Costar Full Underwriting Report - Wake Forest

Underwriting Report
1421 Legacy Falls Dr

Legacy Wake Forest
298 Unit Apartment Building
Wake Forest, North Carolina
Outer Northern Outlying Neighborhood
PREPARED BY
Meilyn Cabrera
1421 Legacy Falls Dr - Legacy Wake Forest
SUBJECT PROPERTY
Property Details 1
RENT COMPS
Map & List 6
Photo Comparison 8
Rent Comps Details 11
Unit Mix Summary 36
Ranking Chart By Bedroom 37
Changes in Rent Comps 40
Rent Trend Charts 43
RentTrend Data 49
CONSTRUCTION
Overall Construction Map & Summary 51
Under Construction Map & List 52
Under Construction Details 54
Deliveries Past 12 Months Map & List 56
Delivered Property Details 58
Construction Summary 61
SALE COMPS
Map & List 67
Sale Comp Details 69
Sales Volume 91
Sales Pricing 92
Cap Rates 94
Top Buyers & Sellers 95
DEMOGRAPHICS
Overview 98
Age & Education 99
Ethnicity 100
MULTI-FAMILY SUBMARKET REPORT
Submarket Key Statistics 102
Vacancy 103
Rent 105
Construction 107
9/28/2022
© 2022 CoStar Group - Licensed to FORTIS PROPERTY MANAGEMENT,
LLC - 1244985
Sales 110
Sales Past 12 Months 112
Supply & Demand Trends 114
Vacancy & Rent 116
Sale Trends 118
Deliveries & Under Construction 120
MULTI-FAMILY MARKET REPORT
Market Key Statistics 122
Vacancy 123
Rent 126
Construction 130
Under Construction Properties 131
Sales 133
Sales Past 12 Months 135
Economy 137
Market Submarkets 142
Supply & Demand Trends 144
Vacancy & Rent 146
Sale Trends 148
Deliveries & Under Construction 150
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LLC - 1244985
Subject Property

Wake Forest, North Carolina - Outer Northern Outlying Neighborhood
PROPERTY PROPERTY MANAGER

No. of Units: 298 GCI - Legacy Wake Forest
Stories: 3 (919) 424-4470
Avg. Unit Size: 1,267 SF
Type: Apartments - All
Rent Type: Market OWNER
Year Built: Aug 2017 Goldberg Companies, Inc.
Parking: 24 Spaces; 0.1 per Unit
Distance to Transit: -
ASKING RENTS PER UNIT/SF VACANCY 12 MONTH ABSORPTION

Current: $1,869 $1.47 /SF Current: 4.4% 13 Units Current: (6) Units
Last Quarter: $1,917 $1.51 /SF Last Quarter: 4.4% 13 Units Competitor Total: 202 Units
Year Ago: $1,746 $1.38 /SF Year Ago: 3.4% 10 Units Competitor Avg: 22.4 Units
Competitors: $1,564 $1.52 /SF Competitors: 6.2% 118 Units Submarket Total: 169 Units
Submarket: $1,539 $1.50 /SF Submarket: 5.5% 323 Units Submarket Avg: 3.2 Units
UNIT BREAKDOWN
Unit Mix Availability Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions
1 1 819 12 4.0% 1 8.3% $1,850 $2.26 $1,839 $2.25 0.6%

1 1 929 24 8.1% 2 8.3% $1,980 $2.13 $1,968 $2.12 0.6%
1 1 1,073 58 19.5% 3 5.2% $1,775 $1.65 $1,765 $1.64 0.6%
2 2 1,328 105 35.2% 5 4.8% $1,735 $1.31 $1,725 $1.30 0.6%
2 2 1,343 39 13.1% 5 12.8% $1,880 $1.40 $1,869 $1.39 0.6%
3 2 1,525 60 20.1% 5 8.3% $2,145 $1.41 $2,132 $1.40 0.6%
Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 1,004 94 31.5% 6 6.4% $1,837 $1.83 $1,826 $1.82 0.6%
All 2 Beds 1,332 144 48.3% 10 6.9% $1,774 $1.33 $1,764 $1.32 0.6%
All 3 Beds 1,525 60 20.1% 5 8.3% $2,145 $1.41 $2,132 $1.40 0.6%
Totals 1,267 298 100% 21 7.1% $1,869 $1.47 $1,858 $1.47 0.6%
Estimate
SITE AMENITIES
Basketball Court Clubhouse Community-Wide WiFi
Fitness Center Gameroom Lounge
Online Services Pet Care Pet Play Area
Pet Washing Station Planned Social Activities Property Manager on Site
Smoke Free Storage Space Walking/Biking Trails
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Subject Property
UNIT AMENITIES
Air Conditioning Balcony Cable Ready
Ceiling Fans Dishwasher Double Vanities
Framed Mirrors Heating Ice Maker
Microwave Oven Patio
Range Stainless Steel Appliances Walk-In Closets
Washer/Dryer
RECURRING EXPENSES
Dog Rent $25 Cat Rent $20 Unassigned Garage Parking $150-0
ONE TIME EXPENSES

Dog Fee $325 Cat Fee $325 Admin Fee $150
Application Fee $50
PET POLICY
Dog Allowed One-Time Fee: $325-325, $25/Mo, 2 Maximum
Restrictions: Restricted Breeds:
Akita, American Staffordshire Terrier, Chow, Doberman, German Shepherd, Pit Bull, Rottweiler or any mix thereof
We welcome up to two indoor pets per apartment. 1 pet $325 (nonrefundable); 2 pets $650 (nonrefundable)
Cat Allowed One-Time Fee: $325-325, $20/Mo, 2 Maximum
We welcome up to two indoor pets per apartment. 1 pet $325 (nonrefundable); 2 pets $650 (nonrefundable)
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Subject Property
Primary Building
Building Building
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Subject Property
Interior Interior
Interior Building
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Rent Comparables

Legacy Wake Forest
PREPARED BY
Meilyn Cabrera
Rent Comparables Summary
No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate
19 $1,564 $1.52 6.2%

RENT COMP LOCATIONS
RENT COMPS SUMMARY STATISTICS
Unit Breakdown Low Average Median High
Total Units 68 236 262 369

Studio Units 0 7 0 98
One Bedroom Units 36 99 94 264
Two Bedroom Units 0 98 97 180
Three Bedroom Units 0 32 27 103
Property Attributes Low Average Median High
Year Built 2010 2019 2022 2023

Number of Floors 1 3 3 4
Average Unit Size SF 780 1,016 981 1,231
Vacancy Rate 0.0% 6.2% 3.7% 20.6%
Star Rating 3.6
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Rent Comparables Summary
Property Size Asking Rent Per Month Per Unit
Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF
Legacy Heritage Apartme…

1 - 2022 306 1,231 - $1,742 $2,392 $3,007 $1.85
700 Legacy Heritage Ln
Encore at Heritage
2 - 2022 182 875 $1,200 $1,300 $1,657 $2,259 $1.73
1891 S Franklin St
Capital Creek at Heritage
3 - 2016 214 1,099 - $1,582 $1,874 $2,211 $1.63
1910 Capital Creek Dr
Legacy at Wakefield
4 - 2010 369 970 - $1,355 $1,578 $2,043 $1.57
14411 Calloway Gap Rd
The Pointe at Heritage
5 - 2014 260 1,018 - $1,381 $1,643 $1,959 $1.55
1747 Alexander Springs Ln
Legacy Wake Forest
- 2017 298 1,267 - $1,837 $1,774 $2,145 $1.47
Palisades at Wake Forest
6 - 2022 188 1,066 - $1,379 $1,571 $1,933 $1.46
457 Stone Monument Dr
Aston Apartments
7 - 2013 288 1,048 - $1,367 $1,579 $2,034 $1.45
1524 Woodfield Creek Dr
Maystone at Wakefield
8 - 2016 360 1,086 - $1,330 $1,504 $1,870 $1.43
11100 Beckstone Way
Crenshaw Trace
9 - 2021 68 813 - $885 $1,006 - $1.16
987 Durham Rd
Wakefield Spring
10 - 2016 80 780 - $379 $460 - $0.54
2701 Wakefield Pines Dr
Huntington Spring
11 - 2016 84 796 - $381 $457 - $0.53
1887 Franklin St
Hawthorne at the Forest
12 - 2022 248 347 - - - - -
2611 Moonbow Trl
601 Gilcrest Farm Rd
13 - 2023 136 - - - - - -
Meridian at Rogers Branch

14 - 2023 264 - - - - - -
Roger Branch Rd & Roge…
Holden Rd
15 - 2024 120 1,385 - - - - -
Hawthorne at Traditions
16 - 2023 272 - - - - - -
601 Gilcrest Farm Rd
The Pace at Holding Village
17 - 2022 320 - - - - - -
1000 Lakeside Terrace Ct
Averette Subdivision
18 - 2024 288 - - - - - -
1700 Averette Rd
The Grove Nintey - Eight
19 - 2023 273 981 - - - - -
11051 Dr Calvin Jones Hwy
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Rent Comparables Photo Comparison
1 Legacy Heritage Apartments 2 Encore at Heritage 3 Capital Creek at Heritage
700 Legacy Heritage Ln 1891 S Franklin St 1910 Capital Creek Dr

306 Units / 4 Stories 182 Units / 4 Stories 214 Units / 3 Stories
Rent/SF $1.85, Vacancy - Rent/SF $1.73, Vacancy - Rent/SF $1.63, Vacancy 5.1%
Owner: Goldberg Companies, Inc. Owner: Graycliff Capital Owner: Kushner Companies
Subject Property
4 Legacy at Wakefield 5 The Pointe at Heritage Legacy Wake Forest

14411 Calloway Gap Rd 1747 Alexander Springs Ln 1421 Legacy Falls Dr
Rent/SF $1.57, Vacancy 3.0% Rent/SF $1.55, Vacancy 3.5% Rent/SF $1.47, Vacancy 4.4%
Owner: Carter-Haston Real Estate S… Owner: Beacon Real Estate Group LLC Owner: Goldberg Companies, Inc.
6 Palisades at Wake Forest 7 Aston Apartments 8 Maystone at Wakefield
457 Stone Monument Dr 1524 Woodfield Creek Dr 11100 Beckstone Way

Rent/SF $1.46, Vacancy 20.7% Rent/SF $1.45, Vacancy 6.9% Rent/SF $1.43, Vacancy 6.9%
Owner: Southwood Realty Company Owner: Independence Realty Trust, I… Owner: The Carroll Companies
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9 Crenshaw Trace 10 Wakefield Spring 11 Huntington Spring
987 Durham Rd 2701 Wakefield Pines Dr 1887 Franklin St

68 Units / 4 Stories 80 Units / 1 Story 84 Units / 3 Stories
Rent/SF $1.16, Vacancy 0% Rent/SF $0.54, Vacancy 0% Rent/SF $0.53, Vacancy 3.6%
Owner: Taft Family Ventures Owner: Evergreen Construction Co Owner: Evergreen Construction Co
12 Hawthorne at the Forest 13 14 Meridian at Rogers Branch
2611 Moonbow Trl 601 Gilcrest Farm Rd Roger Branch Rd & Roger R
248 Units / 3 Stories 136 Units / - Stories 264 Units / 4 Stories
Rent/SF -, Vacancy - Rent/SF -, Vacancy - Rent/SF -, Vacancy -
Owner: Cady Construction Company,… Owner: - Owner: NorthView Partners, LLC
15 16 Hawthorne at Traditions 17 The Pace at Holding Village
Holden Rd 601 Gilcrest Farm Rd 1000 Lakeside Terrace Ct

120 Units / - Stories 272 Units / 4 Stories 320 Units / 2 Stories
Rent/SF -, Vacancy - Rent/SF -, Vacancy - Rent/SF -, Vacancy -
Owner: - Owner: Wake Forest Reservoir Prop… Owner: Woodfield Investment Compa…
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18 Averette Subdivision 19 The Grove Nintey - Eight
1700 Averette Rd 11051 Dr Calvin Jones Hwy

288 Units / 2 Stories 273 Units / 4 Stories
Rent/SF -, Vacancy - Rent/SF -, Vacancy -
Owner: - Owner: -
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Rent Comparables
1 700 Legacy Heritage Ln - Legacy Heritage Apartments


Property Size: 306 Units, 4 Floors Goldberg - Legacy Heritage
Avg. Unit Size: 1,231 SF (216) 831-6100
Year Built: -
Type: Apartments - All OWNER
Rent Type: Market -
Parking: -
Distance to Subject: 3.16 Miles
UNIT BREAKDOWN
1 1 748 46 15.0% - - $1,740 $2.33 $1,667 $2.23 4.2%

1 1 860 44 14.4% - - $1,710 $1.99 $1,639 $1.91 4.2%
1 1 983 8 2.6% - - $1,935 $1.97 $1,854 $1.89 4.2%
2 2 1,294 46 15.0% - - $2,315 $1.79 $2,232 $1.73 3.6%
2 2 1,295 8 2.6% - - $2,445 $1.89 $2,358 $1.82 3.6%
2 2 1,302 20 6.5% - - $2,370 $1.82 $2,285 $1.76 3.6%
2 2 1,315 58 19.0% - - $2,330 $1.77 $2,247 $1.71 3.6%
2 2 1,389 4 1.3% - - $2,615 $1.88 $2,522 $1.82 3.6%
2 2.5 1,565 4 1.3% - - $2,670 $1.71 $2,575 $1.65 3.6%
2 2.5 1,636 20 6.5% - - $2,650 $1.62 $2,555 $1.56 3.6%
3 2 1,539 22 7.2% - - $2,839 $1.84 $2,839 $1.84 0.0%
3 3 1,770 26 8.5% - - $3,150 $1.78 $3,150 $1.78 0.0%
All 1 Beds 817 98 32.0% - - $1,742 $2.13 $1,670 $2.04 4.2%

All 2 Beds 1,355 160 52.3% - - $2,392 $1.77 $2,307 $1.70 3.6%
All 3 Beds 1,664 48 15.7% - - $3,007 $1.81 $3,007 $1.81 0.0%
Totals 1,231 306 100% - - $2,281 $1.85 $2,213 $1.80 3.0%
Estimate Updated September 21, 2022
SITE AMENITIES
Bicycle Storage, Fitness Center, Lounge, Pet Washing Station, Pool
UNIT AMENITIES
Air Conditioning, Ceiling Fans, Heating, Kitchen, Microwave, Oven, Stainless Steel Appliances
RECURRING EXPENSES
Dog Rent $20 Cat Rent $20 Unassigned Garage Parking $200
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Rent Comparables
ONE TIME EXPENSES

Dog Deposit $325 Cat Deposit $325 Admin Fee $200
Application Fee $50
PET POLICY
Dog Allowed $325 Deposit, $20/Mo, 2 Maximum
Restrictions: Akita, American Staffordshire Terrier, Chow, Doberman, German Shepherd, Pit Bull, Rottweiler or any mix thereof.
Management reserves the right to refuse any pet regardless of size or breed. Information is subject to change without notice.
Cat Allowed $325 Deposit, $20/Mo, 2 Maximum
Management reserves the right to refuse any pet regardless of size or breed. Information is subject to change without notice.
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Rent Comparables
2 1891 S Franklin St - Encore at Heritage


Property Size: 182 Units, 4 Floors Greystar - Encore at Heritage
Avg. Unit Size: 875 SF (919) 529-3353
Year Built: -
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
Studio 1 561 10 5.5% - - $1,200 $2.14 $1,200 $2.14 0.0%

1 1 710 72 39.6% - - $1,300 $1.83 $1,300 $1.83 0.0%
2 2 990 92 50.5% - - $1,657 $1.67 $1,657 $1.67 0.0%
3 2 1,429 8 4.4% - - $2,259 $1.58 $2,259 $1.58 0.0%
All Studios 561 10 5.5% - - $1,200 $2.14 $1,200 $2.14 0.0%

All 1 Beds 710 72 39.6% - - $1,300 $1.83 $1,300 $1.83 0.0%
All 2 Beds 990 92 50.5% - - $1,657 $1.67 $1,657 $1.67 0.0%
All 3 Beds 1,429 8 4.4% - - $2,259 $1.58 $2,259 $1.58 0.0%
Totals 875 182 100% - - $1,517 $1.73 $1,517 $1.73 0.0%
SITE AMENITIES
Clubhouse, Elevator, Fitness Center, Grill, Pet Play Area, Pet Washing Station, Pool
UNIT AMENITIES
Balcony, Granite Countertops, Hardwood Floors, Kitchen, Walk-In Closets, Washer/Dryer
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25
ONE TIME EXPENSES

Dog Fee $350 Cat Fee $350
PET POLICY
Dog Allowed One-Time Fee: $350-350, $25/Mo
Restrictions: Breed Restrictions Apply, please contact the leasing office for more details.
Cat Allowed One-Time Fee: $350-350, $25/Mo
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Rent Comparables
3 1910 Capital Creek Dr - Capital Creek at Heritage


Property Size: 214 Units, 3 Floors Westminister - Capital Creek at Heritage
Avg. Unit Size: 1,098 SF (919) 556-1872
Year Built: Sep 2016
Rent Type: Market Purchased Nov 2021
Parking: - $55,144,331 ($257,684/Unit) - Part of Portfolio
UNIT BREAKDOWN
1 1 737 14 6.5% 0 0.0% $1,475 $2.00 $1,466 $1.99 0.6%

1 1 759 3 1.4% 0 0.0% $1,558 $2.05 $1,548 $2.04 0.6%
1 1 833 56 26.2% 0 0.0% $1,573 $1.89 $1,563 $1.88 0.6%
1 1 839 2 0.9% 0 0.0% $1,516 $1.81 $1,506 $1.79 0.7%
1 1 859 10 4.7% 0 0.0% $1,550 $1.80 $1,540 $1.79 0.6%
1 1 970 12 5.6% 0 0.0% $1,795 $1.85 $1,783 $1.84 0.6%
2 2 1,195 30 14.0% 2 6.7% $1,823 $1.53 $1,811 $1.52 0.6%
2 2 1,219 3 1.4% 0 0.0% $1,965 $1.61 $1,953 $1.60 0.6%
2 2 1,283 34 15.9% 2 5.9% $1,919 $1.50 $1,907 $1.49 0.6%
2 2 1,308 20 9.3% 2 10.0% $1,860 $1.42 $1,848 $1.41 0.6%
3 2 1,486 24 11.2% 6 25.0% $2,163 $1.46 $2,149 $1.45 0.6%
3 2 1,500 6 2.8% 0 0.0% $2,403 $1.60 $2,388 $1.59 0.6%
All 1 Beds 837 97 45.3% 0 0.0% $1,582 $1.89 $1,572 $1.88 0.6%
All 2 Beds 1,256 87 40.7% 6 6.9% $1,874 $1.49 $1,862 $1.48 0.6%
All 3 Beds 1,489 30 14.0% 6 20.0% $2,211 $1.48 $2,197 $1.48 0.6%
Totals 1,099 214 100% 12 5.6% $1,789 $1.63 $1,778 $1.62 0.6%
SITE AMENITIES
Clubhouse, Fitness Center, Gameroom, Maintenance on site, Picnic Area, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Balcony, Carpet, Ceiling Fans, Dishwasher, Disposal, Freezer, Heating, Kitchen, Microwave, Oven, Pantry, Range, Refrigerator,
Tub/Shower, Walk-In Closets, Washer/Dryer
RECURRING EXPENSES
Free Dog Rent Free Cat Rent
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Rent Comparables
ONE TIME EXPENSES

Admin Fee $150 Application Fee $75
PET POLICY
Dog Allowed 2 Maximum
Cat Allowed 2 Maximum
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Rent Comparables
4 14411 Calloway Gap Rd - Legacy at Wakefield

Raleigh, North Carolina - Highland Park Neighborhood

Property Size: 369 Units, 3 Floors Carter-Haston - Legacy at Wakefield
Avg. Unit Size: 970 SF (919) 554-9002
Year Built: 2010
Rent Type: Market Purchased Aug 2014
Parking: 610 Spaces; 1.7 per Unit $50,525,000 ($136,924/Unit)
UNIT BREAKDOWN
1 1 610 45 12.2% 4 8.9% $1,305 $2.14 $1,305 $2.14 0.0%

1 1 716 30 8.1% 4 13.3% $1,335 $1.86 $1,335 $1.86 0.0%
1 1 765 58 15.7% 8 13.8% $1,356 $1.77 $1,356 $1.77 0.0%
1 1 817 3 0.8% 0 0.0% $1,374 $1.68 $1,374 $1.68 0.0%
1 1 922 21 5.7% 1 4.8% $1,488 $1.61 $1,488 $1.61 0.0%
2 2 1,074 32 8.7% 0 0.0% $1,473 $1.37 $1,473 $1.37 0.0%
2 2 1,076 93 25.2% 6 6.5% $1,500 $1.39 $1,500 $1.39 0.0%
2 2 1,145 16 4.3% 4 25.0% $1,731 $1.51 $1,731 $1.51 0.0%
2 2 1,179 39 10.6% 2 5.1% $1,786 $1.51 $1,786 $1.51 0.0%
3 2 1,341 22 6.0% 1 4.6% $2,056 $1.53 $2,056 $1.53 0.0%
3 2 1,470 10 2.7% 1 10.0% $2,014 $1.37 $2,014 $1.37 0.0%
All 1 Beds 733 157 42.5% 17 10.8% $1,355 $1.85 $1,355 $1.85 0.0%
All 2 Beds 1,104 180 48.8% 12 6.7% $1,578 $1.43 $1,578 $1.43 0.0%
All 3 Beds 1,381 32 8.7% 2 6.3% $2,043 $1.48 $2,043 $1.48 0.0%
Totals 970 369 100% 31 8.4% $1,523 $1.57 $1,523 $1.57 0.0%
SITE AMENITIES
Breakfast/Coffee Concierge, Business Center, Clubhouse, Fitness Center, Grill, Health Club Discount, Laundry Facilities, Lounge, Maintenance
on site, Package Service, Property Manager on Site, Storage Space
UNIT AMENITIES
Air Conditioning, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Eat-in Kitchen, Fireplace, Microwave, Range, Tile Floors,
Tub/Shower, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Window Coverings
RECURRING EXPENSES
Dog Rent $15 Cat Rent $15 Unassigned Garage Parking $125
Free Unassigned Surface Lot Parking
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Rent Comparables
ONE TIME EXPENSES

Dog Fee $300-450 Cat Fee $300-450 Admin Fee $250
Application Fee $60
PET POLICY
Dog Allowed One-Time Fee: $300-450, $15/Mo, 2 Maximum, 100 lb. Maximum
Restrictions: Legacy at Wakefield is a pet friendly community. There is a 2 pet maximum and 100 lbs weight limit. There is a $300 pet fee for the
first pet and $150 for the second. There is also $15 monthly pet rent per pet and aggressive breeds are prohibited. Please call our leasing office
for more details.
Cat Allowed One-Time Fee: $300-450, $15/Mo, 2 Maximum, 100 lb. Maximum
Restrictions: Legacy at Wakefield is a pet friendly community. There is a 2 pet maximum and 100 lbs weight limit. There is a $300 pet fee for the
first pet and $150 for the second. There is also $15 monthly pet rent per pet and aggressive breeds are prohibited. Please call our leasing office
for more details.
Bird Allowed
Fish Allowed
Reptile Allowed
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Rent Comparables
5 1747 Alexander Springs Ln - The Pointe at Heritage


Property Size: 260 Units, 4 Floors Arlington- The Pointe at Heritage.
Avg. Unit Size: 1,018 SF (919) 822-9126
Year Built: Jan 2014
Rent Type: Market Purchased Jan 2021
Parking: 503 Spaces; 1.9 per Unit $38,980,000 ($149,923/Unit)
UNIT BREAKDOWN
1 1 740 24 9.2% 4 16.7% $1,499 $2.03 $1,499 $2.03 0.0%

