Metro: New Haven. Copyright 2016 Reis, Inc.

Transcription

1 Copyright 2016 Reis, Inc.

2 Contents Metro Trend Futures Current Metro Rent Details Rent Growth Comparisons Current Metro Vacancy Details Vacancy Rate Comparisons Metro Unit Mix Rent Details Metro Unit Mix Inventory Details Metro Inventory Details Inventory Growth Comparisons Construction/Absorption Change Economic and Demographic Trends Metro Area Map Metro Data Metro Class Cut Market Data by Building Class - Class A Properties Market Data by Building Class - Class B/C Properties Submarket Overview 15 New Construction Listing 17 Construction Deliveries New Construction Listing Sales Trend Activity Map Most Recent Transactions Comparable Group Details Metro Trend Futures Copyright 2016 Reis, Inc

3 Copyright 2016 Reis, Inc.

4 CustomerID: Metro Trend Futures Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $1, $1, $1, $1, $1,564 After 2009 $2,014 All $1,233 As of 06/30/16 Number of Properties Low 25% Mean Median 75% High $693 $939 $1,233 $1,081 $1,369 $2, Low 25% Mean Median 75% High - 4.8% - 0.1% 0.6% 0.8% 1.5% 6.7% 74 Number of Properties Under $824 $825 $1,077 $1,329 $1,581 $1,833 $2,085 $2,337 $1,076 $1,328 $1,580 $1,832 $2,084 $2,336 Over Under - 3.8% - 1.0% 1.8% - 3.9% - 1.1% 1.7% 4.5% 4.6% 7.3% 7.4% 10.2% 13.0% 10.1% 12.9% Over 13 Negative Growth Positive Growth 101 As of 06/30/16 Qtr Ending 06/30/16 Section 2 - Rent Growth Comparisons Quarterly Asking Rent Growth Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast New Haven 0.6% 1.0% 0.8% 2.2% 1.9% 1.8% 2.3% Northeast 1.0% 0.2% 0.6% 4.8% 3.9% 3.4% 3.0% United States 0.9% 0.5% 0.7% 5.0% 4.0% 3.4% 2.9% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Northeast United States % 5.0 Asking Rent Growth Rate Trends and Forecast New Haven Northeast US Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 4

5 CustomerID: Metro Trend Futures Section 3 - Current Metro Vacancy Details Vacancy Rate By Age Year Built Vac. Rate Before % % % % % After % All 3.0% As of 06/30/16 Number of Properties Vacancy Rate Distribution Low 25% Mean Median 75% High 0.0% 1.2% 3.0% 2.5% 3.9% 10.3% Under 5.5% 5.6% 11.2% 16.8% 22.4% 28.0% 33.6% 39.2% 11.1% 16.7% 22.3% 27.9% 33.5% 39.1% Over As of 06/30/16 Section 4 - Vacancy Rate Comparisons Quarterly Vacancy Rates Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast New Haven 3.0% 2.6% 2.8% 2.3% 2.3% 2.5% 3.9% Northeast 3.9% 3.8% 3.8% 3.6% 3.5% 3.7% 4.6% United States 4.5% 4.5% 4.5% 4.3% 4.4% 4.9% 5.1% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Northeast United States % Vacancy Rate Trends and Forecast New Haven Northeast US Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 5

6 CustomerID: Metro Trend Futures Section 5 - Metro Unit Mix Rent Details Current Metro Average Rents and Sizes Asking Rent Growth 2Q 2016 Quarterly Annualized Rent Avg. SF Avg. Rent PSF 2Q16 1Q16 YTD 1 Year 3 Year 5 Year Studio/Efficiency $ $ % 0.3% 2.8% - 1.1% 1.0% 2.1% One Bedroom $1, $ % 0.4% 0.5% 1.8% 1.7% 1.8% Two Bedroom $1, $ % 1.7% 2.7% 3.2% 2.2% 1.9% Three Bedroom $1, $ % 0.7% 1.7% 0.7% 1.9% 1.2% Average over period ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 Asking Rent Comparisons Asking Rent Per SF $3,000 $2,000 $1,000 $0 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Studio 1 BR 2 BR 3 BR New Haven Northeast US Studio 1 BR 2 BR 3 BR New Haven Northeast US Studio 1 BR 2 BR 3 BR New Haven $954 $1,079 $1,426 $1,769 Northeast $1,749 $1,943 $2,329 $3,082 United States $1,130 $1,255 $1,465 $1,687 As of 06/30/16 Studio 1 BR 2 BR 3 BR New Haven $ 1.74 $ 1.38 $ 1.33 $ 1.35 Northeast $ 2.77 $ 2.13 $ 1.84 $ 1.87 United States $ 2.03 $ 1.56 $ 1.30 $ 1.18 As of 06/30/16 Section 6 - Metro Unit Mix Inventory Details Metro Unit Mix 3.9% 7.3% 1,500 Average Unit Size (SF) 1, % % Studios 1 BR 2 BR 3 BR + 0 Studio 1 BR 2 BR 3 BR New Haven Northeast US As of 06/30/16 As of 06/30/16 Copyright 2016 Reis, Inc. Page 6

