Multifamily Development Site – ±1.74 Acres of Land 3731-3741 W. Stocker Street For up to ±322 Residential Units Los Angeles, CA Opportunity Zone & TOC Tier 3 Existing In-Place Income

DOWNTOWN LOS ANGELES KOREATOWN

VD W. EXPOSITION BL AUDUBON MIDDLE SCHOOL

W. MARTIN LUTHER KING JR. BLVD. CRENSHAW BLVD

BALDWIN HILLS CRENSHAW PLAZA S VICTORIA DR 3731 - 3741 W. Stocker Street SANTA ROSALIA DR

ANGELES VISTA BLVD STOCKER ST STOCKER

www.WestStockerSt.com NORTHWEST VIEW

CENTURY CITY WESTWOOD BEVERLY HILLS HOLLYWOOD MIRACLE MILE

W. EXPOSITION BLVD

AMALFI APARTMENTS JMDB Holdings 3731 - 3741 74-Units W. Stocker Street Under Construction

BALDWIN HILLS CRENSHAW PLAZA

DON FELIPE DR SANTA ROSALIA DR

STOCKER ST

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 2 WEST VIEW

WESTWOOD PACIFIC OCEAN SANTA MONICA CENTURY MARINA DEL REY CITY CULVER CITY LOS ANGELES INTERNATIONAL AIRPORT

AMALFI APARTMENTS 3731 - 3741 JMDB Holdings 74-Units W. Stocker Street Under Construction

STOCKER ST SANTA ROSALIA DR

BALDWIN HILLS CRENSHAW PLAZA

110

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 3 REGIONAL MAP

3731 - 3741 W. Stocker Street

PACIFIC OCEAN

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 4 LOCAL MAP

3731 - 3741 W. Stocker Street

(FUTURE)

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 5 TABLE OF CONTENTS CONTACTS

LAURIE LUSTIG-BOWER I. EXECUTIVE SUMMARY...... PAGE 7 Executive Vice President +1 310 550 2556 [email protected] II. AREA OVERVIEW...... PAGE 12 Lic. 00979360

KAMRAN PAYDAR Vice President III. RENT AND SALES COMPARABLES...... PAGE 30 +1 310 550 2529 [email protected] Lic. 01242590 www.WestStockerStreet.com I.Executive Summary THE OPPORTUNITY

CBRE, Inc. is pleased to present for sale a ±1.74-acre infill multifamily 3731-3741 Stocker Street is ideally suited for multifamily development in development site with the potential to build up to ±322 units located this dense urban infill high-demand location as demonstrated by 96.5% in the dynamic Baldwin Hills/Crenshaw neighborhood of Los Angeles, submarket apartment occupancy levels. California. The Property offers the added benefit of existing in-place income. With Situated on Stocker Street near Crenshaw Boulevard with address ±38,927 square feet of existing multi-tenant commercial office building 3731-3741 Stocker Street, the Property is zoned C2-1, is designated as improvements, the Property generates approximately $892,000 of a Transit Oriented Community (TOC) Tier 3 site and is located in an rental income annually. The shorter term and month-to-month leases Opportunity Zone. are ideally suited to provide income while development entitlements are processed. The Property WalkScore rates a “Very Walkable” 87 out of 100.

Significant Ongoing Investment in the Immediate Area Includes: www.WestStockerSt.com The Property is located within a six-minute walk to the 43-acre Baldwin Hills Crenshaw Plaza shopping center, which is planned to undergo a transformational $700 million renovation envisioned to include hotel, office, residential, and retail village components. This expansive renovation will result in a landmark shopping, dining, and entertainment destination located a few blocks away from the Property.

A few blocks away from the Property along Crenshaw Boulevard, the Metro Crenshaw/LAX Transit project is currently under construction with a budget of $2.058 Billion and an anticipated summer of 2020 completion date. Metro Crenshaw/LAX will extend from the existing Metro Expo Line at Crenshaw and Exposition Boulevards, run through the 3731-3741 Stocker Street neighborhood, and merge with the Metro Green Line at the Aviation/LAX Station.

Key employment centers in nearby Downtown Los Angeles, Culver City, Koreatown, Hollywood, and Inglewood (home of the $2.8 Billion Los Angeles Stadium and Entertainment District at Hollywood Park) are within convenient driving distance from the Property or will soon be accessible by commuter rail. www.WestStockerSt.com 3731 & 3741 W. Stocker Street 8 OPPORTUNITY HIGHLIGHTS

Well Located Transit Potential to Build to $892,000 In-Place Oriented Community Up to ±322 Units Income. Remaining (TOC) Tier 3 Site Lease Terms Are Ideally Suited For a Flexible Business Plan Going Forward

96.5% Proximate to Metro Walkscore Rated a Submarket Multifamily Crenshaw/LAX Transit “Very Walkable” Occupancy Project 87 Out of 100

Located In a Qualified Dense Urban Infill Six Minute Walk to Opportunity Zone Location Baldwin Hills Crenshaw Plaza ($700 Million Renovation Pending)

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 9 PROPERTY INFORMATION Parcel Map 3731 & 3741 West Stocker St. Address Los Angeles, CA 90008

5432-022-017 Assessor Parcel Numbers 5032-022-005

±75,674 SF Lot Size ±1.74 Acres

20,200 SF (3731 Stocker St.) Current Office Building 18,727 SF (3741 Stocker St.) 38,927 SF TOTAL

Zoning C2-1

Transit Oriented Tier 3 Community

Entitled No

Council District 8 City Council District Council Member Marqueece Harris-Dawson

ENTITLEMENT GUIDELINES

1.5:1 (By Right) FAR Potential 3.7:1 (With TOC Tier 3)

400 SqFt/Dwelling Unit (By Right) Density 70% Increase of # of units (With TOC Tier 3) Max units with TOC Tier 3: ± 322

Height Limit None

www.WestStockerSt.com 10 II. Area Overview WHY CRENSHAW/BALDWIN HILLS?

Many new local area projects exemplify the ongoing catalytic investments being made that will significantly enhance the neighborhood amenities and transportation linkages available to 3731-3741 W. Stocker Street.

Rendering of Baldwin Hills Crenshaw Plaza Robust Single Family Home Prices

Highlighting the desirability of the immediate area, the average price of single family homes sold within one mile of the Property between September 2018 and September 2019 was an impressive $951,505. Many of the homes sold were in $1,100,000 to $1,500,000 price range.

As of September 23, 2019 the average asking price of single family homes for sale within one mile of the Property was $1,194,484.

Baldwin Hills Crenshaw Plaza is about a six minute walk from 3731-3741 W. Stocker St. The Plaza is currently undergoing a $700 million renovation. Upon completion the 43-acre site at the intersection of Crenshaw and Martin Luther King Jr. Boulevards is envisioned to include hotel, office, residential, and retail village components.

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 12 WHY CRENSHAW/BALDWIN HILLS? (Continued) Metro Expo Line

A few blocks away from the Property along Crenshaw Boulevard, the Metro Crenshaw/LAX Transit project is currently under construction with a budget of $2.058 Billion and an anticipated summer of 2020 completion date. Metro Crenshaw/LAX will extend from the existing Metro Expo Line at Crenshaw and Exposition Boulevards, run through the 3731-3741 Stocker Street neighborhood, and merge with the Metro Green Line at the Aviation/LAX Station.

3731 - 3741 W. Stocker Street

Renderings of the Expo/Crenshaw Station Development By WIP-A, LLC

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 13 WHY CRENSHAW/BALDWIN HILLS? (Continued) Additional Significant Real Estate Investment Projects In the Area Surrounding 3731 & 3741 W. Stocker include:

Baldwin Hills 3831 W. Stocker St. (Amalfi Apartments) ×× JMDB Holdings District Square ×× Proposed Rendering ×× 74 Units 3630 S. Crenshaw Blvd. & 3606 W. Exposition Blvd. ×× Watt Companies & West Los Angeles Community Development Corporation ×× Proposed ×× 401 Units District Square Amalfi Apartments ×× Charles Company Rendering ×× Proposed ×× 577 Units and retail Blackwelder Creative Campus Doreset Village Redevelopment ×× Doreset Village Partners LP ×× Proposed ×× 782 Units ×× Crenshaw & Slauson 4252 Crenshaw Blvd. ×× Axiom Real Estate Services ×× Proposed ×× 69 Units

West Adams TheRealReal 3702-3716 W. Jefferson ×× Branmark Group ×× Proposed ×× 60 Units 3717-3325 Exposition Pl. ×× Lion Real Estate Group and th Borman Group ×× Tenant: TheRealReal ×× 29,690 SqFt Office Sweetgreen Blackwelder Creative Campus Rendering ×× Currently in Escrow For a Reported $185MM ($1,173 PSF) ×× 157,600 SF Spanned Across 19 buildings ×× Located near Culver City Photos: TheRealDeal, Urbanize LA & CurbedLA www.WestStockerSt.com 3731 & 3741 W. Stocker Street 14 WHY CRENSHAW/BALDWIN HILLS? (Continued) Culver City & West Adams Area Development

Just a 10 minute drive from the Property, West Adams is located just East of Culver City is undergoing a major transformation. Spurred largely by the development of CIM Group, West Adams has quickly become one of Los Angeles’ fastest growing submarkets and is home to man array of excellent restaurants. Currently there are over 23 development sites located between Redondo and Fairfax which will be developed into creative office, retail, residential and hospitality. West Adams will include over 40,000sf of retail, over 50,000sf of creative office, numerous mixed-use developments and hundreds of residential units. See pages 22-24 for additional information about Culver City.

AREA DEVELOPMENT MAP

INTERSTATE 10 Westwood/ 14 Rancho 11 Arts District 1210 9 22 Blackwelder 9 21 Palms Creative 23 1033 55 Campus 44 WEST BLVD 88 Culver 66 7 ADAMS BLVD ADAMS BLVD 1 City 16 Hayden La Cienega/ Expo/ 15 HAUSER BLVD Jefferson La Brea 17 REDONDO BLVD 22 Tract Farmdale 14 18 FAIRFAX AVE LA BREA AVE Expo/ 19 Downtown Crenshaw 20 CRENSHAW BLVD

Culver City BUCKINGHAM RD Expo/ Western 3731 - 3741 W. Stocker Street

12 13

Hackman Capital - Culver Steps Carmel Partners - Cumulus Capri Capital Partners - Crenshaw Plaza 5767 West 1Adams×× Future Amazon HQ 6 ×× 100,000SF Retail 13 Redevelopment 8-story, 400 room hotel, 10,000 19 Goat HQ ×× 75,000SF Office, 45,000SF Retail and Public Plaza ×× 1,200 Apartment Units SF or high end retail and a 10-story 148,000 SF office tower Nearby Developments Hackman Capital - Apple Hackman Capital - Culver Studios 7 ×× 85,000SF Office 14 District Square Development 20 Rios Clementi Hale HQ 2 ×× Future Amazon HQ 6.5-acre site including 573 residential ×× 720,000SF units and retail amenities 1 Hackman Capital - Culver Steps 6 Samitaur ConstructsSamitaur - (W)RapperConstructs - (w) Rapper 5109 W. Adams • Future Amazon HQ 8 • 170,000sf×× Office170,000SF Office Watt Companies Development 21 ×× CIM Group • 75,000sf Office,Lowe 45,000sfEnterprises Retail - Ivy Station 7 Carmel Partners - 115 Unit Mixed-Use Project 15 492 residential units and 47,500 SF of retail ×× Mixed-Use Project ×× Proposed 3 8 Hackman Capital - Apple and Public× Plaza× 200,000SF Office, 55,000SF Retail, 200 Redcar Properties - Creative ×× 69 Resi Units 9 • 85,0000sf Office 2 Hackman Capital - CulverApartments, Studios 148 Room Hotel, 2 Acres of Office Development Olson Homes Development - 100 residential ×× 6,000 SF Retail • Future AmazonOutdoor HQ Space 9 CIM - Mixed-Use Development 16 town homes and condos and 13,500 SF of open space • 720,000sf OfficeCIM - Mixed-Use Development 10 CIM - Warehouse4D Development Purchase - Plans - 115 TBD Unit 22 5135 W. Adams ×× CIM Group 3 Lowe Enterprises - Ivy Station 11 CIM10 - ApartmentMixed-Use Complex Project Lincoln Property - Apple HQ Expo Place ×× Under Construction 4 × 12 4d Development - 115 Unit Mixed-Use Project • Mixed-Use Project× 128,000 SF Office 17 30,000 SF creative office conversion ×× 10 Resi Units 13 CIM - 6-story, 60-unit live/work • 200,000sf Office, 55,000 sf Retail, 200 Apartments, 148 Room Hotel, CIM11 - 78-Key Hotel 14 CIM - 6-Story,office 60-Unit buildingLive/Work Office Building 2 Acres of KarneyOutdoor PropertiesSpace 5170 W. Adams Expo Place 4 Lincoln Property5 ×- ×Apple234 HQ Apartments, 45,000SF Retail, 18 2223 ×× CIM Group Marlton Square - New shopping ×× 50,000 SF Sweetgreen HQ • 128,000sf Office30,000SF of Outdoor Space ×× Propsed 12 center with a residential component 5 Karney Properties - The Wesley ×× 43 Unit Hotel • 234 Apartments, 45,000sf Office, 30,000sf of Outdoor Space 15 www.WestStockerSt.com 3731 & 3741 W. Stocker Street WHY CRENSHAW/BALDWIN HILLS?(Continued) Nearby Investment - Cumulus

Just 12 minutes away from the Property at La Cienga and Jefferson, Carmel Partners broke ground in 2018 to develop Cumulus - one of several the major projects planned in West Adams. Cumulus Tower will include a seven-story podium building, about 1,200 residential units, and 100,000 square feet of retail, with a Whole Foods Market. Also, a 30-story tower designed by Solomon Cordwell Buenz is planned. The 11 acres site is currently under construction and will open in late 2020.

Photos: CurbedLA

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 16 WHY CRENSHAW/BALDWIN HILLS? (Continued) Nearby Amenties

3731 - 3741 W. Stocker Street

Layout ID: MapId: © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID: L18 MapId: 6681562 Metro Rail & Busway metro.net WHY CRENSHAW/BALDWIN HILLS? (Continued) Metro Expo Line

Chatsworth Amtrak & Metrolink 3731-3741 W Stocker is located five minutes from

Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/Citrus College the Expo Line (Expo/Crenshaw), which will be

Roscoe connected by the Crenshaw/LAX line in 2020. The Memorial Park Sherman Way SAN GABRIEL VALLEY Expo Line allows passengers the ability to travel to Del Mar Canoga De Soto Pierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North Hollywood the Pacific Ocean in approximately 27 minutes, and Fillmore Universal City/Studio City to Downtown Los Angeles in less than 40 minutes. Los Angeles River Warner Ctr Hollywood/Highland South Pasadena In 2018, the average daily ridership for the Expo

Hollywood/Vine Highland Park Line was 61,024.

