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Research & Forecast Report Q4 2017 | Multifamily

Atlanta’s fundamentals remain Market Indicators ATL ATL Relative to prior period Q4 2017 Q1 2018* strong as new supply reaches VACANCY a peak RENTS CONCESSIONS

Key Takeaways TRANSACTIONS

>> Atlanta’s Employment Growth: 68,300 jobs added; 3.2% growth vs. PRICE PER UNIT national avg. 2.1% CAP RATES >> Annual Rent Growth: Atlanta, 3.0%; National, 2.6% *Projected >> Atlanta Ranks #2 in transaction volume with $6.5 billion in 2017 >> Atlanta Beltline: 22-mile connectivity of rail, trail, parks and new Historical Apartment Rents & Occupancy development >> Amazon HQ2: Atlanta ranked among top 20 markets to host new Amazon’s $1400 $1300

$5B HQ2 $1200 The Atlanta apartment market continues to show solid market $1100 $1000 fundamentals and strong economic growth. The metro area is one of $900 the fastest growing in the nation, with its live-work-play lifestyle and $800 favorable business climate attracting young professionals, as well as $700 Rent Mo Effective national and international capital, while keeping rental demand strong. $600 $500 Atlanta’s robust economy continues to be driven by trade, transportation and professional and business services which outperformed other 96% sectors adding 30,500 jobs in the 12 months ending in September 2017. 95%

Atlanta has added a total of 68,300 jobs in the same period, up 3.2% 94% and well above the national average of 2.1%. Atlanta metro is home to 93%

15-Fortune 500 companies, benefiting from an educated workforce, 92%

91% extensive infrastructure and business-friendly climate. Atlanta, with no % Occupancy plans of slowing down, has more than 70 projects under construction 90% or planned, mostly located in top-tier submarkets inside the Perimeter 89% and northern Atlanta . One of the most notable developments in recent years, is the redevelopment of the 22-mile Beltline railway- US ATLANTA Source: AXIOMetrics which is in the process of constructing housing, parks, efforts toward sustainability, transit, health and urban revitalization. The Atlanta Beltline, while creating economic growth inside the Perimeter, also serves in an Atlanta Multifamily Market (continued) effort to tackle the affordable housing issue, which will continue high. Northern suburbs, especially those near major employment to be a significant challenge in the future. hubs, continue to thrive and will likely dive future rent growth. As traffic congestion and long work commutes continues to worsen, While there remains bifurcation between inner-perimeter rent growth near transit oriented development will become more submarkets and submarkets south of the city, the performance relevant. gap has narrowed, as elevated construction volumes limit increases inside the Perimeter and some lower tier submarkets OCCUPANCY have gained momentum. Lower-tier apartments have had Occupancy reported 94.0% in 4th quarter 2017, down 0.4 points a resurgence as investors seek better returns in areas near year-over-year. Since the great recession, Atlanta has typically Downtown and Outside the Perimeter. experienced strong demand exceeding new supply, therefore SUPPLY bolstering occupancy. However, occupancy across all product classes diminished in the beginning of 2017. Elevated new supply Most new supply has remained concentrated inside the Perimeter levels have weighed Class A occupancy in recent quarters, while and northern submarkets. Inventory has expanded at an average Class C inventory has tightened. A similar trend was seen among rate of 1.9% over the past three years, as annual completions submarkets, as areas with the least construction activity posted range from roughly 7,700 units to 14,000 units. During 2017, occupancy above most high-supply markets. Over the next year, a total of 13,980 units were added, growing inventory 2.9%. new completions will continue to test the underlying strength in Among the major metropolitan cities, Atlanta ranks 6th in the healthier submarkets located inside the Perimeter. total number of completions, behind New York, , Dallas, Seattle and Nashville. Deliveries have been and should continue CAPITAL MARKETS to be largely focused inside the Perimeter, primarily Midtown Transaction volumes in Atlanta remain among the highest in the and , but as costs continue to increase, new supply will country. The dollar volume of apartment deals totaled nearly $7.5 slowly shift further south and outside the Perimeter. billion in 2017. Atlanta is second, behind New York in transaction DEMAND volume. A total of 247 multifamily transactions took place in Atlanta over the past year, third most nationally, ranking it as the most The Atlanta apartment demand remains robust, as annual active market regionally. The average cap rate reported 6.2% in absorption has been between 8,200 and 12,400 units in 15 of 2017, down 10 basis-points year-over-year. Still, Atlanta remains the past 16 quarters. Most of the demand performances during affordable compared to other large, primary markets. The average the same period were in line with or above the five-year annual price per unit in Atlanta was about $105,000, roughly $17,000 less average of roughly 9,300 units. Demand over the past three than the South region average. years appears strongest among new supply and older, lower- tiered units. Atlanta boasts low costs of labor and land, great infrastructure and advanced manufacturing and distribution, as well as the presence of a young, educated workforce and lower Metro Atlanta Population Overview cost of living. Being less expensive than other major metros, 7

