ID PROPERTY UNITS1 Hampton Village of Youngsville Phase III 1202 Fenton at Weston Corners, The 3083 Aster, The 4934 Leigh House 2615 Flats at 540, The 2126 Exchange on Erwin, The 2657 Meridian at Broad Street Market 2168 Mark at Durham One, The 3059 54 Station 26410 Republic Flats 33011 Overture Crabtree 20312 Lofts at Southside Phase II, The 8513 Dakota, The 31414 616 at the Village 20715 Avellan Springs 288

Total Lease-Up 3,87116 Residences at Shelton Station, The 9417 Metropolitan, The 24118 Solis Brightleaf 19419 Bacarra Phase II 20020 Lodge at Croasdaile, The 32021 555 Mangum 40022 Alta Blu 29823 Theory Raleigh 15024 Sorrel Perimeter Park 26225 Dillon, The 26126 Crabtree North 53327 Crowne at Cary Place 19728 Glenwood Place 29229 Lake Crabtree 20030 Dillard Street & Mangum Street 200

Total Under Construction 3,84231 Beacon Ridge 8432 FNB Tower 24233 West Street & Harrington Street 44534 109 Park Avenue 8335 Standard at Raleigh, The 21736 Post Parkside at Wade Phase III 5037 Solis Crabtree Phase II 23238 St. Albans Drive 10039 Swift Creek Station 20040 Meridian at Nichols Plaza 30041 5401 North 110042 Residences at Shiloh Crossing 31843 Alta at Southpoint 5644 Morehead Hills Senior 7545 Cambridge Village at Brier Creek 31646 Exchange II 5047 TW Alexander Place 20348 Glen Lennox Cottages Redevelopment 60049 Timber Hollow Phase II 10650 Pines, The 24051 Spencer Ridge 17052 5708 Farrington 60053 Graduate, The 10054 Amity Station 20455 Grove Park Student 346

Total Planned 6,43756 3404 Page Road 17057 West Academy Street 28858 1800 Rock Quarry Road 18059 City Centre 24260 Longview 17261 400H 21662 Glenwood Avenue & West Peace Street 61663 West 15364 West Phase II 17765 102 Logan 8166 Ligon Building Site 5567 Studio 1912 54

68 Overture Centennial 18069 Trailwood 5070 Hillstone Cameron Village 20171 Homewood Banks 21072 Sterling Glenwood Phase II 5073 Gaddy 32274 North Rogers Lane 21675 Shelbourne Senior 13876 Cary Towne Center 10077 Parkway Place 19878 Hawthorne North Ridge Phase II 30079 Triangle Place Promenade 39280 Veridea 10081 Williams Street 25082 Ashbourne 6483 Weatherstone Spring Phase II 8084 University Marketplace 32485 518 Morehead 12486 Broadstone Durham 34287 218 North Dillard Street 5388 614 Rigsbee Avenue 10089 Bethpage Multifamily 62590 Brier Creek Town Center 60091 Research Triangle Park 35092 Research Triangle Park Phase II 25093 Villages at Ellis Crossing Phase II, The 26494 Obey Creek 30095 1300 Fordham Blvd 27396 Carraway Village 40097 Chartwell 21598 Crown Honda-Volvo Site 32899 Flats at UNC, The 200100 Lloyd Farm 293101 SEC Europa Road & Legion Road 350102 Collins Ridge 326103 Collins Ridge Phase II 326104 Gardens at Addison Place, The 56105 Walton Farms 120106 401 South 177107 Tippet Place 68108 McDougald Terrace Redevelopment 820109 St. Paul Village 71110 Weaver Diary Road 303111 Flynt Fabric Mill 104

