Request for Proposal MADISON COLLEGE REDEVELOPMENT RFP... · Request for Proposal MADISON COLLEGE...

Request for ProposalMADISON COLLEGE REDEVELOPMENT

MADISON, WIMADISON COLLEGE MIXED-USE DEVELOPMENT A11 | 03/14/17

RENDERINGS

March 15, 2017

Jenny Lisak, Principal

Key Commercial Real Estate, LLC

211 S. Paterson Street, Suite 320

Madison, WI 53703

RE: Madison College Downtown Campus Site

Request for Proposal

Dear Ms. Lisak,

Thank you for the opportunity to present our proposal for the redevelopment of the Madison College

downtown campus site. Through our extensive history with, and experience in, the Madison community

we know what a valued asset this site is to the City, downtown and the neighborhood.

Our goal with the following redevelopment concept is to focus on creating a vibrant, inviting urban

neighborhood - a new destination to live, work, and play.

Should you have any questions please don’t hesitate to contact us.

Sincerely,

The Alexander Company, Inc. M. A. Mortenson Company

Joseph M. Alexander Ben Goetter

President Principal

Joseph M. Alexander

Madison College Redevelopment RFP | p.5

TABLE OF CONTENTS

Executive Summary .......................................................................................... 7

Team Profiles ...................................................................................................... 8

Proposed Project Concept .............................................................................. 16

Proposed Project Timing ................................................................................. 37

Proposed Project Financials .......................................................................... 40

Ground Lease ...................................................................................................... 71

Project Examples ............................................................................................... 72

Contact .................................................................................................................. 89

ATTACHMENTS ACCOMPANYING THIS DOCUMENT:

• Development Team Financial Information


EXECUTIVE SUMMARY

PROJECT CERTAINTY is major key to any development project, as development is risky by nature. Both Alexander Company and Mortenson’s unrivaled experience, combined with multi-family and hotel product types that will meet market demand, lead to a high level of project certainty.

AN EXPERIENCED AND REPUTABLE DEVELOPMENT TEAM has been assembled for the project. The Alexander Company has proven residential experience in Madison. Mortenson has a proven track record of developing and building successful hotels throughout the country.

SAVING A HISTORIC BUILDING for the residential component of the development is a responsible utilization of a storied structure, and will ensure good relations with the community resulting in a more certain entitlement process.

NO PRE-LEASING IS NECESSARY for the product types proposed for the master development. Both multi-family and hospitality markets are strong and the local market can support additional supply today. No anchor tenants are needed to start the project.

CONFORMING TO EXISTING ZONING – City of Madison zoning staff has verified that our project meets current zoning requirements based on height and use, easing the entitlement process.

HOTEL COULD BE READY TO BEGIN CONSTRUCTION IMMEDIATELY if the College has the ability to vacate the Wisconsin Avenue side of the site sooner. A nationally respected hotel chain is committed to the project and the investment source is in place. This could result in the College receiving initial ground lease payments much sooner.

FLEXIBLE RELOCATION OPPORTUNITIES for the College exist as the Alexander Company controls well-located land on Madison’s south-side that will be ideal for the College’s operations. Alexander can offer flexible timing and deal structure options that will ease the College’s relocation plans.

FINANCIAL STRENGTH of the development team is exceptional.

TEAM PROFILE / Introduction

The Alexander Company, along with its development team, is very much

appreciative to have been selected as a finalist, and pleased to present our

proposal for consideration in the Madison College Downtown Campus site

redevelopment opportunity.

As Master Developer, The Alexander Company will have primary

responsibility for the planning and development of the entire block and

will coordinate its team in partnership with Madison College, the City of

Madison, and other stakeholders to develop a sustainable redevelopment

plan. As it has done many times in the past, acting in its capacity as

Master Developer, the Company will team with third party developers

for individual site(s) or specialty uses where those team members may

enhance the betterment of the overall development.

To that end, M. A. Mortenson Company has joined the development

team to establish a hotel component. As the developer of the hospitality

component, Mortenson brings extensive experience in hospitality

development and construction, with over $1.2 billion worth of projects

exceeding 13 million square feet.

Another key team member is Kahler Slater, who will act as the lead

designer ensuring the master-planned campus is designed with

architectural themes, scale, and massing that is compatible with

surrounding buildings, including historic structures. Kahler Slater will

prepare schematic design documents for the supportable uses and refine

them with input from the various stakeholders identified above.

Together, our team brings vast expertise in urban infill, master-planned

developments, hospitality, and historic preservation. This redevelopment

proposal is the type of project we are confident we can efficiently deliver.

The Alexander CompanyMaster Developer | www.alexandercompany.com

M. A. Mortenson CompanyHospitality Developer | www.mortenson.com

Kahler SlaterDesign | www.kahlerslater.com


TEAM PROFILE / Team Identification

�e Alexander Company

Principal Office:

345 W. Washington Ave., Ste. 301, Madison, WI 53703

Form of Organization:

A Wisconsin Corporation

Years in Business:

35 Years

M. A. Mortenson Company

Principal Offices:

700 Meadow Lane North, Minneapolis, MN 55422

17975 West Sarah Lane, Brookfield, WI 53045


Corporation

Years in Business:

63 Years

Kahler Slater

Principal Offices:

111 W. Wisconsin Ave., Milwaukee, WI 53203

44 E. Mifflin St., Madison, WI 53703


Limited Liability Company

Years in Business:

109 years

TEAM PROFILE / The Alexander Company

For over 35 years �e Alexander Company has specialized in urban inll development, historic preservation, adaptive reuse, and urban revitalization.

Nationally recognized for urban development achievements, the

Madison, Wisconsin-based Alexander Company is separated from other

firms by the determination to take on challenges few other real estate

professionals are willing to accept, and by the ability to apply creative

solutions throughout the development process. As a master developer,

the Company oversees the financing, design, construction, marketing,

and property management of developments in-house, providing a diverse

team of experts for owners, investors, and partners.

Alexander Company projects create new urban focal points and restore

glory to important landmarks that define cities. The company has

completed several mixed-use “urban renaissance” master-planned

developments, incorporating new construction, historic preservation or

both. The Company has won numerous industry awards, including the

National Preservation Honor Award from the National Trust for Historic

Preservation, the 2011 Best Historic Rehabilitation Project Award from

Affordable Housing Finance, the 2010 Charles Edson Award from the

Affordable Housing Tax Credit Coalition, The Paul Gruenberg Award for

Best Adaptive Reuse of a Building and several National Main Street Awards.

The Alexander Company is separated from other firms by managing all

services in-house, providing a one-stop-shop for all real estate needs. This

approach results in a single source of accountability and brings efficiency,

transparency and ease of communication to the otherwise arduous process of

real estate development.

43COMMUNITIES

impacted

278BUILDINGS

developed

7,628UNITS

developed

1.8MRETAIL SPACE

brokered (SF)


TEAM PROFILE / The Alexander Company Key Personnel

JOSEPH ALEXANDERPresident

MATT MEIERVice President of Real Estate Development

Joe’s duties at The Alexander Company include senior management, development team oversight, stakeholder relations, new project development and operations oversight. He has overseen developments from Kansas City to Washington D.C. to Fort Worth. Joe has diverse experience in real estate administration, government and public relations. He has served as Special Assistant to the Secretary of the United States Department of Health and Human Services, where his duties included consultation and implementation in the areas of general management, budgeting and facilities development oversight.

Matt is responsible for all aspects of development for selected projects from initial feasibility analysis through completion and lease-up including the procurement of all required debt and equity financing. With over 30 years of experience, he has successfully completed a variety of award winning urban revitalization projects that consist of historic preservation, new construction, or both. He has specialized expertise in innovative financing techniques and public economic development tools including the use of tax-exempt bonds, Low Income Housing Tax Credits, Historic Tax Credits, New Markets Tax Credits, TIF/Tax Abatement, and various government loan programs. As Vice President of Real Estate Development at The Alexander Company, he has been directly responsible for completing multiple master planned development projects with budgets in excess of $400 million throughout the United States.

EDUCATION/TRAINING:

• J.D. – University of Wisconsin-Madison Law School• B.A. – Political Science and History, University of Wisconsin-Madison

KEY EXPERIENCE:

• Novation Campus Master Development - Madison, WI• Rail Corridor Master Development - Madison, WI• Capitol West Master Development - Madison, WI• Laurel Hill Master Development - Fairfax, VA• National Park Seminary Master Development - Silver Spring, MD

KEY EXPERIENCE:

• Wisconsin Department of Revenue - Madison, WI• Novation Campus Master Development - Madison, WI• Kansas City Master Development - Kansas City, MO• Rail Corridor Master Development - Madison, WI

TEAM PROFILE / Mortenson

Mortenson has been sharing our passion for developing and constructing

landmark facilities throughout the nation for over 60 years and in

Wisconsin for close to 30 years. Our real estate development group also

dates back more than four decades and has the know-how and experience

to tackle virtually any issue that might arise in the development process.

Financing, government affairs, speed of delivery, public and private

partnerships, and cost containment are just a few of the issues we have

successfully guided our clients through over the years.

What does this mean for your project?

We are more than a development or design-build partner. Mortenson

strives to serve as a collaborative business partner: working to understand

your long-term business goals, and bringing progressive tools and

technologies that add value to any project. As a firm rooted in Wisconsin,

we are committed to maximizing local construction expenditures to

benefit the local economy while ensuring high local participation rates on

each of our projects. Our trade packages will be built to align with local

trade contractor expertise, and we may also partner smaller contracting

firms with larger firms to maximize their participation.

BUSINESS STRATEGY CONSTRUCTION

OPTIMIZATION OF FACILITY

ASSETS

DEVELOPMENT, PLANNING &

DESIGN


TEAM PROFILE / Mortenson Key Personnel

DAVE MERRICKDevelopment Executive

BEN GOETTERPrincipal

NATE GUNDRUMDirector of Real Estate Development

Dave is responsible for strategizing, sourcing, and financing development opportunities in Wisconsin. He provides comprehensive turnkey solutions including site identification, tenant procurement, financial feasibility, debt and equity financing, government entitlements, and design and construction oversight for our customers. With over 23 years of experience, his resume spans multiple industry sectors including office, retail, industrial, and medical office buildings. He has been involved in major developments totaling more than 2.6 million square feet.

Ben’s responsibilities include relationship management, work acquisition, and community relations. Having managed the construction of well over half a billion dollars in construction projects, he brings a unique operational point of view to each project – allowing him to collaborate with each customer and partner to develop solutions to any project challenges.

Nate is responsible for multiple facets of Mortenson’s real estate development operation including feasibility analysis, site selection and acquisition, entitlements, financing, project management and sourcing new development opportunities. With more than ten years of industry experience, Nate specializes in the development of hotels and other hospitality industry projects.

EDUCATION/TRAINING:

• Master of Urban Planning, University of Wisconsin-Milwaukee

• B.S. - Economics/Urban Geography, University of Wisconsin-Madison

EDUCATION/TRAINING:

• B.S. - Architectural Engineering, Milwaukee School of Engineering

• B.S. - Construction Management, Milwaukee School of Engineering

EDUCATION/TRAINING:

• M.B.A. - Real Estate and Urban Land Economics, University of Wisconsin - Madison

• M.S. - Civil Engineering/Construction Management, University of Wisconsin-Madison

• B.S. - Civil Engineering/Construction Management, University of Wisconsin-Madison

KEY EXPERIENCE:

• The Corridor - Brookfield, WI• Holt Plaza - Milwaukee, WI• 10000 Innovation Drive - Wauwatosa, WI• United Heartland Headquarters - New Berlin, WI• North Avenue Commerce Center -

Milwaukee, WI

KEY EXPERIENCE:

• State of Wisconsin Data Center - Madison, WI• Wisconsin Institutes for Discovery - Madison, WI• Lodge Kohler - Ashwaubenon, WI• Kohler Inn on Woodlake - Kohler, WI• Wisconsin Energy Institute - Madison, WI• Harley-Davidson Museum Campus -

Milwaukee, WI

KEY EXPERIENCE:

• Buffalo Marriott HARBORCENTER - Buffalo, NY

• Hotel Commonwealth - Boston, MA• Hyatt Centric - Portland, OR• Marriott AC Hotel - Minneapolis, MN• Hampton Inn and Suites - Minneapolis, MN

TEAM PROFILE / Kahler Slater

Founded in 1908, Wisconsin-based Kahler Slater began as a regional

provider of design services and has grown to become a global, award-

winning firm. Today, we partner with clients around the world to design

transformative experiences and environments through architecture,

interior design and environmental branding. We focus on serving

the following types of clients: civic, corporate, multi-family housing,

hospitality, higher education, sports and fitness, and health care.

With offices in Milwaukee, Madison, and Singapore, we deliver customized

solutions that embody our clients’ vision, with deep market expertise,

thought leadership grounded in research, and a highly collaborative

creative process. We currently serve clients across the United States, in

Singapore and Canada.

Hospitality TeamThe world is full of choices. What sets you apart? Modern consumers are

well-versed in their options and choose the experiences they will be eager to

share. Kahler Slater works with hospitality and restaurant partners to create

destinations that express their authentic personalities and brands.

We design experiencesWe are experience designers. We believe

that a successful living experience involves

the products and amenities you provide;

the perception of your brand or image in the

marketplace; the dynamic people who live, visit

and work in your development; and the place

in which you call home. The intersection of all

of these elements, carefully and intentionally

designed in a fully integrated way, makes a

successful total experience.

Our process is uniqueOur customizable approach is client-centered, collaborative, creative,

intense (in a good way), and on our best days, our approach leaves our

clients personally transformed. Together, utilizing our approach, we can

achieve the things you have been dreaming about for years. We organize our

approach into five key steps: Discover, Dream, Define, Design, and Deliver.

Products & Amenities

Place

PeoplePerception

TOTALEXPERIENCE

DESIGN


TEAM PROFILE / Kahler Slater Key Personnel

THOMAS MILLER, AIAPrincipal, Housing and Hospitality Team Leader

Tom Miller is a Principal with the firm and serves as the leader of our multi-family housing and hospitality markets. Tom has extensive experience working on privately financed projects including those utilizing state and federal historic, low-income and new markets tax credits. Throughout his career, he has developed a level of expertise in partnering with developers to provide high-quality design within the proposed development budgets.

As an expert in the housing and hospitality fields, both new construction and historic restoration, Tom has a unique perspective on creating exciting living environments and exceptional guest experiences. Tom continues to be involved in the development community to maintain a level of expertise in a wide variety of creative financing tools available to developers. He has diverse experience in leadership, management and design of the built environment, including the management of complex development projects. Recently, Tom was directly involved in the approval of Nebraska State Historic Tax Credit legislation.

EDUCATION/TRAINING:

• Master of Architecture, Columbia University• Bachelor of Arts, Architecture, University of California - Berkeley

KEY EXPERIENCE:

• 704 Williams Street Mixed-Use - Madison, WI• 722 Williamson Street Lofts - Madison, WI• Nexus - Milwaukee, WI• Westin Hotel - Greenwood Village, CO• Westin Hotel - Milwaukee, WI• Homewood Suites Downtown Milwaukee - Milwaukee, WI• Springhill Suites Downtown Milwaukee - Milwaukee, WI• Marriott Milwaukee Downtown - Milwaukee, WI• Hilton Garden Inn - Brookfield, WI• Brookfield Conference Center - Brookfield, WI• Aloft O’Hare addition and remodel - Rosemond, IL• Capitol West Master Development - Madison, WI*• Novation Campus Master Plan - Madison, WI*• Corvina Apartments - Omaha, NE*• Residences in the Village - Omaha, NE*• Central Station Apartments - Memphis, TN*• Residence Inn Historic Adaptive Re-use Analysis - Omaha, NE*

*Work completed prior to joining Kahler Slater

PROPOSED PROJECT CONCEPT / Madison College Redevelopment

The Alexander Company, Kahler Slater, and M. A. Mortenson Company

have approached the Madison College redevelopment project concept by

focusing on creating a diverse, urban neighborhood that compliments the

community context and achieves the goals identified in neighborhood and

downtown planning documents.

The Madison College block will be developed in two components: the

adaptive re-use of the existing historic structure on the southwest side of

the block, and a new construction component along Wisconsin Avenue.

Multi-family Component: Adaptive Reuse of Madison College

We believe demolition of the existing buildings would be highly

controversial, if not rejected out of hand. Furthermore, given our

extensive experience with historic preservation, we believe the

existing buildings can be successfully re-purposed in a way that

will greatly enhance the overall project. Thus, our proposed

project concept calls for the adaptive reuse of the existing

buildings into apartments. The historic apartments will entail

an affordable housing component to support the growing

demand, particularly in the Downtown Core District of

Central Downtown Madison.

Keeping with the current structure of the Madison College

buildings, the historic apartments will consist of a seven-

story structure fronting Dayton Street, and a five-story

structure fronting North Carroll Street and West Johnson

Street. Together, the adaptive reuse project will provide 134

residential housing units.

