Detroit New Construction & Proposed Multifamily Projects 1Q19

ID PROPERTY UNITS 1 Montclair at Partridge Creek 613 2 Mosaic of Auburn Hills 81 3 Encore at Ashby Preserve 75 46 4 Cedar Valley 86 6 Ferndale Haus 115 7 Redwood White Lake 109 8 Redwood Brownstown Redwood Boulevard 138 47 12 Redwood Wolverine Lake Phase II 68 94 13 Five Points 178 45 Total Lease Up 1,463 2 44 13 93 95 4 92 17 17 Redwood Macomb Phase II 90 7 43 80 20 Marquette, The 100 79 1 23 Village at Northville, The 190 41 Total Under Construction 380 20 78 12 3 33 State Fairgrounds 200 42 35 Ferndale Haus Phase II 50 89 77 75 41 Orchard Lake Road Mixed-Use / Keego Harbor 250 91 35 42 Orchard Mews 192 90 76 6 43 Fountain Circle 258 69 66 73 74 44 Blossom Mills 137 33 45 City 60 46 Abbey Ridge Apartment Homes 23 72 64 Phase II 100 47 Encore at Deerhill Villas 92 104 Total Planned 1,339 79 Lakeside Circle Senior 57 105 64 Packard Plant Phase III 100 80 Lakeside Village 100 89 Stonecrest Senior Living 92 66 Benjamin O. Davis Veterans Vil- 50 lage 90 Thomas Street 115 Michigan State Fairgrounds Phase 69 II 300 91 Bond, The 253 72 Inn at St. Johns, The 234 92 21 Mile Road & Hayes Road 96 73 Northville Downs 150 93 Front Street Town Center 100 74 Haggerty Square 201 94 Orchard Brook Phase II 154 75 Little Mack Avenue 60 95 Redwood White Lake Phase II 50 76 Erin Park 52 104 250 8 77 Twelve Mile Road 100 105 Hubbard-Vernor 53 78 15245 Clinton River 60 Total Prospective 2,377 2 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company New Construction & Proposed Multifamily Projects 1Q19

38 39 86 83

84 81 88 87 40 85

ID PROPERTY UNITS 16 Griffin, The 245 25 400 North Main 91 Total Under Construction 336

34 Billings Place Mixed Use 65 36 Harrison Phase II, The 76 37 Iron Ridge Marketplace 75 38 McClure 140 39 Zen 286 40 Woodward Avenue 50 Total Planned 692

81 Riverland District 200 25 82 Royal Oak Mixed - Use 92 83 Big Beaver Road 96 34 84 Harrison Poolside 114 85 Millennial Place 100 82 86 Troy Town Center 850 36 87 Maple & Woodward 50 88 North Old Woodward & Bates Street 100 16 37

Total Prospective 1,602 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company Detroit New Construction & Proposed Multifamily Projects 1Q19

ID PROPERTY UNITS 61 5 Baltimore Station 161 32 Total Lease Up 161 5 18 Boulevard, The 232 18 68 22 Woodbridge Estates Phase II 80 Total Under Construction 312 67 30 Shapero Hall 314 31 Temple Street 100 32 Building Redevelopment 211 103 48 Grand Jefferson 240 49 Redevelopment 303 50 Eddystone Hotel Redevelopment 100 102 51 Russell Flats, The 82 52 Woodward at Midtown, The 110 Total Planned 1,460 65

53 1401 Rivard Street 314 60 58 Orleans Landing Phase II 230 63 51 48 59 Renato at Pullman Parc, The 180 52 60 3750 Woodward Avenue 100 101 100 49 61 7198 Gratiot Avenue 231 22 62 American, The 163 62 98 63 Brewster Wheeler Recreation 150 50 Center Redevelopment 31 59 65 248 30 67 Cass and York 133 53 68 West Grand Boulevard & Woodward Avenue 100 70 16th & Bagley Street 100 96 71 2087 Vermont 100 58 96 East Jefferson 213 97 97 East Riverfront 360 98 Eastern Market Gateway 253 71 100 Brewster - Douglass Site 648 101 Midtown West 175 102 Sugar Hill 84 70 103 Van Dyke at Kercheval 76

