Research & Forecast Report

RICHMOND Accelerating success. Q3 2016 | Multifamily

Source: AXIOMetrics. RCA, CoStar Richmond Experiencing Top 25 Markets by Quarterly Effective Rent Growth Unprecedented Job Quarterly Effective MSA/Metropolitan Division Rent Growth Growth Seattle-Bellevue-Everett, WA 5.4% Sacramento-Roseville-Arden-Arcade, CA 5.3% Richmond does not experience excessive peaks like others in the Southeast Boston-Cambridge-Newton, MA-NH 4.3% region, but it does offer opportunity as a minimal-risk marketplace with Charleston-North Charleston, SC 4.1% stable demand drivers. Richmond’s effective job growth has generated Denver-Aurora-Lakewood, CO 4.0% additional momentum every year since 2013. Currently, job growth in Portland-Vancouver-Hillsboro, OR-WA 3.8% Richmond as a percentage is nearly double the national average. Over Chicago-Naperville-Arlington Heights, IL 3.6% the past twelve months – Richmond has created nearly 22,000 jobs Las Vegas-Henderson-Paradise, NV 3.5% which is the most new jobs produced in a one year period since 1996. Forth Worth-Arlington, TX 3.2% With steady demand, occupancy rates continue to rise, averaging roughly San Diego-Carlsbad, CA 3.2% 96% since mid-2014. According to Axiometrics second quarter reporting Riverside-San Bernardino-Ontario, CA 3.2% – Richmond was ranked 12th in the country by quarterly effective rent Richmond, VA 3.2% growth at 3.2%. Raleigh, NC 3.1% Oakland-Hayward-Berkeley, CA 3.1% Following five years of impressive job growth, multifamily fundamentals Washington-Arlington-Alexandria, DC-VA-MD-WV 3.0% have never been stronger. As an effect, unemployment remains below the Hartford-West Hartford-East Hartford, CT 2.9% national average with no signs of expanding. We confidently believe all Phoenix-Mesa-Scottsdale, AZ 2.8% new supply will quickly and effectively absorb. The traditional absorption Nashville-Davidson-Murfreesboro-Franklin, TN 2.7% metric when analyzing a market to be overbuilt or underbuilt is five St. Louis, MO-IL 2.7% new jobs created for every one apartment permit. When comparing Minneapolis-St. Paul-Bloomington, MN-WI 2.7% Richmond’s 2016 job growth to multifamily permitting – the ratio is a Silver Spring-Fredrick-Rockville, MD 2.6% commanding Most if not all banks have paused their construction 17.5:1. Baltimore-Columbia-Townson, MD 2.6% lending platforms as Basel III constricts their ability to provide debt Charlotte-Concord-Gastonia, NC-SC 2.5% capital to developers. This will further insulate the existing Richmond Memphis, TN-MS-AR 2.4% multifamily market in 2017 and 2018 creating the region’s most favorable Dallas-Plano-Irving, TX 2.4% marketplace in modern history.

Job Growth & MF Permits Multifamily Permitting Annual Job Gain (000) Annual Job Growth (%) Trailing 12 Months Ending Change Annual Numerical Change Annual Percentage Change MSA Name Aug 13 Aug 14 Aug 15 Aug 16 8/16 vs 8/15 Aug 13 Aug 14 Aug 15 Aug 16 Aug 13 Aug 14 Aug 15 Aug 16 Richmond, VA 1,116 1,500 887 1,222 37.8% 9.2 11.6 17.7 21.4 1.5% 1.9% 2.8% 3.3% National 309,973 360,650 434,590 402,131 -7.5% 2,314.0 2,636.0 2,848.0 2,451.0 1.7% 1.9% 2.0% 1.7% MARKET METRICS

