A 7-PROPERTY WESTSIDE LOS ANGELES VALUE-ADD PORTFOLIO RARE & TRUE VENICE VALUE-ADD OPPORTUNITY AS 35% OF THE PORTFOLIO IS VACANT 405 INSTANT SCALE
SANTA MONICA BLVD
RESILIENT PRODUCT TYPE IRREPLACEABLE WESTSIDE LOCATIONS
WESTSIDE LA - AN ECONOMIC POWERHOUSE
1 WALKER & DUNLOP EXECUTIVE SUMMARY Walker & Dunlop has been exclusively SANTA MONICA 1224 S retained to sell The Westside Seven (the BARRINGTON AVE “Portfolio”), a generational value-add multifamily portfolio opportunity with assets located throughout the coveted Westside LA neighborhoods of Brentwood, Mar Vista, Westwood, West Hollywood and Pico- SANTA MONICA BLVD Robertson. Totaling 57 units across seven (7) properties, 405 the Portfolio offers investors a rare and unique opportunity to instantly acquire a scaled portfolio throughout the Wetside that could otherwise take years to assemble. Built between 1941 and 1973, these workforce housing properties consist of diverse unit mixes which appeal to a deep pool of potential renters. Centrally located within each of their respective neighborhoods, each of the Properties benefit from high concentrations of community amenities as well as close proximity to Los Angeles’ major thoroughfares, allowing tenants to easily and efficiently access employment, cultural and entertainment hubs. The Portfolio, which 10360 collectively is being marketed for the first time ever, ASHTON AVE the majority of which has been under the same ownership for over 20 years; as a result, in-place rents are ±67% below renovated market across the Portfolio, and the immediate WILSHIRE BLVD and long-term value-add opportunity is clear.
THE WESIDE SEVEN 2 1 2 3 4
5 6 7
THE WESTSIDE SEVEN PORTFOLIO Count Property City Submarket Vintage Gross Building SF Units Acreage Parking 1 1224 S. Barrington Ave Los Angeles Brentwood 1973 8,992 6 0.14 12 2 2620 S. Barrington Ave Los Angeles Mar Vista 1947 3,606 4 0.15 4 3 10360-4 Ashton Ave Los Angeles Westwood 1941 4,113 5 0 .11 4 4 8675 Chalmers Drive Los Angeles Pico-Robertson 1956 5,366 5 0.15 5 5 8220 W. Norton Ave West Hollywood West Hollywood 1960 16,780 19 0.34 20 6 1140 N. Ogden Drive West Hollywood West Hollywood 1963 9,296 10 0.17 15 7 1010 N. Orange Grove Ave West Hollywood West Hollywood 1957 5,139 8 0.15 7 TOTAL 53,292 57 1.21 67
3 WALKER & DUNLOP HOLLYWOOD 2 11 0
WEST HOLLYWOOD
405 BEVERLY HILLS 101 10
2 MIDWILSHIRE
LOS ANGELES
1 WEST LOS ANGELES DOWNTOWN LOS ANGELES 10 60
CULVER CITY EAST LOS ANGELES SANTA MONICA CRENSHAW MONTEBELLO MAR VISTA
WESTERN AVE WESTERN
187
1 5
HUNTINGTON PARK MARINA DEL REY THE WESIDE SEVEN 4 PICO RIVERA
11 0
INGLEWOOD SOUTH GATE 710 405
42
LYNWOOD
105 EL SEGUNDO 1224 S Barrington Ave
The Portfolio, the majority of which has been owned by the same partnership for over 20 years, provides investors RARE & TRUE with the opportunity to pursue VALUE-ADD a renovation program and OPPORTUNITY achieve rental upside of ±56% 1010 Orange Grove Ave AS 35% OF THE across the Portfolio and as PORTFOLIO IS much as ±84% at certain VACANT properties. Current Ownership has been holding units vacant as they turn, as such, the Portfolio is currently 35% vacant allowing for an incoming investor to immediately realize upside.
The opportunity to acquire any number of units in Westside Los Angeles is notoriously rare, never mind an offering of 57 units across seven (7) properties. INSTANT This workforce housing product has 8220 W Norton Ave SCALE performed quite well throughout the latest cycle, making it increasingly difficult for institutional investors to scale their West LA portfolio in a short period of time. By acquiring the Portfolio, investors will have the opportunity to implement their investment strategy and property management team simultaneously, immediately benefiting from the synergies of owning like kind properties within close proximity.
5 WALKER & DUNLOP
2620 S Barrington Ave Class C product in Los Angeles has proven to be quite durable throughout the latest RESILIENT cycle. Since 2010, Class PRODUCT C multifamily product has 1140 Ogden Dr TYPE outperformed Class A product in rent growth and occupancy while, of course, experiencing only a fraction of the growth in inventory. Essentially irreplaceable in that the product is no longer being built, the resilient history of this real estate is remarkably encouraging.
