TRANSACTION REPORTMID YEAR 2015 | TAMPA BAY MSA

The Tampa Bay MSA economy has continued a slow upward trajectory with job growth registering at 2.8% in the year ending May 2015 pushing unemployment down to 5.4% - in line with the national average of 5.3%. This has served to bolster the local apartment sector which has seen steady rental demand for several years and a 15 year high this past year with approximately 7,600 new units absorbed. This demand is being met by developers who delivered just under 5,500 new units to market in the year-ending 2nd quarter which was a 12-year high and expanded the rental base by 2.4%. Investors though still see Tampa Bay as a good value play as compared to other metros in the southeast and throughout the country and they continue to pour money into the apartment sector. Total transactions Y-O-Y were up 29% in 2015, the # of units trading hands was up 19%, and total market transaction volume increased 17% from just over $1.64 Billion in mid-2014 to $1.92 Billion last year. Class A properties, the newest, most amenitized and best located in the marketplace, traded for $158,543/unit on average spread over 15 sales; a Y-O-Y decrease of 2.61%. Notably, developers sold 5 communities built between 2013 - 2014, many of them only 50% into their lease-up, for an average of $192,020/unit led by the Crescent Bayshore deal which shattered a pricing record in our market commanding $303,815/unit. The previous high was the sale of The Element in 2013 for just over $248,000/unit. Class B communities, generally those built (or substantially rehabbed) between the mid-1980’s to the early 2000’s, accounted for just under 40% of the total transactions over the past 12-months and that segment saw Y-O-Y per unit pricing increase 17.46% from $75,507/unit to $88,696/unit. Class B properties with upside through improved units, amenities and/or management continue to be the most sought after nationally and certainly in the greater Tampa Bay MSA. The Class C market segment, typically properties built prior to 1985 and in need of major capital improvements or those in challenging socioeconomic locations, was the most active over the past 4-quarters making up 41% of the total transactions and also experienced the best per unit pricing gains at nearly 30% Y-O-Y. Finally, there were 4 bulk-condo sales all occurring within the past 6-months, and 3 of the 4 are slated for a full reversion back to apartments. For a complimentary and confi dential opinion of your property’s current market value, please do not hesitate to contact us directly.

TAMPA BAY MSA AWASH IN A DELUGE OF MULTIFAMILY TRANSACTIONS AS WELL AS NEW CONSTRUCTION

CLASS PROPERTY NAME CITY DATE UNITS BUILT SALE PRICE PRICE / UNIT COMMENTSA 1 Lexington Park at Westchase Tampa Jun-15 400 2002 $64,500,000 $161,250 Conventional Sale

2 Gardens at Cross Creek New Tampa May-15 297 2008 $38,400,000 $129,293 Conventional Sale3 Grand Reserve at Park Isle Clearwater May-15 390 1998 $60,350,000 $154,744 Conventional Sale4 Fusion 1560 St. Petersburg May-15 325 2011 $57,500,000 $176,923 Conventional Sale5 Oxford Walk Tampa Apr-15 230 2006 $22,200,000 $96,522 Conventional Sale6 Arbors at Branch Creek Tampa Mar-15 390 1999 $52,800,000 $135,385 Conventional Sale7 Azure St. Petersburg Mar-15 308 2014 $55,600,000 $180,519 Conventional Sale8 Circle at Crosstown Brandon Feb-15 300 2009 $41,200,000 $137,333 Conventional Sale9 Altis at Grand Cypress Pasco Dec-14 304 2014 $47,300,000 $155,592 Conventional Sale

10 Crescent Bayshore Tampa Dec-14 367 2014 $111,500,000 $303,815 Portfolio Sale11 Verandahs at Brighton Bay St. Petersburg Oct-14 381 2002 $50,300,000 $132,021 Conventional Sale12 NoHo Flats Tampa Sep-14 311 2014 $57,300,000 $184,244 Conventional Sale13 Citrus Falls Tampa Aug-14 273 2003 $35,250,000 $129,121 Conventional Sale14 The Flats at 4200 (Student) Tampa Aug-14 314 2013 $36,300,000 $115,605 Conventional Sale15 College Court (Student) Tampa Jul-14 92 2004 $11,800,000 $128,261 Conventional Sale