Market Survey Results and Forecasts Sequential Month Annual 4Q15 1Q16 2Q16 3Q16 Sep-16 2014 2015 2016F 2017F 2018F 2019F 2020F Effective Rent Per Unit $979 $984 $1,014 $1,017 $1,011 $955 $977 $1,006 $1,043 $1,076 $1,102 $1,136 Per Sq. Ft $1.08 $1.08 $1.11 $1.12 $1.11 $1.05 $1.07 $1.10 $1.15 $1.18 $1.21 $1.25 Effective Rent Growth - Annually 3.0% 2.8% 3.1% 2.9% 2.6% 2.0% 2.4% 3.0% 3.7% 3.1% 2.4% 3.0%

Effective Rent Growth - Quarterly -0.9% 0.5% 3.2% 0.2% Occupancy Rate 94.4% 94.4% 95.1% 95.1% 95.1% 94.2% 94.4% 94.9% 95.2% 94.7% 94.1% 94.5% Occupancy Change - Annually 0.6% 0.5% 0.8% 0.3% 0.5% -0.1% 0.2% 0.6% 0.3% -0.6% -0.6% 0.4% Occupancy Change - Quarterly -0.4% 0.0% 0.8% 0.0% Economic Concessions Concession Value $-5.63 $-7.41 $-3.90 $-3.68 $-4.92 $-11.03 $-5.88 As a % of Asking Rent -0.6% -0.8% -0.4% -0.4% -0.5% -1.1% -0.6% SUPPLY AND DEMAND According to the Bureau of Labor Statistics, job growth in Richmond, VA Metro Area was 3.3% in August 2016, reflecting 21,400 jobs added during a 12-month period. The metro job growth figure was above the national number of 1.7%.

Axiometrics forecasts Richmond, VA Metro Area’s job growth to be 2.6% in 2017, with 17,538 jobs added. Job growth is expected to average 1.4% from 2018 to 2020, with an average of 9,681 jobs added each year.

On the supply side, permits for 1,222 multifamily units were issued in the 12 months ending in August 2016, up 68 units from the prior year’s sum. In terms of total residential housing, 5,219 units were permitted in the 12 months ending August 2016, an increase of 361 units from the prior year’s total.

Market Employment and Permitting Annual August-16 Annual Forecast 2013 2014 2015 Market National 2016F 2017F 2018F 2019F 2020F Employment (000s) 622.6 633.4 651.5 674.3 144,424.0 674.8 692.3 704.4 712.4 721.3 Job Gain (000s) 9.6 10.8 18.1 21.4 2,451.0 23.3 17.5 12.1 8.0 8.9 Job Growth (%) 1.6% 1.7% 2.9% 3.3% 1.7% 3.6% 2.6% 1.7% 1.1% 1.3% Total Residential Permitting 4,832 4,330 4,858 4,676 1,056,185 5,355 6,709 8,087 6,722 6,431 Relative Change 18.4% -10.4% 12.2% 14.0% 2.3% 10.2% 25.3% 20.5% -16.9% -4.3% Single Family Units Permitted 3,386 3,199 3,602 3,508 658,713 Relative Change 27.8% -5.5% 12.6% 10.0% 9.1% Multifamily Units Permitted 1,362 1,006 1,154 1,056 368,231 Relative Change 8.3% -26.1% 14.7% 32.0% -8.2% Multifamily as a % of Total 28.2% 23.2% 23.8% 22.6% 34.9% Demand/Supply Ratio Job Gain / Total Residential Units Permitted 2.4 2.2 4.2 5.2 2.4 4.8 3.3 1.8 1.0 1.3 Job Gain / Single Family Units Permitted 3.6 3.2 5.7 6.7 4.1 Job Gain / Multifamily Units Permitted 7.7 7.9 18.0 26.8 6.1

Multifamily Absorption and Supply Annual 3Q16 Annual Forecast 2013 2014 2015 Market National 2016F 2017F 2018F 2019F 2020F Total Units Absorbed 980 745 2,280 2,768 274,353 2,924 1,392 445 879 1,813 New Supply 1,130 1,224 1,865 2,470 367,859 2,456 1,271 1,305 1,488 1,110 Inventory Growth 0.9% 1.5% 1.9% 2.5% 1.4% 2.6% 1.9% 1.3% 1.5% 1.3%

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 3 THE DEMAND SIDE • Effective rent increased 0.2% from $1,014 in 2Q16 to $1,017 in 3Q16, which resulted in an annual growth rate of 2.9%. Annual effective rent growth is forecast to be 3.7% in 2017, and average 2.9% from 2018 to 2020. Annual effective rent growth has averaged 2.2% since 3rd quarter of 1996.

