VERDUGO VILLAGE Verdugo Mountain Foothills, Glendale, California

126-Unit Condominium Mapped Apartment Community VERDUGO VILLAGE Verdugo Mountain Foothills, Glendale, California OFFERING MEMORANDUM www.cbremarketplace.com/VerdugoVillage/ INVESTMENT SALES SPECIALISTS: DEBT & EQUITY FINANCE SPECIALISTS: LAURIE LUSTIG-BOWER KAMRAN PAYDAR NANCY BADZEY BRIAN EISENDRATH BRANDON SMITH Lic. 00979360 Lic. 01242590 Lic. 01263701 Lic. 01421681 Lic. 00409987 + 1 310 550 2556 + 1 310 550 2529 + 1 310 550 2568 +1 310 228 2125 +1 310 550 2532 [email protected] [email protected] [email protected] [email protected] [email protected] www.cbre.com/invlosangelesmultifamily VERDUGO VILLAGE Aerial | South View N Downtown Los Angeles Downtown Glendale 134 Glendale Community College 2 VERDUGO VILLAGE Cañada Boulevard Verdugo RoadVerdugo OFFERING MEMORANDUM CBRE, Inc. | 2 VERDUGO VILLAGE Investment Summary CBRE, Inc. as exclusive agent is pleased to offer for sale Verdugo Village, a 126 unit condominium mapped apartment community located in Glendale, California – one of Southern California’s most desirable submarkets with compelling fundamentals, an exceptional concentration of employment, abundant shopping and dining amenities, convenient access to freeway transportation, and an excellent public education system. Located at 1717 N. Verdugo Road, Verdugo Village is situated in the scenic foothills of north Glendale’s Verdugo Mountains and offers residents views of the surrounding verdant ridgelines. The property features a mix of one-, two-, three- and four-bedroom units ranging in size from 715 to 1,460 square feet of living area. Property improvements are comprised of nine two- and three-story buildings on ±2.93 acres of land. Community amenities include a sparkling swimming pool and spa, fitness center, movie theater room, outdoor barbeques and dining areas, conference room, business center, clubhouse facilities, sports court and children’s play area. Verdugo Village represents a rare investment opportunity to acquire a condominium mapped community, fully stabilized as an apartment investment, in one of Southern California’s most desirable submarkets. The property is being positioned for sale based upon its operations as an apartment building. The existing condominium map provides an investor with an additional exit strategy in the future. The property is being marketed unpriced. FOR MORE INFORMATION VISIT: https://www.cbremarketplace.com/VerdugoVillage/ Property Tour Dates: Tuesday, September 16, 2014 from 11:00am to 2:00pm Tuesday, September 23, 2014 from 11:00am to 2:00pm Tuesday, September 30, 2014 from 11:00am to 2:00pm Offer Due Date: Friday, October 3, 5:00pm Pacific Time OFFERING MEMORANDUM CBRE, Inc. | 3 VERDUGO VILLAGE Investment Highlights Excellent North Glendale location − Acclaimed restaurants including Din Tai Fung, Raffi’s Place, Granville, and Bourbon Steak − Situated in the scenic foothills of the Verdugo Mountains − Located near Montrose Old Town Honolulu Avenue boutiques, restaurants, − Known as the “Jewel City”, Glendale is ranked as the 5th safest city in bakeries, and galleries California − Surrounded by residential neighborhoods and tree-lined streets Close to Employment Centers − Located within minutes of Glendale’s central business district and 5.5 million Stabilized Cash-Flowing Asset With Value-Add Potential square feet of office space, home to some of the largest employers in the − Operating at 97% occupancy area including Disney, Nestle USA HQ, Whole Foods, Citibank, and Avery − Potential to increase rents 7% from current in-place to market Denison − No rent control. Can increase rents immediately − Convenient to employment centers in Pasadena, Burbank, Hollywood and Downtown Los Angeles − Condominium mapped. Final map number 37964 Compelling Submarket Multifamly Fundamentals Excellent Transportation Access − Access to the Glendale Freeway, 134 Freeway, Interstate 210 and Interstate 5 − Glendale multifamily occupancy is 96.1% with linkage beyond to the Greater Los Angeles freeway system − Glendale average rental rates have risen 17.8% over the five year average − Convenient to Bob Hope International Airport and Larry Zarian Robust Local Demographics Transportation Center railway access − $119,451 estimated 2014 average household income within 1-mile radius − 5.38% projected population growth and 4.88% projected household growth estimated within a 0.5-mile radius through 2019 − 55.3% estimated population within a 1-mile radius over age 25 has attained bachelor’s, master’s, professional or doctoral degrees Proximity to Excellent Shopping, Dining, Entertainment − Located within minutes of Downtown Glendale, Americana at Brand outdoor lifestyle mall, and the Glendale Galleria mall − Abundance of shopping venues including Apple, Nordstrom, Bloomingdale’s, Macy’s