Total Prospective 13,017

a Berkshire Hathaway and Leucadia National company

Raleigh-Durham New Construction & Proposed Multifamily Projects

Lease-Up

Under Construction

Planned

Prospective

LEGEND

4Q17

Source: Yardi Matrix10 mi

85 86

8887

108

9291

89

77

8376

82

81

75

69 58

60

65 70 67

66 626463

6168 59

737172

74

105

104106

57

107

80

5693

90

78 79

8496110

9799

94

9598 101

100

109

111

103102

30

1622

24

26

28

23

17

25

29

19

27

21

18

20

6

812

9

10

3

5

7

2

13

4

4

1

14

11

15

44

49

5453

48 52

42

40

36

41

51

31

34

32

33

37

35

38

39

50

46

4745

4355

ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP

1 Hampton Village of Youngsville Phase III 418 Hampton Lane Youngsville NC 27596 Lease-Up 120 Louisburg 12/01/2016 12/31/2018 03/01/2017

2 Fenton at Weston Corners, The 6000 Elevate Circle Cary NC 27513 Lease-Up 308 North Cary 06/01/2016 09/30/2018 11/01/2017

3 Aster, The 3025 Alston Manor Street Cary NC 27519 Lease-Up 493 Morrisville 12/31/2016 09/30/2018 10/20/2017

4 Leigh House 2421 Landmark Drive Raleigh NC 27607 Lease-Up 261 Laurel Hills 05/31/2016 06/30/2018 10/01/2017

5 Flats at 540, The 4001 Reedybrook Crossing Apex NC 27523 Lease-Up 212 Morrisville 12/31/2016 06/30/2018 08/07/2017

6 Exchange on Erwin, The 2610 Erwin Road Durham NC 27705 Lease-Up 265 Duke University 12/31/2016 06/30/2018 03/28/2017

7 Meridian at Broad Street Market 404 Broad Street Fuquay-Varina NC 27526 Lease-Up 216 Fuquay-Varina 01/01/2017 04/30/2018 07/01/2017

8 Mark at Durham One, The 504 East Pettigrew Street Durham NC 27701 Lease-Up 305 Hope Valley 11/02/2015 03/31/2018 06/01/2017

9 54 Station 1415 East State Highway 54 Durham NC 27713 Lease-Up 264 Lowes Grove 12/31/2016 03/31/2018 06/01/2017

10 Republic Flats 800 Finsbury Street Durham NC 27703 Lease-Up 330 Lowes Grove 09/01/2016 03/31/2018 06/01/2017

11 Overture Crabtree 4408 Marriott Drive Raleigh NC 27612 Lease-Up 203 Crabtree Valley 11/30/2016 03/31/2018 02/28/2017

12 Lofts at Southside Phase II, The East Lakewood Avenue & South Roxboro Street Durham NC 27707 Lease-Up 85 Hope Valley 12/01/2016 01/31/2018 09/01/2017

13 Dakota, The 1201 Pine Haven Drive Raleigh NC 27607 Lease-Up 314 Westover 09/30/2016 01/31/2018 08/01/2017

14 616 at the Village 616 Oberlin Road Raleigh NC 27605 Lease-Up 207 Ridgewood 01/15/2015 01/31/2018 12/12/2016

15 Avellan Springs 4551 Crown Pkwy Morrisville NC 27560 Lease-Up 288 Reasearch Triangle 10/29/2013 01/31/2018 10/01/2014

TOTAL LEASE-UP 3,871

16 Residences at Shelton Station, The 500 North Greensboro Street Carrboro NC 27510 Under Construction 94 Chapel Hill 11/30/2017 10/31/2019

17 Metropolitan, The 314 West Jones Street Raleigh NC 27603 Under Construction 241 Oakwood 09/28/2016 07/31/2019

18 Solis Brightleaf 1005 West Main Street Durham NC 27701 Under Construction 194 Downtown Durham 07/31/2017 04/30/2019

19 Bacarra Phase II 6300 Western Blvd Raleigh NC 27606 Under Construction 200 Westover 09/30/2017 12/31/2018

20 Lodge at Croasdaile, The Hillandale Road & Horton Road Durham NC 27705 Under Construction 320 Huckleberry Springs 02/28/2017 12/31/2018

