A LAS VEGAS MARKET REPORT Q

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1 MK Q I M K M U I F M I

2 4 XUIV UMM ommitted to providing a comprehensive multifamily transaction experience to owners of multifamily investment properties throughout the United tates, Jeffrey winger is a highly tenured ales rofessional with 21 years of experience specializing in the sale of multifamily properties with over $3 billion in sales. Jeffrey and his team provide transaction, valuation and underwriting rvices individually tailored to the unique needs of multifamily investors and owners. artnering with the B platform the team leverages the resources, rearch and collaboration of the largest global commercial real estate rvice provider. s one of the most experienced multi-family brokerage teams in the market, we welcome your inquiries and can provide comprehensive market data or analysis. lea reach out to us directly for a broker price opinion on your property or any other market information. 5 MK IF 6 J M 7 MB M I M UI I Montego Bay 42 $51,1, amden Bel ir 528 $59,5, amden Breeze 32 $39,, amden anyon 2 $29,, amden ommons 376 $48,9, amden ove 14 $13,, amden el Mar 56 $88,25, amden Fairways 32 $46,, amden Hills 184 $13,, amden egends 113 $12,75, amden alisades 624 $69,, amden ines 3 $43,3, amden ointe 252 $27,5, amden ummit 234 $42,87, amden iara 4 $55,7, amden Vintage 368 $39,982,5 asis alms 28 $21,3, asis Vinings 234 $21,3, asis ateway 36 $39,2, otals 6,12 $76,652,5 M UI I licante 232 $35,5, Hampton ourt 42 $24,125,22 Bella Vida 72 $9,2, eer prings 272 $36,, Indian idge 184 $24,, Monaco ark 284 $43,8, asis idge 478 $19,77, asis anding 144 $11,57, asis earl 9 $5,4, asis Island 118 $7,29, asis Bay 128 $1,7, asis merald 132 $1,899,83 asis Meadows 383 $38,27, asis prings 34 $25,1,917 otals 3,241 $31,625,22 B MUIFMI FIM I 21 U.. MUIFMI ( ) $28.8B+ Multifamily ales ransactions H FI U.. Multifamily #1 FI M eller/ervicer (29-216) $24.B+ oan riginations 8 M VVI 9 UBMK 18 B MK 18 B V opyright 218 B Information contained herein, including projections, has been obtained from sources believed to be reliable. hile we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or reprentation about it. It is your responsibility to confirm independently its accuracy and completeness. his information is prented exclusively for u by B clients and professionals and all rights to the material are rerved and cannot be reproduced without prior written permission of the B lobal hief conomist. B and the B logo are rvice marks of B, Inc. and/or its affiliated or related companies in the United tates and other countries. ll other marks displayed on this document are the property of their respective owners. hotos herein are the property of their respective owners and u of the images without the express written connt of the owner is prohibited.

3 Q1 218 MUIFMI XUIV UMM he as Vegas area has continued to be very active in the multifamily ctor during 1Q218. cquisitions, new deliveries and renter demand fuel the continued desire of many to participate in the as Vegas apartment market. From 1Q217 to 1Q218 average rents have rin steadily throughout as Vegas. Investors continue to ek opportunities to invest capital throughout the valley, evidenced by the increa in multifamily transactions year to year, and the volume of new construction. ew deliveries were just over 7, units in 217, and as Vegas experienced an increa of just over 25, jobs