Hollywood/Western Southwest Museum CENTRAL LA The Metro Expo Line connects Los Angeles’ Vermont/Sunset Heritage Sq Westside by rail with Downtown Los Angeles, Vermont/Santa Monica Lincoln/Cypress Hollywood, the South Bay, Long Beach, Pasadena Chinatown Vermont/Beverly and the San Fernando Valley. With 10 new stations

PURPLE LINE EXTENSION Wilshire/WesternWilshire/Normandie Union Station Wilshire/Vermont Amtrak & Metrolink serving Culver City, Santa Monica, USC (University Civic Ctr/ Ctr/Civic GrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark Metrolink LAX FlyAway LAC+USC MedicalCal State Ctr LA El Monte Westlake/MacArthur Park of Southern California) and Downtown Los Angeles, WESTSIDE REGIONAL 7th St/Metro Ctr CONNECTOR the Metro Rail system will expand 80 stations over Pico Pershing Square LATTC/Ortho Soto 87 miles of rail destinations across LA County. Institute LittleArts Tokyo/ Dist Indiana Atlantic DOWNTOWN Pico/Aliso Maravilla LA Mariachi Plaza Rail Station Grand/LATTC East LA Civic Ctr Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC Transfer EASTSIDE Station BuswayStation 37th St/ San Pedro St USC Busway Street Service ◄ Expo/Crenshaw UNDER Jefferson/USC Washington CONSTRUCTION

3731 - 3741 Slauson Vernon Metro Rail Los Angeles River Angeles Los W. Stocker StreetCRENSHAW/ SOUTH LA Slauson LAX LINE Red Line North Hollywood to Union Station Manchester Florence PACIFIC OCEAN Purple Line Wilshire/Western to Union Station Firestone Blue Line Downtown LA to Long Beach Expo Line 103rd St/ Downtown LA to Santa Monica Watts Towers Green Line Willowbrook/ Redondo Beach to Norwalk LAX Shuttle G Rosa Parks Aviation/LAXHawthorne/LennoxCrenshawVermont/Athens Harbor FwyAvalon Long Beach LakewoodBl NorwalkBl Gold Line LAX East Los Angeles to Azusa

Metro Busway Mariposa Rosecrans Compton Orange Line Chatsworth to North Hollywood El Segundo Harbor Artesia Gateway Silver Line Transit Ctr GATEWAY CITIES San Pedro to El Monte Del Amo Street Service in Downtown LA Douglas and San Pedro

Carson Wardlow Redondo Beach Regional Rail

Willow St Amtrak SOUTH BAY amtrak.com Metrolink Pacific Pacific Coast Hwy metrolinktrains.com Coast Hwy Anaheim St Airport Shuttle

LAX FlyAway Pacific 5th St lawa.org/flyaway Av LAX Shuttle (free) lawa.org San Pedro Downtown 1st St Long Beach OCTMAY 2016 2016 SubjectSubject to to Change 17-0753 ©2016 LACMTA ©2016 17-0753 WHY CRENSHAW/BALDWIN HILLS? (Continued) Drive Times

From 3731-3741 W. Stocker St. Los Angeles, CA (without traffic)

Culver City 12 minutes 3731 - 3741 W. Stocker Street Downtown Los Angeles 12 minutes

LAX 14 minutes

Hollywood

16 minutes PACIFIC OCEAN

Beverly Hills 18 minutes

Santa Monica 20 minutes

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 19 DEMOGRAPHIC BRIEF WHY CRENSHAW/BALDWIN HILLS? (Continued) Major Area Employers 3731 STOCKER ST

WITHIN 5 MILES:

VXI GLOBAL SOLUTIONS

KAISER INSURANCE

TRI-STAR PICTURES

CBS TELEVISION

CENTINELA HOSPITAL MEDICAL CENTER

CALIFORNIA HOSPITAL MEDICAL CENTER

WEST LOS ANGELES MEDICAL CENTER

WESTLAKE FINANCIAL

HOLLYWOOD PARK CASINO

JW MARRIOTT

CURACAO

BLUE SHIELD OF CALIFORNIA

UNIVERSITY OF SOUTHERN CALIFORNIA

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 20

NAME LATITUDE LONGITUDE

3731 STOCKER ST 34.00668 -118.338381

©2019 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri ProjectID:496985 CULVER CITY

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 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. 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. 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 small-town charm, with all the benefits of cosmopolitan big-city living.

PLATFORM Platform is the new creative retail hub in Downtown Culver City.

Restaurants include Blue Bottle Coffee, Hayden, Loqui, Margot, Roberta’s, Sweetgreen and Van Leeuwen.

Boutique retailers include Aquelarre, Bird Brooklyn, Freda Salvador, Janessa Leone, Modern Society, Reformation, Reservoir LA, Sorenson and Tom Dixon.

Boutique wellness experiences include Soulcycle and Tenoverten. www.WestStockerSt.com 3731 & 3741 W. Stocker Street 21 CULVER CITY EMPLOYERS

Culver City is currently one of the most talked about office areas in Los Angeles. In the past few years, the area has experienced impressive tenant demand as well as outsized rent growth. This has spurred elevated construction levels and the pipeline is currently among the fullest of any submarket in L.A. today. Culver City has won several of the mega lease deals announced in L.A. and has benefited from the content production arms race underway in the city among the media juggernauts. Amazon, Apple, and HBO have all made sizable commitments to projects under construction.

Culver City’s central location allows employers to pull talent from a wide range of directions. Additionally, the Metro Expo Line, which connects Culver City to Santa Monica and Downtown Los Angeles, increasingly drives companies to locate in Culver City. Tech and creative firms constitute much of the tenancy. www.WestStockerSt.com 3731 & 3741 W. Stocker Street 22 CULVER CITY AMENITIES

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 23 INGLEWOOD

HOLLYWOOD PARK

Hollywood Park addresses the ever-growing need for a diverse and compelling mix of entertainment options in a convenient, central area easily accessed by L.A.’s west side. It provides a point of convergence for the entire region, blending major events and stages with everyday entertainment, 365-day-a- year programming and a highly social and cultural context. Major venues attract big acts, great performances and major red carpet events, while more intimate venues and an outdoor lakefront festival setting provide a platform for new Hollywood Park Rendering and local artists. This eclectic and always changing mix has something for everyone and brings people together in a new Inglewood is a eight minute drive away from the Property. This city is in entertainment center for Los Angeles. the South Bay region of Los Angeles that is bordered by Westchester/ LAX, Hawthorne, and Ladera Heights. Spanning 8 square miles with a The Los Angeles Stadium and Entertainment District at population of 109,670, Inglewood has emerged as one of the hottest Hollywood Park is transforming the site of the former Hollywood real estate markets in Southern California. Real estate values have Park Racetrack to a year-round sports and entertainment increased 10.1% over the past year and the median price of homes destination for the enjoyment of people throughout Southern currently listed in Inglewood is $480,000. California as well as visitors to the region. This will be the new “must-see” entertainment destination and gathering Next to the $2.8 billion stadium, a massive new neighborhood and spot in the center of the Los Angeles basin. This monumental shopping complex with thousands of homes, plus new stores, project covers 298 acres located two miles off the I-405, restaurants, and a hotel, has been in the works for more than a decade. one and a half miles off the I-105, and four miles from Los When fully finished, the new Hollywood Park will be made up of 2,500 Angeles International Airport. The centerpiece of the district units of housing, 620,000 square feet of retail space, giant outdoor is a 70,000-seat stadium that will be the home of NFL games movie screen, a 300-room luxury hotel, and a revamped Hollywood for both the Los Angeles Chargers and Los Angeles Rams. Park Casino. In addition to roughly two dozen acres of parks and open The stadium will feature sporting events including the Super space, designed by Studio-MLA, there will be an artificial lake, complete Bowl and the Opening and Closing ceremonies of the 2028 with waterfalls, a centerpiece to the community space. Olympics being held in Los Angeles, as well as major concerts and other entertainment year-round. www.WestStockerSt.com 3731 & 3741 W. Stocker Street 24 HOLLYWOOD PARK AMENITIES

FUTURE SOFI STADIUM

“Hollywood Park spans approximately 300 acres and is central to the Westside, South Bay and greater Los Angeles communities. Modern architecture, dramatic open space, and state-of-the-art technology differentiate the physical place.” -Hollywood Park Life www.WestStockerSt.com 3731 & 3741 W. Stocker Street 25 DOWNTOWN LOS ANGELES

Downtown Los Angeles is approximately 12 minutes away from The renaissance of Downtown Los Angeles that began in the the Property. The area is bounded by the Los Angeles river to the late 1990’s has attracted over $17.3 Billion of investment. With east, 101 Hollywood Freeway to the north, the 10 Santa Monica many historic buildings having been converted into lofts, the Freeway on the south and just west of the 110 Harbor Freeway on transformation continues today as numerous retail businesses and the west. Downtown Los Angeles features many of the city’s major restaurants are opening, and new mid- and high-rise residential arts institutions and sports facilities, a variety of skyscrapers and buildings are being built and in the planning pipeline. associated large multinational corporations, an array of public art, Downtown LA’s residential growth has been unprecedented. unique shopping opportunities and the hub of the city’s freeway Since the passage of the Adaptive Reuse Ordinance in 1999 and public transportation networks. more than 22,000 new housing units have been constructed in Downtown Los Angeles features one of the largest skylines in the Downtown Los Angeles and another 7,400 additional residential United States, and its development has continued in recent years. units are currently under construction. Of the new units, 6,509 are The skyline will continue to see rapid growth with a number of high market rate rental units and 69 are affordable units. With a current profile Asia-based developers building landmark projects. 95% rental occupancy rate, the long term demand for housing is expected to be strong.

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 26 DOWNTOWN LA AMENITIES

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 27 KOREATOWN

LOCAL CULTURE MEETS LUXE STYLE Koreatown is a gorgeous and densely packed three- quarter mile community offering a delightful fusion of history and hipsters. With its labyrinth of bistros, coffee shops, boutique hotels and endless shopping in readapted art deco structures with terra cotta facades, it has an approachable urban aesthetic that both charms and infuses this historic neighborhood with a life that is excitingly new. Local values and luxe style blend with ease and have transformed this area just west of downtown into one of the hippest neighborhoods around. Koreatown is in full bloom.

A CLASH OF CULTURE, COFFEE AND CULINARY DELIGHTS Koreatown never sleeps. It is known for having one of the largest concentration of bars, coffee shops and 24 hour restaurants and businesses in Southern California.

VIBRANT & HIP With the trendy Line Hotel and the rooftop greenhouse restaurant Openair, Koreatown is steeped in all things uber-hip.

“KOREATOWN IS KNOWN FOR HAVING ONE OF THE LARGEST CONCENTRATION OF BARS, COFFEE SHOPS AND 24 HOUR RESTAURANTS AND BUSINESS IN SOUTHERN CALIFORNIA.” www.WestStockerSt.com 3731 & 3741 W. Stocker Street 28 III.Rent and Sales Comparables RENT COMPARABLES MAP

3731-3741 W. Stocker St.

1 3838 Dunn Dr. 9 4 10 6 2 8770 Washington Blvd. 8 3 10601 Washington Blvd

4 5520 Wilshire Blvd

5 9901 Washington Blvd

6 5100 Wilshire Blvd

7 3644 Overland Ave.

8 950 South Fairfax Ave.

9 6245 Wilshire Blvd.

10 5200 Wilshire Blvd.

2

1 7 5

3

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 30 3838 by CLG

86 Units 3838 Dunn Drive Culver City, CA 90232 (323) 379-1988 Completed Date February, 2018 Improvements Rating B+ Location Rating B Occupancy 96.5% RENT COMPARABLESCommon Area Amenities - Controlled Access, Fitness Center, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 117 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Above Ground and Subterranean 1 3838 3838by CLG BY CLG Functional Characteristics - Private Balcony/Patio Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt Studio 2.33% 2 442 884 $2,488 $5.63 One Bedroom/Alcove 1.16% 1 552 552 $2,602 $4.71 One Bedroom 5.81% 5 531 2,655 $2,923 $5.50 One Bedroom 1.16% 1 531 531 One Bedroom 6.98% 6 543 3,258 $3,071 $5.66 One Bedroom 2.33% 2 545 1,090 $2,757 $5.06 One Bedroom 10.47% 9 573 5,157 $2,928 $5.11 One Bedroom 1.16% 1 573 573 One Bedroom 4.65% 4 627 2,508 $2,792 $4.45 One Bedroom 1.16% 1 627 627 One Bedroom 1.16% 1 645 645 $3,424 $5.31 One Bedroom 5.81% 5 647 3,235 $2,912 $4.50 3838 Dunn Drive One Bedroom 1.16% 1 663 663 $3,073 $4.63 86Culver Units City, CA 90232 One Bedroom 1.16% 1 667 667 $2,912 $4.37 3838 Dunn Drive Culver City, CA 90232 (323) 379-1988 One Bedroom 6.98% 6 671 4,026 $3,043 $4.54 YEAR BUILT: 2018 Completed Date One Bedroom 4.65% 4 682 2,728 $3,118 $4.57 February, 2018UNITS: 86 One Bedroom 1.16% 1 683 683 $3,389 $4.96 One Bedroom 5.81% 5 689 3,445 $2,953 $4.29 Improvements Rating B+ OCCUPANCY: 96% One Bedroom 1.16% 1 689 689 Location Rating B One Bedroom 5.81% 5 693 3,465 $3,068 $4.43 Occupancy 96.5% One Bedroom 5.81% 5 712 3,560 $3,284 $4.61 CommonAMENITIES: Area Amenities - Controlled Access, Fitness Center,One Bedroom 1 Spa, Rental Office - Stand Alone3.49% 3 723 2,169 $3,053 $4.22 ParkingControlled - Total Access Parking - 117 Spaces, Covered Parking Is OneAvailable Bedroom For An Additional $0 Per Month,1.16% 1 723 723 ParkingFitness Type Center - Above Ground and Subterranean One Bedroom 5.81% 5 815 4,075 $3,264 $4.00 One Bedroom 1.16% 1 815 815 Functional1 Spa Characteristics - Private Balcony/Patio Two Bedroom/One and Three Quarter Bath 2.33% 2 987 1,974 $3,870 $3.92 Internet Access, Above Standard Ceiling Height, Microwave Ovens ApartmentRental Office Interior - Amenities Stand Alone - Two Bedroom/One and Three Quarter Bath 4.65% 4 1,110 4,440 $4,302 $3.88 Private Balcony/PatioUnit Type Unit Description % of Two Bedroom/OneUnit and Three QuarterSize Bath (SqFt) 1.16% Market1 Rent1,110 1,110 TotalTwo Bedroom/OneCount and Three QuarterUnit Bath Total1.16% Total1 1,154 SqFt 1,154 $3,856 $3.34 Internet Access Three Bedroom/One and Three Quarter Bath 1.16% 1 1,085 1,085 $4,326 $3.99 AboveStudio Standard Ceiling Height 2.33% 2 442 884 $2,488 $5.63 MicrowaveOne Bedroom/Alcove Ovens 1.16%Total/Average 1 552 552100% $2,60286 688 $4.71 59,186 $3,125 $4.56 One Bedroom 5.81%You are solely responsible5 for531 independently 2,655 verifying $2,923 the information $5.50 in this Memorandum. Any reliance on it is solely at your own risk. One Bedroom 1.16% 1 531 531 One Bedroom 6.98% 6 543 3,258 $3,071 $5.66 www.WestStockerSt.com 3731 & 3741 W. Stocker Street 31 One Bedroom 2.33% 2 545 1,090 $2,757 $5.06 One Bedroom 10.47% 9 573 5,157 $2,928 $5.11 One Bedroom 1.16% 1 573 573 One Bedroom 4.65% 4 627 2,508 $2,792 $4.45 One Bedroom 1.16% 1 627 627 One Bedroom 1.16% 1 645 645 $3,424 $5.31 One Bedroom 5.81% 5 647 3,235 $2,912 $4.50 One Bedroom 1.16% 1 663 663 $3,073 $4.63 One Bedroom 1.16% 1 667 667 $2,912 $4.37 Access Culver City

115 Units 8770 Washington Blvd Culver City, CA 90232 (310) 837-8770 Completed Date September, 2016 Improvements Rating A (Continued) RENT COMPARABLESLocation Rating B Occupancy 93.9% Access Culver City Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Pa 2 ACCESS CULVER CITY Total Parking - 344 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Above Ground and Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Combination Other Factor - Major Street Exposure - Washington Blvd and National Blvd, View - Downtown Los Angeles Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt Studio 2.61% 3 607 1,821 $3,067 $5.05 One Bedroom/Alcove 14.78% 17 762 12,954 $3,552 $4.66 One Bedroom 10.43% 12 738 8,856 $3,673 $4.98 One Bedroom 2.61% 3 754 2,262 $3,638 $4.82 One Bedroom 2.61% 3 756 2,268 $3,643 $4.82 One Bedroom 18.26% 21 762 16,002 $3,310 $4.34 Two Bedroom/Two Bath 27.83% 32 1,104 35,328 $4,778 $4.33 Two Bedroom/Two Bath 1.74% 2 1,114 2,228 $4,360 $3.91 Two Bedroom/Townhouse/Loft/Two Bath 10.43% 12 1,289 15,468 $5,532 $4.29 8770 Washington Blvd. Three Bedroom/Townhouse/Two and Three 4.35% 5 1,758 8,790 $5,945 $3.38 115 Units Quarter Bath Culver City, CA 90232 Three Bedroom/Townhouse/Two and Three 3.48% 4 1,984 7,936 $6,302 $3.18 8770 Washington Blvd Culver City, CA 90232 (310) 837-8770Quarter Bath CompletedYEAR Date BUILT: 2016 Three Bedroom/Townhouse/Three and One 0.87% 1 1,844 1,844 $6,130 $3.32 September, 2016 Half Bath UNITS: 115 Total/Average 100% 115 1,007 115,757 $4,296 $4.27 Improvements Rating A LocationOCCUPANCY: Rating B 94% Occupancy 93.9% CommonAMENITIES: Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Pa Total ControlledParking - 344 Spaces, Access Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Above Ground and Subterranean Fitness Center Functional Characteristics - Private Balcony/Patio, Construction Type - Combination OtherClubhouse Factor - Major Street Exposure - Washington Blvd and National Blvd, View - Downtown Los Angeles Apartment1 Swimming Interior Amenities Pool - Internet Access, Above Standard Ceiling Height, Microwave Ovens 1 Spa Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt Private Balcony/Patio Studio 2.61% 3 607 1,821 $3,067 $5.05 Internet Access One Bedroom/Alcove 14.78% 17 762 12,954 $3,552 $4.66 Microwave Ovens One Bedroom 10.43% 12 738 8,856 $3,673 $4.98 YouOne are Bedroom solely responsible for independently verifying2.61% the information in this3 Memorandum.754 2,262Any reliance on $3,638 it is solely at $4.82your own risk. www.WestStockerSt.com 3731 & 3741 W. Stocker Street One Bedroom 2.61% 3 756 2,268 $3,643 $4.82 32 One Bedroom 18.26% 21 762 16,002 $3,310 $4.34 Two Bedroom/Two Bath 27.83% 32 1,104 35,328 $4,778 $4.33 Two Bedroom/Two Bath 1.74% 2 1,114 2,228 $4,360 $3.91 Two Bedroom/Townhouse/Loft/Two Bath 10.43% 12 1,289 15,468 $5,532 $4.29 Three Bedroom/Townhouse/Two and Three 4.35% 5 1,758 8,790 $5,945 $3.38 Quarter Bath Three Bedroom/Townhouse/Two and Three 3.48% 4 1,984 7,936 $6,302 $3.18 Quarter Bath Three Bedroom/Townhouse/Three and One 0.87% 1 1,844 1,844 $6,130 $3.32 Half Bath Total/Average 100% 115 1,007 115,757 $4,296 $4.27 Cobalt