• The most consistent winners are in areas that are subject to stiffer barriers to entry for new development. Hanover County is the most restrictive and affordability to will continue to be an issue there. Demand remains high in Hanover and the west end of Henrico. Demand remains high in northern Chesterfield. Petersburg has experienced a sudden bump due to the repositioning of a huge number of low income properties.

Effective Rent Growth Ranking by Submarket Submarket Rank 3Q16 LTA* 2016 2017F-2020F Petersburg 1 5.1% 0.4% 4.9% 2.5% 2 4.8% 2.2% 4.7% 3.4% North Chesterfield 3 3.7% 2.1% 3.5% 2.9% South Chesterfield 4 3.7% 2.2% 3.8% 2.9% Far West End 5 3.4% 2.5% 3.7% 3.3% Southside/Westover Hills 6 3.3% 1.3% 3.6% 2.3% Northside/Laburnum 7 3.3% 3.6% 2.9% -0.2% Hanover County 8 2.5% 2.6% 2.3% 3.8% Downtown/The Fan 9 2.0% 1.7% 1.0% 3.1% Chesterfield County/Other 10 1.6% 1.7% 2.5% 2.9% Southside/Broadrock 11 1.3% 1.6% 1.6% 2.5% Airport 12 -0.5% 1.1% 0.0% 2.3% Market Average 2.9% 1.9% 2.9% 2.7%

• It’s not surprising that the submarket “Downtown/The Fan”-- which includes the booming districts of Manchester and Scotts Addition -- leads the region in occupancy despite the influx of so many new apartments. The Millennials are flocking to the urban core. The next four communities on the list are the beneficiaries of very restrictive land use controls in Henrico and Hanover County.

Occupancy by Submarket Submarket Rank 3Q16 LTA* 2016F 2017F-2020F Downtown/The Fan 1 97.8% 96.7% 96.4% 96.3% Hanover County 2 97.6% 95.2% 96.7% 95.9% Near West End 3 96.6% 96.4% 96.1% 95.8% Far West End 4 96.2% 95.4% 95.9% 95.5% Airport 5 95.2% 95.0% 94.7% 94.6% North Chesterfield 6 95.0% 93.0% 95.0% 95.2% Southside/Broadrock 7 94.8% 90.1% 94.6% 93.9% Southside/Westover Hills 8 94.5% 96.3% 95.4% 95.4% Chesterfield County/Other 9 94.1% 92.2% 93.5% 93.2% Petersburg 10 93.4% 95.6% 93.9% 94.8% South Chesterfield 11 91.9% 93.5% 92.0% 91.4% Northside/Laburnum 12 91.9% 90.8% 92.2% 92.5% Market Average 94.9% 94.2% 94.7% 94.5% *LTA - Long term average 1996 (or available) to current

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 4 IDENTIFIED SUPPLY Per Axiometrics, permits for 1,222 multifamily units were issued in the 12 months ending in August 2016, up 68 units from the prior year’s sum. In terms of total residential housing, 5,219 units were permitted in the 12 months ending August 2016, an increase of 361 units from the prior year’s total. As stated earlier – The traditional absorption metric when analyzing a market to be overbuilt or underbuilt is five new jobs created for every one apartment permit. When comparing Richmond’s 2016 job growth (21,400) to multifamily permitting (1,222 units) – the ratio is a commanding 17.5:1. Richmond could nearly absorb an additional 3,000 multifamily units and still be healthy. As of October 10, 2016, Axiometrics has identified 2,155 apartment units scheduled for delivery in 2016, of which, 1,560 have been delivered. As a comparison, there were 1,673 apartment units delivered in 2015. Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,297 per unit, or $1.56 per square foot. Effective rent has averaged $1,247, or $1.50 per square foot, resulting in an average concession value of $-50.00. As a comparison, existing properties in the market had an average asking rent of $1,020 per unit ($1.12 per square foot) and an average effective rent of $1,017 per unit, or $1.12 per square foot, in 3Q16.