for the calendar year. ooking forward, the market is expected to remain stable in regard to vacancy, and we anticipate a 6% rent growth for the 218 calendar year. ew supply for 218 is expected to match averages from the last years, with just over 4, units currently scheduled. e expect 218 job growth to exceed 217. MUIFMI MK V V $1, 5.2% $988/M $1.8/F 11% UI 192 9% ert idge as Vegas $3,75, enterpoint as Vegas $3,, $7 8% $6 7% riffis ummerlin outh $65,742,41 Ultris rrow anyon as Vegas $59,65, $5 6% 228 $4 5% asis ortfolio* as Vegas $129,, insome est as Vegas $24,, $3 4% Hampton arden as Vegas $27,55, 236 orrento Villas as Vegas $25,96, 1% $ ource: B, Inc. ech-entered menities esort-like menities Value-add pportunities roximity to ransportation B I 34 $9 $2 MK UI 1777 UI 18 UI UI UI UI UI 3% * old by Jeffrey winger & yan Broadhead MUIFMI B B % % % MUIFMI VUM /F /F /F /F $1,88 $1.3 $862 $1.19 $644 $1.18 $849 $1.21 $1,34 $1.14 $1,3 $1.1 $767 $.87 $1,44 $1.3 $1,535 $1.11 $1,3 $.97 $897 $.78 $1,218 $.99 verage $1,282 $1.18 $969 $1.5 $78 $.99 $988 $ %.69%.63% $2,382 $1,75 $1,5 $1,25 $1, $75 $ % $1,17 ccupancy $2, MK $1,61 $987 B $2,25 $2,473 & V B $ - Millions $2, ource: eal apital nalytics ource: B, Inc. 4 as Vegas Multifamily Market eport 218 B, Inc. 218 B, Inc. as Vegas Multifamily Market eport 5

4 Q1 218 MUIFMI J M M B IV V KH I IF I. I U I I FIIZ K V K IH IV MII BU K H K K 72 IB d. BV 218 IV H V MI I H MU MII F I 5 M H QUI I H V XUIV I 45 VU BV # M ordero ines Boulder ines Flamingo ines Vue at entennial I & II Madison alms atriot lace Vet Housing Buffalo ock prings enaya even Hills partments esora II B Minuet II usl III Imagine I & II he dobe Buffalo unt Horizon ange pring Mountain & Valley View Fremont 9 UI # Q1...1,282 Q2...1,141 Q Q4...1,132 otal...4,125 IFI V I K IZ V B H B B BV 7 5 M I IIF BB U I M K U Q Q2...1,219 Q3...2, Q4...3,126 otal...7,8 H I K 64 UI 51 V H 64. MII I MU s o t U I ay 63 kw 1 ar e V K K H I V UBJ B H U V V VU 36 U V 61 U 2 M K IV HBV V 67 BB BM U U BV M I J BV U V U BV I BUFF IV K M UI IM I IF M UI IB BV F H B U K M I 16 H BV 6 BV BU I M H BV I U M I IM V I BV M I I FM I 2 H I 49 Future elivery 7,821 UI 217IV V V IV U IMI M B BV V U UV M K BUFF IV U U V VI IV F H 5 3 I V U V B Z I V H I 1 BUV M I F K M H V HUI I VU 64 BV H BV K M BV 5 19 Under onstruction 5,19 UI VU UI V I M UI U BV IB BV 3 FM I J BV BUFF IV I I FB V B 5 H V 56 M F V VI IV UIVI MI 9 V V IV H BV H VU V I F IFF IV V V H IV U M M I K H MU B V IV elivered 7,8 UI I K M BV 8 I FB BM I M K H 7 UMMI IB BV BUFF IV H VU HBU M I U KI J BV IFF H 37 X 5 I 64 U 5 M I 13 IM M U IV M UI U BV J BV 5 1+ U I UI I K 2 IV M B BV 4 I 2 K M M evel astile Union Village I Union Village II ropicana enior tone ake Flamingo Valley View ampart he onstellation ands venue he assage II evel urango evel quendo U istrict U istrict II & III Kaktus ife I Kaktus ife III pring Mountain & olaris UI # M Buffalo & unt he dobe edrock indmill ane & as Vegas Blvd olana allery partment Homes outh Beach usll outhern Highlands he Mercer Franklin ark he entral B oldfield egena spen eak ha II o ardens ake Mead enior ne6 he evenant B esoro anch II UI # M V volve I B rend! volve II mpire B 2 ne 5 B den pur une ummit on Boulder Kaktus ife II Boulder & alleria UI UI: 19,92 ource: B, Inc. 6 as Vegas Multifamily Market eport M Brittnae ines partments abana on umont ebel lace oscana oodlake Villas Maravilla Marina Bay ream Union partments eer