1851 South Barrington Avenue

BRENTWOOD SANTA MONICA

STONER PARK NEBRASKA AVENUE

STONER AVENUE

BARRINGTON AVENUE

OFFERING MEMORANDUM 1851 SOUTH BARRINGTON AVENUE A premier 4 SLO home or 8 unit multifamily development opportunity located LOS ANGELES, CA 90025 in prime West Los Angeles, CA EXCLUSIVELY LISTED BY: 1 2 3 4 5 EXECUTIVE NEW CONSTRUCTION DEVELOPMENT SALES AREA OVERVIEW JEFF LOUKS SUMMARY RENT SUVEY GUIDELINES COMPARABLES Executive Managing Director Investments Executive Director - National Multihousing Group Tel: (818) 212-2780 Fax: (818) 212-2627 [email protected] License: CA 00908473

BRIAN GROSSMAN Investment Associate Member - National Multihousing Group Tel: (818) 212-2666 Mobile: (818) 292-6197 [email protected] License: CA 0210920

This information has been secured from sources we believe to be reliable, but we make no repre- sentations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for exam- ple purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap 2 3 Prime West Los Angeles SAWTELLE Location

1851 SOUTH BARRINGTON AVENUE MISSOURI AVENUE Potential to build 4 Small Lot LOS ANGELES, CA 90025 Homes or 8 Apartment Units

1851 SOUTH BARRINGTON AVENUE LOS ANGELES, CA 90025

Convenient accessibility to local retail and amenities

BARRINGTON AVENUE 4 5 6

EXECUTIVE SUMMARY a premier 4Small development Home inprime Lot West or8unitapartment CA Angeles, Los 1851 SBARRINGTON AVENUE South Bay.South Santa Monica, andCulver City, Downtown / Beach andLong Hollywood, Angeles, Los Expo Line,futureresidentswillbenefitfromconvenien t accessibilitytoneighboring the mostconnectedareasinLosAngeles.Within shortwalkingdistanceoftheLA inoneof positioned is uniquely property The subject and residential developments. as well as numerous hometo residences, expensive office highprofile neighborhoods, East Westthroughfares,1851SBarringtonAvenue issurroundedbyaffluent Angeles. SituatedjustNorthofthe10FreewayoneLosAngeles’mostsignificant t 3 1851 SBarringtonAvenue Bedroom /1Bathroom.Thecurrentbuildingis The propertyiscurrentlycomprisedof5unitswithaunitmix(4)Studiosand(1)1 s Righ This inprime West CA. Angeles, Los opportunity development Marcus &Millichap, as is exclusive to pleased SBarrington present 1851 listing agent, Avenue, apremier 4SLO orupto apartment 8unit reduced reduced he project would result in less than 10 units, it would not be subject to Measure would it subject notbe would than units, result JJJ. 10 he project inless etback. etback. , allowing for a 45% density bonus or 8 total apartment units (including1affordable) bonus units or8total apartment , allowing along with for density a45% t” 4-unit apartment project or 4 small lot single family homes. The site also falls or4small lotsinglefamilyhomes. underTOC project apartment Tier 4-unit t” unique development opportunity is comprised of 6,491 is of comprised land SF allowing of zoned LARD1.5-1, for a“By opportunity unique development A developer may to also change apply Adeveloper Because zoning to R3-1 for atotal 8units. of parking incentives, increased Floor Area incentives, Ratio,parking inanindividual anda30%reduction has aprimelocationin 1,980 SFandwasbuiltin1952. the world-renownedWestLos 7 CONCEPTUAL RENDERING

THE OFFERING

PROPERTY SUMMARY

Address 1851 S Barrington Ave, Los Angeles, CA 90025

Price $1,725,000

Land Size (SF) 6,491 SF A 4 SLO Home or 8 unit Prime West Los Angeles $ / SF $265.75 development opportunity Location