Total / Averages 4,682 $742,300,000 $158,543

B 16 Oak Court & Oak Lake St. Petersburg Jun-15 140 1972 $8,250,000 $58,929 Conventional Sale17 Liv at Coachman Clearwater May-15 72 1985 $5,900,000 $81,944 Conventional Sale18 Collegiate Hall (Student) Tampa May-15 180 2000 $16,000,000 $88,889 Conventional Sale19 Bay Meadows Clearwater May-15 276 1985 $34,150,000 $123,732 Conventional Sale20 Hamilton Bay Brandon May-15 444 1989 $43,600,000 $98,198 Conventional Sale21 Bay Villa SoHo Portfolio Tampa Apr-15 64 1924 $9,350,000 $146,094 Portfolio Sale22 Mobley Park (LIHTC) Tampa Apr-15 238 2000 $13,200,000 $55,462 Portfolio Sale23 Vining's at Hunters Green New Tampa Apr-15 240 1995 $21,700,000 $90,417 Portfolio Sale24 Coachman Crossing Clearwater Mar-15 218 1985 $18,900,000 $86,697 Conventional Sale25 Boardwalk at Morris Bridge (Student) Tampa Mar-15 146 2001 $17,200,000 $117,808 Conventional Sale26 Sun Lake Brandon Mar-15 88 1985 $8,800,000 $100,000 Portfolio Sale27 Park on Waters Tampa Mar-15 267 1982 $19,500,000 $73,034 Portfolio Sale28 Bryan Dairy Place Seminole Mar-15 96 1986 $7,960,000 $82,917 Portfolio Sale29 Forest Creek Largo Mar-15 104 1984 $8,650,000 $83,173 Portfolio Sale30 Sabal Palm at Carrollwood Tampa Feb-15 432 1995 $51,500,000 $119,213 Conventional Sale31 Cameron Lakes Clearwater Feb-15 207 1987 $19,000,000 $91,787 Conventional Sale32 Town Park Villas Tampa Feb-15 66 2008 $6,950,000 $105,303 Conventional Sale33 Carrollwood Palms Tampa Feb-15 204 1986 $12,300,000 $60,294 Conventional Sale34 Bay Park Clearwater Feb-15 228 1991 $29,900,000 $131,140 Conventional Sale35 Carlyle on Waters Tampa Feb-15 392 1985 $26,200,000 $66,837 Conventional Sale36 Camden Bayside Tampa Jan-15 832 1987 $85,100,000 $102,284 Conventional Sale37 Sienna Bay St. Petersburg Jan-15 276 1974 $23,300,000 $84,420 Conventional Sale38 Three Fountains St. Petersburg Dec-14 59 1969 $5,600,000 $94,915 Conventional Sale39 Tuscany Villas Brandon Dec-14 248 1997 $23,700,000 $95,565 Conventional Sale40 Camden Lakeside Brandon Dec-14 228 1986 $22,400,000 $98,246 Conventional Sale

Casey Babb, CCIMVice President Investments

Director - National Multi Housing GroupDirect Phone: (813) 387-4723Mobile Phone: (813) 368-0835

casey.babb@marcusmillichap.com

Luis BaezSenior Associate

Member - National Multi Housing GroupDirect Phone: (813) 387-4849Mobile Phone: (813) 767-6275