Submarket Delivery Schedule Pipeline Delivery Schedule Pipeline Lease Up Trend Units Absorbed Asking Rent Effective Rent Top Submarkets 2014 2015 2016 Total Totals PPM Per Unit PSF Per Unit PSF Downtown/The Fan 385 347 337 1,069 235 9 $1,343 $1.97 $1,325 $1.94 Far West End 200 220 350 770 147 16 $1,389 $1.31 $1,377 $1.30 Near West End 96 228 240 564 16 5 $1,241 $1.51 $1,199 $1.46 North Chesterfield 58 457 573 1,088 331 14 $1,307 $1.23 $1,204 $1.13 Southside/Westover Hills 129 140 264 533 0 0 $1,242 $1.60 $1,143 $1.47 Other 411 281 391 1,083 71 10 $1,198 $1.80 $1,187 $1.79 Louisville/Jefferson County, KY-IN 1,279 1,673 2,155 5,107 800 12 $1,295 $1.55 $1,242 $1.49 *Based on 2016 deliveries *Trend based on a trailing 12 month period

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 5 RECENT SALES Real Capital Analytics provides information on 12 communities which closed in the 3rd Quarter of 2016. The most notable sales, representing about 60% of the total dollar amount for the quarter, were Champion Club (212 units) and Park West End (312 units), far west end mid-80’s garden apartments. The Colliers International | East Region team, consisting of Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel, represented the Seller, Core Management Holdings of Newport Beach, California. A third local community-- Hickory Creek (294 units), owned by Core and sold by Colliers-- closed in June. The total value for the three communities was over $82 Million.

Date Property Name Address City Units Year Built Price in $ $/Units Aug-16 The Birches 2318 Cecil Rd Richmond 98 1956 5,500,000 56,122 Aug-16 Audubon Village II 4633 Needham Ct Henrico 160 1974 / 3,300,000 20,625 2001 Aug-16 Riverview 205 Archer Ave Colonial Heights 88 2003 5,500,000 62,500 Jul-16 Madison Terrace 2110 Richmond St Hopewell 76 1979 3,055,000 40,197 Jul-16 Champions Club 4200 Harwin Glen Allen 212 1985 23,320,000 110,000 Jul-16 Park West End Apartments 5300 Glenside Dr Henrico 312 1985 28,500,000 91,346 Jul-16 River Road Terrace 20800 Riverterrace Rd Petersburg 128 1973 / 2,900,000 22,656 2005 Jul-16 Meadow Creek 5312 Hull Street Rd Richmond 144 1973 / 2010 6,250,000 43,403 Jun-16 Audubon Village I & II 4901 Wood Thrush Cir Henrico 214 2001 13,600,000 63,551 Jun-16 Ashland Woods I & II 1100 W Omni Ter Ashland 150 1999 10,400,000 69,333 Jun-16 Aspen Station 1500 Forest Run Dr Henrico 232 1980 22,900,000 98,707 Jun-16 Hickory Creek 2344 Hickory Creek Dr Henrico 294 1985 28,550,000 97,109 Jun-16 Millspring Commons 9318 Tarheel Ter Henrico 159 1972 / 1985 18,180,000 114,340 Jun-16 South Pointe Landing 6110 Cricklewood Dr Richmond 192 1972 11,650,000 60,677 Jun-16 Hanover Crossing 9258 Hanover Crossing Dr Mechanicsville 220 1987 22,793,000 103,605 Apartments Jun-16 Wilde Lake 2900 Bywater Dr Henrico 190 1989 20,937,000 110,195 Jun-16 Parachute Apartments 300 Decatur St Richmond 95 1937 / 6,500,000 68,421 2006

