Research & Forecast Report

ATLANTAQ4 2017 | Multifamily

Atlanta’s fundamentals remain strong as new supply reaches a peakKey Takeaways > Atlanta’s Employment Growth: 68,300 jobs added; 3.2% growth vs. national avg. 2.1%

> Annual Rent Growth: Atlanta, 3.0%; National, 2.6%

> Atlanta Ranks #2 in transaction volume with $6.5 billion in 2017

> Atlanta Beltline: 22-mile connectivity of rail, trail, parks and new development

> Amazon HQ2: Atlanta ranked among top 20 markets to host new Amazon’s $5B HQ2

The Atlanta apartment market continues to show solid market fundamentals and strong economic growth. The metro area is one of the fastest growing in the nation, with its live-work-play lifestyle and favorable business climate attracting young professionals, as well as national and international capital, while keeping rental demand strong. Atlanta’s robust economy continues to be driven by trade, transportation and professional and business services which outperformed other sectors adding 30,500 jobs in the 12 months ending in September 2017. Atlanta has added a total of 68,300 jobs in the same period, up 3.2% and well above the national average of 2.1%. Atlanta metro is home to 15-Fortune 500 companies, benefiting from an educated workforce, extensive infrastructure and business-friendly climate. Atlanta, with no plans of slowing down, has more than 70 projects under construction or planned, mostly located in top-tier submarkets inside the Perimeter and northern Atlanta suburbs. One of the most notable developments in recent years, is the redevelopment of the 22-mile Beltline railway- which is in the process of constructing housing, parks, efforts toward sustainability, transit, health and urban revitalization. The Atlanta Beltline, while creating economic growth inside the Perimeter, also serves in an

$500

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89%

90%

91%

92%

93%

94%

95%

96%

US ATLANTA Source: AXIOMetrics

Historical Apartment Rents & Occupancy

Market IndicatorsRelative to prior period

ATLQ4 2017

ATLQ1 2018*

VACANCY

RENTS

CONCESSIONS

TRANSACTIONS

PRICE PER UNIT

CAP RATES

*Projected

Occ

upan

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Effec

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2 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International

Atlanta Multifamily Market (continued)

effort to tackle the affordable housing issue, which will continue to be a significant challenge in the future.

While there remains bifurcation between inner-perimeter submarkets and submarkets south of the city, the performance gap has narrowed, as elevated construction volumes limit increases inside the Perimeter and some lower tier submarkets have gained momentum. Lower-tier apartments have had a resurgence as investors seek better returns in areas near Downtown and Outside the Perimeter.

SUPPLY

Most new supply has remained concentrated inside the Perimeter and northern submarkets. Inventory has expanded at an average rate of 1.9% over the past three years, as annual completions range from roughly 7,700 units to 14,000 units. During 2017, a total of 13,980 units were added, growing inventory 2.9%. Among the major metropolitan cities, Atlanta ranks 6th in the total number of completions, behind New York, Houston, Dallas, Seattle and Nashville. Deliveries have been and should continue to be largely focused inside the Perimeter, primarily Midtown and Buckhead, but as costs continue to increase, new supply will slowly shift further south and outside the Perimeter.

DEMAND

The Atlanta apartment demand remains robust, as annual absorption has been between 8,200 and 12,400 units in 15 of the past 16 quarters. Most of the demand performances during the same period were in line with or above the five-year annual average of roughly 9,300 units. Demand over the past three years appears strongest among new supply and older, lower-tiered units. Atlanta boasts low costs of labor and land, great infrastructure and advanced manufacturing and distribution, as well as the presence of a young, educated workforce and lower cost of living. Being less expensive than other major metros, Atlanta is equipped to withstand future rent increases, as only lower-paid residents in need of affordable housing are affected by the current rent hikes.

RENT

Annual rent growth levels remain significantly above historical norms, registering between 4% to 7% over the past four years. However, performances have recently dropped out of that range as supply volumes have risen. Still, the 3.0% rent increase during 2017 placed well above the national average (2.6%). Class C product has seen improved momentum over the last three years as Class A has remained solid. Submarkets inside the Perimeter have experienced slightly slowed growth as construction remains

high. Northern suburbs, especially those near major employment hubs, continue to thrive and will likely dive future rent growth. As traffic congestion and long work commutes continues to worsen, rent growth near transit oriented development will become more relevant.