“By Right” Units 4

Density Bonus Units 8

$ / Unit (By Right) $431,250

$ / Unit (DB) $215,625

APN 4262-022-012 Pedestrian-Oriented Community Surrounded by major shopping Zoning LARD1.5-1 allowing tenants to run daily errands center developments without a car

8 9 CONCEPTUAL RENDERING

CONCEPTUAL PROJECT a 4 SLO or 8 unit residential development project

PROPOSED PROJECT

“By Right” Density Bonus

Density 1 du / 1,500 SF 1 du / 1,500 SF (+45%)

Units 4 8

Min. Affordable Units 0 1

Floor Area Ratio 3 : 1 4.35 : 1

Height 45’ 67’

Parking 2 spaces / unit 0.5 spaces / unit

10 11 PRICINGDETAILS OPERATINGDATA Based on the income of the current 5 unit building

PRICE $1,725,000 INCOME CURRENT PROFORMA

Number of Units 5 Gross Scheduled Rent $83,916 $102,000

Price Per Unit $345,000 Less: Vacancy/Deductions 3.0% $2,517 3.0% $3,060

Price Per SqFt $871.21 Effective Gross Income $81,399 $98,940

Gross SqFt 1,980 Less: Expenses 42.5% $34,576 35.7% $35,308 Net Operating Income $46,823 $63,632 Lot SqFt 6,491

Approx. Year Built 1952

RETURNS CURRENT PRO FORMA EXPENSES CURRENT PROFORMA

CAP Rate 2.71% 3.69% Taxes $20,257 $20,257 Insurance $1,098 $1,098 GRM 20.56 16.91 Utilities $2,820 $2,850 Main. & Repairs $4,197 $4,197

RENT ROLL SUMMARY Landscaping $600 $600 Misc.+ Reserves $1,250 $1,250 UNIT UNIT TYPE AVG CURRENT PRO FORMA Management Fee $3,256 $3,958 1 Studio $1,037 $1,500 Total Expenses $34,576 $35,308 2 Studio $1,500 $1,500 Per Sq. Ft: $12.59 $12.86 3 Studio $1,044 $1,500 Per Unit: $6,915 $7,062 4 Studio $1,066 $1,500

5 1 Bed / 1 Bath $2,346 $2,500

12 13 1851 SOUTH BARRINGTON AVENUE NEW CONSTRUCTION LOS ANGELES, CA 90025 RENT SURVEY

14 15 RENT SURVEY - NEW CONSTRUCTION

1 &Pico - 11916 W Pico Blvd, Los Angeles, CA 90064

UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF Studio $2,585 476 SF $5.43 1 Bed / 1 Bath $3,425 711 SF $4.82 $2,674 | $5.40/SF 2 Bed / 2 Bath $4,495 978 SF $4.60 AVERAGE STUDIO YEAR BUILT: 2019

2 Linea - 2455 S Sepulveda Blvd, Los Angeles, CA 90064 3 UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF Studio $2,763 515 SF $5.37 1 Bed / 1 Bath $3,378 681 SF $4.96 2 2 Bed / 2 Bath $4,351 992 SF $4.39 YEAR BUILT: 2019 $3,341 | $4.71/SF 1 AVERAGE ONE BEDROOM 3 The SW by CLG - 1947 Sawtelle Blvd, Los Angeles, CA 90025 4

UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF 1 Bed / 1 Bath $3,499 790 SF $4.43 2 Bed / 2 Bath $4,299 999 SF $4.30 YEAR BUILT: 2019

3 C on Pico - 12301 W Pico Blvd, Los Angeles, CA 90064 $4,234 | $4.44/SF AVERAGE TWO BEDROOM UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF 1 Bed / 1 Bath $3,063 664 SF $4.61 2 Bed / 2 Bath $3,792 853 SF $4.45 YEAR BUILT: 2013

16 17 1851 SOUTH BARRINGTON AVENUE COMPARABLES ANALYSIS LOS ANGELES, CA 90025 LAND

18 19 SALES COMPARABLES - LAND

SOLD

# ADDRESS SALE PRICE LAND SF ZONING “BY RIGHT” UNITS $/SF $/UNIT COE DATE NOTES

Subject Property $1,725,000 6,491 RD1.5-1 4 $265.71 $431,250 - - 1851 S Barrington Avenue

