3Q19 UNITED STATES MULTIFAMILY CAPITAL MARKETS REPORT Sales Volume Sales volume in the third quarter totaled $46.0 billion, down 7.3% year over year, while 12-month sales volume increased 8.8% to $183.7 billion nationally. Non-major markets have been the recipient of 70.0% of total investment sales volume over the past year, with Sunbelt markets such as Charlotte, Tampa and Raleigh-Durham all exceeding 30.0% annual volume growth. Cap Rates Yields compressed 9 basis points year over year to 5.34% nationally, while cap rates expanded 5 basis points in major markets and compressed 12 basis points in non-major markets. Cap rates have remained steady despite a 32-basis-point quarter-over-quarter decline in the 10-year treasury market to 1.68%, the lowest level since the third quarter of 2016. Rent Growth Annual effective rental growth increased to 3.2% nationally, up 60 basis points year over year. Las Vegas and Phoenix remain the top markets for effective rental growth year over year at 8.0%. This marks the third consecutive quarter in which these two Southwest markets have led the nation. Strong property level rental growth has also contributed to net operating income accelerating to 6.83%, up 255 basis points year over year. Supply and Demand Year to date, new supply has totaled 189,753 units, while demand has reached 295,738 units, outpacing new supply by 105,985 units. Despite high levels of new supply nationally, 61.1% of new deliveries over the past 12 months have been delivered in the top 20 markets. Charlotte and Dallas have experienced the strongest inventory growth on a percentage basis, whereas demand has been especially strong in New York, with demand outpacing new supply by 10,329 units. International Capital Direct acquisitions by international capital sources totaled $17.1 billion over the past 12 months, representing a 44.1% increase year over year. Canada remains the top buyer of U.S. multifamily, accounting for 65.1% of acquisitions by international capital sources, led by Brookfield Asset Management. Additionally, international investors have continued to shift money out of major markets and into non-major markets with higher growth potential. Debt Markets Mortgage debt outstanding for multifamily grew $24.4 billion to $1.5 trillion, a 1.7% quarter-over-quarter increase. The four major lenders (GSEs, banks and thrifts, life insurance companies and CMBS) all increased their holdings quarter over quarter, as debt capital remains resilient. FHFA's recent announcement allowing Fannie Mae and Freddie Mac to produce $200 billion over the next five quarters is expected to sustain the debt market for the foreseeable future.

1. 3Q 2019
UNITED STATES
MULTIFAMILY CAPITAL
MARKETS REPORT

2. TABLE OF CONTENTS
3 Key Takeaways
4 Sales Volume
5 Sales Volume by Market
6 Yield Spread
7 Total Returns by Market
8 Cap Rates
9 Price Per Unit
10 Top Buyers and Sellers
11 Capital Flow Analysis
12 Hold Times by Market
13 Historical NOI Growth
14 International Capital Buyers
15 International Capital Destinations
16 Effective Rent Growth
17 Effective Rent Growth by Market
18 Employment Growth
19 Supply and Demand
20 Supply and Demand by Market
21 Mortgage Debt Outstanding
© NEWMARK KNIGHT FRANK | RESEARCH | 2019 2

