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OFFERING MEMORANDUM MULTIFAMILY REDEVELOPMENT OPPORTUNITY

17257 VENTURA BLVD | ENCINO, CA 91316

1 17257 VENTURA BLVD

ENCINO, CA 91316

EXCLUSIVELY LISTED BY:

ADAM FELDMAN Associate

DIRECT +1 (818) 923-6112 MOBILE +1 (310) 749-8140 [email protected] No. 02090792 (CA)

JOHN BOYETT Senior Associate

DIRECT +1 (818) 923-6226 MOBILE +1 (707) 815-7472 [email protected] License No. 02056759 (CA)

DANIEL WITHERS SVP & Senior Director

DIRECT +1 (818) 923-6107 MOBILE +1 (310) 365-5054 [email protected] License No. 01325901 (CA) PROPERTY 06 OVERVIEW

AREA 12 OVERVIEW

PROPERTY 25 COMPARABLES PROPERTY OVERVIEW

17257 VENTURA BLVD ENCINO, CA 91316

4 OPPORTUNITY

17257 Ventura Blvd provides investors a generational opportunity to build a luxury legacy asset in the heart of Encino. Encino is a high-income market in the , located a short drive from the Westside of . This opportunity allows a developer to take advantage of a market with very little development velocity.

Currently on-site is a shopping center, and all tenants are on under five-year leases. This allows an investor to collect some income while they go through the entitlement process with the city of Los Angeles. The property is zoned C4 and the back part of the lot is zoned P1.

5 SEPULVIDA BASIN PUBLIC PARK

ENCINO PARK PUBLIC PARK

PLAZA DEL ORO SHOPPING CENTER

VENTURA BLVD ± 42,000 VPD

SITE

6 ENCINO VALLEY SHOPPING CENTER

ENCINO COURTYARD SHOPPING MALL

VENTURA BLVD ± 42,000 VPD

SITE

7 SUBJECT PROPERTY

MEDIAN HH INCOME

75K OR MORE

60K TO 75K

45K TO 60K

30K TO 45K

LESS THAN 30K

8 SUBJECT PROPERTY

ZONING LEGEND

OS, GW

A, RA

RE, RS, R1, RU, RZ, RW1

R2, RD, RMP, RW2, R3, RAS, R4, R5, PVSP

CR, C1, C1.5, C2, C4, C5, CW, WC, ADP, LASED, CEC, USC, PPSP, MU, NMU CM, MR, CCS, UV, UI, UC, M1, M2, LAX, M3, SL, HJ, HR, NI P, PB

PF

9 10 A NEW DEVELOPMENTS C B 5 MILE D 3 MILE SITE

1 MILE

A 606 variel ave C WARNER CENTER REMODEL

271UNIT APARTMENT BUILDING 271UNIT APARTMENT BUILDING

COMPLEX WITH AMMENITIES SUCH COMPLEX WITH AMMENITIES SUCH AS A POOL,ROOFTOP DECKS, AND AS A POOL, ROOFTOP DECKS, AND TWO LEVELS OF PARKING TWO LEVELS OF PARKING B 6041 VARIEL AVE D 21031 WARNER CENTER LN 271UNIT APARTMENT BUILDING 271UNIT APARTMENT BUILDING COMPLEX WITH AMMENITIES SUCH COMPLEX WITH AMMENITIES SUCH AS A POOL, ROOFTOP DECKS, AND AS A POOL, ROOFTOP DECKS, AND TWO LEVELS OF PARKING TWO LEVELS OF PARKING 11 AREA OVERVIEW

17257 VENTURA BLVD ENCINO, CA 91316

12 ENCINO, CA

Situated in the central portion of the southern San Fernando Valley and on the north slope of the Santa Monica Mountains, Encino is a neighborhood in Los Angeles County, CA. With a city population of over 44,000 residents, Encino is surrounded by other populous Los Angeles neighborhoods including Lake Balboa in the north, Sherman Oaks in the east, and Tarzana in the west, and Bel Air and Brentwood in the south. Encino has quick access to these neighborhoods and other large cities in the Los Angeles Metropolitan Area using U.S. Route 101 and I-405. The U.S. Route 101 can take visitors and residents towards while the I-405 can take visitors and residents towards LAX.