Total Prospective 4,108 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company Detroit New Construction & Proposed Multifamily Projects 1Q19

ID PROPERTY UNITS 9 Farwell, The 82 10 Elton Park 151 11 Elton Park Phase II 52 Total Lease Up 285

14 95 15 Hudson's Site 330 19 Gabriel Houze 110 21 Residences @ 150 Bagley 148 24 City Club 288 26 Corner, The 111 Total Under Construction 1,082 54 27 Detroit Free Press Building, The 130 28 Monroe Block 482 29 Park Avenue Building 100 55 Redevelopment 29 Total Planned 712 57

54 Blenheim Building Redevelopment 100 55 Fine Arts Building Redevelopment 100 21 24 Gateway Center Building Redevel- 56 opment 200 57 Hastings Place 60 99 Leland, The 339 Total Prospective 799 15 99 14 9 28 11 26 10 56

19

27

500 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective a Berkshire Hathaway and Jefferies Financial Group company Detroit 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 Montclair at Partridge Creek 17721 Montage West Clinton Township MI 48038 Lease-Up 613 Clinton Township - west 09/08/2015 01/31/2022 05/30/2016 2 Mosaic of Auburn Hills 3331 Antigua Drive Auburn Hills MI 48326 Lease-Up 81 Auburn Hills 03/14/2016 08/31/2019 01/08/2018 Harrison 3 Encore at Ashby Preserve 25879 Ashby Drive Township MI 48045 Lease-Up 75 Harrison Township 12/01/2015 08/31/2019 06/14/2016 4 Cedar Valley 1401 South Rochester Road Rochester MI 48307 Lease-Up 86 Rochester Hills 11/01/2017 06/30/2019 01/01/2019 5 Baltimore Station 6402 Woodward Avenue Detroit MI 48202 Lease-Up 161 Detroit - New Center 04/30/2017 06/30/2019 09/04/2018 6 Ferndale Haus 430 West Nine Mile Road Ferndale MI 48220 Lease-Up 115 Royal Oak\Oak Park 10/24/2016 05/31/2019 01/01/2019 7 Redwood White Lake 130 Abbey Road White Lake MI 48383 Lease-Up 109 Holly\White Lake 06/01/2017 05/31/2019 09/25/2017 8 Redwood Brownstown Redwood Boulevard 24881 Redwood Blvd Brownstown MI 48134 Lease-Up 138 Woodhaven\Brownstown 07/01/2015 05/31/2019 03/31/2016 9 Farwell, The 1249 Griswold Street Detroit MI 48226 Lease-Up 82 Detroit - Downtown 08/02/2016 04/30/2019 12/01/2018 10 Elton Park 8th Street & Plum Street Detroit MI 48216 Lease-Up 151 Detroit - south 07/24/2017 04/30/2019 12/01/2018 11 Elton Park Phase II 8th Street & Plum Street Detroit MI 48216 Lease-Up 52 Detroit - south 07/24/2017 04/30/2019 10/02/2018 12 Redwood Wolverine Lake Phase II 2799 Heron Hills Drive Wolverine Lake MI 48390 Lease-Up 68 Wixom\Walled Lake 10/16/2017 04/30/2019 11/01/2017 13 Five Points 3300 Five Points Drive Auburn Hills MI 48326 Lease-Up 178 Auburn Hills 02/01/2017 04/30/2019 08/03/2017 Total Lease-Up 1,909 14 Book Tower 1265 Washington Blvd Detroit MI 48226 Under Construction 95 Detroit - Downtown 09/01/2017 01/31/2021 15 Hudson's Site 1206 Woodward Avenue Detroit MI 48226 Under Construction 330 Detroit - Downtown 03/01/2019 06/30/2020 16 Griffin, The West 10 Mile Road & South Main Street Royal Oak MI 48067 Under Construction 245 Royal Oak\Oak Park 09/10/2018 01/31/2020 17 Redwood Macomb Phase II 1 Carnegie Way Macomb MI 48042 Under Construction 90 Chesterfield\New Baltimore 11/02/2018 12/31/2019 18 Boulevard, The 2911 West Grand Blvd Detroit MI 48202 Under Construction 232 Detroit - New Center 10/01/2017 12/02/2019 19 Gabriel Houze 305 Michigan Avenue Detroit MI 48226 Under Construction 110 Detroit - Downtown 07/03/2017 10/31/2019 20 Marquette, The 300 East Huron Street Milford MI 48381 Under Construction 100 South Lyon\Milford 07/01/2018 10/31/2019 21 Residences @ 150 Bagley 150 Bagley Avenue Detroit MI 48226 Under Construction 148 Detroit - Downtown 09/01/2018 09/30/2019 22 Woodbridge Estates Phase II 1200 Martin Luther King Jr Blvd Detroit MI 48201 Under Construction 80 Detroit - Midtown 06/14/2018 08/31/2019 23 Village at Northville, The 47500 Five Mile Road Northville MI 48167 Under Construction 190 Canton\Plymouth 07/02/2018 07/31/2019 24 City Club 313 Park Avenue Detroit MI 48226 Under Construction 288 Detroit - Downtown 12/01/2017 06/30/2019 25 400 North Main 400 North Main Street Royal Oak MI 48067 Under Construction 91 Royal Oak\Oak Park 08/01/2017 04/30/2019 26 Corner, The 1620 Michigan Avenue Detroit MI 48216 Under Construction 111 Detroit - south 04/01/2017 04/30/2019 Total Under Construction 2,110