3. KEY TAKEAWAYS
SALES VOLUME
Sales volume in the third quarter totaled $46.0 billion, down 7.3% year over year, while 12-month sales volume increased 8.8% to $183.7 billion nationally. Non-major
markets have been the recipient of 70.0% of total investment sales volume over the past year, with Sunbelt markets such as Charlotte, Tampa and Raleigh-Durham
all exceeding 30.0% annual volume growth.
CAP RATES
Yields compressed 9 basis points year over year to 5.34% nationally, while cap rates expanded 5 basis points in major markets and compressed 12 basis points in
non-major markets. Cap rates have remained steady despite a 32-basis-point quarter-over-quarter decline in the 10-year treasury market to 1.68%, the lowest level
since the third quarter of 2016.
RENT GROWTH
Annual effective rental growth increased to 3.2% nationally, up 60 basis points year over year. Las Vegas and Phoenix remain the top markets for effective rental
growth year over year at 8.0%. This marks the third consecutive quarter in which these two Southwest markets have led the nation. Strong property level rental
growth has also contributed to net operating income accelerating to 6.83%, up 255 basis points year over year.
SUPPLY AND DEMAND
Year to date, new supply has totaled 189,753 units, while demand has reached 295,738 units, outpacing new supply by 105,985 units. Despite high levels of new
supply nationally, 61.1% of new deliveries over the past 12 months have been delivered in the top 20 markets. Charlotte and Dallas have experienced the strongest
inventory growth on a percentage basis, whereas demand has been especially strong in New York, with demand outpacing new supply by 10,329 units.
INTERNATIONAL CAPITAL
Direct acquisitions by international capital sources totaled $17.1 billion over the past 12 months, representing a 44.1% increase year over year. Canada remains the
top buyer of U.S. multifamily, accounting for 65.1% of acquisitions by international capital sources, led by Brookfield Asset Management. Additionally, international
investors have continued to shift money out of major markets and into non-major markets with higher growth potential.
DEBT MARKETS
Mortgage debt outstanding for multifamily grew $24.4 billion to $1.5 trillion, a 1.7% quarter-over-quarter increase. The four major lenders (GSEs, banks and thrifts,
life insurance companies and CMBS) all increased their holdings quarter over quarter, as debt capital remains resilient. FHFA’s recent announcement allowing
Fannie Mae and Freddie Mac to produce $200 billion over the next five quarters is expected to sustain the debt market for the foreseeable future.
© NEWMARK KNIGHT FRANK | RESEARCH | 2019 3

4. SALES VOLUME
UNITED STATES; DOLLARS IN BILLIONS
Quarterly sales volume totaled $46.0 billion, representing a 7.3% year-over-year decrease compared with third-quarter 2018. Over the trailing 12 months, sales volume rose to
$183.7 billion, 8.8% higher than the previous 12-month totals, while portfolio and entity-level transactions have accounted for 23.4% of the overall market.
4© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
$36.1
$38.1
$36.4
$45.9
$49.6
$46.0
$53.8
$0
$40
$80
$120
$160
$200
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1Q 2Q 3Q 4Q

5. SALES VOLUME BY MARKET
12-MONTH TOTALS; DOLLARS IN BILLIONS
Capital continues to gravitate toward non-major markets, as 70.0% of acquisition volume over the past 12 months occurred outside of the six major markets. Key Sunbelt
markets have experienced a surge in 12-month volume, led by Charlotte with a 47.6% increase—in addition to Tampa (40.8%) and Raleigh-Durham (39.8%).
5© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
101.2% Year-over-Year Growth
48.5% Year-over-Year Growth
30.6% Year-over-Year Growth
Record High First Half Volume ($2.9 Billion)
SFL
$4.6
ATL
$8.5
DEN
$5.6
MSP
$1.9
NSH
$2.1
ORL
$3.1
PHI
$3.0
PHX
$7.6
POR
$2.3
RD
$3.5
SA
$2.4
SAC
$1.5
AUS
$4.4
DFW
$10.6
SF
$6.8 DC
$8.8
LA
$12.6
NYC
$17.5
HOU
$7.1
$5.0+
$2.6-
4.9
$1.5-
$2.5
CHA
$3.5
TAM
$3.8
SEA
$6.0
BOS
$3.3
* Major markets: Boston, Chicago, Los Angeles metro, New York metro, San Francisco metro, Washington, D.C. metro. Non-major markets: all other markets.
CHI
$4.2
SD
$2.5
LV
$2.9
JAX
$1.5

6. YIELD SPREAD
UNITED STATES
The 10-year treasury rate declined 32 basis points quarter over quarter to 1.68%, the lowest level since the third quarter of 2016. The yield spread between cap rates and the
10-year treasury rate increased to 366 basis points, up from 238 basis points in the third quarter of 2018.
6© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Federal Reserve Bank of St. Louis, Real Capital Analytics (Transactions $10 million and greater)
366
5.34%
1.68%
0
100
200
300
400
500
0%
2%
4%
6%
8%
10%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Yield Spread US Multifamily Average Cap Rate 10-Year Treasury Rate

7. TOTAL RETURNS BY MARKET
ANNUALIZED TOTALS
Over the past 12 months, total returns nationally have averaged 5.4%. Strong fundamentals and above-average effective rental growth have propelled several Sunbelt markets
such as Phoenix, Tampa, Orlando and Austin to outperform the national average.
7© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, NCREIF
12.7%
10.6%
9.8%
9.3%
7.6%
7.5%
7.4%
7.3%
7.1%
6.3%
5.9%
5.9%
5.5%
5.5%
5.5%
5.4%
5.3%
5.0%
5.0%
4.2%
3.7%
2.1%
1.8%
0%
3%
6%
9%
12%
15%
Phoenix
Tampa
Orlando
Austin
Denver
Atlanta
Charlotte
Boston
OrangeCounty
SanJose
SanDiego
Seattle
Washington,D.C.
Oakland
Minneapolis
Miami
SanFrancisco
Houston
LosAngeles
Portland
Dallas
Chicago
NewYork
US Multifamily Total Return Average = 5.4%

8. CAP RATES
UNITED STATES; 12-MONTH AVERAGE
Cap rates compressed marginally, falling 9 basis points year over year to 5.34% nationally. Over the past 12 months, cap rates in major markets expanded 5 basis points,
while yields in non-major markets have compressed 12 basis points, as investors continue to seek out suburban garden deals in non-major markets.
8© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics (Transactions $10 million and greater)
5.34%
4.77%
5.50%
0%
2%
4%
6%
8%
10%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
United States Major Markets Non-Major Markets
* Major markets: Boston, Chicago, Los Angeles metro, New York metro, San Francisco metro, Washington, D.C. metro. Non-major markets: all other markets.

9. PRICE PER UNIT
UNITED STATES; 12-MONTH AVERAGE; DOLLARS IN THOUSANDS
The average price per unit increased nationally 8.1% year over year to $181,762 in third-quarter 2019. Average price per unit increased 13.8% in major markets and 6.2% in
non-major markets. Although major markets have outperformed non-major markets recently, over the past five years, non-major market pricing has increased 48.5%
compared with 27.3% in major markets.
9© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics (Transactions $10 million and greater)
$182
$315
$151
$0
$75
$150
$225
$300
$375
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
United States Major Markets Non-Major Markets
* Major markets: Boston, Chicago, Los Angeles metro, New York metro, San Francisco metro, Washington, D.C. metro. Non-major markets: all other markets.

10. TOP BUYERS AND SELLERS
UNITED STATES; 12-MONTH TOTALS; DOLLARS IN MILLIONS
Portfolio and entity-level transactions continue to be substantial drivers of the market, including the top buyers and sellers over the past 12 months. Year to date, there have
been four portfolio trades in excess of $1.0 billion. The largest trade in the third quarter was Cortland’s entity-level acquisition of a 7,085-unit core-plus portfolio with assets in
the major Texas markets and Phoenix for $1.2 billion from Pure-Multifamily REIT.
10© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
$0
$1,500
$3,000
$4,500
$6,000
Brookfield BREIT Blackstone Cortland Nuveen Harbor
Group
Bridge Inv
Group
Investcorp American
Landmark
Tricon Kushner
Companies
Greystar UDR Morgan
Properties
Equity
Residential
Top Buyers
$0
$1,500
$3,000
$4,500
$6,000
Forest City Lone Star Blackstone Fairfield
Residential
Greystar PGIM Starlight
Investments
Holland
Partners
JP Morgan Pure Multi-
Family REIT
Sekisui
House
Alliance
Residential
TruAmerica
Multifamily
Guardian
Life
Berkshire
Group
Top Sellers
Single Asset Portfolio & Entity

11. CAPITAL FLOW ANALYSIS
12-MONTH TOTALS; DOLLARS IN BILLIONS
61.2% of all U.S. multifamily capital flows have in the past year have come from private companies, inclusive of developers-owners-operators. Institutional/equity funds and
Listed/REITs have been net sellers over the last 12 months, whereas all other investor types have been net buyers.
11© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
$112
$39
$17
$7 $8
$111
$44
$13 $11 $5
-$125
-$75
-$25
$25
$75
$125
Private Institutional/Equity Funds International Listed/REIT User/Other
Acquisitions Dispositions

12. HOLD TIME BY MARKET
NUMBER OF MONTHS; TRADES OVER THE PAST 12 MONTHS
Based on trades over the past 12 months, Atlanta, Charlotte and Raleigh-Durham have seen the highest turnover, as investors cycle out of value-add properties. Conversely,
multifamily assets in safe haven markets such as New York, Seattle and Washington, DC, have lower cap rates and therefore tend to require longer hold times to achieve
returns.
12© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
44.7
47.5
50.1
50.7
51.5
51.9
52.1
53.8
55.4
56.1
56.5
57.6
58.1
58.1
58.4
59.1
59.2
59.3
59.9
60.1
62.2
63.1
63.9
64.5
65.0
68.2
68.8
76.6
76.9
0
10
20
30
40
50
60
70
80
90
Atlanta
Charlotte
Raleigh-Durham
Minneapolis
Phoenix
Denver
Orlando
Columbus
SouthFlorida
Portland
Boston
Dallas
Houston
Sacramento
LosAngeles
Austin
Tampa
SanFrancisco
Nashville
SanAntonio
LasVegas
Memphis
Chicago
SanDiego
NewYork
KansasCity
Seattle
Philadelphia
Washington,D.C.

13. HISTORICAL NOI GROWTH
ANNUALIZED TOTALS
Robust demand and rental growth have contributed to net operating income accelerating to 6.83% in third-quarter 2019, up 255 basis points versus the previous year. In
addition to recent outperformance, multifamily net operating income growth since 2000 has averaged 4.97%, while all property types have lagged at 3.05%.
13© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, NCREIF
6.83%
6.22%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Multifamily All Property Types

14. INTERNATIONAL CAPITAL BUYERS
UNITED STATES; 12-MONTH TOTALS
14© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
BY COUNTRY
Canada
65.1%
Bahrain
8.5%
Israel
5.8%
Netherlands
3.1%
Switzerland
2.2%
Japan
2.2%
Qatar
2.1%
UK
2.0%
China
1.4%
Other
7.5%
Direct acquisitions by international capital sources totaled $17.1 billion over the past 12 months, representing a 44.1% increase year over year. Canada remains the top buyer
of U.S. multifamily, accounting for 65.1% of acquisitions by international capital sources, led by Brookfield ($5.7 billion) and Tricon ($1.4 billion).
TOP BUYERS (DOLLARS IN MILLIONS)
$222
$238
$254
$282
$305
$311
$365
$428
$441
$479
$555
$915
$1,447
$1,400
$5,650
H&R REIT (Canada)
KIH (South Korea)
BentallGreenOak (Canada)
Aegon (Netherlands)
OMERS (Canada)
Low Tide Properties (Canada)
QIA (Qatar)
Western Wealth Capital (Canada)
Global Holdings (Israel)
Delek Group (Israel)
Starlight Investments (Canada)
PSP Investments (Canada)
Investcorp (Bahrain)
Tricon (Canada)
Brookfield (Canada)

15. INTERNATIONAL CAPITAL DESTINATIONS
12-MONTH TOTALS
15© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Real Capital Analytics
MAJOR MARKETS 39.3%
BY MARKET TIER
As a % of Cross-Border Capital
BY REGION
As a % of Cross-Border Capital
NON-MAJOR MARKETS 60.7%
MID-ATLANTIC 13.5%
MIDWEST 8.0%
NORTHEAST 19.7%
SOUTHEAST 23.3%
SOUTHWEST 18.2%
WEST 17.3%
* Major markets: Boston, Chicago, Los Angeles metro, New York metro, San Francisco metro, Washington, D.C. metro. Non-major markets: all other markets.
ATL
$918M
BOS
$551M
CHI
$609M
DFW
$571M
DC
$1.1B
DEN
$565M
HOU
$751M
LA
$953M
NYC
$2.5B
ORL
$545M
PHX
$335M
RD
$485M
SF
$745M
SEA
$491M
TAM
$611M
CHA
$329M
AUS
$668M
LV
$376M
POR
$180M
SD
$142M
PHI
$336M
Over the past 12 months, international investors have continued to shift money out of major markets and into non-major markets with higher growth potential. Markets in the
Southeast have continued to attract multifamily investment because of their growing numbers of workers and lower costs of living.

16. EFFECTIVE RENT GROWTH
UNITED STATES; ANNUALIZED
Annual effective rental growth increased to 3.2% nationally, for an increase of 60 basis points year over year. Furthermore, annual effective rental growth is 70 basis points
higher than the long-term average of 2.5%.
16© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, RealPage
$835
$867
$855
$846
$862
$886
$931
$967
$989
$959
$946
$984
$1,020
$1,055
$1,100
$1,164
$1,226
$1,269
$1,319
$1,382
3.2%
-5.0%
-2.5%
0.0%
2.5%
5.0%
7.5%
$0
$300
$600
$900
$1,200
$1,500
3Q00 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19
Effective Rent Effective Rental Growth Long-Term Effective Rent Growth Average
US Long-Term Effective Rent Growth Average = 2.5%

17. EFFECTIVE RENT GROWTH BY MARKET
ANNUALIZED; SELECT MARKETS
Las Vegas and Phoenix remain the top markets for effective rental growth year over year at 8.0%. This marks the third consecutive quarter in which these two Southwest
markets have led the nation.
17© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, RealPage, Costar
8.0%
8.0%
4.9%
4.8%
4.6%
4.5%
4.4%
4.2%
3.9%
3.8%
3.7%
3.7%
3.6%
3.6%
3.5%
3.4%
3.3%
3.2%
3.1%
3.1%
3.0%
3.0%
2.8%
2.8%
2.7%
2.6%
2.5%
2.5%
2.5%
2.3%
2.3%
2.1%
0.8%
0%
2%
4%
6%
8%
10%
LasVegas
Phoenix
Sacramento
Atlanta
Austin
Memphis
Raleigh-Durham
Charlotte
SaltLakeCity
Jacksonville
Nashville
Tampa
Boston
Orlando
Minneapolis
SanFrancisco
Denver
SanDiego
LosAngeles
SanAntonio
Columbus
Philadelphia
Seattle
WashingtonD.C.
SanJose
Portland
Dallas
Miami
NewYork
Chicago
OklahomaCity
KansasCity
Houston
US Annual Average Effective Rent Growth = 3.2%
Effective rental growth is expected to rise
100 basis points over the next 12 months.

18. EMPLOYMENT GROWTH
YEAR-OVER-YEAR; SELECT MARKETS
With 117,300 non-farm jobs added over the past 12 months, Dallas has added more new jobs than any other market in the country in nominal terms. In addition to Dallas,
Raleigh-Durham (3.2%), Seattle (3.3%) and Orlando (3.7%) were the fastest-growing employment markets over the past 12 months.
18© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, U.S. Bureau of Labor Statistics (September release)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
25,000
50,000
75,000
100,000
125,000
Dallas
NewYork
Houston
LosAngeles
Seattle
SanFrancisco
Miami
Atlanta
Phoenix
Orlando
Chicago
Washington,D.C.
Boston
SanJose
Philadelphia
SanDiego
Charlotte
SanAntonio
Tampa
Denver
LasVegas
Portland
Raleigh-Durham
Austin
Nashville
Employment Growth (#) Employment Growth (%)