Encino’s local economy is supported by the health care, social services, and professional services sectors. Around 3,800 businesses are located within the city, employing more than 27,000 people with an annual payroll of over $1.4 billion.

Encino is the ideal peaceful and upscale community for businesses and families in the San Fernando Valley. 13 ENCINO ATTRACTIONS

Encino has a small-town feel with lots of amenities, specifically on Ventura Blvd where many business, shopping, and dining establishments are located within walking distance of each other. Other attractions include the Sepulveda Basin Recreation Area, the Los Encinos State Historic Park, and the Westridge- Canyonback Wilderness Park.

• Sepulveda Basin Recreation Area: Situated on Burbank Blvd., the Sepulveda Basin and Recreation Area is comprised of Balboa Sports Center, Hjelte Sports Center, Lake Balboa/Anthony C. Beilenson Park, Sepulveda Garden Center, Sherman Oaks Castle Park, Woodley Park, Encino Golf Course, Balboa Golf Course, and Woodley Lakes Golf Course. Picnicking, fishing, and biking are popular activities in the area. The facility is a popular spot for indoor and outdoor recreation within the city of Encino.

• Los Encinos State Historic Park: Located along Ventura Blvd., the Los Encinos State Historic Park was the hub of Rancho El Encino. The area features the original eight-room De La Ossa Adobe, the two-story limestone Garnier building, a blacksmith shop, a natural spring, and a pond. Guided tours of the De La Ossa Adobe, school programs, and special events such as Haunted History and Victorian Day in the Park are some of the activities hosted at the park.

• Westridge-Canyonback Wilderness Park: The Westridge-Canyonback Wilderness Park is located just south of Encino deep in the eastern Santa Monica Mountains. The park boasts 1,500 acres of open space bordered by upper Mandeville Canyon, Sullivan Canyon, Mission Canyon, and San Vicente Mountain Park. The area is a popular outdoor spot for mountain bikers, hikers, and equestrians due to its several miles of trails. It is contiguous with the 20,000-acre urban wilderness park known as the “Big Wild.”

14 As home to the world’s major movie studios, the San Fernando Valley is where celebrities live, work, and play. It’s made up of gorgeous suburbs and mini-malls. Major network and movie studios call it home SAN FERNANDO VALLEY

Southern ’s San Fernando Valley, encompassing the City of Burbank, City of Calabasas, City of Glendale, City of Los Angeles and City of San Fernando.

The San Fernando Valley is an urbanized valley in Los Angeles County, California in the Los Angeles metropolitan area, defined by the mountains of the Transverse Ranges circling it. Comprised of nearly 350 square miles of prime southland real estate, the San Fernando Valley is home to more than 1.8 million residents. About 80 percent of the San Fernando Valley is actually part of the City of Los Angeles, but the Valley also includes other independent cities which are attractive locations for business: Burbank, Calabasas, Glendale, Hidden Hills, and San Fernando.

In addition to the many popular studio tours, historical sites, theaters and museums, the San Fernando Valley offers an incredible array of fine dining, shopping, lodging and recreational opportunities, along with world-class attractions at each of the scenic entrances to our Valley, including the magnificent new Getty Center, the Bowl and the Los Angeles Zoo at the southern entrances; the site of the granddaddy of all college bowl games — the — at the east; the Ronald Reagan Presidential Library at the west; and the tallest, fastest roller coasters in the world at Six Flags Magic Mountain to the north.

