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Home , Rocky Point (Tampa), South Nebraska

Research & Forecast Report

TAMPA Accelerating success. Q4 2017 | Multifamily

Source: AXIOMetrics. RCA, CoStar

Market Survey Results and Forecasts Sequential Month Annual 1Q17 2Q17 3Q17 4Q17 Dec-17 2015 2016 2017 2018F 2019F 2020F 2021F Effective Rent Per Unit $1,117 $1,134 $1,149 $1,148 $1,144 $1,047 $1,106 $1,137 $1,168 $1,202 $1,248 $1,285 Per Sq. Ft $1.18 $1.20 $1.21 $1.21 $1.21 $1.11 $1.17 $1.20 $1.23 $1.27 $1.32 $1.36 Effective Rent Growth - Annually 3.3% 2.5% 2.4% 3.0% 3.3% 6.0% 5.6% 2.8% 2.7% 3.0% 3.8% 3.0%

Effective Rent Growth - Quarterly 0.2% 1.5% 1.3% -0.1% Occupancy Rate 94.8% 95.0% 95.1% 94.9% 94.9% 95.4% 95.2% 95.0% 94.7% 95.0% 95.3% 95.0% Occupancy Change - Annually -0.7% -0.6% -0.2% 0.3% 0.4% 0.7% -0.2% -0.3% -0.3% 0.3% 0.3% -0.3% Occupancy Change - Quarterly 0.1% 0.2% 0.2% -0.2% Economic Concessions Concession Value $-7.19 $-5.49 $-4.01 $-5.33 $-7.78 $-3.74 $-4.46 As a % of Asking Rent -0.6% -0.5% -0.4% -0.5% -0.7% -0.4% -0.4% RECENT SALES

Date Property Name Address City Units Year Built Price in $ $/Units Dec-17 Landmark at Savoy Square 2065 N Highland Ave Clearwater 182 1970 / 2009 17,836,000.00 98,000 Dec-17 Urban Style Flats 300 10th St S St. Petersburg 481 1971 / 2015 46,250,000.00 96,154 Dec-17 Havana Square 400 N Rome Ave Tampa 274 2017 58,088,000.00 212,000 Dec-17 Oakbrook Village 2225 Nursery Rd Clearwater 281 1970 / 2002 25,800,000.00 91,815 Dec-17 Lantower Brandon 10440 Sanderling Shores Dr Brandon 450 2016 94,000,000.00 208,889 Crossroads Dec-17 Colonial Village 3404 W Marlin Ave Tampa 220 13,700,000.00 62,273 Dec-17 Jasmine Terrace 1250 Skipper Rd University 320 1973 / 1983 14,880,000.00 46,500 Nov-17 Coachman Club 650-730 Old Coachman Rd Clearwater 72 1985 8,200,000.00 113,889 Nov-17 Tortuga Pointe 10475 Gandy Blvd N St. Petersburg 295 2010 48,000,000.00 162,712 Oct-17 The Retreat at Crosstown 10301 Marsh Harbor Way Brandon 320 1984 / 2002 37,250,000.00 116,406 Oct-17 Twenty 35 Apartments 2035 Phillippe Pkwy Safety Harbor 200 1974 / 2001 21,000,000.00 105,000 Oct-17 Bay Point 11431 Cockle Dr Port Richey 112 1985 / 1998 6,525,000.00 58,259 Oct-17 Park At Windsor 4949 Marbrisa Dr Carrollwood 224 1984 / 2001 26,500,000.00 118,304 Oct-17 Element 812 N Franklin St Tampa 395 2008 112,450,000.00 284,684 Oct-17 Seneca at Cypress Creek 1810 Sweetbroom Cir Wesley Chapel 451 2010 78,865,000.00 174,867 Oct-17 The Commons 3408 Lancaster Ct Egypt Lake- 200 1972 / 1996 24,050,000.00 120,250 Leto Oct-17 Brittany 3814 Euclid Ave Tampa 71 1969 / 2012 8,050,000.00 113,380 Oct-17 Colonial Oak 5255 62nd St N Kenneth City 60 1969 / 1981 4,915,000.00 81,917 Oct-17 Brittany 3814 Euclid Ave Tampa 71 1969 8,050,000 101,807 Oct-17 Colonial Oak 5255 62nd St N Kenneth City 60 1969 4,915,000 168,269

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 2 SUPPLY AND DEMAND According to the Bureau of Labor Statistics, job growth in Tampa-St. Petersburg-Clearwater, FL Metro Area was 2.3% in November 2017, reflecting 30,600 jobs added during a 12-month period. The metro job growth figure was above the national number of 1.4%.