135 Units 10601 Washington Blvd Culver City, CA 90232 (310) 841-0601 Completed Date February, 2019 Prior Names 10601 Washington Boulevard Improvements Rating A- Location Rating B Occupancy 11.1% Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 294 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame Other Factor - Major Street Exposure(Continued - Overland Avenue and Washington) Blvd, View - RENT COMPARABLESDowntown Los Angeles/Hollywood Hills Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count 3 Unit Total Total SqFt COBALT Studio 0.74% 1 720 720 One Bedroom/Alcove 3.70% 5 555 2,775 $3,407 $6.14 10601 Washington Blvd. One Bedroom/Alcove 0.74% 1 555 555 One Bedroom/Alcove 0.74% 1 564 564 $3,363 $5.96 Culver City, CA 90232 One Bedroom/Alcove 0.74% 1 564 564 One Bedroom/Alcove 2.96% 4 569 2,276 $3,597 $6.32 YEAR BUILT: 2019 One Bedroom/Alcove 3.70% 5 598 2,990 $3,386 $5.66 One Bedroom/Alcove 3.70% 5 633 3,165 $3,542 $5.60 UNITS: 135 One Bedroom/Alcove 0.74% 1 638 638 $3,464 $5.43 One Bedroom/Alcove 3.70% 5 734 3,670 $3,726 $5.08 OCCUPANCY: 11% One Bedroom/Alcove 2.96% 4 766 3,064 $3,860 $5.04 Cobalt One Bedroom/Alcove 0.74% 1 766 766 One Bedroom 3.70% 5 642 3,210 $3,864 $6.02 One Bedroom 0.74% 1 644 644 $3,730 $5.79 One Bedroom 0.74% 1 724 724 $3,815 $5.27 One Bedroom 2.22% 3 746 2,238 $3,885 $5.21 One Bedroom 0.74% 1 746 746 One Bedroom 2.96% 4 752 3,008 $3,935 $5.23 One Bedroom 0.74% 1 778 778 $3,860 $4.96 One Bedroom 0.74% 1 785 785 $3,860 $4.92 One Bedroom 0.74% 1 786 786 $3,865 $4.92 One Bedroom 18.52% 25 787 19,675 $3,992 $5.07 One Bedroom 0.74% 1 787 787 One Bedroom 0.74% 1 808 808 One Bedroom 0.74% 1 832 832 $4,096 $4.92 One Bedroom 0.74% 1 832 832 One Bedroom 2.96% 4 834 3,336 $4,222 $5.06 One Bedroom 0.74% 1 834 834 135AMENITIES: Units One Bedroom 3.70% 5 975 4,875 $4,420 $4.53 10601 Washington Blvd Culver City, CA 90232 (310) 841-0601 Two Bedroom/Two Bath 0.74% 1 962 962 $4,123 $4.29 CompletedControlled Date Access Two Bedroom/Two Bath 3.70% 5 990 4,950 $3,896 $3.94 Two Bedroom/Two Bath 0.74% 1 1,004 1,004 $5,023 $5.00 February, 2019 Fitness Center Two Bedroom/Two Bath 0.74% 1 1,006 1,006 $4,251 $4.23 Prior Names Two Bedroom/Two Bath 1.48% 2 1,020 2,040 $4,923 $4.83 10601Business Washington Center Boulevard Two Bedroom/Two Bath 0.74% 1 1,020 1,020 ImprovementsClubhouse Rating A- Two Bedroom/Two Bath 0.74% 1 1,060 1,060 $4,657 $4.39 Location Rating B Two Bedroom/Two Bath 2.96% 4 1,075 4,300 $4,446 $4.14 Occupancy1 Swimming Pool 11.1% Two Bedroom/Two Bath 3.70% 5 1,101 5,505 $4,866 $4.42 Two Bedroom/Two Bath 0.74% 1 1,101 1,101 Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 1 Spa, 1 Spa Two Bedroom/Two Bath 3.70% 5 1,115 5,575 $4,927 $4.42 Rental Office - Stand Alone Parking - Total Parking - 294 Spaces, Two Bedroom/Two Bath 3.70% 5 1,134 5,670 $4,462 $3.93 RentalCovered Parking Office Is Available - Stand For An AdditionalAlone $0 Per Month, Parking TypeTwo - Bedroom/TwoSubterranean Bath 3.70% 5 1,158 5,790 $5,063 $4.37 Functional Characteristics - Private Balcony/Patio, Construction TypeTwo -Bedroom/Two Steel Frame Bath 3.70% 5 1,190 5,950 $5,051 $4.24 OtherParking Factor - Major Street Exposure - Overland Avenue and WashingtonTwo Bedroom/Two Blvd, View Bath - 0.74% 1 1,191 1,191 $4,567 $3.83 Downtown Los Angeles/Hollywood Hills Apartment Interior Amenities - InternetTwo Bedroom/Two Access, AboveBath Standard Ceiling Height,0.74% Microwave1 Ovens1,263 1,263 $4,818 $3.81 Total/Average 100% 135 852 115,032 $4,129 $4.82 Unit Type Unit Description % of Unit Size (SqFt) Market Rent www.WestStockerSt.com Total YouCount are solelyUnit responsibleTotal for independently Total verifying SqFt the information3731 & 3741 in W. this Stocker Street Memorandum. Any reliance on it is solely at your own risk. 33 Studio 0.74% 1 720 720 One Bedroom/Alcove 3.70% 5 555 2,775 $3,407 $6.14 One Bedroom/Alcove 0.74% 1 555 555 One Bedroom/Alcove 0.74% 1 564 564 $3,363 $5.96 One Bedroom/Alcove 0.74% 1 564 564 One Bedroom/Alcove 2.96% 4 569 2,276 $3,597 $6.32 One Bedroom/Alcove 3.70% 5 598 2,990 $3,386 $5.66 One Bedroom/Alcove 3.70% 5 633 3,165 $3,542 $5.60 One Bedroom/Alcove 0.74% 1 638 638 $3,464 $5.43 One Bedroom/Alcove 3.70% 5 734 3,670 $3,726 $5.08 One Bedroom/Alcove 2.96% 4 766 3,064 $3,860 $5.04 One Bedroom/Alcove 0.74% 1 766 766 One Bedroom 3.70% 5 642 3,210 $3,864 $6.02 One Bedroom 0.74% 1 644 644 $3,730 $5.79 One Bedroom 0.74% 1 724 724 $3,815 $5.27 One Bedroom 2.22% 3 746 2,238 $3,885 $5.21 One Bedroom 0.74% 1 746 746 One Bedroom 2.96% 4 752 3,008 $3,935 $5.23 One Bedroom 0.74% 1 778 778 $3,860 $4.96 One Bedroom 0.74% 1 785 785 $3,860 $4.92 One Bedroom 0.74% 1 786 786 $3,865 $4.92 One Bedroom 18.52% 25 787 19,675 $3,992 $5.07 One Bedroom 0.74% 1 787 787 One Bedroom 0.74% 1 808 808 One Bedroom 0.74% 1 832 832 $4,096 $4.92 One Bedroom 0.74% 1 832 832 One Bedroom 2.96% 4 834 3,336 $4,222 $5.06 One Bedroom 0.74% 1 834 834 One Bedroom 3.70% 5 975 4,875 $4,420 $4.53 Two Bedroom/Two Bath 0.74% 1 962 962 $4,123 $4.29 Two Bedroom/Two Bath 3.70% 5 990 4,950 $3,896 $3.94 Two Bedroom/Two Bath 0.74% 1 1,004 1,004 $5,023 $5.00 Two Bedroom/Two Bath 0.74% 1 1,006 1,006 $4,251 $4.23 Two Bedroom/Two Bath 1.48% 2 1,020 2,040 $4,923 $4.83 Two Bedroom/Two Bath 0.74% 1 1,020 1,020 Two Bedroom/Two Bath 0.74% 1 1,060 1,060 $4,657 $4.39 Two Bedroom/Two Bath 2.96% 4 1,075 4,300 $4,446 $4.14 Two Bedroom/Two Bath 3.70% 5 1,101 5,505 $4,866 $4.42 Two Bedroom/Two Bath 0.74% 1 1,101 1,101 Two Bedroom/Two Bath 3.70% 5 1,115 5,575 $4,927 $4.42 Two Bedroom/Two Bath 3.70% 5 1,134 5,670 $4,462 $3.93 Two Bedroom/Two Bath 3.70% 5 1,158 5,790 $5,063 $4.37 Two Bedroom/Two Bath 3.70% 5 1,190 5,950 $5,051 $4.24 Desmond at Wilshire

175 Units 5520 Wilshire Blvd Los Angeles, CA 90036 (310) 683-0677 Completed Date April, 2017 Improvements Rating A Location Rating B+ Occupancy 93.1% Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 210 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean RENT COMPARABLESFunctional Characteristics - Private ( ContinuedBalcony/Patio, Outside Storage) Yes, Construction Type - Combination Other Factor - Major Street Exposure - Wilshire Blvd, View - Downtown Los Angeles and Hollywood Hills Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens 4 DESMOND AT WILSHIRE Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt 5520 Wilshire Blvd. Studio 1.71% 3 527 1,581 $2,192 $4.16 Los Angeles, CA 90036 Studio 10.86% 19 539 10,241 $2,603 $4.83 Studio 5.14% 9 649 5,841 $2,803 $4.32 YEAR BUILT: 2017 Live-Work 0.57% 1 932 932 $2,912 $3.12 Live-Work 0.57% 1 967 967 $2,978 $3.08 UNITS: 175 One Bedroom 3.43% 6 576 3,456 $3,018 $5.24 OCCUPANCY: 93% One Bedroom 20.00% 35 650 22,750 $3,058 $4.70 Desmond at Wilshire One Bedroom 2.29% 4 662 2,648 $3,221 $4.87 One Bedroom 4.57% 8 703 5,624 $3,505 $4.99 One Bedroom 4.57% 8 726 5,808 $3,509 $4.83 One Bedroom 2.29% 4 762 3,048 $3,659 $4.80 One Bedroom 1.71% 3 793 2,379 $4,674 $5.89 One Bedroom/Townhouse/One Bath 0.57% 1 680 680 $2,973 $4.37 One Bedroom/Townhouse/Loft/One Bath 0.57% 1 787 787 $4,858 $6.17 One Bedroom/Townhouse/Loft/One Bath 0.57% 1 1,307 1,307 $5,069 $3.88 Two Bedroom/One and Three Quarter Bath 2.86% 5 1,039 5,195 $4,034 $3.88 Two Bedroom/One and Three Quarter Bath 4.57% 8 1,055 8,440 $4,153 $3.94 Two Bedroom/One and Three Quarter Bath 13.71% 24 1,064 25,536 $4,606 $4.33 Two Bedroom/One and Three Quarter Bath 4.00% 7 1,089 7,623 $4,338 $3.98 Two Bedroom/One and Three Quarter Bath 4.57% 8 1,180 9,440 $4,510 $3.82 Two Bedroom/One and Three Quarter Bath 2.86% 5 1,236 6,180 $4,769 $3.86 175 Units AMENITIES: Two Bedroom/One and Three Quarter Bath 1.71% 3 1,244 3,732 $4,467 $3.59 5520 Wilshire Blvd Two Bedroom/Two Bath 2.29% 4 1,202 4,808 $3,917 $3.26 Los Angeles, CA 90036 (310) 683-0677 Controlled Access Two Bedroom/Den/One and Three Quarter 1.71% 3 1,634 4,902 $6,411 $3.92 Completed Date Bath April,Fitness 2017 Center Two Bedroom/Townhouse/Loft/One and 0.57% 1 1,201 1,201 $5,008 $4.17 Three Quarter Bath ImprovementsBusiness Center Rating A Location Rating B+ Two Bedroom/Townhouse/Loft/One and 0.57% 1 1,210 1,210 $4,634 $3.83 Three Quarter Bath OccupancyClubhouse 93.1% Two Bedroom/Townhouse/Loft/One and 0.57% 1 2,050 2,050 $5,118 $2.50 Common1 Swimming Area Amenities Pool - Controlled Access, Fitness Center,Three Business Quarter Center, Bath Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Parking Two Bedroom/Townhouse/Loft/Two and One 0.57% 1 2,019 2,019 $5,334 $2.64 - 1Total Spa Parking - 210 Spaces, Covered Parking Is Available For An AdditionalHalf Bath $0 Per Month, Parking Type - Subterranean Total/Average 100% 175 859 150,385 $3,688 $4.29 FunctionalRental Office Characteristics - Stand - Private Alone Balcony/Patio, Outside Storage Yes, Construction Type - Combination Other Factor - Major Street Exposure - Wilshire Blvd, ViewYou - Downtown are solely Los responsible Angeles and for Hollywood independently Hills verifying the information in this Memorandum. ApartmentParking Interior Amenities - Internet Access, Above StandardAny reliance Ceiling on Height, it is solely Microwave at your Ovens own risk. Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt www.WestStockerSt.com 3731 & 3741 W. Stocker Street Studio 1.71% 3 527 1,581 $2,192 $4.16 34 Studio 10.86% 19 539 10,241 $2,603 $4.83 Studio 5.14% 9 649 5,841 $2,803 $4.32 Live-Work 0.57% 1 932 932 $2,912 $3.12 Live-Work 0.57% 1 967 967 $2,978 $3.08 One Bedroom 3.43% 6 576 3,456 $3,018 $5.24 One Bedroom 20.00% 35 650 22,750 $3,058 $4.70 One Bedroom 2.29% 4 662 2,648 $3,221 $4.87 One Bedroom 4.57% 8 703 5,624 $3,505 $4.99 One Bedroom 4.57% 8 726 5,808 $3,509 $4.83 One Bedroom 2.29% 4 762 3,048 $3,659 $4.80 One Bedroom 1.71% 3 793 2,379 $4,674 $5.89 One Bedroom/Townhouse/One Bath 0.57% 1 680 680 $2,973 $4.37 One Bedroom/Townhouse/Loft/One Bath 0.57% 1 787 787 $4,858 $6.17 One Bedroom/Townhouse/Loft/One Bath 0.57% 1 1,307 1,307 $5,069 $3.88 Two Bedroom/One and Three Quarter Bath 2.86% 5 1,039 5,195 $4,034 $3.88 Two Bedroom/One and Three Quarter Bath 4.57% 8 1,055 8,440 $4,153 $3.94 Two Bedroom/One and Three Quarter Bath 13.71% 24 1,064 25,536 $4,606 $4.33 Two Bedroom/One and Three Quarter Bath 4.00% 7 1,089 7,623 $4,338 $3.98 Two Bedroom/One and Three Quarter Bath 4.57% 8 1,180 9,440 $4,510 $3.82 Two Bedroom/One and Three Quarter Bath 2.86% 5 1,236 6,180 $4,769 $3.86 Two Bedroom/One and Three Quarter Bath 1.71% 3 1,244 3,732 $4,467 $3.59 Two Bedroom/Two Bath 2.29% 4 1,202 4,808 $3,917 $3.26 Two Bedroom/Den/One and Three Quarter 1.71% 3 1,634 4,902 $6,411 $3.92 Bath Two Bedroom/Townhouse/Loft/One and 0.57% 1 1,201 1,201 $5,008 $4.17 Three Quarter Bath Two Bedroom/Townhouse/Loft/One and 0.57% 1 1,210 1,210 $4,634 $3.83 Three Quarter Bath Two Bedroom/Townhouse/Loft/One and 0.57% 1 2,050 2,050 $5,118 $2.50 Three Quarter Bath Two Bedroom/Townhouse/Loft/Two and One 0.57% 1 2,019 2,019 $5,334 $2.64 Half Bath Total/Average 100% 175 859 150,385 $3,688 $4.29 Harlow Culver City

