Amherst Site

Please Direct All Inquiries To: Bob Russi City Manager, City of La Verne 909-596-8726 [email protected]

City of La Verne 3660 D Street, La Verne, CA 91750 Tel: 909.596.8726 www.cityoflaverne.org Fax: 909.596.8740 Amherst Site Table of Contents

Opportunity Overview Executive Summary 3 Key Opportunity Highlights 4 Subject Site Map 5 Regional & Local Map 7 Traffic Count 7 Site Map – Full Assessors Map 8 Proposed Lot Line Adjustment 9 Locational Zoning Map 10 School Locations 11 Schools 12 Retail Locations Map 16 Site Photos 17

Market Analysis Pricing Chart 19 Sales of Single-Family Homes 20 Resale Housing Projects 21 New Housing Projects Actively Selling 22 New Houses Built Near The Area 23

Offering Guidelines Offering Guidelines 25

2 Amherst Site Executive Summary

Project Description Zoning & Entitlements Fees: Parcel was originally acquired by the City in 1972 to The property is currently zoned PR3D (3 units per • School Fees (BUSD): $3.79 per square foot construct additional reservoirs for greater water acre). No entitlements have been submitted on the • Los Angeles County Sanitation Connection Fee storage. On the Northeast property is the City of La property. Buyer is to determine the highest and best District # Verne’s portion of the Groundwater Treatment use. Project must conform to all development o Single Family = $4,450 Plant and storage reservoir which encompasses standards for the zone. Any proposal that does not • Developer Impact Fees: $25,000 per unit. Final approximately 1.5 acres. That portion will be conform to the existing zone would require a zone Impact fees to be determined once project is retained by the City. The property is currently change. The City Council indicated a willingness to entitled. undeveloped government land located at 2820 consider a slight increase in density for a well- Amherst Street, La Verne, CA 91750. As the site is designed project with community amenities (i.e. * Seller makes no representation or warranties as to surrounded by residential development with single accessible recreation space). the necessary fees required to build the project. family homes to the north and east and a mobile home park to the south and west it is perfectly Property Condition Tax Information situated to be developed as a residential The property is currently unimproved and rented to As a local government, the City is not required to neighborhood. a wholesale nursery on a 5 year lease with 12 month pay property tax on the site. However, the buyer cancellation notice. No current studies have been would be required to pay the current tax rate on the Location completed with respect to soils or Environmental. It property. The property is located at will be the responsibility of the buyer to complete 2820 Amherst Street all necessary third party studies. City will complete Incentives La Verne, CA 91750 lot line adjustment for portion to be retained. One Stop Plan Development; “Concierge Program” to assist buyer step-by-step through the planning Municipality Estimated Cost To Complete and permitting process. City of La Verne Due to the fact that no entitlements have been County of Los Angeles submitted on the property, the buyer will be Affordable Housing responsible for determining the cost to complete Although Affordable Housing development is Owner of Record strongly supported by the City, the project can be City of La Verne for its own project. Major Developer Impact Fees associated with the project are as follows: built as 100% market rate. Assessor Parcel Number #1: 8666-021-902 #2: 8666-021-904 Acres #1: 4.5 Acres (1.5 Acres to be retained by City) #2: 1.0 Acres

3 Amherst Site Key Opportunity Highlights

Location La Verne is an affluent and active community Located in eastern Los Angeles County, the Amherst with small town charm. Served by quality property is situated on the eastern edge of the City educational institutions and a stable consumer of La Verne and central to shopping, universities, market, the City has proven to be a productive and freeway access. The site is surrounded by and safe community for all ages. There are two residential development with single family homes to major housing developments within the City at a the north and east and a mobile home park to the price range within $800,000 to $1.5 million. A south and west on the Northeast portion of the third development sold all homes within a price existing site is the City of La Verne’s 1.5 acre range of $505,000 to $585,000. Amherst Groundwater Treatment Plant and storage reservoir which the City will retain through lot line Recreation adjustment. The treatment plant uses ion exchange The Community Services Department provides technology to remove nitrate and perchlorate from the residents of La Verne with a variety of leisure local groundwater supplies and is housed in an and recreational opportunities, community attractive building. special events, 19 parks, facility rentals, senior classes, seminars, inclusion programs, excursions, Economy and transportation programs. In addition, the La Verne is home to over 32,000 residents and department provides special events such as 2,800 companies. Several major national retail and Winter Wonderland, Concerts in the Park, Movies manufacturing tenants add to its assets and make in the Park, A Halloween Parade, Easter Egg Hunt, up its diverse business community. Over 37% of the Sidewalk Coloring Contest, and much more. Visit City’s residents have a bachelors degree or higher our website for more details. and the median age is 43.3. La Verne is served by the 10, 210, and 57 freeways with major trucking centers and Ontario International Airport less than 20 minutes away. Transportation also includes railroad, commuter rail plus Brackett Airport, one of the nation's busiest general aviation airports providing private, charter, corporate and recreational air services. Additionally, La Verne will be the home of the future Gold Line Station which is estimated to be complete in 2024.