COLLIERS INTERNATIONAL www.ColliersMultifamilyEast.com MULTIFAMILY ADVISORY GROUP P. 6 PIPELINE DETAIL

# Name Status Owner Address Market Units Lease-Up Total Units 956 1 Plant 1 Apartments Lease Up Larson Development 403 Stockton St Old Town Manchester 134 2 Spectrum Lease Up Willie E Lanier 2017 Brook Rd Virginia Union 103 3 City View Lofts Lease Up Jim Schwalls & Associates, Inc. 409-611 Bainbridge St Old Town Manchester 121 4 8th & Main Lease Up The Monument Companies, LLC 800 E Main St City Center 195 5 Element at Stonebridge Lease Up Boyd Homes 301 Karl Linn Dr Chesterfield County 203 6 Deco at CNB Lease Up Douglas Development Corporation 219 E Broad St City Center 200 Under Construction Total Units 2,302 7 The Overlook Under Construction Historic Housing Ltd. 1817 E Main St 76 8 Ironbridge Corner Apartments Under Construction Surber Development and 6700 Iron Creek Cir Chesterfield County 80 Consulting 9 Apartments: Under Construction Genesis Properties 1905 Cedar St Upper Shockoe Valley 87 Phase II 10 City View Lofts - Phase II Under Construction Jim Schwalls & Associates, Inc. 611 Bainbridge St Old Town Manchester 98 11 The Crossings at Hanover Under Construction Smith/Packett 8227 Meadowbridge Rd Hanover County 110 12 Charleston Ridge Apartments Under Construction Charter Realty 10449 Atlee Station Rd Hanover County 133 13 Element at Stonebridge Phase II Under Construction Boyd Homes 301 Karl Linn Dr Chesterfield County 197 14 The Retreat At West Creek - Under Construction Pegasus Residential, LLC 1000 Wilkes Ridge Pl Goochland County 82 Phase II 15 Courtyard Lofts at Scott's Under Construction Cushman & Wakefield|Thalhimer 3200 W Clay St Scott's Addition 100 Addition Property Management 16 Valley West Apartments Under Construction Valley West, LLC 100 N 20th St Shockoe Bottom 160 17 Avia Luxury Apartments Under Construction Commonwealth Properties 12350 W Broad St Western Henrico County 320 18 The Village at Westlake Under Construction The Breeden Company 6508 Jahnke Rd Jahnke 252 19 GRTC Under Construction The Monument Companies, LLC 101 S Davis St The Fan 280 20 Gumenick Apartments Under Construction Gumenick Properties 5001 Libbie Mill Blvd E Western Henrico County 327 Proposed Total Units 3,620 21 CMB Multi-Family Development: Proposed CMB Development, LLC 519 E Main St City Center 84 Phase II 22 Symbol Mattress Mult-Family Proposed Thetford Properties Limited 1814 Highpoint Ave Scott's Addition 202 Development Partnership 23 Belmont Apartments Proposed 2252 LLC 4000 W Broad St Sauer's Gardens 238 24 Canopy at Proposed Union Theological Seminary Va 1311 Westwood Ave Sherwood Park 301 25 Fountainhead MF Project Proposed Fountainhead Properties 115 Hull St Old Town Manchester 91 26 Church Hill North Proposed City Of Richmond 1611 N 31st St Church Hill North 155 27 Colony Village Phase II Proposed Plus Management 10220 Jefferson Davis Chesterfield County 166 Hwy 28 1903 E Marshall St Proposed GTR Cedar, LLC 1903 E Marshall St Upper Shockoe Valley 178 29 Element at Stonebridge - Phase Proposed Boyd Homes 301 Karl Linn Dr Chesterfield County 200 III 30 Midlothian Town Center Proposed CMB Development, LLC 1300 Winterfield Rd Midlothian 246 Apartments 31 Abberly at CenterPointe Proposed University Of Virginia 1900 Brandermill Pky Midlothian 271 32 Manchester on the James Proposed Northwood Ravin 700 Cowardin Ave Woodland Heights 200 33 Reynolds Packaging Proposed Cushman & Wakefield|Thalhimer W 6th St Old Town Manchester 263 Redevelopment Property Management 34 Big Oak at Bell Creek Proposed Stanley Shield, Inc Left Flank Rd Hanover County 331 35 Oakland Chase Phase II Proposed United Property Associates 6418 Oak Front Ct Eastern Henrico County 150 36 Roseneath Towers Proposed Historic Housing Ltd. 1400 Roseneath Rd Scott's Addition 258 37 Caldwell Park Proposed Edge Development Partners Chamberlayne Rd @ New Hanover County 286 Ashcake Rd Total Units 6,878

