Tallahassee New Construction & Proposed Multifamily Projects 4Q20

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4Q20 Tallahassee New Construction & Proposed Multifamily Projects 38 39 3 32 31 28 30 29 4 10 ID PROPERTY 3 Arbor Landing at Lake Jackson Phase II 120 4 Arbor Trace at Canopy Phase II 88 Total Lease Up UNITS 8 208 27 8 Lakeside at Southwood 310 10 Killian Crossing 102 Total Planned 412 27 Capital Circle 208 28 Melissa Grove 108 29 Capital Circle NE & Centerville Road 300 30 Centre of Tallahassee 300 31 Mission Road Place 78 32 Reserve at Stoney Creek 96 33 Independence Landing 60 37 Ridge Road 570 38 Arbours at Quincy 80 39 Grovewood Village 64 Total Prospective 33 37 1,864 2 mi LEGEND Lease-Up Under Construction Planned Prospective Source: Yardi Matrix

4Q20 Tallahassee New Construction & Proposed Multifamily Projects 11 20 7 13 15 ID 1 PROPERTY State House Tallahassee - Arena and Varsity 138 Total Lease Up 138 5 Arrive on Gaines 6 Cascades Phase II 126 7 Haven17 210 Total Planned 428 224 5 6 17 14 12 19 92 11 4Forty North 12 All Saints 13 Belle Vue Way 192 14 Enclave 267 15 The Field House on Gaines 115 16 Jackson Bluff Road 120 17 Park Place 166 18 St. Augustine Street 84 19 The Summit at Brooklyn Yard 126 22 59 20 Trinitas Student Housing 257 22 East Magnolia Drive 120 24 Magnolia Family 130 26 The Place on Polk 108 Total Prospective 16 UNITS 1 18 26 1,968 24 2000 ft LEGEND Lease-Up Under Construction Planned Prospective Source: Yardi Matrix

4Q20 Tallahassee New Construction & Proposed Multifamily Projects 23 2 34 21 25 35 9 ID PROPERTY UNITS 2 Grove Park 324 Total Lease Up 324 Sage 166 Total Planned 166 21 Andrew Landing 108 23 Enclave at Blairstone 9 90 25 Midyette Road 108 34 The Pointe At Piney-Z 102 35 Southview Estates 36 Southwood Total Prospective 36 99 252 759 2000 ft LEGEND Lease-Up Under Construction Planned Prospective Source: Yardi Matrix

Tallahassee New Construction & Proposed Multifamily Projects PROPERTY NAME ADDRESS CITY 1 State House Tallahassee - Arena and Varsity 1040 West Pensacola Street 2 Grove Park 3 4 PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP Central Tallahassee 04/30/2020 08/31/2021 09/29/2020 324 Lafayette 01/01/2020 05/31/2021 07/31/2020 Lease-Up 120 Tallahassee North 12/15/2019 01/31/2021 10/01/2020 Lease-Up 88 Lafayette 05/31/2019 01/31/2021 06/30/2019 Total Lease-Up 670 STATE ZIP STATUS UNITS Tallahassee FL 32304 Lease-Up 138 3148 Dick Wilson Blvd Tallahassee FL 32301 Lease-Up Arbor Landing at Lake Jackson Phase II 4910 North Monroe Street Tallahassee FL 32303 Arbor Trace at Canopy Phase II 2700 Welaunee Blvd Tallahassee FL 32308 SUBMARKET 5 Arrive on Gaines 745 West Gaines Street Tallahassee FL 32304 Planned 92 Central Tallahassee 6 Cascades Phase II 404 East Gaines Street Tallahassee FL 32399 Planned 126 Central Tallahassee 7 Haven17 1701 West Pensacola Street Tallahassee FL 32304 Planned 210 Central Tallahassee 8 Lakeside at Southwood Merchants Row Blvd & Tram Road Tallahassee FL 32311 Planned 310 Tallahassee South 9 Sage Monday Road & Paul Russell Road Tallahassee FL 32301 Planned 166 Tallahassee South 10 Killian Crossing 991 Appleyard Drive Tallahassee FL 32304 Planned 102 Tallahassee West Total Planned 1,006 11 4Forty North 440 North Monroe Street Tallahassee FL 32301 Prospective 224 Central Tallahassee 12 All Saints St. Michael Street & East Seaboard Street Tallahassee FL 32301 Prospective 59 Central Tallahassee 13 Belle Vue Way Belle Vue Way & Hayden Road Tallahassee FL 32304 Prospective 192 Central Tallahassee 14 Enclave Mosley Street & Stone Valley Way Tallahassee FL 32304 Prospective 267 Central Tallahassee 15 The Field House on Gaines 1119 West Gaines Street Tallahassee FL 32304 Prospective 115 Central Tallahassee 16 Jackson Bluff Road 1813 Jackson Bluff Road Tallahassee FL 32304 Prospective 120 Central Tallahassee 17 Park Place 706 West Gaines Street Tallahassee FL 32304 Prospective 166 Central Tallahassee 18 St. Augustine Street Lorene Street & St. Augustine Street Tallahassee FL 32304 Prospective 84 Central Tallahassee 19 The Summit at Brooklyn Yard 604 Eugenia Street Tallahassee FL 32310 Prospective 126 Central Tallahassee 20 Trinitas Student Housing 309 West Tennessee Street Tallahassee FL 32301 Prospective 257 Central Tallahassee 21 Andrew Landing 2822 Old St. Augustine Road Tallahassee FL 32301 Prospective 108 Tallahassee East 22 East Magnolia Drive 833 East Magnolia Drive Tallahassee FL 32301 Prospective 120 Tallahassee East 23 Enclave at Blairstone 1410 Evangeline Way Tallahassee FL 32301 Prospective 90 Tallahassee East 24 Magnolia Family Country Club Drive & Orange Avenue Tallahassee FL 32301 Prospective 130 Tallahassee East Source: Yardi Matrix ID

