Minneapolis - Urban New Construction & Proposed Multifamily Projects 2Q20

ID PROPERTY UNITS

12 The Heights Phase II 63 42 17 Trails Edge 152 Total Lease Up 215

26 Parker Station Flats 198 61 Total Under Construction 198 147

42 Old Highway 8 Residential 100 61 3606 61st Avenue North 113 62 70 148 62 Northeast Business 83 17 Center Redevelopment 265 93 81 82 64 RF64 218 189 191 26 188 193 70 Lake Road Redevelopment 118 192 81 Fairview Avenue North 117 190 82 Fairview Avenue North 228 83 Owasso Gardens 60 93 Four Seasons Mall Redevelopment 418 187 183 Total Planned 1,637

96 Bandana Square 152 96 144 American Square 328 145 American Square Phase II 100 147 Brooklyn Center 575 148 Silver Lake Road 498 149 6467 Lyndale Avenue South 120 177 2751 Shepard Road 211 178 Sibley Plaza 120 183 Luther Seminary 120 185 Thompson Oaks Golf Course 153 145 186 River Bluff Senior Housing 140 178 186 144 185 187 Amber Union Workforce Housing 106 177 188 Fairview Avenue North 99 149 64 189 Fairview Avenue North Senior 277

190 The Village 425 12 191 White Bear Avenue 99 192 7th Avenue East Development 88 193 Anchor View 126 Total Prospective 3,737 2 mi Source: Yardi Matrix

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

ID PROPERTY UNITS

2 The Archive 198 87 7 Uncommon Dinkytown 114 8 Marquee 231 11 Vesi North Loop 218 13 OX - OP Residences 153

14 Nico 123 103 Elliot Twins Rehabilitation and Addition 100 86 Total Lease Up 1,037 104 Mill District 207 30 55 105 Portland & Washington 250 25 19 The Larking 341 115 Currie Commons 189 116 20 240 Hennepin 341 116 FreedomWorks Housing Development 50 22 Weidner Elliot Park 245 117 Girard and Humboldt 95 119 24 240 Park Avenue 204 118 Olson Memorial Hwy 92 122 25 TE Miller 112 119 Washington Avenue 350 121 28 701 Central Avenue 159 120 14th Avenue Flats 175 120 199 30 Gateway Northeast 128 121 1501 Johnson Street 164 198 197 123 124 31 5th & 7th Street 175 122 1717 Central Avenue 78 125 126 33 Odin 335 123 Broadway Street 108 37 600 5th Avenue 122 124 Eide Saw 118 Total Under Construction 2,162 125 Main Street West 113 126 The Main Street 288 11 127 28 132 43 1010 Building Redevelopment 179 127 1101 56 57 139 128 1127 4th Street SE 60 33 44 310 Lofts - North Loop 60 131 133 102 130 45 The 800 Washington Project 127 129 1319 4th Street SE 300 46 98 135 130 416 - 420 East Hennepin 227 194 46 Bassett Creek East 139 44 2 137 131 6th and 3rd 345 118 47 Downtown East Phase V 342 49 138 128 48 H. Alden Smith House 89 132 700 Central Phase II 71 20 49 North Loop Green 450 133 American Spirit on 9th 88 7 100 129 136 55 California Avenue 134 Cedar High - 1627 Renovation 116 117 134 105 Multi-Family Development 135 Corner 57 115 24 45 57 815 6th Avenue 51 136 Dinkytown 300 37 104 47 86 Gateway Northeast 128 137 General Mills 304 31 13 87 Upper Harbor Terminal Redevelopment 530 138 General Mills Phase II 270 Total Planned 2,229 48 19 139 Spectrum 61 99 43 140 AGRA 171 101 8 98 110 3rd Avenue 107 194 N Washington & N 5th Avenue 319 22 103 134 99 12th Street Tower 350 197 Satori 112 100 301 Nicollet 370 198 Satori Phase II and III 96 14 101 Century Plaza 80 199 West Broadway Curve Redevelopment 69 140 102 Duffey Lofts 200 Total Prospective 6,506 2000 ft Source: Yardi Matrix

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

ID PROPERTY UNITS

3 Platform 123 56 6 6 HERE 169 59 15 Harper 163 34 16 The Grove 118 58 Total Lease Up 573

27 Midtown Corner 189

34 Max 315 3 184 Total Under Construction 504

180 50 The 38th Street 63 182 56 2407 University Avenue SE 200 76 78 58 Art & Architecture 137 181 59 Malcolm Yards 300 106 60 Nawadaha Boulevard 141 77 27 76 441 Snelling Avenue North 137 179 108 110 77 Carroll Avenue 70 15 78 Snelling - Midway Site 620 95 Ford Assembly Plant Site Redevelopment 3,800 Total Planned 5,468

