Research & Forecast Report

ATLANTAQ2 2017 | Multifamily

Population Growth and Affordable Cost of Living Continue to Drive the Atlanta Apartment MarketKey Takeaways > Atlanta: Ranks #2 in transaction volume with $7.5 billion (year-ending 2Q 2017

> Supply: Annual net expansion units during year-ending 1st Q 2017

> Education: Atlanta ranks 5th largest in the southeast among metros with highest concentration of people with a bachelor’s degree or higher

> Forecast: Atlanta Average rent increases 5.0%; $1,115/month

Atlanta Multifamily MarketAtlanta is experiencing steady business expansion due to operational efficiencies and low cost of doing business. Atlanta is adding new jobs, continuing to create demand for multifamily product and increasing developers and investor’s confidence in the market. Economic gains, bolstered in part by numerous corporate relocations, continue to rank Atlanta among the top major U.S. metropolitans for economic growth. Atlanta’s economy expanded at an estimated average of 4.0% per year (inflation-adjusted dollars) in the five years ending 2nd quarter 2017. Atlanta has shown steady population growth in recent years, as the number of residents increased 7.8% from 2010-2015. That pace topped the U.S. average (3.9%). Meanwhile, the number of Millennials between the ages of 24-34 grew 6.4%, slightly above the national average (6.1%) from 2010 to 2015. College-educated renters are relocating to urban areas for the live, work, play city lifestyle that includes entertainment and access to public transportation. In addition, Atlanta boasts the fifth largest concentration of people with a bachelor’s degree or higher among major metros in the Southeast, trailing Washington, DC, Raleigh/Durham, Nashville and Baltimore. Combined, Atlanta’s demographic trends will lend favorably to the economy and apartment market.SUPPLYAs supply remains elevated in Atlanta, completions have remained manageable and concentrated in certain submarkets. Inventory expanded at an average annual rate of 1.7% over the past three years, as annual completions ranged from roughly 5,000 units to 11,600 units. In the year-ending 2nd quarter 2017, a total of 11,626 units were added, with 558 units taken offline, for an annual net expansion rate of 2.4%. Completions over the past three years have largely been focused inside the Perimeter, primarily in Midtown and Buckhead, while submarkets outside

$500

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$1400

89%

90%

91%

92%

93%

94%

95%

96%

US ATLANTA Source: AXIOMetrics

Historical Apartment Rents & Occupancy

Market IndicatorsRelative to prior period

ATLQ2 2017

ATLQ3 2017*

VACANCY

RENTS

CONCESSIONS

TRANSACTIONS

PRICE PER UNIT

CAP RATES

*Projected

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2 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International

Historical Investment Volume & Cap Rates

UPDATE - Recent Transactions in the Market

Notable Sales Activity

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

Gables Emory Point Decatur 5/3/2017 $136,061,056* 750 $181,414* Blackstone

Rockledge Northwest Atlanta 7/10/2017 $113,500,000 708 $160,311 NexPoint Residential Trust

Lakeside @ Milton Park North Fulton 7/10/2017 $98,250,000 461 $213,124 Olen Commercial Realty

Avia at North Springs Central Perimeter 4/3/2017 $89,300,000 530 $168,491 Harbor Group International

Madison Druid Hills Northlake 6/19/2017 $76,000,000 500 $152,000 Equus Capital Partners

Encore at Clairmont Apartments Northlake 4/27/2017 $74,060,000 359 $206,295 Fowler Property Acquistions

The Eva Central Perimeter 5/19/2017 $63,500,000 300 $211,667 Magnolia Capital

The Peninsula at Buckhead Buckhead 7/13/2017 $63,500,000 311 $204,180 Carroll Organization

Westmar Lofts Midtown 5/23/2017 $61,000,000 369 $165,312 Cardinal Group Investments

Marq Eight Central Perimeter 4/28/2017 $60,500,000 312 $193,910 CWS Capital Partners

