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5250 CHESEBRO RD AGOURA HILLS, CA

OFFERING MEMORANDUM 1 AREA OVERVIEW

5250 CHESEBRO RD AGOURA HILLS, CA

3 PROPERTY OVERVIEW 10 LOCATION OVERVIEW 14 FINANCIAL OVERVIEW

LISTED BY

DANIEL WITHERS Senior Vice President

D: (818) 923-6107 M: (310) 365-5054 E: [email protected] License No. 01325901 (CA)

2 PROPERTY OVERVIEW OPPORTUNITY

The Old Agoura Apartments are 18 condo quality townhome style apartment units constructed in 2018 located in Agoura Hills, CA. The complex is comprised of eight separate duplex and triplex buildings feature an excellent unit mix of one 2-bedroom/2.5-bathroom unit and seventeen 3-bedroom/2.5-bathroom units. The large units feature high-quality finishes such as wood laminate flooring, designer tile backsplashes and stainless-steel appliances. Each unit also feature a two-car garage with direct access to the unit, central heat and air-conditioning, washer/dryer, private balcony, dishwasher and garbage disposal. The community features nicely landscaped barbecue entertainment areas, a hot tub and dog run.

5250 Chesebro Road is located near the 101 freeway in Agoura Hills, one of the most coveted areas in Southern . The property is situated near excellent dining and entertainment options and in close proximity to areas such as Westlake Village, Calabasas. Warner Center and Malibu. The property location provides easy access to all areas of the San Fernando Valley and Ventura County.

PROPERTY DESCRIPTION

»» 18 non-rent controlled three level townhome style units constructed in 2018

»» Excellent unit mix of very large two-bedroom and three-bedroom units

»» High-end condominium quality construction with designer finishes

»» Community features outdoor barbecue entertainment areas, hot tub and dog run

»» Unique product type in sought after Agoura Hills community

»» Located in close proximity to 101 freeway providing easy access to entire San Fernando Valley and Ventura County

4 PHYSICAL DESCRIPTION

NO. OF UNITS YEAR BUILT APN GROSS SF AVG SF PER UNIT LOT SIZE

18 2018 2015-008-017 28,573 1,587 0.94 2052-008-018 PARCEL MAP

CANWOOD ST

HWY 101

5 REGIONAL MAP

LOCAL MAP

6 7 8 9 LOCATION OVERVIEW

10 AGOURA HILLS, CA Agoura Hills (considered The Gateway to the Santa Monica Mountains) is a city in County, California. It is in the eastern Conejo Valley between the Simi Hills and the Santa Monica Mountains. It is located approximately 30 miles northwest of Downtown CHESEBRO CROSSING @ 101 Los Angeles and less than 10 miles west of the Los Angeles city limits. Agoura Hills is the corporate headquarters of the . Chesebro Crossing @ 101 is multi-million dollar street improvement plan that is currently underway at the Chesebro/101 exit. The Agoura Hills is known regionally for its live music scene and originality in the new metal improvement will consist of expanding the freeway overpass scene, a fame that has given rise to such acts as Linkin Park, Dub Thompson, Skye Aspen, to create bike lanes and ADA (Americans with Disabilities Act) Hoobastank, and Fort Minor. complaint sidewalks. Local instersections will be improved to enhance traffic circulation and safety. Agoura Hills is home to The Canyon Club, a highly regarded concert venue that hosts national and regional touring acts such as Peter Frampton, Smash Mouth, Pat Benatar, Cyndi Lauper, The overcrossing is designed to highlight Agoura Hills with REO Speedwagon, X, Steel Pulse, The New Cars, Asia, Boyz II Men, Alan Parsons, Foreigner, stone columns, a wood-finished look on the concrete barriers, Bret Michaels and The Smithereens. and stamped concrete sidewalks resembling wood planks. These design elements merge the feel of paddock fencing with the safety requirements of a freeway overcrossing.

The new freeway overcrossing will have bike lanes and sidewalks on each side of the new bridge. Sidwalks will be 6’ wide allowing people to walk next to each other and pass comfortably.