106 Midtown Crossing 55 141 108 Bloomington & Lake Street 54 195 110 L&H Station Phases II - IV 400 50 142 16 141 Checkerboard 500 142 Hiawatha Avenue 102 143 Hiawatha Avenue 75 146 125 179 Dayton Avenue 97 180 Midway Towers 234 181 The Pitch 156 182 Fairview Avenue North & University Avenue West 279 184 Pirtek Building 140 60 195 38th Street Station Phase II 145 146 143 95 Total Prospective 2,362 2000 ft Source: Yardi Matrix

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

175

73

79 174

ID PROPERTY UNITS 172 166 29 St. Paul Gateway Site 144 Total Under Construction 144 170 171 164 167 71 Waterford Bay 242 173 165 72 Waterford Bay 242 29 73 590 Park Street 92 168 74 Stryker Avenue 57 75 Water Street West 137 169 94 79 Payne Avenue 75 75 176 80 Butler Avenue Apartments 369 94 West Side Flats Phase II 264 Total Planned 1,478

164 Cray Plaza Remodel 100 165 First National Bank Building Redevelopment 170 71 74 166 The Gallery St. Paul 140 72 167 Kellogg Boulevard 90 168 St. Paul Riverfront Mixed-Use 325 169 7th Street West 153 170 60 North Avon 100 171 Cathedral Hill 175 172 Rice Street Sears Redevelopment 800 173 Selby and Dale 82 174 University Avenue 61 175 Rivoli Bluff 100 80 176 Fillmore West 640 Total Prospective 2,936 2000 ft Source: Yardi Matrix

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

54

39

ID PROPERTY UNITS

5 The Asher 175 18 Good Dwelling 80 Total Lease Up 255 84

18 23 Sons of Norway Redevelopment 318 107 36 29 Bryant 91 111 38 Rana Village 113 51 39 Theater Garage Marquee 111 114 Total Under Construction 633 38 109 113 51 Garfield 67 85 196 5 36 52 3220 Girard Avenue South 77 53 23 97 53 The James and Lake 317 54 Lyndale Avenue 241 84 2600 Blaisdell 147 85 Lake Street Dwelling Phase II & III 203 52 Total Planned 1,052

97 Calhoun Square Redevelopment 452 107 1st Avenue South 51 109 Karmel Square 89 111 27th & Girard 85 113 Buzza Lofts of Uptown Phase II 135 114 Girard Avenue 76 196 West Lake Street & James Avenue South 127 Total Prospective 1,015 1000 ft Source: Yardi Matrix

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

ID PROPERTY UNITS

1 Elan West End 164 4 Lakehaus 200 158 91 40 9 Urban Park Phase II 61 35 10 The Elmwood 70 1 Total Lease Up 495 68

21 Novo 192 32 Millennium Sixty - Six 227 35 Marsh Run 175 4 40 The Xenia 372 163 41 Excelsior Blvd & Monterey Drive 148 112 90 Total Under Construction 1,114 92 161

9 10 69 162 63 Penn Avenue South 130 41 65 7200 France Avenue 171 202 66 Promenade Residences 185 67 Mixed-Use Tower 260 160 159 68 Ridgedale Drive 168 69 Sam's Club Redevelopment 144 88 7250 France Avenue 130 89 The Boulevard 277 200 155 90 Beltline Boulevard 183 91 Platia Place 143 92 Via 299 Total Planned 2,090

112 3404 List Place 195 63 150 4100 Apartments 70 156 151 77th Street 325 157 32 21 152 77th Street 117 67 153 Amundson Flats 115 201 66 154 The Boulevard Phase II 320 153 65 155 Grandview 140 89 88 156 Millennium Sixty - Six Phase II 145 162 6027 West 37th Street 60 154 157 Promenade on France 200 163 Texas Avenue 106 150 151 158 The Pointe 186 200 4916 France 110 152 159 Blake Road Station 752 201 France Avenue - US Bank 200 160 Vista 44 50 202 325 Blake Road Redevelopment 465 161 34th Street West 223 Total Prospective 3,779 1 mi Source: Yardi Matrix

LEGEND Lease-Up Under Construction Planned Prospective Minneapolis - Urban 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 Elan West End 1325 Utica Avenue South St. Louis Park MN 55416 Lease-Up 164 St. Louis Park 07/31/2019 01/31/2021 04/24/2020 2 The Archive 110 North 1st Street Minneapolis MN 55401 Lease-Up 198 Minneapolis - Central 06/01/2019 01/31/2021 03/19/2020 3 Platform 747 Hampden Avenue St. Paul MN 55114 Lease-Up 123 St. Paul - Lexington Hamline 09/30/2019 01/31/2021 02/27/2020 4 Lakehaus 3100 West Lake Street Minneapolis MN 55416 Lease-Up 200 Minneapolis - Calhoun Isle 06/30/2019 11/30/2020 01/15/2020 5 The Asher 1125 Lagoon Avenue Minneapolis MN 55408 Lease-Up 175 Minneapolis - Calhoun Isle 08/08/2019 10/31/2020 06/01/2020 6 HERE 2813 SE 4th Street Minneapolis MN 55414 Lease-Up 169 Minneapolis - University 04/30/2019 09/30/2020 01/01/2020 7 Uncommon Dinkytown 1212 4th Street SE Minneapolis MN 55414 Lease-Up 114 Minneapolis - University 05/20/2019 09/30/2020 09/03/2019 8 Marquee 1410 Nicollet Avenue Minneapolis MN 55403 Lease-Up 231 Minneapolis - Central 12/31/2018 08/31/2020 03/16/2020 9 Urban Park Phase II 3601 Phillips Pkwy Minneapolis MN 55426 Lease-Up 61 St. Louis Park 05/14/2019 08/31/2020 02/04/2020 10 The Elmwood 5605 West 36th Street St. Louis Park MN 55416 Lease-Up 70 St. Louis Park 04/30/2019 08/31/2020 01/30/2020 11 Vesi North Loop 800 West River Pkwy Minneapolis MN 55401 Lease-Up 218 Minneapolis - Central 04/30/2019 08/31/2020 01/02/2020 12 The Heights Phase II 2180 Hwy 13 Mendota Heights MN 55120 Lease-Up 63 Mendota 09/23/2019 08/31/2020 12/11/2019 13 OX - OP Residences 1111 South Washington Avenue Minneapolis MN 55415 Lease-Up 153 Minneapolis - Central 06/01/2019 08/31/2020 08/30/2019 14 Nico 10 East 18th Street Minneapolis MN 55403 Lease-Up 123 Minneapolis - Central 12/13/2019 07/31/2020 02/28/2020 St. Paul - 15 Harper 150 Snelling Avenue St. Paul MN 55104 Lease-Up 163 04/30/2019 07/31/2020 11/11/2019 Macalester - Groveland 16 The Grove 246 Snelling Avenue South St. Paul MN 55105 Lease-Up 118 St. Paul - Highland 04/30/2019 07/31/2020 10/01/2019 17 Trails Edge 3000 Country View Drive Maplewood MN 55109 Lease-Up 152 Maplewood 05/07/2019 07/31/2020 10/01/2019 18 Good Dwelling 2640 Nicollet Avenue Minneapolis MN 55408 Lease-Up 80 Minneapolis - Powderhorn 10/31/2018 07/31/2020 09/20/2019 Total Lease-Up 2,575 19 The Larking 813 Portland Avenue Minneapolis MN 55404 Under Construction 341 Minneapolis - Central 05/15/2020 05/31/2022 20 240 Hennepin 240 Hennepin Avenue Minneapolis MN 55401 Under Construction 341 Minneapolis - Central 02/10/2020 01/31/2022 21 Novo 2412 West 66th Street Richfield MN 55423 Under Construction 192 Richfield 02/03/2020 07/31/2021 22 Weidner Elliot Park 1400 Park Avenue Minneapolis MN 55404 Under Construction 245 Minneapolis - Central 09/01/2019 06/30/2021 23 Sons of Norway Redevelopment 1455 West Lake Street Minneapolis MN 55408 Under Construction 318 Minneapolis - Calhoun Isle 03/31/2019 05/31/2021 24 240 Park Avenue 240 Park Avenue Minneapolis MN 55415 Under Construction 204 Minneapolis - Central 06/01/2019 03/31/2021 25 TE Miller 2201 Jefferson Street NE Minneapolis MN 55418 Under Construction 112 Minneapolis - Northeast 12/31/2019 03/31/2021 26 Parker Station Flats 3600 France Avenue North Robbinsdale MN 55422 Under Construction 198 Golden Valley 04/01/2020 03/31/2021 27 Midtown Corner 2913 26th Avenue South Minneapolis MN 55406 Under Construction 189 Minneapolis - Longfellow 12/11/2019 03/31/2021 28 701 Central Avenue 701 Central Avenue NE Minneapolis MN 55413 Under Construction 159 Minneapolis - University 06/01/2019 02/28/2021 29 St. Paul Gateway Site 7th Street West & West Kellogg Blvd St. Paul MN 55102 Under Construction 144 St. Paul - Downtown 02/01/2020 02/28/2021 30 Gateway Northeast 2435 Marshall Street NE Minneapolis MN 55418 Under Construction 128 Minneapolis - Northeast 02/12/2020 02/28/2021 31 5th & 7th Street 501 South 7th Street Minneapolis MN 55415 Under Construction 175 Minneapolis - Central 12/31/2018 01/31/2021 32 Millennium Sixty - Six 6550 Xerxes Avenue South Edina MN 55435 Under Construction 227 Edina/Eden Prairie 10/20/2019 12/31/2020 33 Odin 401 1st Avenue NE Minneapolis MN 55413 Under Construction 335 Minneapolis - University 03/08/2019 10/31/2020 34 Max 150 26th Avenue SE Minneapolis MN 55414 Under Construction 315 Minneapolis - University 04/28/2020 09/30/2020 35 Marsh Run 11706 Wayzata Blvd Hopkins MN 55305 Under Construction 175 Minnetonka 09/30/2019 09/30/2020 36 29 Bryant 2934 Bryant Avenue South Minneapolis MN 55408 Under Construction 91 Minneapolis - Calhoun Isle 09/28/2019 08/31/2020 37 600 5th Avenue 625 South 4th Avenue Minneapolis MN 55415 Under Construction 122 Minneapolis - Central 10/15/2018 07/31/2020 38 Rana Village 2900 Pleasant Avenue Minneapolis MN 55408 Under Construction 113 Minneapolis - Powderhorn 09/30/2018 07/31/2020 Source: Yardi Matrix Yardi Source: Minneapolis - Urban New Construction & Proposed Multifamily Projects

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

39 Theater Garage Marquee 2004 Lyndale Avenue South Minneapolis MN 55405 Under Construction 111 Minneapolis - Calhoun Isle 01/31/2019 07/31/2020 40 The Xenia 770 Xenia Avenue South Golden Valley MN 55416 Under Construction 372 Golden Valley 01/08/2018 07/31/2020 41 Excelsior Blvd & Monterey Drive 3743 Monterey Drive Minneapolis MN 55416 Under Construction 148 St. Louis Park 03/31/2019 07/31/2020 Total Under Construction 4,755 42 Old Highway 8 Residential 4889 Old Highway 8 Mounds View MN 55112 Planned 100 43 1010 Building Redevelopment 1010 South 7th Street Minneapolis MN 55415 Planned 179 Minneapolis - Central 44 310 Lofts - North Loop 310 North 2nd Street Minneapolis MN 55401 Planned 60 Minneapolis - Central 45 The 800 Washington Project 800 South Washington Avenue Minneapolis MN 55415 Planned 127 Minneapolis - Central 46 Bassett Creek East 747 North 3rd Street Minneapolis MN 55401 Planned 139 Minneapolis - Central 47 Downtown East Phase V 700 South 4th Street Minneapolis MN 55415 Planned 342 Minneapolis - Central 48 H. Alden Smith House 1403 Harmon Place Minneapolis MN 55403 Planned 89 Minneapolis - Central 49 North Loop Green 350 North 4th Street Minneapolis MN 55401 Planned 450 Minneapolis - Central 50 The 38th Street 2325 38th Street East Minneapolis MN 55406 Planned 63 Minneapolis - Powderhorn 51 Garfield 518 West 28th Street Minneapolis MN 55408 Planned 67 Minneapolis - Powderhorn 52 3220 Girard Avenue South 3220 Girard Avenue South Minneapolis MN 55408 Planned 77 Minneapolis - Calhoun Isle 53 The James and Lake 1711 East Lake Street Minneapolis MN 55407 Planned 317 Minneapolis - Calhoun Isle 54 Lyndale Avenue 1936 Lyndale Avenue South Minneapolis MN 55403 Planned 241 Minneapolis - Calhoun Isle California Avenue 55 2301 California Street NE Minneapolis MN 55418 Planned 134 Minneapolis - Northeast Multi-Family Development 56 2407 University Avenue SE 2407 University Avenue SE Minneapolis MN 55414 Planned 200 Minneapolis - University 57 815 6th Avenue 815 6th Avenue SE Minneapolis MN 55414 Planned 51 Minneapolis - University 58 Art & Architecture 3338 University Avenue SE Minneapolis MN 55414 Planned 137 Minneapolis - University 59 Malcolm Yards 445 Malcolm Avenue SE Minneapolis MN 55414 Planned 300 Minneapolis - University 60 Nawadaha Boulevard 1322 Nawadaha Blvd Minneapolis MN 55406 Planned 141 Minneapolis - Longfellow 61 3606 61st Avenue North 3606 61st Avenue North Brooklyn Center MN 55429 Planned 113 Brooklyn Center / Camden Northeast Business Center 62 3989 Central Avenue NE Columbia Heights MN 55421 Planned 265 Columbia Heights Redevelopment 63 Penn Avenue South 6228 Penn Avenue South Minneapolis MN 55423 Planned 130 Richfield 64 RF64 Richfield Parkway & 65th Street East Richfield MN 55439 Planned 218 Richfield 65 7200 France Avenue 7200 France Avenue South Edina MN 55435 Planned 171 Edina / Eden Prairie 66 Promenade Residences 3650 Hazelton Road Edina MN 55435 Planned 185 Edina / Eden Prairie 67 Southdale Center Mixed-Use Tower 10 Southdale Center Edina MN 55435 Planned 260 Edina / Eden Prairie 68 Ridgedale Drive 12421 Ridgedale Drive Minnetonka MN 55305 Planned 168 Minnetonka 69 Sam's Club Redevelopment 3745 Louisiana Avenue South St. Louis Park MN 55426 Planned 144 St. Louis Park 70 Lake Road Redevelopment 4600 Lake Road Minneapolis MN 55422 Planned 118 Golden Valley 71 Waterford Bay 380 Randolph Avenue St. Paul MN 55102 Planned 242 St. Paul - West Seventh 72 Waterford Bay 380 Randolph Avenue St Paul MN 55102 Planned 242 St. Paul - West Seventh 73 590 Park Street 590 Park Street St. Paul MN 55103 Planned 92 St. Paul - Thomas - Dale 74 Stryker Avenue 605 Stryker Avenue St. Paul MN 55107 Planned 57 St. Paul - West Side 75 Water Street West 84 West Water Street St. Paul MN 55107 Planned 137 St. Paul - West Side 76 441 Snelling Avenue North 455 Snelling Avenue North St. Paul MN 55104 Planned 137 St. Paul - Lexington Hamline Source: Yardi Matrix Yardi Source: Minneapolis - Urban New Construction & Proposed Multifamily Projects

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

77 Carroll Avenue Carroll Avenue & Snelling Avenue St. Paul MN 55104 Planned 70 St. Paul - Lexington Hamline SWC Pascal Street North & 78 Snelling - Midway Site St. Paul MN 55104 Planned 620 St. Paul - Lexington Hamline University Avenue West 79 Payne Avenue 520 Payne Avenue St. Paul MN 55130 Planned 75 St. Paul - Payne - Phalen Butler Avenue East & 80 Butler Avenue Apartments West St. Paul MN 55118 Planned 369 West St. Paul South Robert Street 81 Fairview Avenue North 2720 North Fairview Avenue Roseville MN 55113 Planned 117 Roseville Country Road C West & 82 Fairview Avenue North Roseville MN 55113 Planned 228 Roseville Fairview Avenue North 83 Owasso Gardens Rice Street & South Owasso Blvd St. Paul MN 55113 Planned 60 Roseville 84 2600 Blaisdell 2554 Blaisdell Avenue South Minneapolis MN 55404 Planned 147 Minneapolis - Powderhorn 85 Lake Street Dwelling Phase II & III 410 West Lake Street Minneapolis MN 55408 Planned 203 Minneapolis - Powderhorn 86 Gateway Northeast 2435 Marshall Street NE Minneapolis MN 55418 Planned 128 Minneapolis - Northeast Upper Harbor Terminal North Dowling Avenue & North 87 Minneapolis MN 55412 Planned 530 Brooklyn Center / Camden Redevelopment Washington Avenue 88 7250 France Avenue 7250 France Avenue South Minneapolis MN 55435 Planned 130 Edina / Eden Prairie 89 The Boulevard West 74th Street & Metro Blvd Edina MN 55439 Planned 277 Edina / Eden Prairie 90 Beltline Boulevard Beltline Blvd & Park Glen Road St. Louis Park MN 55416 Planned 183 St. Louis Park 91 Platia Place 9808 Wayzata Blvd St. Louis Park MN 55426 Planned 143 St. Louis Park 92 Via 5725 State Highway 7 St. Louis Park MN 55416 Planned 299 St. Louis Park 93 Four Seasons Mall Redevelopment Highway 169 & Rockford Road Minneapolis MN 55441 Planned 418 Plymouth 94 West Side Flats Phase II 84 Wabasha Street South St. Paul MN 55107 Planned 264 St. Paul - West Side Ford Assembly Plant SEC Ford Pkwy & 95 St. Paul MN 55116 Planned 3,800 St. Paul - Highland Site Redevelopment Blvd Total Planned 13,954 96 Bandana Square 1015 Bandana Blvd West St Paul MN 55108 Prospective 152 97 Calhoun Square Redevelopment 1301 West Lake Street Minneapolis MN 55408 Prospective 452 98 110 3rd Avenue 110 3rd Avenue North Minneapolis MN 55401 Prospective 107 Minneapolis - Central 99 12th Street Tower 228 South 12th Street Minneapolis MN 55403 Prospective 350 Minneapolis - Central 100 301 Nicollet 315 Minneapolis MN 55401 Prospective 370 Minneapolis - Central 101 Century Plaza 1101 3rd Avenue South Minneapolis MN 55404 Prospective 80 Minneapolis - Central 102 Duffey Lofts 508 North Washington Avenue North Minneapolis MN 55401 Prospective 200 Minneapolis - Central Elliot Twins 103 1225 South 8th Street Minneapolis MN 55404 Prospective 100 Minneapolis - Central Rehabilitation and Addition 104 Mill District 200 12th Avenue South Minneapolis MN 55415 Prospective 207 Minneapolis - Central Portland Avenue & 105 Portland & Washington Minneapolis MN 55415 Prospective 250 Minneapolis - Central South Washington Avenue 106 Midtown Crossing 2839 11th Avenue South Minneapolis MN 55407 Prospective 55 Minneapolis - Phillips 107 1st Avenue South 2645 1st Avenue South Minneapolis MN 55408 Prospective 51 Minneapolis - Powderhorn 108 Bloomington & Lake Street Bloomington Avenue & E Lake Street Minneapolis MN 55407 Prospective 54 Minneapolis - Powderhorn 109 Karmel Square 2940 Pillsbury Avenue Minneapolis MN 55408 Prospective 89 Minneapolis - Powderhorn 110 L&H Station Phases II - IV 2225 East Lake Street Minneapolis MN 55407 Prospective 400 Minneapolis - Powderhorn 111 27th & Girard 2715 Girard Avenue South Minneapolis MN 55408 Prospective 85 Minneapolis - Calhoun Isle 112 3404 List Place 3404 List Place Minneapolis MN 55416 Prospective 195 Minneapolis - Calhoun Isle Source: Yardi Matrix Yardi Source: Minneapolis - Urban New Construction & Proposed Multifamily Projects