Source: Yardi Matrix Detroit 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 27 Detroit Free Press Building, The 321 West Lafayette Blvd Detroit MI 48226 Planned 130 Detroit - Downtown 28 Monroe Block 118 Monroe Avenue Detroit MI 48226 Planned 482 Detroit - Downtown 29 Park Avenue Building Redevelopment 2001 Park Avenue Detroit MI 48226 Planned 100 Detroit - Downtown 30 Shapero Hall 1010 Rivard Street Detroit MI 48207 Planned 314 Detroit - Downtown 31 Temple Street 640 Temple Street Detroit MI 48201 Planned 100 Detroit - Midtown 32 Redevelopment 7430 2nd Avenue Detroit MI 48202 Planned 211 Detroit - New Center 33 Michigan State Fairgrounds West State Fair Avenue & Woodward Avenue Detroit MI 48203 Planned 200 Detroit - north 34 Billings Place Mixed Use 221 North Main Street Royal Oak MI 48073 Planned 65 Royal Oak\Oak Park 35 Ferndale Haus Phase II 475 Withington Street Ferndale MI 48220 Planned 50 Royal Oak\Oak Park 36 Harrison Phase II, The 531 East Harrison Avenue Royal Oak MI 48067 Planned 76 Royal Oak\Oak Park 37 Iron Ridge Marketplace 10 Mile Road & Bermuda Street Pleasant Ridge MI 48067 Planned 75 Royal Oak\Oak Park 38 McClure 3142 McClure Drive Troy MI 48084 Planned 140 Troy 39 Zen 888 West Big Beaver Road Troy MI 48084 Planned 286 Troy 40 Woodward Avenue 34965 Woodward Avenue Birmingham MI 48009 Planned 50 Bloomfield Hills\Birmingham Orchard Lake Road Mixed-Use / Farmington Hills\West 41 Keego Harbor 3170 Orchard Lake Road Keego Harbor MI 48320 Planned 250 Bloomfield West Bloomfield Farmington Hills\West 42 Orchard Mews 7100 Orchard Lake Road Township MI 48322 Planned 192 Bloomfield 43 Fountain Circle Auburn Road & College Avenue Auburn Hills MI 48326 Planned 258 Auburn Hills 44 Blossom Mills 333 East 2nd Street Rochester MI 48307 Planned 137 Rochester Hills 45 City 1468 North Rochester Road Rochester Hills MI 48307 Planned 60 Rochester Hills 46 Abbey Ridge Apartment Homes Phase II 211 East Market Street Oxford MI 48371 Planned 100 Clarkston\Orion 47 Encore at Deerhill Villas NEC Deerhill Drive & Dixie Hwy Clarkston MI 48346 Planned 92 Holly\White Lake 48 Grand Jefferson 7045 East Jefferson Avenue Detroit MI 48207 Planned 240 Detroit - Downtown 49 Brush Park Redevelopment Alfred Street & Brush Street Detroit MI 48201 Planned 303 Detroit - Midtown 50 Eddystone Hotel Redevelopment 110 Sproat Street Detroit MI 48201 Planned 100 Detroit - Midtown 51 Russell Flats, The 2801 Russell Street Detroit MI 48207 Planned 82 Detroit - Midtown 52 Woodward at Midtown, The 3439 Woodward Avenue Detroit MI 48201 Planned 110 Detroit - Midtown Total Planned 4,203

