Multihousing Investment Advisors. Celabrating 10 Years

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1 Indiana Apartment Market 215 Celabrating 1 Years Multihousing Investment Advisors

2 Economic Overview Continuing High Occupancy Coupled with Strong Rent Growth National Occupancy and Rents (Per Axiometrics) Apartment occupancy at the end of the second quarter climbed to 95.2% Effective rents increased at a 5.% annual rate, up from 3.6% a year earlier Every city in Axiometrics Top 5 saw positive growth in effective rents in the second quarter Local Occupancy and Rents Major Indiana cities outside of the Indianapolis Metro had strong occupancy, ranging between 92.9% and 96.1% Average Rent increased in each of those cities, led by Columbus with a 1.7% gain (the large increase in Columbus is due to it being a small market with several new high-end properties added to service the Cummins professional employee demand) Indianapolis Metro occupancy reached 92.8% in 215, a level not seen since 1997 Rents in the Indy Metro grew at a solid 2.2% rate in the last twelve months Strong Drivers of Demand for Apartment Living Steady Job Growth Nationally, unemployment dropped to 5.3% in July, the lowest level since March 28. Indiana beat the nation with unemployment in July falling to just 4.7% and the Indianapolis Metro unemployment rate was even lower at 4.4%. Over the past twelve months, employers have added 2.9 million jobs nationally. Indiana gained 36,2 new jobs in the last twelve months, and the Indianapolis Metro added 16,8 jobs. Accelerating Household Formations An estimated 2.2 million new households have formed nationally since June 214, the strongest year-over-year growth since tracking began in 1955 (US Census Bureau). Declining Homeownership Percentage Nationally, the homeownership rate fell to 63.4% in the second quarter of 215 the lowest since the first quarter of National homeownership is down 1.3% in the last year, the steepest year-over-year decline since Census began tracking in In Indiana, the homeownership percentage is still well above the national average but has steadily declined from a high of 75.8% in 24 to 7.1% entering 215. Job growth, student loan debt, and the benefits of apartment living (flexibility, freedom from maintenance, and exceptional amenities) continue to increase the universe of young renters. A recent Urban Institute study predicts that 59% of new households formed over next fifteen years will be renters. Vibrant New Development National Apartment Development No signs of slowdown - developers broke ground on apartment complexes in June 215 at the fastest pace in nearly 28 years. Commerce Department data showed a 28.6% increase in new apartment construction, the highest increase since November 27. Approximately 4, new units will be started in 215. Local Apartment Development New development remains active in the Indy Metro, with 3,7 units estimated for delivery in both 215 and 216. Development is concentrated in areas commanding the highest rents Downtown and Suburban North. New development is picking up steam in the Suburban West (Hendricks County). Sales Activity National Apartment Sales Sales volume through June was on pace to eclipse 26. First half sales were up 37.6% over last year. Cap rates declined to an average of 5.9% in July (4.9% for mid-rise and high-rise apartments). Prices have more than doubled since the lows of 29. Local Apartment Sales Cap rates in Indianapolis Metro fell to 5.9% for A & B grade properties. Low supply of available properties has limited sales volume but pushed prices higher. Prospect of Fed Interest Rate Increase Hasn t Impacted Sales - Yet Steady, but slow, US economic growth and decelerating growth in China have dampened the prospect for a Fed rate increase this fall. Investors anticipate that any rate increase will be modest. But, with cap rates at historic lows, unless lenders are willing to reduce spreads, even a modest rate increase will have some impact on sale prices. Looking Forward We believe the next twelve months will bring (i) continued active development in the Indy Metro, with delivery of 3,7 units both this year and next; (ii) slight growth in rents and occupancy, tempered by the significant number of new units coming on-line; (iii) an increased supply of properties offered for sale, in part due to the approaching maturity of a large number of CMBS loans originated in 26; and (iv) strong demand from apartment buyers, keeping prices high and cap rates compressed (subject to increases in interest rates for acquisition financing). 2 Celabrating 1 Years Multihousing Investment Advisors

3 Indiana Record Employment Numbers Economic Overview Over 36, jobs added in last twelve months Currently 2,614,8 are employed in Indiana, more than at any time in state history An average of over 3, new jobs have been added every month over the last two years State unemployment rate dropped to 4.7% in July, lowest since prior to the Great Recession and well below the national 5.3% rate Record New Business Commitments The Indiana Economic Development Corporation reports the state to be on record pace for economic growth this year with more than 2 companies having already committed to move to the state or to expand operations here. Currently there are commitments for more than 17, new jobs and over $3 billion in new investment in Indiana operations. Nationally Ranked for Business-Friendly Environment In Top Ten for Business-Favorable Tax Climates (The Tax Foundation) Top 5 Pro-Business State (Chief Executive Reports) Best in the Midwest and the 7th nationwide in Top States for Doing Business Ranking (Area Development Magazine) Change in Employment (Jobs) 1, 8, 6, 4, 2, (2,) (4,) (6,) (8,) (1,) (12,) (14,) (16,) (18,) 38,4 Job Growth State of Indiana 26,6 18,9 12, (5,6) (T 12) (32,5) (28,7) Source: Bureau of Labor Statistics (171,4) 7,2 57,1 45,9 35,9 42,8 36,2 Total Establishment Employment Indiana 7/15 = 3,17, Jobs Diversified Economic Strength Manufacturing Logistics Agro-business Aerospace Life Sciences Information Technology Indianapolis Growing Jobs and Economy - Highlights 16,8 new jobs added in last twelve months Unemployment rate at 4.4% in July 4th in nation in high-tech job growth (Forbes) Amazon to add 1,4 jobs in Plainfield and Whitestown in Lowe s to add 1, in Intech Park on Indianapolis west side in 215 Appirio, a global cloud services provider currently headquartered in San Francisco, has selected Indianapolis as its corporate headquarters and will employ 6 by 22 Downtown development in the pipeline includes 58 projects totaling more than $1.36 billion. Since 199, more than $12.4 billion in projects have been completed Downtown Nationally Recognized for Quality of Life Indianapolis Listed among the World s Most Livable Cities (Metropolis Guide to the Best Cities to Live, Work and Play In, 215) Indianapolis Top 1 Downtowns (Livability.com, 215) Carmel 6th Best City for Kids (Livability.com, 214) Westfield Best Towns for Families (Family Circle, 214) Carmel 3rd Best Place to Live in America (Money, 214) Johnson County Where the Middle Class Thrives (CNN, 214) Avon, Brownsburg, Fishers & Noblesville Top Cities for Homeownership (214) Change in Employment Unemployment Rate 5, 4, 3, 2, 1, (2,) (3,) (4,) (5,) 12.% 11.% 1.% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 7,9 13,1 49,6 Job Growth Indianapolis MSA 12,1 11,6 1,7 (41,7) 16,8 26,3 19,6 19,1 16, (3,3) (4) (1,) (T 12) Source: Bureau of Labor Statistics Unemployment Rate Indiana & Indianapolis MSA 5.3% 5.3% 5.4% 5.% 4.6% 4.8% 4.7% 4.8% 4.1% 4.3% 5.9% 6.9% 1.3% 1.4% 9.1% 9.4% 8.3% 8.7% 8.3% 8.1% Source: Bureau of Labor Statistics (July) Indiana Indianapolis MSA 7.7% 6.% 6.% 5.4% 4.7% 4.4% Total Establishment Employment Indianapolis MSA 7/15 = 1,17, Jobs Please visit for more information 3