The apartments will be of high-quality, with every effort taken

to save and restore historical features. Future residents of the

building will experience the history preserved through these

efforts while enjoying the modern conveniences of a newly-

renovated building. As part of the extensive renovation project,

state-of-the-art mechanical, electrical, and plumbing systems

will be installed throughout ensuring long-term energy efficiency. The

unit mix in the building will be consistent with other downtown buildings;

primarily one- and two-bedroom residences with several studios. The

finished product will include high-quality unit finishes and common area

amenities.

�e above photos represent the

types of interior nishes that could be re�ected within

the redeveloped Madison College.

controversial, if not rejected out of hand. Furthermore, given our



Potential Apartment Amenities:

• Solid surface counter-tops

• Stainless steel, energy-efficient

appliances

• In-unit washer and dryer

• Vinyl plank flooring

• Expansive windows

• Breakfast bar or kitchen islands

• Unique floor plans

• Restored historical elements

• Custom cabinetry

• Individual climate control

• High-speed internet ready

• Abundant closet space or walk-

in closets

Potential Community Amenities:

• Rooftop deck with green space

• Club room and business center

• Fitness center

• On-site management and

maintenance

• Streaming Wi-Fi in social spaces

• Indoor bike parking

• Electric car charging stations

• An exterior courtyard,

centrally located for the entire

community to enjoy

Hospitality Component: New Construction

In further contribution to the neighborhood’s diversity and vitality, the

proposed project concept includes a hotel component along Wisconsin

Avenue, showcasing views of state street and Lake Mendota.

Typically ranging from 150 to 250 rooms, the Select Service Hotel can

be adapted to fit a wide range of global geographies, site and zoning

requirements and, most importantly, market demand. While the hotel flag

is committed to ensuring a consistent product offering inside every hotel,

the building itself may take on unique characteristics depending on the

needs of each particular location.

Effective space allocation will be part of the design, with the goal of

reducing total construction costs while keeping guest rooms comfortable

and appealing. As a result, owners can begin operations more quickly than

with a traditional full-service hotel.

The Select Service Hotel, to be developed by Mortenson, will offer 252

guestrooms. The new eight-story property will take an outstanding

position in the Madison skyline and continue the much needed infill of

the local hotel market. The ground floor restaurant and bar will anchor the


property to the prominent corner of Dayton Street and Wisconsin Avenue

and will activate the pedestrian-level experience.

The cohesive color pallet, mix of materials, and modern architectural form

will allow for individual expression and identity while always understood as

part of a singular community. The new construction infill will contribute to

the historic nature of the neighborhood, and enhance it as a destination to

live, work, play and visit.

Guest Amenities:The Select Service Hotel offers the amenities and services that ensure

guests sleep deep, work smart, eat well, stay fit and treat themselves every

time. Rooms are designed for productivity, with features that include a

large desk, ergonomic desk chair, telephone with voicemail and speaker

capability, and complimentary high-speed Internet. Amenities include

dining options and cooked-to-order breakfast menu, microwaves, a

convenience mart, a lounge, and fitness centers fitted with state-of-the-

art equipment.

Parking & Greenspace Component

The preliminary redevelopment concept would include underground

parking beneath the hotel component with access off of Johnson Street.

This parking structure will serve the needs of both the hotel and multi-

family components.

Weaving the redevelopment into the frabric of the surrounding community,

streetscapes would be joined through landscaping, lighting, shared

courtyards, and pedestrian walkways. Adopting New Urbanism principals,

the shared courtyards are an open space for all of the community to enjoy.

It will be a place where residents, visitors, families, and friends meet up for

events, holidays, or just to spend time together outdoors.

City, Downtown, and Neighborhood Goals and Visions

This development has been designed specifically with the City’s plans,

ordinances and design guidelines in mind. The Downtown Plan has



specific key goals that have been incorporated to help make this project a

successful addition to Downtown Madison. Notably, the buildings respect

the street edge while providing activated street-front environments on

each side of the block, meeting the desire of many to maintain setbacks

on Johnson Street and Wisconsin Avenue. The primary entrance and lobby

of the hotel are centered directly on Wisconsin Avenue and the restaurant

and bar reach around the corner to West Dayton Street to activate this

area with the life and vitality inherent to these uses. The hotel is designed

to enhance and frame views and vistas to and from the Capitol and lake

Mendota while the primary entrance to the apartments will emphasize

the importance of North Carroll Street as a key pedestrian thoroughfare.

The eight-story height of the hotel fits within existing zoning constraints,

while also providing a step-down of density from the square to the

historic district across Johnson Street. The proposed plan does not require

exceptions for additional stories; rather, only a conditional use permit.

We have worked to ensure a quality urban environment and to that end,

have included areas of desirable urban open spaces for use by guests and

residents alike: these include a hotel courtyard, a residential courtyard and

a residential roof-top terrace.

The Comprehensive Plan and Zoning Code call for this type of dynamic

mixed-use development to provide a variety of activities on-site and

in the neighborhood to help create on-street vibrancy near the Capitol

Square. By including long-term housing for residents and high-quality

accommodations for visitors, this project falls squarely in the within the

realm of identified uses for this block. Further, a goal of the City, of the

neighbors and of the development team, is the provision of affordable

housing to help ensure a place downtown for people of all incomes; this

development successfully addresses that need.

The project includes the adaptive reuse of the historic Central High School

building - including the existing arch that was preserved when the eastern

portion of the building was demolished. This type of preservation is a

priority identified in the City’s Downtown Plan. The preservation of the

building contemplates listing the property on the National Register of

Historic Places, giving the property due recognition for its place in the

development of Madison’s historic downtown core.



Nils Olsen (Central High School Class of 1965), Dean and Professor of Law

at the University at Buffalo Law School in New York, says, “The arch is a

very nice monument to what was a very special place – a school that was

small, diverse, and provided a great education.” Furthermore, he adds,

“Central was an important institution in the city and it is only appropriate

to have some testament to where it was.”

After meeting with the City on several occasions we have developed a

design that aligns directly with allowable uses and densities outlined

in the Comprehensive Plan, the Zoning code and the Downtown Plan.

We’ve met with the local alder, city planning and zoning staff, and certain

neighborhood advocates, and while additional review will certainly be

required, we generally received positive feedback to date. We believe this

urban mixed-use project will garner significant support not only from

City representatives of planning, zoning and urban design, but of the

neighboring residents and area business owners as well.

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MADISON, WIMADISON COLLEGE MIXED-USE DEVELOPMENT A11 | 03/14/17

RENDERINGS


PROPOSED PROJECT FINANCIALS / Multi-family Component

Comparable: 641 West Main Address: 641 West MainCity, State: Madison, WI

Located in PMA: NoTelephone: 608-284-0641

Date of Survey: 12/19/2016Year Built: 2003Property Type: LIHTC Section 42 and Market rateTargeting: MultifamilyOccupancy: 100%Applications Pending: N/AWaiting List: Yes, for 1 and 2 BR unitsSecurity Deposit: One month’s rentConcessions: NoneUtilities Included: W, S, TRTenant Paid Utilities: HW, E, HKEY: W-Water, S-Sewer, TR-Trash, HW-Hot Water, H-Heat, E-Electric, C-Cable, I-Internet

Development Amenities Appliances Unit Features

X Laundry Room Courtyard X Refrigerator X W/W CarpetPlayground Community Patio X Range/Oven X Patio/Balcony

X Community Room Basketball Court X Dishwasher Fireplace Fitness Center Volleyball Court X Disposal X Air Conditioning (ca)Business Center Dog Park/Walk Microwave X Drapes/BlindsSwimming Pool Walking/Running Trail Washer/Dryer X Controlled EntryLibrary Gazebo X Washer/Dryer Hook-ups X Surface ParkingBeauty Salon Concierge (3 and 4 BRs) X Garage/UG ParkingChapel Media Center (Included)Grill Area X Extra Storage

X Elevator (Included)

# Units Unit Type % of AMI Net Rent Square Footage # Vacant Units

41296445115153

EfficiencyEfficiencyEfficiency1 BR/1 BA1 BR/1 BA1 BR/1 BA2 BR/1 BA2 BR/1 BA2 BR/1 BA

3 BR/1.5 BA3 BR/1.5 BA3 BR/1.5 BA4 BR/2 BA

50%60%MKT50%60%MKT50%60%MKT50%60%MKT50%

$550$600$800$700$800$900$900

$1,000$1,250$1,050$1,150$1,400$1,080

--

---------

600675

8009001,0501,0001,2001,6001,1501,3001,700

559559456689689709

1,0011,001

9661,2551,2551,2421,557

-------

--

7397397611,0361,0381,0381,551

1,2551,695

0000000000000

60 Totals 0

Notes:

Comparable: City Row ApartmentsAddress: 602-626 E. JohnsonCity, State: Madison, WI

Located in PMA: YesTelephone: 608-251-6000

Date of Survey: 1/16/2017Year Built: 8/2010Property Type: LIHTC Section 42 Targeting: FamilyOccupancy: 100%Applications Pending: N/AWaiting List: Yes, 1,000 householdsSecurity Deposit: ½ month’s rentConcessions: NoneUtilities Included: W, S, TR, HWTenant Paid Utilities: H, EKEY: W-Water, S-Sewer, TR-Trash, HW-Hot Water, H-Heat, E-Electric, C-Cable, I-Internet


Laundry Room Courtyard X Refrigerator X W/W CarpetPlayground Community Patio X Range/Oven X Patio/Balcony

X Community Room Basketball Court X Dishwasher FireplaceX Fitness Center Volleyball Court X Disposal X Air Conditioning (ca)X Business Center Dog Park/Walk X Microwave X Drapes/Blinds

Swimming Pool Walking/Running Trail X Washer/Dryer X Controlled EntryLibrary Gazebo Washer/Dryer Hook-ups X Surface ParkingBeauty Salon Concierge X Garage/UG ParkingChapel Media Center ($95/month)Grill Area X Extra Storage

X Elevator ($25/month)


814191082516361

Efficiency1 BR/1 BA

1 BR/1.5 BA1 BR/1 BA

1 BR/1.5 BA2 BR/1 BA2 BR/1 BA2 BR/2 BA2 BR/2 BA3 BR/2 BA

3 BR/2.5 BA2 BR/2 BA

50%50%50%60%60%50%60%50%60%50%50%MGR

$645$725$735$890$890$870

$1,030$870

$1,025$950$990

N/A

--

-

----

690735

885

8851,0501,0001,015

449645757603695832832930919

1,2171,289

730

--

--------

473726

7758741,0091,0341,0731,2921,3121,357

000000000000

83 Totals 0

Notes:



Comparable: Madison MarkAddress: 132 E. WilsonCity, State: Madison, WI

Located in PMA: NoTelephone: 608-251-6000

Date of Survey: 1/16/2017Year Built: 2004Property Type: LIHTC Section 42 and Market RateTargeting: FamilyOccupancy: 100%Applications Pending: N/AWaiting List: Yes, 583 householdsSecurity Deposit: ½ month’s rentConcessions: NoneUtilities Included: W, S, TR, HWTenant Paid Utilities: H, EKEY: W-Water, S-Sewer, TR-Trash, HW-Hot Water, H-Heat, E-Electric, C-Cable, I-Internet


Laundry Room Courtyard X Refrigerator X W/W CarpetPlayground Community Patio X Range/Oven X Patio/Balcony

X Community Room Basketball Court X Dishwasher FireplaceX Fitness Center Volleyball Court X Disposal X Air Conditioning (ca)

Business Center Dog Park/Walk X Microwave X Drapes/BlindsSwimming Pool Walking/Running Trail X Washer/Dryer X Controlled EntryLibrary Gazebo Washer/Dryer Hook-ups X Surface ParkingBeauty Salon Concierge X Garage/UG ParkingChapel Media Center ($100/month)Grill Area X Extra Storage

X Elevator ($20-25/month)


66919244291515191

1 BR/1 BA1 BR/1 BA1 BR/1 BA1 BR/1 BA2 BR/1 BA2 BR/2 BA2 BR/1 BA2 BR/2 BA2 BR/1 BA2 BR/2 BA2 BR/1 BA2 BR/2 BA2 BR/2 BA

40%50%60%MKT40%40%50%50%60%60%MKTMKTMGR

$585$740$890

$1,340$710$705$890$890

$1,045$1,045$1,525$1,550

N/A

----

-------

5907509001,550

7109009001,0601,0601,8502,675

661661661661981991981998945991946

1,0361,162

--

-

-------

917865887855

1,0961,0571,0871,0451,2191,0881,400

0000000000000

111 Totals 0

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Rev

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)Ja

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496,

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3,52

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2011

1,31

2,22

61,

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1,95

4,65

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110,

413

2,70

8,93

92,

721,

152

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8,91

12,

904,

895

3,16

3,95

53,

441,

530

2,03

1,06

21,

208,

625

28,0

80,9

6328

,080

,963

2013

1,50

1,77

01,

823,

520

1,99

7,13

32,

519,

198

2,63

6,14

72,

671,

365

2,67

3,11

73,

163,

795

3,53

2,89

73,

539,

168

2,28

6,29

11,

472,

155

29,8

16,5

5629

,816

,556

2014

1,76

1,82

22,

422,

831

2,92

0,26

82,

806,

538

3,40

4,45

93,

718,

621

3,51

9,22

53,

870,

900

4,48

2,08

54,

309,

801

2,80

4,36

11,

711,

796

37,7

32,7

0737

,732

,707

2015

2,05

0,29

22,

544,

206

3,15

0,16

53,

235,

445

3,46

9,00

63,

825,

391

3,45

5,66

74,

192,

552

4,70

9,88

04,

602,

506

2,79

5,24

42,

041,

186

40,0

71,5

4040

,071

,540

2016

2,43

4,08

92,

958,

526

2,76

1,88

73,

503,

996

3,74

5,72

13,

543,

210

3,88

7,53

64,

160,

194

4,63

3,82

14,

975,

105

3,06

6,49

21,

840,

387

41,5

10,9

6441

,510

,964

Avg

1,73

9,14

52,

214,

595

2,50

2,12

72,

538,

482

2,91

8,68

93,

004,

627

2,87

8,56

53,

346,

449

3,76

5,50

93,

786,

829

2,37

2,25

61,

490,

179

33,8

35,4

0333

,835

,403

Tab

3 -

Per

cent

Cha

nge

from

Pre

viou

s Y

ear

- D

etai

l by

Mea

sure

Mad

ison

, WI

Sel

ecte

d P

rope

rtie

s

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Occ

up

ancy

Jan

uar

yF

ebru

ary

Mar

chA

pri

lM

ayJu

ne

July

Au

gu

stS

epte

mb

erO

cto

ber

No

vem

ber

Dec

emb

erT

ota

l Yea

rD

ec Y

TD

2011

34.5

15.9

18.5

5.8

2.7

-0.4

3.9

11.8

3.6

2012

3.6

5.1

9.0

-5.4

8.9

2.3

-0.7

7.8

6.4

8.1

4.3

5.5

4.6

4.6

2013

1.7

-4.9

-13.

114

.80.

2-2

.610

.13.

23.

5-1

4.3

-14.

1-6

.6-2

.9-2

.920

14-6

.46.

19.

6-9

.7-2

.32.

2-0

.8-4

.7-5

.112

.613

.412

.12.

62.

620

155.

6-2

.11.

93.

3-7

.0-3

.0-5

.3-1

.7-1

.10.

63.

115

.70.

10.

120

1619

.18.

9-1

5.4

-4.1

7.3

-9.3

4.8

-1.5

-2.1

-1.9

1.7

-9.9

-0.7

-0.7

Avg

4.7

2.6

-1.6

5.6

3.8

1.4

2.3

1.0

0.2

1.5

3.4

3.4

0.7

0.7

AD

RJa

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

To

tal Y

ear

Dec

YT

D20

11-0

.11.

12.

63.

03.

02.

99.

15.

72.

520

121.

15.

24.

68.

33.

36.

65.

12.

20.

76.

3-0

.73.

24.

14.

120

137.

43.

23.

14.

0-2

.90.

84.

25.

57.

9-4

.24.

74.

12.

82.

820

140.

1-0

.06.

6-1

.55.

58.

76.

02.

56.

78.

18.

23.

74.

84.

820

1510

.27.

35.

811

.59.

66.

13.

710

.26.

26.

2-3

.33.

16.

16.

120

16-0

.36.

83.

613

.00.

62.

17.

40.

70.

510

.27.

90.

04.

34.

3A

vg3.

74.

54.

75.

92.

94.

54.

94.

04.

26.

03.

72.

84.

44.

4

Rev

PA

RJa

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

To

tal Y

ear

Dec

YT

D20

1134

.417

.221

.59.

05.

82.

513

.318

.36.

320

124.

810

.614

.02.

512

.59.

04.

310

.27.

214

.93.

58.

88.

88.

820

139.

2-1

.9-1

0.4

19.4

-2.7

-1.8

14.8

8.9

11.7

-17.

9-1

0.1

-2.8

-0.2

-0.2

2014

-6.3

6.1

16.7

-11.

13.

111

.15.

1-2

.31.

321

.822

.716

.37.

57.

520

1516

.45.

07.

915

.31.

92.

9-1

.88.

35.

16.

8-0

.319

.26.

26.