7 CustomerID: Metro Trend Futures Section 7 - Metro Inventory Details Inventory By Building Age Year Built Percent Before % % % % % After % All 100.0% As of 06/30/16 Apartment Stock Traits Metro Low Mean Median High Year Built Size (units) Distance to Highway (miles) Distance to CBD (miles) Distance to Landmark (miles) As of 06/30/16 Landmark =Long Island Sound Average Metro Lease Terms Free Rent (mos) Expenses % (Apartment) % As of 06/30/16 Section 8 - Inventory Growth Comparisons Inventory Growth Rates Quarterly Annualized 2Q16 1Q16 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast New Haven 0.8% 1.0% 0.9% 0.0% 0.1% 0.0% 1.1% Northeast 0.5% 0.4% 0.4% 1.6% 1.4% 1.1% 1.3% United States 0.5% 0.4% 0.4% 1.9% 1.7% 1.2% 1.2% Period Ending: 06/30/16 03/31/16 06/30/16 12/31/15 12/31/15 12/31/15 12/31/20 Metro Rank Total Metro Ranks Compared to: Metros 2Q16 1Q16 YTD 1 Year 3 Year 5 Year 5 Yr Forecast Northeast United States % Inventory Growth Comparisons and Forecast New Haven Northeast US Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 7

8 CustomerID: Metro Trend Futures Units Built Section 9 - Construction/Absorption Change Construction and Absorption Quarterly 2Q16 1Q16 YTD Avg Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed New Haven Northeast 7,407 4, ,119 4, ,263 4, Con/Abs Ratio Average over period ending: 06/30/16 06/30/16 06/30/16 03/31/16 03/31/16 03/31/16 06/30/16 06/30/16 06/30/16 Units Built Annualized 1 Year History 3 Year History 5 Year History Units Absorbed Con/Abs Ratio Units Built Units Absorbed Con/Abs Ratio Units Built Units Absorbed New Haven Northeast 23,695 19, ,167 16, ,354 16, Con/Abs Ratio Average over period ending: 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 12/31/15 Units Built Annualized 5 Year Forecast Units Absorbed Con/Abs Ratio New Haven Northeast 18,846 14, Average over period ending: 12/31/20 12/31/20 12/31/20 Construction/Absorption and Vacancy Number of Units Vacancy Rate (%) Vacancy Rate Construction Absorption Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 8

9 CustomerID: Metro Trend Futures Section 10 - Economic and Demographic Trends New Haven Economic/Demographic Trends and Forecast Percentage Change 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% Total Employment Households Avg HH Income Population Provided by Moody's Economy.com, Period ending 12/31/20 Total Employment Growth Trends and Forecast Metro vs. Region & U.S. Percentage Change 2.0% 1.5% 1.0% 0.5% New Haven Northeast US Provided by Moody's Economy.com, Period ending 12/31/20 New Haven Population/Household Growth Trends and Forecast Percentage Change 0.80% 0.60% 0.40% 0.20% 0.00% -0.20% -0.40% Population Households Provided by Moody's Economy.com, Period ending 12/31/20 Copyright 2016 Reis, Inc. Page 9

