orlando - webflow€¦ · orlando - florida center 26.7% 344 celebration 25.2% 1,449 apopka 21.9%...

ORLANDOMULTIFAMILY

RENTAL TRENDSSUPPLY/DEMANDEMPLOYMENT ANALYTICS

MARCH 2021

SUPPLY

RENTAL TRENDS

DEMAND

Employment Sector Current Share YOY Change

Information 1.9% -1,600 -5.7%

Mining, Logging and Construction 7.2% -1,700 -1.7%

Manufacturing 5.4% -2,100 -2.7%

Financial Activities 6.1% -3,600 -4.0%

Government 11.0% -4,700 -3.0%

Other Services 3.4% -6,400 -11.8%

Education and Health Services 13.7% -11,300 -5.6%

Trade, Transportation, and Utilities 18.9% -14,400 -5.1%

Professional and Business Services 17.9% -23,500 -8.6%

Leisure and Hospitality 14.5% -106,100 -34.3%

National RankingOut of 98 Markets 81Rent

Growth [+4] 90 EmploymentGrowth [-10] 22 Completions

[-5]

Inventory by Property Status# of Properties

928Completed

229,033 Units

79Under Construction

20,528 Units

83Planned

24,583 Units

196Prospective

60,372 Units

ORLANDO MULTIFAMILY MARCH 2021

1

HIGHEST OVERALL PERFORMING SUBMARKETS LOWEST OVERALL PERFORMING SUBMARKETS

Submarket Rent Occupancy YOY Change

Orlando - Holden Heights $1,124 88.3% 7.1%

Fish Lake $1,242 97.6% 5.7%

Leesburg $1,081 97.7% 5.6%

Sanford $1,243 95.2% 4.5%

Titusville $985 95.9% 4.3%


Apopka $1,339 94.7% -3.0%

Lake Bryan $1,463 95.1% -3.8%

Orlando - Florida Center North $1,235 96.2% -4.0%

Orlando - Edgewood $1,272 90.5% -4.8%

Orlando - North Orange $1,872 91.7% -9.4%

HIGHEST PERFORMING SUBMARKET - ORLANDO - HOLDEN HEIGHTS

SUBMARKETS YEAR-OVER-YEAR RENT GROWTH

Properties 4

Units 417

Average Rent/Unit $1,124

Effective YOY Chg 7.1%

RENTAL RATE CHANGE BY SUBMARKET MARCH 2021

2

LIFESTYLE APARTMENTS - YEAR-OVER-YEAR RENT GROWTH RENTERS-BY-NECESSITY APARTMENTS - YEAR-OVER-YEAR RENT GROWTH

HIGHEST PERFORMING SUBMARKETS - LIFESTYLE HIGHEST PERFORMING SUBMARKETS - RBN


Longwood $1,494 94.8% 6.9%

Leesburg $1,163 97.9% 5.2%

Fish Lake $1,360 97.5% 4.7%

Sanford $1,356 95.3% 4.1%

Altamonte Springs $1,445 94% 3.1%


Winter Garden $1,235 94.5% 7.7%

Orlando - Holden Heights $1,111 88.3% 7.1%

Leesburg $907 97.2% 6.8%

Titusville $857 95.6% 5.9%

Sanford $1,114 95% 5.3%

LOWEST PERFORMING SUBMARKETS - LIFESTYLE LOWEST PERFORMING SUBMARKETS - RBN


Winter Park - East $1,315 93.4% -3.7%

Orange Lake $1,538 84.6% -3.8%

Apopka $1,362 93.8% -4.3%

Orlando - Edgewood $1,410 89.9% -4.9%

Orlando - North Orange $1,953 91.3% -10.2%


Lake Mary $1,186 94% -4.3%

Metro West $1,092 95.7% -4.4%

Orlando - Florida Center North $1,105 94.8% -5.4%

Lake Bryan $1,226 95.2% -5.5%

Longwood $1,102 93.3% -7.2%

LONGWOOD WINTER GARDEN

Lifestyle RBN Overall

Properties 6 5 11

Units 1,345 1,266 2,611

Avg Rent/Unit $1,494 $1,102 $1,304

Effective YOY Chg 6.9% -7.2% 0.7%

RBN Lifestyle Overall

Properties 4 2 6

Units 385 476 861

Avg Rent/Unit $1,235 $1,521 $1,393

Effective YOY Chg 7.7% 1.6% 4.0%

RENTAL RATE CHANGE BY SUBMARKET AND ASSET QUALITY MARCH 2021

3

OVERALL DEVELOPMENT ACTIVITY

PROJECTED COMPLETIONS AS % OF PRIOR INVENTORY - 12 MONTHS ENDING FEBRUARY 2022Submarket Growth # Units

Orlando - North Orange 131.9% 1,128

Winter Garden 48.9% 740

Woodruff Springs 41.4% 608

Orlando - Florida Center 26.7% 344

Celebration 25.2% 1,449

Apopka 21.9% 285

Orlando - Pine Hills 21.4% 307

Orange Lake 20.4% 692

Orlando - Downtown 17.3% 1,117

Lake Buena Vista 14.4% 1,066

Lake Mary 14.3% 566

+ 24 More Submarkets 8,475

Market Overall 6.9%16,777 Units

National RankingOut of 98 Markets

20,528 Units

8Lifestyle [+1]

19,733 Units

42Renters-by-Necessity [-2]

795 Units

12Overall [+1]

SUPPLY MARCH 2021

TOP DEVELOPERS BY UNITS UNDER CONSTRUCTIONLARGEST COMMUNITIES UNDER CONSTRUCTIONDeveloper # Units # Props

Wood Partners 1,086 4

ContraVest 933 3

Fore Property Company 736 2

Jefferson Apartment Group 648 2

Integra Land Company 648 2

Real Estate Inverlad 591 1

Greystar 552 2

Northwood Ravin 465 1

PMG 464 2

Epoch Residential 448 2

Project Address # Units Developer

Yard at Ivanhoe, The 1460 Alden Road Orlando, FL 32803

591 Real Estate Inverlad

Sunrise City Drive I & II North Poinciana Blvd & Sunrise Blvd Kissimmee, FL 34746

465 Northwood Ravin

West Vue 6003 Raleigh Street Orlando, FL 32835

442 RISE Real Estate

Radius 108 East Livingston Orlando, FL 32801

389 Banner Real Estate Group

Jefferson Lake Howell 1124 Shoreview Circle Casselberry, FL 32707

384 Jefferson Apartment Group

4

LIFESTYLE DEVELOPMENT ACTIVITY RENTERS-BY-NECESSITY DEVELOPMENT ACTIVITY

PROJECTED RBN COMPLETIONS AS % OF INVENTORYPROJECTED LIFESTYLE COMPLETIONS AS % OF INVENTORY

Submarket Growth # Units

Winter Garden 155.5% 740

Orlando - North Orange 147.8% 1,128

Apopka 47.5% 285

Palm Bay 43.4% 476

Woodruff Springs 41.4% 608

Mt Dora 40.0% 208

Titusville 37.7% 186

Orlando - Florida Center 31.0% 344

Orange Lake 28.8% 692

Celebration 28.6% 1,449

Fish Lake 25.8% 292

+ 20 More Submarkets 9,083

Market Overall 12.4%15,491 Units

Submarket Growth # Units

Mt Dora 5.6% 110

Orlando - Rosemont 3.4% 216

Fish Lake 3.4% 80

Melbourne 1.7% 145

Oak Ridge 1.4% 110

Sanford 1.4% 68

Clermont N/A 70

Market Overall 0.7%799 Units

SUPPLY MARCH 2021

5

EMPLOYMENT COMPOSITION BY INDUSTRY SECTOR

EMPLOYMENT GROWTH TREND FOR TOTAL NON-FARM AND TWO LARGEST INDUSTRY SECTORS

EARNINGS GROWTH TREND VS NATIONAL

Employment National YOY Change 5-Year ChangeEmployment Sector Jobs % Share Rank Jobs Pct. Jobs Pct.

Trade, Transportation, and Utilities 266K 18.9% 28 -14.4K -5.1% 6.0K 2.3%

Professional and Business Services 251K 17.9% 26 -23.5K -8.6% 21.0K 9.1%

Leisure and Hospitality 203K 14.5% 13 -106.1K -34.3% -69.7K -25.5%

Education and Health Services 192K 13.7% 34 -11.3K -5.6% 10.6K 5.8%

Government 155K 11.0% 39 -4.7K -3.0% 2.7K 1.8%

Mining, Logging and Construction 101K 7.2% 21 -1.7K -1.7% 23.5K 30.4%

Financial Activities 86K 6.1% 31 -3.6K -4.0% 5.4K 6.7%

Manufacturing 76K 5.4% 47 -2.1K -2.7% 13.3K 21.1%

Other Services 48K 3.4% 27 -6.4K -11.8% -4.4K -8.4%

Information 27K 1.9% 26 -1.6K -5.7% 0.3K 1.1%

Total Non-Farm 1404K 100.0% 27 -175.4K -11.1% 8.7K 0.6%

EMPLOYMENT AND EARNINGS MARCH 2021

6

Prior 12 Months

32Sale Price [-4]

$175,195Average Price/Unit

12Sale Velocity [+2]

44Properties Sold

13Sale Volume [-1]

$1,777MMTotal Sales

National RankingOut of 98 Markets

MOST ACTIVE SUBMARKETS BY TRANSACTION VOLUME

SALE TRENDS

MOST ACTIVE BUYERS BY # PROPERTIES PURCHASED MOST ACTIVE SELLERS BY # PROPERTIES SOLD

Lifestyle RBN

# Properties 19 25

Total $MM $1,077 $700

Avg $/Unit $210,045 $139,587

Company # Units $MM

LivCor 4 1,140 $251.7

Dasmen Residential 4 759 $79.2

Priderock Capital Partners 2 728 $147.4

Electra America 2 656 $100.0

ConAm 2 440 $94.2

Tokarski, Christopher D. 2 274 $42.0

Harbor Group International 2 203 $20.6

Preferred Apartment Communities 1 281 $62.2

Company # Units $MM

Abacus Capital Group 3 594 $90.5

Amzak Capital Management 3 570 $61.2

JRK Property Holdings 2 774 $163.0

TruAmerica Multifamily 2 708 $134.0

RADCO Companies 2 624 $105.8

Catalyst Development Partners 2 577 $128.2

Varia US Properties 2 203 $20.6

AG Spanos Companies 1 280 $55.3

Submarket # Units $MM

Melbourne 5 936 $183.7

Metro West 3 778 $179.2

Hunter's Creek 2 802 $169.8

Winter Park - East 4 859 $145.3

Sanford 4 1,032 $140.2

Red Bug Lake 2 812 $139.0

University Park 2 524 $129.4

Lake Buena Vista 2 556 $109.7

Fish Lake 1 315 $70.8

Stoneybrook 1 348 $69.0

+ 14 More Submarkets 18 3,181 $441.0

Total 44 10,143 $1,777.0

$87,500,000476 UnitsBuyer: Residential Management

Sale Date: 03/17/2021

Newport Colony

HIGHEST PRICED PREV. 3 MONTHS

TRANSACTION ACTIVITY MARCH 2021

7

COVERAGE

Yardi® Matrix reports on multi-family properties of 50+ units in size.

This report for the Orlando metro area covers Counties: Brevard, Lake, Orange, Osceola and Seminole

Rental rate coverage is for Market Rate properties only. Fully Affordable properties are not included in our rental surveys and are not reported in rental rate averages.

GENERAL DEFINITIONS

Asset Class – refers to a generalized category of properties grouped by their Yardi® Matrix improvements rating

Lifestyle Asset Class – a grouping of all of the highest rated market rate properties A+, A, A- and B+

Renters-by-Necessity (RBN) Asset Class – a grouping of all of the lowest rated properties B, B-, C+, C, C- and D

Year-over-Year Change – percentage growth from last year, for several months or quarters in a time-series. This analysis will highlight an overall direction of movement for a metro.

An upward slope means an accelerating growth. A downward slope means a slowing growth. Above the line (zero) for increases, below the line for loss.

Rankings – this metro is ranked nationally among other Yardi Matrix reported metros based on a single measure. For details on any specific ranking, see section descriptions below

COMMONLY USED CALCULATIONS

DATA SOURCES

Rental Rates – are collected by Yardi® Matrix phone surveyors three times annually for 95%+ of property and unit configurations. Additionally, a representative sample of the market (between 10% and 20%) are surveyed monthly.

Occupancy Rates – are derived from U.S. Postal Service data and Yardi® Matrix phone surveys

Development Activity – information is tracked by Yardi® Matrix researchers. Construction projects are discovered through various publications and local government sources. Projects are tracked on a monthly basis. Completion dates and lease-up information are confirmed by phone calls to properties under construction.

Employment – data is sourced from the U.S. Bureau of Labor Statistics. Reported employment is generally two months behind the current date for this report.

Transaction Activity – information is tracked by Yardi® Matrix researchers. Sales are discovered through various publications and local government sources, and updates are made continuously.

Rent Growth Ranking – based on rent growth over the past year, current month.

Employment Growth Ranking – based on employment growth over the past year, latest employment month.

Completions Ranking – based on inventory growth over the past year, current month.

MARKET OVERVIEW

Calculations – total employment size (jobs) is expressed as a sum of employment in areas overlapping the reported market: Orlando-Kissimmee-Sanford, FL | Palm Bay-Melbourne-Titusville, FL

EMPLOYMENT AND EARNINGS

Industry Sectors – are defined by the NAICS Supersector designations. For more information visit: http://www.bls.gov/sae/saesuper.htm

Sector National Ranking – is based on the absolute size of the industry sector within this metro, when compared to the same industry in other metro areas nationally.

Earnings weekly vs hourly – differentiates hourly wage workers, from weekly salaried workers.

DEVELOPMENT ACTIVITY

Prospective Properties – announced construction projects, with no specific documents or government filings

Planned Properties – are in the planning stages of construction, with documents having been filed with the county or city

Under Construction Properties – have received permits for construction and broken ground.

Rankings – are based on the number of units currently under construction: Overall, Lifestyle and Renters-by-Necessity Asset Classifications

Projected Completions – Projected completions reported by Yardi® Matrix are limited to a year out and are based on properties currently under construction and their expected completion date.

Projected Completions as a % of Prior Inventory – This forward-looking metric uses projected unit completions to calculate a relative growth over the next year for a particular area. Submarkets with a total share of market inventory below 1% are assigned an N/A value, to avoid over-stating their significance in rankings and color-coded map displays.

Construction and Completion Counts – are reported based on property status as of the start of the month.

TRANSACTION ACTIVITY

Price – is expressed as Price/Unit as a standard measure. This is also used for national ranking

Velocity – is measured by the number of properties sold per year. This is also used for national ranking

Volume – measures the total amount of money spent in multi-family sale transactions in the prior year, expressed as millions of U.S. Dollars ($MM). This is also used for national ranking

METHODS AND DEFINITIONS MARCH 2021

8

CONTACT USGet in touch with our team for inquiries and feedback

Ron BrockIndustry Principal, Matrix(480) 663 1149 ext. 2404

Candice SpencerCustomer Service/Retention Manager(480) 663 1149 ext. 2417

ALTAMONTE SPRINGS

ORLANDO MULTIFAMILYMARCH 2021

Altamonte Springs submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview

Submarket Fundamentals

Rental Activity by Unit Type

Development Activity

Transaction Activity

1

2

3

5

4

20 Properties

5,005 Units

B+ Average Location Rating

B Average Improvements Rating

IMPROVEMENTS RATING BY UNITS

BUILDING STORIES BY PROPERTIES EFFECTIVE BEDROOMS BY UNITS

PROPERTY AGE BY UNITS

1

SUBMARKET FUNDAMENTALS MARCH 2021

RENTAL RATES YEAR-OVER-YEAR ROLLING CHANGE VS MARKET

Rank out of53 Submarkets

93.4%Occupancy Rate

March 2021

41st

OCCUPANCY RATE VS MARKET

INVENTORY GROWTH COMPLETIONS AS % PRIOR INVENTORY

Rank out of 50 Submarkets

0.4%Y-o-Y Change

$1,264Average Rental Rate

March 2021

27th


6.0%Growth in 2021 -Projected Year End

300Units built in 2021 -Projected Year End

22nd

Altamonte Springs | Orlando Multifamily | 2

RENTAL ACTIVITY BY UNIT TYPE MARCH 2021

QUARTERLY YEAR-OVER-YEAR ROLLING CHANGE BY UNIT TYPE

# Units SqFt/Unit

2019 2020 2021

Unit Type Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

One Bedroom 3,112 705 3.3% 1.9% 1.7% 1.9% -0.3% -1.1% -1.1% -1.9%

Two Bedrooms 3,528 1,066 2.3% 1.5% 0.9% 1.1% 2.0% 2.3% 2.2% 1.7%

Three Bedrooms 427 1,315 1.6% 1.8% 3.3% 3.2% 5.3% 4.6% 2.7% -1.6%

Other 392 529 1.8% 1.4% 1.0% 3.5% 0.0% -3.5% -2.3% 1.9%

Overall 7,459 904 2.5% 1.6% 1.3% 1.6% 1.3% 1.0% 0.9% 0.3%


-1.9%Y-o-Y Change

Q1 2021

34th



Q1 2021

33rd

Average Rental RateRental Rate ChangeYear-over-Year


1.7%Y-o-Y Change

Q1 2021

18th



Q1 2021

30th


TWO BEDROOM

ONE BEDROOM


-1.6%Y-o-Y Change

Q1 2021

42nd



Q1 2021

33rd


THREE BEDROOM


Unit CompletionsLifestyle vs Renters-by-Neccessity

Ranked * Growth # Units

Last 5 Years 20th/40 46.95% 839

2021 18th/29 12.90% 300

2022 N/A N/A N/A

* among submarkets with completions in this period


Last 5 Years 29th/45 18.96% 943

2021 23rd/33 5.34% 300

2022 N/A N/A N/A

Lifestyle Inventory Growth

Overall Inventory Growth

* Projected year-end completions

UNDER CONSTRUCTION PROPERTIES

PLANNED PROPERTIES

1Property

300Units

Property Address # Units DeveloperSubmitted Date

Oxford Place Phase II & III 6405 South US Hwy 17-92, Fern Park, FL 32730 534 RD Management Corporation 07/2019

Alta Cypress 301 Dog Track Road, Longwood, FL 32750 342 Wood Partners 08/2019

Oxford Place 6405 South US Hwy 17-92, Fern Park, FL 32730 246 RD Management Corporation 07/2019

3Properties

1,122Units

PROSPECTIVE PROPERTIES 2 Properties 450 Units

Property Address # Units DeveloperConstruction Start

Completion Date

Rent-Up Start

Sanctuary at CenterPointe 486 Centerpointe Circle, Altamonte Springs, FL 32701

300 Emerson International 09/2019 04/2021 06/2020

DEVELOPMENT ACTIVITY MARCH 2021



*partial year, ending March 2021

34 th Rank out of 53 Submarkets $133K Sale Price

per Unit


17 th Rank out of 53 Submarkets 1.4 Avg Properties

Sold per Year

SALES VOLUME - LAST 5 YEARSSALE PRICE (AVERAGE PER UNIT) - LAST 5 YEARS

MOST RECENT SALES

Rating Sale Price LoanProperty # Units Built Impr. Loc. Buyer Seller Sale Date Total (MM) Per SqFt Per Unit Maturity Amount (MM)

Latitude 28828 Orienta AvenueAltamonte Springs, FL 32701

354 1973 B A- Lighthouse Group, The

ResProp Management

10/2019 $47.40 $159.31 $134K $37.28

Sole at Casselberry3851 Grandpine WayCasselberry, FL 32707

336 2017 A- B- Nuveen Real Estate Bainbridge Companies

05/2018 $72.25 $217.28 $215K

Integra Lakes3160 Integra Lakes LaneCasselberry, FL 32707

203 2017 A- C+ Harbor Group International

Integra Land Company

05/2018 $39.00 $190.91 $192K 2025 $27.26

Central Park525 One Center BlvdAltamonte Springs, FL 32701

362 1992 B+ A- TruAmerica Multifamily

McDowell Properties

01/2018 $52.75 $165.86 $146K 2021 $43.39

Palms at Casselberry, The400 Sandpiper LaneCasselberry, FL 32707

196 1978 B- B- Read Property Group

Murphy, Marilyn W. 05/2017 $14.10 $78.66 $72K 2027 $12.40

Latitude 28828 Orienta AvenueAltamonte Springs, FL 32701

354 1973 B A- ResProp Management

PRG Real Estate 04/2017 $27.40 $92.09 $77K 2027 $22.41

Charter Pointe919 Ballard StreetAltamonte Springs, FL 32701

312 1973 B- C+ Goldelm Insula Properties 01/2017 $31.00 $120.16 $99K 2029 $23.02

Park at Rialto II, The2174 Sharp CourtFern Park, FL 32730

352 1971 C B- Blue Roc Premier Properties

Focus Group, The 12/2016 $25.00 $116.90 $71K

Advenir at Magnolia210 Welcome WayFern Park, FL 32730

272 1973 B- B- Advenir Investors Management Group

05/2016 $18.00 $82.72 $66K 2025 $22.15





APOPKA


Apopka submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

6 Properties

1,303 Units

B Average Location Rating





1




94.7%Occupancy Rate

March 2021

25th




-3.0%Y-o-Y Change


March 2021

46th



N/AUnits built in 2021 -Projected Year End

N/A

Apopka | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 483 667 10.1% 4.9% 3.1% 4.0% 0.2% 3.7% 4.5% 1.8%

Two Bedrooms 865 992 3.6% 2.2% 2.3% 2.6% -1.9% -3.5% -2.7% -4.1%

Three Bedrooms 250 1,165 -2.6% -1.6% 1.8% 3.6% 7.4% -0.8% -8.9% -8.7%

Overall 1,598 941 4.6% 2.5% 2.4% 3.1% -0.4% -1.3% -1.4% -2.9%


1.8%Y-o-Y Change

Q1 2021

10th



Q1 2021

23rd



-4.1%Y-o-Y Change

Q1 2021

45th



Q1 2021

31st


TWO BEDROOM

ONE BEDROOM


-8.7%Y-o-Y Change

Q1 2021

53rd



Q1 2021

25th


THREE BEDROOM




Last 5 Years 8th/40 82.93% 272

2021 N/A N/A N/A

2022 2nd/15 47.50% 285



Last 5 Years 14th/45 37.01% 352

2021 N/A N/A N/A

2022 2nd/18 21.87% 285





PLANNED PROPERTIES

1Property

285Units


Apopka City Center State Route 436 & US Route North 441, Apopka, FL 32704

250 Taurus Investment Holdings 06/2018

Ascend Oak Pointe 2901 Ocoee Apopka Road, Apopka, FL 32703 240 Thompson Hills Estates 11/2020

Marden Ridge Phase II 1595 Marden Ridge Loop, Apopka, FL 32703 228 NM Residential 02/2019

Monarchs at Lake Pleasant 1711 Apopka Blvd, Apopka, FL 32703 126 12/2019

+ 1 More Properties 103

5Properties

947Units

PROSPECTIVE PROPERTIES 4 Properties 1,568 Units


Completion Date

Rent-Up Start

Alta East Shore 2423 Areca Palm Drive, Apopka, FL 32703

285 Wood Partners 06/2020 12/2021 03/2021




Yardi® Matrix has no sales recorded in this submarket for the last 5 years

MOST RECENT SALES


Willow Lake500 Monica Rose DriveApopka, FL 32703

428 1999 A- B+ Starwood Capital Group

Wilson Company, The

02/2016 $30.12 $67.34 $70K 2047 $13.14

Taylor131 East 15th StreetApopka, FL 32703

101 1970 C B- American Community Developers

Barcus, Maria 08/2012 $4.28 $66.31 $42K 2055 $3.50

Taylor131 East 15th StreetApopka, FL 32703

101 1970 C B- Barcus, Maria Hara Management 08/2008 $3.30 $51.08 $33K

Orange North943 West Orange Blossom TrailApopka, FL 32712

94 1976 C+ B- Korkmaz, Iltekin A. Wimsatt Management

04/2007 $4.65 $61.24 $49K $3.75





CELEBRATION


Celebration submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

17 Properties

4,768 Units


A- Average Improvements Rating




1




93.8%Occupancy Rate

March 2021

37th




-2.5%Y-o-Y Change


March 2021

42nd



1,449Units built in 2021 -Projected Year End

5th

Celebration | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 3,000 756 0.9% 1.9% 2.8% 4.6% -1.3% -5.0% -5.0% -4.2%

Two Bedrooms 3,719 1,031 3.7% 4.4% 4.1% 4.3% -2.1% -5.1% -5.3% -4.8%

Three Bedrooms 1,236 1,124 3.0% 3.5% 5.3% 6.7% 2.1% 0.2% -1.5% -4.7%

Other 1,010 1,021 3.2% 2.0% -2.3% 1.2% 0.4% 0.7% 1.3% 0.2%

Overall 8,965 983 3.0% 3.7% 4.1% 5.0% -0.8% -3.8% -4.3% -4.3%


-4.2%Y-o-Y Change

Q1 2021

47th



Q1 2021

13th



-4.8%Y-o-Y Change

Q1 2021

49th



Q1 2021

9th


TWO BEDROOM

ONE BEDROOM


-4.7%Y-o-Y Change

Q1 2021

49th



Q1 2021

13th


THREE BEDROOM




Last 5 Years 13th/40 71.86% 2,725

2021 11th/29 28.59% 1,449

2022 N/A N/A N/A



Last 5 Years 7th/45 69.67% 2,957

2021 6th/33 25.19% 1,449

2022 N/A N/A N/A





PLANNED PROPERTIES

5Properties

1,449Units


Fortune Star 7650 West Irlo Bronson Memorial Hwy, Kissimmee, FL 34747

550 Sternon Group Real Estate 12/2019

Shingle Creek Blossom Drive & Pleasant Hill Drive, Kissimmee, FL 34746

330 Dominium 12/2018

Ham Brown Reserve Ham Brown Road & Reaves Road, Kissimmee, FL 34746

298 Butters Construction & Development 11/2020

Blue Cypress Preserve Bali Blvd & West Irlo Bronson Memorial Hwy, Four Corners, FL 34714

64 Gardner Development 09/2020

4Properties

1,242Units

394Fully Affordable Units

PROSPECTIVE PROPERTIES 13 Properties 71 Fully Affordable Units3,553 Units


Completion Date

Rent-Up Start

Delamarre at Celebration 660 Dumont Street, Celebration, FL 34747

379 Kettler 05/2020 08/2021 02/2021

Maingate Village 7300 West Irlo Bronson Memorial Hwy, Kissimmee, FL 34747

357 T2 Capital Management 05/2020 05/2021 11/2020

Dolce Living Royal Palm 3250 Orleans Avenue, Kissimmee, FL 34747

326 Luxe Residential 02/2018 05/2021 06/2020

Sentosa Reunion 400 Hidden Palm Circle, Kissimmee, FL 34747

288 Encore Capital Management

11/2019 03/2021 05/2020







per Unit



Sold per Year


MOST RECENT SALES


Tierra Vista8700 Tierra Vista CircleKissimmee, FL 34747

152 1997 B- B SELA Realty CGI Strategies 02/2020 $19.70 $127.65 $130K

Cortland Reunion7995 Haven WayKissimmee, FL 34747

338 2019 A- B- Cortland DeBartolo Development

10/2019 $70.98 $212.42 $210K

Meadows at ChampionsGate, The9116 Integra Meadows DriveDavenport, FL 33896

304 2008 A- B Bluerock Real Estate Centennial Holding Company

08/2019 $59.00 $182.83 $194K 2029 $38.65

Astoria at Celebration1688 Celebration BlvdCelebration, FL 34747

306 2020 A- B+ CGI Strategies SouthStar Properties

02/2019 $43.00 $148.66 $141K

Gate, The1550 Calder BlvdChampions Gate, FL 33896

308 2017 A- B- Bluerock Real Estate Investors Realty 01/2019 $65.00 $206.05 $211K 2029 $39.00

Aspect, The3101 Segreto LaneKissimmee, FL 34747

432 2010 A- B+ Electra America Macquarie Group 05/2018 $69.77 $161.84 $161K 2028 $49.16

Grand at Westside, The3250 Douglas Grand DriveKissimmee, FL 32747

336 2016 A C+ Bluerock Real Estate Douglas Partners 02/2018 $67.50 $196.72 $201K 2028 $41.56

Cane Island5251 Cane Island LoopKissimmee, FL 34746

166 2007 A- B CGI Strategies D.R. Horton 12/2017 $25.75 $118.75 $155K $18.75

Domain Orlando3100 Domain CircleKissimmee, FL 34747

324 2017 A B+ Newgard Development Group

DeBartolo Development

12/2017 $57.67 $169.68 $178K $39.20





CLERMONT


Clermont submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

11 Properties

2,717 Units






1




94.6%Occupancy Rate

March 2021

27th




-0.9%Y-o-Y Change


March 2021

36th




13th

Clermont | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,319 793 2.7% 1.5% 2.8% 4.0% 2.8% 3.0% 2.8% -0.3%

Two Bedrooms 1,727 1,158 9.3% 3.0% -0.4% 1.4% -0.3% 0.8% 0.2% -4.3%

Three Bedrooms 478 1,360 8.0% 3.2% 0.7% -1.5% -1.7% -0.2% 0.7% 2.9%

Other 24 500 0.0% 0.0% 0.0% 0.0% 9.3% 7.4% 4.3% 4.2%

Overall 3,548 953 7.1% 2.7% 0.7% 1.7% 0.4% 1.3% 1.1% -1.9%


-0.3%Y-o-Y Change

Q1 2021

27th



Q1 2021

18th



-4.3%Y-o-Y Change

Q1 2021

48th



Q1 2021

14th


TWO BEDROOM

ONE BEDROOM


2.9%Y-o-Y Change

Q1 2021

16th



Q1 2021

18th


THREE BEDROOM




Last 5 Years 16th/40 61.14% 999

2021 19th/29 12.71% 297

2022 N/A N/A N/A



Last 5 Years 9th/45 53.05% 1,069

2021 10th/33 13.51% 367

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

367Units



Neo at Four Corners South Grassy Lake Road & US Highway 27, Clermont, FL 34715

350 Park Square Homes 12/2018

Hancock Hancock Road & State Road 50, Clermont, FL 34711

306 Fulcrum Management 02/2016

2Properties

656Units



Completion Date

Rent-Up Start

Minneola Hills 450 Hillside Park Street, Minneola, FL 34715

297 Skorman Construction 11/2019 05/2021 11/2020

Clermont Ridge Senior Villas 1100 Hunt Trace Blvd, Clermont, FL 34711

70 Blue Sky Communities 06/2020 04/2021 11/2020





23 rd Rank out of 53 Submarkets $164K Sale Price

per Unit



Sold per Year


MOST RECENT SALES


Lofts at South Lake831 Oakley Seaver DriveClermont, FL 34711

144 2019 B+ B+ Gentis, John D. Inland Real Estate Group

10/2020 $24.00 $250.03 $167K 2030 $20.48

Madison Clermont600 River Birch CourtClermont, FL 34711

250 2000 B+ B+ Investcorp Equus Capital Partners

05/2019 $39.50 $153.21 $158K 2029 $27.41

Advenir at Castle Hill13600 Hartle Groves PlaceClermont, FL 34711

328 2017 A- B Advenir Real Capital Solutions

06/2018 $68.50 $193.24 $209K 2029 $47.68

Osprey Ridge201 Hunt StreetClermont, FL 34711

176 2001 B+ B+ Starwood Capital Group

AGPM 02/2018 $16.39 $83.20 $93K 2028 $12.29

Citrus Tower1290 North Ridge BlvdClermont, FL 34711

336 2006 B+ B+ Bluerock Real Estate Centennial Holding Company

09/2017 $55.25 $141.63 $164K 2024 $41.44

Vista at Lost Lake, The2550 Citrus Tower BlvdClermont, FL 34711

468 2007 A B SouthStar Properties

Cortland 10/2016 $44.18 $86.67 $94K 2026 $49.42

Vista at Lost Lake, The2550 Citrus Tower BlvdClermont, FL 34711

468 2007 A B Cortland McCann Realty Partners

01/2015 $62.38 $122.38 $133K

Madison Clermont600 River Birch CourtClermont, FL 34711

250 2000 B+ B+ Equus Capital Partners

Alex Brown Realty 08/2014 $25.50 $98.92 $102K 2024 $18.85

Citrus Tower1290 North Ridge BlvdClermont, FL 34711

336 2006 B+ B+ Centennial Holding Company

Bainbridge Companies

10/2012 $32.60 $83.57 $97K





FISH LAKE


Fish Lake submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

13 Properties

3,511 Units

B- Average Location Rating





1




97.6%Occupancy Rate

March 2021

5th




5.7%Y-o-Y Change


March 2021

2nd




17th

Fish Lake | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,159 643 1.7% 5.2% 6.2% -1.7% 1.3% -0.6% -3.3% 3.4%

Two Bedrooms 1,700 874 0.8% 2.1% 4.8% -1.2% -1.6% -2.1% -0.8% 5.4%

Three Bedrooms 619 866 -6.6% -9.0% -1.7% 4.6% 3.0% 10.1% 14.4% 7.2%

Other 329 817 3.0% 5.5% 4.0% 0.2% 1.1% 3.7% 2.1% 4.7%

Overall 3,807 800 0.9% 2.8% 4.8% -0.9% 0.1% -0.3% -0.6% 4.5%


3.4%Y-o-Y Change

Q1 2021

3rd



Q1 2021

29th



5.4%Y-o-Y Change

Q1 2021

3rd



Q1 2021

26th


TWO BEDROOM

ONE BEDROOM


7.2%Y-o-Y Change

Q1 2021

4th



Q1 2021

12th


THREE BEDROOM




Last 5 Years 12th/40 74.39% 607

2021 12th/29 25.82% 292

2022 N/A N/A N/A



Last 5 Years 25th/45 21.50% 687

2021 17th/33 10.60% 372

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

372Units



Center Lake Ranch South Narcoossee Road & Rummell Road, St. Cloud, FL 34771

800 Pineloch Management 05/2019

Heritage Park Phase II 302 Parkland Circle, Kissimmee, FL 34744 118 Atlantic Housing Partners 10/2020

2Properties

918Units




Completion Date

Rent-Up Start

14Fifty Neo City 1450 East Vine Street, Kissimmee, FL 34744

292 Panther Properties 03/2020 08/2021 01/2021

Gannet Pointe 2124 Lepic Lane, Kissimmee, FL 34744

80 Artemis Lifestyles 12/2019 04/2021 12/2020






per Unit



Sold per Year


MOST RECENT SALES


Jamison, The1040 Jamison LoopKissimmee, FL 34744

315 2020 A- B- Lexin Capital DeBartolo Development

02/2021 $70.80 $211.82 $225K $47.00

Remington, The201 Simpson RoadKissimmee, FL 34744

186 2010 C B- Brookfield Investments

Menlo Capital Group

04/2016 $2.03 $33.58 $11K 2028 $10.10

Grande Court at Boggy Creek1401 Grande BlvdKissimmee, FL 34743

394 2003 B C+ Hercules Real Estate Services

Courtelis Company 03/2016 $26.20 $73.91 $66K 2035 $15.54

Walden Park2101 Walden Park CircleKissimmee, FL 34744

300 2002 B B- Starwood Capital Group

Wilson Company, The

02/2016 $24.60 $80.64 $82K 2048 $18.04

Verano2200 Villa Verano WayKissimmee, FL 34744

384 2008 A- B- Starlight Investments

Waterton 12/2014 $48.75 $124.70 $127K

St. Cloud Village201 St. Cloud Village CourtKissimmee, FL 34744

208 1998 B B- Dominium Esko Properties 07/2013 $16.80 $87.37 $81K 2023 $8.11

Verano2200 Villa Verano WayKissimmee, FL 34744

384 2008 A- B- Waterton CF Real Estate Services

10/2011 $37.23 $95.23 $97K

Simpson Ridge2300 Simpson Ridge CircleKissimmee, FL 34744

169 1988 C B- Campbell Property Management

Bowden, Michael R. 12/1992 $3.00 $24.78 $18K 2041 $6.45





HUNTER'S CREEK


Hunter's Creek submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

20 Properties

6,615 Units






1




94.7%Occupancy Rate

March 2021

23rd




-2.9%Y-o-Y Change


March 2021

45th




24th

Hunter's Creek | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,434 810 3.8% 3.8% 2.2% 2.5% -3.3% -5.8% -5.6% -5.1%

Two Bedrooms 3,900 1,126 3.3% 2.9% 1.5% -0.8% -3.9% -5.9% -6.5% -3.7%

Three Bedrooms 1,407 1,370 -0.6% -1.3% 0.5% 3.4% -3.3% -8.2% -9.8% -8.5%

Overall 7,741 1,102 2.6% 2.2% 1.5% 1.0% -3.6% -6.3% -6.8% -5.1%


-5.1%Y-o-Y Change

Q1 2021

50th



Q1 2021

12th



-3.7%Y-o-Y Change

Q1 2021

44th



Q1 2021

13th


TWO BEDROOM

ONE BEDROOM


-8.5%Y-o-Y Change

Q1 2021

52nd



Q1 2021

28th


THREE BEDROOM




Last 5 Years 25th/40 29.41% 1,224

2021 23rd/29 6.48% 328

2022 9th/15 11.25% 606



Last 5 Years 28th/45 19.59% 1,224

2021 24th/33 4.59% 328

2022 6th/18 8.11% 606





PLANNED PROPERTIES

2Properties

606Units


Wetherbee Road 4402 East Wetherbee Road, Orlando, FL 32824 950 D.R. Horton 12/2019

Tyson Ranch Boggy Creek Road & Simpson Road, Orlando, FL 32824

320 M/I Homes 08/2020

Alta Freedom 2630 Amazonas Circle, Orlando, FL 32837 297 Wood Partners 12/2019

Alta Headwaters Phase II 4000 Headwaters Way, Orlando, FL 32837 100 Wood Partners 09/2019

4Properties

1,667Units



Completion Date

Rent-Up Start

Boggy Creek Crossing 5757 Simpson Road, Orlando, FL 32824

310 Watkins Real Estate 02/2021 08/2022

Poinciana Blvd 8152 Poinciana Blvd, Orlando, FL 32837

296 Intram Investments 08/2020 03/2022






per Unit


21 st Rank out of 53 Submarkets 1.2 Avg Properties

Sold per Year


MOST RECENT SALES


Grandewood Pointe3701 Grandewood BlvdOrlando, FL 32837

306 2005 B C+ Lloyd Jones Capital Bluerock Real Estate 01/2021 $65.25 $197.06 $213K 2031 $46.20

Parkway at Hunter's Creek, The14200 Colonial Grand BlvdOrlando, FL 32837

496 1997 A B+ Priderock Capital Partners

Milestone Group, The

04/2020 $104.50 $167.34 $211K 2035 $78.33

Lantower Grande Flats3512 Grande Reserve WayOrlando, FL 32837

314 2018 A C+ Lantower Residential

Wood Partners 06/2019 $74.73 $245.60 $238K

Linden on the GreeneWay13000 Breaking Dawn DriveOrlando, FL 32824

234 2017 A B Harbor Group International

CPG Construction 11/2018 $47.00 $196.70 $201K 2028 $32.90

Murano9932 Grande Lakes BlvdOrlando, FL 32837

240 2016 A- C+ Cardone Capital Courtelis Company 02/2018 $50.15 $214.18 $209K $33.50

ARIUM Hunters Creek13300 Colony Square DriveOrlando, FL 32837

532 1999 A- B+ Bluerock Real Estate Carroll Organization 10/2017 $97.50 $164.99 $183K 2024 $72.29

Parkway at Hunter's Creek, The14200 Colonial Grand BlvdOrlando, FL 32837

496 1997 A B+ Milestone Group, The

Colony Realty Partners

09/2016 $78.20 $125.23 $158K 2023 $54.74

ARIUM Hunters Creek13300 Colony Square DriveOrlando, FL 32837

532 1999 A- B+ Carroll Organization TA Realty 12/2015 $81.55 $138.00 $153K





LAKE BRYAN


Lake Bryan submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

22 Properties

7,140 Units






1




95.1%Occupancy Rate

March 2021

18th




-3.8%Y-o-Y Change


March 2021

47th




28th

Lake Bryan | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 3,490 700 5.3% 4.4% 3.6% 1.1% -5.9% -9.0% -8.6% -4.1%

Two Bedrooms 4,347 1,050 0.8% -0.1% 1.5% 2.5% -2.3% -5.4% -7.3% -5.8%

Three Bedrooms 1,176 1,322 5.7% 3.5% 2.8% 1.2% -6.2% -10.7% -10.9% -8.1%

Other 34 1,454 -1.0% -0.4% 3.0% -0.7% 2.4% -6.4% -13.8% -8.2%

Overall 9,047 1,132 2.9% 1.9% 2.3% 1.8% -4.0% -7.4% -8.2% -5.5%


-4.1%Y-o-Y Change

Q1 2021

46th



Q1 2021

16th



-5.8%Y-o-Y Change

Q1 2021

52nd



Q1 2021

11th


TWO BEDROOM

ONE BEDROOM


-8.1%Y-o-Y Change

Q1 2021

51st



Q1 2021

11th


THREE BEDROOM




Last 5 Years 17th/40 59.18% 2,147

2021 26th/29 4.83% 266

2022 N/A N/A N/A



Last 5 Years 12th/45 41.19% 2,325

2021 27th/33 3.45% 266

2022 N/A N/A N/A





PLANNED PROPERTIES

1Property

266Units


Completion Date

Rent-Up Start

Addison Lake Bryan, The 12570 Splendid Place, Orlando, FL 32821

266 ContraVest 07/2020 08/2021

Yardi® Matrix has no recorded planned properties in this Submarket






per Unit



Sold per Year


MOST RECENT SALES


Palms at World Gateway9000 Avenue Pointe CircleOrlando, FL 32821

252 2007 A B Carter-Haston Real Estate Services

Carroll Organization 09/2019 $46.85 $171.12 $186K 2029 $33.28

Integra Cove6801 Integra Cove BlvdOrlando, FL 32821

338 2015 A- B+ LivCor Praedium Group 03/2019 $70.75 $217.90 $209K

Ancora10107 Ancora CircleOrlando, FL 32821

289 2018 A B Redwood Capital Group

LeCesse Development

12/2018 $64.60 $230.28 $224K $31.75

Axis West6820 Axis West CircleOrlando, FL 32821

268 2017 A B+ Bluerock Real Estate Flournoy Companies

05/2018 $62.85 $237.15 $235K 2028 $38.40

Linden Crossroads7261 Crossroads Garden DriveOrlando, FL 32821

314 2016 A B Harbor Group International

Trammell Crow Residential

05/2018 $64.50 $236.31 $205K $41.93

Pavilion at Lake Eve12515 Lake Square CircleOrlando, FL 32821

264 2013 A B+ Gamma Real Estate Crow Holdings 03/2018 $50.10 $190.41 $190K 2053 $39.98

Lantower Grande Pines11660 Westwood BlvdOrlando, FL 32821

282 2017 A- B Lantower Residential

Picerne Real Estate Group

11/2017 $59.50 $202.50 $211K $38.68

Discovery Palms12806 Madison Pointe CircleOrlando, FL 32821

167 2003 A- B ESG Kullen Obligo Real Estate 08/2017 $16.57 $113.54 $114K $20.82

Adelaide, The6677 Tanglewood Bay DriveOrlando, FL 32821

408 1987 B B Emma Capital Advenir 07/2017 $47.00 $141.08 $115K





LAKE BUENA VISTA


Lake Buena Vista submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

23 Properties

6,705 Units

A- Average Location Rating





1




94.3%Occupancy Rate

March 2021

28th




-2.0%Y-o-Y Change


March 2021

40th




18th

Lake Buena Vista | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,847 577 1.0% 1.4% 1.4% -0.8% -4.2% -5.5% -5.5% -3.3%

Two Bedrooms 3,616 897 0.3% 2.3% 5.3% 3.4% 1.4% -4.3% -7.5% -4.3%

Three Bedrooms 984 1,201 3.5% 1.7% 1.0% 1.7% -1.8% -0.3% -0.3% 1.2%

Overall 7,447 892 1.0% 1.9% 3.4% 1.9% -0.9% -4.0% -5.7% -3.1%


-3.3%Y-o-Y Change

Q1 2021

42nd



Q1 2021

8th



-4.3%Y-o-Y Change

Q1 2021

47th



Q1 2021

7th


TWO BEDROOM

ONE BEDROOM


1.2%Y-o-Y Change

Q1 2021

26th



Q1 2021

7th


THREE BEDROOM




Last 5 Years 5th/40 88.36% 3,341

2021 20th/29 10.80% 694

2022 15th/15 5.22% 372



Last 5 Years 6th/45 69.92% 3,341

2021 19th/33 9.35% 694

2022 14th/18 4.58% 372





PLANNED PROPERTIES

4Properties

1,066Units


Village at O-Town West, The Daryl Carter Pkwy & Palm Pkwy, Orlando, FL 32836

850 Unicorp National Developments 08/2019

Turkey Lake Road 10900 Turkey Lake Road, Orlando, FL 32819 376 M Shapiro Development 07/2020

Addison at Cypress Sound Lake Sawyer Drive & Winter Garden Vineland Road, Windermere, FL 34786

216 ContraVest 09/2018

3Properties

1,442Units



Completion Date

Rent-Up Start

Elan Ruby Lake 11907 Ruby Lake Road, Orlando, FL 32836

372 Greystar 08/2020 01/2022

Jefferson Sand Lake 6265 Sand Lake Vista Drive, Orlando, FL 32819

264 Jefferson Apartment Group 01/2020 10/2021 04/2021

Lodge at Hamlin, The 6151 Lake Lodge Drive, Winter Garden, FL 34787

250 Boyd Development 11/2019 04/2021 06/2020

Overture Hamlin 5795 Citrus Village Blvd, Winter Garden, FL 34787

180 Greystar 01/2020 08/2021 08/2020






per Unit



Sold per Year


MOST RECENT SALES


Lake Vue7119 Sand Lake Reserve DriveOrlando, FL 32819

196 2016 A- A- Nuveen Real Estate NRP Group 01/2021 $44.66 $237.14 $228K

Montevista at Windermere6421 Conroy RoadOrlando, FL 32835

360 1990 B+ A Taurus Investment Holdings

TruAmerica Multifamily

11/2020 $65.00 $234.30 $181K 2030 $49.65

Venetian Isle6506 San Francesco WayWindermere, FL 34786

346 2017 A A- CBRE Global Investors

Unicorp National Developments

02/2020 $92.00 $225.84 $266K $54.00

Zen Luxury Living9835 Namaste LoopOrlando, FL 32836

258 2017 A A- CBRE Global Investors

Unicorp National Developments

02/2020 $68.00 $223.88 $264K $36.10

Windermere at Lake's Edge2415 Treasure Landing PkwyOcoee, FL 34761

447 2000 A- A- Blackstone Group Carroll Organization 12/2019 $97.10 $198.45 $217K

Lakewalk at Hamlin14012 Shoreside WayWinter Garden, FL 34787

316 2018 A B+ BET Investments Boyd Development 07/2019 $80.13 $236.61 $254K $36.50

Buena Vista Point11856 Reedy Creek DriveOrlando, FL 32836

324 1994 B- B+ Starwood Capital Group

AGPM 02/2018 $33.29 $116.14 $103K 2028 $24.23

Rialto, The7343 West Sand Lake RoadOrlando, FL 32819

200 2014 A- A Northland Investment Corporation

Wood Partners 08/2017 $49.60 $222.65 $248K 2024 $37.20

Park Place at Maguire100 Maguire Park StreetOcoee, FL 34761

242 2016 A- A- Praedium Group Skorman Construction

07/2017 $49.55 $200.79 $205K 2022 $31.72





LAKE MARY


Lake Mary submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

10 Properties

3,365 Units






1




96%Occupancy Rate

March 2021

10th




1.0%Y-o-Y Change


March 2021

24th




9th

Lake Mary | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,645 653 2.3% 1.4% -0.3% -1.6% -3.8% -4.5% -3.4% 0.7%

Two Bedrooms 2,128 967 -5.5% 0.3% 5.6% 3.9% 2.4% -2.4% -5.4% -1.2%

Three Bedrooms 463 1,153 -9.8% -2.5% 5.5% 1.6% 4.5% 1.5% -1.5% -0.2%

Other 24 1,300 0.7% 4.2% 6.4% 6.5% 13.9% 11.6% 6.4% 5.6%

Overall 4,260 1,018 -3.6% 0.3% 3.6% 1.8% 0.7% -2.4% -4.1% -0.4%


0.7%Y-o-Y Change

Q1 2021

18th



Q1 2021

22nd



-1.2%Y-o-Y Change

Q1 2021

34th



Q1 2021

28th


TWO BEDROOM

ONE BEDROOM


-0.2%Y-o-Y Change

Q1 2021

40th



Q1 2021

30th


THREE BEDROOM




Last 5 Years 24th/40 30.84% 829

2021 17th/29 19.18% 566

2022 N/A N/A N/A



Last 5 Years 24th/45 22.41% 829

2021 9th/33 14.28% 566

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

566Units


Completion Date

Rent-Up Start

Helix at Lake Mary, The 962 Bentstation Lane, Lake Mary, FL 32746

300 Parkway Properties 08/2020 09/2021

Alta Longwood 881 West Warren Avenue, Longwood, FL 32750

266 Wood Partners 11/2019 06/2021 09/2020







per Unit



Sold per Year


MOST RECENT SALES


DRAKE Midtown252 Wheelhouse LaneLake Mary, FL 32746

263 2018 A- B+ DWS Unicorp National Developments

09/2019 $67.75 $247.58 $258K

Fairways at Lake Mary700 Oakland Hills CircleLake Mary, FL 32746

272 1997 A- A- TruAmerica Multifamily

Rock Companies 03/2019 $54.00 $173.71 $199K

Terraces at Lake Mary, The1000 Regal Pointe TerraceLake Mary, FL 32746

284 1997 B B Resource Real Estate

RAS Real Estate Partners

09/2017 $44.10 $149.59 $155K 2024 $32.25

Pure Living740 Savory PlaceHeathrow, FL 32746

252 2009 A A Starlight Investments

Providence One Partners

05/2015 $44.75 $145.66 $178K

Terraces at Lake Mary, The1000 Regal Pointe TerraceLake Mary, FL 32746

284 1997 B B RAS Real Estate Partners

CED Capital Holdings

01/2015 $31.00 $105.16 $109K

Sun Lake420 Sun Lake CircleLake Mary, FL 32746

600 1986 B B+ Lindemann Multifamily Management

Harbor Group International

01/2015 $66.25 $124.15 $110K 2030 $49.69

Sun Lake420 Sun Lake CircleLake Mary, FL 32746

600 1986 B B+ Harbor Group International

Aimco 08/2012 $40.00 $74.96 $67K

Bell Timacuan715 Camarague PlaceLake Mary, FL 32746

310 2000 A B+ Bell Partners PGIM Real Estate 11/2011 $34.13 $99.36 $110K

Pure Living740 Savory PlaceHeathrow, FL 32746

252 2009 A A Providence One Partners

Lincoln National Life Insurance

03/2011 $31.50 $102.53 $125K





LEESBURG


Leesburg submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

22 Properties

3,115 Units






1




97.7%Occupancy Rate

March 2021

4th




5.6%Y-o-Y Change


March 2021

3rd




N/A

Leesburg | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 886 565 10.3% 8.3% 4.4% 4.2% 3.3% 4.4% 5.8% 2.3%