Tallahassee New Construction & Proposed Multifamily Projects PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS 25 Midyette Road 2030 Midyette Road 26 The Place on Polk 27 Tallahassee FL 32301 Prospective 108 Tallahassee East 2619 South Meridian Street Tallahassee FL 32301 Prospective 108 Tallahassee East Capital Circle Capital Circle SE & Woodville Hwy Tallahassee FL 32305 Prospective 208 Tallahassee South 28 Melissa Grove 2532 West Tharpe Street Tallahassee FL 32303 Prospective 108 Tallahassee West 29 Capital Circle NE & Centerville Road Capital Circle NE & Centerville Road Tallahassee FL 32308 Prospective 300 Tallahassee North 30 Centre of Tallahassee 2415 North Monroe Street Tallahassee FL 32303 Prospective 300 Tallahassee North 31 Mission Road Place Fred George Road & Mission Road Huntington Estates FL 32303 Prospective 78 Tallahassee North 32 Reserve at Stoney Creek Fred George Road & Old Bainbridge Road Tallahassee FL 32303 Prospective 96 Tallahassee North 33 Independence Landing Four Oaks Blvd & Schoolhouse Road Tallahassee FL 32399 Prospective 60 Lafayette 34 The Pointe At Piney-Z Apalachee Pkwy & Conner Blvd Tallahassee FL 32311 Prospective 102 Lafayette 35 Southview Estates Old Saint Augustine Road & Southwood Plantation Road Tallahassee FL 32311 Prospective 99 Lafayette 36 Southwood Bluff Oak Way & Orange Avenue Tallahassee FL 32311 Prospective 252 Lafayette 37 Ridge Road 82 Ridgewood Drive Crawfordville FL 32327 Prospective 570 Wakulla 38 Arbours at Quincy Pat Thomas Pkwy & Stevens Street Quincy FL 32351 Prospective 80 Gadsden 39 Grovewood Village Frances Kelly Lane & Ralph Strong Road Quincy FL 32351 Prospective 64 Gadsden Total Prospective 4,591 TOTAL TALLAHASSEE 6,267 SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP Source: Yardi Matrix ID 2020 Berkadia Real Estate Advisors LLC. Berkadia is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx. The information and details contained within this report have been obtained from a third-party and believed to be accurate; however, Berkadia has not independently verified its accuracy. Date of survey: December 2020

32 Reserve at Stoney Creek Fred George Road & Old Bainbridge Road Tallahassee FL 32303 Prospective 96 Tallahassee North 33 Independence Landing Four Oaks Blvd & Schoolhouse Road Tallahassee FL 32399 Prospective 60 Lafayette 34 The Pointe At Piney-Z Apalachee Pkwy & Conner Blvd Tallahassee FL 32311 Prospective 102 Lafayette 35 Southview Estates

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