Source: Yardi Matrix Detroit 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 53 1401 Rivard Street 1401 Rivard Street Detroit MI 48207 Prospective 314 Detroit - Downtown 54 Blenheim Building Redevelopment 2218 Park Avenue Detroit MI 48201 Prospective 100 Detroit - Downtown 55 Fine Arts Building Redevelopment 48 West Adams Avenue Detroit MI 48226 Prospective 100 Detroit - Downtown 56 Gateway Center Building Redevelopment 1101 Washington Blvd Detroit MI 48226 Prospective 200 Detroit - Downtown 57 Hastings Place 1468 Randolph Street Detroit MI 48226 Prospective 60 Detroit - Downtown 58 Orleans Landing Phase II Atwater Street & Orleans Street Detroit MI 48207 Prospective 230 Detroit - Downtown 59 Renato at Pullman Parc, The 1100 St Aubin Street Detroit MI 48207 Prospective 180 Detroit - Downtown 60 3750 Woodward Avenue 3750 Woodward Avenue Detroit MI 48201 Prospective 100 Detroit - Midtown 61 7198 Gratiot Avenue 7198 Gratiot Avenue Detroit MI 48213 Prospective 231 Detroit - Midtown 62 American, The 408 Temple Street Detroit MI 48201 Prospective 163 Detroit - Midtown Brewster Wheeler Recreation Center 63 Redevelopment 2900 St. Antoine Street Detroit MI 48201 Prospective 150 Detroit - Midtown 64 Packard Plant Phase III 1580 East Grand Blvd Detroit MI 48211 Prospective 100 Detroit - Midtown 65 Wayne State University West Canfield Street & Cass Avenue Detroit MI 48201 Prospective 248 Detroit - Midtown 66 Benjamin O. Davis Veterans Village 4777 East Detroit MI 48234 Prospective 50 Detroit - northeast 67 Cass and York 445 York Street Detroit MI 48202 Prospective 133 Detroit - New Center 68 West Grand Boulevard & Woodward Avenue 2974 West Grand Blvd Detroit MI 48202 Prospective 100 Detroit - New Center 69 Michigan State Fairgrounds Phase II West State Fair Avenue & Woodward Avenue Detroit MI 48203 Prospective 300 Detroit - north 70 16th & Bagley Street 2420 Bagley Street Detroit MI 48216 Prospective 100 Detroit - south 71 2087 Vermont 2087 Vermont Street Detroit MI 48216 Prospective 100 Detroit - south 72 Inn at St. Johns, The 44045 Five Mile Road Plymouth MI 48170 Prospective 234 Canton\Plymouth 73 Northville Downs 301 South Center Street Northville MI 48167 Prospective 150 Canton\Plymouth 74 Haggerty Square 19700 Haggerty Road Northville MI 48167 Prospective 201 Livonia\Redford 75 Little Mack Avenue 29000 Little Mack Avenue Saint Clair Shores MI 48081 Prospective 60 St. Clair Shores\ 76 Erin Park 23111 Dale Avenue Eastpointe MI 48021 Prospective 52 Roseville 77 Twelve Mile Road 16929 12 Mile Road Roseville MI 48066 Prospective 100 Roseville 78 15245 Clinton River 15245 Clinton River Road Clinton Township MI 48038 Prospective 60 Clinton Township - west 79 Lakeside Circle Senior 14460 Lakeside Circle Sterling Heights MI 48313 Prospective 57 Sterling Heights 80 Lakeside Village 14000 Lakeside Circle Sterling Heights MI 48313 Prospective 100 Sterling Heights

