mixed use - 22 apartments, 5 retail and 2 commercial

| OFFERING MEMORANDUM a Berkshire Hathaway and Jefferies Financial Group company

Mixed Use - 22 Apartments, 5 Retail and 2 Commercial Spaces | Built: 1920

5937 Avalon Boulevard LOS ANGELES, CA 90003

2

Brent SprenkleSenior Managing Director

310.621.8221 [email protected]

CA BRE License #01290116

INVESTMENT ADVISORS

SOUTH BAY OFFICE 2321 Rosecrans Avenue

Suite #3235 El Segundo, CA 90245

Allan FreedmanManaging Director

310.209.3243 [email protected]

MORTGAGE BANKING

3

CONTENTSTHE ASSET � � � � � � � � � � � � � � � � � � � � � � 5PLANS � � � � � � � � � � � � � � � � � � � � � � � � 17FINANCIAL ANALYSIS � � � � � � � � � �21MARKET POSITIONING � � � � � � �25ECONOMIC AND DEMOGRAPHIC OVERVIEW � � 49DEMOGRAPHICS � � � � � � � � � � � � 67MULTIFAMILY FORECAST REPORT � � � � � � � � � � 79

THE ASSET

6 T H E A S S E T

� Offered at a 5.3% Cap Rate on Current Income

� Two-Story, Mixed-Use Property-Apartments Over Retail

� High-Demand Rental Market Near Downtown Los Angeles

� Diverse Income-Apartments, Retail, Restaurants and Industrial

� Great Cash Flow with Upside at Well Over a 6% Cap Rate

PROPERTY HIGHLIGHTS

7T H E A S S E T

8 T H E A S S E T

PROPERTY DESCRIPTIONThe Avalon is a mixed-use property consisting of 22 apartments and over 13,000 square feet of street front retail and commercial/industrial space. In addition, there is a small parking lot for approximately 13 cars that is leased from the adjacent property that is located off of East 59th Place. The property is located in a federal qualified opportunity zone.

Situated on a lot of over 16,000 square feet, the low density 1920’s construction property is the only large mixed-use property in the immediate area. The property is of wood frame and stucco construction. All units and commercial/retail tenants have separate gas and electric meters as well as individual hot water heaters. One commercial space of approximately 2,300 square feet is vacant with a projected lease rate of approximately $1.75 square feet. All commercial and retail leases are gross with the tenants only paying rent and utilities. The average retail lease is $2.41 per square feet gross and the industrial spaces are leased at an average of $1.14 per square feet gross�

The apartment unit mix consists of 13 units that are studios with one-bathroom and a kitchen, and 9 units are one-bedrooms with one-bathroom. Most units as well as the hallways and common areas have been substantially upgraded. All retail spaces have very high ceilings. The property also contains a massive storage and laundry room.

PROPERTY SUMMARYUnits 22 (Plus 5 Retail and 2 Commercial)

Year Built 1920

Metering Separate for Gas and Electric

Total SF 28,648 ±

Commercial /Retail/Industrial SF 13,000±

Parcel Number(s) 6006-032-028

Type of Buildings 1, Two-story, Garden Style

Construction Wood-Frame and Stucco

9T H E A S S E T

10 T H E A S S E T

LOCATION DESCRIPTION - DOWNTOWN LOS ANGELESDowntown - Downtown Los Angeles (DTLA) is the city’s central business district featuring a wide spectrum of companies with highly skilled workers, cultural activities, and is surrounded by popular neighborhood destinations such as Silverlake, Echo Park, and Koreatown. Downtown also serves as a hub for the Metro rapid transit system, and is known for its government buildings, parks, theaters, and public spaces. Like many cities, DTLA is continually undergoing revitalization efforts with developers investing billions of dollars into the area. The area is currently home to thousands of residents and over 1,000 new stores, restaurants, and companies. As the region’s economic engine, DTLA’s population has tripled since 1999 and is expected to double again over the next decade. The 2018 Survey by the Downtown Center Business Improvement District states “a growing population of residents, workers, and visitors - enthusiastically embracing the culture, community, and convenience that are defining Downtown Los Angeles as one of the most dynamic city centers of the 21st Century.” Some of the most popular venues and attractions in DTLA include the Staples Center, Exposition Park, The Music Center, The Broad, Downtown LA ArtWalk, LA Convention Center, MOCA Los Angeles, Walt Disney Hall, and L.A. Live sports and entertainment district.

1 1T H E A S S E T

LOCATION DESCRIPTION

5937 AVALON BLVD NEIGHBORHOOD QUICK FACTS

LOS ANGELES, CADEMAND DRIVER

Dignity Health - California Hospital Medical Center

FROM THE PROPERTY4.1mi

JOBS SUPPORTED1.7kHOSPITAL BEDS318

NEIGHBORHOOD SHOPPING

Macy’s | TJ Maxx | Albertsons | Cinemark


SF SHOPPING DESTINATION850kTOTAL STORES 95

NEIGHBORHOOD CONVENIENCES

Within a three-mile radius of the property

JOBS SUPPORTED

STUDENTS ENROLLED

28.9k

48.5k

DEMAND DRIVER

University of Southern California


PRIMARY EDUCATION

Aspire Slauson Academy | Los Angeles Academy MS Diego Rivera Learning Complex

STUDENTS SERVED674k

SCHOOLS AND CENTERS1.4kJOBS SUPPORTED 66.5k

DEMAND DRIVER

L.A. LIVE


JOBS SUPPORTED25.0kSF OFCOMMERCIALSPACE5.6m

$521.8kMedian Housing Unit Value

(Within Three Miles)

$35.7kMedian Household Income


4.0%City Unemployment Rate

(December 2019)

494.4kPopulation


64%Renter Occupied Housing Units


12 T H E A S S E T

LOCATION MAP

13T H E A S S E T

LOCATION MAP

14 T H E A S S E T

BOUNDARY AERIAL

15T H E A S S E T

18 P L A N S

FIRST FLOOR PLAN

SHEET INDEX

PROJECT INFORMATION

VICINITY MAP

A-0 TITLE SHEET, 1ST FLOORA-1 2ND FLOOR

ARCHITECTURE:

PROJECT DATALEGAL DESCRIPTION:LOT 1, 2 & 3 OF TRACT TR 3563 AS PER MAP REFERENCE M B 38 - 32 MAPSHEET 105B205, IN THE OFFICE OF THE COUNTY RECORDER OF SAIDCOUNTY.

PROJECTSITE

ZONE: CM-1OCCUPANCY GROUP: R3TYPE OF CONSTRUCTION (HOUSE &GARAGE): V - B NUMBER OF STORIES: EXISTING 2,

APN:6006-032-028

DESIGNER:

SHAHRAM GHANE22506 CRISWELL STREETWEST HILLS, CA, 91307CELL: 818-912-9915EMAIL: [email protected]

5937 S Avalon Blvd,Los Angeles,

CA 90003

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FINANCIALANALYSIS

22 F I N A N C I A L A N A LY S I S22 F I N A N C I A L A N A LY S I S

FINANCIAL ANALYSIS

Rent Roll

Unit # Unit Description Estimated Unit SF

Current Rate

Current Rent Per SF

Projected Market Rate

Projected Rent Per SF Status Terms Parking

1 Studio, One Bath 371 $926.60 $2.50 $1,250.00 $3.372 Studio, One Bath 396 $1,150.00 $2.90 $1,250.00 $3.163 Studio, One Bath 396 $1,100.00 $2.78 $1,250.00 $3.164 Studio, One Bath 405 $749.84 $1.85 $1,250.00 $3.095 One Bedroom, One Bath 519 $1,110.52 $2.14 $1,475.00 $2.846 One Bedroom, One Bath 490 $1,174.76 $2.40 $1,475.00 $3.017 Studio, One Bath 361 $1,150.00 $3.19 $1,250.00 $3.468 Studio, One Bath 375 $1,150.00 $3.07 $1,250.00 $3.339 Studio, One Bath 361 $1,250.00 $3.46 $1,250.00 $3.4610 One Bedroom, One Bath 490 $1,350.00 $2.76 $1,475.00 $3.0111 One Bedroom, One Bath 519 $1,253.32 $2.41 $1,475.00 $2.8412 One Bedroom, One Bath 519 $1,350.00 $2.60 $1,475.00 $2.8413 One Bedroom, One Bath 490 $1,169.76 $2.39 $1,475.00 $3.0114 Studio, One Bath 361 $1,150.00 $3.19 $1,250.00 $3.4615 Studio, One Bath 361 $1,033.72 $2.86 $1,250.00 $3.4616 One Bedroom, One Bath 490 $1,257.32 $2.57 $1,475.00 $3.0117 One Bedroom, One Bath 519 $1,433.64 $2.76 $1,475.00 $2.8418 Studio, One Bath 405 $1,300.00 $3.21 $1,250.00 $3.0919 Studio, One Bath 396 $1,250.00 $3.16 $1,250.00 $3.1620 Studio, One Bath 396 $1,150.00 $2.90 $1,250.00 $3.1621 Studio, One Bath 371 $870.18 $2.35 $1,250.00 $3.3722 One Bedroom, One Bath 502 $1,450.00 $2.89 $1,475.00 $2.94

5939 Retail 2,288 $3,500.00 $1.53 $4,004.00 $1.75 Vacant Gross5941/5943 Retail 2,990 $6,500.00 $2.17 $7,475.00 $2.50 Market Gross 1/1/2020

5945 Retail 702 $1,950.00 $2.78 $2,106.00 $3.00 Beauty Gross 7/1/20025957& 519 Retail 3,087 $7,975.00 $2.58 $8,489.25 $2.75 Restaurant Gross 10/1/2010

515 Retail 450 $1,000.00 $2.22 $1,575.00 $3.50 Clothing Gross 4/1/20195945 Commercial 1,901 $1,995.00 $1.05 $2,376.25 $1.25 Industrial Gross 10/1/20195951 Commercial 2,011 $2,462.00 $1.22 $2,513.75 $1.25 Industrial Gross 1/1/2019

Unit Description Estimated SF

Current Rate

Rent Range Per SF


Percent Vacant

Number Vacant

Number of Units

Percentage of Total

Totals: Studio, One Bath 4,955.00 $14,230.34 $1.85 - $3.46 $16,250.00 13 44.83%One Bedroom, One Bath 4,538.00 $11,549.32 $2.14 - $2.89 $13,275.00 9 31.03%

Retail 9,517.00 $20,925.00 $1.53 - $2.78 $23,649.25 20.00% 1 5 17.24%Commercial 3,912.00 $4,457.00 $1.05 - $1.22 $4,890.00 2 6.90%

22,922 $51,161.66 $58,064.25 3.45% 1 29

Unit Description Estimated SF Current Rate Current Rent Per SF


Projected Rent Per SF

% Estimated Upside

Rental Range

Averages: Studio, One Bath 381.15 $1,094.64 $2.87 $1,250.00 $3.28 14.19% $750 - $1,300One Bedroom, One Bath 504.22 $1,283.26 $2.55 $1,475.00 $2.93 14.94% $1,111 - $1,450

Retail 1,903.40 $4,185.00 $2.20 $4,729.85 $2.48 13.02% $1,000 - $7,975Commercial 1,956.00 $2,228.50 $1.14 $2,445.00 $1.25 9.72% $1,995 - $2,462

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.