4 Indiana Average Rent and Occupancy (Avg Rent / Avg Rent per sq ft / Avg Occupancy) 94 M C $62 / $.79 / 92.9% P $784 / $.87 / 97.2% M $96 / $.98 / 91.1% C P $891 / $1.2 / 93.7% 8 E $644 / $.76 / 97.2% M $685 / $.82 / 92.2% S B $778 / $.89 / 93.5% Population Statistics Indiana 6,618, F. W $633 / $.74 / 95.7% Cities Indianapolis MSA: 1,967,168 Indianapolis: 836,54 W L $946 / $.97 / 93.1% L $666 / $.82 / 95.3% M $563 / $.66 / 9.2% K $591 / $.7 / 96.1% Fort Wayne MSA: 427,261 Fort Wayne: 258,229 Evansville MSA: 316,6 Evansville: 118, A $598 / $.66 / 93.4% M $749 / $.82 / 94.1% South Bend MSA: 319,747 South Bend: 1,655 I $754 / $.84 / 92.8% R $548 / $.64 / 96.1% Fort Wayne MSA: 427,261 Fort Wayne: 258,229 Fishers: 87,136 Carmel: 86,563 T H $774 / $.84 / 95.8% Bloomington: 81,634 Hammond: 78,515 Gary: 76,26 Muncie: 69,929 Lafayette: 69,712 B $897 / $.99 / 94.4% 65 C $99 / $1. / 94.5% 37 Terre Haute: 61,734 Noblesville: 58,66 Anderson: 54,887 J $674 / $.74 / 95.9% N A $684 / $.67 / 95.9% C $628 / $.66 / 94.9% Elkhart: 51, Source: US Census Bureau through ESRI 215 Estimates 164 E $649 / $.76 / 94.4% 4 Celabrating 1 Years Multihousing Investment Advisors

5 Indiana Secondary market Rental Statistics Anderson 93.4% Average Rent $598 $4 $517 $595 $648 $7 Overall Rent Growth 3.1% $.86/SqFt $.75/SqFt $.65/SqFt $.69/SqFt $.57/SqFt Bloomington 94.4% Average Rent $897 $547 $729 $712 $1,54 $1,193 Overall Rent Growth.3% $1.58/SqFt $1.8/SqFt $.83/SqFt $1.4/SqFt $.92/SqFt Columbus 94.5% Average Rent $99 $529 $91 $88 $1,8 $967 Overall Rent Growth 1.7% $1.67/SqFt $1.26/SqFt $.87/SqFt $.98/SqFt $.8/SqFt Evansville 94.4% Average Rent $649 $441 $558 $661 $83 $92 Overall Rent Growth 1.9% $.98/SqFt $.81/SqFt $.73/SqFt $.73/SqFt $.74/SqFt Fort Wayne 95.7% Average Rent $633 $468 $545 $616 $776 $851 Overall Rent Growth 5.% $1.1/SqFt $.82/SqFt $.67/SqFt $.73/SqFt $.67/SqFt Kokomo 96.1% Average Rent $591 $421 $56 $586 $693 $721 Overall Rent Growth 3.% $.9/SqFt $.77/SqFt $.66/SqFt $.75/SqFt $.6/SqFt Lafayette 94.3% Average Rent $84 $576 $621 $729 $885 $1,117 Overall Rent Growth 1.9% $1.38/SqFt $.94/SqFt $.83/SqFt $.87/SqFt $.85/SqFt Muncie 94.1% Average Rent $749 $481 $58 $657 $719 $887 Overall Rent Growth 1.1% $1.39/SqFt $.91/SqFt $.73/SqFt $.74/SqFt $.77/SqFt South Bend 92.9% Average Rent $737 $472 $619 $74 $917 $1,13 Overall Rent Growth 1.5% $1.5/SqFt $.89/SqFt $.77/SqFt $.91/SqFt $.91/SqFt *2/1 Includes 2/1.5 2/2 Includes 2/2+ Historical Occupancy by City 1% 98% 96% 94% 92% 9% 88% 86% Please visit for more information

6 Data Snapshot 92.8 %. Indianapolis Average Occupancy Average Occupancy.8% from 214 Indianapolis Average Rent $ NOBLESVILLE $826 Avg Rent $.87 Rent/sqft 93.3% Occ 421 WESTFIELD NORTH CARMEL ZIONSVILLE FISHERS BROWNSBURG DANVILLE AVON $1,15 Avg Rent PLAINFIELD 7 LAFAYETTE RD $ Avg Rent $.79 Rent/sqft 92.% Occ WEST $1.27 Rent/sqft 94.6% Occ DOWN- TOWN SOUTH $61 Avg Rent 9 $.7 Rent/sqft 9.7% Occ 7 EAST GREENFIELD $74 Avg Rent $.79 Rent/sqft 93.7% Occ Indianapolis Average Rent GREENWOOD Ba 2 2 Ba 3 4 $522 $674 $682 $92 $94 $1,172 $1.19/sqft $.96/sqft $.74/sqft $.85/sqft $.73/sqft $.81/sqft Class $1.5 Avg. Rent/SQFT % occupancy Class $.8 Avg. Rent/SQFT - 94.% occupancy $.73 Avg. Rent/SQFT % occupancy 6 Celabrating 1 Years Multihousing Investment Advisors Class

