ATLANTA MARKET OVERVIEW AND TRENDS ANALYSIS

SEPTEMBER 2017

DEVELOPMENT PIPELINE - MAJOR BUSINESS DISTRICTS

85

85

85

85

85985

285

285

285

285

285

285

75

27575

20

20

20

20

41

19

120

278

78

92

23

236

13

155

8

70

6 23

29

278 138

155

81

81

20 78

11

11

41

78

29

29

211

410

154

400

ATLANTA

MARIETTA

POWDERSPRINGS

MABLETON

DOUGLASVILLE

CAMBELLTON

PALMETTO

UNION CITY

JONESBORO

MORROW

STOCKBRIDGE

COVINGTON

JERSEY

SOCIALCIRCLE

NEWBORN

LOGANVILLE

SNELLVILLE

STONEMOUNTAIN

LITHONIA

GRAYSON

FAIRBURN

ACWORTH

BROOKHAVEN

SANDY SPRINGS

ALPHARETTA

ROSWELLJOHNS CREEK

MONROE

BETHLEHEM

RUSSELL

WINDER

AUBURN

HOSCHTON

LAWRENCEVILLE

WESTMIDTOWN

SMYRNA

BUCKHEAD

EMORY/CDC

OLD FOURTHWARD INMAN

PARK

GRANTPARK

GLENWOODPARK

ATLANTA

MARIETTA

POWDERSPRINGS

MABLETON

DOUGLASVILLE

CAMBELLTON

PALMETTO

UNION CITY

JONESBORO

MORROW

STOCKBRIDGE

COVINGTON

JERSEY

SOCIALCIRCLE

NEWBORN

LOGANVILLE

SNELLVILLE

STONEMOUNTAIN

LITHONIA

GRAYSON

FAIRBURN

ACWORTH

BROOKHAVEN

SANDY SPRINGS

ALPHARETTA

ROSWELLJOHNS CREEK

MONROE

BETHLEHEM

RUSSELL

WINDER

AUBURN

HOSCHTON

LAWRENCEVILLE

WESTMIDTOWN

SMYRNA

BUCKHEAD

EMORY/CDC

OLD FOURTHWARD INMAN

PARK

GRANTPARK

GLENWOODPARK

CUMBERLAND

BUCKHEAD

PERIMETER

NORTHFULTON

GWINNETTCOUNTY

EMORY/DECATUR

DOWNTOWN

MIDTOWN

CUMBERLAND

BUCKHEAD

PERIMETER

NORTHFULTON

GWINNETTCOUNTY

EMORY/DECATUR

DOWNTOWN

MIDTOWN

(COBB COUNTY)

EAST SIDETower - 207 unitsWrap - 865 units

W. MIDTOWNWrap - 470 units

LINDBERGHWrap - 682 units

PERIMETERWrap - 2,481 units

BUCKHEADTower - 3,805 units

Midrise - 1,228 units

CUMBERLANDWrap - 1,386 unitsGarden - 266 units

N. FULTONWrap - 444 units

Garden - 1,020 units

MIDTOWNTower - 5,460 units

Midrise - 1,165 units

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DEVELOPMENT PIPELINE - MAJOR BUSINESS DISTRICTS

85

85

85

85

85985

285

285

285

285

285

285

75

27575

20

20

20

20

41

19

120

278

78

92

23

236

13

155

8

70

6 23

29

278 138

155

81

81

20 78

11

11

41

78

29

29

211

410

154

400

ATLANTA

MARIETTA

POWDERSPRINGS

MABLETON

DOUGLASVILLE

CAMBELLTON

PALMETTO

UNION CITY

JONESBORO

MORROW

STOCKBRIDGE

COVINGTON

JERSEY

SOCIALCIRCLE

NEWBORN

LOGANVILLE

SNELLVILLE

STONEMOUNTAIN

LITHONIA

GRAYSON

FAIRBURN

ACWORTH

BROOKHAVEN

SANDY SPRINGS

ALPHARETTA

ROSWELLJOHNS CREEK

MONROE

BETHLEHEM

RUSSELL

WINDER

AUBURN

HOSCHTON

LAWRENCEVILLE

WESTMIDTOWN

SMYRNA

BUCKHEAD

EMORY/CDC

OLD FOURTHWARD INMAN

PARK

GRANTPARK

GLENWOODPARK

ATLANTA

MARIETTA

POWDERSPRINGS

MABLETON

DOUGLASVILLE

CAMBELLTON

PALMETTO

UNION CITY

JONESBORO

MORROW

STOCKBRIDGE

COVINGTON

JERSEY

SOCIALCIRCLE

NEWBORN

LOGANVILLE

SNELLVILLE

STONEMOUNTAIN

LITHONIA

GRAYSON

FAIRBURN

ACWORTH

BROOKHAVEN

SANDY SPRINGS

ALPHARETTA

ROSWELLJOHNS CREEK

MONROE

BETHLEHEM

RUSSELL

WINDER

AUBURN

HOSCHTON

LAWRENCEVILLE

WESTMIDTOWN

SMYRNA

BUCKHEAD

EMORY/CDC

OLD FOURTHWARD INMAN

PARK

GRANTPARK

GLENWOODPARK

CUMBERLAND

BUCKHEAD

PERIMETER

NORTHFULTON

GWINNETTCOUNTY

EMORY/DECATUR

DOWNTOWN

MIDTOWN

CUMBERLAND

BUCKHEAD

PERIMETER

NORTHFULTON

GWINNETTCOUNTY

EMORY/DECATUR

DOWNTOWN

MIDTOWN

GWINNETTGarden - 2,272 units

OUTER BURBSGarden - 3,306 units

EMORY/DECATURWrap - 1,754 units

ATLANTA MARKET OVERVIEW AND TRENDS ANALYS IS 9

W. MIDTOWN / ATLANTIC STATION Atlantic Station can be viewed as the eastern node of West Midtown, or as the western-most piece of the greater Midtown business district. Either way, the 138-acre Atlantic Station commands its own, very unique sense of place, acting almost like a mini-city. Prior to its redevelopment in 2005, Atlantic Station was the largest brownfield site in the U.S., having previously been the home of the Atlantic Steel Mill (which closed in the 1970s). As both an entertainment district, as well as a mini-office hub, Atlantic Station has continued to gain traction since North American Properties and CBRE Global Investors acquired the campus in 2010. In early Q4 2015, the main retail portion of Atlantic Station was sold for $200M to an investment fund managed by Hines Interests. This sale did not include the existing office, hotel, or big box retailers (Target, Ikea, Publix and Dillard’s).

The overall campus contains several additional development sites that have remained available until recent months. In 2016, AMLI purchased the 2.3 acre parcel on the far north side of the greater campus, with plans for 360 additional multifamily units. Historically, this parcel has been home to several temporary uses, including Cirque du Soleil and the BB&T Atlanta Open tennis tournament. In May 2017, Hines and Invesco announced a partnership to fund T3 West Midtown and Atlantic Yards (captions 1 &2). Both projects, totaling 700,000 square feet, would fill existing holes in Atlantic Station’s current walkable layout:• T3 West Midtown is the smaller of the projects, and will rise on the north side

of 17th Street at State Street. This seven-story, wood-framed building would include nearly 200,000 square feet of office space.

• Atlantic Yards, meanwhile, is proposed for the most eastern edge of Atlantic Station. This larger development will sit between Market Street and The Connector, on the southern side of 17th Street. It would include two brick, glass, and steel buildings divided by a large park. A rooftop garden would occupy the 12th floor of the taller building, providing panoramic views of the Midtown skyline. Construction on both T3 and Atlantic Yards is expected within the next year.

• In April 2017, Amazon announced that it would be taking a floor within the existing 271 17th Street tower, with plans for a $2M build-out and 150 employees added to the area.

Just west of Atlantic Station, at the intersection of 17th Street and Northside Drive, Fuqua Development is planning a mixed-use development, which will be anchored by a large Kroger grocery store (caption 3). The 12.5-acre site would host a mix of retail and office space, adjacent to the existing IKEA. The Ardent Companies is Fuqua’s partner in the deal.

From Atlantic Station, local residents can then easily move into the other nodes of West Midtown:

• Westside Provisions (caption 4) and the adjacent shopping pockets along Howell Mill Road (south of I-75) comprise the central portion of West Midtown. Jamestown and Clarion Partners purchased the 261K SF Westside Provisions District in October 2016 for $130 million. Westside Provisions has been the primary catalyst for the evolution of the Howell Mill corridor from an aging industrial area to a draw for foodies and boutique shoppers. Westside Provisions features a pedestrian bridge unifying both sides of the development, and is known for popular restaurants, home furnishings stores, national retailers and local boutiques including Lululemon, J. Crew and Design Within Reach.

