Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS 168 The Village at Thorncreek 283 169 Washington Center 321 1 The Miller 207 260 Adams Crossing 50 132 4 Alexan Diagonal Crossing 250 271 1155 Alpine Avenue 300 8 Clovis Point 208 308 272 Iris & B 50 18 Gateway North Phase II 159 304 273 S'PARK Timber II 85 305 21 Timber 150 274 Norwest 144 309 307 25 Avilla Prairie Center 136 133 18 275 Residences at Flatiron 131 306 30 Ascent Westminster 255 Marketplace Phase II 873 42 Total Lease Up 1,365 276 Rock Creek 94 123 8 286 40 North 289 38 Residences at Flatiron Marketplace 327 287 Coal Creek Station 54 41 Park 40 313 288 Northwest 50 42 Farm Haus 280 304 15th Avenue 88 46 The Armory 201 305 9th & Pace 120 337 61 REVE Boulder 242 306 Boston Station 372 62 Aspire 226 307 The Highlands 413 46 346 Total Under Construction 1,589 308 Prairie Village 126 309 South Main Station Phase II 62 21 4 272 80 Arista Place & Wadsworth Pkwy 325 337 6701 Frederick Way 54 273 117 271 346 Celestial Seasonings 268 81 Westglenn 306 61 124 116 347 82 Avilla Eastlake 244 347 Waterview 376 113 Aspen Hills 180 Total Prospective 7,201 286 41 116 The Collective on Canyon 147 287 1 117 S'PARK 288 118 Downtown Superior 380 288 125 123 Longmont Station 247 118 25 124 Outlook Nine Mile 290 276 125 Sundar 684 168 275 38 166 131 Mountain Brook Residential Subdivision 110 82 260 274 169 165 132 Prairie Village 88 80 133 Sugarmill Townhomes 224 164 Total Planned 3,513 161 113

62 162 161 AVA Westminster Promenade 312 167 81 162 Current Elements Collection 58 30 163 Rose Hill 2,100 163 164 Shepsfield Park Project 50 165 Eastlake 63 166 Eastlake Station 60 167 Pearl Street 86

1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS

2 Chroma 263 3 3 Basecamp 72 120 7 Watermark at 63 278 187 11 The Mezz Fiddler's Green 149 91

14 Westerly 345 186 291 188 24 The Depot at Twenty Mile 200 119 31 Springs at Castle Rock 204 290 59 345 33 Springs at Eagle Bend 280 247 248 258 256 284 289 251 259 Total Lease Up 1,576 252 154

114 285 249 262 39 Broadstone Bowles Crossing 326 7 263 49 44 Copperleaf 266 64 267 44 49 4400 South Syracuse Street 316 57 264 266 57 DTC Union 310 256 Avere on the High Line 56 277 39 126 258 Blvd & Evans Avenue 86 59 The Overland 140 269 127 11 64 Affinity at Copperleaf 168 259 Monaco Parkway 300 270 Total Under Construction 1,526 262 MIG Englewood 114 268 265 263 Navajo 141 33 264 Columbine Square 340 91 533 Van Gordon Street 309 14 302 265 River Park 306 2 294 114 Lorreto Heights Area Plan 100 301 24 266 Trails at Lehow 80 119 18450 West Colfax 165 299 267 4552 South Ulster 150 298 120 Denver West 230 268 Clinton Street 230 126 Caliber at Southlands 270 300 269 The Legends of Centennial 209 127 Shadow Ridge at Southlands Phase II 50 270 Village at Centennial 203 128 Castle Pines 198 277 5890 South Alkire Street 88 129 Resort Lifestyle Communities 1360 130 Meadows Pkwy 278 16500 South Golden Road 79 130 Ridgeview 55 Plus 150 284 Colorado Avenue 80 128 134 Epoque 155 285 The Point at 350 293 154 The Cameron 350 289 Murphy Creek Townhomes 174 Total Planned 2,107 290 Sand Creek Ranch 132 291 Starfall 1,188 129 303 186 66 Van Gordon 358 292 Caliber at Terrain 238 300 RidgeGate Station 540 296 187 730 Simms Street 218 293 Castle Pines Town Center 200 31 301 Stonegate 150 297 294 Chroma Phase II 50 188 Revel Belmar Senior 172 302 Summit Square / Quincy Point 200 348 310 292 247 Green Gables 200 295 Meadows 116 303 Vanguard Castle Rock 260 295 130 248 Novel White Fence Farm 234 296 Meadows Town Center 111 310 Upper Sunstone Village 261 249 Red Rocks Ranch 100 297 Pine Canyon 805 345 Main and Main 361 251 2141 South Broadway 380 298 Prescient at Ridgegate 240 348 Auburn Villas 100 134 252 2720 Federal 70 299 RidgeGate East 540 Total Prospective 10,210 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS 241 Central Park 307 242 Kappa Tower II Phase II 50 5 The Fremont Residences 253 243 Strata Phase II 96 12 The Haven by Watermark 206 244 2201 Clinton Street 338 13 Outlook Gateway 324 245 Alta Fitzsimons at Colfax Station 294 16 Solana Stapleton 280 246 Stanley Residential 172 19 Connect at First Creek 150 254 Aspgren Park 216 22 Gables Vista 255 182 255 Gates District at Broadway 183 27 Overture 9th + Co 207 597 Station Phase II 184 29 Encore at Boulevard One 347 257 Cherry Creek North 180 185 239 261 89 32 The Aster Conservatory Green Phase II 256 261 Old Mile High Greyhound 189 88 Total Lease Up 2,278 Park Redevelopment 181 279 Abilene Station 767 240 106 19 13 280 Coark Tower 76 12 51 Legacy at Fitz 363 281 East 2nd Avenue 93 242 54 Parkside at City Centre 216 238 282 Edge Point Phase III 340 243 60 Airie 176 32 283 Fitzsimons Village 490 67 East 45th Avenue 280 67 Total Prospective 7,254 Total Under Construction 1,035 107 237 241 88 Elevate @ Pena Station Phase II 198 16 89 LMC Gateway 240 246 106 Aster Beeler Park 246 244 5 107 Central Park Station One 301 283 280 245 108 108 Citadel on Colfax 300 51 282 112 Gates District at Broadway Station 290 27 115 Bloom at Cherry Creek 111 122 121 Argenta 207 229 235 121 281 279 122 Luxe on 4th 300 29 22 54 Total Planned 2,193 257 254 60 115 181 DIA West 308 255 112 182 Edison at High Point 114 183 High Point 239 184 High Point 300 185 Station @ Pena 253 229 235 Fillmore Street 100 235 Modera Cherry Creek 100 237 4141 East 35th Avenue 100 238 60th & Argonne 189 239 Avelon 1,100 240 Beeler Park 246

1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS

6 Crowne at Old Town North 304 23 The Standard 237 Total Lease Up 541

135 Waterfield Fourth Filing 498 139 The Collins 116 141 The Overlook 106 311 142 2800 South Taft Hill Road 170 314 143 Johnson Drive 193 144 Haven 58 331 335 145 Lombardy 339 6 336 135 146 Mosaic 160 313 332 147 146 147 Northfield Residential 422 155 312 148 148 Willow & Pine 197 150 Saddler Ridge Multi-Family Infrastructure Project 58 150 145 334 155 Penny Flats North 64 333 330 23 Total Planned 2,381 327 144 328 311 Montava 1,500 143 312 Sanctuary on the Green 268

313 Shields & Vine 106 329 142 314 Watermark at Fort Collins 296 327 920 Hobbit Street 52 328 Hobbit Street & South Shields Street 100 141 329 Spradley Barr 200 330 1215 South Shields Street 97 331 Aspen Heights Fort Collins 221 139 332 East Vine Drive & Jerome Street 50 333 Hub on Campus Fort Collins 212 334 Laurel & Mason 60 335 Northfield Commons 96 336 The Retreat at Fort Collins 190 Total Prospective 3,448