4 Amherst Site Subject Site Map

Subject Site

5 Amherst Site Subject Site Map

Subject Site

6 Amherst Site Regional & Local Maps / Traffic Count

Average Daily Traffic Count

Along Foothill Boulevard: 17,750 Along WilliamsAvenue: 1,500

7 Amherst Site Site Map – Full Assessors Map

8 Amherst Site Proposed Lot Line Adjustment

Portion to be retained by City

Lot lines are for illustrative purposes. Final lines to be determined at time of sale.

9 Amherst Site Locational Zoning Map

Subject Site

10 Amherst Site School Locations

Education Academic excellence and community education are high priorities in La Verne. In addition to the four public elementary schools, one public middle school and high school; the city has six preschools and one city run preschool. La Verne is also very proud of the highly respected private schools which include , Lutheran High School and Calvary Baptist K-12 School. In addition, the City is home to the .

Subject Site

11 Amherst Site Schools

La Verne Heights Elementary School Grace Miller Elementary School Oak Mesa Elementary School La Verne Heights is the oldest school in the Bonita Grace Miller is a Pre-K through fifth grade school Oak Mesa is an exemplary, high performing school Unified School District. It first opened in 1875 with with a solid record of achievement. The staff is that achieved the Distinguished School eight students and today is a highly rated public professionally skilled and personally committed to Award in May 2012. Oak Mesa is a public K-5 school school with 22 classrooms, 21 teachers and 520 meeting the learning needs of students. Grace with a student teacher ratio of 23 to 1 and has 591 students in grades K-5 resulting in a student-teacher Miller has a student teacher ratio 19:1 with 429 students. Other notable data points include: 77% ratio of 22:1. The school promotes character students in attendance. In addition to an excellent of teachers have 3 or more years of experience and development through hard work and develops academic environment, the school’s Peace Builders 100% of full time teachers are certified. Oak Mesa enthusiastic, high-achieving students. Other notable and Peace Patrol programs help teach students to Elementary received the California Distinguished data points include: 73% of teachers have three or be good members of the community. Grace Miller Schools Award in 2012. more years of experience, 100% of full time staff, parents and community members participate teachers are certified, recognized as a 2016 in all aspects of the school's operation in order to California Gold Ribbon School and a 2012 California ensure the success of every student. Other notable Distinguished School. data points include: 87% of teachers have 3 or more years of experience and 100% of full time The staff is committed to delivering a premier teachers are certified. educational experience while striving to provide a positive, safe, and engaging learning environment filled with a variety of programs and services to meet the varied learning needs of our students.

12 Amherst Site Schools

J. Marion Roynon Elementary School Ramona Middle School Roynon Elementary School works collaboratively as Ramona Middle School is a highly rated public Bonita High is a public school with 1,993 students in part of a collegial school community to develop the school that has 1,391 students in grades 6-8 with a grades 9-12 with a student-teacher ratio of 25:1. whole child for academic and social success. student-teacher ratio of 27:1. Other notable data Bonita High is ranked 380th within California. Students, parents, and staff are committed to a points include: 88% of teachers have 3 or more Students have the opportunity to take Advanced partnership, which will provide a positive learning years of experience. Ramona Middle School has Placement course work and exams. The AP experience and a solid educational foundation for all received the California Distinguished Schools Award. participation rate at Bonita High is 44 percent. students. The staff strives to challenge all students Bonita High is 1 of 4 high schools in the Bonita to seek out opportunities to excel and shine. This Unified. College Readiness far above the state public school has 706 students in grades K-5 with a average. Other notable data points include: 76% of student-teacher ratio of 21:1. Other notable data teachers have 3 or more years of experience and points include: 74% of teachers have 3 or more 97% of full time teachers are certified, recognized as years of experience and 100% of full time teachers a 2017 California Gold Ribbon School and a are certified. Roynon Elementary received the California Distinguished School. California Distinguished Schools Award in 2010.