© 2020 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx

All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

23F I N A N C I A L A N A LY S I S 23F I N A N C I A L A N A LY S I S

FINANCIAL ANALYSIS

Unit Mix & Rent Schedule

Units Unit TypeEstimated

Unit SFCurrent

Rental Range

Current Avg. Rent

Market Rent

Current Rent/SF

Market Rent/SF

Est. Total Net SF

13 Studio/1 Bath 381 $750 - $1,300 $1,095 $1,250 $2.87 $3.28 4,9559 1 Bed/1 Bath 504 $1,111 - $1,450 $1,283 $1,475 $2.55 $2.93 4,5385 Retail 1,903 $1,000 - $7,975 $4,185 $4,730 $2.20 $2.48 9,5172 Commercial 1,956 $1,995 - $2,462 $2,229 $2,445 $1.14 $1.25 3,912

790 $1,764 $2,002 $2.23 $2.53 22,922Gross SF 28,648

IncomeCurrent

Pro FormaMarket

Pro FormaScheduled Market Rent $613,940 $696,771

Less: Vacancy Actual is 3.45% 3.00% ($18,418) ($20,903)Net Rental Income $595,522 $675,868

Plus: Laundry Income $5,995 $5,995 Total Operating Income (EGI) $601,516 $681,863

Expenses Percentage Per Unit

Administrative $50 $1,450 $1,450 Commercial Leasing & TI $463 $13,429 $13,429 Payroll-On Site Mgmt $400 $11,600 $11,600 Parking Fee $145 $4,200 $4,200 Repairs & Maintenance $700 $20,300 $20,300 Management Fee 4.00% $847 $24,558 $27,871 Utilities (Water, Sewer, Electric & Gas) $883 $25,596 $25,596 Contracted Services $320 $9,283 $9,283 Base Property Taxes 1.174% $2,936 $85,135 $85,135 Property Tax Direct Assessments $110 $3,189 $3,189 Insurance $400 $11,600 $11,600 Replacement Reserve $200 $5,800 $5,800

Total Estimated Expenses $216,140 $219,453

% of Scheduled Rent: 35.21% 31.50%Per SF: $7.54 $7.66

Per Unit: $7,453 $7,567

Net Operating Income $385,377 $462,410

Less: Debt Service ($164,955) ($164,955)Projected Net Cash Flow $220,422 $297,455 Total Economic Loss 3.0% 3.0%

Cash-on-Cash Return (Based on Asking Price) 8.53% 11.51%Debt Service Coverage 2.34 2.80

Cap Rate Analysis Price $/SFCap Rate

CurrentCap Rate

MarketGRM

CurrentGRM

Pro FormaAsking Price $7,250,000 $253.07 5.32% 6.38% 11.69 10.32

INVESTMENT SUMMARY

Price $7,250,000

Price/SF $253.07

Pro Forma Cap Rate 5.32%Market Pro Forma Cap Rate 6.38%

ALL FINANCING

Total Loan Amount $4,713,000

Down Payment $2,584,130

LTV 65%

Mo. Payment ($13,746)

Debt Constant 3.5%

NEW FIRST MORTGAGE (to be originated at purchase)

LTV for this loan 65%

Amount $4,713,000

Interest Rate 3.50%

Amortization Interest Only

Payment ($13,746)

Fees 1.00%

I/O Term (yrs) 5

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.

© 2020 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx

All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

MARKETPOSITIONING

COMPARABLE RENTAL PROPERTIES

27M A R K E T P O S I T I O N I N G

28 M A R K E T P O S I T I O N I N G

SUBJECT: 5937 AVALON BOULEVARD LOS ANGELES, CA 90003

Total Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 29 Built:: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �1920

UNITS TYPE UNIT SFCURRENT

RENTRENT /

SF13 Studio / 1 Bath 381 $1,095 $2.879 1 Bedroom / 1 Bath 504 $1,283 $2.555 Retail 1,903 $4,185 $2.202 Commercial 1,956 $2,229 $1.1429 Weighted Average 790 $1,764 $2.23


1. 629 W 47TH STREETLOS ANGELES, CA 90037 HUNTINGTON PARK, CA 90255

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 3Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1909

UNITS TYPE UNIT SFMARKET

RENTRENT /

SFN/A 1 Bedroom / 1 Bath 760 $1,400 $1.84

Weighted Average 760 $1,400 $1.84



2. 354 E 97TH STREETLOS ANGELES, CA 90003

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �1956


RENTRENT /

SFN/A 1 Bedroom / 1 Bath 540 $1,500 $2.78

Weighted Average 375 $1,075 $2.87

3. 1516 W 85TH STREETLOS ANGELES, CA 90047

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1955


RENTRENT /

SF4 1 Bedroom / 1 Bath 960 $1,650 $1.724 Weighted Average 960 $1,650 $1.72



4. DEL MAY7003 RITA AVENUE HUNTINGTON PARK, CA 90255

Total Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �20Built:: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1955

5. 7101 RUGBY AVENUEHUNTINGTON PARK, CA 90255

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �20Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1955


RENTRENT /

SFN/A Studio / 1 Bath N/A $1,125 N/A

Weighted Average $1,125


RENTRENT /

SF20 Studio / 1 Bath 400 $1,050 $2.6320 Weighted Average 400 $1,050 $2.63



6. 210 W 43RD PLACE210 W 43RD PLACE LOS ANGELES, CA 90037

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �30Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �1926


RENTRENT /

SF30 Studio / 1 Bath 475 $1,045 $2.2030 Weighted Average 475 $1,045 $2.20



Subject: 5937 Avalon Boulevard Los Angeles, CA 90003

1. 629 W 47th Street Los Angeles, CA 90037

2. 354 E 97th Street Los Angeles, CA 90003


4. Del May 7003 Rita Avenue Huntington Park, CA 90255

5. 7101 Rugby Avenue Huntington Park, CA 90255

6. 210 W 43rd Place Los Angeles, CA 90037

COMPARABLE SALE PROPERTIES


COMPARABLE SALE PROPERTIESCOMPARABLE SALE PROPERTIES

SUBJECT: 5937 AVALON BOULEVARD LOS ANGELES, CA 90003

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1920Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 22Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $253.07Rentable SF:� � � � � � � � � � � � � � � � � � � � �28,648Listing for: � � � � � � � � � � � � � � � � � � $7,250,000Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � 5.32%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11.69

1. 3006 ROYAL STREETLOS ANGELES, CA 90007

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1927Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 36Price / Unit: � � � � � � � � � � � � � � � � � � � � $213,889Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $412.32Rentable SF:� � � � � � � � � � � � � � � � � � � � � �18,675Sold for: � � � � � � � � � � � � � � � � � � � � $7,700,000Closed: � � � � � � � � � � � � � � � � � � � � � �10/04/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/AGRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

3. THE CENTRAL FLORENCE1141 E FLORENCE AVENUE LOS ANGELES, CA 90001

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1929Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 34Price / Unit: � � � � � � � � � � � � � � � � � � � � $133,088Price / SF: � � � � � � � � � � � � � � � � � � � � � � �$405.65Rentable SF:� � � � � � � � � � � � � � � � � � � � � � � 11,155Sold for: � � � � � � � � � � � � � � � � � � � � $4,525,000Closed: � � � � � � � � � � � � � � � � � � � � � � 09/17/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � 6.71%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

2. ALVARADO1839 W 12TH STREET LOS ANGELES, CA 90006

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1927Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 24Price / Unit: � � � � � � � � � � � � � � � � � � � � �$157,917Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $271.22Rentable SF:� � � � � � � � � � � � � � � � � � � � � �13,974Sold for: � � � � � � � � � � � � � � � � � � � � $3,790,000Closed: � � � � � � � � � � � � � � � � � � � � � � 10/01/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � 4.75%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A


4. 1583 W 29TH STREETLOS ANGELES, CA 90007

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1922Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 16Price / Unit: � � � � � � � � � � � � � � � � � � � � $168,750Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $273.22Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 9,882Sold for: � � � � � � � � � � � � � � � � � � � � $2,700,000Closed: � � � � � � � � � � � � � � � � � � � � � � 05/10/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � 3.34%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

COMPARABLE SALE PROPERTIES

5. 505 W 62ND STREETLOS ANGELES, CA 90044

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1925Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �25Price / Unit: � � � � � � � � � � � � � � � � � � � �$143,200Price / SF: � � � � � � � � � � � � � � � � � � � � � � � �$164.13Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 21,812Sold for: � � � � � � � � � � � � � � � � � � � � $3,580,000Closed: � � � � � � � � � � � � � � � � � � � � � � 05/17/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/AGRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

6. 4227 S HOOVER STREETLOS ANGELES, CA 90037

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1923Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12Price / Unit: � � � � � � � � � � � � � � � � � � � � $183,333Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $273.22Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 8,052Sold for: � � � � � � � � � � � � � � � � � � � � $2,200,000Closed: � � � � � � � � � � � � � � � � � � � � � � 05/10/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/AGRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A


COMPARABLE SALE PROPERTIESCOMPARABLE SALE PROPERTIES


1. 3006 Royal Street Los Angeles, CA 90007

2. Alvarado 1839 W 12th Street Los Angeles, CA 90006

3. The Central Florence 1141 E Florence Avenue Los Angeles, CA 90001


5. 505 W 62nd Street Los Angeles, CA 90044

6. 4227 S Hoover Street Los Angeles, CA 90037

RETAIL COMPARABLE PROPERTIES


RETAIL COMPARABLE PROPERTIES

Property Square Feet Available Rent Rent/Sq.Ft. Lease Term-NNN or Gross248-256 W. Florence Ave. 600-2,170 $1,200 - $4,340 $2.00/MG

Los Angeles, CA 90003

5939 Avalon Blvd. 2,300 $3,956 $1.72/+ElecLos Angeles, CA 90003

6225 S. Figueroa St. 2,000 $5,000 $2.50/NNNLos Angeles, CA 90003

7201 Broadway 1,770 $3,983 $2.25/NNNLos Angeles, CA 90003


RETAIL SALE COMPARABLE PROPERTIES

1. 6614-6624 S BROADWAYLOS ANGELES, CA 90003

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1922Price / SF: � � � � � � � � � � � � � � � � � � � � � � �$562.02Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 4,982Price: � � � � � � � � � � � � � � � � � � � � � � � $2,800,000Closed: � � � � � � � � � � � � � � � � � � � � � � � 11/01/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/AGRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

2. 6301 S BROADWAYLOS ANGELES, CA 90003

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1964 Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $625.53 Rentable SF:� � � � � � � � � � � � � � � � � � � � � � � 3,517 Sold for: � � � � � � � � � � � � � � � � � � � � $2,200,000 Closed: � � � � � � � � � � � � � � � � � � � � � �07/05/2019 Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

