Research & Forecast Report Q4 2016 | Multifamily

Strong Rental Demand Drives Market Indicators ATL ATL Relative to prior period Q4 2016 Q1 2017*

Construction in Atlanta VACANCY Key Takeaways RENTS CONCESSIONS >> Annual rent growth : Atlanta, 6.6%; National, 3.8% TRANSACTIONS >> Occupancy: 95.3% in 4thQtr 2016 (7 pts higher than post 2009 recession low) >> 2017 Annual Supply: Forecasted at 15,300 units PRICE PER UNIT >> Atlanta: Home to 15 Fortune 500 Companies CAP RATES >> Unemployment: 4.9% as of October 2016 (Lowest level since The Great *Projected Recession)

Atlanta Multifamily Market Historical Apartment Rents & Occupancy The Atlanta apartment market continues to thrive due to strong economic $1400 fundamentals. The metro area benefits from a well–educated workforce and strong $1300 business community. Job growth, strengthened in part by numerous corporate $1200 relocations, has pushed rents to historic levels while new supply satisfies the $1100 demand of a higher paying workforce. While there still remains bifurcation between $1000 inner-perimeter submarkets and outside the perimeter, economic drivers such $900 as the trend of corporate relocations and vast transportation and manufacturing $800 infrastructure position Atlanta among the top major U.S. metros for rent growth in $700 Rent Mo Effective recent quarters. The Atlanta Metro is home to 15 Fortune 500 companies, most of $600 which are located inside the Perimeter near Downtown, Midtown and . $500 Unemployment has fallen from double digits experienced throughout most of 2009, 2010 and 2011, to 4.9% as of October 2016. With low unemployment 96% and renters with more spending power, the demand for multifamily housing 95% near in-town amenities will continue to sustain pressure on market rents in the 94% short-term. The question then becomes what is a sustainable pace of growth for 93% Atlanta’s sizzling rental market in the long-term when the economy slows down? 92%

DEMAND 91% % Occupany

Atlanta continued to maintain strong demand over the past year. Annual 90% demand was 8,864 which topped annual supply by 128 units. In the 4thQtr 2016, 89% demand reported a net move out of 751 units while new supply registered a net inventory of 1,512 units. Demand in Atlanta’s highly sought after areas inside US ATLANTA Source: AXIOMetrics the perimeter continue to trend upward but competition for more affordable options poses a threat. Going forward, this trend will continue while demand in other submarkets south and outside the perimeter will remain less attractive. Atlanta Multifamily Market (continued)

SUPPLY OCCUPANCY Supply remains elevated in Atlanta as developers continue to experience Atlanta occupancy has remained strong due to strong demand. In the rent growth, particularly in Midtown and Northern submarkets. Inventory 4th quarter 2016, occupancy posted 95.3%, up 0.3 points year over year expanded at an average annual rate of 1.6% over the past year as and up 7.0 points from the post-recession low recorded in 4th quarter completions ranged from roughly 5,000 units to 10,300 units. Inventory 2009. Occupancy rates are highest in central and northern submarkets is expected to remain elevated in 2017 with roughly 15,300 units, mostly as other areas outside the perimeter remained challenged from a lack in the Midtown and Buckhead submarkets, while outside the Perimeter of employment. Over the next year, new completions will test the core will largely remained unchanged submarkets located inside the Perimeter as the prospect of overbuilding becomes more eminent. RENT OUTLOOK FOR 2017 Annual rent levels remain well above the historical norms, averaging 6% to 8% over the last several quarters. The 6.6% increase in 2016 With rising construction costs and some submarkets at risk of was well above the five-year average of 4.9% and the national average overbuilding, Atlanta’s late cycle recovery has peaked and begun to of 3.8% during the same period. Higher rents are mostly being realized stabilize. Rent growth will be more traditional and modest, at 3% to in the Midtown and northern submarkets where new class A product 4% and occupancy around 94% to 95%. Better located assets in the is in high demand. Class B and C apartments will experience some Midtown and Buckhead submarkets are best positioned to do well as movement in rent as construction begins to slow but the market is likely long as inventory levels remain balanced. Things to look for in the next to remain reliant on top-tier apartments in well-located areas. year as rent growth tapers is the increasing pressure of single-family housing and apartment overbuilding, particularly inside the Perimeter.