MAJOR EMPLOYERS

15 ENTERTAINMENT TRANSPORTATION LOT HOLLYWOOD BURBANK AIRPORT San Fernando Valley boasts one of the nation’s largest Situated near local communities, business centers, the concentrations of entertainment activity, home to some entertainment industry, and recreational facilities, Van of the most well-known companies including The Walt Nuys Airport (VNY) and Hollywood Burbank Airport (BUR) Disney Company, Warner Brothers Ent., Universal Studios, serve as major economic engines for the San Fernando Paramount Pictures, CBS Studios, DreamWorks, Starz Valley. Based on the most recent data available, these Media, ABC Inc., and Nickelodeon Animation. Combined, two hubs combine to generate a $3.8 billion economic these companies alone employ over 22,900 workers. impact while supporting over 22,000 jobs annually. BUR Warner Brothers is headquartered at their 142-acre studio hosted approximately 5.2 million passengers in 2018, lot in Burbank, one of the most notable motion picture which equates to a 11% increase annually. and television production facilities in the world.

$120 BILLION ±837,000 $3.8 BILLION ±22,000 ECONOMIC IMPACT JOBS SUPPORTED ECONOMIC IMPACT JOBS SUPPORTED

ORANGE LINE EXTENSION Construction is underway on a $393 million project that will significantly speed up service along the Orange Line bus route. Already among the most popular public transit lines in The Valley, services through the Orange Line are forecast to speed up by 20% with the construction of crossing gates at 35 intersections, helping buses avoid traffic along San Fernando Valley’s busy corridors. Additionally, a pair of aerial bridges will be built at Sepulveda and , in addition to new stations above the streets. Construction on all phases of the project are forecast to be completed by 2025 in time for then 2028 Los Angeles Olympics. Decades after completion, Metro plans to convert this line into a light rail corridor that is expected to 16 open by 2057. N

10

8 6 9 5 13 11 7

12

1. UNIVERSAL STUDIOS HOLLYWOOD 1 2. HOLLYWOOD BOULEVARD

3. RODEO DRIVE

4. THE GETTY

5. HOLLYWOOD BURBANK AIRPORT

6. 2

7. THE GREAT WALL OF LOS ANGELES

8. VALLEY RELICS MUSEUM

9. STARLIGHT BOWL 4

10. THE SORAYA 3

11. BURBANK TOWN CENTER MALL

12.

13. VILLAGE AT WESTFIELD TOPANGA

17 HOLLYWOOD BLVD

LA CULTURAL ICON, WITH MUSEUMS, LANDMARKS AND OTHER HOLLYWOOD ATTRACTIONS THAT CELEBRATE L.A.’S RICH FILM AND ENTERTAINMENT HERITAGE RODEO DRIVE

ONE OF THE MOST FAMOUS STREETS ON THE GLOBE WITH MORE THAN 100 WORLD-RENOWNED STORES

UNIVERSAL STUDIOS HOLLYWOOD

ONE OF THE OLDEST AND MOST FAMOUS HOLLYWOOD FILM STUDIOS “THE ENTERTAINMENT CAPITAL OF LA”

HOLLYWOOD BURBANK AIRPORT

FRIENDLIEST, MOST CONVENIENT AIRPORT FOR FLYING TO OR FROM LOS ANGELES, HOLLYWOOD, AND THE SAN FERNANDO VALLEY

VAN NUYS AIRPORT

RANKS AS ONE OF THE WORLD’S BUSIEST GENERAL AVIATION AIRPORTS & AVGS OVER 230,000 THE GETTY CENTER TAKEOFFS AND LANDINGS ANNUALLY THE MAIN BRANCH OF THE WORLD-CLASS MUSEUM MAY LOOK LIKE AN ELEVATED MODERNIST CITY

VALLEY RELICS MUSEUM

BOASTS ITS VAST COLLECTION OF HISTORICAL ARTIFACTS PERTAINING TO THE SAN FERNANDO VALLEY AND SURROUNDING AREAS STARLIGHT BOWL

CONVENIENT LOCATION AND SEATS 3,000 IN CHAIRBACK SEATING AND 2,000 MORE ON THE LAWN FOR A TOTAL CAPACITY OF 5,000

GREAT WALL OF LOS ANGELES

ONE OF LOS ANGELES’ TRUE CULTURAL LANDMARKS AND ONE OF THE COUNTRY’S MOST RESPECTED AND LARGEST MONUMENTS TO INTER-RACIAL HARMONY

BURBANK TOWN CENTER OFFERS A CHOICE OF MORE THAN 170 RETAIL SHOPS, VENTURA BLVD RESTAURANTS, ENTERTAINMENT VENUES AND LIFESTYLE SERVICES RUNNING 18 MILES, VENTURA BLVD IS THE WORLD’S LONGEST AVENUE OF CONTIGUOUS BUSINESSES VILLAGE AT WESTFIELD 2.1 MILLION SF OF RETAIL GLORY & EVERYDAY STOP FOR WOODLAND HILLS LOCALS AND A DESTINATION POINT

THE SORAYA 18 PERFORMANCE PROGRAM OF ±50 MUSIC, DANCE, THEATER, AND INTERNATIONAL EVENTS SAN FERNANDO VALLEY DEVELOPMENTS

1 2 3

“24”: THE NEW BRATZ DOLLS HEADQUARTERS WESTFIELD’S MAKEOVER OF WARNER CENTER 21031 WARNER CENTER LANE This office campus will incorporate creative office, Developer Westfield is planning a major overhaul of the A planned 24-acre complex in Warner Center could bring residential, and retail space on a 24-property that was old Promenade mall site that will bring 1,400 housing units about 1,000 apartments and condos, a 24-story hotel, and once home to a printing plant. New and two hotels (with a total of 572 rooms) to the 34-acre a trio of 15-story office buildings to a site near De Soto structures holding 660 apartments and ground-floor site. New streets and pathways will be built throughout and Burbank avenues. The project would transform the retail space will be built around the offices, which will the site, breaking up all of the new buildings. It will also Warner Center Corporate Park, which is now occupied serve as the headquarters for MGA Entertainment. The include a central 1-acre public square and parks and by a collection of low-rise buildings. Developer Michael campus will also feature considerable resident amenities, courtyards throughout. The developer’s planning to erect Adler of Adler Realty told the Daily News that he expected including two pools, community gardens, outdoor the project in phases. The estimated price tag: $1.5 billion. to receive the city’s decision on the plans in roughly six walking tracks, and an open-air amphitheater. months.

4 5 6

IZEK SHOMOFF’S REDO OF PANORAMA TOWERS Downtown BURBANK TOWN CENTER THE ICON AT PANORAMA CITY developer Izek Shomof wants to repurpose a 13-story The Burbank Town Center’s Ikea has moved about 1 mile Beverly Hills-based Icon Company plans to tear down midcentury office building designed by Welton Becket. away, and developers Crown Realty and Development three commercial buildings, including the shuttered His plan is to incorporate into housing and retail in the Inc. have big plans for the spot it left behind. They intend Montgomery Ward, at Roscoe Boulevard and Tobias tower and to build an outdoor mall and parking structure to raze the old Ikea and build 765 multi-family units; an Avenue, to make way for seven new buildings measuring to complement it. The high-rise has been empty since additional 70 for-sale units would be built at 800 North 584,000 square feet. That space would hold 423 units the 1994 Northridge earthquake. Shomof bought it in San Fernando Boulevard. The rest of the mall would be of multifamily housing plus 200,000 square feet of 2015, paying $12.5 million. thoroughly renovated, with the help of CAPREF Manager commercial floor area. At the center of all of that? A six- LLC, to include an open-air plaza and 40,000 square feet level parking garage with spaces for 1,690 cars. of new retail space. 19 7 8 9

WEDDINGTON GOLF AND TENNIS MAKEOVER 6606 VARIEL AVE 8845 SEPULVEDA BLVD The Weddington family wants to give their golf course Not far from the Orange Line’s Canoga Station, developers This North Hills project—with 364 apartments—will a facelift, and the latest version of the plan includes Evolution Strategic Partners have plans for a residential replace a former plant nursery with a complex of four constructing 200 apartments in a 41-foot-tall structure on project rising seven stories tall. Renderings on Urbanize buildings ranging in height from 45 to 85 feet. Forty- about a quarter of the site along the way. LA show an E-shaped, 271-unit apartment building. The four of the units will be earmarked for tenants with low complex would have a pool and rooftop decks, plus two incomes. The project also includes a parking garage with levels of parking. 557 spots, plus a swimming pool and a dog run.