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

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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 Richmond area outpaces state and nation in job growth, by Carol Hazard, Richmond Times-Dispatch The Richmond area is outpacing the state and the nation in job growth, and its unemployment rate is lower. The jobless rate in the Richmond metro area fell to 4.2 percent in February from 4.4 percent in January and from 5.2 percent a year ago in February, according to figures released Wednesday by the Virginia Employment Commission. “The Richmond metropolitan area still rates 13th best among large metro areas in the nation,” said senior economist Ann Lang at the Virginia Employment Commission. WHO WE ARE Economic Impact: Richmond region’s job growth is better than state and nation, by One of the largest and most Christine Chmura, Richmond Times-Dispatch experienced teams of multifamily The Richmond area’s economy was hit harder during the recession than the state and nation, in specialists in the industry part because of its dependence on finance and insurance industries. Now the employment growth in the Richmond region is outpacing all of the metropolitan areas in the state and is growing slightly faster than the nation on a year-over-year basis. MORE THAN

Chesterfield County halves its cash proffer: The General Assembly shelves a bill 50 to cap state historic tax credits, by Bruce Milam, Colliers International | Richmond Dedicated Multifamily Professionals & Advisors The biggest news of the quarter for multifamily development is the recent one of Chesterfield County to slash the cost of required cash proffers to roughly half their previous amount. The cash proffer system commenced in 1992 ostensibly to mitigate the effect of residential growth on COVERING OVER public infrastructure in the County and was set initially at little more than $2500 per unit. It rose STATES steadily, come economic boom or bust, to a stifling sum of approximately $19,000 per unit. The cash proffer effectively eliminated the possibility of rezoning land for affordable housing including 20 the development of Class A multifamily communities. Expansive geographic footprint New leadership in the County, working closely with the Homebuilders Association of Richmond (HBAR), restructured the method by which the Chesterfield paid its way for public improvements and realized an opportunity to reduce the proffer to a “ceiling” of $9400 per unit. The actual MORE THAN amount is negotiable and based upon a formula of in-kind contributions by the developer. This reduction should be a boon to the development of Class A multifamily communities, which 30,000 are virtual cash cows to the County tax revenues and serve as housing incubators for Gen Y professionals. One can expect to see multiple new apartment deals in the news in Chesterfield Units sold since 2011 over the course of the next year. The HBAR Multifamily Council was also successful in stemming a near disastrous bill at the General Assembly which would have arbitrarily set an annual cap of the total dollar amount of state historic tax credit awards. The state historic tax credit has been instrumental in the financing B the re-adaptive use of obsolete and abandoned office and industrial buildings in the urban core into $2.0 loft apartments. A cap would have jeopardized the financial structure of many deals and crippled the growth of affordable housing and the revitalization of aging communities. Kudos to HBAR on Group gross transaction value in both fronts. since 2011 Colliers International Richmond is a long standing member of HBAR, and team member Bruce Milam serves on their Board of Directors and chairman of the HBAR Multifamily Council.

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 JACKIE NOEL, CCIM CPM Principal | East Region Senior Broker | Richmond & [email protected] Norfolk +1 404 877 9285 [email protected] +1 804 591 2423

BROOKS COLQUITT CRAIG BROWN Associate | East Region Associate | East Region [email protected] [email protected] +1 404 978 2337 +1 404 978 2336

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