Source: Yardi Matrix Detroit 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 81 Riverland District 15 Mile Road & Ryan Road Sterling Heights MI 48310 Prospective 200 Sterling Heights 82 Royal Oak Mixed - Use West 6th Street & South Lafayette Avenue Royal Oak MI 48067 Prospective 92 Royal Oak\Oak Park 83 Big Beaver Road Bellingham Drive & East Big Beaver Road Troy MI 48083 Prospective 96 Troy 84 Harrison Poolside 1700 Stutz Drive Troy MI 48084 Prospective 114 Troy 85 Millennial Place 1300 Livernois Road Troy MI 48083 Prospective 100 Troy 86 Troy Town Center East Big Beaver Road & Livernois Road Troy MI 48083 Prospective 850 Troy 87 Maple & Woodward 34952 Woodward Avenue Birmingham MI 48009 Prospective 50 Bloomfield Hills\Birmingham 88 North Old Woodward & Bates Street West Maple Road & North Old Woodward Avenue Birmingham MI 48012 Prospective 100 Bloomfield Hills\Birmingham Farmington Hills\West 89 Stonecrest Senior Living 32600 Northwestern Hwy Farmington Hills MI 48334 Prospective 92 Bloomfield Farmington Hills\West 90 Thomas Street Thomas Street & Warner Street Farmington MI 48336 Prospective 115 Bloomfield 91 Bond, The Flint Street & Grand River Avenue Novi MI 48375 Prospective 253 Novi Shelby Charter 92 21 Mile Road & Hayes Road 21 Mile Road & Hayes Road Township MI 48315 Prospective 96 Shelby Township 93 Front Street Town Center Main Street & Washington Street New Baltimore MI 48047 Prospective 100 Chesterfield\New Baltimore Washington 94 Orchard Brook Phase II 57163 Cypress Street Township MI 48094 Prospective 154 Washington\Richmond 95 Redwood White Lake Phase II 103 Redwood Blvd White Lake MI 48383 Prospective 50 Holly\White Lake 96 East Jefferson 1475 East Jefferson Avenue Detroit MI 48207 Prospective 213 Detroit - Downtown 97 East Riverfront Atwater Street & Rivard Street Detroit MI 48207 Prospective 360 Detroit - Downtown 98 Eastern Market Gateway 2011 Russell Street Detroit MI 48207 Prospective 253 Detroit - Downtown 99 Leland, The 400 Bagley Street Detroit MI 48226 Prospective 339 Detroit - Downtown 100 Brewster - Douglass Site 2700 St. Antoine Street Detroit MI 48201 Prospective 648 Detroit - Midtown 101 Midtown West 901 Selden Street Detroit MI 48201 Prospective 175 Detroit - Midtown 102 Sugar Hill Garfield Street & John R Street Detroit MI 48201 Prospective 84 Detroit - Midtown 103 Van Dyke at Kercheval 8003 Kercheval Avenue Detroit MI 48214 Prospective 76 Detroit - east 104 Lee Plaza 2240 West Grand Blvd Detroit MI 48208 Prospective 250 Detroit - New Center 105 Hubbard-Vernor 4060 Vernor Hwy Detroit MI 48209 Prospective 53 Detroit - south Total Prospective 8,886 TOTAL DETROIT 17,108

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