Atlanta is equipped to withstand future rent increases, as only 6 lower-paid residents in need of affordable housing are affected by the current rent hikes. 5 (millions) RENT 4

Annual rent growth levels remain significantly above historical 3 Population norms, registering between 4% to 7% over the past four years. Total 2 However, performances have recently dropped out of that range as supply volumes have risen. Still, the 3.0% rent increase during 1 2017 placed well above the national average (2.6%). Class C 0 product has seen improved momentum over the last three years 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 as Class A has remained solid. Submarkets inside the Perimeter Source: U.S. Census Bureau, Moody’s Analytics have experienced slightly slowed growth as construction remains

2 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International Metro Atlanta Housing Permit Activity Notable Atlanta Job Relocations 18,000 >> Technology firm Featurespace has picked 16,000 for its North American headquarters. The Cambridge,

14,000 England-based firm, which leased 7,000 square feet at

12,000 Midtown’s Bank of America Plaza, develops machine- Issued learning software to help financial institutions spot fraud. 10,000

Permits Featurespace sells its software to banks and payment

8,000 processors. Clients include Atlanta, Ga-based Worldpay 6,000 and Columbus, Ga- based Total System Services Inc. Multifamily 4,000 Featurespace has 250 employees and is a world-leader in

2,000 Adaptive Behavioural Analytics.

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* >> Management and IT consulting firm CapTech is expanding in Atlanta – a year after opening its office in Midtown. Source: U.S. Census Bureau *as of December 2017 The Richmond, Va-based company plans to double its workforce in Atlanta and add 50 jobs next year. As part of the expansion, CapTech has leased 6,000 square feet at Midtown’s Bank of America Plaza office tower.

Metro Atlanta Employment Overview >> Atlanta made the shortlist of contenders for Amazon HQ2, 150.0 123.6 including other regional competitors, and Dallas. Atlanta is considered the favorite to land the 8 million square 100.0 89.1 85.7 78.7 69.6 66.1 foot, $5 billion headquarters because it is a major population 60.0 49.0 50.0 42.6 center with access to a globally connected airport. The city 30.1 35.6 also has a burgeoning logistics and tech industry. (thousands)

0.0

‐22.9 ‐27.1 ‐20.9 ‐50.0 Added/Lost

Jobs ‐100.0

‐150.0 ‐136.1

Source: US Dept. of Labor Statistics/Moody’s Analytics *as of December 2017

Metro Atlanta Employment Comparison

Y-O-Y Y-O-Y UNEMPLOYMENT METRO AREA RANK EMPLOYMENT PERCENT RATE

Dallas-Fort Worth 1 100,400 2.8% 3.2% New York/NNJ 2 89,300 0.9% 4.3% 3 60,300 2.2% 3.0% Atlanta 4 56,000 2.1% 4.2% Miami 5 52,000 2.0% 4.1% 6 50,700 0.8% 3.8% DC-Arlington 7 48,900 1.5% 3.6% Houston 8 48,500 1.6% 4.3% Seattle 9 47,900 2.4% 4.1% Riverside-CA 10 46,800 3.2% 4.1% Phoenix 11 45,200 2.2% 3.7% Minneapolis 12 41,600 2.1% 2.4% U.S. Total 2,301,000 1.6% 4.1%

Source: Bureau of Labor Statistics; Metro Level Data November 2017(p) Average, not Seasonally Adjusted

3 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International UPDATE - Recent Transactions in the Market Notable Sales Activity