7 In spite of the delivery of 3,7 units in 215, occupancy in the Indianapolis Metro area reached an eighteen year high of 92.8% in 215. The Downtown submarket, which saw a significant number of new deliveries in 214, led the Metro area in occupancy for the fifth consecutive year at 94.6%, although occupancy declined slightly from 95.2% in 214. Downtown was followed by the South submarket, with occupancy of 93.7%, up from 92.4% in 214. The North submarket, which also has experienced significant new development in recent years, saw a slight decline with 93.3% occupancy compared to 93.5% last year. The strength of the overall market occupancy reflects the increasing demand for rental living. The East submarket experienced the greatest increase, with occupancy climbing to 9.7% from just 87.8% in 214. The West submarket also saw occupancy increase, climbing to 92.% from 91.% last year. Growth in these two submarkets reflects the recapitalization, rehab and stabilization of several formerly distressed properties, and job growth that has benefitted the blue collar workers that are an important demographic for many properties in these submarkets. In addition to record occupancy, the overall Indianapolis Metro area also saw rent growth at a solid 2.2% rate in 215, the equivalent of an increase of $16 over 214. Rents grew in all submarkets, but Downtown s 6.7% increase dwarfed all other submarkets. Rents downtown now average $1.27 per square foot, a record. We expect rents Downtown to continue to escalate as new properties are completed with projected rents ranging between $1.6 and $2.25 per square foot, rates unimaginable just a few years ago. Occupancy at Class A and Class B properties was strong, 94.5% and 94.% respectively. However, the greatest increase in occupancy occurred at Class C properties, growing to 89.7% from just 87.2% in 214. Rent growth was virtually the same among all property classes. It should be noted that rent growth at Class B properties is impacted by the fact that our survey classifies all new Section 42 tax credit properties within the B Class, and many of those properties offer comparatively lower rents than properties without the resident income restrictions of tax credit properties. Indianapolis Rental Market Statistics Total Apartment Base (units) 144,1 Number of Communities (all) 767 Number of Communities (> 2 units) 326 Average Community Size (units) 197 Average Occupancy Rate (215) 92.8% Median Occupancy Rate (215) 95.% Rent Growth Rate (214 to 215) 2.2% Annual Rent Growth (21 to 215) 2.4% "Same Store" Annual Rent Growth (21 to 215) 2.% "Same Store" Annual Rent Growth (25 to 215) 1.6% Indpls Dwntwn North South East West Indy Indy Indy Metro Indpls Metro Metro Metro Metro Class Class Class Area Area Area Area Area Area "A" "B" "C" Total Properties Total Units 133,534 1,15 47,485 25,166 17,565 33,33 31,653 6,75 39,916 Occupancy Rate 92.8% 94.6% 93.3% 93.7% 9.7% 92.% 94.5% 94.% 89.7% Overall Rent Growth ( ) 2.2% 6.7% 1.6% 1.1%.% 2.1% 1.9% 1.9% 1.8% Average Rent $754 $1,15 $826 $74 $61 $686 $1,11 $716 $69 Average Rent / Sq. Ft. $.84 $1.27 $.87 $.79 $.7 $.79 $1.5 $.8 $.73 Avg. Rent $522 $625 $523 $491 $446 $456 $921 $59 $472 Studio 1 Bedroom 2 Bedroom/ 1 Bath 2 Bedroom/ 2 Bath 3 Bedroom 4 Bedroom Total Apartment Base in units (144,1) and communities (767) equals all properties in the metro area, including properties still under construction, fully subsidized properties, and smaller properties not part of the Tikijian Associates Annual Rent Survey. The total units (133,534) and properties (678) shown in the occupancy and rent chart (below) are properties included in the Annual Rent Survey. Avg. $ / SF $1.19 $1.34 $1.14 $1.27 $1.8 $1.9 $1.65 $1.9 $1.2 Avg. Sq. Ft Total Units 4,157 1,18 1, ,471 2,267 Avg. Rent $674 $94 $724 $623 $541 $594 $897 $624 $556 Avg. $ / SF $.96 $1.3 $.99 $.89 $.81 $.88 $1.19 $.9 $.84 Avg. Sq. Ft Total Units 5,316 5,499 18,142 8,835 5,353 12,487 12,866 22,279 14,7 Avg. Rent $682 $859 $751 $675 $61 $661 $888 $715 $617 Avg. $ / SF $.74 $.95 $.79 $.74 $.66 $.74 $.95 $.78 $.68 Avg. Sq. Ft Total Units 36, ,669 8,181 7,932 9,56 2,42 17,38 16,157 Avg. Rent $92 $1,431 $957 $819 $696 $814 $1,83 $812 $688 Avg. $ / SF $.85 $1.3 $.86 $.78 $.68 $.78 $.98 $.76 $.67 Avg. Sq. Ft. 1,84 1,12 1,117 1,57 1,2 1,43 1,17 1,74 1,23 Total Units 29,647 2,16 14,17 5,137 1,656 6,641 13,92 13,189 3,137 Avg. Rent $94 $1,423 $1,7 $893 $763 $874 $1,227 $889 $797 Avg. $ / SF $.73 $1.1 $.78 $.71 $.61 $.69 $.93 $.69 $.62 Avg. Sq. Ft. 1,296 1,3 1,37 1,25 1,242 1,263 1,32 1,294 1,283 Total Units 12, ,288 2,34 1,814 3,541 2,763 5,811 3,51 Avg. Rent $1,172 $2,317 $1,147 $877 $865 $868 $2,429 $879 $858 Avg. $ / SF $.81 $1.56 $.74 $.64 $.59 $.62 $1.59 $.63 $.56 Avg. Sq. Ft. 1,444 1,482 1,552 1,363 1,464 1,397 1,526 1,395 1,544 Total Units Please visit for more information 7

