RALEIGH-DURHAM MULTIFAMILY MIDYEAR Demand at an All-Time High, Skyrocketing Same-Unit Rents. Research & Forecast Report.

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1 Research & Forecast Report RALEIGH- MULTIFAMILY MIDYEAR 2015 Demand at an All-Time High, Skyrocketing Same-Unit Rents Market Indicators Relative to prior period VACANCY Raleigh-Durham JAN 2015 Raleigh-Durham AUG 2015 Emily Bostic Research Associate Raleigh-Durham RENTS Key Takeaways > > Asking rents continue to rise throughout the Triangle market. Same-unit rents have grown by 3.9% since January > > Multifamily demand remains quite strong in the Raleigh- Durham region. Just over 3,100 units were absorbed over the past six months. > > New construction and development in the Triangle is still very active. There are currently 6,468 units under construction and over 4,000 units proposed. Market Overview As the third-best labor market in the U.S., the Triangle region has added nearly 14,000 jobs within the last year. The market holds an unemployment rate of 5.3% and a steady employment growth rate of 6.7%. As new and expanding companies continue to migrate to the Raleigh-Durham area, an increasing number of their employees are choosing to rent versus own. The sustained increase in average market rental rates suppors the idea that developers understand tenants can afford to purchase, but are renters by choice. While homeownership in the US is now at 63%, the lowest level since 1967, the apartment market is expected to thrive over the next five to ten years with high rents and a very strong supply pipeline. The multifamily boom in the Raleigh-Durham market is far from over. As the Triangle market continues to flourish and add residents, apartment construction has surged, particularly in the region s downtown central business districts. Within the next two years, Raleigh can expect to see the number of high-end apartment units within one mile of downtown double to nearly 3,000 units. As new developments are finalized in Downtown Durham, the population is also expected to more than double. ABSORPTION TRANSACTION ACTIVITY CONSTRUCTION Summary Statistics August 2015 Raleigh Durham Market Vacancy Rate 7.4% Change From January 2015 (basis points) Absorption (Square Feet) Proposed (#) Under Construction (#) Asking Rents Per Month 0.1 3,113 4,068 6,468 Average Quoted $1,008 Change From January % Average per SF $1.04

2 Absorption & Leasing Activity > > Net demand is quite strong with 3,113 units absorbed over the last six months in the Raleigh-Durham market. There were 3,766 new units completed during the same time period, creating a 10 basis-point increase in the market s average vacancy rate to 7.4%. > > The submarket reported the highest absorption of any other submarkets in the Triangle. There were 889 units absorbed in, which was 28.6% of the overall market. In January of 2015, this submarket reported only 57 units absorbed. Over six months, the absorption was up by 832 units. Absorption (Units) Historical Vacancy and Absorption 3,0 3,000 2,0 2,000 1,0 1, % 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Vacancy & Availability > > Overall vacancy in the Triangle market was reported at 7.4% while the largest vacancies were among one bedroom units. The vacancy rate for one bedroom units is at 8.7%. > > At 3.4%, the Wake North 2 submarket has reported the lowest vacancy rate among all submarkets in the region with only 153 units vacant. This submarket also experienced a 5.2% rent increase over a six month time period. > > The submarket reported the highest vacancy rate at 13.1% as of August 2015 with 313 units absorbed since January. Rental Rates > > In the Triangle, same-unit rents have grown by 3.9% since January The average market rental rate is currently $1,008 per month or $1.04 per square foot. > > Berkshire Main Street in Durham s popular Ninth Street District, posted the highest rents in the Triangle at $1,814 per month or $1.86 per square foot. > > The highest rents in the submarket were reported at Skyhouse Raleigh and Berkshire Cameron Village. Skyhouse is a brand new 320-unit development with average rents ranging from $1.92-$2.82 per square foot. The Berkshire Cameron Village property reported average rents at $1,616 per month or $1.93 per square foot. > > Stanhope, a 822-bed student-housing development at NC State University, is the latest in a wave of new construction along the iconic Hillsborough Street in Raleigh. The $80M project is 100% leased with average rents reporting from $943-$2,841 per month. Asking Rent per Month Current Absorption 903 1,022 1,290 2,453 3,113 Vacancy % 6.7% 6.0% 5.6% 6.8% 7.4% Source: Real Data Apartment Index Historical Rental Trends $1, $1, Asking Rent per Month $ $ $0.00 $ $- Source: Real Data Apartment Index One Two Three Per Month Same Unit Growth Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Current TRIANGLE SUBMARKET SUMMARY VACANCY % AVG. SF RENT/MO. RENT/SF 8.7% 747 $892 $ % 1,058 $1,030 $ % 1,310 $1,234 $ % 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% 0.0% Same-Unit Growth Totals 7.4% 965 $1,008 $ Raleigh-Durham Research Report Midyear 2015 Multifamily Colliers International