PROPERTY SUBMARKET SALES DATE SALE PRICE SIZE (UNITS) PRICE / UNIT BUYER

The Local on 14th Midtown 11/17/2017 $86,500,000 360 $240,278 50 East 69th Street Corp. Millworks Buckhead 11/21/2017 $80,000,000 345 $231,884 Continental Realty Corp. The Office Apartments Downtown 1/02/2018 $78,100,000 327 $238,838 CF Real Estate Services Sugarloaf Summit Northeast Atlanta 10/24/2017 $76,000,000 378 $201,058 Principal Global Investors Station R Downtown 12/5/2017 $71,050,000 285 $249,298 Gaia Real Estate Heights at Sugarloaf Northeast Atlanta 10/25/2017 $71,000,000 363 $215,152 Starlight Investments The Reserve at Decatur Decatur 11/7/2017 $66,752,000 298 $224,000 The Praedium Group Parc at Perimeter Central Perimeter 11/9/2017 $64,000,000 298 $214,765 Olen Commercial The Palmer Northwest Atlanta 11/30/2017 $62,300,000 502 $124,104 McDowell Properties The Park on Windy Hill Northwest Atlanta 11/15/2017 $61,000,000 654 $93,272 Wilkinson Corporation

Source: CoStar Comps *allocated

Historical Investment Volume & Cap Rates ATLANTA MULTIFAMILY 10 8.0% Atlanta apartment investment 9 volume ended the year a total 7.5%

Billions 8 of $7.5 billion in transaction 7 7.0% volume. This 14% down from 6 the previous year. The average 5 6.5% price per unit increased to 4 $105,068; up 3% year-over- 3 6.0% year. The average cap rate for Atlanta apartment investment 2 5.5% increased slightly from last 1 year and now stands at 6.2%. 0 5.0% 2011 2017 2013 2015 2014 2016 2012 2010 2007 2009 2008 Sales Volume AVG Cap Rate Source: Real Capital Analytics

Over 60 Multifamily Developments currently Proposed for the Urban Atlanta Area.

4 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International PICKENS CO. CHEROKEE CO.

DAWSON CO. FORSYTH CO.

Canton

. GAINESVILLE . O O C

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Allatona T O Y Buford T S Lake L HA R GW L U I L C

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Woodstoc k r e v F i OR S R OW CO. Mountain Y Braselton FU T CH E R O L H KE E C O . Park T O C Acworth N O. C O. Alpharetta o o c h e e ac h . tt

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MARIETTA . . Multifamily Pipeline | Urban Atlanta O O Sources: CoStar Property, MPF Research C C B Lawrenceville B N O O C LT U 14 F 87 64 15 63 DORAVILLE 13 62 32 16 86 85 53 50 80 Norcross CHAMBLEE 52 9 88 Powder 51 D 36 F

U 28 8 E 29 L K T Springs 10 A 81 O L N SMYRNA B

C C O 49 O . 37 5 . Bobby Jones G Golf Course 47 W Golf View Rd NW Armour Dr NE IN Snellville . 4 43 41 D N Bennett St Dr NE Plasters Ave NE O E E

426 3 K T W C N A T

r Brookwood D 45 44 L d 46 C oo Hills B G lw 7 O el D C . N O I Ottley Dr NE . Tanyard Brighton Rd NE 19 55

D 20 Austell Creek Collier Rd NW Park L Camden Rd NE 69 Wimbledon Rd NE U COBB CO. 2 Clarkston Stone 79 54 A Park 1 58 Peachtree St NE Rock Springs Rd NE P DOUGLAS CO. 28th St NW Mountain 48 Ansley Flagler Ave NEMonroe Dr NE Walthall Dr NW r Golf Course . e 91 39 Huntington Rd NE 12 O 56 v 40 Way NE 61 57 C W Lithia Springs i 33 26th St NW 92 Midtown T A R DECATUR E 89 Dr N T Barnesdale 31 rry L Fe T ATLANTA 90 30 ery E 84 om O tg N n N 35 o M N Loring 59 67 82 I C e Heights 60 W O Douglasville Loring Amtrak . e Heights Station 68 G Park 83 Rd NE Ansley h Friar Tuck Peachtree Robin66 Hood34 Rd NE c Pointe Park o Hascall Rd NW 18 o Beverly Rd NE h Deering Rd NW 17 65 c Inman Cir NE Maddox Dr NE McClatchey a Trabert Ave NW Park tt Peachtree Cir NE Ansley 17th Park Legend Street a Park h NW St Mecaslin 17th St NE Lease Up C Bishop38 St NW Atlantic 17th St NE Station 70 Lithonia NE Under Construction r Dr nste 16th St NE Westmi Winn Park 16th St NW Piedmont Ave NE 73 EAST 21 . W Hotel .