10 CustomerID: Metro Trend Futures Section 11 - Metro Area Map: New Haven Copyright 2016 Reis, Inc. Page 10

11 CustomerID: Metro Trend Futures Section 12 - Metro Data Year Qtr Inventory SF/Units Completions Inventory Growth% Vacant Stock Vacancy Rate Vacancy Change(BPS) Occupied Stock Net Absorption Asking Rent Ask Rent % Chg 2011 Y 16, % % , $1, % 2012 Y 16, % % 10 15,823-8 $1, % 2013 Y 16, % % , $1, % 2014 Q3 16, % % , $1, % 2014 Q4 16, % % 30 15, $1, % 2014 Y 16, % % 20 15,890 8 $1, % 2015 Q1 16, % % , $1, % 2015 Q2 16, % % 0 15, $1, % 2015 Q3 16, % % 0 15, $1, % 2015 Q4 16, % % , $1, % 2015 Y 16, % % , $1, % 2016 Q1 16, % % 50 16, $1, % 2016 Q2 16, % % 40 16, $1, % 2016 Y 16, % % , $1, % 2017 Y 16, % % , $1, % 2018 Y 16, % % 10 16, $1, % 2019 Y 17, % % 80 16,293-2 $1, % 2020 Y 17, % % , $1, % Year Qtr Effective Rent Eff Rent % Cons/Abs Chg Abs/Occ Stock% Population Pop% Chg Employment Emp% Chg Households HH% Chg Avg HH Income AHHI% Chg 2011 Y $1, % % 864, % 362, % 336, % $118, % 2012 Y $1, % % 863, % 367, % 337, % $125, % 2013 Y $1, % % 861, % 370, % 337, % $124, % 2014 Q3 $1, % % 860, % 371, % 335, % $129, % 2014 Q4 $1, % % 860, % 372, % 335, % $130, % 2014 Y $1, % % 860, % 372, % 335, % $130, % 2015 Q1 $1, % % 860, % 371, % 336, % $131, % 2015 Q2 $1, % % 859, % 371, % 336, % $132, % 2015 Q3 $1, % % 860, % 371, % 337, % $132, % 2015 Q4 $1, % % 861, % 372, % 338, % $133, % 2015 Y $1, % % 861, % 372, % 338, % $133, % 2016 Q1 $1, % % 861, % 373, % 339, % $133, % 2016 Q2 $1, % % 862, % 374, % 340, % $133, % 2016 Y $1, % % 863, % 376, % 341, % $134, % 2017 Y $1, % % 866, % 380, % 344, % $139, % 2018 Y $1, % % 868, % 383, % 347, % $143, % 2019 Y $1, % % 870, % 384, % 348, % $146, % 2020 Y $1, % % 872, % 385, % 349, % $150, % Copyright 2016 Reis, Inc. Page 11

12 Metro Class Cut Copyright 2016 Reis, Inc.

13 CustomerID: Metro Class Cut Year Quarter Inventory (Units) Section 13 - Market Data by Building Class - Class A Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 2001 Y 6, % 158 6, $1, % $1, Y 6, % 249 6, $1, % $1, Y 6, % 343 5, $1, % $1, Y 6, % 465 6, $1, % $1, Y 7, % 428 6, $1, % $1, Y 7, % 342 6, $1, % $1, Y 7, % 241 6, $1, % $1, Y 7, % 249 7, $1, % $1, Y 7, % 188 7, $1, % $1, Y 7, % 190 7, $1, % $1, Y 7, % 199 7,725-9 $1, % $1, , % 263 7, $1, % $1, , % 234 7, $1, % $1, , % 237 7,687-3 $1, % $1, , % 225 7, $1, % $1, Y 7, % 225 7, $1, % $1, , % 226 7,698-1 $1, % $1, , % 210 7, $1, % $1, , % 241 7, $1, % $1, , % 212 7, $1, % $1, Y 7, % 212 7, $1, % $1, , % 235 7, $1, % $1, , % 229 7,731 6 $1, % $1, , % 223 7,737 6 $1, % $1, , % 250 7, $1, % $1, Y 7, % 250 7,710-2 $1, % $1, , % 251 7,709-1 $1, % $1, , % 266 7, $1, % $1, , % 257 7,703 9 $1, % $1, , % 242 7, $1, % $1, Y 7, % 242 7,718 8 $1, % $1, , % 288 7, $1, % $1, , % 308 7, $1, % $1, Copyright 2016 Reis, Inc. Page 13

14 CustomerID: Metro Class Cut Year Quarter Inventory (Units) Section 14 - Market Data by Building Class - Class B/C Properties Completions Vac % Vacant Stock Occupied Stock Net Abs Asking Rent($) Rent Change Constr/ Abs Abs/Occ Stock % Gr Rev. Unit ($) 2001 Y 8, % 242 7, $ % $ Y 8, % 474 7, $ % $ Y 8, % 374 7, $ % $ Y 8, % 381 7, $ % $ Y 8, % 394 7, $ % $ Y 8, % 393 7,928-4 $ % $ Y 8, % 399 7,922-6 $ % $ Y 8, % 305 8, $ % $ Y 8, % 289 8, $ % $ Y 8, % 278 8, $ % $ Y 8, % 216 8, $ % $ , % 198 8, $ % $ , % 185 8, $ % $ , % 170 8, $ % $ , % 196 8, $ % $ Y 8, % 196 8, $ % $ , % 176 8, $ % $ , % 157 8, $ % $ , % 138 8, $ % $ , % 152 8, $ % $ Y 8, % 152 8, $ % $ , % 145 8,176 7 $ % $ , % 123 8, $ % $ , % 114 8,207 9 $ % $ , % 140 8, $ % $ Y 8, % 140 8, $ % $ , % 120 8, $ % $ , % 115 8,206 5 $ % $ , % 110 8,211 5 $1, % $ , % 106 8,215 4 $1, % $ Y 8, % 106 8, $1, % $ , % 146 8, $1, % $ , % 186 8, $1, % $ Copyright 2016 Reis, Inc. Page 14

15 Submarket Overview Copyright 2016 Reis, Inc.

16 CustomerID: Submarket Overview Section 15 - Submarket Overview Submarket Inventory (Buildings) Inventory (Units) Asking Rent $ Vac % Free Rent (mos) Expenses % (Apartment) Harborside 63 7,523 $1, % % North Haven 38 6,098 $1, % % Naugatuck 22 2,945 $1, % % Copyright 2016 Reis, Inc. Page 16

17 New Construction Listing Copyright 2016 Reis, Inc.

18 CustomerID: New Construction Listing As of 30-Jun-2016 Section 16 - Construction Deliveries Completed Units Units Under Construction Totals Planned Proposed Totals 2015 YTD and Later 2015 and Later Market Rate Rentals ,328 2,413 3,741 Condominiums Other ,444 1,730 Totals ,117 1,614 3,870 5,484 Copyright 2016 Reis, Inc. Page 18

19 CustomerID: New Construction Listing As of 30-Jun-2016 Section 17 - New Construction Listing No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 1 2 Submarket: Harborside NEW HAVEN COLISEUM SITE REDEVELOPMENT (FUTURE APT PHASE) GEORGE ORANGE ST NEW HAVEN, CT COLLEGE AND CROWN 200 College St New Haven, CT Apartment NEW HAVEN Proposed Apartment New Haven /2014 3/2016 Complete 3 87 UNION STREET 87 UNION ST NEW HAVEN, CT Apartment NEW HAVEN /2017 Planned NORTH ST 701 NORTH ST MILFORD, CT Subsidized/Low Income New Haven Proposed ATLANTIC WIRE REDEVELOPMENT CHURCH MEADOW ST BRANFORD, CT COMCAST BUILDING REDEVELOPMENT 630 CHAPEL ST NEW HAVEN, CT ST LUKES CHURCH HOUSING DEVELOPMENT WHALLEY SPERRY ST NEW HAVEN, CT BRADFORD AVENUE 148 BRADFORD AVE EAST HAVEN, CT HAROLD'S BRIDAL SHOP - REDEVELOPMENT 19 ELM ST NEW HAVEN, CT GEORGE STREET APARTMENTS GEORGE HIGH ST NEW HAVEN, CT Apartment NEW HAVEN Proposed Apartment NEW HAVEN Planned Apartment New Haven Planned Apartment NEW HAVEN Proposed Apartment New Haven Planned Other NEW HAVEN Planned 11 FARNAM COURTS REDEVELOPMENT 210 HAMILTON ST NEW HAVEN, CT Subsidized/Low Income New Haven Planned 12 BELLA VISTA EXPANSION 339 EASTERN ST NEW HAVEN, CT Subsidized/Low Income New Haven Proposed CROWN STREET 274 CROWN ST NEW HAVEN, CT Apartment NEW HAVEN Proposed 14 BROOKSIDE ESTATES - ROCKVIEW PH II 6 SOLOMON CROSSING NEW HAVEN, CT Subsidized/Low Income New Haven Proposed Copyright 2016 Reis, Inc. Page 19

20 CustomerID: New Construction Listing As of 30-Jun-2016 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status BROOKSIDE ESTATES - ROCKVIEW PH II HOME OWNERSHIP 6 SOLOMON CROSSING NEW HAVEN, CT BROOKSIDE ESTATES - ROCKVIEW PH I 6 SOLOMON CROSSING NEW HAVEN, CT CHURCH STREET SOUTH 34 CINQUE GREEN NEW HAVEN, CT Subsidized/Low Income Subsidized/Low Income New Haven Proposed New Haven Proposed Apartment NEW HAVEN Proposed 18 THE HILL DEVELOPMENT GOLD ST/PRINCE ST & WASHINGTON AVE NEW HAVEN, CT Subsidized/Low Income NEW HAVEN Proposed C. COWLES & COMPANY (REDEVELOPMENT) 83 WATER ST NEW HAVEN, CT NEW HAVEN COLISEUM SITE REDEVELOPMENT (APTS) GEORGE ORANGE ST NEW HAVEN, CT STATE STREET LOFTS 1040 STATE ST NEW HAVEN, CT Apartment NEW HAVEN Proposed Apartment New Haven Planned Apartment New Haven / /2016 Under Constr. 22 Submarket: Naugatuck WATERBURY TOWNHOMES 357 HITCHCOCK RD WATERBURY, CT Townhomes New Haven 40 0 Proposed SOUTH MAIN STREET 589 S MAIN ST CHESHIRE, CT Condominiums NEW HAVEN Proposed 24 REGENCY AT PROSPECT 120 SCOTT RD PROSPECT, CT Townhomes NEW HAVEN /2007 Under Constr. Submarket: North Haven COLONY STREET 24 COLONY ST MERIDEN, CT Subsidized/Low Income New Haven / /2016 Under Constr STATE STREET 177 STATE ST MERIDEN, CT Apartment NEW HAVEN Proposed MATHER STREET 380 MATHER ST HAMDEN, CT Apartment NEW HAVEN Planned MAIN STREET 10 MAIN ST CHESHIRE, CT Apartment NEW HAVEN Proposed HIGHLAND AVENUE 138 HIGHLAND AVE CHESHIRE, CT Apartment NEW HAVEN Proposed Copyright 2016 Reis, Inc. Page 20

21 CustomerID: New Construction Listing As of 30-Jun-2016 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status THE OUTLETS AT CHESHIRE (APARTMENTS) 2037 HIGHLAND AVE CHESHIRE, CT CROWN STREET 11 CROWN ST MERIDEN, CT Apartment NEW HAVEN Proposed Apartment NEW HAVEN Proposed WEST MAIN STREET 143 W. MAIN ST MERIDEN, CT Apartment NEW HAVEN Proposed PARKER PLACE BLDG B 75 PARKER ST WALLINGFORD, CT PARKER PLACE BLDG A 367 WASHINGTON ST WALLINGFORD, CT PARKER PLACE BLDG C 53 PARKER ST WALLINGFORD, CT THE WASHINGTON AVE NORTH HAVEN, CT Apartment NEW HAVEN Proposed Apartment NEW HAVEN Proposed Apartment NEW HAVEN Proposed Apartment New Haven /2016 Complete 37 WOODHOUSE AVENUE APARTMENTS 88 WOODHOUSE AVE WALLINGFORD, CT Subsidized/Low Income New Haven Proposed 38 WHITNEY 3139 WHITNEY AVE HAMDEN, CT Apartment New Haven Proposed W WOODS ROAD 55 W WOODS RD HAMDEN, CT Apartment NEW HAVEN Proposed 40 PIERMONT HILL OF NORTH HAVEN BENEDICT WARNER RD NORTH HAVEN, CT Townhomes NEW HAVEN /2015 2/2021 Under Constr POMEROY AVENUE 105 POMEROY AVE MERIDEN, CT Apartment NEW HAVEN Proposed Submarket: Not in a Reis submarket BIC DRIVE 460 BIC DR MILFORD, CT Apartment New Haven Proposed MAPLE STREET (SCHOOL CONVERSION) 29 MAPLE ST SEYMOUR, CT Apartment NEW HAVEN /2016 Planned 44 PALMER BUILDING REDEVELOPMENT 153 MAIN ST ANSONIA, CT Apartment NEW HAVEN Proposed Copyright 2016 Reis, Inc. Page 21

