1576 n ave 47 ca 90042 · 13 sales comps 73 subject property 74 summary statistics 74 ... prepared...

1576 N Ave 47CA 90042

Copyright 2019 Reis, Inc.


ContentsInvestment Analysis 2

Rent Comps 6

Subject Property7

Comparable Group Market Summary7

Lease Terms7

Rent Growth Comparisons8

Vacancy Rate Comparisons9

Comparable Group Growth Trends9

Comparable Group Locations11

Comparable Group Listing13

Sales Comps 73

Subject Property74

Summary Statistics74



Comparable Group Details77

Construction Comps 97

Subject Property98



Submarket Executive Briefing 106

Submarket Trend Futures 109

Current Submarket Rent Details110

Rent Growth Comparisons110

Current Submarket Vacancy Details110

Vacancy Rate Comparisons111

Submarket Unit Mix Rent Details111

Submarket Unit Mix Inventory Details112

Submarket Inventory Details112

Submarket Area Map113

Metro Executive Briefing 115

Metro Class Cut 118

Sales Trend 120

Activity121

Map121

Most Recent Transactions122

Comparable Group Details123


Investment Analysis

1576 N Ave 47Apartment - 3rd Quarter 2019Prepared By Reis, Inc.

Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231

Copyright 2019 Reis, Inc. 985231

Section 1 - Investment Analysis

Apartment Property Located in the South Glendale/Highland Park Submarket of Los Angeles

Introduction The subject property is situated within the boundaries of Los Angeles's South Glendale/Highland Park submarket. Asking and Effective Rent The average asking rent for the thirty properties selected as comparables to the subject property has increased by 3.5% during the past four quarters, compared to the submarket average gain of 9.0% and the metro average increase of 4.3% over the same period. The current Q3 2019 asking rent level for the comp group is $1,869, which is 3.5% lower than the submarket average of $1,937 and 9.7% lower than the metro average of $2,070. At the same time the comp group's current rent is 36.1% greater than its five year low of $1,373, recorded during Q4 2014. Mean unit prices for the comp group are as follows: studios $1,468, one bedrooms $1,695, two bedrooms $2,092, and three bedrooms $2,957. Marking the lowest asking rent among the set of thirty comparable properties is 441 Riverdale Drive ($1,151), a 28 unit class B/C apartment property. The highest current asking rent among the set is $2,481, observed at 2345 Merton Avenue, a 67 unit property. Reflecting relatively weak demand for apartments in the South Glendale submarket, the current average value of concessions offered on a new lease in the South Glendale/Highland

Park submarket is averaging a relatively wide 5.6%. It should be noted that the current concessions level in the submarket is within 130 basis points of its five-year average of 4.3%. Vacancy During the third quarter of 2019, Reis recorded a vacancy rate of 2.7% for the comp group, a level that is lower than the submarket average of 4.5% and lower than the metro average of 3.8%. Among the thirty properties selected as performance comparables, the highest vacancy level, 9.4%, was observed at 424 South Verdugo Road (Verdugo Plaza Apartments), a 32 unit property. The lowest figure, a fully occupied 28 unit apartment property, was claimed by 441 Riverdale Drive, also in the South Glendale/Highland Park submarket. Sales Comparables Summary The ten class B/C transactions selected for analysis were recorded between February 2019 and October 2019. These ten properties traded at an average price of $218,800 per unit. Proforma analyses developed by Reis's researchers reveal the average cap rate of the selected comparable transactions to be 5.0%, while the metro mean was 4.5%. At the high end on a price per unit basis, with a closing in June of 2019,

we find 1411 W Court St, a four unit property constructed in 1936 that sold for $1.1 million, or $275,000 per unit. At the other end of the spectrum, with a closing in October of 2019, 2506 Johnston St, a six unit property built in 1923, sold for $1,030,000, or $171,666 per unit. Outlook Reis is tracking apartment construction activity that will deliver 215 units to the South Glendale submarket by the end of the year, and net total absorption will be positive 178 units. As a result, the vacancy rate will continue to drift upward to finish the year at 4.6%. During 2020 and 2021, no additional competitive stock is projected to be introduced to the South Glendale/Highland Park submarket inventory. Net new household formations at the metro level during 2020 and 2021 are projected to average 0.8% annually, enough to facilitate an absorption rate averaging 8,584 units per year. The South Glendale/Highland Park submarket will claim an insignificant 2.2% of this demand. This absorption rate is expected to more than offset the effect of newly added inventory, causing the submarket vacancy rate to decline to 3.2% by the end of 2021. Between now and year-end 2019 asking rents are expected to rise 1.4% to a level of $1,965, while effective rents will advance by 1.3% to $1,858. On an annualized basis through 2020 and 2021, asking and effective rents are anticipated to climb by 2.7% and 2.9%, respectively, to finish 2021 at $2,071 and $1,968.

1576 N Ave 47Apartment - 3rd Quarter 2019Prepared By Reis, Inc.



Subject Property Forecast While the performance of anyparticular property can be influencedpositively or negatively by buildingspecific factors, such as managementeffectiveness, plans for conversion orcapital expenditures, a significantincrease in competitive supply, orsubstantial improvement ordeterioration in the local economy, itis reasonable to observe that if thesubject property were to experiencethe comp group asking rents, and thesame rate of growth as the submarketaverage forecast, its average askingrent as of the end of 2023 wouldreach $2,174 per unit. Similarly, if thesubject property performs at theprojected submarket occupancy rate,then as of year-end 2023 theproperty's stabilized occupancy ratewill be 96.9%. The convergence ofsubmarket supply, demand, and renttrends on the performance of thesubject property suggests that therental income for the subjectproperty's market rate apartmentswould reach $2,174 in that year.


Rent Comps

Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019



2 SUBJECT PROPERTY

1576 N Ave 47 CA, 90042(Search Type: Address)

Metro: Los AngelesSubmarket: South Glendale/Highland ParkLatitude: 34.1248300000Longitude: -118.2129900000

Units: 4

3 COMPARABLE GROUP MARKET SUMMARY

30 PROPERTIESLOW MEAN MEDIAN HIGH

Current Asking Rent/Unit $1,192 $1,893 $1,835 $2,565

Current Effective Rent/Unit $1,129 $1,796 $1,738 $2,430

Current Vacancy Rate 0.0% 3.0% 2.8% 10.0%

Property Size (units) 22 44 38 99

Year Built 1940 1976 1974 1992

STUDIO 1BR 2BR 3BR

Current Asking Rent/Unit $1,465 $1,726 $2,114 $2,936

Current Effective Rent/Unit $1,387 $1,636 $2,006 $2,781

Unit Size (SF) 563 681 896 1,373

Units 3 21 20 0

Current Asking Rent/SF $2.64 $2.57 $2.40 $2.14




4 LEASE TERMS

SUBMARKET FREE RENT TRENDS

0.10

0.20

0.30

0.40

0.50

0.60

0.70

Submarket

3Q 2015 3Q 2016 3Q 2017 3Q 2018 3Q 2019

MO. FREE RENT 0.16 0.61 0.58 0.61 0.64

SubmarketExpense

Ratio

SubmarketFree Rent(Mo./year)

As of 09/30/19 39.3% 0.64




5 RENT GROWTH COMPARISONS

ASKING RENT GROWTH RATES

QUARTERLY ANNUALIZED

3Q 2019 2Q 2019 YTD 1 YEAR 3 YEAR 5 YEAR

Comp Group 0.9% -0.1% 0.7% 6.9% 7.1% 6.2%

South Glendale 1.7% 1.7% 1.4% 9.4% 7.2% 6.9%

Los Angeles 0.9% 0.9% 1.0% 6.5% 5.9% 5.7%

EFFECTIVE RENT GROWTH RATES



Comp Group 0.7% -0.1% 0.7% 6.4% 6.4% 5.4%

South Glendale 1.5% 1.7% 1.4% 8.9% 6.5% 6.0%

Los Angeles 0.9% 1.0% 0.9% 6.4% 5.4% 5.3%

*Historical trends include only properties in the Comp Group that have at least five full years ofhistory; aggregated data on rents and vacancies displayed in other tables may therefore not match

precisely.

3Q 2019 = Qtr ending 09/30/19

2Q 2019 = Qtr ending 06/30/19

YTD = Avg over period ending 09/30/19

1, 3 & 5 YEAR = Avg over period ending 12/31/18

6 VACANCY RATE COMPARISONS



Comp Group 2.7% 2.8% 2.8% 2.6% 2.4% 2.4%

South Glendale 4.5% 3.6% 3.8% 4.7% 5.4% 5.1%

Los Angeles 3.8% 3.7% 3.7% 3.6% 3.5% 3.4%




7 COMPARABLE GROUP GROWTH TRENDS

ASKING RENT VS VACANCY - QUARTERLY

$0

$500

$1,000

$1,500

$2,000

Asking Rent (Per Unit)

2.7%

2.8%

2.9%

3.0%

3.1%

3.2%

3.3%

Vacancy Rate

Year QtrAsking Rent

(per Unit)Asking RentPct Change Vacancy Rate

VacancyChange (BPS)

2018 3 $1,805 0.9% 3.3% 0

2018 4 $1,832 1.5% 3.3% 0

2019 1 $1,855 1.3% 2.9% -40

2019 2 $1,853 -0.1% 2.8% -10

2019 3 $1,869 0.9% 2.7% -10Historical trends include only properties in the Comp Group that have at least five full years of history;aggregated data on rents and vacancies displayed in other tables may therefore not match precisely.




8 COMPARABLE GROUP LOCATIONS

PROPERTIES Submarket Units(Unit) Year Class Rent Vacancy

1) Eagle Rock Apartments South Glendale/HighlandPark

99 1988 BC $1,956 0.0%

4323 EAGLE ROCK BLVD, LOS ANGELES, CA 90041

2) Eagle View South Glendale/HighlandPark

64 1985 BC $1,883 3.1%

4124 EAGLE ROCK BLVD, LOS ANGELES, CA 90065

3) Aspen Apartments South Glendale/HighlandPark

67 1979 BC $2,565 3.0%

2345 MERTON AVE, LOS ANGELES, CA 90041

4) 5670 Ash Street South Glendale/HighlandPark

24 1973 BC $1,746 0.0%

5670 ASH ST, LOS ANGELES, CA 90042

5) Villla Imperial South Glendale/HighlandPark

60 1969 BC $1,802 3.3%

407 N AVENUE 50, LOS ANGELES, CA 90042

6) Rockglen Villa South Glendale/HighlandPark

37 1971 BC $1,565 2.7%

1510 Rock Glen Ave, Glendale, CA 91205

7) Moxie Clover South Glendale/HighlandPark

60 1987 BC $2,188 0.0%

5800 Marmion Way, Los Angeles, CA 90042

8) Verdugo Plaza Apartments South Glendale/HighlandPark

32 1954 BC $1,742 9.4%

424 S Verdugo Rd, Glendale, CA 91205

9) Andrita Apartments South Glendale/HighlandPark

35 1982 BC $1,909 2.9%

3367 ANDRITA ST, LOS ANGELES, CA 90065

10) Glen Terrace Apartments South Glendale/HighlandPark

24 1988 BC $1,818 0.0%

3410 DREW ST, LOS ANGELES, CA 90065




PROPERTIES Submarket Units(Unit) Year Class Rent Vacancy

11) Pasadena Apartments South Glendale/HighlandPark

39 1963 BC $2,227 2.6%

303 S AVENUE 57, LOS ANGELES, CA 90042

12) Woodside Apartments South Glendale/HighlandPark

44 1975 BC $1,536 6.8%

4686 WOODSIDE DR, LOS ANGELES, CA 90065

13) 1010 E Acacia Ave South Glendale/HighlandPark

62 1990 BC $1,976 4.8%

1010 E ACACIA AVE, GLENDALE, CA 91205

14) 374 Shults Apartments South Glendale/HighlandPark

29 1992 BC $1,907 0.0%

374 SHULTS ST, LOS ANGELES, CA 90042

15) 500-504 Hill Drive South Glendale/HighlandPark

30 1963 BC $1,715 0.0%

504 HILL DR, GLENDALE, CA 91203

16) Acre Heights Apartments South Glendale/HighlandPark

40 1990 BC $2,380 5.0%

6311 MONTEREY RD, LOS ANGELES, CA 90042

17) 124 North Adams Street South Glendale/HighlandPark

27 1964 BC $1,785 0.0%

124 N Adams St, Glendale, CA 91206

18) 402 E Palmer South Glendale/HighlandPark

56 1964 BC $1,455 1.8%

402 E PALMER AVE, GLENDALE, CA 91205

19) Villa Monaco South Glendale/HighlandPark

40 1988 BC $2,395 0.0%

1234 E CALIFORNIA AVE, GLENDALE, CA 91206

20) 3811 N Figueroa South Glendale/HighlandPark

30 1988 BC $1,752 10.0%

3811 N FIGUEROA ST, LOS ANGELES, CA 90065

21) Glendale Flats Apartments South Glendale/HighlandPark

75 1986 BC $1,851 5.3%

102 N GLENDALE AVE, GLENDALE, CA 91206

22) 323 E Chestnut St South Glendale/HighlandPark

22 1962 BC $1,983 0.0%

323 E CHESTNUT ST, GLENDALE, CA 91205

23) Casa De Oro South Glendale/HighlandPark

32 1964 BC $1,758 3.1%

120 E Chestnut St, Glendale, CA 91205

24) Acacia Courtyard South Glendale/HighlandPark

24 1956 BC $1,350 0.0%

123 W Acacia Ave, Glendale, CA 91204

25) Gateway Glendale Apartments South Glendale/HighlandPark

34 1940 BC $1,752 5.9%

417 W Los Feliz Rd, Glendale, CA 91204

26) Lomita Apartments South Glendale/HighlandPark

54 1963 BC $2,047 3.7%

207 W LOMITA AVE, GLENDALE, CA 91204

27) Azure Glendale South Glendale/HighlandPark

67 1969 BC $1,923 4.5%

1630 CALLE VAQUERO, GLENDALE, CA 91206

28) 441 Riverdale Drive South Glendale/HighlandPark

28 1964 BC $1,192 0.0%

441 RIVERDALE DR, GLENDALE, CA 91204

29) Harvard Apartments South Glendale/HighlandPark

24 1987 BC $2,071 8.3%

456 W HARVARD ST, GLENDALE, CA 91204

30) Huntington Hacienda 1 EastLA/Alhambra/Montebello/PicoRivera

56 1989 BC $1,561 1.8%

4688 S Huntington Dr, Los Angeles, CA 90032




9 COMPARABLE GROUP LISTING

1 EAGLE ROCK APARTMENTS - 4323 EAGLE ROCK BLVD, LOS ANGELES, CA 90041

Current Asking Rent: $1,956 Effective Rent: $1,853

Submarket Concessions: $103 Current Vacancy Rate: 0.0%

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Parking Garage, Parking Lot, Pet Friendly, Playground,Pool, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles

Submarket:South Glendale/Highland

Park

DISTANCE:0.58

FLOORS:4

YEAR BUILT/RENOVATED:

1988/1998

TOTAL UNITS:99

ASSET CLASS:BC

FLOOR PLAN DETAILS

ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT

LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE

1BR/1BA $1,640 $1,859 $1,747 700 53 $2.50 $2.36

2BR/2BA $2,058 $2,335 $2,196 970 46 $2.26 $2.14




1 EAGLE ROCK APARTMENTS - 4323 EAGLE ROCK BLVD, LOS ANGELES, CA 90041

MARKET CONTEXT: The subject property, 4323 EAGLE ROCK BLVD, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1988, the building is one of fourteen properties constructed in the 1980s that account for 3.2% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of eleven newer apartment buildingsintroduced since 1990, totaling 1,560 units, and representing 6.3% of the submarket inventory. That said, 4323 EAGLE ROCK BLVDwas renovated in 1998, improving the property's competitive position. At 99 units, the building is 19.0% larger than the averageapartment property size in the South Glendale/Highland Park submarket.

AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON

0

500

1,000

1,500

Comp #1

Comp Group

Submarket

Metro

1 Year 3 Year 5 Year

Comp #1 1.0% 0.5% 0.3%

Comp Group 2.6% 2.4% 2.4%

South Glendale 4.7% 5.4% 5.1%

Los Angeles 3.6% 3.5% 3.4%

ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #1

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #1 0.0% 0.0% 0.0% -2.1% 2.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #1 -0.2% 0.0% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




2 EAGLE VIEW - 4124 EAGLE ROCK BLVD, LOS ANGELES, CA 90065



Property Management Company: MONEM CORPORATIONContact Phone Number: (310) 478-7600

Community Amenities: Pool

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:0.81

FLOORS:3


1985/2001

TOTAL UNITS:64

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $1,361 400 4 $3.40 $3.22

1BR -- -- $1,746 525 30 $3.33 $3.15

2BR -- -- $2,089 625 30 $3.34 $3.17




2 EAGLE VIEW - 4124 EAGLE ROCK BLVD, LOS ANGELES, CA 90065

MARKET CONTEXT: The subject property, 4124 EAGLE ROCK BLVD, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1985, the building is one of nineteen properties constructed in the 1980s that account for 3.4% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 4124 EAGLE ROCKBLVD was renovated in 2001, strengthening the property's competitive position. At 64 units, the building is 24.0% smaller than theaverage apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #2

Comp Group

Submarket

Metro


Comp #2 3.1% 2.7% 2.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #2

Comp Group

South Glendale

Los Angeles

0.0%

5.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #2 0.0% 0.0% -1.6% 0.0% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #2 11.0% 11.8% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




3 ASPEN APARTMENTS - 2345 MERTON AVE, LOS ANGELES, CA 90041



Property Management Company: PROPERTIES INTERNATIONALContact Phone Number: (323) 257-6589Property Website: pintl.com/propertyinfo/5/2345-merton-ave

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Parking Garage, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:0.95

FLOORS:2


1979/2015

TOTAL UNITS:67

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $2,127 $2,412 $2,266 650 37 $3.49 $3.30

2BR/2BA $2,750 $3,120 $2,934 850 30 $3.45 $3.27

http://pintl.com/propertyinfo/5/2345-merton-ave-los-angeles-ca-90041




3 ASPEN APARTMENTS - 2345 MERTON AVE, LOS ANGELES, CA 90041

MARKET CONTEXT: Aspen Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1979, the building is one of eleven properties constructed in the 1970s that account for 3.0% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Aspen Apartments was renovated in 2015,strengthening the property's competitive position. At 67 units, the building is 21.0% smaller than the average apartment property size inthe South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #3

Comp Group

Submarket

Metro


Comp #3 0.7% 1.1% 1.2%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #3

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #3 0.0% -1.5% 3.0% 0.0% -1.5%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #3 8.4% 8.5% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




4 5670 ASH STREET - 5670 ASH ST, LOS ANGELES, CA 90042



Property Management Company: 5670 ASH STREETContact Phone Number: (323) 302-2622

Unit Amenities: Patio/BalconyCommunity Amenities: Parking Lot, Shared Laundry, Storage Room

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.24

FLOORS:2


1973/--

TOTAL UNITS:24

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,615 $1,832 $1,721 600 18 $2.87 $2.72

2BR/1BA $1,706 $1,935 $1,820 850 6 $2.14 $2.03




4 5670 ASH STREET - 5670 ASH ST, LOS ANGELES, CA 90042

MARKET CONTEXT: The subject property, 5670 Ash Street, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1973, the building is one of eleven properties constructed in the 1970s that account for3.0% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 24 units,5670 Ash Street is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #4

Comp Group

Submarket

Metro


Comp #4 0.0% 1.0% 0.7%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Comp #4

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #4 0.0% -4.3% 4.2% 0.0% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #4 7.9% 8.2% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




5 VILLLA IMPERIAL - 407 N AVENUE 50, LOS ANGELES, CA 90042



Property Management Company: VILLA IMPERIALContact Phone Number: (323) 274-4201

Community Amenities: Elevator, Pool, Shared Laundry

Most Recent Sale: 16th Aug, 2013Sale Amount: $6,900,000Buyer: Roxbury Lane Lp (310) 358-0989Seller: Stuart & Sandra Breslow

COUNTY:Los Angeles County

METROLos Angeles


Park

DISTANCE:1.26

FLOORS:3


1969/2010

TOTAL UNITS:60

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR -- -- $1,625 650 32 $2.50 $2.37

2BR -- -- $2,004 825 28 $2.43 $2.30




5 VILLLA IMPERIAL - 407 N AVENUE 50, LOS ANGELES, CA 90042

MARKET CONTEXT: Villla Imperial is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1969, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of the submarket's total inventory ofmarket rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since 1990, totaling3,053 units, and representing 12.0% of the submarket inventory. That said, Villla Imperial was renovated in 2010, improving theproperty's competitive position. At 60 units, the building is nearly a third smaller than the average apartment property size in the SouthGlendale/Highland Park submarket.


0

500

1,000

1,500

Comp #5

Comp Group

Submarket

Metro


Comp #5 0.8% 1.3% 1.4%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #5

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #5 0.0% 0.0% 0.0% 1.7% -1.7%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #5 10.4% 5.1% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




6 ROCKGLEN VILLA - 1510 ROCK GLEN AVE, GLENDALE, CA 91205



Property Management Company: STATEWIDE ENTERPRISESContact Phone Number: (818) 602-7523

Unit Amenities: DishwasherCommunity Amenities: Parking Garage, Pet Friendly, Pool, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.44

FLOORS:2


1971/2019

TOTAL UNITS:37

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR/1BA -- -- $1,274 700 1 $1.82 $1.72

1BR/1BA $1,477 $1,674 $1,573 688 36 $2.29 $2.17




6 ROCKGLEN VILLA - 1510 ROCK GLEN AVE, GLENDALE, CA 91205

MARKET CONTEXT: Rockglen Villa is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1971, the building is one of eleven properties constructed in the 1970s that account for 3.0% of the submarket's total inventoryof market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings erected since 1990,totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Rockglen Villa was renovated in 2017,strengthening the property's competitive position. At 37 units, the building is less than half the average apartment property size in theSouth Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #6

Comp Group

Submarket

Metro


Comp #6 2.7% 2.7% 3.2%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #6

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #6 2.8% 0.0% 0.0% 0.0% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #6 3.9% 7.7% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




7 MOXIE CLOVER - 5800 MARMION WAY, LOS ANGELES, CA 90042



Property Management Company: MOSS & COMPANYContact Phone Number: (310) 817-6378Property Website: moxieclover.com/

Unit Amenities: Patio/Balcony, Washer DryerCommunity Amenities: Parking Garage, Shared Laundry

Most Recent Sale: 13th May, 2016Sale Amount: $14,200,000Buyer: Gelt Inc (818) 676-9362, Skya VenturesSeller: Azusa Pacific University (626) 969-3434

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.52

FLOORS:2


1987/--

TOTAL UNITS:60

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR/1BA $1,491 $1,720 $1,603 325 2 $4.93 $4.67

1BR/1BA $1,869 $2,119 $1,991 600 26 $3.32 $3.14

2BR/1BA $2,300 $2,550 $2,385 950 32 $2.51 $2.38

http://moxieclover.com/




7 MOXIE CLOVER - 5800 MARMION WAY, LOS ANGELES, CA 90042

MARKET CONTEXT: Marimon Royal Rentals is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1987, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 60 units, Marimon RoyalRentals is nearly a third smaller than the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #7

Comp Group

Submarket

Metro


Comp #7 0.8% 0.4% 0.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #7

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #7 0.0% 0.0% 0.0% 0.0% -1.7%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #7 11.3% 8.2% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




8 VERDUGO PLAZA APARTMENTS - 424 S VERDUGO RD, GLENDALE, CA 91205



Property Management Company: PROPERTY MANAGEMENT ASSOCIATESContact Phone Number: (818) 507-8949

Community Amenities: Parking Garage, Pool, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.58

FLOORS:2


1954/--

TOTAL UNITS:32

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR/1BA -- -- $1,340 750 1 $1.79 $1.69

1BR/1BA $1,447 $1,641 $1,542 850 15 $1.81 $1.72

2BR/1BA $1,832 $2,078 $1,954 950 16 $2.06 $1.95




8 VERDUGO PLAZA APARTMENTS - 424 S VERDUGO RD, GLENDALE, CA 91205

MARKET CONTEXT: Verdugo Plaza Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1954, the building belongs to a cohort of properties constructed in the 1950s that account for 1.0% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 32 units, VerdugoPlaza Apartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #8

Comp Group

Submarket

Metro


Comp #8 6.3% 6.3% 6.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp Group South Glendale Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #8 6.8% 4.4% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




9 ANDRITA APARTMENTS - 3367 ANDRITA ST, LOS ANGELES, CA 90065



Property Management Company: KENNETH MANAGEMENT GROUPContact Phone Number: (818) 887-7722

Unit Amenities: DishwasherCommunity Amenities: Parking Garage, Shared Laundry

Most Recent Sale: Jul, 2002Sale Amount: $2,125,000Buyer: Marion Tauber, The Edward A TauberTrustSeller: 3367 Andrita LP

Financing Details: Washington Mutual BankFA provided a $1,487,500 loan over a 30-yearterm.

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.64

FLOORS:2


1982/--

TOTAL UNITS:35

ASSET CLASS:BC

FLOOR PLAN DETAILS



2BR -- -- $1,845 1,000 33 $1.85 $1.75

3BR -- -- $2,957 1,379 2 $2.14 $2.03




9 ANDRITA APARTMENTS - 3367 ANDRITA ST, LOS ANGELES, CA 90065

MARKET CONTEXT: Andrita Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1982, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 35 units, AndritaApartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #9

Comp Group

Submarket

Metro


Comp #9 7.1% 6.4% 5.2%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #9

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #9 0.0% 0.0% -6.3% 3.0% -3.1%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #9 5.4% 7.8% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




10 GLEN TERRACE APARTMENTS - 3410 DREW ST, LOS ANGELES, CA 90065



Property Management Company: J.K. RESIDENTIAL SERVICESContact Phone Number: (323) 205-0190

Unit Amenities: DishwasherCommunity Amenities: Parking Lot, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.66

FLOORS:2


1988/--

TOTAL UNITS:24

ASSET CLASS:BC

FLOOR PLAN DETAILS



2BR/1BA $1,704 $1,933 $1,818 950 24 $1.91 $1.81




10 GLEN TERRACE APARTMENTS - 3410 DREW ST, LOS ANGELES, CA 90065

MARKET CONTEXT: Glen Terrace Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1988, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 24 units, GlenTerrace Apartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #10

Comp Group

Submarket

Metro


Comp #10 6.3% 6.3% 9.7%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Comp #10

Comp Group

South Glendale

Los Angeles

0.0%

5.0%

10.0%

15.0%

20.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #10 -10.5% 13.6% 4.3% 0.0% -4.5%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #10 21.2%† 12.3% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%†For this property, the year-over-year rent growth reported to Reis falls

outside of the expected range.




11 PASADENA APARTMENTS - 303 S AVENUE 57, LOS ANGELES, CA 90042



Property Management Company: LA APARTMENTSContact Phone Number: (323) 809-8262

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Parking Garage, Pet Friendly, Pool, Shared Laundry

Most Recent Sale: 5th Jan, 2007R

Sale Amount: $4,950,000Buyer: AFHHHV Investments LP, Alisa Abecassis Revocable TrustSeller: AFHHHV Investments LP

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.79

FLOORS:2


1963/--

TOTAL UNITS:39

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,690 $1,916 $1,800 700 5 $2.57 $2.44

2BR/2BA $2,146 $2,435 $2,290 788 34 $2.91 $2.75




11 PASADENA APARTMENTS - 303 S AVENUE 57, LOS ANGELES, CA 90042

MARKET CONTEXT: Pasadena Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1963, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 39 units, PasadenaApartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #11

Comp Group

Submarket

Metro


Comp #11 1.3% 1.3% 2.1%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #11

Comp Group

South Glendale

Los Angeles

0.0%

5.0%

10.0%

15.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #11 2.6% 0.0% 2.6% -2.6% 2.6%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #11 13.6% 7.1% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




12 WOODSIDE APARTMENTS - 4686 WOODSIDE DR, LOS ANGELES, CA 90065



Property Management Company: CALVO GROUPContact Phone Number: (323) 221-6240Property Website: calvogroup.com/listings/woodside-apartme

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Parking Garage, Parking Lot, Pool, Shared Laundry, Storage Room

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.81

FLOORS:2


1975/2012

TOTAL UNITS:44

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $1,367 490 3 $2.79 $2.64

1BR -- -- $1,497 590 29 $2.54 $2.40

2BR -- -- $1,672 690 12 $2.42 $2.30

http://calvogroup.com/listings/woodside-apartments/




12 WOODSIDE APARTMENTS - 4686 WOODSIDE DR, LOS ANGELES, CA 90065

MARKET CONTEXT: Regency Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1975, the building is one of eleven properties constructed in the 1970s that account for 3.0% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Regency Apartments was renovated in 2012,improving the property's competitive position. At 44 units, the building is slightly larger than half the average apartment property size inthe South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #12

Comp Group

Submarket

Metro


Comp #12 8.0% 6.3% 5.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #12

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #12 -2.4% 0.0% 0.0% -5.0% 2.4%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #12 7.8% 10.5% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




13 1010 E ACACIA AVE - 1010 E ACACIA AVE, GLENDALE, CA 91205



Property Management Company: MC CADILLAC PROPERTIES, LLCContact Phone Number: (424) 285-9871


COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.86

FLOORS:2


1990/--

TOTAL UNITS:62

ASSET CLASS:BC

FLOOR PLAN DETAILS



2BR -- -- $1,976 949 62 $2.08 $1.97




13 1010 E ACACIA AVE - 1010 E ACACIA AVE, GLENDALE, CA 91205

MARKET CONTEXT: The subject property, 1010 East Acacia Avenue, is located in the SouthGlendale/Highland Park submarket of the Los Angeles metropolitan area. Built in 1990, the building is one ofeleven properties constructed in the last twenty-seven years that account for 6.3% of the submarket's totalinventory of market rate rental apartments. At 31 units, 1010 East Acacia Avenue is less than half the averageapartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #13

Comp Group

Submarket

Metro


Comp #13 1.6% 0.8% 0.5%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #13

Comp Group

South Glendale

Los Angeles

0.0%

10.0%

20.0%

30.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #13 0.0% 0.0% 0.0% 0.0% -3.3%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #13 29.1%† 7.8% 0.0%

Comp Group 6.9% 6.2% 0.0%







14 374 SHULTS APARTMENTS - 374 SHULTS ST, LOS ANGELES, CA 90042



Property Management Company: GENTRY REAL ESTATE GROUPContact Phone Number: (323) 550-8820

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Parking Garage, Pet Friendly, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:1.90

FLOORS:3


1992/--

TOTAL UNITS:29

ASSET CLASS:BC

FLOOR PLAN DETAILS



2BR/1.3BA $1,672 $1,897 $1,784 700 24 $2.55 $2.41

2BR/1.5BA -- -- $1,934 750 1 $2.58 $2.44

2BR/2BA $1,909 $2,166 $2,037 750 2 $2.72 $2.57

3BR/2BA $2,311 $2,589 $2,443 1,350 2 $1.81 $1.71




14 374 SHULTS APARTMENTS - 374 SHULTS ST, LOS ANGELES, CA 90042

MARKET CONTEXT: The subject property, 374 Shults Street, is located in the South Glendale/Highland Parksubmarket of the Los Angeles metropolitan area. Built in 1992, the building is one of twenty-one propertiesconstructed since 1990 that account for 12.0% of the submarket's total inventory of market rate rentalapartments. At 29 units, 374 Shults Street is less than half the average apartment property size in the SouthGlendale/Highland Park submarket.


0

500

1,000

1,500

Comp #14

Comp Group

Submarket

Metro


Comp #14 1.7% 1.7% 2.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #14

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #14 0.0% 3.4% -3.6% 3.4% -3.6%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #14 0.9% 8.9% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




15 500-504 HILL DRIVE - 504 HILL DR, GLENDALE, CA 91203



Contact Phone Number: (818) 546-1212

Community Amenities: Parking Garage, Pet Friendly, Shared Laundry

Most Recent Sale: 2nd Dec, 2008Sale Amount: $2,234,000Buyer: Hill Group LLCSeller: Abstract Holdings Inc (515) 778-3624

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.13

FLOORS:2


1963/2011

TOTAL UNITS:30

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,587 $1,800 $1,691 700 17 $2.42 $2.29

2BR/1BA $1,637 $1,857 $1,746 900 13 $1.94 $1.84




15 500-504 HILL DRIVE - 504 HILL DR, GLENDALE, CA 91203

MARKET CONTEXT: The subject property, 504 Hill Drive, is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1963, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildingsintroduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 504 Hill Drive was renovatedin 2011, strengthening the property's competitive position. At 30 units, the building is less than half the average apartment property sizein the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #15

Comp Group

Submarket

Metro


Comp #15 0.0% 1.7% 1.7%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #15

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #15 3.3% -3.4% 0.0% 3.3% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #15 3.7% 5.1% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




16 ACRE HEIGHTS APARTMENTS - 6311 MONTEREY RD, LOS ANGELES, CA 90042



Property Management Company: BA MANAGEMENTContact Phone Number: (626) 354-0669Property Website: bamliving.appfolio.com/listings/detail/f

Unit Amenities: Dishwasher, Patio/Balcony, Security (in Unit), Washer/ Dryer Hook UpsCommunity Amenities: Elevator, Parking Garage, Pet Friendly, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.15

FLOORS:3


1990/2005

TOTAL UNITS:40

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,873 $2,123 $1,995 700 2 $2.85 $2.70

2BR/2BA $2,350 $2,450 $2,400 900 38 $2.67 $2.53

http://bamliving.appfolio.com/listings/detail/f9781ace-ce7c-4b70-bb52-7a9f45ceda14




16 ACRE HEIGHTS APARTMENTS - 6311 MONTEREY RD, LOS ANGELES, CA 90042

MARKET CONTEXT: Monterry View is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1990, the building is one of twenty-one properties constructed in the last twenty-nine yearsthat account for 12.0% of the submarket's total inventory of market rate rental apartments. That said, Monterry Viewwas renovated in 2005, enhancing the property's competitive position. At 40 units, the building is less than half theaverage apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #16

Comp Group

Submarket

Metro


Comp #16 0.0% 0.0% 0.0%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp Group South Glendale Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #16 9.5% 5.5% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




17 124 NORTH ADAMS STREET - 124 N ADAMS ST, GLENDALE, CA 91206



Property Management Company: STANLEY A SIROTT INVESTMENTSContact Phone Number: (818) 240-2288

Unit Amenities: DishwasherCommunity Amenities: Elevator, Parking Garage, Shared Laundry

COUNTY:Los Angeles County

METROLos Angeles


Park

DISTANCE:2.25

FLOORS:4


1964/--

TOTAL UNITS:27

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $950 602 2 $1.58 $1.50

1BR -- -- $1,600 733 10 $2.18 $2.07

2BR -- -- $1,950 1,006 14 $1.94 $1.84

3BR -- -- $3,000 1,379 1 $2.18 $2.06




17 124 NORTH ADAMS STREET - 124 N ADAMS ST, GLENDALE, CA 91206

MARKET CONTEXT: The subject property, 124 North Adams Street, is located in the South Glendale/Highland Park submarket ofthe Los Angeles metropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for3.7% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 27 units, 124North Adams Street is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #17

Comp Group

Submarket

Metro


Comp #17 1.9% 0.9% 0.6%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #17

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #17 0.0% 0.0% 0.0% 0.0% -3.8%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #17 10.8% 2.7% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




18 402 E PALMER - 402 E PALMER AVE, GLENDALE, CA 91205



Property Management Company: JP ALLEN COMPANYContact Phone Number: (818) 247-0781


COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.25

FLOORS:2


1964/2008

TOTAL UNITS:56

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,366 $1,548 $1,455 650 56 $2.24 $2.12




18 402 E PALMER - 402 E PALMER AVE, GLENDALE, CA 91205

MARKET CONTEXT: The subject property, 402 East Palmer Avenue, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for 3.7% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 402 East PalmerAvenue was renovated in 2008, strengthening the property's competitive position. At 56 units, the building is more than a third smallerthan the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #18

Comp Group

Submarket

Metro


Comp #18 0.9% 0.4% 0.9%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #18

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #18 -3.7% 3.6% 0.0% 0.0% -1.8%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #18 4.5% 6.4% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




19 VILLA MONACO - 1234 E CALIFORNIA AVE, GLENDALE, CA 91206



Property Management Company: STANLEY SIROTT PROPERTIESContact Phone Number: (818) 956-8531

Unit Amenities: Dishwasher, Fireplace, Patio/BalconyCommunity Amenities: Clubhouse, Elevator, Parking Garage, Pet Friendly, Pool, SharedLaundry

Most Recent Sale: 1st May, 2014Sale Amount: $15,485,000Buyer: Stanley A Sirott TrustSeller: Villa Monaco Ltd

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.27

FLOORS:3


1988/2008

TOTAL UNITS:40

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR -- -- $2,005 675 14 $2.97 $2.81

2BR -- -- $2,484 930 21 $2.67 $2.53

3BR -- -- $3,111 1,379 5 $2.26 $2.14




19 VILLA MONACO - 1234 E CALIFORNIA AVE, GLENDALE, CA 91206

MARKET CONTEXT: Villa Monaco is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1988, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of the submarket's total inventoryof market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since 1990,totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Villa Monaco was renovated in 2008, enhancing theproperty's competitive position. At 40 units, the building is less than half the average apartment property size in the SouthGlendale/Highland Park submarket.


0

500

1,000

1,500

Comp #19

Comp Group

Submarket

Metro


Comp #19 1.3% 0.6% 1.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #19

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #19 0.0% 2.5% 0.0% 0.0% -2.6%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #19 0.2% 10.2% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




20 3811 N FIGUEROA - 3811 N FIGUEROA ST, LOS ANGELES, CA 90065



Property Management Company: HANCOCK PROPERTIESContact Phone Number: (310) 873-8748

Unit Amenities: DishwasherCommunity Amenities: Parking Lot, Pet Friendly

Most Recent Sale: Jan, 2003Sale Amount: $2,085,000Buyer: Las Brisas LPSeller: Green Martini LLC

Financing Details: California Federal Bankprovided a $1.45 million loan over a 10-yearterm.

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.35

FLOORS:2


1988/2012

TOTAL UNITS:30

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,625 $1,650 $1,638 525 18 $3.12 $2.96

2BR/1BA $1,895 $1,950 $1,923 725 12 $2.65 $2.51




20 3811 N FIGUEROA - 3811 N FIGUEROA ST, LOS ANGELES, CA 90065


0

500

1,000

1,500

Comp #20

Comp Group

Submarket

Metro


Comp #20 3.3% 1.7% 1.1%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #20

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #20 0.0% 0.0% 0.0% 0.0% -7.1%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #20 5.4% 9.6% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




21 GLENDALE FLATS APARTMENTS - 102 N GLENDALE AVE, GLENDALE, CA 91206



Property Management Company: INTContact Phone Number: (818) 423-5216Property Website: glendaleflats.com/

Community Amenities: Elevator, Parking Garage, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.45

FLOORS:5


1986/--

TOTAL UNITS:75

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $1,584 602 35 $2.63 $2.49

1BR -- -- $2,085 733 40 $2.84 $2.69

http://glendaleflats.com/




21 GLENDALE FLATS APARTMENTS - 102 N GLENDALE AVE, GLENDALE, CA 91206

MARKET CONTEXT: The subject property, 102 North Glendale Avenue, is located in the South Glendale/Highland Park submarket ofthe Los Angeles metropolitan area. Built in 1983, the building is one of nineteen properties constructed in the 1980s that account for3.4% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 75 units, 102North Glendale Avenue is 11.0% smaller than the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #21

Comp Group

Submarket

Metro


Comp #21 2.7% 5.0% 4.9%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Comp #21

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #21 1.4% -2.9% -1.4% 8.0% -5.6%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #21 0.0% 5.9% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




22 323 E CHESTNUT ST - 323 E CHESTNUT ST, GLENDALE, CA 91205



Property Website: lahotrentals.com

Community Amenities: Parking Garage, Pet Friendly, Pool, Shared Laundry

Most Recent Sale: May, 2008Sale Amount: $3,210,000Buyer: 323 Chestnut Apartments LLCSeller: David Ross Pollock, William U & BettyC Manning, The Manning Family Trust

Financing Details: Far East National Bankprovided a variable rate loan in the amount of$1,960,000 for this transaction.

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.48

FLOORS:2


1962/--

TOTAL UNITS:22

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,829 $2,073 $1,948 700 20 $2.78 $2.64

2BR/1BA $2,190 $2,484 $2,336 900 2 $2.60 $2.46

http://lahotrentals.com




22 323 E CHESTNUT ST - 323 E CHESTNUT ST, GLENDALE, CA 91205

MARKET CONTEXT: The subject property, 323 East Chestnut Street, is located in the South Glendale/Highland Park submarket ofthe Los Angeles metropolitan area. Built in 1962, the building is one of thirteen properties constructed in the 1960s that account for3.7% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 22 units, 323East Chestnut Street is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #22

Comp Group

Submarket

Metro


Comp #22 0.0% 2.3% 2.3%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-5.0%

0.0%

5.0%

10.0%

Comp #22

Comp Group

South Glendale

Los Angeles

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #22 -4.8% -5.0% 9.1% 0.0% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #22 25.7%† 8.6% 0.0%

Comp Group 6.9% 6.2% 0.0%







23 CASA DE ORO - 120 E CHESTNUT ST, GLENDALE, CA 91205



Property Management Company: PROPERTY MANAGEMENT ASSOCIATESContact Phone Number: (818) 507-4461

Community Amenities: Parking Garage, Pool, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.55

FLOORS:2


1964/--

TOTAL UNITS:32

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $1,395 602 1 $2.32 $2.19

1BR -- -- $1,595 700 13 $2.28 $2.16

2BR -- -- $1,895 1,006 18 $1.88 $1.78




23 CASA DE ORO - 120 E CHESTNUT ST, GLENDALE, CA 91205

MARKET CONTEXT: Casa De Oro is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for 3.7% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 32units, Casa De Oro is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #23

Comp Group

Submarket

Metro


Comp #23 3.1% 4.7% 5.2%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-10.0%

-5.0%

0.0%

5.0%

10.0%

Comp #23

Comp Group

South Glendale

Los Angeles

-10.0%

-5.0%

0.0%

5.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #23 0.0% 0.0% 0.0% 6.3% -6.7%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #23 -9.8% 2.5% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




24 ACACIA COURTYARD - 123 W ACACIA AVE, GLENDALE, CA 91204



Property Management Company: MJS INVESTMENTSContact Phone Number: (818) 545-5656

Community Amenities: Pet Friendly, Pool, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.56

FLOORS:2


1956/2001

TOTAL UNITS:24

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR/1BA $1,209 $1,395 $1,300 499 20 $2.61 $2.47

1BR/1BA $1,502 $1,703 $1,600 670 4 $2.39 $2.26




24 ACACIA COURTYARD - 123 W ACACIA AVE, GLENDALE, CA 91204

MARKET CONTEXT: The subject property, 123 W Acacia Ave, is located in the South Glendale/Highland Park submarket of the LosAngeles metropolitan area. Built in 1956, the building belongs to a cohort of properties constructed in the 1950s that account for 1.0% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 123 W Acacia Avewas renovated in 2001, enhancing the property's competitive position. At 24 units, the building is less than half the average apartmentproperty size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #24

Comp Group

Submarket

Metro


Comp #24 0.0% 0.0% 1.4%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Comp #24

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #24 0.0% 4.2% 0.0% 0.0% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #24 5.6% 5.9% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




25 GATEWAY GLENDALE APARTMENTS - 417 W LOS FELIZ RD, GLENDALE, CA 91204



Property Management Company: WINSTAR PROPERTIESContact Phone Number: (323) 533-2716

Unit Amenities: Patio/BalconyCommunity Amenities: Shared Laundry

Most Recent Sale: 11th Jun, 2015Sale Amount: $5,250,000Buyer: Gateway Glendale LLCSeller: Los Feliz Road Apartment LLC

Financing Details: Opus Bank provided a 10- year $3,380,000 loan.

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.71

FLOORS:2


1940/--

TOTAL UNITS:34

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $1,530 602 17 $2.54 $2.41

1BR -- -- $1,974 733 17 $2.69 $2.55




25 GATEWAY GLENDALE APARTMENTS - 417 W LOS FELIZ RD, GLENDALE, CA 91204

MARKET CONTEXT: The subject property, 417 W Los Feliz Rd, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1940, the building is one of two aged properties constructed in the 1940s that account foronly 0.2% of the submarket's total inventory of market rate rental apartments today. It competes against a generation of twenty-onenewer apartment buildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 34units, 417 W Los Feliz Rd is less than half the average apartment property size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #25

Comp Group

Submarket

Metro


Comp #25 13.2% 8.8% 7.8%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #25

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #25 0.0% 3.0% -3.1% -6.7% -3.4%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #25 8.2% 1.7% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




26 LOMITA APARTMENTS - 207 W LOMITA AVE, GLENDALE, CA 91204



Property Management Company: ANCHOR PACIFICA GROUPContact Phone Number: (818) 242-3352Property Website: anchorpacifica.com/residential-propertie

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Health Club, Parking Garage, Pool, Shared Laundry,Storage Room

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.72

FLOORS:3


1963/2001

TOTAL UNITS:54

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,695 $1,922 $1,806 893 20 $2.02 $1.92

2BR/2BA $2,051 $2,327 $2,188 1,081 34 $2.02 $1.92

http://anchorpacifica.com/residential-properties/lomita-apartments




26 LOMITA APARTMENTS - 207 W LOMITA AVE, GLENDALE, CA 91204

MARKET CONTEXT: Lomita Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1963, the building is one of thirteen properties constructed in the 1960s that account for 3.6% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-four newer apartment buildings erected since1990, totaling 3,133 units, and representing 11.9% of the submarket inventory. That said, Lomita Apartments was renovated in 2001,strengthening the property's competitive position. At 54 units, the building is more than a third smaller than the average apartmentproperty size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #26

Comp Group

Submarket

Metro


Comp #26 3.7% 2.3% 2.5%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Comp #26

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #26 1.9% 1.9% -1.9% -1.9% 0.0%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #26 1.3% 5.7% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




27 AZURE GLENDALE - 1630 CALLE VAQUERO, GLENDALE, CA 91206



Property Management Company: PACIFIC REAL ESTATEContact Phone Number: (818) 242-2928Property Website: azureglendale.com

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Health Club, Parking Garage, Parking Lot, Pet Friendly,Pool, Shared Laundry, Storage Room

Most Recent Sale: 16th Jun, 2015Sale Amount: $20,425,000Buyer: Sikder Family TrustSeller: Imt Capital II Glendale LLC

Financing Details: Jp Morgan Chase Bk Naprovided a $13,300,000 loan.

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.93

FLOORS:3


1969/2012

TOTAL UNITS:67

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR -- -- $1,572 600 3 $2.62 $2.48

1BR -- -- $1,800 770 50 $2.34 $2.21

2BR -- -- $2,439 1,132 14 $2.15 $2.04

http://azureglendale.com




27 AZURE GLENDALE - 1630 CALLE VAQUERO, GLENDALE, CA 91206

MARKET CONTEXT: Azure Glendale is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1969, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of the submarket's total inventoryof market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings erected since 1990,totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Azure Glendale was renovated in 2012, improvingthe property's competitive position. At 67 units, the building is 21.0% smaller than the average apartment property size in the SouthGlendale/Highland Park submarket.


0

500

1,000

1,500

Comp #27

Comp Group

Submarket

Metro


Comp #27 3.7% 2.2% 2.2%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #27

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #27 1.5% 0.0% 1.5% -3.1% -1.6%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #27 3.9% 2.8% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




28 441 RIVERDALE DRIVE - 441 RIVERDALE DR, GLENDALE, CA 91204



Contact Phone Number: (818) 240-8575

Community Amenities: Clubhouse, Parking Garage, Parking Lot, Pool, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:2.99

FLOORS:2


1964/2011

TOTAL UNITS:28

ASSET CLASS:BC

FLOOR PLAN DETAILS



0BR/1BA -- -- $1,006 602 1 $1.67 $1.58

1BR/1BA $1,115 $1,264 $1,188 733 26 $1.62 $1.53

2BR/2BA -- -- $1,478 1,006 1 $1.47 $1.39




28 441 RIVERDALE DRIVE - 441 RIVERDALE DR, GLENDALE, CA 91204

MARKET CONTEXT: The subject property, 441 Riverdale Drive, is located in the South Glendale/Highland Park submarket of the LosAngeles metropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for 3.6% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-four newer apartment buildingsintroduced since 1990, totaling 3,133 units, and representing 11.9% of the submarket inventory. That said, 441 Riverdale Drive wasrenovated in 2011, strengthening the property's competitive position. At 28 units, the building is less than half the average apartmentproperty size in the South Glendale/Highland Park submarket.


0

500

1,000

1,500

Comp #28

Comp Group

Submarket

Metro


Comp #28 1.8% 1.8% 1.2%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-4.0%

-2.0%

0.0%

2.0%

4.0%

Comp #28

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #28 0.0% 0.0% -3.7% 0.0% 3.6%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #28 5.0% 4.5% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




29 HARVARD APARTMENTS - 456 W HARVARD ST, GLENDALE, CA 91204



Property Management Company: CRYSTAL MANAGEMENTContact Phone Number: (818) 247-6586

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Parking Lot, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles


Park

DISTANCE:3.17

FLOORS:3


1987/2015

TOTAL UNITS:24

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,600 $1,895 $1,748 600 12 $2.91 $2.76

2BR/2BA $2,245 $2,547 $2,395 825 12 $2.90 $2.75




29 HARVARD APARTMENTS - 456 W HARVARD ST, GLENDALE, CA 91204

MARKET CONTEXT: Harvard Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1987, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings erected since1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Harvard Apartments was renovated in 2015,enhancing the property's competitive position. At 24 units, the building is less than half the average apartment property size in the SouthGlendale/Highland Park submarket.


0

500

1,000

1,500

Comp #29

Comp Group

Submarket

Metro


Comp #29 2.1% 2.1% 1.4%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Comp #29

Comp Group

South Glendale

Los Angeles

0.0%

5.0%

10.0%

15.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #29 0.0% 0.0% -4.3% 4.2% -4.3%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #29 17.1% 7.3% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%




30 HUNTINGTON HACIENDA 1 - 4688 S HUNTINGTON DR, LOS ANGELES, CA 90032



Property Management Company: EXCEL RESIDENTIAL SERVICESContact Phone Number: (323) 223-8243

Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Clubhouse, Elevator, Parking Garage, Pet Friendly, Playground, Pool,Security - Patrol, Shared Laundry

COUNTY:Los Angeles

METROLos Angeles

Submarket:East

LA/Alhambra/Montebello/PicoRivera

DISTANCE:3.20

FLOORS:3


1989/2014

TOTAL UNITS:56

ASSET CLASS:BC

FLOOR PLAN DETAILS



1BR/1BA $1,193 $1,353 $1,271 700 20 $1.82 $1.80

2BR/2BA $1,614 $1,831 $1,722 800 36 $2.15 $2.13




30 HUNTINGTON HACIENDA 1 - 4688 S HUNTINGTON DR, LOS ANGELES, CA 90032

MARKET CONTEXT: Huntington Hacienda Apartments Phase I is located in the East Los Angeles/Alhambra/Montebello/PicoRivera submarket of the Los Angeles metropolitan area. Built in 1989, the building belongs to a cohort of properties constructedin the 1980s that account for 2.1% of the submarket's total inventory of market rate rental apartments. That said, HuntingtonHacienda Apartments Phase I was renovated in 2014, enhancing the property's competitive position. At 56 units, the building isless than half the average apartment property size in the East Los Angeles/Alhambra/Montebello/Pico Rivera submarket.


0

500

1,000

1,500

Comp #30

Comp Group

Submarket

Metro


Comp #30 2.7% 3.1% 3.6%

Comp Group 2.6% 2.4% 2.4%


Los Angeles 3.6% 3.5% 3.4%


-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Comp #30

Comp Group

South Glendale

Los Angeles

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2018

2013 - 2018

- 2013

2015 2016 2017 2018 2019

Comp #30 5.5% -1.9% 0.0% 3.6% -5.7%

Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%

South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%

Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%

2018 2013 - 2018 - 2013

Comp #30 4.7% 10.6% 0.0%

Comp Group 6.9% 6.2% 0.0%


Los Angeles 6.5% 5.7% 0.8%


Sales Comps

Sales CompsApartmentPrepared By Reis, Inc.



Section 10 - Subject Property

1576 N Ave 47, CA 90042

Search Criteria

Radius 5 miles Sale Price From -- To $1,400,000

Section 11 - Summary Statistics

10 Reis Verified Sales Transactions Low Average High

Number of Units 4 5 6

Number of Floors 1 2 2

Year Built 1903 1926 1949

Time Since Sale (months) 2 6 9

Sale Price $1,000,000 $1,094,000 $1,225,000

Sale Price Per Unit $171,667 $218,800 $275,000

Effective Gross Income Multiplier 7.2x 12.1x 17.6x




Section 12 - Comparable Group Locations




Address Distance SubmarketYear

BuiltFloors

Total

UnitsSale Price

Price Per

UnitSale Date

1. 2506 Johnston St 3.39 mi. E LA/Alhambra 1923 1 6 $1,030,000 $171,667 2nd Oct, 2019Los Angeles, CA 90031

2. 4653 La Mirada Ave 4.90 mi. Hollywood 1921 2 5 $1,135,000 $227,000 28th Aug, 2019Los Angeles, CA 90029

3. 1023 Tremont St 4.99 mi. E LA/Alhambra 1927 2 5 $1,000,000 $200,000 24th Jul, 2019Los Angeles, CA 90033

4. 759 N Raymond Ave 4.34 mi. Pasadena 1903 2 5 $1,050,000 $210,000 3rd Jul, 2019Pasadena, CA 91103

5. 1172 N Westmoreland Ave 4.80 mi. Hollywood 1913 2 5 $1,000,000 $200,000 25th Jun, 2019Los Angeles, CA 90029

6. 333 N Union Ave 4.87 mi. Wilshire/Westlake 1925 1 5 $1,200,000 $240,000 13th Jun, 2019Los Angeles, CA 90026

7. 1411 W Court St 4.89 mi. Wilshire/Westlake 1936 1 4 $1,100,000 $275,000 10th Jun, 2019Los Angeles, CA 90026

8. 2526 W Grand Ave 4.01 mi. E LA/Alhambra 1949 2 5 $1,200,000 $240,000 24th May, 2019Alhambra, CA 91801

9. 5035 Stratford Rd 0.46 mi. South Glendale 1916 2 5 $1,225,000 $245,000 10th Apr, 2019Los Angeles, CA 90042

10. 1924 Lincoln Ave 4.82 mi. Pasadena 1949 1 5 $1,000,000 $200,000 28th Feb, 2019Pasadena, CA 91103




1. 2506 Johnston StLos Angeles, CA 90031 5811925

Sale Date 2nd Oct, 2019

Sale Price $1,030,000 (Reis Verified)

Sale Price Unit $171,667

Property Street View

Location and Physical CharacteristicsCounty Los Angeles

Metro Los Angeles

Submarket E LA/Alhambra

Distance 3.39 miles

Property Type Market Rate Rental

No. of Buildings / Floors 2 / 1

Year Built / Renovated 1923 / --

Total Units 6

Asset Class BC

Transaction Type Arm's Length

Comments Wood Frame

Parking Space/Comments 7 / On site parking available.




1. 2506 Johnston St (continued)Los Angeles, CA 90031 5811925

Property Sale Details and Analysis

Sale Date 2nd Oct, 2019



Reis Cap Rate Analysis ProformaAll per unit figures are monthly

Total Units 6

Potential Rent Revenue $147,468Vacancy Loss/Rate ($3,230) [2.2%]

$2048.17 Market Rent x 12 Months x 6 Units x 2.2%

Effective Rent Revenue $144,238$2,048 In Place Rent x 12 Months x 6 Units x 97.8%

Free Rent Concessions ($469) [$78 Per Unit]

Credit Loss ($1,475) [1.0%]

Additional Income $0 [$0 Per Unit]

Effective Gross Revenue $142,295Operating Expenses ($59,725) [40.5%]

Capital Reserve ($2,100) [$350 Per Unit]

Net Operating Income $80,470Estimated Going-in Cap Rate 7.8%

Based on Sale Price of $1,030,000

12-Month Rolling Metro Cap Rate 4.7% (Q4 2019)

Reported Cap Rate None

Buyer and Seller InformationSeller

1. Name Melton G Gee

Type/Percent Private - Regional/Local / 100.0%

Buyer

1. Name 2216 Griffin LLC

Address 1840 Century Park, Ste 900, Los Angeles, CA90067


Valuation and TaxesRecent Taxes

Tax Amount $8,314

Tax Year 2018

Assessed Value

Assessed Total Value $622,068

Assessed Year 2019

Property Additional Details When AvailableSeller's Broker Buyer's Broker Other Broker

Michael A SalernoMiller & Desatnik Realty3627 Motor Ave, Los Angeles, CA 90034(310) 202-9166

Parcel Number 5208-002-001

Deed Reference 1091354




2. 4653 La Mirada AveLos Angeles, CA 90029 5780652

Sale Date 28th Aug, 2019



Sale Price PSF $368GBA

Market Conditions Prior to Sale Property Street View

A look at market conditions during 2Q 2019 — thequarter prior to the sale — reveals that the vacancyrate in the Hollywood submarket was 5.1%. Theaverage asking rent was $2,446 per unit, whileeffective rents were 6.7% below that level, at$2,291 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 355 units, compared to theannual average of 474 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.


Metro Los Angeles

Submarket Hollywood

Distance 4.90 miles


Building Area (SF) 3,081GBA



Total Units 5

Asset Class BC


Parking Space/Comments -- / On site parking available.




2. 4653 La Mirada Ave (continued)Los Angeles, CA 90029 5780652


Sale Date 28th Aug, 2019





Total Units 5




Free Rent Concessions ($1,501) [$300 Per Unit]

Credit Loss ($826) [1.0%]









1. Name Randell Partners LTD

Address 10850 Wilshire Blvd, Ste 825, Los Angeles, CA90024


Buyer

1. Name George and Rania Chamoun

Address 606 Hill St S, Ste 1104, Los Angeles, CA 90014



Tax Amount $70,714

Tax Year 2019

Property Additional Details When Available

Financing Details JP Morgan Chase Bank provided a $505,000loan.






3. 1023 Tremont StLos Angeles, CA 90033 5797465

Sale Date 24th Jul, 2019



Sale Price PSF $247NRA


A look at market conditions during 2Q 2019 — thequarter prior to the trade — indicates that thevacancy rate in the East Los Angeles submarketwas 2.8%. The average asking rent was $1,560per unit, while effective rents were 1.2% below thatlevel, at $1,541 per unit. There was no netabsorption of space in the submarket during thefour full quarters prior to the trade, compared to theannual average of 74 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.


Metro Los Angeles


Distance 4.99 miles


Building Area (SF) 4,051NRA



Total Units 5

Asset Class BC


Amenities Parking Garage

Parking Space/Comments -- / Garage parking available.




3. 1023 Tremont St (continued)Los Angeles, CA 90033 5797465


Sale Date 24th Jul, 2019





Total Units 5





Credit Loss ($1,239) [1.0%]









1. Name Manuel De Jesus Reyes


Buyer

1. Name 1023 Tremont Street LLC

Address 1503 S Coast Dr, Ste 313, Costa Mesa, CA92626



Tax Amount $5,516

Tax Year 2019

Assessed Value


Assessed Year 2019


Financing Details Conventus LLC provided a $1,154,291 loan. Parcel Number 5177-005-042





4. 759 N Raymond AvePasadena, CA 91103 5746061

Sale Date 3rd Jul, 2019





A look at market conditions during 2Q 2019 — thequarter prior to the sale — reveals that the vacancyrate in the Pasadena submarket was 5.6%. Theaverage asking rent was $2,076 per unit, whileeffective rents were 4.2% below that level, at$1,991 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 103 units, compared to theannual average of 142 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.


Metro Los Angeles

Submarket Pasadena

Distance 4.34 miles





Total Units 5

Asset Class BC






4. 759 N Raymond Ave (continued)Pasadena, CA 91103 5746061


Sale Date 3rd Jul, 2019





Total Units 5





Credit Loss ($1,067) [1.0%]









1. Name Stacy U Kim


Buyer

1. Name Califa Street LLC

Address 48 Ranchero Rd, Bell Canyon, CA 91307


Valuation and TaxesAssessed Value


Assessed Year 2019







5. 1172 N Westmoreland AveLos Angeles, CA 90029 5693217

Sale Date 25th Jun, 2019





A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the Hollywood submarket was5.0%. The average asking rent was $2,384 perunit, while effective rents were 7.0% below thatlevel, at $2,228 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 462 units, compared tothe annual average of 461 units during the fiveyears prior to the transaction. During the twelvemonths leading up to the transaction, the averagecap rate in the Los Angeles metropolitan areaaveraged 4.8%.


Metro Los Angeles

Submarket Hollywood

Distance 4.80 miles





Total Units 5

Asset Class BC






5. 1172 N Westmoreland Ave (continued)Los Angeles, CA 90029 5693217







Total Units 5














1. Name Fenn C Kimball

Address 1172 N Westmoreland Ave, Los Angeles, CA90029


Buyer

1. Name 1172 WML LLC

Address 9744 Wilshire Blvd, Ste 300, Beverly Hills, CA90212




Assessed Year 2019


Financing Details Lone Oak Fund LLC provided a $650,000 loan. Parcel Number 5542-026-041





6. 333 N Union AveLos Angeles, CA 90026 5730436





A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the Wilshire submarket was 5.2%.The average asking rent was $1,712 per unit, whileeffective rents were 5.4% below that level, at$1,624 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 777 units, compared to theannual average of 493 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.


Metro Los Angeles

Submarket Wilshire/Westlake

Distance 4.87 miles




Total Units 5

Asset Class BC





6. 333 N Union Ave (continued)Los Angeles, CA 90026 5730436





Other Sales

Sale Date 24th Sep, 2015




Total Units 5














1. Name MDR 24 LLC

Address 18431 Coastline Dr, Malibu, CA 90265


Buyer

1. Name 333 N Union Ave LLC

Address 1252 Keniston Ave, Los Angeles, CA 90019



Assessed Total Value $1,177,940

Assessed Year 2019







7. 1411 W Court StLos Angeles, CA 90026 5781031





A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the Wilshire submarket was 5.2%.The average asking rent was $1,712 per unit, whileeffective rents were 5.4% below that level, at$1,624 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 777 units, compared to theannual average of 493 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.


Metro Los Angeles

Submarket Wilshire/Westlake

Distance 4.89 miles




Total Units 4

Asset Class BC






7. 1411 W Court St (continued)Los Angeles, CA 90026 5781031






Total Units 4














1. Name Sola Rentals

Contact Phone (323) 306-4648

Address 8629 S Vermont, Ave, Los Angeles, CA 90044


2. Name Sola Real Estate Fund 1 LLC

Type/Percent Private - Regional/Local / --

Buyer

1. Name Court Echo Park LLC

Address 11611 San Vicente Blvd, Ste 820, Los Angeles,CA 90049








8. 2526 W Grand AveAlhambra, CA 91801 5730411

Sale Date 24th May, 2019





A look at market conditions during 1Q 2019 — thequarter prior to the trade — shows that thevacancy rate in the East Los Angeles submarketwas 2.7%. The average asking rent was $1,529per unit, while effective rents were 1.2% below thatlevel, at $1,512 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 47 units, compared to theannual average of 84 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.


Metro Los Angeles


Distance 4.01 miles





Total Units 5

Asset Class BC


Amenities Parking Lot

Comments Wood Frame





8. 2526 W Grand Ave (continued)Alhambra, CA 91801 5730411


Sale Date 24th May, 2019





Total Units 5





Credit Loss ($1,036) [1.0%]









1. Name Lynn E Semain


Buyer

1. Name 523 Santa Rosa LLC

Address 255 E Santa Clara St, Ste 210, Arcadia, CA91006



Tax Amount $5,353

Tax Year 2018

Assessed Value


Assessed Year 2019


Financing Details First Commercial Bank (USA) provided a$720,000 loan.






9. 5035 Stratford RdLos Angeles, CA 90042 5636207

Sale Date 10th Apr, 2019





A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the South Glendale submarket was3.2%. The average asking rent was $1,873 perunit, while effective rents were 5.4% below thatlevel, at $1,776 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 1,124 units, compared tothe annual average of 520 units during the fiveyears prior to the transaction. During the twelvemonths leading up to the transaction, the averagecap rate in the Los Angeles metropolitan areaaveraged 4.8%.


Metro Los Angeles

Submarket South Glendale

Distance 0.46 miles





Total Units 5

Asset Class BC


Amenities Parking Lot

Comments Wood Frame





9. 5035 Stratford Rd (continued)Los Angeles, CA 90042 5636207


Sale Date 10th Apr, 2019





Total Units 5





Credit Loss ($1,007) [1.0%]









1. Name Lucero N Separate Property Trust


Buyer

1. Name International Investment Trading & Con

Address 600 Lincoln Ave, Ste 93185, Pasadena, CA91109



Tax Amount $1,668

Tax Year 2018

Assessed Value


Assessed Year 2019


Financing Details PrideCo Private Mortgage Loan Fund LPprovided a $1,195,200 loan.






10. 1924 Lincoln AvePasadena, CA 91103 5585982

Sale Date 28th Feb, 2019





A look at market conditions during 4Q 2018 — thequarter prior to the transaction — shows that thevacancy rate in the Pasadena submarket was5.8%. The average asking rent was $2,025 perunit, while effective rents were 4.2% below thatlevel, at $1,943 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 133 units, compared tothe annual average of 139 units during the fiveyears prior to the transaction. During the twelvemonths leading up to the transaction, the averagecap rate in the Los Angeles metropolitan areaaveraged 4.9%.


Metro Los Angeles

Submarket Pasadena

Distance 4.82 miles


Building Area (SF) 2,458GBA



Total Units 5

Asset Class BC





10. 1924 Lincoln Ave (continued)Pasadena, CA 91103 5585982


Sale Date 28th Feb, 2019





Total Units 5





Credit Loss ($1,005) [1.0%]









1. Name Jacqueline E Spears Trust


Buyer

1. Name Amrit A Singh

Address 449 W Foothill Blvd, Ste 186, Glendora, CA91741



Tax Amount $1,577

Tax Year 2018

Appraised Value

Appraised Total Value $58,617

Appraised Year 2019

Assessed Value


Assessed Year 2019


Financing Details A $800,000 loan was provided. Parcel Number 5825-014-001



Construction Comps

Construction CompsApartmentPrepared By Reis, Inc.



Section 15 - Subject Property

Search Parameters

Address, Market/Submarketor ZIP code(s) 1576 N Ave 47 CA

Reis Metro Los Angeles

Radius (mi) 5

Include Proposed,Planned,Under Constr.,Complete

Size N/A

Expected Completion N/A

Summary Statistics Parameters

Low Average High

Distance from Subject (mi) 0.63 3.55 4.94

Months Until Completion N/A N/A 11

Size 18 140 1,430

Number of Buildings 1 2 7

Floors 2 5 8




Section 16 - Comparable Group Listing

No. Property

Dist.FromSubj.(mi)

Submarket Subtype Size No.Bldgs Floors

Est.GroundBreak

Exp.Comp. Status

1

Verdara Apartments124 W Colorado St

Developer Name: RODNEY KHANDeveloper Phone: (818) 507-1605Developer Company: KHANCONSULTING INC

2.75 South Glendale/HighlandPark Apartment 50 1 6 6/2015 11/2017 Complete

2

Oakland at Cordova218 S Oakland Ave

General Contractor Name:JONATHANGeneral Contractor Phone: (310)820-0550General Contractor Company:BRIDGEPORT CONSTRUCTION

4.36 Pasadena Condominiums 21 1 3 12/2015 2/2018 Complete

3

The Harrison Glendale308-318 W Wilson Ave

Developer Name: PamelaDeveloper Phone: (702) 735 - 0155Developer Company: MOLASKYGROUP OF COMPANIES


4

The Griffith Los Feliz435 W LOS FELIZ BLVD

Leasing Agent Name: OctovioLeasing Agent Phone: (855)208-2600

2.75 South Glendale/HighlandPark Apartment 220 2 5 6/2018 Complete

5 Eastview327 N BOYLSTON ST

4.80 Wilshire/Westlake Apartment 121 1 6 4/2017 7/2018 Complete

6

Summit Grove106 E ORANGE GROVE BLVD

Owner Name: Anush BayburtyabOwner Phone: (626) 403 - 4663Owner Company: HERITAGEHOUSING PARTNERS


7

Fig & Fifty Walk118 S AVE 50

Developer Phone: (562) 596-4770Developer Company: OLSONCOMPANY

1.55 South Glendale/HighlandPark Condominiums 29 5 3 10/2016 7/2018 Complete

8

West Grove123-127 HURLBUT ST

Owner Phone: (626) 584 - 9747Owner Company: Toledo Homes

3.44 Pasadena Condominiums 25 2 6/2016 7/2018 Complete




No. Property

Dist.FromSubj.(mi)


Est.GroundBreak

Exp.Comp. Status

9

Da Vinci Bldg B909 W TEMPLE ST

Developer Name: JANELLEDeveloper Phone: (213) 346-9796Developer Company: GH PALMERASSOCIATES

4.68 Downtown Apartment 239 2 8 6/2015 7/2018 Complete

10

The Hudson - East Building177 N HUDSON AVE

Leasing Agent Name: TonyLeasing Agent Phone: (626)795-5688

4.82 Pasadena Apartment 91 1 5 9/2014 7/2018 Complete

11

Next on Lex Bldg A275 W LEXINGTON DR

Leasing Agent Name: JamieLeasing Agent Phone: (818) 740 -1924Leasing Agent Company: Next onLex


12 Avila Apartments75 W WALNUT ST

3.88 Pasadena Apartment 201 1 5 11/2016 8/2018 Complete

13

Elysian Fields1313 Sunset Boulevard

Developer Name: ThomasTechentinDeveloper Phone: (213) 362-9200

4.28 Hollywood/Silver Lake Apartment 27 1 4 11/2015 10/2018 Complete

14 The Perch Apartments4247 N EAGLE ROCK BLVD


15

TenTen Glendale111 N Louise St

Leasing Agent Name: AnashehLeasing Agent Phone: (818) 536 -7400Leasing Agent Company: TenTenGlendale


16 Dillon 617617 N Dillon St

4.94 Hollywood/Silver Lake Apartment 49 2 4 12/2016 4/2019 Complete




No. Property

Dist.FromSubj.(mi)


Est.GroundBreak

Exp.Comp. Status

17 Brio Apartment Homes525 W COLORADO ST


18 Vestalia515 W Broadway


19

Next on Lex Bldgs B & C401 N Orange St/200 W Milford St

Developer Name: KEVIN FARRELLDeveloper Phone: (310) 405-0527Developer Company: CENTURYWEST PARTNERS


20 LA Plaza Village - Apartments555 N BROADWAY

4.85 Downtown MixedIncome

355 4 8 3/2017 7/2019 Complete

21

Villas and Terraces atAmbassador Gardens300 W GREEN ST

Developer Name: TracyDeveloper Phone: (310) 691 - 5500Developer Company: ETCOHOMES


22

Pacific Lux625 S PACIFIC AVE

Leasing Agent Name: RazmikBoghassianLeasing Agent Phone: (818) 288 -4999Leasing Agent Company: John HartReal Estate

3.08 South Glendale/HighlandPark Condominiums 27 1 5 2/2016 8/2019 Complete

23

Alexan Bahay330 N WESTLAKE AVE

Developer Phone: (310) 363 - 4700Developer Company: TrammellCrow

4.94 Wilshire/Westlake Apartment 200 1 6 2/2018 12/2019 Under Constr.

24 2014-2022 Sunset Boulevard2014-2022 W Sunset Blvd

4.33 Hollywood/Silver Lake Apartment 36 1 4 12/2019 Under Constr.




No. Property

Dist.FromSubj.(mi)


Est.GroundBreak

Exp.Comp. Status

25 The Link3901-3915 San Fernando Road

2.63 South Glendale/HighlandPark Apartment 142 1 5 1/2020 Under Constr.

26 4121 Santa Monica Boulevard4121 Santa Monica Blvd


27

Figueroa Terrace Condos957 Figueroa Terrace

Developer Name: HiediDeveloper Phone: (323) 883 - 1800Developer Company: FrostChaddock Developers

4.30 Hollywood/Silver Lake Condominiums 28 1 3 3/2020 Under Constr.

28 Glendale Boulevard Apartments1750 GLENDALE BLVD


29

399 Del Mar399 E Del Mar Blvd

General Contractor Name: KathyGeneral Contractor Phone: (626)372 - 7862General Contractor Company:Giantech Construction

4.22 Pasadena Condominiums 55 1 3 11/2020 Under Constr.

30

The Brine3000 N Main St

Developer Phone: (310) 590 - 4526Developer Company: DecroCorporation

4.09EastLA/Alhambra/Montebello/PicoRivera

Subsidized/LowIncome

97 1 5 Planned

31

Parque Vista2851 Chaucer St

Developer Phone: (314) 621 - 3400Developer Company: McCormackBaron Salazar

2.36 South Glendale/HighlandPark


42 5 3 Planned

32

Rosa De Castilla Apartments4208 Huntington Drive South

Developer Phone: (323) 269 - 4214Developer Company: East LACommunity Corporation

3.41EastLA/Alhambra/Montebello/PicoRivera


85 2 4 Planned




No. Property

Dist.FromSubj.(mi)


Est.GroundBreak

Exp.Comp. Status

33

Colorado East2451 Colorado Blvd

Developer Phone: (714) 628 - 1654Developer Company: RiversideCharitable Corp

1.20 South Glendale/HighlandPark


41 1 4 Planned

34Mission Place1020 EL CENTRO ST

Developer Phone: (650) 571-2200

3.33 Pasadena Apartment 91 2 3 Planned

35

Ferrante1000 TEMPLE ST

Developer Name: LYDIADeveloper Phone: (213) 346-9796Developer Company: GH PALMERASSOCIATES

4.87 Wilshire/Westlake Apartment 1,430 3 7 Planned

36

Riverglen 1202600-2750 RIVERSIDE DR

Developer Name: BRYANTBERSELENDeveloper Phone: (949) 553-2020Developer Company: THEHOFFMAN CO

2.87 Hollywood/Silver Lake Condominiums 120 3 4 Planned

37 254 East Union St254 E UNION ST

4.17 Pasadena Apartment 36 Planned

38

Stadium Villas959 Stadium Way

Developer Phone: (310) 845 - 4600Developer Company: Korda Group

4.12 Downtown Apartment 158 1 6 Planned

39

College Station924 N Spring St

Developer Name: GabrielliDeveloper Phone: (212) 554 - 2250Developer Company: Atlas CapitalGroup


40 Walnut Family Residential167 E WALNUT ST





No. Property

Dist.FromSubj.(mi)


Est.GroundBreak

Exp.Comp. Status

41

Sunset Boulevard Apartments1307 W Sunset Blvd

Developer Phone: (310) 204-3500Developer Company: DANA A.SAYLES

4.25 Hollywood/Silver Lake Apartment 45 1 4 Planned

42

City Lights Los FelizHOLLYWOOD BLVD @HILLHURST AVE

Developer Name: KimDeveloper Phone: (818) 843 - 8644Developer Company: CHANDLERPRATT & PARTNERS

4.63 Hollywood/Silver Lake Apartment 202 Planned

432910 West San FernandoApartments2910 N San Fernando Rd

2.00 South Glendale/HighlandPark Apartment 370 1 5 Planned

44 Paseo Colorado Condos400 East Colorado Boulevard

4.31 Pasadena Condominiums 71 1 7 Planned

45 1332 Colorado1332 Colorado Blvd


46Adams Street AffordableApartments913-921 S Adams St


47

Madison Grove Apartments417-419 N Madison Ave

Developer Phone: (626) 787 - 1228Developer Company: PanopticDevelopment


48

3821 W Ave 433821 West Avenue 43

Developer Phone: (424) 245 - 8438Developer Company: Schon TeplerGroup





No. Property

Dist.FromSubj.(mi)


Est.GroundBreak

Exp.Comp. Status

49 849 North Bunker Hill849 N Bunker Hill Ave


50

708 South New Depot708 New Depot St

Developer Name: DavidMehdyzadehDeveloper Phone: (818) 782 - 3060Developer Company: BunkerHeights LLC


Section 17 - Comparable Group Locations


Submarket Executive Briefing

Submarket Executive BriefingApartment - 3rd Quarter 2019Prepared By Reis, Inc.



Section 18 - Executive Briefing on Submarket Conditions

Average Asking Rent $1,937

● Up 1.7% from Q2 2019.

● Has risen for eleven consecutive quarters.

● Expected to finish 2019 at $1,965.

Average Vacancy Rate 4.5%

● Rose by 90 basis points.

● Expected to finish 2019 at 4.6%.

Submarket Overview The South Glendale/Highland Park submarket, one of thirty-seven distinct geographic concentrations within Los Angeles, contains 26,804 market rate rental units, or 3.3% of the metro's total inventory of market rate rental apartments. In the ten-year period beginning with Q4 2009, new additions to the submarket totaled 3,398 units, amounting to an annualized inventory growth rate of 1.4%; over the same period, the metro growth rate has been 0.7%. Asking and Effective Rent During the third quarter of 2019, asking rents rose by 1.7% to an average of $1,937, higher than twenty-three of the metro's thirty-seven submarkets. Mean unit prices in the submarket are as follows: studios $1,502, one bedrooms $1,715, two bedrooms $2,219, and three bedrooms $3,108. This advance extends the submarket's streak of gains to eleven quarters, during which asking rents have advanced by a total of 22.4%. The South Glendale/Highland Park submarket's current asking rent levels are lower than the metro's average of $2,070, while asking rent growth in the third quarter compares favorably

to the metro average of 0.9%. Effective rents, which exclude the value of concessions offered to prospective tenants, rose by 1.5% during the third quarter to an average of $1,835. Competitive Inventory, Household Formations, Absorption Net new household formations in Los Angeles were 9,340 during the third quarter. Of course, not all newly formed households immediately become apartment renters, but an analysis of longer-term economic and demographic trends can be useful in understanding the current quarter's level of demand. Since the beginning of Q4 2009, household formations in Los Angeles have averaged 0.6% per year, representing the average annual addition of 21,000 households. Over the same time period, the metro posted an average annual absorption rate of 6,413 units. During the third quarter, metropolitan absorption totaled 1,330 units, of which the South Glendale/Highland Park submarket captured 96 units. The effect of this demand was countered by a growth in supply, as developers added a net total of 350 units to the competitive submarket stock, 20.4% of the 1,718 units introduced to Los Angeles during the third quarter. Over the last

four quarters, submarket absorption totaled 890 units, more than double the average annual absorption rate of 371 units recorded since the beginning of Q4 2009. As a result of the supply and demand dynamics during the third quarter, the submarket's average vacancy rate increased by 90 basis points to 4.5%, which is 0.2 percentage points lower than the long-term average, but 0.7 percentage points higher than the current metro average. Outlook Reis's new construction analysts report that 215 units of new speculative apartment inventory will be introduced to the submarket by the end of the year, and net total absorption will be positive 178 units. As a result, the vacancy rate will continue to drift upward to finish the year at 4.6%. During 2020 and 2021, no additional competitive stock is expected to be introduced to the submarket inventory. Net new household formations at the metro level during 2020 and 2021 are expected to average 0.8% annually, enough to facilitate an absorption rate averaging 8,584 units per year. The South Glendale/Highland Park submarket will claim an insignificant 2.2% of this demand. This absorption

Submarket Executive BriefingApartment - 3rd Quarter 2019Prepared By Reis, Inc.



rate exceeds the amount offorecasted new construction byenough to place downward pressureon the submarket vacancy rate,reducing it to 3.2% by year end 2021.Between now and year-end 2019asking rents are expected to advance1.4% to a level of $1,965, whileeffective rents will increase by 1.3% to$1,858. On an annualized basisthrough 2020 and 2021, asking andeffective rents are anticipated to climbby 2.7% and 2.9%, respectively, tofinish 2021 at $2,071 and $1,968.


Submarket Trend Futures

Submarket Trend FuturesApartment - 3rd Quarter 2019Prepared By Reis, Inc.



Section 19 - Current Submarket Rent Details

Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution

Year Built Rent

Before 1970 $1,812

1970-1979 $2,108

1980-1989 $1,960

1990-1999 $2,086

2000-2009 $3,693

After 2009 $3,018

All $1,937

As of 09/30/19

Low 25% Mean Median 75% High

$1,228 $1,763 $1,937 $1,972 $2,644 $3,595

3

17

30

1013

5

1 2

Under$1,321

$1,322$1,760

$1,761$2,199

$2,200$2,638

$2,639$3,077

$3,078$3,516

$3,517$3,955

$3,956Over

Num

ber

of P

rope

rtie

sLow 25% Mean Median 75% High

- 4.1% - 1.2% 1.7% 0.3% 1.8% 5.7%

1 1

8

20

27

13

64

Under- 6.1%

- 6.0%- 4.2%

- 4.1%- 2.3%

- 2.2%- 0.4%

- 0.3%1.5%

1.6%3.4%

3.5%5.3%

5.4%Over

Num

ber

of P

rope

rtie

s

30 Negative Growth 50Positive Growth

As of 09/30/19 Qtr Ending 09/30/19

Section 20 - Rent Growth Comparisons

Asking Rent Growth

Quarterly Annualized

3Q19 2Q19 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast

South Glendale 1.7% 1.7% 1.4% 9.4% 7.2% 6.9% 3.1%

Los Angeles 0.9% 0.9% 1.0% 6.5% 5.9% 5.7% 3.2%

West 1.0% 1.3% 1.0% 5.6% 5.0% 5.6% 3.3%

United States 1.0% 1.3% 1.0% 5.2% 4.6% 4.7% 3.4%

Period Ending: 09/30/19 06/30/19 09/30/19 12/31/18 12/31/18 12/31/18 12/31/23

Submarket Rank Total Submarket RanksCompared to: Subs

3Q19 2Q19 YTD 1 Year 3 Year 5 Year 5 Yr Forecast

Los Angeles 37 5 6 5 6 8 6 12West 240 30 65 46 25 35 46 100

United States 835 115 231 160 67 86 80 311

2014 2015 2016 2017 2018 2019 2020 2021 2022 20230.0

2.0

4.0

6.0

8.0South Glendale

Los Angeles

West

US

Asking Rent Growth Rate Trends and Forecast%

Period ending 12/31/23




Section 21 - Current Submarket Vacancy Details

Vacancy Rate By Age Vacancy Rate Distribution

Year Built Vac. Rate

Before 1970 2.6%

1970-1979 1.5%

1980-1989 1.5%

1990-1999 2.1%

2000-2009 1.6%

After 2009 7.3%

All 4.5%

As of 09/30/19

Low 25% Mean Median 75% High

0.0% 0.6% 4.5% 2.3% 3.6% 8.3%

62

16

1 0 0 0 0 2

Under3.6%

3.7%7.3%

7.4%11.0%

11.1%14.7%

14.8%18.4%

18.5%22.1%

22.2%25.8%

25.9%Over

Num

ber

of P

rope

rtie

s

As of 09/30/19

Section 22 - Vacancy Rate Comparisons

Vacancy Rates

Quarterly Annualized

3Q19 2Q19 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast

South Glendale 4.5% 3.6% 3.8% 4.7% 5.3% 5.1% 3.5%

Los Angeles 3.8% 3.7% 3.7% 3.6% 3.5% 3.4% 4.3%

West 4.3% 4.2% 4.2% 4.1% 4.0% 3.9% 4.8%

United States 4.7% 4.7% 4.7% 4.7% 4.5% 4.4% 5.1%

Period Ending: 09/30/19 06/30/19 09/30/19 12/31/18 12/31/18 12/31/18 12/31/23

Submarket Rank Total Submarket RanksCompared to: Subs

3Q19 2Q19 YTD 1 Year 3 Year 5 Year 5 Yr Forecast

Los Angeles 37 30 24 26 31 34 35 18West 240 161 109 119 172 198 198 89

United States 835 436 278 306 468 597 566 212

2014 2015 2016 2017 2018 2019 2020 2021 2022 20233.0

4.0

5.0

6.0

7.0

South Glendale

Los Angeles

West

US

Vacancy Rate Trends and Forecast%

Period ending 12/31/23




Section 23 - Submarket Unit Mix Rent Details

Current Submarket Average Rents and Sizes Asking Rent Growth

3Q 2019 Quarterly Annualized

Rent Avg. SF Avg. Rent PSF 3Q19 2Q19 YTD 1 Year 3 Year 5 Year

Studio/Efficiency $1,502 572 $ 2.62 0.7% 0.7% 5.2% 2.5% 5.4% 3.7%

One Bedroom $1,715 781 $ 2.20 1.3% 0.9% 2.6% 7.0% 6.1% 7.5%

Two Bedroom $2,219 1072 $ 2.07 1.5% 2.2% 4.3% 12.7% 7.8% 6.8%

Three Bedroom $3,108 1421 $ 2.19 3.7% 4.1% 9.2% - 0.2% 7.9% 10.4%

Average over period ending: 09/30/19 06/30/19 09/30/19 12/31/18 12/31/18 12/31/18

Studio 1 BR 2 BR 3 BR

$0

$1,000

$2,000

$3,000

Asking Rent Comparisons

South Glendale/Highland Park Los AngelesStudio 1 BR 2 BR 3 BR

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Asking Rent Per SF

South Glendale/Highland Park Los Angeles


South Glendale/Highland Park $1,502 $1,715 $2,219 $3,108

Los Angeles $1,505 $1,872 $2,357 $3,093As of 09/30/19


South Glendale/Highland Park $ 2.62 $ 2.20 $ 2.07 $ 2.19

Los Angeles $ 2.85 $ 2.54 $ 2.28 $ 2.33As of 09/30/19

Section 24 - Submarket Unit Mix Inventory Details

11.6%

43.8%

42.1%

2.5%

Submarket Unit Mix

Studios1 BR2 BR3 BR +


0

500

1,000

1,500

Average Unit Size (SF)

South Glendale/Highland Park Los Angeles

As of 09/30/19 As of 09/30/19




Section 25 - Submarket Inventory Details

Inventory By Building Age Apartment Stock Traits

Year Built Percent

Before 1970 19.0%

1970-1979 11.0%

1980-1989 14.0%

1990-1999 3.0%

2000-2009 5.0%

After 2009 48.0%

All 100.0%

As of 09/30/19

SubmarketLow Mean Median High

Year Built 1948 1987 1986 2019Size (units) 22 88 50 507

Distance to Highway (miles) 0.1 0.2 0.2 0.6Distance to CBD (miles) 4.3 6.1 6.1 7.2

Distance to Landmark (miles) 15.1 16.9 16.8 18.4As of 09/30/19 Landmark =Coast

Average Submarket Lease Terms

Free Rent(mos)

Expenses %(Apartment)

0.64 39.3%As of 09/30/19




Section 26 - Submarket Area Map: South Glendale/Highland Park

Metro:Los Angeles Submarket:South Glendale/Highland Park

Camino San Rafael Glendale City Limits Glendale Ave

State Hwy 134 Pasadena City Limits Mountain St

State Hwy 110 Los Angeles River Linda Vista Rd

Los Angeles City Limits


Metro Executive Briefing

Metro Executive BriefingApartment - 3rd Quarter 2019Prepared By Reis, Inc.

Powered By Reis Metro: Los AngelesCustomerID:985231


Section 27 - Executive Briefing on Metro Conditions

Average Asking Rent $2,070

● Up 0.9% from Q2 2019.

● Has risen in every quarter since Q2 2010.

● Expected to finish 2019 at $2,097.

Average Vacancy Rate 3.8%

● Tenth lowest in the nation and the fourth lowest inthe West.

● Drifted upward by 10 basis points.

● Highest level since year-end 2011.

Market Overview The Los Angeles apartment market is comprised of 812,596 units in thirty-seven geographic concentrations ranging in size from the 56,389 unit Hollywood/Silver Lake submarket to the Tujunga/La Crescenta/Montrose submarket, which accounts for 5,448 units. In the ten-year period beginning with Q4 2009, the Downtown submarket has experienced the greatest introduction of new inventory, 13,690 units, amounting to 25.8% of all new market rate rentals added to the market. Asking and Effective Rent During the third quarter of 2019, asking rents in California's most populous city climbed by 0.9% to an average of $2,070. Mean unit prices in the metro are as follows: studios $1,505, one bedrooms $1,872, two bedrooms $2,357, and three bedrooms $3,093. This advance extends the market's run of gains to thirty-seven quarters, during which asking rents have climbed by a total of 48.5%. Since the beginning of Q4 2009, the metro as a whole has recorded an annual average increase of 3.9%. Effective rents, which exclude the value of concessions offered to prospective tenants, also

climbed by 0.9% during the third quarter. The identical rates of change suggest that landlords have succeeded in raising rents while maintaining a stable relationship between asking and effective rent values. During the past four quarters, positive movement in asking rent was recorded in thirty-six of the metro's thirty-seven submarkets, with only Claremont/Pomona/La Verne (-0.6%) failing to register an increase. Competitive Inventory, Household Formations, Absorption The third quarter added 9,340 net new households to the Los Angeles MSA. Absorption of market rate rental units may not immediately reflect quarterly total household formations or losses, but it is prudent to consider longer-term economic and demographic performance as influential upon the current demand for apartment units. Since the beginning of Q4 2009, household formations in Los Angeles have averaged 0.6% per year, representing the average annual addition of 21,000 households. This pace of household formations contributed to an absorption rate of 1,330 units during the third quarter, while the metro inventory increased by 1,718 units. Consequently, the metro average

vacancy rate drifted upward by 10 basis points to 3.8%. Over the last four quarters, market absorption totaled 5,604 units, 12.6% lower than the average annual absorption rate of 6,413 units recorded since the beginning of Q4 2009. This vacancy rate matches exactly the metro's long-term average recorded since the beginning of Q4 2009. Outlook Reis is tracking apartment construction activity that will deliver 8,084 units to the metro by the end of the year, and net total absorption will be positive 5,183 units. In response, the vacancy rate will continue to drift upward to finish the year at 4.1%. Construction activity is projected to continue during each of the following two years, during which a total of 19,030 units is expected to be introduced to the market. Net new household formations at the metro level during 2020 and 2021 are anticipated to average 0.8% annually, enough to facilitate an absorption rate averaging 8,584 units per year. Because this amount does not exceed the forecasted new construction, the market vacancy rate will rise by 10 basis points to finish 2021 at 4.2%. Between now and year-end 2019 asking rents are expected to increase

Metro Executive BriefingApartment - 3rd Quarter 2019Prepared By Reis, Inc.



1.3% to a level of $2,097, whileeffective rents will rise by 1.2% to$2,006. On an annualized basisthrough 2020 and 2021, asking andeffective rents are projected toadvance by 3.3% and 3.2%,respectively, to finish 2021 at $2,236and $2,138.


Metro Class Cut

Metro Class CutApartment - 3rd Quarter 2019Prepared By Reis, Inc.



Section 28 - Market Data by Building Class - Class B/C Properties

Year Quarter Inventory(Units) Completions Vac % Vacant

StockOccupied

Stock Net Abs AskingRent($)

RentChange

Constr/Abs

Abs/OccStock %

Gr Rev.Unit ($)

2008 Y 524,633 180 3.6% 19,009 505,624 -3,925 $1,254 2.8% 0.0 -0.8 $1,208.56

2009 Y 524,818 185 4.8% 25,048 499,770 -5,854 $1,202 - 4.1% 0.0 -1.2 $1,144.63

2010 Y 525,038 220 4.4% 23,308 501,730 1,960 $1,206 0.3% 0.1 0.4 $1,152.46

2011 Y 525,121 83 3.6% 18,954 506,167 4,437 $1,226 1.7% 0.0 0.9 $1,181.75

2012 Y 525,300 99 2.8% 14,966 510,334 4,167 $1,267 3.3% 0.0 0.8 $1,230.90

2013 Y 525,209 0 2.5% 13,085 512,124 1,790 $1,296 2.3% 0.0 0.3 $1,263.71

2014 Y 525,270 61 2.2% 11,716 513,554 1,430 $1,329 2.5% 0.0 0.3 $1,299.36

2015 1 525,270 0 2.2% 11,529 513,741 187 $1,345 1.2% 0.0 0.0 $1,315.48

2015 2 525,530 260 2.2% 11,720 513,810 69 $1,367 1.6% 3.8 0.0 $1,336.51

2015 3 525,530 0 2.2% 11,427 514,103 293 $1,397 2.2% 0.0 0.1 $1,366.62

2015 4 525,530 0 2.2% 11,494 514,036 -67 $1,422 1.8% 0.0 0.0 $1,390.90

2015 Y 525,530 260 2.2% 11,494 514,036 482 $1,422 7.0% 0.5 0.1 $1,390.90

2016 1 525,530 0 2.2% 11,520 514,010 -26 $1,438 1.1% 0.0 0.0 $1,406.48

2016 2 525,586 56 2.2% 11,742 513,844 -166 $1,459 1.5% -0.3 0.0 $1,426.40

2016 3 525,618 32 2.4% 12,430 513,188 -656 $1,484 1.7% 0.0 -0.1 $1,448.91

2016 4 525,618 0 2.4% 12,583 513,035 -153 $1,498 0.9% 0.0 0.0 $1,462.14

2016 Y 525,618 88 2.4% 12,583 513,035 -1,001 $1,498 5.3% -0.1 -0.2 $1,462.14

2017 1 525,618 0 2.4% 12,844 512,774 -261 $1,513 1.0% 0.0 -0.1 $1,476.03

2017 2 525,618 0 2.4% 12,716 512,902 128 $1,549 2.4% 0.0 0.0 $1,511.53

2017 3 525,639 21 2.5% 12,998 512,641 -261 $1,567 1.2% -0.1 -0.1 $1,528.25

2017 4 525,639 0 2.4% 12,506 513,133 492 $1,578 0.7% 0.0 0.1 $1,540.46

2017 Y 525,639 21 2.4% 12,506 513,133 98 $1,578 5.3% 0.2 0.0 $1,540.46

2018 1 525,639 0 2.3% 12,314 513,325 192 $1,598 1.3% 0.0 0.0 $1,560.56

2018 2 525,639 0 2.2% 11,548 514,091 766 $1,626 1.8% 0.0 0.1 $1,590.28

2018 3 525,672 33 2.2% 11,791 513,881 -210 $1,652 1.6% -0.2 0.0 $1,614.95

2018 4 525,748 76 2.2% 11,503 514,245 364 $1,673 1.3% 0.2 0.1 $1,636.40

2018 Y 525,748 109 2.2% 11,503 514,245 1,112 $1,673 6.0% 0.1 0.2 $1,636.40

2019 1 525,748 0 2.2% 11,314 514,434 189 $1,689 1.0% 0.0 0.0 $1,652.65

2019 2 525,748 0 2.2% 11,766 513,982 -452 $1,708 1.1% 0.0 -0.1 $1,669.78

2019 3 525,748 0 2.2% 11,749 513,999 17 $1,718 0.6% 0.0 0.0 $1,679.61


Sales Trend

Sales TrendApartment - 3Q 2019Prepared By Reis, Inc.



3Q 2019 Metro Statistics Metro Statistics - 12 Month RollingMean Median 25th Percentile Mean Median 75th Percentile

Cap Rate 4.8% 4.7% 3.8% 4.9% 4.5% 5.3%Sale Price $10,467,567 $2,400,000 $1,940,000 $7,058,297 $2,895,000 $5,050,000Sale Price Per Unit $344,985 $250,000 $204,318 $319,764 $259,286 $350,833Number of Units 30 10 7 22 10 20Number of Floors 2 2 2 2 2 2Year Built 1979 1959 1947 1971 1959 1968

DollarVolume (M) # Units #

Transactions

Los Angeles $2,387 6,918 228

Phoenix $1,696 9,537 63

Denver $1,065 4,753 56

San Francisco $923 1,490 76

Seattle $918 3,694 61

Oakland-East Bay $747 1,581 34

Portland $699 2,625 29

San Diego $330 1,271 67

San Bernardino/Riverside $307 1,183 19

Sacramento $225 1,235 21

Other West $995 6,265 136

West Total $10,293 40,552 790

$0

$500

$1,000

$1,500

$2,000

$2,500

Dol

lar

Vol

ume

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

0

100

200

300

400

# T

rans

actio

ns

Apartment Transaction Trends

# $M

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

9.5

10.0

10.5

11.0

11.5

12.0

Los Angeles West US

Gross Rent Multiplier Trends

Based on 12 month averages

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

4.80%

5.00%

5.20%

5.40%

5.60%

5.80%

6.00%

Los Angeles West US

Cap Rate Trends


0

500

1,000

1,500

2,000

2,500

Uni

ts

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

0

1

2

3

4

Vac

ancy

Rat

e %

Supply and Demand Trends

Vacancy Percent Completions Net Absorption2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

$140,000

$160,000

$180,000

$200,000

$220,000

$240,000

$260,000

$280,000

$300,000

$320,000

Los Angeles West US

Weighted Average Price Per Unit Trends


Key Submarket and Pricing Activity

#Transactions # Units Dollar

Volume (M)Price PerUnits

Downtown 7 1,507 $994 $659,671Hollywood 125 2,590 $946 $365,216Wilshire/Westlake 64 2,319 $646 $278,775West LA/Westwood 37 747 $541 $724,066East Long Beach 43 926 $290 $313,205South Glendale 55 1,023 $290 $283,481Beverly Hills 54 688 $276 $400,518

Based on 12 month averagesFor details on individual transactions, please go to the sales comparables section of the Reis website. www.reis.com




Submarkets

1. Chatsworth/Canoga Park

2. Granada Hills/Northridge/Reseda

3. Panorama Hills/San Fernando/Pacoima

4. Woodland Hills/Tarzana/101 West

5. Van Nuys/North Hollywood

6. Sherman Oaks/Studio City/N Hollywood

7. Burbank/North Glendale

8. Tujunga/La Crescenta/Montrose

9. Santa Clarita Valley/Canyon Country

10. Palmdale/Lancaster

11. Pasadena

12. South Glendale/Highland Park

13. Downtown

14. Hollywood/Silver Lake

15. Wilshire/Westlake

16. Beverly Hills/W Hollywood/Park La Brea

17. West LA/Westwood/Brentwood

18. Mar Vista/Palms/Culver City

19. Santa Monica

20. Marina Del Rey/Venice/Westchester

21. Mid-City/West Adams/Pico Heights

22. Inglewood/Crenshaw

23. South/Central LA

24. Hawthorne/North Torrance

25. El Segundo/Hermosa Beach/Redondo Beach

26. West Torrance/Ranchos Palos Verdes

27. Carson/San Pedro/E Torrance/Lomita

28. West Long Beach/Signal Hill

29. East Long Beach/Los Altos

30. N Long Beach/Lakewood/Artesia

31. Paramount/Downey/Bellflower/Norwalk

32. Whittier

33. East LA/Alhambra/Montebello/Pico Rivera

34. Arcadia/Duarte/El Monte

35. Azusa/Covina/Glendora

36. Claremont/Pomona/La Verne

37. West Covina/La Puente/Rowland Heights

Most Recent Transactions

City, State Submarket Year Built Floors Price Per Units Range Sale Date

Reis SalesComparables

Number

1. Los Angeles, CA Chatsworth 1977 2 $150,000 - $199,999 Q4 2019 58134392. El Monte, CA Arcadia/Duarte 1963 2 $200,000 - $249,999 Q4 2019 58047013. Sherman Oaks, CA Sherman Oaks 1967 2 $300,000 - $349,999 Q4 2019 58045964. Hawthorne, CA Hawthorne 1960 2 $250,000 - $299,999 Q4 2019 58140685. Long Beach, CA West Long Beach 1913 2 $200,000 - $249,999 Q4 2019 58138996. Monrovia, CA Arcadia/Duarte 1963 2 $300,000 - $349,999 Q4 2019 58138667. Los Angeles, CA Mar Vista/Palms 1970 2 $125,000 - $149,999 Q4 2019 58139788. Culver City, CA Mar Vista/Palms 1990 4 $200,000 - $249,999 Q4 2019 58140289. West Hollywood, CA Hollywood 1957 2 $400,000 - $499,999 Q4 2019 581402910. Paramount, CA Paramount/Downey 1989 2 $300,000 - $349,999 Q4 2019 581877811. Santa Monica, CA Santa Monica 1958 2 $350,000 - $399,999 Q4 2019 580314412. Sherman Oaks, CA Sherman Oaks 1945 2 $250,000 - $299,999 Q4 2019 581422013. Pasadena, CA Pasadena 1920 2 $250,000 - $299,999 Q4 2019 581399514. Long Beach, CA N Long Beach 1960 2 $300,000 - $349,999 Q4 2019 580524415. Los Angeles, CA E LA/Alhambra 1923 1 $150,000 - $199,999 Q4 2019 581192516. Los Angeles, CA Hollywood 2015 2 $700,000 - $849,999 Q4 2019 579752417. Los Angeles, CA E LA/Alhambra 1928 2 $125,000 - $149,999 Q4 2019 581018318. Los Angeles, CA Beverly Hills 1968 2 $350,000 - $399,999 Q4 2019 580458319. Glendale, CA South Glendale 1960 2 $250,000 - $299,999 Q3 2019 581133020. Los Angeles, CA Beverly Hills 1928 2 $300,000 - $349,999 Q3 2019 5797478

For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions ortransactions in another Reis market, please go to the Sales Comparables section of the Reis website. www.Reis.com

https://se.reis.com/comps/index.cfm?event=comps.getSCByRecordID&scid=5813439























Property Location and Physical Characteristics

Property Name The Griffin on Spring / The Grace on Spring Property Type Market Rate Rental

Address 732 S Spring St Building Area (SF)

City Los Angeles No. of Bldgs./Floors 2 / 28

State/ZIP/County CA / 90014 / Los Angeles Year Built/Renovated 2018 / --

Metro (Submarket) Los Angeles (Downtown) Total Units/Asset Class 578 / BC

Comments

Sale Details and Analysis

Sale Date Jul 2019 Reis Cap Rate Analysis ProformaSale Price $406,000,000 All per unit figures are monthly

Sale Price/Unit $702,422 Total Units --Sale Price PSF -- Potential Rent Revenue --

Vacancy at Sale -- Vacancy Loss/Rate --

Seller 1. Holland Partner Group / 360.694.7888 / 1111 Main St, Ste 700,Vancouver, WA 98660

Effective Rent Revenue --

Free Rent Concessions --Credit Loss --

Buyer 1. Daydream Apartments Additional Income --

Effective Gross Revenue --Operating Expenses/Ratio --

Capital Reserve --Comments Net Operating Income --

Estimated Going-in Cap Rate --

12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)Reported Cap Rate, This Sale None

Additional Details When Available

Seller's Broker Buyer's Broker

Other Broker

Interest Purchased -- Lot Size 79,389 SF / 1.82 Acres

Parcel Numbers 5144-015-245, 5144-015-248 Number Monthly RentEfficiencies 63 --

1 Bedrooms 227 --

2 Bedrooms 237 --

3 Bedrooms 51 --

Deed Reference 4 Bedrooms -- --

Time on Market Total 578 $0

Financing Details

Other:





Property Name Sofia Los Angeles Property Type Market Rate Rental

Address 1120 W 6th St Building Area (SF) 651,289GBA



Metro (Submarket) Los Angeles (Wilshire/Westlake) Total Units/Asset Class 604 / A

Comments


Sale Date 26 Sep 2019 Reis Cap Rate Analysis ProformaSale Price $272,500,000 (Verified: Pub Rcrd) All per unit figures are monthly

Sale Price/Unit $451,159 Total Units 604Sale Price PSF $418GBA Potential Rent Revenue $20,876,280

Vacancy at Sale 4.3% Vacancy Loss/Rate ($897,680) [ 4.3%]$2,880 Market Rent x 12 Months

x 604 Units x 4.3%

Seller 1. Holland Partner Group / (360) 694-7888 / 1111 Main St, Ste700, Vancouver, WA 986602. North America Sekisui House LLC / (703) 740-0229 / 2101Wilson Blvd, Ste 1004, Arlington, VA 222013. Nash-Holland 6th & Bixel Project LLC

Effective Rent Revenue $19,978,600$2,880 In Place Rent x 12 Months

x 604 Units x 95.7%

Free Rent Concessions ($299,679) [$496 Per Unit]Credit Loss ($208,763) [ 1.0%]

Buyer 1. The Carlyle Group / 11100 Santa Monica Blvd, Ste 700, LosAngeles, CA 900252. CPI Sofia Owner LLC


Effective Gross Revenue $19,470,158Operating Expenses/Ratio ($7,995,615) [ 38.3%]

Capital Reserve ($151,000) [$250 Per Unit]Comments Net Operating Income $11,323,543

Estimated Going-in Cap Rate 4.2%Based on Sale Price of $272,500,000




Other Broker


Parcel Number 5143-024-017 Number Monthly RentEfficiencies 60 $2,078

1 Bedrooms 331 $2,378

2 Bedrooms 167 $3,130

3 Bedrooms 46 $4,025

Deed Reference 1016038 4 Bedrooms -- --

Time on Market Total 604 $2,682

Financing Details

Other:





Property Name Next on Sixth Property Type Market Rate Rental

Address 600 S Virgil Ave Building Area (SF)



Metro (Submarket) Los Angeles (Wilshire/Westlake) Total Units/Asset Class 395 / A

Comments Wood Frame


Sale Date 13 Aug 2019 Reis Cap Rate Analysis ProformaSale Price $189,000,000 (Verified: Pub Rcrd) All per unit figures are monthly

Sale Price/Unit $478,481 Total Units 395Sale Price PSF -- Potential Rent Revenue $12,014,316

Vacancy at Sale -- Vacancy Loss/Rate ($1,155,808) [ 9.6%]$2,535 Market Rent x 12 Months

x 395 Units x 9.6%

Seller 1. Century West Partners / (310) 405-0527 / 12121 Wilshire Blvd,Ste 720, Los Angeles, CA 900252. 6th Virgil LLC

Effective Rent Revenue $10,858,508$2,535 In Place Rent x 12 Months

x 395 Units x 90.4%

Free Rent Concessions ($162,878) [$412 Per Unit]Credit Loss ($120,143) [ 1.0%]

Buyer 1. Equity Residential / (312) 474-1300 / 2 N Riverside Plaza, Ste400, Chicago, IL 606062. EQR-Next on Sixth LP


Effective Gross Revenue $10,575,488Operating Expenses/Ratio ($4,601,483) [ 38.3%]

Capital Reserve ($98,750) [$250 Per Unit]Comments Net Operating Income $5,875,255

Estimated Going-in Cap Rate 3.1%Based on Sale Price of $189,000,000




Other Broker


Parcel Number 5077-007-029 Number Monthly RentEfficiencies 147 $2,267

1 Bedrooms 199 $2,438

2 Bedrooms 49 $3,300

3 Bedrooms -- --

Deed Reference 825040 4 Bedrooms -- --

Time on Market Total 395 $2,481

Financing Details

Other:

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About Reis

Reis provides commercial real estate market information and analytical tools to real estate professionals through itsReis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietarydatabase containing detailed information on commercial properties in metropolitan markets and neighborhoodsthroughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution,flex/research & development, self storage, seniors housing properties and affordable housing, and is used by realestate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition,Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associatedwith individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides itsinformation services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.

1576 n ave 47 ca 90042 · 13 sales comps 73 subject property 74 summary statistics 74 ... prepared...

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