1747 Stoner Ave, The property sold for land 1 $1,950,000 7,375 R3 6 $264.41 $325,000 9/24/18 value. The buyer plans to Los Angeles, CA, 90025 build 6 units 1 Building was sold for land 3 2 2044-2048 Colby Ave , value along with 2044 Colby. 2 $1,495,000 11,920 R2 4 $125.42 $373,750 2/24/20 Land is zoned R2. Los Angeles, CA, 90025 Intent would be to build 2 Townhouses per lot.

Building was sold for land 1920-1924 Barry Ave, value along with 1924 Barry 3 $3,000,000 15,118 R2 6 $198.44 $500,000 11/7/19 Ave. R2 zoning allows for up Los Angeles, CA 90025 to 6 units/townhouses on the site.

AVERAGE $399,583

20 21 SALES COMPARABLES - LAND

1 6 UNIT DEVELOPMENT 2 4 UNIT DEVELOPMENT 1747 Stoner Ave, 2044-2048 Colby Ave, Address Address Los Angeles, CA 90025 Los Angeles, CA 90025 Sale Price $1,950,000 Sale Price $1,495,000 SF 7,375 SF 11,920 Zoning R3 Zoning R2 Buildable Units 6 Buildable Units 4 $/SF $264.41 $/SF $125.42 $/Buildable Unit $325,000 $/Buildable Unit $373,750 COE Date 9/24/2018 COE Date 2/24/2020 Building was sold for The property sold for land value along with Notes land value. The buyer Notes 2044 Colby. Land is plans to build 6 units zoned R2.

3 4 UNIT DEVELOPMENT 1920-1924 Barry Ave, Address Los Angeles, CA 90025 Sale Price $3,000,000 SF 15,118 Zoning R2 Buildable Units 6 $/SF $198.44 $/Buildable Unit $500,000 COE Date 11/7/2019 Building was sold for land value along with 1924 Barry Ave. R2 Notes zoning allows for up to 6 units/townhouses on the site.

22 23 1851 SOUTH BARRINGTON AVENUE AREA OVERVIEW LOS ANGELES, CA 90025 WEST LOS ANGELES

24 25 THE GEOGRIAN HOTEL MARINA DEL REY PLAYA VISTA SHOPPING MALL

Natural Beauty, Boutique Dining, Famed Shopping an iconic urban experience.

LOCATION The Los Angeles Westside is an urban region in western Los Angeles County, California. It has no official definition, but according to the Los Angeles Times, it comprises 101.28 square miles, encompassing not only districts in the city of Los Angeles but also two unincorporated neighborhoods, plus the cities of Beverly Hills, West Hollywood, Culver City, and Santa Monica.

COASTLINE AND BEACHES Broad, glistening beaches stretch for 26 miles along the scenic Santa Monica Bay, with 3.5 of those miles falling within Santa Monica proper. Primary beaches include Santa Monica State Beach and Will Rogers State Beach, both of which are popular for swimming, surfing, running, and beach METRO EXPOSITION LINE

BUSINESS Nearby Playa Vista has become Los Angeles’ emerging tech hub. From titans like YouTube, Space LA, and IMAX, to creative powerhouses like 72andSunny and USC’s Institute of Creative Technologies, Playa Vista has become fertile ground for innovation and connection.

DINING Downtown Culver City / Palms Eateries Include: Akasha. Novecento, AR Cucina, Bacoshop, Roccos Tavern, Rush Street, Public School 310, Tender Greens, Meet in Paris, Wildcraft, Ford’s Filling Station, and Father’s Office.