8 Indianapolis Rental Market Statistics $1.25 $1.2 $1.15 $1.1 $1.5 $1. $.95 $.9 $.85 $.8 $.75 $.7 $.65 $1.14 Average Rent per Square Foot by Year Built & by Class By Year Built $.91 $.88 $.87 $.75 $.75 $.86 21's 2's 199's 198's 197's 196's Prior to 196's Includes some downtown rehabs $1.25 $1.2 $1.15 $1.1 $1.5 $1. $.95 $.9 $.85 $.8 $.75 $.7 $.65 $1.5 $.8 By Class $.73 Class "A" Class "B" Class "C" Average Rent $8 $775 $75 $725 $7 $675 $65 $625 $6 $575 $55 $525 $5 $475 $45 $425 $4 $375 $35 $325 $3 $356 $372 $376 $393 Historical Average Rent $411 $428 $444 $452 $464 $482 $496 $524 $536 $545 $563 $577 $596 $66 $613 $616 $619 $627 $638 $657 $663 $668 $686 $73 $718 $738 $754 Average rent per square foot at properties built since 21 (at $1.14 per square foot) far exceeds average rent at properties built between 2 and 21 (at $.88 per square foot). Developers need to charge significantly higher rents at brand new properties because (i) the newer properties are located in affluent areas where land costs are higher, (ii) construction costs have increased, and (iii) developers are adding more high-end amenities and higher cost unit finishes. As the Indianapolis Metro occupancy and rent growth rates attest, the newer units with higher rents continue to be readily absorbed as new jobs are created; the millennial generation comes of age; and renters are willing to spend a growing percentage of their income to get the upscale amenities and unit interiors offered at newer properties. As shown in the graph above, the Indianapolis Metro has experienced 3 years of steadily growing gross rents. In the early 2 s the Indianapolis market saw effective rents (rents after concessions) actually decrease due to a boom in single family home buying. In recent years, due to market strength and the increasing use of revenue management software, concessions are used less often. 4.% 3.5% Same Store Rent Growth 7.% 6.% Historical Average Rent Growth Rate 5.6% 3.% 2.5% 2.% 1.5% 1.%.5% 2.% 1 Year Annual Growth 1.8% 5 Year Annual Growth 1.6% 1 Year Annual Growth 2.% 2 Year Annual Growth 2.9% 3 Year Annual Growth Average Rent Growth Rate 5.% 4.% 3.% 2.% 1.%.% 4.5% 1.1% 4.5% 4.6% 4.1% 3.7% 1.8% 2.7% 3.9% 2.9% 2.3% 1.7% 3.3% 2.5% 3.3% 1.7% 1.2% 1.3%.5%.5% 1.8% 3.%.9% 2.7%.8% 2.5% 2.1% 2.8% 2.2%.% 1 Year 5 Year 1 Year 2 Year 3 Year Same Store Rent Growth is the rent growth of properties that have been in existence during an entire respective survey period. Properties built during a respective study period are not included in that period. Annual growth in the 1-year period is the lowest because it includes the years in which home-buying reached a peak in Indianapolis. Rent, including the highest rents offered at brand new properties, grew at an overall 2.2% rate in Celabrating 1 Years Multihousing Investment Advisors

9 Indianapolis Rental Market Statistics 1% Occupancy Rate by Class 14% 13% Overall Market Vacancy Rate 98% 12% 96% 94% 92% 9% 94.5% 94.% 89.7% Vacancy Rate 11% 1% 9% 8% 7% 88% 86% 84% Class "A" Class "B" Class "C" % 5% Proj. 216 vacancy rate forecast assumes 3,8 units absorbed as compared to 4,5 units actually absorbed in 215. We are projecting 3,7 units will be delivered in 216, hence the projected vacancy declines slightly to 7.1%. Average annual absorption has been 3,4 units since 21 and 2,1 since Class A occupancy climbed slightly to 94.5% in 215. Class B occupancy remained even with last year at 94.%. Occupancy at Class C properties showed the greatest gains, increasing from 87.2% to 89.7%. It should be noted that occupancy in the C Class of properties can move significantly, experiencing large decreases as some properties become distressed and large increases when those properties are recapitalized and rehabbed. Metro Indianapolis apartment occupancy was 92.8% in 215, up from 92.% in 214. The Metro absorbed 4,5 units in the last year, significantly more than the 3,7 new units delivered. Occupancy continues to be driven by job growth and new household formation among a younger generation who either rent by choice or find themselves unable to buy homes due to student debt and/or tighter lender standards. In 216 we project a slight increase in occupancy as 3,7 units are added and 3,8 units are absorbed. 6.% 5.% 4.% 3.% 2.% 1.%.% 1.% 2.% Annual Rental Revenue Growth 3 Property Sample Class A & B Well Managed 2.9% 3.5% 2.7% 4.1% 1.4% 1.5% 4.9% 3.4% 2.7% 5 Year Average 3.3% 1.4% 1.4% In 215: Properties with rent revenue growth = 22 Properties with rent revenue declines = 8 13% 12% 11% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % New Apartment Units (% of Base) vs. Market Vacancy Rate 9.7% 7.1% 11.2% 9.4% 7.7% 8.8% 7.1% 8.1% 6.8% 6.2% 8.1% 8.9% 6.4% 12.% 12.2% 1.7% 11.% 1.4% 9.2% 1.4% 9.9% 9.2% 9.2% 9.3% 9.2% 8.6% New units as a % of base Vacancy Rate 8.3% 7.9% 8.% 7.2% The chart above illustrates revenue growth of a sample of 3 wellmanaged Class A and B properties based on income statement changes. The decline in 29 was the result of stagnant rents and increased concessions during the recession. For the sample, revenue growth in 215 equaled 214 s growth of 1.4%. The sample s rent growth is lower than the larger market because it reflects same-store revenue growth without the impact of new higher-rent properties. This chart shows the number of new apartment units completed in a given year as a percentage of the overall inventory. The total market vacancy rate is also shown to contrast unit additions against the overall market vacancy. The 215 vacancy rate is the lowest since 1997, in spite of the large number of new units delivered. Please visit for more information 9

10 New Construction 45, Total Residential Building Permits State of Indiana 2, Total Residential Building Permits Number of Permits 4, 35, 3, 25, 2, 15, 1, 5, 32,86 33,946 32,679 34,175 34,369 33,838 26,37 2, Source: US Census Bureau, Residential Construction Branch (includes condos, senior housing, etc) Trailing Single Family (1 4 units) 12,34 1,39 1 yr. Avg. = 17,4 5 yr. Avg. = 15,8 1,55 9,835 Multifamily (5+ units) 11,89 12,639 12,73 12, Months thru 7/15 Number of Permits 18, 16, 14, 12, 1, 8, 6, 4, 2, 13,418 15,62 13,99 13,235 13,25 13,232 9,992 7, Single Family (1 4 units) 4,561 3,732 1 yr. Avg. = 7,2 5 yr. Avg. = 6,8 Source: US Census Bureau, Residential Construction Branch (includes condos, senior housing, etc) 4,88 3,777 Multifamily (5+ units) 4,144 5,191 5,216 5,28 Trailing 12 Months thru 7/15 Statewide, building permits for new single family homes (1-4 units) rose slightly in the trailing twelve months over 214, while permits for new multifamily units dropped. Permits for new single family units for the trailing twelve month period through July were relatively unchanged from 213 and 214, while permits for multifamily units fell slightly. Permits remain at a level near both the five and ten year averages. Multifamily permits in the Indianapolis Metro area represented a full two-thirds of the state s total in the last twelve months. Pulliam Square Depot at Nickel Plate Nash Seasons of Carmel 1 Celabrating 1 Years Multihousing Investment Advisors