21 555 Mangum Jackie Robinson Drive & Mangum Street Durham NC 27701 Under Construction 400 Duke University 08/31/2017 12/31/2018

22 Alta Blu Davis Drive & Interstate 40 Chapel Hill NC 27709 Under Construction 298 Reasearch Triangle 08/31/2017 12/31/2018

23 Theory Raleigh 1505 Hillsborough Street Raleigh NC 27605 Under Construction 150 Hinton 04/06/2017 09/30/2018

24 Sorrel Perimeter Park 3045 Carrington Mill Blvd Morrisville NC 27560 Under Construction 262 Lowes Grove 03/31/2017 06/30/2018

25 Dillon, The 401 West Hargett Street Raleigh NC 27601 Under Construction 261 Downtown Raleigh 02/01/2016 04/30/2018

26 Crabtree North Glenwood Avenue & Lead Mine Road Raleigh NC 27612 Under Construction 533 Crabtree Valley 01/04/2017 03/31/2018

27 Crowne at Cary Place 4000 Cary Glen Blvd Cary NC 27519 Under Construction 197 Morrisville 12/31/2016 03/31/2018

28 Glenwood Place 3310 Woman's Club Drive Raleigh NC 27612 Under Construction 292 Laurel Hills 01/03/2017 02/28/2018

29 Lake Crabtree 2599 Evans Road Morrisville NC 27560 Under Construction 200 Morrisville 08/01/2016 01/31/2018

30 Dillard Street & Mangum Street Dillard Street & Mangum Street Durham NC 27707 Under Construction 200 Hope Valley 01/11/2017 01/31/2018

TOTAL CONSTRUCTION 3,842

31 Beacon Ridge 1440 Rock Quarry Road Raleigh NC 27610 Planned 84 Downtown Raleigh

32 FNB Tower 501 Fayetteville Street Raleigh NC 27601 Planned 242 Downtown Raleigh

33 West Street & Harrington Street North Harrington Street & North West Street Raleigh NC 27603 Planned 445 Oakwood

34 109 Park Avenue 109 Park Avenue Raleigh NC 27605 Planned 83 Hinton

35 Standard at Raleigh, The 3101 Hillsborough Street Raleigh NC 27607 Planned 217 Hinton

36 Post Parkside at Wade Phase III 5430 Wade Park Blvd Raleigh NC 27607 Planned 50 Westover

37 Solis Crabtree Phase II 4501 Blue Ridge Road Raleigh NC 27612 Planned 232 Laurel Hills

38 St. Albans Drive 3450 Quail Hollow Drive Raleigh NC 27609 Planned 100 Millbrook

39 Swift Creek Station Old Stage Road & Vandora Springs Road Garner NC 27603 Planned 200 Garner

40 Meridian at Nichols Plaza Pine Plaza Drive & Summit Lake Drive Apex NC 27523 Planned 300 South Cary

41 5401 North 6368 Louisburg Road Raleigh NC 27616 Planned 1100 New Hope

42 Residences at Shiloh Crossing 1100 Shiloh Glenn Drive Morrisville NC 27560 Planned 318 Morrisville

43 Alta at Southpoint Audubon Lake Circle & Johnson Victory Circle Durham NC 27713 Planned 56 Woodcroft

44 Morehead Hills Senior 500 Cobb Street Durham NC 27701 Planned 75 Duke University

45 Cambridge Village at Brier Creek Brier Creek Pkwy & TW Alexander Drive Brier Creek NC 27617 Planned 316 Reasearch Triangle

46 Exchange II 9200 Bruckhaus Street Raleigh NC 27617 Planned 50 Reasearch Triangle

47 TW Alexander Place 7651 ACC Blvd Raleigh NC 27617 Planned 203 Reasearch Triangle

48 Glen Lennox Cottages Redevelopment 5 Hamilton Road Chapel Hill NC 27517 Planned 600 Chapel Hill

49 Timber Hollow Phase II 101 Timber Hollow Court Chapel Hill NC 27514 Planned 106 Chapel Hill

50 Pines, The 42 Glen Laurel Road Clayton NC 27527 Planned 240 Outlying Johnston County

51 Spencer Ridge NEC Falls of Neuse Road & Raven Ridge Road Raleigh NC 27614 Planned 170 Neuse Crossroads

52 5708 Farrington 5708 Farrington Road Chapel Hill NC 27517 Planned 600 Colony Park

53 Graduate, The 106 Mallette Street Chapel Hill NC 27516 Planned 100 Carrboro

54 Amity Station 322 West Rosemary Street Chapel Hill NC 27516 Planned 204 Chapel Hill

55 Grove Park Student 425 Hillsborough Street Chapel Hill NC 27514 Planned 346 Chapel HillTOTAL PLANNED 6,437

Source: Yardi Matrix

Raleigh-Durham New Construction and Proposed Multifamily Projects

ID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMIT DATE FORECASTED COMPLETION DATE START OF RENT-UP

56 3404 Page Road 3405 Page Rd Morrisville NC 27560 Prospective 170

57 West Academy Street 1205 W Academy St Fuquay-Varina NC 27526 Prospective 288

58 1800 Rock Quarry Road 1800 Rock Quarry Road Raleigh NC 27610 Prospective 180 Downtown Raleigh

59 City Centre 301 Hillsborough Street Raleigh NC 27603 Prospective 242 Downtown Raleigh

60 Longview 101 Poe Drive Raleigh NC 27610 Prospective 172 Downtown Raleigh

61 400H Hillsborough Street & North West Street Raleigh NC 27603 Prospective 216 Oakwood

62 Glenwood Avenue & West Peace Street Glenwood Avenue & West Peace Street Raleigh NC 27603 Prospective 616 Oakwood

63 West 413 North Harrington Street Raleigh NC 27603 Prospective 153 Oakwood

64 West Phase II 437 North Harrington Street Raleigh NC 27603 Prospective 177 Oakwood

65 102 Logan 102 Logan Court Raleigh NC 27607 Prospective 81 Ridgewood

66 Ligon Building Site 800 St. Marys Street Raleigh NC 27605 Prospective 55 Ridgewood

67 Studio 1912 1912 Hillsborough Street Raleigh NC 27607 Prospective 54 Ridgewood

68 Overture Centennial Bilyeu Street & Western Blvd Raleigh NC 27606 Prospective 180 Hinton

69 Trailwood 1820 Trailwood Drive Raleigh NC 27606 Prospective 50 Wynnewood

70 Hillstone Cameron Village Hillsborough Street & Maiden Lane Raleigh NC 27607 Prospective 201 Westover

71 Homewood Banks 5510 Homewood Banks Drive Raleigh NC 27612 Prospective 210 Laurel Hills

72 Sterling Glenwood Phase II Swann Street & Varnell Avenue Raleigh NC 27612 Prospective 50 Laurel Hills

73 Gaddy 500 St. Albans Drive Raleigh NC 27609 Prospective 322 Crabtree Valley74 North Rogers Lane 300 North Rogers Lane Raleigh NC 27610 Prospective 216 Wilders Grove

75 Shelbourne Senior 7000 Regency Pkwy Cary NC 27518 Prospective 138 Piney Plains

76 Cary Towne Center 1105 Walnut Street Cary NC 27511 Prospective 100 South Cary

77 Parkway Place NW Cary Pkwy & Evans Road Cary NC 27513 Prospective 198 North Cary

78 Hawthorne North Ridge Phase II 6615 The Lakes Drive Raleigh NC 27609 Prospective 300 Lynn

79 Triangle Place Promenade 6100 Triangle Town Blvd Raleigh NC 27616 Prospective 392 Neuse Crossroads

80 Veridea SWC East Williams Street & U.S. Highway 1 Apex NC 27502 Prospective 100 Feltonville

81 Williams Street 1528 East Williams Street Apex NC 27539 Prospective 250 Feltonville

82 Ashbourne 2540 High House Road Cary NC 27519 Prospective 64 Morrisville

83 Weatherstone Spring Phase II 200 Weather Ridge Lane Cary NC 27513 Prospective 80 Morrisville

84 University Marketplace 3117 Shannon Road Durham NC 27707 Prospective 324 Hope Valley

85 518 Morehead 518 Morehead Avenue Durham NC 27707 Prospective 124 Duke University