Axiometrics forecasts Tampa-St. Petersburg-Clearwater, FL Metro Area’s job growth to be 1.8% in 2018, with 24,285 jobs added. Job growth is expected to average 1.7% from 2019 to 2021, with an average of 24,080 jobs added each year.

On the supply side, permits for 4,759 multifamily units were issued in the 12 months ending in November 2017, down -1,573 units from the prior year’s sum. In terms of total residential housing, 17,656 units were permitted in the 12 months ending November 2017, an increase of 476 units from the prior year’s total.

Market Employment and Permitting Annual November-17 Annual Forecast 2014 2015 2016 Market National 2017 2018F 2019F 2020F 2021F Employment (000s) 1,208.4 1,250.9 1,296.8 1,355.5 148,507.0 1,331.4 1,355.7 1,377.8 1,404.6 1,427.9 Job Gain (000s) 32.0 42.5 45.9 30.6 2,114.0 34.6 24.3 22.0 26.9 23.3 Job Growth (%) 2.7% 3.5% 3.7% 2.3% 1.4% 2.7% 1.8% 1.6% 2.0% 1.7% Total Residential Permitting 12,427 15,283 17,180 16,629 1,155,517 18,031 16,263 18,107 20,890 18,764 Relative Change 3.4% 23.0% 12.4% 3.2% 6.3% 5.0% -9.8% 11.3% 15.4% -10.2% Single Family Units Permitted 7,269 9,046 10,683 11,816 756,569 Relative Change -0.8% 24.4% 18.1% 20.1% 10.2% Multifamily Units Permitted 4,896 6,044 6,332 4,735 366,148 Relative Change 9.8% 23.4% 4.8% -22.5% -1.3% Multifamily as a % of Total 39.4% 39.5% 36.9% 28.5% 31.7% Demand/Supply Ratio Job Gain / Total Residential Units Permitted 2.7 3.4 3.0 1.9 1.9 2.0 1.3 1.4 1.5 1.1 Job Gain / Single Family Units Permitted 4.4 5.8 5.1 3.1 3.1 Job Gain / Multifamily Units Permitted 7.2 8.7 7.6 5.0 5.7

Multifamily Absorption and Supply Annual 4Q17 Annual Forecast 2014 2015 2016 Market National 2017 2018F 2019F 2020F 2021F Total Units Absorbed 6,713 5,620 1,730 5,284 367,785 5,203 3,615 5,459 3,565 1,426 New Supply 4,012 3,987 4,704 4,646 365,158 4,646 5,283 4,025 2,699 3,264 Inventory Growth 1.3% 1.3% 1.5% 1.5% 1.5% 1.5% 1.6% 1.2% 0.8% 1.0%

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 3 IDENTIFIED SUPPLY As of January 15, 2018, Axiometrics has identified 4,495 apartment units scheduled for delivery in 2017, which all units have been delivered. As a comparison, there were 3,231 apartment units delivered in 2016. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,739 per unit, or $1.78 per square foot. Effective rent has averaged $1,641, or $1.68 per square foot, resulting in an average concession value of $-98.09. As a comparison, existing properties in the market had an average asking rent of $1,153 per unit ($1.22 per square foot) and an average effective rent of $1,148 per unit, or $1.21 per square foot, in 4Q17. Concessions for existing properties averaged $-5.33.

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 Central Tampa 768 799 2,232 3,799 1,278 14 $2,045 $2.09 $1,884 $1.93 Clearwater 379 47 278 704 134 11 $1,400 $1.68 $1,303 $1.56 North St. Petersburg 48 288 336 108 18 $1,403 $1.54 $1,359 $1.49 South Hillsborough County 260 250 292 802 231 18 $1,386 $1.41 $1,315 $1.34 University North 144 418 562 398 20 $1,422 $1.41 $1,339 $1.33 Other 2,136 1,943 987 5,066 985 12 $1,629 $1.64 $1,587 $1.60 Tampa-St. Petersburg-Clearwater, FL 3,543 3,231 4,495 11,269 3,134 14 $1,749 $1.79 $1,646 $1.69 *Based on 2017 deliveries *Trend based on a trailing 12 month period

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 4 PIPELINE MAP GREATER TAMPA7 46 47

41

39 42 35 43

12 38

20 29 37 52 55 21 49 40 28 13 Downtown 30 Tampa 24 44 17 16 57 23 51 34 15 31 1456 22