11 4% 35% 3% 25% 2% 15% 1% 5% Multifamily Building Permits as a % of Total Housing Permits 25% 2% 19% 18% 18% 18% 17% 16% 14% 15% 15% 14% 13% 12% 12% 12% 11% 9% 32% 31% 29% 23% 23% 23% 2% 21% 19% 14% 15% 29% 14% 36% 35% 36% 34% 34% 33% 33% 2% 28% 27% 23% Number of Permits New Construction Single & Multifamily Building Permits Indianapolis MSA % Source: US Census Bureau, Residential Construction Branch Indy MSA Indiana National Trailing 12 Months thru 7/15 Single Family Multifamily Source: US Census Bureau, Residential Construction Branch Multifamily building permits issued in Indianapolis in the trailing 12 months through July represented 33% of total housing permits. For all of Indiana, however, multifamily permits represented just 23% of the total, reflective of apartment developers focus on growing metro areas. The percentage of multifamily permits as part of total housing permits has climbed in the last several years as the popularity of renting has increased and demand for single family homes has weakened. 4, 3,5 3, New Apartment Development 3,758 3,7 Trailing 12 Mos. 7/15 3,7 Number of Permits 2, 1,8 1,6 1,4 1,2 1, Monthly Total Residential Building Permits Indianapolis MSA Number of Units 2,5 2, 1,5 1, 5 1,917 2,33 1,99 2,387 2,377 1, ,99 2,421 2,526 1,868 2,484 1,736 1,752 1,482 2, ,939 2,88 2,79 2,621 Total Residential Permits Source: US Census Bureau, Residential Construction Branch The two graphs above display the total housing permits and the breakdown of permits between multifamily and single family building permits on a monthly basis est. Placed in Service (Tikijian Associates) Building Permits (US Government) survey of developers & US Census Bureau, Residential Construction Branch 216 proj. Preserve at Willow Springs Tikijian Associates estimates that 3,7 new units will be completed in 215 in the Indianapolis Metro, or about the same number of units that were delivered in 214. We project an additional 3,7 units will be delivered in 216. Development continues to be focused in selected affluent areas. The most active areas of new development continue to be in fast growing Hamilton County (Carmel, Fishers, Westfield and Noblesville), with an estimated 1,759 units coming on line in 215 and 2,263 in 216, and Downtown, which will see an estimated 911 new units delivered in 215 and 655 units in 216. Planned developments are also now accelerating in Zionsville and in several suburban communities in Hendricks County to the west of Indianapolis. Please visit for more information 11

12 39 Indianapolis Apartment Development DANVILLE LEBANON W L C (73 - MR) T W (172- MR) V W (266 - MR) 86TH ST 267 B P B (66 - IL) BROWNSBURG L C (24 - MR) S P (16 - MR) AVON R R R (252- MR) D C F (24 - MR) PLAINFIELD MOORE RD DAN JONES RD 74 E (126 - MR) C S P (312 - MR) MOORESVILLE 32 OAK ST RONALD REAGAN PKWY Q R II (132 - MR) 56TH ST 36 ZIONSVILLE LAFAYETTE RD 65 46TH ST 134 WASHINGTON ST INDIANAPOLIS INT L AIRPORT 67 MOORESVILLE RD MANN RD ZIONSVILLE RD L S II (74 - MR) C A (252 - MR) O M (24 - MR) M 42 (42 - MR) T F Z (24 - MR) P W S (9 - MR) 71ST ST 62ND ST 7 1TH ST 79TH ST MICHIGAN RD C S (57 - TC) E S A (24 - MR) AMERIPLEX PKWY 37 SPRING MILL RD A M R (26 - MR) MERIDIAN ST 31 W R (136 - MR) 421 WESTFIELD S S (284 - MR) 161ST ST R C C C H (25- MR) (257 - MR) T D 146TH ST (275 - MR) H M (235 - MR) S HIGH SCHOOL RD LYNHURST DR S R T (72 - MR) S GC (27 - MR) S D (224 - MR) (151 - MR) KESSLER BLVD COLLEGE AVE KEYSTONE AVE RAYMOND ST INDIANAPOLIS EDGEWOOD AVE STOP 11 RD CO. LINE RD SOUTHPORT RD 31 GRAY RD 38TH ST GREENWOOD 79TH ST(117 - MR) ALLISONVILLE RD BINFORD BLVD EMERSON AVE HAZEL DELL RD T B (283- MR) (3 - MR) O O S P II (8 - MR) 431 T S C (256 - MR) T C O F (49 - TC) LAFAYETTE RD P 66 (18 - MR) SEE DOWNTOWN DEVELOPMENT MAP R A R NOBLESVILLE (172- MR) 3TH ST 16TH ST THOMPSON AVE T B (24 - MR) T R (124 - MR) B P II (66 - MR) ARLINGTON AVE HAGUE RD SHELBYVILLE RD 16TH ST 96TH ST 52 FRANKLIN RD POST RD 37 T H (131 - MR) CUMBERLAND RD 46TH ST 4 79TH ST 74 GERMAN CHURCH RD 86TH ST 21ST ST 32 L T II (75 - MR) F 146 (368 - MR) N W M N (32 - MR) (23 - MR) W T C F F M (87- IL) (36 - MR) CARMEL131ST ST T N 126TH ST (31- MR) T D N P T P FISHERS (242 - MR) T H (225 - MR) 116TH ST (233 - MR) L C R N K (198 - MR) I K SHERMAN DR B S (18 - MR) S C P II (48 - MR) T F S (12 - MR) B V P II (134 - MR) F V 56TH ST (5 - TC) L S A (6 - TC) T C L (21 - MR) OLIO RD F F R (142 - MR) 7 B G S (6 - MR) BODEN RD B S (8 - MR) W 2 S (123) (TC) (MR) (IL) GREENFIELD 9 R II (44 - IL) DEVELOPMENT STAGE PLANNED UNDER CONSTRUCTION RECENTLY COMPLETED SUBSTANTIAL REHAB SENIOR HOUSING NUMBER OF UNITS TAX CREDIT MARKET RATE INDEPENDENT LIVING (SENIOR) Number of Units 2, 1,8 1,6 1,4 1,2 Downtown Apartment Development 144 Indianapolis Downtown New Units Delivered 1,262 1,22 1, survey of developers WHITELAND RD Number of Units 3, 2,8 2,6 2,4 2,2 2, 1,8 1,6 1,4 1,2 1, Northside Apartment Development Indy North, Carmel, Fishers, Noblesville, Westfield & Zionsville New Units Delivered Indy North Carmel Fishers Noblesville Westfield Zionsville 1, ,21 1,878 1,759 2,263 survey of developers 1, Celabrating 1 Years Multihousing Investment Advisors