UPDATE - Recent Transactions in the Market Notable Sales Activity

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

Post Atlanta Portfolio Metro Atlanta 12/1/2016 $1,091,466,969* 5,999 $181,941* MAA The Row at Twenty-Sixth Midtown 12/2/2016 $85,500,000 453 $188,741 Mesirow Financial Park Pointe North Decatur 12/1/2016 $78,750,000 770 $102,272 Flowers GA Partners LLC Roswell City Walk North Fulton 12/7/2016 $76,000,000 320 $237,500 Carroll Organization Savannah at Park Place Central Perimeter 11/18/2016 $74,500,000 416 $179,086 PRP Real Estate Mgmt. 4000 Dunwoody Park Central Perimeter 10/31/2016 $72,000,000 400 $180,000 PASSCO Companies Nevadan Apartments Central Perimeter 10/13/2016 $68,250,000 480 $142,188 Bluerock Residential Growth White Provision Midtown 10/20/2016 $67,520,000 100 $675,200 Westside Atlanta Retail LLC Woodhaven at Park Bridge North Fulton 11/10/2016 $65,500,000 352 $186,080 Stockbridge Capital Group Radius Sandy Springs Central Perimeter 12/20/2016 $60,250,000 532 $113,252 The RADCO Companies

Source: CoStar Comps *allocated

Historical Investment Volume & Cap Rates ATLANTA MULTIFAMILY 10 8.0% Atlanta apartment investment 9 7.5% volume reached a record

Billions 8 $8.7 billion in 2016 thanks to a 7 7.0% strong fourth quarter of 6 activity. The average price 5 6.5% per unit is also at its highest 4 level ever at $105,732 3 6.0% according to Real Capital Analytics. Year-over-year, 2 5.5% 1 Atlanta’s average cap rate for 0 5.0% apartments dropped 33 basis points to 6.07%. 2011 2013 2015 2012 2014 2010 2007 2009 2006 2008 YTD 16 YTD Sales Volume AVG Cap Rate Source: Real Capital Analytics

2 Research & Forecast Report | Q4 2016 | Atlanta Multifamily | Colliers International Metro Atlanta Housing Permit Activity Notable Atlanta Job Relocations 18,000 ’s Own Relocating 16,000 >> Georgia’s Own Credit Union is moving its headquarters 14,000 downtown, and put its name atop an Atlanta landmark 12,000 on — The Equitable Building.Georgia’s Issued

10,000 Own is relocating from Midtown’s Campanile Building at

Permits the heart of Peachtree and 14th street. By next summer, 8,000 it plans to begin transitioning employees to 100 Peachtree, 6,000

Multifamily the 32-story downtown tower with the Equitable name 4,000 across its top.The building has been a fixture in downtown’s

2,000 Fairlie Poplar Historic District — and a familiar sight on the

0 Atlanta skyline — for decades.Georgia’s Own Credit Union, 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD16 which has about 375 full-time employees, would relocate

Source: U.S. Census Bureau all its main office staff to The Equitable Building by the end of 2020. >> Georgia’s Own will lease about 100,000 square feet at the Equitable Building, which was bought a few years ago by Metro Atlanta Employment Overview America’s Capital Partners and renamed 100 Peachtree. 150.0 Honeywell to put 800-job software center and division HQ in Midtown’s 715 Peachtree 100.0 89.0 82.4 69.4 74.5 66.2 59.9 >> Midtown’s 715 Peachtree is expected to land Honeywell 48.9 42.4 50.0 30.2 35.6 International Inc.’s (NYSE: HON) $20 million North

(thousands) American software development center and division

0.0 headquarters.In its third quarter office market report, real estate services firm Colliers International cited Honeywell ‐23.0 ‐26.8 ‐20.9 ‐50.0

Added/Lost ‐42.2 taking 80,000-square-foot at the 318,000-square-foot

Jobs building near The Fox Theatre. ‐100.0 UPS to invest $460 million, create 1,250 jobs at Atlanta ‐150.0 ‐136.6 Mega Hub >> United Parcel Service Inc. (NYSE: UPS) will invest $460 Source: US Dept. of Labor Statistics/Moody’s Analytics million and create about 1,250 jobs at a new logistics hub near Charlie-Brown Airport on the city’s Westside.

