June 2013 Multifamily Market Rent Study PREPARED BY:

Altamonte Springs, FL Multifamily Market Study June 2013 Multifamily Market Rent Study PREPARED BY: George Pjevach, Director, Multifamily Services +1 407 362 6135 george.pjevach@colliers.com Greg Wilson, Director, Multifamily Services +1 407 362 6145 greg.wilson@colliers.com

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

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

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

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 1999 12 $423 Hideaway North 245 Loraine Drive Altamonte Springs 1973 108 $480 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs 1987 159 $553 Remington Place 285 Loraine Drive Altamonte Springs 1970 200 $600 Oaks of Spring Valley, The 497 Spanish Trace Drive Altamonte Springs 1973 80 $615 Wymore Grove 360 South Wymore Road Altamonte Springs 1973 100 $617 Spring Lake Hills 895 South Wymore Road Altamonte Springs 1974 24 $625 Altamonte Manor 849 South Wymore Road Altamonte Springs 1974 31 $681 Village Green 112 Essex Avenue Altamonte Springs 1970 76 $714 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs 1990 136 $716 Springs Colony 264 Springs Colony Circle Altamonte Springs 1986 120 $720 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs 1984 176 $723 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs 1987 76 $735 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs 1974 112 $758 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs 1985 168 $797 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando 1996 84 $801 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs 1986 218 $811 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs 1972 83 $815 Lakeshore 210 Altamonte Bay Club Circle Altamonte Springs 1986 90 $825 Altamira Place 275 East Central Pkwy Altamonte Springs 1983 220 $846 Estates at Maitland Summit 9000 Summit Centre Way Orlando 1998 82 $880 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs 1995 314 $889 Arbors at Maitland Summit 8636 Villa Point Orlando 1995 281 $904 Central Parkway 599 Calibre Crest Pkwy Altamonte Springs 1986 174 $949 Dwell 8700 Maitland Summit Blvd Orlando 2008 137 $1,125 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs 2006 52 $1,197 AVERAGE $762 P. 3 COLLIERS INTERNATIONAL

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 1973 32 $710 Wymore Grove 360 South Wymore Road Altamonte Springs 1973 48 $710 Spring Lake Hills 895 South Wymore Road Altamonte Springs 1974 96 $730 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs 1987 98 $777 Altamonte Manor 849 South Wymore Road Altamonte Springs 1974 45 $791 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs 1990 24 $818 Village Green 112 Essex Avenue Altamonte Springs 1970 64 $850 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs 1987 16 $850 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs 1974 48 $870 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs 1984 48 $876 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs 1972 52 $880 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs 1995 24 $937 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs 1986 30 $946 Estates at Maitland Summit 9000 Summit Centre Way Orlando 1998 34 $960 Arbors at Maitland Summit 8636 Villa Point Orlando 1995 72 $980 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs 1985 36 $988 Altamira Place 275 East Central Pkwy Altamonte Springs 1983 32 $1,019 AVERAGE $864 P. 4 COLLIERS INTERNATIONAL

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 1973 32 $740 Wymore Grove 360 South Wymore Road Altamonte Springs 1973 32 $795 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs 1987 50 $806 Altamonte Manor 849 South Wymore Road Altamonte Springs 1974 40 $826 Crescent Place Condos 838 Grand Regency Point Altamonte Springs 1999 66 $873 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs 1987 60 $895 Springs Colony 264 Springs Colony Circle Altamonte Springs 1986 44 $899 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs 1990 88 $906 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs 1974 100 $930 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs 1972 33 $950 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando 1996 212 $981 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs 1984 64 $981 Village Green 112 Essex Avenue Altamonte Springs 1970 16 $990 Lakeshore 210 Altamonte Bay Club Circle Altamonte Springs 1986 134 $1,012 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs 1986 88 $1,051 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs 1985 44 $1,056 Arbors at Maitland Summit 8636 Villa Point Orlando 1995 216 $1,070 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs 1995 192 $1,083 Estates at Maitland Summit 9000 Summit Centre Way Orlando 1998 114 $1,101 Central Parkway 599 Calibre Crest Pkwy Altamonte Springs 1986 166 $1,125 Altamira Place 275 East Central Pkwy Altamonte Springs 1983 108 $1,236 Dwell 8700 Maitland Summit Blvd Orlando 2008 82 $1,413 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs 2006 244 $1,477 AVERAGE $1,009 P. 5 COLLIERS INTERNATIONAL

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 1973 20 $855 Spring Lake Hills 895 South Wymore Road Altamonte Springs 1974 42 $900 Altamonte Manor 849 South Wymore Road Altamonte Springs 1974 9 $925 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs 1987 18 $992 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs 1987 16 $1,010 Village Green 112 Essex Avenue Altamonte Springs 1970 8 $1,032 Springs Colony 264 Springs Colony Circle Altamonte Springs 1986 24 $1,050 Crescent Place Condos 838 Grand Regency Point Altamonte Springs 1999 8 $1,072 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs 1990 80 $1,107 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs 1986 84 $1,116 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs 1972 17 $1,124 Estates at Maitland Summit 9000 Summit Centre Way Orlando 1998 42 $1,150 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs 1985 12 $1,226 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando 1996 58 $1,234 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs 1995 48 $1,348 Arbors at Maitland Summit 8636 Villa Point Orlando 1995 94 $1,475 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs 2006 28 $1,788 AVERAGE $1,141 P. 6 COLLIERS INTERNATIONAL

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 364 10 $1,338 AVERAGE $1,344 P. 7 COLLIERS INTERNATIONAL

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 108 10.8 10% $480 $480 $1.15 Remington Place Altamonte Springs 200 12 6% $600 $600 $0.95 Oaks of Spring Valley, The Altamonte Springs 144 10.08 7% $615 $710 $740 $688 $0.78 Wymore Grove Altamonte Springs 200 16 8% $617 $710 $795 $855 $744 $0.82 Spring Lake Hills Altamonte Springs 186 50.22 27% $625 $730 $900 $752 $0.73 Villa Del Mar Altamonte Springs 325 13 4% $553 $777 $806 $992 $782 $0.88 Altamonte Manor Altamonte Springs 125 3.75 3% $681 $791 $826 $925 $806 $0.75 Ashley of Spring Valley Altamonte Springs 260 75.4 29% $758 $870 $930 $853 $0.92 Tiffany Oaks Altamonte Springs 288 17.28 6% $723 $876 $981 $860 $1.00 Landmark at Hailey Walk Altamonte Springs 168 6.72 4% $736 $850 $895 $1,010 $873 $0.52 Los Altos at Altamonte Springs Altamonte Springs 328 9.84 3% $716 $818 $906 $1,107 $887 $0.90 Springs Colony Altamonte Springs 188 13.16 7% $720 $899 $1,050 $890 $0.88 Village Green Altamonte Springs 164 8.2 5% $714 $850 $990 $1,032 $897 $0.93 Lakeshore Altamonte Springs 224 8.96 4% $825 $1,012 $918 $0.89 Crescent Place Condos Altamonte Springs 87 1.74 2% $423 $873 $1,072 $1,350 $930 $0.75 Willow Park on Lake Adelaide Altamonte Springs 185 9.25 5% $815 $880 $950 $1,124 $942 $1.00 Ashford at Altamonte Springs Altamonte Springs 496 19.84 4% $811 $946 $1,051 $1,116 $981 $0.95 Lotus Landing Altamonte Springs 260 7.8 3% $797 $988 $1,056 $1,226 $1,017 $1.15 Estates at Maitland Summit Orlando 272 16.32 6% $880 $960 $1,101 $1,150 $1,023 $0.89 Altamira Place Altamonte Springs 360 7.2 2% $846 $1,019 $1,236 $1,034 $1.15 Central Parkway Altamonte Springs 340 27.2 8% $949 $1,125 $1,037 $0.97 Camden Renaissance Altamonte Springs 578 11.56 2% $889 $937 $1,083 $1,348 $1,064 $1.09 Grand Reserve at Maitland Park Orlando 364 36.4 10% $801 $981 $1,234 $1,338 $1,089 $0.85 Arbors at Maitland Summit Orlando 663 46.41 7% $904 $980 $1,070 $1,475 $1,107 $1.10 Dwell Orlando 219 26.28 12% $1,125 $1,413 $1,269 $1.12 Lofts at Uptown Altamonte Altamonte Springs 324 19.44 6% $1,197 $1,477 $1,788 $1,487 $1.10 7056 484.85 6.87% $885 Rents/ SF P. 8 COLLIERS INTERNATIONAL