luis.baez@marcusmillichap.com

BLOOMINGDALE WOODSVALRICO, FL

224 Units $16,000,000

BAY OAKSTAMPA, FL

176 Units $11,350,000

LAGUNA VISTALARGO, FL

235 Units $12,050,000

ALTAMONTETAMPA, FL

232 Units $13,700,000

NOHO FLATS (LAND)TAMPA, FL

311 Units $5,800,000

WILLOWBROOKELAKELAND, FL

300 Units $14,150,000

WATERFORD @ CYPRESS LAKE (LIHTC)TAMPA, FL

450 Units $20,000,000

THE COLUMBIAN (HUD)ST. PETERSBURG, FL

188 Units $6,800,000

GRANDVILLE @ COBB’S LANDINGPALM HARBOR, FL

200 Units $21,500,000

CHARTER HOUSEST. PETERSBURG, FL57 Units $3,200,000

LIV @ COACHMANCLEARWATER, FL

72 Units $5,900,000

PARK 62PINELLAS PARK, FL

46 Units $2,700,000

ROYAL PALMST. PETERSBURG, FL40 Units $2,300,000

THE GRANTTAMPA, FL

12 Units $1,050,000

CEDAR HOLLOWST. PETERSBURG, FL42 Units $2,040,000

LENOX PLACETAMPA, FL

168 Units $7,100,000

PARKVIEWTAMPA, FL

100 Units $4,625,000

ROYAL BREEZECLEARWATER, FL

200 Units $13,900,000

Shawn RuppAssociate

Member - National Multi Housing GroupDirect Phone: (813) 387-4766Mobile Phone: (813) 966-7924

shawn.rupp@marcusmillichap.com

MAKING A MARKET FOR MULTIFAMILY PROPERTIES MAKING A MARKET FOR MULTIFAMILY PROPERTIES

SELECT TRANSACTION HISTORYSELECT 2015 TRANSACTIONS

CLASS PROPERTY NAME CITY DATE UNITS BUILT SALE PRICE PRICE / UNIT COMMENTSB (Cont’d) 41 Liv at Boca Ciega St. Petersburg Nov-14 50 1972 $6,000,000 $120,000 Conventional Sale

42 Serenity Towers (HUD) St. Petersburg Nov-14 210 1971 $8,800,000 $41,905 Conventional Sale43 Willow Lake Pasco Nov-14 144 1986 $11,100,000 $77,083 Conventional Sale44 Woodberry Woods (LIHTC) Brandon Nov-14 348 1996 $21,800,000 $62,644 Conventional Sale45 The Pointe at USF (Student) Tampa Oct-14 336 1999 $31,000,000 $92,262 Conventional Sale46 Bay Cove Clearwater Sep-14 336 1972 $32,000,000 $95,238 Portfolio Sale47 Laurel Oaks Tampa Sep-14 192 1986 $15,200,000 $79,167 Portfolio Sale48 The Village Brandon Sep-14 112 1986 $10,400,000 $92,857 Conventional Sale49 Brandon Crossing (LIHTC) Brandon Sep-14 200 1999 $14,500,000 $72,500 Conventional Sale50 Sabal Park Tampa Aug-14 248 1990 $19,100,000 $77,016 Portfolio Sale51 Summer Palms Riverview Aug-14 340 2001 $31,700,000 $93,235 Conventional Sale52 Village at Park Road Plant City Aug-14 248 2001 $21,800,000 $87,903 Portfolio Sale53 Lincoln Shores St. Petersburg Jul-14 631 1984 $53,000,000 $83,994 Conventional Sale54 Park East Tampa Jul-14 192 1988 $12,200,000 $63,542 Conventional Sale