and many more OFFERING MEMORANDUM CBRE, Inc. | 4 VERDUGO VILLAGE OFFERING MEMORANDUM CBRE, Inc. | 5 VERDUGO VILLAGE Verdugo Village Property Overview 1717 North Verdugo Road Address Glendale, CA 91208 Assessor’s Parcel Number 5652-004-004 through 5652-004-129 Lot Size ±2.93 Acres; 127,631 square feet Year Built 1965. Renovated in 2001 and 2006-2009 Units 126 Net Rentable Area 143,198 square feet Average Unit Size 1,136 square feet Number of Buildings Nine Number of Stories Two- and three- stories Parking Spaces 214 total spaces Floor Plans 13 Elevators One One cabinet per parking space (free) Storage plus 15 income producing storage units Utility Providers Paid By Electrical Southern California Edison Tenant Water Glendale Municipal Water District Tenant Sewer Glendale Municipal Water District Tenant Gas Southern California Gas Landlord Trash Collection City of Glendale Public Works Landlord Phone/Internet AT&T Tenant OFFERING MEMORANDUM CBRE, Inc. | 6 VERDUGO VILLAGE Verdugo Village Property Description Community Amenities • Sparkling resort-style swimming pool and spa • Video monitored security system • Expansive entrance lobby lined with windows and filled with natural light • Billiard table/game room • Controlled access gated entry to covered parking • Conference room • Fitness center with free weights and cardiovascular equipment • Lobby mezzanine gathering space • Business center with computers, high speed internet, and printer • Basketball and sport court • Clubhouse facilities with full kitchen bar area • Children’s play area • Outdoor barbeques and dining areas • On-site leasing office • Movie theater room • Large private patio sun terrace • Attractively landscaped OFFERING MEMORANDUM CBRE, Inc. | 7 VERDUGO VILLAGE OFFERING MEMORANDUM CBRE, Inc. | 8 VERDUGO VILLAGE OFFERING MEMORANDUM CBRE, Inc. | 9 VERDUGO VILLAGE OFFERING MEMORANDUM CBRE, Inc. | 10 VERDUGO VILLAGE OFFERING MEMORANDUM CBRE, Inc. | 11 VERDUGO VILLAGE OFFERING MEMORANDUM CBRE, Inc. | 12 VERDUGO VILLAGE Verdugo Village Property Description (Continued) Unit Features • In-unit washers and dryers • Open floor plan kitchen, dining and living area • Kitchen granite countertops and tile backsplash • Kitchen appliances include refrigerator, dishwasher, stove and garbage disposal • Stainless steel kitchen sinks • Hardwood style vinyl and carpeted flooring • Bathroom granite counters • Patio or balcony access – all units Detailed Unit Mix Floor Plan Unit Type Units Avg. Unit Size Total Rentable SF Maple 1 + 1 2 714 1,428 Chestnut 2 + 2 10 940 9,400 Merino 2 + 2 6 950 5,700 Hampton 2 + 2 30 980 29,400 Rose 2 + 2 3 1,032 3,096 Jasmine 2 + 2 2 1,080 2,160 Sierra 3 + 2 2 1,140 2,280 P. Verdes 3 + 2 4 1,217 4,868 Pearl 3 + 2 3 1,218 3,654 Palisades 3 + 2 48 1,240 59,520 Monterey 3 + 2 8 1,254 10,032 Meridian 3 + 2 2 1,450 2,900 Maxwell 4 + 2 6 1,460 8,760 Total/Average: 126 1,136 143,198 OFFERING MEMORANDUM CBRE, Inc. | 13 VERDUGO VILLAGE Renovation Summary During the period of 2006 to 2009 the prior owners invested $5,450,000 ($43,250/unit) in major capital improvements with the intention to convert the property to condominiums for sale. The renovation included interior and exterior improvements, common area improvements and unit renovations. Exterior Facades − Architectural treatment to street and rear-facing facades − Improved appearance of courtyard facades − Repaired stucco and paint − New unit entry doors − Installed slate over existing walkways − Roof repairs as required − Waterproofing repairs as required Site Improvements − New landscaping throughout − Re-plastered pool and installed new pool tile and coping around the pool − Refurbished basketball court − Resurfaced asphalt driveways − Repaired or replaced carport ceilings OFFERING MEMORANDUM CBRE, Inc. | 14 VERDUGO VILLAGE Renovation Summary (Continued) Common Areas Unit Interiors − Redesigned building entry into lobby − Removed textured ceilings and replaced with smooth plaster − Upgraded phone entry system − Replaced interior closet doors − New stone floors with mosaic accents − Installed crown molding, door casing and baseboard − Upgraded pool bathroom − Replaced bedroom carpeting − Upgraded and repaired pool shower − Bamboo flooring in kitchen and living room − Upgraded gym with new equipment − Installed in-unit washers and dryers − Removed texture on ceiling, replaced with smooth plaster − Removed all wall-mounted air conditioning units − Replaced lighting and flooring in gym − Painted throughout − Replaced all bathroom sinks, faucets, bathtubs and toilets − Installed tile or travertine tub and shower surrounds − Installed travertine or granite vanity counter tops − Replaced kitchen cabinets and hardware − Installed new oven and gas cook top − New dishwasher − Replaced

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