Sales Volume AVG Cap Rate

ATLANTA MULTIFAMILY

Atlanta apartment investment volume increased quarter-over-quarter, and at Mid-Year 2017 stands at $3.2 billion. The average price per unit dropped slightly to $104,540 following first quarter’s record high. The average cap rate for Atlanta apartments showed no movement between quarters and remains at 6%.5.0%

5.5%

6.0%

6.5%

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7.5%

8.0%

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Atlanta Multifamily Market (continued)

the perimeter remain behind, although Class B and C submarkets are beginning to pick up steam. DEMAND The Atlanta apartment market remains strong, as annual absorption is between 8,300 and 12,700 units for the past 15 quarters. Atlanta boasts low costs of labor and land, great infrastructure and advanced manufacturing and distribution, as well as the presence of young, educated workforce and lower cost of living. Demand in Atlanta’s highly sought-after areas inside the perimeter continue to trend upward but completion for more affordable options poses a threat. Going forward, demand should remain solid, while less attractive areas remain well behind.RENTAnnual rent levels remain well above the historical norms, averaging around 5.5% to 8% in the last 12 quarters. Atlanta ‘s recent annual rent increase was above the metro’s five-year average of 5.3%. While Class A rent growth remains strong, there’s been an increasing demand for Class B and C product. As a result, Atlanta’s strong rent growth fundamentals are attracting more interest from both domestic and foreign investors than ever before. The average rent will climb 5.0% in 2017 to $1,115 per month. Last year, a rise of 5.5% occurred. Although rent growth will revert to more sustainable levels, multifamily remains a safe bet for most investors over the next few years. OCCUPANCY

In the 2nd quarter 2017, occupancy registered 95.0%, up 0.2 points year over year and up 6.7 points from the post-recession low recorded in 4th quarter 2009. Higher occupancy posted in top and middle-market categories over older and more affordable product. A similar trend was seen among submarkets, as central and northern submarkets generally maintained higher occupancy rates. Meanwhile, submarkets to Midtown’s south and outside the Perimeter, such as DeKalb and Clayton Counties, remained challenged with weaker demand. As more completions hit the market, occupancy rates will be tested, measuring the strength of healthier submarkets.CAPITAL MARKETSTransaction volumes in Atlanta remain among the highest in the country. The dollar volume of apartment deals totaled nearly $7.5 billion in the year-ending 2nd quarter 2017. Atlanta is second, behind New York and more than $1.1 billion ahead of the #3 ranked Dallas. A total of 235 apartment transactions took place in Atlanta over the past year, the third most nationally and the most in the region. The average price per unit was about $109,000 for the year-ending 2nd quarter 2017, which is relatively affordable compared to the rest of U.S. Apartment transactions have continued to increase in recent years causing cap rates to compress. In the year-ending 2nd quarter 2017, cap rates averaged 6.0%, down 30 basis points year-over-year.As pricing continues to elevate, things to look for in the next year is the increasing pressure of single-family housing and increasing apartment supply, particularly inside the perimeter.

Source: Real Capital Analytics

Source: CoStar Comps*allocated

3 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International

> BMW Technical Training Center

The German automaker BMW is hoping to tap into Atlanta’s growing airport area with the announcement of a Technical Training Center in College Park. The development will rise on a 4.1 acre parcel at the Georgia International Convention Center, according to a press release issued this week. The training center is expected to have a major economic impact, drawing as many as 10,000 BMW professionals to the facility annually for corporate training.

> San Francisco based Flexport Inc. will invest up to $100 million

The company is scouting for about 25,000 sf of office space in Midtown and plans to open a 100,000 sf warehouse near Hartsfield-Jackson Atlanta International Airport that will create more than 200 jobs over the next several years.

> Coyote Logistics will open second office in Metro Atlanta

The third-party logistics provider has leased nearly 50,000 sf at Armour Yards – a 300,000 sf loft development targeted at tech and media companies, such as FullStroy and Influence Health. The move expected to create 325 jobs.