Total / Averages 9,332 $827,710,000 $88,696

C 55 Raintree Oaks I & II Tampa Jun-15 104 1983 $3,937,500 $37,861 Portfolio Sale56 Regency Pond Tampa Jun-15 60 1969 $1,800,000 $30,000 Conventional Sale57 Liv @ Jasper / Jefferson Clearwater Jun-15 53 1975 $2,900,000 $54,717 Portfolio Sale58 Charter House St. Petersburg Jun-15 57 1968 $3,200,000 $56,140 Conventional Sale59 Candleglow Brooksville May-15 152 1987 $7,300,000 $48,026 Conventional Sale60 North Chase Villas Tampa May-15 72 1975 $3,000,000 $41,667 Conventional Sale61 Hobart Lane Pasco May-15 52 1983 $2,700,000 $51,923 Conventional Sale62 Wildwood St. Petersburg May-15 59 1960 $2,400,000 $40,678 Conventional Sale63 Heritage at Temple Terrace Tampa May-15 126 1968 $6,595,000 $52,341 Conventional Sale64 Oaks View Pasco Apr-15 152 1985 $6,350,000 $41,776 Conventional Sale65 Landmark at Courtyards on the River Tampa Apr-15 296 1972 $13,000,000 $43,919 Conventional Sale66 Lenox Place Tampa Apr-15 168 1970 $7,100,000 $42,262 Portfolio Sale67 Royal Breeze Clearwater Apr-15 200 1973 $13,900,000 $69,500 Portfolio Sale68 Landmark at Savoy Square Clearwater Mar-15 182 1970 $11,400,000 $62,637 Conventional Sale69 Landmark at Avondale St. Petersburg Mar-15 304 1972 $20,200,000 $66,447 Conventional Sale70 Jackson Heights (HUD) Tampa Feb-15 111 1971 $6,300,000 $56,757 Conventional Sale71 Rivermill Pasco Feb-15 136 1985 $4,900,000 $36,029 Portfolio Sale72 Village Square Pasco Feb-15 92 1985 $4,100,000 $44,565 Portfolio Sale73 Canturbury Oaks Clearwater Jan-15 72 1973 $3,750,000 $52,083 Conventional Sale74 Candlewood Villas Tampa Dec-14 64 1981 $2,500,000 $39,063 Portfolio Sale75 Country Square I & II Tampa Dec-14 146 1983 $5,700,000 $39,041 Portfolio Sale76 University Club Tampa Dec-14 544 1973 $21,800,000 $40,074 Conventional Sale77 Tampa Gardens Tampa Dec-14 135 1964 $3,550,000 $26,296 Conventional Sale78 Casablanca Tampa Dec-14 241 1971 $6,600,000 $27,386 Conventional Sale79 Flamingo West (LIHTC) Tampa Oct-14 72 1972 $3,500,000 $48,611 Conventional Sale80 Palm Island Club Tampa Oct-14 320 1972 $16,700,000 $52,188 Conventional Sale81 Bella Mar I & II Tampa Oct-14 264 1973 $8,640,000 $32,727 Portfolio Sale82 Del Rio Tampa Oct-14 160 1983 $6,450,000 $40,313 Portfolio Sale83 Lago Bello Tampa Oct-14 120 1984 $4,230,000 $35,250 Portfolio Sale84 The Falls Tampa Oct-14 240 1985 $14,100,000 $58,750 Conventional Sale85 SandStone Tampa Sep-14 100 1967 $3,100,000 $31,000 Conventional Sale86 Rivertree Landing Tampa Sep-14 228 1974 $7,200,000 $31,579 Conventional Sale87 Park at Barrington Pasco Sep-14 244 1975 $12,000,000 $49,180 Conventional Sale88 Courtney Cove Tampa Aug-14 324 1981 $19,000,000 $58,642 Portfolio Sale89 Clearwater I & II (HUD) Clearwater Aug-14 90 1983 $5,120,000 $56,889 Conventional Sale90 Oakhurst Square (HUD) Tampa Aug-14 200 1950 $7,000,000 $35,000 Conventional Sale91 Bay Pointe Clearwater Jul-14 416 1974 $18,000,000 $43,269 Distressed Sale92 Bayou Crossing Riverview Jul-14 290 1996 $11,500,000 $39,655 Conventional Sale93 Pinellas Point St. Petersburg Jul-14 136 1972 $4,800,000 $35,294 Conventional Sale94 Mar Plaza (HUD) Tampa Jul-14 83 1978 $4,600,000 $55,422 Portfolio Sale

Total / Averages 6,865 $310,922,500 $45,291

BULK CONDO 95 Park Village (96.25%) Pinellas Park May-15 154 1984 $12,300,000 $79,870 Conventional Sale96 Woodridge at Carrollwood (85.63%) Tampa Apr-15 137 1974 $7,020,000 $51,241 Conventional Sale97 Cypress Falls (82.64%) Palm Harbor Mar-15 357 1985 $22,000,000 $61,625 Conventional Sale98 Armenia Village (55.30%) Tampa Jan-15 73 1984 $3,600,000 $49,315 Conventional Sale

Total / Averages 721 $44,920,000 $62,302Grand Total / Averages 21,600 $1,925,852,500 $89,160

4030 W. Boy Scout BoulevardSuite 850Tampa, FL 33607(813) 387-4700 Offi ce(813) 387-4710 FaxMarcus & Millichap Real Estate Investment Services of Florida, Inc.