OCCUPANCY

Occupancy reported 94.0% in 4th quarter 2017, down 0.4 points year-over-year. Since the great recession, Atlanta has typically experienced strong demand exceeding new supply, therefore bolstering occupancy. However, occupancy across all product classes diminished in the beginning of 2017. Elevated new supply levels have weighed Class A occupancy in recent quarters, while Class C inventory has tightened. A similar trend was seen among submarkets, as areas with the least construction activity posted occupancy above most high-supply markets. Over the next year, new completions will continue to test the underlying strength in healthier submarkets located inside the Perimeter.

CAPITAL MARKETS

Transaction volumes in Atlanta remain among the highest in the country. The dollar volume of apartment deals totaled nearly $7.5 billion in 2017. Atlanta is second, behind New York in transaction volume. A total of 247 multifamily transactions took place in Atlanta over the past year, third most nationally, ranking it as the most active market regionally. The average cap rate reported 6.2% in 2017, down 10 basis-points year-over-year. Still, Atlanta remains affordable compared to other large, primary markets. The average price per unit in Atlanta was about $105,000, roughly $17,000 less than the South region average.

Metro Atlanta Population Overview

Source: U.S. Census Bureau, Moody’s Analytics

0

1

2

3

4

5

6

7

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

Total Pop

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3 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International

> Technology firm Featurespace has picked midtown Atlanta for its North American headquarters. The Cambridge, England-based firm, which leased 7,000 square feet at Midtown’s Bank of America Plaza, develops machine-learning software to help financial institutions spot fraud. Featurespace sells its software to banks and payment processors. Clients include Atlanta, Ga-based Worldpay and Columbus, Ga- based Total System Services Inc. Featurespace has 250 employees and is a world-leader in Adaptive Behavioural Analytics.

> Management and IT consulting firm CapTech is expanding in Atlanta – a year after opening its office in Midtown. The Richmond, Va-based company plans to double its workforce in Atlanta and add 50 jobs next year. As part of the expansion, CapTech has leased 6,000 square feet at Midtown’s Bank of America Plaza office tower.

> Atlanta made the shortlist of contenders for Amazon HQ2, including other regional competitors, Miami and Dallas. Atlanta is considered the favorite to land the 8 million square foot, $5 billion headquarters because it is a major population center with access to a globally connected airport. The city also has a burgeoning logistics and tech industry.

Metro Atlanta Housing Permit Activity

0

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8,000

10,000

12,000

14,000

16,000

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 December 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

123.6

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Jobs Add

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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

Dallas-Fort Worth 1 100,400 2.8% 3.2%

New York/NNJ 2 89,300 0.9% 4.3%

Boston 3 60,300 2.2% 3.0%

Atlanta 4 56,000 2.1% 4.2%

Miami 5 52,000 2.0% 4.1%

Los Angeles 6 50,700 0.8% 3.8%

DC-Arlington 7 48,900 1.5% 3.6%

Houston 8 48,500 1.6% 4.3%

Seattle 9 47,900 2.4% 4.1%

Riverside-CA 10 46,800 3.2% 4.1%

Phoenix 11 45,200 2.2% 3.7%

Minneapolis 12 41,600 2.1% 2.4%

U.S. Total 2,301,000 1.6% 4.1%

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

Notable Atlanta Job Relocations

*as of December 2017

4 Research & Forecast Report | Q4 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

The Local on 14th Midtown 11/17/2017 $86,500,000 360 $240,278 50 East 69th Street Corp.

Millworks Buckhead 11/21/2017 $80,000,000 345 $231,884 Continental Realty Corp.

The Office Apartments Downtown 1/02/2018 $78,100,000 327 $238,838 CF Real Estate Services

Sugarloaf Summit Northeast Atlanta 10/24/2017 $76,000,000 378 $201,058 Principal Global Investors

Station R Downtown 12/5/2017 $71,050,000 285 $249,298 Gaia Real Estate

Heights at Sugarloaf Northeast Atlanta 10/25/2017 $71,000,000 363 $215,152 Starlight Investments

The Reserve at Decatur Decatur 11/7/2017 $66,752,000 298 $224,000 The Praedium Group

Parc at Perimeter Central Perimeter 11/9/2017 $64,000,000 298 $214,765 Olen Commercial

The Palmer Northwest Atlanta 11/30/2017 $62,300,000 502 $124,104 McDowell Properties

The Park on Windy Hill Northwest Atlanta 11/15/2017 $61,000,000 654 $93,272 Wilkinson Corporation

Sales Volume AVG Cap Rate

ATLANTA MULTIFAMILY

Atlanta apartment investment volume ended the year a total of $7.5 billion in transaction volume. This 14% down from the previous year. The average price per unit increased to $105,068; up 3% year-over-year. The average cap rate for Atlanta apartment investment increased slightly from last year and now stands at 6.2%.