131 Units 9901 Washington Blvd Culver City, CA 90232 (310) 845-9455 Completed Date February, 2016 Improvements Rating A- Location Rating B Occupancy 95.4% Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, Rental Office - Stand Alone Parking - Total Parking - 253 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame RENT COMPARABLESOther Factor - Major Street( ContinuedExposure - Washington Blvd, View) - Downtown Los Angeles Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent 5 Total Count Unit Total Total SqFt HARLOW CULVER CITY Loft/Studio 1.53% 2 737 1,474 $3,285 $4.46 Harlow Culver City Loft/Studio 3.82% 5 771 3,855 $4,172 $5.41 One Bedroom 3.82% 5 659 3,295 $3,198 $4.85 One Bedroom 3.82% 5 671 3,355 $3,543 $5.28 One Bedroom 3.05% 4 695 2,780 $3,320 $4.78 One Bedroom/Den 3.82% 5 825 4,125 $3,881 $4.70 One Bedroom/Townhouse/One and One Half 3.05% 4 809 3,236 $4,287 $5.30 Bath One Bedroom/Townhouse/One and One Half 3.05% 4 843 3,372 $4,091 $4.85 Bath One Bedroom/Townhouse/One and One Half 3.05% 4 851 3,404 $3,735 $4.39 Bath One Bedroom/Townhouse/One and One Half 1.53% 2 876 1,752 $4,171 $4.76 Bath One Bedroom/Townhouse/One and One Half 3.82% 5 883 4,415 $4,191 $4.75 Bath One Bedroom/Townhouse/Loft/One Bath 3.05% 4 848 3,392 $5,944 $7.01 One Bedroom/Townhouse/Den/One and One 3.05% 4 890 3,560 $3,860 $4.34 Half Bath One Bedroom/Townhouse/Den/One and One 3.05% 4 955 3,820 $4,507 $4.72 131 Units Half Bath 9901 Washington Blvd Culver City, CA 90232 (310) 845-9455 Two Bedroom/One and One Half Bath 3.82% 5 833 4,165 $4,039 $4.85 9901Completed Washington Date Blvd. Two Bedroom/Two Bath 3.82% 5 914 4,570 $3,712 $4.06 Two Bedroom/Two Bath 3.82% 5 946 4,730 $4,119 $4.35 CulverFebruary, City, 2016 CA 90232 Two Bedroom/Two Bath 0.76% 1 954 954 $4,004 $4.20 Improvements Rating A- Two Bedroom/Two Bath 3.82% 5 1,029 5,145 $3,888 $3.78 LocationYEAR Rating BUILT: B 2016 Two Bedroom/Two Bath 3.82% 5 1,161 5,805 $4,890 $4.21 Occupancy 95.4% Two Bedroom/Townhouse/One and One Half 3.05% 4 1,013 4,052 $5,234 $5.17 CommonUNITS: Area Amenities - Controlled131 Access, Fitness Center, Clubhouse,Bath Rental Office - Stand Alone Two Bedroom/Townhouse/One and One Half 3.05% 4 1,057 4,228 $3,962 $3.75 Parking - Total Parking - 253 Spaces, Covered Parking Is AvailableBath For An Additional $0 Per Month, Parking Type - Subterranean OCCUPANCY: 95% Functional Characteristics - Private Balcony/Patio, Construction TypeTwo Bedroom/Townhouse/One - Steel Frame and One Half 3.82% 5 1,228 6,140 $4,615 $3.76 Bath Other Factor - Major Street Exposure - Washington Blvd, View - DowntownTwo Bedroom/Townhouse/Two Los Angeles and One Half 3.05% 4 1,154 4,616 $4,416 $3.83 Apartment Interior Amenities - Internet Access, Above Standard CeilingBath Height, Microwave Ovens Two Bedroom/Townhouse/Two and One Half 1.53% 2 1,349 2,698 $5,033 $3.73 AMENITIES: Unit Type Unit Description % of BathUnit Size (SqFt) Market Rent Total ThreeCount Bedroom/Two BathUnit Total3.82% Total5 1,194SqFt 5,970 $5,229 $4.38 Three Bedroom/Two Bath 3.05% 4 1,251 5,004 $4,679 $3.74 ControlledLoft/Studio Access 1.53% 2 737 1,474 $3,285 $4.46 Three Bedroom/Three Bath 1.53% 2 1,315 2,630 $5,783 $4.40 FitnessLoft/Studio Center 3.82% Three Bedroom/Townhouse/One5 771 and One 3,8553.05% $4,1724 1,023 4,092 $5.41 $4,566 $4.46 Half Bath One Bedroom 3.82% 5 659 3,295 $3,198 $4.85 Clubhouse Three Bedroom/Townhouse/Two and One 3.05% 4 961 3,844 $4,870 $5.07 One Bedroom 3.82% Half Bath 5 671 3,355 $3,543 $5.28 Three Bedroom/Townhouse/Two and One 3.05% 4 1,493 5,972 $5,782 $3.87 RentalOne BedroomOffice - Stand Alone 3.05% Half Bath 4 695 2,780 $3,320 $4.78 Three Bedroom/Townhouse/Two and One 1.53% 2 1,585 3,170 $6,181 $3.90 PrivateOne Bedroom/Den Balcony/Patio 3.82% Half Bath 5 825 4,125 $3,881 $4.70 Three Bedroom/Townhouse/Two and One 3.05% 4 1,694 6,776 $6,701 $3.96 InternetOne Bedroom/Townhouse/One Access and One Half 3.05% Half Bath 4 809 3,236 $4,287 $5.30 Bath Total/Average 100% 131 995 130,396 $4,428 $4.45 One Bedroom/Townhouse/One and One Half 3.05% 4 843 3,372 $4,091 $4.85 You are solely responsible for independently verifying the information in this Bath Memorandum. Any reliance on it is solely at your own risk. One Bedroom/Townhouse/One and One Half 3.05% 4 851 3,404 $3,735 $4.39 www.WestStockerSt.comBath 3731 & 3741 W. Stocker Street 35 One Bedroom/Townhouse/One and One Half 1.53% 2 876 1,752 $4,171 $4.76 Bath One Bedroom/Townhouse/One and One Half 3.82% 5 883 4,415 $4,191 $4.75 Bath One Bedroom/Townhouse/Loft/One Bath 3.05% 4 848 3,392 $5,944 $7.01 One Bedroom/Townhouse/Den/One and One 3.05% 4 890 3,560 $3,860 $4.34 Half Bath One Bedroom/Townhouse/Den/One and One 3.05% 4 955 3,820 $4,507 $4.72 Half Bath Two Bedroom/One and One Half Bath 3.82% 5 833 4,165 $4,039 $4.85 Two Bedroom/Two Bath 3.82% 5 914 4,570 $3,712 $4.06 Two Bedroom/Two Bath 3.82% 5 946 4,730 $4,119 $4.35 Two Bedroom/Two Bath 0.76% 1 954 954 $4,004 $4.20 Two Bedroom/Two Bath 3.82% 5 1,029 5,145 $3,888 $3.78 Two Bedroom/Two Bath 3.82% 5 1,161 5,805 $4,890 $4.21 Two Bedroom/Townhouse/One and One Half 3.05% 4 1,013 4,052 $5,234 $5.17 Bath Two Bedroom/Townhouse/One and One Half 3.05% 4 1,057 4,228 $3,962 $3.75 Bath Two Bedroom/Townhouse/One and One Half 3.82% 5 1,228 6,140 $4,615 $3.76 Bath Two Bedroom/Townhouse/Two and One Half 3.05% 4 1,154 4,616 $4,416 $3.83 Bath Two Bedroom/Townhouse/Two and One Half 1.53% 2 1,349 2,698 $5,033 $3.73 Bath Three Bedroom/Two Bath 3.82% 5 1,194 5,970 $5,229 $4.38 Three Bedroom/Two Bath 3.05% 4 1,251 5,004 $4,679 $3.74 Three Bedroom/Three Bath 1.53% 2 1,315 2,630 $5,783 $4.40 Three Bedroom/Townhouse/One and One 3.05% 4 1,023 4,092 $4,566 $4.46 Half Bath Three Bedroom/Townhouse/Two and One 3.05% 4 961 3,844 $4,870 $5.07 Half Bath Three Bedroom/Townhouse/Two and One 3.05% 4 1,493 5,972 $5,782 $3.87 Half Bath Three Bedroom/Townhouse/Two and One 1.53% 2 1,585 3,170 $6,181 $3.90 Half Bath Three Bedroom/Townhouse/Two and One 3.05% 4 1,694 6,776 $6,701 $3.96 Half Bath Total/Average 100% 131 995 130,396 $4,428 $4.45 Mansfield, The (Under Construction)

138 Units 5100 Wilshire Blvd Los Angeles, CA 90036 (323) 217-5197 Completed Date May, 2019 Improvements Rating B+ (Prelim.) Location Rating A- Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, Playground, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 299 Spaces, Covered Parking Available, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio Other Factor - Major Street Exposure - Wilshire Blvd, View - Downtown Los Angeles/Hollywood Hills Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt Studio 2.17% 3 530 1,590 $2,502 $4.72 Studio 4.35% 6 553 3,318 $2,552 $4.61 Studio 2.17% 3 557 1,671 $2,577 $4.63 Studio 2.17% 3 574 1,722 $2,651 $4.62 Studio 1.45% 2 586 1,172 $2,751 $4.69 Studio 1.45% 2 596 1,192 $2,726 $4.57 Studio 2.17% 3 608 1,824 $2,802 $4.61 Studio 2.17% 3 617 1,851 $2,819 $4.57 Studio 2.17% 3 621 1,863 $2,869 $4.62 Studio 6.52% 9 630 5,670 $2,852 $4.53 Studio 2.17% 3 632 1,896 $2,869 $4.54 Studio 2.17% 3 676 2,028 $3,002 $4.44 Studio 1.45% 2 692 1,384 $3,128 $4.52 Studio 0.72% 1 811 811 $3,604 $4.44 Studio 2.17% 3 885 2,655 $3,804 $4.30 One Bedroom 2.17% 3 789 2,367 $3,608 $4.57 One Bedroom 2.17% 3 815 2,445 $3,758 $4.61 One Bedroom 5.80% 8 979 7,832 $4,292 $4.38 One Bedroom 1.45% 2 1,047 2,094 $4,659 $4.45 One Bedroom 0.72% 1 1,077 1,077 $4,409 $4.09 One Bedroom 0.72% 1 1,113 1,113 $5,011 $4.50 One Bedroom 0.72% 1 1,151 1,151 $4,910 $4.27 One Bedroom 0.72% 1 1,230 1,230 $5,411 $4.40 One Bedroom/Townhouse/One and Three 0.72% 1 783 783 $4,008 $5.12 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 794 794 $4,008 $5.05 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 845 845 $4,083 $4.83 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 872 872 $4,083 $4.68 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 875 875 $4,083 $4.67 Quarter Bath One Bedroom/Townhouse/One and Three 2.17% 3 892 2,676 $4,133 $4.63 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 896 896 $4,133 $4.61 Mansfield, The (Under Construction) Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 904 904 $4,133 $4.57 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 931 931 $4,209 $4.52 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 955 955 $4,354 $4.56 Quarter Bath RENT COMPARABLES One(Continued Bedroom/Townhouse/One and Three) 0.72% 1 961 961 $4,309 $4.48 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 963 963 $4,309 $4.47 Quarter Bath 6 One Bedroom/Townhouse/One and Three 0.72% 1 970 970 $4,309 $4.44 THE MANSFIELD Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 978 978 $4,309 $4.41 138 Units Quarter Bath 5100 Wilshire Blvd 5100 Wilshire Blvd. One Bedroom/Townhouse/One and Three 0.72% 1 1,019 1,019 $4,510 $4.43 Los Angeles, CA 90036 (323) 217-5197 Quarter Bath LosCompleted Angeles, Date CA 90036 One Bedroom/Townhouse/One and Three 0.72% 1 1,030 1,030 $4,409 $4.28 May, 2019 Quarter Bath Improvements Rating B+ (Prelim.) One Bedroom/Townhouse/One and Three 0.72% 1 1,069 1,069 $4,510 $4.22 LocationYEAR Rating BUILT: A- 2019 Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, Playground, 1 Swimming Pool, 1 Spa, Rental Office - Stand Quarter Bath Alone One Bedroom/Townhouse/One and Three 0.72% 1 1,248 1,248 $4,465 $3.58 Parking - TotalUNITS: Parking - 299 Spaces, Covered Parking138 Available, Parking Type - Subterranean Quarter Bath Functional Characteristics - Private Balcony/Patio One Bedroom/Townhouse/One and Three 0.72% 1 1,320 1,320 $5,331 $4.04 Other Factor - Major Street Exposure - Wilshire Blvd, View - Downtown Los Angeles/Hollywood Hills Quarter Bath Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Two Bedroom/Two Bath 2.17% 3 1,332 3,996 $5,884 $4.42 Unit Type Unit Description % of Unit Size (SqFt) Market Rent Two Bedroom/Two Bath 2.17% 3 1,456 4,368 $6,201 $4.26 Total Count Unit Total Total SqFt Two Bedroom/Two Bath 2.17% 3 1,498 4,494 $6,251 $4.17 Studio 2.17% 3 530 1,590 $2,502 $4.72 Two Bedroom/Two Bath 2.17% 3 1,597 4,791 $7,053 $4.42 Studio 4.35% 6 553 3,318 $2,552 $4.61 Three Bedroom/Two Bath 0.72% 1 1,660 1,660 $7,249 $4.37 Studio 2.17% 3 557 1,671 $2,577 $4.63 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,134 1,134 $5,520 $4.87 Studio 2.17% 3 574 1,722 $2,651 $4.62 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,229 1,229 $5,822 $4.74 Studio 1.45% 2 586 1,172 $2,751 $4.69 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,246 1,246 $5,621 $4.51 Studio 1.45% 2 596 1,192 $2,726 $4.57 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,299 1,299 $5,921 $4.56 Studio 2.17% 3 608 1,824 $2,802 $4.61 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,329 1,329 $6,021 $4.53 Studio 2.17% 3 617 1,851 $2,819 $4.57 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,401 1,401 $6,322 $4.51 Studio 2.17% 3 621 1,863 $2,869 $4.62 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,411 1,411 $6,322 $4.48 Studio 6.52% 9 630 5,670 $2,852 $4.53 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,469 1,469 Studio 2.17% 3 632 1,896 $2,869 $4.54 Three Bedroom/Townhouse/Two Bath 0.72% 1 1,499 1,499 $6,622 $4.42 Studio 2.17% 3 676 2,028 $3,002 $4.44 Three Bedroom/Townhouse/Two and Three 0.72% 1 2,015 2,015 $10,531 $5.23 Studio 1.45% 2 692 1,384 $3,128 $4.52 Quarter Bath Studio 0.72% 1 811 811 $3,604 $4.44 Three Bedroom/Townhouse/Two and Three 0.72% 1 2,498 2,498 $11,533 $4.62 Studio 2.17% 3 885 2,655 $3,804 $4.30 Quarter Bath One Bedroom 2.17% 3 789 2,367 $3,608 $4.57 Penthouse - Loft 0.72% 1 671 671 $4,205 $6.27 One Bedroom 2.17% 3 815 2,445 $3,758 $4.61 Penthouse - Loft 0.72% 1 687 687 $4,205 $6.12 One Bedroom 5.80% 8 979 7,832 $4,292 $4.38 Penthouse - Loft 0.72% 1 717 717 $4,205 $5.86 One Bedroom 1.45% 2 1,047 2,094 $4,659 $4.45 Penthouse - Loft 0.72% 1 746 746 $4,255 $5.70 One Bedroom 0.72% 1 1,077 1,077 $4,409 $4.09 Penthouse - Loft 0.72% 1 747 747 $4,255 $5.70 One Bedroom 0.72% 1 1,113 1,113 $5,011 $4.50 Penthouse - Loft 0.72% 1 763 763 $4,205 $5.51 One Bedroom 0.72% 1 1,151 1,151 $4,910 $4.27 Penthouse - Loft 0.72% 1 773 773 $4,255 $5.50 One Bedroom 0.72% 1 1,230 1,230 $5,411 $4.40 Penthouse - Loft 0.72% 1 785 785 $4,255 $5.42 One Bedroom/Townhouse/One and Three 0.72% 1 783 783 $4,008 $5.12 Penthouse - Loft 0.72% 1 798 798 $4,205 $5.27 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 794 794 $4,008 $5.05 Penthouse - Loft 0.72% 1 803 803 $4,205 $5.24 Quarter Bath Penthouse - Loft 0.72% 1 805 805 $4,205 $5.22 One Bedroom/Townhouse/One and Three 0.72% 1 845 845 $4,083 $4.83 Penthouse - Loft 0.72% 1 820 820 $5,708 $6.96 Quarter Bath Penthouse - Loft 0.72% 1 862 862 $4,355 $5.05 One Bedroom/Townhouse/One and Three 0.72% 1 872 872 $4,083 $4.68 Quarter Bath Penthouse - Loft 0.72% 1 1,093 1,093 $5,507 $5.04 One Bedroom/Townhouse/One and Three 0.72% 1 875 875 $4,083 $4.67 Penthouse - Two Bedroom/One Bath 0.72% 1 1,127 1,127 $5,717 $5.07 Quarter Bath Penthouse - Two Bedroom/One Bath 0.72% 1 1,188 1,188 $6,218 $5.23 One Bedroom/Townhouse/One and Three 2.17% 3 892 2,676 $4,133 $4.63 Quarter Bath Penthouse - Two Bedroom/One Bath 0.72% 1 1,207 1,207 $6,067 $5.03 One Bedroom/Townhouse/One and Three 0.72% 1 896 896 $4,133 $4.61 Penthouse - Two Bedroom/One Bath 0.72% 1 1,367 1,367 $7,020 $5.14 Quarter Bath Penthouse - Three Bedroom/Two Bath 0.72% 1 1,072 1,072 $5,822 $5.43 One Bedroom/Townhouse/One and Three 0.72% 1 904 904 $4,133 $4.57 Penthouse - Three Bedroom/Two Bath 0.72% 1 1,148 1,148 $5,822 $5.07 Quarter Bath One Bedroom/Townhouse/One and Three 0.72% 1 931 931 $4,209 $4.52 Penthouse - Three Bedroom/Two Bath 0.72% 1 1,572 1,572 $11,533 $7.34 Quarter Bath Penthouse - Three Bedroom/Two Bath 0.72% 1 1,648 1,648 $11,032 $6.69 One Bedroom/Townhouse/One and Three 0.72% 1 955 955 $4,354 $4.56 Penthouse - Three Bedroom/Two Bath 0.72% 1 1,728 1,728 $11,032 $6.38 Quarter Bath Penthouse - Three Bedroom/Two Bath 0.72% 1 1,771 1,771 $11,533 $6.51 One Bedroom/Townhouse/One and Three 0.72% 1 961 961 $4,309 $4.48 Quarter Bath Total/Average 100% 138 948 130,782 $4,470 $4.74 One Bedroom/Townhouse/One and Three 0.72% 1 963 963 $4,309 $4.47 YouQuarter are Bath solely responsible for independently verifying the information in this Memorandum. Any reliance on it is solely at your own risk. One Bedroom/Townhouse/One and Three 0.72% 1 970 970 $4,309 $4.44 Quarter Bath Roy, The