DEMOGRAPHICS

POPULATION 1-MILE 3-MILE 5-MILE 2024 Projection 5,024 38,323 71,081 BENEFITS 2019 Estimate 4,716 37,234 68,935 »» Improves safety 2010 Census 4,154 35,886 66,170 Growth 2019-2024 6.53 % 2.92 % 3.11% »» Enhances traffic flow HOUSEHOLDS 1-MILE 3-MILE 5-MILE »» Creates bicycle lanes in each direction 2024 Projection 2,025 14,128 26,566 2019 Estimate 1,914 13,730 25,802 »» Adds accessible sidewalks on both sides of bridge 2010 Census 1,723 13,242 24,863 Growth 2019-2024 5.80 % 2.90 % 2.96 % INCOME 1-MILE 3-MILE 5-MILE 2019 Average $123,941 $176,986 $186,529 Household Income 11 LOS ANGELES, CA As the second largest metropolitan area in the United States, the Los Angeles Metropolitan Statistical Area, or the Southland, consists of both Los Angeles and Orange Counties. These two counties also make up the inner core of the urbanized region. Los Angeles County, one of California’s original 27 counties, is one of the nation’s largest counties both in land area and population. With nearly 10 million residents, the Los Angeles population accounts for approximately 27 percent of ND

California’s population. The area continues to grow, especially given the vigorous residential development in downtown LA. 2 MOST POPULOUS CITY Famously known for a heavy entertainment industry based economy, the Los Angeles metropolitan area attracts many visitors. Consequently, leisure and hospitality is also a leading industry and has experienced recent growth in employment. It is now the sixth largest hotel market in the United States. The Los Angeles-Orange County metro area alone has an enormous economy with an estimated $866 billion GMP. Together with Ventura, Riverside and San Bernardino Counties, Orange and Los Angeles County make up the Greater Los Angeles Area, a combined statistical area that is the third largest economic center in the world after the Greater Tokyo and New York metropolitan areas. ±18.7 MILLION PEOPLE

±7 FORTUNE 500 COMPANIES

11 ECONOMY PROFESSIONAL The LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, SPORTS TEAMS 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.

12 SPORTS The city of Los Angeles and its metropolitan area are the home of eleven top-level professional sports teams. These teams include the and of Major League (MLB), the Los Angeles Rams and the of the (NFL), the and of the National Association (NBA), the and of the (NHL), the Los Angeles Galaxy & Los Angeles FC of (MLS), and the of the Women’s National Basketball Association (WNBA). Los Angeles boasts a number of sports venues, including , the Los Angeles Memorial Coliseum, and the . The Forum, the StubHub Center, and the are also located in adjacent cities. Other notable sports teams include the UCLA Bruins and the USC Trojans in the National Collegiate Athletic Association (NCAA), both of which are Division I teams in the Pac-12 Conference.

LOS ANGELES RAMS LOS ANGELES DODGERS LOS ANGELES LAKERS LOS ANGELES GALAXY

CULTURE Los Angeles is often billed as the “Creative Capital of the World”, because one in every six of its residents works in a creative industry and there are more artists, writers, filmmakers, actors, dancers and musicians living and working in Los Angeles than any other city at any time in history. The city’s Hollywood neighborhood has become recognized as the center of the motion picture industry. Los Angeles plays host to the annual Academy Awards and is the site of the USC School of Cinematic Arts, the oldest film school in the United States.

The performing arts play a major role in Los Angeles’s cultural identity. According to the USC Stevens Institute for Innovation, “there are more than 1,100 annual theatrical productions and 21 openings every week.” The Los Angeles Music Center is “one of the three largest performing arts centers in the nation”, with more than 1.3 million visitors per year. The Walt Disney Concert Hall, a centerpiece of the Music Center, is home to the prestigious Los Angeles Philharmonic. Notable organizations such as Center Theatre Group, the Los Angeles Master Chorale, and the Los Angeles Opera are also resident companies of the Music Center. Talent is locally cultivated at premier institutions such as the Colburn School and the USC Thornton School of Music.