prings * Indian idge * Monaco ark * hateau at Flamingo aradi ark Bella Fiore Mountain ate & rails Volare oodhaven unbow Villas unri prings lysian est alms at eccole anch terling ourt Veritas illows at pring Valley imarron partments anyon ointe asis idge * asis anding * asis earl * asis Island * asis Bay * asis merald * asis Meadows * asis prings * Vernazza ummerhill Villas as alms ropicana oyale ert alms orth Bayshore lub he ubix Bristol at unt merald ark ountry Hills he Venue ower at ropicana heyenne ointe ntrata i aradiso asa rande lysian at tonelake Martinique Bay Broadstone alavera Broadstone Flamingo est he venue partments Vintage ointe orrey prings romenade at ahara riffis ummerlin outh anta Fe ambridge tewart Villas Hilltop Villas mber idge Mark I ao el rado Ultris rrow anyon orrento Villas Hampton arden ity enter enteroint insome est ert idge V/IH V 251 orrey ines 11 umont 3896 wenson 455 Karen 4747 ennwood 524 Broken ound 9 Flamingo igwam 6355 urango 445 Hualapai 7855 eer prings 53 wain 835 ert Inn 657 Flamingo 446 wain 2881 ancho 5 imarron 16 ean Martin 365 tober 711 elson 4455 wain 5175 Jerry arkanian 99 harleston 55 Mountain Vista 337 t o 528 Hacienda 831 Flamingo 5421 Harmon 34 harleston 4 Bonanza 133 eno 4521 Bonanza 161 Katie 361 ellis 3 ellis 451 ellis 554 Harmon 2 enaya 355 aradi 19 ropicana 11 arey 4975 uneville 53 raig 21 amrod 4545 ennwood 54 Maryland 535 usl 6575 ropicana 324 as Vegas 271 ainbow 625 Hargrove 1445 tonelake ove 3 High View 2251 Fort pache 91 Flamingo 48 ropicana 65 Vegas 22 orrey ines 481 ahara ve 5 ahara ve 35 harleston Blvd 3875 ambridge t 261 tewart ve 6 13th t 346 turgeon n 12 ert Inn 74 arm prings d 55 oe d 358 lexander 975 eace ay Bridger ve 5 harleston Blvd 55 uneville t 755 ake Mead Blvd ource: B, Inc. 218 B, Inc. 218 B, Inc. ZI # F UI BUI F UI IZ March March pril pril pril July July July July ugust ugust ugust ugust ugust ugust ugust ugust ugust ugust ugust ugust eptember eptember eptember eptember eptember eptember eptember eptember ctober ctober ovember ovember ovember ovember ecember ecember ecember ecember ecember ecember ecember February February February February February March March March pril pril , ,4 14,45 178,58 124, , ,396 1,92 35,81 333,41 367, ,21 172,32 3,74 117, ,62 259,463 51, ,84 169,5 113,55 164,928 54, ,9 214,33 431,38 178,5 229, 4, ,53 135,24 83,71 19,1 112,112 16, , ,72 2,76 424,88 319, ,34 1, ,34 65,585 41,88 1,38 182, ,46 233,28 1,48 476,16 2,32 46, ,14 353, ,267 2,442, , ,2 273,92 31, ,79 196, ,78 98,478 26,28 99,7 85, , , ,788 11,62 17,94 187,56 257,6 19,751,75 266, ,338 1, ,21 1,1 1,83 1,76 1, , , ,5 1, , , ,128 1,75 1, , , V 1.% 13.% 14.% 12.% 1.% 1.% 1.% 12.% 12.% 12.% 8.% 1.% 11.% 8.% 1.% 9.% 8.% 12.% 9.% 12.% 12.% 11.% 12.% 8.% 8.% 1.% 12.% 1.% 1.% 14.% 12.%.%.% 1.%.% 14.% 1.% 1.% 1.% 8.% 8.% 12.% 18.% 1.% 1.% 8.% 1.% 1.% 12.% 12.% 12.% 8.% 8.% 1.% 1.% 8.% 1.% 8.% 8.% 7.% 7.% 1.% 14.% 14.% 8.% 1.% 8.% 1.% 1.% 8.% 8.% 1.% 1.% 8.