19. SUPPLY AND DEMAND
UNITED STATES
Year to date, new supply has totaled 189,753 units, while demand has reached 295,738 units, outpacing new supply by 105,985 units. A strong economy and positive
demographic trends have pushed annual occupancy to 95.7%, the highest level this cycle.
19© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, RealPage
267,891
189,753
307,233
295,738
1.5%
1.3%
1.2%
0.9%
0.6%
0.1%
0.7% 0.7%
1.1% 1.1%
0.7%
0.4%
1.0%
1.3%
1.5%
1.6%
1.9%
1.8%
1.4%
1.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
100,000
200,000
300,000
400,000
500,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
YTD
New Supply Demand Inventory Growth

20. SUPPLY AND DEMAND BY MARKET
Despite high levels of new supply nationally, 61.1% of new deliveries over the past 12 months have been delivered in the top 20 markets. Charlotte (3.7%) and Dallas (2.8%)
have experienced the strongest inventory growth on a percentage basis, whereas demand has been especially strong in New York, with 23,415 units absorbed in the past 12
months, outpacing supply by 10,329 units.
20© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, RealPage
12-MONTH TOTALS; SELECT MARKETS
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
5,000
10,000
15,000
20,000
25,000
Dallas
NewYork
Washington,D.C.
Seattle
Chicago
LosAngeles
Denver
Atlanta
Phoenix
Houston
Charlotte
Orlando
Austin
Miami
Philadelphia
Boston
Tampa
Raleigh-Durham
Minneapolis
Portland
Nashville
Columbus
SanAntonio
Jacksonville
SanDiego
KansasCity
SaltLakeCity
LasVegas
SanFrancisco
OklahomaCity
SanJose
Sacramento
Memphis
New Supply Demand Inventory Growth

21. MORTGAGE DEBT OUTSTANDING
UNITED STATES
Mortgage debt outstanding for multifamily grew $24.4 billion to $1.5 trillion, a 1.7% quarter-over-quarter increase. GSEs, banks and thrifts, life insurance companies and
CMBS lenders all increased their holdings quarter-over-quarter, as debt capital remains plentiful for well-positioned multifamily assets.
21© NEWMARK KNIGHT FRANK | RESEARCH | 2019
Source: NKF Research, Mortgage Bankers Association
DEBT OUTSTANDING BY GROUP AS A PERCENTAGE DEBT OUTSTANDING BY GROUP IN BILLIONS
$703.1
$444.9
$143.5
$91.4
$41.8
$31.8
$0
$150
$300
$450
$600
$750
GSEs Bank &
Thrifts
Life Co State &
Local Gov't
CMBS Other
GSEs
48.3%
Banks & Thrifts
30.5%
Government
9.9%
Insurance
Companies
6.3%
CMBS
2.9%
Other
2.2%

22. NEW YORK CITY
HEADQUARTERS
125 Park Avenue
New York, NY 10017
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Newmark Knight Frank has implemented a proprietary database and our tracking methodology has been revised. With this expansion and refinement in our data, there may be adjustments in historical statistics including availability, asking rents,
absorption and effective rents.
Newmark Knight Frank Research Reports are also available at www.ngkf.com/research
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Jeff Day
President
Head of Multifamily CapitalMarkets
jeff.day@ngkf.com
Blake Okland
Vice Chairman
Head of Multifamily Investment Sales
bokland@ngkf.com
Sharon Karaffa
Senior Managing Director
Head of Multifamily Strategy
sharon.karaffa@ngkf.com
Jonathan Mazur
Senior Managing Director
National Research
jmazur@ngkf.com
Mike Wolfson
Director
Capital Markets Research
mwolfson@ngkf.com
Sean Marmora
Research Analyst
Multifamily Research
sean.marmora@ngkf.com