SHOPPING Downtown Culver City is a charming collection of outdoor cafes, unique shops, art galleries, creative offices and vibrant nightlife opening onto tree-lined boulevards. It boasts a City Hall of stunning architecture, Center Theatre Group’s nationally renowned Kirk Douglas Theatre. Striking landmark buildings are home to an array of entrepreneurial CULVER CITY ARTS DISTRICT businesses and creative enterprises, along with a wide selection of retail and restaurant services for local residents to enjoy. Downtown Culver City offers the perfect combination WESTSIDE LOS ANGELES LOS WESTSIDE of small town charm, with all the benefits of cosmopolitan big-city living. 26 27 METRO EXPO LINE TRANSIT-ORIENTED

The Expo Line extension from Culver City to Santa Monica opened on May 20, 2016. With the opening of the Metro Expo Line extension, travelers can ride from Downtown L.A. to Santa Monica in 45 minutes. The Expo Line is part of the greater Metro Rail system, connecting Santa Monica with Hollywood, Pasadena, Long Beach, San Fernando Valley, and the South Bay and dozens of points in between. The Expo Line extension from Culver City to Santa Monica opened on May 20, 2016. The 6.6-mile extension adds seven stations, offering convenient access to Santa Monica, Sawtelle Japantown, Westwood Village and numerous hotels, museums, restaurants and shopping destinations. 5850 Washington Boulevard is conveniently located walking distance to the La Cienega/Jefferson station. It is a 10 minute walk to the station, which easily connects riders to Santa Monica or Downtown Los Angeles. 82 WALKSCORE

Many errands can be accomplished by foot

1851 SOUTH BARRINGTON AVENUE 58 LOS ANGELES, CA 90025

Many nearby public transportation options

Very Bikeable

28 29 313,843 Population Within a 3 Mile Radius 48.2% 51.8% $110,792 355,384 $78,720 POPULATION PROFILE MALE FEMALE Average HH income Daytime Population within 3-m radius Median HH income within 3-m radius within 3-m radius

139,711 7.19% 53.1% 86,683 Total households in a 3-M radius Household growth since 2010 Population under 40 years old Renter occupied units in a 3-mile radius 51,039 249,730 840,608 Owner Occupied Households Renter Occupied Households Population within a 5-m radius within 3-m radius within 5-m radius West LA... a true transit and pedestrian oriented comunity West Los Angeles area boasts an ideal location for transportation strategically positioned immediately to the southeast of the 405 and 10 freeway interchange, which serve as the primary north, south, east, and west highway arteries juxtaposing the Westside with the rest of Los Angeles. Gateway Apartments offers residents convenient access to local employers, cultural attractions and entertainment destinations without the use of a car.

The property is just a 10-minute walk to the dedicated Bundy Station LA Expo Line which provides a fast and efficient public transportation system from West Los Angeles to Downtown Los Angeles (to the East) and Santa Monica (to the West) further advancing the appeal of the Westside’s location. This metro station makes it easy for passengers to travel east and west to and from the traffic-riddled areas of Los Angeles at a very small cost. DEMOGRAPHICS 30 31 32