Metro Atlanta Housing Permit Activity

0

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10,000

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18,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Multifam

ily Permits

 Issued

Source: U.S. Census Bureau*as of June 2017

Metro Atlanta Employment Overview

‐22.9

30.1

69.6 66.149.0

‐27.1

‐136.1

‐20.9

35.6 42.660.0

89.178.7 85.7 92.0

‐150.0

‐100.0

‐50.0

0.0

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100.0

150.0

Jobs Add

ed/Lost (thou

sand

s)

Source: US Dept. of Labor Statistics/Moody’s Analytics

Metro Atlanta Employment Comparison

METRO AREA RANK Y-O-Y EMPLOYMENT

Y-O-Y PERCENT

UNEMPLOYMENTRATE

New York/NNJ 1 169,500 1.8% 4.3%

Dallas-Fort Worth 2 115,300 3.3% 4.0%

Los Angeles/OC 3 102,600 1.7% 4.3%

Atlanta 4 94,100 3.5% 4.9%

Miami 5 80,800 3.2% 4.5%

Minneapolis-St. Paul 6 64,400 3.3% 3.5%

Boston 7 64,300 2.4% 4.0%

Chicago 8 59,600 1.3% 4.9%

Philadelphia 9 59,600 2.1% 4.8%

DC-Arlington 10 59,400 1.8% 3.9%

Phoenix 11 58,000 3.0% 4.5%

Houston 12 56,100 1.9% 5.3%

U.S. Total 2,206,000 1.5% 4.5%

Source: Bureau of Labor Statistics; Metro Level Data June 2017(p) Average, not Seasonally Adjusted

Notable Atlanta Job Relocations

*as of June 2017

4 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International

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Hartsfield-Jackson International Airport

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GEORGIAINSTITUTE OFTECHNOLOGY

Multifamily Pipeline | Urban Atlanta Sources: CoStar Property, MPF Research

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51

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5 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International

Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research

Over 65 Multifamily Developments currently Proposed for the Urban

Atlanta Area.

LEASE UP# Name Developer/Owner Address Submarket Units

1 Millworks Pollack Shores Real Estate Group 1888 Emery St NW Brookwood 345

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 Domain at Phipps Plaza Simon Property Group, Inc. 707 Park Ave NE Buckhead 319

