Service. Success. Perfected. Spotlight on Mid-City, Los Angeles, CA

Home , Crenshaw Boulevard, La Brea Avenue, Pico Boulevard, San Vicente Boulevard

Service. Success. Perfected. Spotlight on Mid-City, Los Angeles, CA | Multifamily March 2016

Mid-City is a highly diverse and dense urban neighborhood located The featured properties in this month’s rent survey represent in central Los Angeles, California. The area boasts a slew of historic six communities in the immediate Mid-City area built from single family homes and a multitude of multifamily apartment 1949–1964. Average occupancy rates for the communities range from properties. While the borders of what is referred to as “Mid-City” may 83%–94%. Common area amenities vary from property to property and be disputed, one thing that remains undeniable is the array of unique include swimming pools and community patios while in-unit amenities real estate offered with renters occupying most of the housing space. include laminate and vinyl plank flooring, renovated bathrooms and Dive a little deeper into the area and you will find yourself immersed in kitchens, some of which feature stainless steel appliances. Residents a vast spectrum of beautifully built apartment properties constructed pay application fees ranging from $25–$35 with security deposits during the mid-century. ranging from $500 up to one month’s rent. Pets are allowed in some surveyed communities with residents paying non-refundable pet According to Los Angeles Times, the borders of Mid-City are deposits of $250–$300. north of the 10 freeway and south of Pico Boulevard with the east/ west borders defined as Robertson Boulevard to the west and Crenshaw Boulevard to the east. Despite its location just a few miles west of Downtown, Mid-City maintains a suburban feel where home prices range between half a million dollars to well over $1 million, most of which are being purchased by Westside transplants being priced out of traditional coastal areas such as Venice, Marina del Rey, and even Mar Vista and Culver City. The come-one-come-all attitude of this area is clearly manifested in the emerging gentrification with regard to its retail shops and corner stores. For quiet palm-tree promenades, Mid-City is the place to be. If the intent is to explore Los Angeles and its notoriously late-night after-after party offerings, San Vicente Boulevard then there are neighborhoods better suited to service that desire.

4845 SATURN STREET 1509 S. ORANGE GROVE AVENUE 4845 Saturn Street 1509 S. Orange Grove Avenue Los Angeles, CA 90019 Los Angeles, CA 90019 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/BA 650 $1,349 1 BDR/1 BA 675 $1,695

• Common area amenities include gated parking. • Unit amenities include laminated wood floors, • Unit amenities include designer lighting, granite stainless steel appliances, ceiling fans, and a countertops, vinyl plank flooring, a stainless steel renovated kitchen/bath. refrigerator and appliances, and a renovated • Residents pay a $30 application fee and a $1,695 kitchen/bath. security deposit. • Residents pay a $25 application fee and a $1,349 • Additional fees include a pet deposit of $300. security deposit. • Residents pay for gas, electric, and trash removal; • Additional fees include a pet deposit of $250 and property pays for water. No. Units 18 pet rent of $25. No. Units 8 • Management sets rent levels. Occupancy 94.4% • Residents pay for gas, electric, and trash removal; Occupancy 87.5% property pays for water. Year Built 1964 Year Built 1955 • Management sets rent levels. Managed by Monem Managed by Avaco Properties Corporation

LAFAYETTE PLACE APARTMENTS 1167 S. FAIRFAX 1625 Crenshaw Boulevard 1167 S. Fairfax Los Angeles, CA 90019 Los Angeles, CA 90019 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 2 BDR/2 BA 1,200 $2,395 1 BDR/1 BA 650 $1,595

• Common area amenities include a swimming pool. • Unit amenities include a renovated kitchen/bath, • Unit amenities include wood-look vinyl flooring, and granite countertops. stainless steel appliances, and a renovated • Residents pay a $30 application fee and a $1,595 kitchen/bath. security deposit. • Residents pay a $35 application fee and a $2,395 • Residents pay for gas and electric; property pays security deposit. for water. • Additional fees include a pet deposit of $500. • Management sets rent levels. • Residents pay for gas and electric; property pays for 45 No. Units water and trash removal. No. Units 12 Occupancy - • Management sets rent levels. Occupancy 91.6%

Year Built 1984 Year Built 1953

Managed by Power Property Managed by Seltzer Doren Co. Management

2015 HOLT AVENUE 5431 SAN VICENTE BOULEVARD 2015 Holt Avenue 5431 San Vicente Boulevard Los Angeles, CA 90034 Los Angeles, CA 90019 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 2 BDR/2 BA 1,350 $2,200 1 BDR/1 BA 650 $1,295

• Unit amenities include ceiling fans, granite • Common area amenities include a countertops, laminated wood floors, and a private courtyard/garden. balcony/patio. • Unit amenities include hardwood floors, and a • Residents pay a $30 application fee and a $2,200 private balcony/patio. security deposit. • Residents pay a $35 application fee and a $1,295 • Residents pay for gas and electric; property pays security deposit. for water. • Residents pay for gas; property pays for water. • Management sets rent levels. • Management sets rent levels. No. Units 6 No. Units 16

Occupancy 83% Occupancy 93.75%

Year Built 1963 Year Built 1953

Managed by Lotus Property Managed by Fred Leeds Services Properties

The report below features a sampling of properties sold within the last 3 months in California. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

1352 BURNSIDE AVENUE 1743 S. LA BREA AVENUE 1352 Burnside Avenue 1743 S. La Brea Avenue Los Angeles, CA 90019 Los Angeles, CA 90019

Close Date: February 2016 Close Date: January 2016 Units: 8 Units: 8 Year Built: 1929 Year Built: 1946 Price: $1,400,000 Price: $880,000 Price/Unit: $175,000 Price/Unit: $110,000 Price/SF: $220.00 Price/SF: $200.00 Seller: Windsor Exchange Corp Ruby Jean Barber Seller: Buyer: 316 N Bixel Llc Living Trust Buyer: Private Party

1812 S. CURSON AVENUE 1815 S. LA BREA AVENUE 1812 S. Curson Avenue 1815 S. La Brea Avenue Los Angeles, CA 90019 Los Angeles, CA 90019

Close Date: January 2016 Close Date: January 2016 Units: 6 Units: 7 Year Built: 1947 Year Built: 1944 Price: $895,000 Price: $950,000 Price/Unit: $149,167 Price/Unit: $135,714 Price/SF: $177.00 Price/SF: $286.00 Seller: Private Party Seller: Private Party Buyer: R.E. Management B.B.D 26 Revocable Buyer: Living Trust

1515 CRENSHAW BOULEVARD 1547 S. ORANGE GROVE 1515 Crenshaw Boulevard 1547 S. Orange Grove Los Angeles, CA 90019 Los Angeles, CA 90019

Close Date: January 2016 Close Date: November 2015 Units: 8 Units: 8 Year Built: 1963 Year Built: 1954 Price: $1,215,000 Price: $1,900,000 Price/Unit: $151,875 Price/Unit: $237,500 Price/SF: $248.00 Price/SF: $314.00 Seller: Larkin Family Trust Seller: Orange Grove 1547 Trust Buyer: Private Party Buyer: Management Group

www.greysteel.com

TRANSACTION TEAM: CAPITAL MARKETS: John F. Mullen Everett Wong Dorothy Lagrue Mark Bittenbender Yassi Farzaneh Managing Director Investment Associate Production Associate Director Production Director

Sarah Cornejo Brittney Spinner Ari Firoozabadi Brittany Wismer Matt Schwartz Senior Designer Junior Designer President Senior Finance Associate CEO

LICENSE NO: TX 9003203 D.C. 9003203 CA 01984315 PA RB068196 VA 0226023703 MD LL98371301

Los Angeles • Washington, D.C.* • Baltimore • Philadelphia, • Dallas • Fort Worth

* Corporate Headquarters and Transaction Services Center