22 CustomerID: New Construction Listing As of 30-Jun-2016 No. Property Name and Address Date As Of Multi-Family Type County Total Size Competitive (Units) Size (Units) No. Bldgs Floors Est. Groundbreak Est. Completion Status 45 ANSONIA TECHNOLOGY PARK REDEVELOPMENT 497 E MAIN ST ANSONIA, CT Apartment NEW HAVEN Proposed 46 GREAT OAK RIDGE PH II 246 PEARL ST SEYMOUR, CT Condominiums NEW HAVEN /2008 Under Constr. Copyright 2016 Reis, Inc. Page 22

23 Sales Trend Copyright 2016 Reis, Inc.

24 CustomerID: 2Q 2016 Metro Statistics Metro Statistics - 12 Month Rolling Mean Median 25th Percentile Mean Median 75th Percentile Cap Rate n/a n/a n/a n/a n/a n/a Sale Price $2,200,000 $2,200,000 $423,500 $1,155,750 $1,036,500 $1,768,750 Sale Price Per Unit $23,158 $23,158 $30,662 $30,414 $60,332 $93,625 Number of Units Number of Floors Year Built Sales Trend Apartment - 2Q 2016 Submarkets 1. New Haven Harborside 2. North Haven/Wallingford/Meriden 3. Naugatuck/Waterbury Most Recent Transactions City, State Submarket Year Built Floors Price Per Units Range Sale Date Reis Sales Comparables Number 1. Waterbury, CT Naugatuck $10,000 - $24,999 Q Waterbury, CT Naugatuck $25,000 - $49,999 Q New Haven, CT Harborside $75,000 - $99,999 Q New Haven, CT Harborside $100,000 - $124,999 Q East Haven, CT Harborside $125,000 - $149,999 Q Waterbury, CT Naugatuck $50,000 - $74,999 Q New Haven, CT Harborside $50,000 - $74,999 Q West Haven, CT Harborside $50,000 - $74,999 Q West Haven, CT Harborside $50,000 - $74,999 Q New Haven, CT Harborside $50,000 - $74,999 Q New Haven, CT Harborside $50,000 - $74,999 Q New Haven, CT Harborside $100,000 - $124,999 Q New Haven, CT Harborside $200,000 - $249,999 Q New Haven, CT Harborside $50,000 - $74,999 Q New Haven, CT Harborside $75,000 - $99,999 Q Wallingford, CT North Haven $75,000 - $99,999 Q New Haven, CT Harborside $25,000 - $49,999 Q Hamden, CT North Haven $75,000 - $99,999 Q New Haven, CT Harborside $150,000 - $199,999 Q North Haven, CT North Haven $200,000 - $249,999 Q For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions or transactions in another Reis market, please go to the Sales Comparables section of the Reis website. Copyright 2016 Reis, Inc. Page 24

25 CustomerID: Sales Trend Apartment - 2Q 2016 Property Location and Physical Characteristics Property Name Property Type Market Rate Rental Address 29 Terrace St Building Area (SF) 4,256 City New Haven No. of Bldgs./Floors 1 / 2 State/ZIP/County CT / / New Haven Year Built/Renovated 1968 / -- Metro (Submarket) New Haven (Harborside) Total Units/Asset Class 4 / BC Comments Sale Details and Analysis Sale Date 22 Jul 2015 Reis Cap Rate Analysis Proforma Sale Price $350,000 (Verified: Pub Rcrd) All per unit figures are monthly Sale Price/Unit $87,500 Total Units -- Sale Price PSF $82 Potential Rent Revenue -- Vacancy at Sale -- Vacancy Loss/Rate -- Seller 1. George St Properties LLC Effective Rent Revenue -- Free Rent Concessions -- Credit Loss -- Buyer Terrace Street LLC / 125 Underhill St, Yonkers, NY Additional Income -- Effective Gross Revenue -- Operating Expenses/Ratio -- Capital Reserve -- Comments Net Operating Income -- Estimated Going-in Cap Rate Month Rolling Metro Cap Rate 6.7% (Q3 2015) Reported Cap Rate, This Sale None Additional Details When Available Seller's Broker Buyer's Broker Other Broker Interest Purchased -- Lot Size 12,632 SF / 0.29 Acres Parcel Number Number Monthly Rent Efficiencies Bedrooms Bedrooms Bedrooms Deed Reference Bedrooms Time on Market Total 4 -- Financing Details Other: Copyright 2016 Reis, Inc. Page 25

26 CustomerID: Sales Trend Apartment - 2Q 2016 Property Location and Physical Characteristics Property Name Property Type Market Rate Rental Address 275 Dwight St Building Area (SF) 2,394 City New Haven No. of Bldgs./Floors 1 / 3 State/ZIP/County CT / / New Haven Year Built/Renovated 1874 / -- Metro (Submarket) New Haven (Harborside) Total Units/Asset Class 4 / BC Comments Sale Details and Analysis Sale Date 01 Jul 2015 Reis Cap Rate Analysis Proforma Sale Price $448,000 (Verified: Pub Rcrd) All per unit figures are monthly Sale Price/Unit $112,000 Total Units -- Sale Price PSF $187 Potential Rent Revenue -- Vacancy at Sale 32.0% Vacancy Loss/Rate -- Seller 1. Dwight St Associates LLC / 151 Park St, New Haven, CT, Effective Rent Revenue -- Free Rent Concessions -- Credit Loss -- Buyer 1. Hilary Grant / 275 Dwight St, New Haven, CT Additional Income -- Effective Gross Revenue -- Operating Expenses/Ratio -- Capital Reserve -- Comments Net Operating Income -- Estimated Going-in Cap Rate Month Rolling Metro Cap Rate 6.7% (Q3 2015) Reported Cap Rate, This Sale None Additional Details When Available Seller's Broker Buyer's Broker Other Broker Interest Purchased -- Lot Size 2,614 SF / 0.06 Acres Parcel Number Number Monthly Rent Efficiencies Bedrooms Bedrooms Bedrooms Deed Reference Bedrooms Time on Market Total 4 -- Financing Details Webster Bank provided a 30 year $330,000 loan. Other: Copyright 2016 Reis, Inc. Page 26

27 CustomerID: Sales Trend Apartment - 2Q 2016 Property Location and Physical Characteristics Property Name Stony Brook Villlage Property Type Market Rate Rental Address Mill St Building Area (SF) City East Haven No. of Bldgs./Floors 20 / 3 State/ZIP/County CT / / New Haven Year Built/Renovated 1989 / 2009 Metro (Submarket) New Haven (Harborside) Total Units/Asset Class 165 / BC Comments 4,500-SF clubhouse. Sun deck. Library. Sale Details and Analysis Sale Date 02 Jun 2015 Rec Reis Cap Rate Analysis Proforma Sale Price $21,050,000 All per unit figures are monthly Sale Price/Unit $127,576 Total Units 165 Sale Price PSF -- Potential Rent Revenue $2,214,372 Vacancy at Sale -- Vacancy Loss/Rate ($68,345) [ 3.1%] $1,118 Market Rent x 12 Months x 165 Units x 3.1% Seller 1. HP Stony Brook LLC / 1030 New Britain Ave, West Hartford, CT Buyer 1. Par Mill Street LLC / 76 S Lexington Ave, White Plains, NY Effective Rent Revenue $2,146,027 $1,118 In Place Rent x 12 Months x 165 Units x 96.9% Free Rent Concessions ($3,756) [$23 Per Unit] Credit Loss ($22,144) [ 1.0%] Additional Income $0 [$0 Per Unit] Effective Gross Revenue $2,120,128 Operating Expenses/Ratio ($992,039) [ 44.8%] Capital Reserve ($57,750) [$350 Per Unit] Comments Net Operating Income $1,070,339 Estimated Going-in Cap Rate 5.1% Based on Sale Price of $21,050, Month Rolling Metro Cap Rate 7.6% (Q2 2015) Reported Cap Rate, This Sale None Additional Details When Available Seller's Broker Other Broker Interest Purchased -- Steve Witten & Victor Nolletti, Institutional Property Advisors, New Haven, CT, (203) Buyer's Broker Lot Size 862,923 SF / Acres Parcel Numbers , Number Monthly Rent Efficiencies Bedrooms Bedrooms Bedrooms Deed Reference 02426/75 4 Bedrooms Time on Market Total 165 $0 Financing Details Other: Click here for a glossary of terms, or go to Copyright 2016 Reis, Inc. Page 27

28 About Reis Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing properties and affordable housing, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers. Copyright 2016 Reis, Inc.