It’s time to stop thinking of the Valley 1 9 as a sleepy suburb. From Chatsworth 6 to North Hollywood, plans are in the 4 pipeline to make neighborhoods more city-like, meaning denser and maybe 8 more walkable and bikeable and more 2 5 transit-friendly. 3 In the coming years, developers will build thousands of new units of housing, 17257 Ventura Blvd 7 create open space, bring in new retailers, and build new offices, creating mini villages within neighborhoods.

20 LOS ANGELES, CA POPULATION 1-Mile 3-Mile 5-Mile

Los Angeles officially the City of Los Angeles and often known by its initials 2026 Projection 21,984 149,026 460,865 L.A., is the most populous city in California; the second most populous city 2021 Population 21,629 147,907 456,589 in the , after New York City; and the third most populous city 2010 Population 19,254 138,664 423,705 in North America, after Mexico City and New York City. With an estimated population of nearly four million people, Los Angeles is the cultural, financial, and commercial center of Southern California. HOUSEHOLDS 1-Mile 3-Mile 5-Mile The city of Los Angeles holds many distinctions. L.A. is the entertainment capital of the world, a cultural mecca boasting more than 100 museums, 2026 Projection 9,701 57,465 163,892 many of them world-class, and a paradise of idyllic weather. From tourist 2021 Population 9,574 57,171 162,765 attractions like the Walk of Fame’s collection of stars (numbering more than 2,614 and growing by one or two a month) to career opportunities like those 2010 Population 8,686 54,369 153,225 presented in the expanding tech industry, Los Angeles is the place to be. Owner Occupied 5,092 29,933 75,550 Los Angeles is on the leading edge of several growth industries. The Los Renter Occupied 4,610 27,532 88,341 Angeles metropolitan area, with more than 23,000 art jobs, is the country’s leading artistic center, surpassing the previous champion, New York. In INCOME other words, Los Angeles has both a larger concentration and an absolute 1-Mile 3-Mile 5-Mile number of artists than New York. The L.A. five-county area is also a major tech center, with more than 700,000 people at work in health services/ Avg HH Income $117,023 $112,692 $100,589 biomedical activities and 190,000 people in aerospace. Here are some more facts and figures about Los Angeles: the city, the county, and the region.

Los Angeles County employs A culturally diverse city, with a growing It is the largest and most populous over 913,000 people in several culinary scene, shopping, museums, city in the state of California and the growing industries and a reputation for being the creative cultural, financial, and commercial center of America. center of Southern California.

21 ECONOMY

The LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, interactive games, and recorded music - the Hollywood district of Los Angeles and its surrounding areas are known as the “Movie Capital of the United States” due to the region’s extreme commercial and historical importance to the American motion picture industry. Other significant sectors include shipping/ international trade - particularly at the adjacent Port of Los Angeles and Port of Long Beach, together comprising the United States’ busiest seaport - as well as aerospace, technology, petroleum, fashion and apparel, and tourism. With $807 billion in annual output, Los L.A. County is an entertainment, manufacturing and international trade behemoth, with a fast-growing high-tech and digital media industry Angeles County ranks among the world’s cluster largely centered in West L.A. and, increasingly, in the Hollywood largest economies. Its GDP, which would rank area and beyond. No. 19 in the world if it were a standalone nation, is larger than Switzerland and Saudi MAJOR EMPLOYERS IN LOS ANGELES Arabia, and right behind Netherlands and Turkey, underscoring the magnitude of the region’s economy.