5 The Home at the Battery Atlanta Atlanta Braves 900 Battery Ave SE Cumberland 292

6 Home at the Battery - Flats Atlanta Braves 2675 Cobb Pkwy SE Cumberland 239

7 The Point on Scott Fuqua Development 2532 N Decatur Rd Decatur/North Druid Hills 250

8 The Reserve at Decatur Atlantic Realty Partners 2600 Milscott Dr Decatur/North Druid Hills 298

9 Retreat at Mills Creek Housing Authority Of Dekalb County 3220 Mills Creek Cir Decatur/North Druid Hills 80

10 IMT Sandy Springs IMT Capital 6558 Roswell Rd NE Downtown Sandy Springs 230

11 Square One George S. Morgan Development Co., Inc. 6050 Roswell Rd NE Downtown Sandy Springs 203

12 The Cliftwood Net Lease Alliance LLC 185 Cliftwood Dr NE Downtown Sandy Springs 251

13 Alexan Glenwood Trammell Crow Residential Company 860 Glenwood Ave SE Grant Park 216

14 Helios Apartments Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 99

15 Sixty11th Selig Enterprises, Inc. 60 11th St NE Midtown 320

16 Azure on the Park Atlantic Realty Partners 1020 Piedmont Ave NE Midtown 329

17 Atlantic House NGI Acquisitions, LLC 1163 W Peachtree St NW Midtown 407

18 Yoo on The Park The Trillist Companies 207 13th St NE Midtown 245

19 Modera Midtown Mill Creek Residential Trust LLC 95 8th St NW Midtown 435

20 Broadstone Midtown Alliance Residential, LLC 811 Juniper St NE Midtown 218

21 Post Midtown Millenium MAA 33 11th St Midtown 356

22 The Olmsted Chamblee Origin Investments 5193 Peachtree Blvd Norcross-DeKalb 283

23 Station R Greystar Real Estate Partners 144 Moreland Ave NE Reynoldstown 285

24 841 Memorial Enfold Properties 841 Memorial Dr SE Reynoldstown 80

25 Bolton Park Bolton Park 1888 Hollywood Rd NW Riverside 209

26 The Heights Chastain WSE Property Management LLC 225 Franklin Rd NE Sandy Springs 325

27 The Local On 14th The Carlyle Group 455 14th St NW West Midtown 361

28 Accent Waterworks Westplan Investors 1390 Northside Dr NW West Midtown 181

29 Westside Heights WSE Property Management LLC 903 Huff Rd NW West Midtown 89

30 464 Bishop Paces Holdings, LLC 464 Bishop St NW West Midtown 232

Units 7,666

6 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International

Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research

UNDER CONSTRUCTION# Name Developer/Owner Address Submarket Units

31 Gables Buckhead Gables Residential 530 E Paces Ferry Rd NE Buckhead 327

32 The Whitley Wood Partners 1000 Park Ave NE Buckhead 224

33 Modera Buckhead Mill Creek Residential Trust, LLC 3005 Peachtree Rd NE Buckhead 400

34 Alexan Pharr Road Apartments Trammell Crow Residential Company 361 Pharr Rd NE Buckhead 244

35 AMLI Buckhead AMLI Residential Properties, LP 3450 Roxboro Rd NE Buckhead 400

36 Hanover Buckhead Village The Hanover Company 3116 Roswell Rd NW Buckhead 353

37 Gateway Capital View Prestwick Development Company Murphy Ave Capitol View 162

38 The Remington The Benoit Group 954 Hightower Rd NW Carey Park 160

39 Castleberry Park The City of Atlanta 348 Mitchell St SW Castleberry Hill 120

40 Modera by Mill Creek - Vinings Mill Creek Residential Trust LLC 3205 Cumberland Blvd Cumberland 269

41 Stadium Walk Apartments Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 309

42 The District at Windy Hill Apartments

Kaplan Management Company, Inc 0 Interstate North Pky Cumberland/Galleria 284

43 Broadstone Ridge Alliance Residential, LLC 2020 Powers Ferry Rd SE Cumberland/Galleria 300

44 Alta at Jonquil Wood Partners 1455 Spring St SE Cumberland/Galleria 266

45 The Holbrook of Decatur Solomon Senior Living 1880 Clairmont Rd Decatur/North Druid Hills 71

46 Sam's Crossing South City Partners 2700 E College Ave Decatur/North Druid Hills 197

47 E.Co Metropolitan Atlanta Rapid Transit Authority

2615-2661 E College Ave Decatur/North Druid Hills 375

48 Post Centennial Park MAA 325 Centenial Olympic Park Dr NW Downtown Atlanta 438

49 The Byron Perennial Properties, Inc. 549 Peachtree St NE Downtown Atlanta 65

50 MC Kiser Lofts Gallman Development Group 210 Pryor St SW Downtown Atlanta 41

51 Trinity Walk Decatur Housing Authority 421 W Trinity Pl Downtown Decatur 69

52 AMLI Decatur AMLI Residential Properties, LP 120 W Trinity Pl Downtown Decatur 325