PLAYA VISTA “Silicon Beach” has as emerged the Westside’s Playa Vista is situated just over two mileswestofthe Triangle Jefferson Playa Vistaissituatedjustovertwo alongJefferson fertile groundfertile forinnovationandconnection. 72andSunny andUSC’s InstituteofCreative Technologies, PlayaVistahasbecome tech hub.From titanslike YouTube, SpaceLA,andIMAX,tocreative powerhouses like Care facility. Next door to Runway isthe Campus, home to Playa Vista’s emerging Hal’s Bar &Grill,800Degrees Care aswella new Cedars-Sinai andUrgent Primary Retailers atRunway includeWhole Foods Market, Cinemark,SolCocina,Panini Café, 200,000 space. square andoffice footshopping centeralongwithapartments new Runway mixed-usecommercial andsocialcenterthatincludesanapproximate Boulevard. Ithasbecomeadestinationinitsownrightwithattractions suchasthe “Google officially moves in to Playa Vista’s Spruce Goose hangar” Goose Spruce Vista’s Playa to in moves officially “Google right nexttothe hangar. Google also spent $120 million in 2014 to purchase 12 acres of vacant land 319,000-square-foot, spacein2016. seven-story-tall The movetoPlayaVistahasbeen alongtimecoming.Googleleasedthe where since2011. Googlehasheld offices three timesthe size inVenice, ofthe company’s offices Frank Gehry-designed Goose hangar—where Howard Hughes’s Hughes H-4Hercules wasbuilt—is Vista. Intermsofsize, the newlocationisanindisputable upgrade. The Spruce Two leasing a massive airplane hangar in Playa years ago, Google started premier tech hub. MARINA DEL REY Jamba Juice,Men’s Wearhouse, Ruth’s Pier1Imports, ChristSteakHouse tonameafew. and Brighton.VillaMarinaMarketplace features the Yard House,AMCMovieTheater, The Beans,DSW, Coffee Equinox,Gelson’s Market, Irori Sushi, Poke, Starbucks,Rainbow Acres, Fresh Brothers, ChipotleandCaliforniaPizza Kitchen. Retailers includeAnn Taylor L’occitane, Loft, Havaianas, DryBar, Waterside andVillaMarinaMarketplace. The Waterside includesrestaurants suchasSugarFishbySushiNozawa, Kreation, Mendocino Farms, Mainland accommodationssuchasthe RitzCarltonHotel.MarinaDelReybayside dining, premium alsofeatures wateractivitiesandluxury shopping two centers; The Just a10 minutedriveawayisthe seasideneighborhood ofMarinaDelRey. MarinaDelRey visitors offers someofthe bestLAbeaches, walkingtrails, the sea. meet where andurban business A highprofile lifestyle neighborhood Just 10 minutesfrom MotorAvenue Apartments Numerous Retail Options andEntertainment High Profile Employment District 33 DOWNTOWN CULVER CITY Just an 8 minute drive from 1851 S Barrington El Capitan Theatre Culver City is experiencing a transformation on an immense scale.

Culver City is in high demand. It has become a prime destination to work, dine, shop and revel in the beauty of this historic movie town and its dynamic art scene. Culver City has become a focal point for culture and nightlife hosting an array of events while providing the clean and efficient transportation to reach them. CULVER HOTEL ARCLIGHT CINEMAS KIRK DOUGLAS THEATRE Culver City boasts an incredibly desirable demographic base - affluent, young, active and highly educated. With its centrality and a growing amount of retail as well as its housing and transportation options, many are choosing to live, work, and play in Culver City.

Situated 1.0 miles from The Motor Apartments, Sony Pictures Studios is one of the world’s most storied locations for motion picture production. Dating back nearly a century, the Culver City lot has been the site of countless entertainment classics, including Ben-Hur, Mutiny on the Bounty, Grand Hotel, The Wizard of Oz, and Singin’ in the Rain. Today, the studio continues to be a premier facility for film and television productions of all types, offering an impressive array of sound stages, state-of-the-art postproduction facilities and world-class support services amid an inspiring, historical setting.

Downtown Culver City is a charming collection of outdoor cafes, unique shops, art galleries, creative offices and vibrant nightlife opening onto tree-lined boulevards. It boasts a City Hall of stunning architecture, Center Theatre Group’s nationally renowned Kirk Douglas Theatre. Striking landmark buildings are home to an array of entrepreneurial businesses and creative enterprises, along with a wide selection of retail and restaurant services for local residents to enjoy. Downtown Culver City offers the perfect combination of smalltown charm, with all the benefits of cosmopolitan big-city living.

Downtown Eateries Include: Akasha. Novecento, AR Cucina, Bacoshop, Roccos Tavern, Rush Street, Public School 310, Tender Greens, Meet in Paris, Wildcraft, Ford’s Filling Station, and Father’s Office.

