June 2013 Multifamily Market Rent Study PREPARED BY:

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1 Altamonte Springs, FL Multifamily Market Study June 2013 Multifamily Market Rent Study PREPARED BY: George Pjevach, Director, Multifamily Services Greg Wilson, Director, Multifamily Services

2 TABLE OF CONTENTS Executive Summary 1 Aerial Map Overview 2 One Bedroom 3 Two Bedroom 4 Three Bedroom 5 Four Bedroom 6 Summary 7 Power Rating 8 Team 9

3 EXECUTIVE SUMMARY George Pjevach and Greg Wilson of Colliers International are pleased to present this focused Multifamily report. This report includes the multifamily submarket of Altamonte Springs, Florida and includes A through C Class property within a 3 mile radius of I-4 and Wymore Road. The overall market is very strong with occupancy greater than 93% and rents as high as $1,350 per month in some of the larger unit complexes with numerous desirable amenities. This submarket is comprised of 26 properties with 7,056 units in total. The report is broken down by comparing rents of like kind bedroom numbers, year built, average rent per square foot, vacancy and amenities totaled in a Power Rating, developed by Colliers International, Central Florida. The power rating is based on our analysis comparing the amenities packages of each property, class of improvements, location, quality of construction and maintenance as well as rents and occupancy. We hope you find this report informative and useful for your property. In addition, this study is only shared with the professionals in our industry. Submarket Highlights 6.87% vacancy rate overall Close to all amenities and shopping Competitive Market rental rates in all classes Great access to Maitland Center and Downtown Orlando employment centers P. 1 COLLIERS INTERNATIONAL

4 P. 2 COLLIERS INTERNATIONAL 1 Spring Lake Hills 2 Wymore Grove 3 Altamonte Manor 4 Remington Place 5 Hideaway North 6 Oaks of Spring Valley, The 7 Ashley of Spring Valley 8 Villa Del Mar 9 Village Green 10 Willow Park on Lake Adelaide 11 Landmark at Hailey Walk 12 Central Parkway 13 Altamira Place 14 Crescent Place Condos 15 Lakeshore 16 Springs Colony 17 Dwell 18 Ashford at Altamonte Springs 19 Grand Reserve at Maitland Park 20 Estates at Maitland Summit 21 Tiffany Oaks 22 Lotus Landing 23 Camden Renaissance 24 Los Altos at Altamonte Springs 25 Arbors at Maitland Summit 26 Lofts at Uptown Altamonte

5 ONE BEDROOM $1,400 RENT COMPARISON ANALYSIS - ONE BEDROOM $1,200 $1,000 $800 $600 $400 $200 $0 Average Rent $762 ONE BEDROOM RENT COMPARISON ANALYSIS Property Name Address City Yr Built # of Units Rent Crescent Place Condos 838 Grand Regency Point Altamonte Springs $423 Hideaway North 245 Loraine Drive Altamonte Springs $480 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs $553 Remington Place 285 Loraine Drive Altamonte Springs $600 Oaks of Spring Valley, The 497 Spanish Trace Drive Altamonte Springs $615 Wymore Grove 360 South Wymore Road Altamonte Springs $617 Spring Lake Hills 895 South Wymore Road Altamonte Springs $625 Altamonte Manor 849 South Wymore Road Altamonte Springs $681 Village Green 112 Essex Avenue Altamonte Springs $714 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs $716 Springs Colony 264 Springs Colony Circle Altamonte Springs $720 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs $723 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs $735 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs $758 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs $797 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando $801 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs $811 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs $815 Lakeshore 210 Altamonte Bay Club Circle Altamonte Springs $825 Altamira Place 275 East Central Pkwy Altamonte Springs $846 Estates at Maitland Summit 9000 Summit Centre Way Orlando $880 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs $889 Arbors at Maitland Summit 8636 Villa Point Orlando $904 Central Parkway 599 Calibre Crest Pkwy Altamonte Springs $949 Dwell 8700 Maitland Summit Blvd Orlando $1,125 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs $1,197 AVERAGE $762 P. 3 COLLIERS INTERNATIONAL

6 TWO BEDROOM ONE BATH RENT COMPARISON ANALYSIS - 2 BEDROOM 1 BATH $1,200 $1,000 $800 $600 $400 $200 $0 Average Rent $864 TWO BEDROOM ONE BATH RENT COMPARISON ANALYSIS Property Name Address City Yr Built # of Units Rent Oaks of Spring Valley, The 497 Spanish Trace Drive Altamonte Springs $710 Wymore Grove 360 South Wymore Road Altamonte Springs $710 Spring Lake Hills 895 South Wymore Road Altamonte Springs $730 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs $777 Altamonte Manor 849 South Wymore Road Altamonte Springs $791 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs $818 Village Green 112 Essex Avenue Altamonte Springs $850 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs $850 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs $870 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs $876 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs $880 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs $937 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs $946 Estates at Maitland Summit 9000 Summit Centre Way Orlando $960 Arbors at Maitland Summit 8636 Villa Point Orlando $980 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs $988 Altamira Place 275 East Central Pkwy Altamonte Springs $1,019 AVERAGE $864 P. 4 COLLIERS INTERNATIONAL

7 TWO BEDROOM TWO BATH RENT COMPARISON ANALYSIS - 2 BEDROOM - 2 BATH $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Average Rent $1009 TWO BEDROOM - TWO BATH RENT COMPARISON ANALYSIS Property Name Address City Yr Built # of Units Rent Oaks of Spring Valley, The 497 Spanish Trace Drive Altamonte Springs $740 Wymore Grove 360 South Wymore Road Altamonte Springs $795 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs $806 Altamonte Manor 849 South Wymore Road Altamonte Springs $826 Crescent Place Condos 838 Grand Regency Point Altamonte Springs $873 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs $895 Springs Colony 264 Springs Colony Circle Altamonte Springs $899 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs $906 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs $930 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs $950 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando $981 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs $981 Village Green 112 Essex Avenue Altamonte Springs $990 Lakeshore 210 Altamonte Bay Club Circle Altamonte Springs $1,012 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs $1,051 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs $1,056 Arbors at Maitland Summit 8636 Villa Point Orlando $1,070 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs $1,083 Estates at Maitland Summit 9000 Summit Centre Way Orlando $1,101 Central Parkway 599 Calibre Crest Pkwy Altamonte Springs $1,125 Altamira Place 275 East Central Pkwy Altamonte Springs $1,236 Dwell 8700 Maitland Summit Blvd Orlando $1,413 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs $1,477 AVERAGE $1,009 P. 5 COLLIERS INTERNATIONAL

8 THREE BEDROOM TWO BATH RENT COMPARISON ANALYSIS - 3 BEDROOM - 2 BATH $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Average Rent $1141 THREE BEDROOM - TWO BATH RENT COMPARISON ANALYSIS Property Name Address City Yr Built # of Units Rent Wymore Grove 360 South Wymore Road Altamonte Springs $855 Spring Lake Hills 895 South Wymore Road Altamonte Springs $900 Altamonte Manor 849 South Wymore Road Altamonte Springs $925 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs $992 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs $1,010 Village Green 112 Essex Avenue Altamonte Springs $1,032 Springs Colony 264 Springs Colony Circle Altamonte Springs $1,050 Crescent Place Condos 838 Grand Regency Point Altamonte Springs $1,072 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs $1,107 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs $1,116 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs $1,124 Estates at Maitland Summit 9000 Summit Centre Way Orlando $1,150 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs $1,226 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando $1,234 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs $1,348 Arbors at Maitland Summit 8636 Villa Point Orlando $1,475 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs $1,788 AVERAGE $1,141 P. 6 COLLIERS INTERNATIONAL

9 FOUR BEDROOM TWO BATH RENT COMPARISON ANALYSIS - ONE BEDROOM $1,352 $1,350 $1,348 $1,346 $1,344 $1,342 $1,340 $1,338 $1,336 $1,334 $1,332 Average Rent $1344 ONE BEDROOM RENT COMPARISON ANALYSIS Property Name Address City Yr Built # of Units Rent Crescent Place Condos 838 Grand Regency Point Altamonte Springs 87 1 $1,350 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando $1,338 AVERAGE $1,344 P. 7 COLLIERS INTERNATIONAL

10 AVERAGE RENTS & VACANCY $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Average Rent $885 35% 30% 25% 20% 15% 10% 5% 0% Property Name City # of Units # Vacant AVERAGE RENTS Vacancy Rate (%) 1bd/1ba 2bd/1ba 2bd/2ba 3bd/2ba 4bd/2ba Average Rents Hideaway North Altamonte Springs % $480 $480 $1.15 Remington Place Altamonte Springs % $600 $600 $0.95 Oaks of Spring Valley, The Altamonte Springs % $615 $710 $740 $688 $0.78 Wymore Grove Altamonte Springs % $617 $710 $795 $855 $744 $0.82 Spring Lake Hills Altamonte Springs % $625 $730 $900 $752 $0.73 Villa Del Mar Altamonte Springs % $553 $777 $806 $992 $782 $0.88 Altamonte Manor Altamonte Springs % $681 $791 $826 $925 $806 $0.75 Ashley of Spring Valley Altamonte Springs % $758 $870 $930 $853 $0.92 Tiffany Oaks Altamonte Springs % $723 $876 $981 $860 $1.00 Landmark at Hailey Walk Altamonte Springs % $736 $850 $895 $1,010 $873 $0.52 Los Altos at Altamonte Springs Altamonte Springs % $716 $818 $906 $1,107 $887 $0.90 Springs Colony Altamonte Springs % $720 $899 $1,050 $890 $0.88 Village Green Altamonte Springs % $714 $850 $990 $1,032 $897 $0.93 Lakeshore Altamonte Springs % $825 $1,012 $918 $0.89 Crescent Place Condos Altamonte Springs % $423 $873 $1,072 $1,350 $930 $0.75 Willow Park on Lake Adelaide Altamonte Springs % $815 $880 $950 $1,124 $942 $1.00 Ashford at Altamonte Springs Altamonte Springs % $811 $946 $1,051 $1,116 $981 $0.95 Lotus Landing Altamonte Springs % $797 $988 $1,056 $1,226 $1,017 $1.15 Estates at Maitland Summit Orlando % $880 $960 $1,101 $1,150 $1,023 $0.89 Altamira Place Altamonte Springs % $846 $1,019 $1,236 $1,034 $1.15 Central Parkway Altamonte Springs % $949 $1,125 $1,037 $0.97 Camden Renaissance Altamonte Springs % $889 $937 $1,083 $1,348 $1,064 $1.09 Grand Reserve at Maitland Park Orlando % $801 $981 $1,234 $1,338 $1,089 $0.85 Arbors at Maitland Summit Orlando % $904 $980 $1,070 $1,475 $1,107 $1.10 Dwell Orlando % $1,125 $1,413 $1,269 $1.12 Lofts at Uptown Altamonte Altamonte Springs % $1,197 $1,477 $1,788 $1,487 $ % $885 Rents/ SF P. 8 COLLIERS INTERNATIONAL

11 POWER RATING Power Rating POWER RATING Property Name Address City # of Vac # Units Power Units Rate Vac Rating Spring Lake Hills 895 South Wymore Road Altamonte Springs % Wymore Grove 360 South Wymore Road Altamonte Springs 200 8% Altamonte Manor 849 South Wymore Road Altamonte Springs 125 3% Remington Place 285 Loraine Drive Altamonte Springs 200 6% Hideaway North 245 Loraine Drive Altamonte Springs % Oaks of Spring Valley, The 497 Spanish Trace Drive Altamonte Springs 144 7% Ashley of Spring Valley 693 South Wymore Road Altamonte Springs % Villa Del Mar 500 Sabal Palm Circle Altamonte Springs 325 4% Village Green 112 Essex Avenue Altamonte Springs 164 5% Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs 185 5% Landmark at Hailey Walk 569 Little River Loop Altamonte Springs 168 4% Central Parkway 599 Calibre Crest Pkwy Altamonte Springs 340 8% Altamira Place 275 East Central Pkwy Altamonte Springs 360 2% Crescent Place Condos 838 Grand Regency Point Altamonte Springs 87 2% Lakeshore 210 Altamonte Bay Club Circle Altamonte Springs 224 4% Springs Colony 264 Springs Colony Circle Altamonte Springs 188 7% Dwell 8700 Maitland Summit Blvd Orlando % Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs 496 4% Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando % Estates at Maitland Summit 9000 Summit Centre Way Orlando 272 6% Tiffany Oaks 351 South Northlake Blvd Altamonte Springs 288 6% Lotus Landing 595 Lotus Landing Blvd Altamonte Springs 260 3% Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs 578 2% Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs 328 3% Arbors at Maitland Summit 8636 Villa Point Orlando 663 7% Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs 324 6% % P. 9 COLLIERS INTERNATIONAL

12 MULTIFAMILY SERVICES TEAM COLLIERS INTERNATIONAL CENTRAL FLORIDA MULTIFAMILY INVESTMENT TEAM The Multifamily Investment Team of Colliers International Central Florida consists of George Pjevach and Greg Wilson. Combined, the two highly experienced professionals have more than 50 years of commercial real estate experience, working with clients locally, regionally and nationally. In 2011 George Pjevach and Greg Wilson had 5 sales, totaling over $46,000,000. George and Greg focus on buyer and seller representation for multifamily investors in Central Florida and have a reputation for expertise, personal service and integrity. With the goal of being the top choice for apartment owners each deal that the team works on receives an unsurpassed amount of personal attention. It is this level of dedication that allows the Central Florida Multifamily Investment Team to perform on their promise to bring clients the highest possible price for their assets. KEY CONTACTS George joined Colliers International Central Florida as Director of Multifamily Services in Throughout is 25-year commercial real estate career George has been directly involved with multi-family investments sales, analysis and consulting, having spent the past 12 years specializing in apartment brokerage. Originally beginning his real estate career as an active owner/investor in multifamily projects, George has been directly involved with multifamily investment sales, analysis and consulting since GEORGE PJEVACH DIRECTOR, MULTIFAMILY SERVICES [email protected] DIR George has provided brokerage services to more than 80 investors in the sale and purchase of commercial real estate assets and has facilitated over $80 million in apartment transactions. His professional experience has included multifamily property management, real estate consulting, and facilitation of condominium conversion projects. Greg joined Colliers International Central Florida in 2011 as Director of Multifamily Services. He has 27 years of experience in the commercial real estate industry specializing in multifamily investments and has represented banks, REITS, pension funds, and high net yield individuals in both dispositions and acquisitions. Greg specializes in multifamily investment sales and has experience working closely with Freddie Mac, Fannie Mae, and with distressed multi-family assets. GREGORY D. WILSON DIRECTOR, MULTIFAMILY SERVICES [email protected] DIR During his career Greg has completed more than 400 investment transactions and in 2011 he brokered $39 million in multifamily assets. His commercial real estate experience has included multifamily property management, real estate consulting for Fortune 500 clients, and multi-family investment sales. Glory joined Colliers in 2012 as a Marketing Coordinator, supporting the Multi-Family and Investment Sales Teams to develop and implement comprehensive marketing campaigns based on each project s unique set of requirements. She is responsible for the coordination of marketing materials, business plan implantation and coordination of marketing programs to an assigned group of brokers. She is involved in the formation of e-marketing strategies, advertising, presentations, market segmentation, contract administration, proposals, and budget management. She specializes in the design of promotional and marketing materials and she is proficient in the use of company resources such as databases, applicable software, internet sites, and reference materials. Glory has 15 years of commercial real estate marketing experience. GLORY SUSTACHE MARKETING COORDINATOR [email protected] DIR P. 10 COLLIERS INTERNATIONAL

13 CONTACT DETAILS GEORGE PJEVACH MOB DIR Colliers International 622 E Washington Street Suite 300 Orlando, Florida GREG WILSON MOB DIR [email protected] This document has been prepared by Colliers International Central Florida for advertising and general information only. Colliers International Central Florida makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International Central Florida excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved.