September 2019 September 2019

EXCLUSIVE MULTIFAMILY OFFERING EXCLUSIVE MULTIFAMILY OFFERING

PROPERTY TOURS AVAILABLE-PLEASE CONTACT US TO ARRANGE PROPERTY TOURS AVAILABLE-PLEASE CONTACT US TO ARRANGE FOR A PROPERTY TOUR ON THE FOLLOWING DAYS: FOR A PROPERTY TOUR ON THE FOLLOWING DAYS:

WEDNESDAY, SEPTEMBER 18TH WEDNESDAY, SEPTEMBER 18TH THURSDAY, SEPTEMBER 26TH THURSDAY, SEPTEMBER 26TH TUESDAY, OCTOBER 1ST TUESDAY, OCTOBER 1ST

CALL FOR OFFERS-PLEASE SUBMIT OFFERS ON OR BEFORE CALL FOR OFFERS-PLEASE SUBMIT OFFERS ON OR BEFORE THURSDAY, OCTOBER 3RD AT 3:00 PM. THURSDAY, OCTOBER 3RD AT 3:00 PM.

$6,550,000 $6,550,000

756 SOUTH NORMANDIE AVENUE 756 SOUTH NORMANDIE AVENUE 30 Units LOS ANGELES, CA 90005 30 Units LOS ANGELES, CA 90005

Year Built Year Built

1925 BRENT SPRENKLE 1925 BRENT SPRENKLE Senior Managing Director Senior Managing Director 310.470.4892 310.470.4892 [email protected] [email protected] CA BRE License #01290116 CA BRE License #01290116 95 Walk Score 95 Walk Score

BERKADIA | EL SEGUNDO, CA | 2321 ROSECRANS AVE, SUITE 3235 | EL SEGUNDO, CA 90245 | PHONE: 424.239.5900 | FAX: 424.239.5901 BERKADIA | EL SEGUNDO, CA | 2321 ROSECRANS AVE, SUITE 3235 | EL SEGUNDO, CA 90245 | PHONE: 424.239.5900 | FAX: 424.239.5901 www.Berkdia.com a Berkshire Hathaway and Jefferies Financial Group company www.Berkdia.com a Berkshire Hathaway and Jefferies Financial Group company BRENT SPRENKLE BRENT SPRENKLE Senior Managing Director Senior Managing Director 310.470.4892 310.470.4892 [email protected] [email protected] CA BRE License #01290116 CA BRE License #01290116

756 South Normandie Avenue | Los Angeles, CA 90005 756 South Normandie Avenue | Los Angeles, CA 90005

. Great Koreatown Location - . Excellent Tenant Amenities . Great Koreatown Location - . Excellent Tenant Amenities SOUTH BAY LOS ANGELES OFFICE 95 Walkscore and Unit Features SOUTH BAY LOS ANGELES OFFICE 95 Walkscore and Unit Features 2321 Rosecrans Ave, Suite 3235 . Substantial Renovations- . Several Low Leases - 2321 Rosecrans Ave, Suite 3235 . Substantial Renovations- . Several Low Leases - El Segundo, CA 90245 El Segundo, CA 90245 Phone: 424.239.5900 Stable Asset with Upside Substantial Upside Phone: 424.239.5900 Stable Asset with Upside Substantial Upside Fax: 424.239.5901 Fax: 424.239.5901 CONTENTS CONTENTS The Asset ...... 1 The Asset ...... 1 Valuation ...... 9 Valuation ...... 9 Market Positioning ...... 11 Market Positioning ...... 11 Location Description - Koreatown ...... 17 Location Description - Koreatown ...... 17 Appendix ...... 20 Appendix ...... 20

a Berkshire Hathaway and Jefferies Financial Group company a Berkshire Hathaway and Jefferies Financial Group company PROPERTY SUMMARY PROPERTY SUMMARY

Number of Units 30 Number of Units 30 Year Built 1925 Year Built 1925 Metering Separate Metered for Electric Metering Separate Metered for Electric Average SF 508± Average SF 508± Parcel Number 5094-005-013 Parcel Number 5094-005-013 Type of Buildings Three-Story with Two-Staircases Type of Buildings Three-Story with Two-Staircases Exterior Reinforced Brick Exterior Reinforced Brick

PROPERTY DESCRIPTION PROPERTY DESCRIPTION

Property Tours Available-Please contact us to Property Tours Available-Please contact us to arrange for a property tour on the following arrange for a property tour on the following days: days:

Wednesday, September 18th Wednesday, September 18th

Thursday, September 26th Thursday, September 26th

Tuesday, October 1st Tuesday, October 1st

Call for Offers-Please submit offers on or Call for Offers-Please submit offers on or before Thursday, October 3rd at 3:00 pm. before Thursday, October 3rd at 3:00 pm.

The Bard Apartments is a 30-unit 1920's construction apartment building located at the center of Koreatown. With a Walk The Bard Apartments is a 30-unit 1920's construction apartment building located at the center of Koreatown. With a Walk Score of 95, the property is considered a Walker's Paradise. Score of 95, the property is considered a Walker's Paradise.

The Bard Apartments has a unit mix consisting of 23-studio apartments each featuring one-bathroom and one-kitchen as well The Bard Apartments has a unit mix consisting of 23-studio apartments each featuring one-bathroom and one-kitchen as well as 7-units that are one-bedrooms with one-bathroom. as 7-units that are one-bedrooms with one-bathroom.

The three-story reinforced brick structure is serviced by two-staircases and no elevator. Units are separately metered for The three-story reinforced brick structure is serviced by two-staircases and no elevator. Units are separately metered for electricity and select units are equipped with 9-foot ceilings, exposed brick walls, stainless-steel appliances, quartz countertops, electricity and select units are equipped with 9-foot ceilings, exposed brick walls, stainless-steel appliances, quartz countertops, and more. Community amenities available include controlled-access, on-site laundry facilities, a gated pet park and pet waste and more. Community amenities available include controlled-access, on-site laundry facilities, a gated pet park and pet waste station. The current owner recently purchased and installed brand new owner operated washers and dryers in an attractive station. The current owner recently purchased and installed brand new owner operated washers and dryers in an attractive remodeled laundry room. The property is not subject to concrete construction retrofitting requirements. remodeled laundry room. The property is not subject to concrete construction retrofitting requirements.

Value-Added Opportunity – While several units and common areas have been renovated and upgraded there remains a Value-Added Opportunity – While several units and common areas have been renovated and upgraded there remains a massive loss to lease of 30% as 9 units have not yet been renovated and have drastically below market lease rates. There is massive loss to lease of 30% as 9 units have not yet been renovated and have drastically below market lease rates. There is approximately a 25% upside in lease rates between current and market rents that a new owner can achieve upon unit turnover approximately a 25% upside in lease rates between current and market rents that a new owner can achieve upon unit turnover and renovation. and renovation.

THE BARD THE BARD thebard.BerkadiaREA.com 1 thebard.BerkadiaREA.com 1 LOCATION DESCRIPTION LOCATION DESCRIPTION

$ $ LOS ANGELES, CA 902.4k LOS ANGELES, CA 902.4k Median Housing Unit Value Median Housing Unit Value THE BARD (Within Three Miles) THE BARD (Within Three Miles) NEIGHBORHOOD QUICK FACTS NEIGHBORHOOD QUICK FACTS 648.7k $40.7k 648.7k $40.7k Population Median Household Income Population Median Household Income (Within Three Miles) (Within Three Miles) (Within Three Miles) (Within Three Miles)

77% 4.0% 77% 4.0% Renter Occupied Housing Units City Unemployment Rate Renter Occupied Housing Units City Unemployment Rate (Within Three Miles) (May 2019) (Within Three Miles) (May 2019)

NEIGHBORHOOD SHOPPING DEMAND DRIVER NEIGHBORHOOD SHOPPING DEMAND DRIVER

FROM THE FROM THE FROM THE FROM THE 4.2mi PROPERTY 2.0mi PROPERTY 4.2mi PROPERTY 2.0mi PROPERTY

SF SHOPPING JOBS SF SHOPPING JOBS 600k DESTINATION 1.3k SUPPORTED 600k DESTINATION 1.3k SUPPORTED

TOTAL HOSPITAL TOTAL HOSPITAL 60 STORES 366 BEDS 60 STORES 366 BEDS Banana Republic | J. Crew | Barnes & Noble St. Vincent Medical Center Banana Republic | J. Crew | Barnes & Noble St. Vincent Medical Center

NEIGHBORHOOD CONVENIENCES DEMAND DRIVER NEIGHBORHOOD CONVENIENCES DEMAND DRIVER

FROM THE FROM THE 3.0mi PROPERTY 3.0mi PROPERTY JOBS JOBS 5.0k SUPPORTED 5.0k SUPPORTED

SF SF 800k FACILITY 800k FACILITY Within a two-mile radius of the property Paramount Pictures Studio Within a two-mile radius of the property Paramount Pictures Studio

PRIMARY EDUCATION DEMAND DRIVER PRIMARY EDUCATION DEMAND DRIVER

STUDENTS FROM THE STUDENTS FROM THE 694.1k SERVED 3.0mi PROPERTY 694.1k SERVED 3.0mi PROPERTY

SCHOOLS JOBS SCHOOLS JOBS 1.3k AND CENTERS 20.2k SUPPORTED 1.3k AND CENTERS 20.2k SUPPORTED

JOBS STUDENTS JOBS STUDENTS 63.6k SUPPORTED 47.5 k ENROLLED 63.6k SUPPORTED 47.5 k ENROLLED

Hobart Boulevard ES | Berendo MS | RFK Community University of California - Los Angeles Hobart Boulevard ES | Berendo MS | RFK Community University of California - Los Angeles Schools-Ambassador-Global Leadership HS Schools-Ambassador-Global Leadership HS

2 2 LOCATION MAP LOCATION MAP

THE BARD THE BARD 756 South Normandie Avenue 756 South Normandie Avenue Los Angeles, CA 90005 Los Angeles, CA 90005

THE BARD THE BARD thebard.BerkadiaREA.com 3 thebard.BerkadiaREA.com 3 AERIAL AERIAL

4 4 AERIAL AERIAL

THE BARD THE BARD thebard.BerkadiaREA.com 5 thebard.BerkadiaREA.com 5 PROPERTY PHOTOS PROPERTY PHOTOS

6 6 PROPERTY PHOTOS PROPERTY PHOTOS

THE BARD THE BARD thebard.BerkadiaREA.com 7 thebard.BerkadiaREA.com 7 PROPERTY PHOTOS PROPERTY PHOTOS

8 8 FINANCIAL ANALYSIS FINANCIAL ANALYSIS

756 S. Normandie Avenue 756 S. Normandie Avenue

Estimated Current Current Projected Projected Estimated Current Current Projected Projected Unit # Unit Description Status Notes Parking Unit # Unit Description Status Notes Parking Unit SF Rate Rent Per SF Market Rate Rent Per SF Unit SF Rate Rent Per SF Market Rate Rent Per SF 100 One Bedroom, One Bath 702 $1,575.00 $2.24 $1,750.00 $2.49 100 One Bedroom, One Bath 702 $1,575.00 $2.24 $1,750.00 $2.49 101 One Bedroom, One Bath 702 $1,650.00 $2.35 $1,750.00 $2.49 101 One Bedroom, One Bath 702 $1,650.00 $2.35 $1,750.00 $2.49 102 Studio, One Bath 450 $1,352.00 $3.00 $1,500.00 $3.33 102 Studio, One Bath 450 $1,352.00 $3.00 $1,500.00 $3.33 103 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 103 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 104 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 104 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 105 Studio, One Bath 450 $1,450.00 $3.22 $1,500.00 $3.33 105 Studio, One Bath 450 $1,450.00 $3.22 $1,500.00 $3.33 106 Studio, One Bath 450 $1,475.00 $3.28 $1,500.00 $3.33 106 Studio, One Bath 450 $1,475.00 $3.28 $1,500.00 $3.33 107 Studio, One Bath 450 $1,375.00 $3.06 $1,500.00 $3.33 107 Studio, One Bath 450 $1,375.00 $3.06 $1,500.00 $3.33 108 Studio, One Bath 450 $1,352.00 $3.00 $1,500.00 $3.33 108 Studio, One Bath 450 $1,352.00 $3.00 $1,500.00 $3.33 109 Studio, One Bath 450 $1,339.00 $2.98 $1,500.00 $3.33 109 Studio, One Bath 450 $1,339.00 $2.98 $1,500.00 $3.33 200 One Bedroom, One Bath 702 $1,706.25 $2.43 $1,750.00 $2.49 200 One Bedroom, One Bath 702 $1,706.25 $2.43 $1,750.00 $2.49 201 One Bedroom, One Bath 702 $1,650.00 $2.35 $1,750.00 $2.49 201 One Bedroom, One Bath 702 $1,650.00 $2.35 $1,750.00 $2.49 202 Studio, One Bath 450 $1,395.00 $3.10 $1,500.00 $3.33 202 Studio, One Bath 450 $1,395.00 $3.10 $1,500.00 $3.33 203 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 203 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 204 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 204 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 205 Studio, One Bath 450 $679.69 $1.51 $1,500.00 $3.33 205 Studio, One Bath 450 $679.69 $1.51 $1,500.00 $3.33 206 Studio, One Bath 450 $1,456.00 $3.24 $1,500.00 $3.33 206 Studio, One Bath 450 $1,456.00 $3.24 $1,500.00 $3.33 207 Studio, One Bath 450 $691.40 $1.54 $1,500.00 $3.33 207 Studio, One Bath 450 $691.40 $1.54 $1,500.00 $3.33 208 Studio, One Bath 450 $704.83 $1.57 $1,500.00 $3.33 208 Studio, One Bath 450 $704.83 $1.57 $1,500.00 $3.33 209 Studio, One Bath 450 $771.57 $1.71 $1,500.00 $3.33 209 Studio, One Bath 450 $771.57 $1.71 $1,500.00 $3.33 300 One Bedroom, One Bath 702 $994.22 $1.42 $1,750.00 $2.49 300 One Bedroom, One Bath 702 $994.22 $1.42 $1,750.00 $2.49 301 One Bedroom, One Bath 702 $994.22 $1.42 $1,750.00 $2.49 301 One Bedroom, One Bath 702 $994.22 $1.42 $1,750.00 $2.49 302 Studio, One Bath 450 $963.05 $2.14 $1,500.00 $3.33 302 Studio, One Bath 450 $963.05 $2.14 $1,500.00 $3.33 303 One Bedroom, One Bath 702 $1,650.00 $2.35 $1,750.00 $2.49 303 One Bedroom, One Bath 702 $1,650.00 $2.35 $1,750.00 $2.49 304 Studio, One Bath 450 $1,495.00 $3.32 $1,500.00 $3.33 304 Studio, One Bath 450 $1,495.00 $3.32 $1,500.00 $3.33 305 Studio, One Bath 450 $734.83 $1.63 $1,500.00 $3.33 305 Studio, One Bath 450 $734.83 $1.63 $1,500.00 $3.33 306 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 306 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 307 Studio, One Bath 450 $679.00 $1.51 $1,500.00 $3.33 307 Studio, One Bath 450 $679.00 $1.51 $1,500.00 $3.33 308 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 308 Studio, One Bath 450 $1,500.00 $3.33 $1,500.00 $3.33 309 Studio, One Bath 450 $1,295.58 $2.88 $1,500.00 $3.33 309 Studio, One Bath 450 $1,295.58 $2.88 $1,500.00 $3.33

Estimated Current Rent Range Projected NumberPercent of PercentageNumber Estimated Current Rent Range Projected NumberPercent of PercentageNumber Unit Description Unit Description SF Rate Per SF Market Rate VacantUnits ofVacant Total SF Rate Per SF Market Rate VacantUnits ofVacant Total Totals: Studio, One Bath 10,350.00 $28,208.95 $1.51 - $3.33 $34,500.00 0.00%23 76.67%0 Totals: Studio, One Bath 10,350.00 $28,208.95 $1.51 - $3.33 $34,500.00 0.00%23 76.67%0 One Bedroom, One Bath 4,914.00 $10,219.69 $1.42 - $2.43 $12,250.00 0.00%7 23.33%0 One Bedroom, One Bath 4,914.00 $10,219.69 $1.42 - $2.43 $12,250.00 0.00%7 23.33%0 15,264 $38,428.64 $46,750.00 0.00%30 0 15,264 $38,428.64 $46,750.00 0.00%30 0

Estimated Current Current Projected Projected % Estimated Rental Estimated Current Current Projected Projected % Estimated Rental Unit Description Unit Description SF Rate Rent Per SF Market Rate Rent Per SF Upside Range SF Rate Rent Per SF Market Rate Rent Per SF Upside Range Averages: Studio, One Bath 450.00 $1,226.48 $2.73 $1,500.00 $3.33 22.30% $679 - $1,500 Averages: Studio, One Bath 450.00 $1,226.48 $2.73 $1,500.00 $3.33 22.30% $679 - $1,500 One Bedroom, One Bath 702.00 $1,459.96 $2.08 $1,750.00 $2.49 19.87% $994 - $1,706 One Bedroom, One Bath 702.00 $1,459.96 $2.08 $1,750.00 $2.49 19.87% $994 - $1,706

The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market rental rates are estimated. Buyer to independently investigate. rental rates are estimated. Buyer to independently investigate.

THE BARD THE BARD thebard.BerkadiaREA.com 9 thebard.BerkadiaREA.com 9 FINANCIAL ANALYSIS FINANCIAL ANALYSIS

PRO FORMA INCOME & EXPENSES PRO FORMA INCOME & EXPENSES 756 S. Normandie Avenue 756 S. Normandie Avenue Los Angeles, CA Los Angeles, CA

Estimated Current Current Avg. Market Current Market Est. Total Estimated Current Current Avg. Market Current Market Est. Total Units Unit Type Units Unit Type Unit SF Rental Range Rent Rent Rent/SF Rent/SF Net SF Unit SF Rental Range Rent Rent Rent/SF Rent/SF Net SF 23 Studio / 1 Bath 450 $679 - $1,500 $1,226 $1,500 $2.73 $3.33 10,350 23 Studio / 1 Bath 450 $679 - $1,500 $1,226 $1,500 $2.73 $3.33 10,350 7 1 Bed / 1 Bath 702 $994 - $1,706 $1,460 $1,750 $2.08 $2.49 4,914 7 1 Bed / 1 Bath 702 $994 - $1,706 $1,460 $1,750 $2.08 $2.49 4,914 30 509 $1,281 $1,558 $2.52 $3.06 15,264 30 509 $1,281 $1,558 $2.52 $3.06 15,264 Gross SF 16,776 Gross SF 16,776

Income Current Market Trailing 12 (Tax Income Current Market Trailing 12 (Tax Pro Forma Pro Forma Adjusted) Pro Forma Pro Forma Adjusted)

Scheduled Market Rent $461,144 $561,000 $470,943 Scheduled Market Rent $461,144 $561,000 $470,943 Less: Vacancy %Actual is 0 3.00% ($13,834) ($16,830) ($14,128) Less: Vacancy Actual% is 0 3.00% ($13,834) ($16,830) ($14,128) Net Rental Income $447,309 $544,170 $456,815 Net Rental Income $447,309 $544,170 $456,815

Plus: Actual Misc. Income $10,956 $12,600 $10,956 Plus: Actual Misc. Income $10,956 $12,600 $10,956 Plus: Actual RUBS Income $11,739 $14,400 $11,739 Plus: Actual RUBS Income $11,739 $14,400 $11,739 Plus: Estimated Laundry Income $2,700 $2,700 $2,700 Plus: Estimated Laundry Income $2,700 $2,700 $2,700 Total Operating Income (EGI) $472,704 $573,870 $482,210 Total Operating Income (EGI) $472,704 $573,870 $482,210

Estimated Expenses Percentage Per Unit Estimated Expenses Percentage Per Unit Administrative $30 $900 $900 $900 Administrative $30 $900 $900 $900 Repairs & Maintenance $700 $21,000 $21,000 $21,000 Repairs & Maintenance $700 $21,000 $21,000 $21,000 Management Fee 4.50% $692 $20,751 $25,245 $20,751 Management Fee 4.50% $692 $20,751 $25,245 $20,751 Utilities (Water, Sewer, Electric & Gas) $822 $24,647 $24,647 $24,647 Utilities (Water, Sewer, Electric & Gas) $822 $24,647 $24,647 $24,647 Contracted Services $865 $25,956 $25,956 $25,956 Contracted Services $865 $25,956 $25,956 $25,956 Base Property Taxes 1.196% $2,611 $78,341 $78,341 $78,341 Base Property Taxes 1.196% $2,611 $78,341 $78,341 $78,341 Property Tax Direct Assessments $67 $2,001 $2,001 $2,001 Property Tax Direct Assessments $67 $2,001 $2,001 $2,001 Insurance $300 $9,000 $9,000 $9,000 Insurance $300 $9,000 $9,000 $9,000 Replacement Reserve $200 $6,000 $6,000 $6,000 Replacement Reserve $200 $6,000 $6,000 $6,000 Total Estimated Expenses $188,596 $193,090 $188,596 Total Estimated Expenses $188,596 $193,090 $188,596

% of Scheduled Rent: 40.90% 34.42% 40.05% % of Scheduled Rent: 40.90% 34.42% 40.05% Per SF: $11.24 $11.51 $11.24 Per SF: $11.24 $11.51 $11.24 Per Unit: $6,287 $6,436 $6,287 Per Unit: $6,287 $6,436 $6,287

Net Operating Income $284,108 $380,780 $293,613 Net Operating Income $284,108 $380,780 $293,613

Less: Debt Service ($145,410) ($145,410) ($145,410) Less: Debt Service ($145,410) ($145,410) ($145,410) Projected Net Cash Flow $138,698 $235,370 $148,203 Projected Net Cash Flow $138,698 $235,370 $148,203 Total Economic Loss 3.0% 3.0% 3.0% Total Economic Loss 3.0% 3.0% 3.0% Cash-on-Cash Return (Based on Asking Price) 5.22% 8.85% 5.57% Cash-on-Cash Return (Based on Asking Price) 5.22% 8.85% 5.57% Debt Service Coverage 1.95 2.62 2.02 Debt Service Coverage 1.95 2.62 2.02

Cap Rate Cap Rate T-12GRM Tax GRM Cap Rate Cap Rate T-12GRM Tax GRM Cap Rate Analysis Price $/Unit $/Foot Cap Rate Analysis Price $/Unit $/Foot Current Market ACurrentdjusted Pro Forma Current Market ACurrentdjusted Pro Forma Asking Price $6,550,000 $218,333 $390.44 4.34% 5.81% 4.48%13.46 11.09 Asking Price $6,550,000 $218,333 $390.44 4.34% 5.81% 4.48%13.46 11.09

Total Loan Down Monthly Debt Total Loan Down Monthly Debt All Financing LTV All Financing LTV Amount Payment Payment Constant Amount Payment Payment Constant $3,930,000 $2,659,300 60% ($12,118) 3.7% $3,930,000 $2,659,300 60% ($12,118) 3.7%

New First Mortgage (to be originated at purchase) New First Mortgage (to be originated at purchase) LTV for this loan Amount Interest Rate Amortization Payment Fees I/O Term (yrs) LTV for this loan Amount Interest Rate Amortization Payment Fees I/O Term (yrs) 60% $3,930,000 3.70% Interest Only ($12,118) 1.00% 3 60% $3,930,000 3.70% Interest Only ($12,118) 1.00% 3

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2019 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia © 2019 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market rental rates are estimated. Buyer to independently investigate. All square footage and project market rental rates are estimated. Buyer to independently investigate.

10 10 COMPARABLE SALE PROPERTIES COMPARABLE SALE PROPERTIES

PROPERTY INFORMATION SALES DATA PROPERTY INFORMATION SALES DATA Property Units Built Rentable SF Price Price/Unit Price/SF Cap GRM Sale Property Units Built Rentable SF Price Price/Unit Price/SF Cap GRM Sale Rate Date Rate Date Longine 48 1928 28,472 $9,375,000 $195,313 $329.27 4.69% 12.77 8/19 Longine 48 1928 28,472 $9,375,000 $195,313 $329.27 4.69% 12.77 8/19 1 520 South Mariposa Avenue 1 520 South Mariposa Avenue Los Angeles, CA 90020 Los Angeles, CA 90020

2933 West 8th Street 40 1928 22,680 $6,875,000 $171,875 $303.13 4.74% 12.18 5/19 2933 West 8th Street 40 1928 22,680 $6,875,000 $171,875 $303.13 4.74% 12.18 5/19 2 2933 West 8th Street 2 2933 West 8th Street Los Angeles, CA 90005 Los Angeles, CA 90005

Chateau Westmoreland 24 1926 18,013 $5,000,000 $208,333 $277.58 5.29% 11.77 11/18 Chateau Westmoreland 24 1926 18,013 $5,000,000 $208,333 $277.58 5.29% 11.77 11/18 3 130 North Westmoreland Avenue 3 130 North Westmoreland Avenue Los Angeles, CA 90004 Los Angeles, CA 90004

La Chandelle 45 1928 26,102 $9,000,000 $200,000 $344.80 3.77% 14.23 11/18 La Chandelle 45 1928 26,102 $9,000,000 $200,000 $344.80 3.77% 14.23 11/18 4 525 South Gramercy Place 4 525 South Gramercy Place Los Angeles, CA 90020 Los Angeles, CA 90020

Normandie Lofts 50 1928 26,736 $8,900,000 $178,000 $332.88 4.38% 13.44 8/18 Normandie Lofts 50 1928 26,736 $8,900,000 $178,000 $332.88 4.38% 13.44 8/18 5 167 South Normandie 5 167 South Normandie Los Angeles, CA 90004 Los Angeles, CA 90004

Wallingford 24 1929 20,120 $5,000,000 $208,333 $248.51 5.00% - 8/18 Wallingford 24 1929 20,120 $5,000,000 $208,333 $248.51 5.00% - 8/18 6 765 Irolo Street 6 765 Irolo Street Los Angeles, CA 90005 Los Angeles, CA 90005

Averages $193,642 $306.03 4.65% 12.88 Averages $193,642 $306.03 4.65% 12.88

S The Bard 30 1925 16,776 $6,550,000 $218,333 $390.44 4.34% 13.46 S The Bard 30 1925 16,776 $6,550,000 $218,333 $390.44 4.34% 13.46 756 South Normandie Avenue 756 South Normandie Avenue Los Angeles, CA 90005 Los Angeles, CA 90005

THE BARD THE BARD thebard.BerkadiaREA.com 11 thebard.BerkadiaREA.com 11 COMPARABLE SALE PROPERTIES COMPARABLE SALE PROPERTIES

S. The Bard 756 South Normandie Avenue Los Angeles CA S. The Bard 756 South Normandie Avenue Los Angeles CA

1. Longine 520 South Mariposa Avenue Los Angeles CA 1. Longine 520 South Mariposa Avenue Los Angeles CA 2. 2933 West 8th Street 2933 West 8th Street Los Angeles CA 2. 2933 West 8th Street 2933 West 8th Street Los Angeles CA 3. Chateau Westmoreland 130 North Westmoreland Avenue Los Angeles CA 3. Chateau Westmoreland 130 North Westmoreland Avenue Los Angeles CA 4. La Chandelle 525 South Gramercy Place Los Angeles CA 4. La Chandelle 525 South Gramercy Place Los Angeles CA 5. Normandie Lofts 167 South Normandie Los Angeles CA 5. Normandie Lofts 167 South Normandie Los Angeles CA 6. Wallingford 765 Irolo Street Los Angeles CA 6. Wallingford 765 Irolo Street Los Angeles CA

12 12 COMPARABLE RENTAL PROPERTIES COMPARABLE RENTAL PROPERTIES

1. Serrano Club Units Built 1. Serrano Club Units Built 508 South Serrano Avenue 48 1929 508 South Serrano Avenue 48 1929 Los Angeles, CA 90020 Los Angeles, CA 90020

Units Type SF Asking Rent Rent / SF Units Type SF Asking Rent Rent / SF 42 0/1.00 500 $1,560 $3.12 42 0/1.00 500 $1,560 $3.12 6 1/1.00 800 $1,995 $2.49 6 1/1.00 800 $1,995 $2.49 48 Weighted 538 $1,614 $3.00 48 Weighted 538 $1,614 $3.00 Avg. Avg.

2. 818 South Mariposa Units Built 2. 818 South Mariposa Units Built Avenue 33 1941 Avenue 33 1941 818 South Mariposa 818 South Mariposa Avenue Avenue Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF 0/1.00 $1,295 0/1.00 $1,295 Weighted $1,295 Weighted $1,295 Avg. Avg.

3. 859 South New Units Built 3. 859 South New Units Built Hampshire Avenue 20 1923 Hampshire Avenue 20 1923 859 South New 859 South New Hampshire Avenue Hampshire Avenue Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF 0/1.00 $1,445 0/1.00 $1,445 Weighted $1,445 Weighted $1,445 Avg. Avg.

4. 850 South Units Built 4. 850 South Units Built Westmoreland Avenue 6 1940 Westmoreland Avenue 6 1940 850 South Westmoreland 850 South Westmoreland Avenue Avenue Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF 6 1/1.00 671 $1,695 $2.53 6 1/1.00 671 $1,695 $2.53 6 Weighted 671 $1,695 $2.53 6 Weighted 671 $1,695 $2.53 Avg. Avg.

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5. Tudor Units Built 5. Tudor Units Built 738 South Mariposa 39 1925 738 South Mariposa 39 1925 Avenue Avenue Los Angeles, CA 90005 Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Units Type SF Asking Rent Rent / SF 1 0/1.00 309 $1,310 $4.24 1 0/1.00 309 $1,310 $4.24 1 0/1.00 412 $1,302 $3.16 1 0/1.00 412 $1,302 $3.16 1 0/1.00 508 $1,600 $3.15 1 0/1.00 508 $1,600 $3.15 1 1/1.00 430 $1,600 $3.72 1 1/1.00 430 $1,600 $3.72 33 1/1.00 671 $1,866 $2.78 33 1/1.00 671 $1,866 $2.78 Weighted 466 $1,536 $3.41 Weighted 466 $1,536 $3.41 Avg. Avg.

6. The Langham Units Built 6. The Langham Units Built 715 South Normandie 181 1927 715 South Normandie 181 1927 Avenue Avenue Los Angeles, CA 90005 Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Units Type SF Asking Rent Rent / SF 40 0/1.00 250 $1,080 $4.32 40 0/1.00 250 $1,080 $4.32 87 0/1.00 500 $1,475 $2.95 87 0/1.00 500 $1,475 $2.95 47 1/1.00 750 $1,785 $2.38 47 1/1.00 750 $1,785 $2.38 Weighted 500 $1,447 $3.21 Weighted 500 $1,447 $3.21 Avg. Avg.

7. The Chalfonte Units Built 7. The Chalfonte Units Built 720 South Normandie 61 1924 720 South Normandie 61 1924 Avenue Avenue Los Angeles, CA 90005 Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Units Type SF Asking Rent Rent / SF 34 0/1.00 600 $1,313 $2.19 34 0/1.00 600 $1,313 $2.19 13 1/1.00 800 $1,721 $2.15 13 1/1.00 800 $1,721 $2.15 Weighted 700 $1,517 $2.17 Weighted 700 $1,517 $2.17 Avg. Avg.

14 14 COMPARABLE RENTAL PROPERTIES COMPARABLE RENTAL PROPERTIES

8. Arwyn Manor Units Built 8. Arwyn Manor Units Built 3835 West 8th Street 59 1928 3835 West 8th Street 59 1928 Los Angeles, CA 90005 Los Angeles, CA 90005

Units Type SF Asking Rent Rent / SF Units Type SF Asking Rent Rent / SF 42 0/1.00 540 $1,325 $2.45 42 0/1.00 540 $1,325 $2.45 17 1/1.00 600 $1,695 $2.83 17 1/1.00 600 $1,695 $2.83 59 Weighted 557 $1,432 $2.57 59 Weighted 557 $1,432 $2.57 Avg. Avg.

9. 715 South Saint Units Built 9. 715 South Saint Units Built Andrews Place 43 1927 Andrews Place 43 1927 715 South Saint Andrews 715 South Saint Andrews Place Place Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF 36 0/1.00 400 $1,360 $3.40 36 0/1.00 400 $1,360 $3.40 7 1/1.00 600 $1,600 $2.67 7 1/1.00 600 $1,600 $2.67 43 Weighted 433 $1,399 $3.23 43 Weighted 433 $1,399 $3.23 Avg. Avg.

10. 722 South Manhattan Units Built 10. 722 South Manhattan Units Built Place 19 1936 Place 19 1936 722 South Manhattan 722 South Manhattan Place Place Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF Los Angeles, CA 90005 Units Type SF Asking Rent Rent / SF 3 1/1.00 750 $2,050 $2.73 3 1/1.00 750 $2,050 $2.73 Weighted 750 $2,050 $2.73 Weighted 750 $2,050 $2.73 Avg. Avg.

S. The Bard Units Built S. The Bard Units Built 756 South Normandie 30 1925 756 South Normandie 30 1925 Avenue Avenue Los Angeles, CA 90005 Los Angeles, CA 90005 Units Type SF Current Rent Rent / SF Units Type SF Current Rent Rent / SF 23 0/1.00 450 $1,226 $2.73 23 0/1.00 450 $1,226 $2.73 7 1/1.00 702 $1,460 $2.08 7 1/1.00 702 $1,460 $2.08 30 Weighted 509 $1,281 $2.52 30 Weighted 509 $1,281 $2.52 Avg. Avg.

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S. The Bard 756 South Normandie Avenue Los Angeles CA S. The Bard 756 South Normandie Avenue Los Angeles CA

1. Serrano Club 508 South Serrano Avenue Los Angeles CA 1. Serrano Club 508 South Serrano Avenue Los Angeles CA 2. 818 South Mariposa Avenue 818 South Mariposa Avenue Los Angeles CA 2. 818 South Mariposa Avenue 818 South Mariposa Avenue Los Angeles CA 3. 859 South New Hampshire Avenue 859 South New Hampshire Avenue Los Angeles CA 3. 859 South New Hampshire Avenue 859 South New Hampshire Avenue Los Angeles CA 4. 850 South Westmoreland Avenue 850 South Westmoreland Avenue Los Angeles CA 4. 850 South Westmoreland Avenue 850 South Westmoreland Avenue Los Angeles CA 5. Tudor 738 South Mariposa Avenue Los Angeles CA 5. Tudor 738 South Mariposa Avenue Los Angeles CA 6. The Langham 715 South Normandie Avenue Los Angeles CA 6. The Langham 715 South Normandie Avenue Los Angeles CA 7. The Chalfonte 720 South Normandie Avenue Los Angeles CA 7. The Chalfonte 720 South Normandie Avenue Los Angeles CA 8. Arwyn Manor 3835 West 8th Street Los Angeles CA 8. Arwyn Manor 3835 West 8th Street Los Angeles CA 9. 715 South Saint Andrews Place 715 South Saint Andrews Place Los Angeles CA 9. 715 South Saint Andrews Place 715 South Saint Andrews Place Los Angeles CA 10. 722 South Manhattan Place 722 South Manhattan Place Los Angeles CA 10. 722 South Manhattan Place 722 South Manhattan Place Los Angeles CA

16 16 KOREATOWN KOREATOWN

The Rise of Koreatown The Rise of Koreatown Koreatown is the epitome of a transit-oriented, cultural epicenter filled with diversity, density and new ideas Koreatown is the epitome of a transit-oriented, cultural epicenter filled with diversity, density and new ideas

The changing face of Koreatown is being driven by Millennials and younger people looking for an urban lifestyle and The changing face of Koreatown is being driven by Millennials and younger people looking for an urban lifestyle and Koreatown provides that lifestyle in spades. Koreatown provides that lifestyle in spades.

Koreatown’s location in the middle of LA puts residents close to jobs and everything else the city has to offer in terms of Koreatown’s location in the middle of LA puts residents close to jobs and everything else the city has to offer in terms of entertainment, restaurants and cultural amenities. entertainment, restaurants and cultural amenities.

The LA Neighborhood Setting Trends The LA Neighborhood Setting Trends

The LINE Hotel: the four-star social hub on Wilshire Boulevard anchored everything new and cool in the neighborhood The LINE Hotel: the four-star social hub on Wilshire Boulevard anchored everything new and cool in the neighborhood since opening in 2014 since opening in 2014 Dan Sung Sa: a Korean pub covered in permanent-marker graffiti, the booths encircling a central grill cooking up smoking- Dan Sung Sa: a Korean pub covered in permanent-marker graffiti, the booths encircling a central grill cooking up smoking- hot chicken feet, gooey-crispy rice cakes, and lethal corn cheese. hot chicken feet, gooey-crispy rice cakes, and lethal corn cheese. Mama Lion: a dress code and impressive scotch selection have helped secure its place amongst K-town’s most visible Mama Lion: a dress code and impressive scotch selection have helped secure its place amongst K-town’s most visible venues. venues. The Venue: the Venue is the neighborhood’s first and only VIP underground karaoke experience in town The Venue: the Venue is the neighborhood’s first and only VIP underground karaoke experience in town The Walker Inn: Hidden behind a secret door at the back of The Normandie Club, The Walker Inn is a love letter to the The Walker Inn: Hidden behind a secret door at the back of The Normandie Club, The Walker Inn is a love letter to the cocktail craft. cocktail craft.

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Metro Comparison Metro Comparison

Since 2000, the Los Angeles New Supply Since 2000 Since 2000, the Los Angeles New Supply Since 2000 County apartment market has County apartment market has 250,000 250,000 had 152,512 new units added to had 152,512 new units added to its inventory. its inventory. 200,000 200,000 Among metros with similar Among metros with similar demographics (median age and demographics (median age and income levels), LA boasts the 5th 150,000 income levels), LA boasts the 5th 150,000 highest number of new units highest number of new units trailing Houston, Dallas, and 100,000 trailing Houston, Dallas, and 100,000 Atlanta. Atlanta. 50,000 50,000 119,410 152,512 168,225 178,844 212,775 119,410 152,512 168,225 178,844 212,775 84,074 98,672 99,484 84,074 98,672 99,484 0 0

*County Only Source: AxioMetrics *County Only Source: AxioMetrics

18 18 KOREATOWN KOREATOWN

Koreatown Submarket Pipeline Koreatown Submarket Pipeline

• The Koreatown Submarket Koreatown • The Koreatown Submarket Koreatown currently has 30 projects currently has 30 projects totaling over 7,130 units in the totaling over 7,130 units in the pipeline according to Yardi 20% pipeline according to Yardi 20% Martix. Martix.

• Of these projects, 9 are 40% • Of these projects, 9 are 40% currently in Lease Up and 21 Lease Up / UC currently in Lease Up and 21 Lease Up / UC are in the Planned / Prospective Planned are in the Planned / Prospective Planned Phase* Prospective Phase* Prospective

40% 40%

*The Planned phase is defined as an apartment community that is actively moving through the pre-development phase; specifically intended to *The Planned phase is defined as an apartment community that is actively moving through the pre-development phase; specifically intended to be developed as apartments. be developed as apartments. *The Prospective phase is defined as tentative and subject to entitlement approvals; having been temporarily shelved by the developer; or the *The Prospective phase is defined as tentative and subject to entitlement approvals; having been temporarily shelved by the developer; or the developer is uncertain regarding final status - to continue as apartments or to sell units as condominiums. developer is uncertain regarding final status - to continue as apartments or to sell units as condominiums.

THE BARD THE BARD thebard.BerkadiaREA.com 19 thebard.BerkadiaREA.com 19 ECONOMIC & DEMOGRAPHIC OVERVIEW ECONOMIC & DEMOGRAPHIC OVERVIEW

As one of the world’s most significant economic and cultural centers, Los Angeles is the second-most- As one of the world’s most significant economic and cultural centers, Los Angeles is the second-most- populated city in the United States and the largest city in California. The city is seated in Los Angeles populated city in the United States and the largest city in California. The city is seated in Los Angeles County and is an integral part of the Los Angeles-Long Beach-Glendale Metropolitan Division (MD). The County and is an integral part of the Los Angeles-Long Beach-Glendale Metropolitan Division (MD). The city of Los Angeles spans over 80 different communities and neighborhoods, extending from the San city of Los Angeles spans over 80 different communities and neighborhoods, extending from the San Fernando Valley to the north, the port complex to the south, the San Gabriel Valley border to the east, Fernando Valley to the north, the port complex to the south, the San Gabriel Valley border to the east, and the dynamic LAX area to the west. and the dynamic LAX area to the west.

The ongoing evolution of Downtown Los Angeles continues to drive a building boom of historic The ongoing evolution of Downtown Los Angeles continues to drive a building boom of historic proportions. Anchored by world-class amenities like The Broad Museum, Disney Concert Hall, and proportions. Anchored by world-class amenities like The Broad Museum, Disney Concert Hall, and L.A. Live, developers have been constructing millions of square feet of residential, retail, and office L.A. Live, developers have been constructing millions of square feet of residential, retail, and office space within downtown, enhancing an already thriving live / work / play environment. The district boasts space within downtown, enhancing an already thriving live / work / play environment. The district boasts a diverse local economy featuring some of the premier firms in the world. Notable employment centers a diverse local economy featuring some of the premier firms in the world. Notable employment centers include the headquarters of CBRE and Reliance Steel & Aluminum, and the offices of Wells Fargo, include the headquarters of CBRE and Reliance Steel & Aluminum, and the offices of Wells Fargo, Ernst & Young, AECOM, Gensler, and the Boston Consulting Group. Ernst & Young, AECOM, Gensler, and the Boston Consulting Group.

Construction Boom Construction Boom Approximately 4.3 million square Approximately 4.3 million square feet of office and retail space under feet of office and retail space under construction downtown, with an construction downtown, with an additional 5.4 million square feet in additional 5.4 million square feet in the proposal stage the proposal stage - DowntownLA - DowntownLA Fortune 500 Fortune 500 Downtown Los Angeles is home to the Downtown Los Angeles is home to the headquarters of two Fortune 500 firms, headquarters of two Fortune 500 firms, CBRE (No. 146) and Reliance Steel CBRE (No. 146) and Reliance Steel & Aluminum (No. 275) & Aluminum (No. 275) - Fortune - Fortune

Manufacturing Hub Manufacturing Hub Los Angeles ranked as the No. 1 Los Angeles ranked as the No. 1 “Manufacturing City in the Nation” “Manufacturing City in the Nation” - The Kyser Center for Economic Research - The Kyser Center for Economic Research

Entertainment Capital Entertainment Capital Los Angeles County was named the Los Angeles County was named the “Entertainment Capital of the “Entertainment Capital of the United States” United States” - The Kyser Center for Economic Research - The Kyser Center for Economic Research

20 20 ECONOMIC & DEMOGRAPHIC OVERVIEW ECONOMIC & DEMOGRAPHIC OVERVIEW

DEMOGRAPHICS DEMOGRAPHICS

n From 2019 to 2024, the city of Los Angeles’ population is forecast to grow 4.1%, reaching 4,110,855 residents n From 2019 to 2024, the city of Los Angeles’ population is forecast to grow 4.1%, reaching 4,110,855 residents n 32% of city residents age 25 years or older hold a bachelor’s degree or higher, compared n 32% of city residents age 25 years or older hold a bachelor’s degree or higher, compared to 30% nationally to 30% nationally

n 27% of Los Angeles households earn $100,000 or more annually n 27% of Los Angeles households earn $100,000 or more annually n 57% of housing units in Los Angeles are renter occupied, compared to 31% nationally n 57% of housing units in Los Angeles are renter occupied, compared to 31% nationally

n The city’s median household income is projected to reach $62,487 by 2024, up 11.1% from 2019 n The city’s median household income is projected to reach $62,487 by 2024, up 11.1% from 2019

EMPLOYMENT TRENDS EMPLOYMENT TRENDS

AVERAGE ANNUAL WAGE BY OCCUPATION AVERAGE ANNUAL WAGE BY OCCUPATION Management $133.7k With breakthrough technology companies and Management $133.7k With breakthrough technology companies and Healthcare Practitioners and Technical $94.8k research organizations, the home of the largest Healthcare Practitioners and Technical $94.8k research organizations, the home of the largest Business and Financial Operations $81.4k entertainment industry in the world, and a strong Business and Financial Operations $81.4k entertainment industry in the world, and a strong Education, Training, and Library $69.3k tourism industry, Los Angeles County has one of the Education, Training, and Library $69.3k tourism industry, Los Angeles County has one of the most diverse, dynamic economies in the country. most diverse, dynamic economies in the country. Sales and Related $45.4k Sales and Related $45.4k Office and Administrative Support $42.7k Office and Administrative Support $42.7k The metro division added approximately 58,900 The metro division added approximately 58,900 Transportation and Material Moving $39.4k jobs during the 12-month period ending in April Transportation and Material Moving $39.4k jobs during the 12-month period ending in April Production $38.3k 2019, 18,600 of which were in the Education Production $38.3k 2019, 18,600 of which were in the Education Personal Care and Service $29.7k and Health Services sector. Personal Care and Service $29.7k and Health Services sector. Food Preparation and Serving Related $27.8k Food Preparation and Serving Related $27.8k Source: BLS Occupational Employment Statistics Survey Source: BLS Occupational Employment Statistics Survey Construction Construction 3% 3%

Education & Health Services Education & Health Services Trade, Transportation, & Utilities 19% Trade, Transportation, & Utilities 19% 19% 19%

LOS ANGELES, CA LOS ANGELES, CA METRO DIVISION Financial Activities METRO DIVISION Financial Activities Professional & Business 5% Professional & Business 5% Services Services 14% EMPLOYMENT BY 14% EMPLOYMENT BY SECTOR SECTOR Government Government Other Services 13% Other Services 13% 4% 4%

Manufacturing Manufacturing Information Information 8% 5% 8% 5% Leisure & Hospitality Leisure & Hospitality 12% 12%

Source: BLS Current Employment Statistics Survey Source: BLS Current Employment Statistics Survey

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EMPLOYMENT TRENDS EMPLOYMENT TRENDS

MAY 2019 LOS ANGELES COUNTY MAY 2019 LOS ANGELES COUNTY n 4.0% the city’s monthly unemployment rate was down LARGEST EMPLOYERS n 4.0% the city’s monthly unemployment rate was down LARGEST EMPLOYERS 30 basis points Y-o-Y 30 basis points Y-o-Y Los Angeles County 107,500 Los Angeles County 107,500 Los Angeles Unified School District 63,580 Los Angeles Unified School District 63,580 MAY 2019 City of Los Angeles 49,500 MAY 2019 City of Los Angeles 49,500 58,900 jobs were created in the metro division, 58,900 jobs were created in the metro division, n University of California, Los Angeles 46,200 n University of California, Los Angeles 46,200 a 1.3% annual increase a 1.3% annual increase U.S. Government 45,000 U.S. Government 45,000 Kaiser Permanente 36,900 Kaiser Permanente 36,900 State of California 29,900 State of California 29,900 University of Southern California 27,430 University of Southern California 27,430 Northrop Grumman Corporation 16,600 Northrop Grumman Corporation 16,600 Target Corporation 15,000 Target Corporation 15,000 Source: Los Angeles Almanac; LAUSD; USC Source: Los Angeles Almanac; LAUSD; USC

15% 200,000 15% 200,000

12% 100,000 12% 100,000

9% 0 9% 0

6% (100,000) 6% (100,000)

3% (200,000) 3% (200,000)

0% (300,000) 0% (300,000) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*

*Projected Unemployment Rate Jobs Added / Lost *Projected Unemployment Rate Jobs Added / Lost

22 22 ECONOMIC & DEMOGRAPHIC OVERVIEW ECONOMIC & DEMOGRAPHIC OVERVIEW

TRADE & LOGISTICS TRADE & LOGISTICS

n 1.2 Million Jobs Supported n 1.2 Million Jobs Supported n $58 Billion Annual Wages and Tax Revenues n $58 Billion Annual Wages and Tax Revenues

n $431.4 Billion Worldwide Trade Value n $431.4 Billion Worldwide Trade Value

Port of Los Angeles Port of Los Angeles

Los Angeles is one of the world’s leading trade and logistics centers. Based on a recent report, the Los Los Angeles is one of the world’s leading trade and logistics centers. Based on a recent report, the Los Angeles Customs District ranked first in the nation in terms of total worldwide trade handled, totaling more Angeles Customs District ranked first in the nation in terms of total worldwide trade handled, totaling more than $431.4 billion. The Port of Los Angeles and the Port of Long Beach provide access to major U.S. than $431.4 billion. The Port of Los Angeles and the Port of Long Beach provide access to major U.S. markets and the Pacific Rim, and handle over 40% of all inbound containers for the entire United States. markets and the Pacific Rim, and handle over 40% of all inbound containers for the entire United States. Combined, the ports support more than 1.2 million direct and indirect jobs and generate over $58 Combined, the ports support more than 1.2 million direct and indirect jobs and generate over $58 billion annually in wages and tax revenues. billion annually in wages and tax revenues.

MANUFACTURING MANUFACTURING

n No. 1 Manufacturing Center in the Country n No. 1 Manufacturing Center in the Country n5 6 Manufacturing Firms along the 605 Corridor n5 6 Manufacturing Firms along the 605 Corridor

n 342,500 Jobs Supported n 342,500 Jobs Supported

Northrop Grumman Corp. Northrop Grumman Corp.

Los Angeles’ unique geography, strong infrastructure, and skilled workforce make it an ideal location for Los Angeles’ unique geography, strong infrastructure, and skilled workforce make it an ideal location for manufacturing companies. With more than 342,500 jobs supported in the sector, Los Angeles serves as manufacturing companies. With more than 342,500 jobs supported in the sector, Los Angeles serves as the top manufacturing center in the country. Approximately 65 plants are situated along the city’s I-605 the top manufacturing center in the country. Approximately 65 plants are situated along the city’s I-605 Corridor, providing easy access to the growing industrial hub. Companies like Northrop Grumman Corridor, providing easy access to the growing industrial hub. Companies like Northrop Grumman Corp., Edelbrock LLC, and Belkin International Inc. help make up the industry’s strong focus on Corp., Edelbrock LLC, and Belkin International Inc. help make up the industry’s strong focus on aerospace, fabricated metals, and food processing. aerospace, fabricated metals, and food processing.

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ARTS & ENTERTAINMENT ARTS & ENTERTAINMENT

n $198 Billion Economic Impact Metrowide n $198 Billion Economic Impact Metrowide n 1,500 Theater Productions n 1,500 Theater Productions

n 792,600 Jobs Supported Metrowide n 792,600 Jobs Supported Metrowide

Paramount Pictures Paramount Pictures

As the “Entertainment Capital of the World,” Los Angeles is home to major production studios including As the “Entertainment Capital of the World,” Los Angeles is home to major production studios including Disney, Paramount, Universal, and Warner Brothers. Each year, the city boasts more than 1,500 Disney, Paramount, Universal, and Warner Brothers. Each year, the city boasts more than 1,500 theatrical productions throughout its 225 theaters, making arts and culture major drivers in the region. theatrical productions throughout its 225 theaters, making arts and culture major drivers in the region. Over 792,600 jobs are supported directly and indirectly in the creative economy, helping generate an Over 792,600 jobs are supported directly and indirectly in the creative economy, helping generate an economic impact of $198 billion. There are more artists, writers, filmmakers, actors, dancers, and economic impact of $198 billion. There are more artists, writers, filmmakers, actors, dancers, and musicians living in Los Angeles than any other city in the world. musicians living in Los Angeles than any other city in the world.

PROFESSIONAL & BUSINESS SERVICES PROFESSIONAL & BUSINESS SERVICES

n3 1 Fortune 500 Headquarters n3 1 Fortune 500 Headquarters n 627,100 Jobs Supported n 627,100 Jobs Supported

n $205.2 Billion Combined Annual Revenue n $205.2 Billion Combined Annual Revenue

Avery Dennison Avery Dennison

According to the Global Financial Centres Index, Los Angeles is home to one of the most competitive According to the Global Financial Centres Index, Los Angeles is home to one of the most competitive financial centers in the world, contributing to one of the most dynamic business economies. Los Angeles’ financial centers in the world, contributing to one of the most dynamic business economies. Los Angeles’ historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers, historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers, law firms, and real estate companies. More than 627,100 jobs are supported by major businesses law firms, and real estate companies. More than 627,100 jobs are supported by major businesses including Amgen, Avery Dennison, and Mattel. Of the more than 50 Fortune 500 companies in including Amgen, Avery Dennison, and Mattel. Of the more than 50 Fortune 500 companies in California, 13 are headquartered in Los Angeles County. California, 13 are headquartered in Los Angeles County.

24 24 ECONOMIC & DEMOGRAPHIC OVERVIEW ECONOMIC & DEMOGRAPHIC OVERVIEW

CONSTRUCTION AND DEVELOPMENT CONSTRUCTION AND DEVELOPMENT

CROSSROADS HOLLYWOOD CROSSROADS HOLLYWOOD

n $1 Billion Redevelopment Project n 1.4 Million SF Mixed-Use Development n $1 Billion Redevelopment Project n 1.4 Million SF Mixed-Use Development The site of the historic Crossroads of the World complex The site of the historic Crossroads of the World complex is set to undergo a major revitalization project. Crossroads is set to undergo a major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4 million-square-foot, Hollywood will be an eight-acre, 1.4 million-square-foot, mixed-use development. The project will be comprised of nine mixed-use development. The project will be comprised of nine buildings including up to: 308 hotel rooms, 950 residential buildings including up to: 308 hotel rooms, 950 residential units, including 84 affordable units, 185,000 square feet of units, including 84 affordable units, 185,000 square feet of commercial space, 95,000 square feet of office space and 2,494 commercial space, 95,000 square feet of office space and 2,494 underground parking spaces. The proposed realignment of Las underground parking spaces. The proposed realignment of Las Palmas Avenue and Sunset Boulevard will promote pedestrian Palmas Avenue and Sunset Boulevard will promote pedestrian safety and enhance connectivity. The $1 billion project has safety and enhance connectivity. The $1 billion project has an estimated 48-month construction timeline, with expected an estimated 48-month construction timeline, with expected completion in 2022. completion in 2022.

LOS ANGELES STADIUM IN NEW CITY OF CHAMPIONS DISTRICT LOS ANGELES STADIUM IN NEW CITY OF CHAMPIONS DISTRICT

n $2.6 Billion Investment n 1.5 Million SF of Commercial Space n $2.6 Billion Investment n 1.5 Million SF of Commercial Space A 70,000-seat sport stadium and multiuse development A 70,000-seat sport stadium and multiuse development is currently under construction in Inglewood’s new City of is currently under construction in Inglewood’s new City of Champions district, approximately 10 miles north of Torrance. Champions district, approximately 10 miles north of Torrance. The stadium will be the new home of the NFL’s Rams and The stadium will be the new home of the NFL’s Rams and Chargers franchises. At three million square feet, it will be Chargers franchises. At three million square feet, it will be the largest stadium in professional football. The $2.6 billion, the largest stadium in professional football. The $2.6 billion, 300-acre, multipurpose facility will also include a 6,000-seat 300-acre, multipurpose facility will also include a 6,000-seat performance venue, more than 1.5 million square feet of retail performance venue, more than 1.5 million square feet of retail and office space, 2,500 homes, a 300-room hotel, and 25 and office space, 2,500 homes, a 300-room hotel, and 25 acres of parks. Combined team annual revenue is estimated acres of parks. Combined team annual revenue is estimated to generate $700 million to the region. The new stadium is to generate $700 million to the region. The new stadium is expected to be completed in time for the 2020 NFL season. expected to be completed in time for the 2020 NFL season.

METRO PURPLE LINE METRO PURPLE LINE

n $6.3 Billion Investment n 22,000 Construction Jobs n $6.3 Billion Investment n 22,000 Construction Jobs Construction on the Metro’s Purple Line continues. The Construction on the Metro’s Purple Line continues. The project’s first phase is nearing completion and will open to the project’s first phase is nearing completion and will open to the public in 2023. In February 2018, officials broke ground on the public in 2023. In February 2018, officials broke ground on the $2.5 billion second phase, which will run 2.5 miles west from $2.5 billion second phase, which will run 2.5 miles west from Wilshire Boulevard and La Cienega Avenue to Century City. The Wilshire Boulevard and La Cienega Avenue to Century City. The final section from Century City to the VA campus is expected to final section from Century City to the VA campus is expected to break ground in 2019. In total, the Purple Line extension project break ground in 2019. In total, the Purple Line extension project will cost about $6.3 billion. At build-out, the nine-mile extension will cost about $6.3 billion. At build-out, the nine-mile extension will add seven more stops, generating 78,000 new daily trips. will add seven more stops, generating 78,000 new daily trips. With an expected completion date in 2026, the Purple Line will With an expected completion date in 2026, the Purple Line will be fully operational for the 2028 Summer Olympics. be fully operational for the 2028 Summer Olympics.

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CONSTRUCTION AND DEVELOPMENT CONSTRUCTION AND DEVELOPMENT

VERMONT CORRIDOR VERMONT CORRIDOR

n $270 Million Office Tower n 2,990 Jobs Supported n $270 Million Office Tower n 2,990 Jobs Supported Along Vermont Avenue in Los Angeles’ Koreatown, a three-site Along Vermont Avenue in Los Angeles’ Koreatown, a three-site development is underway. Site one of the Vermont Corridor development is underway. Site one of the Vermont Corridor will include a $270 million, 21-story tower that will house will include a $270 million, 21-story tower that will house government offices and nearly 2,200 employees. The second government offices and nearly 2,200 employees. The second site will be converted into 172 units of residential housing. site will be converted into 172 units of residential housing. Additionally, the building will feature street-level retail and Additionally, the building will feature street-level retail and a rooftop deck. Site three includes demolishing the existing a rooftop deck. Site three includes demolishing the existing parks and recreation office and replacing it with a six-story parks and recreation office and replacing it with a six-story structure with senior housing units and a 13,200-square-foot structure with senior housing units and a 13,200-square-foot community center. In total, the sites will support more than community center. In total, the sites will support more than 2,990 employees and provide over 2,100 parking spaces. All 2,990 employees and provide over 2,100 parking spaces. All three sites are expected to be completed by 2023. three sites are expected to be completed by 2023.

BROADWAY TRADE CENTER BROADWAY TRADE CENTER

n 1.1 Million SF Renovation n 1,500 Jobs Created n 1.1 Million SF Renovation n 1,500 Jobs Created Plans are underway to renovate the early 20th century Plans are underway to renovate the early 20th century Broadway Trade Center into a 15-story multiuse property Broadway Trade Center into a 15-story multiuse property in Downtown Los Angeles. The 1.1 million-square- in Downtown Los Angeles. The 1.1 million-square- foot renovation will feature retail space on the ground foot renovation will feature retail space on the ground floor, restaurants, multiple bars, a spa, a private club, floor, restaurants, multiple bars, a spa, a private club, office space capable of accommodating up to 3,000 office space capable of accommodating up to 3,000 workers, more than 150 hotel rooms, and underground workers, more than 150 hotel rooms, and underground parking for 400 to 600 vehicles. The renovated property parking for 400 to 600 vehicles. The renovated property will showcase a rooftop activity area with a movie screen will showcase a rooftop activity area with a movie screen and Olympic-size swimming pool. The project is expected and Olympic-size swimming pool. The project is expected to be completed by late 2019. to be completed by late 2019.

LAX MODERNIZATION PROGRAM LAX MODERNIZATION PROGRAM

n $14 Billion Investment n 121,000 Construction Jobs n $14 Billion Investment n 121,000 Construction Jobs Known as the largest public-works program in the history of Known as the largest public-works program in the history of the city of Los Angeles, the $14 billion LAX modernization the city of Los Angeles, the $14 billion LAX modernization program began in 2009 and has a projected completion date of program began in 2009 and has a projected completion date of 2023. The Tom Bradley International Terminal was completed in 2023. The Tom Bradley International Terminal was completed in September 2013 and features new aircraft gates and concourses, September 2013 and features new aircraft gates and concourses, retail shops and other amenities. Other projects that were recently retail shops and other amenities. Other projects that were recently completed include new taxiways and taxi lanes, infrastructure completed include new taxiways and taxi lanes, infrastructure upgrades, and renovation improvements to all terminals. The upgrades, and renovation improvements to all terminals. The future $5.5 billion Landside Access Modernization Program future $5.5 billion Landside Access Modernization Program (LAMP) will generate additional terminal renovations and provide (LAMP) will generate additional terminal renovations and provide the growing number of airport passengers convenient connections the growing number of airport passengers convenient connections to public transportation from the airport. to public transportation from the airport.

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DELIVERIES AND ABSORPTION DELIVERIES AND ABSORPTION

MID-WILSHIRE MID-WILSHIRE NEW DELIVERIES 4,500 NEW DELIVERIES 4,500 APARTMENT SUBMARKET APARTMENT SUBMARKET n 1,511 units through the first six months of 2019 n 1,511 units through the first six months of 2019

3,000 3,000 NET ABSORPTION NET ABSORPTION n 1,226 units through June 2019 n 1,226 units through June 2019 1,500 1,500

0 0

(1,500) (1,500) 2013 2014 2015 2016 2017 2018 2019* 2013 2014 2015 2016 2017 2018 2019*

*PROJECTED Deliveries Absorption *PROJECTED Deliveries Absorption

While the Mid-Wilshire submarket missed out on much of the construction boom in Los Angeles during the early part of the While the Mid-Wilshire submarket missed out on much of the construction boom in Los Angeles during the early part of the current cycle, development has accelerated through the first half of 2019, as roughly 1,510 new units have been added current cycle, development has accelerated through the first half of 2019, as roughly 1,510 new units have been added in the submarket, nearly four times the number added through the same time period in 2018. Over 2,400 new units are in the submarket, nearly four times the number added through the same time period in 2018. Over 2,400 new units are expected to be added by the end of the year, which would set the high-water mark for deliveries in the submarket for the cycle. expected to be added by the end of the year, which would set the high-water mark for deliveries in the submarket for the cycle.

Demand for multifamily units has largely kept pace with new supply in Mid-Wilshire, helping to keep occupancy rates tight. Demand for multifamily units has largely kept pace with new supply in Mid-Wilshire, helping to keep occupancy rates tight. The submarket’s central location within L.A. provides a fairly easy commute to numerous important business / employment The submarket’s central location within L.A. provides a fairly easy commute to numerous important business / employment nodes in the city include Miracle Mile, Downtown, Century City, and Hollywood. The first half of 2019 ranked among one of nodes in the city include Miracle Mile, Downtown, Century City, and Hollywood. The first half of 2019 ranked among one of the five-highest half-year totals for net-leasing activity in the submarket as just over 1,225 net new leases were signed. the five-highest half-year totals for net-leasing activity in the submarket as just over 1,225 net new leases were signed. Residents who prefer to live in the centrally located submarket but are unwilling to make the commitment to purchase a single Residents who prefer to live in the centrally located submarket but are unwilling to make the commitment to purchase a single family home whose prices are approaching or exceeding $1 million throughout much of the submarket are instead moving family home whose prices are approaching or exceeding $1 million throughout much of the submarket are instead moving into the newly developed class A communities in Mid-Wilshire. This is good news for operators and investors as the submarket into the newly developed class A communities in Mid-Wilshire. This is good news for operators and investors as the submarket competes with several other core submarkets with significant new development that boast many of the same demand drivers competes with several other core submarkets with significant new development that boast many of the same demand drivers as Mid-Wilshire. Look for net absorption to total 2,410 units by the end of 2019, marking the second-highest year end as Mid-Wilshire. Look for net absorption to total 2,410 units by the end of 2019, marking the second-highest year end total since 2013 and double the submarket’s five-year average. total since 2013 and double the submarket’s five-year average.

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RENT AND OCCUPANCY RENT AND OCCUPANCY

MID-WILSHIRE MID-WILSHIRE EFFECTIVE RENT 100% $2,500 EFFECTIVE RENT 100% $2,500 APARTMENT SUBMARKET APARTMENT SUBMARKET n $2,236 in June 2019, up 2.7% annually n $2,236 in June 2019, up 2.7% annually 98% $2,300 98% $2,300 OCCUPANCY RATE OCCUPANCY RATE 96% $2,100 96% $2,100 n 95.5% in 2Q19, up 10 bps Y-o-Y n 95.5% in 2Q19, up 10 bps Y-o-Y

94% $1,900 94% $1,900

92% $1,700 92% $1,700 $1,810 $1,913 $2,053 $2,121 $2,157 $2,227 $2,342 $1,810 $1,913 $2,053 $2,121 $2,157 $2,227 $2,342 90% $1,500 90% $1,500 2013 2014 2015 2016 2017 2018 2019* 2013 2014 2015 2016 2017 2018 2019* *PROJECTED Rent Occupancy *PROJECTED Rent Occupancy

The Mid-Wilshire apartment submarket has historically been a devalued section of Los Angeles, but its desirable location at The Mid-Wilshire apartment submarket has historically been a devalued section of Los Angeles, but its desirable location at the heart of the metro is spurring development and investor interest, particularly along the submarket’s border with red-hot the heart of the metro is spurring development and investor interest, particularly along the submarket’s border with red-hot downtown Los Angeles. The renter pool is still mostly low-income and more concerned with affordability than luxury, but the downtown Los Angeles. The renter pool is still mostly low-income and more concerned with affordability than luxury, but the rising tide in adjacent submarkets is beginning to lift rent in this submarket as well. rising tide in adjacent submarkets is beginning to lift rent in this submarket as well.

Rents have grown at a steady annual pace in the Mid-Wilshire apartment submarket and elevated demand drove gains above Rents have grown at a steady annual pace in the Mid-Wilshire apartment submarket and elevated demand drove gains above the historical average for most the cycle. Through June 2019, average effective rent in the submarket was $2,236 per the historical average for most the cycle. Through June 2019, average effective rent in the submarket was $2,236 per month, a 2.7% year-over-year increase. This speaks to a submarket in transition, as new development driven by growth month, a 2.7% year-over-year increase. This speaks to a submarket in transition, as new development driven by growth in adjacent submarkets pushes into what has traditionally been a low-income area. Rent growth is projected to continue its in adjacent submarkets pushes into what has traditionally been a low-income area. Rent growth is projected to continue its upward trend, reaching $2,342 per month by year-end 2019, equating to an annual increase of 5.2%. upward trend, reaching $2,342 per month by year-end 2019, equating to an annual increase of 5.2%.

The challenge for this submarket has been attracting and retaining more affluent residents as the area gentrifies and high-end The challenge for this submarket has been attracting and retaining more affluent residents as the area gentrifies and high-end product delivers nearby. The average occupancy rate in the Mid-Wilshire apartment submarket was 96.5% through product delivers nearby. The average occupancy rate in the Mid-Wilshire apartment submarket was 96.5% through the second quarter of 2019, down 10 basis points from one year prior. Thriving adjacent submarkets like Downtown and the second quarter of 2019, down 10 basis points from one year prior. Thriving adjacent submarkets like Downtown and Hollywood are attractive destinations in their own right, but Mid-Wilshire’s central location and strong transit links to major Hollywood are attractive destinations in their own right, but Mid-Wilshire’s central location and strong transit links to major employment hubs continue to underpin demand. By year-end 2019, the occupancy rate in the submarket is forecast to settle employment hubs continue to underpin demand. By year-end 2019, the occupancy rate in the submarket is forecast to settle to a still-healthy 96.1%. to a still-healthy 96.1%.

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EDUCATION EDUCATION

CITY OF LOS ANGELES HIGHER EDUCATION CITY OF LOS ANGELES HIGHER EDUCATION HIGHER EDUCATION n 625,000 students metrowide HIGHER EDUCATION n 625,000 students metrowide Los Angeles Community College District 152,690 Los Angeles Community College District 152,690 ANNUAL GRADUATES ANNUAL GRADUATES University of Southern California 47,500 University of Southern California 47,500 n 60,000 produced by metro Los Angeles universities each year n 60,000 produced by metro Los Angeles universities each year University of California Los Angeles 45,430 University of California Los Angeles 45,430 California State University Northridge 39,820 With over 120 colleges and universities that provide jobs and California State University Northridge 39,820 With over 120 colleges and universities that provide jobs and California State University Los Angeles 28,250 drive economic growth, the region is a hub for higher education California State University Los Angeles 28,250 drive economic growth, the region is a hub for higher education and generates sustained demand for off-campus housing. The and generates sustained demand for off-campus housing. The Loyola Marymount University 9,670 universities alone produce 60,000 graduates annually, the Loyola Marymount University 9,670 universities alone produce 60,000 graduates annually, the Mount Saint Mary’s University 2,270 highest number of any county in the nation. Mount Saint Mary’s University 2,270 highest number of any county in the nation. Source: listed college websites; California Community Colleges Source: listed college websites; California Community Colleges Chancellor’s Office The University of California Los Angeles (UCLA) is world- Chancellor’s Office The University of California Los Angeles (UCLA) is world- renowned for its high-quality academic, research, and athletic renowned for its high-quality academic, research, and athletic programs. UCLA offers over 125 undergraduate majors and 150 programs. UCLA offers over 125 undergraduate majors and 150 graduate degree programs. The university is one of the largest graduate degree programs. The university is one of the largest employers in the region, supporting approximately 46,200 jobs employers in the region, supporting approximately 46,200 jobs countywide. With an enrollment of 45,430 students, UCLA countywide. With an enrollment of 45,430 students, UCLA generates $1.8 billion in taxes and a $12.7 billion economic generates $1.8 billion in taxes and a $12.7 billion economic impact in the Southern California region. impact in the Southern California region.

The University of Southern California (USC) has an The University of Southern California (USC) has an enrollment of over 47,500 students and employs more than enrollment of over 47,500 students and employs more than 27,700 residents. USC has the largest private university graduate 27,700 residents. USC has the largest private university graduate program in the nation in science, engineering, and health. In program in the nation in science, engineering, and health. In 2019, the University of Southern California was ranked No. 22 2019, the University of Southern California was ranked No. 22 among national universities by U.S. News and World Report. among national universities by U.S. News and World Report.

LIFESTYLE AND ENTERTAINMENT LIFESTYLE AND ENTERTAINMENT

The Mid-Wilshire submarket is situated in one of the most culturally The Mid-Wilshire submarket is situated in one of the most culturally KOREATOWN PLAZA KOREATOWN PLAZA diverse areas in the world, providing boundless entertainment diverse areas in the world, providing boundless entertainment n 80+ cafes, bars, and restaurants options that are sure to please every type of lifestyle. n 80+ cafes, bars, and restaurants options that are sure to please every type of lifestyle.

CITY OF LOS ANGELES Centrally located within the submarket, Koreatown, also known CITY OF LOS ANGELES Centrally located within the submarket, Koreatown, also known as K-Town, is one of the most distinct neighborhoods in Los as K-Town, is one of the most distinct neighborhoods in Los Professional Sports teams Professional Sports teams n Angeles. This vibrant community is home to one of the largest n Angeles. This vibrant community is home to one of the largest concentrations of nightclubs and restaurants in the country. The concentrations of nightclubs and restaurants in the country. The focal point of K-Town, Koreatown Plaza offers a one-of-a-kind focal point of K-Town, Koreatown Plaza offers a one-of-a-kind shopping and dining experience with a lively atmosphere that shopping and dining experience with a lively atmosphere that rivals Chinatown and Little Tokyo. rivals Chinatown and Little Tokyo.