1 1 897 70 26.9% 2 2.9% $1,340 $1.49 $1,340 $1.49 0.0%
2 2 1,055 142 54.6% 12 8.5% $1,643 $1.56 $1,643 $1.56 0.0%
3 2 1,430 24 9.2% 0 0.0% $1,959 $1.37 $1,959 $1.37 0.0%
All 1 Beds 857 94 36.2% 6 6.4% $1,381 $1.61 $1,381 $1.61 0.0%
All 2 Beds 1,055 142 54.6% 12 8.5% $1,643 $1.56 $1,643 $1.56 0.0%
All 3 Beds 1,430 24 9.2% 0 0.0% $1,959 $1.37 $1,959 $1.37 0.0%
Totals 1,018 260 100% 18 6.9% $1,577 $1.55 $1,577 $1.55 0.0%
SITE AMENITIES
24 Hour Access, Breakfast/Coffee Concierge, Business Center, Car Wash Area, Clubhouse, Fitness Center, Lounge, Maintenance on site,
Package Service, Playground, Pool, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Dishwasher, Disposal, Heating, Kitchen, Microwave, Range, Tile Floors, Walk-In Closets
RECURRING EXPENSES
Free Dog Rent Free Cat Rent Assigned Garage Parking $125
Unassigned Garage Parking $150 Free Unassigned Surface Lot Parking
ONE TIME EXPENSES

PET POLICY
Dog Allowed 2 Maximum
Ardmore Heritage is a pet-friendly community! Few breed restrictions apply, Up to 2 pets per home, $325 non-refundable pet fee per pet. Monthly
pet rent is $20 per pet. Contact the leasing office for more details.
Cat Allowed 2 Maximum
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Rent Comparables
6 457 Stone Monument Dr - Palisades at Wake Forest


Property Size: 188 Units, 4 Floors Southwood - Palisades at Wake Forest
Avg. Unit Size: 1,063 SF (919) 443-6317
Year Built: Feb 2022
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
1 1 781 24 12.8% 0 0.0% $1,351 $1.73 $1,351 $1.73 0.0%

1 1 841 24 12.8% 0 0.0% $1,371 $1.63 $1,371 $1.63 0.0%
1 1 949 12 6.4% 0 0.0% $1,451 $1.53 $1,451 $1.53 0.0%
2 2 1,102 64 34.0% 5 7.8% $1,542 $1.40 $1,542 $1.40 0.0%
2 2 1,130 20 10.6% 2 10.0% $1,612 $1.43 $1,612 $1.43 0.0%
2 2 1,224 18 9.6% 0 0.0% $1,632 $1.33 $1,632 $1.33 0.0%
3 2 1,303 13 6.9% 3 23.1% $1,923 $1.48 $1,923 $1.48 0.0%
3 2 1,383 13 6.9% 0 0.0% $1,943 $1.41 $1,943 $1.41 0.0%
All 1 Beds 839 60 31.9% 0 0.0% $1,379 $1.64 $1,379 $1.64 0.0%
All 2 Beds 1,129 102 54.3% 7 6.9% $1,571 $1.39 $1,571 $1.39 0.0%
All 3 Beds 1,343 26 13.8% 3 11.5% $1,933 $1.44 $1,933 $1.44 0.0%
Totals 1,066 188 100% 10 5.3% $1,560 $1.46 $1,560 $1.46 0.0%
SITE AMENITIES
24 Hour Access, Clubhouse, Fitness Center, Maintenance on site, Pool, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Heating, Kitchen, Oven, Tub/Shower
RECURRING EXPENSES
ONE TIME EXPENSES

Dog Fee $300 Cat Fee $300 Application Fee $75
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LLC - 1244985 Page 20
Rent Comparables
PET POLICY
Restrictions: Breed restrictions apply
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LLC - 1244985 Page 21
Rent Comparables
7 1524 Woodfield Creek Dr - Aston Apartments


Property Size: 288 Units, 3 Floors IRT - Aston
Avg. Unit Size: 1,048 SF (919) 761-5038
Year Built: Sep 2013
Rent Type: Market Purchased Sep 2015
Parking: 480 Spaces; 1.7 per Unit $692,900,000 - Portfolio Price
UNIT BREAKDOWN
1 1 744 12 4.2% 0 0.0% $1,370 $1.84 $1,359 $1.83 0.8%

1 1 764 2 0.7% 0 0.0% $1,410 $1.85 $1,399 $1.83 0.8%
1 1 833 44 15.3% 2 4.6% $1,380 $1.66 $1,369 $1.64 0.8%
1 1 860 6 2.1% 0 0.0% $1,385 $1.61 $1,374 $1.60 0.8%
1 1 929 66 22.9% 5 7.6% $1,355 $1.46 $1,345 $1.45 0.8%
1 1 949 8 2.8% 1 12.5% $1,370 $1.44 $1,359 $1.43 0.8%
2 2 1,093 44 15.3% 6 13.6% $1,545 $1.41 $1,533 $1.40 0.8%
2 2 1,110 2 0.7% 0 0.0% $1,765 $1.59 $1,751 $1.58 0.8%
2 2 1,186 48 16.7% 3 6.3% $1,605 $1.35 $1,593 $1.34 0.8%
2 2 1,203 28 9.7% 4 14.3% $1,575 $1.31 $1,563 $1.30 0.8%
3 2 1,550 2 0.7% 0 0.0% $2,393 $1.54 $2,374 $1.53 0.8%
3 2 1,584 2 0.7% 0 0.0% $2,446 $1.54 $2,427 $1.53 0.8%
3 3 1,391 24 8.3% 4 16.7% $1,970 $1.42 $1,955 $1.41 0.8%
All 1 Beds 878 138 47.9% 8 5.8% $1,367 $1.56 $1,357 $1.55 0.8%
All 2 Beds 1,155 122 42.4% 13 10.7% $1,579 $1.37 $1,567 $1.36 0.8%
All 3 Beds 1,416 28 9.7% 4 14.3% $2,034 $1.44 $2,018 $1.43 0.8%
Totals 1,048 288 100% 25 8.7% $1,522 $1.45 $1,510 $1.44 0.8%
SITE AMENITIES
Business Center, Clubhouse, Courtyard, Fitness Center, Laundry Facilities, Maintenance on site, Package Service, Property Manager on Site,
Recycling, Sundeck
UNIT AMENITIES
Air Conditioning, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Fireplace, Hardwood Floors, Heating, High Speed Internet Access, Kitchen,
Microwave, Refrigerator, Walk-In Closets, Washer/Dryer, Wheelchair Accessible (Rooms), Window Coverings
RECURRING EXPENSES
Dog Rent $25 Cat Rent $25 Free Cable, Internet
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LLC - 1244985 Page 22
Rent Comparables
ONE TIME EXPENSES

Dog Fee $375 Cat Fee $375 Other Fee $430
PET POLICY
Restrictions: Breed restrictions apply. Talk to your leasing team for details.
We are a pet-friendly community. Pet rent is per pet. Fee for a second pet is $175.
Cat Allowed One-Time Fee: $375-375, $25/Mo, 2 Maximum
Restrictions: Breed restrictions apply. Talk to your leasing team for details.
We are a pet-friendly community. Pet rent is per pet. Fee for a second pet is $175.
Other Allowed One-Time Fee: $430-430, 2 Maximum
Restrictions: Breed restrictions apply.
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LLC - 1244985 Page 23
Rent Comparables
8 11100 Beckstone Way - Maystone at Wakefield


Property Size: 360 Units, 3 Floors R.E. Carroll - Maystone at Wakefield
Avg. Unit Size: 1,086 SF (844) 474-0182
Rent Type: Market -
UNIT BREAKDOWN
1 1 802 90 25.0% 9 10.0% $1,330 $1.66 $1,320 $1.65 0.8%

2 2 1,065 90 25.0% 6 6.7% $1,495 $1.40 $1,483 $1.39 0.8%
2 2 1,096 60 16.7% 11 18.3% $1,515 $1.38 $1,503 $1.37 0.8%
2 2 1,311 30 8.3% 0 0.0% $1,510 $1.15 $1,498 $1.14 0.8%
3 2 1,311 90 25.0% 9 10.0% $1,870 $1.43 $1,856 $1.42 0.8%
All 1 Beds 802 90 25.0% 9 10.0% $1,330 $1.66 $1,320 $1.65 0.8%
All 2 Beds 1,116 180 50.0% 17 9.4% $1,504 $1.35 $1,493 $1.34 0.8%
All 3 Beds 1,311 90 25.0% 9 10.0% $1,870 $1.43 $1,856 $1.42 0.8%
Totals 1,086 360 100% 35 9.7% $1,552 $1.43 $1,540 $1.42 0.8%
SITE AMENITIES
Cabana, Car Charging Station, Clubhouse, Fitness Center, Gated, Green Community, Lounge, Maintenance on site, Media Center/Movie
Theatre, Online Services, Package Service, Pet Care, Pet Play Area, Pet Washing Station, Planned Social Activities, Playground, Pool, Smoke
Free, Spa, Trash Pickup - Door to Door
UNIT AMENITIES
Air Conditioning, Balcony, Cable Ready, Crown Molding, Dining Room, Dishwasher, Disposal, Granite Countertops, Heating, Island Kitchen,
Kitchen, Linen Closet, Microwave, Oven, Pantry, Patio, Refrigerator, Tile Floors, Tub/Shower, Walk-In Closets, Washer/Dryer Hookup, Wheelchair
Accessible (Rooms)
RECURRING EXPENSES
Free Dog Rent Free Cat Rent
ONE TIME EXPENSES

Dog Fee $0-250 Cat Fee $0-250 Admin Fee $175
Application Fee $75
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Rent Comparables
PET POLICY
Dog Allowed One-Time Fee: $250-0, 2 Maximum, 80 lb. Maximum
Restrictions: Up to two pets are allowed per apartment home with a combined weight limit of no more than 80 pounds. Additional pet fees and pet
rent may be assessed based on the FidoScore determined by PetScreening™. Please call our leasing office for Pet Policy Breed Restriction
Details
<a href="https://8791485-dakota.ws.realpage.com/Blog/Pet-Policy" target="_blank">Pet Policy <a
href="https://capi.myleasestar.com/v2/dimg/121014704/1464x2000/121014704.jpg" target="_blank">Pet Screening <a
href="https://capi.myleasestar.com/v2/dim...
Cat Allowed One-Time Fee: $250-0, 2 Maximum, 80 lb. Maximum
Restrictions: Up to two pets are allowed per apartment home with a combined weight limit of no more than 80 pounds. Additional pet fees and pet
rent may be assessed based on the FidoScore determined by PetScreening™. Please call our leasing office for Pet Policy Breed Restriction
Details
<a href="https://8791485-dakota.ws.realpage.com/Blog/Pet-Policy" target="_blank">Pet Policy <a
href="https://capi.myleasestar.com/v2/dimg/121014704/1464x2000/121014704.jpg" target="_blank">Pet Screening <a
href="https://capi.myleasestar.com/v2/dim...
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Rent Comparables
9 987 Durham Rd - Crenshaw Trace


Property Size: 68 Units, 4 Floors Excel - Crensha Trace
Avg. Unit Size: 813 SF (919) 263-1591
Year Built: Nov 2021
Type: Apartments - Senior OWNER
Rent Type: Affordable -
Parking: -
UNIT BREAKDOWN
1 1 736 36 52.9% 0 0.0% $885 $1.20 $879 $1.19 0.6%

2 1 900 32 47.1% 0 0.0% $1,006 $1.12 $1,000 $1.11 0.6%
All 1 Beds 736 36 52.9% 0 0.0% $885 $1.20 $879 $1.19 0.6%
All 2 Beds 900 32 47.1% 0 0.0% $1,006 $1.12 $1,000 $1.11 0.6%
Totals 813 68 100% 0 0.0% $942 $1.16 $936 $1.15 0.6%
SITE AMENITIES
24 Hour Access, Business Center, Controlled Access, Elevator, Fitness Center, Gameroom, Laundry Facilities, Maintenance on site, Property
Manager on Site, Smoke Free
UNIT AMENITIES
Air Conditioning, Carpet, Ceiling Fans, Dishwasher, Heating, Microwave, Refrigerator
RECURRING EXPENSES
Free Water, Trash Removal, Sewer
PET POLICY
No Pets Allowed
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Rent Comparables
10 2701 Wakefield Pines Dr - Wakefield Spring


Property Size: 80 Units, 1 Floors Evergreen - Wakefield Spring
Avg. Unit Size: 780 SF (919) 554-6111
Year Built: Dec 2016
UNIT BREAKDOWN
1 1 660 40 50.0% 0 0.0% $379 $0.57 $378 $0.57 0.3%

2 1 900 40 50.0% 0 0.0% $460 $0.51 $458 $0.51 0.3%
All 1 Beds 660 40 50.0% 0 0.0% $379 $0.57 $378 $0.57 0.3%
All 2 Beds 900 40 50.0% 0 0.0% $460 $0.51 $458 $0.51 0.3%
Totals 780 80 100% 0 0.0% $419 $0.54 $418 $0.54 0.3%
SITE AMENITIES
Business Center, Fitness Center, Laundry Facilities, Lounge, Multi Use Room, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Dishwasher, Range, Refrigerator, Storage Space
RECURRING EXPENSES
ONE TIME EXPENSES

Dog Deposit $150 Cat Deposit $150 Dog Fee $150-0
Cat Fee $150-0 Application Fee $25
PET POLICY
Dog Allowed One-Time Fee: $150--, $150 Deposit, 1 Maximum, 25 lb. Maximum
Cat Allowed One-Time Fee: $150--, $150 Deposit, 1 Maximum, 25 lb. Maximum
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Rent Comparables
11 1887 Franklin St - Huntington Spring


Property Size: 84 Units, 3 Floors Evergreen - Huntington Spring
Avg. Unit Size: 796 SF (919) 556-2566
UNIT BREAKDOWN
1 1 676 42 50.0% 0 0.0% $381 $0.56 $379 $0.56 0.5%

2 1 915 42 50.0% 0 0.0% $457 $0.50 $455 $0.50 0.5%
All 1 Beds 676 42 50.0% 0 0.0% $381 $0.56 $379 $0.56 0.5%
All 2 Beds 915 42 50.0% 0 0.0% $457 $0.50 $455 $0.50 0.5%
Totals 796 84 100% 0 0.0% $419 $0.53 $417 $0.52 0.5%
SITE AMENITIES
Fitness Center, Laundry Facilities, Lounge, Multi Use Room
UNIT AMENITIES
Cable Ready, Carpet, Dishwasher, Range, Refrigerator, Storage Space, Washer/Dryer Hookup
RECURRING EXPENSES
ONE TIME EXPENSES

Dog Deposit $150 Cat Deposit $150 Dog Fee $150
Cat Fee $150 Application Fee $25
PET POLICY
Dog Allowed One-Time Fee: $150-150, $150 Deposit, 1 Maximum, 25 lb. Maximum
Cat Allowed One-Time Fee: $150-150, $150 Deposit, 1 Maximum, 25 lb. Maximum
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Rent Comparables
12 2611 Moonbow Trl - Hawthorne at the Forest


Property Size: 248 Units, 3 Floors Hawthorne - Hawthorne at the Forest
Avg. Unit Size: 782 SF (800) 746-3175
Year Built: -
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
1 1 782 110 44.4% - - - - - - -

2 2 - 110 44.4% - - - - - - -
3 2 - 28 11.3% - - - - - - -
All 1 Beds 782 110 44.4% - - - - - - -

All 2 Beds - 110 44.4% - - - - - - -
All 3 Beds - 28 11.3% - - - - - - -
Totals 782 248 100% - - - - - - -
Estimate Updated August 13, 2022
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LLC - 1244985 Page 29
Rent Comparables
13 601 Gilcrest Farm Rd


Property Size: 136 Units -
Avg. Unit Size: - -
Year Built: -
Rent Type: - -
Parking: -
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Rent Comparables
14 Roger Branch Rd & Roger Rd - Meridian at Rogers Branch


Property Size: 264 Units, 4 Floors -
Avg. Unit Size: - -
Year Built: -
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
1 1 - 264 100% - - - - - - -
All 1 Beds - 264 100% - - - - - - -

Totals - 264 100% - - - - - - -
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LLC - 1244985 Page 31
Rent Comparables
15 Holden Rd
Youngsville, North Carolina - Franklin County Neighborhood

Property Size: 120 Units -
Avg. Unit Size: 1,385 SF -
Year Built: -
Rent Type: Market -
Parking: -
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LLC - 1244985 Page 32
Rent Comparables
16 601 Gilcrest Farm Rd - Hawthorne at Traditions


Property Size: 272 Units, 4 Floors Hawthorne - Hawthorne at Traditions
Avg. Unit Size: - (336) 275-9511
Year Built: -
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
Studio 1 - 98 36.0% - - - - - - -
1 1 - 87 32.0% - - - - - - -
2 1 - 87 32.0% - - - - - - -
All Studios - 98 36.0% - - - - - - -

All 1 Beds - 87 32.0% - - - - - - -
All 2 Beds - 87 32.0% - - - - - - -
Totals - 272 100% - - - - - - -
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LLC - 1244985 Page 33
Rent Comparables
17 1000 Lakeside Terrace Ct - The Pace at Holding Village


Property Size: 320 Units, 2 Floors Greystar - The Pace at Holding Village
Avg. Unit Size: - (919) 674-0989
Year Built: -
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
1 1 - 110 34.4% - - - - - - -
2 2 - 107 33.4% - - - - - - -
3 3 - 103 32.2% - - - - - - -
All 1 Beds - 110 34.4% - - - - - - -

All 2 Beds - 107 33.4% - - - - - - -
All 3 Beds - 103 32.2% - - - - - - -
Totals - 320 100% - - - - - - -
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LLC - 1244985 Page 34
Rent Comparables
18 1700 Averette Rd - Averette Subdivision


Avg. Unit Size: - -
Year Built: -
Rent Type: Market -
Parking: -
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LLC - 1244985 Page 35
Rent Comparables
19 11051 Dr Calvin Jones Hwy - The Grove Nintey - Eight


Avg. Unit Size: 981 SF -
Year Built: -
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
1 1 650 93 34.1% - - - - - - -
2 2 1,000 89 32.6% - - - - - - -
3 2 1,300 91 33.3% - - - - - - -
All 1 Beds 650 93 34.1% - - - - - - -

All 2 Beds 1,000 89 32.6% - - - - - - -
All 3 Beds 1,300 91 33.3% - - - - - - -
Totals 981 273 100% - - - - - - -
SITE AMENITIES
Clubhouse, Fitness Center, Playground
UNIT AMENITIES
Kitchen, Microwave, Oven, Range, Refrigerator, Tub/Shower, Views, Washer/Dryer
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LLC - 1244985 Page 36
Rent Comparables by Bedroom
Studio Comps One Bed Comps Two Bed Comps Three Bed Comps
$1,200 $1,314 $1,619 $2,156

Subject Subject Subject Subject
- $1,837 $1,774 $2,145
Current Conditions in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom
Total Number of Units 108 1,588 1,572 508

Vacancy Rate - 5.7% 6.3% 7.4%
Asking Rent Per Unit $1,200 $1,314 $1,619 $2,156
Asking Rent Per SF $2.14 $1.66 $1.44 $1.51
Effective Rents Per Unit $1,200 $1,303 $1,603 $2,149
Effective Rents Per SF $2.14 $1.64 $1.43 $1.51
Concessions 0.0% 0.9% 1.0% 0.3%
Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom
Year-Over-Year Effective Rent Growth - 5.1% 3.0% 5.3%

Year-Over-Year Vacancy Rate Change - 2.4% 2.9% 3.3%
12 Month Absorption in Units 0 79 105 17
EXISTING UNITS VACANT UNITS
ASKING RENT PER UNIT PER MONTH 12 MONTH ABSORPTION IN UNITS
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LLC - 1244985 Page 37
One Bedroom Rent Comparables
Change in Rent
Property Name/Address Rating One Bedroom Rent Per Unit Rent/SF Quarter Year
Legacy Wake Forest $1,837

$1.83 2.8% 22.1%
1421 Legacy Falls Dr $1,775 $1,980
Legacy Heritage Apartments $1,742

$2.13 0.7% 3.7%
700 Legacy Heritage Ln $1,710 $1,935
Capital Creek at Heritage $1,582

$1.89 5.2% 7.3%
1910 Capital Creek Dr $1,475 $1,795
The Pointe at Heritage $1,381

$1.61 0.7% 17.8%
1747 Alexander Springs Ln $1,340 $1,499
Palisades at Wake Forest $1,379

$1.64 4.6% 19.9%
457 Stone Monument Dr $1,351 $1,451
Aston Apartments $1,367

$1.56 -6.1% -0.8%
1524 Woodfield Creek Dr $1,355 $1,410
Legacy at Wakefield $1,355

$1.85 -3.7% 0.7%
14411 Calloway Gap Rd $1,305 $1,488
Maystone at Wakefield $1,330

$1.66 6.4% -2.9%
11100 Beckstone Way
Encore at Heritage $1,300

$1.83 0.4% -
1891 S Franklin St
Crenshaw Trace $885

$1.20 0.7% 126.3%
987 Durham Rd
Huntington Spring $381

$0.56 0.7% 3.7%
1887 Franklin St
Wakefield Spring $379

$0.57 0.7% 3.7%
$0 $750 $1,500 $2,250 $3,000
9/28/2022
LLC - 1244985 Page 38
Two Bedroom Rent Comparables
Change in Rent
Property Name/Address Rating Two Bedroom Rent Per Unit Rent/SF Quarter Year

$1.77 3.3% 6.4%

$1.49 -0.9% 6.5%

$1.33 -1.4% 0.7%
1421 Legacy Falls Dr $1,735 $1,880

$1.67 0.4% -
1891 S Franklin St

$1.56 0.8% -0.5%

$1.37 -5.6% 8.0%

$1.43 -4.9% -3.3%
14411 Calloway Gap Rd $1,473 $1,786

$1.39 3.1% 19.1%

$1.35 5.4% -5.7%
11100 Beckstone Way $1,495 $1,515
Crenshaw Trace $1,006

$1.12 0.7% 125.9%
987 Durham Rd
Wakefield Spring $460

$0.51 0.8% 3.7%
Huntington Spring $457

$0.50 0.8% 3.7%
1887 Franklin St
$0 $875 $1,750 $2,625 $3,500
9/28/2022
LLC - 1244985 Page 39
Three Bedroom Rent Comparables
Change in Rent
Property Name/Address Rating Three Bedroom Rent Per Unit Rent/SF Quarter Year

$1.81 1.9% 4.9%

$1.58 0.4% -
1891 S Franklin St

$1.48 -9.0% -0.2%

$1.41 -10.8% 2.9%

$1.48 2.2% 19.6%
14411 Calloway Gap Rd $2,014 $2,056

$1.44 -8.8% 2.9%

$1.37 0.7% -4.1%

$1.44 2.0% 17.6%

$1.43 10.0% 4.2%
11100 Beckstone Way
$1,500 $2,125 $2,750 $3,375 $4,000
9/28/2022
LLC - 1244985 Page 40
Changes in Rent Comparables
VACANCY CHANGES PAST QUARTER & YEAR

Vacancy Levels Change
Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year
Encore at Heritage - 1891 S Franklin St 182 - - - - -
Legacy Heritage Apartments - 700 Legacy Herita… 306 - - - - -
Palisades at Wake Forest - 457 Stone Monument… 190 20.6% 25.8% - -5.1% -
The Pointe at Heritage - 1747 Alexander Springs Ln 260 3.5% 4.2% 3.7% -0.7% -0.2%
Capital Creek at Heritage - 1910 Capital Creek Dr 214 5.2% 5.3% 4.0% -0.1% 1.2%
Wakefield Spring - 2701 Wakefield Pines Dr 80 0% 0% 0% 0% 0%
Huntington Spring - 1887 Franklin St 84 3.7% 3.7% 3.3% 0% 0.4%
Crenshaw Trace - 987 Durham Rd 68 0.2% 0.1% - 0% -
Legacy Wake Forest - 1421 Legacy Falls Dr 298 4.5% 4.4% 3.2% 0.1% 1.3%
Legacy at Wakefield - 14411 Calloway Gap Rd 369 3.0% 2.7% 1.4% 0.3% 1.6%
Maystone at Wakefield - 11100 Beckstone Way 360 7.0% 4.5% 5.0% 2.5% 2.0%
Aston Apartments - 1524 Woodfield Creek Dr 288 7.0% 3.5% 4.5% 3.5% 2.5%
ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO

Rents Levels Change
Encore at Heritage - 1891 S Franklin St 10 $1,200 $1,195 - 0.4% -
9/28/2022
LLC - 1244985 Page 41
ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM

Rents Levels Change
Aston Apartments - 1524 Woodfield Creek Dr 138 $1,367 $1,456 $1,378 -6.1% -0.8%
Legacy at Wakefield - 14411 Calloway Gap Rd 157 $1,355 $1,407 $1,347 -3.7% 0.6%
The Pointe at Heritage - 1747 Alexander Springs Ln 94 $1,381 $1,371 $1,172 0.7% 17.8%
Legacy Heritage Apartments - 700 Legacy Herita… 98 $1,742 $1,730 $1,680 0.7% 3.7%
Crenshaw Trace - 987 Durham Rd 36 $885 $878 $391 0.7% 126.3%
Huntington Spring - 1887 Franklin St 42 $381 $378 $367 0.7% 3.7%
Wakefield Spring - 2701 Wakefield Pines Dr 40 $379 $377 $366 0.7% 3.7%
Legacy Wake Forest - 1421 Legacy Falls Dr 94 $1,837 $1,786 $1,505 2.8% 22.1%
Palisades at Wake Forest - 457 Stone Monument… 62 $1,381 $1,321 $1,153 4.6% 19.8%
Capital Creek at Heritage - 1910 Capital Creek Dr 97 $1,582 $1,504 $1,475 5.2% 7.3%
Maystone at Wakefield - 11100 Beckstone Way 90 $1,330 $1,250 $1,370 6.4% -2.9%
ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM

Rents Levels Change
Aston Apartments - 1524 Woodfield Creek Dr 122 $1,579 $1,672 $1,462 -5.6% 8.0%
Legacy at Wakefield - 14411 Calloway Gap Rd 180 $1,578 $1,659 $1,631 -4.9% -3.3%
Legacy Wake Forest - 1421 Legacy Falls Dr 144 $1,774 $1,800 $1,762 -1.4% 0.7%
Capital Creek at Heritage - 1910 Capital Creek Dr 87 $1,874 $1,891 $1,760 -0.9% 6.5%
Huntington Spring - 1887 Franklin St 42 $457 $454 $441 0.7% 3.7%
Crenshaw Trace - 987 Durham Rd 32 $1,006 $998 $445 0.7% 125.9%
Wakefield Spring - 2701 Wakefield Pines Dr 40 $460 $456 $443 0.7% 3.7%
The Pointe at Heritage - 1747 Alexander Springs Ln 142 $1,643 $1,630 $1,650 0.8% -0.5%
Maystone at Wakefield - 11100 Beckstone Way 180 $1,504 $1,427 $1,595 5.4% -5.7%
9/28/2022
LLC - 1244985 Page 42
ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM

Rents Levels Change
Legacy Wake Forest - 1421 Legacy Falls Dr 60 $2,145 $2,405 $2,085 -10.8% 2.9%
Capital Creek at Heritage - 1910 Capital Creek Dr 30 $2,211 $2,429 $2,215 -9.0% -0.2%
Aston Apartments - 1524 Woodfield Creek Dr 28 $2,034 $2,231 $1,977 -8.8% 2.9%
The Pointe at Heritage - 1747 Alexander Springs Ln 24 $1,959 $1,945 $2,042 0.7% -4.1%
Legacy at Wakefield - 14411 Calloway Gap Rd 32 $2,043 $2,000 $1,708 2.2% 19.6%
Maystone at Wakefield - 11100 Beckstone Way 90 $1,870 $1,700 $1,795 10.0% 4.2%
9/28/2022
LLC - 1244985 Page 43
Rent Trends
Northern Outlying 2-4

PROPERTY ATTRIBUTES Legacy Wake Forest Rent Comps Raleigh 2-4 Star
Star
Existing Units 298 1,911 5,705 143,427
Building Rating 3.7 2.9 2.7
Under Construction as % of Inventory - 97.6% 32.7% 9.4%

UNIT MIX Legacy Wake Forest Rent Comps Raleigh 2-4 Star
Star
1 Bedroom - 1 Bath 32% 39% 30% 34%
2 Bedroom - 2 Bath 48% 43% 36% 29%
3 Bedroom - 2 Bath 20% 11% 12% 7%

ASKING RENTS PER SF Legacy Wake Forest Rent Comps Raleigh 2-4 Star
Star
1 Bedroom - 1 Bath $1.83 $1.66 $1.69 $1.84
2 Bedroom - 2 Bath $1.33 $1.50 $1.53 $1.55
3 Bedroom - 2 Bath $1.41 $1.49 $1.33 $1.38
Concessions 0.6% 0.8% 0.8% 0.7%

AVERAGE EFFECTIVE RENT GROWTH Legacy Wake Forest Rent Comps Raleigh 2-4 Star
Star
Current Quarter -2.6% -0.4% -3.2% -1.8%
1 Year Rent Growth 6.9% 5.0% 3.8% 6.3%
3 Year Rent Growth 31.4% 41.7% 32.9% 29.8%
5 Year Rent Growth 38.2% 55.5% 43.3% 40.7%
All-Time Average 6.4% 3.7% 2.6% 2.4%

VACANCY RATE Legacy Wake Forest Rent Comps Raleigh 2-4 Star
Star
Current Quarter 4.4% 6.2% 5.7% 6.7%
Last Quarter 4.4% 5.8% 5.4% 6.3%
1 Year Ago 3.4% 3.4% 3.4% 4.6%
3 Years Ago 10.7% 7.9% 6.6% 7.2%
5 Years Ago 94.3% 10.4% 14.7% 8.4%
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Rent Trends
ONE BEDROOM ASKING RENT PER SQUARE FOOT
TWO BEDROOM ASKING RENT PER SQUARE FOOT
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Rent Trends
THREE BEDROOM ASKING RENT PER SQUARE FOOT
OVERALL ASKING RENT PER SQUARE FOOT
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Rent Trends
OVERALL EFFECTIVE RENT PER SQUARE FOOT
ANNUAL EFFECTIVE RENT GROWTH
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Rent Trends
CONCESSIONS
VACANCY RATES
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Rent Trends
OCCUPANCY RATES
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Rent Trends
RENT COMPARABLES HISTORICAL DATA BY YEAR
Rental Rates Per SF Vacancy
Year Units Asking Effective Growth Concessions Units Percent Change Absorption
2022 1,913 $1.52 $1.51 5.1% 0.8% 119 6.2% 0.1% (8)
2021 1,723 $1.44 $1.43 26.0% 0.2% 105 6.1% 1.1% 20
2020 1,655 $1.14 $1.14 8.3% 0.2% 83 5.0% -2.8% (17)
2019 1,655 $1.05 $1.05 3.6% 0.4% 129 7.8% -1.8% 1
2018 1,655 $1.02 $1.01 5.5% 1.0% 159 9.6% -3.0% (29)
2017 1,655 $0.99 $0.96 4.4% 2.9% 207 12.5% -9.7% (35)
2016 1,655 $0.95 $0.92 -1.8% 3.5% 368 22.3% 19.0% 108
2015 917 $0.96 $0.94 2.4% 2.4% 30 3.3% -11.9% 2
2014 917 $0.93 $0.92 1.7% 1.9% 139 15.2% -19.9% 25
2013 657 $0.92 $0.90 -12.1% 2.2% 231 35.1% 23.6% (28)
RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS
Rental Rates Per SF Vacancy
Quarter Units Asking Effective Growth Concessions Units Percent Change Absorption
2022 Q3 1,913 $1.52 $1.51 -0.4% 0.8% 119 6.2% 0.4% (8)
2022 Q2 1,913 $1.51 $1.51 4.1% 0.0% 111 5.8% -1.1% 21
2022 Q1 1,913 $1.45 $1.45 1.3% 0.2% 131 6.9% 0.8% 163
2021 Q4 1,723 $1.44 $1.43 0.0% 0.2% 105 6.1% 2.7% 20
2021 Q3 1,655 $1.43 $1.43 13.6% 0.0% 57 3.4% -0.4% 6
2021 Q2 1,655 $1.26 $1.26 11.5% 0.2% 63 3.8% -1.1% 19
2021 Q1 1,655 $1.13 $1.13 -0.5% 0.0% 81 4.9% -0.1% 2
2020 Q4 1,655 $1.14 $1.14 2.9% 0.2% 83 5.0% 1.0% (17)
2020 Q3 1,655 $1.11 $1.11 2.9% 0.4% 66 4.0% -1.9% 31
2020 Q2 1,655 $1.08 $1.07 2.0% 0.6% 97 5.9% -1.6% 26
2020 Q1 1,655 $1.06 $1.05 0.3% 0.8% 124 7.5% -0.3% 6
2019 Q4 1,655 $1.05 $1.05 -1.2% 0.4% 129 7.8% -0.1% 1
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Construction Survey

Legacy Wake Forest
PREPARED BY
Meilyn Cabrera
Overall Construction Summary
All-Time Annual Average Delivered Past 8 Quarters Deliveries Next 8 Quarters Proposed Next 8 Quarters
148 269 1,023 0

MAP OF 24 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED
PAST AND FUTURE DELIVERIES
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Under Construction Properties
Properties Units Percent of Inventory Avg. No. Units
4 1,023 18.3% 255

UNDER CONSTRUCTION PROPERTIES
UNDER CONSTRUCTION SUMMARY STATISTICS
Low Average Median High
Property Size in Units 182 255 260 320
Number of Stories 2 3 3 4
Average Unit Size SF 782 879 875 981
Star Rating 3.5
Estimated Delivery Date Oct 2022 Jan 2023 Dec 2022 Aug 2023
Months to Delivery 1 4 3 11
Construction Period in Months 13 18 13 35
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COMPLETIONS WITHIN NEXT 3 MONTHS
Property Name/Address Rating Units Stories Start Complete Developer/Owner
The Pace at Holding Villa… -

1 320 2 Sep 2021 Oct 2022
1000 Lakeside Terrace Ct Woodfield Investment Company,…
Hawthorne at the Forest Cady Construction Company, Inc.
2 248 3 Jan 2020 Dec 2022
2611 Moonbow Trl Cady Construction Company, Inc.
Encore at Heritage Graycliff Capital Partners
3 182 4 Nov 2021 Dec 2022
1891 S Franklin St Graycliff Capital
COMPLETIONS MORE THAN 6 MONTHS AWAY
The Grove Nintey - Eight Fortune Johnson Construction

4 273 4 Jul 2022 Aug 2023
11051 Dr Calvin Jones Hwy -
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1 1000 Lakeside Terrace Ct - The Pace at Holding Village

PROPERTY CONSTRUCTION INFO

Property Size: 320 Units Start Date: Sep 2021
Stories: 2 Completion Date: Oct 2022
Average Unit Size: - Build Time: 13 Months
Rent Type: Market Time to Delivery: 1 Month
OWNER
Woodfield Investment Company, LLC
2 2611 Moonbow Trl - Hawthorne at the Forest


Property Size: 248 Units Start Date: Jan 2020
Stories: 3 Completion Date: Dec 2022
Average Unit Size: 782 SF Build Time: 35 Months
Rent Type: Market Time to Delivery: 3 Months
DEVELOPER OWNER
Cady Construction Company, Inc. Cady Construction Company, Inc.
3 1891 S Franklin St - Encore at Heritage


Property Size: 182 Units Start Date: Nov 2021
Stories: 4 Completion Date: Dec 2022
DEVELOPER OWNER
Graycliff Capital Partners Graycliff Capital
SITE AMENITIES
Clubhouse, Elevator, Fitness Center, Grill, Pet Play Area, Pet Washing Station, Pool
UNIT AMENITIES
Balcony, Granite Countertops, Hardwood Floors, Kitchen, Walk-In Closets, Washer/Dryer
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4 11051 Dr Calvin Jones Hwy - The Grove Nintey - Eight


Property Size: 273 Units Start Date: Jul 2022
Stories: 4 Completion Date: Aug 2023
DEVELOPER
Fortune Johnson Construction
SITE AMENITIES
Clubhouse, Fitness Center, Playground
UNIT AMENITIES
Kitchen, Microwave, Oven, Range, Refrigerator, Tub/Shower, Views, Washer/Dryer
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Deliveries Past 12 Months Summary
Properties Units Vacancy Rate Avg. Asking Rent/Unit
2 258 15.1% $1,396

DELIVERIES IN PAST 12 MONTHS
DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS

Unit Mix Low Average Median High
Studio Units - - - -
One Bedroom Units 36 49 49 62
Two Bedroom Units 32 67 67 102
Three Bedroom Units 26 26 26 26
Number of Stories 4 4 4 4
Average Unit Size SF 813 938 938 1,063
Rating 3.0
Leasing Performance Low Average Median High
Vacancy Rate 0% 15.1% 10.3% 20.5%
Asking Rent Per Unit $942 $1,396 $1,250 $1,559
Effective Rent Per Unit $936 $1,395 $1,247 $1,559
Asking Rent Per SF $1.16 $1.40 $1.31 $1.47
Effective Rent Per SF $1.15 $1.40 $1.31 $1.47
Concessions 0% 0.3% 0.3% 0.6%
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Deliveries Past 12 Months Summary
1 Crenshaw Trace -
68 4 Nov 19 Nov 21
987 Durham Rd Taft Family Ventures
2 Palisades at Wake Forest -

188 4 Jan 19 Feb 22
457 Stone Monument Dr Southwood Realty Company
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Deliveries Past 12 Months
1 987 Durham Rd - Crenshaw Trace


Property Size: 68 Units, 4 Floors Excel - Crensha Trace
Avg. Unit Size: 813 SF (919) 263-1591
Year Built: Nov 2021
Parking: -
UNIT BREAKDOWN
1 1 736 36 52.9% 0 0.0% $885 $1.20 $879 $1.19 0.6%

2 1 900 32 47.1% 0 0.0% $1,006 $1.12 $1,000 $1.11 0.6%
All 1 Beds 736 36 52.9% 0 0.0% $885 $1.20 $879 $1.19 0.6%
All 2 Beds 900 32 47.1% 0 0.0% $1,006 $1.12 $1,000 $1.11 0.6%
Totals 813 68 100% 0 0.0% $942 $1.16 $936 $1.15 0.6%
SITE AMENITIES
24 Hour Access, Business Center, Controlled Access, Elevator, Fitness Center, Gameroom, Laundry Facilities, Maintenance on site, Property
Manager on Site, Smoke Free
UNIT AMENITIES
Air Conditioning, Carpet, Ceiling Fans, Dishwasher, Heating, Microwave, Refrigerator
RECURRING EXPENSES
PET POLICY
No Pets Allowed
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2 457 Stone Monument Dr - Palisades at Wake Forest


Property Size: 188 Units, 4 Floors Southwood - Palisades at Wake Forest
Avg. Unit Size: 1,063 SF (919) 443-6317
Year Built: Feb 2022
Rent Type: Market -
Parking: -
UNIT BREAKDOWN
1 1 781 24 12.8% 0 0.0% $1,351 $1.73 $1,351 $1.73 0.0%

1 1 841 24 12.8% 0 0.0% $1,371 $1.63 $1,371 $1.63 0.0%
1 1 949 12 6.4% 0 0.0% $1,451 $1.53 $1,451 $1.53 0.0%
2 2 1,102 64 34.0% 5 7.8% $1,542 $1.40 $1,542 $1.40 0.0%
2 2 1,130 20 10.6% 2 10.0% $1,612 $1.43 $1,612 $1.43 0.0%
2 2 1,224 18 9.6% 0 0.0% $1,632 $1.33 $1,632 $1.33 0.0%
3 2 1,303 13 6.9% 3 23.1% $1,923 $1.48 $1,923 $1.48 0.0%
3 2 1,383 13 6.9% 0 0.0% $1,943 $1.41 $1,943 $1.41 0.0%
All 1 Beds 839 60 31.9% 0 0.0% $1,379 $1.64 $1,379 $1.64 0.0%
All 2 Beds 1,129 102 54.3% 7 6.9% $1,571 $1.39 $1,571 $1.39 0.0%
All 3 Beds 1,343 26 13.8% 3 11.5% $1,933 $1.44 $1,933 $1.44 0.0%
Totals 1,066 188 100% 10 5.3% $1,560 $1.46 $1,560 $1.46 0.0%
SITE AMENITIES
24 Hour Access, Clubhouse, Fitness Center, Maintenance on site, Pool, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Heating, Kitchen, Oven, Tub/Shower
RECURRING EXPENSES
ONE TIME EXPENSES

Dog Fee $300 Cat Fee $300 Application Fee $75
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PET POLICY
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Construction Summary
UNITS UNDER CONSTRUCTION
PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION
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CONSTRUCTION DELIVERIES IN UNITS
CONSTRUCTION STARTS IN UNITS
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PERCENT OCCUPIED AT DELIVERY
UNITS OCCUPIED IN DELIVERIES OVER TIME
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NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT
ABSORPTION IN UNITS
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ASKING RENTAL RATES PER UNIT
CONCESSIONS IN DELIVERIES PER YEAR
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Sale Comparables

Legacy Wake Forest
PREPARED BY
Meilyn Cabrera
Sale Comparables Summary
Legacy Wake Forest - 1421 Legacy Falls Dr
Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale
18 $232 $68.9 5.1%

SALE COMPARABLES LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $25,783,000 $68,931,417 $56,550,000 $165,051,500
Price Per Unit $135,678 $232,179 $215,000 $358,029
Cap Rate 3.2% 4.1% 4.0% 4.9%
Vacancy Rate at Sale 1.1% 5.1% 4.3% 10.4%
Time Since Sale in Months 3.9 11.6 9.1 23.1

Average Unit SF 724 945 969 1,119
Year Built 1972 1993 1986 2020
Star Rating 3.3
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Sale Comparables Summary
Legacy Wake Forest - 1421 Legacy Falls Dr
Property Information Sale Information
Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF
Legacy at Six Forks

1 - 1982 364 10.4% 6/1/2022 $110,000,000 $302,197 $275
6317 Shanda Dr
Arbors at North Hills
2 - 1978 199 4.8% 5/31/2022 $41,790,000 $210,000 $218
5825 Pointer Dr
Vert at Six Forks
3 - 1986 174 4.0% 5/25/2022 $39,000,000 $224,137 $145
7816 Six Forks Rd
Luxury Apartments at Foxwood
4 - 2018 461 3.2% 5/5/2022 $165,051,500 $358,029 $553
6701 Fox Rd
Summermill at Falls River Apa…
5 - 2001 320 10.0% 4/27/2022 $106,000,000 $331,250 $302
10311 Falls Mill Dr
North Oaks Landing
6 - 1972 200 2.5% 2/18/2022 $44,000,000 $220,000 $216
2038 Quail Forest Dr
Midtown Crossing Apartments
7 - 1981 228 5.3% 2/15/2022 $54,600,000 $239,473 $285
317 Lynn Rd
Averelle North Hills
8 - 1986 228 7.0% 1/1/2022 $45,968,000 $201,614 $278
120 Ridgewood Dr
Aria North Hills
9 - 1979 392 6.9% 1/1/2022 $79,032,000 $201,612 $225
6820 Woodbend Dr
4 - 2018 460 3.2% 12/15/2021 $126,001,000 $273,915 $422
6701 Fox Rd
Six Forks Station
10 - 1985 321 4.4% 9/10/2021 $74,760,000 $232,897 $183
8501 New Brunswick Ln
Level at 401
11 - 2014 300 5.0% 7/20/2021 $58,500,000 $195,000 $194
5721 Goodstone Dr
The Piedmont Raleigh
12 - 2020 382 4.2% 7/8/2021 $93,100,000 $243,717 $286
7621 Triangle Promenade Dr
The Domain Apartments
13 - 1983 356 3.1% 4/15/2021 $48,700,000 $136,797 $133
4722 Dansey Dr
Arbors at North Hills
2 - 1978 199 4.8% 2/25/2021 $27,000,000 $135,678 $141
5825 Pointer Dr
The Pointe at Heritage
14 - 2014 260 5.8% 1/22/2021 $38,980,000 $149,923 $154
River Birch at Town Center
15 - 1997 176 1.1% 10/27/2020 $25,783,000 $146,494 $153
2611 Torquay Xing
The Columns at Wakefield
16 - 2002 324 3.1% 10/26/2020 $62,500,000 $192,901 $184
14114 Chriswick House Ln
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Sale Comparables
1 Legacy at Six Forks - 6317 Shanda Dr

Raleigh, NC 27609 - North Raleigh Neighborhood
SALE PROPERTY
Sale Date: 6/1/2022 Property Size: 472 Units, 2 Floors
Sale Price: $110,000,000 Average Unit Size: 907 SF
Price Per Unit: $302,198 Year Built: 1982
Price Per SF: $275 Vacancy At Sale: 10.4%
Cap Rate: - Parking Spaces: 932 Spaces; 2.0 per Unit
CONTACTS
Buyer: GVA Property Management
Seller: Cedar Grove Capital
Listing Broker: Newmark - Alex Okulski, Brenna Campbell, Dean Smith, Jason K…
FINANCING
$365,000,000 from *Other Institutional Lender
UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
1 1 640 92 19.5% 10 10.9% $1,330 $2.08 $1,317 $2.06 1.0%

1 1 708 32 6.8% 3 9.4% $1,369 $1.93 $1,355 $1.91 1.0%
1 1 810 58 12.3% 6 10.3% $1,453 $1.79 $1,439 $1.78 1.0%
1 1 811 48 10.2% 5 10.4% $1,432 $1.77 $1,417 $1.75 1.0%
2 2 987 66 14.0% 7 10.6% $1,509 $1.53 $1,494 $1.51 1.0%
2 2 1,075 120 25.4% 12 10.0% $1,583 $1.47 $1,567 $1.46 1.0%
3 2 1,175 1 0.2% 0 0.0% $1,642 $1.40 $1,625 $1.38 1.0%
3 2 1,195 55 11.7% 6 10.9% $1,691 $1.41 $1,674 $1.40 1.0%
Totals 908 472 100% 49 10.4% $1,490 $1.64 $1,475 $1.63 1.0%
SITE AMENITIES
Clubhouse, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Package Service, Picnic Area, Playground, Property Manager on Site,
Storage Space, Tennis Court
UNIT AMENITIES
Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Fireplace, Heating, Patio, Refrigerator, Views, Walk-In Closets,
Washer/Dryer, Washer/Dryer Hookup, Wheelchair Accessible (Rooms), Window Coverings
TRANSACTION NOTES
New York-based Cedar Grove Capital an affiliate of Covenant Property Services sold a 20 multifamily property portfolio to Texas-based GVA
Property Management for $457,500,000 or averaged $132,302 per unit.
The portfolio included properties located in North Carolina(16), South Carolina(3), and Oklahoma(1).
The buyer, GVA secured $365,000,000 in financing for the acquisition.
Information for this comparable collected from sources deemed reliable.
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Sale Comparables
2 Arbors at North Hills - 5825 Pointer Dr

Raleigh, NC 27609 - North Hills Neighborhood
SALE PROPERTY
Cap Rate: 4.0% Parking Spaces: 346 Spaces; 1.7 per Unit
CONTACTS
Buyer: Brazos Residential, Equity Resource Investments, LLC
Seller: Archway Holdings Corp.
Buyer Broker: Deaton Investment Real Estate - Michael Deaton
FINANCING
$34,170,000 from Arbor Realty SR Inc
$23,800,000 from Private Lender
UNIT MIX AT SALE

1 1 688 80 20.1% 4 5.0% $927 $1.35 $925 $1.34 0.3%

1 1.5 734 76 19.1% 4 5.3% $824 $1.12 $822 $1.12 0.3%
2 1.5 1,072 16 4.0% 1 6.3% $1,190 $1.11 $1,187 $1.11 0.2%
2 1.5 1,083 12 3.0% 1 8.3% $1,092 $1.01 $1,089 $1.01 0.3%
2 2 984 130 32.7% 6 4.6% $1,225 $1.24 $1,222 $1.24 0.3%
2 2 1,002 46 11.6% 2 4.4% $970 $0.97 $968 $0.97 0.2%
3 2.5 1,320 38 9.5% 2 5.3% $1,230 $0.93 $1,223 $0.93 0.6%
Totals 917 398 100% 19 4.8% $1,054 $1.15 $1,051 $1.15 0.3%
SITE AMENITIES
24 Hour Access, Clubhouse, Fitness Center, Grill, Laundry Facilities, Picnic Area, Playground, Pool, Property Manager on Site
UNIT AMENITIES
Balcony, Ceiling Fans, Dishwasher, Disposal, Fireplace, Heating, High Speed Internet Access, Ice Maker, Kitchen, Oven, Patio, Range,
Refrigerator, Storage Space, Tub/Shower, Washer/Dryer, Washer/Dryer Hookup
TRANSACTION NOTES
On the 31st of May 2022 the 199 unit multi family property sold for $41,790,000 at a price of $210,000 per unit.
The property was reported to be 97% occupied. At the time of the sale the net operating income was estimated to be $1,671,600 yielding a cap
rate of 4%. The buyer is estimating a proforma cap rate of 4.5% for the first year of ownership.
The buyer, plans to do capital improvements through out the interior and exterior of the property.
The information for this sale comparable was confirmed with public record and sources deemed reliable.
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Sale Comparables
3 Vert at Six Forks - 7816 Six Forks Rd