3. 4181-4189 S FIGUEROA STREETLOS ANGELES, CA 90037

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1922 Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $229.78 Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 11,076 Sold for: � � � � � � � � � � � � � � � � � � � � $2,545,000 Closed: � � � � � � � � � � � � � � � � � � � � � �03/28/2019 Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � �4.50%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

4. 6101 S MAIN STREETLOS ANGELES, CA 90003

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1953 Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $476.19 Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 4,200 Sold for: � � � � � � � � � � � � � � � � � � � � $2,000,000 Closed: � � � � � � � � � � � � � � � � � � � � � �03/28/2019 Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A



5. 3551 S WESTERN AVENUELOS ANGELES, CA 90018

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1957 Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $328.13 Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 8,000 Sold for: � � � � � � � � � � � � � � � � � � � � $2,625,000 Closed: � � � � � � � � � � � � � � � � � � � � � 02/18/2020 Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � �4.93%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

6. 6100 MAIN STREETLOS ANGELES, CA 90003

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1917 Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $282.52 Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 8,672 Sold for: � � � � � � � � � � � � � � � � � � � � $2,450,000 Closed: � � � � � � � � � � � � � � � � � � � � � 02/05/2020 Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A




1. 6614-6624 S BroadwayLos Angeles, CA 90003

2. 6301 S BroadwayLos Angeles, CA 90003

3. 4181-4189 S Figueroa StreetLos Angeles, CA 90037

4. 6101 S Main StreetLos Angeles, CA 90003

5. 3551 S Western AvenueLos Angeles, CA 90018

6. 6100 Main StreetLos Angeles, CA 90003

ECONOMIC AND DEMOGRAPHIC OVERVIEW

50 E C O N O M I C A N D D E M O G R A P H I C O V E R V I E W

LOS ANGELES | SOUTH


LOS ANGELES | CALIFORNIA

INTRODUCTIONAs one of the world’s most significant economic and cultural centers, Los Angeles is the second-most-populated city in the United States and the largest city in California. Encompassing more than 480 square miles, the city is seated in Los Angeles County and is an integral part of the Los Angeles-Long Beach-Anaheim Metropolitan Statistical Area (MSA). The city of Los Angeles spans over 80 different communities and neighborhoods, extending north to the San Fernando Valley, south to the port complex, east to the San Gabriel Valley border, and west to the dynamic LAX area.

Accounting for nearly half of the state’s economy, the region boasts a gross metropolitan product exceeded by that of only fifteen nations. The MSA’s economy is highly diversified, w ith l eading i ndustries i ncluding professional management, financial services, entertainment, and tourism. The region boasts the largest manufacturing industry in the country and serves as the entertainment capital of the United States. Los Angeles County is home to the headquarters of 11 Fortune 500 companies, including Walt Disney Company and Live Nation Entertainment Inc.

Best Place to Live

Best City to Launch Career

Manufacturing Hub

Entertainment Capital

Los Angeles ranked among the top 40 “Best Large Cities to Live in”- NerdWallet

Los Angeles ranked among the “Best Cities to Launch Your Career”- Bankrate

Los Angeles ranked as the No. 1 “Manufacturing City in the Nation”- The Kyser Center for Economic Research

Los Angeles County was named the “Entertainment Capital of the United States”- The Kyser Center for Economic Research

51E C O N O M I C A N D D E M O G R A P H I C O V E R V I E W

LOS ANGELES | SOUTHLOS ANGELES | CALIFORNIA

1ST 2NDLARGEST CITYIN CALIFORNIA

MOST POPULATEDCITY IN THE UNITED

STATES

61% OF RESIDENTS WORK IN

WHITE-COLLAR POSITIONS CITYWIDE

4.2m 846.0k 401.5k 839.4k $68.3k

From 2020 to 2025, the city of Los Angeles’ population is forecast to

grow 4.7%, reaching 4,152,504 residents

32% of city residentsage 25 and older hold a bachelor's degree or higher, compared to 31% nationally

29% of Los Angeleshouseholds earn $100,000 or more annually

57% of housing units inLos Angeles are renter occupied, compared to 31% nationally

The city’s median household income is projected to reach $68,320 by 2025, up12.7% from 2020

CITY OF LOS ANGELES DEMOGRAPHICS



INDUSTRY BREAKDOWNINDUSTRY BREAKDOWN

Management

Healthcare Practitioners and Technical

Business and FinancialOperations

Education, Training, and Library

Sales and Related

Office and AdministrativeSupport

Transportation and Material Moving

Production

$133.7k

$94.8k

$81.4k

$69.3k

$45.4k

$42.7k

$39.4k

$38.3k

Food Preparation and Serving Related

$27.8k

Personal Care and Service $29.7k

Construction

4%

Education & Health Services

18%

Financial Activities

5%

Government

12%

Information

5%Leisure & Hospitality

12%

Manufacturing

8%

Other Services

4%

Professional & Business Services

14%

Trade, Transportation, & Utilities

19%Industry Breakdown

LOS ANGELES, CA,METRO DIVISION

EMPLOYMENTBY SECTOR

AVERAGE ANNUAL WAGE BY OCCUPATION

Source: BLS Occupational Employment Statistics Survey Source: BLS Current Employment Statistics Survey

With breakthrough technology companies and research organizations, the home of the largest entertainment industry in the world, and a strong tourism industry, Los Angeles County has one of the most diverse, dynamic economies in the country.

The metro division added approximately 81,900 jobs during the 12-month period ending in November 2019, 35,700 of which were in the education and health services sector.



EMPLOYMENT TRENDSEMPLOYMENT TRENDS

(200,000)

(100,000)

0

100,000

200,000

0%

4%

8%

12%

16%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020*

Employment Trends

Unemployment Rate Jobs Added / Lost*Projected

NOVEMBER2019

NOVEMBER2019

3.9%

81,900 jobs

Culver City’s monthly unemployment rate was down 20 basis points Y-o-Y

were created in the metro division, a 1.8% annualincrease

LOS ANGELES COUNTY

LARGEST EMPLOYERSLos Angeles County 107,400

Los Angeles Unified School District 66,520

University of California Los Angeles 65,600

City of Los Angeles 61,900

U.S. Government 43,600

Kaiser Permanente 37,400

State of California 29,800

University of Southern California 27,650

Northrop Grumman Corporation 16,600

Providence Health & Services 15,000

Source: Los Angeles Almanac; LAUSD; USC



TRADE & LOGISTICS

MANUFACTURING

PORT OF LOS ANGELES

NORTHROP GRUMMAN CORP.

Los Angeles is one of the world’s leading trade and logistics centers. Based on a recent report, the Los Angeles Customs District ranked first in the nation in terms of total worldwide trade handled, totaling more than $431.4 billion. The Port of Los Angeles and the Port of Long Beach provide access to major U.S. markets and the Pacific Rim and handle over 40% of all inbound containers for the entire United States. Combined, the ports support more than 1.2 million direct and indirect jobs and generate over $58 billion annually in wages and tax revenues.

Los Angeles’ unique geography, strong infrastructure, and skilled workforce make it an ideal location for manufacturing companies. With more than 344,300 jobs supported in the sector, Los Angeles serves as the top manufacturing center in the country. Approximately 65 plants are situated along the city’s I-605 Corridor, providing easy access to the growing industrial hub. Companies like Northrop Grumman Corp., Edelbrock LLC, and Belkin International Inc. help make up the industry’s strong focus on aerospace, fabricated metals, and food processing.

1.2 millionTotal Jobs Supported by the Two Ports

$431.4 billionWorldwide Trade Value

$58 billionAnnual Wages and Tax Revenues

No. 1Manufacturing Center in the Country

65Manufacturing Firms along the 605 Corridor

344,300Jobs Supported



ARTS & ENTERTAINMENT

PROFESSIONAL & BUSINESS SERVICES

PARAMOUNT PICTURES

AVERY DENNISON

As the “Entertainment Capital of the World,” Los Angeles is home to major production studios, including Disney, Paramount, Universal, and Warner Brothers. Each year, the city boasts more than 1,500 theatrical productions throughout its 225 theaters, making arts and culture major drivers in the region. Over 792,600 jobs are supported directly and indirectly in the creative economy, helping generate an economic impact of $198 billion. There are more artists, writers, filmmakers, actors, dancers, and musicians living in Los Angeles than any other city in the world.

According to the Global Financial Centres Index, Los Angeles is home to one of the most competitive financial centers in the world, contributing to one of the most dynamic business economies. Los Angeles’ historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers, law firms, and real estate companies. Approximately 636,200 jobs are supported by major businesses including Amgen, Avery Dennison, and Mattel. Of the more than 50 Fortune 500 companies in California, 11 are headquartered in Los Angeles County.

$198 billionEconomic Impact Metrowide

792,600Jobs Supported Metrowide

1,500Theater Productions

11Fortune 500Headquarters

$212.2 billionCombined Annual Revenue

636,200Jobs Supported



CONSTRUCTION AND DEVELOPMENT

CROSSROADS HOLLYWOOD

$1 billionRedevelopment Project

1.4 millionSF Mixed-Use Development

The site of the historic Crossroads of the World complex is set to undergo a major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4 million-square-foot, mixed-use development. The project will be comprised of nine buildings including up to 308 hotel rooms; 950 residential units, including 84 affordable units; 185,000 square feet of commercial space; 95,000 square feet of office space; and 2,494 underground parking spaces. The proposed realignment of Las Palmas Avenue and Sunset Boulevard will promote pedestrian safety and enhance connectivity. The $1 billion project has an estimated 48-month construction timeline, with expected completion in 2022.

SOFI STADIUM AND ENTERTAINMENT DISTRICT AT HOLLYWOOD PARK

The 70,240-seat SoFi Stadium and the adjacent entertainment district are currently under construction at the former site of Hollywood Park in the city of Inglewood, approximately 10 miles south of Hollywood. The stadium will be the new home of the NFL’s Rams and Chargers franchises. At three million square feet, it will be the largest stadium in professional football. The $2.6 billion, 300-acre, multipurpose facility will also include a 6,000-seat performance venue, more than 1.5 million square feet of retail and office space, 2,500 homes, a 300 room hotel, and 25 acres of parks. Combined team annual revenue is estimated to generate $700 million to the region. The new stadium is expected to be completed in time for the 2020 NFL season.

$2.6 billionInvestment

1.5 millionSF of Commercial Space




METRO PURPLE LINE VERMONT CORRIDOR

$6.3 billionInvestment

$270 millionOffice Tower

22,000Construction Jobs

2,990Jobs Supported

Construction on the Metro’s Purple Line continues. The project’s first phase is nearing completion and will open to the public in 2023. In February 2018, officials broke ground on the $2.5 billion second phase, which will run 2.5 miles west from Wilshire Boulevard and La Cienega Avenue to Century City. The final section from Century City to the VA campus is expected to break ground in 2019. In total, the Purple Line extension project will cost about $6.3 billion. At build-out, the nine-mile extension will add seven more stops, generating 78,000 new daily trips. With an expected completion date in 2026, the Purple Line will be fully operational for the 2028 Summer Olympics.