22 TOURISM

Tourism accelerated Los Angeles County’s economic prosperity in 2018 as visitors pumped an all-time high $23.9 billion directly into the L.A. economy, generating 50 MILLION a record $36.6 billion in total economic impact. A new economic impact report 50 Million People traveled to released today by Los Angeles Tourism & Convention Board demonstrates the Los Angeles last year power of tourism in Los Angeles during National Travel & Tourism Week, an annual event established by Congress and organized by the U.S. Travel Association to celebrate the impact of travel.

Tourism supported 534,258 jobs in L.A. County’s Leisure & Hospitality sector, its highest total on record, employing 1 in every 8.5 workers in the county. Reaffirming the strength of the sector, tourism added 9,700 new jobs last year. $22 BILLION LA visitors spent $22 billion on hotels, restaurants, shopping, attractions and more

525,000 There are 525,000 jobs supported by the Los Angeles tourism industry ATTRACTIONS

Some of the world’s best-known and most iconic landmarks and attractions call Los Angeles home: the ; Griffith Observatory; the Getty Center; the Walt Disney Concert Hall at the Music Center in Downtown L.A.; the ; the TCL Chinese Theatre; Space Shuttle Endeavour at the California Science 8 YEARS Center; the Battleship USS Iowa located at the Port of Los Angeles in San Pedro; Air LA has celebrated 8 consecutive years Force One at the Ronald Reagan Library; and Universal Studios Hollywood, with its of record growth dynamic immersive experience, The Wizarding World of Harry Potter™.

23 ARTS & CULTURE PROPERTY With various museums and exhibits, Los Angeles is full of inspiring art and diverse cultural experiences. In fact, Los Angeles has more museums and theatres than any other city in the U.S., making it the COMPARABLES perfect place to be immersed in arts and culture. Los Angeles is home to more than 105 museums, 225 theaters, 55 magnificent structures by the world’s top architects and 16 of the world’s most beautiful gardens. It also boasts more than 1,500 theatrical productions annually. SPORTS

With famous venues like the at L.A. LIVE, home to the NBA’s and , NHL’s L.A. Kings, and Dodger’s Stadium, where the serve as a main attraction sports fans flock to in L.A. Los Angeles is also home to several esteemed universities that have large sports followings such as USC and UCLA.

LOS ANGELES LAKERS (National Association) (National Football Association) 18,997 Avg. Attendance 71,229 Avg. Attendance

LOS ANGELES DODGERS (Major League Basketball) (National Hockey Association) 49,065 Avg. Attendance 18,000 Avg. Attendance

24 PROPERTY COMPARABLES

17257 VENTURA BLVD ENCINO, CA 91316

25 NEW CONSTRUCTION MULTIFAMILY SALES COMPARABLES

8 5 10 1 9 6 4 3 2 7 17257 VENTURA BLVD

26 NEW CONSTRUCTION MULTIFAMILY SALES COMPARABLES

Number Of Price Per Price Per Actual Cap Property Address Sale Price Year Built Building SF GRM Sale Date Units Unit SF Rate

5327 N Hermitage Ave 1 $21,250,000 2018 57,198 42 $505,952 $371.52 4.00% 15.60 3/5/21 North Hollywood, CA 91607

4350 Vantage Ave 2 $12,650,000 2007 35,847 22 $575,000 $352.89 3.24% 16.35 11/25/20 Studio City, CA 91604

5143 White Oak Ave 3 $15,357,500 2008 43,850 24 $639,896 $350.23 3.65% 18.13 7/15/20 Encino, CA 91316

6203 Variel Ave 4 $48,500,000 2007 211,730 85 $570,588 $229.07 - - 1/27/20 Woodland Hills, CA 91367

21425 Vanowen St 5 $70,500,000 2020 140,000 174 $405,172 $503.57 - - 11/20/19 Canoga Park, CA 91303

11058 Chandler Blvd 6 $169,200,000 2019 355,181 329 $514,286 $476.38 - - 9/24/19 North Hollywood, CA 91601

5250 Chesebro Rd 7 $11,500,000 2018 28,573 18 $638,889 $402.48 4.19% 15.46 8/30/19 Agoura Hills, CA 91301

7123 Tampa Ave 8 $12,598,318 2018 38,170 22 $572,651 $330.06 5.55% 13.34 1/8/19 Resdea, CA 91335

11405 Chandler Blvd 9 $34,350,000 2017 67,887 82 $418,902 $505.99 3.50% - 12/19/18 North Hollywood, CA 91601

6250 Canoga Ave 10 $157,000,000 2008 484,354 362 $433,702 $324.14 3.90% - 7/13/18 Woodland Hills, CA 91367

AVERAGES $527,504 $384.63 4.00% 15.78

27 RENT COMPARABLES

4

5 17257 VENTURA BLVD 1 3

2

28 RENT COMPARABLES

STUDIO UNITS

Address Yr Built # Units Unit Mix Rent

1 16710 Ventura Blvd Encino, CA 91436 2010 125 Studio $2,100

2 4355 Sepulveda Blvd Sherman Oaks, CA 91403 1971 105 Studio $1,617

AVERAGE $1,859

ONE-BEDROOM UNITS

Address Yr Built # Units Unit Mix Rent

3 16350 Ventura Blvd Encino, CA 91436 2008 131 1+1 $2,731

1 16710 Ventura Blvd Encino, CA 91436 2010 125 1+1 $2,650

3 16350 Ventura Blvd Encino, CA 91436 2008 131 1+1 $2,550

3 16350 Ventura Blvd Encino, CA 91436 2008 131 1+1 $2,466

AVERAGE $2,599

TWO-BEDROOM UNITS

Address Yr Built # Units Unit Mix Rent

3 16350 Ventura Blvd Encino, CA 91436 2008 131 2+2 $3,841

4 5333 Zelzah Ave Encino, CA 91316 1975 64 2+2 $3,500

5 4940 Paso Robles Ave Encino, CA 91316 2013 52 2+2 $3,349

AVERAGE $3,563

29 CONFIDENTIALITY AGREEMENT & DISCLAIMER This Offering Memorandum contains select information pertaining to the business and affairs of Multifamily Redevelopment Opportunity located in Encino, CA (“Property”). The Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material and information in the Offering Memorandum is unverified. Matthews Real Estate Investment Services has not made any investigation, and makes no warranty or representation, with respect to square footage, income and expenses, the future financial performance of the property, future rent, and real estate value market conditions, the condition or financial prospects of any tenant, or the tenants’ plans or intentions to continue to occupy space at the property. All prospective purchasers should conduct their own thorough due diligence investigation of each of these areas with the assistance of their accounting, construction, and legal professionals, and seek expert opinions regarding volatile market conditions given the unpredictable changes resulting from the continuing COVID-19 pandemic. The information is based in part upon information supplied by the Owner and in part upon financial information obtained from sources the Owner deems reliable. Owner, nor their officers, employees, or real estate agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum, or any of its content, and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Matthews Real Estate Investment Services is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee in the Offering Memorandum. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Matthews Real Estate Investment Services.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

30 OFFERING MEMORANDUM MULTIFAMILY REDEVELOPMENT OPPORTUNITY

17257 VENTURA BLVD | ENCINO, CA 91316

EXCLUSIVELY LISTED BY:

ADAM FELDMAN JOHN BOYETT DANIEL WITHERS Associate Senior Associate SVP & Senior Director

DIRECT +1 (818) 923-6112 DIRECT +1 (818) 923-6226 DIRECT +1 (818) 923-6107 MOBILE +1 (310) 749-8140 MOBILE +1 (707) 815-7472 MOBILE +1 (310) 365-5054 [email protected] [email protected] [email protected] No. 02090792 (CA) License No. 02056759 (CA) License No. 01325901 (CA)