POINTNW Dr Techwood Fowler St NW 14th St NW O

Barnes St NW 78 O

Holly St NW St Holly Francis St NW St Francis 14th St NW NW St Mecaslin 25 Piedmont C C 13th St NW Park COLLEGE E 72 26 B L L Conyers 12th St NE Home PAR K A A 27 Park HAPEVILLE DEKALB CO. K D 11th St NE State St NW E K

Center St NW St Center Home

23 Peachtree NE Walk Crescent Ave NE 22 Park 76 10th St NE D C 10th St NW Spring St NW HENRY CO. O Covington HemphillHartsfield-Jackso Ave NW n 9th St NE Midtown 675 R International Airport 24 8th St NE Monroe Dr NE .

Dalney St NW 74 O 77 C . 7th St NE E O Fowler St NW FOREST L C

C Peachtree St NE Durant Pl NE A Juniper St NE 6th St NE

W Peachtree St NE PiedmontAve NE Myrtle St NE N INSTITUTE OF PennAve NE L D

Atlantic Dr NW 5th St NE NE Dr Allen Charles St Charles Ave NE Tech Pkwy TECHNOLOGY Technology PAR K O A K T Union City Square 4th St NE Y C Campbellton Rd SW W

NW T O 75 3rd St NE E O 71 R Ponce De Leon Ave NE N N

Techwood Dr NW Techwood Marietta St NW

North Ave NW North Ave NE Fairburn C Riverdal11 e O Stockbridge Linden Ave NE .

Centennial Glen Iris Dr NE SoNo Morgan St NE Research & Forecast ReportPlace | Q4 2017 | Atlanta Multifamily | Colliers InternationalBedford 5 . Civic Pine Park CO Pine St NW Center

Park Bedford Pl NE LT O N Pine St NE Venable St NWVenable Luckie St NW Hunnicutt St NW U Gray St NW . Felton Dr NE NE F John St NW C O Angier Ave NE TT E Central YE Mills St NW Centennial Park FA Hill FULT ON CO. Palmetto COWETA CO. Jonesboro C H L A E Y N T R O Y N

C

C O O Fayetteville . . McDonough

. O C S T T U B Peachtree City Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research LEASE UP # Name Developer/Owner Address Submarket Units 1 Millworks Continental Realty Corporation 1888 Emery St NW Brookwood 345 2 Venue Brookwood Grayco Partners 2144 Peachtree Rd NW Brookwood 249 3 AMLI Buckhead AMLI Management Company 3450 Roxboro Rd NE Buckhead 400 4 AMLI 3464 AMLI Management Company 3464 Roxboro Rd NE Buckhead 240 5 Domain at Simon Property Group, Inc. 707 Park Ave NE Buckhead 319 6 Hanover The Hanover Company 3116 Roswell Rd NW Buckhead 353 7 Hanover East Paces The Hanover Company 400 Pharr Rd NE Buckhead 375 8 The Home at 900 Battery Ave SE Cumberland 531 9 Stadium Walk Apartments Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 200 10 Alta at Jonquil Wood Partners 1455 Spring St SE Cumberland/Galleria 265 11 The Byron Perennial Properties, Inc. 549 Peachtree St NE 65 12 Trinity Walk Decatur Housing Authority 421 W Trinity Pl Downtown Decatur 69 13 Square One George S. Morgan Development Co., Inc. 6050 Roswell Rd NE Downtown Sandy Springs 203 14 IMT Sandy Springs IMT Capital 6558 Roswell Rd NE Downtown Sandy Springs 230 15 Modera Sandy Springs Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown Sandy Springs 82 16 The Cliftwood Net Lease Alliance LLC 185 Cliftwood Dr NE Downtown Sandy Springs 251 17 Glenwood at Grant Park Bluerock Real Estate, LLC 860 Glenwood Ave SE Grant Park 216 18 The George Urban Realty Partners 275 Memorial Dr SE Grant Park 128 19 Overture Lindbergh Greystar Real Estate Partners 658 Lindbergh Way NE Lindbergh-Morosgo 190 20 Helios Apartments Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 282 21 AMLI Arts Center AMLI Management Company 1240 W Peachtree St Midtown Atlanta 350 22 Azure on the Park Atlantic Realty Partners 1020 Piedmont Ave NE Midtown Atlanta 329 23 Post Midtown Millenium MAA 33 11th St Midtown Atlanta 332 24 Modera Midtown Mill Creek Residential Trust LLC 95 8th St NW Midtown Atlanta 435 25 Atlantic House NGI Acquisitions, LLC 1163 W Peachtree St NW Midtown Atlanta 407 26 Yoo on The Park The Trillist Companies 207 13th St NE Midtown Atlanta 245 27 Piedmont House Wood Partners 205 12th St NE Midtown Atlanta 198 28 The Olmsted Chamblee Origin Investments 5193 Peachtree Blvd Norcross-DeKalb 283 29 Solis Parkview Phase I Spruce Street Partners 5070 Peachtree Blvd Norcross-DeKalb 303 30 Aster JLB Partners, LP 608 Ralph McGill Blvd NE 262 31 Anthem on Ashley North American Properties 720 Ralph McGill Blvd NE Old Fourth Ward 244 32 Hanover at Perimeter Town The Hanover Company 1110 Hammond Dr NE 384 Center 33 675 N Highland Origin Investments 675 N Highland Ave NE Poncey-Highland 125 34 841 Memorial Clark Ventures, LLC 841 Memorial Dr SE Reynoldstown 80 35 Station R Gaia Real Estate 144 Moreland Ave NE Reynoldstown 285 36 The Heights Chastain WSE Property Management LLC 225 Franklin Rd NE Sandy Springs 322 37 City View Vinings NALS Apartment Homes 3340 Cumberland Blvd SE Vinings 230 38 464 Bishop Paces Holdings, LLC 464 Bishop St NW 232 39 Accent Waterworks Westplan Investors 1390 Northside Dr NW West Midtown 181 40 Westside Heights WSE Property Management LLC 903 Huff Rd NW West Midtown 283 Units 10,503

