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DISCLAIMER (C) 2015 ABI Multifamily | The information and details contained herein have been obtained from third-party sources believed to be reliable; however, ABI Multifamily has not independently verified its accuracy.   ABI Multifamily makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fitness for a particular purpose.   Interested parties should perform their own due diligence regarding the accuracy of the information.   SOURCES: ABI Research / Bureau of Labor Statistics / Census Bureau / Pierce-Eislen / Vizzda / US Chamber of Commerce

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Avg Sales Price Per Unit100+ Units 10-99 Units

SNAP STATSPHOENIX MSA OVERVIEW 2Q | Avg Effective Rent/Vacancy

2Q 2015 Sales Stats

10+

Un

it P

rop

ert

ies

Avg Vacancy Rate y-o-y

2Q 2015

$787.50

4.6%

2Q 2014

$730.75

5.9%

$56.75

1.3%

Avg Effect ive Rent y-o-y

Increase / Decrease

PHOENIX MSA | MULTIFAMILY | 2Q 2015

Total Population

Population Growth (%)

Employment Growth (%)

Unemployment Rate (%)

Median HH Income

Median HH Income Change

Per Capita Income

Per Capita Income Change

4,404,888

1.53%

3.0%

4.8%

$55,250

0.96%

$38,745

0.67%

ADOA, EBRC Estimate

ADOA, EBRC Estimate

y-o-y as of May 2015

As of May 2015

ABI Estimate

ABI Estimate

Ne

w C

on

stru

ctio

n

52.6%y-o-y increase

Units Delivered 2Q 2015: 1,439 | 2Q 2014: 943

Top 2Q 2015 Sales by Price/Unit44 MonroePhoenix, 184 Units$50,650,000$275,272/unit$200.73/SFBuilt 2008

SkySong ApartmentsScottsdale, 325 Units$67,500,000$207,692/unit$213.73/SFBuilt 2014

Cactus Forty-2Phoenix, 200 Units$36,000,000$180,000/unit$232.17/SFBuilt 2014

Scottsdale Townhouse Scottsdale, 27 Units$2,787,500$103,241/unit$107.42/SFBuilt 1973

Top 2Q 2015 Sales by Price/UnitValencia TownhomesPhoenix, 36 Units$6,590,000$183,056/unit$132.11/SFBuilt 2010

Oasis TwentyPhoenix, 19 Units$2,100,000$110,526/unit$143.99/SFBuilt 1960

0 1000 2000 3000 4000 5000

1,439

4,527

615

3,569

1,668

2011

2012

2013

2014

2015

943

1,659 (YTD)

Avg Year Built

Avg Y

r Blt Avg Yr Blt

1988 1970

10 -99 Units100+

Units

$117.47 $80.43Avg Price/SF$92.90 (2Q 2014)

+26.4% y-o-y$66.70 (2Q 2014)

-20.6% y-o-y

$517M $104MTransaction Volume$529M (2Q 2014)

-2.3% y-o-y$68M (2Q 2014)

+52.9% y-o-y

0

20000

40000

60000

80000

100000

2011 2012 2013 2014 2015 YTD 2011 2012 2013 2014 2015 YTD0

10000

20000

30000

40000

50000

60000

$92,113 $69,025 (2Q 2014)+33.4% y-o-y $59,347 $55,191 (2Q 2014)

+7.5% y-o-y