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Billions

Source: Real Capital Analytics

Source: CoStar Comps*allocated

Over 60 Multifamily Developments currently Proposed for the Urban

Atlanta Area.

5 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International

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North Ave NW

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Collier Rd NW

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Brighton Rd NE

Camden Rd NE

Peachtree St NEDeering Rd NW

Hascall Rd NW

Bishop St NW

Beverly Rd NE

Peachtree Cir NE

17th St NE

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Rock Springs Rd NE

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Armour Dr NE

Plasters Ave NE

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

41

61

81

51

71

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46

66

86

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64

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288

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18

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34

14

29

9

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6 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International

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

LEASE UP# Name Developer/Owner Address Submarket Units

1 Millworks Continental Realty Corporation 1888 Emery St NW Brookwood 345

2 Venue Brookwood Grayco Partners 2144 Peachtree Rd NW Brookwood 249

3 AMLI Buckhead AMLI Management Company 3450 Roxboro Rd NE Buckhead 400

4 AMLI 3464 AMLI Management Company 3464 Roxboro Rd NE Buckhead 240

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

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

7 Hanover East Paces The Hanover Company 400 Pharr Rd NE Buckhead 375

8 The Home at the Battery Atlanta Atlanta Braves 900 Battery Ave SE Cumberland 531

9 Stadium Walk Apartments Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 200

10 Alta at Jonquil Wood Partners 1455 Spring St SE Cumberland/Galleria 265

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

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

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

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

15 Modera Sandy Springs Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown Sandy Springs 82

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

17 Glenwood at Grant Park Bluerock Real Estate, LLC 860 Glenwood Ave SE Grant Park 216

18 The George Urban Realty Partners 275 Memorial Dr SE Grant Park 128

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

20 Helios Apartments Catalyst Development Partners, LLC 2470 Cheshire Bridge Rd NE Lindridge-Martin Manor 282

21 AMLI Arts Center AMLI Management Company 1240 W Peachtree St Midtown Atlanta 350

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

23 Post Midtown Millenium MAA 33 11th St Midtown Atlanta 332

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

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

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

27 Piedmont House Wood Partners 205 12th St NE Midtown Atlanta 198

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

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

30 Aster JLB Partners, LP 608 Ralph McGill Blvd NE Old Fourth Ward 262

31 Anthem on Ashley North American Properties 720 Ralph McGill Blvd NE Old Fourth Ward 244

32 Hanover at Perimeter Town Center

The Hanover Company 1110 Hammond Dr NE Perimeter Center 384

33 675 N Highland Origin Investments 675 N Highland Ave NE Poncey-Highland 125

34 841 Memorial Clark Ventures, LLC 841 Memorial Dr SE Reynoldstown 80

35 Station R Gaia Real Estate 144 Moreland Ave NE Reynoldstown 285

36 The Heights Chastain WSE Property Management LLC 225 Franklin Rd NE Sandy Springs 322

37 City View Vinings NALS Apartment Homes 3340 Cumberland Blvd SE Vinings 230

38 464 Bishop Paces Holdings, LLC 464 Bishop St NW West Midtown 232

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

40 Westside Heights WSE Property Management LLC 903 Huff Rd NW West Midtown 283

Units 10,503

7 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International

UNDER CONSTRUCTION# Name Developer/Owner Address Submarket Units

41 Apogee Buckhead Ackerman & Co. 3372 Peachtree Rd NE Buckhead 362

42 61 NW Irby Ave Alliance Residential Company 61 NW Irby Ave Buckhead 275

43 Camden Buckhead Camden Property Trust 3366 Roswell Rd Buckhead 365

44 Gables Buckhead Clarion Partners 530 E Paces Ferry Rd NE Buckhead 327

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

46 Alexan Buckhead Village Trammell Crow Residential Company 361 Pharr Rd NE Buckhead 245

47 The Huntley Wood Partners 1000 Park Ave NE Buckhead 224

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

49 Modera Vinings Mill Creek Residential Trust LLC 3205 Cumberland Blvd Cumberland 269

50 Broadstone Ridge Alliance Residential Company 2020 Powers Ferry Rd SE Cumberland/Galleria 300

51 Revel Atlantic Realty Partners 2875 Crescent Pky Cumberland/Galleria 275

52 Stadium Walk Apartments Phase II

Brand Properties 4501 Circle 75 Pky SE Cumberland/Galleria 109

53 The District at Windy Hill Apartments

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

54 1665 Scott Blvd Fuqua Development 1665 Scott Blvd Decatur/North Druid Hills 260