6 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research UNDER CONSTRUCTION # Name Developer/Owner Address Submarket Units 41 Apogee Buckhead Ackerman & Co. 3372 Peachtree Rd NE Buckhead 362 42 61 NW Irby Ave Alliance Residential Company 61 NW Irby Ave Buckhead 275 43 Camden Buckhead Camden Property Trust 3366 Roswell Rd Buckhead 365 44 Gables Buckhead Clarion Partners 530 E Paces Ferry Rd NE Buckhead 327 45 Modera Buckhead Mill Creek Residential Trust, LLC 3005 Peachtree Rd NE Buckhead 400 46 Alexan Buckhead Village Trammell Crow Residential Company 361 Pharr Rd NE Buckhead 245 47 The Huntley Wood Partners 1000 Park Ave NE Buckhead 224 48 The Remington The Benoit Group 954 Hightower Rd NW Carey Park 160 49 Modera Vinings Mill Creek Residential Trust LLC 3205 Cumberland Blvd Cumberland 269 50 Broadstone Ridge Alliance Residential Company 2020 Powers Ferry Rd SE Cumberland/Galleria 300 51 Revel Atlantic Realty Partners 2875 Crescent Pky Cumberland/Galleria 275 52 Stadium Walk Apartments Phase Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 109 II 53 The District at Windy Hill Kaplan Management Company, Inc 0 Interstate North Pky Cumberland/Galleria 284 Apartments 54 1665 Scott Blvd Fuqua Development 1665 Scott Blvd Decatur/North Druid Hills 260 55 The Holbrook of Decatur Kartos Mary 1880 Clairmont Rd Decatur/North Druid Hills 71 56 E.Co Metropolitan Atlanta 2615-2661 E College Ave Decatur/North Druid Hills 375 Authority 57 Sam's Crossing South City Partners 2700 E College Ave Decatur/North Druid Hills 197 58 Solis in Decatur Terwilliger Pappas 1625 Church St Decatur/North Druid Hills 290 59 Post Centennial Park MAA 325 Centenial Olympic Park Dr NW Downtown Atlanta 438 60 120 Piedmont South City Partners 120 Piedmont Ave NE Downtown Atlanta 228 61 AMLI Decatur AMLI Management Company 120 W Trinity Pl Downtown Decatur 325 62 The Adley MidCity Real Estate Partners 6075-6077 Roswell Rd Downtown Sandy Springs 291 63 Modera Sandy Springs Phase II Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown Sandy Springs 260 64 Aston City Springs The City of Sandy Springs 6400 Blue Stone Rd Downtown Sandy Springs 294 65 Sterling at Candler Village Mwj Llc 2516 Mellville Ave East Lake Terrace 170 66 Lumen Atlantic Realty Partners 465 Memorial Dr SE Grant Park 227 67 Edge C T Corporation System 75 Airline St SE 350 68 The Kirkwood Avila Real Estate 1910 Bixby St Kirkwood 230 69 Accent 2050 John Hunsinger & Company 2050 Cheshire Bridge Rd NE Lindridge-Martin Manor 198 70 Ascent Midtown Greystar Real Estate Partners 1400 W Peachtree St NW Midtown Atlanta 239 71 lilli Midtown JPX Works, LLC 693 Peachtree St Midtown Atlanta 147 72 195 Thirteenth Street Lennar 195 13th St NE Midtown Atlanta 308 73 1270 Spring Street Pollack Shores Real Estate Group 1270 Spring St NW Midtown Atlanta 259 74 Alexan 880 Pope & Land Real Estate 880 W Peachtree St NW Midtown Atlanta 356 75 The Standard Selig Properties 708 Spring St NW Midtown Atlanta 257 76 Hanover West Peachtree The Hanover Company 1010 W Peachtree St NW Midtown Atlanta 350 77 Hanover Midtown The Loudermilk Companies 881 Peachtree St NE Midtown Atlanta 1744 78 ICON Midtown The Related Companies 14th St & W Peachtree St Midtown Atlanta 390 79 Accent Morningside Westplan Investors 1989 Cheshire Bridge Rd NE Morningside-Lenox Park 239 80 Atlanta Chamblee Linda Hickman 5211 Peachtree Industrial Blvd Norcross-DeKalb 311 81 Mercey Housing at Mercy Park Mercy Housing, Inc. 5135 Peachtree Rd Norcross-DeKalb 79 82 Spoke Metropolitan Atlanta Rapid Transit 1471 La France St NE North Edgewood 224 Authority 83 Grant Park Apartments Fairfield Residential 290 Martin Luther King Jr Dr SE Oakland 321