92 Units 3644 Overland Avenue Los Angeles, CA 90034 (310) 237-0004 Completed Date January, 2019 Improvements Rating A- Location Rating C+ RENT COMPARABLESCommon Area Amenities - Controlled Access,(Continued Fitness Center, Rental) Office - Stand Alone Parking - Total Parking - 105 Spaces, Covered Parking Available, Parking Type - Above Ground and Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Masonry Roy,7 The Other Factor - Major Street Exposure - Overland Avenue THE ROY Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt One Bedroom/Alcove 16.30% 15 392 5,880 $2,266 $5.78 One Bedroom/Alcove 1.09% 1 463 463 One Bedroom/Alcove 1.09% 1 482 482 $2,241 $4.65 One Bedroom 5.43% 5 496 2,480 $2,305 $4.65 One Bedroom 2.17% 2 516 1,032 $2,908 $5.64 One Bedroom 5.43% 5 525 2,625 $2,783 $5.30 One Bedroom 2.17% 2 537 1,074 $2,928 $5.45 One Bedroom 21.74% 20 544 10,880 $2,979 $5.48 One Bedroom 4.35% 4 573 2,292 $2,898 $5.06 923644 Units Overland Ave One Bedroom 6.52% 6 579 3,474 $2,977 $5.14 3644Los Overland Angeles, Avenue CA Los 90034 Angeles, CA 90034 (310) 237-0004 One Bedroom 1.09% 1 716 716 $3,386 $4.73 Completed Date One Bedroom 5.43% 5 741 3,705 $3,346 $4.52 January, 2019 YEAR BUILT: 2019 Two Bedroom/One and Three Quarter Bath 5.43% 5 803 4,015 $3,664 $4.56 Improvements Rating A- Location RatingUNITS: C+ 92 Two Bedroom/One and Three Quarter Bath 5.43% 5 816 4,080 $3,697 $4.53 Common Area Amenities - Controlled Access, Fitness Center, RentalTwo Office Bedroom/One - Stand Alone and Three Quarter Bath 5.43% 5 844 4,220 $3,625 $4.30 Parking - Total Parking - 105 Spaces, Covered Parking Available, ParkingTwo Bedroom/One Type - Above and Ground Three Quarterand Subterranean Bath 10.87% 10 922 9,220 $4,033 $4.37 Functional Characteristics - Private Balcony/Patio, Construction TypeTotal/Average - Masonry 100% 92 616 56,638 $3,052 $4.94 Other Factor - Major Street Exposure - Overland Avenue Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent AMENITIES: Total Count Unit Total Total SqFt One Bedroom/Alcove 16.30% 15 392 5,880 $2,266 $5.78 Controlled Access Above Standard One Bedroom/Alcove Ceiling1.09% Height 1 463 463 OneFitness Bedroom/Alcove Center 1.09% 1 482 482 $2,241 $4.65 Microwave Ovens OneClubhouse Bedroom 5.43% 5 496 2,480 $2,305 $4.65 One Bedroom 2.17% 2 516 1,032 $2,908 $5.64 Parking One Bedroom 5.43% 5 525 2,625 $2,783 $5.30 OneRental Bedroom Office - Stand 2.17% 2 537 1,074 $2,928 $5.45 OneAlone Bedroom 21.74% 20 544 10,880 $2,979 $5.48 OnePrivate Bedroom Balcony/Patio 4.35% 4 573 2,292 $2,898 $5.06 One Bedroom 6.52% 6 579 3,474 $2,977 $5.14 Internet Access One Bedroom 1.09% 1 716 716 $3,386 $4.73 One Bedroom 5.43% 5 741 3,705 $3,346 $4.52 YouTwo are Bedroom/One solely responsible and Three Quarterfor independently Bath 5.43% verifying the information5 803 in this 4,015 Memorandum. $3,664 Any reliance $4.56 on it is solely at your own risk. Two Bedroom/One and Three Quarter Bath 5.43% 5 816 4,080 $3,697 $4.53 www.WestStockerSt.comTwo Bedroom/One and Three Quarter Bath 5.43% 5 844 4,220 $3,625 $4.30 3731 & 3741 W. Stocker Street 37 Two Bedroom/One and Three Quarter Bath 10.87% 10 922 9,220 $4,033 $4.37 Total/Average 100% 92 616 56,638 $3,052 $4.94 Vinz on Fairfax

144 Units 950 South Fairfax Avenue Los Angeles, CA 90036 (323) 932-1903 Completed Date June, 2018 Improvements Rating A Location Rating B Occupancy 74.3% Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 240 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame Other Factor - Major Street Exposure - Fairfax Avenue, Olympic Blvd and San Vicente Blvd, View - Downtown Los Angeles/Hollywood Hills Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt Studio 2.08% 3 518 1,554 $2,603 $5.03 Studio 19.44% 28 547 15,316 $2,803 $5.12 Studio 2.08% 3 579 1,737 $2,903 $5.01 Studio 1.39% 2 622 1,244 $3,004 $4.83 Studio 2.08% 3 643 1,929 $3,004 $4.67 Studio 2.08% 3 648 1,944 $3,104 $4.79 Studio 2.08% 3 754 2,262 $3,349 $4.44 One Bedroom/Alcove 1.39% 2 698 1,396 $3,384 $4.85 One Bedroom/Alcove 0.69% 1 800 800 $3,529 $4.41 One Bedroom 0.69% 1 649 649 $3,554 $5.48 One Bedroom 2.08% 3 695 2,085 $3,504 $5.04 One Bedroom 2.08% 3 696 2,088 $3,504 $5.03 One Bedroom 1.39% 2 704 1,408 $3,605 $5.12 One Bedroom 2.08% 3 710 2,130 $3,785 $5.33 One Bedroom 2.08% 3 734 2,202 $3,509 $4.78 One Bedroom 0.69% 1 743 743 $3,610 $4.86 Vinz on Fairfax One Bedroom 2.08% 3 748 2,244 $3,710 $4.96 One Bedroom 1.39% 2 755 1,510 $4,121 $5.46 One Bedroom 1.39% 2 763 1,526 $3,880 $5.09 One Bedroom 2.08% 3 798 2,394 $3,625 $4.54 RENT COMPARABLESOne Bedroom/Den(Continued) 2.08% 3 771 2,313 $4,061 $5.27 Vinz on Fairfax One Bedroom/Den 8.33% 12 940 11,280 $4,226 $4.50 One Bedroom/Townhouse/Den/One and One 0.69% 1 1,153 1,153 $6,297 $5.46 8 Half Bath VINZ ON FAIRFAX Two Bedroom/OneAMENITIES: and Three Quarter Bath 1.39% 2 1,010 2,020 $3,614 $3.58 Two Bedroom/One and Three Quarter Bath 2.08% 3 1,084 3,252 $3,714 $3.43 950 South Fairfax Ave. Two Bedroom/OneControlled and Three Quarter Access Bath 1.39% Rental2 Office1,160 2,320 - Stand $4,014 $3.46 Two Bedroom/Two Bath 0.69% Alone1 1,002 1,002 $4,763 $4.75 144 Units Los Angeles, CA 90036 950 South Fairfax Avenue Los Angeles, CA 90036 (323) 932-1903 Two Bedroom/TwoFitness Bath Center 0.69% 1 1,008 1,008 $3,730 $3.70 Completed Date Two Bedroom/Two Bath 1.39% Private2 1,090 Balcony/Patio 2,180 $4,432 $4.07 June, 2018 YEAR BUILT: 2018 Two Bedroom/TwoClubhouse Bath 1.39% 2 1,238 2,476 $4,115 $3.32 Improvements Rating A Two Bedroom/Den/One and Three Quarter 2.08% 3 1,231 3,693 $4,415 $3.59 Location Rating B Internet Access Bath Occupancy 74.3% Spa UNITS: 144 Two Bedroom/Den/One and Three Quarter 2.08% 3 1,323 3,969 $4,465 $3.37 Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Spa, Rental Office - Stand Alone Bath Above Standard Ceiling Parking - Total Parking - 240 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean Parking Functional CharacteristicsOCCUPANCY - Private Balcony/Patio, Construction74% Type - Steel Frame144 Units Two Bedroom/Den/Two and One Half Bath 0.69% Height1 1,386 1,386 $4,366 $3.15 Other Factor - Major Street Exposure - Fairfax Avenue, Olympic Blvd and San Vicente Blvd,950 ViewSouth - Downtown Fairfax Avenue Los Angeles/Hollywood Los Angeles, HillsCA 90036 (323) 932-1903Two Bedroom/Townhouse/Two and One Half 2.78% 4 1,486 5,944 $9,054 $6.09 Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, MicrowaveCompleted Ovens Date Bath Unit Type Unit Description % of Unit June,Size 2018 (SqFt) Market Rent Two Bedroom/Townhouse/Loft/Two Bath 0.69% 1 1,259 1,259 $6,954 $5.52 Total Count ImprovementsUnit Total Rating Total A SqFt Penthouse 0.69% 1 547 547 $3,255 $5.95 Studio 2.08% 3 Location518 Rating 1,554 $2,603 B $5.03 Penthouse 0.69% 1 754 754 $3,550 $4.71 Occupancy 74.3% Studio 19.44% 28 547 15,316 $2,803 $5.12 Penthouse - One Bedroom/One Bath 1.39% 2 675 1,350 $3,159 $4.68 Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Spa, Rental Office - Stand Alone Studio 2.08% 3 579 1,737 $2,903 $5.01 Penthouse - One Bedroom/One Bath 0.69% 1 696 696 $3,569 $5.13 Studio 1.39% 2 Parking622 - Total 1,244 Parking - $3,004240 Spaces, Covered $4.83 Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean Private Balcony/Patio, ConstructionPenthouse Type - -One Steel Bedroom/One Frame Bath 0.69% 1 698 698 $3,384 $4.85 Studio 2.08% 3 Functional643 Characteristics 1,929 $3,004 - $4.67 Other Factor - Major Street Exposure - Fairfax Avenue, Olympic BlvdPenthouse and San - VicenteOne Bedroom/One Blvd, View Bath- Downtown Los Angeles/Hollywood0.69% Hills1 704 704 $3,735 $5.31 Studio 2.08% 3 648 1,944 $3,104 $4.79 Apartment Interior Amenities - Internet Access, Above Standard CeilingPenthouse Height, - One Microwave Bedroom/One Ovens Bath 0.69% 1 755 755 $4,010 $5.31 Studio 2.08% 3 754 2,262 $3,349 $4.44 Unit Type Unit Description % of PenthouseUnit - One Bedroom/OneSize (SqFt) Bath 0.69%Market Rent 1 798 798 $3,925 $4.92 One Bedroom/Alcove 1.39% 2 698 1,396 $3,384 $4.85 Total PenthouseCount - One Bedroom/Den/OneUnit Total Bath Total0.69% SqFt 1 771 771 $4,061 $5.27 One Bedroom/Alcove 0.69% 1 800 800 $3,529 $4.41 Studio 2.08%Penthouse - One3 Bedroom/Den/One518 Bath 1,5542.78% $2,603 $5.034 940 3,760 $4,312 $4.59 One Bedroom 0.69% 1 649 649 $3,554 $5.48 Studio 19.44%Penthouse - Two28 Bedroom/One 547 and 15,316Three 0.69% $2,803 $5.121 1,010 1,010 $5,093 $5.04 One Bedroom 2.08% 3 695 2,085 $3,504 $5.04 Quarter Bath One Bedroom 2.08% 3 Studio696 2,088 $3,504 $5.03 2.08%Penthouse - Two3 Bedroom/One579 and Three 1,737 0.69% $2,903 $5.011 1,034 1,034 $5,154 $4.98 One Bedroom 1.39% 2 Studio704 1,408 $3,605 $5.12 1.39%Quarter Bath 2 622 1,244 $3,004 $4.83 One Bedroom 2.08% 3 Studio710 2,130 $3,785 $5.33 2.08%Penthouse - Two3 Bedroom/One643 and Three 1,929 0.69% $3,004 $4.671 1,072 1,072 $10,891 $10.16 Quarter Bath One Bedroom 2.08% 3 734 2,202 $3,509 $4.78 Studio 2.08%Penthouse - Two3 Bedroom/One648 and Three 1,944 0.69% $3,104 $4.791 1,084 1,084 $5,916 $5.46 One Bedroom 0.69% 1 Studio743 743 $3,610 $4.86 2.08%Quarter Bath 3 754 2,262 $3,349 $4.44 One Bedroom 2.08% 3 748 2,244 $3,710 $4.96 One Bedroom/Alcove 1.39%Penthouse - Two2 Bedroom/One698 and Three 1,396 0.69% $3,384 $4.851 1,101 1,101 $5,935 $5.39 One Bedroom 1.39% 2 755 1,510 $4,121 $5.46 Quarter Bath One Bedroom/Alcove 0.69% 1 800 800 $3,529 $4.41 One Bedroom 1.39% 2 763 1,526 $3,880 $5.09 Penthouse - Two Bedroom/One and Three 1.39% 2 1,119 2,238 $5,310 $4.75 One Bedroom 0.69%Quarter Bath 1 649 649 $3,554 $5.48 One Bedroom 2.08% 3 798 2,394 $3,625 $4.54 Penthouse - Two Bedroom/One and Three 0.69% 1 1,123 1,123 $9,841 $8.76 One Bedroom/Den 2.08% 3 One771 Bedroom 2,313 $4,061 $5.27 2.08% 3 695 2,085 $3,504 $5.04 Quarter Bath One Bedroom/Den 8.33% 12 940 11,280 $4,226 $4.50 One Bedroom 2.08%Penthouse - Two3 Bedroom/One696 and Three 2,088 0.69% $3,504 $5.031 1,170 1,170 $14,677 $12.54 One Bedroom/Townhouse/Den/One and One 0.69% 1 One1,153 Bedroom 1,153 $6,297 $5.46 1.39%Quarter Bath 2 704 1,408 $3,605 $5.12 Half Bath Penthouse - Two Bedroom/Two Bath 0.69% 1 1,002 1,002 $3,764 $3.76 Two Bedroom/One and Three Quarter Bath 1.39% 2 One1,010 Bedroom 2,020 $3,614 $3.58 2.08% 3 710 2,130 $3,785 $5.33 Penthouse - Two Bedroom/Two Bath 0.69% 1 1,090 1,090 $4,633 $4.25 Two Bedroom/One and Three Quarter Bath 2.08% 3 One1,084 Bedroom 3,252 $3,714 $3.43 2.08% 3 734 2,202 $3,509 $4.78 Penthouse - Two Bedroom/Two Bath 0.69% 1 1,368 1,368 $16,905 $12.36 Two Bedroom/One and Three Quarter Bath 1.39% 2 One1,160 Bedroom 2,320 $4,014 $3.46 0.69% 1 743 743 $3,610 $4.86 Penthouse - Two Bedroom/Den/One and 0.69% 1 1,231 1,231 $5,681 $4.61 Two Bedroom/Two Bath 0.69% 1 1,002 1,002 $4,763 $4.75 One Bedroom 2.08%Three Quarter Bath3 748 2,244 $3,710 $4.96 Two Bedroom/Two Bath 0.69% 1 One1,008 Bedroom 1,008 $3,730 $3.70 1.39%Penthouse - Two2 Bedroom/Den/One755 and 1,510 0.69% $4,121 $5.461 1,323 1,323 $5,887 $4.45 Two Bedroom/Two Bath 1.39% 2 One1,090 Bedroom 2,180 $4,432 $4.07 1.39%Three Quarter Bath2 763 1,526 $3,880 $5.09 Two Bedroom/Two Bath 1.39% 2 1,238 2,476 $4,115 $3.32 Penthouse - Two Bedroom/Den/Two and 0.69% 1 1,386 1,386 $8,527 $6.15 One Bedroom 2.08% 3 798 2,394 $3,625 $4.54 Two Bedroom/Den/One and Three Quarter 2.08% 3 1,231 3,693 $4,415 $3.59 One Half Bath Bath One Bedroom/Den 2.08%Total/Average 3 771 2,313 $4,061100% $5.27144 837 120,481 $4,145 $4.95 Two Bedroom/Den/One and Three Quarter 2.08% 3 One1,323 Bedroom/Den 3,969 $4,465 $3.37 8.33% 12 940 11,280 $4,226 $4.50 Bath One Bedroom/Townhouse/Den/One and One 0.69% 1 1,153 1,153 $6,297 $5.46 Two Bedroom/Den/Two and One Half Bath 0.69% 1 Half1,386 Bath 1,386 $4,366 $3.15 You are solely responsible for independently verifying the information in Two Bedroom/Townhouse/Two and One Half 2.78% 4 Two1,486 Bedroom/One 5,944 and $9,054Three Quarter $6.09 Bath 1.39%this Memorandum.2 1,010 Any 2,020 reliance $3,614 on it is solely $3.58 at your own risk. Bath Two Bedroom/Townhouse/Loft/Two Bath 0.69% 1 Two1,259 Bedroom/One 1,259 and $6,954Three Quarter $5.52 Bath 2.08% 3 1,084 3,252 $3,714 $3.43 Penthouse 0.69% 1 Two547 Bedroom/One 547 and $3,255Three Quarter $5.95 Bath 1.39% 2 1,160 2,320 $4,014 $3.46 www.WestStockerSt.comPenthouse 0.69% 1 Two754 Bedroom/Two 754 Bath $3,550 $4.71 0.69% 1 1,002 1,002 $4,763 $4.75 3731 & 3741 W. Stocker Street 38 Penthouse - One Bedroom/One Bath 1.39% 2 Two675 Bedroom/Two 1,350 Bath $3,159 $4.68 0.69% 1 1,008 1,008 $3,730 $3.70 Penthouse - One Bedroom/One Bath 0.69% 1 Two696 Bedroom/Two 696 Bath $3,569 $5.13 1.39% 2 1,090 2,180 $4,432 $4.07 Penthouse - One Bedroom/One Bath 0.69% 1 698 698 $3,384 $4.85 Two Bedroom/Two Bath 1.39% 2 1,238 2,476 $4,115 $3.32 Penthouse - One Bedroom/One Bath 0.69% 1 704 704 $3,735 $5.31 Two Bedroom/Den/One and Three Quarter 2.08% 3 1,231 3,693 $4,415 $3.59 Penthouse - One Bedroom/One Bath 0.69% 1 755 755 $4,010 $5.31 Bath Penthouse - One Bedroom/One Bath 0.69% 1 798 798 $3,925 $4.92 Two Bedroom/Den/One and Three Quarter 2.08% 3 1,323 3,969 $4,465 $3.37 Bath Two Bedroom/Den/Two and One Half Bath 0.69% 1 1,386 1,386 $4,366 $3.15 Two Bedroom/Townhouse/Two and One Half 2.78% 4 1,486 5,944 $9,054 $6.09 Bath Two Bedroom/Townhouse/Loft/Two Bath 0.69% 1 1,259 1,259 $6,954 $5.52 Penthouse 0.69% 1 547 547 $3,255 $5.95 Penthouse 0.69% 1 754 754 $3,550 $4.71 Penthouse - One Bedroom/One Bath 1.39% 2 675 1,350 $3,159 $4.68 Penthouse - One Bedroom/One Bath 0.69% 1 696 696 $3,569 $5.13 Penthouse - One Bedroom/One Bath 0.69% 1 698 698 $3,384 $4.85 Penthouse - One Bedroom/One Bath 0.69% 1 704 704 $3,735 $5.31 Penthouse - One Bedroom/One Bath 0.69% 1 755 755 $4,010 $5.31 Penthouse - One Bedroom/One Bath 0.69% 1 798 798 $3,925 $4.92 Vision on Wilshire

