ABI Multifamily's 1Q 2015 Quarterly Report organizes all the pertinent data without the extraneous commentary. We believe the facts speak for themselves and pride ourselves on making reports accessible and understandable for all multifamily housing stakeholders.

1. PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
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Phoenix
Glendale
Mesa
Scottsdale
PHOENIX MSA QUICK STATS
5.6%
5.6%
5.4%
4.4%
UNEMPLOYMENT RATE
$46,870
$44,256
$48,054
$70,922
MEDIAN INCOME
$101,530
$43,373
$66,133
$68,800*
1Q 2015 AVG PRICE/UNIT (100+)
$44,682
n/a
$42,357
n/a
1Q 2015 AVG PRICE/UNIT (10 - 99)
POPULATION
ADOA, EBRC ESTIMATE
4,404,888
+1.5%GROWTH
MEDIAN HH INCOME
ABI RESEARCH ESTIMATE
YEARLY MEDIAN INCOME
$55,250
UNEMPLOYMENT
BLS, EBRC ESTIMATE
ESTIMATE FEB 2015
5.5%
-0.6%
Total Sales Volume
Price/Unit
Price/SF
Year Built
$675M
$86,285
$107.75
1980
$245M
$60,777
$74.29
1972
175%
42%
45%
8 yrs
1Q 2015 1Q 2014INCREASE/DECREASE
New Construction 220 82673%
AVERAGE
10+ UNIT PROPERTIES
Effective Rent
Vacancy Rate
$765
5.2%
$721
6.1%
10+
$44
0.9%
*Denotes a Single Transaction

2. PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
100+ UNIT PROPERTIES
10 - 99 UNIT PROPERTIES
TOP 3 TRANSACTIONS BY PRICE/UNIT (100+)
Domus
Phoenix, 223 units | $51.55M | $231K/unit | $297.68/sf | Yr. Blt: 2014
Indigo
Phoenix, 101 units | $18.1M | $179K/unit | $143.35/sf | Yr. Blt: 2014
Trillium North
Phoenix, 274 units | $42.49M | $155K/unit | $160.52/sf | Yr. Blt: 2012
1Q 2015 Transactions by Year Built
# of Transactions Avg Price/Unit Avg Price/SF
2010+
2000-09
1990-99
1980-89
Pre-1980
3 $188K $199
5 $134K $142
3 $112K $116
8 $65K $89
8 $40K $64
1Q 2015 Transactions by Year Built
# of Transactions Avg Price/Unit Avg Price/SF
2010+
2000-09
1990-99
1980-89
Pre-1980
0 n/a n/a
2 $180K $135
0 n/a n/a
11 $45K $68
22 $48K $61
TOP 3 TRANSACTIONS BY PRICE/UNIT (10-99)
Dolce Villagio Townhomes
Tempe, 37 units | $7M | $189K/unit | $132.95/sf | Yr. Blt: 2007
Chester Place Lofts
Phoenix, 11 units | $1.65M | $150K/unit | $145.57/sf | Yr. Blt: 2008
Arcadia Park Place
Phoenix, 13 units | $1.3M | $100K/unit | $58.14/sf | Yr. Blt: 1964
2
2000-09
Transaction
=
Total Sales Volume
Price/Unit
Price/SF
Year Built
Effective Rent
Vacancy Rate
$619M
$91,494
$113.49
1989
$846
4.5%
$192M
$69,001
$80.71
1987
$789
5.6%
222%
33%
41%
4 yrs
$57
0.9%
1Q 2015 1Q 2014
AVERAGE
INCREASE/DECREASE
1Q 2015 1Q 2014
Total Sales Volume
Price/Unit
Price/SF
Year Built
Effective Rent
Vacancy Rate
$56M
$52,952
$69.13
1973
$684
5.9%
$53M
$42,347
$57.56
1967
$653
6.6%
5.7%
25%
20%
6 yrs
$31
0.7%
AVERAGE
INCREASE/DECREASE
8
1980-89
8
PRE-19
80
3
2010+
5
2000-09
3
19
90-99
NUMBER OF
TRANSACTIONS
BY YEAR BUILT
11
1980-89
22
PRE-1
980
NUMBER OF
TRANSACTIONS
BY YEAR BUILT

3. PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
SINGLE FAMILY RESIDENTIAL
NEW INVENTORYMEDIAN AND AVG SALES PRICE
TOTAL INVENTORYFORECLOSURES PENDING
MONTHLY SALES 7,900
+17.7%, YEAR-OVER-YEAR
+31.9%, MONTH-OVER-MONTH
MEDIAN SALES
PRICE $200,000
+7.0%, YEAR-OVER-YEAR MEDIAN
AVG DAYS ON
MARKET 92
+9, YEAR-OVER-YEAR
-3, MONTH-OVER-MONTH
AVG SALES PRICES $256,500
+3.1%, YEAR-OVER-YEAR AVERAGE
FORECLOSURES
PENDING 5,662
-24.2%, YEAR-OVER-YEAR
-0.3%, MONTH-OVER-MONTH
SINGLE FAMILY HOME STATS
YEAR-OVER-YEAR / MONTH-OVER-MONTH COMPARISON
$256,500
10,345
26,483
5,662
$200,000

4. PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
P H O E N I X M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N E
U N I T S D E L I V E R E D 1 9 9 5 - P R E S E N T | 1 s t Q U A R T E R 2 0 1 5
4,692
6,375 6,294
8,533
6,385
7,261
8,644
7,663
3,281
5,431
3,683
2,751
6,902
5,003
9,315
2,593
615
1,668
3,569
4,527
220*
8,500**
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Average: 5,019
COMPLETED CONSTRUCTION
UNIT COMPLETIONS
CURRENTLY UNDER CONSTRUCTION
PLANNED PROJECTS
Planned
Total # of Units: 15,947
Total # of Properties: 62
Under Construction
Total # of Units: 13,321
Total # of Properties: 56
* = 1Q 2015 UNITS DELIVERED** = ABI 2015 ESTIMATE

5. PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
PHOENIX MSA EMPLOYMENT AND SELECT NEWS ARTICLESPHOENIX MSA EMPLOYMENT AND SELECT NEWS ARTICLES
Northern Trust | Opening $95M regional operations center in
Tempe | Hiring 1,000
Microsoft to move data operations center to Phoenix Metro
ASU Law School breaks ground on Dowtown Phoenix location |
$129 million | 11,500+ students in downtown Phoenix
GCU continues massive campus expansion | 3,000+ employees and
14,000+ students expected by 2020
General Motors | Hiring 1,000+ IT Professionals, 500 by end of 2014 and
another 500 by 2016
Brings total State Farm Phoenix area employment to 3,000+
Home Depot | Plans to hire 1,500 throughout Phoenix Metro
Apple to spend up to $2 billion on global command center in Mesa
IRIS Ohyama, a Japanese manufacturer, expands into Surprise with
$40M facility | To bring 100+ jobs to the area
Progressive Leasing | Hiring 500+ employees by end of 2015 | Jobs
include: underwriters, collections officers, cust service reps and support
Fry’s is hiring 1,000+ workers across Arizona | Positions include
pharmacy techs, managerial positions and all-purpose clerks
Tallwave and Hansji Corp. launch HighTide @ Luhrs City Center |Tech
incubator which provdes accepted start-ups with rent free office space
Revana, Tempe-based tech firm which specializes in sales software
to expand | 250 jobs at Tempe HQ
APAC adding 1,100 jobs, 700 in Southern Arizona and 400 in
Phoenix, to expand call center solutions platform
Western Maricopa Education Center breaks ground on Buckeye
campus to house up to 650 students with plans to expand to Surprise
Orion Health, a population health management firm, expands
data offerings | To hire up to 200

6. PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
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LARGEST DEDICATED MULTIFAMILY BROKERAGE TEAM IN ARIZONA
OVER 100 YEARS OF COMBINED MULTIFAMILY BROKERAGE EXPERIENCE
SEASONED ADVISORS WITH REGIONAL INSIGHT
COLLABORATION & COOPERATION
DISCLAIMER (C) 2015 ABI Multifamily | The information and details contained herein have been obtained from third-party sources believed to be
reliable; however, ABI Multifamily has not independently verified its accuracy. ABI Multifamily makes no representations, guarantees, or express
or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited
to the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding
the accuracy of the information. SOURCES: ABI Research / ADOA / Bureau of Labor Statistics / Census Bureau / EBRC / HUD / Pierce-Eislen /
US Chamber of Commerce / Vizzda / ARMLS
100+ UNIT PROPERTIES 10-99 UNIT PROPERTIES
NOTABLE RECENT ABI MULTIFAMILY TRANSACTIONS
AVENUE 25 APARTMENTS
18250 N 25th Avenue,
Phoenix, AZ
Price: $35,400,000
Units: 254
Year Built: 2014
HAWTHORNE CONDOMINIUS
3848 North 3rd Avenue,
Phoenix, AZ
Price: $19,110,000
Units: 182
Year Built: 1996
DOLCE VILLAGIO TOWNHOMES
202 South Hardy Drive,
Tempe, AZ
Price: $7,000,000
Units: 37
Year Built: 2007
CHESTER PLACE LOFTS
842 North 6th Avenue,
Phoenix, AZ
Price: $1,650,000
Units: 11
Year Built: 2008
Apartment Brokerage & Advisory Firm
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.
The experienced advisors atABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions.
PHOENIX HEADQUARTERS ALON SHNITZER
SENIOR MANAGING PARTNER
RUE BAX
SENIOR MANAGING PARTNER
JOHN KOBIEROWSKI
SENIOR MANAGING PARTNER
EDDIE CHANG PARTNER TERRY KASS SENIOR VICE PRESIDENTDOUG LAZOVICK PARTNER
JOHN KLOCEK VICE PRESIDENT PATRICK BURCH VICE PRESIDENTMARK SKELPSA SENIOR VICE PRESIDENT