13 FINANCIAL OVERVIEW

14 INVESTMENT SUMMARY

5250 Chesebro Rd, CURRENT MARKET List Price Price/Unit Price/Foot Agoura Hills, CA 91301 Cap Rate GRM Cap Rate GRM Number of Units: 18 $694,444 $437.48 3.85% 16.70 4.46% 15.06 Year Built: 2018 $12,500,000

2052-008-017 APN: 2052-008-018

Gross Sq. Ft.: 28,573

Average S.F. Per Unit: 1,587

Lot Size (Acres): 0.94

UNIT MIX

Current Market Total Unit Unit Mix Avg. Rent Current Market Market Avg. SqFt Monthly Monthly Units Mix % P.S.F Avg Rent Rent Rent P.S.F Rent Rent 4 3+2.5 E 22% 1,692 $2.16 $3,648 $14,590 $4,070 $2.41 $16,280 3 3+2.5 D 17% 1,612 $2.25 $3,633 $10,900 $4,020 $2.49 $12,060 4 3+2.5 C 22% 1,570 $2.11 $3,313 $13,250 $3,865 $2.46 $15,460 4 3+2.5 A 22% 1,528 $2.13 $3,250 $13,000 $3,350 $2.19 $13,400 2 3+2.5 B 11% 1,545 $2.10 $3,250 $6,500 $3,860 $2.50 $7,720 1 2+2.5 6% 1,487 $2.52 $3,750 $3,750 $3,860 $2.60 $3,860

Scheduled Monthly Rent: $61,990 $68,780

Scheduled Yearly Rent: $743,880 $825,360

15 ANNUALIZED OPERATING DATA

Current Market Scheduled Gross Income: $743,880 $825,360 11% Upside Less Vacancy Reserve: $22,316 3.0% $24,761 3.0% Other Income: $4,639 $4,639 Gross Operating Income: $726,203 $805,238 Expenses: $244,602 32.9% $247,764 30.02% Net Operating Income: $481,600 $557,475 Pre-Tax Cash Flow: $481,600 7.68% $557,475 8.89% Plus Principal Reduction: $91,915 $91,915 Total Return Before Taxes: $573,516 9.15% $649,390 10.36% * As a percent of Scheduled Gross Income ** As a percent of Down Payment

PRO FORMA ANNUAL OPERATING EXPENSES

% of SGI Current Per Unit Market Per Unit % of SGI Property Taxes 1.125% x Sale Price 19.36% $140,571 $7,810 $140,571 $7,810 17.0% Off-Site Management 4.0% x GOI 4.00% $29,048 $1,614 $32,210 $1,789 3.9% Insurance $0.30 x GSF 1.20% $8,700 $483 $8,700 $483 1.1% Reserves $250 x Units 0.62% $4,500 $250 $4,500 $250 0.5% Payroll $1,500 x Months 2.48% $18,000 $1,000 $18,000 $1,000 2.2% Repairs & Maintenance $600 X Months 0.99% $7,200 $400 $7,200 $400 0.9% Landscaping $200.00 X Months 0.33% $2,400 $133 $2,400 $133 0.3% Utilities July 2018 - Jan 2019 (annualized) 4.54% $32,983 $1,832 $32,983 $1,832 4.0% Pool $100.00 x Months 0.17% $1,200 $67 $1,200 $67 0.1% Total Expenses 33.68% $244,602 $13,589 $247,764 $13,765 30.0% Current Per Unit % of SGI Non-controllable expenses: Taxes, Ins., Reserves: $153,771 $8,543 20.7% Total Expense without Taxes $104,031 $5,780 13.98%

