Tucson New Construction and Proposed Multifamily Projects - Market Rate Apartments 4Q18

ID PROPERTY UNITS

1 Place at River Walk 210

2 The West Abbey 104

3 The Flin 244

4 Encantada at Continental Reserve 340

5 Rendezvous Urban Flats 100

6 Monier 122

Total Under Construction 1,120

7 Encantada Rita Ranch 300

8 Collective at Main Gate 238

Total Planned Estimated 1Q 2019 538

9 Bautista 294

10 Avilla Marana-Phase Three 127

11 Dove Mountain Casitas 283

12 Arena Lot 96

13 Ronstadt Center 256

14 Irvington Road / I-19 TBD

15 The Bridges Site 250

16 Maloney's Site TBD

17 Encantada Twin Peaks 285

18 Block 175 138

19 Benedictine Monastery 222

20 Encantada Vail 270

Total Planned / Potential 2,221

Under Construction

Planned / Potential

Planned Estimated 1 Q 2019

LEGEND

Source: Yardi Matrix2 mi

a Berkshire Hathaway and Jefferies Financial Group company

19

9

10

18

15

20

11

7

816

17

13

14

35

6

1

2

4

12

ID PROPERTY NAME ADDRESS STATUS UNITS

1 Place at River Walk SW Corner Craycroft & River Tucson, AZ Under Construction 210

2 The West Abbey 100 South Avenida Del Convento Tucson, AZ Under Construction 104

3 The Flin 155 West Broadway Boulevard Tucson, AZ Under Construction 244

4 Encantada at Continental Reserve 6200 West Cortaro Road Tucson, AZ Under Construction 340

5 Rendezvous Urban Flats One West Congress Street Tucson, AZ Under Construction 100

6 Monier SEC West Congress Ave. & Avenida del Convento Tucson, AZ Under Construction 122

TOTAL UNDER CONSTRUCTION 1,120

7 Encantada Rita Ranch 9190-9380, 9420 East Valencia Road Tucson, AZ Planned Estimated 1 Q 2019 300

8 Collective at Main Gate 800 North Tyndall Tucson, AZ Planned Estimated 1 Q 2019 238

TOTAL PLANNED ESTIMATED 1 Q 2019 538

9 Bautista 355 West Congress Street Tucson, AZ Planned/Potential 294

10 Avilla Marana-Phase Three 4025 West Regency Plaza Street Tucson, AZ Planned/Potential 127

11 Dove Mountain Casitas 13900 N Dove Mountain Blvd, Marana, AZ 85658 Planned/Potential 283

12 Arena Lot 471 West Congress Street Tucson, AZ Planned/Potential 96

13 Ronstadt Center 601 East Congress Tucson, AZ Planned/Potential 256

14 Irvington Road / I-19 Irvington Road / I-19 Tucson, AZ Planned/Potential TBD

15 The Bridges Site The Bridges Development Tucson, AZ Planned/Potential 250

16 Maloney's Site 213 North 4th Avenue Tucson, AZ Planned/Potential TBD

17 Encantada Twin Peaks Marana Center Boulevard Tucson, AZ Planned/Potential 285

18 Block 175 310 North Court Street Tucson, AZ Planned/Potential 138

19 Benedictine Monastery 800 North Country Club Road Tucson, AZ Planned/Potential 222

20 Encantada Vail Planned/Potential 270

TOTAL PLANNED / POTENTIAL 2,221

TOTAL TUCSON 3,879

Tucson New Construction and Proposed Multifamily Projects - Market Rate Apartments

Source: Yardi Matrix© 2018 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

Tucson New Construction and Proposed Multifamily Projects - Student Housing Properties 4Q18

Source: Yardi Matrix1000 ft

a Berkshire Hathaway and Jefferies Financial Group company

ID PROPERTY BEDS

1 Aspire Tucson 503

2 The Mark 595

3 HUB 3 213

4 Honor Dorms 1,035

5 The Ambassador 104

Total Under Construction 2,450

6 Palm Shadows Site TBD

7 Union on Sixth 254

8 Corbett Building 192

9 Speedway / Euclid Property 500

10 Collective TBD

Total Planned / Potential 946

Under Construction

Planned / Potential

LEGEND

6

7

8

9

10

1

3

4

5

2

ID PROPERTY NAME ADDRESS DEVELOPER STATUS BEDS

1 Aspire Tucson 947 North Park Avenue Tucson, AZ Dinerstein Companies Under Construction 503

2 The Mark 931 East Broadway Boulevard Tucson, AZ Landmark Property Under Construction 595

3 HUB 3 830 East Speedway Boulevard Tucson, AZ Core Spaces Under Construction 213

4 Honor Dorms 1300 North Park Avenue Tucson, AZ U of A/American Campus Communities Under Construction 1,035

5 The Ambassador 1315 East Drachman Tucson, AZ Brad Management Under Construction 104

TOTAL UNDER CONSTRUCTION 2,450

6 Palm Shadows Site 1815 East Speedway Boulevard Tucson, AZ Dinerstein Companies Planned/Potential TBD

7 Union on Sixth 500 North 4th Avenue Tucson, AZ EDR Planned/Potential 254

8 Corbett Building 210 East 7th Street Tucson, AZ Tucson Urban Planned/Potential 192

9 Speedway / Euclid Property NWC Speedway & Euclid Tucson, AZ Peak Campus Planned/Potential 500

10 Collective 930 East 2nd Street Tucson, AZ Core Spaces Planned/Potential TBD

TOTAL PLANNED / POTENTIAL 946

TOTAL TUCSON 3,396

Tucson New Construction and Proposed Multifamily Projects - Student Housing Properties

Source: Yardi Matrix© 2018 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