% % 19 I I UI V. I $19,6, $8,, $17,5, $9,7, $16,4, $19,5, $17,425, $54,4, $55,286,7 $6,313,43 $36,, $24,, $43,8, $16,6, $8,2, $25,8, $83,, $63,, $12,8, $7,2, $,6, $16,5, $62,, $24,, $76,5, $24,, $35,1, $38,9, $19,77, $11,57, $5,4, $7,29, $1,7, $1,899,83 $38,27, $25,1,917 $18,2, $58,2, $26,8, $21,446, $,5, $16,25, $12,5, $58,25, $18,45, $19,, $25,886,171 $32,5, $17,442, $55,, $12,275, $84,6, $42,75, $62,75, $52,25, $32,75, $49,25, $36,35, $23,3, $65,742,41 $11,5, $22,5, $5,, $4,, $21,, $,87, $1,2, $59,65, $25,96, $27,55, $19,, $3,, $24,, $3,75, $2,273,646,581 $3,724,4 5.79% 5.5% 8.85% 6.3% 5.71% 5.41% 5.79% 5.79% 5.75% 5.62% 5.8% 5.25% 5.37% 5.6% 6.39% 5.53% 5.41% 5.46% 6.38% 6.39% 6.1% 5.43% 5.57% 5.6% 5.3% 5.26% 5.65% 6.35% 6.71% 5.9% 7.55% 6.49% 6.21% 5.3% 6.24% 5.77% 5.76% 5.45% 6.1% 6.11% 6.28% 6.14% 7.1% 5.43% 7.7% 5.64% 5.44% 5.66% 6.5% 5.91% 6.38% 4.88% 4.99% 5.18% 5.18% 5.4% 5.38% 5.42% 5.31% 5.8% 5.62% 5.9% 7.3% 7.58% 5.82% 6.2% 5.5% 5.5% 5.73% 5.17% 6.5% 5.14% 5.23% 5.48% $94,231 $76,19 $112,179 $75,781 $75,229 $89,858 $9,755 $167,91 $178,345 $178,441 $132,353 $13,435 $4,225 $122,59 $48,81 $94,853 $3,989 $175, $56,637 $5, $81,25 $228,541 $3,465 $11,266 $177,97 $141,176 $14,4 $58,6 $41,36 $8,347 $6, $61,78 $83,594 $82,569 $99,922 $82,569 $18,333 $132,273 $68,1 $66,191 $6,685 $112,847 $52,966 $134,838 $61,5 $91,346 $4,84 $125, $85,5 $114,583 $73,65 $235, $166,992 $179,286 $161,265 $129,96 $133,832 $113,594 $74,679 $198,19 $79,31 $17,143 $43,86 $36,36 $68,182 $139,211 $85, $14,23 $11, $3,56 $63,333 $6,25 $,263 $11,1 $839 $852 $1,791 $814 $742 $821 $888 $1,31 $1,327 $1,336 $4 $984 $1,7 $856 $645 $829 $1,77 $1,253 $664 $685 $845 $1,523 $1,167 $797 $1,123 $1,69 $1,8 $667 $555 $99 $887 $887 $984 $756 $1,37 $883 $9 $1,1 $741 $711 $664 $1,46 $752 $1,29 $739 $7 $1,135 $1,16 $916 $1,2 $82 $1,348 $1,1 $1,29 $1,123 $918 $1,28 $97 $683 $1,21 $749 $991 $752 $687 $74 $1,27 $76 $1,8 $924 $1,3 $78 $1,82 $86 $ % $11,18 $ old by Jeffrey winger and yan Broadhead as Vegas Multifamily Market eport 7

5 Q1 218 MUIFMI M VVI UBMK 217 showed a resurgence of investment in as Vegas, specifically in the resort corridor, with multiple transactions occurring throughout the year. he Fontainebleau sold for $6 million with the new buyers planning to complete the stalled project. In addition, rown esorts sold their 38-acre site, located across the street from the ynn Hotel, to ynn esorts. as Vegas saw 46,598 homes sold in 217, the third-highest tally on record and an 11.7% increa from 216. xisting homes sold for a median price of $267,9, a 14% increa from ecember 216. UMM 5.1% MM 2.5% as Vegas Metro rea as Vegas Metro rea Median ew Home rice Median ew Home rice hange $356K 8% s of ov 217 ov 217 UI UIM VUM 2.% lark ounty M as Vegas Metro rea s of ovember as Vegas Multifamily Market eport MJ JB ource: U.. Bureau of abor tatistics 1 as Vegas aider s stadium officially breaks ground UIVI/ 2 Manufacturing 2.3% ther 4.4% Financial ctivities 5.1% onstruction 6.9% ducation & Health ervices 9.8% overnment 1.5% rofessional & Business ervices 14.58% rade, ransportation, & Utilities eisure & Hospitality U teve ynn purchas the 34.6 acre lon site for over $3 million H 3 Fontainebleau, now called roject Blue, sold for $6 million 17% 29.4% 218 B, Inc. 218 B, Inc. as Vegas Multifamily Market eport 9

6 Q1 218 MUIFMI UBMK Vacancy ate H $1.4 $1,24 $1.9 $1, $1.13 $1,37 $1.5 $1,444 $1.1 verage $1,321 $1.2 $1,71 $1.9 $1,166 $1.14 IM V 16 BU I M M K M UI U V 64. I. 2 r a o t kw ay. MII H I MU H V H V XUIV I H I K.