34 SONY PICTURES STUDIOS THE CULVER STUDIOS PLATFORM 35 EMPLOYERS THREE GIANTS COMING......

Culver City is home to many large corporations. Sony Pictures Entertainment is the largest employer in Culver City, employing “The iPhone maker is expected to move into a new approximately 3,200 people. Culver City is also home to the NFL building in Culver City in 2019.” Network, Symantec, and Beats by Dre. Entertainment and tech companies are flocking to the Culver City market to take advantage of Apple is confirming what its real estate dealings already signaled: that it plans to significantly the unique adaptive reuse creative office spaces and its central location. expand its presence in Los Angeles as its original programming efforts grow.

Another prominent area where web content companies are clustering is The iPhone maker announced that it will boost its Culver City operations to over 1,000 around the Hayden Tract in Culver City. Mahalo.com is a video and web employees as part of a nationwide expansion that includes the establishment of a 133-acre company, Sugar Publishing, the parent company of the popular video campus in Austin, Texas. site Popsugar, and Maker Studios, a YouTube content company all have leased space at the Hayden Tract. Long known for its Hollywood studio connections, Culver City has quietly become a haven for tech startups and such big-name companies as Beats Electronics and multichannel “Culver Studios expands as Amazon commits to network Fullscreen. Hollywood film and TV production” New additions to the studio site will include five new office buildings and two Employer # of Employees new parking structures with over 1,900 parking spaces for studio workers. Amazon will lease four of the five new office buildings. 1 Sony Pictures Entertainment 3,200 2 Southern California Hospital at Culver City 1,000 Amazon is putting down deep roots in Culver City. The online retail and media 3 Symantec 900 giant will occupy an impressive 530,000 square feet of the Culver Studios. 4 Culver City Unified School District 771 5 City of Culver City 760 6 Goldrich & Kest Industries, LLC 717 “Google leases most of Westside Pavilion as office space.” 7 West Los Angeles College 575 Google has signed a 14-year lease for the entirety of the office space, which will be 8 NFL Media 500 known as One Westside when it is complete in 2022. This adds to an already long roster of office space Google is already renting on the Westside. 9 Target 475 10 Beats by Dre 450 One Westside will be “a first-of-its-kind conversion” from shopping mall to creative office space, according to Macerich and Hudson Pacific Properties, which own the mall.

36 37 WESTSIDE PAVILION “Google leases most of Westside Pavilion as office space... mall owners plan to convert much of the mall into creative offices starting this year”

The Westside Pavilion shopping mall will soon be home to nearly 600,000 square feet of Google offices. Google has signed a 14-year lease for the entirety of the office space, which will be known as One Westside when it is complete in 2022. This adds to an already long roster of office space Google is already renting on the Westside. One Westside will be “a first-of-its-kind conversion” from shopping mall to creative office space, according to Macerich and Hudson Pacific Properties, which own the mall. Hudson Pacific and Macerich plan to begin converting the mall into offices later this year.

The Gensler-designed project will reuse the mall’s existing high ceilings, multi-level atrium, and skylights. Outdoor terraces with giant accordion-style glass doors and a rooftop lounge will also be features of the completed office development.

“Google’s selection of One Westside demonstrates the strength of the Los Angeles tech and media industries, and exemplifies the type of creative office space that is in demand from large tech and media tenants,” Victor Coleman, chairman and CEO of Hudson Pacific Properties, said in a statement.

The Rancho Park mall is located close to the Westwood/Rancho Park Expo Line station—a much more transit-convenient location than Google’s recently opened offices in the former Spruce Goose hangar in tech-filled Playa Vista. Google moved into that space, which measures more than 500,000 square feet, in October.

1.7 miles from Subject Property EXPECTED BY 2022

38 39 3.5 MILES FROM SUBJECT PROPERTY

1,200 CUMULUS APARTMENT UNITS The project will consist of mid-rise and high-rise buildings next to La Cienega/ Jefferson Station Located on an 11-acre site that once housed a radio broadcast facility, the project consists of a seven-story podium-type building and a 30-story tower that will feature a combined 1,210 apartments and 100,000 square feet of retail space.

The 320-foot-tall high-rise, designed by Chicago-based Solomon Cordwell Buenz, will contain 300 dwelling units atop a parking podium and residential amenities. 100KSF The larger podium-type building, which is being designed by Los Angeles-based TCA Architects, will RETAIL SPACE feature 910 apartments in addition to outdoor common areas and ground-floor shops and restaurants.