25 Downtown St. Petersburg Key 8 Lease-Up

Under Construction

Proposed DOWNTOWN 1 ST. PETERSBURG

5 45 10 2

32 50 33 54 53 9 18 36 48 26 11 27 6

3

19

4

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 5 PIPELINE DETAIL # Name Status Owner Address Market Units Proposed 1 First North Lofts Proposed DevMar Development, LLC 1636 2nd St N Historic Old Northeast MF 214 2 Grand Bohemian Apartments Proposed Greenfield Partners LLC N 2nd St Downtown St Petersburg 306 MF 3 211 3rd St S Proposed American Land Ventures 211 3rd St S Downtown St Petersburg 201 MF 4 Proposed MF/Office Proposed Skyway Capital Partners 2907 W Bay to Bay Blvd /Palma 125 Ce 5 MetWest Apartments Proposed MetLife, Inc. 4050 W Boy Scout Blvd Carver City-Lincoln Garde 254 6 1601 Central Ave Proposed M Squared Property Inc 1601 Central Ave University Park MF 241 7 6132 Commercial Way Proposed CSC Properties, Inc. 6132 Commercial Way Outer Hernando County 86 MF 8 Shadetree Proposed Sunsar Capital Cypress Village Blvd Outer Southeast Tampa 260 MF 9 200 E Madison St Proposed Urban Core Holdings LLC 200 E Madison St Uptown Tampa MF 120 10 5th Ave Residences Proposed The Richman Group 555 Martin Luther King Jr. St Campbell Park MF 132 11 815 Water St Proposed Strategic Property Partners 815 Old Water St Downtown Tampa MF 480 12 Meres Crossing Apartments Proposed DDA Development 1250 S Pinellas Ave Tarpon Springs MF 236 13 3015 N Dr Proposed BBC Rocky Point, LLC 3015 N Rocky Point Dr Outer Central Tampa MF 258 14 The Pointe of Proposed Shamrock Realty Advisors S Westshore Blvd & W Pres Port Tampa City MF 352 15 Waterside West Apartments Proposed IMDC Acquisitions 5320 S West Shore Blvd Sun Bay South MF 192 16 Marina Pointe Proposed BTI Partners Westshore Ave Sun Bay South MF 431 17 West Bay Lofts Proposed Saul Tave 600 W Bay Dr Old Northwest MF 123 Units 4,011

Under Construction 18 Halycon Apartments Under Construction David A. Mack Properties, LLC 225 1st Ave Downtown St Petersburg 306 MF 19 Avanti Under Construction The NRP Group, LLC 201 4th Ave S Downtown St Petersburg 366 MF 20 Haven 46 Under Construction Haven Campus Communities- 14500 N 46th St University Square MF 158 tampa 21 The Alexander at Countryside - Under Construction Alexander Investments 2524 Alexander Pl North Clearwater MF 258 Phase II International, Inc 22 The Addison on Long Bayou Under Construction ContraVest 10260 Bayou Grande Ave South Seminole MF 247 23 Palms of Pinellas Under Construction Pinellas County Housing Authority 13101 S Belcher Rd Pinellas Park MF 102 24 Vue at Belleair Under Construction Flournoy Companies 2517 Belleair Rd South Clearwater MF 339 25 Burlington Post Under Construction Green Mills 3201 Burlington Ave Central Plaza MF 86 26 801 Central Ave Under Construction 801 Central-st Pete Llc 801 Central Ave Downtown St Petersburg 369 MF 27 930 Central Flats Under Construction The Bainbridge Companies 930 Central Ave University Park MF 218 28 The Strand Under Construction The Strand 1100 Cleveland St Downtown Clearwater MF 132 29 11363 Countryway Blvd Under Construction Pleasants Corp 11363 Countryway Blvd Westchase MF 113 30 Seazen Under Construction ZOM, Inc. 7616 W Courtney Campbell Outer Central Tampa MF 323 Cswy 31 Cortana Under Construction Gries Investments Inc 5145 S Dale Mabry Hwy Sun Bay South MF 300 32 Novel Riverwalk Under Construction Crescent Communities, LLC 100 W Fortune Dr Uptown Tampa MF 395 33 Nine15 Under Construction H. J. Russell & Company 915 N Franklin St Uptown Tampa MF 362 34 Westshore Marina District Under Construction The Related Group of 5000-5098 W Gandy St Sun Bay South MF 396 35 Altis Wiregrass Ranch Under Construction The Altman Companies 28878 Golden Vista Blvd Wesley Chapel MF 373 36 Altis Grand Central Under Construction The Altman Companies 548 W Grand Central Ave Alice Kelly's MF 314 37 Canopy at Citrus Park Under Construction Arlington Properties 6835 Gunn Hwy Citrus Park MF 318 38 Oasis at Highwoods Preserve Under Construction Picerne Real Estate Group 18300 Highwoods Preserve MF 295 Pky 39 Park at Wellington - Phase II Under Construction Rieger, Matthew 4311 Jordana Way Northwest Holiday MF 110 40 Parker's Landing Under Construction Cortland Partners 6348 Longboat Blvd Tampa Shores MF 347