Wework to Bring Up to 1,000 Workers to >> WeWork Cos., the New-York based co-working juggernaut Metro Atlanta Employment Comparison on a mission to recreate the American office, is joining Y-O-Y Y-O-Y UNEMPLOYMENT METRO AREA RANK another transformation — Midtown’s Colony Square. EMPLOYMENT PERCENT RATE WeWork will occupy the 9th, 10th and 11th floors of Colony New York/NNJ 1 120,600 1.3% 5.2% Square’s Building 100, potentially bringing almost 1,000 Dallas-Fort Worth 2 113,500 3.3% 4.1% workers to the mixed-use project at 14th and Peachtree Los Angeles/OC 3 90,000 1.9% 5.1% streets. Atlanta 4 70,800 2.7% 4.0% Seattle 5 64,600 3.4% 5.0% Lands San Francisco-Based Software DC-Arlington 6 61,600 2.1% 4.5% Firm Pivotal Miami 7 60,800 2.4% 5.4% >> Software company, Pivotal, will relocate its Atlanta office Boston 8 53,200 2.0% 5.7% to Ponce City Market as part of a broader expansion. The Orlando 9 50,300 4.2% 5.1% San Francisco-based firm plans to add about 100 jobs in San Francisco 10 46,600 2.0% 3.5% Atlanta over the next few months, Pivotal confirmed. The Denver 11 44,800 3.2% 4.1% company’s Atlanta hub, currently located in Buckhead, is Philadelphia 12 41,300 1.4% 4.4% looking to hire engineers, designers, product managers and U.S. Total 2,032,000 1.4% 4.9% sales reps.

Source: Bureau of Labor Statistics; Metro Level Data December 2016(p) Average, not Seasonally Adjusted

3 Research & Forecast Report | Q4 2016 | Atlanta Multifamily | Colliers International PICKENS CO. CHEROKEE CO.

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MARIETTA . . Multifamily Pipeline | Urban Atlanta O O Sources: CoStar Property, MPF Research C C B Lawrenceville B N 22 O O C LT U F 56 26 23 24 DORAVILLE 57 25

5 Norcross CHAMBLEE 16 Powder 14 15 11 D F U 13 E 50 L K T Springs A 49 O

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B 28 SMYRNA 12 58

C 23 C 1 O O . . Bobby Jones G Golf Course W 3 31 Golf View Rd NW 5 Armour Dr NE IN Snellville . 7 3 D N Bennett St Dr NE Plasters Ave NE O 6 E E

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C 18 N 9 A T

r Brookwood 8 D L d C oo Hills B G lw O el D 27 6 C . N O I Ottley33 Dr NE13 . Tanyard Brighton Rd NE

D 14 Austell Creek Collier Rd NW 34 Park L Camden Rd NE 2 Wimbledon Rd NE U COBB CO. Clarkston Stone 19 A Park 1 Peachtree St NE Rock Springs Rd NE

P 22 DOUGLAS CO. 28th St NW 24 2 21 Mountain Ansley 20Flagler Ave NEMonroe28 Dr NE Walthall Dr NW r 26 Golf Course 19 . e 62 Huntington Rd NE O Lithia Springs iv 61 Way NE C W 26th St NW Midtown T A R DECATUR E 28 Dr N T Barnesdale 29 rry L 17 Fe T ATLANTA 20 ery E om 59 O tg N n N o M IN Loring 27 9 54 C e Heights 21 W O Douglasville Loring Amtrak 7 10 53 . e Heights Station 51 G Park 55 Rd NE Ansley h Friar Tuck Peachtree 52 Robin Hood Rd NE Park c Pointe 10 8 29 31 o Hascall Rd NW 30 o Beverly Rd NE h Deering Rd NW 12 11 c Inman Cir NE Maddox Dr NE McClatchey a Trabert Ave NW Park tt Peachtree Cir NE Ansley 17th Park Legend Street a Park 60 NW St Mecaslin h 17th St NE Lease Up C Bishop St NW Atlantic Midtown 17th St NE Station 38 Under Construction Lithonia NE r Dr nste 16th St NE Westmi Winn Park 16th St NW Piedmont Ave NE EAST 34 36 . W Hotel .

