EFTA Document EFTA01378897

Location Based Approach - Balanced Between Established Gateway Cities and Growth Markets amemigima • Up-and-coming neighborhoods in NY, LA, Bay Area, Seattle • Gateway cities more defensive across cycles, more liquidity • However, Opp Zones in gateway cities are often distressed, marginal areas or require environmental remediation • Urban gateway locations are dense - demolition of existing assets and displacement may be an issue • Demographic headwinds - millennial out-migration Seatt