% H.76%.71% I UBJ U V K H I V 67 BB IV HBV U ccupancy IF I U I $1,1 F $1.16 IM I M K $1,339 VU M I IMI BM U $1.25 U BV $1,26 M I U BV U U J BV $1.21 V M I I 2 $962 M K IFI $1.35 I V VI UI $1,166 FM I UV I VU BV BU FF IV BUV M I U BV /F F H BU V VI U IB BV 5 H /F M I U KI J BV BUFF IV /F F H U /F M I J BV IB BV 5 5 H V 64 I VU UBMK 67 U I V I M UI 52 IV MII M H QUI F H MU K M HUI MI 5 V M I VU BV BUFF IV V K B IM M IB BV BUFF IV BV I IV I U BV J BV U IV I K I H V XUIV I 97.71% $1.7 K $1,58 BUKH H $1.8 BB U I $8 UI IFI V $1.6 MII I MU I K IZ $1,39 MII $1.17. $1,474 verage F $..94% B $1,241 y M I IIF 5 9 V IH IV H V UIVI MI 9 5 H V FM I & V B K 99.4% 2 H I 64 wa. V $. V IV I $1,2 K $.94 H $1,472 rk a o t 5 IB d. K H I V 92.69% B BV UBJ U V $1.4 ccupancy B U V H BV FIIZ $1,112 V B $. IV HBV $844 $1.22 I $1.2 $1,87 $1.22 H U $1,54 M B K M UI M K U V V K $911 U V V $1.33 V 2 M K $754 $1.19 U $912 J BV $1.49 BUFF IV $1,263 F H K M BV IV H BV K 67 BB BM U /F BU I M VU IM V H I M K 16 U BV /F M I /F H BV V VI U HBU IV IM I U BV I BV I M I I M K H U M M I K FM I 2 UBMK IFI /F M B BV BUV M UV UMMI V V IV M I I UI Vacancy for the submarket in Q1 was 5.14%, up from 4.59%, and down from 5.44% U IB BV V B Z I M I H VU IFF IV U IMI IV H V I U BV BUFF IV F H U X K M H I I IB BV IV B BV V U BV V I VU s for the submarket decread to $1,166, a quarterly decrea of.62%, and a increa of 4.69% I K M UI M F J BV BUFF IV HUI U I H BV V VI IV I 5 5 K M BV V B 64 V & V B V VU UI V I M UI 52 I VU UIVI MI FM I H MU I FB V B 5 H V I I H VU IV KH V V H IV IFF IV F 2 V IV IV V 2 K M BV 4.69% I FB BM M K H H BV I 12-Month rowth $1.14 IFF H U M M I K UMMI H VU HBU M I U KI J BV BUFF IV IB BV IV 5 X M I I IFF H Vacancy for the submarket in Q1 was 2.29%, down from 2.85% and down from 5.34%. IM M U IV U BV J BV M UI / quare Foot $1,166 I K 2 s for the submarket incread to $1,58, a quarterly increa of 5.3%, and a increa of 9.58%. M B BV I 2 KH al ate 5.14% IV V I 9.58% I U 12-Month rowth $1.7 I U / quare Foot $1,58 al ate 2.85% Vacancy ate UBMK ource: B, Inc. ource: B, Inc. V V & V (%) 1.% $1,4 $1,2 ($) $1,58 VU BV V V & $1,1 V (%) 1.% $1,111 $1,136 $1,163 $1,173 ($) $1,166 $1,2 $1, 9.% $9 8.% 7.% $8 7.% $9 6.% $7 6.% $8 5.% $6 5.% $7 4.% $5 4.% $6 3.% $4 3.% $5 2.% $3 2.% $4 1.% $2 1.% $3 9.% 8.% $889 $9 $7 $992.% ource: B, Inc. 1 as Vegas Multifamily Market eport $1,47 $1,75 $1,1 $1, ource: B, Inc. 218 B, Inc. 218 B, Inc. as Vegas Multifamily Market eport 11

7 Q1 218 MUIFMI IV V IF I I U I IF U I. I H U I. I U I I $3 2.% $3 1.% $2 1.% $2 12 as Vegas Multifamily Market eport H I 2.% $741 $759 $76 $9 $8 K M $7 ource: B, Inc. 218 B, Inc. 218 B, Inc. IFI V $4 $75 3.% $733 $4 ource: B, Inc. $1, $78 B 3.%.% IB d. $5 4.% B BV 4.% FIIZ $6 5.% $5 $6 B 5.% H BV 6.%.% H BV $7 $774 V B 6.% $763 H I K 7.% $765 H $8 7.% $89 MII 5 VU BV. M H $1,1 8.% $865 I K IZ H V XUIV I $9 $863 BB U I UI MII I MU 8.% 9.% V H 64 I ay H U r a o t B V K U kw ($) V V V (%) K H I V 5 M I IIF V. 9.% $852 M B BV UBJ U 2 M K IV HBV U V V U 67 BB BM U J BV M I U BV I U BV IF 94.98% $1.1 H I $78 IM I $1, $826 $.89 1.% $719 U V I BV BM $.9 M M B BV $4 92.4% $.82 M I U VU $91 K M UI U $1.12 $.98 BU FF IV V V & $699 /F M I I $794 BU I M F H UI 16 UV I V U V V IV I $.79 IM V V U FM I $723 IB BV 97.43% $1.11 U V B Z M F $1.11 V $829 H I 2 IMI K M VU I M K BUFF IV ource: B, Inc. B 5 $.96 BV $983 I FB V B V K M BV BUV M I I ccupancy M I BV M I U H V $1. 67 V VI $844 5 V H BV UBMK /F V $662 V VI verage Q UI H $1.13 F H MU MII M I U KI J BV $736 $1,1 H VU U I V U BV 5 U MI 5 M H H V XUIV I K M J BV /F I IB BV 1.