POINTNW Dr Techwood Fowler St NW 3714th St NW O

Barnes St NW O

Holly St NW St Holly Francis St NW St Francis 14th St NW NW St Mecaslin Piedmont C C 13th St NW18 Park 25 COLLEGE E 47 B L L Conyers 12th St NE PAR K A Home 15 35 A Park HAPEVILLE DEKALB CO. K D 11th St NE State St NW 45 E K

Center St NW St Center Home Park Peachtree NE Walk Crescent Ave NE 39 42 10th St NE D C 10th St NW Spring St NW HENRY CO. O Covington HemphillHartsfield-Jackso Ave NW n 9th St NE Midtown 675 R International Airport 16 44 8th St NE Monroe Dr NE .

Dalney St NW 41 O C . 7th St NE 40 E O Fowler St NW 17 FOREST L C

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

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

Atlantic Dr NW 5th St NE NE Dr Allen Charles St Charles Ave NE Tech Pkwy TECHNOLOGY Technology PAR K O A K T Union City Square 4th St NE Y C Campbellton Rd SW 46 W NW T O 3rd St NE E O 43 R Ponce De Leon Ave NE N N

Techwood Dr NW Techwood Marietta St NW

North Ave NW North Ave NE Fairburn C Riverdale O Stockbridge Linden Ave NE .

Centennial Glen Iris Dr NE SoNo Morgan St NE Research & Forecast ReportPlace | Q4 2016 | Atlanta Multifamily | Colliers InternationalBedford 4 . Civic Pine Park CO Pine St NW Center

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

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C O O Fayetteville . . McDonough

. O C S T T U B Peachtree City Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research LEASE UP # Name Developer/Owner Address Submarket Units 1 Gables Brookhaven Gables Residential 4420 Peachtree Rd NE Brookhaven 374 2 Venue Brookwood Grayco Partners 2144 Peachtree Rd NW Brookwood 249 3 AMLI 3464 AMLI Residential Properties, LP 3464 Roxboro Rd NE Buckhead 240 4 The Encore Oxford Properties 3290 Cobb Galleria Pky Cumberland 339 5 The Metro Audubon Communities 1500 Parkwood Cir SE Cumberland 200 6 Accent North Druid Hills Westplan Investors 7 Executive Park Dr NE Decatur/North Druid Hills 310 7 The Office Apartments De Bartolo Holdings LLC 250 Piedmont Ave NE 327 8 841 Memorial Enfold Properties 841 Memorial Dr SE Downtown Atlanta 80 9 City Lights Wingate Companies/Columbia Residential 430 Boulevard NE Downtown Atlanta 80 10 Reynoldstown Mercy Housing 695 Field St SE Downtown Atlanta 70 11 Alexan EAV Trammell Crow Residential Company 1205 Metropolitan Ave SE 120 12 Alexan Glenwood Trammell Crow Residential Company 860 Glenwood Ave SE Grant Park 216 13 Elan Lindbergh Greystar Real Estate Partners 741 Morosgo Dr NE Lindbergh-Morosgo 358 14 AMLI Piedmont Heights AMLI Residential Properties, LP 2323 Piedmont Rd NE Lindbergh-Morosgo 375 15 Sixty11th Selig Enterprises, Inc. 60 11th St NE Midtown 320 16 Alta Midtown Wood Partners 915 W Peachtree St NW Midtown 369 17 Trace Midtown JLB Partners, LP 782 Peachtree St NE Midtown 290 18 Atlantic House Novare Group 1163 W Peachtree St NW Midtown 407 19 Modera Morningside Mill Creek Residential Trust LLC 1845 Piedmont Ave NE Morningside-Lenox Park 300 20 Poncey - Highland Abraham Properties & Builders 675 N Highland Ave NE Poncey-Highland 125 21 Station R Greystar Real Estate Partners 144 Moreland Ave NE Reynoldstown 295 22 Bolton Park Hollywood Construction 1888 Hollywood Rd NW Riverside 209 23 Alexan Vinings Trammell Crow Residential Company 3330 Cumberland Blvd SE Vinings 232 24 1824 Defoor RAM Partners, LLC 1824 Defoor Ave NW 236 25 The Local On 14th Pollack Shores Real Estate Group 455 14th St NW West Midtown 361 26 Accent Waterworks Westplan Investors 1390 Northside Dr NW West Midtown 181 27 Solis Downwood Terwilliger Pappas 3201 Downwood Cir NW West Paces 280 28 The Reserve at Decatur Atlantic Realty Partners 2600 Milscott Dr Decatur/North Druid Hills 298 29 ARLO Centro Development LLC 245 E Trinity Pl Downtown Decatur 210 30 Green Park Preferred Apartment Communities 2037 Weems Rd Decatur/North Druid Hills 266 31 Hearthside Club at Tucker Norsouth Companies, Inc. 4358 Lynburn Dr Tucker 112 Units 7,829