With the iconic Hollywood sign on Mount Lee, Hollywood serves With the iconic Hollywood sign on Mount Lee, Hollywood serves as the epicenter of Los Angeles’ tourism industry. Visitors and as the epicenter of Los Angeles’ tourism industry. Visitors and locals are attracted to world renowned destinations such as locals are attracted to world renowned destinations such as the Hollywood Walk of Fame, Universal Studios Hollywood, the Hollywood Walk of Fame, Universal Studios Hollywood, Hollywood Bowl, and Dolby Theatre, home of the Oscars. Hollywood Bowl, and Dolby Theatre, home of the Oscars.

Downtown Los Angeles offers various cultural attractions as Downtown Los Angeles offers various cultural attractions as well as countless shopping, dining, and entertainment venues. well as countless shopping, dining, and entertainment venues. L.A. Live is downtown’s most popular entertainment district that L.A. Live is downtown’s most popular entertainment district that features music venues, night clubs, restaurants, museums, and features music venues, night clubs, restaurants, museums, and the iconic STAPLES Center, which is home to four professional the iconic STAPLES Center, which is home to four professional Koreatown sports franchises, the NBA’s Los Angeles Lakers and Los Angeles Koreatown sports franchises, the NBA’s Los Angeles Lakers and Los Angeles Clippers, the NHL’s Los Angeles Kings, and the WNBA’s Los Clippers, the NHL’s Los Angeles Kings, and the WNBA’s Los Angeles Sparks. For cultural enthusiasts, festive Chinatown and Angeles Sparks. For cultural enthusiasts, festive Chinatown and Little Tokyo offer the perfect blend of authentic cuisine and shops. Little Tokyo offer the perfect blend of authentic cuisine and shops.

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TRANSPORTATION TRANSPORTATION

MTA PASSENGERS Los Angeles boasts an extensive freeway network, with major MTA PASSENGERS Los Angeles boasts an extensive freeway network, with major n 440.9m annual rail and bus riders routes including the Santa Ana Freeway (I-5), San Diego n 440.9m annual rail and bus riders routes including the Santa Ana Freeway (I-5), San Diego Freeway (I-405), Foothills Freeway (I-210), Santa Monica Freeway (I-405), Foothills Freeway (I-210), Santa Monica and San Bernardino freeways (I-10), Harbor Freeway (I- and San Bernardino freeways (I-10), Harbor Freeway (I- LAX AIRPORT LAX AIRPORT 110), Long Beach Freeway (I-710), and San Gabriel River 110), Long Beach Freeway (I-710), and San Gabriel River n 87.5m passengers served in 2018 Freeway (I-605). n 87.5m passengers served in 2018 Freeway (I-605).

The Metropolitan Transportation Authority (MTA) provides The Metropolitan Transportation Authority (MTA) provides local bus and rail service, linking communities including Long local bus and rail service, linking communities including Long Beach, Downtown L.A., Hollywood, Pasadena, and the San Beach, Downtown L.A., Hollywood, Pasadena, and the San Fernando Valley. MTA offers over 1,500 square miles of service Fernando Valley. MTA offers over 1,500 square miles of service area and employs more than 9,200 residents. area and employs more than 9,200 residents.

The Los Angeles International Airport (LAX) supports The Los Angeles International Airport (LAX) supports 408,000 local jobs and has an annual economic impact of 408,000 local jobs and has an annual economic impact of $60 billion. LAX served over 87.5 million passengers in 2018, $60 billion. LAX served over 87.5 million passengers in 2018, making it the third-busiest airport in the nation and seventh- making it the third-busiest airport in the nation and seventh- busiest airport in the world. busiest airport in the world.

Los Angeles International Airport Los Angeles International Airport

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BY THE NUMBERS BY THE NUMBERS

TOTAL POPULATION MEDIAN AGE TOTAL POPULATION MEDIAN AGE 2010 3,792,621 2010 34.7 2010 3,792,621 2010 34.7 2019* 3,950,259 2018 37.0 2019* 3,950,259 2018 37.0 2024* 4,110,855 2023* 38.6 2024* 4,110,855 2023* 38.6 Growth Rate (2019 - 2024) 4.1% Growth Rate (2019 - 2024) 4.1%

TOTAL HOUSEHOLDS MEDIAN HOME PRICE TOTAL HOUSEHOLDS MEDIAN HOME PRICE 2010 1,318,168 May - 2018 $1,065,000 2010 1,318,168 May - 2018 $1,065,000 2019* 1,381,652 May - 2019 $950,000 2019* 1,381,652 May - 2019 $950,000 2024* 1,444,740 Growth Rate Y-o-Y (10.8%) 2024* 1,444,740 Growth Rate Y-o-Y (10.8%) Growth Rate (2019 - 2024) 4.6% 90019 ZIP Code Growth Rate (2019 - 2024) 4.6% 90019 ZIP Code

MEDIA INCOME EMPLOYMENT GROWTH (MD) MEDIA INCOME EMPLOYMENT GROWTH (MD) 2010 $47,110 May - 2018 4,501,100 2010 $47,110 May - 2018 4,501,100 2019* $56,269 May - 2019 4,560,000 2019* $56,269 May - 2019 4,560,000 2024* $62,487 Growth Rate Y-o-Y 1.3% 2024* $62,487 Growth Rate Y-o-Y 1.3% Growth Rate (2019 - 2024) 11.1% Growth Rate (2019 - 2024) 11.1%

RENT SHARE OF WALLET RENT VS. OWN RENT SHARE OF WALLET RENT VS. OWN National - 2019 27.2% Average Mortgage Payment** $4,835 National - 2019 27.2% Average Mortgage Payment** $4,835 Mid-Wilshire Submarket - 2019 27.7% Effective Rent $2,236 Mid-Wilshire Submarket - 2019 27.7% Effective Rent $2,236 National - 2019* 27.1% Difference $2,599 National - 2019* 27.1% Difference $2,599

Mid-Wilshire Submarket - 2024* 48.7% *Projected Mid-Wilshire Submarket - 2024* 48.7% *Projected **30-yr fixed; 20% down; 5.1% interest rate; 0.79% CA property **30-yr fixed; 20% down; 5.1% interest rate; 0.79% CA property *Projected *Projected Annual Rent / Median Household Income taxes; $1,000 annual homeowner’s insurance Annual Rent / Median Household Income taxes; $1,000 annual homeowner’s insurance

Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; CoreLogic; Wikipedia; Axiometrics; California Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; CoreLogic; Wikipedia; Axiometrics; California Association of Realtors; City of Los Angeles CAFR; State of California Employment Development Department Forbes; California Division of Tourism; Los Angeles Association of Realtors; City of Los Angeles CAFR; State of California Employment Development Department Forbes; California Division of Tourism; Los Angeles County Metropolitan Transportation Authority; Los Angeles County; Los Angeles Times; Los Angeles Economic Development Corporation; Los Angeles Area County Metropolitan Transportation Authority; Los Angeles County; Los Angeles Times; Los Angeles Economic Development Corporation; Los Angeles Area Chamber of Commerce; Los Angeles World Airports; Port of Los Angeles; Los Angeles Unified School District; Los Angeles Convention and Visitors Bureau; City Chamber of Commerce; Los Angeles World Airports; Port of Los Angeles; Los Angeles Unified School District; Los Angeles Convention and Visitors Bureau; City of Los Angeles; Los Angeles Business Journal; Los Angeles Daily News; Los Angeles Downtown News; UCLA; USC; CSU-Northridge; CSU-L.A.; Los Angeles of Los Angeles; Los Angeles Business Journal; Los Angeles Daily News; Los Angeles Downtown News; UCLA; USC; CSU-Northridge; CSU-L.A.; Los Angeles Community College District; Mt. St. Mary’s College; Occidental College; Southern California Association of Governments; Airports Council International Community College District; Mt. St. Mary’s College; Occidental College; Southern California Association of Governments; Airports Council International

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Site Map Site Map 756 Normandie Ave, Los Angeles, CA 90005 756 Normandie Ave, Los Angeles, CA 90005

Legend Legend

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32 32 DEMOGRAPHICS DEMOGRAPHICS

Median Household Income Median Household Income 756 Normandie Ave, Los Angeles, CA 90005 756 Normandie Ave, Los Angeles, CA 90005

Legend Legend

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Traffic Profile Traffic Profile 756 Normandie Ave, Los Angeles, CA 90005 756 Normandie Ave, Los Angeles, CA 90005 Traffic Map Traffic Map

# Street Cross St Dir Vol. Dist (mi) # Street Cross St Dir Vol. Dist (mi) # Street Cross St Dir Vol. Dist (mi) # Street Cross St Dir Vol. Dist (mi) 1 W 8th St S Mariposa Ave E 22,590 0.0 11 W 8th St S Kenmore Ave E 27,058 0.1 1 W 8th St S Mariposa Ave E 22,590 0.0 11 W 8th St S Kenmore Ave E 27,058 0.1 2 W 8th St Irolo St W 21,927 0.1 12 James M Wood Bl 7,791 0.2 2 W 8th St Irolo St W 21,927 0.1 12 James M Wood Bl 7,791 0.2 3 W 8th St S Mariposa Ave W 25,493 0.1 13 Irolo St W 7th St S 14,180 0.2 3 W 8th St S Mariposa Ave W 25,493 0.1 13 Irolo St W 7th St S 14,180 0.2 4 Irolo St W 7th St N 12,650 0.1 14 W 9th St S Normandie Ave E 6,520 0.2 4 Irolo St W 7th St N 12,650 0.1 14 W 9th St S Normandie Ave E 6,520 0.2 5 Irolo St W 8th St N 23,886 0.1 15 W 7th St Irolo St E 6,740 0.2 5 Irolo St W 8th St N 23,886 0.1 15 W 7th St Irolo St E 6,740 0.2 6 S Mariposa Ave W 9th St S 1,316 0.1 16 S Normandie Ave W 9th St N 550 0.2 6 S Mariposa Ave W 9th St S 1,316 0.1 16 S Normandie Ave W 9th St N 550 0.2 7 W 8th St Irolo St E 22,558 0.1 17 W 8th St S Ardmore Ave E 23,187 0.2 7 W 8th St Irolo St E 22,558 0.1 17 W 8th St S Ardmore Ave E 23,187 0.2 8 S Normandie Ave W 9th St S 2,660 0.1 18 S Ardmore Ave W 9th St S 2,944 0.2 8 S Normandie Ave W 9th St S 2,660 0.1 18 S Ardmore Ave W 9th St S 2,944 0.2 9 W 7th St S Normandie Ave E 4,790 0.1 19 S Mariposa Ave W 9th St N 1,051 0.2 9 W 7th St S Normandie Ave E 4,790 0.1 19 S Mariposa Ave W 9th St N 1,051 0.2 10 W 8th St S Ardmore Ave W 20,796 0.1 20 W 9th St S Ardmore Ave W 8,674 0.2 10 W 8th St S Ardmore Ave W 20,796 0.1 20 W 9th St S Ardmore Ave W 8,674 0.2

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34 34 DEMOGRAPHICS DEMOGRAPHICS

DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE 2010 Census, 2018 Estimates & 2023 Projections 2010 Census, 2018 Estimates & 2023 Projections Calculated using Proportional Block Groups Calculated using Proportional Block Groups 2019-Jul-19 2019-Jul-19

Lat/Long: 34.058088/-118.299389 Lat/Long: 34.058088/-118.299389 kind. kind.

Los Angeles- any Los Angeles- any 756 Normandie Ave, Los 756 Normandie Ave, Los

Long Beach- US Benchmark of Long Beach- US Benchmark of 0 - 1 mi 0 - 3 mi 0 - 5 mi 0 - 1 mi 0 - 3 mi 0 - 5 mi Angeles, CA 90005 Anaheim, CA Angeles, CA 90005 Anaheim, CA

Area in square miles 3 28 77 4,849 3,537,439 Area in square miles 3 28 77 4,849 3,537,439 warranty warranty

or or Est. Population/square mile 39,500 22,788 16,242 2,728 93 Est. Population/square mile 39,500 22,788 16,242 2,728 93 2023 Projection 128,981 675,617 1,317,621 13,635,161 343,896,855 2023 Projection 128,981 675,617 1,317,621 13,635,161 343,896,855 2018 Estimate 124,276 641,944 1,257,820 13,228,099 330,536,734 2018 Estimate 124,276 641,944 1,257,820 13,228,099 330,536,734 2010 Census 121,520 614,776 1,209,542 12,828,837 312,471,327 2010 Census 121,520 614,776 1,209,542 12,828,837 312,471,327 representation representation

2000 Census 130,890 629,686 1,214,014 12,365,353 281,421,872 2000 Census 130,890 629,686 1,214,014 12,365,353 281,421,872 Population Population

Growth 2018-2023 3.8% 5.2% 4.8% 3.1% 4.0% without Growth 2018-2023 3.8% 5.2% 4.8% 3.1% 4.0% without

Growth 2010-2018 2.3% 4.4% 4.0% 3.1% 5.8% Growth 2010-2018 2.3% 4.4% 4.0% 3.1% 5.8% Growth 2000-2010 -7.2% -2.4% -0.4% 3.7% 11.0% Growth 2000-2010 -7.2% -2.4% -0.4% 3.7% 11.0% provided provided

is is 2023 Projection 50,230 252,083 500,651 4,529,574 130,010,439 2023 Projection 50,230 252,083 500,651 4,529,574 130,010,439 2018 Estimate 48,268 237,391 473,819 4,381,791 125,006,767 2018 Estimate 48,268 237,391 473,819 4,381,791 125,006,767 herein herein

2010 Census 47,034 224,966 451,074 4,233,985 118,092,823 2010 Census 47,034 224,966 451,074 4,233,985 118,092,823 2000 Census 46,422 215,099 434,356 4,068,951 106,741,406 2000 Census 46,422 215,099 434,356 4,068,951 106,741,406

Growth 2023-2028 3.4% 4.2% 4.1% 2.8% 3.8% information Growth 2023-2028 3.4% 4.2% 4.1% 2.8% 3.8% information

Growth 2018-2023 4.1% 6.2% 5.7% 3.4% 4.0% The Growth 2018-2023 4.1% 6.2% 5.7% 3.4% 4.0% The

Growth 2010-2018 2.6% 5.5% 5.0% 3.5% 5.9% Growth 2010-2018 2.6% 5.5% 5.0% 3.5% 5.9%

Households Growth 2000-2010 1.3% 4.6% 3.8% 4.1% 10.6% Households Growth 2000-2010 1.3% 4.6% 3.8% 4.1% 10.6% reliable. reliable.

be be

2023 Proj. Pop. In Households 128,548 657,351 1,277,524 13,429,661 335,958,759 2023 Proj. Pop. In Households 128,548 657,351 1,277,524 13,429,661 335,958,759 to to 2018 Est. Pop. In Households 123,843 623,665 1,217,718 13,022,573 322,604,973 2018 Est. Pop. In Households 123,843 623,665 1,217,718 13,022,573 322,604,973 2023 Proj. Avg. HH Size 2.56 2.61 2.55 2.96 2.58 2023 Proj. Avg. HH Size 2.56 2.61 2.55 2.96 2.58 deemed deemed 2018 Est. Avg. HH Size 2.57 2.63 2.57 2.97 2.58 2018 Est. Avg. HH Size 2.57 2.63 2.57 2.97 2.58 Vacant Housing Units 3,801 7% 18,287 7% 36,531 7% 253,566 5% 15,220,464 11% Vacant Housing Units 3,801 7% 18,287 7% 36,531 7% 253,566 5% 15,220,464 11% sources sources Occupied Housing Units 48,268 93% 237,391 93% 473,819 93% 4,381,791 95% 125,006,767 89% Occupied Housing Units 48,268 93% 237,391 93% 473,819 93% 4,381,791 95% 125,006,767 89% Owner-Occupied 4,536 9% 39,677 16% 106,184 21% 2,212,498 48% 81,504,469 58% Owner-Occupied 4,536 9% 39,677 16% 106,184 21% 2,212,498 48% 81,504,469 58% Housing Housing Renter-Occupied 43,732 84% 197,714 77% 367,635 72% 2,169,293 47% 43,502,298 31% Renter-Occupied 43,732 84% 197,714 77% 367,635 72% 2,169,293 47% 43,502,298 31% government government Population by Ethnicity 124,276 641,944 1,257,820 13,228,099 330,536,734 Population by Ethnicity 124,276 641,944 1,257,820 13,228,099 330,536,734 and and White 32,453 26% 229,069 36% 507,967 40% 7,056,407 53% 240,428,414 73% White 32,453 26% 229,069 36% 507,967 40% 7,056,407 53% 240,428,414 73% Black 5,870 5% 57,346 9% 165,844 13% 920,529 7% 41,132,753 12% Black 5,870 5% 57,346 9% 165,844 13% 920,529 7% 41,132,753 12% private private

Asian 43,051 35% 129,135 20% 179,529 14% 1,978,780 15% 16,190,174 5% Asian 43,051 35% 129,135 20% 179,529 14% 1,978,780 15% 16,190,174 5% Ethnicity Ethnicity from from Other 42,901 35% 226,394 35% 404,480 32% 3,272,383 25% 32,785,393 10% Other 42,901 35% 226,394 35% 404,480 32% 3,272,383 25% 32,785,393 10% data data Hispanic or Latino 66,584 54% 349,507 54% 629,111 50% 5,871,991 44% 57,911,177 18% Hispanic or Latino 66,584 54% 349,507 54% 629,111 50% 5,871,991 44% 57,911,177 18%

Less than HS Diploma 26,910 31% 133,244 31% 246,053 29% 1,853,913 21% 29,225,373 13% using Less than HS Diploma 26,910 31% 133,244 31% 246,053 29% 1,853,913 21% 29,225,373 13% using

HS, Some Col. or Assoc. Deg. 36,005 42% 173,731 40% 346,122 40% 4,119,258 47% 125,203,357 57% HS, Some Col. or Assoc. Deg. 36,005 42% 173,731 40% 346,122 40% 4,119,258 47% 125,203,357 57% Educ. Educ. Bach. Degree or Higher 22,720 27% 124,466 29% 263,006 31% 2,837,423 32% 66,899,258 30% Bach. Degree or Higher 22,720 27% 124,466 29% 263,006 31% 2,837,423 32% 66,899,258 30% produced produced

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DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE 2010 Census, 2018 Estimates & 2023 Projections 2010 Census, 2018 Estimates & 2023 Projections Calculated using Proportional Block Groups Calculated using Proportional Block Groups 2019-Jul-19 2019-Jul-19 kind. kind.

Lat/Long: 34.058088/-118.299389 Lat/Long: 34.058088/-118.299389 any any Los Angeles- Los Angeles-

756 Normandie Ave, Los of 756 Normandie Ave, Los of 0 - 1 mi 0 - 3 mi 0 - 5 mi Long Beach- US Benchmark 0 - 1 mi 0 - 3 mi 0 - 5 mi Long Beach- US Benchmark Angeles, CA 90005 Anaheim, CA Angeles, CA 90005 Anaheim, CA warranty warranty Total Population 124,276 641,944 1,257,820 13,228,099 330,536,734 Total Population 124,276 641,944 1,257,820 13,228,099 330,536,734 or or

Age 0 to 14 24,890 20% 122,593 19% 241,382 19% 2,446,490 18% 58,003,825 18% Age 0 to 14 24,890 20% 122,593 19% 241,382 19% 2,446,490 18% 58,003,825 18% Age 14 to 18 4,795 4% 25,196 4% 49,890 4% 638,089 5% 16,918,011 5% Age 14 to 18 4,795 4% 25,196 4% 49,890 4% 638,089 5% 16,918,011 5% Age 18 to 22 4,619 4% 36,764 6% 62,846 5% 773,771 6% 21,005,631 6% Age 18 to 22 4,619 4% 36,764 6% 62,846 5% 773,771 6% 21,005,631 6% representation representation

Age 22 to 25 4,337 3% 25,950 4% 48,521 4% 559,155 4% 13,281,279 4% Age 22 to 25 4,337 3% 25,950 4% 48,521 4% 559,155 4% 13,281,279 4% Age 25 to 35 18,858 15% 100,470 16% 190,631 15% 1,808,504 14% 41,408,341 13% Age 25 to 35 18,858 15% 100,470 16% 190,631 15% 1,808,504 14% 41,408,341 13% without without Age 35 to 45 22,078 18% 106,859 17% 211,741 17% 1,783,110 13% 41,198,779 12% Age 35 to 45 22,078 18% 106,859 17% 211,741 17% 1,783,110 13% 41,198,779 12%

Age Age 45 to 55 17,737 14% 84,810 13% 172,093 14% 1,786,052 14% 42,808,937 13% Age Age 45 to 55 17,737 14% 84,810 13% 172,093 14% 1,786,052 14% 42,808,937 13% provided provided Age 55 to 65 13,420 11% 67,036 10% 134,165 11% 1,614,128 12% 43,128,390 13% Age 55 to 65 13,420 11% 67,036 10% 134,165 11% 1,614,128 12% 43,128,390 13% is is

Age 65 to 75 8,361 7% 42,952 7% 86,028 7% 1,079,442 8% 31,407,042 10% Age 65 to 75 8,361 7% 42,952 7% 86,028 7% 1,079,442 8% 31,407,042 10% herein herein

Age 75 to 85 3,942 3% 21,182 3% 43,219 3% 532,531 4% 15,856,996 5% Age 75 to 85 3,942 3% 21,182 3% 43,219 3% 532,531 4% 15,856,996 5% Age 85 and over 1,238 1% 8,131 1% 17,304 1% 206,827 2% 5,519,503 2% Age 85 and over 1,238 1% 8,131 1% 17,304 1% 206,827 2% 5,519,503 2% Median Age 37.0 35.9 36.6 37.1 38.5 Median Age 37.0 35.9 36.6 37.1 38.5 information information Average Age 36.8 36.6 37.0 38.0 39.2 Average Age 36.8 36.6 37.0 38.0 39.2 The The

Families by # of Workers 27,750 129,270 245,064 3,022,760 83,649,135 Families by # of Workers 27,750 129,270 245,064 3,022,760 83,649,135 No workers 3,017 11% 14,358 11% 29,689 12% 348,527 12% 12,649,994 15% No workers 3,017 11% 14,358 11% 29,689 12% 348,527 12% 12,649,994 15% reliable. reliable. 1 worker 11,472 41% 49,800 39% 90,374 37% 1,019,281 34% 27,762,259 33% 1 worker 11,472 41% 49,800 39% 90,374 37% 1,019,281 34% 27,762,259 33% be be Family Family

2 workers 10,453 38% 49,080 38% 94,708 39% 1,206,060 40% 34,212,622 41% to 2 workers 10,453 38% 49,080 38% 94,708 39% 1,206,060 40% 34,212,622 41% to

3 or more workers 2,809 10% 16,032 12% 30,293 12% 448,892 15% 9,024,260 11% 3 or more workers 2,809 10% 16,032 12% 30,293 12% 448,892 15% 9,024,260 11% 124,276 641,944 1,257,820 13,228,099 330,536,734 124,276 641,944 1,257,820 13,228,099 330,536,734 Total Population deemed Total Population deemed

Pre-High School 14,055 11% 73,378 11% 141,175 11% 1,752,302 13% 44,760,371 14% Pre-High School 14,055 11% 73,378 11% 141,175 11% 1,752,302 13% 44,760,371 14% 5,678 5% 31,235 5% 59,866 5% 778,759 6% 18,134,794 5% 5,678 5% 31,235 5% 59,866 5% 778,759 6% 18,134,794 5% High School sources High School sources

College/Grad/Prof 11,259 9% 68,272 11% 113,935 9% 1,187,443 9% 24,753,220 7% College/Grad/Prof 11,259 9% 68,272 11% 113,935 9% 1,187,443 9% 24,753,220 7% Enrollment Enrollment Not enrolled 93,283 75% 469,059 73% 942,844 75% 9,509,595 72% 242,888,349 73% Not enrolled 93,283 75% 469,059 73% 942,844 75% 9,509,595 72% 242,888,349 73% Per Capita Income $18,538 $24,053 $27,593 $31,528 $30,556 Per Capita Income $18,538 $24,053 $27,593 $31,528 $30,556 government government

Total Pop. Age 16+ 97,070 507,008 991,896 10,466,082 264,107,605 Total Pop. Age 16+ 97,070 507,008 991,896 10,466,082 264,107,605 and and

Labor Force 68,922 71% 343,486 68% 660,857 67% 6,760,038 65% 167,090,813 63% Labor Force 68,922 71% 343,486 68% 660,857 67% 6,760,038 65% 167,090,813 63%

6 0% 24 0% 62 0% 5,145 0% 1,127,457 0% private 6 0% 24 0% 62 0% 5,145 0% 1,127,457 0% private In Armed Forces In Armed Forces Civilian, Employed 65,619 68% 326,583 64% 628,848 63% 6,466,564 62% 158,435,875 60% Civilian, Employed 65,619 68% 326,583 64% 628,848 63% 6,466,564 62% 158,435,875 60% from from

Civilian, Unemployed 3,297 3% 16,879 3% 31,947 3% 288,329 3% 7,527,481 3% Civilian, Unemployed 3,297 3% 16,879 3% 31,947 3% 288,329 3% 7,527,481 3% data data

Employment Employment Not in Labor Force 28,148 29% 163,522 32% 331,039 33% 3,706,044 35% 97,016,792 37% Not in Labor Force 28,148 29% 163,522 32% 331,039 33% 3,706,044 35% 97,016,792 37% using using Unemployment Rate 4.8% 4.9% 4.8% 4.3% 4.5% Unemployment Rate 4.8% 4.9% 4.8% 4.3% 4.5% produced produced

was was

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DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE 2010 Census, 2018 Estimates & 2023 Projections 2010 Census, 2018 Estimates & 2023 Projections Calculated using Proportional Block Groups Calculated using Proportional Block Groups 2019-Jul-19 2019-Jul-19

Lat/Long: 34.058088/-118.299389 Lat/Long: 34.058088/-118.299389 kind. kind. Los Angeles- Los Angeles-

756 Normandie Ave, Los any 756 Normandie Ave, Los any 0 - 1 mi 0 - 3 mi 0 - 5 mi Long Beach- US Benchmark 0 - 1 mi 0 - 3 mi 0 - 5 mi Long Beach- US Benchmark of of Angeles, CA 90005 Anaheim, CA Angeles, CA 90005 Anaheim, CA

Employed Pop. Age 16+ 65,619 326,583 628,848 6,466,564 158,435,875 Employed Pop. Age 16+ 65,619 326,583 628,848 6,466,564 158,435,875 warranty warranty Agr., forestry, fish & hunt, 4,582 7% 23,531 7% 39,109 6% 405,090 6% 13,023,235 8% Agr., forestry, fish & hunt, 4,582 7% 23,531 7% 39,109 6% 405,090 6% 13,023,235 8% or or min., constr. min., constr. Manufacturing 6,298 10% 29,799 9% 55,862 9% 706,284 11% 16,449,898 10% Manufacturing 6,298 10% 29,799 9% 55,862 9% 706,284 11% 16,449,898 10% Wholesale & retail trade 9,555 15% 43,937 13% 82,868 13% 922,678 14% 22,507,391 14% Wholesale & retail trade 9,555 15% 43,937 13% 82,868 13% 922,678 14% 22,507,391 14%

Transp. and warehousing, 2,421 4% 11,714 4% 24,493 4% 321,673 5% 7,957,667 5% representation Transp. and warehousing, 2,421 4% 11,714 4% 24,493 4% 321,673 5% 7,957,667 5% representation

and utilities and utilities

Information 1,808 3% 15,673 5% 40,633 6% 243,954 4% 3,323,357 2% without Information 1,808 3% 15,673 5% 40,633 6% 243,954 4% 3,323,357 2% without

Fin., ins., RE & rental/leasing 3,767 6% 15,664 5% 30,415 5% 437,469 7% 10,423,337 7% Fin., ins., RE & rental/leasing 3,767 6% 15,664 5% 30,415 5% 437,469 7% 10,423,337 7% Population Population Prof., sci., mgmt, admin, and 8,147 12% 42,514 13% 85,064 14% 840,399 13% 17,650,344 11% Prof., sci., mgmt, admin, and 8,147 12% 42,514 13% 85,064 14% 840,399 13% 17,650,344 11% provided provided

waste mgmt is waste mgmt is

Prof., sci., & technical svcs 3,518 5% 22,387 7% 48,722 8% 499,298 8% 10,720,774 7% Prof., sci., & technical svcs 3,518 5% 22,387 7% 48,722 8% 499,298 8% 10,720,774 7% herein herein Mgmt of companies & ent. 14 0% 144 0% 311 0% 4,845 0% 136,437 0% Mgmt of companies & ent. 14 0% 144 0% 311 0% 4,845 0% 136,437 0% Employed Employed Admin, support & waste mgmt 4,614 7% 19,982 6% 36,031 6% 336,256 5% 6,793,133 4% Admin, support & waste mgmt 4,614 7% 19,982 6% 36,031 6% 336,256 5% 6,793,133 4% Educ., health and soc. svc 8,144 12% 53,304 16% 105,714 17% 1,305,394 20% 36,640,989 23% Educ., health and soc. svc 8,144 12% 53,304 16% 105,714 17% 1,305,394 20% 36,640,989 23% information information Arts, ent., rec., accom. & food 12,865 20% 53,100 16% 99,912 16% 700,057 11% 15,150,611 10% Arts, ent., rec., accom. & food 12,865 20% 53,100 16% 99,912 16% 700,057 11% 15,150,611 10% The The

Other services (except 6,996 11% 31,437 10% 52,380 8% 384,930 6% 7,785,202 5% Other services (except 6,996 11% 31,437 10% 52,380 8% 384,930 6% 7,785,202 5% public admin) public admin) reliable. reliable.

Public Administration 1,037 2% 5,910 2% 12,397 2% 198,636 3% 7,523,844 5% Public Administration 1,037 2% 5,910 2% 12,397 2% 198,636 3% 7,523,844 5% be be Employed Civilian Pop. Age 16 + 65,619 326,583 628,848 6,466,564 158,435,875 Employed Civilian Pop. Age 16 + 65,619 326,583 628,848 6,466,564 158,435,875 to to

White Collar 31,938 49% 174,881 54% 360,851 57% 4,082,623 63% 100,275,351 63% White Collar 31,938 49% 174,881 54% 360,851 57% 4,082,623 63% 100,275,351 63% Blue Collar 33,681 51% 151,702 46% 267,997 43% 2,383,941 37% 58,160,524 37% Blue Collar 33,681 51% 151,702 46% 267,997 43% 2,383,941 37% 58,160,524 37% deemed deemed

Mgmt, Business, and Fin. Op. 7,122 11% 37,665 12% 78,284 12% 982,750 15% 23,607,729 15% Mgmt, Business, and Fin. Op. 7,122 11% 37,665 12% 78,284 12% 982,750 15% 23,607,729 15% Professional & Related 8,818 13% 61,314 19% 134,598 21% 1,396,351 22% 34,993,969 22% Professional & Related 8,818 13% 61,314 19% 134,598 21% 1,396,351 22% 34,993,969 22% sources sources

Collar Collar Healthcare support 1,093 2% 6,141 2% 11,058 2% 119,265 2% 3,847,008 2% Healthcare support 1,093 2% 6,141 2% 11,058 2% 119,265 2% 3,847,008 2% Sales & related 8,353 13% 35,892 11% 67,165 11% 728,928 11% 16,953,896 11% Sales & related 8,353 13% 35,892 11% 67,165 11% 728,928 11% 16,953,896 11% White White Office & admin support 6,553 10% 33,868 10% 69,746 11% 855,329 13% 20,872,749 13% Office & admin support 6,553 10% 33,868 10% 69,746 11% 855,329 13% 20,872,749 13% government government

Protective service 1,141 2% 5,332 2% 10,846 2% 118,276 2% 3,492,138 2% Protective service 1,141 2% 5,332 2% 10,846 2% 118,276 2% 3,492,138 2% and and

Food prep & serving 8,372 13% 31,017 9% 51,233 8% 368,787 6% 9,063,630 6% Food prep & serving 8,372 13% 31,017 9% 51,233 8% 368,787 6% 9,063,630 6%

Building & grounds cleaning 6,823 10% 27,591 8% 43,708 7% 295,122 5% 6,279,823 4% private Building & grounds cleaning 6,823 10% 27,591 8% 43,708 7% 295,122 5% 6,279,823 4% private

& maint. & maint. Collar Collar from from

Personal care & service 3,646 6% 17,867 5% 34,199 5% 311,256 5% 5,871,896 4% Personal care & service 3,646 6% 17,867 5% 34,199 5% 311,256 5% 5,871,896 4% data data

Blue Farming, fishing, and forestry 95 0% 1,133 0% 2,086 0% 22,340 0% 1,153,185 1% Blue Farming, fishing, and forestry 95 0% 1,133 0% 2,086 0% 22,340 0% 1,153,185 1%

Constr., Extraction, & Maint. 5,225 8% 26,508 8% 44,782 7% 464,475 7% 13,002,361 8% using Constr., Extraction, & Maint. 5,225 8% 26,508 8% 44,782 7% 464,475 7% 13,002,361 8% using

Prod., Transp., & Mat. Moving 8,378 13% 42,254 13% 81,144 13% 803,685 12% 19,297,491 12% Prod., Transp., & Mat. Moving 8,378 13% 42,254 13% 81,144 13% 803,685 12% 19,297,491 12% produced produced

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DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE 2010 Census, 2018 Estimates & 2023 Projections 2010 Census, 2018 Estimates & 2023 Projections Calculated using Proportional Block Groups Calculated using Proportional Block Groups 2019-Jul-19 2019-Jul-19

Lat/Long: 34.058088/-118.299389 Lat/Long: 34.058088/-118.299389 kind. kind.

Los Angeles- any Los Angeles- any 756 Normandie Ave, Los 756 Normandie Ave, Los

Long Beach- US Benchmark of Long Beach- US Benchmark of 0 - 1 mi 0 - 3 mi 0 - 5 mi 0 - 1 mi 0 - 3 mi 0 - 5 mi Angeles, CA 90005 Anaheim, CA Angeles, CA 90005 Anaheim, CA

Households by HH Size 48,268 237,391 473,819 4,381,791 125,006,767 Households by HH Size 48,268 237,391 473,819 4,381,791 125,006,767 warranty warranty

or or 1-person household 15,541 32% 78,734 33% 168,721 33% 1,033,517 24% 33,272,015 27% 1-person household 15,541 32% 78,734 33% 168,721 33% 1,033,517 24% 33,272,015 27%

Size 2-person household 12,815 27% 60,939 26% 124,629 26% 1,185,410 27% 40,904,809 33% Size 2-person household 12,815 27% 60,939 26% 124,629 26% 1,185,410 27% 40,904,809 33%

3-person household 7,764 16% 35,160 15% 63,880 15% 715,002 16% 20,152,255 16% 3-person household 7,764 16% 35,160 15% 63,880 15% 715,002 16% 20,152,255 16% 4-person household 6,208 13% 29,142 12% 51,555 12% 667,632 15% 16,851,348 13% 4-person household 6,208 13% 29,142 12% 51,555 12% 667,632 15% 16,851,348 13% representation representation

5-person household 3,278 7% 16,875 7% 30,671 7% 377,539 9% 8,112,604 6% 5-person household 3,278 7% 16,875 7% 30,671 7% 377,539 9% 8,112,604 6% Household Household

6-person household 1,493 3% 8,441 4% 16,075 4% 189,304 4% 3,294,898 3% without 6-person household 1,493 3% 8,441 4% 16,075 4% 189,304 4% 3,294,898 3% without

7 or more person household 1,169 2% 8,100 3% 18,288 3% 213,387 5% 2,418,838 2% 7 or more person household 1,169 2% 8,100 3% 18,288 3% 213,387 5% 2,418,838 2% Households by Type 48,268 237,391 473,819 4,381,791 125,006,767 Households by Type 48,268 237,391 473,819 4,381,791 125,006,767 provided provided

is is 1 Person Households 15,541 32% 78,734 33% 168,721 33% 1,033,517 24% 33,272,015 27% 1 Person Households 15,541 32% 78,734 33% 168,721 33% 1,033,517 24% 33,272,015 27% Family Households 27,750 57% 129,270 54% 245,064 54% 3,022,760 69% 83,649,135 67% Family Households 27,750 57% 129,270 54% 245,064 54% 3,022,760 69% 83,649,135 67% herein herein

Married-couple family 15,379 32% 71,866 30% 140,781 30% 2,091,889 48% 61,159,188 49% Married-couple family 15,379 32% 71,866 30% 140,781 30% 2,091,889 48% 61,159,188 49% W/ own children < 18 yrs 6,429 13% 31,310 13% 60,673 13% 935,051 21% 24,256,518 19% W/ own children < 18 yrs 6,429 13% 31,310 13% 60,673 13% 935,051 21% 24,256,518 19% Types Types

No own children < 18 yrs 8,950 19% 40,556 17% 80,109 17% 1,156,838 26% 36,902,670 30% information No own children < 18 yrs 8,950 19% 40,556 17% 80,109 17% 1,156,838 26% 36,902,670 30% information

Male HHer: no wife present: 4,465 9% 19,176 8% 32,715 8% 286,047 7% 6,093,889 5% The Male HHer: no wife present: 4,465 9% 19,176 8% 32,715 8% 286,047 7% 6,093,889 5% The

W/ own children < 18 yrs 1,446 3% 7,562 3% 13,183 3% 113,680 3% 2,881,911 2% W/ own children < 18 yrs 1,446 3% 7,562 3% 13,183 3% 113,680 3% 2,881,911 2% No own children < 18 yrs 3,019 6% 11,614 5% 19,532 5% 172,367 4% 3,211,978 3% No own children < 18 yrs 3,019 6% 11,614 5% 19,532 5% 172,367 4% 3,211,978 3% reliable. reliable. Household Household

be be

Female HHer: no husband: 7,906 16% 38,228 16% 71,568 16% 644,824 15% 16,396,058 13% Female HHer: no husband: 7,906 16% 38,228 16% 71,568 16% 644,824 15% 16,396,058 13% to to W/ own children < 18 yrs 4,185 9% 19,301 8% 35,221 8% 302,240 7% 8,850,469 7% W/ own children < 18 yrs 4,185 9% 19,301 8% 35,221 8% 302,240 7% 8,850,469 7% No own children < 18 yrs 3,721 8% 18,927 8% 36,347 8% 342,584 8% 7,545,589 6% No own children < 18 yrs 3,721 8% 18,927 8% 36,347 8% 342,584 8% 7,545,589 6% deemed deemed Nonfamily Households 4,977 10% 29,387 12% 60,034 12% 325,514 7% 8,085,617 6% Nonfamily Households 4,977 10% 29,387 12% 60,034 12% 325,514 7% 8,085,617 6% 2018 Est. Group Quarters 432 17,945 40,084 205,526 7,931,761 2018 Est. Group Quarters 432 17,945 40,084 205,526 7,931,761 sources sources Institutionalized 22 5% 3,757 21% 14,271 21% 82,589 40% 3,993,848 50% Institutionalized 22 5% 3,757 21% 14,271 21% 82,589 40% 3,993,848 50% Non-Institutionalized 410 95% 14,188 79% 25,812 79% 122,937 60% 3,937,913 50% Non-Institutionalized 410 95% 14,188 79% 25,812 79% 122,937 60% 3,937,913 50% College 24 6% 7,853 44% 8,209 44% 61,585 30% 2,522,776 32% College 24 6% 7,853 44% 8,209 44% 61,585 30% 2,522,776 32% government government

Quarters Military 0 0% 0 0% 0 0% 37 0% 337,872 4% Quarters Military 0 0% 0 0% 0 0% 37 0% 337,872 4%

and and Other 386 89% 6,335 35% 17,603 35% 61,315 30% 1,077,265 14% Other 386 89% 6,335 35% 17,603 35% 61,315 30% 1,077,265 14%

Group 2010 Census Group Qtrs Pop. 494 18,300 40,818 210,917 8,025,278 Group 2010 Census Group Qtrs Pop. 494 18,300 40,818 210,917 8,025,278 private private

2018 Est. Group Qtrs Pop. 432 17,945 40,084 205,526 7,931,761 2018 Est. Group Qtrs Pop. 432 17,945 40,084 205,526 7,931,761 from from 2023 Proj. Group Qtrs Pop. 432 17,944 40,079 205,500 7,938,096 2023 Proj. Group Qtrs Pop. 432 17,944 40,079 205,500 7,938,096 data data Housing by Vehicles Avail. 48,268 237,391 473,819 4,381,791 125,006,767 Housing by Vehicles Avail. 48,268 237,391 473,819 4,381,791 125,006,767

None 13,398 28% 59,617 25% 100,059 25% 362,512 8% 11,270,806 9% using None 13,398 28% 59,617 25% 100,059 25% 362,512 8% 11,270,806 9% using

1 vehicle 23,291 48% 104,751 44% 211,278 44% 1,451,446 33% 42,026,100 34% 1 vehicle 23,291 48% 104,751 44% 211,278 44% 1,451,446 33% 42,026,100 34% 2 vehicles 9,527 20% 55,513 23% 122,592 23% 1,616,340 37% 46,647,898 37% 2 vehicles 9,527 20% 55,513 23% 122,592 23% 1,616,340 37% 46,647,898 37% produced produced

3 vehicles 1,490 3% 12,374 5% 28,302 5% 620,122 14% 17,421,054 14% 3 vehicles 1,490 3% 12,374 5% 28,302 5% 620,122 14% 17,421,054 14% was was Vehicles Vehicles 4 vehicles 294 1% 3,360 1% 7,764 1% 232,393 5% 5,510,497 4% 4 vehicles 294 1% 3,360 1% 7,764 1% 232,393 5% 5,510,497 4% report report

5 or more vehicles 268 1% 1,776 1% 3,824 1% 98,978 2% 2,130,412 2% 5 or more vehicles 268 1% 1,776 1% 3,824 1% 98,978 2% 2,130,412 2%

Avg. # of Vehicles Available 1.0 1.2 1.2 1.8 1.8 This Avg. # of Vehicles Available 1.0 1.2 1.2 1.8 1.8 This

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38 38 DEMOGRAPHICS DEMOGRAPHICS

DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE 2010 Census, 2018 Estimates & 2023 Projections 2010 Census, 2018 Estimates & 2023 Projections Calculated using Proportional Block Groups Calculated using Proportional Block Groups 2019-Jul-19 2019-Jul-19

Lat/Long: 34.058088/-118.299389 Lat/Long: 34.058088/-118.299389 kind. kind.

Los Angeles- any Los Angeles- any 756 Normandie Ave, Los 756 Normandie Ave, Los

Long Beach- US Benchmark of Long Beach- US Benchmark of 0 - 1 mi 0 - 3 mi 0 - 5 mi 0 - 1 mi 0 - 3 mi 0 - 5 mi Angeles, CA 90005 Anaheim, CA Angeles, CA 90005 Anaheim, CA

Households by HH Inc. 48,268 237,391 473,819 4,381,791 125,006,767 Households by HH Inc. 48,268 237,391 473,819 4,381,791 125,006,767 warranty warranty

or or $0 to $24,999 15,866 33% 76,393 32% 142,594 30% 839,295 19% 27,149,584 22% $0 to $24,999 15,866 33% 76,393 32% 142,594 30% 839,295 19% 27,149,584 22% $25,000 to $34,999 7,265 15% 29,651 12% 52,174 11% 374,327 9% 12,136,353 10% $25,000 to $34,999 7,265 15% 29,651 12% 52,174 11% 374,327 9% 12,136,353 10% $35,000 to $49,999 9,483 20% 34,999 15% 63,370 13% 513,114 12% 16,432,919 13% $35,000 to $49,999 9,483 20% 34,999 15% 63,370 13% 513,114 12% 16,432,919 13%

Income $50,000 to $74,999 7,723 16% 36,684 15% 73,406 15% 715,821 16% 22,193,184 18% Income $50,000 to $74,999 7,723 16% 36,684 15% 73,406 15% 715,821 16% 22,193,184 18% representation representation

$75,000 to $99,999 3,786 8% 20,790 9% 45,325 10% 526,180 12% 15,447,201 12% $75,000 to $99,999 3,786 8% 20,790 9% 45,325 10% 526,180 12% 15,447,201 12%

$100,000 to $149,999 2,771 6% 20,010 8% 48,906 10% 681,099 16% 17,295,774 14% without $100,000 to $149,999 2,771 6% 20,010 8% 48,906 10% 681,099 16% 17,295,774 14% without

$150,000 to $249,999 1,106 2% 14,670 6% 36,773 8% 571,038 13% 11,741,377 9% $150,000 to $249,999 1,106 2% 14,670 6% 36,773 8% 571,038 13% 11,741,377 9% Household Household $250,000 or more 268 1% 4,194 2% 11,271 2% 160,917 4% 2,610,375 2% $250,000 or more 268 1% 4,194 2% 11,271 2% 160,917 4% 2,610,375 2% provided provided

is is Median Household Income $ 36,364 $ 39,787 $ 44,385 $ 65,333 $ 56,975 Median Household Income $ 36,364 $ 39,787 $ 44,385 $ 65,333 $ 56,975 Average Household Income $ 47,522 $ 63,763 $ 71,857 $ 94,223 $ 79,436 Average Household Income $ 47,522 $ 63,763 $ 71,857 $ 94,223 $ 79,436 herein herein

HHer < 25 yrs by HH Inc. 2,687 12,804 19,947 115,886 4,603,109 HHer < 25 yrs by HH Inc. 2,687 12,804 19,947 115,886 4,603,109 yrs yrs $0 to $24,999 1,182 44% 6,300 49% 9,254 46% 46,872 40% 2,035,156 44% $0 to $24,999 1,182 44% 6,300 49% 9,254 46% 46,872 40% 2,035,156 44% <25 <25 $25,000 to $34,999 471 18% 1,790 14% 2,678 13% 15,211 13% 672,440 15% information $25,000 to $34,999 471 18% 1,790 14% 2,678 13% 15,211 13% 672,440 15% information

$35,000 to $49,999 487 18% 1,787 14% 2,735 14% 17,744 15% 733,604 16% The $35,000 to $49,999 487 18% 1,787 14% 2,735 14% 17,744 15% 733,604 16% The

$50,000 to $99,999 466 17% 2,366 18% 4,087 20% 26,487 23% 933,898 20% $50,000 to $99,999 466 17% 2,366 18% 4,087 20% 26,487 23% 933,898 20% $100,000 or more 81 3% 562 4% 1,194 6% 9,572 8% 228,011 5% $100,000 or more 81 3% 562 4% 1,194 6% 9,572 8% 228,011 5% reliable. reliable.

be be

Median Household Income $ 30,206 $ 25,607 $ 27,740 $ 32,336 $ 28,790 Median Household Income $ 30,206 $ 25,607 $ 27,740 $ 32,336 $ 28,790 to to Householders Householders Average Household Income $ 34,314 $ 34,579 $ 37,942 $ 49,452 $ 41,059 Average Household Income $ 34,314 $ 34,579 $ 37,942 $ 49,452 $ 41,059 HHer 25-44 yrs by HH Inc. 23,122 109,684 215,074 1,565,191 41,137,313 HHer 25-44 yrs by HH Inc. 23,122 109,684 215,074 1,565,191 41,137,313 yrs yrs deemed deemed

$0 to $24,999 6,375 28% 28,518 26% 51,984 24% 255,733 16% 7,262,245 18% $0 to $24,999 6,375 28% 28,518 26% 51,984 24% 255,733 16% 7,262,245 18% $25,000 to $34,999 3,649 16% 14,287 13% 23,391 11% 135,077 9% 3,749,211 9% $25,000 to $34,999 3,649 16% 14,287 13% 23,391 11% 135,077 9% 3,749,211 9% 25-44 25-44

sources sources $35,000 to $49,999 5,078 22% 17,733 16% 30,676 14% 190,346 12% 5,461,795 13% $35,000 to $49,999 5,078 22% 17,733 16% 30,676 14% 190,346 12% 5,461,795 13% $50,000 to $99,999 5,899 26% 29,763 27% 60,146 28% 478,443 31% 13,736,144 33% $50,000 to $99,999 5,899 26% 29,763 27% 60,146 28% 478,443 31% 13,736,144 33% $100,000 or more 2,120 9% 19,384 18% 48,877 23% 505,592 32% 10,927,918 27% $100,000 or more 2,120 9% 19,384 18% 48,877 23% 505,592 32% 10,927,918 27% government government Median Household Income $ 38,757 $ 44,387 $ 50,888 $ 68,036 $ 62,363 Median Household Income $ 38,757 $ 44,387 $ 50,888 $ 68,036 $ 62,363 and and

Householders Average Household Income $ 48,396 $ 59,987 $ 66,651 $ 94,983 $ 83,136 Householders Average Household Income $ 48,396 $ 59,987 $ 66,651 $ 94,983 $ 83,136 HHer 45-64 yrs by HH Inc. 15,942 79,039 161,463 1,775,188 49,160,014 HHer 45-64 yrs by HH Inc. 15,942 79,039 161,463 1,775,188 49,160,014 private private yrs yrs

$0 to $24,999 4,482 28% 22,411 28% 43,923 27% 271,138 15% 8,693,080 18% $0 to $24,999 4,482 28% 22,411 28% 43,923 27% 271,138 15% 8,693,080 18% from from $25,000 to $34,999 2,329 15% 9,801 12% 17,754 11% 127,821 7% 3,799,300 8% $25,000 to $34,999 2,329 15% 9,801 12% 17,754 11% 127,821 7% 3,799,300 8% 45-64 45-64

data data $35,000 to $49,999 3,192 20% 12,113 15% 22,141 14% 189,652 11% 5,628,053 11% $35,000 to $49,999 3,192 20% 12,113 15% 22,141 14% 189,652 11% 5,628,053 11%

$50,000 to $99,999 4,470 28% 20,087 25% 41,661 26% 508,464 29% 15,152,605 31% using $50,000 to $99,999 4,470 28% 20,087 25% 41,661 26% 508,464 29% 15,152,605 31% using

$100,000 or more 1,470 9% 14,628 19% 35,984 22% 678,113 38% 15,886,976 32% $100,000 or more 1,470 9% 14,628 19% 35,984 22% 678,113 38% 15,886,976 32% Median Household Income $ 39,819 $ 43,353 $ 47,631 $ 76,522 $ 68,595 Median Household Income $ 39,819 $ 43,353 $ 47,631 $ 76,522 $ 68,595 produced produced

Householders Average Household Income $ 49,194 $ 59,637 $ 65,106 $ 104,863 $ 90,521 Householders Average Household Income $ 49,194 $ 59,637 $ 65,106 $ 104,863 $ 90,521 was was

report report

This This

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THE BARD THE BARD thebard.BerkadiaREA.com 39 thebard.BerkadiaREA.com 39 DEMOGRAPHICS DEMOGRAPHICS

DEMOGRAPHIC PROFILE DEMOGRAPHIC PROFILE 2010 Census, 2018 Estimates & 2023 Projections 2010 Census, 2018 Estimates & 2023 Projections Calculated using Proportional Block Groups Calculated using Proportional Block Groups 2019-Jul-19 2019-Jul-19 kind. kind. Lat/Long: 34.058088/-118.299389 Lat/Long: 34.058088/-118.299389 any any Los Angeles- Los Angeles- of of

756 Normandie Ave, Los 756 Normandie Ave, Los 0 - 1 mi 0 - 3 mi 0 - 5 mi Long Beach- US Benchmark 0 - 1 mi 0 - 3 mi 0 - 5 mi Long Beach- US Benchmark Angeles, CA 90005 Anaheim, CA Angeles, CA 90005 Anaheim, CA warranty warranty HHer > 65 yrs by HH Inc. 6,517 35,864 77,335 925,526 30,106,331 HHer > 65 yrs by HH Inc. 6,517 35,864 77,335 925,526 30,106,331 or or

yrs yrs $0 to $24,999 3,826 59% 19,165 53% 37,433 48% 265,552 29% 9,159,103 30% $0 to $24,999 3,826 59% 19,165 53% 37,433 48% 265,552 29% 9,159,103 30% 65 65

> $25,000 to $34,999 816 13% 3,774 11% 8,351 11% 96,218 10% 3,915,402 13% > $25,000 to $34,999 816 13% 3,774 11% 8,351 11% 96,218 10% 3,915,402 13%

$35,000 to $49,999 727 11% 3,367 9% 7,818 10% 115,372 12% 4,609,467 15% $35,000 to $49,999 727 11% 3,367 9% 7,818 10% 115,372 12% 4,609,467 15% representation representation $50,000 to $99,999 674 10% 5,257 15% 12,837 17% 228,607 25% 7,817,738 26% $50,000 to $99,999 674 10% 5,257 15% 12,837 17% 228,607 25% 7,817,738 26% $100,000 or more 474 7% 4,300 12% 10,896 14% 219,777 24% 4,604,621 15% $100,000 or more 474 7% 4,300 12% 10,896 14% 219,777 24% 4,604,621 15% without without Median Household Income $ 19,526 $ 22,450 $ 26,414 $ 47,998 $ 40,919 Median Household Income $ 19,526 $ 22,450 $ 26,414 $ 47,998 $ 40,919

Householders Average Household Income $ 32,902 $ 42,734 $ 47,090 $ 78,138 $ 62,113 Householders Average Household Income $ 32,902 $ 42,734 $ 47,090 $ 78,138 $ 62,113 provided provided Owner-Occ. Housing Units 4,536 39,677 106,184 2,212,498 81,504,469 Owner-Occ. Housing Units 4,536 39,677 106,184 2,212,498 81,504,469 is is