% ($) /F H MU V V 64 IV V (%) I M UI 52 I VU F H B HUI BB U I H IFI V UI BV MII I MU I K IZ BUKH BUFF IV V K MII K.. IB d. 2 IV I K B B BV M I IIF IH IV VU BV V V & IB BV F B 5 H I K ource: B, Inc. V B 64 w rk a o t 5 I I 5 H V K 64 UIVI MI 9 I IV 2 HBU H BV FM I U IV IFF IV & V B M K V.74% BUFF IV FIIZ H BV H U K H I V ay U K M BV U M M I K IM M IFF H H BV B $1.1 U BV I BV V V K UBJ U V V V V $. H 94.7% $89 M B BV $1.7 U V 96.1% $728 M K H I V IV K 67 BB IV HBV U $1. K M UI H VU V V IV H I $92 M $1,75 $.96 J BV ccupancy BU FF IV BU I M F H verage $. $5 $961 BM 16 $. $. $787 VU $.96 $1,79 U M K $4 M K $1.17 BM U IV Vacancy for the submarket in Q1 was 5.2%, down from 6.5% and down from 7.24% UMMI. I $764 U BV $1.2 M I $679 X s for the submarket incread to $78, a quarterly increa of 1.%, and a increa of 5.5%. IM I U BV $1.17 $7 I V B Z I I FM I UV M I IF IM V M UI U /F IMI H I BV I U V VI /F I K V U BUV M M I I UI M I 5.5% 2 K M H V UBMK BV K M BV I VU $ Month rowth 2 IB BV /F BUFF IV U /F 67 U BV IV F H U $78 I IB BV 5 / quare Foot M F J BV BUFF IV HUI & V B 5.2% V V V VI IV I VU al ate H BV Vacancy ate VU UI V I M UI V B BU I FM I V UIVI MI 9 H V I IV H BV 2 Vacancy for the submarket in Q1 was 4.26%, down from 4.41% and down from 5.69%. IFF IV F IV U M M I K H MU H VU KH I FB V B V V H V IV s for the submarket incread to $89, a quarterly increa of.25%, and a increa of 7.%. UMMI K M BV I M K H IV V I U IV UBMK I FB J BV 64 H VU IV HBU % M I U KI J BV $1.1 X IB BV $89 12-Month rowth BUFF IV / quare Foot 4.26% IFF H al ate M I M UI IM M U IV U BV J BV I K 2 I Vacancy ate M B BV UBMK 2 KH I as Vegas Multifamily Market eport 13

8 IV IF I I U. I U I H U $718 $.91 $941 $.96 $1,225 $.84 $1,134 $.85 $911 $.69 $1,6 $.79 U $1.19 H 64 K UI $1,17 $1.9 $858.86% $.99.97% $697 $1.9.13% H V XUIV I VU BV $824 $1.4.73% K M ($) V V & $1,1 1.% 9.% $1, 9.% 8.% $9 8.% V (%) ($) $1,1 $1, $9 $816 $824 $8 7.% 6.% $7 6.% $7 5.% $6 5.% $6 4.% $5 4.% $5 3.% $4 3.% $4 2.% $3 2.% $3 1.% $2 1.% $2 $761 $784 $776 $785 $783 $786 $84.% ource: B, Inc. $782 $769 $796 $792 $8 $8 ource: B, Inc. 218 B, Inc. 218 B, Inc. H BB U I verage V B $1.28 $782 $65 $.92 I $1.13 $894 MII I MU $776 $1.12. H I $1.9 $1,427 r a o t y V $896 a kw M I 2 V K K H I V UBJ V V VU /F U V U 67 M K V as Vegas Multifamily Market eport I IZ IF I U I. I B H I M K U BB BM U H I U I I M B BV I U BV U V M I I BV BM M F V VI K M UI /F M B BV V B V VI V (%) 1.% 14 as Vegas Multifamily Market eport ource: B, Inc. V V &.% UV IV HBV ccupancy ource: B, Inc. 7.% 5 K M M I U KI J BV H M I U BV /F UBMK K $ % IM M U BV H $.87 VU BV $84 I IM I J BV /F I FM I M I I IF B V I BUV M UI $992 U BV J BV Q UI I $.92 H V XUIV I 67 U I V U IB BV U I IB BV MII M V B Z I V U U BU I M H I V U U BU FF IV H MU M H BUFF IV U $ % 16 BV H V M I & V B V VU 2 F H $692 5 V IV F H $.98 BUFF IV HUI $865 BV F I V B H B IM V K M BV I M UI I VU IMI M I verage $.8 K $872 $.89 $1,28 $1.1 BUKH H IFI V MII H VU V V V BV. $ IB BV IV B $.88 IB d. $775 ay $.94 kw BB U I UI. MII I MU I K IZ BUFF IV I $897 r a o t H MU 5 5 I UIVI MI 9 5 V K B BV V B $6 $1.11 K H I V 2 /F J BV IFF H F B H U M I IH IV IV H V K V V K $1.9 5 IFF IV Vacancy for the submarket in Q1 was 6.27%, down from 6.41% and down from 6.6%. K B M K U M I IIF IV U M M I K FM I H I $763 V V UBJ U V 94.39% VU $67 M K H I M K U V V UBMK IV HBV /F ccupancy 3.42% K 67 BB BM U U BV M I U BV U V J BV M K M UI /F I IF /F IM I UI IB BV BU FF IV B F H BU I M $1.4 U M I K M BV V IV I M I I U I M K H s for the submarket were $824, a quarterly decrea of 1.6%, and a increa of 3.42% H BV I FIIZ UV BV IM V FM I M I & V B H BV BUV M U IMI $824 H BV V V IV HBU 12-Month rowth I I BUFF IV U % / quare Foot 2 I VU V VI IV F H U V U H V U BV V I BV IB BV HUI Vacancy for the submarket in Q1 was 5.71%, up from 5.44% and up from 5.62%. 