13 LAFAYETTE RD 1TH ST BELMONT AVE E RIVERSIDE DR MICHIGAN ST C T (44 - MR) 9 C II (194 - MR) 9 C (34 - MR) WASHINGTON ST INDIANA AVE NEW YORK ST T P (162 - MR) A (336 - MR) 4 WEST ST 65 SENATE AVE 1TH ST CAPITOL AVE 31 MERIDIAN ST (145 - MR) P S T (98 - MR) M M (236 - MR) DELAWARE ST VIRGINIA AVE 16TH ST P P (38 - TC) EAST ST COLLEGE AVE 22ND ST A (258 - MR) 7 MASSACHUSETTS AVE 747 C (39- MR) C I II (265 - MR) M M I II (125 - MR/TC) L L (215 - MR) 36 M S (292 - MR) M OHIO ST (54 - MR) 4 MICHIGAN ST R W (62 - TC) V C W P II (24 - MR) (35 - MR) 421 SOUTH ST DEVELOPMENT STAGE polis Metro Area Construction Starts S 931 F PLANNED (68 - MR) (8 - MR) UNDER CONSTRUCTION tarts Indianapolis Metro Metro Area Construction Area Construction Starts Units Starts Starts Units 65 Rate Market Rate RECENTLY COMPLETED t Starts - Domo Starts Development 368 SUBSTANTIAL REHAB 7 Units Units Pulliam 215 Square Starts 215 II - TWG StartsDevelopment 335 Units Units e arket of Market Carmel Rate Rate - J.C. Hart 283 The District Market - Market Edward Rate Rate Rose of Indiana 33 SENIOR HOUSING y lats Watermark F Flats Domo - Watermark - Domo Development Development Res Market Pulliam Square Pulliam Square - Flaherty Square II - TWG II & Development - Collins TWG Development NUMBER OF UNITS 31 ( MR) (123) ood PROSPECT ST akeside Lakeside at Mann of Carmel Road of Carmel - J.C. Herman - Hart J.C. & Hart Kittle Vue - Herman The District The & Kittle District - Edward - Edward Rose of Rose Indiana of Indiana (TC) TAX CREDIT illas s of Villas Carmel by Watermark by - Watermark Barrett - Watermark & Stokely - Watermark / Res. Pittman Res Millstone 36 at Market Noblesville 36 Market Square - Sheehan Square - Flaherty - Flaherty & Collins& Collins (MR) MARKET RATE Acres rborwood Arborwood - Herman at Mann at & Kittle Mann Road Road - Herman - Herman & Kittle& 252 Kittle Timbers Vue at - County Herman Vue - Line Herman & Kittle - Sheehan & Kittle (IL) INDEPENDENT LIVING (SENIOR) easons & Muse Seasons of (Artistry Carmel II) of Carmel - - Barrett Milhaus - Barrett & Dev. Stokely & Stokely / Pittman 242 / Pittman 256 Olivia 256 Millstone Main - Millstone at Keystone Noblesville Development at Noblesville - Sheehan 24 - Sheehan asey Creek Casey Acres Flats Acres - Herman Domo Development - Herman & Kittle 24 & Kittle 252 River North 252 Timbers at Keystone Timbers at County - at County Line Glick - Sheehan / PK 198 Line - Sheehan reah entor - Mentor & Domo Muse Development & Muse (Artistry (Artistry II) - Milhaus II) - Milhaus Dev. 24 Dev. 242 The Annex 242 Olivia on on Tenth Olivia Main on - Keystone Annex Student Main - Keystone Development Liv. 113 Development Expected Starts Units 24 inte ouble on Double Creek Meridian Creek Flats - J.C. - Flats Domo Hart - Domo Development 235 Development 24 Woodberry 24 River Ridge North River at - Redwood North Keystone Living at Keystone - Glick / - PK 136 Glick / PK 198 Market Rate 198 rn a Cabreah Dunes - Sheehan La Cabreah - Domo - Domo Development 224 Development 24 Library The Square Annex - Buckingham 24 The on Annex Tenth on - Tenth Annex - Student Annex Student Liv. 11 Liv. 113 Cityscape at Expected Plainfield 216 Expected Starts - Cityscape Residential 312 Unit Starts bie ighpointe Lofts - TWG on Meridian Development - J.C. Hart Park 66 Woodberry - J.C. Hart Ridge - Redwood Living Springmill Market Station Rate- CRG 284 HighPointe on Meridian - J.C. Hart 235 Woodberry Ridge - Redwood Living 136 Market Rate outhern odlands Dunes - Redwood - Sheehan Living Beachside Library at Square Saxony - Buckingham J.C. Hart 8 11 Harmony Cityscape - J.C. Hart at Plainfield - Cityscape Residential Southern Dunes - Sheehan 224 Library Square - Buckingham 11 Cityscape at Plainfield - Cityscape Residen od ockerbie at Andover Lofts - Redwood TWG Development Living Stone Park Ridge 66 Townhomes - J.C. Hart - Embassy Group The Farm Springmill at Zionsville Station - Barrett - CRG& Stokely / Pittman Lockerbie Lofts - TWG Development 215 Park 66 - J.C. Hart 18 Springmill Station - CRG he Square Woodlands - TWG - Development Redwood Living Beech Beachside Grove Station Saxony - NRP - J.C. Hart 6 8 Montage Harmony Mass - J.C. - J.C. Hart Hart un The Woodlands - Redwood Living 172 Beachside at Saxony - J.C. Hart 8 Harmony - J.C. Hart edwood II - Buckingham at Andover - Redwood Living Mosaic Stone - Milhaus Ridge Townhomes - Embassy Group The Presidium The Farm - at AndersonBirkla Zionsville - Barrett & Stokely / Pittman mptons Redwood at Andover - Redwood Living 172 Stone Ridge Townhomes - Embassy Group 72 The Farm at Zionsville - Barrett & Stokely / Pit ulliam Square - Redwood - TWG Living Development North Beech - Grove Axia Urban Station / Near - NRP North on Canal Montage II - IPA on Mass - J.C. Hart od Pulliam Square - TWG Development 145 Beech Grove Station - NRP 6 Montage on Mass - J.C. Hart uail - Redwood Run II - Buckingham Living N. Mosaic College - - Milhaus Indy Collegiate The Presidium - Trinitas - AndersonBirkla t he Switch Hamptons Quail - Loftus Run - II Redwood Robinson - Buckingham Living / TWG Totals market North Mosaic rate - Axia - Milhaus Urban / Near North 2, Butler 54 9 Site on - Canal CRG The II - Presidium IPA - AndersonBirkla treet lmwood The Tower - Hamptons Redwood - TWG Development - Living Redwood Living N. College 2131 North - Milhaus - Axia Urban / Near North 39 The 47 Pointe Indy Collegiate - Flaherty 9 on Canal -& Trinitas Collins II - IPA Square lats Elmwood at Switch II - J.C. - Loftus Redwood Hart Robinson Living/ TWG Starts Totals market N. College rate - Milhaus Units 2,831 The 39 Coil Butler - Browning Site Indy - CRG Collegiate / Sheehan - Trinitas Von enn Flats Deylen Street at Tower Switch - TWG - Loftus Development Robinson / TWG Tax-Credit / T-E Totals Bonds - market rate Fields 2,831 The at Franklin Pointe Butler - Road Flaherty Site - Becovic - & CRG Collins Park inden Penn of Square Brownsburg Street II - Tower J.C. - Whitmore Hart - TWG Development Illinois Street Starts Seniors - TWG Development 63 Units Bella Vista The Coil II - Edward - The Browning Pointe Rose /- Sheehan Flaherty of Indiana& Collins late on Mass Linden - Von II Deylen Square - Insight II / - Flaherty J.C. Hart & Collins Overlook 74 Tax-Credit at the 215 Fairgrounds / T-E Starts Bonds - BWI 49 Templeton UnitsFields Ridge at Franklin The - Redwood Coil Road - Browning Living - Becovic / Sheehan ce ailey Seniors Slate Park - of - Von TWG Brownsburg Deylen Development - Whitmore 6 66 Morton 68 Illinois School Street Tax-Credit - TWG Seniors Development / T-E - TWG Bonds Development Fletcher Bella Vista - Milhaus Fields II - Edward at Franklin Rose Road of Indiana - Becovic 8 13 at illikan the Bailey Crossing on Mass Park II of - Brownsburg Insight Milhaus / Dev. Flaherty - Whitmore & Collins48 64 Oxford 66 Overlook Place Illinois - TWG at the Street Development Fairgrounds Seniors - - BWI TWG Development 3 49 One 63One Templeton Six II Bella - J.C. Ridge Vista Hart - Redwood II - Edward Living Rose of Indiana awrence - AndersonBirkla Millikan Seniors Mass - TWG II - Development Insight / Flaherty & 42 Collins 6 Totals 64 Morton - tax-credit Overlook School - TWG at the Development Fairgrounds - BWI Bridgewater Fletcher II - Templeton Justus - Milhaus Ridge - Redwood Living66 8 ions olana Lawrence at at Bluestone the Crossing Seniors II - Whitmore II -- TWG Milhaus Development Dev Totals 6 Oxford - all 215 Morton Place - TWG School Development - TWG Development 3,21 3 Forte 48- One Von One Deylen 931 Six II Fletcher - J.C. Hart - Milhaus 64 8 s ezz Townhomes Solana 42 - AndersonBirkla at the - Van Crossing Rooy II - Milhaus Dev Totals - Oxford tax-credit Place - TWG Development 19 Phillips 3Bridgewater Temple One - Van II One - Rooy Justus Six II - J.C. Hart 42 6 pital eflections Mezz - Cunningham 42 at Bluestone - AndersonBirkla / Heitz II - Whitmore Starts Totals - Totals all tax-credit Units 3,21 Totals 19Forte - market - Von Bridgewater rate Deylen II - Justus 3,17 6 ampus - Milhaus Reflections Townhomes Development at Bluestone - Van Rooy II - Whitmore 3 44 Tax-Credit 44 / Totals T-E Bonds - all 215 3,21Phillips Temple Forte - Von Van Deylen Rooy 4-33 market Capital Campus rate - Cunningham Townhomes / - Heitz Van Rooy 4, Lawrence Seniors Starts - TWG Development 6 Units 216 Expected Totals - market Phillips Startsrate Temple - Van Rooy Units 3,17 irca 733 II - Milhaus Capital Development - Cunningham / Heitz 3 Fall 32 Creek Tax-Credit View TWG / Starts T-E Dev. Bonds / Partners IH 5 Tax-Credit Units / T-E Totals Bonds - market rate 215 otals Circa - market II - Milhaus rate Development 4,731 Penn 3 Place Lawrence - Tax-Credit BWI Seniors -/ TWG T-E Bonds Development 38 6 Eagledale 216 Seniors Expected - TWG Starts Development 65 Unit Totals - market rate done 4,731 Totals Fall - tax-credit Creek Lawrence View - TWG Seniors Dev. - TWG / Partners Development IH Totals 6Tax-Credit - tax-credit 216 / T-E Expected Bonds Starts Totals Penn - all 214 Place Fall Creek - BWI View - TWG Dev. / Partners 4,879 IH 38 Totals 5Eagledale - all 216 Tax-Credit Seniors - TWG / T-E Development Bonds 3,235 6 done215 Totals - Penn tax-credit Place - BWI Totals - tax-credit Eagledale Seniors - TWG Development 6 Please visit for more information 13 done Totals - Totals all tax-credit 4, Totals - all Totals 216- tax-credit 3,23 S HARDING ST 3TH ST Indianapolis Downtown Development A T (113 U / 251 B ) MLK JR ST I S S (63 - TC) P T (42 - MR) 733 C (32 - MR) C G (21 - MR) I C (193 U / 669 B ) P S PENNSYLVANIA ST PENNSYLVANIA ST 21ST ST 2131 N (31 - MR) L S (11 - MR) M M (242 - MR) COLLEGE AVE M S (48 - TC) IPS/C P S SHELBY ST O P (3 - TC)