SALE PROPERTY
CONTACTS
Buyer: Drucker + Falk
Seller: Republic Properties Corporation
Listing Broker: Northmarq - Allan Lynch, Andrea Howard, Austin Jackson, Caylo…
FINANCING
$18,100,000 from Northmarq Capital Finance LLC
UNIT MIX AT SALE

1 1 600 56 32.2% 2 3.6% $1,265 $2.11 $1,265 $2.11 0.0%

1 1 775 38 21.8% 1 2.6% $1,345 $1.74 $1,345 $1.74 0.0%
2 2 975 60 34.5% 2 3.3% $1,530 $1.57 $1,530 $1.57 0.0%
2 2.5 1,000 20 11.5% 1 5.0% $1,537 $1.54 $1,537 $1.54 0.0%
Totals 814 174 100% 7 4.0% $1,405 $1.73 $1,405 $1.73 0.0%
SITE AMENITIES
Business Center, Car Wash Area, Clubhouse, Fitness Center, Laundry Facilities, Maintenance on site, Package Service, Playground, Pool,
Property Manager on Site, Storage Space, Sundeck
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Fireplace, Heating, Kitchen, Loft Layout, Range, Tile
Floors, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings
TRANSACTION NOTES
On the 25th of May 2022 the 174 unit multi family property sold for $39,000,000 at a price of $224,138 per unit.
At the time of the sale the property was reported to be 95% occupied. The net operating income was reported to be $1,248,000 yielding a cap
rate of 3.2%, the buyer is projecting a proforma cap rate of 4% for the first year.
The property is the up leg of a 1031 exchange for the buyer, see CoStar Comp ID # 5888534 for the down leg.
The information for this sale comparable was confirmed with public record and sources deemed reliable.
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Sale Comparables
4 Luxury Apartments at Foxwood - 6701 Fox Rd

Raleigh, NC 27616 - Northeast Raleigh Neighborhood
SALE PROPERTY
Sale Price: $165,051,500 Average Unit Size: 1,072 SF
Price Per Unit: $358,029 Year Built: Feb 2018
Cap Rate: - Parking Spaces: -
CONTACTS
Buyer: Starwood Real Estate Income Trust, Inc.
Seller: Mount Auburn Capital Group LLC
Listing Broker: Eastdil Secured, LLC - Ryan Reid
FINANCING
$1,200,292,000 from Morgan Stanley Capital Holdings, LLC
UNIT MIX AT SALE

1 1 800 192 20.8% 6 3.1% $1,421 $1.78 $1,417 $1.77 0.2%

1 1 885 46 5.0% 1 2.2% $1,407 $1.59 $1,404 $1.59 0.2%
1 1 1,024 134 14.5% 4 3.0% $1,540 $1.50 $1,537 $1.50 0.2%
2 2 1,074 62 6.7% 2 3.2% $1,728 $1.61 $1,724 $1.61 0.2%
2 2 1,178 348 37.7% 11 3.2% $1,773 $1.51 $1,769 $1.50 0.2%
2 2 1,200 2 0.2% 0 0.0% $1,483 $1.24 $1,480 $1.23 0.2%
2 2 1,235 38 4.1% 1 2.6% $1,806 $1.46 $1,801 $1.46 0.2%
3 2 1,315 98 10.6% 3 3.1% $1,935 $1.47 $1,930 $1.47 0.2%
3 2 1,334 2 0.2% 0 0.0% $1,577 $1.18 $1,573 $1.18 0.3%
Totals 1,073 922 100% 29 3.2% $1,662 $1.55 $1,658 $1.55 0.2%
SITE AMENITIES
24 Hour Access, Fitness Center, Grill, Maintenance on site, Pet Play Area, Picnic Area, Pool, Property Manager on Site, Tenant Controlled HVAC
UNIT AMENITIES
Air Conditioning, Disposal, Hardwood Floors, Heating, Kitchen, Oven, Range, Refrigerator, Walk-In Closets, Washer/Dryer
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Sale Comparables
TRANSACTION NOTES
Starwood Real Estate Income Trust (via its Starwood Distressed Opportunity Fund XII) acquired a portfolio of 33 multi-family properties located in
9 states in the Sunbelt and Midwest regions of the US from Mount Auburn Capital Group for $2,437,200,000, or about $282,050 per unit, in May
2022.
The portfolio has a total of 8641 units with an overall occupancy of 97.8% at the time of the sale.
The seller was represented. The buyer represented themselves.
The buyer acquired the portfolio because it was an attractive value proposition with low living costs and favorable tax environments for the buyer.
In addition, the portfolio is located in regions with relative low supply risk in light of increasing construction cost and aversion to high-density
suburban housing.
A source deemed reliable confirmed the sale price, the number of units, the overall occupancy, and the parties involved.
A press release issued by the buyer confirmed the total number of units, the overall occupancy, and the buyer's motivation.
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Sale Comparables
5 Summermill at Falls River Apartments - 10311 Falls Mill Dr

SALE PROPERTY
CONTACTS
Buyer: Starlight Investments Ltd.
Seller: Banner Real Estate Group
Listing Broker: Newmark - Anthony Rotunda, Brenna Campbell, John Munroe, S…
FINANCING
$82,895,000 from KREF Capital LLC
UNIT MIX AT SALE

1 1 752 48 15.0% 5 10.4% $1,366 $1.82 $1,353 $1.80 1.0%

1 1 818 12 3.8% 1 8.3% $1,428 $1.75 $1,413 $1.73 1.0%
2 1 923 36 11.3% 4 11.1% $1,500 $1.63 $1,485 $1.61 1.0%
2 2 1,092 32 10.0% 3 9.4% $1,550 $1.42 $1,535 $1.41 1.0%
2 2 1,106 84 26.3% 8 9.5% $1,570 $1.42 $1,555 $1.41 1.0%
2 2 1,175 8 2.5% 1 12.5% $1,445 $1.23 $1,431 $1.22 1.0%
2 2 1,195 12 3.8% 1 8.3% $1,742 $1.46 $1,725 $1.44 1.0%
3 2 1,266 24 7.5% 2 8.3% $1,647 $1.30 $1,631 $1.29 1.0%
3 2 1,387 56 17.5% 6 10.7% $1,762 $1.27 $1,745 $1.26 1.0%
3 2 1,467 8 2.5% 1 12.5% $1,900 $1.30 $1,881 $1.28 1.0%
Totals 1,095 320 100% 32 10.0% $1,575 $1.44 $1,560 $1.42 1.0%
SITE AMENITIES
24 Hour Access, Business Center, Clubhouse, Elevator, Fitness Center, Laundry Facilities, Media Center/Movie Theatre, Playground, Property
Manager on Site, Walking/Biking Trails
UNIT AMENITIES
Air Conditioning, Balcony, Cable Ready, Crown Molding, Dishwasher, Disposal, Fireplace, Heating, High Speed Internet Access, Microwave,
Storage Space, Sunroom, Tile Floors, Tub/Shower, Vaulted Ceiling, Walk-In Closets, Washer/Dryer Hookup, Wheelchair Accessible (Rooms)
TRANSACTION NOTES
On the 27th of April 2022 the 320 unit multi family property sold for $106,000,000 at a price of $331,250 per unit.
The buyer, Starlight U.S. Multi-Family (No.2) Core Plus Fund, refinanced another property in the fund (Hudson at East) to acquire this property.
The financing for the purchase also includes approximately $6.4 million for future capital improvements.
The information for this sale comparable was confirmed with public record and parties involved in the sale.
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Sale Comparables
6 North Oaks Landing - 2038 Quail Forest Dr

SALE PROPERTY
CONTACTS
Buyer: The Beach Company
Seller: Croatan Investments
Listing Broker: Cushman & Wakefield - Griffin Dunaway, Hunter Bowling, Paul M…
FINANCING
$28,053,000 from CBRE Multifamily Capital, Inc
UNIT MIX AT SALE

1 1 800 50 25.0% 1 2.0% $1,074 $1.34 $1,074 $1.34 0.0%

2 2 1,050 110 55.0% 3 2.7% $1,240 $1.18 $1,240 $1.18 0.0%
3 2 1,200 40 20.0% 1 2.5% $1,512 $1.26 $1,512 $1.26 0.0%
Totals 1,018 200 100% 5 2.5% $1,253 $1.23 $1,253 $1.23 0.0%
SITE AMENITIES
Fitness Center, Grill, Laundry Facilities, Maintenance on site, Package Service, Picnic Area, Playground, Pool, Property Manager on Site, Storage
Space, Sundeck, Trash Pickup - Door to Door, Volleyball Court
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Fireplace, Heating, Range, Tub/Shower, Vinyl Flooring,
Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings
TRANSACTION NOTES
On the 18th of February 2022 the 200 unit multi family property sold for $44,000,000 at a price $220,000 per unit.
The property was reported to be 96% occupied at the time of the sale.
The buyer, The Beach Company, plans to execute a value add strategy on the property.
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Sale Comparables
7 Midtown Crossing Apartments - 317 Lynn Rd

SALE PROPERTY
CONTACTS
Buyer: GVA Property Management
Seller: Ares Management LLC
FINANCING
$56,300,000 from Loancore Capital Credit REIT, LLC
UNIT MIX AT SALE

1 1 636 82 36.0% 4 4.9% $1,486 $2.34 $1,486 $2.34 0.0%

2 2 908 114 50.0% 6 5.3% $1,531 $1.69 $1,531 $1.69 0.0%
3 2 1,128 32 14.0% 2 6.3% $1,882 $1.67 $1,882 $1.67 0.0%
Totals 841 228 100% 12 5.3% $1,564 $1.86 $1,564 $1.86 0.0%
SITE AMENITIES
Business Center, Clubhouse, Controlled Access, Fitness Center, Grill, Laundry Facilities, Maintenance on site, Package Service, Picnic Area,
Playground, Pool, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Heating, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup
TRANSACTION NOTES
On February 15th, 2022, a total of Seven multi-family properties were sold for approximately $318,915,500. The properties are in Georgia, North
Carolina, South Carolina, and Texas.
GVA Property Management acquired a portfolio of twelve multi-family assets for a total of $702,687,000. Five of those assets were in a
partnership with Leste Group. Please refer to CoStar COMP ID: 5915388 for the other properties associated with this acquisition.
A total of $201,600,000 in financing was awarded from Loancore Capital Credit REIT, LLC for the subject acquisition.
Details of the comp were assembled from a variety of sources deemed reliable and confirmed against public record.
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Sale Comparables
8 Aria North Hills - 6820 Woodbend Dr

SALE PROPERTY
CONTACTS
Buyer: Harbor Group International, LLC
Seller: Dasmen Residential LLC
Listing Broker: Newmark - Bill Weber, Henry Stimler, Jason Kon
FINANCING
$364,000,000 from Forethought Life Insurance Company
UNIT MIX AT SALE

1 1 460 32 8.2% 2 6.3% $1,116 $2.43 $1,116 $2.43 0.0%

1 1 640 159 40.6% 11 6.9% $1,167 $1.82 $1,167 $1.82 0.0%
1 1 767 32 8.2% 2 6.3% $1,224 $1.60 $1,224 $1.60 0.0%
2 1 811 80 20.4% 6 7.5% $1,249 $1.54 $1,249 $1.54 0.0%
2 2 989 89 22.7% 6 6.7% $1,434 $1.45 $1,434 $1.45 0.0%
Totals 750 392 100% 27 6.9% $1,245 $1.66 $1,245 $1.66 0.0%
SITE AMENITIES
24 Hour Access, Basketball Court, Clubhouse, Courtyard, Fitness Center, Grill, Laundry Facilities, Laundry Service, Maintenance on site, Pet Play
Area, Picnic Area, Playground, Pool, Recycling, Tennis Court, Volleyball Court, Walking/Biking Trails
UNIT AMENITIES
Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Fireplace, High Speed Internet Access, Microwave, Refrigerator,
Storage Space, Views, Washer/Dryer, Washer/Dryer Hookup, Wheelchair Accessible (Rooms)
TRANSACTION NOTES
On 1/1/2022, a total of 2,356 units of Multi Family space in North Carolina sold for $475,000,000.
Andover Woods in Charlotte sits on 43.64 acres in an R-22MF zone of Mecklenburg County.
Aurella Cary in Cary sits on 31.09 acres in an RMF zone of Wake County.
Averelle North Hills in Raleigh sits on 26.74 acres in an R10 zone of Wake County.
Aria North Hills in Raleigh sits on 39.21 acres in an R10 zone of Wake County.
The Forest Apartments in Durham sits on 19.27 acres in an RS-M zone of Durham County.
Emerald Place in Durham sits on 26.57 acres in an RS-M zone of Durham County.
Nova Chapel Hill in Durham sits on 21.09 acres in an RA zone of Durham County.
Triangle Place in Durham sits on 24.379 acres in an RM-8 zone of Durham County.
The new owner plans to invest approximately $21.9 million across the properties to renovate 25% of the interior units. Harbor Group Management
Company, the property management arm of HGI, will assume management of the entire portfolio.
All information in the comparable has been provided by public record.
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Sale Comparables
9 Averelle North Hills - 120 Ridgewood Dr

SALE PROPERTY
CONTACTS
Buyer: Harbor Group International, LLC
Seller: Dasmen Residential LLC
Listing Broker: Newmark - Bill Weber, Henry Stimler, Jason Kon
FINANCING
$364,000,000 from Forethought Life Insurance Company
UNIT MIX AT SALE

1 1 510 36 15.8% 3 8.3% $1,105 $2.17 $1,096 $2.15 0.8%

1 1 624 71 31.1% 5 7.0% $1,108 $1.78 $1,099 $1.76 0.8%
1 1 710 32 14.0% 2 6.3% $1,257 $1.77 $1,247 $1.76 0.8%
2 1 836 33 14.5% 2 6.1% $1,312 $1.57 $1,302 $1.56 0.8%
2 2 930 56 24.6% 4 7.1% $1,431 $1.54 $1,420 $1.53 0.8%
Totals 724 228 100% 16 7.0% $1,237 $1.71 $1,228 $1.70 0.8%
SITE AMENITIES
24 Hour Access, Breakfast/Coffee Concierge, Business Center, Clubhouse, Fitness Center, Grill, Laundry Facilities, Lounge, Online Services,
Package Service, Pet Play Area, Picnic Area, Property Manager on Site, Storage Space, Tennis Court
UNIT AMENITIES
Air Conditioning, Balcony, Breakfast Nook, Built-In Bookshelves, Cable Ready, Carpet, Dishwasher, Disposal, Eat-in Kitchen, Fireplace, Freezer,
High Speed Internet Access, Kitchen, Oven, Patio, Range, Refrigerator, Tub/Shower, Vaulted Ceiling, Views, Walk-In Closets, Washer/Dryer
Hookup, Wheelchair Accessible (Rooms)
TRANSACTION NOTES
On 1/1/2022, a total of 2,356 units of Multi Family space in North Carolina sold for $475,000,000.
Andover Woods in Charlotte sits on 43.64 acres in an R-22MF zone of Mecklenburg County.
Aurella Cary in Cary sits on 31.09 acres in an RMF zone of Wake County.
Averelle North Hills in Raleigh sits on 26.74 acres in an R10 zone of Wake County.
Aria North Hills in Raleigh sits on 39.21 acres in an R10 zone of Wake County.
The Forest Apartments in Durham sits on 19.27 acres in an RS-M zone of Durham County.
Emerald Place in Durham sits on 26.57 acres in an RS-M zone of Durham County.
Nova Chapel Hill in Durham sits on 21.09 acres in an RA zone of Durham County.
Triangle Place in Durham sits on 24.379 acres in an RM-8 zone of Durham County.
The new owner plans to invest approximately $21.9 million across the properties to renovate 25% of the interior units. Harbor Group Management
Company, the property management arm of HGI, will assume management of the entire portfolio.
All information in the comparable has been provided by public record.
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Sale Comparables
4 Luxury Apartments at Foxwood - 6701 Fox Rd

Raleigh, NC 27616 - Northeast Raleigh Neighborhood
SALE PROPERTY
Price Per Unit: $273,915 Year Built: Feb 2018
Cap Rate: 3.7% Parking Spaces: -
CONTACTS
Buyer: Mount Auburn Capital Group LLC
Seller: KDM Development Corp.
Listing Broker: Foundry Commercial - John Manning, Trey Riddle
UNIT MIX AT SALE

1 1 800 192 20.8% 6 3.1% $1,421 $1.78 $1,417 $1.77 0.2%

1 1 885 46 5.0% 1 2.2% $1,407 $1.59 $1,404 $1.59 0.2%
1 1 1,024 134 14.5% 4 3.0% $1,540 $1.50 $1,537 $1.50 0.2%
2 2 1,074 62 6.7% 2 3.2% $1,728 $1.61 $1,724 $1.61 0.2%
2 2 1,178 348 37.7% 11 3.2% $1,773 $1.51 $1,769 $1.50 0.2%
2 2 1,200 2 0.2% 0 0.0% $1,483 $1.24 $1,480 $1.23 0.2%
2 2 1,235 38 4.1% 1 2.6% $1,806 $1.46 $1,801 $1.46 0.2%
3 2 1,315 98 10.6% 3 3.1% $1,935 $1.47 $1,930 $1.47 0.2%
3 2 1,334 2 0.2% 0 0.0% $1,577 $1.18 $1,573 $1.18 0.3%
Totals 1,073 922 100% 29 3.2% $1,662 $1.55 $1,658 $1.55 0.2%
SITE AMENITIES
24 Hour Access, Fitness Center, Grill, Maintenance on site, Pet Play Area, Picnic Area, Pool, Property Manager on Site, Tenant Controlled HVAC
UNIT AMENITIES
Air Conditioning, Disposal, Hardwood Floors, Heating, Kitchen, Oven, Range, Refrigerator, Walk-In Closets, Washer/Dryer
TRANSACTION NOTES
KDM Development Corp sold the 460-unit apartment complex at 6701 Fox Rd in Raleigh, NC to Mount Auburn Capital Group LLC for
$126,001,000, or $273,915 per unit and a CAP rate of 3.71%. The deal closed on 12/15/2021. The property was 94% leased at the time of sale.
This sale was one of the largest to record in the Triangle.
The four-story complex offers a pool, dog park, fitness center, and garage bays. The seller developed the property in two phases and completed
construction in 2020.
Information about the sale was verified by a party directly involved in the sale.
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Sale Comparables
10 Six Forks Station - 8501 New Brunswick Ln

SALE PROPERTY
CONTACTS
Buyer: NexPoint Residential Trust
Seller: LivCor LLC
FINANCING
$41,180,000 from Prudential Multifamily Mortgage LLC
UNIT MIX AT SALE

1 1 775 4 1.2% 0 0.0% $1,149 $1.48 $1,142 $1.47 0.6%

1 1 780 36 11.2% 2 5.6% $1,335 $1.71 $1,327 $1.70 0.6%
1 1 810 26 8.1% 1 3.9% $1,404 $1.73 $1,396 $1.72 0.6%
1 1 823 4 1.2% 0 0.0% $1,514 $1.84 $1,505 $1.83 0.6%
1 1.5 875 20 6.2% 1 5.0% $1,336 $1.53 $1,329 $1.52 0.6%
2 1.5 1,036 22 6.9% 1 4.6% $1,219 $1.18 $1,212 $1.17 0.6%
2 1.5 1,041 6 1.9% 0 0.0% $1,645 $1.58 $1,636 $1.57 0.6%
2 2 1,136 20 6.2% 1 5.0% $1,392 $1.22 $1,384 $1.22 0.6%
2 2 1,166 20 6.2% 1 5.0% $1,425 $1.22 $1,416 $1.21 0.6%
2 2 1,174 20 6.2% 1 5.0% $1,405 $1.20 $1,397 $1.19 0.6%
2 2 1,198 48 15.0% 2 4.2% $1,439 $1.20 $1,431 $1.19 0.6%
2 2.5 1,296 23 7.2% 1 4.4% $1,485 $1.15 $1,477 $1.14 0.6%
3 2 1,295 20 6.2% 1 5.0% $1,654 $1.28 $1,645 $1.27 0.6%
3 2 1,430 52 16.2% 2 3.9% $1,955 $1.37 $1,944 $1.36 0.6%
Totals 1,119 321 100% 14 4.4% $1,499 $1.34 $1,490 $1.33 0.6%
SITE AMENITIES
Business Center, Clubhouse, Fitness Center, Gameroom, Laundry Facilities, Playground, Property Manager on Site, Tennis Court
UNIT AMENITIES
Air Conditioning, Balcony, Carpet, Dishwasher, Fireplace, Heating, Kitchen, Oven, Range, Tub/Shower, Walk-In Closets, Washer/Dryer Hookup,
Wheelchair Accessible (Rooms)
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Sale Comparables
TRANSACTION NOTES
On the 10th of September 2021 the 323 unit multi family property sold for $74,760,000 at a price of $231,455 per unit.
At the time of the sale the property was reported to be 97% occupied.
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Sale Comparables
11 Level at 401 - 5721 Goodstone Dr

Raleigh, NC 27616 - Triangle Town Center Neighborhood
SALE PROPERTY
Price Per Unit: $195,000 Year Built: Jun 2014
CONTACTS
Buyer: NorthRock Companies
Seller: American Landmark
Listing Broker: Northmarq - Allan Lynch, Andrea Howard, Austin Jackson, Caylo…
FINANCING
$32,301,000 from Berkadia Commercial Mortgage LLC: Assumed
UNIT MIX AT SALE

Studio 1 618 4 1.3% 0 0.0% $1,098 $1.78 $1,098 $1.78 0.0%

Studio 1 636 8 2.7% 0 0.0% $1,168 $1.84 $1,168 $1.84 0.0%
1 1 787 49 16.3% 2 4.1% $1,413 $1.80 $1,413 $1.80 0.0%
1 1 792 72 24.0% 4 5.6% $1,243 $1.57 $1,243 $1.57 0.0%
1 1 835 10 3.3% 1 10.0% $1,448 $1.73 $1,448 $1.73 0.0%
1 1 843 2 0.7% 0 0.0% $1,278 $1.52 $1,278 $1.52 0.0%
1 1 848 3 1.0% 0 0.0% $1,292 $1.52 $1,292 $1.52 0.0%
2 2 1,117 2 0.7% 0 0.0% $1,323 $1.18 $1,323 $1.18 0.0%
2 2 1,162 14 4.7% 1 7.1% $1,319 $1.14 $1,319 $1.14 0.0%
2 2 1,167 68 22.7% 3 4.4% $1,422 $1.22 $1,422 $1.22 0.0%
2 2 1,268 42 14.0% 2 4.8% $1,463 $1.15 $1,463 $1.15 0.0%
2 2 1,294 8 2.7% 0 0.0% $1,674 $1.29 $1,674 $1.29 0.0%
2 2 1,311 4 1.3% 0 0.0% $1,504 $1.15 $1,504 $1.15 0.0%
2 2 1,324 14 4.7% 1 7.1% $1,499 $1.13 $1,499 $1.13 0.0%
Totals 1,003 300 100% 15 5.0% $1,377 $1.37 $1,377 $1.37 0.0%
SITE AMENITIES
Business Center, Clubhouse, Elevator, Fitness Center, Gameroom, On-Site Retail, Picnic Area, Pool, Trash Pickup - Curbside
UNIT AMENITIES
Air Conditioning, Balcony, Double Vanities, Granite Countertops, Smoke Free, Storage Space, Vaulted Ceiling, Walk-In Closets, Washer/Dryer,
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Sale Comparables
TRANSACTION NOTES
On the 20th of July 2021 the 300 unit multi family property sold for $58,500,000 at a price of $195,000 per unit.
Per CMBS filings, the net operating income was reported to be $2,278,485 yeilding an actual cap rate of 3.89%
The buyer of the property, NorthRock Companies, assumed the existing $32,301,000 loan on the property from 2019.
The information for this sale comparable was confirmed with public record and parties involved in the transaction.
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LLC - 1244985 Page 84
Sale Comparables
12 The Piedmont Raleigh - 7621 Triangle Promenade Dr

SALE PROPERTY
Price Per Unit: $243,717 Year Built: May 2020
Cap Rate: - Parking Spaces: -
CONTACTS
Buyer: Aldon Management
Seller: SR Real Estate Partners
Listing Broker: Newmark - Alex Okulski, Dean Smith, Jason Kon, John Heimburg…
FINANCING
$63,700,000 from MF1 Capital, LLC
UNIT MIX AT SALE

Studio 1 496 9 2.4% 0 0.0% $1,125 $2.27 $1,125 $2.27 0.0%

Studio 1 645 7 1.8% 0 0.0% $1,185 $1.84 $1,185 $1.84 0.0%
1 1 703 54 14.1% 2 3.7% $1,355 $1.93 $1,355 $1.93 0.0%
1 1 734 28 7.3% 1 3.6% $1,573 $2.14 $1,573 $2.14 0.0%
1 1 735 152 39.8% 6 4.0% $1,526 $2.08 $1,526 $2.08 0.0%
2 2 1,064 7 1.8% 0 0.0% $1,969 $1.85 $1,969 $1.85 0.0%
2 2 1,088 56 14.7% 2 3.6% $1,954 $1.80 $1,954 $1.80 0.0%
2 2 1,134 28 7.3% 1 3.6% $1,717 $1.51 $1,717 $1.51 0.0%
2 2 1,136 20 5.2% 1 5.0% $1,602 $1.41 $1,602 $1.41 0.0%
2 2 1,138 21 5.5% 1 4.8% $1,667 $1.46 $1,667 $1.46 0.0%
Totals 853 382 100% 16 4.2% $1,586 $1.86 $1,586 $1.86 0.0%
SITE AMENITIES
Breakfast/Coffee Concierge, Clubhouse, Fitness Center, Pet Care, Pet Play Area, Pool, Putting Greens
UNIT AMENITIES
Granite Countertops, Hardwood Floors, Stainless Steel Appliances, Walk-In Closets, Washer/Dryer
TRANSACTION NOTES
On the 8th of July 2021 the 382 unit multi family property sold for $93,100,000 at a price of $243,717 per unit.
The buyer noted to local media that they were attracted to this property due to its ability to deliver and achieve stabilized occupancy during the
pandemic.
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Sale Comparables
13 The Domain Apartments - 4722 Dansey Dr

SALE PROPERTY
CONTACTS
Buyer: EBEX Holdings, Friedlam Partners LLC
Seller: Bridge Investment Group
Buyer Broker: Deaton Investment Real Estate - Michael Deaton
FINANCING
$42,000,000 from Arbor Realty SR Inc: Acquisition & Development
UNIT MIX AT SALE

1 1 825 172 48.3% 6 3.5% $1,125 $1.36 $1,119 $1.36 0.5%

2 1.5 1,060 140 39.3% 5 3.6% $1,150 $1.08 $1,144 $1.08 0.5%
3 2 1,400 44 12.4% 1 2.3% $1,450 $1.04 $1,443 $1.03 0.5%
Totals 988 356 100% 11 3.1% $1,175 $1.19 $1,169 $1.18 0.5%
SITE AMENITIES
Basketball Court, Clubhouse, Corporate Suites, Fitness Center, Grill, Maintenance on site, Picnic Area, Playground, Property Manager on Site,
Wi-Fi
UNIT AMENITIES
Air Conditioning, Balcony, Dishwasher, Disposal, Eat-in Kitchen, Fireplace, Heating, High Speed Internet Access, Refrigerator, Tile Floors, Walk-In
Closets, Washer/Dryer, Washer/Dryer Hookup
TRANSACTION NOTES
In a joint venture, Friedlam Partners LLC and EBEX Holdings acquired Mission Capital Crossing Apartments located at 4722 Dansey Drive in
Raleigh from Bridge Investment Group. The asset sold April 15, 2021 for $48,700,000, approximately $136,798 per unit. Arbor Realty SR Inc will
finance $42,000,000. Details on the loan are attached to the report.
Mission Capital Crossing Apartments was constructed in 1983 with 356 units. The occupancy at the time of sale and breakdown of income was
not confirmed. After the transaction, the community was rebranded as The Domain Apartments.
It is unknown if there were any capital improvements needed or any conditions that affected the price.
The purchasers had broker representation in the deal. Representation for the seller was not confirmed.
The seller and buyer were unable to be reached. Information regarding the transaction was provided by the buyer broker.
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Sale Comparables
2 Arbors at North Hills - 5825 Pointer Dr

Raleigh, NC 27609 - North Hills Neighborhood
SALE PROPERTY
CONTACTS
Buyer: Archway Holdings Corp.
Seller: Henley USA LLC, Magma Equities
Listing Broker: Deaton Investment Real Estate - Michael Deaton
UNIT MIX AT SALE

1 1 688 80 20.1% 4 5.0% $927 $1.35 $925 $1.34 0.3%

1 1.5 734 76 19.1% 4 5.3% $824 $1.12 $822 $1.12 0.3%
2 1.5 1,072 16 4.0% 1 6.3% $1,190 $1.11 $1,187 $1.11 0.2%
2 1.5 1,083 12 3.0% 1 8.3% $1,092 $1.01 $1,089 $1.01 0.3%
2 2 984 130 32.7% 6 4.6% $1,225 $1.24 $1,222 $1.24 0.3%
2 2 1,002 46 11.6% 2 4.4% $970 $0.97 $968 $0.97 0.2%
3 2.5 1,320 38 9.5% 2 5.3% $1,230 $0.93 $1,223 $0.93 0.6%
Totals 917 398 100% 19 4.8% $1,054 $1.15 $1,051 $1.15 0.3%
SITE AMENITIES
24 Hour Access, Clubhouse, Fitness Center, Grill, Laundry Facilities, Picnic Area, Playground, Pool, Property Manager on Site
UNIT AMENITIES
Balcony, Ceiling Fans, Dishwasher, Disposal, Fireplace, Heating, High Speed Internet Access, Ice Maker, Kitchen, Oven, Patio, Range,
Refrigerator, Storage Space, Tub/Shower, Washer/Dryer, Washer/Dryer Hookup
TRANSACTION NOTES
This transaction represents the sale of 5825 Pointer Drive, Raleigh, NC 27609. The 199-unit multifamily property known as Arbors at North Hills
was sold on February 25, 2021 for $27,000,000 - which amounts to $135,678 per unit. The property was 95% leased at the time of the sale and
the deal carried a cap rate of 4.4%. Both parties confirmed the information shown in this report. The buyer said that they would rate the property
at a “B” condition, adding that they plan on making cosmetic updates to all of the units. They added that they bought the property because they
are expanding their presence in the Raleigh market.
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Sale Comparables
14 The Pointe at Heritage - 1747 Alexander Springs Ln

Wake Forest, NC 27587 - Outer Northern Outlying Neighborhood
SALE PROPERTY
Price Per Unit: $149,923 Year Built: Jan 2014
CONTACTS
Buyer: Beacon Real Estate Group LLC
Seller: Ardmore Residential
Listing Broker: Cushman & Wakefield Multifamily Advisory Group - Brooks Colq…
FINANCING
$31,550,000 from Berkadia Commercial Mortgage LLC: Acquisition & Development
UNIT MIX AT SALE

1 1 740 24 9.2% 1 4.2% $1,280 $1.73 $1,280 $1.73 0.0%

1 1 897 70 26.9% 4 5.7% $1,005 $1.12 $1,005 $1.12 0.0%
2 2 1,055 142 54.6% 8 5.6% $1,332 $1.26 $1,332 $1.26 0.0%
3 2 1,430 24 9.2% 1 4.2% $1,661 $1.16 $1,661 $1.16 0.0%
Totals 1,018 260 100% 15 5.8% $1,269 $1.25 $1,269 $1.25 0.0%
SITE AMENITIES
24 Hour Access, Breakfast/Coffee Concierge, Business Center, Car Wash Area, Clubhouse, Fitness Center, Lounge, Maintenance on site,
Package Service, Playground, Pool, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Dishwasher, Disposal, Heating, Kitchen, Microwave, Range, Tile Floors, Walk-In Closets
TRANSACTION NOTES
Beacon Real Estate Group LLC acquired Ardmore Heritage Apartments located at 1747 Alexander Springs Lane in Wake Forest from Ardmore
Residential. The property sold January 22, 2021 for $38,980,000 approximately $149,923 per unit. The listing brokers are reporting $45,600,000,
the buyer and public records is reporting $38,980,000.
Berkadia Commercial Mortgage LLC will service the $31,550,000 Freddie Mac loan for the buyer. Details for the loan are attached to the report.
Ardmore Heritage Apartments were constructed in 2014 with 260 units. The property had a 92% occupancy rate at the time of sale. The buyer
reported a 4.9% cap rate which derived a $1,910,020 NOI. After the transaction, the community was rebranded as The Pointe at Heritage.
The buyer reported there were no conditions that affected the sale price. Arlington Properties will manage the communities.
The seller had broker representation and the buyer was self-represented in the deal.
The seller was unable to be reached. Information regarding the transaction was provided by the listing brokers and buyer.
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Sale Comparables
15 River Birch at Town Center - 2611 Torquay Xing

SALE PROPERTY
CONTACTS
Buyer: Starwood Real Estate Income Trust, Inc.
Seller: Artesia Real Estate, National Housing Corporation
FINANCING
$8,538,000 from JLL Real Estate Capital, LLC
$10,333,000 from JLL Real Estate Capital, LLC
UNIT MIX AT SALE

1 1 742 40 22.7% 0 0.0% $761 $1.02 $761 $1.02 0.0%

2 2 949 95 54.0% 1 1.1% $1,109 $1.17 $1,106 $1.17 0.3%
3 2 1,156 41 23.3% 0 0.0% $1,321 $1.14 $1,316 $1.14 0.3%
Totals 950 176 100% 2 1.1% $1,079 $1.14 $1,076 $1.13 0.3%
SITE AMENITIES
Clubhouse, Fitness Center, Laundry Facilities, Picnic Area, Playground, Pool, Property Manager on Site
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Dishwasher, Disposal, Heating, Kitchen, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup,
TRANSACTION NOTES
On October 27, 2020, Starwood Real Estate Income Trust, Inc acquired an affordable housing portfolio consisting of 28 garden-style multifamily
communities for $531.1 million. The properties comprise a total of 3,660 units.
A majority of the properties were located in Virginia, however, the transaction also included communities in Florida, Michigan, North Carolina,
Tennessee, and Texas. At the time of the sale, Starwood reported that the portfolio had an occupancy of 99%.
Starwood obtained Freddie Mac financing to complete the acquisitions. Although there are separately recorded loans for each of the properties,
there was also a master loan recorded in the amount of $106.024 million.
Information in this report was obtained from the buyer and public records. The seller was unable to be reached for comment.
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Sale Comparables
16 The Columns at Wakefield - 14114 Chriswick House Ln

Raleigh, NC 27614 - Highland Park Neighborhood
SALE PROPERTY
CONTACTS
Buyer: Stonebridge Investments
Seller: PASSCO Companies
Listing Broker: CBRE - Howard Jenkins, Kevin Kempf CBRE | Raleigh - Howard…
FINANCING
$46,875,000 from CBRE Capital Markets: Acquisition & Development
UNIT MIX AT SALE

1 1 587 4 1.2% 0 0.0% $1,157 $1.97 $1,157 $1.97 0.0%

1 1 753 12 3.7% 0 0.0% $1,317 $1.75 $1,317 $1.75 0.0%
1 1 793 20 6.2% 1 5.0% $1,470 $1.85 $1,470 $1.85 0.0%
1 1 797 4 1.2% 0 0.0% $1,392 $1.75 $1,392 $1.75 0.0%
1 1 810 64 19.8% 2 3.1% $1,012 $1.25 $1,012 $1.25 0.0%
1 1 913 16 4.9% 0 0.0% $1,069 $1.17 $1,069 $1.17 0.0%
2 2 1,061 64 19.8% 2 3.1% $1,340 $1.26 $1,340 $1.26 0.0%
2 2 1,133 84 25.9% 3 3.6% $1,338 $1.18 $1,338 $1.18 0.0%
3 2 1,425 56 17.3% 2 3.6% $1,405 $0.99 $1,405 $0.99 0.0%
Totals 1,049 324 100% 10 3.1% $1,278 $1.22 $1,278 $1.22 0.0%
SITE AMENITIES
Business Center, Clubhouse, Controlled Access, Fitness Center, Furnished Units Available, Gated, Laundry Facilities, Lounge, Maintenance on
site, Package Service, Playground, Property Manager on Site, Storage Space, Sundeck
UNIT AMENITIES
Air Conditioning, Cable Ready, Carpet, Ceiling Fans, Dining Room, Dishwasher, Disposal, Fireplace, Heating, Kitchen, Range, Refrigerator, Tile
Floors, Tub/Shower, Vinyl Flooring, Walk-In Closets, Washer/Dryer, Washer/Dryer Hookup, Window Coverings
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Sale Comparables
TRANSACTION NOTES
Stonebridge Investments acquired The Columns at Wakefield located at 14114 Chriswick House Lane in Raleigh from PASSCO Companies. The
property sold October 26, 2020 for $62,500,000, approximately $192,901 per unit. CBRE Capital Markets will service the $46,875,000 Freddie
Mac Loan. Details on the loan.
The Columns at Wakefield were constructed in 2003 with 324 units. The property had a 97.22% occupancy rate at the time of sale. The seller
reported a 4.63% cap rate which derived a $2,893,750 NOI. This is StoneBridge’s third acquisition in the Raleigh/Durham market over the past
two years.
It is unknown if there were any capital improvements needed or any conditions that affected the price. Stonebridge was attracted to this
opportunity because of the unique combination of quality construction and desirable location within the Raleigh market.
The seller had broker representation and the buyer was self-represented in the deal.
Information regarding the transaction was provided by the seller and buyer.
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Sales Volume
RALEIGH METRO SALES VOLUME IN UNITS
NORTHERN OUTLYING SUBMARKET SALES VOLUME IN UNITS
OUTER NORTHERN OUTLYING NEIGHBORHOOD SALES VOLUME IN UNITS
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Sales Pricing
NATIONAL PRICE INDICES
REGIONAL MULTI-FAMILY PRICE INDICES
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Sales Pricing
PRICE PER UNIT TRENDS
UNITED STATES SALE PRICE PER UNIT DISTRIBUTION PAST 12 RALEIGH SALE PRICE PER UNIT DISTRIBUTION PAST 12
MONTHS MONTHS
PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR
Geography Transactions Low Bottom 25% Median Average Top 25% High
United States 24,754 $5,000 $67,771 $186,586 $228,126 $489,742 $21,818,113

Raleigh 109 $20,979 $84,657 $201,614 $250,738 $351,652 $1,029,000
Northern Outlying 4 $109,375 $109,375 $193,474 $231,031 $257,684 $257,684
Outer Northern Outlying 4 $109,375 $109,375 $193,474 $231,031 $257,684 $257,684
Selected Sale Comps 18 $135,678 $152,359 $215,000 $232,179 $301,822 $358,029
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Cap Rates
MARKET CAP RATE
UNITED STATES CAP RATE DISTRIBUTION PAST 12 MONTHS RALEIGH CAP RATE DISTRIBUTION PAST 12 MONTHS
CAP RATE SUMMARY STATISTICS IN PAST YEAR
Geography Transactions Low Bottom 25% Median Average Top 25% High
United States 8,028 1.0% 3.3% 4.8% 5.2% 7.9% 25.0%

Raleigh 15 2.6% 3.1% 4.0% 4.7% 7.6% 8.7%
Northern Outlying 0 - - - - - -
Outer Northern Outlying 0 - - - - - -
Selected Sale Comps 7 3.2% 3.5% 4.0% 4.1% 4.8% 4.9%
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Buyers
TOP RALEIGH MULTIFAMILY BUYERS PAST TWO YEARS

Properties Bought Properties Sold
Company Name Bldgs Units Volume Bldgs Units Volume
Starwood Capital Group 8 2,890 $774,834,500 0 0 -

Blackstone Inc. 8 2,495 $598,090,000 1 321 $74,760,000
Carroll 6 2,301 $574,375,000 5 2,013 $501,000,000
Mitsubishi Estate Co., Ltd. 4 1,191 $373,200,000 0 0 -
Cortland 5 1,353 $240,900,000 1 284 $77,500,000
Aldon Management 2 766 $222,350,000 0 0 -
GVA Property Management 4 810 $212,100,500 0 0 -
Magnolia Capital 2 682 $200,250,000 1 409 $110,000,000
Harbor Group International, LLC 3 980 $197,581,000 0 0 -
Crow Holdings 3 771 $196,600,000 0 0 -
The Preiss Company 3 771 $196,600,000 1 250 $47,555,000
NexBank 2 619 $194,760,000 0 0 -
Knightvest Management 2 746 $192,000,000 0 0 -
Braddock & Logan 3 718 $186,650,000 0 0 -
Starlight Investments Ltd. 3 991 $170,917,645 1 297 $64,917,645
Morgan Stanley & Co. LLC 3 635 $149,850,000 0 0 -
Core Spaces 2 318 $134,629,097 0 0 -
Mount Auburn Capital Group LLC 1 460 $126,001,000 1 461 $165,051,500
Magma Equities 6 596 $124,550,000 2 259 $39,000,000
BH Management Services 1 786 $121,000,000 0 0 -
Timberline Real Estate Ventures 1 786 $121,000,000 0 0 -
Bridge Investment Group 2 806 $114,150,000 1 356 $48,700,000
The Bainbridge Companies 1 344 $111,000,000 1 298 $79,000,000
Virtus Real Estate Capital 1 344 $111,000,000 0 0 -
Beacon Real Estate Group LLC 4 694 $100,900,000 0 0 -
Purchased at least one asset in Northern Outlying Multi-Family submarket
TYPES OF MULTIFAMILY RALEIGH BUYERS PAST TWO YEARS

Buying Volume Average Purchase
Company Type Bldgs Units Billions Price/Unit Avg Price
Private 180 23,836 $5.05 $211,929 $28,064,199
Institutional 51 12,309 $2.86 $232,430 $56,097,895
Private Equity 20 5,819 $1.20 $206,190 $59,991,100
REIT/Public 2 420 $0.12 $291,128 $61,137,042
$0 $1.30 $2.60 $3.90 $5.20
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Sellers
TOP RALEIGH MULTIFAMILY SELLERS PAST TWO YEARS

Properties Sold Properties Bought
Company Name Bldgs Units Volume Bldgs Units Volume
Carroll 5 2,013 $501,000,000 6 2,301 $574,375,000

Prudential Financial, Inc. 5 2,013 $501,000,000 0 0 -
Kane Realty Corporation 2 571 $231,623,566 0 0 -
The Dermot Company 2 718 $208,250,000 1 382 $78,750,000
Dasmen Residential LLC 3 980 $197,581,000 0 0 -
FCP 3 741 $193,923,566 0 0 -
The Carlyle Group 3 779 $184,600,500 0 0 -
Bell Partners, Inc. 2 568 $167,490,000 0 0 -
Willow Creek Properties LLC 5 1,044 $167,438,000 1 152 $17,200,000
Mount Auburn Capital Group LLC 1 461 $165,051,500 1 460 $126,001,000
PassiveInvesting.com 2 558 $153,275,000 1 288 $57,600,000
Hudson Capital Properties 2 530 $145,500,000 0 0 -
The Halle Companies 2 688 $145,100,000 0 0 -
Elco Ltd. 2 612 $137,500,000 0 0 -
Carter-Haston Real Estate Services, Inc. 2 627 $134,000,000 0 0 -
Signature Property Group 1 384 $129,250,000 0 0 -
KDM Development Corp. 1 460 $126,001,000 0 0 -
Dominion Realty Partners, LLC 2 539 $125,200,500 0 0 -
Sun Life Financial 1 382 $124,250,000 1 382 $78,750,000
Abacus Capital Group 3 518 $123,500,500 2 218 $29,750,000
Acre Valley Real Estate Capital LLC 1 786 $121,000,000 0 0 -
Heitman 1 434 $120,000,000 0 0 -
Los Angeles County Employees Retirement… 1 434 $120,000,000 0 0 -
Westbrook Partners 1 298 $120,000,000 1 298 $79,000,000
Rock Companies 2 516 $112,000,000 0 0 -
Sold at least one asset in Northern Outlying Multi-Family submarket
TYPES OF MULTIFAMILY RALEIGH SELLERS PAST TWO YEARS

Selling Volume Average Sale
Company Type Bldgs Units Billions Price/Unit Avg Price
Private 197 28,688 $6.23 $217,130 $31,619,488
Institutional 35 8,782 $2.17 $246,738 $61,910,164
Private Equity 10 2,811 $0.57 $202,778 $57,001,000
REIT/Public 3 546 $0.12 $218,870 $39,834,393
$0 $1.60 $3.20 $4.80 $6.40
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Demographics
1421 Legacy Falls Dr - Legacy Wake F…

356,168 SF Multi-Family Building
PREPARED BY
Meilyn Cabrera
Demographic Overview
Population (1 mi) Avg. HH Size (1 mi) Avg. Age (1 mi) Med. HH Inc. (1 mi)
5,370 2.9 38 $130,000

DEMOGRAPHIC RADIUS RINGS
DEMOGRAPHIC SUMMARY
Population 1 Mile 3 Mile 5 Mile
2022 Population 5,370 41,003 100,112

2027 Population 6,063 46,606 113,786
Pop Growth 2022-2027 12.9% 13.7% 13.7%
2022 Average Age 38 38 38
Households
2022 Households 1,824 14,993 36,078

2027 Households 2,056 17,059 41,029
Household Growth 2022-2027 12.7% 13.8% 13.7%
Median Household Income $130,000 $90,059 $103,648
Average Household Size 2.9 2.7 2.7
Average HH Vehicles 2 2 2
Housing
Median Home Value $414,483 $350,519 $351,324

Median Year Built 2005 2004 2004
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Age & Education
POPULATION BY AGE GROUP IN 1 MILE RADIUS
POPULATION BY AGE IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUS
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Ethnicity
POPULATION BY RACE
2022 Population
Race 1 Mile 3 Mile 5 Mile
White 4,108 76.50% 32,198 78.53% 78,809 78.72%
Black 640 11.92% 5,188 12.65% 13,560 13.54%
Asian 465 8.66% 2,349 5.73% 4,713 4.71%
American Indian & Alaskan 15 < 1% 177 < 1% 442 < 1%
Hawaiian & Pacific Islander 1 < 1% 26 < 1% 58 < 1%
Other 141 2.63% 1,065 2.60% 2,530 2.53%
0 900 1,800 2,700 3,600 4,500
POPULATION BY RACE IN 1 MILE RADIUS HISPANIC POPULATION IN 1 MILE RADIUS
MILITARY POPULATION
2022 Population
1 Mile 3 Mile 5 Mile
Military 4 < 1% 43 < 1% 75 < 1%
Non-Military Workforce 3,035 99.87% 21,830 99.80% 53,204 99.86%
0 700 1,400 2,100 2,800 3,500
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Multi-Family Submarket Report
Northern Outlying
Raleigh - NC
PREPARED BY
Meilyn Cabrera
Overview
Northern Outlying Multi-Family
12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth
188 99 5.7% 4.7%

The vacancy rate in the Northern year, although this still trails the average annual growth
Outlying Submarket has expanded moderately over the of 5.4% over the past decade.
past year, but at 5.7%, is somewhat below the long-term
average. There is some investment activity in the Northern
Outlying Submarket. Over the past three years, there
About 190 units have came on line over the past year, have been 9 transactions. The market price, which is an
far outpacing the five-year average. Development is set estimated price of all properties in the submarket,
to continue, as roughly 1,900 units are underway, which has risen dramatically over that time period and now
will substantially expand the existing inventory. Rents stands at $256,163/unit.
have increased by an impressive 4.8% over the past
KEY INDICATORS
Absorption Under Constr

Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units
Units Units
4 & 5 Star 2,910 6.4% $1,649 $1,632 (12) 0 1,171

3 Star 684 2.9% $1,657 $1,652 0 0 694
1 & 2 Star 61 3.1% $1,276 $1,273 0 0 0
Submarket 3,655 5.7% $1,649 $1,634 (12) 0 1,865
Historical Forecast
Annual Trends 12 Month Peak When Trough When
Average Average
Vacancy Change (YOY) 2.3% 9.6% 14.1% 17.5% 2014 Q1 1.9% 2000 Q1
Absorption Units 99 113 476 396 2014 Q4 (56) 2003 Q3
Delivered Units 188 120 586 574 2016 Q4 0 2021 Q4
Demolished Units 0 0 2 0 2022 Q2 0 2022 Q2
Asking Rent Growth (YOY) 4.7% 2.8% 2.6% 20.6% 2021 Q3 -6.0% 2002 Q4
Effective Rent Growth (YOY) 3.9% 2.8% 2.5% 21.1% 2021 Q3 -6.1% 2002 Q4
Sales Volume $85M $43.8M N/A $206.1M 2014 Q3 $0 2019 Q3
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Vacancy
ABSORPTION, NET DELIVERIES & VACANCY
OVERALL & STABILIZED VACANCY
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Vacancy
VACANCY RATE
VACANCY BY BEDROOM
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Rent
Apartments in the Northern Outlying Submarket run for and though positive, it fell well short of
$1,650/month on average, just slightly above the price the 9.3% annualized average over the past three years.
point in the broader Raleigh metro.
Over a longer horizon, apartment rent growth in both the
It's a moderately favorable leasing environment for Northern Outlying Submarket and the Raleigh metro at
renters in the submarket. Concessions are somewhat large has been nothing short of sensational. In the past
common, although by no means outsized. 10 years, rents in the submarket have cumulatively risen
by 68.3%, a performance essentially matched when
Rents posted gains of 4.8% over the past 12 months, zoomed out to the entire Raleigh metro.
DAILY ASKING RENT PER SF
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Rent
MARKET RENT PER UNIT & RENT GROWTH
MARKET RENT PER UNIT BY BEDROOM
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Construction
DELIVERIES & DEMOLITIONS
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Construction
All-Time Annual Avg. Units Delivered Units Past 8 Qtrs Delivered Units Next 8 Qtrs Proposed Units Next 8 Qtrs
124 201 1,865 178

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN UNITS
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Construction
RECENT DELIVERIES
Palisades at Wake Forest -

1 188 4 Jan 2019 Feb 2022
457 Stone Monument Dr Southwood Realty Company
Powerhouse Row Phase… -
2 13 3 Jun 2018 Aug 2020
404 S White St J. Russell Allen
UNDER CONSTRUCTION

1 320 2 Sep 2021 Oct 2022
Legacy Heritage Apartm… -
2 306 4 Aug 2021 Oct 2022
700 Legacy Heritage Ln Goldberg Companies, Inc.
3 273 4 Jul 2022 Aug 2023
Hawthorne at Traditions -
4 272 4 Jul 2022 Oct 2023
601 Gilcrest Farm Rd Wake Forest Reservoir Propertie…
Meridian at Rogers Branch NorthView Partners, LLC
5 264 4 Jan 2022 Feb 2023
Roger Branch Rd & Roger R NorthView Partners, LLC
Hawthorne at the Forest Cady Construction Company, Inc.
6 248 3 Jan 2020 Dec 2022
2611 Moonbow Trl Cady Construction Company, Inc.
Encore at Heritage Graycliff Capital Partners
7 182 4 Nov 2021 Dec 2022
1891 S Franklin St Graycliff Capital
PROPOSED
Cobblestone Village KDM Development Corp.

1 178 3 Oct 2022 Oct 2023
114 S Main St -
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Sales
Northern Outlying recorded 4 apartment sales over the of all apartment properties in the submarket and
past year, which is roughly in line with the number of informed by actual transactions, now sits at
deals in any given year. Annual sales volume has $256,163/unit. That price has surged since last year,
averaged $62.5 million over the past five years, and the growing by more than 9%, and that brought pricing
12-month high in investment volume hit $104 million roughly in line with the overall average for the
over that stretch. In the past 12 months specifically, wider Raleigh area. The market cap rate has dropped
$85.1 million worth of assets sold. since last year and currently sits at 4.2%. This is the
lowest cap rate that has been seen in five years, and it's
The market price, which is based on the price movement close to the metro's average.
SALES VOLUME & MARKET SALE PRICE PER UNIT
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Sales
MARKET CAP RATE
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Sales Past 12 Months
4 $231 $21.3 2.7%

SALE COMPARABLE LOCATIONS
Sale Price $875,000 $21,254,833 $14,500,000 $55,144,331
Price/Unit $109,375 $231,030 $193,474 $257,683
Cap Rate - - - -
Vacancy Rate At Sale 0% 2.7% 1.5% 4.2%

Average Unit SF 545 825 828 1,099
Year Built 1920 1977 1986 2016
Star Rating 3.0
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RECENT SIGNIFICANT SALES
Capital Creek at Heritage

1 - 2016 214 4.2% 11/30/2021 $55,144,331 $257,683 $236
1910 Capital Creek Dr
North Forest Apartments
2 - 1987 112 0% 2/1/2022 $22,750,000 $203,125 $249
835 Stadium Dr
West Oak Apartments
3 - 1986 34 2.9% 8/18/2022 $6,250,000 $183,823 $216
366-370 W Oak Ave
Metro Place
4 - 1920 8 0% 11/24/2021 $875,000 $109,375 $201
219 W South Ave
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Appendix
OVERALL SUPPLY & DEMAND
Inventory Absorption
Year Units Growth % Growth Units % of Inv Construction Ratio
2026 6,440 357 5.9% 388 6.0% 0.9

2025 6,083 354 6.2% 471 7.7% 0.8
2024 5,729 211 3.8% 608 10.6% 0.3
2023 5,518 1,543 38.8% 705 12.8% 2.2
2022 3,975 508 14.7% 251 6.3% 2.0
YTD 3,655 188 5.4% 146 4.0% 1.3
2021 3,467 0 0% (4) -0.1% 0
2020 3,467 13 0.4% 87 2.5% 0.1
2019 3,454 0 0% 136 3.9% 0
2018 3,454 0 0% 169 4.9% 0
2017 3,454 298 9.4% 143 4.1% 2.1
2016 3,156 574 22.2% 297 9.4% 1.9
2015 2,582 0 0% 142 5.5% 0
2014 2,582 260 11.2% 396 15.3% 0.7
2013 2,322 288 14.2% 34 1.5% 8.5
2012 2,034 0 0% 62 3.0% 0
2011 2,034 0 0% 43 2.1% 0
2010 2,034 369 22.2% 242 11.9% 1.5
4 & 5 STAR SUPPLY & DEMAND
2026 5,011 360 7.7% 354 7.1% 1.0

2025 4,651 357 8.3% 388 8.3% 0.9
2024 4,294 213 5.2% 436 10.2% 0.5
2023 4,081 851 26.3% 356 8.7% 2.4
2022 3,230 508 18.7% 252 7.8% 2.0
YTD 2,910 188 6.9% 146 5.0% 1.3
2021 2,722 0 0% (11) -0.4% 0
2020 2,722 13 0.5% 83 3.0% 0.2
2019 2,709 0 0% 31 1.1% 0
2018 2,709 0 0% 21 0.8% 0
2017 2,709 0 0% 114 4.2% 0
2016 2,709 574 26.9% 293 10.8% 2.0
2015 2,135 0 0% 145 6.8% 0
2014 2,135 260 13.9% 397 18.6% 0.7
2013 1,875 288 18.1% 34 1.8% 8.5
2012 1,587 0 0% 54 3.4% 0
2011 1,587 0 0% 41 2.6% 0
2010 1,587 369 30.3% 247 15.6% 1.5
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Appendix
3 STAR SUPPLY & DEMAND
2026 1,378 0 0% 38 2.8% 0

2025 1,378 0 0% 87 6.3% 0
2024 1,378 0 0% 176 12.8% 0
2023 1,378 694 101.5% 350 25.4% 2.0
2022 684 0 0% (1) -0.1% 0
YTD 684 0 0% 0 0% -
2021 684 0 0% 7 1.0% 0
2020 684 0 0% 4 0.6% 0
2019 684 0 0% 105 15.4% 0
2018 684 0 0% 147 21.5% 0
2017 684 298 77.2% 30 4.4% 9.9
2016 386 0 0% 4 1.0% 0
2015 386 0 0% (3) -0.8% 0
2014 386 0 0% (1) -0.3% 0
2013 386 0 0% 0 0% -
2012 386 0 0% 8 2.1% 0
2011 386 0 0% 2 0.5% 0
2010 386 0 0% (5) -1.3% 0
2026 51 (3) -5.6% (4) -7.8% 0.8

2025 54 (3) -5.3% (4) -7.4% 0.8
2024 57 (2) -3.4% (4) -7.0% 0.5
2023 59 (2) -3.3% (1) -1.7% 2.0
2022 61 0 0% 0 0% -
YTD 61 0 0% 0 0% -
2021 61 0 0% 0 0% -
2020 61 0 0% 0 0% -
2019 61 0 0% 0 0% -
2018 61 0 0% 1 1.6% 0
2017 61 0 0% (1) -1.6% 0
2016 61 0 0% 0 0% -
2015 61 0 0% 0 0% -
2014 61 0 0% 0 0% -
2013 61 0 0% 0 0% -
2012 61 0 0% 0 0% -
2011 61 0 0% 0 0% -
2010 61 0 0% 0 0% -
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OVERALL VACANCY & RENT
Vacancy Market Rent Effective Rents
Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF
2026 715 11.1% (1.2) $1,791 $1.65 1.5% (0.6) $1,780 $1.64
2025 748 12.3% (2.8) $1,764 $1.63 2.1% 0.5 $1,753 $1.62
2024 867 15.1% (7.8) $1,727 $1.59 1.6% (2.2) $1,717 $1.58
2023 1,265 22.9% 12.3 $1,701 $1.57 3.7% (1.1) $1,690 $1.56
2022 424 10.7% 5.9 $1,639 $1.51 4.9% (12.6) $1,629 $1.50
YTD 209 5.7% 0.9 $1,649 $1.52 4.8% (12.8) $1,634 $1.51
2021 166 4.8% 0.1 $1,563 $1.44 17.5% 11.3 $1,559 $1.44
2020 162 4.7% (2.2) $1,329 $1.23 6.3% 1.2 $1,323 $1.22
2019 236 6.8% (3.9) $1,251 $1.15 5.1% 0.4 $1,240 $1.14
2018 370 10.7% (4.9) $1,190 $1.10 4.7% 1.9 $1,173 $1.08
2017 539 15.6% 3.4 $1,137 $1.05 2.8% 1.5 $1,103 $1.02
2016 384 12.2% 8.0 $1,106 $1.02 1.4% (2.8) $1,085 $1
2015 107 4.1% (5.6) $1,091 $1.01 4.1% 1.4 $1,074 $0.99
2014 250 9.7% (7.0) $1,047 $0.97 2.7% (1.2) $1,028 $0.95
2013 386 16.6% 10.1 $1,020 $0.94 3.9% 1.0 $1,001 $0.92
2012 133 6.6% (3.1) $982 $0.91 2.9% 1.3 $974 $0.90
2011 196 9.6% (2.1) $954 $0.88 1.6% (2.8) $947 $0.87
2010 238 11.7% 5.0 $939 $0.87 4.4% - $927 $0.86
4 & 5 STAR VACANCY & RENT
2026 649 13.0% (0.9) $1,808 $1.65 1.6% (0.6) $1,797 $1.64
2025 644 13.8% (1.9) $1,779 $1.63 2.3% 0.4 $1,768 $1.62
2024 675 15.7% (6.3) $1,740 $1.59 1.9% (2.4) $1,729 $1.58
2023 898 22.0% 9.6 $1,708 $1.56 4.3% (0.5) $1,697 $1.55
2022 401 12.4% 7.1 $1,638 $1.50 4.8% (12.5) $1,628 $1.49
YTD 187 6.4% 1.1 $1,649 $1.51 4.3% (12.9) $1,632 $1.49
2021 144 5.3% 0.4 $1,563 $1.43 17.3% 10.4 $1,560 $1.43
2020 133 4.9% (2.6) $1,333 $1.22 6.8% 1.4 $1,327 $1.21
2019 203 7.5% (1.1) $1,248 $1.14 5.4% (0.3) $1,242 $1.13
2018 233 8.6% (0.8) $1,184 $1.08 5.7% 2.5 $1,170 $1.07
2017 255 9.4% (4.2) $1,120 $1.02 3.2% 2.1 $1,095 $1
2016 370 13.6% 9.5 $1,085 $0.99 1.1% (3.0) $1,061 $0.97
2015 89 4.1% (6.8) $1,072 $0.98 4.2% 1.9 $1,054 $0.96
2014 234 10.9% (8.8) $1,030 $0.94 2.2% (1.1) $1,008 $0.92
2013 371 19.8% 12.4 $1,007 $0.92 3.4% 1.0 $985 $0.90
2012 116 7.3% (3.4) $974 $0.89 2.4% 0.9 $966 $0.88
2011 171 10.7% (2.6) $951 $0.87 1.5% (2.6) $944 $0.86
2010 211 13.3% 6.0 $938 $0.86 4.0% - $925 $0.84
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3 STAR VACANCY & RENT
2026 64 4.6% (2.8) $1,733 $1.65 1.1% (0.4) $1,725 $1.64

2025 102 7.4% (6.3) $1,715 $1.63 1.5% 1.0 $1,706 $1.62
2024 189 13.7% (12.8) $1,690 $1.61 0.4% (1.3) $1,682 $1.60
2023 366 26.5% 23.5 $1,683 $1.60 1.7% (3.5) $1,675 $1.59
2022 21 3.0% 0.1 $1,654 $1.57 5.3% (13.5) $1,646 $1.57
YTD 20 2.9% 0 $1,657 $1.58 6.3% (12.4) $1,652 $1.57
2021 20 2.9% (1.0) $1,571 $1.49 18.8% 14.6 $1,567 $1.49
2020 27 3.9% (0.6) $1,323 $1.26 4.2% 0.2 $1,314 $1.25
2019 31 4.5% (15.2) $1,270 $1.21 3.9% 3.1 $1,239 $1.18
2018 135 19.7% (21.5) $1,222 $1.16 0.9% (0.2) $1,192 $1.13
2017 281 41.2% 37.9 $1,211 $1.15 1.1% (1.0) $1,141 $1.09
2016 13 3.3% (1.0) $1,198 $1.14 2.1% (2.1) $1,192 $1.13
2015 17 4.3% 0.7 $1,174 $1.12 4.1% (0.2) $1,162 $1.11
2014 14 3.5% 0.2 $1,127 $1.07 4.3% (1.4) $1,116 $1.06
2013 13 3.3% (0.3) $1,081 $1.03 5.7% 0.9 $1,073 $1.02
2012 14 3.7% (1.9) $1,023 $0.97 4.8% 2.6 $1,015 $0.97
2011 22 5.6% (0.4) $975 $0.93 2.2% (3.7) $969 $0.92
2010 23 6.0% 1.2 $954 $0.91 5.9% - $947 $0.90
2026 2 4.4% 0.3 $1,482 $1.85 2.7% (0.6) $1,476 $1.84

2025 2 4.1% 0.3 $1,443 $1.80 3.3% 0.4 $1,437 $1.80
2024 2 3.8% 0.3 $1,397 $1.75 2.9% (2.1) $1,391 $1.74
2023 2 3.4% 0.3 $1,358 $1.70 5.0% (0.6) $1,352 $1.69
2022 2 3.2% 0.2 $1,293 $1.62 5.5% (5.9) $1,288 $1.61
YTD 2 3.1% 0.1 $1,276 $1.60 7.0% (4.5) $1,273 $1.59
2021 2 3.0% 0.2 $1,226 $1.53 11.5% (1.3) $1,222 $1.53
2020 2 2.8% (0.9) $1,099 $1.37 12.8% (1.9) $1,096 $1.37
2019 2 3.7% (0.3) $975 $1.22 14.7% (2.5) $972 $1.21
2018 2 4.0% 0 $850 $1.06 17.2% (3.6) $848 $1.06
2017 2 4.0% 1.1 $725 $0.91 20.8% 18.6 $723 $0.90
2016 2 3.0% 0.4 $600 $0.75 2.2% (0.4) $600 $0.75
2015 2 2.6% (1.7) $587 $0.73 2.6% 1.2 $586 $0.73
2014 3 4.3% (0.2) $573 $0.72 1.4% (0.4) $570 $0.71
2013 3 4.4% 0.2 $565 $0.71 1.8% 0.4 $563 $0.70
2012 3 4.2% (1.4) $555 $0.69 1.4% 0.1 $553 $0.69
2011 3 5.6% 0.8 $547 $0.68 1.3% 0.3 $544 $0.68
2010 3 4.8% (1.1) $540 $0.67 1.1% - $537 $0.67
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OVERALL SALES
Completed Transactions (1) Market Pricing Trends (2)
Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate
2026 - - - - - - $278,708 357 4.3%

2025 - - - - - - $273,384 350 4.3%
2024 - - - - - - $267,138 342 4.3%
2023 - - - - - - $262,930 337 4.3%
2022 - - - - - - $258,456 331 4.2%
YTD 2 $29M 4.0% $14,500,000 $198,630 - $256,163 328 4.2%
2021 4 $98M 14.6% $24,504,583 $193,712 4.9% $228,630 293 4.3%
2020 2 $64.7M 10.0% $32,360,000 $185,977 4.6% $191,376 245 4.6%
2019 1 $70.6M 10.4% $70,600,000 $196,111 4.4% $174,513 224 4.8%
2018 2 $76.3M 13.3% $38,125,000 $165,761 5.0% $160,205 205 5.1%
2017 - - - - - - $148,101 190 5.3%
2016 2 $1.8M 10.2% $1,800,000 $52,941 - $139,339 179 5.4%
2015 1 $0 11.2% - - - $133,375 171 5.4%
2014 4 $128.3M 38.3% $32,086,625 $129,774 5.5% $123,608 158 5.6%
2013 2 $77.8M 26.1% $38,900,000 $128,383 5.7% $111,317 143 5.9%
2012 - - - - - - $109,379 140 5.8%
2011 2 $38.7M 21.4% $19,342,500 $88,727 6.7% $102,905 132 5.9%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
4 & 5 STAR SALES

2026 - - - - - - $265,924 349 4.3%

2025 - - - - - - $260,794 342 4.3%
2024 - - - - - - $254,708 334 4.3%
2023 - - - - - - $250,340 328 4.3%
2022 - - - - - - $245,292 321 4.2%
YTD - - - - - - $243,064 319 4.2%
2021 2 $94.1M 17.4% $47,062,166 $198,575 4.9% $220,317 289 4.3%
2020 1 $62.5M 11.9% $62,500,000 $192,901 4.6% $185,087 243 4.6%
2019 1 $70.6M 13.3% $70,600,000 $196,111 4.4% $169,243 222 4.8%
2018 2 $76.3M 17.0% $38,125,000 $165,761 5.0% $156,704 205 5.1%
2017 - - - - - - $145,065 190 5.2%
2016 1 $0 10.6% - - - $136,735 179 5.3%
2015 1 $0 13.5% - - - $130,930 172 5.4%
2014 3 $127.8M 45.9% $42,607,167 $130,297 5.5% $121,249 159 5.5%
2013 2 $77.8M 32.3% $38,900,000 $128,383 5.7% $109,167 143 5.8%
2012 - - - - - - $106,925 140 5.7%
2011 1 $33.4M 20.4% $33,435,000 $103,194 5.5% $100,796 132 5.8%
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3 STAR SALES
2026 - - - - - - $321,945 378 4.2%

2025 - - - - - - $315,990 371 4.1%
2024 - - - - - - $309,194 363 4.1%
2023 - - - - - - $305,427 359 4.1%
2022 - - - - - - $302,614 356 4.1%
YTD 2 $29M 21.3% $14,500,000 $198,630 - $300,102 353 4.0%
2021 - - - - - - $257,681 303 4.3%
2020 - - - - - - $213,496 251 4.6%
2019 - - - - - - $193,421 227 4.9%
2018 - - - - - - $173,789 204 5.2%
2017 - - - - - - $160,200 188 5.4%
2016 1 $1.8M 8.8% $1,800,000 $52,941 - $150,136 176 5.5%
2015 - - - - - - $143,615 169 5.5%
2014 - - - - - - $133,403 157 5.6%
2013 - - - - - - $120,180 141 5.9%
2012 - - - - - - $119,132 140 5.9%
2011 1 $5.3M 29.0% $5,250,000 $46,875 8.0% $111,481 131 6.0%
1 & 2 STAR SALES

2026 - - - - - - $157,208 433 4.9%

2025 - - - - - - $153,188 422 4.8%
2024 - - - - - - $148,703 409 4.8%
2023 - - - - - - $145,217 400 4.8%
2022 - - - - - - $141,560 390 4.8%
YTD - - - - - - $139,926 385 4.7%
2021 2 $3.9M 52.5% $1,947,000 $121,688 - $128,543 354 4.8%
2020 1 $2.2M 39.3% $2,220,000 $92,500 - $112,410 309 5.0%
2019 - - - - - - $99,967 275 5.4%
2018 - - - - - - $87,547 241 5.7%
2017 - - - - - - $77,894 214 6.1%
2016 - - - - - - $69,643 192 6.4%
2015 - - - - - - $65,680 181 6.5%
2014 1 $525K 13.1% $525,000 $65,625 - $60,156 166 6.8%
2013 - - - - - - $54,900 151 7.1%
2012 - - - - - - $53,264 147 7.1%
2011 - - - - - - $50,312 138 7.2%
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Appendix
DELIVERIES & UNDER CONSTRUCTION
Inventory Deliveries Net Deliveries Under Construction
Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units
2026 - 6,440 11.1% - 358 - 357 - -

2025 - 6,083 12.3% - 354 - 354 - -
2024 - 5,729 15.1% - 215 - 211 - -
2023 - 5,518 22.9% - 1,545 - 1,543 - -
2022 - 3,975 10.7% - 508 - 508 - -
YTD 21 3,655 5.7% 1 188 1 188 7 1,865
2021 20 3,467 4.8% 0 0 0 0 5 1,244
2020 20 3,467 4.7% 1 13 1 13 2 436
2019 19 3,454 6.8% 0 0 0 0 2 201
2018 19 3,454 10.7% 0 0 0 0 1 13
2017 19 3,454 15.6% 1 298 1 298 0 0
2016 18 3,156 12.2% 2 574 2 574 1 298
2015 16 2,582 4.1% 0 0 0 0 2 574
2014 16 2,582 9.7% 1 260 1 260 1 360
2013 15 2,322 16.6% 1 288 1 288 1 260
2012 14 2,034 6.6% 0 0 0 0 0 0
2011 14 2,034 9.6% 0 0 0 0 0 0
2010 14 2,034 11.7% 1 369 1 369 0 0
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Multi-Family Market Report
Raleigh - NC
PREPARED BY
Meilyn Cabrera
Overview
Raleigh Multi-Family
12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth
5,314 2,522 6.9% 6.9%

Anchored by thriving technology and life sciences in late 2021. New supply additions have also put upward
industries, Raleigh consistently ranks as one of the pressure on vacancy rates, which had reached record
fastest-growing and most affluent cities in the Southeast. lows. Asking rents are now up about 6.9% year over
In 2021, Raleigh's population grew by 2%, making it the year, which is well above pre-pandemic norms. Rent
second-fastest-growing large metropolitan area in the growth is likely to remain elevated through 2022, though
U.S., behind only Austin. Raleigh's high-skilled labor the extreme increases of near 20% likely peaked in late
pool and lower-than-average cost of living have 2021. Record levels of construction are scheduled to
bolstered the region's reputation as a market on the rise. deliver over the next two years, and this supply surge will
Recent announcements from Apple, INEOS Automotive, continue to moderate rent growth. While rising interest
and Amgen provide a glimpse into Raleigh's thriving rates have slowed investment activity slightly, investors
industry future. remain bullish on Raleigh. A record of $4.1 billion has
traded hands over the past year, and some high-end,
Absorption remains positive in Raleigh's apartment well-located assets have sold for a premium well above
market, though it has slowed from the record highs seen the market average.
KEY INDICATORS
Absorption Under Constr

Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units
Units Units
4 & 5 Star 59,179 7.5% $1,695 $1,682 246 747 8,905