Along Vermont Avenue in Los Angeles’ Koreatown, a three-site development is underway. Site one of the Vermont Corridor will include a $270 million, 21-story tower that will house government offices and nearly 2,200 employees. The second site will be converted into 172 units of residential housing. Additionally, the building will feature street-level retail and a rooftop deck. Site three includes demolishing the existing parks and recreation office and replacing it with a six-story structure with senior housing units and a 13,200-square-foot community center. In total, the sites will support more than 2,990 employees and provide over 2,100 parking spaces. All three sites are expected to be completed by 2023.




BROADWAY TRADE CENTER LAX MODERNIZATION PROGRAM

1.1 millionSF Renovation

$14 billionInvestment

1,500Jobs Created

121,000Construction Jobs

Plans are underway to renovate the early 20th century Broadway Trade Center into a 15-story multiuse property in Downtown Los Angeles. The 1.1 million-square-foot renovation will feature retail space on the ground floor, restaurants, multiple bars, a spa, a private club, office space capable of accommodating up to 3,000 workers, more than 150 hotel rooms, and underground parking for 400 to 600 vehicles. The renovated property will showcase a rooftop activity area with a movie screen and Olympic-size swimming pool. The project is expected to be completed by late 2019.

Known as the largest public-works program in the history of the city of Los Angeles, the $14 billion LAX modernization program began in 2009 and has a projected completion date of 2023. The Tom Bradley International Terminal was completed in September 2013 and features new aircraft gates and concourses, retail shops and other amenities. Other projects that were recently completed include new taxiways and taxi lanes, infrastructure upgrades, and renovation improvements to all terminals. The future $5.5 billion Landside Access Modernization Program (LAMP) will generate additional terminal renovations and provide the growing number of airport passengers convenient connections to public transportation from the airport.



RENT AND OCCUPANCY

EFFECTIVERENT

OCCUPANCYRATE

$1,683 97.2%in 4Q19, up 3.1% year over year in 4Q19, down 30 bps annually

South Los Angeles has historically been a depressed part of Los Angeles, with rents ranking near the bottom of the metro. The area’s extremely low rents relative to other central parts of the metro should continue to drive demand given the serious housing affordability i ssues a cross m etro L os A ngeles. Effective monthly rent in the submarket appreciated 3.1% annually to $1,683 in the four quarter of 2019. Rent growth is forecast to continue its upward trend through 2020, appreciating 3.3% to $1,738 per month by year-end. The average occupancy rate in the South Los Angeles submarket remained high throughout the postrecession cycle predominantly due to limited supply-side pressure, peaking at 97.8% in 2017. At 97.2% occupancy in the fourth quarter of 2019, the South Los Angeles apartment submarket had on of the highest average occupancy rates among Greater Los Angeles’ 20 submarkets. As developers ramp up activity in the submarket this year, occupancy is forecast to finish 2020 at 97.1%, down 10 basis points year over year.

The impending arrival of an NFL stadium in Inglewood is expected to reshape the southern portion of the submarket. The 70,000-seat football stadium at the former Hollywood Park racetrack could generate 4,000 jobs and jump-start development in this area. A new neighborhood shopping complex is springing up on the land surrounding the stadium that may further bolster both employment and apartment demand. Transportation improvements are also in the works as LA Metro officials are discussing options for a new rail line to the area. The NBA Clippers are also relocating to a $1.2 billion arena in development in Inglewood. The stadium complex will be a centerpiece of Los Angeles’ 2028 Olympic Games, so the South Los Angeles submarket should continue to feel the positive effects o f t his n ew d evelopment f or y ears t o come.

$1,2

53

$1,3

49

$1,4

45

$1,5

34

$1,6

33

$1,6

83

$1,7

38

$800

$1,000

$1,200

$1,400

$1,600

$1,800

93%

94%

95%

96%

97%

98%

2014 2015 2016 2017 2018 2019* 2020*

Occupancy & Ask Rent

Rent Occupancy*PROJECTED

SOUTH LOS ANGELESAPARTMENT SUBMARKET



EDUCATION

HIGHEREDUCATION

ANNUAL GRADUATES625k 60k

students metrowide produced by metro Los Angeles universities each yearproduced by metro Los Angeles universities each year

With over 120 colleges and universities that provide jobs and drive economic growth, the region is a hub for higher education and generates sustained demand for off-campus housing. The universities alone produce 60,000 graduates annually, the highest number of any county in the nation.

The University of California Los Angeles (UCLA) is world-renowned for its high-quality academic, research, and athletic programs. UCLA offers over 125 undergraduate majors and 150 graduate degree programs. The university is one of the largest employers in the region, supporting approximately 65,600 jobs countywide. With an enrollment of 44,370 students, UCLA generates $284.4 million in taxes and a $5.7 billion economic impact for Southern California.

The University of Southern California (USC) has an enrollment of roughly 48,500 students and employs more than 27,650 residents. USC has the largest private-university graduate program in the nation in science, engineering, and health. In 2019, the University of Southern California was tied for No. 22 among the best national universities by U.S. News and World Report.

CITY OF LOS ANGELES

HIGHER EDUCATIONLos Angeles Community College District 147,630



California State University Northridge 38,390

California State University Los Angeles 26,360

Loyola Marymount University 9,680

Mount Saint Mary’s University 2,970

Source: listed college websites; California Community Colleges Chancellor’s Office



LIFESTYLE AND ENTERTAINMENT

LOS ANGELESBEACHES

HAHNPARK20-min 401

drive from South LA acres in the Baldwin Hills Mountains

South Los Angeles has no shortage of places for people to get outdoors and enjoy the world-famous Southern California weather. One of the most popular outdoor gathering places is Kenneth Hahn State Recreation Area. At 401 acres, Hahn Park is one of the largest urban parks and open spaces in the Greater Los Angeles area featuring walking and hiking trails with some of the best scenic vistas and a lake for fishing. Some of the best beaches, surfing, and boating in the world at Venice Beach, Marina Del Rey, and the Santa Monica Pier are located within a 20-minute drive of the property.

South LA is centrally located to many of the new trendsetting neighborhoods. K-town is being driven by Millennials and younger people looking for an urban lifestyle, and the city has much to offer i n terms o f entertainment, restaurants, and cultural amenities. Mama Lion, The Venue, and The Walker Inn are among K-town’s most visible and cool venues.

Several projects underway will boost the entertainment quotient in the near term in the South LA area. These projects include the world’s most expensive stadium complex, the Los Angeles Stadium and Entertainment District in Inglewood, estimated to reach $2.6 billion and the $1.5 billion Middle Harbor Project at the Port of Long Beach.

KOREATOWN



EDUCATION

HIGHEREDUCATION

ANNUAL GRADUATES625k 60k

students metrowide produced by metro Los Angeles universities each yearproduced by metro Los Angeles universities each year

With over 120 colleges and universities that provide jobs and drive economic growth, the region is a hub for higher education and generates sustained demand for off-campus housing. The universities alone produce 60,000 graduates annually, the highest number of any county in the nation.

The University of California Los Angeles (UCLA) is world-renowned for its high-quality academic, research, and athletic programs. UCLA offers over 125 undergraduate majors and 150 graduate degree programs. The university is one of the largest employers in the region, supporting approximately 65,600 jobs countywide. With an enrollment of 44,370 students, UCLA generates $284.4 million in taxes and a $5.7 billion economic impact for Southern California.

The University of Southern California (USC) has an enrollment of roughly 48,500 students and employs more than 27,650 residents. USC has the largest private-university graduate program in the nation in science, engineering, and health. In 2019, the University of Southern California was tied for No. 22 among the best national universities by U.S. News and World Report.

CITY OF LOS ANGELES

HIGHER EDUCATIONLos Angeles Community College District 147,630



California State University Northridge 38,390

California State University Los Angeles 26,360

Loyola Marymount University 9,680

Mount Saint Mary’s University 2,970

Source: listed college websites; California Community Colleges Chancellor’s Office



LIFESTYLE AND ENTERTAINMENT

LOS ANGELESBEACHES

HAHNPARK20-min 401

drive from South LA acres in the Baldwin Hills Mountains

South Los Angeles has no shortage of places for people to get outdoors and enjoy the world-famous Southern California weather. One of the most popular outdoor gathering places is Kenneth Hahn State Recreation Area. At 401 acres, Hahn Park is one of the largest urban parks and open spaces in the Greater Los Angeles area featuring walking and hiking trails with some of the best scenic vistas and a lake for fishing. Some of the best beaches, surfing, and boating in the world at Venice Beach, Marina Del Rey, and the Santa Monica Pier are located within a 20-minute drive of the property.

South LA is centrally located to many of the new trendsetting neighborhoods. K-town is being driven by Millennials and younger people looking for an urban lifestyle, and the city has much to offer i n terms o f entertainment, restaurants, and cultural amenities. Mama Lion, The Venue, and The Walker Inn are among K-town’s most visible and cool venues.

Several projects underway will boost the entertainment quotient in the near term in the South LA area. These projects include the world’s most expensive stadium complex, the Los Angeles Stadium and Entertainment District in Inglewood, estimated to reach $2.6 billion and the $1.5 billion Middle Harbor Project at the Port of Long Beach.

KOREATOWN



TRANSPORTATION

MTAPASSENGERS

LAXAIRPORT383.8m 87.5m

rail and bus passengers in 2018 passengers served in 2018

Los Angeles boasts an extensive freeway network with major routes, including the Santa Ana Freeway (I-5), San Diego Freeway (I-405), Foothills Freeway (I-210), Santa Monica and San Bernardino freeways (I-10), Harbor Freeway (I-110), Long Beach Freeway (I-710), and San Gabriel River Freeway (I-605).

The Metropolitan Transportation Authority (MTA) provides local bus and rail service linking communities of Long Beach, Downtown L.A., Hollywood, Pasadena, and the San Fernando Valley. MTA offers over 1,500 square miles of service area and employs more than 9,200 residents.

The Los Angeles International Airport (LAX) supports 408,000 local jobs and has an annual economic impact of $60 billion. LAX served over 87.5 million passengers in 2018, making it the third-busiest airport in the nation and seventh-busiest airport in the world.

