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Multifamily Market Overview HUNTSVILLE, ALABAMA

Presented to:

13th Annual CCIM North Alabama Commercial Real Estate Symposium May 17, 2019 By: David Oakley and David Wilson, MAI


TOPICS TO COVER ยง Market Fundamentals ยง New Construction ยง Renovations ยง Transaction Activity

TOPICS TO COVER


ALABAMA MAJOR MARKET SUMMARY CoStar Data Total Units in Survey

12 Mo Delivered Units

12 Mo. Absorption Units

Occupancy Rate

12 Mo. Asking Rent Growth

Birmingham

55,617

262

274

92.1%

3.4%

Huntsville

26,577

260

497

93.8%

6.4%

Montgomery

19,391

0

220

89.8%

2.8%

Mobile / Baldwin County

19,963

130

-25

89.5%

4.2%

121,548

652

966

Market

Total

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ALABAMA MAJOR MARKET SUMMARY AxioMetrics Data Effective Rent per Unit

Effective Rent per SF

Effective Rent Growth Annually

Birmingham

$988

$0.98

4.2%

94.9%

0.3%

Huntsville

$855

$0.89

4.1%

94.2%

-2.4%

Montgomery

$813

$0.78

2.3%

91.8%

-0.3%

Mobile / Baldwin County

$820

$0.84

2.0%

92.8%

-1.1%

Market

Occupancy Change Annually Occupancy Rate

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MARKET FUNDAMENTALS


Huntsville Area Rent & Occupancy Trends Since 2010

Effective Rent

1Q19

4Q18

3Q18

2Q18

1Q18

4Q17

3Q17

2Q17

1Q17

4Q16

3Q16

2Q16

1Q16

4Q15

3Q15

2Q15

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

80% 3Q12

$475 2Q12

84%

1Q12

$550

4Q11

88%

3Q11

$625

2Q11

92%

1Q11

$700

4Q10

96%

3Q10

$775

2Q10

100%

1Q10

$850

Occupancy Rate

Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics

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Huntsville Area Rent & Occupancy Trends 1Q15 to 1Q19

Effective Rent

1Q19

4Q18

3Q18

2Q18

1Q18

4Q17

80% 3Q17

$475 2Q17

84%

1Q17

$550

4Q16

88%

3Q16

$625

2Q16

92%

1Q16

$700

4Q15

96%

3Q15

$775

2Q15

100%

1Q15

$850

Occupancy Rate

Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics

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New Product | Rent & Occupancy Trends Huntsville Metro Apartment Market 1Q15 1Q18 Properties Built to 2015 and Newer $1,150

100%

$1,100

96%

$1,050

92%

$1,000

88%

$950

84%

$900

80%

$850

76%

$800

72%

$750

68% 1Q10

3Q10

Source: CoStar

1Q11

3Q11

1Q12

3Q12

1Q13

3Q13

1Q14

3Q14

Effective Rent

1Q15

3Q15

1Q16

3Q16

1Q17

3Q17

1Q18

3Q18

1Q19

Occupancy

Most Recent Survey Attributes Total Properties: 17 Total Units: 4,093 Average Year Built: 2015 Average Unit Size (SF): 1,082 Source: AxioMetrics

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Huntsville Area Concession Trends Since 2010 50%

$50

40%

$40

30%

$30

20%

$20

10%

$10

Percent Offering Concessions

1Q19

4Q18

3Q18

2Q18

1Q18

4Q17

3Q17

2Q17

1Q17

4Q16

3Q16

2Q16

1Q16

4Q15

3Q15

2Q15

1Q15

4Q14

3Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

$0 1Q10

0%

Concession Value

Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics

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Huntsville Area Concession Trends 1Q15 to 1Q19

50%

$50

40%

$40

30%

$30

20%

$20

10%

$10

Percent Offering Concessions

1Q19

4Q18

3Q18

2Q18

1Q18

4Q17

3Q17

2Q17

1Q17

4Q16

3Q16

2Q16

1Q16

4Q15

3Q15

2Q15

$0 1Q15

0%

Concession Value

Most Recent Survey Attributes Total Properties: 115 Total Units: 24,026 Average Year Built: 1991 Average Unit Size (SF): 932 Source: AxioMetrics

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Huntsville Area Employment Trends