3 Star 42,831 6.9% $1,451 $1,441 955 1,072 3,095
1 & 2 Star 11,879 3.8% $1,196 $1,191 17 0 592
Market 113,889 6.9% $1,560 $1,548 1,218 1,819 12,592
Historical Forecast
Annual Trends 12 Month Peak When Trough When
Average Average
Vacancy Change (YOY) 2.1% 7.0% 8.9% 9.9% 2018 Q1 3.3% 2002 Q2
Absorption Units 2,522 2,438 4,140 5,470 2001 Q2 (1,403) 2003 Q3
Delivered Units 5,314 2,716 5,365 5,758 2001 Q2 220 2012 Q1
Demolished Units 209 63 57 418 2021 Q4 0 2020 Q1
Asking Rent Growth (YOY) 6.9% 2.5% 3.2% 19.4% 2021 Q4 -5.6% 2002 Q4
Effective Rent Growth (YOY) 6.6% 2.6% 3.1% 20.5% 2021 Q4 -5.6% 2002 Q4
Sales Volume $4.3B $1.2B N/A $4.7B 2022 Q2 $103.5M 2006 Q2
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Vacancy
Renter demand in Raleigh's multifamily sector continues Submarket, along the Interstate 40 corridor toward RTP,
to prove resilient, thanks to continued population growth has one of the tightest vacancy rates in the market at
and household formation. An influx of in-migration from just over 5% despite continued construction. On the
higher-cost Northeast markets, combined with a other hand, rent growth in Downtown Raleigh has lagged
shortage of single-family housing, has kept leasing behind overall market rate growth.
activity strong. Renters have absorbed an estimated
2,500 units over the past 12 months. However, a new Raleigh has a large pool of college students and recent
supply surge has begun and new deliveries outpaced graduates. North Carolina State University alone
absorption through the first half of 2022. Overall, a total produces more than 9,000 graduates per year, supplying
of 5,100 units have delivered over the past year, lifting local operations with a steady supply of potential
the market's vacancy rate to 6.9%. While that remains employees, many of whom are apartment renters.
below the market's 10-year historical average, it Coupled with North Carolina's relatively low cost of doing
represents a significant increase from a trough below 5% business, the metro has attracted a multitude of
vacancy in 21Q2. corporate investments over the last few years and is a
well-established technology and life science hub.
Additionally, an influx of new supply is likely to lift
vacancy rates in the near term, despite continued Recent expansions have included INEOS Automotive
demand. More than 13,000 units are underway in the and Amgen. Technology giant Apple has announced
market, representing a 11.1% inventory expansion. plans to construct a campus and engineering hub,
investing more than $1 billion and creating over 3,000
Employment nodes in Raleigh are dispersed, and jobs in the region. This slew of new jobs entering the
suburban markets closest to the Research Triangle Park market over the next few years is expected to accelerate
on the west side of the market have seen the most Raleigh's growth and will continue to support apartment
demand for apartment renters. The North Cary/Morrisville demand throughout the metro.
ABSORPTION, NET DELIVERIES & VACANCY
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Vacancy
OVERALL & STABILIZED VACANCY
VACANCY RATE
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Vacancy
VACANCY BY BEDROOM
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Rent
Asking rent growth has continued to outpace pre- Multifamily rents vary widely in Raleigh and are incredibly
pandemic norms, though cooling demand and surging dependent on location as well as quality. While rents in
supply have led to moderation in annual rent growth Raleigh average $1,560/unit, falling below the national
figures. Year-over-year rent growth is currently 6.9%, average of $1,640/unit, new construction fetches a higher
down from peaks of more than 19% in 21Q4, though still price and rents in established suburbs are more
well above the market's historical norm. Growth has been expensive than the market average. 4 & 5 Star
especially robust for the market's mid- and upper-tier properties average $1,690/month and command well
assets, though a surge in high-end construction has above $2,000/month in the most in-demand submarkets.
kept 4 & 5 Star rents growing slower than 3 Star rents.
High-end rents are up 6.0% over the past year, while 3 Many of these higher-priced developments sit outside
Star rents have increased 8.1% over the same time downtown, creating a unique phenomenon in Raleigh
period. Raleigh's high-quality labor force, much of which where suburban properties are often more expensive
is employed in the tech or life science industries, has than their urban counterparts. Rents in the suburbs of
helped to support rising rental rates, thanks to above- Cary, Morrisville, and Wake Forest average close to
average wages. With more than 13,000 units under $1,700/month, whereas rents in Downtown Raleigh
construction, rent growth is likely to continue cooling. average around $1,570/unit.
DAILY ASKING RENT PER SF
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Rent
MARKET RENT PER UNIT & RENT GROWTH
MARKET RENT PER UNIT BY BEDROOM
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Rent
4 & 5 STAR EXPENSES PER SF (ANNUAL)
Operating Expenses Capital Expenditures
Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total
Raleigh $0.47 $1.05 $1.25 $0.43 $0.77 $1.19 $0.26 $1.02 $0.10 $0.25 $0.82 $7.61
Downtown Raleigh $0.52 $1.10 $1.30 $0.45 $0.94 $1.38 $0.27 $1.13 $0.12 $0.35 $0.52 $8.08
East Raleigh $0.46 $1.09 $1.27 $0.40 $0.80 $1.32 $0.26 $1.03 $0.11 $0.25 $0.87 $7.86
Johnston County $0.43 $0.98 $1.22 $0.38 $0.64 $1.06 $0.25 $0.94 $0.08 $0.15 $1.21 $7.34
North Cary/Morrisville $0.42 $1.04 $1.23 $0.39 $0.58 $0.96 $0.24 $0.99 $0.05 $0.24 $1.03 $7.17
Northeast Raleigh $0.46 $1.28 $1.20 $0.46 $0.71 $1.28 $0.32 $0.91 $0.16 $0.19 $1.15 $8.12
Northern Outlying $0.40 $0.91 $1.22 $0.38 $0.66 $1.05 $0.25 $0.96 $0.07 $0.16 $1.18 $7.24
Northwest Raleigh $0.36 $0.56 $1.21 $0.39 $0.61 $0.77 $0.22 $0.88 $0.05 $0.13 $0.84 $6.02
South Cary/Apex $0.57 $0.95 $1.22 $0.43 $0.72 $1.21 $0.22 $1.03 $0.07 $0.22 $0.71 $7.35
South Raleigh $0.50 $1.29 $1.17 $0.44 $0.78 $1.28 $0.27 $0.95 $0.11 $0.24 $0.85 $7.88
Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.
3 STAR EXPENSES PER SF (ANNUAL)
Raleigh $0.43 $0.93 $1.06 $0.30 $0.52 $1.05 $0.22 $0.51 $0.07 $0.15 $0.76 $6
East Raleigh $0.41 $1.12 $1.05 $0.26 $0.49 $1.15 $0.20 $0.47 $0.08 $0.09 $1.04 $6.36
Franklin County $0.38 $0.87 $0.90 $0.32 $0.54 $0.99 $0.23 $0.52 $0.07 $0.16 $1.12 $6.10
Johnston County $0.38 $0.87 $0.90 $0.32 $0.54 $0.99 $0.23 $0.52 $0.07 $0.16 $1.12 $6.10
South Cary/Apex $0.55 $0.86 $0.88 $0.08 $0.27 $1.14 $0.22 $0.59 $0.07 $0.17 $0.70 $5.53
South Raleigh $0.43 $1.02 $1.17 $0.29 $0.52 $1.10 $0.21 $0.46 $0.09 $0.16 $0.58 $6.03
1 & 2 STAR EXPENSES PER SF (ANNUAL)
Raleigh $0.37 $0.79 $0.81 $0.27 $0.48 $0.98 $0.20 $0.42 $0.07 $0.03 $0.53 $4.95
East Raleigh $0.37 $0.86 $0.85 $0.25 $0.47 $1.03 $0.20 $0.40 $0.08 $0.03 $0.55 $5.09
Franklin County $0.36 $0.82 $0.77 $0.30 $0.51 $0.94 $0.22 $0.49 $0.06 $0.04 $0.71 $5.22
Johnston County $0.36 $0.82 $0.77 $0.30 $0.51 $0.94 $0.22 $0.49 $0.06 $0.04 $0.71 $5.22
South Cary/Apex $0.42 $0.81 $0.68 $0.03 $0.19 $1.02 $0.21 $0.49 $0.07 $0.02 $0.66 $4.60
South Raleigh $0.38 $0.94 $0.83 $0.26 $0.48 $0.91 $0.20 $0.39 $0.08 $0.02 $0.49 $4.98
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Rent
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Construction
More than 13,000 units are currently under construction favorite among developers for its appeal to young and
throughout the metro, representing approximately 11.1% affluent renters and steady local employment.
of Raleigh's multifamily inventory, pushing the market's
development pipeline to record highs. Heightened Development remains strongest in the suburbs, which
construction activity in one of the country's fastest- account for the bulk of Raleigh's under construction
growing metros has translated into 5,100 units worth of inventory. Development has been especially active in
new deliveries within the past 12 months. The surge in some of Raleigh's outer suburbs like South Cary/Apex
supply is likely to push vacancies higher in the coming and Northern Outlying Raleigh. South Cary/Apex has
quarters. witnessed a notable uptick in apartments under
construction over the past few quarters as development
Over the past decade, the bulk of new apartment spills over from core submarkets. South Cary/Apex
construction has been centered around Raleigh's major stands to experience long-term gains with the continued
employment centers like Downtown and Research expansion of Interstate-540. Work has started on
Triangle Park. Downtown Raleigh, which saw little new Sweetwater Town Center, a 230-unit mid-rise located in
construction before the Great Recession, accounts for the suburb of Apex. New York-based The Kalikow
almost a quarter of the metro's inventory built since Group is behind the 45-acre development, which will
2010, and more than 2,300 additional units are under include multiple mixed-use elements. This first phase is
construction there. Raleigh's urban core has been a expected to deliver in early 2023.
DELIVERIES & DEMOLITIONS
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Properties Units Percent of Inventory Avg. No. Units
48 12,592 11.1% 262

UNDER CONSTRUCTION PROPERTIES
UNDER CONSTRUCTION
Seaboard Station Pn Hoffman & Associates Inc

1 650 6 Nov 2021 Dec 2022
721 Halifax St Pn Hoffman & Associates Inc
Carolina Yards -
2 450 - Feb 2021 Jan 2025
1105 Walnut St Turnbridge Equities
Platform Apartments Cline Design Associates
3 430 7 Mar 2022 Jul 2024
600 W Cabarrus St Kane Realty Corporation
Preston Ridge -
4 425 4 Aug 2022 Aug 2023
330 Towerview Ct Akridge
Ardmore at Flowers -
5 396 3 Nov 2021 Jan 2023
380 Topwater Dr Ardmore Residential
Royal Creek Apartments Cambridge Properties
6 376 3 Mar 2022 May 2023
7801 Ten-Ten Rd Cambridge Properties
Aventon Nora Aventon Companies
7 372 4 Aug 2021 Oct 2022
6615 The Lakes Dr Aventon Companies
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UNDER CONSTRUCTION
Abberly Alston -
8 371 3 Nov 2021 Nov 2023
2132 Alston Ave HHHunt
Vintage Raleigh West TDK Development, LLC
9 365 1 Sep 2021 Nov 2022
951 Corporate Center Dr TDK Development, LLC
Allison at Fenton Columbia Development Group, LLC
10 357 6 Dec 2020 Jan 2023
Cary Towne Blvd USAA Real Estate
4100 Buffaloe Rd -
11 344 3 Jan 2022 Oct 2023
Alliance Residential Company
District at 54 Kaplan Companies
12 330 5 Jan 2021 Oct 2022
700 Corporate Center Dr Kaplan Companies
11154 Buffalo Rd Ardmore Residential
13 330 2 Jun 2022 Apr 2024
-
Novel Cary Crescent Communities, LLC
14 320 5 Dec 2020 Oct 2022
1708 Petty Farm Rd Crescent Communities, LLC
15 320 2 Sep 2021 Oct 2022
Solis Hills Terwilliger Pappas
16 315 3 Oct 2021 Feb 2023
1331 Chester Ave Pappas Properties, LLC
Legacy Heritage Apartm… -
17 306 4 Aug 2021 Oct 2022
700 Legacy Heritage Ln Goldberg Companies, Inc.
Alta Vale Wood Partners
18 306 4 Jul 2022 Mar 2023
4800 Duraleigh Rd Wood Partners
320 West South Capital Square Realty Advisors
19 297 20 Jun 2022 Jun 2024
320 W South St Capital Square Realty Advisors
Aventon Kit Creek -
20 293 4 Jun 2022 Sep 2023
7655 Kit Creek Rd Westminster Capital
NHX North Tower Apart… Kane Realty Corporation
21 287 12 Dec 2021 Jun 2023
4381 Lassiter Mill Rd NORTH HILLS RETAIL EXPANS…
22 273 4 Jul 2022 Aug 2023
Hawthorne at Traditions -
23 272 4 Jul 2022 Oct 2023
601 Gilcrest Farm Rd Wake Forest Reservoir Propertie…
Comet Garner -
24 264 3 Nov 2021 Oct 2022
1500 Isner Ln Britt B. Stephenson
Meridian at Rogers Branch NorthView Partners, LLC
25 264 4 Jan 2022 Feb 2023
Roger Branch Rd & Roger R NorthView Partners, LLC
Ascend Varina Gateway DHI Communities Construction of…
26 264 3 May 2022 Jun 2023
2300 N Grassland Dr D.R. Horton, Inc.
Bainbridge Cary The Bainbridge Companies
27 259 4 Mar 2022 Dec 2022
9205 Chapel Hill Rd The Bainbridge Companies
Spinning Mill Apartments Taft Family Ventures
28 255 3 Mar 2022 Oct 2023
300 Mill Cir Taft Family Ventures
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Sales
Raleigh's multifamily annual sales volume now totals a at Powell and Broad for $129.25 million or $336,589/unit.
staggering $4.1 billion, showcasing the popularity of the This high-end property, built in 2020, is located in the
market and the greater Triangle region (Raleigh- southern Wake County suburb of Fuquay Varina. That
Durham-Chapel Hill) among investors. The market is followed Dallas-based REIT NexPoint Residential's
presently averaging $260,000/unit, above the national purchase of the 2021-built Bainbridge Aviation Crossing
average of $230,000/unit. Recent transactions among the in Morrisville for $120 million or $402,685/unit, also in
market's 4 & 5 Star properties signal the average per- July 2022.
unit price is expected to continue its upward climb.
Canadian institutional investor Starlight Investments In the suburb of Wake Forest, Braddock & Logan
purchased the Summermill at Falls River Apartments in purchased North Forest Apartments from American
North Raleigh for $106 million, or $331,250/unit, in March Residential Investment Management for $22.15 million,
2022. or $203,000/unit. The 112-unit property was built in the
1980s and demonstrates the investment power that can
The market's overall suburban nature has meant be found in Raleigh's older suburban product.
investors are looking outside the downtown center,
turning their attention to assets strategically located near Market cap rates have compressed over the past several
major transportation corridors. In July 2022, Maryland- months but are roughly in line with other Sun Belt
based Aldon Management purchased the 384-unit Aldon markets like Charlotte, Atlanta, and Nashville, at 4.2%.
SALES VOLUME & MARKET SALE PRICE PER UNIT
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Sales
MARKET CAP RATE
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93 $251 $49.7 5.1%

SALE COMPARABLE LOCATIONS
Sale Price $125,871 $49,686,498 $42,250,000 $165,051,500
Price/Unit $20,978 $250,905 $217,893 $555,743
Cap Rate 2.6% 4.2% 3.6% 8.7%
Vacancy Rate At Sale 0% 5.1% 3.8% 27.2%

Average Unit SF 36 898 908 1,280
Year Built 1920 1989 1987 2021
Star Rating 3.0
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RECENT SIGNIFICANT SALES

1 - 2018 461 3.2% 5/5/2022 $165,051,500 $358,029 $553
6701 Fox Rd
ARIUM Lake Johnson
2 - 1984 576 3.3% 11/12/2021 $130,000,000 $225,694 $277
3201 Walnut Creek Pky
Aldon at Powell & Broad
3 - 2020 384 5.0% 7/8/2022 $129,250,000 $336,588 $488
141 Stobhill Ln
1 - 2018 460 3.2% 12/15/2021 $126,001,000 $273,915 $422
6701 Fox Rd
Preston View
4 - 1999 382 3.9% 6/8/2022 $124,250,000 $325,261 $303
1000 Stony Ct
The Gregory
5 - 1986 786 3.8% 9/30/2021 $121,000,000 $153,944 $345
100 Northwoods Village Dr
Bainbridge Aviation Crossing
6 - 2021 298 2.0% 7/28/2022 $120,000,000 $402,684 $408
4555 McCrimmon Pky
Wesley
7 - 2001 354 2.3% 5/19/2022 $112,000,000 $316,384 $312
442 Jefferson Towne Dr
Aventura Crossroads
8 - 2008 344 2.6% 8/25/2022 $111,000,000 $322,674 $280
1010 Legacy Village Dr
Legacy at Six Forks
9 - 1982 364 10.4% 6/1/2022 $110,000,000 $302,197 $275
6317 Shanda Dr
Summermill at Falls River Ap…
10 - 2001 320 10.0% 4/27/2022 $106,000,000 $331,250 $302
10311 Falls Mill Dr
ARIUM Weston
11 - 2000 380 8.4% 11/12/2021 $101,000,000 $265,789 $182
1000 Henrico Ln
ARIUM Lake Lynn
12 - 1986 423 6.9% 11/12/2021 $100,000,000 $236,406 $140
650 Lake Front Dr
The Villages at Pecan Grove
13 - 2013 336 4.5% 11/10/2021 $98,000,000 $291,666 $276
4000 Penuche Way
ARIUM Kildaire
14 - 2000 332 8.1% 11/12/2021 $96,000,000 $289,156 $272
2600 Harvest Creek Pl
The Peak at Nichols Plaza
15 - 2020 270 1.9% 5/24/2022 $94,600,000 $350,370 $946
900 Doverside Dr
Hudson High House
16 - 1996 302 4.6% 12/7/2021 $93,250,000 $308,774 $317
100 Terrastone Pl
Amberwood at Lochmere
17 - 1991 340 5.9% 5/12/2022 $93,223,000 $274,185 $231
100 Eclipse Dr
401 Oberlin
18 - 2014 244 5.7% 1/4/2022 $91,200,000 $373,770 $274
401 Oberlin Rd
Alta Wren
19 - 2021 250 27.2% 3/3/2022 $91,000,000 $364,000 $333
3000 Orchid St
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Economy
Raleigh and the Research Triangle region continue to be headlines early this year after purchasing Cary Towne
among the fastest-growing metros in the nation, growing Center, located in a suburb of Raleigh. The company,
by 2% in 2021. That was second only to Austin among which already employs more than 2,000 workers in the
markets with more than 1 million population. After the area, plans to redevelop the former mall into a global
completion of the 2020 census, Wake County's headquarters by 2024. More recently, FUJIFILM Diosynth
population surpassed Mecklenburg County, home to the Biotechnologies selected Holly Springs as the location to
city of Charlotte, becoming the largest county in North build a new $2 billion cell culture production facility, the
Carolina. As the home of North Carolina's state capital, largest life science investment announcement in North
the metro has a large government and public Carolina's history. The company already has an office in
administration employment base that adds to the Morrisvillle and plans to hire around 725 new workers at
diversity of the region's industries. the new plant by 2028.
Raleigh's jobs recovery has outpaced other Southern In addition to an already thriving economy, Raleigh's
markets, and total employment is currently 5% above talent base and highly educated labor pool continue to
February 2020 levels. Office-using sectors such as attract corporate investment. North Carolina State
information technology and professional services account University, along with Durham's Duke University and
for the bulk of job growth, though the rise in e- UNC Chapel Hill, provides a steady stream of workers
commerce has also led to growth in the warehousing and from which many local employers recruit. Bandwidth, a
transportation sector. software communications company, announced a $100
million expansion to its Raleigh headquarters, which will
Raleigh's concentration of technology and life science bring almost 1,200 new jobs to the metro. Also in the
companies has greatly impacted the market's recovery tech sector, Pendo announced an expansion in 2019 to
rate. These high-growth sectors have helped attract bring nearly 600 new employees to Raleigh over the next
companies to the Triangle, even during the height of the few years.
pandemic. Video game creator Epic Games made
RALEIGH EMPLOYMENT BY INDUSTRY IN THOUSANDS
CURRENT JOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST
Industry Jobs LQ Market US Market US Market US
Manufacturing 33 0.6 2.01% 3.45% 1.99% 0.69% 0.20% 0.15%

Trade, Transportation and Utilities 125 1.0 2.25% 3.25% 3.07% 1.23% 0.39% 0.12%
Retail Trade 73 1.0 2.75% 2.29% 2.20% 0.63% 0.44% 0.10%
Financial Activities 39 1.0 3.45% 1.97% 4.13% 1.41% 0.83% 0.24%
Government 97 1.0 -2.16% 0.95% 0.88% 0.17% 1.21% 0.53%
Natural Resources, Mining and Construction 45 1.2 3.85% 4.44% 4.10% 2.52% 0.66% 0.31%
Education and Health Services 88 0.8 3.97% 2.71% 3.33% 1.59% 0.99% 0.68%
Professional and Business Services 140 1.4 7.47% 4.52% 3.60% 2.13% 1.18% 0.44%
Information 24 1.8 3.69% 4.19% 3.43% 1.08% 1.23% 0.44%
Leisure and Hospitality 73 1.0 11.35% 11.07% 2.75% 1.51% 2.28% 1.35%
Other Services 28 1.1 4.06% 4.95% 1.69% 0.60% 1.25% 0.57%
Total Employment 693 1.0 4.01% 3.86% 2.85% 1.28% 1.04% 0.49%
Source: Oxford Economics
LQ = Location Quotient
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Economy
JOB GROWTH (YOY)

UNEMPLOYMENT RATE (%)
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Economy
NET EMPLOYMENT CHANGE (YOY)
MEDIAN HOUSEHOLD INCOME
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Economy
POPULATION GROWTH (YOY %)
NET POPULATION CHANGE (YOY)
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Economy
DEMOGRAPHIC TRENDS
Current Level 12 Month Change 10 Year Change 5 Year Forecast
Demographic Category Metro US Metro US Metro US Metro US
Population 1,463,327 332,577,500 1.0% 0.2% 2.1% 0.6% 1.2% 0.5%

Households 545,172 124,147,398 1.0% 0.1% 2.1% 0.7% 1.1% 0.5%
Median Household Income $92,309 $74,705 9.7% 9.0% 4.5% 3.9% 3.0% 3.1%
Labor Force 759,501 165,077,297 3.9% 2.2% 2.2% 0.6% 1.2% 0.4%
Unemployment 2.8% 3.6% -0.9% -1.5% -0.5% -0.5% - -
POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH
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Submarkets
RALEIGH SUBMARKETS
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Submarkets
SUBMARKET INVENTORY
Inventory 12 Month Deliveries Under Construction
No. Submarket Bldgs Units % Market Rank Bldgs Units Percent Rank Bldgs Units Percent Rank
1 Downtown Raleigh 349 23,972 21.0% 1 4 1,295 5.4% 2 8 2,399 10.0% 2

2 East Raleigh 49 6,602 5.8% 6 3 1,385 21.0% 1 3 572 8.7% 7
3 Franklin County 3 412 0.4% 10 0 0 0% - 0 0 0% -
4 Johnston County 70 3,401 3.0% 9 2 324 9.5% 5 4 1,053 31.0% 5
5 North Cary/Morrisville 91 22,614 19.9% 2 5 604 2.7% 4 13 3,777 16.7% 1
6 Northeast Raleigh 114 20,476 18.0% 3 3 717 3.5% 3 5 1,148 5.6% 4
7 Northern Outlying 21 3,655 3.2% 8 1 188 5.1% 9 7 1,865 51.0% 3
8 Northwest Raleigh 66 16,925 14.9% 4 1 248 1.5% 8 1 306 1.8% 9
9 South Cary/Apex 44 10,106 8.9% 5 3 267 2.6% 7 4 970 9.6% 6
10 South Raleigh 44 5,726 5.0% 7 1 288 5.0% 6 3 502 8.8% 8
SUBMARKET RENT
Asking Rents Effective Rents
No. Market Per Unit Per SF Rank Yr. Growth Per Unit Per SF Rank Yr. Growth Concession Rank
1 Downtown Raleigh $1,550 $1.73 1 6.0% $1,538 $1.72 1 5.7% 0.8% 6