150 Units 6245 Wilshire Blvd Los Angeles, CA 90048 (323) 673-1796 Completed Date November, 2018 Improvements Rating A Location Rating B+ Occupancy 95.3% Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Park - Total Parking - 432 Spaces, Covered Parking Is Available For An Additional $100 - 150 Per Month, Parking Type - Multi-Level Structure Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame RENT COMPARABLESOther Factor - Major Street Exposure ( Continued- Wilshire Blvd, View - Downtown) Los Angeles Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt 9 VISIONVision on Wilshire ON WILSHIRE Studio 7.33% 11 545 5,995 $3,350 $6.15 Studio 7.33% 11 559 6,149 $3,197 $5.72 Studio 7.33% 11 561 6,171 $3,265 $5.82 Studio 7.33% 11 563 6,193 $3,323 $5.90 One Bedroom 7.33% 11 677 7,447 $4,288 $6.33 One Bedroom 7.33% 11 761 8,371 $4,701 $6.18 One Bedroom 6.67% 10 870 8,700 $5,706 $6.56 One Bedroom 7.33% 11 905 9,955 $5,794 $6.40 One Bedroom 6.67% 10 1,071 10,710 $5,914 $5.52 One Bedroom/Den 7.33% 11 869 9,559 $5,341 $6.15 Two Bedroom/One and Three Quarter Bath 7.33% 11 1,288 14,168 $6,908 $5.36 Two Bedroom/Two and One Half Bath 7.33% 11 1,353 14,883 $7,054 $5.21 Two Bedroom/Two and One Half Bath 6.67% 10 1,382 13,820 $7,078 $5.12 Penthouse - Two Bedroom/One and Three 1.33% 2 1,702 3,404 $12,372 $7.27 Quarter Bath 150 Units Penthouse - Two Bedroom/One and Three 1.33% 2 1,941 3,882 $12,742 $6.56 62456245 Wilshire Wilshire Blvd. Blvd Quarter Bath Los Angeles, CA 90048 (323) 673-1796 Penthouse - Two Bedroom/Den/One and 1.33% 2 1,899 3,798 $13,171 $6.94 Los Angeles, CA 90048 Three Quarter Bath Completed Date Penthouse - Two Bedroom/Den/One and 1.33% 2 1,984 3,968 $12,889 $6.50 November,YEAR BUILT: 2018 2018 Three Quarter Bath Improvements Rating A Penthouse - Three Bedroom/Two Bath 1.33% 2 2,925 5,850 $20,212 $6.91 UNITS: 150 Location Rating B+ Total/Average 100% 150 953 143,023 $5,661 $5.94 Occupancy 95.3% Common Area Amenities - Controlled Access, Fitness Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Park AMENITIES:- Total Parking - 432 Spaces, ControlledCovered Parking Access Is Available For An Additional $100 - 150 Per Month, Parking Type - Multi-Level Structure Functional Characteristics - Private Balcony/Patio, Construction Type - SteelPrivate Frame Balcony/Patio FitnessOther Factor Center - Major Street ExposureInternet - Wilshire Access Blvd, View - Downtown Los Angeles Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Clubhouse Above Standard Ceiling Unit Type Unit DescriptionHeight % of Unit Size (SqFt) Market Rent 1 Swimming Pool Total Count Unit Total Total SqFt Microwave Ovens 1 SpaStudio 7.33% 11 545 5,995 $3,350 $6.15 Studio 7.33% 11 559 6,149 $3,197 $5.72 Parking Studio 7.33% 11 561 6,171 $3,265 $5.82 Rental Office - Stand AloneStudio 7.33% 11 563 6,193 $3,323 $5.90 One Bedroom 7.33% 11 677 7,447 $4,288 $6.33 One Bedroom 7.33% 11 761 8,371 $4,701 $6.18 You are solely responsible for independently verifying the information in this Memorandum. Any reliance on it is solely at your own risk. One Bedroom 6.67% 10 870 8,700 $5,706 $6.56 www.WestStockerSt.comOne Bedroom 7.33% 11 905 9,955 $5,794 $6.40 3731 & 3741 W. Stocker Street 39 One Bedroom 6.67% 10 1,071 10,710 $5,914 $5.52 One Bedroom/Den 7.33% 11 869 9,559 $5,341 $6.15 Two Bedroom/One and Three Quarter Bath 7.33% 11 1,288 14,168 $6,908 $5.36 Two Bedroom/Two and One Half Bath 7.33% 11 1,353 14,883 $7,054 $5.21 Two Bedroom/Two and One Half Bath 6.67% 10 1,382 13,820 $7,078 $5.12 Penthouse - Two Bedroom/One and Three 1.33% 2 1,702 3,404 $12,372 $7.27 Quarter Bath Penthouse - Two Bedroom/One and Three 1.33% 2 1,941 3,882 $12,742 $6.56 Quarter Bath Penthouse - Two Bedroom/Den/One and 1.33% 2 1,899 3,798 $13,171 $6.94 Three Quarter Bath Penthouse - Two Bedroom/Den/One and 1.33% 2 1,984 3,968 $12,889 $6.50 Three Quarter Bath Penthouse - Three Bedroom/Two Bath 1.33% 2 2,925 5,850 $20,212 $6.91 Total/Average 100% 150 953 143,023 $5,661 $5.94 Wilshire La Brea