7 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research

UNDER CONSTRUCTION # Name Developer/Owner Address Submarket Units 84 North + Line SWH Partners 695 North Ave NE Old Fourth Ward 228 85 Palisades Apartments Atlanta Property Group 5901 Peachtree Dunwoody Rd NE Perimeter Center 424 86 Crescent Perimeter Crescent Communities, LLC 5755 Glenridge Dr NE Sandy Springs 320 87 The Alastair JEN Partners 6565 Glenridge Dr NE Sandy Springs 355 88 Emory Saint Joseph's Morgan Stanley & Co. LLC 1160 Johnson Ferry Rd NE Sandy Springs 285 Apartments 89 Westside Alliance Residential Company 1084 Howell Mill Rd NW West Midtown 274 90 Broadstone Yards Alliance Residential Company 1084 Howell Mill Rd NW West Midtown 275 91 The Chlesea Westside Icon Residential 1339 NW Ellsworth Industrial Blvd West Midtown 92 92 Star Metal Residences The Allen Morris Company 1050 Howell Mill Rd NW West Midtown 409 Units 15,685

8 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International Atlanta Submarkets MORE THAN 50 Dedicated Multifamily Professionals & Advisors

COVERING OVER 24 STATES Expansive geographic footprint

MORE THAN 39,000 Units sold since 2011

$2.8B Group gross transactional value since 2011

FOR MORE INFORMATION CONTRIBUTORS Ron Cameron Will Mathews Scott Amoson Jaime Slocumb Senior Vice President Senior Vice President Director of Research | Atlanta Transaction Coordinator | East Principal | East Region Principal | East Region Region +1 404 877 9287 +1 404 877 9285 [email protected] [email protected] Chevene King, III Financial Analyst | East Region Aaron Murray Austin Weathington Associate | East Region Associate | East Region +1 404 978 2341 +1 404 978 2341 [email protected] [email protected]

East Region Multifamily Advisory Group Colliers International | Atlanta Promenade | Suite 800 1230 , NE Atlanta, Georgia | USA Copyright © 2017 Colliers International. +1 404 888 9000 The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional9 advisorsNorth priorAmerican to acting onResearch any of the material & Forecast contained Report in this report. | Q4 2014 | Office Market Outlook | Colliers International