2 East Raleigh $1,573 $1.56 5 12.2% $1,559 $1.55 6 11.3% 0.8% 5
3 Franklin County $1,124 $1.22 10 9.5% $1,121 $1.21 10 9.2% 0.3% 10
4 Johnston County $1,400 $1.32 9 3.8% $1,384 $1.31 9 3.0% 1.1% 1
5 North Cary/Morrisville $1,636 $1.62 2 7.4% $1,627 $1.61 2 7.5% 0.5% 9
6 Northeast Raleigh $1,523 $1.62 3 8.1% $1,509 $1.60 3 7.5% 0.9% 3
7 Northern Outlying $1,649 $1.52 7 4.8% $1,634 $1.51 7 3.9% 0.9% 4
8 Northwest Raleigh $1,521 $1.56 6 6.1% $1,512 $1.56 5 6.2% 0.6% 8
9 South Cary/Apex $1,637 $1.58 4 6.9% $1,626 $1.57 4 6.7% 0.6% 7
10 South Raleigh $1,440 $1.47 8 4.7% $1,424 $1.45 8 3.7% 1.1% 2
SUBMARKET VACANCY & ABSORPTION
Vacancy 12 Month Absorption
No. Submarket Units Percent Rank Units % of Inv Rank Construc. Ratio
1 Downtown Raleigh 1,812 7.6% 8 429 1.8% 3 2.5

2 East Raleigh 536 8.1% 9 970 14.7% 1 1.4
3 Franklin County 6 1.5% 1 5 1.3% 8 -
4 Johnston County 220 6.5% 5 238 7.0% 5 1.4
5 North Cary/Morrisville 1,293 5.7% 3 563 2.5% 2 1.1
6 Northeast Raleigh 1,515 7.4% 7 87 0.4% 7 8.2
7 Northern Outlying 209 5.7% 2 99 2.7% 6 1.9
8 Northwest Raleigh 1,155 6.8% 6 (228) -1.3% 10 -
9 South Cary/Apex 623 6.2% 4 417 4.1% 4 0.6
10 South Raleigh 502 8.8% 10 (51) -0.9% 9 -
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Appendix
OVERALL SUPPLY & DEMAND
2026 136,430 3,870 2.9% 3,708 2.7% 1.0

2025 132,560 4,283 3.3% 4,237 3.2% 1.0
2024 128,277 4,408 3.6% 4,366 3.4% 1.0
2023 123,869 8,009 6.9% 4,524 3.7% 1.8
2022 115,860 6,401 5.8% 3,769 3.3% 1.7
YTD 113,889 4,430 4.0% 2,354 2.1% 1.9
2021 109,459 2,000 1.9% 4,921 4.5% 0.4
2020 107,459 4,863 4.7% 3,947 3.7% 1.2
2019 102,596 3,509 3.5% 3,522 3.4% 1.0
2018 99,087 3,827 4.0% 4,591 4.6% 0.8
2017 95,260 2,826 3.1% 2,481 2.6% 1.1
2016 92,434 4,213 4.8% 2,616 2.8% 1.6
2015 88,221 2,524 2.9% 2,665 3.0% 0.9
2014 85,697 4,223 5.2% 4,063 4.7% 1.0
2013 81,474 4,886 6.4% 2,701 3.3% 1.8
2012 76,588 623 0.8% 940 1.2% 0.7
2011 75,965 220 0.3% 581 0.8% 0.4
2010 75,745 1,390 1.9% 2,794 3.7% 0.5
2026 78,251 3,935 5.3% 3,638 4.6% 1.1

2025 74,316 4,346 6.2% 3,798 5.1% 1.1
2024 69,970 3,548 5.3% 3,346 4.8% 1.1
2023 66,422 5,536 9.1% 3,123 4.7% 1.8
2022 60,886 4,160 7.3% 1,993 3.3% 2.1
YTD 59,179 2,453 4.3% 1,036 1.8% 2.4
2021 56,726 1,468 2.7% 4,304 7.6% 0.3
2020 55,258 4,188 8.2% 3,074 5.6% 1.4
2019 51,070 3,048 6.3% 3,164 6.2% 1.0
2018 48,022 3,453 7.7% 3,562 7.4% 1.0
2017 44,569 2,240 5.3% 2,266 5.1% 1.0
2016 42,329 4,132 10.8% 3,120 7.4% 1.3
2015 38,197 2,814 8.0% 2,772 7.3% 1.0
2014 35,383 4,223 13.6% 4,118 11.6% 1.0
2013 31,160 4,919 18.7% 2,794 9.0% 1.8
2012 26,241 615 2.4% 615 2.3% 1.0
2011 25,626 196 0.8% 440 1.7% 0.4
2010 25,430 1,390 5.8% 1,973 7.8% 0.7
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Appendix
3 STAR SUPPLY & DEMAND
2026 45,931 2 0% 119 0.3% 0

2025 45,929 2 0% 420 0.9% 0
2024 45,927 696 1.5% 944 2.1% 0.7
2023 45,231 2,400 5.6% 1,312 2.9% 1.8
2022 42,831 1,983 4.9% 1,772 4.1% 1.1
YTD 42,831 1,983 4.9% 1,368 3.2% 1.4
2021 40,848 917 2.3% 790 1.9% 1.2
2020 39,931 722 1.8% 848 2.1% 0.9
2019 39,209 461 1.2% 375 1.0% 1.2
2018 38,748 374 1.0% 948 2.4% 0.4
2017 38,374 586 1.6% 367 1.0% 1.6
2016 37,788 81 0.2% (526) -1.4% -
2015 37,707 (141) -0.4% (103) -0.3% 1.4
2014 37,848 0 0% 72 0.2% 0
2013 37,848 (33) -0.1% (108) -0.3% 0.3
2012 37,881 0 0% 227 0.6% 0
2011 37,881 24 0.1% 114 0.3% 0.2
2010 37,857 0 0% 662 1.7% 0
2026 12,248 (67) -0.5% (49) -0.4% 1.4

2025 12,315 (65) -0.5% 19 0.2% -
2024 12,380 164 1.3% 76 0.6% 2.2
2023 12,216 73 0.6% 89 0.7% 0.8
2022 12,143 258 2.2% 4 0% 64.5
YTD 11,879 (6) -0.1% (50) -0.4% 0.1
2021 11,885 (385) -3.1% (173) -1.5% 2.2
2020 12,270 (47) -0.4% 25 0.2% -
2019 12,317 0 0% (17) -0.1% 0
2018 12,317 0 0% 81 0.7% 0
2017 12,317 0 0% (152) -1.2% 0
2016 12,317 0 0% 22 0.2% 0
2015 12,317 (149) -1.2% (4) 0% 37.3
2014 12,466 0 0% (127) -1.0% 0
2013 12,466 0 0% 15 0.1% 0
2012 12,466 8 0.1% 98 0.8% 0.1
2011 12,458 0 0% 27 0.2% 0
2010 12,458 0 0% 159 1.3% 0
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Appendix
OVERALL VACANCY & RENT
2026 12,167 8.9% (0.1) $1,735 $1.78 1.9% (0.6) $1,721 $1.77
2025 12,005 9.1% (0.3) $1,703 $1.75 2.5% 0.4 $1,688 $1.74
2024 11,957 9.3% (0.3) $1,661 $1.71 2.2% (2.2) $1,647 $1.69
2023 11,913 9.6% 2.3 $1,625 $1.67 4.4% (1.9) $1,612 $1.66
2022 8,426 7.3% 2.0 $1,557 $1.60 6.3% (13.1) $1,544 $1.59
YTD 7,870 6.9% 1.6 $1,560 $1.60 6.9% (12.5) $1,548 $1.59
2021 5,793 5.3% (2.8) $1,465 $1.51 19.4% 17.4 $1,457 $1.50
2020 8,715 8.1% 0.5 $1,227 $1.26 1.9% (2.3) $1,209 $1.24
2019 7,789 7.6% (0.3) $1,204 $1.24 4.3% 1.0 $1,193 $1.23
2018 7,804 7.9% (1.1) $1,155 $1.19 3.3% 1.0 $1,132 $1.16
2017 8,567 9.0% 0.1 $1,118 $1.15 2.3% (0.4) $1,088 $1.12
2016 8,224 8.9% 1.4 $1,093 $1.12 2.7% (2.4) $1,070 $1.10
2015 6,628 7.5% (0.4) $1,064 $1.09 5.1% 2.1 $1,047 $1.08
2014 6,768 7.9% (0.2) $1,012 $1.04 3.0% (0.1) $994 $1.02
2013 6,610 8.1% 2.3 $983 $1.01 3.1% (0.1) $970 $1
2012 4,425 5.8% (0.5) $953 $0.98 3.2% 0.3 $946 $0.97
2011 4,740 6.2% (0.5) $923 $0.95 2.9% 0.5 $917 $0.94
2010 5,101 6.7% (2.0) $897 $0.92 2.4% - $890 $0.91
2026 8,658 11.1% (0.2) $1,872 $1.89 1.7% (0.6) $1,854 $1.87
2025 8,359 11.2% 0.1 $1,841 $1.85 2.3% 0.2 $1,824 $1.84
2024 7,810 11.2% (0.3) $1,799 $1.81 2.1% (2.3) $1,783 $1.80
2023 7,607 11.5% 2.9 $1,763 $1.78 4.4% (1.3) $1,746 $1.76
2022 5,194 8.5% 3.2 $1,689 $1.70 5.7% (13.9) $1,673 $1.69
YTD 4,445 7.5% 2.2 $1,695 $1.71 6.0% (13.6) $1,682 $1.69
2021 3,025 5.3% (5.3) $1,598 $1.61 19.6% 18.6 $1,587 $1.60
2020 5,860 10.6% 1.3 $1,336 $1.34 1.0% (2.9) $1,312 $1.32
2019 4,740 9.3% (0.8) $1,322 $1.33 3.9% 0.7 $1,307 $1.32
2018 4,857 10.1% (1.0) $1,272 $1.28 3.2% 1.3 $1,245 $1.25
2017 4,966 11.1% (0.6) $1,232 $1.24 2.0% 0.3 $1,196 $1.20
2016 4,991 11.8% 1.4 $1,209 $1.22 1.7% (2.9) $1,177 $1.18
2015 3,981 10.4% (0.7) $1,189 $1.20 4.5% 2.3 $1,168 $1.17
2014 3,938 11.1% (1.2) $1,138 $1.14 2.2% (0.4) $1,113 $1.12
2013 3,834 12.3% 5.8 $1,113 $1.12 2.7% (0.3) $1,096 $1.10
2012 1,709 6.5% (0.2) $1,084 $1.09 3.0% 0.4 $1,076 $1.08
2011 1,708 6.7% (1.0) $1,052 $1.06 2.6% 0.4 $1,045 $1.05
2010 1,952 7.7% (2.9) $1,026 $1.03 2.2% - $1,017 $1.02
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Appendix
3 STAR VACANCY & RENT
2026 2,868 6.2% (0.3) $1,627 $1.71 2.2% (0.6) $1,615 $1.70
2025 2,985 6.5% (0.9) $1,592 $1.68 2.8% 0.5 $1,580 $1.66
2024 3,404 7.4% (0.7) $1,549 $1.63 2.3% (2.1) $1,537 $1.62
2023 3,651 8.1% 2.1 $1,514 $1.59 4.4% (2.9) $1,503 $1.58
2022 2,564 6.0% 0.2 $1,451 $1.53 7.3% (13.3) $1,440 $1.52
YTD 2,968 6.9% 1.2 $1,451 $1.53 8.1% (12.4) $1,441 $1.52
2021 2,353 5.8% 0.2 $1,353 $1.42 20.6% 17.6 $1,347 $1.42
2020 2,226 5.6% (0.4) $1,122 $1.18 3.0% (2.0) $1,109 $1.17
2019 2,347 6.0% 0.1 $1,089 $1.15 5.0% 1.7 $1,083 $1.14
2018 2,263 5.8% (1.6) $1,038 $1.09 3.3% 0.7 $1,018 $1.07
2017 2,837 7.4% 0.5 $1,005 $1.06 2.6% (1.5) $981 $1.03
2016 2,618 6.9% 1.6 $979 $1.03 4.1% (2.2) $964 $1.01
2015 2,012 5.3% (0.1) $940 $0.99 6.4% 2.3 $928 $0.98
2014 2,050 5.4% (0.2) $884 $0.93 4.1% 0.2 $872 $0.92
2013 2,123 5.6% 0.2 $850 $0.89 3.9% 0 $842 $0.89
2012 2,048 5.4% (0.6) $818 $0.86 3.9% 0.1 $811 $0.85
2011 2,274 6.0% (0.2) $787 $0.83 3.8% 0.9 $782 $0.82
2010 2,364 6.2% (1.8) $759 $0.80 2.8% - $754 $0.79
2026 641 5.2% (0.1) $1,359 $1.44 2.3% (0.6) $1,353 $1.43
2025 660 5.4% (0.6) $1,329 $1.41 2.9% 0.5 $1,323 $1.40
2024 743 6.0% 0.6 $1,291 $1.37 2.4% (2.1) $1,285 $1.36
2023 654 5.4% (0.1) $1,260 $1.34 4.6% (1.9) $1,255 $1.33
2022 668 5.5% 2.0 $1,205 $1.28 6.4% (5.6) $1,200 $1.27
YTD 457 3.8% 0.4 $1,196 $1.27 8.7% (3.3) $1,191 $1.26
2021 414 3.5% (1.6) $1,133 $1.20 12.0% 7.6 $1,129 $1.20
2020 629 5.1% (0.6) $1,012 $1.07 4.4% 0.7 $1,008 $1.07
2019 702 5.7% 0.1 $969 $1.02 3.7% (0.1) $961 $1.02
2018 685 5.6% (0.6) $934 $0.99 3.8% 0.7 $925 $0.98
2017 763 6.2% 1.2 $900 $0.95 3.2% (1.7) $888 $0.94
2016 615 5.0% (0.2) $872 $0.92 4.9% 0.2 $866 $0.91
2015 635 5.2% (1.1) $831 $0.88 4.7% 0 $818 $0.86
2014 780 6.3% 1.0 $794 $0.84 4.7% 1.6 $788 $0.83
2013 653 5.2% (0.1) $759 $0.80 3.1% 0.6 $754 $0.80
2012 668 5.4% (0.7) $736 $0.78 2.5% 0.8 $732 $0.77
2011 758 6.1% (0.2) $719 $0.76 1.7% (1.3) $714 $0.75
2010 784 6.3% (1.3) $706 $0.74 3.1% - $702 $0.74
9/28/2022
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Appendix
OVERALL SALES
2026 - - - - - - $285,503 360 4.4%

2025 - - - - - - $279,594 352 4.4%
2024 - - - - - - $272,679 344 4.4%
2023 - - - - - - $267,489 337 4.3%
2022 - - - - - - $261,957 330 4.3%
YTD 53 $2.5B 7.9% $49,782,154 $276,046 4.5% $259,530 327 4.2%
2021 94 $3.6B 15.7% $40,670,700 $213,928 4.2% $233,532 294 4.4%
2020 59 $1.7B 8.8% $30,423,538 $180,326 4.8% $190,375 240 4.7%
2019 87 $2.2B 14.3% $26,677,862 $150,460 5.4% $177,215 223 5.0%
2018 70 $1.9B 13.6% $29,590,614 $144,048 5.2% $162,410 205 5.2%
2017 75 $1.3B 10.2% $19,373,151 $136,261 5.5% $151,209 191 5.4%
2016 50 $990.1M 10.6% $22,503,199 $122,603 5.9% $143,973 181 5.4%
2015 63 $1.1B 12.6% $20,104,889 $115,533 5.7% $136,669 172 5.5%
2014 71 $1.5B 15.4% $21,826,052 $112,548 5.9% $126,810 160 5.7%
2013 55 $821.7M 12.2% $16,768,404 $96,529 6.4% $114,513 144 6.0%
2012 45 $689.5M 9.6% $16,034,116 $94,074 6.3% $112,248 141 5.9%
2011 30 $638.4M 9.0% $22,015,053 $93,107 6.3% $106,291 134 6.0%
4 & 5 STAR SALES

2026 - - - - - - $330,425 348 4.2%

2025 - - - - - - $324,121 341 4.2%
2024 - - - - - - $316,553 333 4.2%
2023 - - - - - - $310,744 327 4.2%
2022 - - - - - - $304,386 321 4.1%
YTD 17 $1.4B 7.4% $80,109,185 $309,372 3.4% $301,604 318 4.1%
2021 29 $2B 14.7% $69,771,074 $243,075 3.9% $274,692 289 4.2%
2020 24 $1.2B 11.4% $51,667,524 $196,423 4.5% $225,755 238 4.5%
2019 23 $1.3B 13.1% $54,807,792 $188,907 4.7% $212,175 223 4.7%
2018 22 $1.1B 12.0% $48,186,270 $183,408 5.0% $195,182 206 4.9%
2017 20 $802.1M 10.7% $40,106,675 $167,425 5.0% $182,966 193 5.1%
2016 8 $351.8M 5.2% $50,257,143 $185,158 5.0% $174,119 183 5.2%
2015 20 $701.8M 15.1% $46,785,900 $150,019 5.4% $164,863 174 5.2%
2014 19 $772.5M 15.0% $40,658,198 $145,153 5.5% $153,051 161 5.4%
2013 14 $430M 13.5% $35,837,175 $123,648 5.7% $138,233 146 5.7%
2012 9 $386M 11.2% $42,883,333 $131,814 5.8% $135,243 142 5.6%
2011 14 $468.8M 15.7% $33,482,683 $116,230 6.0% $127,420 134 5.7%
9/28/2022
LLC - 1244985 Page 149
Appendix
3 STAR SALES
2026 - - - - - - $244,957 381 4.4%

2025 - - - - - - $239,269 372 4.4%
2024 - - - - - - $232,838 362 4.4%
2023 - - - - - - $228,211 355 4.4%
2022 - - - - - - $223,511 348 4.3%
YTD 19 $983.8M 9.1% $51,776,768 $252,246 4.7% $221,458 345 4.3%
2021 32 $1.5B 18.4% $45,490,000 $193,600 4.5% $195,033 303 4.5%
2020 14 $386.6M 5.7% $27,611,447 $169,247 5.1% $156,237 243 4.9%
2019 24 $724.9M 14.3% $30,202,208 $129,716 5.3% $143,068 223 5.1%
2018 22 $740.7M 15.0% $35,270,626 $127,440 5.3% $130,486 203 5.4%
2017 20 $450.4M 10.1% $22,519,013 $115,809 5.7% $119,838 186 5.6%
2016 26 $625.8M 19.8% $28,445,035 $104,194 5.8% $114,263 178 5.6%
2015 20 $320.1M 10.9% $16,846,289 $85,400 5.8% $109,101 170 5.7%
2014 28 $655.5M 18.5% $23,410,635 $93,589 5.8% $101,176 157 5.9%
2013 19 $364.1M 13.2% $21,418,806 $84,502 6.2% $91,254 142 6.2%
2012 19 $262.1M 9.5% $14,561,917 $73,607 6.5% $89,735 140 6.1%
2011 11 $148.2M 6.5% $13,469,727 $60,476 6.9% $85,834 134 6.2%
1 & 2 STAR SALES

2026 - - - - - - $189,575 380 4.9%

2025 - - - - - - $185,011 371 4.9%
2024 - - - - - - $179,875 361 4.9%
2023 - - - - - - $175,986 353 4.8%
2022 - - - - - - $171,904 345 4.8%
YTD 17 $143.5M 6.3% $10,249,498 $200,689 5.1% $170,036 341 4.7%
2021 33 $169.8M 10.8% $6,062,554 $144,592 3.8% $150,598 302 4.9%
2020 21 $77.1M 7.0% $4,285,407 $90,643 4.9% $122,936 247 5.2%
2019 40 $175.5M 19.5% $5,161,018 $83,520 6.1% $112,101 225 5.6%
2018 26 $93M 15.0% $4,429,439 $59,819 5.5% $101,051 203 5.9%
2017 35 $64.9M 8.4% $2,316,446 $65,648 5.9% $93,363 187 6.0%
2016 16 $12.6M 1.5% $836,667 $73,824 6.9% $88,806 178 6.2%
2015 23 $83.9M 10.0% $3,995,281 $73,276 5.9% $84,271 169 6.2%
2014 24 $56.2M 7.1% $2,674,667 $65,236 9.0% $77,957 156 6.4%
2013 22 $27.5M 5.9% $1,374,300 $37,912 7.8% $70,669 142 6.8%
2012 17 $41.4M 6.8% $2,587,656 $49,289 6.8% $69,614 140 6.7%
2011 5 $21.5M 3.1% $5,377,996 $57,519 6.3% $66,276 133 6.8%
9/28/2022
LLC - 1244985 Page 150
Appendix
DELIVERIES & UNDER CONSTRUCTION
Inventory Deliveries Net Deliveries Under Construction
Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units
2026 - 136,433 8.9% - 3,934 - 3,870 - -

2025 - 132,563 9.1% - 4,360 - 4,285 - -
2024 - 128,278 9.3% - 4,470 - 4,408 - -
2023 - 123,870 9.6% - 8,036 - 8,010 - -
2022 - 115,860 7.3% - 6,407 - 6,401 - -
YTD 851 113,889 6.9% 19 4,436 18 4,430 48 12,592
2021 833 109,459 5.3% 11 2,415 6 1,997 42 11,143
2020 827 107,459 8.1% 22 4,910 17 4,863 24 5,340
2019 810 102,596 7.6% 13 3,509 13 3,509 25 5,449
2018 797 99,087 7.9% 16 3,827 16 3,827 19 4,398
2017 781 95,260 9.0% 15 3,198 13 2,826 17 4,220
2016 768 92,434 8.9% 17 4,213 17 4,213 20 4,770
2015 751 88,221 7.5% 14 2,903 11 2,524 20 4,579
2014 740 85,697 7.9% 16 4,223 16 4,223 20 4,394
2013 724 81,474 8.1% 16 5,043 15 4,886 20 5,483
2012 709 76,588 5.8% 3 623 3 623 19 5,814
2011 706 75,965 6.2% 2 220 2 220 11 3,678
2010 704 75,745 6.7% 4 1,390 4 1,390 4 761
9/28/2022
LLC - 1244985 Page 151

Costar Full Underwriting Report - Wake Forest

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Underwriting Report

1421 Legacy Falls Dr

Map & List 6

Rent Comps Details 11

Unit Mix Summary 36

Ranking Chart By Bedroom 37

Changes in Rent Comps 40

Rent Trend Charts 43

Overall Construction Map & Summary 51

Under Construction Map & List 52

Under Construction Details 54

Deliveries Past 12 Months Map & List 56

Delivered Property Details 58

Map & List 67

Sale Comp Details 69

Top Buyers & Sellers 95

Age & Education 99

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 102

Sales Past 12 Months 112

Supply & Demand Trends 114

Vacancy & Rent 116

Sale Trends 118

Deliveries & Under Construction 120

MULTI-FAMILY MARKET REPORT

Market Key Statistics 122

Under Construction Properties 131

Sales Past 12 Months 135

Market Submarkets 142

Supply & Demand Trends 144

Vacancy & Rent 146

Sale Trends 148

Deliveries & Under Construction 150

1421 Legacy Falls Dr - Legacy Wake Forest

PROPERTY PROPERTY MANAGER

ASKING RENTS PER UNIT/SF VACANCY 12 MONTH ABSORPTION

1 1 819 12 4.0% 1 8.3% $1,850 $2.26 $1,839 $2.25 0.6%

ONE TIME EXPENSES

1421 Legacy Falls Dr

19 $1,564 $1.52 6.2%

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High

Total Units 68 236 262 369

Property Attributes Low Average Median High

Year Built 2010 2019 2022 2023

Star Rating 3.6

Property Size Asking Rent Per Month Per Unit

Legacy Heritage Apartme…

Meridian at Rogers Branch

1 Legacy Heritage Apartments 2 Encore at Heritage 3 Capital Creek at Heritage

700 Legacy Heritage Ln 1891 S Franklin St 1910 Capital Creek Dr

4 Legacy at Wakefield 5 The Pointe at Heritage Legacy Wake Forest

6 Palisades at Wake Forest 7 Aston Apartments 8 Maystone at Wakefield

457 Stone Monument Dr 1524 Woodfield Creek Dr 11100 Beckstone Way

9 Crenshaw Trace 10 Wakefield Spring 11 Huntington Spring

987 Durham Rd 2701 Wakefield Pines Dr 1887 Franklin St

12 Hawthorne at the Forest 13 14 Meridian at Rogers Branch

15 16 Hawthorne at Traditions 17 The Pace at Holding Village

Holden Rd 601 Gilcrest Farm Rd 1000 Lakeside Terrace Ct

18 Averette Subdivision 19 The Grove Nintey - Eight

1700 Averette Rd 11051 Dr Calvin Jones Hwy

1 700 Legacy Heritage Ln - Legacy Heritage Apartments

PROPERTY PROPERTY MANAGER