478 Units 5200 Wilshire Blvd Los Angeles, CA 90036 (323) 857-8100 Completed Date August, 2014 Improvements Rating A Location Rating A Occupancy 97.3% Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 2 Swimming Pools, 2 Spas, Rental Office - Stand Alon Parking - Total Parking - 997 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame Other Factor - Major Street Exposure - Wilshire Blvd, View - Downtown Los Angeles/Hollywood Hills Apartment Interior Amenities - Internet Access, Above Standard Ceiling Height, Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent Total Count Unit Total Total SqFt Studio 1.46% 7 404 2,828 $2,182 $5.40 Studio 5.86% 28 416 11,648 $2,206 $5.30 Studio 0.42% 2 539 1,078 $2,227 $4.13 Studio 0.42% 2 553 1,106 $2,236 $4.04 Studio 3.14% 15 555 8,325 $2,351 $4.24 Studio 1.46% 7 569 3,983 $2,401 $4.22 Studio 5.44% 26 576 14,976 $2,451 $4.26 Studio 0.84% 4 602 2,408 $2,552 $4.24 Studio 0.21% 1 654 654 $2,601 $3.98 Studio 0.21% 1 681 681 $2,651 $3.89 Loft/Studio 1.26% 6 702 4,212 $2,804 $3.99 Loft/Studio 0.21% 1 735 735 $2,846 $3.87 One Bedroom 0.63% 3 575 1,725 $2,551 $4.44 One Bedroom 3.35% 16 580 9,280 $2,831 $4.88 One Bedroom 0.84% 4 582 2,328 $2,755 $4.73 One Bedroom 0.63% 3 586 1,758 $2,712 $4.63 One Bedroom 7.53% 36 587 21,132 $2,747 $4.68 One Bedroom 1.67% 8 604 4,832 $2,491 $4.12 One Bedroom 1.67% 8 607 4,856 $2,820 $4.65 One Bedroom 2.30% 11 615 6,765 $2,384 $3.88 One Bedroom 0.21% 1 628 628 $2,876 $4.58 One Bedroom 0.21% 1 675 675 $2,861 $4.24 One Bedroom 0.84% 4 678 2,712 $2,678 $3.95 One Bedroom 0.63% 3 681 2,043 $2,686 $3.94 One Bedroom 0.21% 1 682 682 $3,373 $4.95 One Bedroom 0.63% 3 694 2,082 $3,386 $4.88 One Bedroom 0.42% 2 700 1,400 $2,672 $3.82 One Bedroom 8.16% 39 708 27,612 $2,977 $4.20 One Bedroom 0.84% 4 711 2,844 $2,757 $3.88 Wilshire La Brea One Bedroom 5.23% 25 715 17,875 $2,829 $3.96 One Bedroom 0.63% 3 720 2,160 $2,669 $3.71 One Bedroom 1.26% 6 726 4,356 $2,916 $4.02 One Bedroom 0.42% 2 746 1,492 $3,088 $4.14 One Bedroom 0.42% 2 751 1,502 $2,968 $3.95 RENT COMPARABLESOne Bedroom(Continued) 1.67% 8 792 6,336 $2,981 $3.76 One Bedroom 1.46% 7 806 5,642 $3,090 $3.83 One Bedroom 0.21% 1 824 824 $2,962 $3.59 Wilshire La Brea 10 One Bedroom 1.05% 5 826 4,130 $3,025 $3.66 WILSHIRE LA BREA One Bedroom 0.42% 2 830 1,660 $3,106 $3.74 One Bedroom 0.21% 1 834 834 $2,958 $3.55 4785200 Units Wilshire Blvd. One Bedroom 0.21% 1 836 836 $3,117 $3.73 5200 Wilshire Blvd One Bedroom 0.21% 1 864 864 $2,911 $3.37 LosLos Angeles, Angeles, CA 90036 (323) 857-8100 CA 90036 Completed Date One Bedroom 0.63% 3 889 2,667 $2,913 $3.28 August, 2014 One Bedroom/Loft 5.02% 24 591 14,184 $2,820 $4.77 ImprovementsYEAR Rating BUILT: A 2014 One Bedroom/Loft 1.67% 8 674 5,392 $3,599 $5.34 Location Rating A One Bedroom/Loft 1.88% 9 688 6,192 $2,999 $4.36 Occupancy 97.3% Common AreaUNITS: Amenities - Controlled Access, Fitness478 Center, Business Center, Clubhouse, 2 Swimming Pools, 2 Spas, Rental Office - Stand Alon One Bedroom/Loft 0.21% 1 714 714 $4,304 $6.03 Parking - Total Parking - 997 Spaces, Covered Parking Is Available For An Additional $0 Per Month, Parking Type - Subterranean One Bedroom/Loft 0.21% 1 825 825 $4,479 $5.43 Private Balcony/Patio, Construction Type - Steel Frame FunctionalOCCUPANCY Characteristics - 97% One Bedroom/Loft 1.88% 9 837 7,533 $3,342 $3.99 Other Factor - Major Street Exposure - Wilshire Blvd, View - Downtown Los Angeles/Hollywood Hills One Bedroom/Loft 0.21% 1 855 855 $3,704 $4.33 Apartment Interior Amenities - Internet Access, Above Standard Ceiling478 Height, Units Microwave Ovens Unit Type Unit Description % of Unit Size (SqFt) Market Rent One Bedroom/Loft 0.42% 2 922 1,844 $2,997 $3.25 5200 Wilshire Blvd Total Count Unit Total Total SqFt Los Angeles, CA 90036 (323) 857-8100 One Bedroom/Loft 0.63% 3 936 2,808 $3,760 $4.02 Studio 1.46% 7 404 2,828 $2,182 $5.40 Completed Date Two Bedroom/Two Bath 0.63% 3 951 2,853 $3,162 $3.32 Studio 5.86% 28 416 11,648 $2,206 $5.30 August, 2014 Two Bedroom/Two Bath 0.21% 1 957 957 $3,551 $3.71 Studio 0.42% Improvements2 539 Rating 1,078 A $2,227 $4.13 Two Bedroom/Two Bath 3.56% 17 966 16,422 $3,226 $3.34 Studio 0.42% Location2 Rating553 1,106 A $2,236 $4.04 Two Bedroom/Two Bath 0.84% 4 1,009 4,036 $3,658 $3.63 Studio 3.14% 15 555 8,325 $2,351 $4.24 Occupancy 97.3% Two Bedroom/Two Bath 0.84% 4 1,034 4,136 $3,901 $3.77 Studio 1.46% 7 569 3,983 $2,401 $4.22 Common Area Amenities - Controlled Access, Fitness Center, BusinessTwo Center, Bedroom/Two Clubhouse, Bath 2 Swimming Pools, 2 Spas,0.21% Rental Office - Stand1 Alon 1,069 1,069 $3,831 $3.58 Studio 5.44% 26 576 14,976 $2,451 $4.26 Parking - Total Parking - 997 Spaces, Covered Parking Is AvailableTwo Bedroom/Two For An Additional Bath $0 Per Month, Parking 0.21%Type - Subterranean1 1,070 1,070 $3,644 $3.41 Studio 0.84% Functional4 Characteristics602 2,408 - Private $2,552 Balcony/Patio, $4.24 ConstructionTwo TypeBedroom/Two - Steel FrameBath 3.97% 19 1,079 20,501 $3,298 $3.06 Studio 0.21% 1 654Major Street 654 Exposure $2,601 - Wilshire $3.98 Blvd, View - Downtown Los Angeles/Hollywood Hills Other Factor - Two Bedroom/Two Bath 2.93% 14 1,081 15,134 $3,903 $3.61 Studio 0.21% Apartment1 Interior681 Amenities 681 - Internet $2,651 Access, $3.89 Above Standard Ceiling Height, Microwave Ovens Two Bedroom/Two Bath 1.05% 5 1,111 5,555 $3,716 $3.34 Loft/Studio 1.26% 6 702Unit 4,212 Type Unit $2,804Description $3.99 % of Unit Size (SqFt) Market Rent Two Bedroom/Two Bath 0.42% 2 1,130 2,260 $4,022 $3.56 Loft/Studio 0.21% 1 735 735 $2,846 $3.87 Total Count Unit Total Total SqFt Two Bedroom/Two Bath 0.21% 1 1,131 1,131 $4,167 $3.68 One Bedroom 0.63% Studio3 575 1,725 $2,551 $4.44 1.46% 7 404 2,828 $2,182 $5.40 Two Bedroom/Two Bath 1.05% 5 1,134 5,670 $4,124 $3.64 One Bedroom 3.35% Studio16 580 9,280 $2,831 $4.88 5.86% 28 416 11,648 $2,206 $5.30 Two Bedroom/Two Bath 0.42% 2 1,137 2,274 $4,092 $3.60 One Bedroom 0.84% 4 582 2,328 $2,755 $4.73 Studio 0.42% Two Bedroom/Two2 Bath 539 1,0780.21% $2,227 $4.131 1,157 1,157 $3,605 $3.12 One Bedroom 0.63% 3 586 1,758 $2,712 $4.63 Studio 0.42% Two Bedroom/Two2 Bath 553 1,1060.21% $2,236 $4.041 1,164 1,164 $4,153 $3.57 One Bedroom 7.53% 36 587 21,132 $2,747 $4.68 Studio 3.14% Two Bedroom/Two15 Bath 555 8,3250.21% $2,351 $4.241 1,169 1,169 $4,158 $3.56 One Bedroom 1.67% 8 604 4,832 $2,491 $4.12 Two Bedroom/Two Bath 0.84% 4 1,184 4,736 $4,111 $3.47 One Bedroom 1.67% Studio8 607 4,856 $2,820 $4.65 1.46% 7 569 3,983 $2,401 $4.22 One Bedroom 2.30% Studio11 615 6,765 $2,384 $3.88 5.44% Two Bedroom/Two26 Bath 576 14,9760.21% $2,451 $4.261 1,258 1,258 $4,167 $3.31 One Bedroom 0.21% Studio1 628 628 $2,876 $4.58 0.84% Two Bedroom/Two4 Bath 602 2,4080.42% $2,552 $4.242 1,337 2,674 $4,163 $3.11 One Bedroom 0.21% 1 675 675 $2,861 $4.24 Two Bedroom/Loft/Two Bath 0.84% 4 1,089 4,356 $4,067 $3.73 Studio 0.21% 1 654 654 $2,601 $3.98 One Bedroom 0.84% 4 678 2,712 $2,678 $3.95 Two Bedroom/Loft/Two Bath 0.21% 1 1,245 1,245 $4,180 $3.36 Studio 0.21% 1 681 681 $2,651 $3.89 One Bedroom 0.63% 3 681 2,043 $2,686 $3.94 Two Bedroom/Loft/Two Bath 0.21% 1 1,332 1,332 $3,994 $3.00 Loft/Studio 1.26% 6 702 4,212 $2,804 $3.99 One Bedroom 0.21% 1 682 682 $3,373 $4.95 Two Bedroom/Townhouse/Two and One Half 0.42% 2 1,279 2,558 $4,147 $3.24 One Bedroom 0.63% Loft/Studio3 694 2,082 $3,386 $4.88 0.21% Bath 1 735 735 $2,846 $3.87 One Bedroom 0.42% One2 Bedroom700 1,400 $2,672 $3.82 0.63% Two Bedroom/Townhouse/Two3 575 and One 1,725 Half 0.21% $2,551 $4.441 1,290 1,290 $4,346 $3.37 Bath One Bedroom 8.16% 39 708 27,612 $2,977 $4.20 One Bedroom 3.35% Two Bedroom/Townhouse/Two16 580 and One 9,280 Half 0.63% $2,831 $4.883 1,317 3,951 $4,264 $3.24 One Bedroom 0.84% One4 Bedroom711 2,844 $2,757 $3.88 0.84% Bath 4 582 2,328 $2,755 $4.73 One Bedroom 5.23% 25 715 17,875 $2,829 $3.96 One Bedroom 0.63% Two Bedroom/Townhouse/Two3 586 and One 1,758 Half 0.63% $2,712 $4.633 1,328 3,984 $4,291 $3.23 One Bedroom 0.63% 3 720 2,160 $2,669 $3.71 Bath One Bedroom 7.53% 36 587 21,132 $2,747 $4.68 One Bedroom 1.26% 6 726 4,356 $2,916 $4.02 Two Bedroom/Townhouse/Two and One Half 0.21% 1 1,358 1,358 $4,129 $3.04 Bath One Bedroom 0.42% One2 Bedroom746 1,492 $3,088 $4.14 1.67% 8 604 4,832 $2,491 $4.12 Penthouse - Two Bedroom/Two Bath 0.21% 1 1,498 1,498 $8,251 $5.51 One Bedroom 0.42% One2 Bedroom751 1,502 $2,968 $3.95 1.67% 8 607 4,856 $2,820 $4.65 Total/Average 100% 478 741 354,311 $2,980 $4.02 One Bedroom 1.67% One8 Bedroom792 6,336 $2,981 $3.76 2.30% 11 615 6,765 $2,384 $3.88 One Bedroom 1.46% One7 Bedroom806 5,642 $3,090 $3.83 0.21%You are solely1 responsible628 628 for independently $2,876 $4.58 verifying the information in One Bedroom 0.21% One1 Bedroom824 824 $2,962 $3.59 0.21%this Memorandum.1 675 Any 675 reliance $2,861 on it is solely $4.24 at your own risk. One Bedroom 1.05% One5 Bedroom826 4,130 $3,025 $3.66 0.84% 4 678 2,712 $2,678 $3.95 One Bedroom 0.42% 2 830 1,660 $3,106 $3.74 One Bedroom 0.63% 3 681 2,043 $2,686 $3.94 www.WestStockerSt.comOne Bedroom 0.21% 1 834 834 $2,958 $3.55 3731 & 3741 W. Stocker Street One Bedroom 0.21% 1 682 682 $3,373 $4.95 One Bedroom 0.21% 1 836 836 $3,117 $3.73 40 One Bedroom 0.21% One1 Bedroom864 864 $2,911 $3.37 0.63% 3 694 2,082 $3,386 $4.88 One Bedroom 0.63% One3 Bedroom889 2,667 $2,913 $3.28 0.42% 2 700 1,400 $2,672 $3.82 One Bedroom/Loft 5.02% One24 Bedroom 591 14,184 $2,820 $4.77 8.16% 39 708 27,612 $2,977 $4.20 One Bedroom/Loft 1.67% One8 Bedroom674 5,392 $3,599 $5.34 0.84% 4 711 2,844 $2,757 $3.88 One Bedroom 5.23% 25 715 17,875 $2,829 $3.96 One Bedroom 0.63% 3 720 2,160 $2,669 $3.71 One Bedroom 1.26% 6 726 4,356 $2,916 $4.02 One Bedroom 0.42% 2 746 1,492 $3,088 $4.14 One Bedroom 0.42% 2 751 1,502 $2,968 $3.95 One Bedroom 1.67% 8 792 6,336 $2,981 $3.76 One Bedroom 1.46% 7 806 5,642 $3,090 $3.83 One Bedroom 0.21% 1 824 824 $2,962 $3.59 One Bedroom 1.05% 5 826 4,130 $3,025 $3.66 One Bedroom 0.42% 2 830 1,660 $3,106 $3.74 One Bedroom 0.21% 1 834 834 $2,958 $3.55 One Bedroom 0.21% 1 836 836 $3,117 $3.73 One Bedroom 0.21% 1 864 864 $2,911 $3.37 One Bedroom 0.63% 3 889 2,667 $2,913 $3.28 One Bedroom/Loft 5.02% 24 591 14,184 $2,820 $4.77 One Bedroom/Loft 1.67% 8 674 5,392 $3,599 $5.34 3731-3741 Stocker St MULTIFAMILYS OLDSALE MULTI-FAMILY PRCOMPARABLESOPERTY COMPARABLES

Criteria:Criteria: P rPropertiesoperties locate dlocated in LA Cou innty, LA 50 uCounty,nits or mo r50e, $ 3units80/ps for +, more, sold fro m$380/psf Sept 2017 -+, S esoldpt 2019 from Sept 2017 - Sept 2019 Source:Source: Co CoStar,Star, Sorte dsorted by Price byPer priceSquare perFoot square foot

Property Address City Zip Units Sale Price CAP GRM $/Unit $/SF Bldg SF Built Date 313 W California Ave Glendale 91203-2201 183 $86,200,000 4.30% - $471,038 $1,121 76,893 2017 08/01/18 12700 Elliott Ave El Monte 91732-4101 421 $72,500,000 4.27% - $172,209 $967 75,000 1966 03/01/18 1040 Glendon Ave (Part of Multi-Property Sale) Los Angeles 90024-2908 350 $307,924,574 -- $879,784 $895 343,949 2008 06/07/19 801 S Olive St (Part of Portfolio) Los Angeles 90014-3005 363 $280,000,000 -- $771,350 $875 320,000 2017 05/19/18 1411 N Highland Ave Hollywood 90028-7939 76 $52,000,000 3.60% - $684,211 $763 68,137 2016 07/24/18 801 S Hope St Los Angeles 90017 290 $220,000,000 -- $758,621 $733 300,000 2014 12/01/18 732 S Spring St (Part of Multi-Property Sale) Los Angeles 90014 300 $203,500,000 -- $678,333 $727 280,000 2018 07/02/19 5550 Hollywood Blvd Los Angeles 90028-7369 280 $148,000,000 -- $528,571 $715 206,863 2017 10/12/18 755 S Spring St (Part of Multi-Property Sale) Los Angeles 90014-2905 275 $199,625,000 -- $725,909 $705 283,351 2018 07/02/19 3584 S Figueroa St (Part of Portfolio) Los Angeles 90007 56 $66,250,000 -- $1,183,036 $693 95,639 2012 05/22/18 616 Esplanade Redondo Beach 90277 105 $53,500,000 -- $509,524 $651 82,203 1971 05/09/19 770 S Grand Ave (Part of Portfolio) Los Angeles 90017-3813 700 $374,000,000 -- $534,286 $648 577,000 2015 05/19/18 530 W 27th St (Part of Portfolio) Los Angeles 90007-3203 161 $96,250,000 -- $597,826 $633 152,000 2011 05/22/18 7141-7155 Santa Monica Blvd West Hollywood 90046-5899 166 $103,200,000 -- $621,687 $600 172,000 2017 08/30/19 680 S Berendo St Los Angeles 90005-1720 301 $117,000,000 4.80% - $388,704 $598 195,545 2014 09/21/17 11622 Aviation Blvd Inglewood 90304-1010 264 $123,000,000 4.15% - $465,909 $586 210,000 2016 01/31/18 100 Long Beach Blvd Long Beach 90802-4817 156 $65,400,000 4.00% - $419,231 $574 114,000 2016 12/04/17 12651 Artesia Blvd Cerritos 90703-8660 132 $60,500,000 4.25% - $458,333 $560 108,000 2017 05/01/19 685 S New Hampshire Ave Los Angeles 90005-1355 177 $67,400,000 4.25% - $380,791 $556 121,200 2016 10/06/17 686 E Union St Pasadena 91101-4146 118 $66,080,000 4.00% - $560,000 $549 120,440 2016 06/15/18 1800 N Normandie Ave Los Angeles 90027-3900 80 $30,100,000 4.20% - $376,250 $544 55,350 1990 09/12/18 627 N Rossmore Ave Los Angeles 90004-1236 60 $31,250,000 3.76% 16.02 $520,833 $541 57,764 1987 03/06/18 5837 W Sunset Blvd Los Angeles 90028-7339 79 $38,000,000 3.50% - $481,013 $537 70,812 2016 04/17/19 5416 N Fair Ave (Part of Portfolio) North Hollywood 91601 438 $201,514,354 -- $460,078 $532 378,717 2007 09/19/17 620 S Virgil Los Angeles 90005-4004 398 $189,000,000 -- $474,874 $521 362,580 2017 08/16/19 1613 Ximeno Ave Long Beach 90804 206 $72,000,000 4.29% - $349,515 $513 140,236 1985 02/01/19 1443 N Fuller Ave Los Angeles 90046 82 $38,000,000 4.26% - $463,415 $512 74,201 1987 07/16/18 138 N Beaudry Ave Los Angeles 90012-3363 210 $88,275,000 4.00% - $420,357 $508 173,686 2008 06/20/18 11405 Chandler Blvd North Hollywood 91601-2617 82 $34,350,000 3.50% - $418,902 $506 67,887 2017 12/19/18 12257 Heritage Springs Dr (Part of Portfolio) Santa Fe Springs 90670 150 $56,764,500 -- $378,430 $495 114,680 2015 02/28/19 1026-1036 Sanborn Ave Los Angeles 90029-3152 67 $20,000,000 4.03% - $298,507 $490 40,800 1928 11/30/18 5533 Hollywood Blvd Los Angeles 90028-8047 172 $46,000,000 4.00% - $267,442 $483 95,152 1927 04/11/19 1800 N New Hampshire Ave Los Angeles 90027-4200 134 $55,000,000 3.87% 15.90 $410,448 $482 114,094 1987 08/01/18 1425 N Alta Vista Blvd Los Angeles 90046 92 $45,018,000 4.00% - $489,326 $478 94,125 1987 10/31/18 222 S Main St Los Angeles 90012-3708 237 $105,180,000 -- $443,797 $470 223,783 2017 07/11/19 1801-1825 Morton Ave Los Angeles 90026-1811 66 $25,500,000 3.50% - $386,364(Continued $468 54,433 on the 1972 Next 11/30/18 Page) 4208 Sepulveda Blvd Torrance 90505 56 $13,075,000 -- $233,482 $454 28,810 1968 03/14/18 You1435 are Stanley solely Ave (Partresponsible of Portfolio) for independently verifyingGlendale the information91206-3984 in this 80 Memorandum. $24,180,000 Any reliance-- on it is$302,250 solely at your $449 own 53,798 risk. 1986 05/13/19 211 N Valley St Burbank 91505-3951 145 $59,000,000 3.60% - $406,897 $446 132,144 1974 11/09/17 www.WestStockerSt.com 3731 & 3741 W. Stocker Street 5640 Santa Monica Blvd Los Angeles 90038 177 $25,500,000 4.90% - $144,068 $442 57,664 1927 05/22/18 41 5807 Laurel Canyon Blvd Valley Village 91607 56 $18,400,000 3.02% 14.74 $328,571 $433 42,524 1985 08/21/18 5919 Reseda Blvd (Part of Multi-Property Sale) Tarzana 91356-1547 50 $11,495,536 -- $229,911 $432 26,606 1964 06/11/19 421 W Broadway Long Beach 90802 291 $124,300,000 3.51% 15.89 $427,148 $430 289,247 2010 07/05/18 3450 Emerald St Torrance 90503-3723 53 $18,295,000 2.60% 18.63 $345,189 $429 42,612 1963 - 262 N Los Robles Ave Pasadena 91101-1533 93 $23,550,000 -- $253,226 $425 55,435 1949 11/14/17 1111 Wilshire Blvd Los Angeles 90017 210 $91,250,000 -- $434,524 $423 215,522 2012 06/27/19 3731-3741 Stocker St SOLD MULTI-FAMILY PROPERTY COMPARABLES