5 M B BV I VU B Z al ate H BV U I V I M UI 52 V H I H VU UMMI J BV BUFF IV FM I Vacancy ate VU 5 s for the submarket incread to $84, a quarterly increa of 2.29%, and a increa of 3.51%. I BV U I V I / U B M K K M K M BV X IV M F H V V B I K I UIVI MI V VI IV I F V IV H BV M UI I FB V V BU 2 V V H IV MUIFMI 64 I H MU H VU 2 U IV I IFF IV 3.51% KH I FB BM K M BV V IV U M M I K I M K H 12-Month rowth $.97 M I U KI J BV $84 IB BV BUFF IV al ate 5.71% IFF H Vacancy ate / UMMI quare Foot HBU 5 I X M I M UI IM M U IV U BV J BV UBMK M B BV I K 2 H VU 2 KH I IV Q1 218 V IV V M

9 Q1 218 IV IV MUIFMI V IF I I. V K B H U B B BV M K K MII MI IFI V H I Q UI H MU M II F 5 M H BB U I BV H UI BUK H K IB d.. MII I MU I K IZ rk a o t IH IV. I H V XUIV I K H I H 64 V 5 V V K V B U M K K H I V M I IIF 2 y wa V V VU BM U UBJ U 67 BB IV HBV V U IF I U I. I I I I U U B H I M K H K U BV J BV M I U K UV M I U BV /F $1.27 $ $1.23 $1.7 $1,65 $1.1 $1,51 $1.1 $1,251 $1.2 $1,28 $1.13 $1,32 $1.8 VU BV K M /F /F $97 $1.24 $1,14 $1,137 $1.4 $1,384 $1,358 $1.6 $1,99 $1.1 verage.% K M.25% B UBMK /F /F /F $1.35 $944 $1.3 $1,17 $1.32 $1.19 $1,16 $1.7 $1,223 $1.12 $1,575 $1. $1,266 $1.6 $1,4 $1.1 $1,331 $1.22 $1,65 $1.14 $1,173 ccupancy.64%.91%.% $ ource: B, Inc. V (%) 1.% ($) V V & $1,2 V (%) 1.% $1,141 $1,16 $1,161 ($) $1,173 $1,2 $1,1 9.% $1, 8.% $1, $9 7.% $9 6.% $8 6.% $8 5.% $7 5.% $7 4.% $6 4.% $6 3.% $5 3.% $5 2.% $4 2.% $4 1.% $3 1.% $3 9.% $1,44 8.% $6 $1,98 $1,12 $1,11 $1,99 $4.% ource: B, Inc. 16 as Vegas Multifamily Market eport H BV I FIIZ FM I IM I UBMK /F V V &.% V V IV M I I U V I ource: B, Inc. 7.% V B Z I I V VI H BV M B BV H I H V UI IFI U V K M M F V VI U BV BU FF IV K M UI I BV BM V H BU I 5 M I U KI J BV I U M I IM M J BV IB BV M M B BV U BV BUFF IV.37% BV U BU I M F H B.5% IB BV F H F I H MU MII verage U 16 Q UI & V B ccupancy U Vacancy for the submarket in Q1 was 5.3%, up from 6.38% but down from 5.84%. BUFF IV IV MI IFI V $1,251 BUFF IV V K I H V XUIV I K H 5 M H IMI IM V V B V K M BV BUV M 2 BV H BV 67 M I BB U I BUK H V V U U I K IZ IB d. MII BV IH IV $1,4 IB BV HUI V B VU UI V s for the submarket incread to $1,173, a quarterly increa of.98%, and a increa of 4.67%.. H MU H VU I FB I V U K IV I K B B BV I 64 V K I M UI 52 I VU I FB UIVI MI & V B /F I Month rowth 5.7% B M K HBU IV 5 V V IFF IV F H BV UI J BV U IV IFF H FIIZ H U rk a o t M I IIF IV U M M I K H I H 64 MII I MU V. VU BV 2 $1.17 K M BV V IV FM I B U V V K U y K H I V wa V V UBJ U V U 2 M K IV HBV V / quare Foot $1,173 K 67 BB BM U J BV M I U BV U BV IFI U V BUFF IV VU UI IB BV K M UI H I M K M I IM I I M K H H V U BU I M F H Vacancy for the submarket in Q1 was 4.75%, up from 4.32% but down from 5.9%. H BV M I I al ate 5.3% U U M M B BV UV H BV I BV FM I Vacancy ate V V IV I BUV M M I 16 H UBMK UMMI H V I BUFF IV F H U V B Z V U 2 IM V H I I VU V VI IV U H VU K M M F V VI 52 5 IMI BV H BV 67 U BV HUI s for the submarket were $1,99, a quarterly decrea of.97%, and a increa of 5.4%. V VU UI V I M UI V 5 X IV 64 I VU V I I FB I BV BM J BV IB BV FM I BUFF IV I K M BV V H B IV 5.4% H MU H VU V B UIVI MI 9 5 I K M UI I 2 5 H V I 64 V V H BV 2 KH I FB IV V BUFF IV K M BV 2 IV I 12-Month rowth $1.1 M K H V IV F / quare Foot $1,99 IB BV al ate 4.75% I IFF IV Vacancy ate U M M I K M I U KI J BV IFF H U UBMK HBU UMMI 5 I X M I M UI IM M U IV U BV J BV H VU M B BV I K 2 IV 2 KH I $1,91 $1, $1,118 $1,1 ource: B, Inc. 218 B, Inc. 218 B, Inc. as Vegas Multifamily Market eport 17

