanley Shield, Inc Left Flank Rd Hanover County 331 35 Kotarides River Mill Proposed Kotarides Magnolia Ridge Dr & Western Henrico County 285 Brook 36 CMB Multi-Family Development: Proposed CMB Development, LLC 519 E Main St City Center 84 Phase II 37 James at River Bend Proposed Historic Housing Ltd. 2825 E Main St Shockoe Bottom 100 38 1903 E Marshall St Proposed GTR Cedar, LLC 1903 E Marshall St Upper Shockoe Valley 178 39 Marshall Lofts Proposed EGP Properties LLC 2 W Marshall St Jackson Ward 167 40 Winterfield Crossing Apartments Proposed Blackwood Development Co. 14210 Midlothian Tpke Midlothian 250 41 Oakland Chase Phase II Proposed United Property Associates 6418 Oak Front Ct Eastern Henrico County 150 42 Reynolds South Tower Proposed Purcell Construction Corp 505 Porter St Old Town Manchester 213 43 Scott's View Proposed Historic Housing Ltd. 1400 Roseneath Rd Scott's Addition 258 44 1207 School St Proposed Spy Rock Real Estate Group 1207 School St Virginia Union 200 45 Canopy at Ginter Park Proposed Bristol Development Group 1311 Westwood Ave Sherwood Park 301 46 Tuckahoe Pines Proposed Resort Lifestyle Communities Wilkes Ridge Pky Goochland County 130 47 Midlothian Town Center Proposed CMB Development, LLC 1300 Winterfield Rd Midlothian 246 Apartments Total Units 5,650

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 7 PIPELINE MAPS Richmond

6 27 35 46 4 32 34

12 21

Downtown Richmond 47 40 11 5 17 41

24

16

1 33

Downtown Richmond

45

26 14 43 25 8 19 18 44

7 22 13 39

29 36 3 23 38 10 9 30

Key 4231 28 37 Lease-Up 15 2 Under Construction

20 Proposed

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 8 OUR PROVEN TRACK RECORD Recent Closings

Property Hickory Creek Champions Club Park West End Address 2344 Hickory Creek Dr 4200 Harwin Place 5300 Glenside Drive Henrico, VA 23294 Glen Allen, VA 23060 Richmond, VA 23228 Vintage 1984 1987 1985 Units 294 212 312 Occupancy 95.0% 97.6% 95.2% Avg SF 932 778 721 Avg Rent $957 $888 $822 Rent PSF $1.03 $1.14 $1.14 Closing Date June 21, 2016 July 11, 2016 July 11, 2016

“We were extremely pleased with the East Region team and its ability to attract an incredible amount of interest in our 3 assets. The number of offers received and the end results exceeded our expectations. They have a talented group who was a pleasure to work with. Their performance stands out against any of the groups we work with nationally.” Nels Billsten, Vice President | CORE Realty Holding Management

WE CAN HELP YOU As an investor in multifamily properties, you need a firm that provides experience, broad reach and the ability to market an asset no matter how challenging the economic environment. You need a team that specializes in your market you need the East Region Multifamily Advisory Group. Colliers International has one of the largest and most experienced teams in the industry, strategically located in key markets throughout North America. Our combination of market dominance, expertise, and singular focus, make us uniquely successful in helping our clients achieve their disposition objectives. How are we able to bring together the skills and tools necessary to complete challenging assignments? Our East Region Multifamily Advisory Group is connected by purpose and focus. Our team is dedicated to sharing information on market opportunities, capital sources and buyers/sellers to achieve the best results for our clients.

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 9 RICHMOND IN THE NEWS Tyler Potterfield Bridge connects instantly with Richmond culture, by Mark Holmbeg, CBS 6 News After years of anticipation and 15 months of construction, the Tyler Potterfield Memorial Bridge, built over the James River, is open and is already attracting a massive amount of strollers, runners, dog-walkers, cyclists, and more. Locals are delighted to see South Richmond’s new connection to downtown, which is funneling gentrification into the area. Now, there’s a great nature-filled connection to the Riverwalk, the Buttermilk Loop Trail, North Bank Trail and Virginia Capital Trail, with great city stops on along the way.

Richmond is No. 20 on list of nation’s ‘hotbeds of America’s arts and culture, Ned WHO WE ARE Oliver, Richmond Times-Dispatch The Richmond region is one of the nation’s “hotbeds of America’s arts and culture,” according One of the largest and most to Southern Methodist University’s National Center for Arts Research. The center’s third annual experienced teams of multifamily Arts Vibrancy Index Report placed the region at No. 20 among U.S. metro areas that have 1 specialists in the industry million or more people. The other Virginia area in the report, the Washington-Arlington-Alexandria region, took first place. The report measures the number of arts providers, from independent artists to large arts and cultural organizations and businesses; arts dollars earned and spent; MORE THAN and state and federal government funding. The authors noted that the Richmond area “offers an extensive variety of arts and cultural activities” and “has a unique way of blending classic and contemporary, Southern heritage with progressive art, established with grass roots, honoring the 50 past but making space for the future.” The Richmond Folk Festival and First Fridays Arts Walk Dedicated Multifamily were noted as valuable connections between the city and the arts scene, bringing thousands of Professionals & Advisors visitors to the region. Richmond’s Top Employers Richmond area’s unemployment rate Capital One Financial Corp. 11,262 declined to 3.9 percent in March, John Reid COVERING OVER Fort Lee 9,445 STATES Blackwell, Richmond Times-Dispatch VCU Health System 9,313 The Richmond region’s unemployment rate dropped HCA Inc. 7,628 20 in March as the local labor force grew and employers Bon Secours Richmond 7,136 Expansive geographic footprint in the area added jobs at the fastest rate of any metro Health System region in the state. The jobless rate for the Richmond Wal-Mart Stores Inc. 5,605 metropolitan area stood at 3.9 percent in March, down Dominion Resources Inc. 5,433 MORE THAN from the 4.1 percent rate in February, the Virginia Food Lion LLC 3,963 Employment Commission reported. Employers in SunTrust Banks Inc. 3,810 the region added about 4,000 jobs from February to Altria Group Inc. 3,800 March, the largest job gain of all of Virginia’s major 33,500 Amazon.com 3,800 metropolitan areas, said Ann Lang, senior economist Units sold since 2011 Wells Fargo 2,902 for the commission. “The economy in the Richmond Anthem Blue Cross and 2,655 metro area is picking up speed after a sluggish end Blue Shield to 2016,” said Christine Chmura, CEO and chief The Kroger Co. 2,513 economist at Chmura Economics & Analytics. United Parcel Service Inc. 2,490 B DuPont 2,376 $2.3 Bank of America Corp. 1,921 Group gross transaction value since Markel Corp. 1,886 2011 Federal Reserve Bank of 1,882 Richmond Verizon Communications 1,700 *Moody’s Analytics

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 10 JASON HETHERINGTON, SIOR BRUCE MILAM Senior Vice President | Senior Vice President | Richmond Richmond & Norfolk & Norfolk [email protected] [email protected] +1 804 591 2407 +1 804 591 2412

WILL MATHEWS PAYTON HERSCHBERGER Principal | East Region Associate | East Region [email protected] [email protected] +1 404 877 9285 +1 404 574 1061

AT YOUR SERVICE

To learn more, scan this with a QR code reader or visit: www.ColliersMultifamilyEast.com