16 RENT ROLL

# Mix Rent SF Rent/SF Market Rent Market Rent/SF

1 3+2.5 E $3,750 1,692 $2.22 $4,070 $2.41

2 3+2.5 E $3,495 1,692 $2.07 $4,070 $2.41

3 3+2.5 E $3,850 1,692 $2.28 $4,070 $2.41

4 3+2.5 E $3,495 1,692 $2.07 $4,070 $2.41

5 3+2.5 D $3,900 1,612 $2.42 $4,020 $2.49

6 3+2.5 D $3,250 1,612 $2.02 $4,020 $2.49

7 3+2.5 D $3,750 1,612 $2.33 $4,020 $2.49

8 3+2.5 C $3,500 1,570 $2.23 $3,865 $2.46

9 3+2.5 C $3,250 1,570 $2.07 $3,865 $2.46

10 3+2.5 C $3,250 1,570 $2.07 $3,865 $2.46

11 3+2.5 C $3,250 1,570 $2.07 $3,865 $2.46

12 3+2.5 A $3,250 1,528 $2.13 $3,350 $2.19

13 3+2.5 A $3,250 1,528 $2.13 $3,350 $2.19

14 3+2.5 A $3,250 1,528 $2.13 $3,350 $2.19

15 3+2.5 A $3,250 1,528 $2.13 $3,350 $2.19

16 3+2.5 B $3,250 1,545 $2.10 $3,860 $2.50

17 3+2.5 B $3,250 1,545 $2.10 $3,860 $2.50

18 2+2.5 $3,750 1,487 $2.52 $3,860 $2.60

TOTALS $61,990 28,573 $2.17 $68,780 $2.41 18 AVERAGES $3,444 1,587 $2.17 $3,821 $2.41

17 12 8 2 13 9 1

7 4 10 6 11 3 5

10

18 SALES COMPARABLES

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

5250 Chesebro Blvd $12,500,000 2018 28,573 18 $694,444 $437.48 3.85% 16.70 -

712 E Walnut St. $14,000,000 2004 35,093 28 $500,000.00 $398.94 3.17% 18.5 10/24/17 1 Pasadena, CA 91101

166 Rancho Rd. $13,600,000 2008 42,343 22 $618,181.82 $321.19 5/24/17 2 Thousand Oaks, CA 91362 - -

4227 McLaughlin Ave. $9,507,150 2018 15,880 14 $679,082.14 $598.69 4.03% 17.01 6/29/18 3 Los Angeles, CA 90066

147 S Doheny Dr. $16,909,173 2007 25,904 21 $805,198.71 $652.76 3.63% 8/10/17 4 Los Angeles, CA 90048 -

11400 Culver Blvd. $10,500,000 2018 26,000 21 $500,000.00 $403.85 4.11% 15.99 5/16/18 5 Los Angeles, CA 90066

3325-3329 S Canfield Ave. $15,650,000 2006 29,709 28 $558,928.57 $526.78 3.60% 6/27/18 6 Los Angeles, CA 90034 -

6900 Bonita Ter $10,118,888 2014 17,826 16 $632,430.50 $567.65 3.25% 17.36 7/20/18 7 Los Angeles, CA 90068

6930 Balboa Blvd. $5,550,000 2016 18,438 10 $555,000.00 $301.01 5.90% 12.57 8/24/17 8 Lake Balboa, CA 91406

525 N Adams St. $17,600,000 2009 49,950 32 $550,000.00 $352.35 4.00% 8/30/17 9 Glendale, CA 91206 -

11500 186th St. $6,720,000 2014 17,638 12 $560,000.00 $381.00 3.99% 17.72 8/16/18 10 Artesia, CA 90701

1537 15th St. $5,600,000 1990 8,621 7 $800,000.00 $649.58 4.18% 10/12/18 11 Santa Monica, CA 90404 -

7123 Tampa Ave. $12,598,318 37,134 22 $572,650.82 $339.27 4.75% 13.72 1/8/19 12 Reseda, CA 91335

4309 Dixie Canyon Ave. $8,000,000 2003 17,688 14 $571,428.57 $452.28 1/3/19 13 Sherman Oaks, A 91423 - -

AVERAGES $607,915.47 $457.33 4.06% 16.12 19 CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs located at 5250 Chesebro Rd, Agoura Hills, CA (“Property”). It has been prepared by Matthews Retail Advisors. This 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 Retail Advisors. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents 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 and conduct their own due diligence.

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.

Owner and Matthews Retail Advisors 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 Retail Advisors 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.

20 5250 CHESEBRO RD AGOURA HILLS, CA

LISTED BY

DANIEL WITHERS Senior Vice President

D: (818) 923-6107 M: (310) 365-5054 E: [email protected] License No. 01325901 (CA)

™

OFFERING MEMORANDUM