1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS

9 The Raleigh at Sloan's Lake 249 28 Luxe at Mile High 382 Total Lease Up 631 84

35 Traverse 281 174 37 Cirrus 292 43 Brickhouse at Lamar Station 293 65 Alexan Julian 202 66 The Walcott 122 173 70 Zia 314 156 159 71 Edison at Wheatridge 231 73 Gateway North and South 187 79 74 Modera LoHi 132 Total Under Construction 2,054 160 158 79 Olde Town Residences 252 83 Lakewood Heights at Sloans Lake 200 84 Westminster Station Mixed Use 123 214 90 1205 Benton Street 58 93 1919 Mile High Circle 277 223 172 213 95 26th Avenue & Alcott Street 119 157 70 98 The Bell and Palmer 111 205 65 Total Planned 1,140 71 200 156 Marvelle Ralston Creek 158 98 157 Outlook Clear Creek 310 226 74 66 158 Traxs at Ward 200 213 Fox Iron Works 392 198 95 159 Wadsworth Boulevard 100 214 Fox North 200 171 219 160 Ward Station 100 215 GreenHaus 79 189 170 Edgewater Village 100 217 Mile High Stadium 73 170 217 93 171 Lakewood Gateway 84 219 The River Mile 8,000 9 172 Town Center 140 221 South End Empower Field at 83 37 Mile High 1,500 221 173 Clear Creek Transit Village 1,125 225 209 28 223 Sunnyside 208 174 Midtown at Clear Creek Filing 12 147 90 215 224 Thrive 105 43 340 224 189 Village at Morse Park 70 343 225 Vida at Sloans 4 112 73 198 27th & Clay 116 35 226 Viking Park 117 200 3301 Mariposa Street 131 340 Lamar Station Crossing Phase II 66 205 805 West 38th Avenue 180 343 Jody Redevelopment 63 209 Conejos Place Residential 105 Development Total Prospective 13,981 2000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS

10 University Flats at Greeley Phase II 78 20 The Reserve at West T-Bone Phase II 76 Total Lease Up 154

45 Ten West Greeley 264 52 Gateway Place Phase II 144 68 Fossil Ridge Phase II 90 Total Under Construction 498

136 Eagle Crossing Lot 1 111 137 Ridgewood Hills 146 138 Water's Edge 138 140 Mars Landing Multi-Family Development 90 149 Grace Pointe Independent Living 68 Total Planned 553 318 140 315 Windsor Villages at Ptarmigan 100 320 326 317 316 6801 South College Road 90 324 317 The Hansen 240 316 322 318 Harmony & Strauss Cabin 296 137 315 323 319 Hunters Run West 451 320 Masbur Property Townhomes 100 339 321 Railway Flats Phase II 180 349 325

322 Sun Communities Mobile 68 136 Home Park 211 323 Triangle Road 302 45 324 Trilby and Timberline Residential 221 319 321 10 325 Wintergreen Village 192 149 338 326 College and Trilby 300 52 338 Alpine Flats 142 20 339 The Village Center 100 349 Taft Avenue Development 100 Total Prospective 3,025 138

1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS

15 Bromwell 170

17 Neon Local 238 102 Total Lease Up 408 211 177 203 99 50 204 76 36 10th & Acoma 389 194 47 Art District Lofts 126 236 50 Broadstone Uptown 216 218 228 72 Modera West Wash Park 241 75 PDG Design District 354 193 76 Bespoke Uptown 316 47 192 212 233 Total Under Construction 1,642 100 190 101

220 206 207 99 El Jebel Temple 350 36 100 Evans West 479 232 231 101 Modera Golden Triangle 420 230 105 102 Six Fifty 17 100 234 105 757 Grant 68 109 301 South Cherokee Street 359

110 360 Acoma 171 72 111 Alameda Avenue & Bannock Street 370 110 15 Total Planned 2,317

250 177 Broadstone Uptown West 107 190 1010 Santa Fe 207 253 192 1115 North Acoma Street 220 17 193 1277 Santa Fe Drive 124 194 1559 Logan Street 281 203 601 16th Street mixed use 50 109 111 204 777 East 17th Ave 132 75 206 990 Bannock Street 205 207 Castle Broadstone 511 211 Emerson Place 84 212 Evans East 300 218 Opus - Colfax and Kalamath 297 233 Arts at 1200 Lincoln 155 220 Santa Fe Drive 203 234 Avalon Governor's Park 418 228 1150 East Colfax Avenue 336 236 Route 40 Flats Redevelopment 205 230 758 Sherman Street 193 250 1st Avenue 106 231 782 Sherman Street 81 253 50 South Kalamath Street 471 232 8th and Sherman Street 193 Total Prospective 4,879

1000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS 197 2114 Curtis Street 50 199 2980 Huron Street 298 26 The Pullman 168 201 3403 Brighton Blvd 100 Total Lease Up 168 202 3703 North Downing Street 151 208 Champa Flats 169 34 DriveTrain 403 210 Downing Street Mixed-Use 100 40 AMLI RiNo 390 216 Kenect Denver 431 48 X Denver 2.0 192 222 Stok on Welton 122 85 53 Edit at River North 366 227 X Denver 3.0 392 55 3206 Denargo Street 337 341 14th Street & Larimer Street 300 175 87 56 The Hooper 103 176 342 3275 Denargo Street 650 104 180 178 58 The Fitzgerald 282 344 Vert Lofts 175 344 210 153 86 63 X Denver 251 Total Prospective 5,311 201 69 Marion Street 58 179 202 69 77 The Flats / Fourteen45 225 34 151 78 Camden RiNo 233 53 96 Total Under Construction 2,840 103 40 78

342 85 North Wynkoop Residential 392 55 86 Novel RiNo 483 63 87 Train Denver Mixed-Use 100 48 Development 199 92 1401 Wazee Street 55 94 97 94 19th & Chestnut 198 96 2950 Arkins Court 365 26 222

97 Ava RiNo 246 216 56 103 Vario 459 196 195 227 104 Wynkoop Tower 186 208 58 197 151 3600 North Downing Street 200 77 191 152 152 Alsation 238 92 153 The Foundry 348 Total Planned 3,270 341

175 3900 Brighton Blvd 631 176 3930 Blake Street 253 178 Denver Rock Drill Silo 180 179 NEC East 37th Avenue & North Downing Street 229 180 RiNo 100 191 1055 19th Street 750 195 1899 Market Street 50 196 2099 Lawrence Street 180 1000 ft Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

1 The Miller 235 South Boulder Road Lafayette CO 80026 Lease-Up 207 Greater Boulder 05/13/2019 03/31/2021 06/01/2020 2 Chroma 1360 Martha Street Highlands Ranch CO 80129 Lease-Up 263 Douglas County - North 08/12/2019 03/31/2021 04/20/2020

3 Basecamp 1620 8th Street Golden CO 80401 Lease-Up 72 Golden 10/22/2019 12/31/2020 06/08/2020 4 Alexan Diagonal Crossing 3773 Canfield Street Boulder CO 80301 Lease-Up 250 Greater Boulder 09/01/2018 12/31/2020 02/03/2020