86 Broadstone Durham 600 Willard Street Durham NC 27701 Prospective 342 Duke University

87 218 North Dillard Street 218 North Dillard Street Durham NC 27701 Prospective 53 Downtown Durham

88 614 Rigsbee Avenue 614 Rigsbee Avenue Durham NC 27701 Prospective 100 Downtown Durham

89 Bethpage Multifamily 3650 Page Road Durham NC 27703 Prospective 625 Reasearch Triangle

90 Brier Creek Town Center 8040 Arco Corporate Drive Raleigh NC 27617 Prospective 600 Reasearch Triangle

91 Research Triangle Park Davis Drive & East Cornwallis Road Triangle NC 27709 Prospective 350 Reasearch Triangle

92 Research Triangle Park Phase II Davis Drive & East Cornwallis Road Triangle NC 27709 Prospective 250 Reasearch Triangle

93 Villages at Ellis Crossing Phase II, The 400 Advancement Avenue Durham NC 27703 Prospective 264 Reasearch Triangle

94 Obey Creek U.S. Highway 15 & Market Street Chapel Hill NC 27517 Prospective 300 Carrboro

95 1300 Fordham Blvd 1300 Fordham Blvd Chapell Hill NC 27514 Prospective 273 Chapel Hill

96 Carraway Village 3000 Eubanks Road Chapel Hill NC 27516 Prospective 400 Chapel Hill

97 Chartwell 850 North Estes Drive Chapel Hill NC 27514 Prospective 215 Chapel Hill

98 Crown Honda-Volvo Site 1711 Legion Road Chapel Hill NC 27517 Prospective 328 Chapel Hill

99 Flats at UNC, The 617 Martin Luther King Jr. Blvd Chapel Hill NC 27514 Prospective 200 Chapel Hill

100 Lloyd Farm NEC Highway 54 & Old Fayetteville Road Carrboro NC 27510 Prospective 293 Chapel Hill

101 SEC Europa Road & Legion Road SEC Europa Road & Legion Road Chapel Hill NC 27517 Prospective 350 Chapel Hill

102 Collins Ridge Daniel Boone Street & White Pine Trail Hillsborough NC 27278 Prospective 326 Hillsborough

103 Collins Ridge Phase II Daniel Boone Street & White Pine Trail Hillsborough NC 27278 Prospective 326 Hillsborough

104 Gardens at Addison Place, The 500 South Boling Street Clayton NC 27520 Prospective 56 Clayton

105 Walton Farms 3131 Covered Bridge Road Clayton NC 27527 Prospective 120 Clayton

106 401 South 9408 Fayetteville Road Raleigh NC 27603 Prospective 177 Fuquay-Varina

107 Tippet Place 778 Tippet Road Angier NC 27501 Prospective 68 Smithfield

108 McDougald Terrace Redevelopment 1101 East Lawson Street Durham NC 27701 Prospective 820 Hope Valley

109 St. Paul Village 1604 Purefoy Drive Chapel Hill NC 27516 Prospective 71 Chapel Hill

110 Weaver Diary Road State Highway 86 & Weaver Dairy Road Chapel Hill NC 27514 Prospective 303 Chapel Hill

111 Flynt Fabric Mill 202 South Nash Street Hillsborough NC 27278 Prospective 104 HillsboroughTOTAL PLANNED 13,017

TOTAL RALEIGH-DURHAM 27,167

Source: Yardi Matrix

Raleigh-Durham New Construction and Proposed Multifamily Projects

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