53 The Residences at City Springs The City of Sandy Springs 6300-6400 Bluestone Rd Downtown Sandy Springs 294

54 Modera Sandy Springs Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown Sandy Springs 340

55 Sterling at Candler Village The Benoit Group 2516 Mellville Ave East Lake Terrace 170

56 The George Urban Realty Partners 275 Memorial Dr SE Grant Park 130

57 465 Memorial Dr SE Atlantic Realty Partners 465 Memorial Dr SE Grant Park 227

58 The Kirkwood Avila Real Estate 1910 Bixby St Kirkwood 230

59 Overture Lindbergh Greystar Real Estate Partners 658 Lindbergh Way NE Lindbergh-Morosgo 190

60 Helios Apartments - Phase II Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 183

61 Alta at the Park Wood Partners 223 12th St Midtown 198

62 AMLI Arts Center AMLI Residential Properties, LP 1240 W Peachtree St Midtown 350

63 Alexan 880 Pope & Land Real Estate 880 W Peachtree St NW Midtown 356

64 Ascent Midtown Greystar Real Estate Partners 1400 W Peachtree St NW Midtown 328

65 The Standard Selig Properties 708 Spring St NW Midtown 257

66 ICON Midtown The Related Companies 14th St & W Peachtree St Midtown 390

67 lilli Midtown JPX Works, LLC 693 Peachtree St Midtown 150

68 Hanover Midtown The Loudermilk Companies 881 Peachtree St NE Midtown 350

69 Hanover West Peachtree The Hanover Company 1010 W Peachtree St NW Midtown 328

70 1270 Spring Street Pollack Shores Real Estate Group 1270 Spring St NW Midtown 259

71 Accent Morningside Westplan Investors 1989 Cheshire Bridge Rd NE Morningside-Lenox Park 239

72 Modera Morningside South AEW Capital Management 1835 Piedmont Ave NE Morningside-Lenox Park 21

73 Solis Parkview Phase I Spruce Street Partners 5070 Peachtree Blvd Norcross-DeKalb 303

74 Mercey Housing at Mercy Park Mercy Housing Southeast 5135 Peachtree Rd Norcross-DeKalb 79

7 Research & Forecast Report | Q2 2017 | Atlanta Multifamily | Colliers International

Multifamily Pipeline | Urban Atlanta (cont.) Sources: CoStar Property, MPF Research

UNDER CONSTRUCTION# Name Developer/Owner Address Submarket Units

75 Atlanta Chamblee Del American 5211 Peachtree Industrial Blvd Norcross-DeKalb 311

76 Spoke Metropolitan Atlanta Rapid Transit Authority

1471 La France St NE North Edgewood 224

77 Grant Park Apartments Fairfield Residential 290 Martin Luther King Jr Dr SE Oakland 321

78 North + Line SWH Residential Partners LLC 695 North Ave NE Old Fourth Ward 228

79 Aster JLB Partners, LP 608 Ralph McGill Blvd NE Old Fourth Ward 231

80 Anthem on Ashley North American Properties 720 Ralph McGill Blvd NE Old Fourth Ward 250

81 Hanover at Perimeter Town Center

The Hanover Company 1140 Hammond Dr NE Perimeter Center 385

82 Palisades Apartments Atlanta Property Group 5901 Peachtree Dunwoody Rd NE Perimeter Center 424

83 Crescent Perimeter Crescent Communities, LLC 5755 Glenridge Dr NE Sandy Springs 320

84 Emory Saint Joseph's Apartments

Morgan Stanley & Co. LLC 1160 Johnson Ferry Rd NE Sandy Springs 285

85 Star Metal Residences The Allen Morris Company 1050 Howell Mill Rd NW West Midtown 409

86 Westside Heights - Phase II WSE Property Management LLC 903 Huff Rd NW West Midtown 194

Units 14,353

8 North American Research & Forecast Report | Q4 2014 | Office Market Outlook | Colliers International

Copyright © 2016 Colliers International.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 professional advisors prior to acting on any of the material contained in this report.

East Region Multifamily Advisory GroupColliers International | AtlantaPromenade | Suite 8001230 Peachtree Street, NEAtlanta, Georgia | USA+1 404 888 9000

FOR MORE INFORMATIONRon CameronSenior Vice PresidentPrincipal | East Region+1 404 877 9287ron.cameron@colliers.com

Will MathewsSenior Vice PresidentPrincipal | East Region+1 404 877 9285will.mathews@colliers.com

CONTRIBUTORSScott AmosonDirector of Research | Atlanta

Jaime SlocumbTransaction Coordinator | East Region

Chevene King, IIIFinancial Analyst | East Region

Atlanta Submarkets

Units sold since 2011

33,500MORE THAN

Group gross transactional value since 2011

$2.3B

Dedicated Multifamily Professionals & Advisors

50MORE THAN

Expansive geographic footprint

20COVERING OVER

STATES