10 Q1 218 MUIFMI B MK JFF I enior Vice resident apital Markets jeffrey.swinger@cbre.com BH lient ervices ssistant apital Markets ryan.braodhead@cbre.com J V ales nalyst ales Management jared.glover@cbre.com he world s leading developers and commercial property owners turn to B to provide creative financial solutions for their commercial real estate investment needs. B has long-term, established relationships with more than 4 of the industry s premier international lenders, including banks, pension funds, life insurance and credit companies, conduits/ MB entities, government-sponsored enterpris and offshore investors. B apital Markets is the premier provider of commercial and multifamily financing and investment sales. In addition to our relationships with correspondent life companies and institutional lenders, our fully integrated platform provides amless access to Fannie Mae, Freddie Mac and FH financing programs. U I M MX V MIZI M 1- II U Fannie Mae 75-8% I then 3yr 5-yr; 3/ % o Freddie Mac 75-8% I then 3yr 5-yr; 3/ % o HU 8-85% 35 35/ % o Banks 7-75% yr % es redit Unions 7-75% yr % es ife ompanies 65-7% I then 3yr 5-1yr; 25/ % o MB 7-75% I then 3yr 5-1yr % o ource: B, Inc. B IFF lobalization and the deregulation of emerging markets are creating significant opportunities and challenges for real estate market participants. s our clients grew nationally and internationally, B anticipated their needs by continuously evolving the breadth and depth of our rvices. In the last decade, the real estate rvices business has consolidated into a handful of truly global players, of which B is the acknowledged market leader. s tandard & oor s notes, B s global reach means that it is one of the few real estate firms capable of handling complicated real estate transactions for large multinational corporations. ur ongoing effort to build the preeminent, global, vertically integrated real estate rvices firm has created value for our clients whether they are private investors working in a single market or multi-billion-dollar pension funds investing globally. orking in a spirit of respect, integrity, rvice and excellence, our account teams have pride of ownership in the work that they do. ur professionals are innovative and customer focud, passionate about their work, and dedicated to building long-term relationships. 18 as Vegas Multifamily Market eport 218 B, Inc. opyright 218 B Information contained herein, including projections, has been obtained from sources believed to be reliable. hile we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or reprentation about it. It is your responsibility to confirm independently its accuracy and completeness. his information is prented exclusively for u by B clients and professionals and all rights to the material are rerved and cannot be reproduced without prior written permission of the B lobal hief conomist. B and the B logo are rvice marks of B, Inc. and/or its affiliated or related companies in the United tates and other countries. ll other marks displayed on this document are the property of their respective owners. hotos herein are the property of their respective owners and u of the images without the express written connt of the owner is prohibited.

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