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 6 PIPELINE DETAIL, cont. # Name Status Owner Address Market Units 41 Main Street Landing Under Construction Onicx 5500 Main St Town of New Port Richey 80 M 42 Lakeside Walk at Bexley Under Construction Epoch Pasco Apartments, LLC 17049 Mentmore Blvd Outer Pasco County MF 300 43 Mystic Pointe Under Construction Rane Property Management, LLC 2770 Mystic Pointe Pky Outer Pasco County MF 252 44 Tessera of Brandon Under Construction Srh Dev Llc 1320 Oakfield Dr Brandon MF 138 45 The Pearl Under Construction Capital 2110 N Ola Ave MF 300 46 Hammock Ridge II Under Construction Housing Trust Group 8234 Omaha Cir Outer Hernando County 92 MF 47 Hammock Ridge Under Construction Housing Trust Group 8274 Omaha Cir Outer Hernando County 104 MF 48 Manor Riverwalk Under Construction The Related Companies 202 S Parker St Alice Kelly's MF 400 49 Dunedin Commons Under Construction Dunedin Commons Llc 375 Patricia Ave Dunedin MF 280 50 The Tempo at Encore Under Construction JMG Realty, Inc. 1102 Ray Charles Blvd MF 204 51 Lenox of Bloomingdale Under Construction The Richman Group of Florida, Inc. 5910 Robert Tolle Dr Brandon MF 240 52 5 Oaks at Westchase Under Construction Flournoy Companies 10006 Sheldon Rd Citrus Park MF 218 53 The Channel Club Under Construction ECI Group 1115 E Twiggs St MF 323 54 AER in the Arts District Under Construction Crescent Communities, LLC 259 W Tyler St Uptown Tampa MF 344 55 The Village - Phase II Under Construction Capstone Companies 13300 Usf Palm Dr Temple Terrace MF 740 56 Bainbridge West Shore Under Construction The Bainbridge Companies 5220 S West Shore Blvd Sun Bay South MF 351 Apartments 57 Westshore Ave Under Construction BTI Partners Westshore Ave Sun Bay South MF 476 Units 11,069

Total Units 15,080

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 7 OUR PROVEN TRACK RECORD Recent Closings

WHO WE ARE

One of the largest and most experienced teams of multifamily specialists in the industry

Venue at Lakewood Ranch Sarasota, FL MORE THAN Units: 237 50 Dedicated Multifamily VENUE AT LAKEWOOD RANCH | Sarasota, FL Professionals & Advisors CLIENT: Davis Development UNITS: 237

CHALLENGE: COVERING OVER STATES The challenge for this property was to sell prior to stabilization, and upon 65% occupancy in a market that no longer supports San Marin Apartments pre-sales. 24 Tampa, FL Expansive geographic footprint Units: 193 STRATEGY & RESULTS: To sell this community, which was still under construction, our team was able to leverage our years of experience MORE THAN in order to match the seller with a buyer whose tastes in property acquisition met those of the property.

39,000 The East Region Multifamily Advisor Group provided Units sold since 2011 Broker representation to both the buyer and seller. Additionally, We provided the clients with market research, property marketing, and assisted through all negotiations. Grandville on Saxon We were successful in achieving the highest price on Orange City, FL , even prior to stabilization. $2.8B Units: 316 record in the Sarasota market Group gross transaction value in since 2011

Grand Reserve at Park Isle Clearwater, FL Units: 390

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 8 WE CAN HELP 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 Craig Brown Will Mathews Payton Herschberger SENIOR ASSOCIATE | EAST SENIOR VICE PRESIDENT | ASSOCIATE | EAST REGION PRINCIPAL | EAST REGION REGION [email protected] [email protected] [email protected] DIR +1 404 574 1061 DIR +1 407 312 9349 DIR +1 404 877 9285

AT YOUR SERVICE

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