55 The Holbrook of Decatur Kartos Mary 1880 Clairmont Rd Decatur/North Druid Hills 71

56 E.Co Metropolitan Atlanta Rapid Transit Authority

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

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

58 Solis in Decatur Terwilliger Pappas 1625 Church St Decatur/North Druid Hills 290

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

60 120 Piedmont South City Partners 120 Piedmont Ave NE Downtown Atlanta 228

61 AMLI Decatur AMLI Management Company 120 W Trinity Pl Downtown Decatur 325

62 The Adley MidCity Real Estate Partners 6075-6077 Roswell Rd Downtown Sandy Springs 291

63 Modera Sandy Springs Phase II Mill Creek Residential Trust LLC 6125 Roswell Rd NE Downtown Sandy Springs 260

64 Aston City Springs The City of Sandy Springs 6400 Blue Stone Rd Downtown Sandy Springs 294

65 Sterling at Candler Village Mwj Llc 2516 Mellville Ave East Lake Terrace 170

66 Lumen Atlantic Realty Partners 465 Memorial Dr SE Grant Park 227

67 Edge C T Corporation System 75 Airline St SE Inman Park 350

68 The Kirkwood Avila Real Estate 1910 Bixby St Kirkwood 230

69 Accent 2050 John Hunsinger & Company 2050 Cheshire Bridge Rd NE Lindridge-Martin Manor 198

70 Ascent Midtown Greystar Real Estate Partners 1400 W Peachtree St NW Midtown Atlanta 239

71 lilli Midtown JPX Works, LLC 693 Peachtree St Midtown Atlanta 147

72 195 Thirteenth Street Lennar 195 13th St NE Midtown Atlanta 308

73 1270 Spring Street Pollack Shores Real Estate Group 1270 Spring St NW Midtown Atlanta 259

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

75 The Standard Selig Properties 708 Spring St NW Midtown Atlanta 257

76 Hanover West Peachtree The Hanover Company 1010 W Peachtree St NW Midtown Atlanta 350

77 Hanover Midtown The Loudermilk Companies 881 Peachtree St NE Midtown Atlanta 1744

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

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

80 Atlanta Chamblee Linda Hickman 5211 Peachtree Industrial Blvd Norcross-DeKalb 311

81 Mercey Housing at Mercy Park Mercy Housing, Inc. 5135 Peachtree Rd Norcross-DeKalb 79

82 Spoke Metropolitan Atlanta Rapid Transit Authority

1471 La France St NE North Edgewood 224

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

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

8 Research & Forecast Report | Q4 2017 | Atlanta Multifamily | Colliers International

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

UNDER CONSTRUCTION# Name Developer/Owner Address Submarket Units

84 North + Line SWH Partners 695 North Ave NE Old Fourth Ward 228

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

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

87 The Alastair JEN Partners 6565 Glenridge Dr NE Sandy Springs 355

88 Emory Saint Joseph's Apartments

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

89 Westside Alliance Residential Company 1084 Howell Mill Rd NW West Midtown 274

90 Broadstone Yards Alliance Residential Company 1084 Howell Mill Rd NW West Midtown 275

91 The Chlesea Westside Icon Residential 1339 NW Ellsworth Industrial Blvd West Midtown 92

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

Units 15,685

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

Copyright © 2017 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

Austin WeathingtonAssociate | East Region+1 404 978 2341austin.weathington@colliers.com

Aaron MurrayAssociate | East Region+1 404 978 2341aaron.murray@colliers.com

Atlanta Submarkets

Units sold since 2011

39,000MORE THAN

Group gross transactional value since 2011

$2.8B

Dedicated Multifamily Professionals & Advisors

50MORE THAN

Expansive geographic footprint

24COVERING OVER

STATES