5 The Fremont Residences 13021 East 21st Avenue Aurora CO 80045 Lease-Up 253 Aurora - Northwest 02/20/2019 12/31/2020 10/14/2019 6 Crowne at Old Town North 1044 Jerome Street Fort Collins CO 80524 Lease-Up 304 Fort Collins - North 02/15/2019 11/30/2020 06/22/2020 7 Watermark at Dayton Station 3865 South Dallas Way Aurora CO 80014 Lease-Up 63 Arapahoe - Southwest 10/17/2019 11/30/2020 04/27/2020 8 Clovis Point 1855 Lefthand Creek Drive Longmont CO 80501 Lease-Up 208 Longmont 10/01/2019 10/31/2020 03/23/2020 9 The Raleigh at Sloan's Lake 1650 North Raleigh Street Denver CO 80204 Lease-Up 249 CBD / Five Points / North Capitol Hill 10/01/2017 10/31/2020 12/02/2019 10 University Flats at Greeley Phase II 1758 6th Avenue Greeley CO 80631 Lease-Up 78 Greeley East 08/01/2019 10/31/2020 10/31/2019 11 The Mezz Fiddler's Green 6440 Syracuse Way Centennial CO 80111 Lease-Up 149 Arapahoe - Southwest 06/01/2019 09/30/2020 05/18/2020 12 The Haven by Watermark 18400 Elmendorf Drive Denver CO 80249 Lease-Up 206 East Colfax / Lowry Field / Stapleton 03/20/2019 09/30/2020 04/15/2020 13 Outlook Gateway 5650 North Argonne Street Denver CO 80249 Lease-Up 324 Denver International Airport 05/02/2019 09/30/2020 11/01/2019 14 Westerly 8510 South Oak Circle Littleton CO 80127 Lease-Up 345 Jefferson 07/18/2018 09/30/2020 07/01/2019 Hampden / Virginia Village / Washington 15 Bromwell 355 Logan Street Denver CO 80203 Lease-Up 170 08/01/2018 08/31/2020 06/22/2020 Virginia Vale 16 Solana Stapleton 11700 East 26th Avenue Denver CO 80238 Lease-Up 280 East Colfax / Lowry Field / Stapleton 04/19/2019 08/31/2020 05/22/2020 17 Neon Local 99 South Broadway Denver CO 80209 Lease-Up 238 College View / Ruby Hill 03/07/2019 08/31/2020 05/01/2020 18 Gateway North Phase II 11371 Arbor Street Firestone CO 80504 Lease-Up 159 Weld South 04/01/2019 08/31/2020 11/08/2019 19 Connect at First Creek 17900 East 56th Avenue Denver CO 80249 Lease-Up 150 East Colfax / Lowry Field / Stapleton 12/05/2018 08/31/2020 07/01/2019 20 The Reserve at West T-Bone Phase II 5800 West 29th Street Greeley CO 80634 Lease-Up 76 Windsor / Greeley West 11/01/2017 08/31/2020 03/01/2019 21 Timber 3303 Bluff Street Boulder CO 80301 Lease-Up 150 Boulder 10/02/2017 08/30/2020 06/06/2020 Hampden / Virginia Village / Washington 22 Gables Vista 375 South Jackson Street Denver CO 80209 Lease-Up 255 08/07/2017 07/31/2020 03/18/2020 Virginia Vale 23 The Standard 775 West Lake Street Fort Collins CO 80521 Lease-Up 237 Fort Collins - North 02/23/2019 07/31/2020 10/01/2019 24 The Depot at Twenty Mile 9425 Twenty Mile Road Parker CO 80134 Lease-Up 200 Douglas County - North 12/01/2018 07/31/2020 09/03/2019 25 Avilla Prairie Center 2103 Peregrine Drive Brighton CO 80601 Lease-Up 136 Brighton 01/30/2019 07/31/2020 09/02/2019 26 The Pullman 1959 Wewatta Street Denver CO 80202 Lease-Up 168 CBD / Five Points / North Capitol Hill 04/14/2017 07/31/2020 07/22/2019 27 Overture 9th + Co 4205 East 10th Avenue Denver CO 80220 Lease-Up 207 Capitol Hill / Cheesman Park / Hale 04/01/2018 07/31/2020 07/01/2019 28 Luxe at Mile High 3200 West Colfax Avenue Denver CO 80204 Lease-Up 382 CBD / Five Points / North Capitol Hill 05/01/2017 07/31/2020 06/17/2019 29 Encore at Boulevard One 7108 East Lowry Blvd Denver CO 80230 Lease-Up 347 East Colfax / Lowry Field / Stapleton 12/01/2017 07/31/2020 05/20/2019 30 Ascent Westminster 8860 Westminster Blvd Westminster CO 80031 Lease-Up 255 Westminster 08/07/2017 07/31/2020 05/20/2019 31 Springs at Castle Rock 3715 Bilberry Street Castle Rock CO 80109 Lease-Up 204 Douglas County - North 12/14/2018 07/31/2020 05/01/2019 32 The Aster Conservatory Green Phase II 9095 East 47th Avenue Denver CO 80238 Lease-Up 256 East Colfax / Lowry Field / Stapleton 07/01/2018 07/31/2020 04/01/2019 33 Springs at Eagle Bend 7700 South Winnipeg Street Aurora CO 80016 Lease-Up 280 Arapahoe - Southwest 09/01/2017 07/31/2020 11/01/2018 Total Lease-Up 7,121

34 DriveTrain 3299 Brighton Blvd Denver CO 80216 Under Construction 403 CBD / Five Points / North Capitol Hill 05/04/2020 05/31/2022 Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

35 Traverse 5495 West 10th Avenue Lakewood CO 80214 Under Construction 281 Lakewood - North 06/07/2020 03/31/2022 36 10th & Acoma 921 Acoma Street Denver CO 80204 Under Construction 389 CBD / Five Points / North Capitol Hill 02/17/2020 03/31/2022 37 Cirrus 1590 Grove Street Denver CO 80204 Under Construction 292 CBD / Five Points / North Capitol Hill 11/18/2019 03/31/2022 SEC East Flatiron Crossing Drive & 38 Residences at Flatiron Marketplace Broomfield CO 80021 Under Construction 327 Broomfield / Todd Creek 03/01/2020 03/31/2022 US Highway 36 39 Broadstone Bowles Crossing 8090 West Long Drive Littleton CO 80123 Under Construction 326 Jefferson 01/06/2020 01/31/2022 40 AMLI RiNo 3325 Denargo Street Denver CO 80216 Under Construction 390 CBD / Five Points / North Capitol Hill 10/01/2019 12/31/2021 SWC East Baseline Road & 41 Park 40 Broomfield CO 80023 Under Construction 313 Broomfield / Todd Creek 12/12/2019 12/31/2021 Sheridan Pkwy 42 Farm Haus 1455 East 3rd Avenue Longmont CO 80525 Under Construction 280 Longmont 06/22/2020 12/31/2021 43 Brickhouse at Lamar Station 6300 West 13th Street Lakewood CO 80214 Under Construction 293 Lakewood - North 04/27/2019 10/31/2021 SWC South Picadilly Street & East 44 Copperleaf Aurora CO 80018 Under Construction 266 Aurora - Southeast 03/02/2020 10/31/2021 Quincy Avenue 45 Ten West Greeley 6600 West 8th Street Greeley CO 80634 Under Construction 264 Windsor / Greeley West 03/30/2020 10/31/2021 46 The Armory 4750 Broadway Boulder CO 80304 Under Construction 201 Boulder 03/16/2020 09/30/2021 47 Art District Lofts 1225 Santa Fe Drive Denver CO 80204 Under Construction 126 CBD / Five Points / North Capitol Hill 09/26/2019 08/31/2021 48 X Denver 2.0 3000 North Inca Street Denver CO 80202 Under Construction 192 CBD / Five Points / North Capitol Hill 01/01/2020 07/31/2021 49 4400 South Syracuse Street 4400 South Syracuse Street Denver CO 80237 Under Construction 316 Arapahoe - Southwest 01/15/2020 07/31/2021 50 Broadstone Uptown 1780 North Marion Street Denver CO 80218 Under Construction 216 City Park / City Park West 12/01/2019 06/30/2021 51 Legacy at Fitz 1363 North Victor Street Aurora CO 80045 Under Construction 363 Aurora - Westcentral 04/01/2020 06/30/2021 52 Gateway Place Phase II 3750 West 24th Street Greeley CO 80634 Under Construction 144 Windsor / Greeley West 12/02/2019 06/30/2021 53 Edit at River North 3463 Walnut Street Denver CO 80205 Under Construction 366 CBD / Five Points / North Capitol Hill 08/08/2019 06/30/2021 54 Parkside at City Centre 14531 East Alameda Avenue Aurora CO 80012 Under Construction 216 Aurora - Westcentral 11/01/2019 05/31/2021 55 3206 Denargo Street 3206 Denargo Street Denver CO 80216 Under Construction 337 CBD / Five Points / North Capitol Hill 10/08/2019 04/30/2021 56 The Hooper 2600 Welton Street Denver CO 80205 Under Construction 103 CBD / Five Points / North Capitol Hill 10/17/2019 04/30/2021 57 DTC Union 4811 South Niagara Street Denver CO 80237 Under Construction 310 Arapahoe - Southwest 10/01/2019 04/30/2021 58 The Fitzgerald 1840 Market Street Denver CO 80202 Under Construction 282 CBD / Five Points / North Capitol Hill 06/01/2019 03/31/2021 59 The Overland 2065 South Cherokee Street Denver CO 80223 Under Construction 140 College View / Ruby Hill 11/01/2019 03/31/2021 Lakeshore Drive & South Hampden / Virginia Village / Washington 60 Airie Denver CO 80247 Under Construction 176 02/03/2020 03/31/2021 Valentia Street Virginia Vale 61 REVE Boulder SWC 30th Street & Pearl Street Boulder CO 80301 Under Construction 242 Boulder 09/01/2018 03/31/2021 62 Aspire 5850 Central Avenue Westminster CO 80031 Under Construction 226 Westminster 08/15/2019 03/31/2021 63 X Denver 3100 Inca Street Denver CO 80202 Under Construction 251 CBD / Five Points / North Capitol Hill 11/29/2018 02/28/2021 64 Affinity at Copperleaf 22000 East Quincy Avenue Aurora CO 80015 Under Construction 168 Aurora - Southeast 01/06/2020 02/28/2021 65 Alexan Julian 3400 West 38th Avenue Denver CO 80211 Under Construction 202 CBD / Five Points / North Capitol Hill 02/10/2019 12/31/2020 66 The Walcott 2830 Federal Blvd Denver CO 80211 Under Construction 122 CBD / Five Points / North Capitol Hill 08/27/2019 12/31/2020 SWC East 45th Avenue & 67 East 45th Avenue Denver CO 80249 Under Construction 280 East Colfax / Lowry Field / Stapleton 08/01/2019 12/31/2020 Tower Road 68 Fossil Ridge Phase II 6910 Steeplechase Drive Windsor CO 80550 Under Construction 90 Champion 03/02/2020 12/31/2020 69 Marion Street 3701 North Marion Street Denver CO 80205 Under Construction 58 City Park / City Park West 11/01/2019 12/31/2020 Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