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Huntsville Area | CoStar 1Q2019 Stats Property Class

Units

Vacancy Rate

Asking Rent

Effective Rent

4 & 5 Star

7,770

4.20%

$ 1,0639

$ 1,063

3 Star

14,031

6.40%

$ 748

$ 738

1 & 2 Star

4,776

8.80%

$ 587

$ 580

Overall Market

26,577

6.20%

$ 819

$ 811

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Huntsville Area | CoStar 1Q2019 Stats 12 Month Change Vacancy

-1.0%

Net Absorption

497 Units

Net Deliveries

260 Units

Rent Growth

6.40%

Effective Rent Growth

7.50%

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Huntsville Area | CoStar Submarkets

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Huntsville Area | CoStar Sample Submarket Inventories (1Q2019) #

Submarket

Properties

Units

% Metro

1

Central

15

1,396

5.3%

2

Limestone County

16

1,200

4.5%

3

Madison/Airport

32

6,907

26.0%

4

Outlying Madison County

16

1,007

3.8%

5

South Madison County

25

4,431

16.7%

6

Southwest

56

3,215

12.1%

7

University/Research Park

39

8,421

31.7%

199

26,577

TOTALS

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Huntsville Area | CoStar Stats Submarket Rents (1Q2019) Asking Rents

Effective Rents

#

Submarket

Per Unit

Annual Growth

Per Unit

Per SF

Annual Growth

Concessions

1

Central

$1,088

8.9%

$1,081

$1.14

9.9%

0.6%

2

Limestone County

$654

6.3%

$651

$0.68

6.5%

0.3%

3

Madison/Airport

$953

7.1%

$943

$0.89

7.6%

1.0%

4

Outlying Madison County

$663

3.1%

$660

$0.74

3.3%

0.5%

5

South Madison County

$768

4.8%

$761

$0.78

5.9%

1.0%

6

Southwest

$542

3.9%

$536

$0.72

4.5%

1.2%

7

University/Research Park

$837

7.2%

$828

$0.87

9.2%

1.1%

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Conclusion - Market Fundamentals §

Best Apartment Market Fundamentals in Over 25 Years

§

Highest Sustained Occupancy Pattern – 94%+ for 2 Years Running §

§

§

Best Performance Since Records Have Been Kept (25 Years)

Record-Setting Effective Rent Growth §

Sustained High Growth for Past 2 Years (Over 6% Each Year)

§

Highest in 25 Years

Low Concession Usage

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NEW CONSTRUCTION


New Unit Delivery History | Huntsville/Madison

Source: David Wilson, MAI, Berkadia

Source: David Wilson, MAI a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


Under Construction as of May 2019 Project Name COMPLETED AND IN LEASE-UP 1 Palladian at Promenade **

HUNTSVILLLE AREA PIPELINE Actively Under Construction or Recently Completed In Lease-Up as of May 6, 2019 Previously Units Under Delivered Construction Submarket Location

Comments

Madison - north

Off Hwy 72 in Madison

110

0

1 and 2-story with direct-access garages

464

64

Class B, 3-story

ACTIVELY UNDER CONSTRUCTION 1

Limestone Creek **

West Huntsville

I-565 at Greenbriar Road

2

Heights at Monte Sano **

SE Huntsville - Big Cove

Highway 431 South

0

172

Class A, 3-story, Adjacent to Hampton Falls

3

Watermark at Bridge Street ** West Huntsville

BridgeStreet Town Center

0

244

Class A, 4-sty elevator, surface park, no retail

4 5

Virtuoso Living ** The Station at Town Madison

West Huntsville Madison - South

Dry Creek Rd near Providence Town Madison/ I-565

0 0

400 274

1-story modular, duplex and detached Class A, 4-sty elevator, surface park, no retail

6

Legacy at Jones Farm, I and II

SE Huntsville

Cecil Ashburn/Jones Valley

248

173

Class A, 4-sty elevator, surface park, no retail

7

The Avenues Madison

Madison - South

Sullivan Street near downtown

0

190

Class A, 4-sty elevator with retail wings

8

The Collins

West Huntsville

Enterprise Way near TopGolf

0

260

Class A, 2 and 3-story, adjoins Research Park

9

Villas at Kelly Springs

West Huntsville

Hwy 53 at Research Park Blvd

0

108

1-story, Hwy 53 and Research Park Blvd

712

1,885

TOTAL UNDER CONSTRUCTION **Actively in Lease-Up Source: David Wilson, MAI, Berkadia Real Estate Advisors

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In Lease-Up | Madison PALLADIAN AT PROMENADE

Pace of Absorption – 15+- Units Per Month (slowed by winter months and delivery pace) Should stabilize by end of Summer

Developer

Gateway Dev. (Florence, AL)

Location

Highway 72 corridor (Madison city)

1st Deliveries

November 2018 (46 Units)

Completion

January 2019

Units

110

Unit Mix

2 and 3 bedrooms

Avg Unit Size

1,888 sf

Average Rent

$1,596

Avg Rent / SF

$0.85 ($0.81 effective)

Occupancy

70% - 75%

Interior Unit Amenities

Hardwood-Style Flooring 17’ Ceilings Ceramic Tile Backsplash Direct Access Garages (100%) Private Patios

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In Lease-Up & Under Construction | West Huntsville WATERMARK AT BRIDGE STREET TOWN CENTRE

Pace of Absorption – 20+- Units Per Month Over 50% Leased in 2 months

Developer

Watermark Residential (Indiana)

Location

Bridge Street Town Centre

1st Deliveries

March 2019 (122 units; Building 1)

Completion

July 2019 (122 units; Building 2)

Units

244

Unit Mix

1, 2 and 3 bedroom

Avg Unit Size

936 sf

Average Rent

$1,429

Avg Rent / SF

$1.44

Occupancy

33% on Delivered Units 56% Leased on Delivered Units

Interior Unit Amenities

Urban Elevator Surface Parking 9-Foot Ceilings (10’ Ground Floor) Granite Countertops Stainless Appliances 50 Detached Garages

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In Lease-Up & Under Construction | West Huntsville VIRTUOSO LIVING

All One-Story – “Housements” Some Fully Detached Houses; Some “Duplex” Style Modular Construction with Class A Finishes

Developer

Nashville developer

Location

Across Creek from Village at Providence

1st Deliveries

10+- units in February 2019

Completion

To be Determined – Likely 2021

Units

400 total

Unit Mix

1 and 2 bedroom

Unit Sizes

1 bedrooms – 700 to 800 sf 2 bedrooms – 900 to 1,300 sf

Rental Rates

$1,300 to $2,250 range

Rent / SF

$1.70 to $1.90 range

Occupancy

Effectively 100% on delivered units

Features

Back or Side Door to Patio/Porch Front and Back Yards Fenced Yards (optional) Clubhouses. Pools, Fitness Operates as Apartments a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


In Lease-Up & Under Construction | SE Huntsville THE HEIGHTS AT MONTE SANO

Adjacent to sister property Hampton Falls 10 minutes from Huntsville Hospital

Developer

Sealy Realty (Huntsville/Tuscaloosa)

Location

Highway 431 (Over the Mountain)

1st Deliveries

40 units on May 6, 2019

Completion

August 2019

Units

172

Unit Mix

Studios, 1, 2 and 3 bedroom

Avg Unit Size

893 sf

Average Rent

$937

Avg Rent / SF

$1.05

Occupancy

Nominal – just opened

Interior Unit Amenities

9-Foot Ceilings (Some Cathedral) Granite Countertops Stainless Appliances Vinyl Plank Flooring (Living Areas) Mountain Views

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Under Construction | Southeast Huntsville LEGACY AT JONES FARM – PHASE 2

Total Units

173

Location

Jones Valley

Type

Suburban Elevator (open-air corridor)

Parking

Surface

1st Deliveries

October 2019

Final Completion

January 2020

Avg “Base” Rent

$1.15 to $1.55 psf (range) $995 to $1,750 per mo (range)

Cool Features

Elevators Best-in-Class Pool (both pools) Key Fob Entries (SmartPhone control) USB Charging built-in Two-Story Fitness Facility Great Views

Developer

Jones family (Huntsville)

Phase 1 is 176 Units completed in 2015 Best-In-Class Quality/Finishes

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Mixed-Use Projects §

Town Madison – Madison South

§

CityCentre - Downtown

§

Constellation - Downtown

§

MidCity – West Huntsville

§

Clift Farm – Madison North

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Under Construction – Part of Town Madison THE STATION AT TOWN MADISON

Part of 500-Acre Mixed-Use Site

Total Units

274

Location

I-565, between Zeirdt Road and Wall Triana Hwy

Type

Urban Elevator

Parking

Surface

Start

May/June 2018

1st Deliveries

Late-2019

Avg Rent

Confidential

Cool Features

Expansive Pool Courtyard

Master Developer

Louis Breland

Multifamily Developer

Tynes Development (Birmingham)

Retail/Restaurants, Office, Hotels, Multifamily, Single-family, Baseball Stadium, Parks a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


Progress Photo Station at Town Madison (May 2019)


Conclusion โ€“ Active Construction ยง

ยง

ยง

Five Properties in Lease-Up ยง

Two Finishing-up (Limestone Creek and Palladian at Promenade)

ยง

Two Just Getting Started (Virtuoso and Heights at Monte Sano)

ยง

One Well Underway (Watermark BridgeStreet)

New Construction Deliveries Have Been at Slow Pace ยง

Allowing for Strong Rent Growth Setting New Limits for Achievable Rents

ยง

Fewer Concessions Due to Healthy Conditions and Limited New Supply

The Active New Construction Is Diverse ยง

Some Fringe Locations

ยง

One Class B Project (Limestone Creek)

ยง

One Modular Project (Virtuoso Living)

ยง

One Duplex Project (Palladian at Promenade)

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Future Starts HUNTSVILLLE AREA PIPELINE Future Starts - Conventional as of May 6, 2019 Project Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

City Centre at Big Spring Constellation Mid-City, Phase I Avondale Cottages at Watercress, II Town Madison Big House, I and II Chase Creek Villas at Nature Walk, Phase III Clift Farm 2 (Name TBD) Clift Farm 1 (Name TBD) Arbor of River Landing Alexandria CocaCola Site Project (Name TBD)** Confidential Confidential Confidential

Source: David Wilson, MAI, Berkadia Real Estate Advisors

Submarket

Units

Downtown Huntsville Downtown Huntsville West Huntsville West Huntsville West Huntsville Hampton Cove East Huntsville West Huntsville Madison - North Madison - North West Huntsville West Huntsville Downtown Huntsville West Huntsville West Huntsville Confidential TOTAL

280 222 298 252 42 600 370 50 270 300 348 258 280 200 180 300 4,250

Comments Class A urban; Part of mixed use Class A urban; Part of mixed use Class A urban; Part of mixed use McCrary Road, behind Weston Ranch Apts Mostly 1-story with garages Class A, 2-story - 2 Phases 300-units each Hwy 72 East at Moores Mill (Chase Creek) Class A, 1-story, Martin Road near Zierdt Road Class A, 3-story walk-up, Balch Road/Hwy 72 Class A 3-story elevator, Hwy 72/Wall Triana Class A, 3-story, expected start in 3Q2019 Class A, 3-story, Balch Road, south of Hwy 72 Class A urban; Part of mixed use Class A, part of mixed-use (size approx./fluid) Class A with structured parking Class A, 3-story walk-up

Developer Kevin Fitzpatrick (Florida) Master Developer is Scott McLain RCP Companies & Confidential Partner Charlie Sealy, III (Huntsville) Lew Barlett & Bo Bailey (Huntsville) Louis Breland (Huntsville) Edward Rose & Son, Michigan Louis Breland (Huntsville) Confidential Ingram Tynes (Birmingham, AL) Gross Builders (Ohio) James Bobo (Florence, AL) Rocket Development Partners (New York) Confidential Confidential Confidential

** Unit count for Coca Cola site project is a rough guess for Phase 1

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Mixed-Use – Downtown Huntsville CITY CENTRE

AC Marriott Hotel Opened April 2019

Apartment Units

280

Location

Williams Avenue Across From Embassy Suites

Type

Urban Elevator

Parking

Structured

Start

To Be Determined

1st Deliveries

To Be Determined

Avg Rent

Confidential – Pushing $2.00/sf

Cool Features

Great Views of Big Spring Park Very Walkable to Publix

Master Developer

RCP Companies (Huntsville)

Multifamily Developer

Spring Bay Property Co. (FL)

Retail/Restaurants, Office, Hotel, Multifamily a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


Mixed-Use – Downtown Huntsville CONSTELLATION

Total Units

222

Location

Memorial Parkway / Clinton Ave

Type

Urban Elevator

Parking

Structured

Start

To Be Determined

1st Deliveries

To Be Determined

Avg Rent

Confidential

Cool Features

Edgy Architecture Rooftop Pool & Amenity Area

Master Developer

Scott McLain, CCIM

Part of 19-Acre Site Retail/Restaurants, Office, Hotels, Multifamily

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Mixed-Use – Adjacent to Research Park MIDCITY – 140+- ACRES

Apartment Units

298 (Phase 1)

Location

University Drive / Research Park Boulevard

Type

Urban Elevator

Parking

Structured

Start

2019

1st Deliveries

2020

Avg Rent

Pushing $2.00/sf

Cool Features

Best-in-Class Finishes Great Views Super Walkable

Master Developer

RCP Companies (Huntsville)

Retail/Restaurants, Music Venues, Office, Hotels, Multifamily, Residential Condos, 38-Acre Park with 8,500- Multifamily Developer Seat Amphitheater

RCP Companies & Partners

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Progress Photo MidCity (May 2019)


Side Note – Single-Family Fundamentals §

Severe Housing Shortage

§

1,252 Homes in MLS Inventory as of 1Q 2019 (all areas within Madison County) §

Lowest Level in 20 Years

§

A 30% Decline Since 1Q 2018

§

2.4-Month Inventory – 4 to 7 Months is Typical

§

Average Days on Market – 55 Days (99 Days had Been 5-Year Average)

§

2,700 Single-Family Starts in 2018 for all Areas in Madison County §

§

Up 12% from 2,415 Starts in 2017 and 2,203 Starts in 2016

Average Sale Price is at All-Time High ($235,816) – up 8.3% since 1Q 2018

Source: Alabama Center for Real Estate (ACRE.com)

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Conclusion – New Construction §

New Apartment Unit Deliveries in 2018 Were at a 6-Year Low (142 units) §

Led to Boost in Occupancy and Very Strong Rent Growth due to Strong Demand

§

800 Units Forecast to be Delivered for 2019, per our Analysis

§

2020 Deliveries Should be at Least 1,200 Units (1,035 Units Are Already Underway)

§

New Deliveries in 2021 Could Be 20-Year High - But So Should Job Growth

§

Single-Family Housing Inventory is at 20-Year Low – Good for Multifamily; Very Strong Housing Demand

§

Rising Construction Costs, Rising Interest Rates and New Deliveries Will Throttle Pace of Starts

§

History Will Hold True - The Robust Pipeline Will Take Years to Come to Market, and Some Won’t

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RENOVATIONS


Significant Renovations

RENOVATION EVERYWHERE TOO MANY TO TALK ABOUT

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TRANSACTIONS


Sales Summary | 2018 and 2019 Property Name

Area

Units

Built

Average Unit Size Date of Sale

Sale Price

Price Per Unit

Price Per SF

Cap Rate

Huntsville Place (student)

West

84

2008

1,250

2/21/19

$12,600,000

$150,000

$120.00

6.5%

Governors House

West

146

1979

894

2/21/19

$9,200,000

$63,014

$70.52

5.5%

Arlington Park

Madison

50

1995

860

11/13/18

$2,500,000

$50,000

$58.14

n/a

Moderne at Providence

West

300

2017

998

9/12/18

$44,700,000

$149,000

$149.30

5.3%

Park at Bellingham & Park at Summerhill

West

376

1985

862

6/1/18

$14,500,000

$38,564

$44.71

n/a

Chaney Place

SE

80

2015

1,350

1/30/18

$9,300,000

$116,250

$86.12

6.0%

Millstream

SW

79

1986

450

1/25/18

$2,100,000

$26,582

$59.07

n/a

Malibu

SE

241

1965/1971

769

1/11/18

$13,700,000

$56,846

$73.90

5.2%

$108,600,000

$80,088

$88.23

Totals/Averages

1,356

908

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Moderne at Providence

RECENT SALE

30 Gates Mill St NW Huntsville, AL 35806

Year Built Number of Units Average Unit SF Sale Date Sale Price PPU PPSF CAP

2017 300 998 9/12/2018 $44,700,000 $149,000 $149.30 5.3%

CLASS A – West Huntsville Highest Price/Unit for Huntsville a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


RECENT SALE

Governors House

4611 Governors House Dr SW Huntsville, AL 35805

Year Built Number of Units Average Unit SF Sale Date Sale Price PPU PPSF CAP

1978 146 891 2/21/2019 $9,200,000 $63,014 $70.52 5.5%

CLASS C – West Huntsville Major Deferred New Siding, Windows, Roofs Planned a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


The Park at Bellingham & The Park at Summerhill 5001 Galaxy Way NW Huntsville, AL 35816

Year Built Number of Units Average Unit SF Sale Date Sale Price Per Unit Per SF

4515 Bonnell Drive NW Huntsville, AL 35816

1986 152 842

06/2018 $5,780,000 $38,026 $45.12

1985 224 838

RECENT SALE - PORTFOLIO

Major Renovation Underway

06/2018 $8,750,000 $39,062 $46.59

The Park at Summerhill The Park at Bellingham

CLASS C – West Huntsville (Sparkman Drive) a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


Conclusion – Transactions §

Lowest Transaction Volume in 10 Years (10-20 Sales Per Year is Typical)

§

Record-Setting Prices §

Breaking the $145,000/Unit Barrier

§

Previously Haven’t Had The New Product Come To Market

§

Aggressive Capital Chasing Few Deals in Economy Gaining Momentum

§

Investor Interest in Huntsville is Very Strong and Growing

§

A Great Time to Sell

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THE ALABAMA TEAM MORTGAGE BANKING

INVESTMENT SALES

DAVID OAKLEY DAVID WILSON, MAI

Senior Managing Director

Senior Director

JAY BRILEY

Associate Director

ABE MADDOX

CALEB FRIZZELL

Associate Director

Associate Director

TOM GENETTI

Berkadia Mortgage

ALABAMA SUPPORT TEAM CHRISTINA MCDONALD Project Manager

JESSICA DUCKETT Financial Analyst

AMY LYNTON

Transaction Manager

a Ber kshi r e Hat haw ay and J ef f r i es Fi nanci al Gr ou p


a Berkshire Hathaway and Jeffries Financial Group company ALBUQUERQUE, NM

DC METRO

MIAMI, FL

SAN DIEGO, CA

AMBLER, PA

DENVER, CO

MIDVALE, UT

SAN FRANCISCO, CA

ATLANTA, GA

DETROIT, MI

NASHVILLE, TN

SCOTTSDALE, AZ

AUSTIN, TX

EL SEGUNDO, CA

NEW YORK, NY

SEATTLE, WA

BAKERSFIELD, CA

FRESNO, CA

NEWPORT NEWS, VA

SHREWSBURY, NJ

BATON ROUGE, LA

HOUSTON, TX

OKLAHOMA CITY, OK

ST. LOUIS, MO

BIRMINGHAM, AL

IRVINE, CA

ONTARIO, CA

TACOMA, WA

BOCA RATON, FL

JACKSON, MS

ORLANDO, FL

TAMPA, FL

BOSTON, MA

JACKSONVILLE, FL

PASADENA, CA

TEMECULA, CA

CAMAS, WA

KANSAS CITY, MO

PHILADELPHIA, PA

TEMPE, AZ

CAPISTRANO BEACH, CA

LAS VEGAS, NV

PHOENIX, AZ

THE PLAINS, VA

CHARLESTON, SC

LEAWOOD, KS

PORTLAND, OR

TROY, MI

CHATTANOOGA, TN

LENOX, MA

RALEIGH, NC

TUCSON, AZ

CHICAGO, IL

LOS ANGELES, CA

RICHMOND, VA

TULSA, OK

CLEARWATER, FL

MANCHESTER, MO

SACRAMENTO, CA

WAUKESHA, WI

COLORADO SPRINGS, CO

MARBLEHEAD, MA

SALT LAKE CITY, UT

WOODLAND HILLS, CA

DALLAS, TX

MEMPHIS, TN

SAN ANTONIO, TX

HYDERABAD - INDIA

Profile for Huntsville/Madison County Chamber

Multifamily Market Overview, Huntsville, Alabama  

Multifamily Market Overview, Huntsville, Alabama