Over 75 Multifamily Developments currently Proposed for the Urban Atlanta Area.

5 Research & Forecast Report | Q4 2016 | Atlanta Multifamily | Colliers International Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research UNDER CONSTRUCTION # Name Developer/Owner Address Submarket Units 1 Ardmore & 28th - Phase II Cocke Finkelstein, Inc. 306 Ardmore Cir NW Brookwood 109 2 Millworks Pollack Shores Real Estate Group 1900 Emery St NW Brookwood 337 3 1000 Park Wood Partners 1000 Park Ave NE Buckhead 224 4 Alexan Pharr Road Apartments Trammell Crow Residential Company 361 Pharr Rd NE Buckhead 244 5 Domain at Phipps Plaza Columbus Realty Partners, Ltd. 707 Park Ave NE Buckhead 319 6 Gables Buckhead Gables Residential 530 E Paces Ferry Rd NE Buckhead 327 7 Hanover The Hanover Company 3116 Roswell Rd NW Buckhead 353 8 Hanover East Paces The Hanover Company 400 Pharr Rd NE Buckhead 375 9 Modera Buckhead Mill Creek Residential Trust LLC 3005 Peachtree Rd NE Buckhead 400 10 Fulton Supply Lofts Gallman Realty Associates 342 Nelson St SW 74 11 Home at the Battery Atlanta Pollack Shores Real Estate Group I 75 S & I 285 W Cumberland 541 12 Modera by Mill Creek - Vinings Mill Creek Residential Trust LLC 3205 Cumberland Blvd Cumberland 269 13 The Battery - Parkside Pollack Shores Real Estate Group 2675 Cobb Pky SE Cumberland 211 14 The Battery - The Flats Pollack Shores Real Estate Group 2675 Cobb Pky SE Cumberland 239 15 The Battery - The Residences Pollack Shores Real Estate Group 2675 Cobb Pky SE Cumberland 81 16 Stadium Walk Apartments Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 309 17 E.Co Columbia Ventures 2615-2661 E College Ave Decatur/North Druid Hills 375 18 Green Park Phase II Preferred Apartment Communities 2037 Weems Rd Decatur/North Druid Hills 44 19 Mills Creek Crossing - Phase II NorSouth Companies, Inc. 3175 Mills Creek Cir Decatur/North Druid Hills 92 20 Retreat at Mills Creek Housing Authority Of Dekalb County 3220 Mills Creek Cir Decatur/North Druid Hills 80 21 The Point on Scott Fuqua Development 2532 N Decatur Rd Decatur/North Druid Hills 250 22 Broadstone Springs Alliance Residential Company 6558 Roswell Rd NE Downtown 230 23 Modera Sandy Springs Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown 340 24 Square One George S. Morgan Development Co., Inc. 6050 Roswell Rd NE Downtown 203 25 The Cliftwood ECI Group 180 Allen Rd NE Downtown 248 26 The Residences at City Springs Carter/Selig enterprises 6300-6400 Bluestone Rd Downtown 294 27 Post Centennial Park Post Properties, Inc. 325 Centenial Olympic Park Dr NW Downtown Atlanta 438 28 Trinity Walk Decatur Housing Authority 421 W Trinity Pl Downtown Decatur 69 29 465 Memorial Dr SE Atlantic Realty Partners 465 Memorial Dr SE Grant Park 227 30 The George Urban Realty Partners 275 Memorial Dr SE Grant Park 130 31 The Kirkwood Euramex Management Group, LLC 1910 Bixby St Kirkwood 230 32 Overture Lindbergh Greystar Real Estate Partners 690 Lindbergh Dr NE Lindbergh-Morosgo 190 33 Helios Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 282 34 1270 Spring Street Pollack Shores Real Estate Group 1270 Spring St NW Midtown 259 35 Alta at the Park Wood Partners 223 12th St Midtown 198 36 AMLI Arts Center AMLI Residential Properties, LP 1240 W Peachtree St Midtown 350 37 Apogee Midtown The Related Companies 22 14th St NW Midtown 390 38 Ascent Midtown Greystar Real Estate Partners 1400 W Peachtree St NW Midtown 328 39 Azure on the Park Atlantic Realty Partners 1020 Piedmont Ave NE Midtown 329 40 Broadstone Midtown Alliance Residential Company 811 Juniper St NE Midtown 218 41 Hanover Midtown The Hanover Company 881 Peachtree St NE Midtown 350 42 Hanover Midtown The Hanover Company 1010 W Peachtree St NW Midtown 328 43 lilli Midtown JPX Works, LLC 693 Peachtree St Midtown 150 44 Modera Midtown Mill Creek Residential Trust LLC 95 8th St NW Midtown 435 45 Post Midtown Millenium Post Properties, Inc. 33 11th St Midtown 356