Two Bedrooms 1,653 766 3.1% 5.0% 5.1% 0.4% -4.1% -2.9% 1.9% 7.0%

Three Bedrooms 638 1,003 -1.7% 1.1% 4.3% 3.2% 0.7% -0.9% -0.5% 2.3%

Other 174 1,108 5.9% 7.1% 9.7% 8.9% 3.0% 0.9% -0.9% 0.7%

Overall 3,351 860 4.3% 5.4% 4.7% 2.2% -0.9% -0.2% 2.8% 4.6%


2.3%Y-o-Y Change

Q1 2021

5th


$915Average Rental Rate

Q1 2021

48th



7%Y-o-Y Change

Q1 2021

2nd



Q1 2021

46th


TWO BEDROOM

ONE BEDROOM


2.3%Y-o-Y Change

Q1 2021

22nd



Q1 2021

47th


THREE BEDROOM


Yardi® Matrix has no recorded completions for this submarket; historic or projected 2016 - 2022


PLANNED PROPERTIES


Venetian Isles East Dixie Avenue & South Lake Street, Leesburg, FL 34748

100 Ardent Companies, The 03/2018

1Property

100Units


Yardi® Matrix has no recorded under construction properties in this Submarket






per Unit



Sold per Year


MOST RECENT SALES


Turtle Oaks2311 Griffin RoadLeesburg, FL 34748

101 1969 C C Millennia Housing Companies

Global Ministries Foundation

11/2018 $10.21 $141.36 $101K 2019 $10.25

Carmendy Square367 Sunny Oaks WayLady Lake, FL 32159

152 2002 B+ C+ Maxus Realty Trust Balfour Beatty 06/2017 $16.45 $90.44 $108K 2024 $10.63


152 2002 B+ C+ Balfour Beatty Aspen Square Management

09/2014 $13.98 $76.88 $92K


101 1969 C C Global Ministries Foundation

Miami Mar 06/2014 $4.87 $67.46 $48K 2049

Oakleaf Village423 Highway 466Lady Lake, FL 32159

356 2008 A- C+ GMC Properties ContraVest 06/2013 $30.25 $79.17 $85K 2028 $21.50


152 2002 B+ C+ Aspen Square Management

Steinmetz Group 12/2011 $7.50 $41.23 $49K

Blueberry Hill II33338 Shawn DriveLeesburg, FL 34788

68 1987 C+ B- Gonzalez, Ruben F. PBE Companies 08/2010 $0.90 $22.48 $13K


101 1969 C C Miami Mar Passmore & Cox 11/2008 $3.00 $41.56 $30K

Blueberry Hill II33338 Shawn DriveLeesburg, FL 34788

68 1987 C+ B- MJW & Associates Praedium Group 10/2005 $2.21 $55.29 $33K





LONGWOOD


Longwood submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

13 Properties

3,239 Units


B+ Average Improvements Rating




1




94.1%Occupancy Rate

March 2021

31st




0.7%Y-o-Y Change


March 2021

26th




25th

Longwood | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,228 692 7.2% 5.0% 3.4% 1.8% -1.0% -2.4% -4.0% -3.6%

Two Bedrooms 1,459 1,034 4.5% 4.9% 4.2% 1.2% -3.1% -2.7% -0.8% 1.4%

Three Bedrooms 387 1,185 2.5% 5.9% 7.2% -1.9% -0.1% -1.4% -3.0% 5.7%

Other 35 996 8.5% 12.1% 9.4% 11.6% 4.4% 4.7% 9.0% 7.1%

Overall 3,109 977 5.3% 5.1% 4.2% 1.1% -2.0% -2.4% -2.2% -0.1%


-3.6%Y-o-Y Change

Q1 2021

44th



Q1 2021

28th



1.4%Y-o-Y Change

Q1 2021

20th



Q1 2021

29th


TWO BEDROOM

ONE BEDROOM


5.7%Y-o-Y Change

Q1 2021

7th



Q1 2021

27th


THREE BEDROOM




Last 5 Years 4th/40 109.52% 771

2021 21st/29 9.67% 130

2022 N/A N/A N/A



Last 5 Years 17th/45 31.24% 771

2021 25th/33 4.18% 130

2022 N/A N/A N/A




PLANNED PROPERTIES


Kiwi at Fern Lake 707 East Street, Longwood, FL 32750 75 Lennar Multifamily Communities 12/2019

John L. Mica Way & Palmetto Avenue

John L. Mica Way & Palmetto Avenue, Longwood, FL 32750

52 Wendover Housing Partners 10/2019

2Properties

127Units

PROSPECTIVE PROPERTIES 1 Property 50 Units







per Unit



Sold per Year


MOST RECENT SALES


Blake, The151 Michael Blake BlvdWinter Springs, FL 32708

281 2019 A B- Preferred Apartment Communities

Catalyst Development Partners

11/2020 $62.22 $243.72 $221K 2030 $44.44

RiZE at Winter Springs150 Bear Springs DriveWinter Springs, FL 32708

244 2016 A B- Klingbeil Capital Management

LeCesse Development

02/2017 $46.50 $176.79 $191K

Park at Laurel Oaks, The1 Laurel Oaks DriveWinter Springs, FL 32708

552 1986 B B- White Eagle Property Group

Blue Roc Premier Properties

05/2015 $54.00 $101.02 $98K 2025 $43.20

Castle Woods1131 Castle Wood TerraceCasselberry, FL 32707

304 1993 B- C+ Dalcor CED Capital Holdings

04/2014 $17.70 $54.81 $58K 2030 $15.91

Reserve at Lake Irene1450 Sunshadow DriveCasselberry, FL 32707

384 1988 B B Landmark Apartment Trust of America

Fannie Mae - REO 11/2011 $18.45 $56.55 $48K

Park at Laurel Oaks, The1 Laurel Oaks DriveWinter Springs, FL 32708

552 1986 B B- Blue Roc Premier Properties

Jaymor Group 12/2005 $41.30 $77.26 $75K

Legends Winter Springs440 Courtney Springs CircleWinter Springs, FL 32708

252 1999 A- B Rock Companies Kaplan, Michael 09/2005 $27.22 $99.52 $108K





MELBOURNE


Melbourne submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

65 Properties

11,600 Units






1




95.8%Occupancy Rate

March 2021

12th




2.2%Y-o-Y Change


March 2021

12th




12th

Melbourne | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 4,212 550 4.8% 2.3% 0.8% 0.4% 0.1% 0.8% 1.1% 1.3%

Two Bedrooms 6,728 821 1.6% 0.8% 2.0% 1.3% -1.8% -1.7% 0.2% 1.0%

Three Bedrooms 1,413 1,181 3.4% 0.2% -2.1% -2.5% -4.0% -1.1% 0.7% 3.1%

Other 389 785 7.7% 5.2% 3.9% 3.4% 5.5% 4.3% 2.8% 4.4%

Overall 12,742 834 2.7% 1.3% 1.2% 0.7% -1.3% -0.8% 0.6% 1.5%


1.3%Y-o-Y Change

Q1 2021

11th



Q1 2021

40th



1%Y-o-Y Change

Q1 2021

22nd



Q1 2021

41st


TWO BEDROOM

ONE BEDROOM


3.1%Y-o-Y Change

Q1 2021

13th



Q1 2021

36th


THREE BEDROOM




Last 5 Years 9th/40 82.58% 2,110

2021 6th/29 41.71% 1,373

2022 N/A N/A N/A



Last 5 Years 26th/45 20.91% 2,339

2021 16th/33 12.64% 1,518

2022 N/A N/A N/A





PLANNED PROPERTIES

4Properties

982Units



Heritage Lakes of West Melbourne

Ellis Road & West Drive, Melbourne, FL 32904 275 Matthew Development 02/2019

Cocoa Grand West King Street & South Range Road, Cocoa, FL 32926

268 Trimback Construction 08/2020

Cocoa Lakes Redevelopment 201 Saint Clair Drive, Cocoa, FL 32922 50 Millennia Housing Companies 12/2018

3Properties

593Units

PROSPECTIVE PROPERTIES 3 Properties 80 Fully Affordable Units526 Units


Completion Date

Rent-Up Start

Oasis at West Melbourne, The 220 Belgian Drive, West Melbourne, FL 32904

316 Picerne Real Estate Group 03/2019 04/2021 05/2020

Legacy at Oakwood Landing 2705 Bosque Circle, Melbourne, FL 32940

274 Legacy Residential Group 10/2019 08/2021 05/2020

Rockledge Flats 220 Barton Blvd, Rockledge, FL 32955

247 The Hutton Company 06/2020 09/2021

Venue at Viera Senior Living 2700 Anneleigh Circle Viera, Melbourne, FL 32940

145 Southern Affordable Services

08/2020 06/2021 11/2020






per Unit



Sold per Year


MOST RECENT SALES


Highlands Viera West2185 Judge Fran Jamieson WayViera, FL 32940

240 2008 A B ConAm JMG Realty 03/2021 $60.00 $197.62 $250K $25.10

Lakeside Glen7670 Greenboro DriveMelbourne, FL 32904

232 1986 B- B- Priderock Capital Partners

Northland Investment Corporation

03/2021 $42.90 $175.76 $185K 2032 $30.75

Dunes, The201 Harbor City PkwyIndian Harbour Beach, FL 32937

200 1964 C+ B Tokarski, Christopher D.

Abacus Capital Group

10/2020 $29.80 $173.82 $149K 2032 $24.93

Harbour Pointe655 Rosewood CourtMelbourne, FL 32937

74 1974 B- B Tokarski, Christopher D.

Abacus Capital Group

10/2020 $12.20 $158.85 $165K 2032 $10.09

Ventura at Turtle Creek3802 Alafaya LaneRockledge, FL 32955

190 2019 A- B- Lewis Property Investors

Atlantic Housing Partners

09/2020 $38.75 $190.78 $204K 2032 $31.00

Polo Glen3603 Middleburg LaneRockledge, FL 32955

252 2008 B+ C+ Highland Capital Management

Continental Realty Advisors

12/2019 $55.25 $183.17 $219K 2030 $32.89

Costa de Cocoa Townhomes1010 North Fiske BlvdCocoa, FL 32922

50 1963 C C+ Knickerbocker Asset Management

Nikollaj, Krist 09/2019 $3.28 $75.24 $66K 2039 $2.46

Artisan at Viera, The2560 Judge Fran Jamieson WayMelbourne, FL 32940

259 2018 A B Preferred Apartment Communities

Davis Development 08/2019 $53.33 $192.38 $206K





METRO WEST


Metro West submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

36 Properties

11,285 Units






1




94.7%Occupancy Rate

March 2021

24th




0.1%Y-o-Y Change


March 2021

32nd




27th

Metro West | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 5,766 794 1.6% 2.1% 1.5% 0.9% -0.1% -3.2% -4.0% -3.7%

Two Bedrooms 7,693 1,115 1.5% 0.3% 0.4% 1.5% 0.1% -1.2% -0.9% 0.3%

Three Bedrooms 2,469 1,378 1.2% -0.3% -1.7% 0.2% 0.3% 2.0% 4.3% 2.6%

Other 322 1,532 1.3% -2.4% -2.4% -4.1% -1.1% 1.3% 2.4% 3.3%

Overall 16,250 1,205 1.5% 0.7% 0.4% 1.0% 0.0% -1.4% -1.2% -0.8%


-3.7%Y-o-Y Change

Q1 2021

45th



Q1 2021

38th



0.3%Y-o-Y Change

Q1 2021

23rd



Q1 2021

22nd


TWO BEDROOM

ONE BEDROOM


2.6%Y-o-Y Change

Q1 2021

18th



Q1 2021

16th


THREE BEDROOM




Last 5 Years 36th/40 6.11% 442

2021 24th/29 6.11% 442

2022 N/A N/A N/A



Last 5 Years 43rd/45 3.38% 442

2021 28th/33 3.38% 442

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

762Units


Completion Date

Rent-Up Start

West Vue 6003 Raleigh Street, Orlando, FL 32835

442 RISE Real Estate 02/2020 05/2021 09/2020

Millenium MetroWest 6875 Piazza Grande Avenue, Orlando, FL 32835

320 Dinerstein Companies 02/2021 12/2022







per Unit


2nd Rank out of 53 Submarkets 3.6 Avg Properties

Sold per Year


MOST RECENT SALES


Harbortown2333 Lake Debra DriveOrlando, FL 32835

428 1999 A A- LivCor JRK Property Holdings

12/2020 $100.00 $204.10 $234K

Vista Verde1658 South Hiawassee RoadOrlando, FL 32835

200 1990 B B+ ConAm Delgado, Luis E. 10/2020 $34.15 $182.04 $171K 2030 $22.30

Residences at Veranda Park, The2121 South Hiawassee RoadOrlando, FL 32835

150 2008 A B Westside Capital Group

Armco Communities 06/2020 $45.00 $258.29 $300K 2030 $24.81

Indigo West6101 Raleigh StreetOrlando, FL 32835

456 1997 B+ C+ LivCor Bridge Investment Group

03/2020 $90.50 $182.31 $198K

Marina Landing6315 Westgate DriveOrlando, FL 32835

260 1990 B+ C+ Horizon Realty Advisors

Lindemann Multifamily Management

07/2019 $39.75 $169.19 $153K 2029 $27.83

Amara at MetroWest6168 Raleigh StreetOrlando, FL 32835

411 1997 A- C+ LivCor Bridge Investment Group

05/2019 $72.80 $142.50 $177K 2026 $51.81

Ellery at Lake Sherwood8008 Balasands BlvdOrlando, FL 32818

298 2002 A B ConAm Carroll Organization 04/2019 $58.10 $177.72 $195K 2026 $37.26

Willow Key5590 Arnold Palmer DriveOrlando, FL 32811

384 1999 B B+ Levy Affiliated Picerne Real Estate Group

03/2019 $32.74 $76.67 $85K 2054 $30.42

Fourteen011401 Kirkman RoadOrlando, FL 32811

472 1989 B+ B+ TruAmerica Multifamily

Michaelson Group 02/2019 $64.00 $149.86 $136K 2029 $44.80





MT DORA


Mt Dora submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

19 Properties

2,470 Units


B- Average Improvements Rating




1




98.4%Occupancy Rate

March 2021

2nd




4.2%Y-o-Y Change


March 2021

6th




16th

Mt Dora | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,146 699 6.1% 7.4% 8.1% 8.1% 7.1% 5.0% 3.0% 2.8%

Two Bedrooms 1,176 915 15.1% 12.0% 5.5% 2.6% -2.9% -0.5% 4.3% 4.5%

Three Bedrooms 327 1,193 2.1% 5.2% 7.6% 1.8% 2.1% 2.3% 3.7% 7.7%

Other 56 810 -2.8% 6.6% 7.4% 16.7% 20.2% 9.7% 9.3% 0.4%

Overall 2,705 904 9.9% 9.4% 6.7% 4.9% 1.8% 2.1% 3.8% 4.1%


2.8%Y-o-Y Change

Q1 2021

4th



Q1 2021

46th



4.5%Y-o-Y Change

Q1 2021

5th



Q1 2021

45th


TWO BEDROOM

ONE BEDROOM


7.7%Y-o-Y Change

Q1 2021

3rd



Q1 2021

43rd


THREE BEDROOM




Last 5 Years N/A N/A ** 448

2021 8th/29 40.00% 208

2022 N/A N/A N/A

* among submarkets with completions in this period**Inventory growth not computed due to low initial

inventory


Last 5 Years 15th/45 33.65% 702

2021 15th/33 12.87% 318

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

318Units


Indian Springs Britt Road & Wolf Branch Road, Mount Dora, FL 32757

100 Dewar Nurseries 04/2018

1Property

100Units



Completion Date

Rent-Up Start

Atwater Phase II 2570 Ann Rou Road, Tavares, FL 32778

208 Cagan Management Group 05/2020 05/2021 03/2021

Valencia Grove Phase II 551 Huffstetler Drive, Eustis, FL 32726

110 Housing Trust Group 08/2020 06/2021






per Unit



Sold per Year


MOST RECENT SALES


City Walk Villas1515 Lincoln AvenueMount Dora, FL 32757

65 1981 C B- Polsinelli, Kenneth P.