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• Just south of Westside Provisions, Paces Properties (the team behind Krog Street Market), is redeveloping two former industrial sites at 11th Street on either side of Howell Mill. The projects will be called Star Metals Residences and Star Metals Offices (caption 5). Renderings show the 12-story office stack with offset floors, providing tenants with large balconies (some featuring trees) and sweeping views of the city skyline. The large base level will be filled with retail. Topping off the development will be a large rooftop deck, potentially with a bar and restaurant, boasting potential views that could be among Atlanta’s most panoramic. The apartment building will contain more than 400 units in a nine-story tower. While earlier iterations had the building wrapped in what appeared to be stone, plans now call for corrugated metal to lend an industrial vibe (and likely lower construction costs).

• Moving further south, Howell Mill Road merges with West Marietta Street, and the two combine to become Marietta Street as traffic starts to blend toward Downtown. This southernmost portion of West Midtown boasts Ford Fry’s very-well-reviewed seafood outpost The Optimist (caption 6), as well as several other popular dining and nightlife spots, including 5 Seasons Brewery, Bocado, Le Fat, BarTaco, Octane Coffee and Public School 404.

• As locals generally concur that the southern section of West Midtown ends where Northside Drive merges into Marietta Street, area residents are also very familiar with the restaurants and retail options that are available driving back north (toward I-75) on Northside Drive. This pocket is most well known as a heavy Georgia Tech hang-out area, and for the ‘Little Italia’ cluster of restaurants (located off Hemphill Avenue, just west of Northside Drive). Driven by the astronomical success of his first restaurant - Antico Pizza, owner Giovanni Di Palma (caption 7) has created a mini empire with three additional offerings - Gio’s Chicken, Caffe Antico, and Bar Amalfi.

• The emerging corridor of the western section of West Midtown (Huff Road / Ellsworth Industrial Blvd. / Chattahoochee Avenue), has seen a pop of recent development, which has been mostly driven by the addition of Top Golf (caption 8) at the intersection of Ellsworth and Chattahoochee. This incredibly popular entertainment venue has revitalized this node of West Midtown, spurring the build-out of larger restaurant space for Bacchanalia (formerly located at Westside Provisions and a perennial winner of Atlanta’s best restaurants), and additional retail pockets. Ultimately, additional attractions and housing will push further west, in line with the planned redevelopment the 300 acres around Bellwood Quarry (caption 9); a popular film site for both movies and TV shows including The Walking DeaD and The hunger games). The land around the quarry is expected to be transformed into a ‘central park’ experience that would be even larger than Piedmont Park.

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ATLANTA MARKET OVERVIEW AND TRENDS ANALYS IS 21

MIDTOWN JOB GROWTH NEWSHistorically, Midtown has been home Atlanta’s large law, accounting, and media firms. Midtown’s quoted rental rates increased 1.2% during Q2 2017, and the submarket includes the highest office price per square foot ever in Atlanta, as Ponce City Market is charging office tenants as high as $55 PSF.

Midtown’s focal point is the expansive greenspace of Piedmont Park (caption 1), which underwent a major expansion in 2011. The park is surrounded by the Midtown business district to its west, Ansley Park to its northwest, the BeltLine, Morningside, and Virginia Highland to its east, and the Midtown Historic District to its south. The Atlanta Botanical Garden adjoins Piedmont Park. The BeltLine’s Eastside trail (which is currently the only, fully-built-out section of the greater BeltLine Trail), connects Piedmont Park (at the intersection of 10th and Monroe) to the Inman Park MARTA station at DeKalb Avenue.

Midtown is marked by its cultural attractions, noteworthy architecture, and urban layout. The district is the center of the city’s arts scene that includes the Ferst Center for the Arts, Fox Theatre, Woodruff Arts Center, the High Museum of Art, the Museum of Design Atlanta, the Atlanta Symphony Orchestra, the Center for Puppetry Arts, and the 14th Street Playhouse. Midtown is home to three well known institutions of higher education: Georgia Institute of Technology (caption 2), John Marshall Law School, and the Atlanta division of the Savannah College of Art and Design (SCAD).

The 1.8 million square feet of office construction activity currently underway in Midtown is the most for the submarket since 2001. 725 Ponce (caption 3) is the newest addition to the Midtown pipeline with 430,000 square feet of office space going up in a mixed-use development (which will include a deluxe Kroger grocery store), adjacent to the BeltLine and within a stone’s throw of Ponce City Market. As mentioned previously, Fortune 500 Technology Company NCR (caption 4) is also building its new headquarters on Spring Street, a two-phase structure that will total more than 745K square feet once completed. NCR’s move will bring a total of more than 5,000 employees to Midtown.

Additional, high-profile office and mixed-use under construction or in Midtown’s pipeline include:

Coda (caption 5). The second phase of Technology Square, will include a new 21-story office/high performance computer center, with 770,000 SF of office space, anchored by Georgia Tech; 80,000 SF of high performance computing space; 40,000 SF of street level retail; and 20,000 SF of outdoor living space. Portman Holdings is the master developer for Coda, and the project will be located at 756 West Peachtree, bordering both West Peachtree and Spring Street. Construction on Coda began in late 2016, with an anticipated delivery in January 2019.

Metropolitan Center (caption 6). a JV between Daniel Corp., MetLife and Selig has proposed the 570,000 SF Metropolitan Center on the 0.7-acre site that was formerly home to the five-story Arthritis Foundation building. MetLife and Selig have partnered on several large Midtown projects, including the 12th & Midtown mixed-use development. Daniel Corp. has also worked with both MetLife and Selig on the Loews Atlanta hotel, 1075 Peachtree tower, and 77 12th.

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The re-imagining of Midtown’s pioneering but aged Colony Square recently cleared a permitting hurdle that will allow its grand reopening in Summer 2018. North American Properties (NAP)—the developer who purchased Colony Square in 2015 and then announced radical plans to peel the roof off its retail nucleus—received City of Atlanta permits in late April 2017. The first phase of Colony Square reincarnated is expected to deliver in July 2018, to mark the 50th anniversary of the iconic property’s official ground-breaking.

NAP announced in mid September 2017 that it will be transforming 28,000 square feet of the space into a food hall called Main & Main. Slated to open in the fall of 2019, Main & Main will include 21,000 square feet of indoor space – what is currently the atrium at Colony Square – as well as 7,000 square feet of outdoor space. Serving as an anchor will be a central bar with an indoor/outdoor set-up. The company has tapped Steve Palmer, restaurateur and managing partner for Charleston-based hospitality and consulting group Indigo Road, to curate food operators for Main & Main. Palmer said that he would look to select unique concepts that are not currently found in other food halls and “not their tenth location.” He cited Indian street food, a salad/grain bowls, oyster bar, Southern, Italian, juice bar, dim sum and Mexican as among the food categories he anticipates having a presence at Main & Main. All of them would be fast-casual. Palmer’s own Indigo Road will operate the to-be-named bar at Main & Main as well as a Japanese concept called Sukoshi, which translates to “a little bit.” Indigo Road currently operates 15 restaurant concepts throughout the Southeast, including three in Atlanta (O-Ku Sushi, Oak Steakhouse, and Colletta), with another, Donetto, soon to serve up Tuscan cuisine on the Westside.

Operating space at the food hall is also being offered to local nonprofit City of Refuge for its culinary arts program 180 Degree Kitchen. Plans also include complementary concepts such as flower, chocolate and pastry pop-ups. The design of Main & Main will have a mid-century, modern feel that reflects Colony Square’s inception in the 1960s. “It harkens back to the ‘Mad Men’ era,” according to Mark Toro, NAP’s Managing Partner.

COLONY SQUARE’S REDEVELOPMENT - THE NEXUS OF MIDTOWN AT PEACHTREE & 14TH

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ATLANTA MARKET OVERVIEW AND TRENDS ANALYS IS 23

THE EAST SIDESince opening a few years ago, Ponce City Market and the EastSide Trail of the Atlanta BeltLine have been the darlings of Atlanta development, with PCM specifically heralded as an overnight tourist destination and a poster child for smart adaptive-reuse. Owner and developer Jamestown is hoping to continue the success of the initial phase of the old Sears, Roebuck & Co. distribution facility with the construction of new buildings on PCM’s BeltLine-adjacent campus.

• According to the Atlanta Business Chronicle, plans for Ponce City Market’s expansion call for building significant new structures along the southern edge of the site, including two towers fronting the BeltLine (captions 1 &2), just across from 725 Ponce and the Masquerade redevelopment. Meanwhile, a hotel is proposed on Glen Iris Drive, on the west side of the mega-block; the other two buildings—a residential tower and an office block—would be constructed on the southeastern corner of the site. Renderings show that the design team for the project includes S9 Architecture out of New York City. The firm worked on the original Ponce City Market conversion and is also overseeing the 725 Ponce project.

Neighborhood concerns regarding the expansion of PCM stem from the proposed height of the new buildings, as well as lack of transit access to the site, which neighbors feel will create more traffic on already busy roads. Jamestown has indicated its plan to improve transit access in the long run, and the developers have been in preliminary talks with MARTA.

• After an RFP process that was reviewed and/or participated in by the majority of the development community, the 760 Ralph McGill site (caption 3, currently owned by Georgia Power), was awarded to New City LLC and private equity partner LAMB Properties. This 10-acre site is the largest, remaining contiguous site in the Old Fourth Ward. The project gives New City a chance to be an even larger influence on the future of the Old Fourth Ward. New City is led by Jim Irwin, a former senior vice president with Jamestown, the real estate company behind Ponce City Market. Irwin also launched the nearby 725 Ponce (discussed in more depth previously on page 12), the redevelopment of the former BeltLine Kroger.

Atlanta City Councilman Kwanza Hall said it’s been understood for more than a decade that the Georgia Power site could become one of the most important pieces of land for the BeltLine and Old Fourth Ward. A master plan for the development is still being drafted, and re-zoning of 760 Ralph McGill could begin later this year.

• Construction continues on the extension of the BeltLine’s Eastside Trail (caption 4). The 14-foot-wide concrete multi-use trail will run in the old railroad corridor from Irwin Street/Lake Avenue until it crosses under Edgewood Avenue and continues south to DeKalb Ave. At DeKalb, the trail follows the road eastward on the north side to the intersection with Krog Street. Lighting and handrail improvements to the Krog Tunnel are part of this construction work. At Wylie Street, the trail will be 10 feet wide and will follow the north side of the street until it reaches the corridor again between Kenyon Street and Flat Shoals Avenue. The trail will then follow the corridor south to the intersection of Memorial Drive and Bill Kennedy Way.

• On the next page is a shot from the BeltLine Lantern Parade, taken from Old Fourth Ward Park in September 2017.

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ATLANTA MARKET OVERVIEW AND TRENDS ANALYS IS 25

MORAN & CO SOUTHEASTSEAN P. HENRY - MANAGING PARTNER- SOUTHEAST REGION

Sean is responsible for managing all marketing assignments and client relationships in the Southeastern Region. Sean and his team are based in Atlanta and will cover assignments from the Carolina’s to Florida. Sean has a strong record of accomplishment in the commercial real estate industry dating back to 1990. His background includes appraisal, acquisitions, disposi-tions and brokerage. As an acquisitions officer for both Lend Lease and General Investment and Development Company, Sean was responsible for sourcing, negotiating, managing due diligence and ultimately closing $1.5 Billion in multifamily acquisitions in 20 states.

Prior to joining Moran & Company, Sean was a multifamily broker for ARA for 10 years. During his tenure at ARA, Sean successfully closed $6 Billion in multifamily transactions with many of the top public and private pension plans, REITs, private capital and commingled discretionary funds. For the past 20 years, Sean has been focused exclusively on the multifamily transaction business. Sean graduated from Georgia Southern University in 1990 with a , B.B.A. in Finance. He has been an active participant in the Urban Land Institute (ULI) and the National Multi Housing Council (NMHC).

CURTIS W. WALKER - PARTNER - SOUTHEAST REGION

Curtis Walker is a Partner in the Southeast office and is responsible for brokerage activities in that region’s major MSA’s, including Atlanta, Charlotte, Raleigh, Nashville, Charleston, Bir-mingham, Mobile, Orlando, Tampa and Jacksonville.

Prior to joining the Moran team, Curtis was in charge of all acquisition activities for the Eastern Region of Wood Partners, where he directed the acquisition of approximately $750 million of multifamily investments. Prior to joining Wood Partners, he was the Senior Vice President of Trammell Crow Company, handling the development of multifamily in the Southeastern region. Over his 24 years of multifamily experience, Curtis has been involved with more than $4 billion in transactions including 40,000+ multifamily units. Curtis graduated from University of North Texas in 1980 with a B.B.A. He is an active participant in the National Multi Housing Council (NMHC) and Apartment Life.

JOEL K. SASSER– DIRECTOR – SOUTHEAST REGION

Joel joined Moran & Company as a Director in the Southeast office in June 2013, where he is assisting with the expansion of Moran’s brokerage operations in this important region of the country. Joel’s extensive real estate experience encompasses more than $3 billion in the devel-opment, construction and disposition of class ‘A’ multifamily projects throughout the Southeast and Texas. In his previous role with The Worthing Companies, Joel was responsible for the origi-nation of new developments, market and financial analysis, and other development-related activities including pre-construction, design specification, zoning, entitlement procurement and pre-construction marketing.

His specific areas of market expertise include Atlanta, Raleigh-Durham, Houston, Austin, Nash-ville and Charleston. Prior to his role as Development Director, Joel was the Regional Opera-tions Manager for Worthing, responsible for procuring new fee management assignments and overseeing due diligence and property takeovers. Joel is a 1999 graduate of the University of North Carolina at Chapel Hill, with a B.A. in Journalism and Mass Communication. Joel is a Certified Commercial Investment Member (CCIM).

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THOMAS F. MORAN - MANAGING PARTNER

Thomas F. Moran is Moran & Company’s Managing Partner. He assists in structuring all joint venture and pre-sale opportunities marketed by Moran & Company as well as in the client contact for all major assignments. Tom received a BS from Marquette University in 1959 and a law degree from Georgetown University in 1962. Between 1963 and 1969, he worked for Arthur Andersen in Chicago as a member of the tax staff. From 1967-1969, he served as a tax manager. In 1969, Tom left Arthur Andersen to work for Walston & Company as an investment banker. There he worked in the Corporate Finance area specializing in the analysis of oil and gas, cattle feeding, and real estate. In 1971, Tom left Walston & Company to form his own firm, Moran & Company.

Tom received his C.P.A. from the State of Illinois in 1967 and passed the Illinois Bar in 1962. He sits on the Executive Board of the National Multifamily Housing Council. He is a member of the Illinois Bar Association and the American Institute of Certified Public Accountants. He is a licensed broker in Illinois, California, Kansas, Minnesota, Tennessee, Texas, and Georgia.

MARY ANN KING - MANAGING PARTNER - WEST COAST REGION

Mary Ann King is President of Moran & Company and is based in Moran & Company’s West Coast office. Mary Ann received a BA in Urban Studies in 1975 from Middlebury College in Middlebury, Vermont. She received a Masters Degree in City and Regional Planning with a specialization in Housing Development from Harvard University in Cambridge, Massachusetts in 1977 and a Masters of Management (MBA) with a major in Finance from Northwestern University in Evanston, Illinois in 1981. From 1977-1983, she worked in the Real Estate Department of Continental Bank. She was made an officer in 1979, an AVP in 1981 and a VP in 1983. From 1982-1983, she had responsibility for managing a team of lenders involved in underwriting condominium conversion loans nationwide.

In 1983, Mary Ann joined Moran & Company in Chicago as its Vice President of Acquisitions and Finance. From 1983-1993, she was responsible for identifying and financing joint venture development opportunities for Moran & Company’s investor clientele. In 1994, in response to demand from Moran & Company’s institutional clientele, Ms. King, became licensed as a broker and sold the first property ever listed by Moran & Company’s newly formed brokerage division. Mary Ann was instrumental in managing the underwriting and developing the collateral materials that have given Moran & Company its unsurpassed reputation in the sale of institutional quality apartment properties nationwide. Mary Ann is the Vice Chairman of the National Multi Housing Council and a member of its Executive Committee. She is also the Vice Chair at large for the Urban Land Institute’s blue Multifamily Council.

MORAN & CO. NATIONAL RESOURCESThe partners at Moran & Company are a unique set of very skilled real estate professionals, each of whom has worked at the highest levels of the principal side of the multifamily industry. This group’s collective experience in disposition, capitalization and advisory services provides a deep understanding of the needs of both sellers and buyers of core-quality real estate. The multifamily industry recognizes Moran & Company’s unparalleled client advocacy and wisdom, and frequently calls upon Moran & Company for industry leadership.

The National Multifamily Housing Council and Mortgage Bankers Association rely upon Tom Moran to frequently testify before Congress on behalf of the NMHC PAC, and to represent the interests of the entire multifamily industry. Mary Ann King is a former Chairman of the NMHC and current Urban Land Institute Trustee. Additional Moran & Company partners are also represented on not one, but three ULI leadership councils. These industry leadership roles provide all of the partners at Moran & Company with direct access to the top decision-makers in the multifamily space.

ATLANTA MARKET OVERVIEW AND TRENDS ANALYS IS 27

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