6 Research & Forecast Report | Q4 2016 | Atlanta Multifamily | Colliers International Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research

UNDER CONSTRUCTION # Name Developer/Owner Address Submarket Units 46 The Standard Landmark Properties 708 Spring St NW Midtown 257 47 Yoo on The Park The Trillist Companies 207 13th St NE Midtown 245 48 Solis Parkview Phase I Terwilliger Pappas 5070 Peachtree Blvd Norcross-DeKalb 303 49 Solis Parkview Phase II Terwilliger Pappas 5126 Peachtree Blvd Norcross-DeKalb 200 50 The Olmsted Chamblee Cocke Finkelstein, Inc. 5193 Peachtree Blvd Norcross-DeKalb 283 51 Spoke Columbia Ventures 1471 La France St NE North Edgewood 224 52 Grant Park Apartments Fairfield Residential 290 Martin Luther King Jr Dr SE Oakland 321 53 Anthem on Ashley North American Properties 720 Ralph McGill Blvd NE 250 54 North + Line Southeast Capital Companies, LLC 695 North Ave NE Old Fourth Ward 228 55 Old Fourth Ward Apartments JLB Partners, LP 608 Ralph McGill Blvd NE Old Fourth Ward 231 56 Hanover at Perimeter Town The Hanover Company 1140 Hammond Dr NE Perimeter Center 385 Center 57 Palisades Apartments Pollack Shores Real Estate Group 5901 Peachtree Dunwoody Rd NE Perimeter Center 424 58 Chastain Heights at Sandy WSE Property Management LLC 225 Franklin Rd NE Sandy Springs 325 Springs 59 Manor at Indian Creek Prestwick Companies 3904 Durham Park Rd Stone Mountain 94 60 464 Bishop St NW Paces Holdings, LLC 464 Bishop St NW West Midtown 232 61 Star Metal Residences The Allen Morris Group 1050 Howell Mill Rd NW West Midtown 409 62 Westside Heights WSE Property Management LLC 903 Huff Rd NW West Midtown 282 Units 16,518

7 Research & Forecast Report | Q4 2016 | Atlanta Multifamily | Colliers International Atlanta Submarkets MORE THAN 50 Dedicated Multifamily Professionals & Advisors

COVERING OVER 20STATES Expansive geographic footprint

MORE THAN 33,500 Units sold since 2011

$2.3B Group gross transactional value since 2011

FOR MORE INFORMATION CONTRIBUTORS Ron Cameron Will Mathews Scott Amoson Jaime Slocumb Principal | East Region Principal | East Region Director of Research | Atlanta Transaction Coordinator | East +1 404 877 9287 +1 404 877 9285 Region [email protected] [email protected] Chevene King, III Financial Analyst | East Region

East Region Multifamily Advisory Group Colliers International | Atlanta Promenade | Suite 800 1230 Peachtree Street, NE Atlanta, Georgia | USA Copyright © 2016 Colliers International. +1 404 888 9000 The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional8 advisorsNorth priorAmerican to acting onResearch any of the material & Forecast contained Report in this report. | Q4 2014 | Office Market Outlook | Colliers International