MULTIFAMILY

Canary Lofts achieved 25% occupancy upon opening on August 11th. In the weeks to follow, the project has increased occupancy by an average of over 1 per week, bringing the total units occupied as of the end of Q3 to 37. We have an additional 21 units leased with future move-in dates pending, bringing the leased occupancy to 43%. As expected, the project is predominately student-oriented, but we have had a corporate contract as well as a handful of other non- students move-ins. These are welcome affirmations that the project has broader market appeal as designed.

RETAIL

Our broker, JLL, has received strong interest from a national coffee shop, which would be a great prospect for the corner retail bay. They continue to vet potential tenants for creditworthiness and interest. The majority of this interest comes from service providers in the food and beverage industry.