ANDREWSQ2|DICKMANGROUP DAYTONLEXINGTONLOUISVILLECINCINNATI
we have seen several lenders, in particular, the Debt Funds who experienced ex treme popularity with value-add investors during the last 18 months, go pencils down. The Agencies are largely on the sidelines as their underwriting criteria have them sizing to sub-50% LTV on most deals due to rising interest rates and the fixed-rate equivalent sizing rates they use. So, while you can get a loan from Fannie or Freddie, due to the LTV’s, they just don’t make much sense from an economic viewpoint in most cases today. So, what was a very active, deep, and diverse lender pool in Q1 has now thinned out dramatically in Q2. As a result, the overall leverage available is lower, in addition to the lender spreads widening on top of the higher indexes. Consequently, sellers’ pricing expectations have de creased, but there still appears to be a bid/ask spread between what buyers want and what sellers are willing to accept. It will just take time for this to work itself out. Class A Multifamily pricing is off about 5% from Q1. The Workforce housing (Class B & C) pricing is off 10%, or possibly even more, in inferior locations. With that said, to put this in perspective for the Class A product specifically, a 5% price reduction generally indicates we are back to where deals were priced in Q4 of 2021. OF
During the regular press conference, Chair Powell said he could not pre dict monetary policy range for next year and that next decisions will be data dependent. Powell also said the central bank will be looking for mod erately restrictive level by the end of the year, meaning a 3% to 3.5% level for the fed funds rate.
RECENT, Q2
INTRO DUCTION AS
The Federal Reserve raised the tar get range for the fed funds rate by 75bps to 2.25%-2.5% during its July 2022 meeting, the fourth consecu tive rate hike, and pushing borrowing costs to the highest level since 2019, matching market forecasts. The central bank said that ongoing increases in the target range will be appropri ate and that it is prepared to adjust the stance of monetary policy if risks emerge that could impede the at tainment of the Committee’s goals.
YTD 2022 Job Change- 21,000
Units
DAYTON Quarterly Rent Growth – 2.5% RentOccupancy-Rent/SF-$1,031$1.13897.5% Units Completed in last 4 quarters- 370 Annual Supply Growth- 0.7% Units under construction- 708 Projected Supply growth- 1.25% YTD 2022 Job Change- 9,800
YTD 2022 Job Change- 15,000
Units Completed in last 4 quarters- 1,755 Annual Supply Growth- 1.9% under construction- 1,822 Supply growth- 1.94%
Units Completed in last 4 quarters- 2,022 Annual Supply Growth- 1.10% under construction- 6,399 Supply growth- 1.89%
Projected
Cincinnati
Units
YTD
LEXINGTON Quarterly Rent Growth- 5.2% RentOccupancy-Rent/SF-$1,097$1.21597.4%
Projected
CINCINNATI Quarterly Rent Growth- 2.9% RentOccupancy-Rent/SF-$1,215$1.30797.8%
Units Completed in last 4 quarters- 454 Annual Supply Growth- 1.0% under construction- 566 Projected Supply growth- 1.23% 2022 Job Change- 8.900 recorded absorption of just 436 units during 2nd quarter 2022, in what is usually a seasonally strong period, while inventory grew by 1,079 units. Annually, the market absorbed 3,889 units and inventory expanded by 1,846 units, on net. In turn, occupancy fell 0.4 points quar ter-over-quarter but rose 1.3 points year-over-year, with the 2nd quarter 2022 occupancy rate landing at 97.8%. On the pricing side, effective asking rents increased 11.7% year-over-year - a record high - buoyed by 2. 9% growth specifically in 2nd quarter. As of 2nd quarter 2022, effective asking rental rates in Cincinnati averaged $1,215 per month, or $1.307 per square foot.
Units
LOUISVILLE Quarterly Rent Growth- 4.0% Rent- $1,097 Rent/SFOccupancy-$1.16796.8%
SNAPSHOTQUARTER2ND 3
CINCINNATICINCINNATICINCINNATI
CAPITAL 1|ECONOMYMARKETS
1|RENT In the year-ending 2nd quarter 2022, the metro’s inflation-adjusted eco nomic output expanded 1.2%. 2| At the same time, the metro recorded a net gain of 15,000 jobs, expanding the employment base 1 .4%. 3| Cincin nati’s unemployment rate in May 2022 declined 1.3 points year-over-year to 3.0%, below the national average of 3.4%. 4| Despite job losses stemming from the pandemic, Cincinnati’s current employment base now sits roughly 71,600 jobs, or about 7% above the 1st quarter 2008 level, prior to the Great Recession.
2,0001,5001,00050002,500 UNITS COMPLETIONS BY QUARTER Historic & Projected 21’Q2 21’Q3 21’Q4 22’Q1 22’Q2 22’Q3 22’Q4 23’Q1 23’Q2 COMPLETED UNDER CONSTRUCTION Q2
Over the past five years, annual change in effective asking rents in Cincinnati ranged from 1.6% to the current all-time high of 11 .7% in 2nd Quar ter 2022. 2| In 2nd quarter 2022, annual effective rent change registered at 14.3% in Class A units, 12.4% in Class B units and 7.1% in Class C units, all record highs. 3| Among submarkets, the strongest annual rent change performances over the past year were in Boone County/Erlanger and Butler County, both at 13.6%. The weakest performances were in West Cincinnati and Central Cincinnati. As of 2nd quarter 2022, effective asking rental rates in Cincinnati averaged $1,215 per month, or $1.307 per square foot.
1| Transaction dollar volumes in Cincinnati totaled roughly $456.8 million in the year-ending 2nd Quarter 2022, up about 13% year-over-year. 2| Mean while, the number of transactions increased about 6% over the past year, with 36 apartment properties trading hands. 3| Transactions in the year-ending 2nd Quarter 2022 yielded an average cap rate of 5.47%, down 30 basis points year-over year. By comparison, cap rates averaged 5.10% in the Midwest re gion and 4.57% nationally. 4| Meanwhile, the average price per unit in Cincin nati came in at roughly $122,100, up 45.9% annually.
RENT GROWTH Sector Quarterly Yearly Boone County / Erlanger 2.0% 13.6% Butler County 4.2% 13.6% North Central Cincinnati 2.1% 12.3% Campbell / Kenton Counties 3.5% 12.1% Northeast / Warren County 3.4% 12.0% Southeast Cincinnati 3.9% 11.7% North Cincinnati 1.8% 10.5% Central Cincinnati 1.9% 9.6% West Cincinnati 1.9% 7.1% Q1 2022 MARKET SNAPSHOT EMPLOYMENT Unemployment Rate 3.0% Jobs Added YTD 15,000 Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 97.8% 97.8% 97.9% 97.6% 97.9% Y-O-Y Rent Growth 12.4% 11.7% 12.1% 13.3% 10.4% Average Rent Per Unit $964 $1,011 $1,142 $1,267 $1,559 10%15%20%5%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ CINCINNATI VS NATIONAL RENT GROWTH Year-over-Year CINCINNATI NATIONAL Availability Market Nationally Vacancy Rate 2.2% 5.2% Vacant Units 5.9K 952K Market Effective Rent/Unit $1,215 $1,640 Concession Rate 0.4% 0.6% Studio Asking Rent $892 $1,491 1 Bedroom Asking Rent $967 $1,482 2 Bedroom Asking Rent $1,199 $1,715 3 Bedroom Asking Rent $1,502 $2,092 12%8%4%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ CINCINNATI RENT GROWTH BY ASSET CLASS Year-over-Year LIFESTYLE RENTERS BY NECESSITY 5
1| The level of new apartment completions in Cincinnati were modest recently, as 2,022 units delivered in the year-ending 2nd quarter 2022. 2| Annual new supply averaged 1,485 units, and annual inventory growth averaged 0.9% over the past five years. 3| Over the next year, inventory growth is set to accelerate with the scheduled addition of 3,114 units. At the end of 2nd quarter 2022, there were 6,399 units under construction. 4| Scheduled new deliveries in the coming year are expected to be concentrated in North Central Cincinnati and Campbell/ Kenton Counties, although activity is increasing in Boone County/Erlanger. Over the past five years, annual absorption in Cincinnati has ranged from 581 units to 4,515 units, averaging 2,267 units annually during that time. In the year-ending 2nd quarter 2022, the market recorded demand for 3,889 units, exceeding concurrent supply volumes by almost twice. 2| Among submarkets, the strongest absorption over the past five years was seen in Central Cin cinnati, Northeast Cincinnati/Warren County and Campbell/Kenton Counties.