Both buildings will wrap around a one-acre publicly-accessible green space, which is being designed by landscape architecture firm Studio MLA.

A project website describes the apartments as featuring high-ceilings, in-unit washer-dryer sets, and high-quality finishes. Planned amenities include 24-hour concierge service, co-working space, 100,000 square feet of landscaped courtyards, fitness centers, and rooftop observation decks. 320FT HIGH RISE

40 41 THE NEW HBO HEADQUARTERS HBO NEW THE 42

DEVELOPMENT WEST EDGE WEST known asLumenWest L.A. completed, the campuswill be nearly555,000-square-foot construction earlynextyearandwrapstart by2022. Once 10-storyacross two buildings. The developers expect to contains about300,000square feetofofficespacespread on OlympicBoulevard, Urbanize reported. Itcurrently entitlements to expand the Tridentnecessary Center, located Investors have secured Cook and Northwood theMcCarthy LUMEN WEST LA Construction hasBegun will beavailabletolowincomehouseholds.) making 150 percent ofthe area median incomeorless;fivepercent below-market rates. (15 percent willbeworkforce housing fortenants Twenty percent of West Edge’s 516 will be availableat apartments plus retail store, space,agrocery anda10-story officebuilding. The Gensler-designedcomplexwillhold more than500apartments, WEST EDGE LUMEN LA WEST spaces. include three levels of underground parking with a totalof579 parking ontopofthat.Theapartments newmixed-use complexwouldalso 24-hourput a55,430-square-foot, store grocery onthe lotwith166 planning documentshavebeenfiledshowing the latestplanisto City NOW - 11660-11674 SANTA BLVD MONICA NOW 43 WESTSIDE PAVILIONWESTSIDE TRANSFORMATION (GOOGLE) 44

DEVELOPMENT 11434 WPICOBLVD11434 median incomein the area. units willbeset asideforresidents makinglessthanhalf ofthe and the remaining units. 15 six willbe two-bedroom of the total Of the 129 units,63willbestudios, 60willbeone-bedrooms, garden. lounge, androoftop community proposed amenities forresidents includeagym,barbecue area, feet ofopenspacewouldalsobefeatured inthe project, while for cars andanadditional 146 spacesforbikes. 17,776 square undergroundatop atwo-level parkingstructure with154 spaces The DFHArchitects-designed structure wouldbebuilt five-story, 11460 GATEWAY BLVD underground parking. households. The levelsof newdevelopment wouldalsohold two Of those units,11 wouldbeavailable to extremely low-income 102-unit building onthe siteat11434 West PicoBoulevard. Amoroso onMondaytobuilda Companies,filedplanswiththe city LLC connected to the Calabasas-basedreal estateinvestmentfirm The owner11434 property PicoBoulevard Investors, an Apartments WPICO BLVD11434 COBALT machines, andflatscreen televisions. fitness center boastscardioThe equipment,fitness state-of-the-art social outdoorareas, waterfeatures.includes landscaped courtyards, cocherePorte entrance. space 40,000square feetofoutdooramenity A robust amenities packageincludesa24-hour concierge and service withupgraded hardware,modern cabinetry andunder cabinetlighting. windows, andfull-sized washers Designertouches include and dryers. retail. The project’s ceilings,floorto ceiling lofty 595 offer apartments building buildings, andthree including 5,000 6-story square feet of Located ona4.06-acre site,The project iscomprisedofone10-story -COMPLETED LINEA LINEA 45 PRESENTED BY

JEFF LOUKS Executive Managing Director Investments Executive Director - National Multihousing Group Tel: (818) 212-2780 Fax: (818) 212-2627 [email protected] License: CA 00908473

BRIAN GROSSMAN Investment Associate Member - National Multihousing Group Tel: (818) 212-2666 Mobile: (818) 292-6197 [email protected] License: CA 0210920