14 Sales Activity The investment market continues to favor sellers. Nationally, sales through June were on pace to eclipse the record numbers of 26. Sales volume was up a whopping 37.6% over last year. Cap rates have declined to an average of 5.9% in July and were below 5.% in the country s hottest core markets. Prices for apartments nationally have now more than doubled since 29. In Indianapolis, sales volume (measured by units) will not set records in 215 and, in fact will likely fall from 214 levels. The reason is simply lack of available inventory. Many owners are content to hold well-performing properties and refinance at interest rates which continue to be exceptionally attractive. In addition, just two distressed sales totaling 766 units have closed in 215. That compares to the 2, distressed units sold just two years ago and the high of 5,48 such units sold in 211. The limited supply is unable to meet the extremely high demand. This demand is driven by the same reasons that current owners desire to hold their properties (strong performance, stock market volatility, very low yields in safe investment alternatives, and low interest rates for apartment financing). Nationally, in the face of intense competition and record low cap rates in the core growth markets, more investors have turned to secondary Midwestern markets (particularly investors seeking higher yields) and Indianapolis has become one of the most attractive targets for such investors. Not surprisingly, the Indianapolis Metro has seen prices increase and cap rates decline significantly in 215. Actual cap rates have dropped to 5.9% (from 6.4% last year). Forecast cap rates (based on buyers forecast net operating income) have also decreased, but only slightly, moving to 6.6% (from 6.7% in 214) as buyers remain bullish on the upside potential of acquisitions. Sale prices of Class B or better properties in the Indianapolis Metro have increased to a record average of $97, per unit in 215. Not only have prices gone up, but the competition has caused prospective buyers to sweeten acquisition terms to win a deal. Earnest money amounts have grown substantially and many buyers are willing to shorten or waive physical due diligence and go at-risk with earnest money at contract execution, subject only to title and environmental contingencies. Although most buyers seek financing, few make their offers contingent on such financing. Financing is readily available for qualified investors. Buyers have been able to stretch to higher prices and lower cap rates through the use of floating rate debt tied to LIBOR, increased loan-to-values, particularly among CMBS lenders, and the return of interest only periods offered by many financing sources. CMBS has returned as a primary financing source and filled a gap earlier this year when Fannie Mae and Freddie Mac approached their mandated lending caps. Due to a re-working of these caps, the agencies have both returned as additional financing sources. Total Units Transaction Volume Distressed Sales vs. Non-Distressed Sales Indy Metro Area (by total units) 8, 7, 6, 5, 4, 3, 2, 1, Distressed Non Distressed Number of Units Price per Unit Cap Rate 18, 16, 14, 12, 1, 8, 6, 4, 2, 11% 1% 7% 6% 5% Apartment Sales Transactions All Indianapolis Metro Properties 7,7 7,2 6, 4,6 4,7 1,4 16,8 9,8 8,9 6,1 4,8 13,1 9, 9,3 6,8 $3 5,5 $ Months Units Sold Total Consideration (millions) 1.2% Average Sale Cap Rates - Class B or better 9% 8.9% 8.5% 8.% 8.6% 8.4% 8% 7.7% 7.6% 7.% 6.9% 6.7% 6.5% 6.6% 6.% 5.9% 8.6% 8.2% Although private equity investors remain the predominant buyer type, traditional institutional investors (pension funds and life companies) have recently begun to look in the Indianapolis Metro area, usually as a joint venture partner with another buyer. The definition of institutional buyers in our market now includes private REITs, family offices and hedge funds. These new quasi-institutional buyers generally focus on Class A and B+ assets offering higher yields than those attainable in core markets and the potential for value enhancement. 9.6% 8.8% 8.6% $8 $7 $6 $5 $4 $2 $1 Millions of Dollars 7.2% 7.2% 7.2% 6.7% 6.6% 6.7% 6.5% 6.6% 6.4% 5.9% Average Price per Unit Class B or Better, Over 1 Units $1, $97, $1 $95, $92 $92 $95 $9, $88,6$88, $93 $9 $85, $85 $8, $77,1 $8 $75, $77 $75 $7, $7 $65,5 $64 $65, $65 $6, $58,5 $64 $56 $55,8 $6 $55, $48,9 $54,2 $53, $49 $55 $5, $52 $53 $56 $5 $51 $45,8 $44,9 $45, $45 $4,6 $4, $4 $41 $35, $35 $3, $ Price per Unit Price per Sq. Ft. Months Actual Cap Rate Forecast Cap Rate Price per Square Foot 8 Months 14 Celabrating 1 Years Multihousing Investment Advisors