Biggins, Joseph F. 02/2020 $5.90 $97.96 $91K 2035 $4.40

City Walk Villas1515 Lincoln AvenueMount Dora, FL 32757

65 1981 C B- Biggins, Joseph F. Hampton, Frank & Willa

03/2019 $2.86 $47.48 $44K $1.50

Elevate 155155 Veranda WayMount Dora, FL 32757

208 2004 B B Curtis, Dean Rath, Harper & Associates

01/2019 $23.75 $137.76 $114K

Oak Wood350 Lincoln AvenueMount Dora, FL 32757

72 1973 C B- Millennia Housing Companies


11/2018 $5.50 $99.99 $76K 2019 $5.50

Spring Harbor2500 Spring Harbor CircleMount Dora, FL 32757

248 2000 B C+ Starwood Capital Group

AGPM 03/2018 $19.40 $71.11 $78K

Tanglewood2811 Ruleme StreetEustis, FL 32726

138 1972 C C+ Tzadik Management ResProp Management

10/2014 $4.45 $54.72 $32K

Mount Dora3001 Northland RoadMount Dora, FL 32757

132 1988 C+ C+ Tzadik Management ResProp Management

10/2014 $4.90 $62.49 $37K

Oak Wood350 Lincoln AvenueMount Dora, FL 32757

72 1973 C B- Global Ministries Foundation

Miami Mar 06/2014 $5.26 $95.64 $73K 2049

Mount Dora3001 Northland RoadMount Dora, FL 32757

132 1988 C+ C+ ResProp Management

Freddie Mac - REO 04/2012 $1.25 $15.94 $9K





OAK RIDGE


Oak Ridge submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

47 Properties

13,812 Units






1




94.2%Occupancy Rate

March 2021

29th




0.3%Y-o-Y Change


March 2021

29th




26th

Oak Ridge | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 6,467 752 6.2% 4.7% 4.4% 0.2% -3.4% -5.0% -5.3% -2.3%

Two Bedrooms 8,825 1,064 1.3% 1.9% 2.5% 2.3% 0.3% -1.2% -1.8% 0.1%

Three Bedrooms 2,629 1,271 0.0% 1.6% 4.2% 2.2% 2.0% 0.4% -0.6% 0.3%

Other 1,410 911 12.9% 8.9% 7.2% 5.8% 4.6% 7.1% 5.6% -1.1%

Overall 19,331 1,000 3.1% 3.0% 3.5% 1.6% -0.8% -2.3% -2.8% -0.7%


-2.3%Y-o-Y Change

Q1 2021

37th



Q1 2021

35th



0.1%Y-o-Y Change

Q1 2021

24th



Q1 2021

36th


TWO BEDROOM

ONE BEDROOM


0.3%Y-o-Y Change

Q1 2021

31st



Q1 2021

37th


THREE BEDROOM




Last 5 Years 28th/40 25.97% 1,510

2021 22nd/29 8.04% 545

2022 N/A N/A N/A



Last 5 Years 38th/45 11.21% 1,510

2021 26th/33 3.77% 545

2022 18th/18 0.73% 110





PLANNED PROPERTIES

3Properties

655Units



Millenia Park West Oak Ridge Road & South John Young Pkwy, Belle Isle, FL 32809

960 Master Real Estate 08/2019

Gardens on Millenia 3692 Cathy Street, Orlando, FL 32839 350 BBX Capital 10/2018

2Properties

1,310Units



Completion Date

Rent-Up Start

Altaire at Millenia 5450 Millenia Lakes Blvd, Orlando, FL 32839

330 Barings 01/2020 07/2021 09/2020

Park Central 2429 Americana Blvd, Orlando, FL 32839

215 Encore Enterprises 02/2020 04/2021

Madison Landing Senior 5800 Rio Grande Avenue, Orlando, FL 32809

110 American Realty Development

11/2020 12/2021 02/2021






per Unit



Sold per Year


MOST RECENT SALES


Isles at East Millenia1980 Lake Fountain DriveOrlando, FL 32839

200 1985 B+ C- Laguna Point Properties


12/2019 $26.00 $149.19 $130K 2030 $19.29

Reserve at Lake Buchanan1717 West Holden AvenueOrlando, FL 32839

151 1970 B- C- S2 Residential Creative Realty Partners

10/2019 $16.05 $136.51 $106K 2022 $13.74

Northbridge at Millenia Lake4902 Millenia BlvdOrlando, FL 32839

607 2004 B+ A- Venterra Realty Waterton 09/2019 $104.00 $136.03 $171K 2029 $67.80

Landing at East Mil, The4937 Waterway CourtOrlando, FL 32839

360 1986 B- C S2 Residential American Opportunity Foundation, The

11/2018 $30.70 $102.74 $85K $29.31

Lorenzo At East Mil1968 Lake Heritage CircleOrlando, FL 32839

400 1986 B C S2 Residential Carroll Organization 11/2018 $46.85 $132.67 $117K 2020 $40.33

Addison on Millenia, The4673 Gardens Park BlvdOrlando, FL 32839

292 2017 A- B Lindemann Multifamily Management

ContraVest 10/2018 $62.62 $230.42 $214K 2028 $38.23

Caden at East Mil, The1989 Americana BlvdOrlando, FL 32839

768 1973 B- B- S2 Residential NRInvestments 09/2018 $56.85 $96.61 $74K 2020 $122.56

Palmetto at East Mil4444 South Rio Grande AvenueOrlando, FL 32839

558 1972 B+ C- S2 Residential NRInvestments 09/2018 $40.15 $97.50 $72K 2020 $122.56





ORANGE LAKE


Orange Lake submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

9 Properties

3,384 Units






1




86.6%Occupancy Rate

March 2021

53rd




-2.2%Y-o-Y Change


March 2021

41st




4th

Orange Lake | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,248 789 3.3% 2.5% 3.0% 1.8% -3.1% -3.6% -5.1% -3.5%

Two Bedrooms 2,448 1,114 6.7% 4.3% -0.7% -0.6% -2.9% -6.5% -5.3% -3.1%

Three Bedrooms 776 1,317 4.2% 1.1% -2.4% -5.2% -8.7% -9.4% -7.2% -1.9%

Overall 4,472 1,073 5.6% 3.4% -0.2% -0.9% -4.1% -6.5% -5.6% -3.0%


-3.5%Y-o-Y Change

Q1 2021

43rd



Q1 2021

9th



-3.1%Y-o-Y Change

Q1 2021

42nd



Q1 2021

10th


TWO BEDROOM

ONE BEDROOM


-1.9%Y-o-Y Change

Q1 2021

44th



Q1 2021

15th


THREE BEDROOM




Last 5 Years 10th/40 80.96% 1,386

2021 4th/29 50.97% 1,046

2022 N/A N/A N/A



Last 5 Years 10th/45 51.52% 1,386

2021 4th/33 34.52% 1,046

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

692Units


Registry on Grass Lake, The 14544 Avalon Road, Winter Garden, FL 34787 360 Brossier Company 10/2018

Avalon Road & Old YMCA Road Avalon Road & Old YMCA Road, Winter Garden, FL 34787

350 Wood Partners 12/2019

Waterstar 7991 West Irlo Bronson Memorial Hwy, Kissimmee, FL 34747

320 Madison Capital Group 02/2019

Avalon Pointe Avalon Road & Grove Blossom Way, Winter Garden, FL 34787

300 Alliance Residential Company 05/2020


5Properties

1,532Units



Completion Date

Rent-Up Start

Westerly, The 14680 Westerly Drive, Winter Garden, FL 34787

352 Fore Property Company 11/2019 08/2021 09/2020

Vintage Horizon West 9223 Vintage Hills Way, Winter Garden, FL 34787

340 TDK Construction 03/2020 08/2021 11/2020






per Unit


33 rd Rank out of 53 Submarkets 0.6 Avg Properties

Sold per Year


MOST RECENT SALES


Abaco Key10712 Mystic CircleOrlando, FL 32836

373 1995 B B- Harbor Group International

Aragon Holdings 01/2020 $71.94 $200.00 $193K

IMT Sonoma Hills14619 Casita RidgeWinter Garden, FL 34787

340 2018 A- B- IMT Capital RockHarbor Investments

01/2019 $73.00 $211.16 $215K

Buena Vista Place8825 Buena PlaceWindermere, FL 34786

340 1999 B+ B Starwood Capital Group

AGPM 12/2017 $31.94 $104.53 $94K

Citra at Windermere11353 Citra CircleWindermere, FL 34786

360 2014 A A- JRK Property Holdings

Ram Real Estate 01/2015 $61.50 $146.93 $171K 2025 $49.50

Post Lakeside7826 Crosswater TrailWindermere, FL 34786

300 2013 A A- MAA Greenfield Partners 05/2013 $48.40 $150.73 $161K


373 1995 B B- Aragon Holdings DeBartolo Development

06/2012 $35.00 $97.30 $94K


373 1995 B B- DeBartolo Development

Cornerstone Real Estate Advisors

02/2010 $8.60 $23.91 $23K

Alexandria Parc Vue10649 Bastille LaneOrlando, FL 32836

672 2000 A B- Equity Residential CalSTRS 12/2005 $98.50 $133.73 $147K

Alexandria Parc Vue10649 Bastille LaneOrlando, FL 32836

672 2000 A B- CalSTRS AG Spanos Companies

10/2002 $24.18 $32.83 $36K





ORLANDO - DOWNTOWN


Orlando - Downtown submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

22 Properties

5,752 Units






1




88.8%Occupancy Rate

March 2021

51st




-2.5%Y-o-Y Change


March 2021

43rd




7th

Orlando - Downtown | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 3,699 713 2.9% 2.7% 1.7% -2.9% -7.0% -9.2% -8.5% -5.1%

Two Bedrooms 2,373 988 0.5% -0.3% -1.3% -2.4% -5.3% -4.5% -2.4% -1.8%

Three Bedrooms 362 1,432 -0.5% -0.6% -2.9% 3.2% 1.2% 3.0% 4.4% -4.6%

Other 854 668 -1.1% 0.1% -1.2% -5.0% -1.9% -0.3% 0.2% 2.0%

Overall 7,288 950 1.4% 1.0% 0.3% -1.8% -5.0% -5.9% -4.9% -3.8%


-5.1%Y-o-Y Change

Q1 2021

49th



Q1 2021

3rd



-1.8%Y-o-Y Change

Q1 2021

37th



Q1 2021

2nd


TWO BEDROOM

ONE BEDROOM


-4.6%Y-o-Y Change

Q1 2021

48th



Q1 2021

2nd


THREE BEDROOM




Last 5 Years 18th/40 58.42% 2,372

2021 13th/29 21.96% 1,158

2022 6th/15 17.48% 1,124



Last 5 Years 11th/45 49.06% 2,372

2021 8th/33 19.14% 1,158

2022 4th/18 15.60% 1,124





PLANNED PROPERTIES

6Properties

1,873Units


Altis Lake Willis 10055 Almondwood Circle, Orlando, FL 32821 567 Altman Companies 12/2019

Monarch 322 East Jackson Street, Orlando, FL 32801 400 Jaymor Group 06/2020

500 North Orange Avenue 500 North Orange Avenue, Orlando, FL 32801 398 West Second Street Associates 07/2015

Tribune 501 North Orange Avenue, Orlando, FL 32801 318 Midtown Opportunities 01/2021


7Properties

2,482Units



Completion Date

Rent-Up Start

Radius 108 East Livingston, Orlando, FL 32801

389 Banner Real Estate Group 04/2019 05/2021

Orange & Robinson 336 North Orange Avenue, Orlando, FL 32801

368 MAA 04/2020 12/2021

Camden Lake Eola 520 East Church Street, Orlando, FL 32801

360 Camden Property Trust 02/2019 05/2021 02/2021

Modera Creative Village 505 Chatham Avenue, Orlando, FL 32801

292 Mill Creek Residential Trust 09/2020 04/2022







per Unit



Sold per Year


MOST RECENT SALES


SteelHouse750 North Orange AvenueOrlando, FL 32801

326 2013 A- B Cypress Real Estate Advisors

Mesirow Financial 04/2019 $68.25 $269.44 $209K $50.25

Camden Thornton Park420 East Church StreetOrlando, FL 32801

299 2016 A B Camden Property Trust

Jefferson Apartment Group

09/2018 $89.00 $322.61 $298K

Camden North Quarter777 North Orange AvenueOrlando, FL 32801

333 2016 A+ B Camden Property Trust

Pizzuti 02/2018 $80.75 $301.04 $242K

Paramount on Lake Eola, The415 East Pine StreetOrlando, FL 32801

280 2008 A B Northland Investment Corporation

Obligo Real Estate 05/2017 $57.78 $203.77 $219K $59.67

55 West55 West Church StreetOrlando, FL 32801

461 2014 A+ B LivCor TA Realty 04/2017 $105.00 $201.49 $228K

Central Station on Orange480 North Orange AvenueOrlando, FL 32801

279 2016 A- B UBS Realty Investors Crescent Communities

01/2016 $59.00 $244.73 $211K

SteelHouse750 North Orange AvenueOrlando, FL 32801

326 2013 A- B Mesirow Financial RangeWater Real Estate

07/2013 $59.00 $232.92 $181K 2018 $38.50

55 West55 West Church StreetOrlando, FL 32801

461 2014 A+ B TA Realty SNSPF Interim Finance B.V. - REO

04/2011 $75.00 $143.92 $163K

Westminster Plaza350 East Jackson StreetOrlando, FL 32801

198 1968 C B Westminster Communities of Florida

Smith, George E. 11/2010 $7.00 $67.01 $35K $1.10





ORLANDO - EDGEWOOD


Orlando - Edgewood submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

6 Properties

1,458 Units

C+ Average Location Rating





1




90.5%Occupancy Rate

March 2021

50th




-4.8%Y-o-Y Change


March 2021

49th




N/A

Orlando - Edgewood | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,023 738 -0.6% -3.4% -1.1% 3.0% 0.3% -3.0% -6.5% -7.8%

Two Bedrooms 533 1,102 -1.2% -1.6% -3.8% 1.3% -2.9% -2.3% 1.2% -1.8%

Three Bedrooms 88 1,416 1.1% -5.0% -5.8% -3.2% -6.0% 1.5% 5.8% 0.7%

Overall 1,644 1,085 -0.7% -2.8% -2.6% 1.8% -1.5% -2.5% -2.8% -4.9%


-7.8%Y-o-Y Change

Q1 2021

52nd



Q1 2021

30th



-1.8%Y-o-Y Change

Q1 2021

38th



Q1 2021

24th


TWO BEDROOM

ONE BEDROOM


0.7%Y-o-Y Change

Q1 2021

29th



Q1 2021

10th


THREE BEDROOM




Last 5 Years 21st/40 46.58% 300

2021 N/A N/A N/A

2022 N/A N/A N/A



Last 5 Years 20th/45 25.91% 300

2021 N/A N/A N/A

2022 N/A N/A N/A




PLANNED PROPERTIES








per Unit



Sold per Year


MOST RECENT SALES


Mark at SoDo, The3435 South Orange AvenueOrlando, FL 32806

258 1973 C B- Polsinelli, Kenneth P.

Covenant Capital Group

03/2021 $29.20 $229.67 $113K 2030 $21.14

Beverly at East Mil, The1182 Redman StreetOrlando, FL 32839

336 1974 A- C- S2 Residential NRInvestments 09/2018 $27.50 $96.80 $82K 2020 $122.56

Lofts at SoDo, The100 West Grant StreetOrlando, FL 32806

308 2009 A B Nuveen Real Estate Mesirow Financial 05/2018 $66.50 $223.50 $216K

Palm Grove1200 Holden AvenueOrlando, FL 32839

140 1966 C+ C- ESO Equity Group R Investments 05/2018 $10.15 $78.38 $72K $8.75

Mark at SoDo, The3435 South Orange AvenueOrlando, FL 32806

258 1973 C B- Covenant Capital Group

H & H Realty 12/2016 $16.25 $127.84 $63K 2021 $12.20


140 1966 C+ C- R Investments MUFG Union Bank - REO

01/2016 $7.00 $54.05 $50K

Lofts at SoDo, The100 West Grant StreetOrlando, FL 32806

308 2009 A B Mesirow Financial Wood Partners 12/2013 $50.85 $170.91 $165K $33.10


140 1966 C+ C- Win Capital Group Santiago, Rudy G. 06/2013 $7.65 $59.07 $55K

Beverly at East Mil, The1182 Redman StreetOrlando, FL 32839

336 1974 A- C- NRInvestments Wachovia Bank - REO

02/2011 $4.10 $14.43 $12K





ORLANDO - FLORIDA CENTER


Orlando - Florida Center submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

4 Properties

1,286 Units






1




92.7%Occupancy Rate

March 2021

44th



*Inventory growth not computed due to low initial inventory - See Page 4 for completion unit counts


0.2%Y-o-Y Change


March 2021

30th




2nd

Orlando - Florida Center | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 786 687 1.9% 1.7% 1.0% -4.6% -1.7% -0.4% -4.5% -4.5%

Two Bedrooms 829 959 2.1% 13.1% 18.7% 15.9% 0.9% -7.0% -6.6% -2.4%

Three Bedrooms 159 1,011 0.0% 11.8% 18.3% 16.5% 6.9% 0.4% -4.5% -1.2%

Other 538 187 -1.4% 2.2% 2.2% 0.6% -4.0% -4.9% -0.4% 10.0%

Overall 2,312 711 1.7% 7.9% 10.6% 6.6% 0.3% -3.7% -5.4% -2.7%


-4.5%Y-o-Y Change

Q1 2021

48th



Q1 2021

6th



-2.4%Y-o-Y Change

Q1 2021

40th



Q1 2021

5th


TWO BEDROOM

ONE BEDROOM


-1.2%Y-o-Y Change

Q1 2021

41st



Q1 2021

8th


THREE BEDROOM




Last 5 Years 6th/40 86.41% 674

2021 2nd/29 86.41% 674

2022 1st/15 72.90% 1,060



Last 5 Years 5th/45 70.50% 674

2021 2nd/33 70.50% 674

2022 1st/18 65.03% 1,060





PLANNED PROPERTIES

4Properties

1,404Units


Completion Date

Rent-Up Start

Deseo Grande 5250 International Drive, Orlando, FL 32819

365 Electra America 10/2020 04/2022

Legacy Universal 7488 Universal Blvd, Orlando, FL 32819

350 Legacy Partners 09/2020 03/2022

Silver Hills at Universal 5885 Lakehurst Drive, Orlando, FL 32819

345 Edwards Companies 10/2020 03/2022

Addison at Universal Boulevard, The

9707 Mia Circle, Orlando, FL 32819

344 ContraVest 08/2017 04/2021 03/2019







per Unit



Sold per Year


MOST RECENT SALES


Courtney at Universal Boulevard, The9703 Avellino AvenueOrlando, FL 32819

355 2016 A- B+ LivCor ContraVest 04/2019 $77.75 $225.79 $219K

Fusion Orlando7975 Canada AvenueOrlando, FL 32819

176 1984 B B+ Lighthouse Group, The

Equity Management Partners

04/2019 $14.40 $9.56

District Universal Boulevard, The9702 Universal BlvdOrlando, FL 32819

425 2009 A- B+ Venterra Realty Monogram Residential Trust

03/2017 $78.50 $196.00 $185K $51.20


176 1984 B B+ Equity Management Partners

LNR Partners - REO 12/2016 $9.71 $5.00

District Universal Boulevard, The9702 Universal BlvdOrlando, FL 32819

425 2009 A- B+ Monogram Residential Trust

Perennial Properties

12/2010 $56.00 $139.82 $132K


176 1984 B B+ Vilardo, Richard L. Ashford Hospitality Trust

03/2006 $15.20


176 1984 B B+ Ashford Hospitality Trust

N/A 06/2005 $17.32


176 1984 B B+ N/A N/A 12/2003 $18.40





ORLANDO - FLORIDA CENTER NORTHORLANDO MULTIFAMILYMARCH 2021

Orlando - Florida Center North submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

14 Properties

3,330 Units






1




96.2%Occupancy Rate

March 2021

7th



Matrix has no recorded development activity for this submarket in the last 10 years.Yardi®


-4.0%Y-o-Y Change


March 2021

48th

Orlando - Florida Center North | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,413 686 6.7% 3.1% 2.4% 2.7% -1.6% -2.9% -5.0% -5.4%

Two Bedrooms 2,064 962 5.0% 4.2% 3.1% 2.0% -2.0% -6.1% -7.1% -5.4%

Three Bedrooms 490 1,193 2.9% -1.0% -1.4% 2.0% -2.8% -3.7% -2.4% -1.8%

Other 150 706 9.4% 3.2% -1.5% -1.6% -0.6% 0.0% -1.3% -4.8%

Overall 5,117 887 5.6% 3.1% 2.1% 2.2% -1.8% -4.1% -5.4% -4.8%


-5.4%Y-o-Y Change

Q1 2021

51st



Q1 2021

41st



-5.4%Y-o-Y Change

Q1 2021

50th



Q1 2021

35th


TWO BEDROOM

ONE BEDROOM


-1.8%Y-o-Y Change

Q1 2021

43rd



Q1 2021

32nd


THREE BEDROOM



Yardi® Matrix has no recorded development activity for this submarket; current, historic, or projected 2016 - 2022




32nd Rank out of 53 Submarkets $136K Sale Price

per Unit



Sold per Year


MOST RECENT SALES


Palio4000 Middlebrook RoadOrlando, FL 32811

320 2001 A A- McKinley Properties Stoneleigh Companies

04/2017 $43.60 $143.82 $136K 2018 $45.00

Amalfi4860 Cypress Woods DriveOrlando, FL 32811

252 1989 B+ A- McKinley Properties TVO Groupe 05/2016 $25.50 $129.79 $101K

Affinity at Millenia4708 Olive Branch RoadOrlando, FL 32811

304 1986 B A- Avanath Capital Management

Karlin Real Estate 03/2015 $29.90 $119.65 $98K 2022 $25.80

Acclaim at Conroy4901 Cason Cove DriveOrlando, FL 32811

172 1997 A- A- Avanath Capital Management

CED Capital Holdings

02/2014 $12.50 $77.53 $73K 2021 $7.90

Bella Vita4700 Cason Cove DriveOrlando, FL 32811

352 1997 A- A McKinley Properties CED Capital Holdings

12/2013 $28.50 $78.82 $81K $29.53

Bella Capri4822 Cason Cove DriveOrlando, FL 32811

248 1994 B A- McKinley Properties CED Capital Holdings

11/2013 $14.88 $65.16 $60K $15.30

Palio4000 Middlebrook RoadOrlando, FL 32811

320 2001 A A- Stoneleigh Companies

Capri Capital Partners

02/2013 $31.68 $104.50 $99K

Affinity at Millenia4708 Olive Branch RoadOrlando, FL 32811

304 1986 B A- Karlin Real Estate ConAm 08/2011 $23.35 $93.44 $77K

Riva4771 Walden CircleOrlando, FL 32811

278 1974 C+ A- McKinley Properties Lambert, Daniel 12/2007 $9.00 $43.34 $32K





ORLANDO - HOLDEN HEIGHTSORLANDO MULTIFAMILYMARCH 2021

Orlando - Holden Heights submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

15 Properties

2,166 Units






1




88.3%Occupancy Rate

March 2021

52nd




7.1%Y-o-Y Change


March 2021

1st




N/A

Orlando - Holden Heights | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 638 567 16.8% 16.9% 18.2% 15.8% 5.8% 4.2% 4.7% 0.6%

Two Bedrooms 1,718 712 6.5% 9.1% 11.9% 12.2% 14.2% 9.5% 6.6% 7.7%

Three Bedrooms 553 1,039 7.8% 9.7% 9.3% 7.0% 10.6% 5.7% 6.1% 8.3%

Overall 2,909 773 8.8% 10.7% 12.3% 11.4% 11.4% 7.4% 6.1% 6.5%


0.6%Y-o-Y Change

Q1 2021

20th



Q1 2021

45th



7.7%Y-o-Y Change

Q1 2021

1st



Q1 2021

48th


TWO BEDROOM

ONE BEDROOM


8.3%Y-o-Y Change

Q1 2021

1st



Q1 2021

49th


THREE BEDROOM





2021 N/A N/A ** N/A

2022 N/A N/A ** N/A


inventory


Last 5 Years 23rd/45 22.73% 440

2021 N/A N/A N/A

2022 N/A N/A N/A




PLANNED PROPERTIES


Parramore Oaks Phase II 750 South Parramore Avenue, Orlando, FL 32805

91 InVictus Development 04/2020

1Property

91Units


PROSPECTIVE PROPERTIES 1 Property 58 Units







per Unit



Sold per Year


MOST RECENT SALES


Kara West3024 South Rio Grande AvenueOrlando, FL 32806

188 1975 C C- Dasmen Residential Amzak Capital Management

03/2021 $18.97 $110.68 $126K 2031 $13.16

Orlando on the Lake701 South Ivey LaneOrlando, FL 32811

189 1974 C B- Dasmen Residential Lohman, Ty G. 01/2021 $18.00 $125.43 $95K 2023 $16.50


189 1974 C B- Lohman, Ty G. Bronstein, Hillel 05/2018 $9.50 $66.20 $50K $7.60


188 1975 C C- Amzak Capital Management

Lohman, Ty G. 02/2018 $10.21 $47.86 $54K

Timber Sound4963 Raleigh StreetOrlando, FL 32811

240 1996 B+ C+ Lincoln Avenue Capital

Leland Enterprises 10/2017 $18.50 $71.14 $77K 2052 $19.69


188 1975 C C- Lohman, Ty G. Brown, Barry 05/2015 $6.63 $31.06 $35K $5.30


189 1974 C B- Bronstein, Hillel Potomac Realty Capital - REO

12/2011 $1.50 $10.45 $8K


188 1975 C C- Brown, Barry Regions Bank - REO 11/2010 $2.50 $11.72 $13K

Crossroads4381 Crossroads CourtOrlando, FL 32811

94 1984 C+ A- Southport Financial Services

Demetree Brothers 09/2010 $4.15 $50.32 $44K 2027 $5.25





ORLANDO - NORTH ORANGE


Orlando - North Orange submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

4 Properties

855 Units






1




91.7%Occupancy Rate

March 2021

49th



*Inventory growth not computed due to low initial inventory - See Page 4 for completion unit counts


-9.4%Y-o-Y Change


March 2021

50th




1st

Orlando - North Orange | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 515 374 1.3% 1.7% 4.0% 8.6% 0.9% -5.1% -9.0% -12.7%

Two Bedrooms 352 410 9.5% 9.9% 7.7% -0.8% -8.6% -10.9% -10.3% -9.2%

Three Bedrooms 59 1,283 1.7% -2.3% -5.2% -6.1% -2.4% -1.7% -1.3% 0.5%

Overall 926 689 4.8% 4.8% 4.8% 3.2% -3.5% -7.3% -8.9% -10.1%


-12.7%Y-o-Y Change

Q1 2021

53rd



Q1 2021

1st



-9.2%Y-o-Y Change

Q1 2021

53rd



Q1 2021

1st


TWO BEDROOM

ONE BEDROOM


0.5%Y-o-Y Change

Q1 2021

30th



Q1 2021

1st


THREE BEDROOM




Last 5 Years 3rd/40 238.89% 1,333

2021 1st/29 147.84% 1,128

2022 N/A N/A N/A



Last 5 Years 2nd/45 205.08% 1,333

2021 1st/33 131.93% 1,128

2022 N/A N/A N/A





PLANNED PROPERTIES

3Properties

1,128Units


Completion Date

Rent-Up Start

Yard at Ivanhoe, The 1460 Alden Road, Orlando, FL 32803

591 Real Estate Inverlad 03/2018 06/2021 08/2019

Alta at Health Village 2680 North Orange Avenue, Orlando, FL 32804

285 Wood Partners 06/2020 08/2021

Lake House 295 NE Ivanhoe Blvd, Orlando, FL 32804

252 Sumitomo Corporation 04/2019 04/2021 07/2020







per Unit



Sold per Year


MOST RECENT SALES


Princeton at College Park, The646 West Smith StreetOrlando, FL 32804

205 2019 A- (Prelim.)

B- BET Investments RangeWater Real Estate

03/2020 $56.68 2030 $17.70

Ivy Residences at Health Village, The2650 Dade AvenueOrlando, FL 32804

248 2014 A B- PASSCO Real Estate Wood Partners 05/2016 $54.97 $231.58 $222K 2026 $34.26

Gallery at Mills Park, The1650 North Mills AvenueOrlando, FL 32803

310 2014 A- C+ Heitman DeBartolo Development

03/2015 $66.50 $233.22 $215K 2025 $33.25





ORLANDO - PINE HILLS


Orlando - Pine Hills submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

9 Properties

1,432 Units

C Average Location Rating





1


* Submarket not ranked due to low sample inventory



100%Occupancy Rate

March 2021

1st




-5.6%Y-o-Y Change


March 2021

N/A*




8th

Orlando - Pine Hills | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 481 543 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.2% -0.6%

Two Bedrooms 683 812 0.0% 0.0% 1.5% 5.1% 1.5% -3.7% -8.2% -8.8%

Three Bedrooms 258 1,000 0.1% 0.1% 1.7% 5.9% 1.8% -9.6% -20.3% -22.1%

Overall 1,422 785 0.0% 0.0% 0.8% 2.8% 0.8% -2.5% -5.5% -6.2%


-0.6%Y-o-Y Change

Q1 2021

N/A*Rank out of 53 Submarkets


Q1 2021


N/A*


-8.8%Y-o-Y Change

Q1 2021



Q1 2021


N/A*

TWO BEDROOM

ONE BEDROOM


-22.1%Y-o-Y Change

Q1 2021



Q1 2021


N/A*

THREE BEDROOM

* Submarket not ranked due to low sample inventory





2021 N/A N/A ** 307

2022 N/A N/A N/A


inventory


Last 5 Years 13th/45 37.36% 473

2021 7th/33 21.44% 307

2022 11th/18 6.67% 116





PLANNED PROPERTIES

2Properties

423Units



Fern Grove 3750 W.D. Judge Drive, Orlando, FL 32808 138 AGPM 08/2019

1Property

138Units




Completion Date

Rent-Up Start

Cannery at the Packing District 2501 North Orange Blossom Trail, Orlando, FL 32804

307 Embrey Partners 01/2020 06/2021

Fairlawn Village North & South 1014 Mercy Drive, Orlando, FL 32808

116 Blue Sky Communities 01/2021 04/2022






per Unit



Sold per Year


MOST RECENT SALES


Windsor Cove1488 Mercy DriveOrlando, FL 32808

256 1978 C+ C- Millennia Housing Companies


01/2019 $13.70 $60.77 $54K $39.00

Magnolia Pointe1701 Mercy DriveOrlando, FL 32808

168 1999 B+ C Starwood Capital Group

AGPM 12/2017 $12.25 $82.95 $73K

Oak Glen2018 Mercy DriveOrlando, FL 32808

88 2002 B C Code Capital Partners

Dominium 12/2017 $4.58 $51.68 $52K 2025 $3.86

Windsor Cove1488 Mercy DriveOrlando, FL 32808

256 1978 C+ C- Mallah, Benjamin Funk, Richard 03/2007 $3.70 $16.41 $14K

Palm Grove Gardens3944 West W.D. Judge DriveOrlando, FL 32808

142 1971 C+ C- Orlando Neighborhood Improvement Corporation

Beachwold Residential

12/2002 $3.91 $35.54 $28K 2032 $4.00





ORLANDO - ROSEMONT


Orlando - Rosemont submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

28 Properties

6,814 Units

C+ Average Location Rating





1




92.2%Occupancy Rate

March 2021

46th




1.1%Y-o-Y Change


March 2021

22nd




32nd

Orlando - Rosemont | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,846 679 7.7% 5.4% 3.5% 0.0% -1.3% -0.6% 0.3% 0.7%

Two Bedrooms 3,968 975 6.6% 6.1% 5.8% 2.2% 4.1% 3.9% 2.9% 3.2%

Three Bedrooms 1,177 1,221 9.3% 9.2% 9.0% 5.2% 1.1% 4.0% 2.2% 1.0%

Other 346 815 10.8% 10.0% 12.1% 17.0% 10.2% 6.1% -0.4% -5.4%

Overall 8,337 922 7.6% 6.5% 5.6% 2.0% 1.7% 2.2% 1.8% 1.9%


0.7%Y-o-Y Change

Q1 2021

19th



Q1 2021

49th



3.2%Y-o-Y Change

Q1 2021

8th



Q1 2021

47th


TWO BEDROOM

ONE BEDROOM


1%Y-o-Y Change

Q1 2021

27th



Q1 2021

48th


THREE BEDROOM


No Lifestyle property completions recorded for this Submarket

Unit CompletionsLifestyle vs Renters-by-NeccessityRanked * Growth # Units

Last 5 Years 44th/45 1.36% 96

2021 32nd/33 1.36% 96

2022 17th/18 1.68% 120






PLANNED PROPERTIES

1Property

96Units



North Hiawassee Road Alta Westgate Drive & North Hiawassee Road, Orlando, FL 32818

128 Vestcor Companies 10/2019

Merak 5001 Cinderlane Pkwy, Orlando, FL 32808 52 Virtus North America 10/2019

2Properties

180Units




Completion Date

Rent-Up Start

Emerald Villas Phase II 5450 Cholla Way, Pine Hills, FL 32808

96 Related Group 07/2019 05/2021 07/2020






per Unit



Sold per Year


MOST RECENT SALES


Stella West4757 Silver Star RoadOrlando, FL 32808

192 1974 C+ C+ Dasmen Residential Amzak Capital Management

03/2021 $18.62 $133.08 $97K 2031 $13.37

Rosala West4500 Silver Star RoadOrlando, FL 32808

190 1969 C+ C Dasmen Residential Amzak Capital Management

03/2021 $23.61 $129.63 $124K 2031 $17.23

Aventura5300 Cinderlane PkwyOrlando, FL 32808

144 1984 B- C+ J. Milton & Associates

Dominium 03/2020 $18.16 $139.09 $126K

Seminole Ridge2750 Renegade DriveOrlando, FL 32818

240 2000 B C+ Kairos Investment Management

Springboard Housing

11/2019 $24.83 $103.10 $103K 2051 $13.64

Orlando Sky4990 North LaneOrlando, FL 32808

140 1986 C+ C+ Anthem Property Ventures

Lohman, Lowell 10/2019 $11.20 $124.42 $80K 2026 $8.84

Kensington Cottages2909 Burroughs DriveOrlando, FL 32818

169 1984 C+ C+ Coastline Management Group

DLP Real Estate Capital

09/2019 $15.30 $151.35 $91K 2021 $12.00

Marbella Park5528 Cinderlane PkwyOrlando, FL 32808

120 1975 B- C+ S.N.S Property Management

Durham & Associates

09/2019 $13.05 $96.67 $109K

Isle, The5224 Long RoadOrlando, FL 32808

208 1991 B+ C+ GoldOller Real Estate Investments


07/2019 $26.50 $92.14 $127K 2031 $21.20





PALM BAY


Palm Bay submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

36 Properties

7,353 Units






1




94.8%Occupancy Rate

March 2021

22nd




3.5%Y-o-Y Change


March 2021

8th




21st

Palm Bay | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,641 667 3.7% 1.5% 1.1% 2.0% 0.6% 2.3% 2.9% 4.0%

Two Bedrooms 4,014 950 5.5% 4.3% 0.0% 0.8% -3.3% -2.8% 0.9% 2.7%

Three Bedrooms 833 1,207 4.0% 3.1% 3.5% 3.1% 3.6% 1.5% 0.6% 1.7%

Other 170 489 1.8% -1.3% -2.4% 5.3% 0.5% 2.0% 4.6% 5.8%

Overall 7,658 828 4.7% 3.3% 0.7% 1.5% -1.2% -0.6% 1.6% 3.1%


4%Y-o-Y Change

Q1 2021

2nd



Q1 2021

42nd



2.7%Y-o-Y Change

Q1 2021

10th



Q1 2021

44th


TWO BEDROOM

ONE BEDROOM


1.7%Y-o-Y Change

Q1 2021

25th



Q1 2021

44th


THREE BEDROOM




Last 5 Years N/A N/A ** 1,478

2021 5th/29 43.43% 476

2022 4th/15 34.86% 548


inventory


Last 5 Years 21st/45 23.27% 1,478

2021 20th/33 6.47% 476

2022 8th/18 7.00% 548





PLANNED PROPERTIES

5Properties

1,024Units


Integra Station at Space Coast Town Centre Phase II

Interstate 95 & Space Coast Pkwy, West Melbourne, FL 32904

800 JMG Realty 09/2019

Parasol Melbourne 4881 Dairy Road, Melbourne, FL 32904 159 AD1 Global 10/2020

2Properties

959Units



Completion Date

Rent-Up Start

Integra Station at Space Coast Town Centre

Interstate 95 & Space Coast Pkwy, West Melbourne, FL 32904

300 Integra Land Company 12/2020 03/2022

West Shore 2329 Commerce Park Drive NE, Palm Bay, FL 32905

248 Northshore Development 02/2021 03/2022

Isla 1205 Jaslo Street SE, Palm Bay, FL 32909

197 Alliance Companies 11/2019 06/2021 12/2020

Highline 635 East New Haven Avenue, Melbourne, FL 32901

171 08/2018 05/2021 06/2020







per Unit



Sold per Year


MOST RECENT SALES


Southlake Towers5501 Pinewood DrivePalm Bay, FL 32905

85 1986 C C+ ReBuild America Mansermar Management Group

09/2020 $11.27 $269.18 $133K

Braxton, The1000 Palm Place Drive NEPalm Bay, FL 32905

320 1987 B C+ Electra America Abacus Capital Group

08/2020 $48.50 $173.92 $152K 2030 $33.85

Luminary at Ninety - Five, The110 Sagecrest CircleWest Melbourne, FL 32904

300 2019 A- B Waypoint Residential

Promise in Brevard 02/2020 $67.00 $228.54 $223K 2030 $43.88

Compass3595 Misty Oak DriveMelbourne, FL 32901

210 1986 B C+ Electra America Starwood Capital Group

12/2019 $28.50 $167.84 $136K 2030 $20.54

Princeton Parc4714 Crosswind CourtMelbourne, FL 32904

200 2002 B- B- Enzo Multifamily Panther Properties 12/2019 $35.00 $134.97 $175K 2030 $24.25

Bridgewater Pointe151 Eber BlvdMelbourne, FL 32901

100 1987 C+ C+ Greenberg Apartment Communities

Trinity Property Group

10/2019 $14.80 $128.70 $148K $8.50

Shull Manor713 East University BlvdMelbourne, FL 32901

65 1968 C+ C+ Artemis Lifestyles American Housing Enterprises

06/2019 $4.00 $68.38 $62K $4.10

Arch Creek Run173 Rachel StreetMelbourne, FL 32901

96 1982 C C+ Millennia Housing Companies


11/2018 $7.45 $119.98 $78K 2019 $7.25

Princeton Parc4714 Crosswind CourtMelbourne, FL 32904

200 2002 B- B- Panther Properties Garden Communities

05/2018 $26.50 $102.19 $132K 2021 $21.01





RED BUG LAKE


Red Bug Lake submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

9 Properties

2,508 Units






1




94.6%Occupancy Rate

March 2021

26th




1.9%Y-o-Y Change


March 2021

13th




10th

Red Bug Lake | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,461 643 7.5% 2.6% -2.7% -5.9% -1.2% -1.9% -2.7% 0.3%

Two Bedrooms 1,473 887 2.0% 1.3% 0.3% -1.0% 1.7% 1.6% 0.5% 2.0%

Three Bedrooms 360 1,131 1.2% -0.3% 1.0% 1.2% -0.2% -2.6% -2.3% 5.2%

Other 110 763 12.8% 13.2% 7.8% -6.7% -6.7% -12.0% -13.6% -0.4%

Overall 3,404 856 4.4% 1.9% -0.7% -2.9% 0.0% -0.8% -1.6% 1.7%


0.3%Y-o-Y Change

Q1 2021

22nd



Q1 2021

36th



2%Y-o-Y Change

Q1 2021

15th



Q1 2021

34th


TWO BEDROOM

ONE BEDROOM


5.2%Y-o-Y Change

Q1 2021

8th



Q1 2021

24th


THREE BEDROOM




Last 5 Years 30th/40 21.38% 384

2021 14th/29 21.38% 384

2022 N/A N/A N/A



Last 5 Years 35th/45 13.36% 384

2021 14th/33 13.36% 384

2022 N/A N/A N/A





PLANNED PROPERTIES

1Property

384Units


Oviedo Mall Redevelopment 1700 Oviedo Mall Blvd, Oviedo, FL 32765 425 Klein Company, The 08/2016

1Property

425Units

PROSPECTIVE PROPERTIES Yardi® Matrix has no recorded prospective properties in this Submarket


Completion Date

Rent-Up Start

Jefferson Lake Howell 1124 Shoreview Circle, Casselberry, FL 32707

384 Jefferson Apartment Group 07/2019 06/2021 10/2020






per Unit



Sold per Year


MOST RECENT SALES


Newport Colony1166 Pointe Newport TerraceCasselberry, FL 32707

476 1990 B+ B Residential Management

LivCor 03/2021 $87.50 $206.46 $184K 2031 $56.10

Onyx Winter Park100 Reflections CircleCasselberry, FL 32707

336 1983 B+ B Electra America RADCO Companies 10/2020 $51.50 $193.42 $153K 2030 $36.05

1020 at Winter Springs1020 Chatham Pines CircleWinter Springs, FL 32708

208 1990 B+ B GMF Capital Covenant Capital Group

06/2019 $32.50 $204.76 $156K 2029 $26.13

Madison Riverwalk990 English Town LaneWinter Springs, FL 32708

280 1999 B B Investcorp Equus Capital Partners

05/2019 $48.00 $153.14 $171K 2029 $33.31

Tuskawilla at Winter Springs4545 Willa Creek DriveWinter Springs, FL 32708

368 1986 B+ B TruAmerica Multifamily

Cosculluela, Michael

03/2018 $49.70 $137.35 $135K 2026 $35.63

Onyx Winter Park100 Reflections CircleCasselberry, FL 32707

336 1983 B+ B RADCO Companies GoldOller Real Estate Investments

10/2017 $36.40 $136.71 $108K

Serena Winter Park2890 Red Lion SquareWinter Park, FL 32792

120 1974 C+ B McKinley Properties H & H Realty 11/2016 $9.00 $92.29 $75K $8.05

1020 at Winter Springs1020 Chatham Pines CircleWinter Springs, FL 32708

208 1990 B+ B Covenant Capital Group

ECI Group 05/2016 $23.33 $146.96 $112K 2023 $18.18





SANFORD


Sanford submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

34 Properties

7,706 Units






1




95.2%Occupancy Rate

March 2021

17th




4.5%Y-o-Y Change


March 2021

4th




33rd

Sanford | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,919 730 4.4% 2.3% 0.8% -1.6% -0.5% 1.6% 3.6% 5.2%

Two Bedrooms 3,896 1,019 5.8% 4.6% 2.8% -0.8% -1.8% -1.7% 0.4% 2.2%

Three Bedrooms 1,349 1,256 2.9% 3.6% 2.0% 0.5% -0.9% 1.8% 4.4% 6.7%

Other 218 1,333 12.1% 7.4% 4.6% 1.2% 0.0% 1.9% 2.9% 5.9%

Overall 8,382 1,084 4.9% 3.6% 2.0% -0.8% -1.1% 0.2% 2.1% 3.9%


5.2%Y-o-Y Change

Q1 2021

1st



Q1 2021

37th



2.2%Y-o-Y Change

Q1 2021

14th



Q1 2021

40th


TWO BEDROOM

ONE BEDROOM


6.7%Y-o-Y Change

Q1 2021

5th



Q1 2021

38th


THREE BEDROOM




Last 5 Years 34th/40 17.59% 456

2021 N/A N/A N/A

2022 N/A N/A N/A



Last 5 Years 41st/45 7.17% 524

2021 33rd/33 0.88% 68

2022 N/A N/A N/A





PLANNED PROPERTIES

1Property

68Units



Sanford Sunrail Station 2901 West 1st Street, Sanford, FL 32771 316 DeBartolo Development 10/2019

Vintage North H E Thomas Jr Pkwy & Rinehart Road, Sanford, FL 32771

310 TDK Construction 11/2020

View @ Lake Monroe, The 2485 US Highway 17, Sanford, FL 32771 300 Ioppolo Law Group 01/2019

Heritage Park West Seminole Blvd & Walnut Crest Run, Sanford, FL 32771

235 Torre Companies 07/2020


5Properties

1,281Units



Completion Date

Rent-Up Start

Burlington Cove 2580 Ridgewood Avenue, Sanford, FL 32751

68 Wendover Housing Partners

08/2020 03/2021 01/2021






per Unit



Sold per Year


MOST RECENT SALES


Vue on Lake Monroe800 Marbella LaneSanford, FL 32771

280 2020 A- B+ Robbins Property Associates

AG Spanos Companies

02/2021 $55.30 $259.22 $198K 2031 $34.02

Overlook at Monroe, The100 Willner CircleSanford, FL 32771

184 1994 B C+ Equity Management Partners

Harmony Housing 12/2020 $13.65 $80.07 $74K $11.14

Stratford Point1700 Old England LoopSanford, FL 32771

384 2001 B+ B- Lincoln Avenue Capital

Picerne Real Estate Group

08/2020 $38.01 $88.87 $99K $34.45

Hatteras Sound13000 Island Bay CircleSanford, FL 32771

184 2001 A- B Starwood Capital Group

Lakeside Capital Advisors

07/2020 $33.29 $181.53 $181K 2030 $24.86

Vista Haven4100 Geranium LaneSanford, FL 32771

336 2001 B+ B- Starwood Capital Group


02/2020 $58.08 $156.19 $173K 2030 $40.99

Village Lakes500 West Airport BlvdSanford, FL 32773

228 1987 B- C Greider, David K. Atlantic Housing Foundation

02/2020 $25.99 $143.08 $114K $21.09

Solara5000 Solara CircleSanford, FL 32771

272 2014 A B Robbins Property Associates

B & M Management 11/2018 $45.70 $194.21 $168K 2023 $34.00

Lofts at Eden1840 Rinehart RoadSanford, FL 32771

176 2017 A- B- NM Residential Inland Real Estate Group

06/2018 $27.80 $200.93 $158K $24.60

Kings Mariner's Village3202 South Orlando DriveSanford, FL 32773

88 1974 C+ C+ Rodriguez, David L. Ramon, Elvis 04/2018 $4.50 $65.03 $51K $3.30





STONEYBROOK


Stoneybrook submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

29 Properties

8,841 Units






1




93.7%Occupancy Rate

March 2021

38th




2.9%Y-o-Y Change


March 2021

9th




30th

Stoneybrook | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 2,821 815 3.2% 2.6% 0.0% -1.2% -3.9% -3.6% -1.3% 2.1%

Two Bedrooms 4,596 1,125 2.8% 2.3% 0.8% -1.3% -5.0% -4.0% -1.3% 2.4%

Three Bedrooms 1,856 1,309 3.9% 2.3% -0.5% -2.0% -4.7% -4.5% -0.8% 0.7%

Other 180 1,289 3.8% 0.4% -1.7% -3.1% -4.1% -2.3% -0.7% 2.4%

Overall 9,453 1,134 3.1% 2.4% 0.3% -1.4% -4.6% -3.9% -1.2% 2.0%


2.1%Y-o-Y Change

Q1 2021

8th



Q1 2021

14th



2.4%Y-o-Y Change

Q1 2021

12th



Q1 2021

15th


TWO BEDROOM

ONE BEDROOM


0.7%Y-o-Y Change

Q1 2021

28th



Q1 2021

26th


THREE BEDROOM




Last 5 Years 32nd/40 18.32% 1,027

2021 29th/29 2.73% 176

2022 N/A N/A N/A



Last 5 Years 37th/45 12.42% 1,027

2021 30th/33 1.93% 176

2022 N/A N/A N/A





PLANNED PROPERTIES

1Property

176Units


Greeneway Park East Colonial Drive & North Econlockhatchee Trail, Florida, FL 32825

192 Tavistock Development 10/2020

1Property

192Units



Completion Date

Rent-Up Start

Vale East 113 South Econlockhatchee Trail, Orlando, FL 32825

176 NM Residential 09/2019 05/2021 10/2020





22nd Rank out of 53 Submarkets $164K Sale Price

per Unit



Sold per Year


MOST RECENT SALES


Highpoint Club11100 Point Sylvan CircleOrlando, FL 32825

348 1995 B B- Goldrich & Kest TruAmerica Multifamily

10/2020 $69.00 $244.51 $198K 2030 $45.05

River Reach1628 River Reach DriveOrlando, FL 32828

300 1996 B B Starwood Capital Group


02/2020 $44.58 $134.40 $149K 2030 $33.53

Monaco at Waterford Lakes12101 Fountainbrook BlvdOrlando, FL 32825

400 2000 A- B Beverly Wilshire Investment Company

Lantower Residential

09/2019 $77.00 $202.85 $192K 2031 $50.17

Knightsbridge at Stoneybrook2802 Cheval StreetOrlando, FL 32828

396 2000 B+ B+ LivCor Carroll Organization 05/2018 $60.88 $149.40 $154K 2033

Avalon Reserve14451 Avalon ReserveOrlando, FL 32828

300 2004 B+ A- Starwood Capital Group

AGPM 02/2018 $33.48 $106.35 $112K 2028 $23.41

Waterford Pointe12900 Waterford Wood CircleOrlando, FL 32828

240 2000 B+ B Starwood Capital Group

AGPM 02/2018 $28.04 $108.73 $117K 2028 $20.13

Eastmar Commons10038 Vista Laguna DriveOrlando, FL 32825

312 2017 A- B- Millburn & Company

Wood Partners 10/2017 $56.45 $198.94 $181K 2027 $42.43

Canterbury Cove10200 Falcon Pines BlvdOrlando, FL 32829

300 2006 A B+ TruAmerica Multifamily

Carroll Organization 10/2017 $47.70 $155.03 $159K 2024 $33.03

Highpoint Club11100 Point Sylvan CircleOrlando, FL 32825

348 1995 B B- TruAmerica Multifamily

Electra America 06/2017 $48.50 $171.86 $139K 2024 $33.68





TITUSVILLE


Titusville submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

20 Properties

2,726 Units






1




95.9%Occupancy Rate

March 2021

11th




4.3%Y-o-Y Change


March 2021

5th




20th

Titusville | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 964 447 4.1% 5.0% 6.8% 4.8% 2.0% 2.8% 2.2% 2.1%

Two Bedrooms 1,713 589 4.5% 6.5% 7.2% 5.6% 4.9% 4.2% 4.1% 5.4%

Three Bedrooms 494 1,075 4.5% 6.2% 7.2% 4.9% 4.2% 3.2% 2.3% 2.5%

Other 99 136 4.9% 4.5% 6.0% -2.1% -5.3% -3.8% -4.7% 0.0%

Overall 3,270 562 4.2% 5.8% 6.9% 5.1% 3.7% 3.5% 3.1% 4.0%


2.1%Y-o-Y Change

Q1 2021

7th



Q1 2021

50th



5.4%Y-o-Y Change

Q1 2021

4th



Q1 2021

50th


TWO BEDROOM

ONE BEDROOM


2.5%Y-o-Y Change

Q1 2021

20th



Q1 2021

46th


THREE BEDROOM





2021 9th/29 37.65% 186

2022 N/A N/A N/A


inventory


Last 5 Years 30th/45 17.26% 488

2021 21st/33 5.94% 186

2022 N/A N/A N/A





PLANNED PROPERTIES

1Property

186Units


Horizon at Sand Point 300 North Washington Avenue, Titusville, FL 32796

384 KD Construction 09/2020

1Property

384Units



Completion Date

Rent-Up Start

Dream Space Coast 2825 South Washington Avenue, Titusville, FL 32780

186 DLP Real Estate Capital 03/2018 05/2021 03/2019






per Unit



Sold per Year


MOST RECENT SALES


Village at Valencia, The915 South Park AvenueTitusville, FL 32780

96 1967 C+ C+ Michaelson Group DLP Real Estate Capital

04/2021 $8.06 $119.61 $84K 2033 $6.30

Legacy Cove1111 Kennedy CourtTitusville, FL 32780

64 1965 C- C+ D'Alessandro, Joseph

Fernandez Jr., Nelson J.