CLASS A VS. CLASS C SINCE 2010
7.7% VS. 28.9% 8675 Chalmers Dr RENT GROWTH
10.5% VS. 4.4% AVERAGE VACANCY
±32K VS. 238 NEW UNITS
THE WESIDE SEVEN 6
10360 Ashton Ave Brentwood Country Club IRREPLACEABLE WESTSIDE LOCATIONS
BRENTWOOD
$149,483 62.30% UCLA MEDIAN HHI RENTERSHIP RATE
42.6M 142,000 OFFICE SF JOBS
WESTWOOD
$148,044 62.66% MEDIAN HHI RENTERSHIP RATE Regency Village Theater Hammer Museum Sunset Strip
43.8M 146,000 OFFICE SF JOBS
7 WALKER & DUNLOP
Los Angeles Country Club The Getty Museum MAR VISTA The Petersen Automotive Museum $134,508 66.58% MEDIAN HHI RENTERSHIP RATE
46.1M 153,667 OFFICE SF JOBS
PICO-ROBERTSON
LACMA The Comedy Store $130,266 68.30% MEDIAN HHI RENTERSHIP RATE
44.1M 147,000 OFFICE SF JOBS
WEST HOLLYWOOD
$129,347 73.37% Sunset Strip MEDIAN HHI RENTERSHIP RATE
36.6M 122,000 OFFICE SF JOBS
THE WESIDE SEVEN 8
Melrose Avenue 405 27
NORTH HOLLYWOOD 210 101
PASADENA GLENDALE HOLL WOOD WEST 5 IND STRIES2 WESTSIDE LA - CENT R CIT HOLL WOOD - Entertainment & 210 23 AN ECONOMIC BEVERL HILLS IND STRIES Media 66 BEL AIRIND STRIES - Entertainment & POWERHOUSE 164 Marina Del Rey/ Beverly Hills/ HOLLYWOOD - Talent Agencies Media COVINA Venice/Playa vista Century City - Financial Services - Healthcare 10 27 - Legal 101 BEVERLY HILLS 10 CENTRAL LOS ANGELES WEST COVINA SANTA MONICA ±36,000 ±10.8M ±38,800 ±11.4M IND STRIES LOS ANGELES Jobs SF of Office Jobs SF of Office 39 - Tech C LVER CIT 1 60 57 Hollywood Culver City - Entertainment & Media 10 IND STRIES 60 MALIBU - Communications SANTA MONICA CULVER- Tech CITY EAST LOS ANGELES 605 - Entertainment & Media 60
187 - Communications 83 ±34,000 ±10.3M ±29,000 ±88M 405 SOUTH LOS ANGELES Jobs SF of Office Jobs SF of Office
MARINA DEL RE 71 West Hollywood Santa Monica VENICE LA A VISTA 710 INGLEWOOD IND STRIES 42 - Tech
® - Entertainment & Media DOWNEY - Communications ±26,700 ±8M ±38,800 ±11.4M 105 14 2 Jobs SF of Office Jobs SF of Office EL SEGUNDO HAWTHORNE 90
1 9 WALKER & DUNLOP 11 0 COMPTON 19
MANHATTAN BEACH 57 91
91
107 LAKEWOOD 605 5 TORRANCE ANAHEIM 405 241 405 27
NORTH HOLLYWOOD 210 101
PASADENA GLENDALE HOLL WOOD WEST 5 IND STRIES2 CENT R CIT HOLL WOOD - Entertainment & 210 23 BEVERL HILLS IND STRIES Media 66 BEL AIRIND STRIES - Entertainment & 164 HOLLYWOOD - Talent Agencies Media COVINA - Financial Services - Healthcare 10 27 - Legal 101 BEVERLY HILLS 10 Average Tech Salaries CENTRAL LOS ANGELES in Los AngelesWEST COVINA SANTA MONICA IND STRIES LOS ANGELES 39 - Tech C LVER CIT 1 60 57 - Entertainment & Media 10 IND STRIES $155,000 $106,000 60 MALIBU - Communications SANTA MONICA CULVER- Tech CITY EAST LOS ANGELES 605 Development Design & User Engineer Experience - Entertainment & Media 60
187 - Communications 83 405 SOUTH LOS ANGELES
MARINA DEL RE 71 VENICE LA A VISTA 710 $134,000 $103,000 INGLEWOOD 42 Product Marketing IND STRIES Design - Tech - Entertainment & Media DOWNEY - Communications 105 14 2
EL SEGUNDO HAWTHORNE 90
1 11 0 10 COMPTON 19
MANHATTAN BEACH 57 91
91
107 LAKEWOOD 605 5 TORRANCE ANAHEIM 405 241 For Financing Options Alexandra Caniglia Blake A. Rogers Hunter Combs Javier Rivera Brian Eisner Director Managing Director Managing Director Senior Director Managing Director C 858.342.5247 C 818.317.5183 C 858.205.7939 C 310.497.9370 C 310.200.3713 [email protected] [email protected] [email protected] [email protected] [email protected] License #01994543 License #01866591 License #01771662 License #01875535 License #01244690
Los Angeles 12100 Wilshire Boulevard, Suite 1500 Los Angeles, CA 90225 License # 0207416