1|DEMANDSUPPLY
Q2 MARKET UNITS UNDER CONSTRUCTION Sector Units Butler County 1,177 North Central Cincinnati 1,061 Campbell/Kenton Counties 1,058 Central Cincinnati 895 Southeast Cincinnati 775 TOTAL FUTURE INVENTORY GROWTH Submarket Change Butler County 5.9% Central Cincinnati 5.5% Boon County/Erlanger 5.4% Campbell/Kenton County 5.3% North Central Cincinnati 4.8% Highest Overall Performing Submarket Submarkets Rent Occupancy YOY Dearborn County $1,087 97.6% 18.9% Florence – East/Erlanger $1,012 97.4% 18.5% Burlington/Hebron $1,155 97.4% 17.6% West Chester – West $1,518 97.0% 17.1% Alexandria/Cold Springs $1,187 98.3% 16.6% LOWEST OVERALL PERFORMING SUBMARKETS Submarkets Rent Occupancy YOY Cincinnati – Roselawn $867 97.9% 5.7% Oxford $1,626 - 4.8% Cincinnati – Avondale $1,415 94.3% 4.4% Cincinnati – English Woods/Price Hill $818 94.2% 3.9% Cincinnati – Clifton $981 88.9% 2.4% units2,022completed in past 12 months units3,114currently in progress Q2
DEVELOPMENT PIPLINE MAP - CINCINNATI 7
DAYTONDAYTONDAYTON
Over the past five years, annual change in effective asking rents in Dayton ranged from 1 .8% to the current all-time high of 9.9% in 2nd quarter 2022. 2| In 2nd quarter 2022, annual effective rent change registered at 13.3% in Class A units, 8.3% in Class B units and 8.2% in Class C units, with both Class B and C product hitting record highs. 3| Among submarkets, the strongest annual rent change performances over the past year were in Northwest Dayton and South Montgomery County, both in double digits. The weakest performances were in Central Dayton/Kettering and Greene County, at 9.0% and 9.4%, re spectively. 1|RENT Job growth averaged 1.0% annually, with roughly 3,900 jobs added on average each year. 2| In the year-ending 2nd quarter 2022, the metro’s in flation-adjusted economic output expanded 1. 7%. 3| The Dayton metro recorded a net gain of 9,800 jobs, expanding the employment base 2.6%. 4| Dayton’s unemployment rate in May 2022 declined 2.0 points year-over-year to 3.2%, below the national average of 3.4%.
OCCUPANCYECONOMY1|
4003002001000500 UNITS COMPLETIONS BY QUARTER Historic & Projected 21’Q2 21’Q3 21’Q4 22’Q1 22’Q2 22’Q3 22’Q4 23’Q1 23’Q2 COMPLETED UNDER CONSTRUCTION Q2
1| Over the past year, occupancy gained 0.7 points, with the 2nd quarter 2022 rate landing at 97.5%. 2| Product classes in Dayton for 2nd quarter 2022 oc cupancy registered at 96.9% in Class A units, 98.1% in Class B units and 97.4% in Class C units. 3| Dayton 2nd quarter 2022 occupancy was strongest in Greene County and Central Dayton/Kettering. The weakest reading was seen in Northwest Dayton, the only submarket below 97% occupancy. Over the past five years, North Dayton/Miami County generally led for occupancy. During the coming year, occupancy in Dayton is expected to register around 97%.
RENT GROWTH Sector Quarterly Yearly Northwest Dayton 2.1% 11.2% South Montgomery County 1.8% 10.8% North Dayton / Miami County 4.1% 9.8% Greene County 3.4% 9.4% Central Dayton / Kettering 2.0% 9.0% Q1 2022 MARKET SNAPSHOT EMPLOYMENT Unemployment Rate 3.2% Jobs Added YTD 9,800 Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 96.9% 97.3% 97.5% 98.1% 97.8% Y-O-Y Rent Growth 8.7% 8.9% 11.5% 9.6% 11.2% Average Rent Per Unit $839 $886 $945 $1,113 $1,389 10%15%20%5%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ DAYTON VS NATIONAL RENT GROWTH Year-over-Year DAYTON NATIONAL Availability Market Nationally Vacancy Rate 2.6% 5.2% Vacant Units 2K 952K Market Effective Rent/Unit $1,097 $1,640 Concession Rate 0.5% 0.6% Studio Asking Rent $781 $1,491 10%14%6%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ DAYTON RENT GROWTH BY ASSET CLASS Year-over-Year LIFESTYLE RENTERS BY NECESSITY 9
1|DEMAND The level of new apartment completions in Dayton were modest recently, as 370 units delivered in the year-ending 2nd quarter 2022. 2| Completions over the past year expanded the local inventory base 0.7%. 3| Over the next year, inventory growth is set to accelerate slightly with the scheduled addition of 708 units. Q2 MARKET UNITS UNDER CONSTRUCTION Sector Units Central Dayton / Kettering 723 North Dayton / Miami County 384 TOTAL FUTURE INVENTORY GROWTH Submarket Change Central Dayton / Kettering 4.8% North Dayton / Miami County 4.6% Highest Overall Performing Submarket Submarkets Rent Occupancy YOY West Carrollton $1,021 94.4% 21.0% Huber Heights $1,074 97.6% 18.8% Bellbrook $1,467 98.0% 17.0% Miamisburg $1,195 96.6% 14.2% Springfield $830 97.5% 13.4% LOWEST OVERALL PERFORMING SUBMARKETS Submarkets Rent Occupancy YOY Vandalia $771 95.1% 9.1% Northridge $722 94.2% 8.1% Kettering – West $1,056 97.2% 7.3% Englewood $942 92.3% 6.9% Dayton - Downtown $1,210 96.0% 6.4% units370completed in past 12 months units9,800currently in progress Q2
DEVELOPMENT PIPLINE MAP - DAYTON 11
1|ECONOMYOCCUPANCY
The recent annual rent performance was an all-time high for the market of 11.9%. 2| In 2nd quarter 2022, annual effective rent change registered at 14.6% in Class A units, 12.1% in Class B units and 7.8% in Class C units. 3| Among submarkets, the strongest annual rent change performances over the past year were in Central Louisville (16.8%) and Northeast Louisville (12.1%). The weakest performances were in Northwest Louisville (8.6%) and South-Central Louisville (10.9%). In the year-ending 2nd quarter 2022, the metro’s inflation-adjusted economic output expanded 0.5%. 2| At the same time, the metro record ed a net gain of 21,100 jobs, expanding the employment base 3.2%. 3| Louisville/Jefferson County’s unemployment rate in May 2022 declined 0.3 points year-over-year to 3. 7%, above the national average of 3.4%. 4| During the past year, job gains in Louisville/ Jefferson County were most pronounced in the Leisure/Hospitality Services sector followed by Profes sional/Business Services.
1|RENT
LOUISVILLELOUISVILLELOUISVILLE
1| Over the past year, occupancy gained 1.1 points, with the 2nd quarter 2022 rate landing at 96.8%. 2| Looking at product classes in Louisville/Jefferson County, 2nd quarter 2022 occupancy registered at 96.0% in Class A units, 96.9% in Class B units and 97.6% in Class C units. 3| Among submarkets, 2nd quarter 2022 occupancy was strongest in Northwest Louisville (97.8%) and Southeast Louisville (97.4%). The weakest readings were seen in Central Louisville {94.9%) and Southwest Louisville (96.0%), the only submarkets below 97% occupancy.
2,5002,0001,5001,00003,000 UNITS COMPLETIONS BY QUARTER Historic & Projected 21’Q2 21’Q3 21’Q4 22’Q1 22’Q2 22’Q3 22’Q4 23’Q1 23’Q2 COMPLETED UNDER CONSTRUCTION Q2
RENT GROWTH Sector Quarterly Yearly Central Louisville 5.1% 16.8% Northeast Louisville 5.5% 12.1% Southeast Louisville 2.9% 11.6% Southwest Louisville 3.7% 11.0% South Central Louisville 2.3% 10.9% Northwest Louisville 3.4% 9.6% Q1 2022 MARKET SNAPSHOT EMPLOYMENT Unemployment Rate 3.7% Jobs Added YTD 21,100 Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 95.0% 97.1% 96.5% 98.5% 97.0% YoY Rent Growth 13.3% 13.0% 14.7% 10.3% 9.8% Average Rent Per Unit $922 $947 $1,058 $968 $1,306 10%15%20%5%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ LOUISVILLE VS NATIONAL RENT GROWTH Year-over-Year LOUISVILLE NATIONAL Availability Market Nationally Vacancy Rate 3.2% 5.2% Vacant Units 4.5K 952K Market Effective Rent/Unit $1,097 $1,640 12%8%4%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ LOUISVILLE RENT GROWTH BY ASSET CLASS Year-over-Year LIFESTYLE RENTERS BY NECESSITY 13
1|SUPPLY The level of new apartment completions in Louisville/ Jefferson County was moderate recently, as 1,755 units delivered in the year-ending 2nd quarter 2022. 2| Completions over the past year expanded the local inventory base 1. 9%. Over the next year, inventory growth is set to remain around the current level with the scheduled addition of 1,822 units. 3| At the end of 2nd quarter 2022, there were 2,607 units under construction. Among submarkets, new supply over the past five years has been concentrated in Northeast Louis ville, which received one-third of the market’s total completions over that time. Scheduled new deliveries in the coming year are expected to be concentrated in Northwest Louisville and Southwest Louisville. Q2 MARKET UNITS UNDER CONSTRUCTION Sector Units Southwest Louisville 964 Northwest Louisville 744 Northeast Louisville 320 South Central Louisville 240 Southeast Louisville 198 TOTAL FUTURE INVENTORY GROWTH Submarket Change Northwest Louisville 5.8% Southwest Louisville 3.8% Southeast Louisville 1.8% Northeast Louisville 1.8% South Central Louisville 1.6% Highest Overall Performing Submarket Submarkets Rent Occupancy YOY Shepherdsville $977 98.7% 29.9% Pleasure Ridge Park $978 97.2% 15.9% Jeffersontown $1,117 96.5% 14.7% Springhurst/Glenview Manor $1,403 96.5% 14.0% Douglas Hills/Lydon $1,348 96.5% 12.9% LOWEST OVERALL PERFORMING SUBMARKETS Submarkets Rent Occupancy YOY Charlestown/Sellersburg $1,030 96.6% 8.0% Central Downtown/Old Louisville $1,459 88.3% 7.8% La Grange/Crestwood $1,102 99.0% 6.0% Elizabethtown $930 99.1% 5.4% Shelbyville $926 99.6% 2.8% units1,775completed in past 12 months units2,607currently in progress Q2
DEVELOPMENT PIPLINE MAP - LOUISVILLE 15
OCCUPANCYECONOMY1|
LEXINGTONLEXINGTONLEXINGTON
1,0008006004002000 UNITS COMPLETIONS BY QUARTER Historic & Projected 21’Q2 21’Q3 21’Q4 22’Q1 22’Q2 22’Q3 22’Q4 23’Q1 23’Q2 COMPLETED UNDER CONSTRUCTION Q2
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Over the past five years. annual change in effective asking rents in Lexing ton-Fayette ranged from a decline of 0.2% to a record high increase of 15.4% in 2nd quarter 2022. That recent annual rent performance was above the market’s five-year average of 4. 7%. 2| In 2nd quarter 2022, annual effec tive rent change registered at 19.0% in Class A units, 14.1% in Class B units and 9.6% in Class C units. 3| Among submarkets, the strongest annual rent change performance over the past year was in Downtown Lexington/Universi ty. The weakest performance was in North Lexington, though still double-digit rent growth.
1| Over the past year, occupancy gained 1.1 points, with the 2nd quarter 2022 rate landing at 97.4%. 2| Product classes in Lexington/Fayette, 2nd quarter 2022 occupancy registered at 97.1% in Class A units, 97.4% in Class B units and 97.8% in Class C units. 3| Among submarkets, 2nd quarter 2022 oc cupancy was strongest in North Lexington. The weakest reading was seen in Downtown Lexington/University. 4| Over the past five years. Downtown Lexington/University generally led for occupancy. During the coming year, oc cupancy in Lexington/Fayette is expected to register around 95.5%.
1|RENT In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.9% year-over-year in 2nd quarter. In the year-ending 2nd quarter 2022, the metro’s inflation-ad justed economic output expanded O.S.%. 2| The metro recorded a net gain of 8,900 jobs, expanding the employment base 3.3%. As such, Lexing ton-Fayette’s unemployment rate in May 2022 declined 0.8 points yearover-year to 2.9%, below the national average of 3.4%.
3| During the past year, job gains in Lexington-Fayette were most pro nounced in the Leisure/Hospitality Services sector followed by Govern ment and Professional/Business Services.
RENT GROWTH Sector Quarterly Yearly Downtown Lexington / University 6.5% 18.2% South Lexington 5.4% 16.2% North Lexington 3.5% 10.3% Q1 2022 MARKET SNAPSHOT EMPLOYMENT Unemployment Rate 2.9% Jobs Added YTD 8,900 Pre-1970s 1970s 1980s 1990s 2000+ Occupancy 95.3% 96.7% 97.4% 97.4% 98.1% Y-O-Y Rent Growth 15.8% 18.1% 15.7% 17.2% 13.1% Average Rent Per Unit $826 $973 $998 $1,153 $1,276 10%15%20%5%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ LEXINGTON VS NATIONAL RENT GROWTH Year-over-Year LEXINGTON NATIONAL Availability Market Nationally Vacancy Rate 2.6% 5.2% Vacant Units 2K 952K Market Effective Rent/Unit $1,097 $1,640 Concession Rate 0.5% 0.6% Studio Asking Rent $781 $1,491 10%15%5%0% OCT21’ NOV21’ DEC21’ JAN22’ FEB22’ MAR22’ APR22’ MAY22’ JUN22’ LEXINGTON RENT GROWTH BY ASSET CLASS Year-over-Year LIFESTYLE RENTERS BY NECESSITY 17
1|SUPPLY The level of new apartment completions in Lexington-Fayette were modest recently, as 454 units delivered in the year-ending 2nd quarter 2022. 2| Completions over the past year expanded the local inventory base 1.0%. Over the next year, inventory growth is set to remain around the current level with the scheduled addition of 566 units. 3| At the end of 2nd quarter 2022, there were 636 units under construction. 4| Among submarkets, new supply over the past five years has been concentrated in South Lexington, which received 68% of the market’s total completions over that time. Scheduled new deliveries in the coming year are expected to be concentrated in North Lexington. Q2 MARKET UNITS UNDER CONSTRUCTION Sector Units North Lexington 546 South Lexington 90 TOTAL FUTURE INVENTORY GROWTH Submarket Change North Lexington 4.5% South Lexington 0.5% Downtown Lexington / Downtown 0.0% Highest Overall Performing Submarket Submarkets Rent Occupancy YOY Lexington – South Central $1,089 95.2% 19.3% Lexington – South $1,194 95.9% 17.3% Scott $1,185 96.8% 16.9% Lexington – East $1,157 94.7% 14.1% Lexington - Downtown $1,112 87.8% 12.3% LOWEST OVERALL PERFORMING SUBMARKETS Submarkets Rent Occupancy YOY Lexington – Southwest $1,259 94.4% 8.3% Jessamine $1,109 95.9% 8.1% Lexington – North $910 98.3% 7.2% Franklin $861 93.0% 5.5% Madison $774 95.0% 3.5%units454completed in past 12 months units636currently in progress Q2
DEVELOPMENT PIPLINE MAP - LEXINGTON 19
Jordan Dickman First Vice President of Investment E: jordandickman@marcusmillichap.com P: 513 -878 - 7735 Nick Andrews First Vice President of Investment E: nicholas.andrews@marcusmillichap.com P: 513 -878 - 7741 INVESTMENT ASSOCIATES Austin Sum Senior Investment Associate JD Schmerge Associate Tim VanWingerden Associate Brian Johnston Associate RESEARCH & EVALUATION Sam Petrosino Financial Analyst CLIENT RELATIONS Skyler Wilson Client Relations Manager AlexMARKETINGPapa Marketing Coordinator BrittanyOPERATIONSCampbell-Koch Director of Operations ADG MULTIFAMILY Austin Sum Senior Associate E: austin.sum@marcusmillichap.com P: 513 -878 - 7747 Q2
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