70 Zia 990 West 41st Avenue Denver CO 80211 Under Construction 314 CBD / Five Points / North Capitol Hill 02/20/2019 12/31/2020 71 Edison at Wheatridge 3501 Wadsworth Blvd Wheat Ridge CO 80033 Under Construction 231 Wheat Ridge 01/05/2019 11/30/2020 Hampden / Virginia Village / Washington 72 Modera West Wash Park 400 North Grant Street Denver CO 80203 Under Construction 241 05/18/2018 11/30/2020 Virginia Vale 73 Gateway North and South 1001 Decatur Street Denver CO 80204 Under Construction 187 CBD / Five Points / North Capitol Hill 05/13/2019 11/30/2020 74 Modera LoHi 2555 16th Street Denver CO 80211 Under Construction 132 CBD / Five Points / North Capitol Hill 04/19/2019 10/31/2020 75 PDG Design District 363 South Broadway Denver CO 80209 Under Construction 354 College View / Ruby Hill 03/31/2019 09/30/2020 76 Bespoke Uptown 538 East 17th Avenue Denver CO 80203 Under Construction 316 CBD / Five Points / North Capitol Hill 12/01/2017 08/31/2020 77 The Flats / Fourteen45 1601 Market Street Denver CO 80202 Under Construction 225 CBD / Five Points / North Capitol Hill 04/02/2018 08/31/2020 78 Camden RiNo 3235 Larimer Street Denver CO 80205 Under Construction 233 CBD / Five Points / North Capitol Hill 11/27/2017 07/31/2020 Total Under Construction 11,184

79 Olde Town Residences Grandview Avenue & Vance Street Arvada CO 80002 Planned 252 Arvada SEC Arista Place & 80 Arista Place & Wadsworth Pkwy Broomfield CO 80021 Planned 325 Westminster Wadsworth Pkwy 81 Westglenn 9050 Wadsworth Pkwy Westminster CO 80021 Planned 306 Westminster NEC Washington Street & 82 Avilla Eastlake Thornton CO 80241 Planned 244 Northglenn / Thornton Washington Center Pkwy 83 Lakewood Heights at Sloans Lake 1605 Sheridan Blvd Lakewood CO 80214 Planned 200 Wheat Ridge NEC Hooker Street & Westminster 84 Westminster Station Mixed Use Westminster CO 80030 Planned 123 Berkley / North Washington Station Drive 85 North Wynkoop Residential 4050 Brighton Blvd Denver CO 80216 Planned 392 City Park / City Park West 86 Novel RiNo 1300 40th Street Denver CO 80205 Planned 483 City Park / City Park West Train Denver 87 4000 Blake Street Denver CO 80205 Planned 100 City Park / City Park West Mixed-use Development 88 Elevate @ Pena Station Phase II 17607 East 61st Avenue Denver CO 80249 Planned 198 Denver International Airport 89 LMC Gateway East 61st Avenue & Ceylon Street Denver CO 80249 Planned 240 Denver International Airport 90 1205 Benton Street 1205 Benton Street Lakewood CO 80214 Planned 58 Lakewood - North 91 533 Van Gordon Street 533 Van Gordon Street Lakewood CO 80228 Planned 309 Lakewood - North 92 1401 Wazee Street 1401 Wazee Street Denver CO 80202 Planned 55 CBD / Five Points / North Capitol Hill 93 1919 Mile High Circle 550 West 19th Avenue Denver CO 80203 Planned 277 CBD / Five Points / North Capitol Hill 94 19th & Chestnut 2059 19th Street Denver CO 80202 Planned 198 CBD / Five Points / North Capitol Hill 95 26th Avenue & Alcott Street 2695 Alcott Street Denver CO 80211 Planned 119 CBD / Five Points / North Capitol Hill 96 2950 Arkins Court 2950 Arkins Court Denver CO 80216 Planned 365 CBD / Five Points / North Capitol Hill 97 Ava RiNo 1185 East 26th Street Denver CO 80205 Planned 246 CBD / Five Points / North Capitol Hill 98 The Bell and Palmer 3130 Zuni Street Denver CO 80211 Planned 111 CBD / Five Points / North Capitol Hill 99 El Jebel Temple 1770 Sherman Street Denver CO 80203 Planned 350 CBD / Five Points / North Capitol Hill 11th Avenue & North 100 Evans West Denver CO 80204 Planned 479 CBD / Five Points / North Capitol Hill Bannock Street 101 Modera Golden Triangle 1025 Bannock Street Denver CO 80204 Planned 420 CBD / Five Points / North Capitol Hill 102 Six Fifty 17 650 17th Street Denver CO 80202 Planned 100 CBD / Five Points / North Capitol Hill 103 Vario 2900 Brighton Blvd Denver CO 80216 Planned 459 CBD / Five Points / North Capitol Hill Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

104 Wynkoop Tower 3753 Wynkoop Street Denver CO 80216 Planned 186 CBD / Five Points / North Capitol Hill 105 757 Grant 757 North Grant Street Denver CO 80203 Planned 68 Capitol Hill / Cheesman Park / Hale NWC East 56th Avenue & 106 Aster Beeler Park Denver CO 80238 Planned 246 East Colfax / Lowry Field / Stapleton Beeler Street 107 Central Park Station One 37th Place & Uinta Street Denver CO 80238 Planned 301 East Colfax / Lowry Field / Stapleton 108 Citadel on Colfax East Colfax Avenue & Sable Blvd Aurora CO 80011 Planned 300 Aurora - Northwest 109 301 South Cherokee Street 301 South Cherokee Street Denver CO 80223 Planned 359 College View / Ruby Hill 110 360 Acoma 360 Acoma Street Denver CO 80223 Planned 171 College View / Ruby Hill SWC West Alameda Avenue & 111 Alameda Avenue & Bannock Street Denver CO 80223 Planned 370 College View / Ruby Hill South Bannock Street NWC South Broadway & West 112 Gates District at Broadway Station Denver CO 80223 Planned 290 College View / Ruby Hill Mississippi Avenue SWC East 104th Avenue & 113 Aspen Hills Commerce City CO 80022 Planned 180 Brighton Chambers Road West Amherst Avenue & South 114 Lorreto Heights Area Plan Denver CO 80236 Planned 100 Bear Valley / Fort Logan Federal Blvd 115 Bloom at Cherry Creek 4700 East Kentucky Avenue Denver CO 80246 Planned 111 Glendale 116 The Collective on Canyon 1750 15th Street Boulder CO 80302 Planned 147 Boulder 117 S'PARK 3401 Bluff Street Boulder CO 80301 Planned 288 Boulder SEC McCaslin Blvd & Superior 118 Downtown Superior Superior CO 80027 Planned 380 Broomfield / Todd Creek Plaza Way 119 18450 West Colfax 18450 West Colfax Avenue Golden CO 80401 Planned 165 Jefferson 120 Denver West 1767 Denver West Marriott Blvd Golden CO 80401 Planned 230 Applewood / West Pleasant View 121 Argenta 333 Havana Street Aurora CO 80010 Planned 207 Aurora - Westcentral 122 Luxe on 4th 353 Dearborn Way Aurora CO 80011 Planned 300 Aurora - Westcentral 123 Longmont Station 1901 South Hover Street Longmont CO 80504 Planned 247 Greater Boulder 124 Outlook Nine Mile Arapahoe Road & Hwy 287 Erie CO 80516 Planned 290 Greater Boulder 125 Sundar 10935 West Dillon Road Lafayette CO 80026 Planned 684 Greater Boulder 126 Caliber at Southlands 5810 South Southlands Pkwy Aurora CO 80016 Planned 270 Arapahoe - East 127 Shadow Ridge at Southlands Phase II 24778 East Applewood Circle Aurora CO 80016 Planned 50 Arapahoe - East SWC Castle Pines Pkwy & 128 Castle Pines Castle Pines CO 80108 Planned 198 Douglas County - North Lagae Road Resort Lifestyle Communities 1360 129 1360 Meadows Pkwy Castle Rock CO 80104 Planned 130 Douglas County - North Meadows Pkwy 130 Ridgeview 55 Plus 895 North Ridge Road Castle Rock CO 80104 Planned 150 Douglas County - North Mountain Brook 131 SWC Hover Street & Rogers Road Longmont CO 80501 Planned 110 Longmont Residential Subdivision SWC Alpine Street & State 132 Prairie Village Longmont CO 80504 Planned 88 Longmont Highway 66 133 Sugarmill Townhomes 10012 North 119th Street Longmont CO 80501 Planned 224 Longmont NWC Crystal Valley Pkwy & Plum 134 Epoque Castle Rock CO 80104 Planned 155 Douglas County - South Creek Blvd NWC North Timberline Road & 135 Waterfield Fourth Filing Fort Collins CO 80524 Planned 498 Estes Park / Laporte East Vine Drive Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

SWC Steeplechase Drive & 136 Eagle Crossing Lot 1 Windsor CO 80550 Planned 111 Champion Ward Avenue 137 Ridgewood Hills Avondale Road & Triangle Drive Fort Collins CO 80525 Planned 146 Champion NWC 28th Street SW & South 138 Water's Edge Loveland CO 80537 Planned 138 Champion Taft Avenue 139 The Collins 201 East Harmony Road Fort Collins CO 80525 Planned 116 Fort Collins - South Mars Landing Multi-Family 140 Mars Drive and West Skyway Drive Fort Collins CO 80525 Planned 90 Fort Collins - South Development 141 The Overlook 3710 John F Kennedy Pkwy Fort Collins CO 80525 Planned 106 Fort Collins - South 142 2800 South Taft Hill Road 2800 South Taft Hill Road Fort Collins CO 80526 Planned 170 Fort Collins - Central 143 Johnson Drive 255 Johnson Drive Fort Collins CO 80525 Planned 193 Fort Collins - Central 144 Haven 730 West Prospect Road Fort Collins CO 80526 Planned 58 Fort Collins - North 145 Lombardy 1220 University Avenue Fort Collins CO 80521 Planned 339 Fort Collins - North North Timberline Road & East 146 Mosaic Fort Collins CO 80524 Planned 160 Fort Collins - North Vine Drive 147 Northfield Residential Lemay Avenue & Vine Drive Fort Collins CO 80524 Planned 422 Fort Collins - North 148 Willow & Pine 223 Willow Street Fort Collins CO 80524 Planned 197 Fort Collins - North 149 Grace Pointe Independent Living 1900 71st Avenue Greeley CO 80634 Planned 68 Windsor / Greeley West Saddler Ridge Multi-Family Colorado State Highway 14 & Weld 150 Centennial CO 80112 Planned 58 Windsor / Greeley West Infrastructure Project County Road 17 151 3600 North Downing Street 3600 North Marion Street Denver CO 80205 Planned 200 City Park / City Park West 152 Alsation 600 Park Avenue West Denver CO 80205 Planned 238 CBD / Five Points / North Capitol Hill 153 The Foundry 3750 Blake Street Denver CO 80205 Planned 348 CBD / Five Points / North Capitol Hill NEC South Clermont Street & East Hampden / Virginia Village / Washington 154 The Cameron Denver CO 80222 Planned 350 Warren Avenue Virginia Vale 155 Penny Flats North 209 Cherry Street Fort Collins CO 80521 Planned 64 Fort Collins - North Total Planned 17,474

156 Marvelle Ralston Creek 9215 Ralston Road Arvada CO 80002 Prospective 158 Arvada 157 Outlook Clear Creek Interstate 70 & State Highway 58 Wheat Ridge CO 80033 Prospective 310 Arvada 158 Traxs at Ward 11818 West 52nd Avenue Wheat Ridge CO 80033 Prospective 200 Arvada 159 Wadsworth Boulevard 5565 Wadsworth Blvd Arvada CO 80002 Prospective 100 Arvada 160 Ward Station 12085 West 52nd Avenue Wheat Ridge CO 80033 Prospective 100 Arvada 161 AVA Westminster Promenade 10655 Westminster Blvd Westminster CO 80020 Prospective 312 Westminster 162 Current Elements Collection West 96th Avenue & Federal Blvd Denver CO 80260 Prospective 58 Westminster 163 Rose Hill Lowell Blvd & West 82nd Ave Westminster CO 80260 Prospective 2,100 Westminster 164 Shepsfield Park Project 11251 Uptown Avenue Broomfield CO 80021 Prospective 50 Westminster 165 Eastlake East 120th Avenue & Claude Court Thornton CO 80241 Prospective 63 Northglenn / Thornton 166 Eastlake Station 1500 East 128th Avenue Thornton CO 80241 Prospective 60 Northglenn / Thornton 167 Pearl Street 9151 Pearl Street Thornton CO 80229 Prospective 86 Northglenn / Thornton 168 The Village at Thorncreek 12929 Washington Street Thornton CO 80241 Prospective 283 Northglenn / Thornton Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

169 Washington Center 12170 Washington Center Pkwy Thornton CO 80241 Prospective 321 Northglenn / Thornton 170 Edgewater Village 20th Avenue & Depew Street Edgewater CO 80214 Prospective 100 Wheat Ridge 171 Lakewood Gateway 7400 West 26th Avenue Lakewood CO 80214 Prospective 84 Wheat Ridge 172 Town Center 4331 Vance Street Wheat Ridge CO 80033 Prospective 140 Wheat Ridge 173 Clear Creek Transit Village 6001 Federal Blvd Denver CO 80221 Prospective 1,125 Berkley / North Washington 174 Midtown at Clear Creek Filing 12 6701 Zuni Street Westminster CO 80221 Prospective 147 Berkley / North Washington 175 3900 Brighton Blvd 3800 North Brighton Blvd Denver CO 80216 Prospective 631 City Park / City Park West 176 3930 Blake Street 3930 Blake Street Denver CO 80205 Prospective 253 City Park / City Park West 177 Broadstone Uptown West 1160 East 18th Avenue Denver CO 80218 Prospective 107 City Park / City Park West 178 Denver Rock Drill Silo 1717 East 39th Avenue Denver CO 80205 Prospective 180 City Park / City Park West NEC East 37th Avenue & North NEC East 37th Avenue & North 179 Denver CO 80205 Prospective 229 City Park / City Park West Downing Street Downing Street 180 RiNo 40th Street & Walnut Street Denver CO 80205 Prospective 100 City Park / City Park West NEC East 59th Avenue & 181 DIA West Denver CO 80249 Prospective 308 Denver International Airport Argonne Street 182 Edison at High Point 6850 Argonne Street Denver CO 80249 Prospective 114 Denver International Airport 183 High Point 6565 Argonne Street Denver CO 80249 Prospective 239 Denver International Airport 184 High Point 18591 East 64th Avenue Denver CO 80249 Prospective 300 Denver International Airport SWC East 64th Avenue & 185 Station @ Pena Denver CO 80249 Prospective 253 Denver International Airport Tower Road 186 66 Van Gordon 66 South Van Gordon Street Lakewood CO 80228 Prospective 358 Lakewood - North 187 730 Simms Street 730 Simms Street Golden CO 80401 Prospective 218 Lakewood - North 188 Revel Belmar Senior 7221 West Virginia Avenue Lakewood CO 80226 Prospective 172 Lakewood - North 189 Village at Morse Park 2275 Wadsworth Blvd Lakewood CO 80214 Prospective 70 Lakewood - North 190 1010 Santa Fe 1010 Santa Fe Drive Denver CO 80204 Prospective 207 CBD / Five Points / North Capitol Hill 191 1055 19th Street 1055 19th Street Denver CO 80202 Prospective 750 CBD / Five Points / North Capitol Hill 192 1115 North Acoma Street 1115 Acoma Street Denver CO 80204 Prospective 220 CBD / Five Points / North Capitol Hill 193 1277 Santa Fe Drive 1277 Sante Fe Drive Denver CO 80204 Prospective 124 CBD / Five Points / North Capitol Hill 194 1559 Logan Street 1559 Logan Street Denver CO 80203 Prospective 281 CBD / Five Points / North Capitol Hill 195 1899 Market Street 1899 Market Street Denver CO 80202 Prospective 50 CBD / Five Points / North Capitol Hill 196 2099 Lawrence Street 2099 Lawrence Street Denver CO 80205 Prospective 180 CBD / Five Points / North Capitol Hill 197 2114 Curtis Street 2114 Curtis Street Denver CO 80205 Prospective 50 CBD / Five Points / North Capitol Hill NWC West 27th Avenue & 198 27th & Clay Denver CO 80211 Prospective 116 CBD / Five Points / North Capitol Hill Clay Street 199 2980 Huron Street 2980 Huron Street Denver CO 80202 Prospective 298 CBD / Five Points / North Capitol Hill 200 3301 Mariposa Street 3301 Mariposa Street Denver CO 80211 Prospective 131 CBD / Five Points / North Capitol Hill 201 3403 Brighton Blvd 3403 Brighton Blvd Denver CO 80216 Prospective 100 CBD / Five Points / North Capitol Hill 202 3703 North Downing Street 3703 North Downing Street Denver CO 80205 Prospective 151 CBD / Five Points / North Capitol Hill 203 601 16th Street mixed use 601 16th Street Denver CO 80202 Prospective 50 CBD / Five Points / North Capitol Hill Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

204 777 East 17th Ave 777 East 17th Avenue Denver CO 80203 Prospective 132 CBD / Five Points / North Capitol Hill 205 805 West 38th Avenue 805 West 38th Avenue Denver CO 80216 Prospective 180 CBD / Five Points / North Capitol Hill 206 990 Bannock Street 990 Bannock Street Denver CO 80204 Prospective 205 CBD / Five Points / North Capitol Hill East 10th Avenue & 207 Castle Broadstone Denver CO 80204 Prospective 511 CBD / Five Points / North Capitol Hill North Broadway 208 Champa Flats 2250 Champa Street Denver CO 80205 Prospective 169 CBD / Five Points / North Capitol Hill Conejos Place 209 3434 West Conejos Place Denver CO 80204 Prospective 105 CBD / Five Points / North Capitol Hill Residential Development Blake Street & North 210 Downing Street Mixed-Use Denver CO 80206 Prospective 100 CBD / Five Points / North Capitol Hill Downing Street 211 Emerson Place 1833 Emerson Street Denver CO 80218 Prospective 84 CBD / Five Points / North Capitol Hill 212 Evans East 1120 North Acoma Street Denver CO 80204 Prospective 300 CBD / Five Points / North Capitol Hill 213 Fox Iron Works 4245 Fox Street Denver CO 80216 Prospective 392 CBD / Five Points / North Capitol Hill 214 Fox North 4400 Fox Street Denver CO 80216 Prospective 200 CBD / Five Points / North Capitol Hill 215 GreenHaus 2797 West 13th Avenue Denver CO 80204 Prospective 79 CBD / Five Points / North Capitol Hill 216 Kenect Denver 2136 Lawrence Street Denver CO 80205 Prospective 431 CBD / Five Points / North Capitol Hill 217 Mile High Stadium 1800 Federal Blvd Denver CO 80204 Prospective 73 CBD / Five Points / North Capitol Hill 218 Opus - Colfax and Kalamath 1443 Kalamath Street Denver CO 80204 Prospective 297 CBD / Five Points / North Capitol Hill 219 The River Mile Elitch Circle & Speer Blvd Denver CO 80204 Prospective 8,000 CBD / Five Points / North Capitol Hill 220 Santa Fe Drive 1010 Santa Fe Drive Denver CO 80204 Prospective 203 CBD / Five Points / North Capitol Hill South End Empower Field at 221 1701 Bryant Street Denver CO 80204 Prospective 1,500 CBD / Five Points / North Capitol Hill Mile High 222 Stok on Welton 2821 Welton Street Denver CO 80205 Prospective 122 CBD / Five Points / North Capitol Hill 223 Sunnyside 4120 Jason Street Denver CO 80211 Prospective 208 CBD / Five Points / North Capitol Hill 224 Thrive 2660 West Holden Place Denver CO 80204 Prospective 105 CBD / Five Points / North Capitol Hill 225 Vida at Sloans 4 4017 West Colfax Avenue Denver CO 80204 Prospective 112 CBD / Five Points / North Capitol Hill 226 Viking Park 2826 West 29th Avenue Denver CO 80211 Prospective 117 CBD / Five Points / North Capitol Hill 227 X Denver 3.0 2100 Arapahoe Street Denver CO 80205 Prospective 392 CBD / Five Points / North Capitol Hill 228 1150 East Colfax Avenue 1150 East Colfax Avenue Denver CO 80218 Prospective 336 Capitol Hill / Cheesman Park / Hale 229 235 Fillmore Street 235 Fillmore Street Denver CO 80206 Prospective 100 Capitol Hill / Cheesman Park / Hale 230 758 Sherman Street 758 Sherman Street Denver CO 80203 Prospective 193 Capitol Hill / Cheesman Park / Hale 231 782 Sherman Street 782 Sherman Street Denver CO 80203 Prospective 81 Capitol Hill / Cheesman Park / Hale 232 8th and Sherman Street East 8th Avenue & Sherman Street Denver 80203 Prospective 193 Capitol Hill / Cheesman Park / Hale 233 Arts at 1200 Lincoln 1200 Lincoln Street Denver CO 80203 Prospective 155 Capitol Hill / Cheesman Park / Hale 234 Avalon Governor's Park 696 Sherman Street Denver CO 80203 Prospective 418 Capitol Hill / Cheesman Park / Hale 235 Modera Cherry Creek 180 Madison Street Denver CO 80206 Prospective 100 Capitol Hill / Cheesman Park / Hale 236 Route 40 Flats Redevelopment 1475 North Downing Street Denver CO 80218 Prospective 205 Capitol Hill / Cheesman Park / Hale 237 4141 East 35th Avenue 4141 East 35th Avenue Denver CO 80207 Prospective 100 East Colfax / Lowry Field / Stapleton 238 60th & Argonne 60th Avenue & Argonne Street Broomfield CO 80020 Prospective 189 East Colfax / Lowry Field / Stapleton Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

239 Avelon East 64th Avenue & Picadilly Road Aurora CO 80019 Prospective 1,100 East Colfax / Lowry Field / Stapleton 240 Beeler Park 9356 57th Avenue Denver CO 80238 Prospective 246 East Colfax / Lowry Field / Stapleton East 32nd Avenue & Central 241 Central Park Denver CO 80238 Prospective 307 East Colfax / Lowry Field / Stapleton Park Blvd 242 Kappa Tower II Phase II 8902 East Northfield Blvd Denver CO 80238 Prospective 50 East Colfax / Lowry Field / Stapleton 243 Strata Phase II 16505 Green Valley Ranch Blvd Denver CO 80239 Prospective 96 East Colfax / Lowry Field / Stapleton 244 2201 Clinton Street 2201 Clinton Street Aurora CO 80010 Prospective 338 Aurora - Northwest 245 Alta Fitzsimons at Colfax Station 1520 Fitzsimons Pkwy Aurora CO 80011 Prospective 294 Aurora - Northwest 246 Stanley Residential 9511 East 23rd Avenue Aurora CO 80010 Prospective 172 Aurora - Northwest West Jewell Avenue & South 247 Green Gables Lakewood CO 80232 Prospective 200 Lakewood - South Wadsworth Blvd 248 Novel White Fence Farm 6263 West Jewell Avenue Lakewood CO 80232 Prospective 234 Lakewood - South South Rooney Road & West 249 Red Rocks Ranch Morrison CO 80465 Prospective 100 Lakewood - South Morrison Road 250 1st Avenue 21 West 1st Avenue Denver CO 80203 Prospective 106 College View / Ruby Hill 251 2141 South Broadway 2141 South Broadway Denver CO 80210 Prospective 380 College View / Ruby Hill 252 2720 Federal 2720 South Federal Blvd Denver CO 80236 Prospective 70 College View / Ruby Hill 253 50 South Kalamath Street 50 South Kalamath Street Denver CO 80223 Prospective 471 College View / Ruby Hill 254 Aspgren Park 728 South Lipan Street Denver CO 80223 Prospective 216 College View / Ruby Hill Gates District at Broadway NWC South Broadway & West 255 Denver CO 80209 Prospective 597 College View / Ruby Hill Station Phase II Mississippi Avenue Hampden / Virginia Village / Washington 256 Avere on the High Line 1860 South Quebec Way Denver CO 80231 Prospective 56 Virginia Vale Hampden / Virginia Village / Washington 257 Cherry Creek North 3865 Cherry Creek North Drive Denver CO 80209 Prospective 180 Virginia Vale SEC South Colorado Blvd & East Hampden / Virginia Village / Washington 258 Colorado Blvd & Evans Avenue Denver CO 80222 Prospective 86 Evans Avenue Virginia Vale Hampden / Virginia Village / Washington 259 Monaco Parkway 2150 South Monaco Pkwy Denver CO 80222 Prospective 300 Virginia Vale SWC East 124th Avenue & 260 Adams Crossing Brighton CO 80640 Prospective 50 Brighton Sable Blvd Old Mile High Greyhound 261 6200 Dahlia Street Commerce City CO 80022 Prospective 189 Brighton Park Redevelopment South Clarkson Street & East Cherry 262 MIG Englewood CO 80113 Prospective 114 Englewood / Sheridan Jefferson Avenue Hills Village 263 Navajo 4201 South Navajo Street Englewood CO 80110 Prospective 141 Englewood / Sheridan 264 Columbine Square 5151 South Federal Blvd Littleton CO 80123 Prospective 340 Columbine Valley / Littleton SWC West Mineral Avenue & South 265 River Park Littleton CO 80120 Prospective 306 Columbine Valley / Littleton Santa Fe Drive 266 Trails at Lehow 300 West Lehow Avenue Englewood CO 80110 Prospective 80 Columbine Valley / Littleton 267 4552 South Ulster 4552 South Ulster Street Denver CO 80237 Prospective 150 Arapahoe - Southwest 268 Clinton Street 7200 South Clinton Street Centennial CO 80112 Prospective 230 Arapahoe - Southwest 269 The Legends of Centennial 6263 South Parker Road Centennial CO 80015 Prospective 209 Arapahoe - Southwest East Peakview Avenue & South 270 Village at Centennial Centennial CO 80112 Prospective 203 Arapahoe - Southwest Vaughn Street Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

271 1155 Alpine Avenue 1155 Alpine Avenue Boulder CO 80304 Prospective 300 Boulder 272 Iris & B 3303 Broadway Boulder CO 80304 Prospective 50 Boulder 273 S'PARK Timber II 3350 Bluff Street Boulder CO 80301 Prospective 85 Boulder 274 Norwest 12060 Perry Street Broomfield CO 80020 Prospective 144 Broomfield / Todd Creek Residences at Flatiron SEC East Flatiron Crossing Drive & 275 Broomfield CO 80021 Prospective 873 Broomfield / Todd Creek Marketplace Phase II US Highway 36 South Indiana Street & Rock 276 Rock Creek Superior CO 80027 Prospective 94 Broomfield / Todd Creek Creek Pkwy 277 5890 South Alkire Street 5890 South Alkire Street Littleton CO 80127 Prospective 88 Jefferson 278 16500 South Golden Road 16500 South Golden Road Golden CO 80401 Prospective 79 Applewood / West Pleasant View NEC East 2nd Avenue & 279 Abilene Station Aurora CO 80011 Prospective 767 Aurora - Westcentral Abilene Street 280 Coark Tower 11714 East Colfax Avenue Aurora CO 80010 Prospective 76 Aurora - Westcentral 281 East 2nd Avenue 14875 East 2nd Avenue Aurora CO 80011 Prospective 93 Aurora - Westcentral 282 Edge Point Phase III East 13th Avenue & Peoria Street Aurora CO 80010 Prospective 340 Aurora - Westcentral 283 Fitzsimons Village 13447 East 13th Place Aurora CO 80011 Prospective 490 Aurora - Westcentral 284 Colorado Avenue 10150 East Colorado Avenue Denver CO 80247 Prospective 80 Aurora - Southwest 285 The Point at Nine Mile Station 3190 South Parker Road Aurora CO 80014 Prospective 350 Aurora - Southwest Anna Thomas Pkwy & 286 40 North Lafayette CO 80026 Prospective 289 Greater Boulder Baseline Road SWC Courtesy Road & East South 287 Coal Creek Station Louisville CO 80027 Prospective 54 Greater Boulder Boulder Road South 120th Street & 288 Northwest Lafayette CO 80026 Prospective 50 Greater Boulder Northwest Pkwy South Flatrock Trail & East 289 Murphy Creek Townhomes Aurora CO 80018 Prospective 174 Arapahoe - East Jewell Avenue NEC East Mississippi Avenue & 290 Sand Creek Ranch Aurora CO 80010 Prospective 132 Arapahoe - East Powhaton Road West Alameda Avenue & 291 Starfall Aurora CO 80010 Prospective 1,188 Arapahoe - East Taft Avenue 292 Caliber at Terrain 1472 Castle Oaks Drive East Castle Rock CO 80104 Prospective 238 Douglas County - North NWC Happy Canyon Road & 293 Castle Pines Town Center Castle Pines CO 80108 Prospective 200 Douglas County - North US I-25 294 Chroma Phase II 1360 Martha Street Highlands Ranch CO 80129 Prospective 50 Douglas County - North Coachline Rd & W Plum 295 Meadows Castle Rock CO 80109 Prospective 116 Douglas County - North Creek Pkwy 296 Meadows Town Center Future Street & Mercantile Street Castle Rock CO 80109 Prospective 111 Douglas County - North 297 Pine Canyon Canam Hwy & Liggett Road Castle Rock CO 80109 Prospective 805 Douglas County - North 298 Prescient at Ridgegate 9938 Trainstation Circle Lone Tree CO 80124 Prospective 240 Douglas County - North 299 RidgeGate East SEC Interstate 25 & Lincoln Avenue Lone Tree CO 80124 Prospective 540 Douglas County - North 300 RidgeGate Station SEC I-25 & South Havana Street Lone Tree CO 80124 Prospective 540 Douglas County - North 301 Stonegate SWC E-470 & Jordan Road Stonegate CO 80134 Prospective 150 Douglas County - North 302 Summit Square/Quincy Point 3235 Mill Vista Road Highlands Ranch CO 80129 Prospective 200 Douglas County - North 303 Vanguard Castle Rock 455 North Alexander Place Castle Rock CO 80108 Prospective 260 Douglas County - North Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

304 15th Avenue 833 15th Avenue Longmont CO 80501 Prospective 88 Longmont 305 9th & Pace East 9th Avenue & Pace Street Longmont CO 80504 Prospective 120 Longmont 306 Boston Station 301 1st Avenue Longmont CO 80501 Prospective 372 Longmont East County Line Road & East Ken 307 The Highlands Longmont CO 80501 Prospective 413 Longmont Pratt Blvd Canadian Crossing Drive & 308 Prairie Village Longmont CO 80504 Prospective 126 Longmont Homestead Parkway 309 South Main Station Phase II 485 2nd Avenue Longmont CO 80501 Prospective 62 Longmont SEC North Ridge Road & State 310 Upper Sunstone Village Castle Rock CO 80104 Prospective 261 Douglas County - South Highway 86 North Giddings Road & Richards 311 Montava Fort Collins CO 80524 Prospective 1,500 Estes Park / Laporte Lake Road NWC Laporte Avenue & North Taft 312 Sanctuary on the Green Fort Collins CO 80521 Prospective 268 Estes Park / Laporte Hill Road North Shields Street & West 313 Shields & Vine Fort Collins CO 80521 Prospective 106 Estes Park / Laporte Vine Drive 314 Watermark at Fort Collins 501 Spaulding Lane Fort Collins CO 80524 Prospective 296 Estes Park / Laporte South County Road 5 & East 315 Windsor Villages at Ptarmigan Windsor CO 80528 Prospective 100 Estes Park / Laporte County Road 32 316 6801 South College Road 6801 South College Avenue Fort Collins CO 80525 Prospective 90 Champion NWC South Timberline Road & 317 The Hansen Fort Collins CO 80528 Prospective 240 Champion Zephyr Road East Harmony Road & Strauss 318 Harmony & Strauss Cabin Fort Collins CO 80525 Prospective 296 Champion Cabin Road West 22nd Street & 319 Hunters Run West Loveland CO 80538 Prospective 451 Champion Cascade Avenue 320 Masbur Property Townhomes 4225 Kechter Road Fort Collins CO 80528 Prospective 100 Champion NEC Centerra Pkwy & Sky 321 Railway Flats Phase II Loveland CO 80538 Prospective 180 Champion Pond Drive 322 Sun Communities Mobile Home Park 6750 South College Avenue Fort Collins CO 80525 Prospective 211 Champion South College Avenue & East 323 Triangle Road Fort Collins CO 80525 Prospective 302 Champion County Road 32 South Timberline Road & East 324 Trilby and Timberline Residential Fort Collins CO 80528 Prospective 221 Champion Trilby Road 325 Wintergreen Village 455 West 64th Street Loveland CO 80538 Prospective 192 Champion 326 College and Trilby 6301 South College Avenue Fort Collins CO 80525 Prospective 300 Fort Collins - South 327 920 Hobbit Street 920 Hobbit Street Fort Collins CO 80526 Prospective 52 Fort Collins - Central SEC Hobbit Street & South 328 Hobbit Street & South Shields Street Fort Collins CO 80526 Prospective 100 Fort Collins - Central Shields Street 329 Spradley Barr 2601 South College Avenue Fort Collins CO 80525 Prospective 200 Fort Collins - Central 330 1215 South Shields Street 1215 South Shields Street Fort Collins CO 80521 Prospective 97 Fort Collins - North 331 Aspen Heights Fort Collins Conifer Street & Redwood Street Fort Collins CO 80524 Prospective 221 Fort Collins - North 332 East Vine Drive & Jerome Street Jerome Street & East Vine Drive Fort Collins CO 80524 Prospective 50 Fort Collins - North 333 Hub on Campus Fort Collins 1415 West Elizabeth Street Fort Collins CO 80521 Prospective 212 Fort Collins - North NWC West Laurel Street & South 334 Laurel & Mason Fort Collins CO 80524 Prospective 60 Fort Collins - North Mason Street Source: Yardi Matrix Yardi Source: Denver New Construction & Proposed Multifamily Projects

PERMIT FORECASTED START OF ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET DATE COMPLETION DATE RENT - UP

North Lemay Avenue & 335 Northfield Commons Fort Collins CO 80521 Prospective 96 Fort Collins - North Redwood Street 336 The Retreat at Fort Collins Redwood Street & Suniga Drive Fort Collins CO 80524 Prospective 190 Fort Collins - North 337 6701 Frederick Way 6701 Frederick Way Frederick CO 80530 Prospective 54 Weld South West 20th Street Road & 53rd 338 Alpine Flats Greeley CO 80634 Prospective 142 Windsor / Greeley West Avenue Court 339 The Village Center Eastman Park Drive & Highway 257 Windsor CO 80550 Prospective 100 Windsor / Greeley West 340 Lamar Station Crossing Phase II 6150 West 13th Avenue Lakewood CO 80214 Prospective 66 Lakewood - North 341 14th Street & Larimer Street 14th Street & Larimer Street Denver CO 80202 Prospective 300 CBD / Five Points / North Capitol Hill 342 3275 Denargo Street 3275 Denargo Street Denver CO 80216 Prospective 650 CBD / Five Points / North Capitol Hill 343 Jody Redevelopment 5375 West 10th Avenue Denver CO 80204 Prospective 63 CBD / Five Points / North Capitol Hill 344 Vert Lofts 3595 Wynkoop Street Denver CO 80216 Prospective 175 CBD / Five Points / North Capitol Hill SWC Interstate 25 & East Hampden / Virginia Village / Washington 345 Main and Main Denver CO 80222 Prospective 361 Evans Avenue Virginia Vale 346 Celestial Seasonings Sleepytime Drive & Zinger Street Boulder CO 80301 Prospective 268 Greater Boulder 347 Waterview 5801 Arapahoe Avenue Boulder CO 80303 Prospective 376 Greater Boulder 348 Auburn Villas 1033 Auburn Drive Castle Rock CO 80109 Prospective 100 Douglas County - South West 57th Street & North 349 Taft Avenue Development Loveland CO 80538 Prospective 100 Champion Taft Avenue Total Prospective 55,309

TOTAL DENVER 91,088 Source: Yardi Matrix Yardi Source:

© 2020 Berkadia Real Estate Advisors LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx. The information and details contained within this report have been obtained from a third-party and believed to be accurate; however, Berkadia has not independently verified its accuracy. Date of survey: July 2020