3 NOTABLE MULTIFAMILY SALES SUBMARKET SALES DATE SALES PRICE IN MIL. UNITS PRICE ($)/UNIT VACANCY RATE AVERAGE ASKING RENTS PROPERTY TYPE PROPERTY Oberlin $ $265, % $1,473 Century Centerview July-15 $ $157, % $1,122 Cumberland Cove Apartments Wake Northwest $ $103, % $956 Berkshire Main Street July-15 $ $262,7 77.9% $1,879 Bainbridge Six Forks Wake North 1 Jun-15 $ $172, % $1,147 Summermill at Falls River Wake North 1 Mar-15 $ $123, % $1,127 Enclave at Crossroads Wake South Apr-15 $ $130, % $1,039 Altera North Pointe Jun-15 $ $113,7 5.3% $952 Whetstone May-15 $ $174, % $1,367 Westover Hills Wake Southwest $ $117, % $1,080 Thornhill Wake Northwest Mar-15 $ $97, % $1,074 Chapel Ridge Orange County $ $168,7 1.7% $1,861 Student-Housing TRIANGLE SUBMARKET COMPARISON VACANCY SUBMARKET AVG. RATE AVG. SF AVG. RENT RENT/SF 9.2% 922 $1,016 $1.10 NORTH ORANGE COUNTY OC Totals COUNTY Durham Central 6.2% 978 $923 $ % 885 $1,011 $1.14 Durham SE 3.9% 1,019 $1,042 Durham SW DC Totals 5.7% 995 $976 ORANGE COUNTY $996 $ % 916 $1,099 $1.20 Wake East 3.7% 993 $952 $0.96 Wake North I 6.5% 953 $912 $0.96 Wake North II 3.4% 1,043 $991 $0.95 Wake NW 8.5% 933 $947 Wake South 5.1% 1,034 $1,114 $1.08 Wake SW 5.2% 1,008 $1,034 WC Totals 7.0% 971 $1,012 $1.04 TOTALS/ AVG. 7.4% 965 $1,008 $ CENTRAL 3 SE NORTH 1 4 CENTRAL 55 SW NW COUNTY NORTH II SW $ % 1 4 EAST 5 SOUTH Raleigh-Durham Research Report Midyear 2015 Multifamily Colliers International

4 Construction & Investment Activity > > The Raleigh-Durham region continues to be an active market for new developments. Currently there are 6,468 units under construction and another 4,068 units proposed in the Triangle. > > The submarket, which is located within the Beltline and includes Downtown Raleigh and NC State University, leads the market in construction activity. There are 2,555 units under construction in which consists of 39.5% of the overall market. With another 1,165 units proposed this submarket has a 35.1% supply growth rate. > > One of the most exciting development projects that recently delivered is Skyhouse in Downtown Raleigh, which consists of 320 units. As the tallest apartment building in Raleigh, Skyhouse is a 23 story project with world-class amenities including a rooftop pool, lounge, clubroom, and 24-hour concierge. The project consists of one, two and three bedroom units at an average size of 795 square feet. Skyhouse reported average rents of $1,815 per month or $2.29 per square foot as of August > > Multifamily investment activity throughout the Triangle market is very strong. With thriving economic and population growth that yields high occupancies and rents, the Triangle continues to lure new investors. One of the most prominent entity-level transactions YTD is the Brookfield buyout of five Triangle properties totaling an estimated $304.4M. Brookfield AM acquired a portfolio total of 51 properties from Associated Estates throughout the US. > > To date, the Raleigh-Durham market has produced $541.3M in total volume of 24 multifamily property sales. There were 5,343 total units sold at an average price per unit of $104,265 at the end of the second quarter Forecast > > Over the next year, the Triangle market will continue to experience increased rental rates due to population growth as new companies move to our region and as existing companies expand. The Raleigh-Durham market remains very robust and demand is still at an alltime high as more residents relocate to this market and as the construction pace begins to slow. SKYHOUSE ROOFTOP POOL DOWNTOWN RALEIGH 4 Raleigh-Durham Research Report Midyear 2015 Multifamily Colliers International

5 2 offices in 67 countries on 6 continents United States: 1 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 $2.3 billion in annual revenue MULTIFAMILY SERVICES CONTACT: Steven Peden Senior Vice President Raleigh Paul Pursell Vice President Raleigh Brenna Campbell Senior Marketing Coordinator, Analyst Raleigh REGIONAL AUTHOR: Emily W. Bostic Research Associate, CPRC billion square feet under management 16,300 professionals and staff About Colliers International Colliers International is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 2 offices in 67 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. Colliers International has been recognized and ranked by the International Association of Outsourcing Professionals Global Outsourcing 100 for 10 consecutive years, more than any other real estate services firm. colliers.com Copyright 2015 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.

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