11/2020 $4.30 $104.98 $67K 2027 $3.12

Garden Park1600 Garden StreetTitusville, FL 32796

86 1965 C+ C+ Scotto Properties Coomer, Brian W. 07/2020 $6.25 $125.81 $73K $5.62

Park Villas1023 Park AvenueTitusville, FL 32780

160 2002 B C+ Starwood Capital Group

Alden Torch Financial

08/2019 $11.49 $67.25 $72K

Heritage1850 South Park AvenueTitusville, FL 32780

56 1968 C C+ Georges, Philip Siesta Coast Capital 12/2018 $3.73 $80.60 $67K 2029 $2.28

Forest Park South521 Rock Pit RoadTitusville, FL 32796

68 1981 C- C+ Millennia Housing Companies

Security Properties 06/2018 $2.15 $33.56 $32K $2.20

Emerald Place1040 Tree LaneTitusville, FL 32780

136 1982 C+ C+ Southport Financial Services

Royal American Companies

04/2018 $4.20 $35.59 $31K 2019 $3.70

Mayfair Villas2280 Mayfair WayTitusville, FL 32796

120 1966 C+ C+ Wells, Jeffery W. Cross Florida Group 10/2017 $3.35 $37.22 $28K $3.00

Heritage1850 South Park AvenueTitusville, FL 32780

56 1968 C C+ Siesta Coast Capital Lalani, Karim 07/2017 $2.75 $59.51 $49K





UNIVERSITY PARK


University Park submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

26 Properties

7,610 Units






1




95.1%Occupancy Rate

March 2021

19th




-0.1%Y-o-Y Change


March 2021

35th




31st

University Park | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 1,885 705 5.3% 5.8% 5.8% 3.7% 2.1% 1.7% 0.7% 2.1%

Two Bedrooms 2,496 934 4.1% 3.3% 2.6% -0.4% -0.4% -0.2% 0.5% 2.4%

Three Bedrooms 865 1,155 4.9% 4.7% 4.2% 5.0% 1.4% 0.3% 1.8% 3.0%

Other 3,497 1,224 2.4% -1.5% -0.9% -0.5% 1.9% 2.8% 0.9% -0.7%

Overall 8,743 1,004 5.0% 4.7% 4.3% 2.7% 1.6% -0.5% -1.7% -0.3%


2.1%Y-o-Y Change

Q1 2021

9th



Q1 2021

24th



2.4%Y-o-Y Change

Q1 2021

11th



Q1 2021

19th


TWO BEDROOM

ONE BEDROOM


3%Y-o-Y Change

Q1 2021

15th



Q1 2021

4th


THREE BEDROOM




Last 5 Years 33rd/40 18.07% 663

2021 28th/29 3.29% 138

2022 14th/15 5.26% 228



Last 5 Years 40th/45 8.86% 663

2021 31st/33 1.72% 138

2022 15th/18 2.80% 228





PLANNED PROPERTIES

2Properties

366Units


Paseo at Collegiate Village, The 4000 Central Florida Blvd, Orlando, FL 32816 350 Demetree Real Estate 07/2020

3210 Rouse Rd 3210 Rouse Road, Orlando, FL 32817 130 Fountain Residential 04/2019

2Properties

480Units



Completion Date

Rent-Up Start

Makara 3751 Staniel Cay Loop, Orlando, FL 32817

228 RangeWater Real Estate 10/2020 12/2021

Retreat East, The 12151 East Colonial Drive, Orlando, FL 32826

138 Landmark Properties 07/2020 10/2021 11/2020






per Unit



Sold per Year


MOST RECENT SALES


Mercury 31003100 Alafaya Club DriveOrlando, FL 32817

228 1999 A- C+ LivCor Investcorp 02/2021 $63.38 $193.74 $278K

CODA13645 East Colonial DriveOrlando, FL 32826

296 2019 A B- RK Properties Catalyst Development Partners

10/2020 $66.00 $248.58 $223K 2030 $35.13

Glenn, The10801 Heather Ridge CircleOrlando, FL 32817

396 1987 B- B Horizon Realty Advisors

Insula Properties 01/2019 $64.75 $188.94 $164K 2026 $40.66

Knightshade11037 Retreat AvenueOrlando, FL 32817

221 2014 A- B- Preferred Apartment Communities

Inland Real Estate Group

06/2018 $81.72 $187.40 $370K

Arden Villas3303 Arden Villas BlvdOrlando, FL 32817

336 1998 B B Nuveen Real Estate RangeWater Real Estate

05/2018 $55.50 $143.63 $165K 2024 $40.50

Quad, The3961 Gathering DriveOrlando, FL 32807

96 1999 B+ B Horizon Realty Advisors

Chance Partners 03/2018 $23.25 $161.46 $242K 2026 $15.68

Orion on Orpington12700 Orpington StreetOrlando, FL 32826

156 2007 B+ B- Nuveen Real Estate Investcorp 09/2017 $41.81 $206.78 $268K

Mercury 31003100 Alafaya Club DriveOrlando, FL 32817

228 1999 A- C+ Investcorp Starwood Capital Group

07/2017 $42.72 $130.59 $187K $41.55

EOS12221 East Colonial DriveOrlando, FL 32826

296 2016 A B Raia Properties Catalyst Development Partners

12/2016 $52.00 $198.61 $176K $33.80





WINTER GARDEN


Winter Garden submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

10 Properties

1,513 Units






1




93.4%Occupancy Rate

March 2021

42nd




4.0%Y-o-Y Change


March 2021

7th




6th

Winter Garden | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 393 735 12.6% 10.3% 4.5% 0.0% -5.9% -5.1% -1.1% 1.1%

Two Bedrooms 892 1,063 1.7% -0.1% 1.1% 4.1% 3.7% 3.2% 1.6% 2.0%

Three Bedrooms 238 1,286 -3.8% -0.8% 4.2% 0.3% 0.0% 1.8% 0.6% -0.1%

Other 50 957 0.3% -4.2% 6.1% 16.1% 9.3% 6.2% -4.0% 2.3%

Overall 1,573 1,010 3.2% 2.0% 2.4% 2.5% 0.5% 0.8% 0.6% 1.5%


1.1%Y-o-Y Change

Q1 2021

14th



Q1 2021

20th



2%Y-o-Y Change

Q1 2021

16th



Q1 2021

23rd


TWO BEDROOM

ONE BEDROOM


-0.1%Y-o-Y Change

Q1 2021

37th



Q1 2021

29th


THREE BEDROOM




Last 5 Years 7th/40 83.61% 398

2021 3rd/29 83.61% 398

2022 3rd/15 39.13% 342



Last 5 Years 19th/45 26.31% 398

2021 5th/33 26.31% 398

2022 3rd/18 17.90% 342





PLANNED PROPERTIES

3Properties

740Units


Orange Lake Country Club 273 Avalon Road, Winter Garden, FL 34787 472 Orange Lake Country Club 08/2020

Johns Lake Point West Colonial Drive & Orange Avenue, Oakland, FL 34787

242 LIV Development 05/2019

2Properties

714Units



Completion Date

Rent-Up Start

Avenue on Oakland, The 17210 Oakland Avenue, Oakland, FL 34760

342 Unicorp National Developments

10/2020 12/2021

Alta Winter Garden 1211 East Plant Street, Winter Garden, FL 34787

250 Wood Partners 06/2020 11/2021

Arya Independent Living 868 Roberson Road, Ocoee, FL 34761

148 NM Residential 05/2020 11/2021






per Unit



Sold per Year


MOST RECENT SALES


Slate Luxury584 West Bay StreetWinter Garden, FL 34787

108 1979 C+ C+ Curtis, Dean Mannausa & Company

05/2018 $7.15 $89.52 $66K

Park Avenue Villas48 South Park AvenueWinter Garden, FL 34787

120 1974 C+ C+ Starwood Capital Group

AGPM 03/2018 $8.70 $107.43 $73K

West Pointe Villas1201 West Pointe Villas BlvdWinter Garden, FL 34787

288 2000 B C Starwood Capital Group

AGPM 02/2018 $31.07 $96.26 $108K 2028 $22.08

Casa Mirella101 Casa Mirella WayWindermere, FL 34786

276 2015 A A- Milestone Group, The

Raia Properties 11/2016 $56.00 $146.23 $203K $33.00

Casa Mirella101 Casa Mirella WayWindermere, FL 34786

276 2015 A A- Raia Properties Unicorp National Developments

08/2015 $50.00 $130.56 $181K

Winter Garden Village521 South Park AvenueWinter Garden, FL 34787

64 1972 C+ C+ Gargasz Property Management

Zions First National Bank - REO

07/2010 $1.30 $22.44 $20K 2043 $1.43

Winter Garden Village521 South Park AvenueWinter Garden, FL 34787

64 1972 C+ C+ Guzman, Francisco & Maria

Conlon, Mike 06/2006 $4.40 $75.97 $69K

Inland Seas1301 Inland Seas BlvdWinter Garden, FL 34787

112 1973 C+ C+ Southern Management & Development

Kayden, Jerold 01/2005 $2.78 $33.35 $25K 2025 $2.60





WINTER PARK - EAST


Winter Park - East submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

38 Properties

9,273 Units






1




94.9%Occupancy Rate

March 2021

21st




0.2%Y-o-Y Change


March 2021

31st




N/A

Winter Park - East | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 4,097 691 7.9% 4.7% 4.8% 3.2% -0.9% -2.2% -3.6% -0.7%

Two Bedrooms 4,769 995 5.2% 4.0% 3.5% 2.4% -1.2% -3.3% -3.8% -1.9%

Three Bedrooms 933 1,193 0.7% 2.9% 5.3% 1.6% -1.1% -0.4% -0.3% 1.7%

Other 186 550 3.5% 1.6% 1.6% 4.8% 4.5% 0.9% -4.5% -2.4%

Overall 9,985 857 5.7% 4.1% 4.2% 2.7% -1.0% -2.5% -3.4% -1.1%


-0.7%Y-o-Y Change

Q1 2021

31st



Q1 2021

32nd



-1.9%Y-o-Y Change

Q1 2021

39th



Q1 2021

39th


TWO BEDROOM

ONE BEDROOM


1.7%Y-o-Y Change

Q1 2021

24th



Q1 2021

41st


THREE BEDROOM




Last 5 Years 35th/40 16.63% 332

2021 N/A N/A N/A

2022 12th/15 7.65% 178



Last 5 Years 42nd/45 4.41% 402

2021 N/A N/A N/A

2022 16th/18 1.87% 178





PLANNED PROPERTIES

1Property

178Units


Tuscany at Aloma Aloma Avenue & Forsyth Road, Winter Park, FL 32792

96 Gardner Development 10/2017

1Property

96Units


PROSPECTIVE PROPERTIES 1 Property 89 Fully Affordable Units89 Units


Completion Date

Rent-Up Start

Calirosa Winter Park 3045 Aloma Avenue, Winter Park, FL 32792

178 Epoch Residential 12/2020 12/2021





31 st Rank out of 53 Submarkets $146K Sale Price

per Unit



Sold per Year


MOST RECENT SALES


Lakeside Villas7950 Shoals DriveOrlando, FL 32817

346 1973 B C+ LivCor JRK Property Holdings

12/2020 $63.00 $220.34 $182K

Branchwood7785 North Branchwood LaneWinter Park, FL 32792

117 1982 C C+ Harbor Group International

Varia US Properties 12/2020 $11.35 $175.86 $97K 2031 $8.18

Tealwood Parke4704 Lucier CourtWinter Park, FL 32792

108 1986 B C+ R.O.I. Capital Group McCarthy II, Drury F. 11/2020 $16.74 $166.11 $155K $13.39

Alvista Winter Park3935 Sutton Place BlvdWinter Park, FL 32792

288 1986 B B- Phoenix Realty Group

RADCO Companies 11/2020 $54.25 $212.09 $188K $38.00

Signal Pointe Apartment Homes2500 Howell Branch RoadWinter Park, FL 32792

368 1970 B C+ Harbor Group International

Aragon Holdings 01/2020 $69.89 $206.92 $190K

LIV at Winter Park4755 North Goldenrod RoadWinter Park, FL 32792

278 1973 B C+ Ashcroft Capital Curtis, Dean 10/2019 $49.00 $217.44 $176K 2029 $36.75

Poste Winter Park800 Semoran Park DriveWinter Park, FL 32792

120 1972 B- C+ Curtis, Dean Abriola, Gary 10/2019 $15.60 $152.05 $130K

Sapphire Winter Park1743 Semoran North CircleWinter Park, FL 32792

348 1969 B- C+ McKinley Properties ResProp Management

12/2018 $45.50 $119.30 $131K $58.00

San Jose2353 Winter Woods BlvdWinter Park, FL 32792

121 1972 C+ C+ Lincoln Avenue Capital

Royal American Companies

12/2018 $6.06 $46.95 $50K $5.60





WOODRUFF SPRINGS


Woodruff Springs submarket metrics and benchmarks: rent, inventory, new supply and sales.

TABLE OF CONTENTS

Overview





1

2

3

5

4

6 Properties

1,467 Units


A Average Improvements Rating




1




95.3%Occupancy Rate

March 2021

15th




2.5%Y-o-Y Change


March 2021

11th




3rd

Woodruff Springs | Orlando Multifamily | 2



# Units SqFt/Unit

2019 2020 2021


One Bedroom 775 689 -0.4% -1.2% -1.0% -0.2% -3.5% -5.6% -4.7% -0.5%

Two Bedrooms 775 1,047 1.1% 3.8% 4.4% 0.9% -1.3% -4.6% -5.1% 1.5%

Three Bedrooms 165 1,149 4.8% 9.7% 11.4% 3.0% -5.3% -9.2% -7.1% 3.3%

Other 12 458 -8.7% -9.2% -4.9% 7.0% -4.4% 2.9% -5.1% -4.4%

Overall 1,727 836 1.0% 2.6% 3.2% 0.8% -2.6% -5.5% -5.2% 0.9%


-0.5%Y-o-Y Change

Q1 2021

28th



Q1 2021

11th



1.5%Y-o-Y Change

Q1 2021

19th



Q1 2021

12th


TWO BEDROOM

ONE BEDROOM


3.3%Y-o-Y Change

Q1 2021

12th



Q1 2021

17th


THREE BEDROOM




Last 5 Years 11th/40 76.30% 898

2021 7th/29 41.45% 608

2022 N/A N/A N/A



Last 5 Years 4th/45 76.30% 898

2021 3rd/33 41.45% 608

2022 N/A N/A N/A





PLANNED PROPERTIES

2Properties

608Units


Completion Date

Rent-Up Start

Integra Crossings 801 Bella Verde Terrace, Sanford, FL 32771

348 Integra Land Company 01/2020 08/2021 12/2020

Broadstone Viridian 5038 Broadstone Reserve Circle, Sanford, FL 32771

260 Alliance Residential Company

01/2020 08/2021







per Unit



Sold per Year


MOST RECENT SALES


Lofts @ Savannah Park, The5724 Byron Anthony PlaceSanford, FL 32771

138 2015 A B+ LivCor Carter-Haston Real Estate Services

03/2021 $25.36 $226.23 $184K

Lofts @ Savannah Park, The5724 Byron Anthony PlaceSanford, FL 32771

138 2015 A B+ Carter-Haston Real Estate Services

Inland Real Estate Group

10/2016 $21.20 $189.12 $154K 2023 $14.00

Bell Lake Forest101 Integra Village TrailSanford, FL 32771

209 2015 A- A- Bell Partners Integra Land Company

10/2015 $33.50 $163.96 $160K 2023 $22.70

Ballantrae1950 Pebble Ridge LaneSanford, FL 32771

294 2002 A- B+ Northland Investment Corporation

Beachwold Residential

01/2008 $33.14 $90.33 $113K


orlando - webflow€¦ · orlando - florida center 26.7% 344 celebration 25.2% 1,449 apopka 21.9%...

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