LOS ANGELES INTERNATIONAL AIRPORT

Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; Core-Logic; Wikipedia; Axiometrics; California Association of Realtors; City of Los Angeles CAFR; State of California Employ-ment Development Department Forbes; California Division of Tourism; Los Angeles County Metropolitan Transportation Authority; Los Angeles County; Los Angeles Times; Los Angeles Economic Development Corporation; Los Angeles Area Chamber of Commerce; Los Angeles World Airports; Port of Los Angeles; Los Angeles Unified School District; Los Angeles Convention and Visitors Bureau; City of Los Angeles; Los Angeles Business Journal; Los Angeles Daily News; Los Angeles Downtown News; UCLA; USC; CSU-Northridge; CSU-L.A.; Los Angeles Community College District; Mt. St. Mary’s College; Occidental College; Southern California Association of Governments; Airports Council International



BY THE NUMBERS

RENT VS. OWNAverage Mortgage Payment** $4,022

Effective Rent*** $1,683

Difference $2,339

*Projected**30-yr fixed; 20% down; 4.0% interest rate; 0.79% CA propertytaxes; $1,000 annual homeowner’s insurance***South Los Angeles Submarket

RENT SHARE OF WALLETNational - 2020 29.0%

South Los Angeles Submarket - 2020 34.4%

*ProjectedAnnual Rent / Median Household Income

TOTAL POPULATION2010 3,792,621

2020* 3,964,463

2025* 4,152,504

Growth Rate (2020 - 2025) 4.7%

TOTAL HOUSEHOLDS2010 1,318,168

2020* 1,387,184

2025* 1,464,293

Growth Rate (2020 - 2025) 5.6%

MEDIAN INCOME2010 $49,419

2020* $60,637

2025* $68,320

Growth Rate (2020 - 2025) 12.7%

MEDIAN AGE2010 34.7

2020* 37.3

2024* 38.6

MEDIAN HOME PRICENovember - 2018 $810,500

November - 2019 $853,500

Growth Rate Y-o-Y 5.3%

City of Los Angeles

EMPLOYMENT GROWTH (MD)November - 2018 4,575,000

November - 2019 4,656,900

Growth Rate Y-o-Y 1.8%

DEMOGRAPHICS

68 D E M O G R A P H I C S

Site Map5937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

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69D E M O G R A P H I C S

Study Area Map5937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

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Demographic Report5937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

Key Demographics 1 miles 3 miles 5 miles Los Angeles Los Angeles-LongBeach et al, CA National

Count % Count % Count % Count % Count % Count %

POPU

LATI

ON

2000 Census 5 2 ,2 2 0 4 4 9 ,5 7 8 1 ,1 2 7 ,2 8 3 9 ,5 1 9 ,0 6 1 1 2 ,3 6 5 ,3 5 3 2 8 1 ,4 2 1 ,8 7 2

2010 Census 5 6 ,1 7 5 4 7 7 ,4 6 5 1 ,1 7 2 ,4 9 1 9 ,8 1 8 ,6 0 5 1 2 ,8 2 8 ,8 3 7 3 1 2 ,4 7 1 ,3 2 7

2019 Estimate 5 7 ,9 5 1 4 9 0 ,2 8 1 1 ,2 1 4 ,8 7 6 1 0 ,0 7 8 ,7 7 0 1 3 ,2 5 8 ,2 1 7 3 3 2 ,2 3 0 ,2 3 9

2024 Projection 6 0 ,6 2 2 5 1 1 ,3 2 8 1 ,2 7 7 ,8 6 1 1 0 ,5 3 2 ,6 4 9 1 3 ,9 4 5 ,4 5 6 3 5 2 ,1 5 0 ,9 7 8

Population Growth 2000-2010 7 .6 % 7 .6 % 7 .6 % 3 .2 % 3 .8 % 1 1 .0 %

Population Growth 2019-2010 3 .2 % 3 .2 % 3 .2 % 2 .7 % 3 .4 % 6 .3 %

Population Growth 2024-2019 4 .6 % 4 .6 % 4 .6 % 4 .5 % 5 .2 % 6 .0 %

HOUS

EHOL

DS

2000 Census 1 2 ,2 3 7 1 1 2 ,1 7 6 3 0 8 ,2 8 7 3 ,1 3 3 ,6 7 8 4 ,0 6 8 ,9 5 1 1 0 6 ,7 4 1 ,4 0 6

2010 Census 1 2 ,5 4 8 1 1 6 ,1 0 7 3 2 6 ,2 7 2 3 ,2 4 1 ,2 0 4 4 ,2 3 3 ,9 8 5 1 1 8 ,0 9 2 ,8 2 3

2019 Estimate 1 2 ,9 9 4 1 1 9 ,3 7 1 3 4 3 ,7 2 3 3 ,3 3 8 ,2 5 2 4 ,3 9 2 ,9 2 3 1 2 5 ,6 3 6 ,2 4 22024 Projection 1 3 ,5 9 4 1 2 4 ,5 8 5 3 6 5 ,9 7 8 3 ,4 9 8 ,1 6 7 4 ,6 3 4 ,6 2 5 1 3 3 ,1 4 6 ,1 6 2

Household Growth 2000-2010 2 .5 % 3 .5 % 5 .8 % 3 .4 % 4 .1 % 1 0 .6 %

Household Growth 2019-2010 3 .6 % 2 .8 % 5 .4 % 3 .0 % 3 .8 % 6 .4 %

Household Growth 2024-2019 4 .6 % 4 .4 % 6 .5 % 4 .8 % 5 .5 % 6 .0 %

Owner Occupied Housing Units 1 3 ,8 3 4 1 2 6 ,8 1 5 3 6 6 ,5 6 2 3 ,5 3 6 ,1 4 1 4 ,6 4 7 ,2 2 0 1 4 0 ,9 1 1 ,8 0 2

Vacant Housing Units 8 4 0 6 .1 % 7 ,4 4 5 5 .9 % 2 2 ,8 3 9 6 .2 % 1 9 7 ,8 8 9 5 .6 % 2 5 4 ,2 9 7 5 .5 % 1 5 ,2 7 5 ,5 6 0 1 0 .8 %

Occupied Housing Units 1 2 ,9 9 4 9 3 .9 % 1 1 9 ,3 7 1 9 4 .1 % 3 4 3 ,7 2 3 9 3 .8 % 3 ,3 3 8 ,2 5 2 9 4 .4 % 4 ,3 9 2 ,9 2 3 9 4 .5 % 1 2 5 ,6 3 6 ,2 4 2 8 9 .2 %

Owner-Occupied 4 ,1 0 3 2 9 .7 % 3 8 ,1 1 6 3 0 .1 % 1 0 9 ,0 1 8 2 9 .7 % 1 ,5 9 2 ,7 4 8 4 5 .0 % 2 ,2 1 8 ,8 6 2 4 7 .7 % 8 1 ,9 3 7 ,1 7 1 5 8 .1 %

Renter-Occupied 8 ,8 9 1 6 4 .3 % 8 1 ,2 5 5 6 4 .1 % 2 3 4 ,7 0 5 6 4 .0 % 1 ,7 4 5 ,5 0 4 4 9 .4 % 2 ,1 7 4 ,0 6 1 4 6 .8 % 4 3 ,6 9 9 ,0 7 1 3 1 .0 %

EDUC

ATIO

N

Est. Pop. 25+ by Educational Attainment 3 4 ,0 4 5 2 9 1 ,5 9 2 7 5 7 ,1 6 9 6 ,7 2 1 ,4 2 9 8 ,8 6 1 ,2 2 9 2 2 3 ,0 5 7 ,5 7 0

Less than 9th Grade 1 2 ,3 4 2 3 6 .3 % 9 3 ,1 6 2 3 1 .9 % 2 0 1 ,1 9 0 2 6 .6 % 8 8 4 ,6 7 7 1 3 .2 % 1 ,0 7 0 ,5 2 7 1 2 .1 % 1 2 ,4 3 6 ,3 7 4 5 .6 %

Some High School, No Diploma 6 ,6 7 5 1 9 .6 % 5 3 ,8 6 9 1 8 .5 % 1 2 3 ,4 9 6 1 6 .3 % 6 1 3 ,6 7 1 9 .1 % 7 5 9 ,3 4 4 8 .6 % 1 6 ,2 4 4 ,5 0 5 7 .3 %

High School Graduate (or GED) 8 ,2 8 3 2 4 .3 % 7 3 ,0 9 0 2 5 .1 % 1 8 1 ,5 2 6 2 4 .0 % 1 ,4 0 0 ,0 9 2 2 0 .8 % 1 ,7 6 9 ,9 0 0 2 0 .0 % 6 0 ,9 1 8 ,5 6 0 2 7 .3 %

Some College, No Degree 4 ,0 5 1 1 1 .9 % 4 2 ,1 5 5 1 4 .5 % 1 2 4 ,5 8 7 1 6 .5 % 1 ,2 9 4 ,4 8 5 1 9 .3 % 1 ,7 3 1 ,9 2 6 1 9 .5 % 4 6 ,2 2 7 ,7 5 5 2 0 .7 %

Associate Degree 9 3 1 2 .7 % 1 1 ,1 0 5 3 .8 % 3 4 ,9 1 8 4 .6 % 4 6 4 ,4 0 0 6 .9 % 6 3 1 ,1 0 2 7 .1 % 1 8 ,5 4 5 ,2 7 5 8 .3 %

Bachelor's Degree 1 ,3 7 9 4 .1 % 1 4 ,2 5 8 4 .9 % 6 4 ,6 4 4 8 .5 % 1 ,3 4 5 ,9 7 5 2 0 .0 % 1 ,8 8 3 ,1 6 3 2 1 .3 % 4 2 ,5 4 4 ,4 8 3 1 9 .1 %

Graduate/Professional Degree 3 8 4 1 .1 % 3 ,9 5 3 1 .4 % 2 6 ,8 0 7 3 .5 % 7 1 8 ,1 2 9 1 0 .7 % 1 ,0 1 5 ,2 6 7 1 1 .5 % 2 6 ,1 4 0 ,6 1 8 1 1 .7 %

Powered by Sitewise Pro Data Source: STI PopStats

7 1D E M O G R A P H I C S


0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02



AGE

Population by Age0 - 4 4 ,3 9 7 7 .6 % 3 7 ,9 3 0 7 .4 % 9 2 ,8 3 5 7 .3 % 7 1 3 ,2 7 1 6 .8 % 9 3 2 ,2 3 0 6 .7 % 2 1 ,4 4 9 ,7 9 8 6 .1 %

5 - 14 8 ,5 8 2 1 4 .8 % 6 3 ,4 4 0 1 2 .4 % 1 5 8 ,3 6 7 1 2 .4 % 1 ,2 8 6 ,8 9 0 1 2 .2 % 1 ,6 8 3 ,0 4 2 1 2 .1 % 3 8 ,8 3 3 ,8 6 9 1 1 .0 %

14 - 18 4 ,0 7 4 7 .0 % 3 1 ,5 4 6 6 .2 % 7 0 ,8 4 9 5 .5 % 5 0 2 ,2 3 2 4 .8 % 6 6 2 ,1 0 6 4 .7 % 1 7 ,2 8 5 ,5 2 6 4 .9 %

18 - 22 3 ,8 4 2 6 .6 % 3 8 ,1 6 9 7 .5 % 8 2 ,9 2 2 6 .5 % 5 3 1 ,3 5 7 5 .0 % 7 0 7 ,5 6 4 5 .1 % 2 0 ,9 8 4 ,6 3 4 6 .0 %

22 - 25 3 ,0 1 0 5 .2 % 2 3 ,8 0 9 4 .7 % 5 4 ,8 3 5 4 .3 % 3 9 9 ,8 3 9 3 .8 % 5 3 2 ,0 5 2 3 .8 % 1 4 ,3 4 1 ,2 7 7 4 .1 %

25 - 35 9 ,4 8 5 1 6 .4 % 8 0 ,0 0 1 1 5 .6 % 1 8 7 ,1 8 6 1 4 .6 % 1 ,3 6 8 ,1 8 9 1 3 .0 % 1 ,8 0 8 ,8 7 7 1 3 .0 % 4 4 ,5 7 0 ,5 5 2 1 2 .7 %

35 - 45 8 ,5 2 6 1 4 .7 % 7 1 ,6 2 0 1 4 .0 % 1 8 3 ,2 5 0 1 4 .3 % 1 ,3 9 6 ,9 1 1 1 3 .3 % 1 ,8 1 7 ,3 1 6 1 3 .0 % 4 2 ,4 1 5 ,4 4 9 1 2 .0 %

45 - 55 6 ,8 6 7 1 1 .9 % 6 1 ,5 3 7 1 2 .0 % 1 5 8 ,6 4 9 1 2 .4 % 1 ,3 4 6 ,1 2 3 1 2 .8 % 1 ,7 6 7 ,3 4 4 1 2 .7 % 4 2 ,3 5 6 ,5 8 0 1 2 .0 %

55 - 65 5 ,1 0 8 8 .8 % 5 1 ,0 0 5 1 0 .0 % 1 3 4 ,7 2 9 1 0 .5 % 1 ,2 9 2 ,8 6 2 1 2 .3 % 1 ,7 4 0 ,2 0 1 1 2 .5 % 4 4 ,5 1 8 ,6 2 6 1 2 .6 %

65 - 75 2 ,6 6 7 4 .6 % 3 3 ,7 2 2 6 .6 % 9 4 ,9 0 9 7 .4 % 1 ,0 1 1 ,4 9 1 9 .6 % 1 ,3 6 0 ,9 1 0 9 .8 % 3 8 ,1 3 5 ,5 9 6 1 0 .8 %

75 - 85 1 ,0 6 1 1 .8 % 1 4 ,3 8 2 2 .8 % 4 4 ,8 0 3 3 .5 % 5 1 8 ,5 4 1 4 .9 % 7 0 7 ,2 8 9 5 .1 % 2 1 ,1 6 6 ,9 4 1 6 .0 %85+ 3 3 1 0 .6 % 4 ,1 6 7 0 .8 % 1 4 ,5 2 8 1 .1 % 1 6 4 ,9 4 3 1 .6 % 2 2 6 ,5 2 5 1 .6 % 6 ,0 9 2 ,1 3 0 1 .7 %

INCO

ME

CY Estimated HH by HH Income 1 2 ,9 9 4 1 1 9 ,3 7 1 3 4 3 ,7 2 3 3 ,3 3 8 ,2 5 2 4 ,3 9 2 ,9 2 3 1 2 5 ,6 3 6 ,2 4 2

< $15,000 2 ,3 4 2 1 8 .0 % 2 3 ,1 9 0 1 9 .4 % 6 3 ,4 4 0 1 8 .5 % 3 5 0 ,4 7 2 1 0 .5 % 4 2 2 ,2 1 0 9 .6 % 1 3 ,9 9 4 ,1 6 2 1 1 .1 %

$15,000 - $24,999 2 ,3 5 5 1 8 .1 % 2 0 ,0 9 0 1 6 .8 % 5 2 ,4 1 8 1 5 .3 % 3 0 9 ,1 8 9 9 .3 % 3 7 3 ,5 8 8 8 .5 % 1 2 ,0 1 8 ,2 0 3 9 .6 %

$25,000 - $34,999 1 ,8 1 9 1 4 .0 % 1 6 ,7 2 8 1 4 .0 % 4 4 ,3 2 2 1 2 .9 % 2 8 8 ,3 8 0 8 .6 % 3 5 7 ,1 6 4 8 .1 % 1 1 ,7 0 0 ,7 5 3 9 .3 %

$35,000 - $49,000 2 ,4 1 2 1 8 .6 % 1 9 ,3 1 6 1 6 .2 % 5 1 ,0 6 7 1 4 .9 % 3 9 3 ,3 3 3 1 1 .8 % 4 9 3 ,8 7 2 1 1 .2 % 1 6 ,0 3 9 ,2 7 2 1 2 .8 %

$50,000 - $74,999 2 ,0 1 7 1 5 .5 % 1 8 ,5 5 3 1 5 .5 % 5 3 ,6 9 9 1 5 .6 % 5 3 7 ,6 3 3 1 6 .1 % 6 9 8 ,2 2 1 1 5 .9 % 2 2 ,1 8 3 ,4 1 1 1 7 .7 %

$75,000 - $99,999 1 ,1 0 9 8 .5 % 1 0 ,4 3 5 8 .7 % 3 1 ,7 6 0 9 .2 % 4 0 3 ,3 9 5 1 2 .1 % 5 4 1 ,0 5 8 1 2 .3 % 1 5 ,7 2 8 ,9 2 2 1 2 .5 %

$100,000 - $149,999 7 8 2 6 .0 % 8 ,3 9 5 7 .0 % 2 9 ,7 2 4 8 .6 % 5 0 8 ,0 0 9 1 5 .2 % 7 0 4 ,3 4 1 1 6 .0 % 1 8 ,1 0 3 ,7 4 9 1 4 .4 %

$150,000 - $199,999 1 4 1 1 .1 % 1 ,9 1 5 1 .6 % 1 0 ,3 2 7 3 .0 % 2 6 6 ,8 5 5 8 .0 % 3 8 9 ,9 3 4 8 .9 % 9 ,0 3 9 ,1 2 2 7 .2 %

> $200,000 1 7 0 .1 % 7 4 8 0 .6 % 6 ,9 6 5 2 .0 % 2 8 0 ,9 8 6 8 .4 % 4 1 2 ,5 3 5 9 .4 % 6 ,8 2 8 ,6 4 8 5 .4 %

2019 Median Household Income $ 3 4 ,9 0 1 $ 3 4 ,8 0 5 $ 3 8 ,1 1 9 $ 6 4 ,6 0 8 $ 6 9 ,1 2 9 $ 5 9 ,4 9 6

2024 Median Household Income $ 3 9 ,5 1 8 $ 3 9 ,4 6 0 $ 4 3 ,3 4 5 $ 7 2 ,5 6 7 $ 7 7 ,7 2 8 $ 6 6 ,7 9 8

2019 Average Household Income $ 4 3 ,7 2 0 $ 4 6 ,6 4 0 $ 5 4 ,6 5 4 $ 9 4 ,1 1 9 $ 9 9 ,2 5 1 $ 8 3 ,1 4 3

2024 Average Household Income $ 4 9 ,0 1 8 $ 5 2 ,2 6 4 $ 6 1 ,9 3 7 $ 1 0 5 ,5 1 4 $ 1 1 1 ,3 3 6 $ 9 3 ,6 3 2

LABO

UR FO

RCE Pop. 16+ by Employment Status 4 2 ,9 3 7 3 6 9 ,8 4 0 9 3 3 ,2 6 8 7 ,9 5 5 ,1 2 8 1 0 ,4 8 9 ,1 1 7 2 6 5 ,9 2 8 ,2 2 1

Labor Force 2 6 ,2 7 7 6 1 .2 % 2 2 3 ,2 9 7 6 0 .4 % 5 7 2 ,9 7 7 6 1 .4 % 5 ,1 0 5 ,3 8 9 6 4 .2 % 6 ,7 6 9 ,8 9 9 6 4 .5 % 1 6 7 ,9 7 3 ,1 3 9 6 3 .2 %

In Armed Forces 1 4 0 .0 % 2 0 0 .0 % 5 8 0 .0 % 3 ,4 7 9 0 .0 % 5 ,2 2 6 0 .0 % 1 ,1 2 6 ,4 1 9 0 .4 %

Civilian, Employed 2 4 ,6 9 8 5 7 .5 % 2 0 8 ,1 1 6 5 6 .3 % 5 3 3 ,2 0 3 5 7 .1 % 4 ,8 3 1 ,5 9 6 6 0 .7 % 6 ,4 3 6 ,9 5 7 6 1 .4 % 1 5 9 ,6 7 9 ,7 1 9 6 0 .0 %

Civilian, Unemployed 1 ,5 6 5 3 .6 % 1 5 ,1 6 2 4 .1 % 3 9 ,7 1 6 4 .3 % 2 7 0 ,3 1 4 3 .4 % 3 2 7 ,7 1 6 3 .1 % 7 ,1 6 7 ,0 0 1 2 .7 %

Not in Labor Force 1 6 ,6 6 0 3 8 .8 % 1 4 6 ,5 4 3 3 9 .6 % 3 6 0 ,2 9 1 3 8 .6 % 2 ,8 4 9 ,7 3 9 3 5 .8 % 3 ,7 1 9 ,2 1 8 3 5 .5 % 9 7 ,9 5 5 ,0 8 2 3 6 .8 %

Unemployment Rate 6 .0 % 6 .0 % 6 .0 % 6 .0 % 6 .0 % 6 .0 %




0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02



EMPL

OYME

NT

Employed Population 16+ by Industry 2 4 ,6 9 8 2 0 8 ,1 1 6 5 3 3 ,2 0 3 4 ,8 3 1 ,5 9 6 6 ,4 3 6 ,9 5 7 1 5 9 ,6 7 9 ,7 1 9

Agriculture/Mining 2 ,0 8 8 8 .5 % 1 8 ,4 9 9 8 .9 % 4 3 ,8 2 7 8 .2 % 3 0 7 ,3 2 7 6 .4 % 4 0 6 ,6 4 5 6 .3 % 1 3 ,2 1 9 ,0 7 5 8 .3 %

Manufacturing 4 ,8 3 5 1 9 .6 % 3 4 ,6 7 1 1 6 .7 % 7 5 ,1 4 4 1 4 .1 % 4 8 4 ,6 3 5 1 0 .0 % 6 9 2 ,2 6 8 1 0 .8 % 1 6 ,4 7 8 ,3 5 0 1 0 .3 %

Wholesale & Retail Trade 4 ,0 8 7 1 6 .5 % 3 5 ,1 8 2 1 6 .9 % 8 5 ,2 3 3 1 6 .0 % 6 7 6 ,4 0 2 1 4 .0 % 9 0 4 ,2 8 6 1 4 .0 % 2 2 ,4 9 5 ,8 2 8 1 4 .1 %

Transpotation/Utilities 2 ,0 7 6 8 .4 % 1 5 ,8 8 7 7 .6 % 3 9 ,1 5 6 7 .3 % 2 7 4 ,8 0 6 5 .7 % 3 2 8 ,8 2 6 5 .1 % 8 ,1 6 0 ,4 2 4 5 .1 %

Information 1 8 9 0 .8 % 2 ,0 2 0 1 .0 % 9 ,9 0 8 1 .9 % 2 0 8 ,2 1 1 4 .3 % 2 4 1 ,4 9 3 3 .8 % 3 ,3 2 8 ,3 8 3 2 .1 %

Finance/Insurance/Real Estate 5 8 4 2 .4 % 4 ,9 3 6 2 .4 % 1 8 ,2 9 9 3 .4 % 2 9 4 ,6 6 4 6 .1 % 4 3 2 ,8 5 6 6 .7 % 1 0 ,5 1 3 ,8 7 3 6 .6 %

Professional/Management/Scientific 2 ,4 9 2 1 0 .1 % 2 2 ,2 5 4 1 0 .7 % 5 9 ,4 1 0 1 1 .1 % 6 1 3 ,3 9 0 1 2 .7 % 8 4 5 ,9 2 7 1 3 .1 % 1 7 ,9 7 9 ,2 6 2 1 1 .3 %

Education/Health/Social Services 2 ,8 6 2 1 1 .6 % 3 2 ,2 0 7 1 5 .5 % 9 0 ,3 4 5 1 6 .9 % 9 9 5 ,2 1 3 2 0 .6 % 1 ,3 0 0 ,9 0 9 2 0 .2 % 3 6 ,9 1 2 ,8 8 0 2 3 .1 %

Arts/Ent./Accomodation/Food Services 2 ,9 9 5 1 2 .1 % 2 3 ,0 0 1 1 1 .1 % 5 9 ,9 6 0 1 1 .2 % 5 3 1 ,7 6 2 1 1 .0 % 7 0 6 ,2 8 8 1 1 .0 % 1 5 ,2 6 5 ,1 1 2 9 .6 %

Other Services 2 ,1 5 5 8 .7 % 1 5 ,4 5 3 7 .4 % 3 8 ,6 3 5 7 .2 % 2 9 1 ,2 4 0 6 .0 % 3 7 9 ,2 7 3 5 .9 % 7 ,8 1 3 ,4 9 4 4 .9 %

Public Administration 3 3 5 1 .4 % 4 ,0 0 7 1 .9 % 1 3 ,2 8 5 2 .5 % 1 5 3 ,9 4 6 3 .2 % 1 9 8 ,1 8 6 3 .1 % 7 ,5 1 3 ,0 3 8 4 .7 %

Employed Civilian Pop. 16+ by Occupation 2 4 ,6 9 8 2 0 8 ,1 1 6 5 3 3 ,2 0 3 4 ,8 3 1 ,5 9 6 6 ,4 3 6 ,9 5 7 1 5 9 ,6 7 9 ,7 1 9

White Collar 7 ,7 6 9 3 1 .5 % 7 2 ,4 1 3 3 4 .8 % 2 1 9 ,7 7 2 4 1 .2 % 2 ,9 0 4 ,2 3 3 6 0 .1 % 3 ,9 6 0 ,8 0 5 6 1 .5 % 9 7 ,4 5 2 ,7 6 7 6 1 .0 %

Services 5 ,9 5 3 2 4 .1 % 5 3 ,5 2 5 2 5 .7 % 1 3 2 ,1 4 2 2 4 .8 % 9 2 2 ,0 1 8 1 9 .1 % 1 ,2 0 0 ,9 0 3 1 8 .7 % 2 8 ,5 5 7 ,1 7 7 1 7 .9 %

Blue Collar 1 0 ,9 7 6 4 4 .4 % 8 2 ,1 7 7 3 9 .5 % 1 8 1 ,2 8 9 3 4 .0 % 1 ,0 0 5 ,3 4 5 2 0 .8 % 1 ,2 7 5 ,2 4 9 1 9 .8 % 3 3 ,6 6 9 ,7 7 5 2 1 .1 %

HOUS

ING

VALU

E

Owner-Occupied Housing Units by Value 4 ,1 0 3 3 8 ,1 1 6 1 0 9 ,0 1 8 1 ,5 9 2 ,7 4 8 2 ,2 1 8 ,8 6 2 8 1 ,9 3 7 ,1 7 1

Less than $50,000 5 1 1 .2 % 5 8 5 1 .5 % 1 ,6 6 8 1 .5 % 2 9 ,1 2 4 1 .8 % 3 9 ,8 4 3 1 .8 % 5 ,4 0 7 ,4 4 1 6 .6 %

$50,000 - $99,999 3 1 0 .8 % 2 7 6 0 .7 % 9 6 2 0 .9 % 1 9 ,5 0 5 1 .2 % 2 8 ,2 2 1 1 .3 % 8 ,0 7 5 ,7 5 2 9 .9 %

$100,000 - $199,999 1 1 5 2 .8 % 7 8 5 2 .1 % 1 ,6 2 8 1 .5 % 3 0 ,5 2 9 1 .9 % 4 2 ,9 1 9 1 .9 % 1 9 ,3 6 2 ,2 1 7 2 3 .6 %

$200,000 - $299,999 3 3 9 8 .3 % 2 ,5 3 2 6 .6 % 5 ,2 4 7 4 .8 % 4 5 ,7 4 0 2 .9 % 5 8 ,8 1 5 2 .7 % 1 4 ,5 1 6 ,9 1 0 1 7 .7 %

$300,000 - $399,999 5 7 6 1 4 .0 % 5 ,4 4 4 1 4 .3 % 1 1 ,3 4 8 1 0 .4 % 7 5 ,4 7 9 4 .7 % 9 5 ,2 6 5 4 .3 % 9 ,6 0 9 ,7 1 1 1 1 .7 %

$400,000 - $499,999 8 9 7 2 1 .9 % 8 ,1 4 3 2 1 .4 % 1 7 ,9 9 6 1 6 .5 % 1 1 3 ,4 6 2 7 .1 % 1 4 6 ,2 7 4 6 .6 % 6 ,6 4 8 ,8 3 6 8 .1 %

$500,000 - $749,999 1 ,5 6 2 3 8 .1 % 1 4 ,8 3 5 3 8 .9 % 4 3 ,5 3 0 3 9 .9 % 4 3 1 ,9 6 6 2 7 .1 % 5 6 8 ,8 6 1 2 5 .6 % 8 ,8 8 0 ,9 4 1 1 0 .8 %

$750,000 $1,000,000 3 4 0 8 .3 % 3 ,5 1 7 9 .2 % 1 4 ,1 3 9 1 3 .0 % 2 6 8 ,0 8 5 1 6 .8 % 3 9 8 ,8 5 9 1 8 .0 % 4 ,0 9 3 ,7 3 7 5 .0 %

$1,000,000 or more 1 9 1 4 .7 % 1 ,9 9 9 5 .2 % 1 2 ,5 0 0 1 1 .5 % 5 7 8 ,8 5 8 3 6 .3 % 8 3 9 ,8 0 5 3 7 .8 % 5 ,3 4 1 ,6 2 6 6 .5 %

Median Housing Unit Value $ 5 0 6 ,6 8 7 $ 5 2 1 ,7 9 6 $ 5 8 9 ,9 4 1 $ 7 9 7 ,1 5 8 $ 8 3 1 ,0 0 2 $ 2 5 0 ,6 0 2

Average Housing Unit Value $ 5 3 2 ,7 3 2 $ 5 3 7 ,7 0 0 $ 6 1 6 ,5 7 8 $ 9 3 3 ,2 1 3 $ 9 4 6 ,4 3 1 $ 3 6 9 ,8 3 0




0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02



ETHN

ICITY

Estimated Population by Ethnicity 5 7 ,9 5 1 4 9 0 ,2 8 1 1 ,2 1 4 ,8 7 6 1 0 ,0 7 8 ,7 7 0 1 3 ,2 5 8 ,2 1 7 3 3 2 ,2 3 0 ,2 3 9

America 1 8 0 0 .3 % 2 ,5 3 7 0 .5 % 7 ,6 6 2 0 .6 % 1 5 4 ,1 3 0 1 .5 % 2 3 6 ,0 2 3 1 .8 % 2 1 ,3 1 7 ,4 3 1 6 .4 %

American 1 3 2 0 .2 % 1 ,8 4 6 0 .4 % 5 ,1 6 0 0 .4 % 1 1 1 ,2 5 9 1 .1 % 1 7 7 ,7 0 5 1 .3 % 1 8 ,3 6 4 ,6 7 9 5 .5 %

Native American 3 9 0 .1 % 5 3 5 0 .1 % 1 ,8 2 5 0 .2 % 1 9 ,8 9 9 0 .2 % 2 6 ,5 4 5 0 .2 % 2 ,4 2 3 ,6 3 7 0 .7 %

Hawaiian 9 0 .0 % 1 5 6 0 .0 % 6 7 7 0 .1 % 2 2 ,9 7 2 0 .2 % 3 1 ,7 7 3 0 .2 % 5 2 9 ,1 1 5 0 .2 %

Hispanic 4 9 ,5 9 0 8 5 .6 % 3 8 3 ,5 6 9 7 8 .2 % 8 5 9 ,2 5 6 7 0 .7 % 4 ,8 2 8 ,3 7 6 4 7 .9 % 5 ,8 9 4 ,3 5 3 4 4 .5 % 5 8 ,6 2 2 ,8 5 1 1 7 .6 %

Mexican 3 7 ,1 1 7 6 4 .0 % 2 7 7 ,4 7 1 5 6 .6 % 6 1 1 ,7 6 8 5 0 .4 % 3 ,6 3 2 ,2 5 8 3 6 .0 % 4 ,5 3 7 ,7 7 8 3 4 .2 % 3 4 ,6 9 6 ,1 8 9 1 0 .4 %

Puerto Rican 1 0 1 0 .2 % 1 ,1 9 0 0 .2 % 3 ,7 1 8 0 .3 % 4 5 ,8 7 7 0 .5 % 5 8 ,3 0 8 0 .4 % 8 ,4 5 1 ,1 6 1 2 .5 %

Cuban 1 7 0 .0 % 6 3 5 0 .1 % 3 ,1 3 9 0 .3 % 4 0 ,2 2 7 0 .4 % 4 9 ,2 8 6 0 .4 % 2 ,0 7 6 ,0 7 9 0 .6 %

Dominican 2 1 0 .0 % 1 7 6 0 .0 % 4 1 0 0 .0 % 4 ,7 8 1 0 .0 % 5 ,5 8 3 0 .0 % 1 ,7 2 2 ,5 5 4 0 .5 %

Central American 9 ,9 6 4 1 7 .2 % 8 2 ,8 3 8 1 6 .9 % 1 8 7 ,3 8 8 1 5 .4 % 7 1 0 ,0 7 9 7 .0 % 7 6 3 ,6 5 2 5 .8 % 4 ,6 2 4 ,0 3 5 1 .4 %

South American 7 5 0 .1 % 1 ,7 0 3 0 .3 % 6 ,7 5 1 0 .6 % 1 2 0 ,5 9 7 1 .2 % 1 5 5 ,1 0 0 1 .2 % 3 ,2 2 4 ,4 9 7 1 .0 %

Other Hispanic 2 ,2 9 6 4 .0 % 1 9 ,5 5 7 4 .0 % 4 6 ,0 8 2 3 .8 % 2 7 4 ,5 5 7 2 .7 % 3 2 4 ,6 4 6 2 .4 % 3 ,8 2 8 ,3 3 6 1 .2 %

Asian 1 3 0 0 .2 % 4 ,9 2 7 1 .0 % 4 2 ,9 4 5 3 .5 % 1 ,3 8 8 ,0 1 6 1 3 .8 % 1 ,9 7 7 ,6 8 0 1 4 .9 % 1 6 ,3 0 5 ,6 3 1 4 .9 %Chinese 2 6 0 .0 % 1 ,7 0 5 0 .3 % 8 ,9 2 8 0 .7 % 4 3 0 ,4 2 6 4 .3 % 5 3 0 ,0 9 5 4 .0 % 3 ,8 9 5 ,6 7 6 1 .2 %

Japanese 2 2 0 .0 % 2 4 2 0 .0 % 3 ,6 7 6 0 .3 % 1 0 3 ,7 1 2 1 .0 % 1 3 9 ,0 3 7 1 .0 % 8 2 1 ,2 3 5 0 .2 %

Korean 3 0 0 .1 % 9 9 2 0 .2 % 1 9 ,5 1 0 1 .6 % 2 1 5 ,3 0 6 2 .1 % 3 0 7 ,3 2 9 2 .3 % 1 ,4 6 1 ,3 9 6 0 .4 %

SC Asian 4 0 .0 % 6 5 5 0 .1 % 3 ,1 1 3 0 .3 % 1 0 2 ,1 1 1 1 .0 % 1 5 9 ,4 7 6 1 .2 % 3 ,9 7 6 ,1 0 4 1 .2 %

SE Asian 1 8 0 .0 % 1 ,1 0 6 0 .2 % 6 ,5 3 7 0 .5 % 4 8 6 ,1 8 9 4 .8 % 7 7 4 ,1 3 9 5 .8 % 5 ,3 3 3 ,7 1 8 1 .6 %

Other Asian 3 0 0 .1 % 2 2 7 0 .0 % 1 ,1 8 0 0 .1 % 5 0 ,2 7 2 0 .5 % 6 7 ,6 0 4 0 .5 % 8 1 7 ,5 0 2 0 .2 %

European 1 6 0 .0 % 1 ,8 5 9 0 .4 % 1 2 ,1 6 9 1 .0 % 1 ,0 6 7 ,8 9 3 1 0 .6 % 1 ,6 6 1 ,5 5 7 1 2 .5 % 1 1 0 ,4 3 3 ,6 9 2 3 3 .2 %

British - 0 .0 % 2 5 4 0 .1 % 1 ,8 3 8 0 .2 % 1 6 6 ,2 1 8 1 .6 % 2 7 3 ,5 4 0 2 .1 % 1 7 ,0 3 3 ,6 0 5 5 .1 %

Dutch - 0 .0 % 2 1 0 .0 % 1 8 4 0 .0 % 2 0 ,5 1 4 0 .2 % 3 4 ,2 1 8 0 .3 % 2 ,3 8 0 ,3 6 3 0 .7 %

French 2 0 .0 % 7 5 0 .0 % 7 0 5 0 .1 % 4 4 ,6 1 7 0 .4 % 6 9 ,3 1 4 0 .5 % 4 ,7 2 1 ,0 3 8 1 .4 %

German 6 0 .0 % 3 2 6 0 .1 % 2 ,1 8 1 0 .2 % 1 9 4 ,5 1 8 1 .9 % 3 2 2 ,1 7 0 2 .4 % 2 9 ,0 0 7 ,8 0 8 8 .7 %

Italian - 0 .0 % 2 6 9 0 .1 % 1 ,3 8 9 0 .1 % 1 1 1 ,3 4 8 1 .1 % 1 7 1 ,3 0 4 1 .3 % 1 0 ,6 1 5 ,7 5 5 3 .2 %

Polish - 0 .0 % 1 0 5 0 .0 % 4 8 3 0 .0 % 5 0 ,4 0 1 0 .5 % 7 1 ,3 0 9 0 .5 % 5 ,5 5 6 ,8 8 1 1 .7 %

Scandinavian - 0 .0 % 1 0 3 0 .0 % 9 3 0 0 .1 % 7 1 ,5 8 0 0 .7 % 1 1 9 ,2 7 1 0 .9 % 6 ,7 7 1 ,9 0 6 2 .0 %

Scotch/Irish 7 0 .0 % 3 9 9 0 .1 % 2 ,3 6 1 0 .2 % 1 9 4 ,6 7 5 1 .9 % 3 1 4 ,0 2 4 2 .4 % 2 4 ,0 5 6 ,2 0 4 7 .2 %

Other European - 0 .0 % 3 0 7 0 .1 % 2 ,0 9 7 0 .2 % 2 1 4 ,0 2 2 2 .1 % 2 8 6 ,4 0 7 2 .2 % 1 0 ,2 9 0 ,1 3 2 3 .1 %

Middle Eastern 6 0 .0 % 1 5 3 0 .0 % 1 ,2 7 8 0 .1 % 2 1 1 ,7 1 2 2 .1 % 2 5 9 ,1 2 2 2 .0 % 2 ,0 9 1 ,4 9 3 0 .6 %

Other Ethnicity 7 ,2 7 4 1 2 .6 % 8 7 ,0 6 6 1 7 .8 % 2 5 8 ,8 2 2 2 1 .3 % 1 ,9 8 6 ,9 1 1 1 9 .7 % 2 ,5 8 4 ,2 9 1 1 9 .5 % 7 6 ,6 0 5 ,6 8 3 2 3 .1 %

Unclassified 7 5 5 1 .3 % 1 0 ,1 7 0 2 .1 % 3 2 ,7 4 5 2 .7 % 4 4 1 ,7 3 2 4 .4 % 6 4 5 ,1 9 1 4 .9 % 4 6 ,8 5 3 ,4 5 8 1 4 .1 %



Median Household Income5937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

Legend Map



Median Housing Value5937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

Legend Map



Population Density5937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

Legend Map



% Population Change: 2010-20195937 S Avalon Blvd, Los Angeles, CA 90003

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 33.986516, -118.2653452020-Mar-02

Legend Map


MULTIFAMILYFORECAST REPORT

80 M U LT I F A M I LY F O R E C A S T R E P O R T

LOS ANGELES - SOUTH | MULTIFAMILY FORECAST REPORT2019 REVIEWApartment fundamentals flourished in Los Angeles South in 2019, buoyed by several major capital and infrastructure developments. Net apartment absorption exceeded new deliveries by more than a two-to-one margin, lifting average occupancy 20 basis points year over year to 97.3% in December. In comparison, countywide occupancy averaged 96.8%. Apartment deliveries in 2019 increased more than 50% over 2018, and by year-end 2019, 21 apartment communities consisting of a total 5,193 units were under construction in Los Angeles South. Nine of those developments representing 1,666 apartments were in the Long Beach submarket near key employment centers. The communities in Los Angeles South remained an attractive choice for renters on a budget not wanting to relocate outside the county. Effective rent in Los Angeles South was typically about 15% less than rent across the county. This advantage existed despite a 4.6% year-over-year increase in effective rent to $1,966 per month in December. Meanwhile, countywide employment grew 1.2% with 53,900 net new hires.

*Estimate; **Forecast | Source: Berkadia, Moody’s Analytics

EMPLOYMENT CHANGE

95.5%

96.0%

96.5%

97.0%

97.5%

$1,300

$1,500

$1,700

$1,900

$2,100

14 15 16 17 18 19* 20**

Rent & Occupancy

0

50,000

100,000

150,000

2011 2012 2013 2014 2015 2016 2017 2018 2019* 2020**

Employment

0

1,000

2,000

3,000

4,000

14 15 16 17 18 19* 20**

Absorption & Deliveries

*Estimate; **Forecast | Source: Berkadia, Axiometrics*Estimate; **Forecast | Source: Berkadia, Axiometrics

EFFECTIVE RENT AND OCCUPANCY ABSORPTION AND DELIVERIES

81M U LT I F A M I LY F O R E C A S T R E P O R T

LOS ANGELES - SOUTH | MULTIFAMILY FORECAST REPORT2020 PREVIEW2019 PERFORMANCE HIGHLIGHTS

Annual employment expansion of 1.2% recorded in 2019 is projected to dwindle to 0.3% job growth in 2020 as employers in Los Angeles County create 15,500 net new jobs. Builders are scheduled to deliver 3,993 apartments this year in the Los Angeles South market. The emergence of attractive, new apartments combined with the completion of SoFi Stadium, the revitalization of Downtown Long Beach, and the persistent allure of Silicon Beach to start-up companies will be major drivers of apartment leasing activity that is forecast to result in net absorption of 2,772 apartments. The proliferation of new stock will generate a supply imbalance, pushing down the occupancy rate 30 basis points to a still-healthy 97.0% by December. The elevated pace of deliveries will kindle additional competition between multifamily communities, inducing slower rent growth. By year-end, $2,016 monthly effective rent is forecast, a 2.5% annual gain—favorable compared to 2.0% rent growth countywide. The potential for substantial rent growth exists in the areas near SoFi Stadium, and some multifamily investors may be inclined to target opportunities there. However, absent some property and ownership exclusions, the recent passage of AB 1482 means rental properties in California will be limited to a maximum 5%-plus-CPI annual rent increase.

CAP RATE | PRICE PER UNIT

*Estimate | Source: Berkadia, CoStar Group

SALES ACTIVITY INDEX

*Estimate | Source: Berkadia, CoStar Group

Ind

ex

Valu

e (

Base

Ye

ar

20

14 =

10

0)

$150,000

$200,000

$250,000

$300,000

$350,000

3.0%

3.5%

4.0%

4.5%

5.0%

15 16 17 18 19*

Cap Rate & PPU

0

80

160

240

15 16 17 18 19*

Sales Index

1.2% YOY

COUNTYEMPLOYMENT CHANGE

53,900

4.6% YOY

EFFECTIVE RENT$1,966

20 BPS YOY

OCCUPANCY97.3%

50.6 % YOY

CONSTRUCTION738 Units

ABSORPTION1,521 Units

COUNTY POPULATION10,114,600

MEDIANHOUSEHOLD

INCOME$59,445

COUNTY HOUSEHOLDS3,480,900

RENTSHARE OFWALLET39.7%

YE 2019 0.1% YOY YE 2019 0.9% YOY YE 2019 3.0% YOY YE 2019 60 BPS YOY

30 BPS YOY

COUNTY UNEMPLOYMENT RATE

4.4%

82

DISCLAIMERThe material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.

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Berkadia® is a trademark of Berkadia Proprietary Holding LLC

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details, visit: http://

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83

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EL SEGUNDO, CA

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SOUTH BAY OFFICE2321 Rosecrans Avenue, Suite #3235

El Segundo, CA 90245BERKADIA.COM

mixed use - 22 apartments, 5 retail and 2 commercial

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