$0 to $49,999 40 1% 322 1% 1,014 1% 38,460 2% 5,576,034 7% $0 to $49,999 40 1% 322 1% 1,014 1% 38,460 2% 5,576,034 7% herein herein $50,000 to $99,999 38 1% 195 0% 528 0% 29,462 1% 8,741,369 11% $50,000 to $99,999 38 1% 195 0% 528 0% 29,462 1% 8,741,369 11% Value Value $100,000 to $199,999 174 4% 490 1% 1,338 1% 45,794 2% 20,422,902 25% $100,000 to $199,999 174 4% 490 1% 1,338 1% 45,794 2% 20,422,902 25% $200,000 to $499,999 725 16% 5,466 14% 17,324 16% 367,972 17% 30,463,978 37% $200,000 to $499,999 725 16% 5,466 14% 17,324 16% 367,972 17% 30,463,978 37% information information $500,000 or more 3,560 78% 33,203 84% 85,980 81% 1,730,810 78% 16,300,186 20% $500,000 or more 3,560 78% 33,203 84% 85,980 81% 1,730,810 78% 16,300,186 20% Housing Housing The The

Median Housing Unit Value $ 817,879 $ 902,356 $ 857,998 $ 766,662 $ 237,269 Median Housing Unit Value $ 817,879 $ 902,356 $ 857,998 $ 766,662 $ 237,269 Average Housing Unit Value $ 823,124 $ 989,954 $ 978,475 $ 898,614 $ 347,220 Average Housing Unit Value $ 823,124 $ 989,954 $ 978,475 $ 898,614 $ 347,220 reliable. reliable. Workplace Establishments 5,072 22,568 44,687 394,808 8,361,211 Workplace Establishments 5,072 22,568 44,687 394,808 8,361,211 be be

Workplace Employees (FTE) 56,327 358,906 694,233 6,521,524 148,739,541 to Workplace Employees (FTE) 56,327 358,906 694,233 6,521,524 148,739,541 to

Mortgage by Mort.-Risk Ratio 583 4,166 12,240 278,640 11,742,446 Mortgage by Mort.-Risk Ratio 583 4,166 12,240 278,640 11,742,446

Under 1.0 10 2% 25 1% 66 1% 3,278 1% 522,954 4% deemed Under 1.0 10 2% 25 1% 66 1% 3,278 1% 522,954 4% deemed

1.0 to 2.0 53 9% 302 7% 760 6% 16,226 6% 2,692,711 23% 1.0 to 2.0 53 9% 302 7% 760 6% 16,226 6% 2,692,711 23% Risk Risk

2.0 to 3.0 152 26% 904 22% 2,282 19% 50,720 18% 3,980,280 34% sources 2.0 to 3.0 152 26% 904 22% 2,282 19% 50,720 18% 3,980,280 34% sources

3.0 to 4.0 190 33% 1,194 29% 3,517 29% 84,577 30% 2,741,972 23% 3.0 to 4.0 190 33% 1,194 29% 3,517 29% 84,577 30% 2,741,972 23% 4.0 to 5.0 127 22% 1,143 27% 3,529 29% 80,438 29% 1,281,356 11% 4.0 to 5.0 127 22% 1,143 27% 3,529 29% 80,438 29% 1,281,356 11% Mortgage Mortgage

5.0 and over 51 9% 598 14% 2,086 17% 43,401 16% 523,173 4% government 5.0 and over 51 9% 598 14% 2,086 17% 43,401 16% 523,173 4% government

Average Mortgage Risk 3.4 3.7 3.8 3.7 2.8 and Average Mortgage Risk 3.4 3.7 3.8 3.7 2.8 and

private private

from from

data data

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report report

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40 40 APARTMENT UPDATE APARTMENT UPDATE

LOS ANGELES - WEST LOS ANGELES - WEST MULTIFAMILY REPORT SECOND QUARTER 2019 MULTIFAMILY REPORT SECOND QUARTER 2019

MARKET AT A GLANCE MARKET AT A GLANCE

OCCUPANCY OCCUPANCY RATE 96.1% RATE 96.1% Unchanged since 2Q18 Unchanged since 2Q18

EFFECTIVE $ EFFECTIVE $ RENT 2,700 RENT 2,700 Up 2.0% since 2Q18 Up 2.0% since 2Q18

TOTAL TOTAL INVENTORY 408,015 INVENTORY 408,015

OCCUPANCY AND RENT TRENDS OCCUPANCY AND RENT TRENDS

APARTMENT DEMAND BRISK AMID WAVE OF NEW INVENTORY APARTMENT DEMAND BRISK AMID WAVE OF NEW INVENTORY

Following years of insuicient apartment development, multifamily developers’ eforts to build up inventory were apparent Following years of insuicient apartment development, multifamily developers’ eforts to build up inventory were apparent during the last 12 months. Builders completed 10,128 apartments in Los Angeles West since June 2018, a 165% increase from during the last 12 months. Builders completed 10,128 apartments in Los Angeles West since June 2018, a 165% increase from the same period one year earlier. Deliveries in the Downtown Los Angeles submarket accounted for 50% of the new stock the same period one year earlier. Deliveries in the Downtown Los Angeles submarket accounted for 50% of the new stock in Los Angeles West. Apartment demand in Downtown Los Angeles was brisk, but not enough to overtake the wave of in Los Angeles West. Apartment demand in Downtown Los Angeles was brisk, but not enough to overtake the wave of new development, resulting in an 80-basis-point annual reduction in occupancy to 94.6% in June of this year. Furthermore, new development, resulting in an 80-basis-point annual reduction in occupancy to 94.6% in June of this year. Furthermore, heightened competition in the Downtown Los Angeles submarket prompted the lowest annual rate of rent growth of all heightened competition in the Downtown Los Angeles submarket prompted the lowest annual rate of rent growth of all submarkets in the county. The trend in apartment fundamentals was more favorable across Los Angeles West. Average submarkets in the county. The trend in apartment fundamentals was more favorable across Los Angeles West. Average occupancy of 96.1% in June was the same as one year prior, resulting from robust leasing activity. At the same time, average occupancy of 96.1% in June was the same as one year prior, resulting from robust leasing activity. At the same time, average efective rent increased 2.0% year over year to $2,700 per month. Rent growth, however, may be tested in the near term as efective rent increased 2.0% year over year to $2,700 per month. Rent growth, however, may be tested in the near term as 10,607 apartments are slated for delivery during the next four quarters. 10,607 apartments are slated for delivery during the next four quarters.

97.0% OCCUPANCY AND RENT TRENDS $2,800 97.0% OCCUPANCY AND RENT TRENDS $2,800

96.5% $2,600 96.5% $2,600

96.0% $2,400 96.0% $2,400

95.5% $2,200 95.5% $2,200

95.0% $2,000 95.0% $2,000

94.5% $1,800 94.5% $1,800 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19

Occupancy Rate Effective Rent Occupancy Rate Effective Rent

a Berkshire Hathaway and Jeferies Financial Group company a Berkshire Hathaway and Jeferies Financial Group company

THE BARD THE BARD thebard.BerkadiaREA.com 41 thebard.BerkadiaREA.com 41 APARTMENT UPDATE APARTMENT UPDATE

LOS ANGELES - WEST LOS ANGELES - WEST MULTIFAMILY REPORT MULTIFAMILY REPORT

DELIVERIES AND DEMAND DELIVERIES AND DEMAND

LA - WEST 9,000 DELIVERIES AND DEMAND LA - WEST 9,000 DELIVERIES AND DEMAND DELIVERIES 5,895 DELIVERIES 5,895 Units YTD Units YTD

LA - WEST 6,000 LA - WEST 6,000 NET NET ABSORPTION 3,951 ABSORPTION 3,951 Units YTD Units YTD 3,000 3,000 LA - METRO LA - METRO DELIVERIES 8,719 DELIVERIES 8,719 Units YTD Units YTD 0 0 LA - METRO 2014 2015 2016 2017 2018 2019* LA - METRO 2014 2015 2016 2017 2018 2019* NET Deliveries Demand NET Deliveries Demand ABSORPTION 6,138 *Year to date ABSORPTION 6,138 *Year to date Units YTD Units YTD

ECONOMIC TRENDS ECONOMIC TRENDS

Payrolls in Los Angeles County expanded with 50,200 Payrolls in Los Angeles County expanded with 50,200 2018 UNEMPLOYMENT* 2019 2018 UNEMPLOYMENT* 2019 workers in the 12 months ending in April 2019, a 1.1% workers in the 12 months ending in April 2019, a 1.1% 4.7% -10 BPS 4.6% year-over-year increase. The gain trailed the national 4.7% -10 BPS 4.6% year-over-year increase. The gain trailed the national CHANGE CHANGE job growth rate of 1.7%. Employment grew in eight of job growth rate of 1.7%. Employment grew in eight of the 11 job sectors in the county. Staing increases were the 11 job sectors in the county. Staing increases were 2018 EMPLOYMENT* 2019 most prevalent in the education and health services 2018 EMPLOYMENT* 2019 most prevalent in the education and health services 4.50m 1.1% 4.55m and the leisure and hospitality sectors, supported by 4.50m 1.1% 4.55m and the leisure and hospitality sectors, supported by CHANGE 27,000 new households since April 2018, and steady in- CHANGE 27,000 new households since April 2018, and steady in- migration of young, talented foreign labor. Education migration of young, talented foreign labor. Education 2018 EXISTING SFH SALES** 2019 and health services institutions created 19,500 new 2018 EXISTING SFH SALES** 2019 and health services institutions created 19,500 new jobs since April 2018, a 2.4% annual gain. A substantial jobs since April 2018, a 2.4% annual gain. A substantial 62.5k -13.8% 53.9k 62.5k -13.8% 53.9k CHANGE increase in the median household income and a 3.1% CHANGE increase in the median household income and a 3.1% annual rise in local tourism in 2018 boosted the leisure annual rise in local tourism in 2018 boosted the leisure and hospitality industry where 9,600 workers were and hospitality industry where 9,600 workers were 2018 MEDIAN SFH PRICE** 2019 2018 MEDIAN SFH PRICE** 2019 hired, a 1.8% increase. White-collar employment also hired, a 1.8% increase. White-collar employment also $ $ $ $ 574.9k 2.9% 591.4k expanded. Companies in the professional and business 574.9k 2.9% 591.4k expanded. Companies in the professional and business CHANGE CHANGE services segment grew payrolls 1.1% with 7,000 new services segment grew payrolls 1.1% with 7,000 new hires. High-tech start-ups and electronic gaming hires. High-tech start-ups and electronic gaming 2018 10-YEAR TREASURY** 2019 companies gravitated to Silicon Beach, boosting 2018 10-YEAR TREASURY** 2019 companies gravitated to Silicon Beach, boosting 2.91% -80 BPS 2.07% information sector payrolls with 4,100 new workers, 2.91% -80 BPS 2.07% information sector payrolls with 4,100 new workers, CHANGE equating to 1.9% annual growth. CHANGE equating to 1.9% annual growth.

*April; **June *April; **June

U.S. REGION U.S. REGION ANNUAL RENT ANNUAL RENT ANNUAL RENT ANNUAL RENT 27.2 % 44.2% 27.2 % 44.2% share of wallet share of wallet share of wallet share of wallet

SECOND QUARTER 2019 BERKADIA SECOND QUARTER 2019 BERKADIA

42 42 APARTMENT UPDATE APARTMENT UPDATE

LOS ANGELES - WEST LOS ANGELES - WEST MULTIFAMILY REPORT MULTIFAMILY REPORT

SUBMARKET BREAKDOWN SUBMARKET BREAKDOWN

OCCUPANCY AVG RENT AVG RENT NET DELIVERED OCCUPANCY AVG RENT AVG RENT NET DELIVERED CHANGE ABSORPTION UNITS CHANGE ABSORPTION UNITS SUBMARKET NAME 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q19 ANNUAL 2Q19 ANNUAL SUBMARKET NAME 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q19 ANNUAL 2Q19 ANNUAL Brentwood/Westwood/Beverly Hills 96.7% 97.1% 3.7% 2.3% $3,352 $3,430 345 530 240 316 Brentwood/Westwood/Beverly Hills 96.7% 97.1% 3.7% 2.3% $3,352 $3,430 345 530 240 316 Downtown Los Angeles 95.4% 94.6% 2.4% 0.4% $2,509 $2,520 1,221 4,498 1,505 5,153 Downtown Los Angeles 95.4% 94.6% 2.4% 0.4% $2,509 $2,520 1,221 4,498 1,505 5,153 Hollywood 95.9% 95.5% 1.7% 2.7% $2,481 $2,549 67 689 355 1,098 Hollywood 95.9% 95.5% 1.7% 2.7% $2,481 $2,549 67 689 355 1,098 Mid-Wilshire 96.4% 96.5% 3.3% 2.6% $2,178 $2,236 1,109 2,602 1,390 2,577 Mid-Wilshire 96.4% 96.5% 3.3% 2.6% $2,178 $2,236 1,109 2,602 1,390 2,577 Palms/Mar Vista 96.5% 96.5% 4.1% 1.8% $2,628 $2,676 -1 330 132 342 Palms/Mar Vista 96.5% 96.5% 4.1% 1.8% $2,628 $2,676 -1 330 132 342 Santa Monica/Marina del Rey 95.8% 96.4% 2.0% 1.6% $3,427 $3,483 305 904 267 642 Santa Monica/Marina del Rey 95.8% 96.4% 2.0% 1.6% $3,427 $3,483 305 904 267 642 TOTALS 96.1% 96.1% 2.8% 2.0% $2,648 $2,700 3,046 9,552 3,889 10,128 TOTALS 96.1% 96.1% 2.8% 2.0% $2,648 $2,700 3,046 9,552 3,889 10,128

© 2019 Berkadia Real Estate Advisors LLC © 2019 Berkadia Real Estate Advisors LLC Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC Document sources: Axiometrics; Berkadia Research; Federal Reserve Bank of St. Louis; Moody’s Document sources: Axiometrics; Berkadia Research; Federal Reserve Bank of St. Louis; Moody’s

BERKADIA SECOND QUARTER 2019 BERKADIA SECOND QUARTER 2019

THE BARD THE BARD thebard.BerkadiaREA.com 43 thebard.BerkadiaREA.com 43 SOUTH BAY LOS ANGELES OFFICE SOUTH BAY LOS ANGELES OFFICE 2321 Rosecrans Ave, Suite 3235 | El Segundo, CA 90245 2321 Rosecrans Ave, Suite 3235 | El Segundo, CA 90245 Phone: 424.239.5900 | Fax: 424.239.5901 Phone: 424.239.5900 | Fax: 424.239.5901

ALBUQUERQUE, NM DALLAS, TX MEMPHIS, TN SALT LAKE CITY, UT ALBUQUERQUE, NM DALLAS, TX MEMPHIS, TN SALT LAKE CITY, UT AMBLER, PA DC METRO MIAMI, FL SAN ANTONIO, TX AMBLER, PA DC METRO MIAMI, FL SAN ANTONIO, TX ATLANTA, GA DENVER, CO MIDVALE, UT SAN DIEGO, CA ATLANTA, GA DENVER, CO MIDVALE, UT SAN DIEGO, CA AUSTIN, TX DETROIT, MI MURRIETA, CA SAN FRANCISCO, CA AUSTIN, TX DETROIT, MI MURRIETA, CA SAN FRANCISCO, CA BATON ROUGE, LA EL SEGUNDO, CA NASHVILLE, TN SEATTLE, WA BATON ROUGE, LA EL SEGUNDO, CA NASHVILLE, TN SEATTLE, WA BIRMINGHAM, AL FRESNO, CA NEW YORK, NY SHREWSBURY, NJ BIRMINGHAM, AL FRESNO, CA NEW YORK, NY SHREWSBURY, NJ BOCA RATON, FL HOUSTON, TX NEWPORT NEWS, VA ST. LOUIS, MO BOCA RATON, FL HOUSTON, TX NEWPORT NEWS, VA ST. LOUIS, MO BOSTON, MA IRVINE, CA ORLANDO, FL TAMPA, FL BOSTON, MA IRVINE, CA ORLANDO, FL TAMPA, FL CAMAS, WA JACKSONVILLE, FL PASADENA, CA TEMPE, AZ CAMAS, WA JACKSONVILLE, FL PASADENA, CA TEMPE, AZ CHARLESTON, SC KANSAS CITY, MO PHILADELPHIA, PA TUCSON, AZ CHARLESTON, SC KANSAS CITY, MO PHILADELPHIA, PA TUCSON, AZ CHATTANOOGA, TN LAS VEGAS, NV PHOENIX, AZ WOODLAND HILLS, CA CHATTANOOGA, TN LAS VEGAS, NV PHOENIX, AZ WOODLAND HILLS, CA CHICAGO, IL LEXINGTON, KY PORTLAND, OR HYDERABAD - INDIA CHICAGO, IL LEXINGTON, KY PORTLAND, OR HYDERABAD - INDIA CLEVELAND, OH LOS ANGELES, CA RALEIGH, NC CLEVELAND, OH LOS ANGELES, CA RALEIGH, NC COLORADO SPRINGS, CO MARBLEHEAD, MA RICHMOND, VA COLORADO SPRINGS, CO MARBLEHEAD, MA RICHMOND, VA

The material contained in this document is con dential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for The material contained in this document is con dential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein con dential. recipient agrees to keep all material contained herein con dential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, nancial reports, leases, Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, nancial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property. performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and nancial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, nancial and legal nancial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, nancial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership. advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a quali ed professional. inspections by a quali ed professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale. to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. servicers in the industry.

© 2019 Berkadia Proprietary Holding LLC © 2019 Berkadia Proprietary Holding LLC

Berkadia® is a trademark of Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx

a Berkshire Hathaway and Jefferies Financial Group company a Berkshire Hathaway and Jefferies Financial Group company