310 meridian ave - loopnet...(786) 274-0266 property 310 meridian ave 4--310 meridian ave--10 545...

310 Meridian Ave

PREPARED BY

Manny Chamizo

Global Commercial Director

Underwriting Report

17 Unit Apartment Building

Miami Beach, Florida - South Pointe Neighborhood

SUBJECT PROPERTY

Property Details 2

RENT COMPS

Map & List 5

Photo Comparison 7

Rent Comps Details 9

Unit Mix Summary 26

Ranking Chart By Bedroom 27

Changes in Rent Comps 29

Rent Trend Charts 31

Rent Trend Data 36

CONSTRUCTION

Overall Construction Map & Summary 38

Under Construction Map & List 39

Under Construction Details 41

Deliveries Past 12 Months Map & List 42

Delivered Property Details 44

Construction Summary 45

SALE COMPS

Map & List 51

Sale Comp Details 53

Sales Volume 71

Sales Pricing 72

Cap Rates 74

Top Buyers & Sellers 75

DEMOGRAPHICS

Overview 78

Age & Education 79

Ethnicity 80

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 82

Vacancy 83

Rent 85

Construction 87

310 Meridian Ave

3/3/2018Copyrighted report licensed to One Sotheby's International - 469134.

Sales 90

Sales Past 12 Months 91

Supply & Demand Trends 93

Vacancy & Rent 95

Sale Trends 97

Deliveries & Under Construction 98

MULTI-FAMILY MARKET REPORT

Market Key Statistics 100

Vacancy 101

Rent 103

Construction 105

Under Construction Properties 106

Sales 108

Sales Past 12 Months 109

Economy 111

Market Submarkets 113

Supply & Demand Trends 116

Vacancy & Rent 118

Sale Trends 120

Deliveries & Under Construction 121

310 Meridian Ave


Subject Property

310 Meridian AveMiami Beach, Florida - South Pointe Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

-

No. of Units: 17

Stories: 2

Avg. Unit Size: 413 SF

Year Built: 1940

Parking: -

Distance to Transit:

Type: Apartments - All

Rent Type: Market OWNER

Martin Urruela

Purchased Jan 2017

$3,500,000 ($205,882/Unit)

12 MONTH NET ABSORPTION

Current: 0 Units

Competitor Total: 0 Units

Competitor Avg: 0.0 Units

Submarket Total: 330 Units

Submarket Avg: 0.3 Units

VACANCY

1,042 Units

20 Units

1 Unit

Current: 5.9% 1 Unit

Last Quarter: 5.9% 1 Unit

Year Ago: 5.9%

Competitors: 9.2%

Submarket: 5.8%

ASKING RENTS PER UNIT/SF

$1.99 /SF

$1.90 /SF

$1.71 /SF

Current: $711 $1.72 /SF

Last Quarter: $711 $1.72 /SF

Year Ago: $708

Competitors: $1,192

Submarket: $1,422

UnitsBed Bath Avg SF Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

Unit Mix Availability Avg Asking Rent Avg Effective Rent

UNIT BREAKDOWN

Studio 1 400 14 82.4% 1 7.1% $666 $1.67 $662 $1.66 0.6%

1 1 475 3 17.6% 0 0.0% $922 $1.94 $917 $1.93 0.6%

Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions

All Studios 400 14 82.4% 1 7.1% $666 $1.67 $662 $1.66 0.6%

All 1 Beds 475 3 17.6% 0 0.0% $922 $1.94 $917 $1.93 0.6%

Totals 413 17 100% 1 5.9% $711 $1.72 $707 $1.71 0.6%

Updated February 27, 2017Estimate


Page 2

Subject Property

Primary


Page 3

310 Meridian Ave

PREPARED BY

Manny Chamizo


Rent Comparables



Rent Comparables Summary310 Meridian Ave

No. Rent Comps

17Avg. Rent Per Unit

$1,192Avg. Rent Per SF

$1.90Avg. Vacancy Rate

9.2%RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High

Total Units

Studio Units

One Bedroom Units

Two Bedroom Units

Three Bedroom Units

8

0

0

0

0

13

5

7

1

0

12

2

8

0

0

32

32

12

4

0

Property Attributes Low Average Median High

1934Year Built

Number of Floors

Average Unit Size

Vacancy Rate

Star Rating

1

0 SF

0.0%

1945

1

620 SF

9.2%

1946

2

675 SF

5.0%

1958

2

820 SF

30.0%

2.0


Page 5

Rent Comparables Summary310 Meridian Ave

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF

Property Size Asking Rent Per Month Per Unit

-349 Jefferson Ave

10 765 $1,523 $1,559 $2,079 - $2.221 1953

-628 Jefferson Ave

8 650 - $1,408 - - $2.172 1955

-Conrad Apartments

20 800 $1,486 $1,623 $2,029 - $2.10935 8th St

3 1951

-710 7th St

16 436 $865 $1,071 - - $2.044 1957

-740 Michigan Ave

10 675 $1,307 $1,413 - - $2.015 1958

-900-910 7th St

8 625 - $1,240 - - $1.986 1955

-Jefferson

16 675 $1,172 $1,376 - - $1.891006 8th St

7 1936

-720 Meridian Ave

10 820 $1,222 $1,383 $1,861 - $1.888 1936

-725 Lenox Ave

12 737 $1,300 $1,332 - - $1.809 1946

-The Yorlee

8 634 - $1,019 $1,223 - $1.77545 Michigan Ave

10 1939

-310 Meridian Ave

17 413 $666 $922 - - $1.721940

-735 Euclid Ave

32 600 $1,001 - - - $1.6711 1937

-655-657 Lenox Ave

8 720 - $907 $1,281 - $1.3912 1956

-744 Euclid Ave

12 - $655 $982 - - -13 1934

-Ocean Beach Apartments

12 - $854 $918 - - -344 Ocean Dr

14 1934

-765 Lenox Ave

12 - - $841 - - -15 1954

-734 Jefferson Ave

12 0 - $1,558 - - -16 1940

-636 Michigan Ave

8 - - $789 - - -17 1936


Page 6

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D9126338%26ProductMode%3DProperty%26external%3D1


















Conrad Apartments935 8th St

20 Units / 2 Stories

Owner: Multicredito International LLC

Rent/SF $2.10, Vacancy 5.0%

3628 Jefferson Ave628 Jefferson Ave

8 Units / 2 Stories

Owner: Joseph J Bouhnik




Owner: Leonardo E & Petra Clavel


1

900-910 7th St900-910 7th St

8 Units / 2 Stories

Owner: Joseph J Bouhnik

Rent/SF $1.98, Vacancy 0%

6740 Michigan Ave740 Michigan Ave


Owner: Alex Espinosa


5710 7th St710 7th St


Owner: Ardelean Property Manage…


4

725 Lenox Ave725 Lenox Ave


Owner: Residences at South Beach


9720 Meridian Ave720 Meridian Ave


Owner: Darrell Windle


8Jefferson1006 8th St


Owner: Residences at South Beach


7

Rent Comparables Photo Comparison310 Meridian Ave


Page 7

735 Euclid Ave735 Euclid Ave


Owner: Muhlrad Properties, Inc


11310 Meridian Ave310 Meridian Ave


Owner: Martin Urruela


Subject Property

The Yorlee545 Michigan Ave

8 Units / 2 Stories

Owner: Ciervo Properties, LLC


10

Ocean Beach Apartments344 Ocean Dr


Owner: Property Network

Rent/SF -, Vacancy 8.3%

14744 Euclid Ave744 Euclid Ave


Owner: -


13655-657 Lenox Ave655-657 Lenox Ave

8 Units / 2 Stories

Owner: Lord & Harte Llc


12

636 Michigan Ave636 Michigan Ave

8 Units / 1 Story

Owner: Leeman Properties

Rent/SF -, Vacancy 0%



Owner: Vicky Ortiz


16765 Lenox Ave765 Lenox Ave


Owner: Lucy Smith


15

Rent Comparables Photo Comparison310 Meridian Ave


Page 8

Rent Comparables310 Meridian Ave

1 349 Jefferson AveMiami Beach, Florida - South Pointe Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.1 Miles

Property Size: 10 Units, 2 Floors


Year Built: 1953


Rent Type:

Parking: -

Distance to Subject:

Distance to Transit: -

Market

OWNER

-



UNIT BREAKDOWN

Studio 1 600 4 40.0% 0 0.0% $1,523 $2.54 $1,519 $2.53 0.3%

1 1 750 3 30.0% 1 33.3% $1,559 $2.08 $1,543 $2.06 1.0%

2 1 1,000 3 30.0% 0 0.0% $2,079 $2.08 $2,074 $2.07 0.3%


All Studios 600 4 40.0% 0 0.0% $1,523 $2.54 $1,519 $2.53 0.3%

All 1 Beds 750 3 30.0% 1 33.3% $1,559 $2.08 $1,543 $2.06 1.0%

All 2 Beds 1,000 3 30.0% 0 0.0% $2,079 $2.08 $2,074 $2.07 0.3%

Totals 765 10 100% 1 10.0% $1,701 $2.22 $1,693 $2.21 0.5%

Updated July 04, 2017Estimate

RECURRING EXPENSES

Free Water, Trash Removal, Sewer


Page 9


2 628 Jefferson AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Beach Properties Inc

(305) 672-5055

PROPERTY

0.3 Miles



Year Built: 1955


Rent Type:

Parking: 3 Spaces; 0.4 per Unit



Market

OWNER

Purchased Apr 2010

$760,000 ($95,000/Unit) - Part of Portfolio



UNIT BREAKDOWN

1 1 650 8 100% 1 12.5% $1,408 $2.17 $1,394 $2.14 1.0%


All 1 Beds 650 8 100% 1 12.5% $1,408 $2.17 $1,394 $2.14 1.0%

Totals 650 8 100% 1 12.5% $1,408 $2.17 $1,394 $2.14 1.0%


RECURRING EXPENSES

Free Water, Trash Removal

ONE TIME EXPENSES

Application Fee $75


Page 10


3 935 8th St - Conrad ApartmentsMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Multicredito International LLC

(786) 274-0266

PROPERTY

0.4 Miles



Year Built: 1951


Rent Type:




Market

OWNER

Purchased Mar 2002

$1,500,000 ($75,000/Unit)



UNIT BREAKDOWN

Studio 1 600 4 20.0% 0 0.0% $1,486 $2.48 $1,482 $2.47 0.3%

1 1 800 12 60.0% 1 8.3% $1,623 $2.03 $1,608 $2.01 0.9%

2 1 1,000 4 20.0% 0 0.0% $2,029 $2.03 $2,023 $2.02 0.3%


All Studios 600 4 20.0% 0 0.0% $1,486 $2.48 $1,482 $2.47 0.3%

All 1 Beds 800 12 60.0% 1 8.3% $1,623 $2.03 $1,608 $2.01 0.9%

All 2 Beds 1,000 4 20.0% 0 0.0% $2,029 $2.03 $2,023 $2.02 0.3%

Totals 800 20 100% 1 5.0% $1,677 $2.10 $1,666 $2.08 0.7%

Updated December 01, 2016Estimate

UNIT AMENITIES

Air Conditioning, Oven, Range, Refrigerator

RECURRING EXPENSES

Free Water, Electricity

PET POLICY

Birds AllowedCats AllowedDogs AllowedRestrictions: Restrictions May ApplyFishes AllowedReptiles AllowedOthers Allowed


Page 11


4 710 7th StMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.3 Miles



Year Built: 1957


Rent Type:




Market

OWNER

Purchased Sep 2009

$1,046,154 ($65,385/Unit) - Part of Portfolio



UNIT BREAKDOWN

Studio 1 420 14 87.5% 1 7.1% $865 $2.06 $860 $2.05 0.6%

1 1 550 2 12.5% 0 0.0% $1,071 $1.95 $1,064 $1.93 0.6%


All Studios 420 14 87.5% 1 7.1% $865 $2.06 $860 $2.05 0.6%

All 1 Beds 550 2 12.5% 0 0.0% $1,071 $1.95 $1,064 $1.93 0.6%

Totals 436 16 100% 1 6.3% $891 $2.04 $886 $2.03 0.6%

Updated October 06, 2012Estimate


Page 12


5 740 Michigan AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Alex Espinosa - 740 Michigan Ave

(954) 325-7566

PROPERTY

0.4 Miles



Year Built: 1958


Rent Type:




Market

OWNER

Purchased Nov 2005

$1,500,000 ($150,000/Unit)



UNIT BREAKDOWN

Studio 1 600 5 50.0% 2 40.0% $1,307 $2.18 $1,294 $2.16 1.0%

1 1 750 5 50.0% 1 20.0% $1,413 $1.88 $1,399 $1.86 1.0%


All Studios 600 5 50.0% 2 40.0% $1,307 $2.18 $1,294 $2.16 1.0%

All 1 Beds 750 5 50.0% 1 20.0% $1,413 $1.88 $1,399 $1.86 1.0%

Totals 675 10 100% 3 30.0% $1,360 $2.01 $1,347 $1.99 1.0%


UNIT AMENITIES

Balcony

RECURRING EXPENSES

Free Water, Electricity, Cable

ONE TIME EXPENSES

Application Fee $100


Page 13


6 900-910 7th StMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Beach Properties Inc

(305) 672-5055

PROPERTY

0.3 Miles



Year Built: 1955


Rent Type:




Market

OWNER

Purchased Apr 2010

$760,000 ($95,000/Unit) - Part of Portfolio



UNIT BREAKDOWN

1 1 625 8 100% 0 0.0% $1,240 $1.98 $1,237 $1.98 0.2%


All 1 Beds 625 8 100% 0 0.0% $1,240 $1.98 $1,237 $1.98 0.2%

Totals 625 8 100% 0 0.0% $1,240 $1.98 $1,237 $1.98 0.2%



Page 14


7 1006 8th St - JeffersonMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Residences at South Beach

(305) 535-9966

PROPERTY

0.4 Miles



Year Built: 1936


Rent Type:




Market

OWNER

Purchased Feb 2000

$492,000 ($35,143/Unit)



UNIT BREAKDOWN

Studio 1 600 8 50.0% 1 12.5% $1,172 $1.95 $1,160 $1.93 1.0%

1 1 750 8 50.0% 2 25.0% $1,376 $1.84 $1,363 $1.82 1.0%


All Studios 600 8 50.0% 1 12.5% $1,172 $1.95 $1,160 $1.93 1.0%

All 1 Beds 750 8 50.0% 2 25.0% $1,376 $1.84 $1,363 $1.82 1.0%

Totals 675 16 100% 3 18.8% $1,274 $1.89 $1,261 $1.87 1.0%


SITE AMENITIES

Laundry Facilities

UNIT AMENITIES

Air Conditioning


Page 15


8 720 Meridian AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Trident Real Estate

(305) 535-7599

PROPERTY

0.3 Miles



Year Built: 1936


Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

Studio 1 600 2 20.0% 0 0.0% $1,222 $2.04 $1,219 $2.03 0.2%

1 1 750 4 40.0% 2 50.0% $1,383 $1.84 $1,369 $1.83 1.0%

2 1 1,000 4 40.0% 1 25.0% $1,861 $1.86 $1,842 $1.84 1.0%


All Studios 600 2 20.0% 0 0.0% $1,222 $2.04 $1,219 $2.03 0.2%

All 1 Beds 750 4 40.0% 2 50.0% $1,383 $1.84 $1,369 $1.83 1.0%

All 2 Beds 1,000 4 40.0% 1 25.0% $1,861 $1.86 $1,842 $1.84 1.0%

Totals 820 10 100% 3 30.0% $1,542 $1.88 $1,528 $1.86 0.9%


RECURRING EXPENSES


ONE TIME EXPENSES

Admin Fee $100


Page 16


9 725 Lenox AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Residences at South Beach

(305) 535-9966

PROPERTY

0.4 Miles



Year Built: 1946

Type: Apartments

Rent Type:




Market

OWNER

-



UNIT BREAKDOWN

Studio 1 600 1 8.3% 0 0.0% $1,300 $2.17 $1,297 $2.16 0.2%

1 1 750 11 91.7% 2 18.2% $1,332 $1.78 $1,318 $1.76 1.0%


All Studios 600 1 8.3% 0 0.0% $1,300 $2.17 $1,297 $2.16 0.2%

All 1 Beds 750 11 91.7% 2 18.2% $1,332 $1.78 $1,318 $1.76 1.0%

Totals 738 12 100% 2 16.7% $1,329 $1.80 $1,316 $1.78 0.9%


ONE TIME EXPENSES

Application Fee $75


Page 17


10 545 Michigan Ave - The YorleeMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Ciervo Properties- 545 Michigan Ave

(516) 710-4301

PROPERTY

0.2 Miles



Year Built: 1939


Rent Type:




Market

OWNER

Purchased Jun 2013

$1,050,000 ($131,250/Unit)



UNIT BREAKDOWN

1 1 534 4 50.0% 0 0.0% $1,019 $1.91 $1,017 $1.90 0.2%

2 2 735 4 50.0% 0 0.0% $1,223 $1.66 $1,220 $1.66 0.3%


All 1 Beds 534 4 50.0% 0 0.0% $1,019 $1.91 $1,017 $1.90 0.2%

All 2 Beds 735 4 50.0% 0 0.0% $1,223 $1.66 $1,220 $1.66 0.3%

Totals 635 8 100% 0 0.0% $1,121 $1.77 $1,118 $1.76 0.3%

Updated February 24, 2017Estimate


Page 18


11 735 Euclid AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

Muhlrad Properties, Inc

(305) 534-4328

PROPERTY

0.4 Miles



Year Built: 1937


Rent Type:




Market

OWNER

Purchased Jan 1999

$440,000 ($13,750/Unit)



UNIT BREAKDOWN

Studio 1 600 32 100% 2 6.3% $1,001 $1.67 $995 $1.66 0.6%


All Studios 600 32 100% 2 6.3% $1,001 $1.67 $995 $1.66 0.6%

Totals 600 32 100% 2 6.3% $1,001 $1.67 $995 $1.66 0.6%

Updated August 16, 2017Estimate

UNIT AMENITIES

Kitchen, Range, Refrigerator

RECURRING EXPENSES

Free Water, Trash Removal

PET POLICY

Birds AllowedCats AllowedDogs AllowedRestrictions: Restrictions May ApplyFishes AllowedReptiles Allowed


Page 19


12 655-657 Lenox AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.3 Miles



Year Built: 1956


Rent Type:




Market

OWNER

Purchased Jun 2015

$1,870,000 ($233,750/Unit)



UNIT BREAKDOWN

1 1 710 6 75.0% 0 0.0% $907 $1.28 $902 $1.27 0.6%

2 2 750 2 25.0% 0 0.0% $1,281 $1.71 $1,273 $1.70 0.6%


All 1 Beds 710 6 75.0% 0 0.0% $907 $1.28 $902 $1.27 0.6%

All 2 Beds 750 2 25.0% 0 0.0% $1,281 $1.71 $1,273 $1.70 0.6%

Totals 720 8 100% 0 0.0% $1,001 $1.39 $994 $1.38 0.6%



Page 20


13 744 Euclid AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.4 Miles


Avg. Unit Size: -

Year Built: 1934


Rent Type:




Market

OWNER

Purchased Jan 2001

$810,000 ($67,500/Unit)



UNIT BREAKDOWN

Studio 1 - 8 66.7% 0 0.0% $655 - $651 - 0.6%

1 1 - 4 33.3% 0 0.0% $982 - $976 - 0.6%


All Studios - 8 66.7% 0 0.0% $655 - $651 - 0.6%

All 1 Beds - 4 33.3% 0 0.0% $982 - $976 - 0.6%

Totals - 12 100% 0 0.0% $764 - $759 - 0.6%

Updated November 07, 2014Estimate


Page 21


14 344 Ocean Dr - Ocean Beach ApartmentsMiami Beach, Florida - South Pointe Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.2 Miles


Avg. Unit Size: -

Year Built: 1934


Rent Type:

Parking: -



Market

OWNER

Purchased Jul 2001

$1,410,000 ($117,500/Unit)



UNIT BREAKDOWN

Studio 1 - 4 33.3% 0 0.0% $854 - $849 - 0.6%

1 1 - 8 66.7% 0 0.0% $918 - $912 - 0.6%


All Studios - 4 33.3% 0 0.0% $854 - $849 - 0.6%

All 1 Beds - 8 66.7% 0 0.0% $918 - $912 - 0.6%

Totals - 12 100% 0 0.0% $897 - $891 - 0.6%

Updated May 12, 2014Estimate

UNIT AMENITIES

Air Conditioning


Page 22


15 765 Lenox AveMiami, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.4 Miles


Avg. Unit Size: -

Year Built: 1954


Rent Type:

Parking: -



Market

OWNER

Purchased Sep 2000

$600,000 ($50,000/Unit)



UNIT BREAKDOWN

Studio - - 2 16.7% 0 0.0% $680 - $675 - 0.7%

1 1 - 10 83.3% 1 10.0% $841 - $836 - 0.6%


All Studios - 2 16.7% 0 0.0% $680 - $675 - 0.7%

All 1 Beds - 10 83.3% 1 10.0% $841 - $836 - 0.6%

Totals - 12 100% 1 8.3% $814 - $809 - 0.6%



Page 23


16 734 Jefferson AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.4 Miles


Avg. Unit Size: -

Year Built: 1940


Rent Type:




Market

OWNER

Purchased Apr 2016

$2,050,000 ($170,833/Unit)



UNIT BREAKDOWN

1 1 - 12 100% 1 8.3% $1,558 - $1,549 - 0.6%


All 1 Beds - 12 100% 1 8.3% $1,558 - $1,549 - 0.6%

Totals - 12 100% 1 8.3% $1,558 - $1,549 - 0.6%

Updated June 27, 2015Estimate

RECURRING EXPENSES


ONE TIME EXPENSES

Application Fee $200

PET POLICY

No Pets Allowed


Page 24


17 636 Michigan AveMiami Beach, Florida - Flamingo-Lummus Neighborhood

PROPERTY MANAGER

-

-

PROPERTY

0.3 Miles


Avg. Unit Size: -

Year Built: 1936


Rent Type:




Market

OWNER

Purchased Oct 2013

$1,175,000 ($146,875/Unit)



UNIT BREAKDOWN

1 1 - 8 100% 0 0.0% $789 - $784 - 0.6%


All 1 Beds - 8 100% 0 0.0% $789 - $784 - 0.6%

Totals - 8 100% 0 0.0% $789 - $784 - 0.6%



Page 25

Rent Comparables by Bedroom310 Meridian Ave

Studio Comps

$1,030One Bed Comps

$1,238Two Bed Comps

$1,721Three Bed Comps

-Subject

$666

Subject

$922

Subject

-

Subject

-

1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio

Total Number of Units 82 113 17 0

Vacancy Rate 7.1% 11.2% 6.5% -

Asking Rent Per Unit $1,030 $1,238 $1,721 -

Asking Rent Per SF $1.92 $1.88 $1.89 -

Effective Rents Per Unit $1,024 $1,229 $1,712 -

Effective Rents Per SF $1.91 $1.87 $1.89 -

Concessions 0.6% 0.8% 0.5% -

Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom

Year-Over-Year Effective Rent Growth 0.3% 1.1% -1.2% -

Year-Over-Year Vacancy Rate Change

12 Month Net Absorption in Units

-0.4%

0

-0.3%

0 0

0.6% -

-

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS


Page 26

Studio Rent Comparables310 Meridian Ave

Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF

Change in Rent

349 Jefferson Ave-8.2%0.1%$2.54

$1,523

$1,522

935 8th St

Conrad Apartments1.0%0.1%$2.48

$1,486

740 Michigan Ave1.0%0.1%$2.18

$1,307

$1,307

725 Lenox Ave1.0%0.1%$2.17

$1,300

720 Meridian Ave1.0%0.0%$2.04

$1,222

$1,221

1006 8th St

Jefferson1.0%0.1%$1.95

$1,172

735 Euclid Ave1.0%0.1%$1.67

$1,001

$1,000

710 7th St1.0%0.1%$2.06

$865

$865

344 Ocean Dr

Ocean Beach Apartments1.0%0.0%-

$854

$854

310 Meridian Ave0.5%0.0%$1.67

$666

$666

744 Euclid Ave1.0%0.1%-

$655

$654

$0 $500 $1,000 $1,500 $2,000


Page 27

One Bedroom Rent Comparables310 Meridian Ave

Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

935 8th St

Conrad Apartments1.0%0.1%$2.03

$1,623

349 Jefferson Ave-8.2%0.1%$2.08

$1,559

734 Jefferson Ave1.0%0.1%-

$1,558

$1,558

740 Michigan Ave1.0%0.1%$1.88

$1,413

$1,412

628 Jefferson Ave6.7%0.1%$2.17

$1,408

$1,408

720 Meridian Ave1.0%0.1%$1.84

$1,383

1006 8th St

Jefferson1.0%0.1%$1.84

$1,376

$1,376

725 Lenox Ave1.0%0.1%$1.78

$1,332

$1,331

900-910 7th St1.0%0.1%$1.98

$1,240

$1,239

710 7th St1.0%0.1%$1.95

$1,071

$1,070

545 Michigan Ave

The Yorlee1.0%0.1%$1.91

$1,019

744 Euclid Ave1.0%0.1%-

$982

$982

310 Meridian Ave0.6%0.0%$1.94

$922

$922

344 Ocean Dr

Ocean Beach Apartments1.0%0.1%-

$918

$917

655-657 Lenox Ave1.0%0.1%$1.28

$907

$907

765 Lenox Ave1.0%0.1%-

$841

$841

636 Michigan Ave1.0%0.1%-

$789

$400 $800 $1,200 $1,600 $2,000


Page 28

Changes in Rent Comparables310 Meridian Ave

VACANCY CHANGES PAST QUARTER & YEAR

Past QtrLast YearLast QtrNow

Vacancy Levels Change

Property Name - Address Rating Units Past Year

4.7% -1.3%-0.3%5.9%32 5.0%735 Euclid Ave

5.0% -0.8%0%5.8%12 5.0%744 Euclid Ave

5.0% -0.8%0%5.8%12 5.0%765 Lenox Ave

30.0% 4.0%0%26.0%10 30.0%740 Michigan Ave

5.0% -1.3%0%6.3%8 5.0%655-657 Lenox Ave

5.0% -0.6%0%5.6%16 5.0%710 7th St

0% 0%0%0%8 0%900-910 7th St

12.5% -5.0%0%17.5%8 12.5%628 Jefferson Ave

5.0% -0.8%0%5.8%12 5.0%734 Jefferson Ave

5.0% -1.3%0%6.3%8 5.0%636 Michigan Ave

30.0% 4.0%0%26.0%10 30.0%720 Meridian Ave

16.7% 0%0%16.7%12 16.7%725 Lenox Ave

10.0% 1.0%0%9.0%10 10.0%349 Jefferson Ave

4.7% -1.2%0%5.9%17 4.7%310 Meridian Ave

5.5% 0.5%0%5.0%20 5.5%Conrad Apartments - 935 8th St

18.8% 0%0%18.8%16 18.8%Jefferson - 1006 8th St

5.0% -0.8%0%5.8%12 5.0%Ocean Beach Apartments - 344 Ocean Dr

0% 0%0%0%8 0%The Yorlee - 545 Michigan Ave

ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO


Rents Levels Change


$666 0.5%0%$66314 $666310 Meridian Ave

$854 1.0%0%$8464 $854Ocean Beach Apartments - 344 Ocean Dr

$1,222 1.0%0%$1,2102 $1,221720 Meridian Ave

$1,307 1.0%0%$1,2955 $1,307740 Michigan Ave

$1,523 -8.2%0%$1,6594 $1,522349 Jefferson Ave

$865 1.0%0%$85714 $865710 7th St

$1,001 1.0%0%$99132 $1,000735 Euclid Ave

$1,486 1.0%0.1%$1,4724 $1,485Conrad Apartments - 935 8th St

$1,172 1.0%0.1%$1,1618 $1,171Jefferson - 1006 8th St

$655 1.0%0.1%$6488 $655744 Euclid Ave

$680 1.0%0.1%$6732 $679765 Lenox Ave

$1,300 1.0%0.1%$1,2871 $1,299725 Lenox Ave


Page 29

Changes in Rent Comparables310 Meridian Ave

ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM


Rents Levels Change


$922 0.5%0%$9173 $922310 Meridian Ave

$1,071 1.0%0%$1,0602 $1,070710 7th St

$789 1.0%0%$7818 $789636 Michigan Ave

$841 1.0%0%$83310 $841765 Lenox Ave

$1,019 1.0%0%$1,0094 $1,019The Yorlee - 545 Michigan Ave

$1,240 1.0%0.1%$1,2288 $1,239900-910 7th St

$982 1.0%0.1%$9734 $982744 Euclid Ave

$1,408 6.7%0.1%$1,3208 $1,407628 Jefferson Ave

$1,558 1.0%0.1%$1,54312 $1,557734 Jefferson Ave

$1,383 1.0%0.1%$1,3704 $1,382720 Meridian Ave

$1,376 1.0%0.1%$1,3638 $1,376Jefferson - 1006 8th St

$918 1.0%0.1%$9098 $917Ocean Beach Apartments - 344 Ocean Dr

$1,332 1.0%0.1%$1,31911 $1,331725 Lenox Ave

$907 1.0%0.1%$8986 $907655-657 Lenox Ave

$1,623 1.0%0.1%$1,60712 $1,622Conrad Apartments - 935 8th St

$1,413 1.0%0.1%$1,3995 $1,412740 Michigan Ave

$1,559 -8.2%0.1%$1,6993 $1,558349 Jefferson Ave

ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM


Rents Levels Change


$1,281 1.0%0%$1,2682 $1,280655-657 Lenox Ave

$2,079 -8.2%0%$2,2653 $2,078349 Jefferson Ave

$2,029 1.0%0%$2,0094 $2,028Conrad Apartments - 935 8th St

$1,861 0.9%0.1%$1,8454 $1,860720 Meridian Ave

$1,223 1.0%0.1%$1,2114 $1,222The Yorlee - 545 Michigan Ave


Page 30

Rent Trends310 Meridian Ave

PROPERTY ATTRIBUTES Subject Rent CompsBal Harbor/South Beach

2-4 StarMiami 2-4 Star

Existing Units 35,481 311,325

Building Rating

Under Construction as % of Inventory - 1.7% 7.1%

21417

-

2.22.2

UNIT MIX Subject Rent CompsBal Harbor/South Beach


Studio - 1 Bath 82% 38% 9% 5%

1 Bedroom - 1 Bath 18% 53% 29% 28%

ASKING RENTS PER SF Subject Rent CompsBal Harbor/South Beach


Studio - 1 Bath $1.67 $1.92 $2.22 $2.08

1 Bedroom - 1 Bath $1.94 $1.88 $1.98 $1.69

Concessions 0.6% 0.7% 0.8% 1.5%

AVERAGE EFFECTIVE RENT GROWTH Subject Rent CompsBal Harbor/South Beach


Current Quarter 0.0% 0.1% 1.7% 0.2%

1 Year Rent Growth 0.6% 0.4% 0.4% 1.9%

3 Year Rent Growth 3.6% 4.9% 2.4% 8.8%

5 Year Rent Growth 6.5% 7.1% 13.3% 20.2%

All-Time Average 1.7% 1.9% 2.2% 2.4%

Vacancy Rate Subject Rent CompsBal Harbor/South Beach


Current Quarter 5.9% 9.2% 5.8% 5.1%

Last Quarter 5.9% 9.2% 6.0% 5.0%

1 Year Ago 5.9% 9.4% 7.5% 5.3%

3 Years Ago 5.9% 5.2% 7.0% 4.5%

5 Years Ago 5.9% 5.7% 8.0% 5.0%


Page 31


STUDIO ASKING RENT PER SQUARE FOOT

ONE BEDROOM ASKING RENT PER SQUARE FOOT


Page 32


OVERALL ASKING RENT PER SQUARE FOOT

OVERALL EFFECTIVE RENT PER SQUARE FOOT


Page 33


ANNUAL EFFECTIVE RENT GROWTH

CONCESSIONS


Page 34


VACANCY RATES

OCCUPANCY RATES


Page 35


RENT COMPARABLES HISTORICAL DATA BY YEAR

RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS

Rental Rates Per SF Vacancy

Year Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption

2018 214 $1.89 0.1% 0.7% 20 9.2% -0.1% 0$1.90

2017 214 $1.89 1.2% 0.7% 20 9.2% -0.1% 0$1.90

2016 214 $1.86 1.6% 0.7% 20 9.4% 3.8% (2)$1.88

2015 214 $1.83 2.6% 0.6% 12 5.6% 0.3% (2)$1.84

2014 214 $1.79 0.4% 0.6% 11 5.3% 0.6% 0$1.80

2013 214 $1.78 1.6% 0.6% 10 4.7% -1.4% 0$1.79

2012 214 $1.75 1.9% 0.6% 13 6.1% 0.1% 0$1.76

2011 214 $1.72 0.5% 0.6% 13 6.0% 0.2% (1)$1.73

2010 214 $1.71 1.6% 0.6% 13 5.8% -0.7% 0$1.72

2009 214 $1.69 -0.9% 0.7% 14 6.5% 0.0% 0$1.70

Rental Rates Per SF Vacancy

Quarter Units EffectiveAsking Growth Concessions Units Percent Change Net Absorption

2018 Q1 214 $1.89 0.1% 0.7% 20 9.2% -0.1% 0$1.90

2017 Q4 214 $1.89 0.1% 0.7% 20 9.2% 0.0% 0$1.90

2017 Q3 214 $1.88 0.4% 0.7% 20 9.2% -0.1% 0$1.90

2017 Q2 214 $1.87 -0.2% 0.7% 20 9.3% -0.1% 0$1.89

2017 Q1 214 $1.88 0.8% 0.7% 20 9.4% 0.1% 0$1.89

2016 Q4 214 $1.86 0.3% 0.7% 20 9.4% 0.8% (2)$1.88

2016 Q3 214 $1.86 0.4% 0.7% 18 8.6% 0.9% (2)$1.87

2016 Q2 214 $1.85 0.3% 0.7% 16 7.6% 1.3% (3)$1.86

2016 Q1 214 $1.84 0.5% 0.7% 14 6.3% 0.8% (2)$1.85

2015 Q4 214 $1.83 0.6% 0.6% 12 5.6% 1.1% (2)$1.84

2015 Q3 214 $1.82 0.7% 0.5% 10 4.5% -0.4% 1$1.83

2015 Q2 214 $1.81 0.7% 0.6% 10 4.9% -0.4% 1$1.82


Page 36

310 Meridian Ave

PREPARED BY

Manny Chamizo


Construction Survey



Overall Construction Summary310 Meridian Ave

All-Time Annual Average

4Delivered Past 4 Quarters

0Deliveries Next 4 Quarters

340Proposed Next 4 Quarters

141MAP OF 12 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED

PAST AND FUTURE DELIVERIES


Page 38

Under Construction Properties310 Meridian Ave

Properties

2Units

340Percent Of Inventory

3.1%Avg. No. Units

170UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

MedianLow Average High

Property Size in Units 19

Number of Stories

Average Unit Size

Star Rating

5

-

170

27

-

170

27

-

321

50

-

Estimated Delivery Date May 2018 Aug 2018 Aug 2018 Dec 2018

Months to Delivery 2 5 6 9

Construction Period in Months 21 24 24 27

4.5


Page 39


COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Feb-2016300 Collins Ave

300 Collins19 5 May-2018

JMH Development, LLC

Jhpsb Collins Development 2 Llc1

COMPLETIONS MORE THAN 6 MONTHS AWAY


Mar-2017659-737 Alton Rd

The Wave321 50 Dec-2018

-

Crescent Heights2


Page 40




1 300 Collins Ave - 300 CollinsMiami Beach, Florida - South Pointe Neighborhood

CONSTRUCTION INFO

Start Date: Feb-2016

Completion Date: May-2018

Build Time: 27 Months

Time to Delivery: 2 Months

PROPERTY

Property Size: 19 Units

Stories: 5

Average Unit Size: -

Rent Type: Market

OWNER

Jhpsb Collins Development 2 Llc

DEVELOPER


NOTES

Three Hundred Collins will have one-to-four bedroom units, ranging from 995 square feet tomore than 3,700 square feet, priced from $1.7 million to more than $9 million. Units featurewhite oak floors and stone finishes and floor-to-ceiling windows, the developer said.

The property’s amenities will include a fitness center, valet and 24-hour attended lobby withpersonal service, plus a rooftop area with a 75-foot saltwater pool and hot tub.

SITE AMENITIES

24 Hour Availability, Concierge, Fitness Center, Pool

2 659-737 Alton Rd - The WaveMiami Beach, Florida - West Avenue Neighborhood

CONSTRUCTION INFO

Start Date: Mar-2017

Completion Date: Dec-2018

Build Time: 21 Months

Time to Delivery: 9 Months

PROPERTY

Property Size: 321 Units

Stories: 50


Rent Type: Market

OWNER

Crescent Heights


Page 41

Deliveries Past 12 Months Summary310 Meridian Ave

Properties

0Units

0Vacancy Rate

-Avg. Asking Rent/Unit

-DELIVERIES IN PAST 12 MONTHS

DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS

Unit Mix Low Average Median High

Property Size in Units - - - -

Studio Units - - - -

One Bedroom Units - - - -

Two Bedroom Units - - - -

Three Bedroom Units - - - -


Number of Stories - - - -

Average Unit Size - - - -

Rating

Leasing Performance Low Average Median High

Vacancy Rate - - - -

Asking Rent Per Unit - - - -

Effective Rent Per Unit - - - -

Asking Rent Per SF - - - -

Effective Rent Per SF - - - -

Concessions - - - -


Page 42


Page 43

Deliveries Past 12 Months310 Meridian Ave

No delivery properties found.


Page 44

Construction Summary310 Meridian Ave

UNITS UNDER CONSTRUCTION

PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION


Page 45


CONSTRUCTION DELIVERIES IN UNITS

CONSTRUCTION STARTS IN UNITS


Page 46


PERCENT OCCUPIED AT DELIVERY

UNITS OCCUPIED IN DELIVERIES OVER TIME


Page 47


NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT

NET ABSORPTION IN UNITS


Page 48


ASKING RENTAL RATES PER UNIT

CONCESSIONS IN DELIVERIES PER YEAR


Page 49

310 Meridian Ave

PREPARED BY

Manny Chamizo


Sale Comparables



Sale Comparables Summary310 Meridian Ave

Sale Comparables

18Avg. Price/Unit (thous.)

$252Average Price (mil.)

$4.2Average Vacancy at Sale

4.2%SALE COMPARABLE LOCATIONS

Sales Attributes Low Average Median High

Sale Price $1,360,000 $4,223,783 $3,450,000 $15,250,000

Price Per Unit $160,300 $252,021 $203,833 $491,935

Cap Rate 1.2% 4.0% 4.1% 6.0%

Vacancy Rate at Sale 0% 4.2% 6.2% 10.0%

Time Since Sale in Months 2.2 12.4 11.8 20.3


Property Size in Units 8 16 14 31

Number of Floors 1 2 2 4

Average Unit SF 0 467 496 733

Year Built 1922 1940 1940 1958

Star Rating 2.1


Page 51

Sale Comparables Summary310 Meridian Ave

Property Information

RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

Sale Information

730 14th Pl

Casa Meridian-1 1933 8 10.0% 12/27/2017 $1,360,000 $170,000 $294

900 Pennsylvania Ave-2 1936 14 7.1% 10/27/2017 $2,825,000 $201,785 $370

2150 Park Ave-3 1947 20 5.0% 8/7/2017 $4,800,000 $240,000 $490

835-855 Alton Rd

Phyllis Gardens Apartments-4 1950 20 5.0% 8/4/2017 $4,500,000 $225,000 $433

920 Pennsylvania Ave

Keystone-5 1937 12 8.3% 5/30/2017 $2,300,000 $191,666 $354

1537 Jefferson Ave

Jefferson Avenue Apartments-6 1950 12 8.3% 5/19/2017 $2,125,000 $177,083 $316

511-515 16th St

1600 Drexel-7 1924 14 7.1% 4/19/2017 $3,400,000 $242,857 $516

1510 Drexel Ave

Drexel Towers-8 1940 12 0% 4/6/2017 $3,700,000 $308,333 $283

529 15th St

The Latoro-9 1939 20 5.0% 4/3/2017 $4,700,000 $235,000 $382

1567 Meridian Ave-10 1940 29 0% 2/9/2017 $5,850,000 $201,724 $375

1619 Meridian Ave

Lincoln Road Apartments-11 1936 12 0% 1/17/2017 $2,660,000 $221,666 $446

310 Meridian Ave- 1940 17 5.9% 1/13/2017 $3,500,000 $205,882 $499

333-343 Jefferson Ave-12 1922 22 4.6% 10/21/2016 $5,100,000 $231,818 $395

3003 Indian Creek Dr-13 1949 20 0% 10/5/2016 $8,200,100 $410,005 $555

1000 7th St-14 1951 10 10.0% 7/14/2016 $1,603,000 $160,300 $250

1200 Ocean Dr-15 1958 31 6.5% 7/14/2016 $15,250,000 $491,935 $834

1310 Euclid Ave-16 1950 12 8.3% 7/8/2016 $2,280,000 $190,000 $263

1604 Michigan Ave-17 1935 10 10.0% 6/22/2016 $1,875,000 $187,500 $465


Page 52

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D6804595%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1


















Sale Comparables310 Meridian Ave

Casa Meridian - 730 14th PlMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

1

SALE

Sale Date: 12/27/2017

Sale Price: $1,360,000

Price Per Unit: $170,000

Price Per SF: $294

Cap Rate: -

PROPERTY



Year Built: 1933

Vacancy At Sale: 10.0%

Parking Spaces: -

CONTACTS

Buyer: Latoro Llc

Seller: Meridian & 14 Llc

UnitsBed Bath Avg SF Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent

UNIT MIX AT SALE

1 - - 10 100% 1 10.0% - - - - -

Totals - 10 100% 1 10.0% - - - - -


Page 53


900 Pennsylvania AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

2

SALE

Sale Date: 10/27/2017



Price Per SF: $370

Cap Rate: 3.4%

PROPERTY



Year Built: 1936


Parking Spaces: 6 Spaces; 0.4 per Unit

CONTACTS

Buyer: 611 Rlty Corp

Seller: Whittall & Shon Of Miami

Buyer Broker: Hudson Capital Realty, LLC - David Sherman Nirit Realty Inc. - D…

Listing Broker: RelatedISG International Realty - David Ballard



UNIT MIX AT SALE

1 1 - 14 100% 1 7.1% $1,037 - $1,030 - 0.6%

Totals - 14 100% 1 7.1% $1,037 - $1,030 - 0.6%

TRANSACTION NOTES

This transaction involves the sale of a multi-family property located 900 Pennsylvania Ave. in Miami Beach, FL. The community sold on October27, 2017 for a confirmed price of $2,825,000, or about $201,786 per unit.

The property is comprised of 14 one bedroom-one bathroom units. Occupancy was not verified at the time of sale. There were no reported saleconditions involved in the tradition. The investment cap rate was reported at 3.4%.

The buyer was motivated by the price and location of the property.

Details provided in this sale comparable were verified with sources deemed reliable.


Page 54


2150 Park AveMiami Beach, FL 33139 - City Center Neighborhood

3

SALE

Sale Date: 8/7/2017



Price Per SF: $490

Cap Rate: 1.2%

PROPERTY



Year Built: 1947



CONTACTS

Buyer: Location 3 Investments, LLC

Seller: Alfonso Lam

Buyer Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…

Listing Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…



UNIT MIX AT SALE

Studio 0 - 1 5.0% 0 0.0% - - - - -

1 1 - 19 95.0% 1 5.3% - - - - -

Totals - 20 100% 1 5.0% - - - - -

TRANSACTION NOTES

On August 7, 2017 the 9,792 SF multi-family property located at 2150 Park Avenue in Miami Beach, FL was sold for $4.8 million, or about$240,000 per unit.This C class apartment building was built in 1947 and sits on a .17 acre lot. The property consists of 19 one bedroom-one bathrooms and onestudio apartment. The community was fully occupied at the time of sale.The reported cap rate was 1.19%. Several tenants’ monthly rents were below market average. Reportedly, the buyer will renovate the propertyand offer short term rentals options.This information was confirmed with a source deemed reliable.


Page 55


Phyllis Gardens Apartments - 835-855 Alton RdMiami, FL 33139 - Flamingo-Lummus Neighborhood

4

SALE

Sale Date: 8/4/2017



Price Per SF: $433

Cap Rate: 6.0%

PROPERTY



Year Built: 1950


Parking Spaces: -

CONTACTS

Buyer: Eric Kamhi

Seller: DIT Global, Inc.

Listing Broker: Monolith Real Estate, Inc. - Irina Poliskiy



UNIT MIX AT SALE

1 1 - 20 100% 1 5.0% - - - - -

Totals - 20 100% 1 5.0% - - - - -

SITE AMENITIES

Trash Pickup - Curbside

UNIT AMENITIES

Air Conditioning, Kitchen

TRANSACTION NOTES

On August 4, 2017, the 20 unit multi-family property located at 835-855 Alton Road in Miami, FL was sold for $4.5 million, or about $225,000 perunit. The property was known as Phyllis Gardens Apartments.

This C class property was built in 1950 and sits on a 0.48 acre lot. The community features 20 one bedroom-one bathroom units. Two units werevacant at the time of sale.

This information was confirmed with a source deemed reliable.


Page 56


Keystone - 920 Pennsylvania AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

5

SALE

Sale Date: 5/30/2017



Price Per SF: $354

Cap Rate: -

PROPERTY



Year Built: 1937



CONTACTS

Buyer: Paul Benichou

Seller: Vincenzo Odoguardi



UNIT MIX AT SALE

Studio 1 - 8 66.7% 0 0.0% $725 - $720 - 0.7%

1 1 - 4 33.3% 0 0.0% $908 - $902 - 0.7%

Totals - 12 100% 1 8.3% $786 - $781 - 0.7%

UNIT AMENITIES

Air Conditioning

TRANSACTION NOTES

The parties involved were not at liberty to disclose any of the vital data or were unable to be contacted. All information is based on recordeddocuments and county assessor records.


Page 57


Jefferson Avenue Apartments - 1537 Jefferson AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

6

SALE




Price Per SF: $316

Cap Rate: -

PROPERTY


Average Unit Size: 560 SF

Year Built: 1950



CONTACTS

Buyer: David Ocon

Seller: Miami Dreams Realty, Inc.



UNIT MIX AT SALE

Studio 1 525 8 66.7% 0 0.0% $1,044 $1.99 $1,038 $1.98 0.6%

1 1 630 4 33.3% 0 0.0% $1,149 $1.82 $1,141 $1.81 0.7%

Totals 560 12 100% 1 8.3% $1,079 $1.93 $1,072 $1.91 0.6%

TRANSACTION NOTES

On 5/19/17, the multi-family property located at 1537 Jefferson Ave. in Miami Beach, FL was sold for $2,125,000, or about $177,083 per unit. Theproperty was known as Jefferson Avenue Apartments at the time of sale.Both the seller and buyer declined to confirm the details regarding the transaction.

All information pertaining to this transaction came from public record.


Page 58


1600 Drexel - 511-515 16th StMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

7

SALE




Price Per SF: $516

Cap Rate: 3.0%

PROPERTY



Year Built: 1924



CONTACTS

Buyer: Juan Carlos Naves Gurza

Seller: Marc Shulman

Buyer Broker: The Keyes Company - William Zalaquett

Listing Broker: The Keyes Company - Neal Deputy

FINANCING

$2,720,000 from New Wave Loans Residential, LLC



UNIT MIX AT SALE

Studio 1 382 11 78.6% 1 9.1% $763 $2.00 $758 $1.98 0.7%

1 1 525 3 21.4% 0 0.0% $778 $1.48 $773 $1.47 0.6%

Totals 413 14 100% 1 7.1% $766 $1.86 $761 $1.84 0.7%

UNIT AMENITIES

Air Conditioning

TRANSACTION NOTES

On 4/19/17, this 6,583 SF multi-family property, located at 511-515 16th St. in Miami Beach, FL was sold for $3.4 million, or about $242,857 perunit. This C class apartment building was built in 1924 and was 100% occupied by multiple tenants at the time of the sale.The apartment building consists of 11 studio units and 3-1 bedroom and 1 bathroom. The confirmed cap rate was 3%, indicating an $117,000 NOIat the time of sale. The low cap rate was a result of many tenants on short term lease agreement renting at a low monthly rent cost for theinvestment area.

The buyer plans to renovate the entire property into a bed and breakfast. Renovations are expected to begin later this year.This property was on the market for about 3 months with an original asking price of $3,699,000. There were not reported sales conditionsinvolved in the transaction.

New Wave Loans Residential, LLC provided the buyer with a $2,720,000 loan towards the acquisition.This information was confirmed with a source deemed reliable.


Page 59


Drexel Towers - 1510 Drexel AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

8

SALE

Sale Date: 4/6/2017



Price Per SF: $283

Cap Rate: -

PROPERTY



Year Built: 1940

Vacancy At Sale: 0%


CONTACTS

Buyer: Vicky Ortiz

Seller: Prima Holdings Corp.



UNIT MIX AT SALE

Studio - - - - - - - - - - -

Totals - 22 100% - - - - - - -

UNIT AMENITIES

Air Conditioning

TRANSACTION NOTES

On April 6, 2017, 1510 Drexel LLC sold the 12 unit multi-family property located at 1510 Drexel Ave. in Miami Beach, FL to D15 Sobe, LLC for$3.7 million, or $168,182per unit. The subject property total 13,077 SF and sits on 0.36 acre lot. Several attempts were made to the buyer andseller however was unsuccessful at the time of publication.

.All information pertaining to this transaction came from public record.


Page 60


The Latoro - 529 15th StMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

9

SALE

Sale Date: 4/3/2017



Price Per SF: $382

Cap Rate: -

PROPERTY



Year Built: 1939



CONTACTS

Buyer: Vicky Ortiz

Seller: Antonino Pellicciotti



UNIT MIX AT SALE

Studio 1 - 5 25.0% 0 0.0% $747 - $742 - 0.7%

1 1 - 15 75.0% 1 6.7% $854 - $849 - 0.7%

Totals - 20 100% 1 5.0% $828 - $822 - 0.7%

SITE AMENITIES

Laundry Facilities, Security System

UNIT AMENITIES

Air Conditioning, Balcony

TRANSACTION NOTES

15&Pennsylvania LLC, an entity affiliated with a private owner, acquired The Latoro, a 20-unit apartment building in Miami Beach, FL for $4.7million or $235K per door. The property has core location within walking distance of South Beach.

Built in 1939, this building was fully renovated last in October 2014 and ending 2015. The property has 12,293 square feet and is on a largecorner lot 8,000 square feet. The unit mix is comprised of fourteen studios approximately 500 SF., and six 1 bedroom apartments approximately625 SF. The property has had strong historical occupancy (one vacant unit at sale).

The seller, Latoro LLC, was also a private owner.

Additional details will be updated as available.


Page 61


1567 Meridian AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

10

SALE

Sale Date: 2/9/2017



Price Per SF: $375

Cap Rate: 5.6%

PROPERTY



Year Built: 1940

Vacancy At Sale: 0%

Parking Spaces: -

CONTACTS

Buyer: Boardwalk Properties FL, LLC

Seller: Deco Due LLC

Buyer Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…

Listing Broker: Marcus & Millichap - Adam Duncan, Brett McMahon, Joseph Tho…



UNIT MIX AT SALE

Studio 1 452 21 72.4% 0 0.0% $1,500 $3.32 $1,496 $3.31 0.3%

1 1 560 5 17.2% 0 0.0% $1,800 $3.21 $1,795 $3.21 0.2%

2 2 900 3 10.3% 0 0.0% $2,200 $2.44 $2,194 $2.44 0.2%

Totals 517 29 100% 0 0.0% $1,624 $3.14 $1,620 $3.13 0.2%

UNIT AMENITIES

Air Conditioning, Freezer, Kitchen, Range, Refrigerator

TRANSACTION NOTES

Deco Due LLC sold the 29-unit multi-family complex to Boardwalk Properties for $5,850,000, or about $201,700 per unit.

The complex was at 87% occupancy, and traded with 2.8% cap rate. The buyer plans to totally renovate the property and increase rents to marketrate. A proforma net operating income of $328,987 was verified, equating to a 5.62% cap rate.

There were no sales conditions that affected the sales price, and the transaction took approximately 30 days to close.


Page 62


Lincoln Road Apartments - 1619 Meridian AveMiami Beach, FL 33139 - City Center Neighborhood

11

SALE




Price Per SF: $446

Cap Rate: 4.8%

PROPERTY



Year Built: 1936

Vacancy At Sale: 0%

Parking Spaces: -

CONTACTS

Buyer: Nicole Marciano

Seller: Charles Rutenberg Realty



UNIT MIX AT SALE

Studio 1 475 12 100% 0 0.0% $1,291 $2.72 $1,288 $2.71 0.3%

Totals 475 12 100% 0 0.0% $1,291 $2.72 $1,288 $2.71 0.3%

TRANSACTION NOTES

This 5,969 square foot multi-family building was sold for $2,660,000 or $221,667 per unit.

This apartment building was sold fully occupied with a 4.8% cap rate. The seller is in the beginning stages of selling their real estate and thebuyer purchased because they are beginning their acquisitions portfolio and because it is in a prime location.

Information regarding this transaction has been verified with a principle involved in the deal.


Page 63


310 Meridian AveMiami Beach, FL 33139 - South Pointe Neighborhood

SALE




Price Per SF: $499

Cap Rate: -

PROPERTY



Year Built: 1940


Parking Spaces: -

CONTACTS

Buyer: Martin Urruela

Seller: Lily Yarosz-Giraldo

Listing Broker: Marcus & Millichap Inc - Arthur Porosoff, David Cohen



UNIT MIX AT SALE

Studio 1 400 14 82.4% 1 7.1% $663 $1.66 $658 $1.65 0.7%

1 1 475 3 17.6% 0 0.0% $917 $1.93 $911 $1.92 0.7%

Totals 413 17 100% 1 5.9% $708 $1.71 $703 $1.70 0.7%

TRANSACTION NOTES

ZPY Properties LLC sold the 17-unit multi-family building to 310 Meridian LLC for $3,500,000, or about $206,000 per unit.

The local investor purchased the site to operate as a boutique hotel. The complex traded at 60% occupancy, and a cap rate in the 2 to 3% range.

The transaction took about 45 days to close.


Page 64


333-343 Jefferson AveMiami Beach, FL 33139 - South Pointe Neighborhood

12

SALE

Sale Date: 10/21/2016



Price Per SF: $395

Cap Rate: 3.0%

PROPERTY



Year Built: 1922


Parking Spaces: -

CONTACTS

Buyer: Nathanael Cohen

Seller: Dulce Morales Trust

Listing Broker: The Keyes Company - Ricardo Perez, Richard Spado



UNIT MIX AT SALE

Studio 1 530 14 63.6% 1 7.1% - - - - -

1 1 730 8 36.4% 1 12.5% - - - - -

Totals 603 22 100% 1 4.6% - - - - -

TRANSACTION NOTES

On October 21, 2016, the 12,925 square foot multi-family building located at 333-343 Jefferson Ave Miami Beach, FL was sold for $5,100,000 or$231,818 per unit. The complex was 100% occupied at the time of sale with a 3% cap rate and no fixed income units. The property was on themarket for 6 months and the original asking price was $5,300,000. Information regarding this transaction has been confirmed with a sourcedeemed reliable.


Page 65


3003 Indian Creek DrMiami Beach, FL 33140 - Oceanfront Neighborhood

13

SALE




Price Per SF: $555

Cap Rate: -

PROPERTY



Year Built: 1949

Vacancy At Sale: 0%


CONTACTS

Buyer: Stephen Werdiger

Seller: Coinco Investment Co., Inc.



UNIT MIX AT SALE

Studio 1 675 10 50.0% 0 0.0% $812 $1.20 $810 $1.20 0.2%

1 1 750 7 35.0% 0 0.0% $888 $1.18 $886 $1.18 0.3%

2 1 850 2 10.0% 0 0.0% $1,005 $1.18 $1,003 $1.18 0.2%

2 2 950 1 5.0% 0 0.0% $1,624 $1.71 $1,620 $1.71 0.2%

Totals 733 20 100% 0 0.0% $899 $1.23 $896 $1.22 0.3%

UNIT AMENITIES

Air Conditioning, Kitchen, Range

TRANSACTION NOTES

On 10/5/16 the 20 unit multi family building located at 3003 Indian Creek Dr in Miami Beach, FL 33140 was sold for $8,200,100. This buildingtotals 14,788 SF on a 7,497 SF lot zoned MXE and was delivered in 1949.

Previously, this property was marketed as a potential redevelopment project to convert to a hotel. The property has 10 studio apartments, 7 onebeds, 2 two bed one baths, and 1 two bed two bath. Sizes ranges from 675 SF to 950 square feet.

Certain information contained in public records was verified with the seller, such as price, date and square footage. Other details of thetransaction were not disclosed.

Deed and plat map are attached.


Page 66


1000 7th StMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

14

SALE




Price Per SF: $250

Cap Rate: -

PROPERTY



Year Built: 1951



CONTACTS

Buyer: Eugenio Marrapodi

Seller: Francesco Marciandi



UNIT MIX AT SALE

1 1 - 10 100% 1 10.0% - - - - -

Totals - 10 100% 1 10.0% - - - - -

TRANSACTION NOTES

On 7/14/16, the 6,422 SF multi-family building located at 1000 7th St in Miami Beach, FL sold for $1,603,000.


Page 67


1200 Ocean DrMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

15

SALE


Sale Price: $15,250,000


Price Per SF: $834

Cap Rate: -

PROPERTY



Year Built: 1958


Parking Spaces: -

CONTACTS

Buyer: Infinity Real Estate

Seller: Goldman Properties of Miami Beach, Inc.

FINANCING

$10,675,000 from DB Private Wealth Mortgage Ltd: Acquisition & Development



UNIT MIX AT SALE

1 - 354 31 100% 2 6.5% - - - - -

Totals 354 31 100% 2 6.5% - - - - -

TRANSACTION NOTES

On July 14, 2016 Goldman Properties completed the sale of 1200 Ocean Drive in Miami Beach, Florida for the confirmed price of $15,520,000.This is an 18,287 square foot historic, mixed-use property with street level retail and 31 residential apartments on the second and third floors.

The buyer, Infinity Real Estate, financed the acquisition with a $10.675 million mortgage from DB Private Wealth Mortgage. In a press releaseattached to this report, Infinity stated their intent to work with the Historic Preservation Board and the Ocean Drive task force to redevelop theproperty while keeping with the architectural and design integrity of South Beach.

This property is home to the Palace, the only gay bar and restaurant on the Ocean Drive strip, as this area is referred to.

Details in this report were confirmed by the seller. Calls to the buyer had not been returned as of the writing of this report.


Page 68


1310 Euclid AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

16

SALE

Sale Date: 7/8/2016



Price Per SF: $263

Cap Rate: -

PROPERTY



Year Built: 1950


Parking Spaces: -

CONTACTS

Buyer: Infiniti Properties, LLC

Seller: Martha Schubert

Listing Broker: Realty24/7 Co. - Kevin Barber



UNIT MIX AT SALE

Studio 1 500 8 66.7% 1 12.5% $1,006 $2.01 $998 $2.00 0.8%

1 1 800 4 33.3% 0 0.0% $1,307 $1.63 $1,297 $1.62 0.8%

Totals 600 12 100% 1 8.3% $1,106 $1.84 $1,097 $1.83 0.8%

SITE AMENITIES

Laundry Facilities, Security System

UNIT AMENITIES

Balcony

TRANSACTION NOTES

This 12 unit multi-family property sold on 7/8/16 for $2,280,000 per public record.

The broker reported an NOI of $90,425 and this was used to calculate the cap rate of 3.97%.

The buyer verified the sale price, units, sale date, and NOI. He reported a down payment of half of the sale price or $1,400,000

The transaction was financed with a $775,000 loan.


Page 69


1604 Michigan AveMiami Beach, FL 33139 - Flamingo-Lummus Neighborhood

17

SALE




Price Per SF: $465

Cap Rate: 5.1%

PROPERTY



Year Built: 1935



CONTACTS

Buyer: El Padovan Inc

Seller: Cristina Pocaterra

Listing Broker: Marcus & Millichap Inc - Arthur Porosoff, David Cohen

FINANCING

$1,650,000 from Executive National Bank



UNIT MIX AT SALE

Studio 1 400 10 100% 1 10.0% $1,307 $3.27 $1,296 $3.24 0.8%

Totals 400 10 100% 1 10.0% $1,307 $3.27 $1,296 $3.24 0.8%

TRANSACTION NOTES

The sellers broker was able to confirm the details of this sale.

1604 Michigan Ave sold the 10-unit apartment building to IL Sasso, LLC for $1,8750,000.

At the time of the sale, no conditions are known to have affected the sales price.


Page 70

Sales Volume310 Meridian Ave

MIAMI METRO SALES VOLUME IN UNITS

BAL HARBOR/SOUTH BEACH SUBMARKET SALES VOLUME IN UNITS

SOUTH POINTE NEIGHBORHOOD SALES VOLUME IN UNITS


Page 71

Sales Pricing310 Meridian Ave

NATIONAL PRICE INDICES

REGIONAL MULTI-FAMILY PRICE INDICES


Page 72

Sales Pricing310 Meridian Ave

MIAMI PRICE PER UNIT INDEX

UNITED STATES PAST YEAR BY PRICE PER UNIT MIAMI PAST YEAR BY PRICE PER UNIT

PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

$12,300,000United States 19,651 $5,000 $34,554 $108,750 $141,612 $371,775

$5,083,333Miami 362 $10,000 $43,164 $110,478 $172,570 $292,544

$308,333Bal Harbor/South Beach 62 $11,500 $23,296 $163,269 $146,787 $250,996

$257,500South Pointe 2 $257,500 N/A $257,500 $257,500 N/A

$491,935Selected Sale Comps 18 $160,300 $172,612 $203,833 $252,021 $323,959


Page 73

Cap Rates310 Meridian Ave

CAP RATE TRENDS

UNITED STATES CAP RATES PAST YEAR MIAMI CAP RATES PAST YEAR

CAP RATE SUMMARY STATISTICS IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

37.6%United States 9,679 0.6% 3.7% 5.7% 6.1% 9.1%

11.7%Miami 141 1.2% 4.3% 5.9% 6.0% 8.0%

10.0%Bal Harbor/South Beach 25 1.2% 3.2% 5.3% 5.2% 7.0%

-South Pointe 0 - - - - -

6.0%Selected Sale Comps 8 1.2% 2.1% 4.1% 4.0% 5.8%


Page 74

Buyers310 Meridian Ave

TOP MIAMI MULTI-FAMILY BUYERS PAST TWO YEARS

Purchased at least one asset in Bal Harbor/South Beach Multi-Family submarket

Properties Bought

Company Name Bldgs VolumeUnits

Properties Sold

Units BldgsVolume

Greystar Real Estate Partners 3 858 $347,370,604 0 0 -

APG Algemene Pensioen Group NV 2 538 $258,370,604 0 0 -

Caisse de dépôt et placement du Québec 2 538 $258,370,604 0 0 -

GIC Real Estate International 2 538 $258,370,604 0 0 -

The Blackstone Group LP 3 1,413 $255,925,100 0 0 -

Rockefeller Group 1 398 $135,000,000 0 0 -

Waterton Residential, LLC 2 427 $116,434,465 1 402 $61,750,000

Fortune International Realty 3 176 $104,264,700 0 0 -

Grand Peaks Properties 2 490 $103,000,000 0 0 -

Berkshire Group 1 276 $100,000,000 0 0 -

Bradley Associates 1 321 $82,000,000 0 0 -

Wafra Investment Advisory Group, Inc. 1 237 $78,150,000 0 0 -

Ares Management, L.P. 1 396 $78,000,000 2 546 $138,925,100

Avesta Homes 1 402 $61,750,000 0 0 -

Robbins Property Associates LLC 1 424 $61,240,000 0 0 -

The American Opportunity Foundation, Inc. 3 615 $59,000,000 0 0 -

LCOR Inc. 1 285 $57,000,000 1 285 $57,000,000

Madison International Realty 1 285 $57,000,000 0 0 -

Advenir, Inc. 1 240 $52,700,000 0 0 -

Dome Equities LLC 1 240 $52,700,000 0 0 -

Stockbridge Capital Group LLC 1 228 $52,700,000 0 0 -

JJS Realty Management Corp 3 496 $51,500,000 0 0 -

Marlin Spring 1 468 $50,000,000 0 0 -

Ryan Fuson 2 347 $45,000,000 0 0 -

Lincoln Avenue Capital 2 480 $39,125,500 0 0 -

TYPES OF MULTI-FAMILY MIAMI BUYERS PAST TWO YEARS

Company Type Bldgs Billions Avg PricePrice/Unit

Average Purchase

Units

Buying Volume

Private 369 12,183 $152,607 $5,038,527$1.85

Institutional 27 4,493 $317,354 $52,810,169$1.42

Private Equity 9 2,614 $169,215 $49,147,566$.44

REIT/Public 1 396 $196,969 $78,000,000$.07

$0 $0.5 $1 $1.5 $2


Page 75

Sellers310 Meridian Ave

TOP MIAMI MULTI-FAMILY SELLERS PAST TWO YEARS

Sold at least one asset in Bal Harbor/South Beach Multi-Family submarket

Properties Sold

Company Name Bldgs VolumeUnits

Properties Bought

Units BldgsVolume

Monogram Residential Trust 2 538 $258,370,604 0 0 -

Codina Partners 3 942 $216,925,100 0 0 -

Fortune Capital Partners, Inc. 3 623 $177,434,465 0 0 -

Mattoni Group 3 623 $177,434,465 1 387 $10,500,000

Shoma Development, LLC 2 422 $139,100,000 0 0 -

Ares Management, L.P. 2 546 $138,925,100 1 396 $78,000,000

Prudential Financial, Inc. 1 398 $135,000,000 0 0 -

The Related Companies 1 398 $135,000,000 0 0 -

Stellar Management 1 867 $117,000,000 0 0 -

Estate Investments Group 2 427 $116,434,465 0 0 -

Hines Securities, Inc. 1 276 $100,000,000 0 0 -

Astor Real Estate Group 1 320 $89,000,000 0 0 -

The Altman Companies 1 321 $82,000,000 0 0 -

JPMorgan Chase & Co. 1 237 $78,150,000 0 0 -

Mill Creek Residential Trust LLC 1 237 $78,150,000 0 0 -

Waterton Residential, LLC 1 402 $61,750,000 2 427 $116,434,465

Taplin Company, Ltd. 1 424 $61,240,000 0 0 -

State Companies 1 196 $61,000,000 0 0 -

Pinnacle Property Management Services, LLC 3 615 $59,000,000 0 0 -

LCOR Inc. 1 285 $57,000,000 1 285 $57,000,000

Jamestown U.S. Immobilien GmbH 1 228 $52,700,000 0 0 -

Wood Partners 1 240 $52,700,000 0 0 -

TM Real Estate Group, LLC 1 468 $50,000,000 0 0 -

Global Ministries Foundation 2 347 $45,000,000 0 0 -

Brisas Del Rio, Inc 1 294 $42,000,000 0 0 -

TYPES OF MULTI-FAMILY MIAMI SELLERS PAST TWO YEARS

Company Type Bldgs Billions Avg PricePrice/Unit

Average Sale

Units

Selling Volume

Private 385 18,131 $147,553 $6,948,805$2.67

Institutional 25 2,339 $206,414 $19,312,118$.48

REIT/Public 15 1,475 $314,234 $30,899,733$.46

Private Equity 4 419 $158,692 $16,623,050$.06

$0 $0.7 $1.4 $2.1 $2.8


Page 76

310 Meridian Ave

PREPARED BY

Manny Chamizo


Demographics

7,013 SF Multi-Family Building

Demographic Overview310 Meridian Ave

Population (1 mi)

24,175Avg. HH Size (1 mi)

1.6Avg. Age (1 mi)

44Med. HH Inc. (1 mi)

$44,333DEMOGRAPHIC RADIUS RINGS

DEMOGRAPHIC SUMMARY

5 Mile3 Mile1 MilePopulation

212,58452,00224,1752017 Population

225,81054,18225,3732022 Population

6.2%4.2%5.0%Pop Growth 2017-2022

4043442017 Average Age

Households

102,53229,54214,5182017 Households

108,45030,60815,1632022 Households

5.8%3.6%4.4%Household Growth 2017-2022

$47,409$49,428$44,333Median Household Income

1.91.71.6Average Household Size

111Average HH Vehicles

Housing

$418,611$463,061$383,080Median Home Value

197919671968Median Year Built


Page 78

Age & Education310 Meridian Ave

POPULATION BY AGE GROUP IN 1 MILE RADIUS

POPULATION BY EDUCATION IN 1 MILE RADIUSPOPULATION BY AGE IN 1 MILE RADIUS


Page 79

POPULATION BY RACE

MILITARY POPULATION

Ethnicity310 Meridian Ave

5 Mile3 MileRace 1 Mile

2018 Population

178,16090.48%White 47,507 91.36% 83.81%21,874

25,2354.78%Black 2,161 4.16% 11.87%1,156

4,7922.50%Asian 1,286 2.47% 2.25%605

968< 1%American Indian & Alaskan 210 < 1% < 1%97

110< 1%Hawaiian & Pacific Islander 33 < 1% < 1%18

3,3191.76%Other 805 1.55% 1.56%426

0 4,400 8,800 13,200 17,600 22,000

HISPANIC POPULATION IN 1 MILE RADIUSPOPULATION BY RACE IN 1 MILE RADIUS

5 Mile3 Mile1 Mile

2018 Population

217< 1%Military 103 < 1% < 1%67

114,60199.53%Non-Military Workforce 30,578 99.66% 99.81%14,105

0 3,200 6,400 9,600 12,800 16,000


Page 80

Bal Harbor/South Beach Multi-Family

PREPARED BY

Manny Chamizo


Multi-Family Submarket Report

Miami Market

OverviewBal Harbor/South Beach Multi-Family

12 Mo. Delivered Units

012 Mo. Absorption Units

285Vacancy Rate

5.5%12 Mo. Asking Rent Growth

-0.3%With an abundance of condos and second homes forsale, this submarket has faced heavy competition fromthese sources of shadow supply, and apartmentconstruction has only recently resumed.

The Bal Harbor/South Beach Submarket consists ofmore than 15,000 units including 1 & 2 Star properties,

making it the sixth-largest apartment submarket inMiami, out of 12. The stock is characterized by olderinventory, with over 95% of apartments built more thantwo decades ago. The submarket caters to smallhouseholds, with the rate of studios and one-bedroomssignificantly higher than the metro average.

KEY INDICATORS

Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption

UnitsDelivered Units

Under ConstrUnits

$2,1553.0%1,4484 & 5 Star $2,152 12 0 351

$1,7018.7%2,6813 Star $1,686 11 0 11

$1,2425.1%11,3681 & 2 Star $1,230 13 0 0

$1,4955.5%15,497Submarket $1,484 36 0 362

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

6.8%7.2%-1.8%Vacancy Change (YOY) 9.0% 2000 Q4 5.4% 2013 Q4

68(7)285Absorption Units 353 2008 Q3 (484) 2012 Q3

76430Delivered Units 414 2008 Q3 0 2017 Q4

0780Demolished Units 345 2013 Q1 0 2017 Q4

0.6%2.2%-0.3%Asking Rent Growth (YOY) 7.3% 2007 Q2 -3.2% 2009 Q2

0.8%2.2%0%Effective Rent Growth (YOY) 7.2% 2007 Q2 -3.3% 2009 Q2

N/A$118.0 M$98.5 MSales Volume $353.8 M 2016 Q2 $24.7 M 2008 Q1


Page 82

VacancyBal Harbor/South Beach Multi-Family

Vacancies in Bal Harbor/South Beach still remain neartheir historical average at around 6%. While BalHarbor/South Beach had a net loss of renters in 2014,the submarket recouped most of the losses in thefollowing years. The most recent delivery, Moda NorthBay Village, leased up at a steady rate of about 20 unitsper month after opening in April 2015. The 4 Star 285-unit property was about 6% vacant by October 2017.

Despite limited available land, there is still developmentinterest in keeping South Beach an up-to-date,

attractive place to live. Comras Corp is now planning a192,000-square-foot retail project called BLVD atLenox. Two existing buildings would be demolished inorder to make the project a reality. If it moves forward,the project could help inspire future multifamilydevelopment in South Beach. Employment in thesubmarket should receive a boon as Innovation SeniorManagement has recently opened a new office in thearea, and plans to create 150 jobs over the next threeyears.

ABSORPTION, NET DELIVERIES & VACANCY


Page 83

VacancyBal Harbor/South Beach Multi-Family

VACANCY RATE

VACANCY BY BEDROOM


Page 84

RentBal Harbor/South Beach Multi-Family

Bal Harbor/South Beach was one of only a handful ofsubmarkets in which rents fell through the beginning of2018. While rent growth in this area had remained solidup to 2016, that growth slowed abruptly and wentnegative starting in the third quarter of 2017. With lossesnear 0.5% in early 2018, Bal Harbor/South Beach wassecond only to Coral Gables in terms of rent losses over

that time period: Coral Gables rents fell roughly 1%during that time. Rents in the Bal Harbor/South BeachSubmarket as of early 18Q1 were around $1,500/monthon average, ranking the submarket on par with the metroand a far cry from the high prices seen in the previousyear.

DAILY ASKING RENT PER SF


Page 85

RentBal Harbor/South Beach Multi-Family

ASKING RENT PER UNIT & RENT GROWTH

ASKING RENT PER UNIT BY BEDROOM


Page 86

ConstructionBal Harbor/South Beach Multi-Family

The Bal Harbor/South Beach Submarket's deliverieshave historically ranked about average for the metro, andseveral properties are set to deliver in the next twoyears. Two new condo developments, the Kai at BayHarbor Islands and the O Residences, could generatecompetition for existing apartments in the area.Developer Crescent Heights is expected to break ground

this year on its "Wave" project, a large mixed-usedevelopment that will feature more than 900 residences,about a third of which will be apartments. The iconicSouthgate Towers recently completed a $40 millionrenovation. The 495-unit property was built in the 1960s,but its facelift includes added amenities such as a fitnesscenter, yoga room, and retail space.

DELIVERIES & DEMOLITIONS


Page 87


All-Time Annual Avg. Units

16Delivered Units Past 4 Qtrs

0Delivered Units Next 4 Qtrs

381Proposed Units Next 4 Qtrs

243PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN UNITS


Page 88


UNDER CONSTRUCTION




-

Crescent Heights1

Aug-20176800 Indian Creek Dr

30 12 Aug-2018Optimum Development USA

Optimum Development USA2

Feb-2016300 Collins Ave

300 Collins19 5 May-2018


-3

May-20158143 Harding Ave

Terrazas Del Mar6 1 May-2018

-

Location 3 Investments, LLC4

Feb-20171966 Biarritz Dr

The Bay Ritz5 4 Apr-2018

-

-5

PROPOSED


Mar-20181600 Washington Ave

134 10 Mar-2019-

PLC Investments, Inc.1

Mar-20185775 Collins Ave

89 17 Mar-2019Aligned Properties LLC

Aligned Properties LLC2

Mar-20188204 Harding Ave

13 4 Dec-2018Sterling Holdings, Inc.

-3

Mar-20181414 West Ave

Casa Luna7 4 Jan-2019

Straticon Construction

Jonathan Seelig4


Page 89










SalesBal Harbor/South Beach Multi-Family

In spite of rent losses over the course of 2017, investorshave remained active in acquiring small, boutiquemultifamily properties. Average pricing has continued toclimb in Bal Harbor/South Beach, but not quite as quicklyas some other submarkets in Miami. With an average ofapproximately $143,000/unit, this submarket now ranksamong the middle of the pack in terms of price per unit.The most popular neighborhoods for trades were AltosDel Mar South and Flamingo-Lummus in South Beach.One of the largest trades of 2017 as of September wasthe sale of the 20-unit apartment apartment property at2150 Park Ave in Miami Beach. The property was

purchased by Location 3 Investments, LLC for $4.8million. The buyer plans to renovate the property andbegin offering short term rental options.

One of the largest transactions of 2017 was the sale of1567 Meridian Ave in February 2017. The 2 Star, 29 unitproperty sold for $5.8 million. It was 87% occupied at thetime of sale, generating a 2.7% cap rate. The buyer hasplans to completely renovate the property, bringing rentalrates in line with the market. The pro forma net operatingincome on the property generated a 5.6% cap rate.

SALES VOLUME & PRICE PER UNIT INDEX


Page 90

Sales Past 12 MonthsBal Harbor/South Beach Multi-Family

Sale Comparables





SALE COMPARABLES SUMMARY STATISTICS


Sale Price $184,000 $1,727,840 $1,550,000 $4,800,000

Price Per Unit $11,500 $133,090 $161,250 $275,000

Cap Rate 1.2% 5.2% 5.3% 10.0%

Vacancy Rate at Sale 0% 4.7% 6.3% 14.3%





Average Unit SF 0 445 498 924

Year Built 1924 1948 1950 1980

Star Rating 2.1


Page 91

Sales Past 12 MonthsBal Harbor/South Beach Multi-Family

RECENT SIGNIFICANT SALES

Sale InformationProperty Information


- 19472150 Park Ave

1 20 5.0% 8/7/2017 $4,800,000 $240,000 $490

529 15th St- 1939

The Latoro2 20 5.0% 4/3/2017 $4,700,000 $235,000 $382

835-855 Alton Rd- 1950

Phyllis Gardens Apartments3 20 5.0% 8/4/2017 $4,500,000 $225,000 $433

6960 Rue Vendome- 1980

Plaza Del Sol Apartments4 20 5.0% 8/30/2017 $4,500,000 $225,000 $153

6881 Indian Creek Dr- 1939

Devon Apartments5 30 6.7% 5/31/2017 $4,500,000 $150,000 $529

8330-8340 Byron Ave- 1951

Tatum Waterway Apartments6 16 6.3% 6/14/2017 $4,100,000 $256,250 $299

7451 Harding Ave- 1947

Harding Beach7 26 3.9% 10/13/2017 $3,940,000 $151,538 $430

511-515 16th St- 1924

1600 Drexel8 14 7.1% 4/19/2017 $3,400,000 $242,857 $516

- 1936900 Pennsylvania Ave

9 14 7.1% 10/27/2017 $2,825,000 $201,785 $370

- 19477340 Harding Ave

10 16 6.3% 2/12/2018 $2,800,000 $175,000 $287

- 19556844 Abbott Ave

11 16 0% 12/6/2017 $2,800,000 $175,000 $375

7130-7134 Carlyle Ave- 1950

Sunshine Apartments12 12 0% 1/24/2018 $2,500,000 $208,333 $303

- 19557724 Harding Ave

13 14 7.1% 6/26/2017 $2,450,000 $175,000 $371

- 19547301 Carlyle Ave

14 12 0% 6/28/2017 $2,450,000 $204,166 $323

920 Pennsylvania Ave- 1937

Keystone15 12 8.3% 5/30/2017 $2,300,000 $191,666 $354

600 72nd St- 1962

Terrace House16 10 10.0% 1/26/2018 $2,280,000 $228,000 $323

- 19391995 Bay Dr

17 16 0% 10/3/2017 $2,250,000 $140,625 $274

- 1956430 72nd St

18 13 7.7% 11/20/2017 $2,170,000 $166,923 $243

- 19356985 Abbott Ave

19 8 12.5% 3/13/2017 $2,150,000 $268,750 $718

1537 Jefferson Ave- 1950

Jefferson Avenue Apartments20 12 8.3% 5/19/2017 $2,125,000 $177,083 $316


Page 92





















AppendixBal Harbor/South Beach Multi-Family

OVERALL SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2022 18 0.1%15,884 107 0.7% 0.2

2021 11 0.1%15,866 135 0.9% 0.1

2020 (1) 0%15,855 (28) -0.2% 0

2019 347 2.2%15,856 37 0.2% 9.4

2018 12 0.1%15,509 15 0.1% 0.8

YTD 0 0%15,497 36 0.2% 0

2017 0 0%15,497 314 2.0% 0

2016 (16) -0.1%15,497 148 1.0% -

2015 236 1.5%15,513 (51) -0.3% -

2014 (121) -0.8%15,277 (381) -2.5% 0.3

2013 (166) -1.1%15,398 196 1.3% -

2012 (335) -2.1%15,564 (450) -2.9% 0.7

2011 (8) -0.1%15,899 (56) -0.4% 0.1

2010 (46) -0.3%15,907 (4) 0% 11.5

2009 (111) -0.7%15,953 (95) -0.6% 1.2

2008 0 0%16,064 150 0.9% 0

2007 212 1.3%16,064 (83) -0.5% -

2006 (17) -0.1%15,852 13 0.1% -

4 & 5 STAR SUPPLY & DEMAND

AbsorptionInventory


2022 18 1.0%1,821 29 1.6% 0.6

2021 11 0.6%1,803 96 5.3% 0.1

2020 (1) -0.1%1,792 97 5.4% 0

2019 347 24.0%1,793 139 7.8% 2.5

2018 (2) -0.1%1,446 11 0.8% -

YTD 0 0%1,448 12 0.8% 0

2017 0 0%1,448 56 3.9% 0

2016 0 0%1,448 44 3.0% 0

2015 285 24.5%1,448 166 11.5% 1.7

2014 9 0.8%1,163 (5) -0.4% -

2013 0 0%1,154 28 2.4% 0

2012 0 0%1,154 5 0.4% 0

2011 0 0%1,154 (31) -2.7% 0

2010 0 0%1,154 3 0.3% 0

2009 0 0%1,154 6 0.5% 0

2008 0 0%1,154 35 3.0% 0

2007 0 0%1,154 48 4.2% 0

2006 0 0%1,154 21 1.8% 0


Page 93


3 STAR SUPPLY & DEMAND

AbsorptionInventory


2022 0 0%2,703 41 1.5% 0

2021 0 0%2,703 33 1.2% 0

2020 0 0%2,703 4 0.1% 0

2019 0 0%2,703 10 0.4% 0

2018 22 0.8%2,703 31 1.1% 0.7

YTD 0 0%2,681 11 0.4% 0

2017 0 0%2,681 81 3.0% 0

2016 0 0%2,681 89 3.3% 0

2015 0 0%2,681 (91) -3.4% 0

2014 0 0%2,681 (149) -5.6% 0

2013 18 0.7%2,681 172 6.4% 0.1

2012 (272) -9.3%2,663 (358) -13.4% 0.8

2011 0 0%2,935 (4) -0.1% 0

2010 0 0%2,935 1 0% 0

2009 (52) -1.7%2,935 (31) -1.1% 1.7

2008 0 0%2,987 161 5.4% 0

2007 414 16.1%2,987 168 5.6% 2.5

2006 7 0.3%2,573 (1) 0% -


AbsorptionInventory


2022 0 0%11,360 37 0.3% 0

2021 0 0%11,360 6 0.1% 0

2020 0 0%11,360 (129) -1.1% 0

2019 0 0%11,360 (112) -1.0% 0

2018 (8) -0.1%11,360 (27) -0.2% 0.3

YTD 0 0%11,368 13 0.1% 0

2017 0 0%11,368 177 1.6% 0

2016 (16) -0.1%11,368 15 0.1% -

2015 (49) -0.4%11,384 (126) -1.1% 0.4

2014 (130) -1.1%11,433 (227) -2.0% 0.6

2013 (184) -1.6%11,563 (4) 0% 46.0

2012 (63) -0.5%11,747 (97) -0.8% 0.6

2011 (8) -0.1%11,810 (21) -0.2% 0.4

2010 (46) -0.4%11,818 (8) -0.1% 5.8

2009 (59) -0.5%11,864 (70) -0.6% 0.8

2008 0 0%11,923 (46) -0.4% 0

2007 (202) -1.7%11,923 (299) -2.5% 0.7

2006 (24) -0.2%12,125 (7) -0.1% 3.4


Page 94


OVERALL VACANCY & RENT

Asking RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg

Effective Rent

0.62022 6.4% (0.6)1,017 $1,543 - 1.6% $1,531 -

0.72021 7.0% (0.8)1,106 $1,519 - 0.9% $1,508 -

(0.2)2020 7.8% 0.21,230 $1,505 - 0.3% $1,494 -

0.32019 7.6% 1.81,201 $1,501 - 0.5% $1,490 -

0.82018 5.7% 0889 $1,493 - 0.1% $1,483 -

0.9YTD 5.5% (0.2)857 $1,495 $2.01 0.3% $1,484 $2.00

(3.1)2017 5.8% (2.0)892 $1,492 $2.01 -0.7% $1,464 $1.97

0.92016 7.8% (1.1)1,207 $1,501 $2.03 2.4% $1,481 $2.00

(3.4)2015 8.9% 1.71,375 $1,466 $1.98 1.5% $1,459 $1.97

(0.6)2014 7.1% 1.71,087 $1,444 $1.95 5.0% $1,438 $1.94

1.32013 5.4% (2.3)826 $1,376 $1.85 5.6% $1,371 $1.84

3.42012 7.6% 0.91,189 $1,303 $1.74 4.2% $1,296 $1.74

1.12011 6.8% 0.31,076 $1,250 $1.67 0.9% $1,242 $1.66

1.22010 6.5% (0.3)1,027 $1,239 $1.65 -0.2% $1,231 $1.64

0.42009 6.7% 01,070 $1,242 $1.66 -1.4% $1,234 $1.65

(3.9)2008 6.8% (0.9)1,085 $1,259 $1.68 -1.8% $1,251 $1.67

(4.7)2007 7.7% 1.81,235 $1,282 $1.72 2.1% $1,274 $1.71

-2006 5.9% (0.2)940 $1,257 $1.68 6.7% $1,249 $1.67

4 & 5 STAR VACANCY & RENT

Asking RentVacancy


Effective Rent

0.82022 3.2% (0.6)59 $2,130 - 1.5% $2,127 -

1.02021 3.8% (4.8)69 $2,098 - 0.7% $2,095 -

0.62020 8.6% (5.5)154 $2,083 - -0.3% $2,081 -

1.32019 14.1% 11.1252 $2,090 - -0.9% $2,087 -

1.22018 3.0% (0.7)43 $2,109 - -2.2% $2,106 -

3.4YTD 3.0% (0.8)43 $2,155 $2.05 -0.1% $2,152 $2.05

(3.8)2017 3.8% (3.9)54 $2,157 $2.05 -3.4% $2,057 $1.96

2.02016 7.6% (3.2)110 $2,234 $2.13 0.4% $2,180 $2.08

(9.2)2015 10.8% 7.7156 $2,225 $2.12 -1.6% $2,225 $2.12

(0.8)2014 3.0% 1.235 $2,261 $2.15 7.6% $2,261 $2.15

0.42013 1.8% (2.4)21 $2,101 $2.00 8.4% $2,101 $2.00

6.62012 4.2% (0.4)48 $1,939 $1.85 8.0% $1,931 $1.84

0.32011 4.5% 2.753 $1,795 $1.71 1.4% $1,785 $1.70

3.32010 1.9% (0.3)21 $1,771 $1.69 1.0% $1,763 $1.68

0.22009 2.2% (0.5)25 $1,753 $1.67 -2.3% $1,744 $1.66

(4.7)2008 2.7% (3.0)31 $1,794 $1.71 -2.5% $1,785 $1.70

(5.1)2007 5.7% (4.1)66 $1,841 $1.75 2.2% $1,829 $1.74

-2006 9.8% (1.8)113 $1,802 $1.72 7.3% $1,791 $1.71


Page 95


3 STAR VACANCY & RENT

Asking RentVacancy


Effective Rent

0.62022 5.1% (1.5)139 $1,755 - 1.6% $1,740 -

0.72021 6.7% (1.2)180 $1,727 - 1.0% $1,712 -

(0.2)2020 7.9% (0.1)214 $1,711 - 0.3% $1,696 -

(0.6)2019 8.0% (0.3)216 $1,706 - 0.4% $1,691 -

1.62018 8.3% (0.8)224 $1,699 - 1.1% $1,684 -

1.8YTD 8.7% (0.4)233 $1,701 $2.37 1.2% $1,686 $2.35

(6.2)2017 9.1% (3.0)244 $1,681 $2.34 -0.5% $1,666 $2.32

6.62016 12.1% (3.3)325 $1,690 $2.35 5.7% $1,668 $2.32

(9.8)2015 15.4% 3.4414 $1,599 $2.23 -0.9% $1,590 $2.22

(2.3)2014 12.0% 5.5324 $1,614 $2.25 8.9% $1,607 $2.24

5.62013 6.5% (5.8)175 $1,482 $2.06 11.2% $1,477 $2.05

4.72012 12.3% 4.0329 $1,332 $1.85 5.6% $1,325 $1.84

5.82011 8.3% 0.1246 $1,262 $1.74 0.9% $1,253 $1.73

(5.1)2010 8.2% 0242 $1,251 $1.73 -4.9% $1,242 $1.72

1.02009 8.2% (0.5)243 $1,316 $1.83 0.2% $1,307 $1.82

(2.5)2008 8.8% (5.4)263 $1,313 $1.82 -0.8% $1,303 $1.81

(4.9)2007 14.2% 7.2424 $1,323 $1.83 1.7% $1,315 $1.82

-2006 6.9% 0.3179 $1,301 $1.80 6.6% $1,294 $1.79


Asking RentVacancy


Effective Rent

0.52022 7.2% (0.3)819 $1,308 - 1.6% $1,295 -

0.52021 7.5% (0.1)856 $1,288 - 1.0% $1,276 -

(0.6)2020 7.6% 1.1862 $1,275 - 0.6% $1,263 -

0.32019 6.5% 1.0733 $1,268 - 1.2% $1,256 -

0.22018 5.5% 0.2621 $1,253 - 0.9% $1,241 -

(0.7)YTD 5.1% (0.1)581 $1,242 $1.85 0% $1,230 $1.83

(1.3)2017 5.2% (1.6)594 $1,242 $1.85 0.7% $1,230 $1.83

(2.4)2016 6.8% (0.3)772 $1,234 $1.84 2.0% $1,223 $1.82

2.52015 7.1% 0.7805 $1,210 $1.80 4.4% $1,200 $1.79

(0.1)2014 6.4% 0.9728 $1,159 $1.72 1.9% $1,151 $1.71

02013 5.5% (1.5)631 $1,137 $1.68 2.0% $1,132 $1.67

1.42012 6.9% 0.3811 $1,115 $1.65 2.0% $1,108 $1.64

(0.5)2011 6.6% 0.1778 $1,093 $1.61 0.6% $1,086 $1.60

2.72010 6.5% (0.3)764 $1,086 $1.60 1.1% $1,079 $1.59

0.32009 6.8% 0.1803 $1,074 $1.59 -1.6% $1,066 $1.57

(4.0)2008 6.6% 0.4791 $1,092 $1.62 -1.9% $1,084 $1.60

(4.4)2007 6.3% 0.9745 $1,112 $1.65 2.1% $1,105 $1.64

-2006 5.3% (0.1)648 $1,089 $1.62 6.5% $1,083 $1.61


Page 96


OVERALL SALES

Completed Transactions

Turnover Avg Price/UnitDeals VolumeYear Avg Price Avg Cap Rate

YTD $12.3 M6 0.4% $186,364$2,050,000 6.1%

2017 $108.7 M70 5.9% $132,569$1,782,080 5.3%

2016 $315.7 M98 11.0% $219,841$3,358,422 5.4%

2015 $223.2 M84 8.5% $171,188$2,689,507 4.7%

2014 $190.3 M100 8.5% $152,094$2,002,840 5.4%

2013 $137.0 M92 7.7% $125,953$1,631,385 6.1%

2012 $187.4 M56 8.6% $144,138$3,535,460 6.9%

2011 $69.1 M56 4.8% $91,850$1,279,097 7.8%

2010 $33.5 M33 2.6% $81,987$1,013,659 7.0%

2009 $39.6 M40 3.3% $79,063$1,042,389 6.3%

2008 $40.0 M31 12.9% $19,925$1,429,598 5.2%

2007 $197.1 M15 11.8% $104,311$13,143,190 5.2%

2006 $73.6 M35 3.0% $155,254$2,102,586 4.9%


Page 97


DELIVERIES & UNDER CONSTRUCTION

Net DeliveriesInventory

Bldgs Units BldgsBldgs Units VacancyYear

Under Construction

Units

Deliveries

Bldgs Units

2022 15,885 6.4%- - 18 - -- 18

2021 15,867 7.0%- - 12 - -- 12

2020 15,855 7.8%- - (2) - -- (2)

2019 15,857 7.6%- - 347 - -- 347

2018 15,510 5.7%- - 13 - -- 13

YTD 15,497 5.5%860 0 0 4 3620 0

2017 15,497 5.8%860 0 0 4 3620 0

2016 15,497 7.8%860 0 0 1 6(1) (16)

2015 15,513 8.9%861 1 285 1 6(1) 236

2014 15,277 7.1%862 1 9 1 285(3) (121)

2013 15,398 5.4%865 2 18 2 294(3) (166)

2012 15,564 7.6%868 0 0 2 18(4) (337)

2011 15,899 6.8%872 0 0 0 0(1) (8)

2010 15,907 6.5%873 0 0 0 0(1) (46)

2009 15,953 6.7%874 0 0 0 0(3) (111)

2008 16,064 6.8%877 0 0 0 00 0

2007 16,064 7.7%877 1 414 0 0(7) 212

2006 15,852 5.9%884 1 7 1 4140 (17)


Page 98

Miami Market

PREPARED BY

Manny Chamizo


Multi-Family Market Report

OverviewMiami Multi-Family

12 Mo. Delivered Units

4,27812 Mo. Absorption Units

3,938Vacancy Rate

6.1%12 Mo. Asking Rent Growth

1.8%Miami is starting to experience softening fundamentalsafter several years of growth. Construction has escalatedin the past several years, and vacancies have increasedevery year since 2013. Miami currently has almost15,000 units under construction and around 9,000 unitsset to deliver in 2018. More units will have beendelivered in the last three years than the last 15 yearscombined.

Despite this remarkable supply pipeline, demand hasdone a good job of keeping pace, and many of thesenew units have been absorbed. Rent growth has stayedpositive, though it has decelerated from the record-breaking highs seen in early 2015. Annual growth closerto the historical average may become the new normal inthe face of Miami's ongoing supply additions.

KEY INDICATORS

Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption

UnitsDelivered Units

Under ConstrUnits

$2,02312.7%33,0674 & 5 Star $1,976 649 610 13,427

$1,4334.4%31,1673 Star $1,407 104 0 263

$1,0614.1%79,2851 & 2 Star $1,050 3 0 0

$1,5176.1%143,519Market $1,488 756 610 13,690

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

7.3%5.2%0%Vacancy Change (YOY) 7.1% 2000 Q2 3.0% 2006 Q2

3,0651,3143,938Absorption Units 3,918 2016 Q4 (1,115) 2007 Q2

3,4651,6034,278Delivered Units 5,689 2017 Q1 48 2002 Q4

226417Demolished Units 1,082 2012 Q2 0 2002 Q4

1.4%2.0%1.8%Asking Rent Growth (YOY) 7.2% 2007 Q1 -5.7% 2009 Q2

1.5%2.0%1.6%Effective Rent Growth (YOY) 7.1% 2007 Q1 -5.8% 2009 Q2

N/A$573.4 M$1.5 BSales Volume $1.7 B 2016 Q4 $137.5 M 2008 Q4


Page 100

VacancyMiami Multi-Family

The overall vacancy for the metro has increased about100 basis points in the last two years, and is currentlyhovering around 6%. This is higher than the metro’shistorical average but to be expected considering theamount of new supply being delivered. It should be notedthat for the majority of the expansion, Miami’s vacancyhas trended under the national average. However, it isexpected to surpass the nation toward late 2018.

Miami has seen more deliveries come on line in the lastthree years than in the prior 15 years combined, andthere is no sign of a slowdown in the immediate future.The new projects in Miami have been predominantlyrated as 4 & 5 Star, with condo-style finishes, andincreasingly robust amenities. The concentratedconstruction of similar product has not surprisinglypushed vacancy higher within the top tier.

Vacancy in 4 & 5 Star properties is dramatically higherthan in lower-rated properties, peaking at around 15% inearly 2017 and more recently settling down to around13%. This is about 3% higher than the national averagefor 4 & 5 Star product, which is also seeing an elevatedvacancy rate for this class compared to 3 Star and below

product.

Considering the amount of new supply that is beingadded to the metro, the metro is seeing very reasonablelease-up. In 2017, apartment communities were leasingup at an average of 20 units a month with two weeks ofconcessions. This is comparable to 2016 vintageprojects, for which units leased at a rate of about 21units a month and concessions were closer to threeweeks. This stable demand can be partially attributed toa late surge in job growth in the metro.

Year-over-year job growth in Miami is currentlyoutpacing the national average and is expected tocontinue to do so for the foreseeable future. Employmentgrowth in the professional and business and health andeducation sectors has been good and is actuallyexpected to moderately outpace the national averagethrough the forecast period. Considering these types ofjobs are generally higher paying than the metro’s medianwage, there may be enough demand to keep apartmentvacancy from spiking to levels that would require areversal of rents.

ABSORPTION, NET DELIVERIES & VACANCY


Page 101

VacancyMiami Multi-Family

VACANCY RATE

VACANCY BY BEDROOM


Page 102

RentMiami Multi-Family

The overall rate of rent growth has deceleratedsignificantly in the last two years. If we look specifically at4 & 5 Star properties, rent growth has actually beencooling off since 2012. Vacancies for 4 & 5 Starproperties hit an all-time peak of 13% in 2016 and areexpected to remain high for the next couple years due tothe wave of properties working through lease-up.Correspondingly, overall rent growth is forecast to slowto its historical average of roughly 2%, while growthamong 4 & 5 Star product is expected to decelerate tohalf of that rate. This is in line with nationwide trends.

Miami is currently in the top 15 of the most expensivemetros in the nation. Asking rents per unit are at a 20%premium over the national average. Since Miami’smedian household income is more than $10,000 belowthe national average, purchasing a single-family homecan be difficult for many residents. In the past five years,average incomes in the metro have increased about 9%,while rents have cumulatively risen more than 20%.

According to data from the American Community Survey,both renter and owner households of all ages in Miamiare considered overburdened. Nationwide, over 30% ofhouseholds spend more than 30% of their incomestoward gross housing costs. In Miami, households arespending nearly 50% of their incomes towards grosshousing costs. Millennials particularly feel the squeeze,as a higher share of them are renters than owners inMiami, and they are also more likely to be living with aparent or relative than Millennials elsewhere in thenation.

Miami experiences the most job growth in the leisure andhospitality industry and is also currently experiencingsignificantly higher growth in trade, transportation, andutilities. These are typically lower-paying, blue-collarjobs. The rapid rise of rent earlier in the cycle created alarge gap between incomes and rents for most of Miami'scitizens. In the near term, rents are likely to continue togrow more slowly as even more construction in thepipeline will keep competition alive and well.

DAILY ASKING RENT PER SF


Page 103

RentMiami Multi-Family

ASKING RENT PER UNIT & RENT GROWTH

ASKING RENT PER UNIT BY BEDROOM


Page 104

ConstructionMiami Multi-Family

Units under construction equal 10% of the currentinventory in Miami, versus 4% for the nation as a whole.The majority of new buildings have been 4 & 5 Starluxury apartments, with the majority going up inDowntown Miami, Wynwood, South Miami, and Doral. Asmall cluster near the intersection of Highway 1 and thePalmetto Expressway popped up in 2017. Developmentfor 2018 is again concentrated in downtown, and thereare also a few projects on North Beach and in the CoralWay neighborhood.

Supply in Miami is still going strong. Over 5,500 unitsdelivered in 2017, setting a new historic high for themetro,and 2018 is expected to be supply-heavy as well,with around 9,000 units underway. Three of these willinclude over 500 units. These include SoLe Mia, a high-rise tower near the Oleta River State Park in North Miami

that will include both condos and apartments; SquareStation, a new high-rise in the heart of the Arts andEntertainment District; and the apartment portion of the64-story Panorama Tower development in Brickell.

Panorama Tower, which will be Florida's tallest buildingwhen it is complete, may not hold the title for long.Florida East Coast Realty intends to follow up the projectwith the even more massive One Bayfront Plaza, amixed-use tower expected to break ground in 2019.Under the current plans, One Bayfront Plaza would risemore than 1,000 feet and include as many as 900apartment units. Needless to say, the vast majority ofprojects of this scale are concentrated in theBrickell/Downtown Miami Submarket, where rents aretypically high enough to justify such high-endconstruction.

DELIVERIES & DEMOLITIONS


Page 105

Under Construction PropertiesMiami Multi-Family

Properties

51Units

14,694Percent of Inventory

10.1%Avg. No. Units

288UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION


Sep-201715045 Biscayne Blvd

SoLe Mia878 20 Sep-2018

Turnberry Associates

Turnberry Associates1

Mar-20151101 Brickell Ave

Panorama Tower Apartm…821 64 Apr-2018

Florida East Coast Realty, LLC

Florida East Coast Realty, LLC2

Oct-2017250 NW 1st St

Park Line Towers816 33 Oct-2019

All Aboard Florida

Florida East Coast Industries, Inc.3

Sep-20161424 NE Miami Pl

Square Station710 34 Oct-2018

-

The Melo Group4

Jan-201858 NE 14th St

Art Plaza667 36 Mar-2019

The Melo Group

The Melo Group5

Jul-20171400 North River Dr

River Landing507 5 Jun-2019

Hellinger Penabad Companies

Hellinger Penabad Companies6

Oct-201718801 Collins Ave

Varadero Residential490 - Sep-2018

Chateau Group

Chateau Group7


Page 106








Under Construction PropertiesMiami Multi-Family

UNDER CONSTRUCTION


Jun-2016230 NE 4th St

X Miami464 31 Sep-2018

Property Markets Group, Inc.

Property Markets Group, Inc.8

Dec-201658 NE 7th St

Seventh Street Apartments450 43 Aug-2018

Falcone Group

Falcone Group9

Sep-20173101 NE 1st Ave

Midtown 6447 32 Dec-2019

Magellan Development Group, Ltd.

Magellan Development Group, Ltd.10

Jul-2017129 NE 8th Ave

LUMA at Miami Worldce…429 44 Feb-2020

ZOM Florida, Inc.

-11

Dec-20178215 SW 72nd Ave

Modera Metro Dadeland…422 25 Oct-2019

Mill Creek Residential Trust LLC

Mill Creek Residential Trust LLC12

Jun-201586 SW 8th St

Solitair Brickell Apartme…420 48 Apr-2018

ZOM, Inc.

ZOM, Inc.13

Aug-2016340 Biscayne Blvd

World Trade Center Of T…400 77 Aug-2019

Regalia Developers

Regalia Developers14

Jan-20172901 NE 1st Ave

Midtown 8387 28 Apr-2018

Wood Partners

Wood Partners15

Oct-20172145 NE 164th St

349 8 Aug-2018Eden Multifamily Dba Eden-Mag

Rivergate Companies16

Jul-20172701 Biscayne Blvd

Biscayne 27330 36 Dec-2018

TRG IV Member, LLC

Sakor Development17

Jan-20185375 NW 7th St

Soleste Blue Lagoon330 8 Jun-2019

Estate Investments Group

Estate Investments Group18



-

Crescent Heights19

Feb-20189420-9500 SW 174th St

Park View308 6 Jan-2019

The Pugliese Corporation

-20

Feb-2018410 NE 25th St

Modera Edgewater297 8 Apr-2019

Mill Creek Residential Trust LLC

Mill Creek Residential Trust LLC21

Aug-20166800 SW 84th St

Motion at Dadeland294 25 Sep-2018

Adler Realty Services, LLC

Adler Realty Services, LLC22

Jul-2017215-339 NW 24th St

Wynwood 25289 8 Jan-2019

East End Capital Partners, LLC

-23

Apr-2017201 SW 10th Ave

The Gallery at West Bric…287 - Apr-2018

-

City of Miami Community Develo…24

Jan-201825640 SW 137th Ave

Village at Deering Groves281 3 Dec-2018

AHS Development Group

AHS Development Group25

Dec-20176700 NW 7th St

Oasis at Blue Lagoon272 8 Jun-2019

Pinnacle Housing Group

Pinnacle Housing Group26

Nov-201717945 SW 97th Ave

Atlantico Palmetto Bay271 - Sep-2018

Fanjul Corp

Fanjul Corp27

Jun-20171100 SW 2nd Ave

Maizon at Brickell262 23 Jun-2019

ZRS Management

ZOM, Inc.28


Page 107






















SalesMiami Multi-Family

Investment in Miami has been elevated the last threeyears, with 7% of inventory turning over on average. Anddespite continuously climbing vacancies and slowing rentgrowth, pricing has climbed to about $180,000 per door.

The leading submarket for investment volume in 2017was Brickell/Downtown Miami, followed closely by CoralGables. One of the largest trades in the metro during the

last year was the sale of the Manor at Cityplace Doral inthe Miami Springs/Doral Submarket. In August, the 4Star 398-unit property was purchased by TA Realty for$135 million. The previous owner was a joint venture ofPGIM Real Estate and the Related Companies. Theproperty represents the rental portion of the larger mixed-use center known as CityPlace Doral, which includesmore than 300,000 SF of retail space.

SALES VOLUME & PRICE PER UNIT INDEX


Page 108

Sales Past 12 MonthsMiami Multi-Family

Sale Comparables





SALE COMPARABLES SUMMARY STATISTICS


Sale Price $128,000 $5,223,261 $1,050,000 $227,909,933

Price Per Unit $10,000 $189,357 $114,285 $575,000

Cap Rate 1.2% 6.0% 5.8% 11.7%

Vacancy Rate at Sale 0% 10.0% 0% 94.6%





Average Unit SF 0 475 609 1,507

Year Built 1911 1959 1958 2019

Star Rating 2.2


Page 109

Sales Past 12 MonthsMiami Multi-Family

RECENT SIGNIFICANT SALES

Sale InformationProperty Information


145 SW 13th St- 2015

SoMa at Brickell1 418 6.0% 9/19/2017 $227,909,933 $545,239 $422

3450 NW 85th Ct- 2014

The Manor at CityPlace Doral2 398 12.8% 8/29/2017 $135,000,000 $339,195 $222

3880 Bird Rd- 2015

Berkshire Coral Gables3 276 9.1% 6/22/2017 $100,000,000 $362,318 $405

8881 SW 172nd Ave- 2016

Casa Vera Phase I4 396 10.1% 12/15/2017 $96,945,700 $244,812 $313

2263 SW 37th Ave- 2013

Milagro Coral Gables5 237 6.8% 6/8/2017 $78,150,000 $329,746 $308

15000 SW 104th St- 1987

Lago Paradiso at the Hammo…6 424 2.6% 6/1/2017 $61,240,000 $144,433 $182

950 SW 57th Ave- 2016

Club Prado7 196 6.1% 6/8/2017 $61,000,000 $311,224 $361

2001 Ludlam Rd- 2017

District West Gables8 221 94.6% 10/23/2017 $59,043,465 $267,165 $128

17900 NE 31st Ct- 1991

Lincoln Pointe9 285 4.7% 11/8/2017 $57,000,000 $200,000 $187

12 NE 188th St- 1969

Cottage Cove10 468 1.1% 6/15/2017 $50,000,000 $106,837 $157

8855 Fontainebleau Blvd- 1971

Rio Apartments11 294 3.7% 3/13/2017 $42,000,000 $142,857 $115

SW 90th St- 2018

Signature at Kendall Phase II12 150 - 12/15/2017 $41,979,400 $279,862 $280

15601 SW 137th Ave- 1987

The Park at Sheffield13 309 2.3% 9/5/2017 $37,250,000 $120,550 $136

3622 Coral Way- 2016

The Mile at Coral Gables14 120 7.5% 9/19/2017 $30,460,671 $253,838 $169

1310 W 29th St- 1967

San Sherri Apartments15 108 0% 6/5/2017 $16,100,000 $149,074 $195

6195 W 19th Ave- 1972

Celta Apartments16 46 2.2% 1/31/2018 $13,500,000 $293,478 $181

- 19726680 W 2nd Ct

17 64 3.1% 2/26/2018 $10,000,000 $156,250 $118

800-801 Capri St- 1969

Granada Capri18 42 16.7% 10/30/2017 $8,600,000 $204,761 $201

12501-12525 NE 13th Ave- 1969

Arlington Manor Apartment19 91 23.1% 3/16/2017 $7,312,000 $80,351 $50

14255-14345 NW 22nd Ave- 1952

Ingram Park20 126 11.9% 5/17/2017 $6,000,000 $47,619 $94


Page 110





















EconomyMiami Multi-Family

Growing international connections have establishedMiami as a diverse and global city, which has benefitedall facets of the economy. The local economy hasimproved significantly since the Great Recession. Withover 250,000 jobs added since recession lows,employment growth has outperformed the nationalaverage for over five years and is expected to outpacethe U.S. rate for most of the five-year forecast.

Recent move-ins from global tech giants like Uber,Expedia, and Twitter speak to Miami’s growing appeal asa diverse and creative hub for innovative firms andworkers. In particular, Miami is attractive to globalcompanies active in Spanish-speaking parts of theworld. Univision, Telemundo, and UniMás, three of thelargest Spanish-speaking cable networks in the U.S.,have established large-scale operations in Miami.Growing appeal among multinational and tech firms hasalso helped Miami draw in more entrepreneurs andventure capitalists, making the city one of the topmetropolitan areas in the country for startup activity.

The biggest industry sector in Miami is trade,transportation, and utilities, accounting for 25% of the

metro’s jobs and adding 60,000 new jobs since 2010.While employment in Miami is traditionally driven by low-wage industries in the trade, transportation and utilitiesand leisure and hospitality sectors, employment growth isbecoming more diverse. For example, job growth inbusiness services and education and health services,two of the highest-paying sectors in Miami, havewitnessed some of the strongest gains over the cycle,with total employment more than 15% higher than itsprerecession peak. As a result of these factors, medianhousehold income growth is currently quite strong. Thenumber of workers employed in construction has beenrising over the last seven years, driven in part by thehighest condo and apartment construction levels sinceprerecession highs. Even though we’ve been seeingpositive growth within the construction industry, the metrohas yet to hit its prerecession peak.

Household income for the Miami, like in much of Florida,is well below the national average, and this gap is likelyto remain as long as leisure and hospitality jobsdominate. That said, the positive rate of income growthalong with low unemployment paint a positive picture forthis metro in the near term.

MIAMI EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-1.19%-0.80%-1.13%-1.72%-0.41%1.22%0.439Manufacturing

0.41%0.57%0.29%1.26%0.38%3.25%1.4304Trade, Transportation and Utilities

0.44%0.47%0.20%1.29%-0.20%0.00%1.2149 Retail Trade

0.73%0.99%0.23%0.35%0.98%0.56%1.179Financial Activities

0.65%0.73%-0.02%-0.70%0.17%1.72%0.8144Government

---0.46%-0.40%5.38%2.78%0.11Natural Resources and Mining

1.27%1.41%2.08%2.06%1.79%1.38%1.0186Education and Health Services

1.48%1.84%1.55%2.16%2.49%2.30%1.0173Professional and Business Services

0.29%0.42%-1.05%-0.76%-1.31%0.61%0.919Information

1.27%1.97%1.73%3.22%1.97%2.75%1.1147Leisure and Hospitality

0.40%0.75%0.44%1.97%0.93%4.76%1.258Other Services

Total Employment 1,199 1.0 2.45% 1.30% 1.17% 0.64% 1.26% 0.83%

Source: Moody's Analytics

LQ = Location Quotient


Page 111

EconomyMiami Multi-Family

Source: Moody’s Analytics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change Forecast Change

Metro U.S. Metro U.S.

Population 327,183,3192,771,195 1.2% 0.7% 1.3% 0.8% 1.3% 0.7%

Households 126,196,703971,522 1.7% 1.2% 1.3% 0.9% 1.7% 1.1%

Median Household Income $60,071$48,437 4.1% 3.4% 0.7% 1.6% 3.8% 3.0%

Labor Force 160,761,7801,391,735 2.5% 0.6% 1.2% 0.4% 1.3% 0.8%

Unemployment 4.1%4.6% -0.8% -0.6% 0.1% -0.1% - -

Source: Moody’s Analytics

POPULATION GROWTH

Source: Moody's Analytics

LABOR FORCE GROWTH INCOME GROWTH


Page 112

SubmarketsMiami Multi-Family

MIAMI SUBMARKETS


Page 113


SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs Units Percent Rank

Inventory

Bldgs Units Percent RankBldgs Units % Market RankSubmarketNo.

1 Aventura 2,147 1.5% 11 1 490 22.8% 718 0 0 0% -

2 Bal Harbor/South Beach 15,497 10.8% 6 4 362 2.3% 9860 0 0 0% -

3 Coconut Grove 1,900 1.3% 12 2 272 14.3% 10111 1 16 0.8% 9

4 Coral Gables 7,094 4.9% 9 2 381 5.4% 8309 2 640 9.0% 3

5 Downtown Miami 24,843 17.3% 1 21 7,816 31.5% 11,498 4 744 3.0% 2

6 Hialeah/Miami Lakes 18,282 12.7% 2 1 226 1.2% 11699 1 100 0.5% 8

7 Homestead/South Dade 7,359 5.1% 8 6 1,124 15.3% 2175 2 571 7.8% 4

8 Kendall 13,443 9.4% 7 3 866 6.4% 480 3 557 4.1% 5

9 Miami Gardens/Opa-Locka 17,545 12.2% 3 2 659 3.8% 5688 3 485 2.8% 6

10 Miami Springs/Doral 16,502 11.5% 4 3 616 3.7% 6350 3 845 5.1% 1

11 North Miami Beach 15,717 11.0% 5 1 878 5.6% 3738 0 0 0% -

12 Outlying Miami-Dade Co… 539 0.4% 13 0 0 0% -3 2 323 59.9% 7

13 Westchester/Tamiami 2,593 1.8% 10 0 0 0% -36 0 0 0% -

SUBMARKET RENT

Yr. Growth

Asking Rents

Per UnitSubmarketNo.

Effective Rents

RankRank Yr. GrowthRankPer SF ConcessionPer SFPer Unit

1 Aventura 5.5%8 4.1% 7$1,822 13$1.75 0.5%$1.74$1,813

2 Bal Harbor/South Beach -0.1%4 -0.4% 4$1,495 12$2.01 0.7%$2.00$1,484

3 Coconut Grove 4.1%1 3.7% 2$1,651 1$2.21 6.0%$2.06$1,552

4 Coral Gables -5.4%2 -3.2% 1$1,855 2$2.19 3.8%$2.10$1,785

5 Downtown Miami 1.7%3 1.6% 3$1,867 6$2.10 2.0%$2.06$1,830

6 Hialeah/Miami Lakes 2.0%11 2.7% 11$1,310 7$1.50 1.7%$1.47$1,288

7 Homestead/South Dade 1.9%13 3.5% 13$1,196 5$1.34 2.1%$1.31$1,170

8 Kendall 1.7%9 1.5% 9$1,583 8$1.72 1.5%$1.70$1,559

9 Miami Gardens/Opa-Locka 2.5%12 2.9% 12$1,181 10$1.46 1.1%$1.44$1,167

10 Miami Springs/Doral 2.3%5 2.3% 6$1,720 4$1.81 2.7%$1.76$1,674

11 North Miami Beach 3.2%10 2.5% 10$1,239 11$1.53 1.0%$1.52$1,227

12 Outlying Miami-Dade Co… 9.3%6 10.6% 5$1,904 9$1.79 1.2%$1.77$1,881

13 Westchester/Tamiami 4.2%7 5.1% 8$1,355 3$1.76 2.9%$1.70$1,315


Page 114

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2F..%2FMarket%2F%23%2Fsearch%2Fdetail%2Fsubmarket%2Ftype%2F1%2Fproperty%2F11%2Fgeography%2F7595%3Fnested%3Dfalse



























SUBMARKET VACANCY & ABSORPTION

12 Month Absorption

Rank Construct. Ratio

Vacancy

Units % of InvUnits PercentSubmarketNo. Rank

1 Aventura 142 6.6% -204 9.5% 77

2 Bal Harbor/South Beach 857 5.5% -285 1.8% 54

3 Coconut Grove 130 6.9% -53 2.8% 118

4 Coral Gables 855 12.1% 3.5184 2.6% 813

5 Downtown Miami 1,875 7.5% 0.7716 2.9% 211

6 Hialeah/Miami Lakes 400 2.2% 1.954 0.3% 101

7 Homestead/South Dade 277 3.8% 1.1533 7.2% 43

8 Kendall 926 6.9% 0.6659 4.9% 39

9 Miami Gardens/Opa-Locka 1,021 5.8% 4.998 0.6% 95

10 Miami Springs/Doral 1,227 7.4% 0.71,147 7.0% 110

11 North Miami Beach 940 6.0% -(279) -1.8% 136

12 Outlying Miami-Dade Co… 65 12.0% 1.3258 47.9% 612

13 Westchester/Tamiami 67 2.6% -31 1.2% 122


Page 115














AppendixMiami Multi-Family

OVERALL SUPPLY & DEMAND

AbsorptionInventory


2022 1,431 0.9%159,116 2,344 1.5% 0.6

2021 929 0.6%157,685 2,143 1.4% 0.4

2020 4,256 2.8%156,756 3,716 2.4% 1.1

2019 4,220 2.8%152,500 2,240 1.5% 1.9

2018 5,371 3.8%148,280 4,228 2.9% 1.3

YTD 610 0.4%143,519 756 0.5% 0.8

2017 4,708 3.4%142,909 3,810 2.7% 1.2

2016 5,100 3.8%138,201 3,918 2.8% 1.3

2015 3,557 2.7%133,101 2,818 2.1% 1.3

2014 2,058 1.6%129,544 1,701 1.3% 1.2

2013 1,543 1.2%127,486 2,271 1.8% 0.7

2012 388 0.3%125,943 220 0.2% 1.8

2011 (199) -0.2%125,555 (231) -0.2% 0.9

2010 517 0.4%125,754 1,550 1.2% 0.3

2009 959 0.8%125,237 1,253 1.0% 0.8

2008 574 0.5%124,278 (417) -0.3% -

2007 1,847 1.5%123,704 (661) -0.5% -

2006 (111) -0.1%121,857 (140) -0.1% 0.8


AbsorptionInventory


2022 1,431 3.0%48,360 1,970 4.1% 0.7

2021 928 2.0%46,929 2,073 4.4% 0.4

2020 4,256 10.2%46,001 4,929 10.7% 0.9

2019 4,204 11.2%41,745 3,271 7.8% 1.3

2018 5,084 15.7%37,541 4,313 11.5% 1.2

YTD 610 1.9%33,067 649 2.0% 0.9

2017 4,432 15.8%32,457 3,877 11.9% 1.1

2016 4,736 20.3%28,025 3,620 12.9% 1.3

2015 3,960 20.5%23,289 3,088 13.3% 1.3

2014 2,619 15.7%19,329 1,930 10.0% 1.4

2013 1,466 9.6%16,710 1,537 9.2% 1.0

2012 992 7.0%15,244 680 4.5% 1.5

2011 674 5.0%14,252 537 3.8% 1.3

2010 176 1.3%13,578 272 2.0% 0.6

2009 881 7.0%13,402 938 7.0% 0.9

2008 375 3.1%12,521 453 3.6% 0.8

2007 1,215 11.1%12,146 782 6.4% 1.6

2006 76 0.7%10,931 109 1.0% 0.7


Page 116


3 STAR SUPPLY & DEMAND

AbsorptionInventory


2022 0 0%31,462 163 0.5% 0

2021 1 0%31,462 74 0.2% 0

2020 0 0%31,461 (272) -0.9% 0

2019 16 0.1%31,461 (208) -0.7% -

2018 278 0.9%31,445 230 0.7% 1.2

YTD 0 0%31,167 104 0.3% 0

2017 300 1.0%31,167 15 0% 20.0

2016 528 1.7%30,867 507 1.6% 1.0

2015 0 0%30,339 10 0% 0

2014 40 0.1%30,339 162 0.5% 0.2

2013 411 1.4%30,299 613 2.0% 0.7

2012 (277) -0.9%29,888 (410) -1.4% 0.7

2011 (67) -0.2%30,165 81 0.3% -

2010 469 1.6%30,232 537 1.8% 0.9

2009 164 0.6%29,763 336 1.1% 0.5

2008 250 0.9%29,599 84 0.3% 3.0

2007 944 3.3%29,349 191 0.7% 4.9

2006 95 0.3%28,405 28 0.1% 3.4


AbsorptionInventory


2022 0 0%79,294 211 0.3% 0

2021 0 0%79,294 (4) 0% 0

2020 0 0%79,294 (941) -1.2% 0

2019 0 0%79,294 (823) -1.0% 0

2018 9 0%79,294 (315) -0.4% 0

YTD 0 0%79,285 3 0% 0

2017 (24) 0%79,285 (82) -0.1% 0.3

2016 (164) -0.2%79,309 (209) -0.3% 0.8

2015 (403) -0.5%79,473 (280) -0.4% 1.4

2014 (601) -0.7%79,876 (391) -0.5% 1.5

2013 (334) -0.4%80,477 121 0.2% -

2012 (327) -0.4%80,811 (50) -0.1% 6.5

2011 (806) -1.0%81,138 (849) -1.0% 0.9

2010 (128) -0.2%81,944 741 0.9% -

2009 (86) -0.1%82,072 (21) 0% 4.1

2008 (51) -0.1%82,158 (954) -1.2% 0.1

2007 (312) -0.4%82,209 (1,634) -2.0% 0.2

2006 (282) -0.3%82,521 (277) -0.3% 1.0


Page 117


OVERALL VACANCY & RENT

Asking RentVacancy


Effective Rent

0.52022 6.6% (0.6)10,437 $1,622 - 1.6% $1,593 -

0.32021 7.2% (0.8)11,349 $1,597 - 1.1% $1,568 -

(1.0)2020 8.0% 0.112,563 $1,580 - 0.7% $1,552 -

(0.1)2019 7.9% 1.112,022 $1,569 - 1.7% $1,541 -

(0.3)2018 6.8% 0.510,042 $1,543 - 1.8% $1,515 -

(2.0)YTD 6.1% (0.1)8,784 $1,517 $1.75 0% $1,488 $1.71

(0.3)2017 6.3% 0.48,940 $1,516 $1.75 2.1% $1,485 $1.71

(1.5)2016 5.8% 0.78,043 $1,485 $1.71 2.4% $1,461 $1.68

1.02015 5.2% 0.46,861 $1,450 $1.67 3.9% $1,440 $1.66

(0.6)2014 4.7% 0.26,124 $1,396 $1.61 2.9% $1,390 $1.60

02013 4.5% (0.6)5,769 $1,356 $1.56 3.5% $1,352 $1.56

2.32012 5.2% 0.16,496 $1,311 $1.51 3.5% $1,303 $1.50

(0.5)2011 5.0% 06,328 $1,267 $1.46 1.2% $1,259 $1.45

5.52010 5.0% (0.8)6,294 $1,251 $1.44 1.8% $1,244 $1.43

02009 5.8% (0.3)7,326 $1,229 $1.41 -3.8% $1,221 $1.40

(6.4)2008 6.1% 0.87,617 $1,277 $1.47 -3.8% $1,269 $1.46

(4.4)2007 5.4% 2.06,630 $1,328 $1.53 2.6% $1,318 $1.52

-2006 3.4% 04,121 $1,294 $1.49 7.0% $1,288 $1.48


Asking RentVacancy


Effective Rent

0.62022 7.5% (1.4)3,599 $2,142 - 1.5% $2,095 -

0.42021 8.8% (2.7)4,137 $2,110 - 0.9% $2,064 -

(0.9)2020 11.5% (2.8)5,281 $2,091 - 0.5% $2,045 -

0.22019 14.4% 0.95,953 $2,082 - 1.4% $2,035 -

(0.5)2018 13.5% 0.45,020 $2,053 - 1.2% $2,007 -

(2.0)YTD 12.7% (0.4)4,203 $2,023 $2.01 -0.3% $1,976 $1.97

0.62017 13.1% (0.1)4,251 $2,030 $2.02 1.7% $1,971 $1.96

(1.7)2016 13.2% 2.13,697 $1,995 $1.99 1.1% $1,951 $1.94

02015 11.1% 2.22,581 $1,973 $1.96 2.8% $1,957 $1.95

(0.5)2014 8.8% 2.71,708 $1,918 $1.91 2.8% $1,912 $1.90

(0.4)2013 6.1% (1.1)1,020 $1,866 $1.86 3.3% $1,860 $1.85

2.32012 7.2% 1.71,091 $1,807 $1.80 3.7% $1,797 $1.79

(0.8)2011 5.5% 0.7778 $1,743 $1.73 1.4% $1,733 $1.72

6.72010 4.7% (0.8)641 $1,720 $1.71 2.1% $1,711 $1.70

0.22009 5.5% (0.8)737 $1,684 $1.68 -4.5% $1,672 $1.66

(7.1)2008 6.3% (0.8)794 $1,763 $1.75 -4.7% $1,751 $1.74

(4.5)2007 7.2% 3.2872 $1,850 $1.84 2.4% $1,835 $1.83

-2006 4.0% (0.3)439 $1,807 $1.80 6.9% $1,800 $1.79


Page 118


3 STAR VACANCY & RENT

Asking RentVacancy


Effective Rent

0.52022 5.5% (0.5)1,746 $1,550 - 1.7% $1,523 -

0.32021 6.1% (0.2)1,910 $1,524 - 1.2% $1,497 -

(1.0)2020 6.3% 0.91,984 $1,506 - 1.0% $1,479 -

(0.7)2019 5.4% 0.71,713 $1,491 - 2.0% $1,465 -

0.22018 4.7% 01,489 $1,463 - 2.6% $1,436 -

(1.9)YTD 4.4% (0.3)1,368 $1,433 $1.60 0.5% $1,407 $1.57

(1.2)2017 4.7% 0.91,472 $1,425 $1.59 2.5% $1,404 $1.57

(1.7)2016 3.8% 01,187 $1,391 $1.56 3.6% $1,375 $1.54

1.62015 3.8% 01,166 $1,342 $1.50 5.3% $1,333 $1.49

(1.1)2014 3.9% (0.4)1,176 $1,275 $1.43 3.6% $1,270 $1.42

0.42013 4.3% (0.7)1,299 $1,230 $1.38 4.8% $1,227 $1.37

2.52012 5.0% 0.51,501 $1,174 $1.31 4.3% $1,169 $1.31

(0.1)2011 4.5% (0.5)1,369 $1,126 $1.26 1.8% $1,119 $1.25

5.32010 5.0% (0.3)1,515 $1,106 $1.24 1.8% $1,099 $1.23

(0.6)2009 5.3% (0.6)1,582 $1,086 $1.21 -3.4% $1,079 $1.21

(6.2)2008 5.9% 0.51,753 $1,124 $1.26 -2.9% $1,117 $1.25

(4.3)2007 5.4% 2.51,589 $1,157 $1.30 3.4% $1,151 $1.29

-2006 2.9% 0.2836 $1,120 $1.25 7.7% $1,115 $1.25


Asking RentVacancy


Effective Rent

0.52022 6.4% (0.3)5,092 $1,144 - 1.6% $1,133 -

0.32021 6.7% 05,303 $1,126 - 1.2% $1,114 -

(1.0)2020 6.7% 1.25,298 $1,112 - 0.9% $1,101 -

(0.4)2019 5.5% 1.04,356 $1,103 - 1.9% $1,092 -

(0.1)2018 4.5% 0.43,534 $1,082 - 2.3% $1,071 -

(2.1)YTD 4.1% 03,214 $1,061 $1.47 0.2% $1,050 $1.46

(1.2)2017 4.1% 0.13,217 $1,058 $1.47 2.4% $1,049 $1.45

(1.1)2016 4.0% 0.13,159 $1,034 $1.43 3.6% $1,026 $1.42

2.42015 3.9% (0.1)3,114 $997 $1.38 4.8% $991 $1.37

(0.3)2014 4.1% (0.2)3,239 $952 $1.31 2.3% $946 $1.30

0.32013 4.3% (0.5)3,450 $930 $1.28 2.6% $927 $1.28

1.82012 4.8% (0.3)3,905 $907 $1.25 2.3% $900 $1.24

(0.5)2011 5.2% 0.14,181 $887 $1.22 0.4% $881 $1.21

3.52010 5.0% (1.1)4,138 $883 $1.21 1.0% $878 $1.21

0.32009 6.1% (0.1)5,007 $874 $1.20 -2.5% $868 $1.19

(5.2)2008 6.2% 1.15,071 $897 $1.24 -2.9% $891 $1.23

(4.4)2007 5.1% 1.64,169 $924 $1.27 2.4% $918 $1.27

-2006 3.4% 02,846 $902 $1.24 6.8% $898 $1.24


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OVERALL SALES

Completed Transactions

Turnover Avg Price/UnitDeals VolumeYear

Market Pricing Trends

Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate

2022 -- - -- 167- $167,645 5.3%

2021 -- - -- 165- $165,713 5.3%

2020 -- - -- 163- $164,092 5.2%

2019 -- - -- 162- $162,885 5.2%

2018 -- - -- 162- $162,347 5.1%

YTD $51.9 M20 0.5% $177,167$2,883,889 1616.3% $161,407 5.1%

2017 $1,582 M366 6.8% $179,339$5,085,500 1605.9% $160,437 5.0%

2016 $1,686 M331 7.2% $181,130$5,620,474 1546.3% $154,638 5.1%

2015 $991.0 M376 6.9% $130,996$3,058,589 1466.3% $147,108 5.2%

2014 $615.3 M399 4.9% $104,373$1,743,001 1386.4% $138,403 5.3%

2013 $548.5 M333 4.6% $105,141$2,001,904 1287.2% $128,225 5.6%

2012 $672.0 M263 5.9% $94,767$2,909,074 1147.5% $114,325 6.0%

2011 $198.7 M190 3.0% $58,183$1,226,511 977.9% $97,399 6.8%

2010 $162.2 M111 2.4% $56,659$1,637,956 868.7% $86,080 7.5%

2009 $204.6 M136 2.5% $69,606$1,778,897 867.6% $86,707 7.6%

2008 $137.5 M119 2.9% $39,359$1,272,976 1007.1% $100,462 7.2%

2007 $485.1 M101 3.9% $100,823$4,850,592 1186.2% $118,865 6.5%

2006 $772.8 M187 6.5% $102,057$4,293,196 1305.9% $130,188 5.7%


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DELIVERIES & UNDER CONSTRUCTION

Net DeliveriesInventory

Bldgs Units BldgsBldgs Units VacancyYear

Under Construction

Units

Deliveries

Bldgs Units

2022 159,117 6.6%- - 1,431 - -- 1,431

2021 157,686 7.2%- - 928 - -- 928

2020 156,758 8.0%- - 4,256 - -- 4,256

2019 152,502 7.9%- - 4,220 - -- 4,220

2018 148,282 6.8%- - 5,361 - -- 5,361

YTD 143,531 6.1%5,571 3 610 46 13,6903 610

2017 142,921 6.3%5,568 21 4,732 43 12,71519 4,708

2016 138,213 5.8%5,549 19 5,294 39 9,7889 5,098

2015 133,113 5.2%5,540 19 3,960 34 9,1420 3,557

2014 129,556 4.7%5,540 14 2,847 29 7,144(8) 2,058

2013 127,498 4.5%5,548 12 1,877 20 4,196(4) 1,543

2012 125,955 5.2%5,552 5 1,004 17 2,758(15) 386

2011 125,567 5.0%5,567 11 742 9 2,037(6) (199)

2010 125,766 5.0%5,573 7 645 14 1,3944 517

2009 125,249 5.8%5,569 16 1,204 12 1,6669 960

2008 124,290 6.1%5,560 25 625 19 2,09322 574

2007 123,716 5.4%5,538 17 2,167 32 1,3974 1,847

2006 121,869 3.4%5,534 8 171 22 2,2420 (111)


Page 121

310 meridian ave - loopnet...(786) 274-0266 property 310 meridian ave 4--310 meridian ave--10 545...

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