POWER RATING 90 80 70 Power Rating 61.13 60 50 40 30 20 10 0 POWER RATING Property Name Address City # of Vac # Units Power Units Rate Vac Rating Spring Lake Hills 895 South Wymore Road Altamonte Springs 186 27% 50.22 35 Wymore Grove 360 South Wymore Road Altamonte Springs 200 8% 16 44.5 Altamonte Manor 849 South Wymore Road Altamonte Springs 125 3% 3.75 47 Remington Place 285 Loraine Drive Altamonte Springs 200 6% 12 48 Hideaway North 245 Loraine Drive Altamonte Springs 108 10% 10.8 50 Oaks of Spring Valley, The 497 Spanish Trace Drive Altamonte Springs 144 7% 10.08 52 Ashley of Spring Valley 693 South Wymore Road Altamonte Springs 260 29% 75.4 53 Villa Del Mar 500 Sabal Palm Circle Altamonte Springs 325 4% 13 55 Village Green 112 Essex Avenue Altamonte Springs 164 5% 8.2 59 Willow Park on Lake Adelaide 375 Palm Springs Drive Altamonte Springs 185 5% 9.25 59 Landmark at Hailey Walk 569 Little River Loop Altamonte Springs 168 4% 6.72 59 Central Parkway 599 Calibre Crest Pkwy Altamonte Springs 340 8% 27.2 61 Altamira Place 275 East Central Pkwy Altamonte Springs 360 2% 7.2 61 Crescent Place Condos 838 Grand Regency Point Altamonte Springs 87 2% 1.74 61 Lakeshore 210 Altamonte Bay Club Circle Altamonte Springs 224 4% 8.96 62 Springs Colony 264 Springs Colony Circle Altamonte Springs 188 7% 13.16 63 Dwell 8700 Maitland Summit Blvd Orlando 219 12% 26.28 65 Ashford at Altamonte Springs 520 Terraceview Cove Altamonte Springs 496 4% 19.84 65 Grand Reserve at Maitland Park 1939 Grand Isle Circle Orlando 364 10% 36.4 66 Estates at Maitland Summit 9000 Summit Centre Way Orlando 272 6% 16.32 67 Tiffany Oaks 351 South Northlake Blvd Altamonte Springs 288 6% 17.28 68 Lotus Landing 595 Lotus Landing Blvd Altamonte Springs 260 3% 7.8 71 Camden Renaissance 631 Lotus Landing Blvd Altamonte Springs 578 2% 11.56 76 Los Altos at Altamonte Springs 311 Los Altos Way Altamonte Springs 328 3% 9.84 76 Arbors at Maitland Summit 8636 Villa Point Orlando 663 7% 46.41 83 Lofts at Uptown Altamonte 285 Uptown Blvd Altamonte Springs 324 6% 19.44 83 7056 6.87% 484.85 61.13.. P. 9 COLLIERS INTERNATIONAL

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 2011. 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 1986. GEORGE PJEVACH DIRECTOR, MULTIFAMILY SERVICES george.pjevach@colliers.com DIR +1 407 362 6135 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 greg.wilson@colliers.com DIR +1 407 362 6145 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 glory.sustache@colliers.com DIR +1 407 362 6167 P. 10 COLLIERS INTERNATIONAL

CONTACT DETAILS GEORGE PJEVACH MOB +1 407 790 5087 DIR +1 407 362 6135 george.pjevach@colliers.com Colliers International 622 E Washington Street Suite 300 Orlando, Florida 32801 www.colliers.com GREG WILSON MOB +1 407 388 5844 DIR +1 407 362 6145 greg.wilson@colliers.com 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). 2010. All rights reserved.