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

113 Buzza Lofts of Uptown Phase II 1006 West Lake Street Minneapolis MN 55408 Prospective 135 Minneapolis - Calhoun Isle 114 Girard Avenue 2824 Girard Avenue South Minneapolis MN 55408 Prospective 76 Minneapolis - Calhoun Isle 115 Currie Commons 187 North Humboldt Avenue Minneapolis MN 55405 Prospective 189 Minneapolis - Near North FreedomWorks Housing 116 2929 Emerson Avenue North Minneapolis MN 55411 Prospective 50 Minneapolis - Near North Development 117 Girard and Humboldt 255 Girard Avenue North Minneapolis MN 55405 Prospective 95 Minneapolis - Near North James Avenue North & Olson 118 Olson Memorial Hwy Minneapolis MN 55411 Prospective 92 Minneapolis - Near North Memorial Hwy North 26th Avenue & North 119 Washington Avenue Minneapolis MN 55411 Prospective 350 Minneapolis - Near North Washington Avenue 120 14th Avenue Flats 854 14th Avenue NE Minneapolis MN 55413 Prospective 175 Minneapolis - Northeast 121 1501 Johnson Street 1501 Johnson Street NE Minneapolis MN 55413 Prospective 164 Minneapolis - Northeast 122 1717 Central Avenue 1717 Central Avenue NE Minneapolis MN 55413 Prospective 78 Minneapolis - Northeast 123 Broadway Street Broadway Street & Main Street Minneapolis MN 55413 Prospective 108 Minneapolis - Northeast 124 Eide Saw 950 13th Avenue NE Minneapolis MN 55413 Prospective 118 Minneapolis - Northeast 125 Main Street West 1018 Main Street Minneapolis MN 55418 Prospective 113 Minneapolis - Northeast 126 The Main Street 1011 NE Main Street Minneapolis MN 55413 Prospective 288 Minneapolis - Northeast 127 1101 Hennepin Avenue 1101 East Hennepin Avenue Minneapolis MN 55414 Prospective 56 Minneapolis - University 128 1127 4th Street SE 1127 4th Street Minneapolis MN 55414 Prospective 60 Minneapolis - University 129 1319 4th Street SE 1319 4th Street SE Minneapolis MN 55414 Prospective 300 Minneapolis - University 130 416 - 420 East Hennepin 416 East Hennepin Avenue Minneapolis MN 55414 Prospective 227 Minneapolis - University 131 6th and 3rd SE 3rd Avenue & 6th Street SE Minneapolis MN 55414 Prospective 345 Minneapolis - University 132 700 Central Phase II 700 Central Avenue NE Minneapolis MN 55414 Prospective 71 Minneapolis - University 133 American Spirit on 9th 801 SE 9th Street Minneapolis MN 55414 Prospective 88 Minneapolis - University 134 Cedar High - 1627 Renovation 1627 South 6th Street Minneapolis MN 55454 Prospective 116 Minneapolis - University 135 Corner 24 University Avenue NE Minneapolis MN 55413 Prospective 57 Minneapolis - University 136 Dinkytown 407 15th Avenue SE Minneapolis MN 55414 Prospective 300 Minneapolis - University 137 General Mills 330 University Avenue SE Minneapolis MN 55414 Prospective 304 Minneapolis - University 138 General Mills Phase II 330 University Avenue SE Minneapolis MN 55414 Prospective 270 Minneapolis - University 139 Spectrum 620 SE 9th Street Minneapolis MN 55414 Prospective 61 Minneapolis - University 140 AGRA 901 27th Avenue South Minneapolis MN 55406 Prospective 171 Minneapolis - Longfellow 141 Checkerboard 3716 Dight Avenue Minneapolis MN 55406 Prospective 500 Minneapolis - Longfellow 142 Hiawatha Avenue 3801 Hiawatha Avenue Minneapolis MN 55406 Prospective 102 Minneapolis - Longfellow 143 Hiawatha Avenue 4757 Hiawatha Avenue Minneapolis MN 55406 Prospective 75 Minneapolis - Longfellow 144 American Square 8101 36th Avenue South Bloomington MN 55417 Prospective 328 Minneapolis - Nokomis 145 American Square Phase II 8101 36th Avenue South Bloomington MN 55417 Prospective 100 Minneapolis - Nokomis 146 Cedar Avenue 4715 Cedar Avenue South Minneapolis MN 55407 Prospective 125 Minneapolis - Nokomis Bass Lake Road & 147 Brooklyn Center Brooklyn Center MN 55430 Prospective 575 Brooklyn Center / Camden Shingle Creek Regional Trail 148 Silver Lake Road 3800 Silver Lake Road NE Minneapolis MN 55421 Prospective 498 Columbia Heights 149 6467 Lyndale Avenue South 6467 Lyndale Avenue South Richfield MN 55423 Prospective 120 Richfield 150 4100 Apartments 4100 West 76th Street Minneapolis MN 55435 Prospective 70 Edina / Eden Prairie Source: Yardi Matrix Yardi Source: Minneapolis - Urban New Construction & Proposed Multifamily Projects

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

151 77th Street 4660 West 77th Street West Edina MN 55435 Prospective 325 Edina / Eden Prairie 152 77th Street 4701 West 77th Street Minneapolis MN 55435 Prospective 117 Edina / Eden Prairie 153 Amundson Flats 7079 Amundson Avenue Minneapolis MN 55439 Prospective 115 Edina / Eden Prairie 154 The Boulevard Phase II West 74th Street & Metro Blvd Edina MN 55439 Prospective 320 Edina / Eden Prairie 155 Grandview 5146 Eden Avenue Edina MN 55436 Prospective 140 Edina / Eden Prairie NWC 66th Street West & 156 Millennium Sixty - Six Phase II Edina MN 55423 Prospective 145 Edina / Eden Prairie Xerxes Avenue South West 66th Street & 157 Promenade on France Edina MN 55435 Prospective 200 Edina / Eden Prairie France Avenue South 158 The Pointe Carlson Pkwy & Lakeshore Pkwy Hopkins MN 55305 Prospective 186 Minnetonka 159 Blake Road Station Blake Road North & Excelsior Blvd Hopkins MN 55343 Prospective 752 Hopkins 160 Vista 44 12th Avenue North & 1st Street North Hopkins MN 55343 Prospective 50 Hopkins 161 34th Street West West 34th Street & Glenhurst Avenue St Louis Park MN 55416 Prospective 223 St. Louis Park 162 6027 West 37th Street 3700 Alabama Avenue St. Louis Park MN 55416 Prospective 60 St. Louis Park 163 Texas Avenue Minnetonka Blvd & Texas Avenue South St. Louis Park MN 55426 Prospective 106 St. Louis Park 164 Cray Plaza Remodel 195 5th Street East Saint Paul MN 55101 Prospective 100 St. Paul - Downtown First National Bank 165 332 Street St. Paul MN 55101 Prospective 170 St. Paul - Downtown Building Redevelopment 166 The Gallery St. Paul 9th Street East & Wacouta Street St. Paul MN 55101 Prospective 140 St. Paul - Downtown 167 Kellogg Boulevard 241 Kellogg Blvd East St. Paul MN 55101 Prospective 90 St. Paul - Downtown 168 St. Paul Riverfront Mixed-Use 50 West Kellogg Blvd St. Paul MN 55102 Prospective 325 St. Paul - Downtown 169 7th Street West 337 7th Street West St. Paul MN 55102 Prospective 153 St. Paul - West Seventh 170 60 North Avon 60 North Avon Street St. Paul MN 55104 Prospective 100 St. Paul - Summit - University 171 Cathedral Hill 393 Marshall Avenue St. Paul MN 55102 Prospective 175 St. Paul - Summit -University 172 Rice Street Sears Redevelopment 425 Rice Street St. Paul MN 55103 Prospective 800 St. Paul - Summit -University 173 Selby and Dale 156 Dale Street North St. Paul MN 55102 Prospective 82 St. Paul - Summit -University 174 University Avenue 625 University Avenue West St. Paul MN 55104 Prospective 61 St. Paul - Thomas-Dale 175 Rivoli Bluff 823 East 7th Street St. Paul MN 55106 Prospective 100 St. Paul - Dayton'S Bluff 176 Fillmore West Plato Blvd & South Robert Street St. Paul MN 55107 Prospective 640 St. Paul - West Side 177 2751 Shepard Road 2751 Shepard Road St. Paul MN 55116 Prospective 211 St. Paul - Highland 178 Sibley Plaza 2401 7th Street West St. Paul MN 55116 Prospective 120 St. Paul - Highland 179 Dayton Avenue 1619 Dayton Avenue St. Paul MN 55104 Prospective 97 St. Paul - Lexington Hamline Snelling Avenue & University 180 Midway Towers St. Paul MN 55104 Prospective 234 St. Paul - Lexington Hamline Avenue West 181 The Pitch 427 Snelling Avenue North St. Paul MN 55104 Prospective 156 St. Paul - Lexington Hamline Fairview Avenue North & Fairview Avenue North & 182 St Paul MN 55104 Prospective 279 St. Paul - St.Anthony University Avenue West University Avenue West 183 Luther Seminary 2481 Como Avenue St. Paul MN 55108 Prospective 120 St. Paul - St.Anthony 184 Pirtek Building 2161 University Avenue West St. Paul MN 55114 Prospective 140 St. Paul - St.Anthony 185 Thompson Oaks Golf Course 1555 Oakdale Avenue West St. Paul MN 55118 Prospective 153 West St. Paul 186 River Bluff Senior Housing 857 Sibley Memorial Hwy St. Paul MN 55118 Prospective 140 Mendota 187 Amber Union Workforce Housing 1667 MN-51 Falcon Heights MN 55108 Prospective 106 Falcon Heights 188 Fairview Avenue North 2501 Fairview Avenue North Roseville MN 55113 Prospective 99 Roseville Source: Yardi Matrix Yardi Source: Minneapolis - Urban New Construction & Proposed Multifamily Projects

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

Rose Place West & 189 Fairview Avenue North Senior Roseville MN 55113 Prospective 277 Roseville Wheeler Street North 190 The Village 1675 MN-36 Roseville MN 55113 Prospective 425 Roseville East County Road C & 191 White Bear Avenue Maplewood MN 55109 Prospective 99 Maplewood White Bear Avenue 7th Avenue Est & 192 7th Avenue East Development North St. Paul MN 55109 Prospective 88 Oakdale - North Margaret Street North 193 Anchor View Anchor Drive & McKnight Road North North St. Paul MN 55109 Prospective 126 Oakdale - North North Washington Avenue & 194 N Washington & N 5th Avenue Minneapolis MN 55401 Prospective 319 Minneapolis - Central North 5th Avenue 195 38th Street Station Phase II 3752 Hiawatha Avenue Minneapolis MN 55406 Prospective 145 Minneapolis - Powderhorn West Lake Street & West Lake Street & 196 Minneapolis MN 55408 Prospective 127 Minneapolis - Calhoun Isle James Avenue South James Avenue South 197 Satori 800 West Broadway Avenue Minneapolis MN 55411 Prospective 112 Minneapolis - Near North 198 Satori Phase II and III 800 West Broadway Avenue Minneapolis MN 55411 Prospective 96 Minneapolis - Near North 199 West Broadway Curve Redevelopment 1920 West Broadway Avenue Minneapolis MN 55411 Prospective 69 Minneapolis - Near North 200 4916 France 4916 France Avenue South Minneapolis MN 55410 Prospective 110 Edina / Eden Prairie 201 France Avenue - US Bank 7001 South France Avenue Edina MN 55435 Prospective 200 Edina / Eden Prairie 202 325 Blake Road Redevelopment 325 Blake Road North Hopkins MN 55343 Prospective 465 Hopkins Total Prospective 20,335

TOTAL MINNEAPOLIS - URBAN 41,619 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