Criteria: Properties located in LA County, 50 units or more, $380/psf +, sold from Sept 2017 - Sept 2019 Source: CoStar, Sorted by Price Per Square Foot

Property Address City Zip Units Sale Price CAP GRM $/Unit $/SF Bldg SF Built Date 313 W California Ave Glendale 91203-2201 183 $86,200,000 4.30% - $471,038 $1,121 76,893 2017 08/01/18 12700 Elliott Ave El Monte 91732-4101 421 $72,500,000 4.27% - $172,209 $967 75,000 1966 03/01/18 1040 Glendon Ave (Part of Multi-Property Sale) Los Angeles 90024-2908 350 $307,924,574 -- $879,784 $895 343,949 2008 06/07/19 801 S Olive St (Part of Portfolio) Los Angeles 90014-3005 363 $280,000,000 -- $771,350 $875 320,000 2017 05/19/18 1411 N Highland Ave Hollywood 90028-7939 76 $52,000,000 3.60% - $684,211 $763 68,137 2016 07/24/18 801 S Hope St Los Angeles 90017 290 $220,000,000 -- $758,621 $733 300,000 2014 12/01/18 732 S Spring St (Part of Multi-Property Sale) Los Angeles 90014 300 $203,500,000 -- $678,333 $727 280,000 2018 07/02/19 5550 Hollywood Blvd Los Angeles 90028-7369 280 $148,000,000 -- $528,571 $715 206,863 2017 10/12/18 755 S Spring St (Part of Multi-Property Sale) Los Angeles 90014-2905 275 $199,625,000 -- $725,909 $705 283,351 2018 07/02/19 3584 S Figueroa St (Part of Portfolio) Los Angeles 90007 56 $66,250,000 -- $1,183,036 $693 95,639 2012 05/22/18 616 Esplanade Redondo Beach 90277 105 $53,500,000 -- $509,524 $651 82,203 1971 05/09/19 770 S Grand Ave (Part of Portfolio) Los Angeles 90017-3813 700 $374,000,000 -- $534,286 $648 577,000 2015 05/19/18 530 W 27th St (Part of Portfolio) Los Angeles 90007-3203 161 $96,250,000 -- $597,826 $633 152,000 2011 05/22/18 7141-7155 Santa Monica Blvd West Hollywood 90046-5899 166 $103,200,000 -- $621,687 $600 172,000 2017 08/30/19 680 S Berendo St Los Angeles 90005-1720 301 $117,000,000 4.80% - $388,704 $598 195,545 2014 09/21/17 11622 Aviation Blvd Inglewood 90304-1010 264 $123,000,000 4.15% - $465,909 $586 210,000 2016 01/31/18 100 Long Beach Blvd Long Beach 90802-4817 156 $65,400,000 4.00% - $419,231 $574 114,000 2016 12/04/17 12651 Artesia Blvd Cerritos 90703-8660 132 $60,500,000 4.25% - $458,333 $560 108,000 2017 05/01/19 685 S New Hampshire Ave Los Angeles 90005-1355 177 $67,400,000 4.25% - $380,791 $556 121,200 2016 10/06/17 686 E Union St Pasadena 91101-4146 118 $66,080,000 4.00% - $560,000 $549 120,440 2016 06/15/18 1800 N Normandie Ave Los Angeles 90027-3900 80 $30,100,000 4.20% - $376,250 $544 55,350 1990 09/12/18 627 N Rossmore Ave Los Angeles 90004-1236 60 $31,250,000 3.76% 16.02 $520,833 $541 57,764 1987 03/06/18 5837 W Sunset Blvd Los Angeles 90028-7339 79 $38,000,000 3.50% - $481,013 $537 70,812 2016 04/17/19 5416 N Fair Ave (Part of Portfolio) North Hollywood 91601 438 $201,514,354 -- $460,078 $532 378,717 2007 09/19/17 620 S Virgil Los Angeles 90005-4004 398 $189,000,000 -- $474,874 $521 362,580 2017 08/16/19 1613 Ximeno Ave Long Beach 90804 206 $72,000,000 4.29% - $349,515 $513 140,236 1985 02/01/19 1443 N Fuller Ave Los Angeles 90046 82 $38,000,000 4.26% - $463,415 $512 74,201 1987 07/16/18 138 N Beaudry Ave Los Angeles 90012-3363 210 $88,275,000 4.00% - $420,357 $508 173,686 2008 06/20/18 MULTIFAMILY11405 Chandler Blvd North Hollywood SALE91601-2617 COMPARABLES 82 $34,350,000 3.50% - $418,902 $506 (Continued 67,887 2017 12/19/18) 12257 Heritage Springs Dr (Part of Portfolio) Santa Fe Springs 90670 150 $56,764,500 -- $378,430 $495 114,680 2015 02/28/19 1026-1036 Sanborn Ave Los Angeles 90029-3152 67 $20,000,000 4.03% - $298,507 $490 40,800 1928 11/30/18 Criteria:5533 Hollywood Properties Blvd located in the Los AngelesLos Angeles Market,90028-8047 50 units or more, 172 $380/SF $46,000,000 or more, 4.00% sold from- April$267,442 2018 to $483 May 95,1522019 1927 04/11/19 Source:1800 N New CoStar, Hampshire sorted Ave by price per squareLos footAngeles 90027-4200 134 $55,000,000 3.87% 15.90 $410,448 $482 114,094 1987 08/01/18 1425 N Alta Vista Blvd Los Angeles 90046 92 $45,018,000 4.00% - $489,326 $478 94,125 1987 10/31/18 222 S Main St Los Angeles 90012-3708 237 $105,180,000 -- $443,797 $470 223,783 2017 07/11/19 1801-1825 Morton Ave Los Angeles 90026-1811 66 $25,500,000 3.50% - $386,364 $468 54,433 1972 11/30/18 4208 Sepulveda Blvd Torrance 90505 56 $13,075,000 -- $233,482 $454 28,810 1968 03/14/18 1435 Stanley Ave (Part of Portfolio) Glendale 91206-3984 80 $24,180,000 -- $302,250 $449 53,798 1986 05/13/19 211 N Valley St Burbank 91505-3951 145 $59,000,000 3.60% - $406,897 $446 132,144 1974 11/09/17 5640 Santa Monica Blvd Los Angeles 90038 177 $25,500,000 4.90% - $144,068 $442 57,664 1927 05/22/18 5807 Laurel Canyon Blvd Valley Village 916073731-3741 56 Sto $18,400,000cker St 3.02% 14.74 $328,571 $433 42,524 1985 08/21/18 5919 Reseda Blvd (Part of Multi-Property Sale) TarzanaSOLD MU91356-1547LTI-FAMILY 50PROPER $11,495,536TY COMPARAB--LES $229,911 $432 26,606 1964 06/11/19 421 W Broadway Long Beach 90802 291 $124,300,000 3.51% 15.89 $427,148 $430 289,247 2010 07/05/18 C3450riter iEmeralda: Prope Strties located in LA County, 50 units or moreTorrance, $380/psf +, s90503-3723old from Sept 2017 53 - Sept 20 $18,295,00019 2.60% 18.63 $345,189 $429 42,612 1963 - S262our cNe :Los Co RoblesStar, S oAverted by Price Per Square Foot Pasadena 91101-1533 93 $23,550,000 -- $253,226 $425 55,435 1949 11/14/17 1111 Wilshire Blvd Los Angeles 90017 210 $91,250,000 -- $434,524 $423 215,522 2012 06/27/19 1324 N Poinsettia Pl Los Angeles 90046 51 $14,425,000 -- $282,843 $422 34,172 1976 05/01/19 5520 Wilshire Blvd (Part of Portfolio) Los Angeles 90036-3802 175 $85,171,704 -- $486,695 $419 203,200 2016 09/19/17 1769 E Walnut St Pasadena 91106-1622 131 $57,200,000 3.70% - $436,641 $418 136,714 2016 10/25/17 2037 N Las Palmas Ave Los Angeles 90068-3284 81 $28,050,000 2.80% 14.00 $346,296 $414 67,777 1987 08/10/18 4950 Laurel Canyon Blvd Valley Village 91607-3719 56 $17,900,000 -- $319,643 $410 43,676 1985 04/11/18 3460 W 7th St Los Angeles 90005 168 $73,300,000 4.00% - $436,310 $407 179,989 1965 12/26/18 1354 N Harper Ave West Hollywood 90046-3764 60 $17,275,000 3.67% 18.62 $287,917 $405 42,644 1930 06/03/19 1950 Tamarind Ave Los Angeles 90068 112 $40,650,000 3.40% - $362,946 $404 100,682 1973 03/05/18 8700 De Soto Ave Canoga Park 91304-1923 61 $17,550,000 4.39% 13.91 $287,705 $404 43,492 1987 01/26/18 4874 E Los Coyotes Diagonal Long Beach 90815 127 $51,350,000 3.50% - $404,331 $401 127,976 1958 06/29/18 24522-24640 Town Center Dr Valencia 91355-4932 210 $80,500,000 4.00% - $383,333 $401 200,717 1999 08/06/18 18641 Saticoy St Reseda 91335 78 $31,500,000 4.60% 13.29 $403,846 $399 79,000 1987 - 11473 Riverside Dr North Hollywood 91602-1146 51 $15,350,000 3.42% 16.59 $300,980 $399 38,499 1986 03/19/19 25399 The Old Rd Stevenson Ranch 91381 510 $166,515,000 4.15% - $326,500 $398 418,351 1992 09/12/18 6301 De Soto Ave Woodland Hills 91367-2611 264 $93,000,000 4.00% - $352,273 $395 235,214 2008 09/27/18 595 Pine Ave Long Beach 90802-2304 158 $48,900,000 -- $309,494 $393 124,514 1987 03/29/19 5800 Green Valley Cir Culver City 90230-6941 57 $21,625,000 3.50% 16.40 $379,386 $392 55,124 1970 08/15/19 408 S Spring St Los Angeles 90013-2023 56 $30,100,000 2.50% - $537,500 $391 77,030 2004 08/28/18 25330 Silver Aspen Way Valencia 91381 230 $84,500,000 - 14.95 $367,391 $391 216,267 2004 07/24/18 3330 E Foothill Blvd Pasadena 91107-3111 212 $97,300,000 -- $458,962 $389 250,000 2016 05/01/18 919 S Prairie Ave Inglewood 90301-4126 50 $8,800,000 3.55% 14.96 $176,000 $385 22,861 1959 06/27/18 You21023-21107 are solely Amie responsible Ave (Part of Multi-Property for independently Sale) verifyingTorrance the information90503-4747 in this 61 Memorandum. $16,750,000 Any reliance-- on it is$274,590 solely at your $384 own 43,575 risk. 1961 08/24/18 11905 Ferris Rd El Monte 91732-2360 70 $16,000,000 4.25% - $228,571 $383 41,746 1978 02/19/19 1245 Vine St (Part of Portfolio) Los Angeles 90038-1648 103 $26,730,000 -- $259,515 $383 69,872 1925 01/11/19 1324 N Poinsettia Pl Los Angeles 90046 51 $13,000,000 -- $254,902 $380 34,172 1976 03/15/19

© 2019 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to www.WestStockerSt.comindependently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.3731The value& 3741of this W. transaction Stockerto you Streetdepends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for 42 your needs. AFFILIATED BUSINESS DISCLOSURE DISCLAIMER

CBRE, Inc. operates within a global family of companies with many subsidiaries This Memorandum contains select information pertaining to the Property and and related entities (each an “Affiliate”) engaging in a broad range of the Owner, and does not purport to be all-inclusive or contain all or part of the commercial real estate businesses including, but not limited to, brokerage information which prospective investors may require to evaluate a purchase services, property and facilities management, valuation, investment fund of the Property. The information contained in this Memorandum has been management and development. At times different Affiliates, including CBRE obtained from sources believed to be reliable, but has not been verified for Global Investors, Inc. or Trammell Crow Company, may have or represent accuracy, completeness, or fitness for any particular purpose. All information clients who have competing interests in the same transaction. For example, is presented “as is” without representation or warranty of any kind. Such Affiliates or their clients may have or express an interest in the property information includes estimates based on forward-looking assumptions relating described in this Memorandum (the “Property”), and may be the successful to the general economy, market conditions, competition and other factors bidder for the Property. Your receipt of this Memorandum constitutes your which are subject to uncertainty and may not represent the current or future acknowledgement of that possibility and your agreement that neither CBRE, performance of the Property. All references to acreages, square footages, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ and other measurements are approximations. This Memorandum describes interest or involvement in the sale or purchase of the Property. In all instances, certain documents, including leases and other materials, in summary form. however, CBRE, Inc. and its Affiliates will act in the best interest of their These summaries may not be complete nor accurate descriptions of the full respective client(s), at arms’ length, not in concert, or in a manner detrimental agreements referenced. Additional information and an opportunity to inspect to any third party. CBRE, Inc. and its Affiliates will conduct their respective the Property may be made available to qualified prospective purchasers. You businesses in a manner consistent with the law and all fiduciary duties owed are advised to independently verify the accuracy and completeness of all to their respective client(s). summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this CONFIDENTIALITY AGREEMENT transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in The Owner expressly reserves the right, at its sole discretion, to reject any determining whether you desire to express further interest in the acquisition or all expressions of interest or offers to purchase the Property, and/or to of the Property, (ii) you will hold it in the strictest confidence, (iii) you will terminate discussions at any time with or without notice to you. All offers, not disclose it or its contents to any third party without the prior written counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) forth in a fully executed, definitive purchase and sale agreement delivered you will not use any part of this Memorandum in any manner detrimental to by the Owner. the Owner or CBRE, Inc. © 2019 CBRE, Inc. All Rights Reserved. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

www.WestStockerSt.com 3731 & 3741 W. Stocker Street 43 Multifamily Development Site – ±1.74 Acres of Land 3731-3741 W. Stocker Street For up to ±322 Residential Units Los Angeles, CA Opportunity Zone & TOC Tier 3 Existing In-Place Income

3731 - 3741 W. Stocker Street LAURIE LUSTIG-BOWER Executive Vice President +1 310 550 2556 [email protected] Lic. 00979360

KAMRAN PAYDAR Vice President +1 310 550 2529 [email protected] Lic. 01242590

www.WestStockerSt.com