220

1618

.716

.3-1

2.3

8.3

8.0

-7.4

12.5

-0.8

-1.6

8.1

9.7

-9.8

3.6

3.6

Avg

8.6

7.2

3.2

11.5

6.7

5.9

7.3

5.0

4.3

7.8

7.3

6.3

5.2

5.2

Su

pp

lyJa

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

To

tal Y

ear

Dec

YT

D20

11-0

.1-0

.1-0

.1-0

.1-0

.1-0

.1-0

.1-0

.1-0

.120

120.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

020

130.

00.

00.

00.

00.

00.

00.

00.

00.

025

.325

.325

.36.

46.

420

1425

.325

.325

.325

.325

.325

.325

.325

.325

.30.

00.

00.

017

.817

.820

150.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

020

160.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

00.

0A

vg5.

15.

15.

14.

24.

24.

24.

24.

24.

24.

24.

24.

24.

84.

8

Dem

and

Jan

uar

yF

ebru

ary

Mar

chA

pri

lM

ayJu

ne

July

Au

gu

stS

epte

mb

erO

cto

ber

No

vem

ber

Dec

emb

erT

ota

l Yea

rD

ec Y

TD

2011

34.3

15.7

18.3

5.7

2.5

-0.5

3.7

11.7

3.5

2012

3.6

5.1

9.0

-5.4

8.9

2.3

-0.7

7.8

6.4

8.1

4.3

5.5

4.6

4.6

2013

1.7

-4.9

-13.

114

.80.

2-2

.610

.13.

23.

57.

47.

517

.03.

23.

220

1417

.232

.937

.213

.022

.428

.024

.219

.418

.912

.613

.412

.120

.820

.820

155.

6-2

.11.

93.

3-7

.0-3

.0-5

.3-1

.7-1

.10.

63.

115

.70.

10.

120

1619

.18.

9-1

5.4

-4.1

7.3

-9.3

4.8

-1.5

-2.1

-1.9

1.7

-9.9

-0.7

-0.7

Avg

9.4

8.0

3.9

9.3

7.9

5.6

6.5

5.0

4.2

5.1

6.9

7.3

5.6

5.6

Rev

enu

eJa

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

To

tal Y

ear

Dec

YT

D20

1134

.217

.021

.48.

85.

62.

413

.218

.16.

120

124.

810

.614

.02.

512

.59.

04.

310

.27.

214

.93.

58.

88.

88.

820

139.

2-1

.9-1

0.4

19.4

-2.7

-1.8

14.8

8.9

11.7

2.8

12.6

21.8

6.2

6.2

2014

17.3

32.9

46.2

11.4

29.1

39.2

31.7

22.3

26.9

21.8

22.7

16.3

26.5

26.5

2015

16.4

5.0

7.9

15.3

1.9

2.9

-1.8

8.3

5.1

6.8

-0.3

19.2

6.2

6.2

2016

18.7

16.3

-12.

38.

38.

0-7

.412

.5-0

.8-1

.68.

19.

7-9

.83.

63.

6A

vg13

.312

.69.

115

.211

.010

.511

.79.

18.

611

.311

.010

.410

.310

.3

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

d an

d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

re

port

and

are

NO

T a

sub

scrib

er to

the

ST

R T

rend

rep

ort,

ple

ase

cont

act

us im

med

iate

ly. S

ourc

e: 2

017

ST

R, I

nc. /

ST

R G

loba

l, Lt

d. tr

adin

g as

“S

TR

”.

Tab

4 -

Per

cent

Cha

nge

from

Pre

viou

s Y

ear

- D

etai

l by

Yea

rM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Jan

11

Feb

11

Mar

11

Ap

r 11

May

11

Jun

11

Jul 1

1A

ug

11

Sep

11

Oct

11

No

v 11

Dec

11

To

tal Y

ear

Dec

YT

DO

cc34

.515

.918

.55.

82.

7-0

.43.

911

.83.

6A

DR

-0.1

1.1

2.6

3.0

3.0

2.9

9.1

5.7

2.5

Rev

PA

R34

.417

.221

.59.

05.

82.

513

.318

.36.

3S

up

ply

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

Dem

and

34.3

15.7

18.3

5.7

2.5

-0.5

3.7

11.7

3.5

Rev

enu

e34

.217

.021

.48.

85.

62.

413

.218

.16.

1

Jan

12

Feb

12

Mar

12

Ap

r 12

May

12

Jun

12

Jul 1

2A

ug

12

Sep

12

Oct

12

No

v 12

Dec

12

To

tal Y

ear

Dec

YT

DO

cc3.

65.

19.

0-5

.48.

92.

3-0

.77.

86.

48.

14.

35.

54.

64.

6A

DR

1.1

5.2

4.6

8.3

3.3

6.6

5.1

2.2

0.7

6.3

-0.7

3.2

4.1

4.1

Rev

PA

R4.

810

.614

.02.

512

.59.

04.

310

.27.

214

.93.

58.

88.

88.

8S

up

ply

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Dem

and

3.6

5.1

9.0

-5.4

8.9

2.3

-0.7

7.8

6.4

8.1

4.3

5.5

4.6

4.6

Rev

enu

e4.

810

.614

.02.

512

.59.

04.

310

.27.

214

.93.

58.

88.

88.

8

Jan

13

Feb

13

Mar

13

Ap

r 13

May

13

Jun

13

Jul 1

3A

ug

13

Sep

13

Oct

13

No

v 13

Dec

13

To

tal Y

ear

Dec

YT

DO

cc1.

7-4

.9-1

3.1

14.8

0.2

-2.6

10.1

3.2

3.5

-14.

3-1

4.1

-6.6

-2.9

-2.9

AD

R7.

43.

23.

14.

0-2

.90.

84.

25.

57.

9-4

.24.

74.

12.

82.

8R

evP

AR

9.2

-1.9

-10.

419

.4-2

.7-1

.814

.88.

911

.7-1

7.9

-10.

1-2

.8-0

.2-0

.2S

up

ply

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

25.3

25.3

25.3

6.4

6.4

Dem

and

1.7

-4.9

-13.

114

.80.

2-2

.610

.13.

23.

57.

47.

517

.03.

23.

2R

even

ue

9.2

-1.9

-10.

419

.4-2

.7-1

.814

.88.

911

.72.

812

.621

.86.

26.

2

Jan

14

Feb

14

Mar

14

Ap

r 14

May

14

Jun

14

Jul 1

4A

ug

14

Sep

14

Oct

14

No

v 14

Dec

14

To

tal Y

ear

Dec

YT

DO

cc-6

.46.

19.

6-9

.7-2

.32.

2-0

.8-4

.7-5

.112

.613

.412

.12.

62.

6A

DR

0.1

-0.0

6.6

-1.5

5.5

8.7

6.0

2.5

6.7

8.1

8.2

3.7

4.8

4.8

Rev

PA

R-6

.36.

116

.7-1

1.1

3.1

11.1

5.1

-2.3

1.3

21.8

22.7

16.3

7.5

7.5

Su

pp

ly25

.325

.325

.325

.325

.325

.325

.325

.325

.30.

00.

00.

017

.817

.8D

eman

d17

.232

.937

.213

.022

.428

.024

.219

.418

.912

.613

.412

.120

.820

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even

ue

17.3

32.9

46.2

11.4

29.1

39.2

31.7

22.3

26.9

21.8

22.7

16.3

26.5

26.5

Jan

15

Feb

15

Mar

15

Ap

r 15

May

15

Jun

15

Jul 1

5A

ug

15

Sep

15

Oct

15

No

v 15

Dec

15

To

tal Y

ear

Dec

YT

DO

cc5.

6-2

.11.

93.

3-7

.0-3

.0-5

.3-1

.7-1

.10.

63.

115

.70.

10.

1A

DR

10.2

7.3

5.8

11.5

9.6

6.1

3.7

10.2

6.2

6.2

-3.3

3.1

6.1

6.1

Rev

PA

R16

.45.

07.

915

.31.

92.

9-1

.88.

35.

16.

8-0

.319

.26.

26.

2S

up

ply

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Dem

and

5.6

-2.1

1.9

3.3

-7.0

-3.0

-5.3

-1.7

-1.1

0.6

3.1

15.7

0.1

0.1

Rev

enu

e16

.45.

07.

915

.31.

92.

9-1

.88.

35.

16.

8-0

.319

.26.

26.

2

Jan

16

Feb

16

Mar

16

Ap

r 16

May

16

Jun

16

Jul 1

6A

ug

16

Sep

16

Oct

16

No

v 16

Dec

16

To

tal Y

ear

Dec

YT

DO

cc19

.18.

9-1

5.4

-4.1

7.3

-9.3

4.8

-1.5

-2.1

-1.9

1.7

-9.9

-0.7

-0.7

AD

R-0

.36.

83.

613

.00.

62.

17.

40.

70.

510

.27.

90.

04.

34.

3R

evP

AR

18.7

16.3

-12.

38.

38.

0-7

.412

.5-0

.8-1

.68.

19.

7-9

.83.

63.

6S

up

ply

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Dem

and

19.1

8.9

-15.

4-4

.17.

3-9

.34.

8-1

.5-2

.1-1

.91.

7-9

.9-0

.7-0

.7R

even

ue

18.7

16.3

-12.

38.

38.

0-7

.412

.5-0

.8-1

.68.

19.

7-9

.83.

63.

6

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

d an

d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

rep

ort

and

are

NO

T a

sub

scrib

er to

the

ST

R T

rend

rep

ort,

ple

ase

cont

act

us im

med

iate

ly. S

ourc

e: 2

017

ST

R, I

nc. /

ST

R G

loba

l, Lt

d. tr

adin

g as

“S

TR

”.

Tab

5 -

Tw

elve

Mon

th M

ovin

g A

vera

geM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Occ

up

ancy

(%

)Ja

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

2011

67.4

68.3

69.4

69.7

69.9

69.9

70.2

70.7

70.9

2012

71.0

71.3

71.8

71.5

72.0

72.2

72.2

72.7

73.1

73.7

73.9

74.1

2013

74.2

73.9

73.0

73.9

73.9

73.7

74.4

74.6

74.9

73.8

72.8

71.9

2014

71.2

71.5

72.1

71.6

71.5

71.9

72.1

72.0

71.9

72.7

73.3

73.8

2015

74.0

73.9

74.0

74.2

73.8

73.5

73.2

73.1

73.0

73.0

73.2

73.8

2016

74.7

75.2

74.2

73.9

74.4

73.7

74.1

74.0

73.8

73.7

73.8

73.3

AD

R (

$)Ja

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

2011

126.32

126.

6112

6.87

127.

1612

7.58

127.

9912

9.31

129.

8112

9.90

2012

129.

9213

0.32

130.

6913

1.56

132.

0413

2.86

133.

4213

3.77

134.

0413

5.19

135.

1113

5.21

2013

135.

6813

6.01

136.

4913

6.84

136.

4713

6.57

137.

0413

7.85

139.

1613

8.61

139.

0413

9.07

2014

138.

8213

8.48

138.

8813

8.62

139.

4014

0.55

141.

2714

1.81

143.

4414

4.87

145.

6214

5.67

2015

146.

3014

7.00

147.

6514

8.88

150.

0615

0.91

151.

4315

2.94

153.

9815

5.03

154.

6415

4.57

2016

154.

2115

4.78

155.

3615

6.95

157.

0715

7.35

158.

3515

8.44

158.

4616

0.20

161.

0416

1.28

Rev

PA

R (

$)Ja

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

2011

85.21

86.4

688

.04

88.7

089

.21

89.4

690

.72

91.8

092

.04

2012

92.2

692

.89

93.8

794

.05

95.1

395

.93

96.2

797

.23

97.9

899

.58

99.8

210

0.17

2013

100.

6310

0.50

99.6

810

1.14

100.

8810

0.70

101.

9310

2.85

104.

1710

2.32

101.

1610

0.00

2014

98.8

899

.08

100.

1199

.20

99.7

210

1.12

101.

8210

2.10

103.

1110

5.30

106.

7810

7.46

2015

108.

2810

8.63

109.

2811

0.50

110.

6911

0.99

110.

8111

1.73

112.

3811

3.21

113.

1811

4.12

2016

115.

2111

6.39

115.

2911

6.05

116.

8411

6.04

117.

2711

7.18

116.

9611

8.02

118.

7911

8.22

Su

pp

lyJa

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

2011

280,

565

280,

534

280,

504

280,

473

280,

442

280,

412

280,

381

280,

351

280,320

2012

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

2013

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

280,

320

286,

334

292,

154

298,

168

2014

304,

182

309,

614

315,

628

321,

448

327,

462

333,

282

339,

296

345,

310

351,

130

351,

130

351,

130

351,

130

2015

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

2016

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

351,

130

Dem

and

Jan

uar

yF

ebru

ary

Mar

chA

pri

lM

ayJu

ne

July

Au

gu

stS

epte

mb

erO

cto

ber

No

vem

ber

Dec

emb

er20

11189,240

191,

586

194,

658

195,

626

196,

092

195,

997

196,

691

198,

263

198,

613

2012

199,

059

199,

819

201,

352

200,

409

201,

949

202,

401

202,

270

203,

745

204,

912

206,

471

207,

114

207,

681

2013

207,

898

207,

138

204,

711

207,

176

207,

210

206,

687

208,

497

209,

155

209,

837

211,

370

212,

551

214,

407

2014

216,

659

221,

516

227,

532

230,

028

234,

247

239,

783

244,

547

248,

610

252,

396

255,

222

257,

477

259,

022

2015

259,

884

259,

465

259,

896

260,

620

259,

007

258,

244

256,

945

256,

519

256,

262

256,

411

256,

996

259,

242

2016

262,

338

264,

046

260,

569

259,

643

261,

207

258,

938

260,

037

259,

676

259,

171

258,

686

259,

017

257,

385

Rev

enu

e ($

)Ja

nu

ary

Feb

ruar

yM

arch

Ap

ril

May

Jun

eJu

lyA

ug

ust

Sep

tem

ber

Oct

ob

erN

ove

mb

erD

ecem

ber

2011

23,905,732

24,2

56,0

4024

,695

,690

24,8

76,6

0525

,017

,041

25,0

85,9

1325

,434

,923

25,7

35,6

8625

,799

,687

2012

25,8

62,1

3226

,039

,948

26,3

13,9

5426

,365

,160

26,6

65,6

6826

,890

,670

26,9

86,3

7327

,254

,647

27,4

66,2

0227

,913

,380

27,9

82,8

9028

,080

,963

2013

28,2

08,0

6228

,173

,430

27,9

41,9

0528

,350

,690

28,2

77,8

9828

,228

,111

28,5

72,3

1728

,831

,217

29,2

00,1

5929

,297

,797

29,5

53,0

2629

,816

,556

2014

30,0

76,6

0830

,675

,919

31,5

99,0

5431

,886

,394

32,6

54,7

0633

,701

,962

34,5

48,0

7035

,255

,175

36,2

04,3

6336

,974

,996

37,4

93,0

6637

,732

,707

2015

38,0

21,1

7738

,142

,552

38,3

72,4

4938

,801

,356

38,8

65,9

0338

,972

,673

38,9

09,1

1539

,230

,767

39,4

58,5

6239

,751

,267

39,7

42,1

5040

,071

,540

2016

40,4

55,3

3740

,869

,657

40,4

81,3

7940

,749

,930

41,0

26,6

4540

,744

,464

41,1

76,3

3341

,143

,975

41,0

67,9

1641

,440

,515

41,7

11,7

6341

,510

,964

Hig

h va

lue

is b

oxed

.Lo

w v

alue

is b

oxed

and

ital

iciz

ed.

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

d an

d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

rep

ort

and

are

NO

T a

sub

scrib

er to

the

ST

R T

rend

rep

ort,

ple

ase

cont

act

us im

med

iate

ly. S

ourc

e: 2

017

ST

R, I

nc. /

ST

R G

loba

l, Lt

d. tr

adin

g as

“S

TR

”.

Tab

6 -

Tw

elve

Mo

nth

Mo

vin

g A

vera

ge

wit

h P

erce

nt

Ch

ang

eM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Dat

eO

ccu

pan

cyA

DR

Rev

Par

Su

pp

lyD

eman

dR

even

ue

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Ap

r 11

67.4

126.

3285

.21

280,

565

189,

240

23,9

05,7

32M

ay 1

168

.312

6.61

86.4

628

0,53

419

1,58

624

,256

,040

Jun

11

69.4

126.

8788

.04

280,

504

194,

658

24,6

95,6

90Ju

l 11

69.7

127.

1688

.70

280,

473

195,

626

24,8

76,6

05A

ug

11

69.9

127.

5889

.21

280,

442

196,

092

25,0

17,0

41S

ep 1

169

.912

7.99

89.4

628

0,41

219

5,99

725

,085

,913

Oct

11

70.2

129.

3190

.72

280,

381

196,

691

25,4

34,9

23N

ov

1170

.712

9.81

91.8

028

0,35

119

8,26

325

,735

,686

Dec

11

70.9

129.

9092

.04

280,

320

198,

613

25,7

99,6

87Ja

n 1

271

.012

9.92

92.2

628

0,32

019

9,05

925

,862

,132

Feb

12

71.3

130.

3292

.89

280,

320

199,

819

26,0

39,9

48M

ar 1

271

.89.

113

0.69

3.3

93.8

712

.728

0,32

0-0

.120

1,35

29.

026

,313

,954

12.5

Ap

r 12

71.5

6.0

131.

564.

194

.05

10.4

280,

320

-0.1

200,

409

5.9

26,3

65,1

6010

.3M

ay 1

272

.05.

513

2.04

4.3

95.1

310

.028

0,32

0-0

.120

1,94

95.

426

,665

,668

9.9

Jun

12

72.2

4.0

132.

864.

795

.93

9.0

280,

320

-0.1

202,

401

4.0

26,8

90,6

708.

9Ju

l 12

72.2

3.5

133.

424.

996

.27

8.5

280,

320

-0.1

202,

270

3.4

26,9

86,3

738.

5A

ug

12

72.7

3.9

133.

774.

997

.23

9.0

280,

320

-0.0

203,

745

3.9

27,2

54,6

478.

9S

ep 1

273

.14.

613

4.04

4.7

97.9

89.

528

0,32

0-0

.020

4,91

24.

527

,466

,202

9.5

Oct

12

73.7

5.0

135.

194.

599

.58

9.8

280,

320

-0.0

206,

471

5.0

27,9

13,3

809.

7N

ov

1273

.94.

513

5.11

4.1

99.8

28.

728

0,32

0-0

.020

7,11

44.

527

,982

,890

8.7

Dec

12

74.1

4.6

135.

214.

110

0.17

8.8

280,

320

0.0

207,

681

4.6

28,0

80,9

638.

8Ja

n 1

374

.24.

413

5.68

4.4

100.

639.

128

0,32

00.

020

7,89

84.

428

,208

,062

9.1

Feb

13

73.9

3.7

136.

014.

410

0.50

8.2

280,

320

0.0

207,

138

3.7

28,1

73,4

308.

2M

ar 1

373

.01.

713

6.49

4.4

99.6

86.

228

0,32

00.

020

4,71

11.

727

,941

,905

6.2

Ap

r 13

73.9

3.4

136.

844.

010

1.14

7.5

280,

320

0.0

207,

176

3.4

28,3

50,6

907.

5M

ay 1

373

.92.

613

6.47

3.4

100.

886.

028

0,32

00.

020

7,21

02.

628

,277

,898

6.0

Jun

13

73.7

2.1

136.

572.

810

0.70

5.0

280,

320

0.0

206,

687

2.1

28,2

28,1

115.

0Ju

l 13

74.4

3.1

137.

042.

710

1.93

5.9

280,

320

0.0

208,

497

3.1

28,5

72,3

175.

9A

ug

13

74.6

2.7

137.

853.

010

2.85

5.8

280,

320

0.0

209,

155

2.7

28,8

31,2

175.

8S

ep 1

374

.92.

413

9.16

3.8

104.

176.

328

0,32

00.

020

9,83

72.

429

,200

,159

6.3

Oct

13

73.8

0.2

138.

612.

510

2.32

2.8

286,

334

2.1

211,

370

2.4

29,2

97,7

975.

0N

ov

1372

.8-1

.513

9.04

2.9

101.

161.

329

2,15

44.

221

2,55

12.

629

,553

,026

5.6

Dec

13

71.9

-2.9

139.

072.

810

0.00

-0.2

298,

168

6.4

214,

407

3.2

29,8

16,5

566.

2Ja

n 1

471

.2-4

.013

8.82

2.3

98.8

8-1

.730

4,18

28.

521

6,65

94.

230

,076

,608

6.6

Feb

14

71.5

-3.2

138.

481.

899

.08

-1.4

309,

614

10.5

221,

516

6.9

30,6

75,9

198.

9M

ar 1

472

.1-1

.313

8.88

1.7

100.

110.

431

5,62

812

.622

7,53

211

.131

,599

,054

13.1

Ap

r 14

71.6

-3.2

138.

621.

399

.20

-1.9

321,

448

14.7

230,

028

11.0

31,8

86,3

9412

.5M

ay 1

471

.5-3

.213

9.40

2.1

99.7

2-1

.132

7,46

216

.823

4,24

713

.032

,654

,706

15.5

Jun

14

71.9

-2.4

140.

552.

910

1.12

0.4

333,

282

18.9

239,

783

16.0

33,7

01,9

6219

.4Ju

l 14

72.1

-3.1

141.

273.

110

1.82

-0.1

339,

296

21.0

244,

547

17.3

34,5

48,0

7020

.9A

ug

14

72.0

-3.5

141.

812.

910

2.10

-0.7

345,

310

23.2

248,

610

18.9

35,2

55,1

7522

.3S

ep 1

471

.9-4

.014

3.44

3.1

103.

11-1

.035

1,13

025

.325

2,39

620

.336

,204

,363

24.0

Oct

14

72.7

-1.5

144.

874.

510

5.30

2.9

351,

130

22.6

255,

222

20.7

36,9

74,9

9626

.2N

ov

1473

.30.

814

5.62

4.7

106.

785.

635

1,13

020

.225

7,47

721

.137

,493

,066

26.9

Dec

14

73.8

2.6

145.

674.

810

7.46

7.5

351,

130

17.8

259,

022

20.8

37,7

32,7

0726

.5Ja

n 1

574

.03.

914

6.30

5.4

108.

289.

535

1,13

015

.425

9,88

420

.038

,021

,177

26.4

Feb

15

73.9

3.3

147.

006.

210

8.63

9.6

351,

130

13.4

259,

465

17.1

38,1

42,5

5224

.3

Tab

6 -

Tw

elve

Mo

nth

Mo

vin

g A

vera

ge

wit

h P

erce

nt

Ch

ang

eM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Dat

eO

ccu

pan

cyA

DR

Rev

Par

Su

pp

lyD

eman

dR

even

ue

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Mar

15

74.0

2.7

147.

656.

310

9.28

9.2

351,

130

11.2

259,

896

14.2

38,3

72,4

4921

.4A

pr

1574

.23.

714

8.88

7.4

110.

5011

.435

1,13

09.

226

0,62

013

.338

,801

,356

21.7

May

15

73.8

3.1

150.

067.

611

0.69

11.0

351,

130

7.2

259,

007

10.6

38,8

65,9

0319

.0Ju

n 1

573

.52.

215

0.91

7.4

110.

999.

835

1,13

05.

425

8,24

47.

738

,972

,673

15.6

Jul 1

573

.21.

515

1.43

7.2

110.

818.

835

1,13

03.

525

6,94

55.

138

,909

,115

12.6

Au

g 1

573

.11.

515

2.94

7.8

111.

739.

435

1,13

01.

725

6,51

93.

239

,230

,767

11.3

Sep

15

73.0

1.5

153.

987.

311

2.38

9.0

351,

130

0.0

256,

262

1.5

39,4

58,5

629.

0O

ct 1

573

.00.

515

5.03

7.0

113.

217.

535

1,13

00.

025

6,41

10.

539

,751

,267

7.5

No

v 15

73.2

-0.2

154.

646.

211

3.18

6.0

351,

130

0.0

256,

996

-0.2

39,7

42,1

506.

0D

ec 1

573

.80.

115

4.57

6.1

114.

126.

235

1,13

00.

025

9,24

20.

140

,071

,540

6.2

Jan

16

74.7

0.9

154.

215.

411

5.21

6.4

351,

130

0.0

262,

338

0.9

40,4

55,3

376.

4F

eb 1

675

.21.

815

4.78

5.3

116.

397.

135

1,13

00.

026

4,04

61.

840

,869

,657

7.1

Mar

16

74.2

0.3

155.

365.

211

5.29

5.5

351,

130

0.0

260,

569

0.3

40,4

81,3

795.

5A

pr

1673

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.415

6.95

5.4

116.

055.

035

1,13

00.

025

9,64

3-0

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,930

5.0

May

16

74.4

0.8

157.

074.

711

6.84

5.6

351,

130

0.0

261,

207

0.8

41,0

26,6

455.

6Ju

n 1

673

.70.

315

7.35

4.3

116.

044.

535

1,13

00.

025

8,93

80.

340

,744

,464

4.5

Jul 1

674

.11.

215

8.35

4.6

117.

275.

835

1,13

00.

026

0,03

71.

241

,176

,333

5.8

Au

g 1

674

.01.

215

8.44

3.6

117.

184.

935

1,13

00.

025

9,67

61.

241

,143

,975

4.9

Sep

16

73.8

1.1

158.

462.

911

6.96

4.1

351,

130

0.0

259,

171

1.1

41,0

67,9

164.

1O

ct 1

673

.70.

916

0.20

3.3

118.

024.

235

1,13

00.

025

8,68

60.

941

,440

,515

4.2

No

v 16

73.8

0.8

161.

044.

111

8.79

5.0

351,

130

0.0

259,

017

0.8

41,7

11,7

635.

0D

ec 1

673

.3-0

.716

1.28

4.3

118.

223.

635

1,13

00.

025

7,38

5-0

.741

,510

,964

3.6

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out

writ

ten

perm

issi

on is

pro

hibi

ted

and

subj

ect t

o le

gal a

ctio

n. If

you

hav

e re

ceiv

ed th

is r

epor

t and

are

NO

T a

sub

scrib

er to

the

ST

R T

rend

rep

ort,

ple

ase

cont

act

us im

med

iate

ly. S

ourc

e: 2

017

ST

R, I

nc. /

S

TR

Glo

bal,

Ltd.

trad

ing

as “

ST

R”.

Tab

7 -

Day

of W

eek

Ana

lysi

sM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Occ

up

ancy

(%

)T

hre

e Y

ear

Occ

up

ancy

(%

)

Su

nM

on

Tu

eW

edT

hu

Fri

Sat

To

tal M

on

thS

un

Mo

nT

ue

Wed

Th

uF

riS

atT

ota

l Yea

rJa

n -

16

32.7

62.4

82.1

81.1

65.0

63.0

73.0

64.7

Jan

14

- D

ec 1

446

.269

.881

.381

.972

.379

.685

.273

.8F

eb -

16

47.3

72.6

88.5

86.4

78.1

83.0

89.1

77.7

Jan

15

- D

ec 1

545

.873

.183

.081

.971

.577

.284

.373

.8M

ar -

16

37.2

65.3

71.7

67.4

63.9

74.2

66.8

64.2

Jan

16

- D

ec 1

647

.970

.281

.380

.571

.778

.083

.173

.3A

pr

- 16

41.3

75.8

82.3

84.7

80.5

77.9

75.9

74.2

To

tal 3

Yr

46.6

71.0

81.9

81.5

71.8

78.3

84.2

73.6

May

- 1

659

.272

.888

.886

.769

.879

.186

.477

.2Ju

n -

16

51.9

79.0

85.1

81.2

75.6

83.9

82.5

77.1

Jul -

16

66.7

73.2

83.8

87.6

81.2

86.9

89.1

81.2

Au

g -

16

51.3

81.6

88.6

83.5

76.2

91.1

95.1

81.4

Sep

- 1

675

.970

.284

.686

.970

.380

.992

.979

.9O

ct -

16

44.2

75.7

92.5

96.3

92.2

94.5

96.3

83.3

No

v -

1634

.658

.870

.275

.973

.580

.590

.069

.3D

ec -

16

29.5

49.5

59.6

52.6

43.0

49.7

64.7

50.1

To

tal Y

ear

47.9

70.2

81.3

80.5

71.7

78.0

83.1

73.3

AD

RT

hre

e Y

ear

AD

RS

un

Mo

nT

ue

Wed

Th

uF

riS

atT

ota

l Mo

nth

Su

nM

on

Tu

eW

edT

hu

Fri

Sat

To

tal Y

ear

Jan

- 1

612

0.09

127.

8613

0.48

132.

7712

9.95

121.

3711

9.33

126.

15Ja

n 1

4 -

Dec

14

134.

8813

9.25

142.

0814

2.96

141.

2415

6.28

156.

7214

5.67

Feb

- 1

611

9.70

138.

8514

5.22

143.

5314

5.86

141.

7414

5.47

141.

41Ja

n 1

5 -

Dec

15

146.

1314

9.11

152.

1615

1.27

149.

2216

4.08

165.

3915

4.57

Mar

- 1

612

7.10

142.

3914

6.72

148.

2614

6.43

147.

6214

1.72

144.

36Ja

n 1

6 -

Dec

16

148.

4515

6.19

161.

1716

1.00

156.

9616

7.76

170.

6816

1.28

Ap

r -

1614

8.95

168.

8917

4.60

173.

8416

4.12

155.

9915

4.21

163.

56T

ota

l 3 Y

r14

3.21

148.

2115

1.80

151.

6314

9.11

162.

6916

4.24

153.

83M

ay -

16

142.

2014

8.00

158.

8715

8.74

153.

8918

7.71

189.

3616

2.77

Jun

- 1

614

2.92

159.

6616

6.34

159.

7315

3.86

162.

2616

3.91

159.

19Ju

l - 1

614

9.97

160.

6916

5.86

165.

6915

0.47

160.

1216

8.18

160.

56A

ug

- 1

615

0.20

166.

8816

9.99

169.

5916

8.36

181.

3618

4.20

171.

40S

ep -

16

210.

5320

3.85

204.

9119

3.67

180.

0220

0.80

213.

5720

0.87

Oct

- 1

615

9.37

174.

5318

6.14

192.

6319

5.51

236.

0223

1.50

200.

21N

ov

- 16

131.

5913

3.51

144.

2014

6.95

147.

8017

0.07

179.

4015

3.26

Dec

- 1

611

6.09

126.

5112

7.65

126.

8412

1.93

117.

4612

3.62

123.

25T

ota

l Yea

r14

8.45

156.

1916

1.17

161.

0015

6.96

167.

7617

0.68

161.

28

Rev

PA

RT

hre

e Y

ear

Rev

PA

RS

un

Mo

nT

ue

Wed

Th

uF

riS

atT

ota

l Mo

nth

Su

nM

on

Tu

eW

edT

hu

Fri

Sat

To

tal Y

ear

Jan

- 1

639

.22

79.8

210

7.12

107.

7284

.41

76.5

287

.05

81.6

2Ja

n 1

4 -

Dec

14

62.2

697

.15

115.

4611

7.13

102.

0612

4.46

133.

5010

7.46

Feb

- 1

656

.57

100.

8212

8.51

123.

9611

3.96

117.

5912

9.69

109.

84Ja

n 1

5 -

Dec

15

66.9

410

8.97

126.

3612

3.91

106.

6712

6.68

139.

4611

4.12

Mar

- 1

647

.29

93.0

510

5.13

99.9

093

.55

109.

5894

.61

92.6

1Ja

n 1

6 -

Dec

16

71.1

110

9.62

131.

0912

9.67

112.

5613

0.93

141.

8611

8.22

Ap

r -

1661

.51

127.

9414

3.74

147.

1813

2.13

121.

4511

7.02

121.

41T

ota

l 3 Y

r66

.77

105.

2512

4.30

123.

5210

7.09

127.

3813

8.29

113.

27M

ay -

16

84.2

410

7.73

141.

0913

7.56

107.

4214

8.52

163.

5912

5.60

Jun

- 1

674

.25

126.

0514

1.61

129.

7411

6.27

136.

0713

5.29

122.

77Ju

l - 1

610

0.06

117.

6313

9.01

145.

2012

2.20

139.

1514

9.79

130.

36A

ug

- 1

677

.09

136.

1415

0.58

141.

6012

8.24

165.

2417

5.15

139.

50S

ep -

16

159.

8714

3.03

173.

3316

8.26

126.

6216

2.48

198.

3616

0.56

Oct

- 1

670

.51

132.

1917

2.11

185.

4718

0.21

222.

9522

3.03

166.

83N

ov

- 16

45.5

278

.48

101.

2111

1.48

108.

6213

6.92

161.

5010

6.25

Dec

- 1

634

.30

62.6

376

.10

66.7

552

.45

58.3

979

.96

61.7

1T

ota

l Yea

r71

.11

109.

6213

1.09

129.

6711

2.56

130.

9314

1.86

118.

22

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

d an

d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

rep

ort a

nd

are

NO

T a

sub

scrib

er to

the

ST

R T

rend

rep

ort,

ple

ase

cont

act

us im

med

iate

ly. S

ourc

e: 2

017

ST

R, I

nc. /

ST

R G

loba

l, Lt

d. tr

adin

g as

“S

TR

”.

Tab

8 -

Raw

Dat

aM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Dat

eO

ccu

pan

cyA

DR

Rev

Par

Su

pp

lyD

eman

dR

even

ue

Cen

sus

& S

amp

le %

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Cen

sus

Pro

ps

Cen

sus

Ro

om

s%

Ro

om

s S

TA

R

Par

tici

pan

tsA

pr

1056

.811

7.07

66.5

223

,070

13,1

081,

534,

574

476

910

0.0

May

10

62.6

137.

9386

.33

23,8

3914

,922

2,05

8,12

34

769

100.

0Ju

n 1

072

.612

2.75

89.1

423

,070

16,7

532,

056,

500

476

910

0.0

Jul 1

071

.312

0.72

86.0

923

,839

17,0

012,

052,

293

476

910

0.0

Au

g 1

077

.213

5.68

104.

7123

,839

18,3

972,

496,

185

476

910

0.0

Sep

10

79.3

157.

6512

4.99

23,0

7018

,291

2,88

3,52

84

769

100.

0O

ct 1

077

.914

2.42

110.

9723

,839

18,5

742,

645,

342

476

910

0.0

No

v 10

58.3

123.

5671

.99

23,0

7013

,441

1,66

0,78

94

769

100.

0D

ec 1

041

.910

4.66

43.9

023

,839

10,0

001,

046,

551

476

910

0.0

Jan

11

52.2

105.

6455

.12

23,8

0812

,422

1,31

2,22

64

768

100.

0F

eb 1

168

.711

3.72

78.1

421

,504

14,7

761,

680,

336

476

810

0.0

Mar

11

71.6

114.

6082

.10

23,8

0817

,056

1,95

4,65

24

768

100.

0A

pr

1176

.434

.511

6.95

-0.1

89.3

834

.423

,040

-0.1

17,6

0734

.32,

059,

207

34.2

476

810

0.0

May

11

72.5

15.9

139.

471.

110

1.16

17.2

23,8

08-0

.117

,268

15.7

2,40

8,43

117

.04

768

100.

0Ju

n 1

186

.018

.512

5.91

2.6

108.

3421

.523

,040

-0.1

19,8

2518

.32,

496,

150

21.4

476

810

0.0

Jul 1

175

.55.

812

4.28

3.0

93.8

09.

023

,808

-0.1

17,9

695.

72,

233,

208

8.8

476

810

0.0

Au

g 1

179

.22.

713

9.78

3.0

110.

755.

823

,808

-0.1

18,8

632.

52,

636,

621

5.6

476

810

0.0

Sep

11

79.0

-0.4

162.

262.

912

8.14

2.5

23,0

40-0

.118

,196

-0.5

2,95

2,40

02.

44

768

100.

0O

ct 1

180

.93.

915

5.41

9.1

125.

7713

.323

,808

-0.1

19,2

683.

72,

994,

352

13.2

476

810

0.0

No

v 11

65.2

11.8

130.

665.

785

.14

18.3

23,0

40-0

.115

,013

11.7

1,96

1,55

218

.14

768

100.

0D

ec 1

143

.53.

610

7.30

2.5

46.6

56.

323

,808

-0.1

10,3

503.

51,

110,

552

6.1

476

810

0.0

Jan

12

54.0

3.6

106.

831.

157

.74

4.8

23,8

080.

012

,868

3.6

1,37

4,67

14.

84

768

100.

0F

eb 1

272

.25.

111

9.60

5.2

86.4

110

.621

,504

0.0

15,5

365.

11,

858,

152

10.6

476

810

0.0

Mar

12

78.1

9.0

119.

894.

693

.61

14.0

23,8

080.

018

,589

9.0

2,22

8,65

814

.04

768

100.

0A

pr

1272

.3-5

.412

6.65

8.3

91.6

02.

523

,040

0.0

16,6

64-5

.42,

110,

413

2.5

476

810

0.0

May

12

79.0

8.9

144.

033.

311

3.78

12.5

23,8

080.

018

,808

8.9

2,70

8,93

912

.54

768

100.

0Ju

n 1

288

.02.

313

4.20

6.6

118.

119.

023

,040

0.0

20,2

772.

32,

721,

152

9.0

476

810

0.0

Jul 1

274

.9-0

.713

0.56

5.1

97.8

24.

323

,808

0.0

17,8

38-0

.72,

328,

911

4.3

476

810

0.0

Au

g 1

285

.47.

814

2.83

2.2

122.

0110

.223

,808

0.0

20,3

387.

82,

904,

895

10.2

476

810

0.0

Sep

12

84.0

6.4

163.

400.

713

7.32

7.2

23,0

400.

019

,363

6.4

3,16

3,95

57.

24

768

100.

0O

ct 1

287

.58.

116

5.24

6.3

144.

5514

.923

,808

0.0

20,8

278.

13,

441,

530

14.9

476

810

0.0

No

v 12

68.0

4.3

129.

73-0

.788

.15

3.5

23,0

400.

015

,656

4.3

2,03

1,06

23.

54

768

100.

0D

ec 1

245

.95.

511

0.71

3.2

50.7

78.

823

,808

0.0

10,9

175.

51,

208,

625

8.8

476

810

0.0

Jan

13

55.0

1.7

114.

777.

463

.08

9.2

23,8

080.

013

,085

1.7

1,50

1,77

09.

24

768

100.

0F

eb 1

368

.7-4

.912

3.41

3.2

84.8

0-1

.921

,504

0.0

14,7

76-4

.91,

823,

520

-1.9

476

810

0.0

Mar

13

67.9

-13.

112

3.57

3.1

83.8

8-1

0.4

23,8

080.

016

,162

-13.

11,

997,

133

-10.

44

768

100.

0A

pr

1383

.014

.813

1.70

4.0

109.

3419

.423

,040

0.0

19,1

2914

.82,

519,

198

19.4

476

810

0.0

May

13

79.1

0.2

139.

91-2

.911

0.73

-2.7

23,8

080.

018

,842

0.2

2,63

6,14

7-2

.74

768

100.

0Ju

n 1

385

.7-2

.613

5.23

0.8

115.

94-1

.823

,040

0.0

19,7

54-2

.62,

671,

365

-1.8

476

810

0.0

Jul 1

382

.510

.113

6.05

4.2

112.

2814

.823

,808

0.0

19,6

4810

.12,

673,

117

14.8

476

810

0.0

Au

g 1

388

.23.

215

0.69

5.5

132.

898.

923

,808

0.0

20,9

963.

23,

163,

795

8.9

476

810

0.0

Sep

13

87.0

3.5

176.

257.

915

3.34

11.7

23,0

400.

020

,045

3.5

3,53

2,89

711

.74

768

100.

0O

ct 1

375

.0-1

4.3

158.

28-4

.211

8.68

-17.

929

,822

25.3

22,3

607.

43,

539,

168

2.8

596

279

.8N

ov

1358

.3-1

4.1

135.

794.

779

.22

-10.

128

,860

25.3

16,8

377.

52,

286,

291

12.6

596

210

0.0

Dec

13

42.8

-6.6

115.

264.

149

.36

-2.8

29,8

2225

.312

,773

17.0

1,47

2,15

521

.85

962

100.

0Ja

n 1

451

.4-6

.411

4.87

0.1

59.0

8-6

.329

,822

25.3

15,3

3717

.21,

761,

822

17.3

596

210

0.0

Feb

14

72.9

6.1

123.

41-0

.089

.95

6.1

26,9

3625

.319

,633

32.9

2,42

2,83

132

.95

962

100.

0M

ar 1

474

.49.

613

1.67

6.6

97.9

216

.729

,822

25.3

22,1

7837

.22,

920,

268

46.2

596

210

0.0

Ap

r 14

74.9

-9.7

129.

78-1

.597

.25

-11.

128

,860

25.3

21,6

2513

.02,

806,

538

11.4

596

210

0.0

May

14

77.3

-2.3

147.

635.

511

4.16

3.1

29,8

2225

.323

,061

22.4

3,40

4,45

929

.15

962

100.

0

Tab

8 -

Raw

Dat

aM

adis

on, W

I S

elec

ted

Pro

pert

ies

Job

Num

ber:

847

120_

SA

DIM

S

taff:

KD

C

reat

ed: J

anua

ry 2

6, 2

017

Dat

eO

ccu

pan

cyA

DR

Rev

Par

Su

pp

lyD

eman

dR

even

ue

Cen

sus

& S

amp

le %

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Cen

sus

Pro

ps

Cen

sus

Ro

om

s%

Ro

om

s S

TA

R

Par

tici

pan

tsJu

n 1

487

.62.

214

7.04

8.7

128.

8511

.128

,860

25.3

25,2

9028

.03,

718,

621

39.2

596

210

0.0

Jul 1

481

.9-0

.814

4.16

6.0

118.

015.

129

,822

25.3

24,4

1224

.23,

519,

225

31.7

596

210

0.0

Au

g 1

484

.0-4

.715

4.47

2.5

129.

80-2

.329

,822

25.3

25,0

5919

.43,

870,

900

22.3

596

210

0.0

Sep

14

82.6

-5.1

188.

086.

715

5.30

1.3

28,8

6025

.323

,831

18.9

4,48

2,08

526

.95

962

100.

0O

ct 1

484

.512

.617

1.12

8.1

144.

5221

.829

,822

0.0

25,1

8612

.64,

309,

801

21.8

596

210

0.0

No

v 14

66.2

13.4

146.

898.

297

.17

22.7

28,8

600.

019

,092

13.4

2,80

4,36

122

.75

962

100.

0D

ec 1

448

.012

.111

9.56

3.7

57.4

016

.329

,822

0.0

14,3

1812

.11,

711,

796

16.3

596

210

0.0

Jan

15

54.3

5.6

126.

5710

.268

.75

16.4

29,8

220.

016

,199

5.6

2,05

0,29

216

.45

962

100.

0F

eb 1

571

.3-2

.113

2.41

7.3

94.4

55.

026

,936

0.0

19,2

14-2

.12,

544,

206

5.0

596

210

0.0

Mar

15

75.8

1.9

139.

335.

810

5.63

7.9

29,8

220.

022

,609

1.9

3,15

0,16

57.

95

962

100.

0A

pr

1577

.43.

314

4.77

11.5

112.

1115

.328

,860

0.0

22,3

493.

33,

235,

445

15.3

596

210

0.0

May

15

71.9

-7.0

161.

749.

611

6.32

1.9

29,8

220.

021

,448

-7.0

3,46

9,00

61.

95

962

100.

0Ju

n 1

585

.0-3

.015

5.97

6.1

132.

552.

928

,860

0.0

24,5

27-3

.03,

825,

391

2.9

596

210

0.0

Jul 1

577

.5-5

.314

9.51

3.7

115.

88-1

.829

,822

0.0

23,1

13-5

.33,

455,

667

-1.8

596

210

0.0

Au

g 1

582

.6-1

.717

0.20

10.2

140.

598.

329

,822

0.0

24,6

33-1

.74,

192,

552

8.3

596

210

0.0

Sep

15

81.7

-1.1

199.

796.

216

3.20

5.1

28,8

600.

023

,574

-1.1

4,70

9,88

05.

15

962

100.

0O

ct 1

585

.00.

618

1.67

6.2

154.

336.

829

,822

0.0

25,3

350.

64,

602,

506

6.8

596

210

0.0

No

v 15

68.2

3.1

142.

06-3

.396

.86

-0.3

28,8

600.

019

,677

3.1

2,79

5,24

4-0

.35

962

77.8

Dec

15

55.5

15.7

123.

233.

168

.45

19.2

29,8

220.

016

,564

15.7

2,04

1,18

619

.25

962

77.8

Jan

16

64.7

19.1

126.

15-0

.381

.62

18.7

29,8

220.

019

,295

19.1

2,43

4,08

918

.75

962

77.8

Feb

16

77.7

8.9

141.

416.

810

9.84

16.3

26,9

360.

020

,922

8.9

2,95

8,52

616

.35

962

77.8

Mar

16

64.2

-15.

414

4.36

3.6

92.6

1-1

2.3

29,8

220.

019

,132

-15.

42,

761,

887

-12.

35

962

100.

0A

pr

1674

.2-4

.116

3.56

13.0

121.

418.

328

,860

0.0

21,4

23-4

.13,

503,

996

8.3

596

210

0.0

May

16

77.2

7.3

162.

770.

612

5.60

8.0

29,8

220.

023

,012

7.3

3,74

5,72

18.

05

962

77.8

Jun

16

77.1

-9.3

159.

192.

112

2.77

-7.4

28,8

600.

022

,258

-9.3

3,54

3,21

0-7

.45

962

100.

0Ju

l 16

81.2

4.8

160.

567.

413

0.36

12.5

29,8

220.

024

,212

4.8

3,88

7,53

612

.55

962

100.

0A

ug

16

81.4

-1.5

171.

400.

713

9.50

-0.8

29,8

220.

024

,272

-1.5

4,16

0,19

4-0

.85

962

100.

0S

ep 1

679

.9-2

.120

0.87

0.5

160.

56-1

.628

,860

0.0

23,0

69-2

.14,

633,

821

-1.6

596

210

0.0

Oct

16

83.3

-1.9

200.

2110

.216

6.83

8.1

29,8

220.

024

,850

-1.9

4,97

5,10

58.

15

962

100.

0N

ov

1669

.31.

715

3.26

7.9

106.

259.

728

,860

0.0

20,0

081.

73,

066,

492

9.7

596

210

0.0

Dec

16

50.1

-9.9

123.

250.

061

.71

-9.8

29,8

220.

014

,932

-9.9

1,84

0,38

7-9

.85

962

100.

0

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

d an

d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

rep

ort a

nd a

re N

OT

a s

ubsc

riber

to th

e S

TR

Tre

nd r

epor

t, p

leas

e co

ntac

t us

imm

edia

tely

. Sou

rce:

201

7 S

TR

, Inc

. / S

TR

Glo

bal,

Ltd.

trad

ing

as

“ST

R”.

Tab

9 -

Cla

ssic

Mad

ison

, WI

Sel

ecte

d P

rope

rtie

sJo

b N

umbe

r: 8

4712

0_S

AD

IM

Sta

ff: K

D

Cre

ated

: Jan

uary

26,

201

7

Dat

eO

ccu

pan

cyA

DR

Rev

Par

Su

pp

lyD

eman

dR

even

ue

Cen

sus

& S

amp

le %

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Cen

sus

Pro

ps

Cen

sus

Ro

om

s%

Ro

om

s S

TA

R

Par

tici

pan

tsA

pr

1056

.811

7.07

66.5

223

,070

13,1

081,

534,

574

476

910

0.0

May

10

62.6

137.

9386

.33

23,8

3914

,922

2,05

8,12

34

769

100.

0Ju

n 1

072

.612

2.75

89.1

423

,070

16,7

532,

056,

500

476

910

0.0

Jul 1

071

.312

0.72

86.0

923

,839

17,0

012,

052,

293

476

910

0.0

Au

g 1

077

.213

5.68

104.

7123

,839

18,3

972,

496,

185

476

910

0.0

Sep

10

79.3

157.

6512

4.99

23,0

7018

,291

2,88

3,52

84

769

100.

0O

ct 1

077

.914

2.42

110.

9723

,839

18,5

742,

645,

342

476

910

0.0

No

v 10

58.3

123.

5671

.99

23,0

7013

,441

1,66

0,78

94

769

100.

0D

ec 1

041

.910

4.66

43.9

023

,839

10,0

001,

046,

551

476

910

0.0

Dec

YT

D 2

010

Tot

al 2

010

Jan

11

52.2

105.

6455

.12

23,8

0812

,422

1,31

2,22

64

768

100.

0F

eb 1

168

.711

3.72

78.1

421

,504

14,7

761,

680,

336

476

810

0.0

Mar

11

71.6

114.

6082

.10

23,8

0817

,056

1,95

4,65

24

768

100.

0A

pr

1176

.434

.511

6.95

-0.1

89.3

834

.423

,040

-0.1

17,6

0734

.32,

059,

207

34.2

476

810

0.0

May

11

72.5

15.9

139.

471.

110

1.16

17.2

23,8

08-0

.117

,268

15.7

2,40

8,43

117

.04

768

100.

0Ju

n 1

186

.018

.512

5.91

2.6

108.

3421

.523

,040

-0.1

19,8

2518

.32,

496,

150

21.4

476

810

0.0

Jul 1

175

.55.

812

4.28

3.0

93.8

09.

023

,808

-0.1

17,9

695.

72,

233,

208

8.8

476

810

0.0

Au

g 1

179

.22.

713

9.78

3.0

110.

755.

823

,808

-0.1

18,8

632.

52,

636,

621

5.6

476

810

0.0

Sep

11

79.0

-0.4

162.

262.

912

8.14

2.5

23,0

40-0

.118

,196

-0.5

2,95

2,40

02.

44

768

100.

0O

ct 1

180

.93.

915

5.41

9.1

125.

7713

.323

,808

-0.1

19,2

683.

72,

994,

352

13.2

476

810

0.0

No

v 11

65.2

11.8

130.

665.

785

.14

18.3

23,0

40-0

.115

,013

11.7

1,96

1,55

218

.14

768

100.

0D

ec 1

143

.53.

610

7.30

2.5

46.6

56.

323

,808

-0.1

10,3

503.

51,

110,

552

6.1

476

810

0.0

Dec

YT

D 2

011

70.9

129.

9092

.04

280,

320

198,

613

25,7

99,6

87T

otal

201

170

.912

9.90

92.0

428

0,32

019

8,61

325

,799

,687

Jan

12

54.0

3.6

106.

831.

157

.74

4.8

23,8

080.

012

,868

3.6

1,37

4,67

14.

84

768

100.

0F

eb 1

272

.25.

111

9.60

5.2

86.4

110

.621

,504

0.0

15,5

365.

11,

858,

152

10.6

476

810

0.0

Mar

12

78.1

9.0

119.

894.

693

.61

14.0

23,8

080.

018

,589

9.0

2,22

8,65

814

.04

768

100.

0A

pr

1272

.3-5

.412

6.65

8.3

91.6

02.

523

,040

0.0

16,6

64-5

.42,

110,

413

2.5

476

810

0.0

May

12

79.0

8.9

144.

033.

311

3.78

12.5

23,8

080.

018

,808

8.9

2,70

8,93

912

.54

768

100.

0Ju

n 1

288

.02.

313

4.20

6.6

118.

119.

023

,040

0.0

20,2

772.

32,

721,

152

9.0

476

810

0.0

Jul 1

274

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0.56

5.1

97.8

24.

323

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0.0

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328,

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4.3

476

810

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g 1

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814

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122.

0110

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387.

82,

904,

895

10.2

476

810

0.0

Sep

12

84.0

6.4

163.

400.

713

7.32

7.2

23,0

400.

019

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6.4

3,16

3,95

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24

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100.

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ct 1

287

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116

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5514

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13,

441,

530

14.9

476

810

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No

v 12

68.0

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54

768

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0D

ec 1

245

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8.8

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Dec

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D 2

012

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otal

201

274

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100.

178.

828

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020

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14.

628

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8.8

Jan

13

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777.

463

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24

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eb 1

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520

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476

810

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Mar

13

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112

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11,

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0A

pr

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109.

3419

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2914

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198

19.4

476

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May

13

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91-2

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476

810

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Jul 1

382

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6.05

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112.

2814

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,808

0.0

19,6

4810

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673,

117

14.8

476

810

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g 1

388

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215

0.69

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132.

898.

923

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0.0

20,9

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23,

163,

795

8.9

476

810

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Sep

13

87.0

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176.

257.

915

3.34

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23,0

400.

020

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3.5

3,53

2,89

711

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768

100.

0O

ct 1

375

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929

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43,

539,

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779

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128

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52,

286,

291

12.6

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210

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Dec

13

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264.

149

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0D

ec Y

TD

201

371

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00-0

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86.

421

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229

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Tot

al 2

013

71.9

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168

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n 1

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59.0

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761,

822

17.3

596

210

0.0

Feb

14

72.9

6.1

123.

41-0

.089

.95

6.1

26,9

3625

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,633

32.9

2,42

2,83

132

.95

962

100.

0

Tab

9 -

Cla

ssic

Mad

ison

, WI

Sel

ecte

d P

rope

rtie

sJo

b N

umbe

r: 8

4712

0_S

AD

IM

Sta

ff: K

D

Cre

ated

: Jan

uary

26,

201

7

Dat

eO

ccu

pan

cyA

DR

Rev

Par

Su

pp

lyD

eman

dR

even

ue

Cen

sus

& S

amp

le %

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Th

is Y

ear

% C

hg

Cen

sus

Pro

ps

Cen

sus

Ro

om

s%

Ro

om

s S

TA

R

Par

tici

pan

tsM

ar 1

474

.49.

613

1.67

6.6

97.9

216

.729

,822

25.3

22,1

7837

.22,

920,

268

46.2

596

210

0.0

Ap

r 14

74.9

-9.7

129.

78-1

.597

.25

-11.

128

,860

25.3

21,6

2513

.02,

806,

538

11.4

596

210

0.0

May

14

77.3

-2.3

147.

635.

511

4.16

3.1

29,8

2225

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22.4

3,40

4,45

929

.15

962

100.

0Ju

n 1

487

.62.

214

7.04

8.7

128.

8511

.128

,860

25.3

25,2

9028

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718,

621

39.2

596

210

0.0

Jul 1

481

.9-0

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4.16

6.0

118.

015.

129

,822

25.3

24,4

1224

.23,

519,

225

31.7

596

210

0.0

Au

g 1

484

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.715

4.47

2.5

129.

80-2

.329

,822

25.3

25,0

5919

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870,

900

22.3

596

210

0.0

Sep

14

82.6

-5.1

188.

086.

715

5.30

1.3

28,8

6025

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18.9

4,48

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526

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962

100.

0O

ct 1

484

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.617

1.12

8.1

144.

5221

.829

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0.0

25,1

8612

.64,

309,

801

21.8

596

210

0.0

No

v 14

66.2

13.4

146.

898.

297

.17

22.7

28,8

600.

019

,092

13.4

2,80

4,36

122

.75

962

100.

0D

ec 1

448

.012

.111

9.56

3.7

57.4

016

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,822

0.0

14,3

1812

.11,

711,

796

16.3

596

210

0.0

Dec

YT

D 2

014

73.8

2.6

145.

674.

810

7.46

7.5

351,

130

17.8

259,

022

20.8

37,7

32,7

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otal

201

473

.82.

614

5.67

4.8

107.

467.

535

1,13

017

.825

9,02

220

.837

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26.5

Jan

15

54.3

5.6

126.

5710

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16.4

29,8

220.

016

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5.6

2,05

0,29

216

.45

962

100.

0F

eb 1

571

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7.3

94.4

55.

026

,936

0.0

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544,

206

5.0

596

210

0.0

Mar

15

75.8

1.9

139.

335.

810

5.63

7.9

29,8

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022

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3,15

0,16

57.

95

962

100.

0A

pr

1577

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314

4.77

11.5

112.

1115

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,860

0.0

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493.

33,

235,

445

15.3

596

210

0.0

May

15

71.9

-7.0

161.

749.

611

6.32

1.9

29,8

220.

021

,448

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3,46

9,00

61.

95

962

100.

0Ju

n 1

585

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132.

552.

928

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0.0

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27-3

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825,

391

2.9

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210

0.0

Jul 1

577

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3.7

115.

88-1

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0.0

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13-5

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455,

667

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596

210

0.0

Au

g 1

582

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0.20

10.2

140.

598.

329

,822

0.0

24,6

33-1

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192,

552

8.3

596

210

0.0

Sep

15

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199.

796.

216

3.20

5.1

28,8

600.

023

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4,70

9,88

05.

15

962

100.

0O

ct 1

585

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618

1.67

6.2

154.

336.

829

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25,3

350.

64,

602,

506

6.8

596

210

0.0

No

v 15

68.2

3.1

142.

06-3

.396

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28,8

600.

019

,677

3.1

2,79

5,24

4-0

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962

77.8

Dec

15

55.5

15.7

123.

233.

168

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19.2

29,8

220.

016

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15.7

2,04

1,18

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Dec

YT

D 2

015

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otal

201

573

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115

4.57

6.1

114.

126.

235

1,13

00.

025

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20.

140

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Jan

16

64.7

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18.7

29,8

220.

019

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2,43

4,08

918

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77.8

Feb

16

77.7

8.9

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416.

810

9.84

16.3

26,9

360.

020

,922

8.9

2,95

8,52

616

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962

77.8

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16

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414

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92.6

1-1

2.3

29,8

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019

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42,

761,

887

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35

962

100.

0A

pr

1674

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3.56

13.0

121.

418.

328

,860

0.0

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23-4

.13,

503,

996

8.3

596

210

0.0

May

16

77.2

7.3

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770.

612

5.60

8.0

29,8

220.

023

,012

7.3

3,74

5,72

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05

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77.8

Jun

16

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192.

112

2.77

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28,8

600.

022

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3,54

3,21

0-7

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962

100.

0Ju

l 16

81.2

4.8

160.

567.

413

0.36

12.5

29,8

220.

024

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7,53

612

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962

100.

0A

ug

16

81.4

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400.

713

9.50

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220.

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962

100.

0S

ep 1

679

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0.87

0.5

160.

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0.0

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633,

821

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210

0.0

Oct

16

83.3

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200.

2110

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6.83

8.1

29,8

220.

024

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4,97

5,10

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15

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0N

ov

1669

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3.26

7.9

106.

259.

728

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0.0

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73,

066,

492

9.7

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Dec

16

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250.

061

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29,8

220.

014

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1,84

0,38

7-9

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100.

0D

ec Y

TD

201

673

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4.3

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223.

635

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00.

025

7,38

5-0

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Tot

al 2

016

73.3

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284.

311

8.22

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130

0.0

257,

385

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643.

6

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

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nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

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rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

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d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

rep

ort a

nd a

re N

OT

a s

ubsc

riber

to th

e S

TR

Tre

nd r

epor

t, p

leas

e co

ntac

t us

imm

edia

tely

. Sou

rce:

201

7 S

TR

, Inc

. / S

TR

Glo

bal,

Ltd.

trad

ing

as “

ST

R”.

Tab

10

- R

espo

nse

Rep

ort

Mad

ison

, WI

Sel

ecte

d P

rope

rtie

sJo

b N

umbe

r: 8

4712

0_S

AD

IM

Sta

ff: K

D

Cre

ated

: Jan

uary

26,

201

7

ST

R C

od

eN

ame

of

Est

ablis

hm

ent

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y &

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teZ

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lass

Aff

Dat

eO

pen

Dat

eR

oo

ms

Ch

g in

R

ms

JF

MA

MJ

JA

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ND

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MJ

JA

SO

ND

5941

2H

yatt

Pla

ce M

adis

on D

ownt

own

Mad

ison

, WI

5370

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psca

le C

lass

Apr

201

0A

pr 2

010

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●●

●●

●●

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pton

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Oct

201

3O

ct 2

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Feb

200

1F

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ark

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elM

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I 53

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cale

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ssS

ep 2

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1963

214

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bleT

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ison

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Apr

200

5O

ct 1

974

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●●

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Tot

al P

rope

rtie

s:5

962

○-

Mon

thly

dat

a re

ceiv

ed b

y S

TR

●-

Mon

thly

and

dai

ly d

ata

rece

ived

by

ST

RB

lank

- N

o da

ta r

ecei

ved

by S

TR

Y-

(Chg

in R

ms)

Pro

pert

y ha

s ex

perie

nced

a r

oom

add

ition

or

drop

dur

ing

the

time

perio

d of

the

repo

rt.

2016

2015

2014

The

ST

R T

rend

Rep

ort i

s a

publ

icat

ion

of S

TR

, Inc

. and

ST

R G

loba

l, Lt

d., a

nd is

inte

nded

sol

ely

for

use

by p

aid

subs

crib

ers.

Rep

rodu

ctio

n or

dis

trib

utio

n of

the

ST

R T

rend

Rep

ort,

in w

hole

or

part

, with

out w

ritte

n pe

rmis

sion

is p

rohi

bite

d an

d su

bjec

t to

lega

l act

ion.

If y

ou h

ave

rece

ived

this

rep

ort a

nd a

re N

OT

a s

ubsc

riber

to th

e S

TR

T

rend

rep

ort,

ple

ase

cont

act

us im

med

iate

ly. S

ourc

e: 2

017

ST

R, I

nc. /

ST

R G

loba

l, Lt

d. tr

adin

g as

“S

TR

”.

Tab

11

- H

elp

Met

hodo

logy

Glo

ssar

y

Roo

m r

even

ue d

ivid

ed b

y ro

oms

sold

, dis

play

ed a

s th

e av

erag

e re

ntal

rat

e fo

r a

Dat

e th

e pr

oper

ty o

pene

d as

a lo

dgin

g es

tabl

ishm

ent.

sing

le r

oom

.

Dat

e th

e pr

oper

ty a

ffilia

ted

with

cur

rent

cha

in/fl

ag

The

num

ber

of p

rope

rtie

s an

d ro

oms

that

exi

st w

ithin

the

sele

cted

pro

pert

y se

t T

otal

roo

m r

even

ue g

ener

ated

from

the

sale

or

rent

al o

f roo

ms.

or s

egm

ent.

Indi

cato

r of

whe

ther

or

not a

n in

divi

dual

hot

el h

as a

dded

or

rem

oved

roo

ms

from

thei

r in

vent

ory.

The

fact

or u

sed

to c

onve

rt r

even

ue fr

om U

.S. D

olla

rs to

the

loca

l cur

renc

y.

The

exc

hang

e ra

te d

ata

is o

btai

ned

from

Oan

da.c

om.

Any

agg

rega

ted

num

ber

in th

e re

port

(Y

TD

, Run

ning

3 m

onth

, Run

ning

12

mon

th)

uses

the

exch

ange

Dat

a on

sel

ecte

d pr

oper

ties

or s

egm

ents

sta

rtin

g in

200

5.

rat

e of

eac

h re

lativ

e m

onth

whe

n ca

lcul

atin

g th

e da

ta.

ST

R C

od

e

Ext

end

ed H

isto

rica

l Tre

nd

Dat

a on

sel

ecte

d pr

oper

ties

or s

egm

ents

sta

rtin

g in

200

0.

The

num

ber

of r

oom

s so

ld (

excl

udes

com

plim

enta

ry r

oom

s).

The

num

ber

of r

oom

s tim

es th

e nu

mbe

r of

day

s in

the

perio

d.

Dat

a on

sel

ecte

d pr

oper

ties

or s

egm

ents

sta

rtin

g in

198

7.

Roo

ms

sold

div

ided

by

room

s av

aila

ble.

Occ

upan

cy is

alw

ays

disp

laye

d as

a

perc

enta

ge o

f roo

ms

occu

pied

.

Dem

and

(R

oo

ms

So

ld)

Rev

PA

R (

Rev

enu

e P

er A

vaila

ble

Ro

om

)

Per

cen

t C

han

ge

Su

pp

ly (

Ro

om

s A

vaila

ble

)

Occ

up

ancy

The

val

ue o

f any

giv

en m

onth

is c

ompu

ted

by ta

king

the

valu

e of

that

mon

th a

nd th

e va

lues

of

the

elev

en p

rece

ding

mon

ths,

add

ing

them

toge

ther

and

div

idin

g by

twel

ve.

Sam

ple

% (

Ro

om

s)

Sta

nd

ard

His

tori

cal T

ren

d

Sim

ilarly

, we

som

etim

es o

btai

n m

onth

ly d

ata

from

a p

rope

rty,

but

not

dai

ly d

ata.

We

use

a si

mila

r pr

oces

s. W

e ta

ke th

e m

onth

ly d

ata

that

the

prop

erty

has

pro

vide

d, a

nd d

istr

ibut

e it

to th

e in

divi

dual

day

s ba

sed

on th

e re

venu

e an

d de

man

d di

strib

utio

n pa

ttern

s of

sim

ilar

hote

ls in

the

sam

e lo

catio

n.

Tw

elve

Mo

nth

Mo

vin

g A

vera

ge

We

belie

ve it

impe

rativ

e to

per

form

this

ana

lysi

s in

ord

er to

pro

vide

inte

rest

ed p

artie

s w

ith o

ur b

est e

stim

ate

of to

tal l

odgi

ng d

eman

d an

d ro

om r

even

ue o

n th

eir

area

s of

inte

rest

. A

rmed

with

this

info

rmat

ion

a m

ore

info

rmed

dec

isio

n ca

n be

mad

e.

Eve

ry y

ear

we

exam

ine

guid

eboo

k lis

tings

and

hot

el d

irect

orie

s fo

r in

form

atio

n on

hot

els

that

don

't pr

ovid

e us

with

dat

a. W

e do

n't s

top

ther

e. W

e ca

ll ea

ch h

otel

in o

ur d

atab

ase

ever

y ye

ar to

obt

ain

"pub

lishe

d"

rate

s fo

r m

ultip

le c

ateg

orie

s. B

ased

on

this

info

rmat

ion

we

grou

p al

l hot

els

- th

ose

that

rep

ort d

ata

and

thos

e th

at d

on't

- in

to g

roup

ings

bas

ed o

ff of

pric

e le

vel a

nd g

eogr

aphi

c pr

oxim

ity.

We

then

est

imat

e th

e no

n-re

spon

dent

s ba

sed

off o

f nea

rby

hote

ls w

ith s

imila

r pr

ice

leve

ls.

Exc

han

ge

Rat

e

ST

R's

pro

prie

tary

num

berin

g sy

stem

. E

ach

hote

l in

the

lodg

ing

cens

us h

as a

uni

que

ST

R

code

.

The

% o

f roo

ms

from

whi

ch S

TR

rec

eive

s da

ta.

Cal

cula

ted

as (

Sam

ple

Roo

ms/

Cen

sus

Roo

ms)

* "

100"

.

Aff

iliat

ion

Dat

e

Yea

r to

Dat

e

Roo

m r

even

ue d

ivid

ed b

y ro

oms

avai

labl

e

Am

ount

of g

row

th, u

p, fl

at, o

r do

wn

from

the

sam

e pe

riod

last

yea

r (m

onth

, ytd

, thr

ee m

onth

s,

twel

ve m

onth

s).

Cal

cula

ted

as (

(TY

-LY

)/LY

) *

"100

".

Rev

enu

e (R

oo

m R

even

ue)

Ch

ang

e in

Ro

om

s

Whi

le v

irtua

lly e

very

cha

in in

the

Uni

ted

Sta

tes

prov

ides

ST

R w

ith d

ata

on a

lmos

t all

of th

eir

prop

ertie

s, th

ere

are

still

som

e ho

tels

that

don

't su

bmit

data

. B

ut w

e've

got

you

cov

ered

.

AD

R (

Ave

rag

e D

aily

Rat

e)O

pen

Dat

e

Cen

sus

(Pro

per

ties

an

d R

oo

ms)

Fu

ll H

isto

rica

l Tre

nd

Tab

12

- T

erm

s an

d C

on

dit

ion

sB

efor

e pu

rcha

sing

this

pro

duct

you

agr

eed

to th

e fo

llow

ing

term

s an

d co

nditi

ons.

In c

onsi

dera

tion

of th

e m

utua

l pro

mis

es c

onta

ined

her

ein

and

for

othe

r go

od a

nd v

alua

ble

cons

ider

atio

n, th

e re

ceip

t and

suf

ficie

ncy

of w

hich

are

her

eby

ackn

owle

dged

, ST

R, I

nc. (

"ST

R")

, ST

R G

loba

l, Lt

d. (

"ST

RG

"), a

nd th

e lic

ense

e id

entif

ied

else

whe

re in

this

Agr

eem

ent (

"Lic

ense

e")

agre

e as

follo

ws:

1. L

ICE

NS

E1.

1 D

efin

itio

ns.

(a)

"A

gree

men

t" m

eans

thes

e S

tand

ard

Ter

ms

and

Con

ditio

ns a

nd a

ny a

dditi

onal

term

s sp

ecifi

cally

set

out

in w

ritin

g in

the

docu

men

t(s)

(if

any)

to w

hich

thes

e S

tand

ard

Ter

ms

and

Con

ditio

ns a

re a

ttach

ed o

r in

whi

ch th

ey a

re in

corp

orat

ed b

y re

fere

nce,

and

, if a

pplic

able

, any

add

ition

al te

rms

spec

ifica

lly

set o

ut in

writ

ing

in a

ny S

ched

ule

atta

ched

her

eto.

(b)

"Li

cens

ed M

ater

ials

" m

eans

the

new

slet

ters

, rep

orts

, dat

abas

es o

r ot

her

info

rmat

ion

reso

urce

s, a

nd a

ll lo

dgin

g in

dust

ry d

ata

cont

aine

d th

erei

n, p

rovi

ded

to L

icen

see

here

unde

r.

1.2

Gra

nt

of

Lic

ense

. S

ubje

ct to

the

term

s an

d co

nditi

ons

of th

is A

gree

men

t, an

d ex

cept

as

may

be

expr

essl

y pe

rmitt

ed e

lsew

here

in th

is A

gree

men

t, S

TR

her

eby

gran

ts to

Lic

ense

e a

non-

excl

usiv

e, n

on-t

rans

fera

ble,

indi

visi

ble,

non

-sub

licen

sabl

e lic

ense

to u

se, c

opy,

man

ipul

ate

and

extr

act d

ata

from

th

e Li

cens

ed M

ater

ials

for

its o

wn

INT

ER

NA

L bu

sine

ss p

urpo

ses

only

.

1.3

Co

pie

s. E

xcep

t as

expr

essl

y pe

rmitt

ed e

lsew

here

in th

is A

gree

men

t, Li

cens

ee m

ay m

ake

and

mai

ntai

n no

mor

e th

an tw

o (2

) co

pies

of a

ny L

icen

sed

Mat

eria

ls.

1.4

No

Ser

vice

Bu

reau

Use

. Li

cens

ee is

pro

hibi

ted

from

usi

ng th

e Li

cens

ed M

ater

ials

in a

ny w

ay in

con

nect

ion

with

any

ser

vice

bur

eau

or s

imila

r se

rvic

es.

"Ser

vice

bur

eau"

mea

ns th

e pr

oces

sing

of i

nput

dat

a th

at is

sup

plie

d by

one

or

mor

e th

ird p

artie

s an

d th

e ge

nera

tion

of o

utpu

t dat

a (in

the

form

of

repo

rts,

cha

rts,

gra

phs

or o

ther

pic

toria

l rep

rese

ntat

ions

, or

the

like)

that

is s

old

or li

cens

ed to

any

third

par

ties.

1.5

No

Dis

trib

uti

on

to

Th

ird

Par

ties

. E

xcep

t as

expr

essl

y pe

rmitt

ed in

this

Agr

eem

ent,

Lice

nsee

is p

rohi

bite

d fr

om d

istr

ibut

ing,

rep

ublis

hing

or

othe

rwis

e m

akin

g th

e Li

cens

ed M

ater

ials

or

any

part

ther

eof (

incl

udin

g an

y ex

cerp

ts o

f the

dat

a an

d an

y m

anip

ulat

ions

of t

he d

ata)

ava

ilabl

e in

any

form

w

hats

oeve

r to

any

third

par

ty, o

ther

than

Lic

ense

e's

acco

unta

nts,

atto

rney

s, m

arke

ting

prof

essi

onal

s or

oth

er p

rofe

ssio

nal a

dvis

ors

who

are

bou

nd b

y a

duty

of c

onfid

entia

lity

not t

o di

sclo

se s

uch

info

rmat

ion.

1.6

Sec

uri

ty.

Lice

nsee

sha

ll us

e co

mm

erci

ally

rea

sona

ble

effo

rts

to p

rote

ct a

gain

st u

naut

horiz

ed a

cces

s to

the

Lice

nsed

Mat

eria

ls.

1.7

Res

erva

tio

n o

f R

igh

ts.

Lice

nsee

has

no

right

s in

con

nect

ion

with

the

Lice

nsed

Mat

eria

ls o

ther

than

thos

e rig

hts

expr

essl

y en

umer

ated

her

ein.

All

right

s to

the

Lice

nsed

Mat

eria

ls n

ot e

xpre

ssly

enu

mer

ated

her

ein

are

rese

rved

to S

TR

.

2. D

ISC

LA

IME

RS

AN

D L

IMIT

AT

ION

S O

F L

IAB

ILIT

Y

2.1

Dis

clai

mer

of

War

ran

ties

. T

he li

cens

ed m

ater

ials

are

pro

vide

d to

the

licen

see

on a

n "a

s is

" an

d "a

s av

aila

ble"

bas

is.

ST

R m

akes

no

repr

esen

tatio

ns o

r w

arra

ntie

s of

any

kin

d, e

xpre

ss o

r im

plie

d, w

ith r

espe

ct to

the

licen

sed

mat

eria

ls, t

he s

ervi

ces

prov

ided

or

the

resu

lts o

f use

ther

eof.

With

out l

imiti

ng

the

fore

goin

g, S

TR

doe

s no

t war

rant

that

the

licen

sed

mat

eria

ls, t

he s

ervi

ces

prov

ided

or

the

use

ther

eof a

re o

r w

ill b

e ac

cura

te, e

rror

-fre

e or

uni

nter

rupt

ed. S

TR

mak

es n

o im

plie

d w

arra

ntie

s, in

clud

ing

with

out l

imita

tion,

any

impl

ied

war

rant

y of

mer

chan

tabi

lity,

non

infr

inge

men

t or

fitne

ss fo

r an

y pa

rtic

ular

pu

rpos

e or

aris

ing

by u

sage

of t

rade

, cou

rse

of d

ealin

g, c

ours

e of

per

form

ance

or

othe

rwis

e.

2.2

Dis

clai

mer

s. S

TR

sha

ll ha

ve n

o lia

bilit

y w

ith r

espe

ct to

its

oblig

atio

ns u

nder

this

agr

eem

ent o

r ot

herw

ise

for

cons

eque

ntia

l, ex

empl

ary,

spe

cial

, inc

iden

tal,

or p

uniti

ve d

amag

es e

ven

if S

TR

has

bee

n ad

vise

d of

the

poss

ibili

ty o

f suc

h da

mag

es.

Fur

ther

mor

e, S

TR

sha

ll ha

ve n

o lia

bilit

y w

hats

oeve

r fo

r an

y cl

aim

rel

atin

g in

any

way

to a

ny d

ecis

ion

mad

e or

act

ion

take

n by

lice

nsee

in r

elia

nce

upon

the

licen

sed

mat

eria

ls.

2.3

Lim

itat

ion

of

Lia

bili

ty.

ST

R's

tota

l lia

bilit

y to

lice

nsee

for

any

reas

on a

nd u

pon

any

caus

e of

act

ion

incl

udin

g w

ithou

t lim

itatio

n, in

frin

gem

ent,

brea

ch o

f con

trac

t, ne

glig

ence

, str

ict l

iabi

lity,

mis

repr

esen

tatio

ns, a

nd o

ther

tort

s, s

hall

be li

mite

d to

all

fees

pai

d to

ST

R b

y th

e lic

ense

e du

ring

the

twel

ve

mon

th p

erio

d pr

eced

ing

the

date

on

whi

ch s

uch

caus

e of

act

ion

first

aro

se.

3. M

ISC

EL

LA

NE

OU

S

3.1

Liq

uid

ated

Dam

ages

. In

the

even

t of a

vio

latio

n of

Sec

tion

1.5

of th

ese

Sta

ndar

d T

erm

s an

d C

ondi

tions

, Lic

ense

e sh

all b

e re

quire

d to

pay

ST

R a

n am

ount

equ

al to

the

sum

of (

i) th

e hi

ghes

t agg

rega

te p

rice

that

ST

R, i

n ac

cord

ance

with

its

then

-cur

rent

pub

lishe

d pr

ices

, cou

ld h

ave

char

ged

the

unau

thor

ized

rec

ipie

nts

for

the

Lice

nsed

Mat

eria

ls th

at a

re th

e su

bjec

t of t

he v

iola

tion,

and

(ii)

the

full

pric

e of

the

low

est l

evel

of r

epub

lishi

ng r

ight

s th

at L

icen

see

wou

ld h

ave

been

req

uire

d to

pur

chas

e fr

om S

TR

in o

rder

to h

ave

the

right

to m

ake

the

unau

thor

ized

dis

trib

utio

n, r

egar

dles

s of

whe

ther

Lic

ense

e ha

s pr

evio

usly

pai

d fo

r an

y lo

wer

leve

l of r

epub

lishi

ng r

ight

s, a

nd (

iii)

fifte

en p

erce

nt (

15%

) of

the

tota

l of t

he p

revi

ous

two

item

s. T

his

prov

isio

n sh

all s

urvi

ve in

defin

itely

the

expi

ratio

n or

term

inat

ion

of th

is A

gree

men

t for

any

rea

son.

3.2

Ob

ligat

ion

s o

n T

erm

inat

ion

. W

ithin

thirt

y (3

0) d

ays

of th

e te

rmin

atio

n or

exp

iratio

n of

this

Agr

eem

ent f

or a

ny r

easo

n, L

icen

see

shal

l cea

se a

ll us

e of

the

Lice

nsed

Mat

eria

ls a

nd s

hall

retu

rn o

r de

stro

y, a

t ST

R's

opt

ion,

all

copi

es o

f the

Lic

ense

d M

ater

ials

and

all

othe

r in

form

atio

n re

latin

g th

eret

o in

Li

cens

ee's

pos

sess

ion

or c

ontr

ol a

s of

the

such

dat

e. T

his

prov

isio

n sh

all s

urvi

ve in

defin

itely

the

expi

ratio

n or

term

inat

ion

of th

is A

gree

men

t for

any

rea

son.

3.3

Go

vern

ing

Law

; Ju

risd

icti

on

an

d V

enu

e. T

his

Agr

eem

ent s

hall

be g

over

ned

by th

e su

bsta

ntiv

e la

ws

of th

e S

tate

of T

enne

ssee

, with

out r

egar

d to

its

or a

ny o

ther

juris

dict

ion'

s la

ws

gove

rnin

g co

nflic

ts o

f law

. A

ny c

laim

s or

act

ions

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men

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om a

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ten

cons

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3.5

Ind

epen

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t R

elat

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ship

. T

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elat

ions

hip

betw

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part

ies

is th

at o

f an

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pend

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ontr

acto

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ng in

this

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hall

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3.6

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son,

at t

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me

of s

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deliv

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ii)

whe

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mai

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the

time

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prov

ided

, how

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3.7

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sam

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3.8

En

tire

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reem

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s A

gree

men

t con

stitu

tes

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entir

e ag

reem

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par

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with

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rs d

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3.9

Am

end

men

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ende

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ly b

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3.10

Rec

ove

ry o

f L

itig

atio

n C

ost

s. I

f any

lega

l act

ion

or o

ther

pro

ceed

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r th

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forc

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t of t

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title

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3.11

In

jun

ctiv

e R

elie

f. T

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artie

s ag

ree

that

, in

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her

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of th

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dict

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ain

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prov

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bond

or

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rety

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3.12

No

tice

of

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auth

ori

zed

Acc

ess.

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ense

e sh

all n

otify

ST

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med

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ly u

pon

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awar

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any

fact

s in

dica

ting

that

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arty

may

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tain

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r m

ay b

e ab

out t

o ob

tain

una

utho

rized

acc

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to th

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ater

ials

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sha

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rate

with

ST

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its

effo

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to m

itiga

te

the

dam

ages

cau

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by a

ny s

uch

brea

ch o

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tent

ial b

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3.13

Co

nfl

icti

ng

Pro

visi

on

s. I

n th

e ev

ent t

hat a

ny p

rovi

sion

of t

hese

Sta

ndar

d T

erm

s an

d C

ondi

tions

dire

ctly

con

flict

s w

ith a

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ther

pro

visi

on o

f the

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eem

ent,

the

conf

lictin

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rms

of s

uch

othe

r pr

ovis

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shal

l con

trol

.

3.14

Rem

edie

s. I

n ad

ditio

n to

any

oth

er r

ight

s or

rem

edie

s th

at S

TR

may

hav

e, in

the

even

t of a

ny te

rmin

atio

n by

ST

R o

n ac

coun

t of a

bre

ach

by L

icen

see,

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ay, w

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t ref

und,

imm

edia

tely

term

inat

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d di

scon

tinue

any

rig

ht o

f Lic

ense

e to

rec

eive

add

ition

al L

icen

sed

Mat

eria

ls fr

om S

TR

.


GROUND LEASE / Madison College Redevelopment

Please see the supplementary Development Team Financial Information package submitted under separate cover for the Ground Lease information, as it is proprietary and confidential.

PROJECT EXAMPLE / Capitol West Master Development

The Alexander Company’s mixed-use Capitol West development creates a vibrant neighborhood in the heart of downtown Madison, Wisconsin. Just three blocks from the State Capitol, the project encompasses 4.6 acres - an entire city block. The property was developed based on the findings of an urban housing case study conducted by The Alexander Company and five nationally renowned architecture firms.

The planning and architecture of Capitol West was guided by the integration of natural light, air, and ventilation into the block and homes, creating living that focuses on the individual level while melding the project with its surroundings. Features such as terraces, roof gardens, and small back yards invite the outdoors into the homes. The design is clean, contemporary, and modern. Common areas include urban parks with linkages between the neighborhood, condominium homes, parking, and retail.

164 Condominiums | 172 Luxury Apartments | 123,000 SF of Commercial Space | 151-Room hotel | $110 Million Project Cost | Madison, WI


PROJECT DETAILS / Capitol West Condominiums

�e Alexander Company’s Role: The Alexander Company was the developer and property manager responsible for coordinating the first phase of the Capitol West Master Development - Capitol West Condominiums, which included 309 W. Washington, Main Street Townhomes, and Broom Street Townhomes. As developer, The Alexander Company was responsible for procuring site control, entitlements, and all local incentives. It also procured debt and equity and determined the feasibility and appetite for use of alternative funding sources. Guarantors of project included Randy Alexander and The Alexander Company. The general contractor of the project was J.H. Findorff & Son.

Ownership/ Financial Structure: The Alexander Company executed purchase agreements from buyers for a minimum of 35% of the residential condominium units. Equity for the project was provided through a variety of sources listed below. The public/private structure consisted of Tax Incremental Financing assistance from the City of Madison, which required Madison’s inclusionary zoning rules to take effect, focusing on creating affordable for-sale housing in the downtown.

Capital & Financing Sources: Senior debt of $36,448,000 was provided by Johnson Bank and Lasalle Bank. Second mortgage debt of $2,363,000 was provided by Johnson Bank. Equity of $10,274,000 was provided through a variety of sources including TIF, cash from The Alexander Company, non-reimbursed predevelopment costs, and deferred/subordinated general contractor fees.

Development Timing: Construction commenced in 2007 and completed in 2008.

Economic Performance: With the project completing at the height of the 2008 recession, the final condominium was sold in 2014.

PROJECT DETAILS / Capitol West Apartments

�e Alexander Company’s Role: The Alexander Company was the developer and property manager. As developer, The Alexander Company was responsible for procuring site control, debt and equity, entitlements, and construction management services. National Venture, LLC, an Alexander affiliate, guaranteed performance and completion to the lender and investors. Iconica, a Madison-based company, was the architect on the project. J.P. Cullen & Son was responsible for the construction as part of the development team.

Ownership/ Financial Structure: 306 West was the final phase of the Capitol West Master Development. The land was purchased from an affiliate of The Alexander Company. Construction and permanent financing was provided by Huntington National Bank (formerly First Merit Bank) and equity was raised through private individuals.

Capital & Financing Sources: Senior debt of $31,850,000 was provided by Huntington National Bank. Equity in the amount of $7,000,000 was raised through a private placement. Developer funds/deferred fees of $1,566,000 were provided by The Alexander Company.

Development Timing: Construction commenced in December 2013 and completed in 2015.

Economic Performance: The completion of 306 West marked the completion of the Capitol West Master Development, and was leased up in 2016. The property maintains an occupancy rate of 98%.


PROJECT DETAILS / Capitol West Commercial Space

�e Alexander Company’s Role: The Alexander Company acquired 345 W. Washington as part of the purchase of the Capitol West block. The Alexander Company was the developer/architect and property manager for the block. As developer, they coordinated all entitlements, site control, and funding sources.

Ownership/ Financial Structure: The former Jackson Clinic building housed state offices at the time The Alexander Company acquired the building. It was retained as office space while significant capital improvements were made to the exterior and interior spaces of the building, which were in large part financed through third-party private equity. Senior debt for the acquisition and improvements to the building was provided by Johnson Bank.

Capital & Financing Sources: A NMTC loan of $12,400,000 was provided by Johnson Bank, in addition to third-party private equity of $3,462,031.

Development Timing: Building improvements and tenant build-outs have been ongoing since purchase in 2004.

Economic Performance: At purchase the building held two large state agencies as tenants, who left shortly thereafter for state-owned buildings. Currently, the building operates at 92% occupancy.

PROJECT EXAMPLE / Professional Building Lofts

132 Apartments | 11,000 SF Commercial Space | $21 Million Project Cost | Kansas City, MO

The Alexander Company undertook an aggressive project to redevelop one of the most blighted structures in downtown Kansas City. The redevelopment brought high-quality affordable, housing to the downtown area and drastically improved the appearance and utility of one of downtown’s major thoroughfares.

The Professional Building’s location in Kansas City’s Central Business District makes it ideally situated to build on the renaissance occurring in the city’s South Loop, which now includes the new entertainment district, the Sprint Center, and H & R Block’s world headquarters. Residents of the Professional Building Lofts benefit from a variety of recently completed projects as well as convenient access to employment and transportation options. All of these factors working together promise to make the resurgent downtown of Kansas City a 24/7 destination.

The Alexander Company undertook an aggressive project to redevelop The Alexander Company undertook an aggressive project to redevelop one of the most blighted structures in downtown Kansas City. The redevelopment brought high-quality affordable, housing to the downtown redevelopment brought high-quality affordable, housing to the downtown area and drastically improved the appearance and utility of one of downtown’s major thoroughfares.

The Professional Building’s location in Kansas City’s Central Business District makes it ideally situated to build on the renaissance occurring in the city’s makes it ideally situated to build on the renaissance occurring in the city’s South Loop, which now includes the new entertainment district, the Sprint Center, and H & R Block’s world headquarters. Residents of the Professional Center, and H & R Block’s world headquarters. Residents of the Professional Building Lofts benefit from a variety of recently completed projects as well Building Lofts benefit from a variety of recently completed projects as well as convenient access to employment and transportation options. All of as convenient access to employment and transportation options. All of these factors working together promise to make the resurgent downtown of these factors working together promise to make the resurgent downtown of Kansas City a 24/7 destination.


PROJECT DETAILS / Professional Building Lofts

�e Alexander Company’s Role: The Alexander Company was the developer, guarantor, architect, and property manager. As developer, the Alexander Company procured site control, entitlements and all local, State and Federal tax credits and incentives. It also procured all debt and equity financing. Barsto Construction, a local general contractor, was responsible for construction as part of the development team. Matthew Meier, as an employee of the Alexander Company, led the development team through the successful completion of the project.

Ownership / Financial Structure: Professional Building, LLC is the leasehold owner of the property via an unsubordinated 160-year land lease. Similar to the Madison College proposal, the Professional Building financial structure utilized senior debt and equity supported by State and Federal Historic tax credits along with affordable housing tax credits. Redevelopment of the historic building and the provision of affordable housing was a high priority for the City, who assisted with the project economics through the provision of a HOME loan and approval of real estate tax abatement for the property.

Capital & Financing Sources: Senior debt of $4,900,000 was provided by US Bank. Equity of $14,850,000 was invested by Wells Fargo and its subsidiaries. HOME funds of $535,000 was provided by the City of Kansas City, Missouri. Development funds/deferred fees of $850,000 was provided by The Alexander Company.

Development Timing: The majority of the project was placed in service in late 2006 with punch-list and completion of commercial spaces to follow in 2007. The project was fully leased in 2007.

Economic Performance: The project opened with great fanfare and remains very popular 10 years after opening. The property typically averages a 97% occupancy and continues to meet its operating expenses.

PROJECT EXAMPLE / Courthouse Lofts

176 Apartments | 12,000 SF Commercial Space | $40 Million Project Cost | Kansas City, MO

Located downtown in Kansas City, the former Federal Courthouse was deemed surplus and left vacant when new facilities were built nearby. Constructed in the late 1930s and having hosted Harry Truman’s offices as well as cases tried by Thurgood Marshall, the building is steeped in history. The Courthouse is ideally situated along the business district’s primary thoroughfare between the River Market and the city’s entertainment district, making its rehabilitation a key contributor to Kansas City’s downtown renaissance.

After the Professional Building Lofts, the Courthouse Lofts mark the second historic adaptive reuse of a structure completed by The Alexander Company in downtown Kansas City. Completed in 2011, the Courthouse Lofts consist of 176 workforce housing multifamily apartments and 12,000 square feet of commercial space.

Located downtown in Kansas City, the former Federal Courthouse was Located downtown in Kansas City, the former Federal Courthouse was deemed surplus and left vacant when new facilities were built nearby. Constructed in the late 1930s and having hosted Harry Truman’s offices as Constructed in the late 1930s and having hosted Harry Truman’s offices as well as cases tried by Thurgood Marshall, the building is steeped in history. The Courthouse is ideally situated along the business district’s primary thoroughfare between the River Market and the city’s entertainment thoroughfare between the River Market and the city’s entertainment district, making its rehabilitation a key contributor to Kansas City’s downtown renaissance. downtown renaissance.

After the Professional Building Lofts, the Courthouse Lofts mark the After the Professional Building Lofts, the Courthouse Lofts mark the second historic adaptive reuse of a structure completed by The Alexander Company in downtown Kansas City. Completed in 2011, the Courthouse Company in downtown Kansas City. Completed in 2011, the Courthouse Lofts consist of 176 workforce housing multifamily apartments and 12,000 Lofts consist of 176 workforce housing multifamily apartments and 12,000 square feet of commercial space.


�e Alexander Company’s Role: The Alexander Company was the developer architect, and property manager while an affiliate, National Venture. LLC guaranteed completion, operating deficits and tax credit delivery to the investor. As developer, the Alexander Company procured site control, entitlements and all local, State and Federal tax credits and incentives. It also procured all debt and equity financing. Barsto Construction, a local general contractor, was responsible for construction as part of the development team. Matthew Meier, as an employee of The Alexander Company, led the development team through the successful completion of the project.

Ownership / Financial Structure: The historic courthouse in downtown Kansas City was deemed surplus property by the United States General Services Administration, who ultimately deeded the property to the Planned Industrial Expansion Authority of Kansas City. As part of our public/private partnership with the City, the Planned Industrial Expansion Authority entered into a 99-year lease with Courthouse Apartments, LLC, an entity controlled by the Alexander Company and affiliates. Senior debt for the project was provided by the Missouri Housing Finance Commission along with TCAP and Reserve funds, which were Federal stimulus funds provided during the recession for shovel-ready projects. Equity for the project was largely supported by State and Federal Historic tax credits along with affordable housing tax credits. Redevelopment of the historic building and the provision of affordable housing was a high priority for the City, who assisted with the project economics through the provision of real estate tax abatement for the property.

Capital & Financing Sources: Senior permanent debt of $5,835,000 was provided by MHDC. Equity of $24,175,000 was invested by US Bank and its subsidiaries. TCAP Loan of $5,500,000 was provided by MHDC. Tax Credit Exchange funds of $3,000,000 were provided by MHDC. Developer funds/deferred fees of $1,300,000 were provided by The Alexander Company.

Development Timing: Construction commenced in 2010 and was completed in one phase in mid-2011. The project was fully leased in 2012.

Economic Performance: The project won a number of local and national awards and leased quickly. It enjoys a 98% occupancy and has exceeded operating projections in each year of operation. Lenders and investors along with public/private partners remain very happy with the success of the project.

PROJECT DETAILS / Courthouse Lofts

PROJECT EXAMPLE / Longfellow Lofts

133 Apartments | $23 Million Project Cost | Madison, WI

Built in 1917, Longfellow School has been serving Madison, Wisconsin, for almost a century. First an elementary school, then a Madison alternative high school and Montessori elementary, Longfellow was virtually unused for almost two decades before The Alexander Company submitted a plan that re-purposed the old school house as updated, modern apartments.

Listed on the National Register of Historic Places, Longfellow was built by Law, Law, and Potter, one of Madison’s premier architectural firms of the time. The exquisite brick exterior, high ceilings, expansive windows, and classrooms have been converted into unique living quarters. Historic features were painstakingly restored, including the original hardwood floors, chalkboards, woodwork, bookcases, trophy cases, and even the lockers.

Longfellow Lofts was selected as one of only three featured national projects in the Winter 2017 issue of Preservation Magazine.


PROJECT DETAILS / Longfellow Lofts

�e Alexander Company’s Role: The Alexander Company was the developer/architect of both the adaptive reuse of the existing historic building as well as the new construction. As developer, The Alexander Company was responsible for procuring site control, entitlements, and all State and Federal tax credits and incentives. In addition, they coordinated the services of the architect, general contractor, mechanical electrical and plumbing contractors, and other consultants. As project architect, Alexander was responsible for completion and submission of National Park Service Part I, II and II documents and all plans required by regulations associated with State and Federal Historic Tax Credit programs. Iconica, a Madison-based general contractor was responsible for construction of the historic and new buildings as part of the development team.

Ownership / Financial Structure: The owner at the time, Meriter, had used the landmark school for administrative offices, a staff daycare and gymnasium. The school became surplus property for the hospital and they issued a request for proposals for redevelopment of the property, of which The Alexander Company was selected. Given the property’s location in the middle of the historic Greenbush neighborhood, a transparent public/private partnership was crucial in order to address the concerns of all stakeholders. Randy Alexander, founder and former employee of The Alexander Company, was the project owner and led the development team through successful completion of the project. Longfellow Lofts overall financial structure utilized conventional senior debt and equity supported by State and Federal historic tax credits. Construction/permanent financing for the historic and new construction was provided by McFarland State Bank. The property was sold in 2016.

Capital & Financing Sources: Senior debt of $18,115,000 was provided by McFarland State Bank. Tax credit equity of $2,700,000 was provided by a family trust. Developer funds/deferred fees were provided by The Alexander Company.

Development Timing: Construction commenced in December 2013 and completed in July 2014.

Economic Performance: Unfortunately, after construction completed The Alexander Company had limited involvement in property management. That being said, information regarding economic performance is unavailable at this time. However, the property continues to serve as a shining example of historic preservation in trade publications such as Preservation Magazine, and others.

PROJECT EXAMPLE / Mall of America Expansion

342 Guestrooms | 268,000 Square Feet of Retail and Event Space | $252 Million Project Cost | Bloomington, MN

The Mall of America Expansion is comprised of three levels of retail expansion totaling 268,000 square feet. The expansion included a grand atrium space, food court, restaurants, and retail. The retail area holds 50 to 75 new tenants, focusing on unique and upscale retailers on the first floor, home furnishings on the second and the new food hall features specialized offerings on the third floor. A new grand atrium, larger than the current rotunda, is the centerpiece of the new retail expansion and allows for even larger event use.

A new, luxury 14-story JW Marriott was also built with a direct connection to the Mall. The 342-guestroom hotel includes a full service restaurant, pool, and meeting spaces.

A new underground, 610-stall parking ramp is located directly beneath the retail expansion.


PROJECT DETAILS / Mall of America Expansion

Mortenson’s Role: Turnkey Developer

Ownership/ Financial Structure: Mortenson Development, Inc. entered into a Development Agreement with an affiliate of Triple Five Worldwide, the owner of 1) the original Mall of America, 2) the land for the Mall of America Expansion and 3) the 250,000 SF retail project associated with the expansion. Mortenson structured unsubordinated ground leases with Triple Five Worldwide in order to convey the parcel for the JW Marriott Mall of America hotel to an affiliate of the Shakopee Mdewakanton Sioux Community and the parcel for the parking garage to the Bloomington Port Authority. The retail expansion utilized debt financing credit enhanced using unsubordinated ground leases. The parking garage was financed using TIF bonds. The hotel was funded on an all-cash basis from the Shakopee Mdewakanton Sioux Community.

Capital & Financing Sources: Mortenson structured the project financing with a combination of tax increment financing, pension fund investments, bank syndication and private equity.

Development Timing: Construction commenced in February 2014 and completed in December 2015.

Economic Performance: The JW Marriott Mall of America commands the highest rate in the Bloomington/MSP Airport submarket. The project has outperformed projections and is expected to generate more than $175 million in occupancy taxes and another approximately $45 million in property taxes over the next 30 years.

PROJECT EXAMPLE / Buffalo Marriott HARBORCENTER

205 Guestrooms and Suites | 5,000 Square Feet of Event Space | $177 Million Project Cost | Buffalo, NY

The Marriott Buffalo HARBORCENTER hotel is adjacent to First Niagara Center and is a key component of HARBORCENTER - a mixed-use hockey and entertainment facility. The hotel offers 205 innovative guestrooms and suites, a total of 5,000 square feet of event space for groups up to 240 guests, fitness center, business center, a sundry/newsstand and high-speed internet. The hotel features the new Marriott Great Room, a multi-use space allowing guests to work, relax, plug in and socialize.

Located in the waterfront Canalside District, the hotel is just minutes away from the Buffalo and Erie County Naval & Military Park, Coca-Cola Field; home to the AAA Buffalo Bisons, minor league affiliate of the Toronto Blue Jays, Shea’s Performing Arts Center and Kleinhans Music Hall. A short drive away is Buffalo’s top tourist attraction, Frank Lloyd Wright’s Darwin D. House complex.


PROJECT DETAILS / Buffalo Marriott HARBORCENTER

Mortenson’s Role: Construction Manager at Risk with Development Services

Ownership / Financial Structure: The land for HARBORCENTER, mixed-use project was contributed by the City of Buffalo. The project was funded by Pegula Sports and Entertainment.

Capital & Financing Sources: The project was funded by Pegula Sports and Entertainment.

Development Timing: Construction commenced in March 2013 and completed in July 2015.

Economic Performance: The Buffalo Marriott HARBORCENTER achieved the no. one ranking of all full-service Marriott hotels in North America, as compiled by Marriott International’s customer satisfaction survey process. The property has significantly outperformed its original performance projections.

PROJECT EXAMPLE / Hilton Madison at Monona Terrace

240 Guestrooms and suites | Madison, WI

Kahler Slater partnered with Marcus Hotels and Resorts and was awarded the development of a headquarters hotel to serve the Monona Terrace Community and Convention Center. The Hilton Madison Monona Terrace includes 240 guestrooms and suites, meeting space, swimming pool, 14th floor executive lounge overlooking the Wisconsin State Capitol and Lake Monona, and a restaurant located in an attached historic building.

The hotel offers a pleasant, pedestrian-friendly streetscape, which complements the neighboring historic buildings. The site challenges included the Lake Monona water level below, the Capitol height restriction above, existing historic buildings and their foundations on three sides, and an operating railroad and convention center on the fourth side. A 193-space underground parking structure was built below the hotel and the foundations of the adjacent historic buildings.


PROJECT EXAMPLE / Marriott Milwaukee Hotel

205 Guestrooms | Milwaukee, WI

A world-class hotel replaced five deteriorating, outdated and underutilized buildings in a high-profile location. Kahler Slater was selected by Jackson Street Management to design this important hotel project. What started as design work has turned into much more. Helping to lead the project through the complex municipal approval process amidst great community attention and scrutiny, the design team had developed a brilliant solution to please both the historic preservation community and contemporary business and economic proponents.

The design solution is an L-shaped hotel that wraps around a beautifully restored and renovated corner building. It preserves and recreates the original facades of 19th century buildings along Wisconsin Avenue, while a modern brick building rejuvenates the Milwaukee Street side. A nod to both the new and old are designed to create a compromise for a divided community.

PROJECT EXAMPLE / Nexus

Proposed Development | +100,000 Square Feet of Event Space | +500 Guestrooms | Milwaukee, WI

Nexus is a proposed transit-oriented, hospitality-focused development located in the heart of downtown Milwaukee. The development was conceived to address multiple desires of the community including: transit connectivity, pedestrian activity, expanded convention space, new convention hotel and job creation.

Nexus is a centrally located connection point for conventioneers, tourists and local citizens. The mixed-use development integrates the Milwaukee Streetcar station, Bus Rapid Transit stops, and a terraced public plaza with street-facing restaurants and bars.

More than 100,000 square feet of convention and meeting space serves as the expansion of the Wisconsin Center. In order to serve the Wisconsin Center, the project accommodates three hotels with more than five hundred guestrooms.


CONTACT / The Alexander Company

Matt MeierVICE PRESIDENT OF REAL ESTATE DEVELOPMENT

608.268.8106 | [email protected]

Date post:	27-Jul-2018
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