15 Selected 215 Indiana Apartment Sales Castle Point Seldin 74 Units South Bend Bayview Club Independence Realty Trust 236 Units Indianapolis Downtown Portfolio Barrett & Stokely & MAHC 873 Units Indianapolis The Lodge Pierce Education Properties 28 Units West Lafayette Parc Bordeaux Birge & Held 28 Units Indianapolis Penn Circle Inland Private Capital 193 Units Carmel Strawbridge Green Eighteen Capital 19 Units Indianapolis Reveal on Cumberland Steadfast 22 Units Fishers Eagle Lake Landing Steadfast 277 Units Indianapolis Private Reserve Carmel Creek Oak Park TEG 162 Units Indianapolis Please visit for more information Steeplechase at Parkview Inland Private Capital 264 Units Fort Wayne Private Reserve/Carmel Creek Renewing Mgmt/ Abbott Properties 766 Units Indianapolis 15

16 Multihousing Investment Advisors unparalleled. team. expertise. service. Tikijian Associates is a boutique brokerage firm specializing exclusively in the representation of owners of multihousing communities in Indiana and Kentucky. The company was formed in early 25 by George Tikijian, one of Indiana s most respected real estate brokers. Tikijian Associates was founded with the specific goal of offering the highest achievable level of client service in the evaluation, marketing and sale of apartment communities. Tikijian Associates has established itself as a major presence in the brokering of Midwest multifamily properties. Through broad marketing efforts, Tikijian Associates has received national reception and recognition beyond expectations. This exposure is believed to be one of the key ingredients to success as local investors are being joined by those coming from the coasts and various national markets. With over 9 years of combined experience in commercial real estate, Tikijian Associates greatest asset is its team of unparalleled, skilled and dedicated professionals. In addition, the firm is committed to the maintenance and improvement of its state-of-the-art information technology, graphic design, and web-based/social media capabilities. This combination of talent and technology places Tikijian Associates at the forefront of the multihousing brokerage industry. George Tikijian III, CCIM Senior Managing Director gtikijian@tamultihousing.com Hannah Ott, CCIM Senior Managing Director ott@tamultihousing.com Duke Hardy Senior Managing Director dhardy@tamultihousing.com Kimberly Fetzer Managing Director kfetzer@tamultihousing.com Christine Nealis Marketing Director cnealis@tamultihousing.com E. 82nd St., Suite 265, Indianapolis, IN P(317) F(317) Find us on: