addison apartments...addison apartments 56- u nit v alue-a dd a partment b uilding sherman oaks,...

LAURIE LUSTIG-BOWERExecutive Vice PresidentLic 00979360+1 310 550 [email protected]

KADIE PRESLEY WILSONFirst Vice PresidentLic 01476551+1 310 550 [email protected]

ADDI S ON APAR TMENT S

56-Unit ValUe-add apartment BUilding

S h e r m a n O a k s , C a l i f o r n i a

PRICE: $19,200,000

14320 Addison St.Sherman Oaks, CA 91423

CALL FOR TOURS

www.AddisonApartments-CBRE.com

±27% NOI UpsideBIDS DUE:Friday, September 25, 2020 by 5:00pm

2

Balboa Gol f Course

8 m i n . d r i ve4 . 2 m i l e s

Sepulveda Bas in Wi ld l i fe Reser ve

5 m i n . d r i ve2 . 1 m i l e s

Van Nuys/Sh erman Oaks

Recreat ion Center

Sh erman Oaks Ga l ler ia

5 m i n . d r i ve1 . 8 m i l e s

ENCINO

SHERMAN OAKS

VENTURA BLVD

TYRONE AVE.

HUSTON ST.

AD

DISO

N ST.

HAZELTINE AVE.

VAN NUYS BLVD.

ADDISONAPARTMENTS


Recreat ion Center

3

Sh erman Oaks Ga l ler ia

5 m i n . d r i ve1 . 8 m i l e s

Sh erman Oaks Hospi ta l

3 m i n . d r i ve0 . 3 m i l e

Pavi l ions

5 m i n . d r i ve1 . 3 m i l e


Recreat ion Center

LESS THAN 1 -MILE FROM

ADDISON APARTMENTS

SHERMAN OAKS

VENTURA BLVD

TYRONE AVE.

ADDISONAPARTMENTS

ADDISON ST.

VAN NUYS BLVD.

RIVERSIDE DR.


Recreat ion Center

Best Buy &Gelson ’s Market

4 m i n . d r i ve0 . 9 m i l e

BestBuy

3 m i n . d r i ve0 . 8 m i l e

4Within a mile of Addison Apartments single family homes regularly trade in excess of $2 million.

Westf ie ld Fash ion Square Mal l

2 m i n d r i ve0 . 6 m i l e

Tra der Joe ’s

3 m i n d r i ve0 . 5 m i l e

TYRONE AVE.

LENNOX AVE.

ADDISON ST.

VENTURA BLVD


Recreat ion Center

ADDISONAPARTMENTS

TABLE OF CONTENT S

I. P ROP ER T Y OVERVIE W

II . FINANACIAL ANALYS I S

II I . ARE A OVERVIE W



CA L L F OR T OURSwww.AddisonApartments-CBRE.com

FOR LOAN QUOTES, PLEASE CONTACT:

BID S DUE :Friday, September 25, 2020 by 5:00pm

BRIAN EISENDRATH+1 310.228.2125 [email protected]

TROY TEGELER+1 [email protected]

BRANDON SMITH+1 310.550.2532 [email protected]

ANNIE RICE+1 310.550.2675 [email protected]

6

P ROP ER T Y OVERVIE Wwww.AddisonApartments-CBRE.com

7

CBRE, Inc., as exclusive agent, is pleased to present for sale Addison Apartments, a 56-unit value-add apartment community located in one of the top cities in the San Fernando Valley, Sherman Oaks. Not only is the property surrounded by an abundance of restaurants and retail, the property is situated across the street from the 65+ acre Van Nuys/Sherman Oaks Recreation Center, offering residents a wide variety of outdoor and indoor activities, including an aquatic center, tennis courts, football, baseball and soccer fields, adult center, jogging trails and program activities. The property also boasts convenient access to four major freeways providing easy access from the Valley to either Downtown Los Angeles or the Westside.

Addison Apartments offers an excellent mix of one and two-bedroom residences and features a sparkling swimming pool, spa, large community outdoor lounge space, fitness center, indoor lounge and a sauna.

Current ownership has recently spent approximately $1,750,000 in capital improvements including a new roof, new plumbing, fresh exterior paint, and has remodeled the following areas: lobby, leasing office, clubhouse, interior hallways, along with other aesthetic upgrades. Ownership has also remodeled 19 of the 56 units. The remodeled apartments include stainless steel appliances, cherry wood cabinetry, white quartz countertops, stylish glass tile backsplash and dark hardwood-inspired flooring among other items. All of the apartments in the building have spacious walk-in closets, an elegant fireplace, and a charming balcony or patio.

The property offers a new owner the ability to increase the Net Operating Income by approximately 27% as the remaining 37 units turnover. CBRE estimates that the cap rate will climb to 4.45% including the costs to renovate the remaining 37 units. There is an additional potential to add another unit (ADU) to the property in the location of the current sauna/pool bathroom. A new owner might want to consider this as additional potential upside.

Sherman Oaks is known as one of the top cities in the San Fernando Valley with some of the best restaurants, retail amenities, schools and most expensive homes. Within one mile of the property as of 2019, 58% of the population over 25 years old held a college degree and the average household income was $112,304. The local elementary school and high school have both won multiple awards.

P ROP ER T Y OVERVIE WThe property offers an investor the opportunity to own a well amenitized apartment building with inherent upside as most units are under market, in a desirous location within prestigious Sherman Oaks.

Bids are due Friday, September 25, 2020 by 5:00pm.

Please call to set up a tour. Phone: 310-550-2575

For More Information, visit: www.AddisonApartments-CBRE.com

P R I C E : $19,200,000

C U R R E N T C A P R A T E : 3.69%

C U R R E N T AV G R E N T P S F : $1.92

F O R E C A S T E D C A P R A T E : 4.45%

(including costs for renovating 37 units)

F O R E C A S T E D AV G R E N T P S F : $2.23

8

OP P OR TUNI T Y HIGHLIGHT S

• Property Has Approximately 27% NOI Upside - assumes the 37 unrenovated units are brought up to the same standard as the 19-units that have been recently renovated by the seller.

• Ownership Recently Spent over $1,750,000 in Property Improvements Including Remodeling all Common Areas.

• Possibility to Add an Additional Unit (ADU).

• Located in Top Area of the San Fernando Valley in Prestigious Sherman Oaks.

• Across the Street from Large 65+ Acre Recreational Park with Aquatic Center, two Basketball Courts, eight Tennis Courts, eight Baseball Fields, three Soccer Fields, Indoor Gymnasium, Adult Center, Jogging Path, Playground, and more.

• Elementary School & High School are Highly Rated with Multiple Awards.

• Impressive Demographics: 58.5% of Population Over 25 Years Old has College Degree.

• 2019 Average Household Income Within One Mile: $112,304.

• Easy Access to Major Freeways: 101, 405, 134 and 170.

• Easy Access to Downtown LA & the Westside.

• Surrounded by an Abundance of Restaurants and Retail.

9

P R I C E $19,200,000

P ROP ER T Y DE S CRIP T ION


CURRENT F ORECAS TED

C A P R A T E 3.69% 4.45%

G R M 14.7 13.1

AV E R A G E R E N T $1.92 PSF $2.23 P SF

UNI T T YP E UNI T S MI X AVG SF

1x1S 4 7.1% 625

1x1 16 28.6% 850

1x1D 20 35.7% 1,000

2x2 16 28.6% 1,135

T O TAL 56 100% 969

10

Ownership recently spent over $1,750,000 to upgrade the property. The following summarizes the main expenditures. A detailed list is available in the property website data room.

19 Units Have Been Remodeled With:• New Wood Style Vinyl Flooring

• New Kitchen and Bathroom Cabinets and Fixtures

• New Stainless Steel Appliances

• Tile Backsplash

• Quartz Countertops

Capital Improvements Recently Completed:• New Roof as of 2/15/19 with 20 Year Warranty• New Plumbing• New Chiller System• Aesthetic Upgrades• Exterior Paint & Lighting• Remodeled Clubhouse• Remodeled Leasing Office & Lobby• Security Cameras• Interior Hallways Renovated• New Landscaping & Signage

A new chiller system was installed December 2019 and is saving the property on utility costs.

The property was recently approved to bill back 43 units at $55 per month for the next five years for the capital improvements that ownership has recently completed. See the letter dated May 22, 2020 from LA Housing + Community in the property website data room.

There is a possibility to add an additional unit (ADU) in the location where the sauna and pool bathroom exist. A new owner might want to consider this as additional potential upside.

Y E A R B U I L T 1969

P A R K I N G 65 covered gated spaces

B U I L D I N G S I Z E ±62,328 SF

L O T S I Z E ±44,573 SF

U T I L I T I E S RUBS

A P N 2248-007-076

AD

DIS

ON

ST.


Recreat ion Center

www.AddisonApartments-CBRE.com 11

ADDISONAPARTMENTS

UNI T AMENI T IE S• Central Air Conditioning • Radiant Ceiling Heat• Refrigerator• Microwave• Stove• Dishwasher• Double Kitchen Sink With

Disposal• Patio/Balcony• 19 Units Have Been Remodeled

12

COMMUNI T YAMENI T IE S • Fitness Center• Swimming Pool• Spa/Hot Tub• Lounge/Clubhouse• Large Courtyard/Outdoor Lounge

Area• Two Laundry Facilities

(Each has 3 Washers + 3 Dryers)• Controlled Access/Gated• Covered Gated Parking• Sauna and Pool Bathroom

13

PARCEL MAP

APN: 2248-007-076

15

FINANCIAL ANALYS I S


FOR LOAN QUOTES, PLEASE CONTACT:

BRIAN EISENDRATH+1 310.228.2125 [email protected]

TROY TEGELER+1 [email protected]

BRANDON SMITH+1 310.550.2532 [email protected]

ANNIE RICE+1 310.550.2675 [email protected]

16

FINANCIAL SAADDDDIISSOONN AAPPAARRTTMMEENNTTSS

RREENNTT RROOLLLL -- AASS OOFF 88//1177//2200

UUnniitt NNuummbbeerr EEsstt.. SSFF TTyyppee CCuurrrreenntt RReenntt CCuurrrreenntt RReenntt//SSFF FFoorreeccaasstt FFoorreeccaasstt RReenntt//SSFF MMoovvee--IInn LLeeaassee EEnndd NNootteess101 625 1X1S $1,230 $1.97 $1,789 $2.86 05/16/2011 01/31/2020102 1,000 1X1D $1,995 $2.00 $1,995 $2.00 05/15/2020 05/31/2021 Renovated 103 1,135 2X2 $1,813 $1.60 $2,449 $2.16 04/16/1999 08/31/2019104 1,000 1X1D $1,599 $1.60 $2,194 $2.19 01/09/2009 01/31/2020105 850 1X1 $1,366 $1.61 $1,959 $2.30 01/27/2015 07/31/2019106 1,135 2X2 $1,597 $1.41 $2,449 $2.16 08/08/1995 08/31/2019107 850 1X1 $1,925 $2.26 $1,909 $2.25 02/23/2019 02/23/2020 Renovated 108 1,000 1X1D $1,748 $1.75 $2,194 $2.19 08/15/2015 08/31/2019109 850 1X1 $1,355 $1.59 $1,959 $2.30 12/10/1993 11/30/2020110 1,135 2X2 $2,041 $1.80 $2,449 $2.16 05/10/2016 07/31/2019111 850 1X1 $1,925 $2.26 $1,909 $2.25 06/14/2019 06/13/2020 Renovated 112 1,000 1X1D $1,704 $1.70 $2,194 $2.19 07/13/2015 10/31/2020113 1,135 2X2 $2,040 $1.80 $2,449 $2.16 04/28/2013 08/31/2020114 1,000 1X1D $1,688 $1.69 $2,194 $2.19 06/13/2012 07/31/2019115 625 1X1S $1,600 $2.56 $1,789 $2.86 09/15/2018 09/30/2019 Renovated 116 1,000 1X1D $1,924 $1.92 $2,194 $2.19 06/20/2017 06/23/2019117 1,135 2X2 $2,210 $1.95 $2,449 $2.16 07/01/2018 06/30/2019 Renovated 118 1,000 1X1D $1,561 $1.56 $2,194 $2.19 04/27/2015 06/30/2019119 850 1X1 $1,959 $2.30 $1,959 $2.30 06/06/2020 06/30/2021 Renovated 120 1,135 2X2 $2,500 $2.20 $2,449 $2.16 09/13/2019 10/31/2020 Renovated 121 850 1X1 $1,909 $2.25 $1,909 $2.25 08/07/2020 08/31/2021 Renovated 122 1,000 1X1D $2,100 $2.10 $2,100 $2.10 06/26/2020 01/31/2021 Renovated 123 850 1X1 $1,925 $2.26 $1,909 $2.25 02/26/2019 02/26/2020 Renovated 124 1,135 2X2 $1,913 $1.69 $2,449 $2.16 08/22/2013 08/31/2019125 850 1X1 $1,639 $1.93 $1,959 $2.30 11/20/2014 11/30/2020126 1,000 1X1D $1,870 $1.87 $2,194 $2.19 06/15/2016 07/31/2019127 1,135 2X2 $2,101 $1.85 $2,449 $2.16 07/27/2014 10/31/2020128 1,000 1X1D $1,599 $1.60 $2,194 $2.19 07/20/2011 08/31/2019201 625 1X1S $1,627 $2.60 $1,789 $2.86 12/22/2016 11/30/2020202 1,000 1X1D $1,539 $1.54 $2,194 $2.19 04/01/1989 08/31/2019203 1,135 2X2 $2,299 $2.03 $2,449 $2.16 08/24/2018 08/31/2019 Renovated 204 1,000 1X1D $2,194 $2.19 $2,194 $2.19 04/01/2018 06/30/2020 Employee Unit - Taken to market rent205 850 1X1 $1,979 $2.33 $1,979 $2.33 09/01/2020 08/31/2021 Renovated 206 1,135 2X2 $2,102 $1.85 $2,449 $2.16 08/30/2015 10/31/2020207 850 1X1 $1,561 $1.84 $1,959 $2.30 09/09/2013 11/30/2020208 1,000 1X1D $2,194 $2.19 $2,194 $2.19 06/10/2020 06/30/2021 Renovated 209 850 1X1 $1,584 $1.86 $1,959 $2.30 08/11/2015 08/31/2019210 1,135 2X2 $2,500 $2.20 $2,525 $2.22 01/24/2020 01/31/2021 Renovated 211 850 1X1 $1,632 $1.92 $1,959 $2.30 09/24/2014 10/31/2020212 1,000 1X1D $1,750 $1.75 $2,194 $2.19 04/20/2014 12/31/2020213 1,135 2X2 $2,201 $1.94 $2,449 $2.16 05/31/2016 10/31/2020214 1,000 1X1D $1,539 $1.54 $2,194 $2.19 10/01/1985 08/31/2019215 625 1X1S $1,789 $2.86 $1,789 $2.86 04/01/2020 03/31/2021 Renovated

(Continued on next page)

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.17


RREENNTT RROOLLLL -- AASS OOFF 88//1177//2200

UUnniitt NNuummbbeerr EEsstt.. SSFF TTyyppee CCuurrrreenntt RReenntt CCuurrrreenntt RReenntt//SSFF FFoorreeccaasstt FFoorreeccaasstt RReenntt//SSFF MMoovvee--IInn LLeeaassee EEnndd NNootteess216 1,000 1X1D $1,744 $1.74 $2,194 $2.19 11/09/2005 07/31/2019217 1,135 2X2 $1,851 $1.63 $2,449 $2.16 01/31/2013 01/31/2020218 1,000 1X1D $1,875 $1.87 $2,194 $2.19 03/13/2017 04/30/2019219 850 1X1 $1,742 $2.05 $1,959 $2.30 09/14/2017 10/31/2019220 1,135 2X2 $2,200 $1.94 $2,200 $1.94 05/15/2020 05/31/2021 Renovated 221 850 1X1 $1,925 $2.26 $1,909 $2.25 03/01/2019 02/29/2020 Renovated 222 1,000 1X1D $1,995 $2.00 $2,194 $2.19 08/04/2018 08/31/2019 Renovated 223 850 1X1 $1,347 $1.58 $1,959 $2.30 03/15/2018 08/31/2019224 1,135 2X2 $2,071 $1.82 $2,449 $2.16 03/18/2016 02/29/2020225 850 1X1 $1,820 $2.14 $1,979 $2.33 07/01/2018 06/30/2019 Renovated 226 1,000 1X1D $2,100 $2.10 $2,100 $2.10 08/31/2020 08/31/2021227 1,135 2X2 $2,216 $1.95 $2,449 $2.16 11/24/2015 11/30/2020228 1,000 1X1D $1,872 $1.87 $2,194 $2.19 10/26/2014 10/31/2020TToottaall 5544,,226600 $$110044,,008844 $$112200,,779944

AAvveerraaggee $$11,,885599 $$11..9944 $$22,,115577 $$22..2255

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

18

FINANCIAL S

IINNVVEESSTTMMEENNTT PPRROO FFOORRMMAA EESSTTIIMMAATTEEDD IINNCCOOMMEE AAnnnnuuaall %% ooff EEGGII PPeerr UUnniitt

Rent Income $104,084 per mon. $1,249,009 97.6% $22,304 Current RentsTToottaall SScchheedduulleedd GGrroossss IInnccoommee $$11,,224499,,000099 9977..66%% $$2222,,330044

Vacancy 3.0% of SGI ($37,470) -2.9% ($669)TToottaall NNeett RReennttaall IInnccoommee $$11,,221111,,553399 9944..77%% $$2211,,663355

Laundry Service $537 per mon. $6,442 0.5% $115 Actual 3/2020 T12 Storage Income $500 per mon. $6,000 0.5% $107 4 Storage Closets Totaling $500/mo.Pet Rent $176 per mon. $2,113 0.2% $38 Actual 3/2020 T12 Utility Bill Back Income $1,238 per mon. $14,859 1.2% $265 Annualized only 2020 mos. New Chiller System

Total Other Income $369 per mon. $4,431 0.3% $79 Actual 3/2020 T12 Capital Improvement Rent Increase $2,838 per mon. $34,056 2.7% $608 $55/mo. x 43 units (for 5 years)

TTOOTTAALL EESSTTIIMMAATTEEDD IINNCCOOMMEE $$11,,227799,,443399 110000..00%% $$2222,,884477

EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS AAnnnnuuaall %% ooff EExxpp.. %% ooff EEGGII PPeerr UUnniittProperty Taxes 11..117744227799%% of est. price $225,462 39.6% 17.6% $4,026 Reassessed Tax AmountDirect Assessments $6,995 $6,995 1.2% 0.5% $125 Per LA County Assessor's OfficeBusiness Taxes $4,662 0.8% 0.4% $83Insurance $0.35 per GSF $21,624 3.8% 1.7% $386 Current RateManagement Fee 3.0% EGI $38,383 6.7% 3.0% $685 Current Management CostOn-Site Manager $5,033 per mon. $60,394 10.6% 4.7% $1,078 Est. (Free rent $2,194 + $2k/mo.) x 1.2

Total Marketing $1,057 per mon. $12,680 2.2% 1.0% $226 Actual 3/2020 T12 Total Administrative Expenses $762 per mon. $9,148 1.6% 0.7% $163 Actual 3/2020 T12 Total Utilities Expense $9,219 per mon. $110,625 19.4% 8.6% $1,975 Annualized only 2020 mos. New Chiller System

Repairs, Maintenance & Turnover $448 per unit $25,070 4.4% 2.0% $448 Actual 3/2020 T12 Telephone & Internet $465 per mon. $5,577 1.0% 0.4% $100 Actual 3/2020 T12 Exterminating Contract $351 per mon. $4,210 0.7% 0.3% $75 Actual 3/2020 T12 Total Grounds & Porter $1,767 per mon. $21,205 3.7% 1.7% $379 Actual 3/2020 T12 Pool R&M & Contract $651 per mon. $7,813 1.4% 0.6% $140 Actual 3/2020 T12 SCEP/RSO Fees $416 per mon. $4,986 0.9% 0.4% $89 Actual 3/2020 T12 Reserves $200 per unit $11,200 2.0% 0.9% $200 Estimated

TTOOTTAALL EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS $$557700,,003333 110000..00%% 4444..66%% $$1100,,117799

EESSTTIIMMAATTEEDD NNEETT OOPPEERRAATTIINNGG IINNCCOOMMEE $$770099,,440066 5555..44%% $$1122,,666688

PPrriiccee $$1199,,220000,,000000Capitalization Rate 3.69%Gross Rent Multiplier 14.7 UUnniitt TTyyppee UUnniittss MMiixx AAvvgg SSFF AAvvgg RReenntt RReenntt//SSFFEst. Sales Price Per Unit $342,857 1X1S 4 7.1% 625 $1,562 $2.50Price Per Sq. Ft. $308 1X1 16 28.6% 850 $1,725 $2.03Number of Units 56 1X1D 20 35.7% 1,000 $1,830 $1.83Est. Expenses Per Unit $10,179 2X2 16 28.6% 1,135 $2,103 $1.85Est. Expenses Minus Taxes Per Unit $6,028Est. Expenses Per Sq. Ft. $9.15Bldg. Sq. Ft. 62,328 TToottaall 5566 110000..00%% 996699 $$11,,885599 $$11..9922Year Built 1969APN 2248-007-076Zip Code 91423

CCoommmmeennttss

AADDDDIISSOONN AAPPAARRTTMMEENNTTSSCCUURRRREENNTT OOPPEERRAATTIIOONNSS

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent use. It was not prepared by a licensed or certified appraiser and may not comply with the appraisal standards of the Uniform Standards of Professional Appraisal Practice.

©© 22002200 CCBBRREE,, IInncc.. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.


FINANCIAL S

IINNVVEESSTTMMEENNTT PPRROO FFOORRMMAA EESSTTIIMMAATTEEDD IINNCCOOMMEE AAnnnnuuaall %% ooff EEGGII PPeerr UUnniitt

Rent Income $120,794 per mon. $1,449,528 98.3% $25,884 Market RentsTToottaall SScchheedduulleedd GGrroossss IInnccoommee $$11,,444499,,552288 9988..33%% $$2255,,888844

Vacancy 5.0% of SGI ($72,476) -4.9% ($1,294)TToottaall NNeett RReennttaall IInnccoommee $$11,,337777,,005522 9933..44%% $$2244,,559900

Laundry Service $537 per mon. $6,442 0.4% $115 Actual 3/2020 T12 Storage Income $500 per mon. $6,000 0.4% $107 4 Storage Closets Totaling $500/mo.Pet Rent $176 per mon. $2,113 0.1% $38 Actual 3/2020 T12 Utility Bill Back Income $3,650 per mon. $43,796 3.0% $782 All 56 Units ReimbursingTotal Other Income $369 per mon. $4,431 0.3% $79 Actual 3/2020 T12 Capital Improvement Rent Increase $2,838 per mon. $34,056 2.3% $608 $55/mo. x 43 units (for 5 years)

TTOOTTAALL EESSTTIIMMAATTEEDD IINNCCOOMMEE $$11,,447733,,888899 110000..00%% $$2266,,331199

EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS AAnnnnuuaall %% ooff EExxpp.. %% ooff EEGGII PPeerr UUnniittProperty Taxes 1.174279% of est. price $225,462 39.1% 15.3% $4,026 Reassessed Tax AmountDirect Assessments $6,995 $6,995 1.2% 0.5% $125 Per LA County Assessor's OfficeBusiness Taxes $4,909 0.9% 0.3% $88Insurance $0.35 per GSF $21,624 3.8% 1.5% $386 Current RateManagement Fee 3.0% EGI $44,217 7.7% 3.0% $790 Current Management CostOn-Site Manager $5,033 per mon. $60,394 10.5% 4.1% $1,078 Est. (Free rent $2,194 + $2k/mo.) x 1.2

Total Marketing $1,057 per mon. $12,680 2.2% 0.9% $226 Actual 3/2020 T12 Total Administrative Expenses $762 per mon. $9,148 1.6% 0.6% $163 Actual 3/2020 T12 Total Utilities Expense $9,219 per mon. $110,625 19.2% 7.5% $1,975 Annualized only 2020 mos. New Chiller System

Repairs, Maintenance & Turnover $448 per unit $25,070 4.4% 1.7% $448 Actual 3/2020 T12 Telephone & Internet $465 per mon. $5,577 1.0% 0.4% $100 Actual 3/2020 T12 Exterminating Contract $351 per mon. $4,210 0.7% 0.3% $75 Actual 3/2020 T12 Total Grounds & Porter $1,767 per mon. $21,205 3.7% 1.4% $379 Actual 3/2020 T12 Pool R&M & Contract $651 per mon. $7,813 1.4% 0.5% $140 Actual 3/2020 T12 SCEP/RSO Fees $416 per mon. $4,986 0.9% 0.3% $89 Actual 3/2020 T12 Reserves $200 per unit $11,200 1.9% 0.8% $200 Estimated

TTOOTTAALL EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS $$557766,,111133 110000..00%% 3399..11%% $$1100,,228888

EESSTTIIMMAATTEEDD NNEETT OOPPEERRAATTIINNGG IINNCCOOMMEE $$889977,,777766 6600..99%% $$1166,,003322

PPrriiccee $$1199,,220000,,000000RReennoovvaattiioonn CCoossttss ((3377 uunniittss xx $$2266kk)) $$996622,,000000TToottaall PPuurrcchhaassee PPrriiccee $$2200,,116622,,000000Capitalization Rate 4.45%Gross Rent Multiplier 13.1 UUnniitt TTyyppee UUnniittss MMiixx AAvvgg SSFF AAvvgg RReenntt RReenntt//SSFFEst. Sales Price Per Unit $360,036 1X1S 4 7.1% 625 $1,789 $2.86Price Per Sq. Ft. $323 1X1 16 28.6% 850 $1,946 $2.29Number of Units 56 1X1D 20 35.7% 1,000 $2,175 $2.17Est. Expenses Per Unit $10,288 2X2 16 28.6% 1,135 $2,438 $2.15Est. Expenses Minus Taxes Per Unit $6,137Est. Expenses Per Sq. Ft. $9.24Bldg. Sq. Ft. 62,328 TToottaall 5566 110000..00%% 996699 $$22,,115577 $$22..2233Year Built 1969APN 2248-007-076Zip Code 91423

CCoommmmeennttss

AADDDDIISSOONN AAPPAARRTTMMEENNTTSSFFOORREECCAASSTTEEDD OOPPEERRAATTIIOONNSS

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent use. It was not prepared by a licensed or certified appraiser and may not comply with the appraisal standards of the Uniform Standards of Professional Appraisal Practice.

©© 22002200 CCBBRREE,, IInncc.. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.


© 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take suchsteps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Rent Comp Map

Layout ID:L01 MapId:7335481

1

2

3

4

5

14355 Huston St1

14400 Addison St2

4620 Tilden Ave3

14600 Magnolia Blvd4

4646 Willis Ave5

14320 Addison St

RENT S URVEY

14333 Addison St6

6ADDISON

APARTMENTS

7

14620 Dickens St7

21

14355 Huston St Sherman Oaks, CAYear Built: 1969Units: 74Occupancy: -Phone: (818) 873-0283Owner: Jones & Jones CommunitiesManager: Jones & Jones Communities

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt EEffffeeccttiivvee RReenntt UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF1x1 1 Specific Unit $1,790 $1,790 680 $2.63

Concession: None Remodel: Updated

AAmmeenniittiieess:: 1 Pkg Space Included Fitness Center Vinyl Hardwood Floors Laundry On Site

Pool Wall AC/Heat Stainless Steel Appliances Granite Countertops

PPiiccttuurreess::

SSEELLEECCTT RREENNTT CCOOMMPPAARRAABBLLEESS

CCOOMMPPAARRAABBLLEE 11

PPHHOOTTOO1+1

100%

RENT COMPARABLE S

1


22

RENT COMPARABLE S

2



14400 Addison StSherman Oaks, CAYear Built: 1963Units: 55Occupancy: -Phone: (818) 981-4549Owner: Wendy JohnsonManager: Terraces at the Oaks

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt EEffffeeccttiivvee RReenntt1x1 1 Specific Unit $1,925 $1,925

Concession: None Remodel: Not Updated

AAmmeenniittiieess:: Pool Central AC/Heat 1 Pkg Space Included

Fitness Center Quartz Countertops Laminate Hardwood Flooring

PPiiccttuurreess::


PPHHOOTTOO

UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF980 $1.96

1+1100%

23

RENT COMPARABLE S

3



4620 Tilden AveSherman Oaks, CAYear Built: 1986Units: 30Occupancy: -Phone: (818) 501-0533Owner: Tilden Building Partnership, LPManager: Berglas & Garfield

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt EEffffeeccttiivvee RReenntt UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF1x1 1 Specific Unit $1,875 $1,875


AAmmeenniittiieess:: Central AC/Heat Dog Run Laminate Hardwood Flooring

Pool 1 Pkg Space Included Stainless Steel Appliances

PPiiccttuurreess::


PPHHOOTTOO

763 $2.46

1+1100%

24

RENT COMPARABLE S

4


14600 Magnolia BlvdSherman Oaks, CAYear Built: 1963Units: 19Occupancy: -Phone: (714) 278-3585Owner: NNC Apartment VenturesManager: NNC Apartment Ventures



AAmmeenniittiieess:: Pool Stainless Steel Appliances Laminate Hardwood Flooring 1 Pkg Space Included

Laundry On Site Controlled Access BBQ Area

PPiiccttuurreess::


PPHHOOTTOO


1+1100%


25

RENT COMPARABLE S

5


4646 Willis AveSherman Oaks, CAYear Built: 1967Units: 31Occupancy: -Phone: (818) 789-3744Owner: -Manager: -



AAmmeenniittiieess:: On Site Laundry Vinyl Wood Flooring Pool Balcony/Patio

Washer/Dryer In Unit Fitness Center Stainless Steel Appliances

PPiiccttuurreess::

1,000 $2.70


PPHHOOTTOO

UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF

2+2100%


26

RENT COMPARABLE S

6


14333 Addison StSherman Oaks, CAYear Built: 1963Units: 46Occupancy: -Phone: (818) 783-5487Owner: Hung Properties LpManager: SunRidge - Regency Apartments


Concession: None Remodel: Not Updated

AAmmeenniittiieess:: Vinyl Wood Flooring Controlled Access Fitness Center Wall AC/Heat

Balcony Pool Laundry On Site 2 Pkg Included

PPiiccttuurreess::


PPHHOOTTOO


2+2100%


27

RENT COMPARABLE S

7


14620 Dickens StSherman Oaks, CAYear Built: 1960Units: 37Occupancy: -Phone: (424) 253-5054Owner: DKLA RealtyManager: Sherman Oaks Riviera



AAmmeenniittiieess:: Ceaser Stone Countertops Stainless Steel Appliances Real Hardwood Flooring 1 covered pkg space included

Washer/Dryer In Unit Recessed Lighting Pool

PPiiccttuurreess::

900 $2.55


PPHHOOTTOO

UUnniitt SSqquuaarree FFeeeett RReenntt ppeerr SSFF

1+1100%


28


SSOOLLDD MMUULLTTII--FFAAMMIILLYY PPRROOPPEERRTTYY CCOOMMPPAARRAABBLLEESS

CCrriitteerriiaa:: PPrrooppeerrttiieess llooccaatteedd iinn SShheerrmmaann OOaakkss,, SSttuuddiioo CCiittyy,, TToolluuccaa LLaakkee,, VVaalllleeyy VViillllaaggee,, WW TToolluuccaa LLaakkee,, && VVaann NNuuyyss,, $$332200 PPSSFF oorr mmoorree,, 2255 -- 110000 uunniittss,, ssoolldd ffrroomm JJuullyy 22001177 -- JJuullyy 22002200SSoouurrccee:: CCooSSttaarr,, SSoorrtteedd bbyy PPrriiccee PPeerr SSqquuaarree FFoooott

PPrrooppeerrttyy AAddddrreessss CCiittyy ZZiipp UUnniittss SSaallee PPrriiccee CCAAPP GGRRMM $$//UUnniitt $$//SSFF BBllddgg SSFF BBuuiilltt DDaattee

13002 Riverside Dr Sherman Oaks 91423-2198 40 $20,000,000 3.10% 20.00 $500,000 $481 41,561 1987 09/14/184378 Sepulveda Blvd (Part of Portfolio) Sherman Oaks 91403 43 $17,225,000 - - $400,581 $467 36,916 1986 09/28/184610 Natick Ave Sherman Oaks 91403-2763 36 $10,250,000 3.64% 15.75 $284,722 $453 22,616 1974 02/28/195807 Laurel Canyon Blvd Valley Village 91607 56 $18,400,000 3.02% 14.74 $328,571 $433 42,524 1985 08/21/1814153 Victory Blvd Van Nuys 91401-1948 32 $9,095,000 5.06% 13.96 $284,219 $427 21,284 1977 09/27/1915009 Moorpark St Sherman Oaks 91403 45 $18,100,000 3.50% 17.41 $402,222 $426 42,453 1984 07/25/174950 Laurel Canyon Blvd Valley Village 91607-3719 56 $17,900,000 - - $319,643 $410 43,676 1985 04/11/1814620 Dickens St Sherman Oaks 91403 37 $12,250,000 3.47% - $331,081 $403 30,410 1960 03/22/1811840 Riverside Dr Valley Village 91607 30 $7,525,000 3.63% 15.86 $250,833 $383 19,634 1956 09/14/1810650-10656 Moorpark St West Toluca Lake 91602-2776 40 $16,425,000 4.02% 14.95 $410,625 $375 43,745 1991 04/16/1914340 Addison St Sherman Oaks 91423-1859 88 $29,350,000 4.64% 14.02 $333,523 $353 83,040 1962 10/15/194444 Ensign Ave West Toluca Lake 91602 40 $11,800,000 3.96% 15.69 $295,000 $342 34,547 1978 07/07/1714140 Sylvan St (Part of Portfolio) Van Nuys 91401 43 $9,900,000 - - $230,233 $333 29,764 1986 05/02/186919 Sepulveda Blvd Van Nuys 91405-3569 42 $4,900,000 - 12.73 $116,667 $324 15,145 1961 01/03/1915323 Vanowen St Van Nuys 91406-6322 33 $5,200,000 4.24% - $157,576 $320 16,240 1979 09/20/17

©© 22002200 CCBBRREE,, IInncc.. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independentlyconfirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and otherfactors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.


29

ARE AOVERVIE Wwww.AddisonApartments-CBRE.com

30

65± ACRE S OF PARK

• Baseball Diamonds (Two Lighted & Six Unlighted)

• Two Basketball Courts (Lighted / Indoor)

• Two Children’s Play Areas• Three Football Fields (Lighted)• One Indoor Gym (without Weights)• Three Picnic Tables• Three Soccer Fields (Lighted)• Eight Tennis Courts (Lighted)• Eight Volleyball Courts (Lighted)• One Jogging Path • One Kitchen• One Pool

HTTPS://WWW.LAPARKS.ORG/RECCENTER/VNSO

HTTPS://WWW.LAPARKS.ORG/RECCENTER/VNSO HTTPS://AFESPORTS.COM/PORTFOLIO_CATEGORY /TURF/PAGE/4/

HTTPS://WWW.BUSINESSYAB.COM/HTTPS://WWW.LAPARKS.ORG/SPORTS/TENNIS/FACILITY/VAN-NUYS-SO

VAN NUYS/SHERMAN OAKS RECRE AT ION CENTER AMAZING AMENI T Y ACRO S S THE S TREE T!

ADDISONAPARTMENTS

RECRE AT IONAL CENTER P ROGRAM S AND E VENT S:

• Baseball • Basketball• Flag Football• Soccer• Girls Volleyball• Girls Softball• Arts & Crafts• Dance• Gymnastics• Guitar• Holiday Events• Martial Arts• Parent & Me• Piano• Pre-School Program (Ages 3 1⁄2 - 5)• Pre-School Summer Camp (Ages 3 1⁄2 – 5)• Spring Day Camp (Ages 5-14)• Summer Day Camp (Ages 5-14) • Summer Sports Camp (Ages 7-12)• Winter Day Camp (Ages 5-14)• Little Folk Program• Camp Coyote

SHERMAN OAKS E AS T VALLEY ADULT CENTERP ROGRAM S AND E VENT S:

• Acting/Improvisation• Game Nights• Exercise• Karaoke Daytime & Nights• Mah Jong• Tai Chi• Tuesday Flicks (Movies), plus much more!

HTTPS://WWW.LAPARKS.ORG/SCC/SHERMAN-OAKSEAST-VALLEY-ADULT

HTTP://SHERMANOAKS.BLOGSPOT.COM/2006/03/RUNNING-VAN-NUYSSHERMAN-OAKS-PARK.HTML

HTTPS://WIKIREALTY.COM/DISCUSSION/SAN-FERNANDO-VALLEY-CA/VAN-NUYS-SHERMAN-OAKS-RECREATION-CENTER-IS-A-GREAT-COMMUNITY-PARK/

HTTPS://WWW.LAPARKS.ORG/RECCENTER/VNSO

HTTPS://WWW.LAPARKS.ORG/SCC/SHERMAN-OAKSEAST-VALLEY-ADULT

HTTPS://WWW.YELP.COM/BIZ/ VAN-NUYS-SHERMAN-OAKS-RECREATION-CENTER-SHERMAN-OAKS

ADDI S ON APAR TMENT S EN JOYS E XCELLENT S CHOOL S

CHANDLER ELEMENTARY

• Charter school

• State & Federal Award - 2018 Gold Ribbon School

• California Distinguished School (x2)

• 31st District PTA Unit of the Year Award

• Common Sense Media School

VAN NUYS SENIOR HIGH

• State & Federal Awards -Dr. Donald Waldrip Magnet School of Merit Award of Excellence- Recipient 2018 - Science Olympiad Award - 20th Place in California 2018

• Silver Academic Achievement School

• 3 Magnet Programs - Math & Science - Performing Arts - Careers Magnet

ADDISONAPARTMENTS

CHANDLER ELEMENTARY

VAN NUYS SENIOR HIGH

SHERMAN OAKSSherman Oaks is an affluent, primarily residential community in the San Fernando Valley. It is popular with residents seeking suburban comforts without sacrificing the amenities of city living. Bordered by the 101 and 405 freeways, it features a pair of high-end shopping malls, including Sherman Oaks Fashion Square. Ventura Boulevard, the area’s main commercial strip, is located approximately one-mile from Addison Apartments and is home to an extensive array of gastropubs, wine bars and bright brunch cafes, along with national chain and boutique retail stores.

The primary retail destination in Sherman Oaks is Sherman Oaks Fashion Square, a 900,000-square-foot regional mall located near the intersection of Ventura Boulevard and Hazeltine Avenue and anchored by Macys and Bloomingdales. The Sherman Oaks Galleria is a state-of-the-art open-air lifestyle center that includes 700,000 square feet of Class “A” office space in four buildings overlooking a 300,000 square foot retail and entertainment complex. The Galleria is located at one of the nation’s busiest intersections: the interchange of the 101/Ventura and 405/San Diego freeways. Notable tenants at the Galleria include: ArcLight Cinemas, The Cheesecake Factory, P.F. Chang’s, Burke Williams and Urban Home.

With very little new construction, the apartment vacancy rate hovered between four and five percent for most of the last decade. New supply traditionally meets with healthy demand here, but very little new multifamily product has been delivered in recent years. Much of the submarket is given over to single-family zoning, limiting development possibilities. According to CoStar, one of 2019’s most notable trades occurred in October, with Interstate Equities Corporation’s $29.35 million ($333,000/unit) acquisition of the 88-unit Cambrige Apartments (since renamed The Flats on Addison). The asset was 90% leased at the time of sale.

Sherman Oak’s proximity to several major job hubs is one of its main attractions. It is one of the more affluent communities in the San Fernando Valley and has been growing steadily. Residents tend to be highly educated and well paid. Over 58% of the population within a one-mile radius of Addison Apartments holds at least a bachelor’s degree, more than twice the metro average, and the average household income in this area is about $112,000/year.

35

SAN FERNANDO VALLEYHome to 1.42 million people, the San Fernando Valley, also known as The Valley, is a bustling economy that employs nearly 700,000 people and boasts one of the largest concentrations of Los Angeles County’s media, entertainment and technology companies.

Some of the country’s largest corporations have a significant presence in The Valley, including Universal Studios Hollywood, The Walt Disney Company, Warner Bros., DreamWorks SKG, NBCUniversal, Litton Industries, Aerojet Rocketdyne, Universal Music, Television Academy, Nestle USA, Nickelodeon Animation Studios, CBS Studio Center, Pinkerton and Wellpoint Health Networks.

The Valley’s highly-educated workforce, well-developed infrastructure, warm climate, business-friendly municipal governments and strategic position along the Pacific Rim have combined to facilitate the establishment of more than 50,000 small businesses. New businesses in the San Fernando Valley are innovators in such booming industries as media, entertainment, biotechnology, healthcare and communications.

TRAN SP OR TAT IONAside from easy access to the I-405, Hwy 134, Hwy-170 and the 101 Freeway, Sherman Oaks also offers many of the San Fernando Valley stops on the Los Angeles Metro bus system up and down Ventura and Sepulveda Boulevards.

DRI VE T IME S (Without Traff ic)

W E S T F I E L D FA S H I O N S Q U A R E 3 MINUTES

LOS ANGELES VALLEY COLLEGE 8 MINUTES

PIERCE COLLEGE 10 MINUTES

STUDIO CITY 12 MINUTES

BURBANK 14 MINUTES

HOLLYWOOD 14 MINUTES

HOLLYWOOD BURBANK AIRPORT 14 MINUTES

CALIFORNIA STATE UNIVERSITY

NORTHRIDGE14 MINUTES

DOWNTOWN LOS ANGELES 20 MINUTES

BEVERLY HILLS 20 MINUTES

SANTA MONICA 22 MINUTES

LOS ANGELES INTERNATIONAL

AIRPORT22 MINUTES

TRAFFIC COUNT S(Source: CoStar)

VA N N U Y S B LV D & A D D I S O N S T 4 3 , 9 5 9

VA N N U Y S B LV D & H U S T O N S T 4 2 , 7 5 6

VA N N U Y S B LV D & H E S B Y S T 4 0 , 2 2 0

37

NE ARBY AMENI T IE S

DEMOGRAPHIC BRIEF

14320 ADDISON ST

NAME LATITUDE LONGITUDE

14320 ADDISON ST 34.160727017634 -118.445008964485

©2020 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:597628

• Van Nuys-Sherman Oaks Recreation Center

• Sepulveda Basin Recreation Center

• Delano Park• Studio City Park

• Trader Joe’s• Farm Boy• Sherman Oaks Farmers

Market• Glenson’s Market • Ralphs• Eagle Market

GROCERS

RE S TAURANT S

PARKS

• Mint Garden Thai Cuisine• La Fogata Mexican Restau-

rant• Billy’s Grill• Prime Italian• Sumo Sushi• Joe’s Pizza

2019 ARE A DEMOGRAP HICS

3 MILE S

1 MILE

There are 15,710 businesses and 96,423 employees within a 3 mile radius.

The 2019 population within a 3 mile radius is 238,720, which is projected to grow to 244,137 by 2024.

The Average Value of Owner Occupied Housing units is $1,007,086.

Population Over age 25 with Associate’s, Bachelor’s, Master’s, Professional or Doctoral Degrees: 58.5%

The average 2019 household income within a 1 mile radius is $112,058, which is projected to grow to $134,304 by 2024.

1 MILE 3 MILE S

38

NE ARBY P UBLIC COLLEGE S/UNI VERS I T IE SLos Angeles Pierce College 6201 Winnetka Ave, Woodland Hills, CA 91371 Distance from Site: 13 minute drive time

Institution Type: Public

Types of Programs Offered: Associate Degrees (AA /AS), Occupational Certification Programs (C)

Annual Student Headcount: • 2018-2019: 21,034• 2017-2018: 29,087• 2016-2017: 31,020• 2015-2016: 31,160

California State University – Northridge18111 Nordhoff St, Northridge, CA 91330www.csun.edu

Distance from Site: 16 minute drive time

Institution Type: Public

Types of Programs Offered: Bachelors Degrees (BA /BS), Masters Degrees (MA/MS)

Annual Student Headcount: • 2018-2019: 40,131• 2017-2018: 37,708• 2016-2017: 38,018• 2015-2016: 39,654

Los Angeles Pierce College

California State University – Northridge

39

Valley Presbyterian HospitalProspect Mortgage LlcAbm Engineering Svc

Help GroupInfiniti Of Van NuysSherman Oaks HospitalAvida Caregivers-Sherman OaksMoravee AgencyBiz.ComLife AlertEncino Hospital Medical CenterAmerican Asset Protection TmPremiere NetworksAnswer Financial Inc

Valley Beth ShalomCostcoAmerican Jewish UniversityStephen S Wise TempleTargetHirsch Pipe & Supply CoBunim-Murray ProductionsCasiano CateringCheesecake FactoryProtective Shield Security IncPie Town ProductionsRepublic Indemnity Co-AmericaLos Angeles Valley CollegeIssi Macy’s

Sherman Oaks employers engage in a diverse range of sectors including retail, health care, insurance, entertainment and education. Local employers include:

T OP EMP LOYERS

40

41

ADDISON APARTMENTSis offered for sale by the

same Seller as GLENOAKS GARDENS .

The Properties may be purchased separately or together.

8601 Glenoaks Blvd.Sun Valley, CA

82 Units www.GlenoaksGardens.com

GLENOAKS G ARDEN S

UNP RICED

14320 Addison St.Sherman Oaks, CA

56 Unitswww.AddisonApartments-CBRE.com


$19,200,000

AFFILIATED BU S INE S S DI S CLO S URE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities manage-ment, valua-tion, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affili-ates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memoran-dum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obliga-tion to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detri-men-tal to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENT IALI T Y AGREEMENT Your receipt of this Memorandum constitutes your acknowledge-ment that (i) it is a confiden-tial Memorandum solely for your lim-ited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its con-tents to any third party without the prior writ-ten authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DI S CLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The informa-tion contained in this Memorandum has been obtained from sourc-es believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Prop-erty. All references to acreages, square footages, and other meas-urements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor ac-curate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are ad-vised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORAN-DUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expres-sions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or with-out notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

Copyright Notice

© 2020 CBRE, Inc. All Rights Reserved.

42

Value Add Apartment Building27% NOI Upside




56-Unit ValUe-add apartment BUilding

S h e r m a n O a k s , C a l i f o r n i a

PRICE: $19,200,000


CALL FOR TOURS


BID DUE DATEFriday, September 25, 2020 by 5:00pm

addison apartments...addison apartments 56- u nit v alue-a dd a partment b uilding sherman oaks,...

Documents