13 Amherst Site Schools

Lutheran High School Damien High School Calvary Baptist School Faith Lutheran High School is a private Christian Damien High School is a private all boys’ Catholic Calvary Baptist School is a private Christian school preschool located in La Verne, California. It has 136 school located in La Verne, California. It has 944 located in La Verne, California. It has 114 students in students in grades 9-12 with a student-teacher ratio students in grades 9-12 with a student-teacher ratio grades TK, K-12 with a student-teacher ratio of 11:1. of 11:1. Tuition of $8,142 for the highest grade of 18:1. Tuition is $7,600 for the highest grade After graduation, 50% of students from this school offered. After graduation, 67% of students from this offered. After graduation, 75% of students from this go on to attend a 4 year college. school go on to attend a 4-year college. school go on to attend a 4-year college. Rankings placed among top 20 percentage of private schools in California.

14 Amherst Site Schools

University of La Verne University of La Verne is a private institution that was founded in 1891. It has a total undergraduate enrollment of 2,753 in a suburban setting on a campus of 66 acres. The University of La Verne ranked 136 in the 2019 edition of Best Colleges and National Universities. Student faculty ratio is 12:1 and the average freshman retention rate is 85%.

15 Amherst Site Retail Locations Map

Subject Site

16 Amherst Site Site Photos

17 Amherst Site Marketing Analysis

18 Amherst Site Pricing Chart – La Verne New and Resale Home Communities

Low High Total HOA Date Product Project Name Location Neighborhood Sold Price Price Units (per month) Opened Type New Housing Developments

2 Story Emerald 2006 Baseline Rd 1 La Verne 800 $1.2M 18 19 $186 2018 Detached Collection Romick Circle SFR 2 Story 2 N/A Bowdoin& Bradford La Verne 950 $990K 3 3 $0 2016 Detached SFR Canopy Lane 2 Story Oak Grove 3 Valentine Circle La Verne $505K $585K 66 66 $172 2013 Detached Walk1 Butterfield Ave SFR

Resale Housing Development Sales2

2 Story 4 Emerald Walk 4201-4289 EmeraldAve La Verne $495K $540K 12 12 $200 2002 Detached SFR 2 Story 5 Cobblestone3 Cobblestone Lane La Verne $400 $545 54 54 $135 1996 Detached SFR

1. All units sold by 2014, 3 currently listed for $628K - $680K 2. sales from 2014 – present 3. 1 unit currently listed, $514,900

19 Amherst Site Sales of Single-Family Homes

Sale of Single-Family Homes Immediately Surrounding Property within Last 12 Months

RESALE OVERVIEW / HOMES SURROUNDING PROPERTY TotalArea Sales 8

MedianLot Size 10,412 SF

Median Living Area 1,947SF

Median Price Range –1 year $682,125

Median value $680,125

Median # of bedrooms 4

Median # of bathrooms 2

Median Year built 1977

Age range 40 years to 43 years Median age 42 years

20 Amherst Site Resale Housing Projects

Emerald Walk

Built in 2002, this collection consists of 12 detached, craftsman style single family homes in a private neighborhood.

Location: La Verne, CA Homes: Detached 2-story, single-family product Open Date: 2002 Total Planned: 12 Total Sold: 12 HOA Dues: $200 Current Sales Price*: $501,000

*most recent sales price as of 2017

21 Amherst Site New Housing Projects Actively Selling

Emerald Collection

The collection includes two plans. Plan 1 consists of 4-5 bedroom/3.5 bath homes and Plan 2 consists of 4 bedroom/3 bath homes.

Location: La Verne, CA Homes: • Single family homes • 2 story • Bright open concept • Smart, solar homes • Close to local dining and entertainment Open Date: 2018 Total Planned: 19 Total Sold: 18 HOA Dues: $186 Low Price: $880,000 High Price: $1,220,000

22 Amherst Site New Houses Built Near The Area

4245 & 4235 Bradford / 2660 Bowdoin

A small 3 home development consisted of three customized homes with 4 or 5 bedrooms and 4 baths. Ranging from 2900 SF to 3600 SF.

Location: La Verne, CA Homes: • Single family homes • Bright open concept • Close to local dining and entertainment Development • Average Lot size: 17,000 SF Location Year Built: 2016 Close Price: $950,000 - $990,000

Amherst Site

23 Amherst Site Offering Guidelines

24 Amherst Site Offering Guidelines

Asking Price Property Condition at Close of Escrow Seller Disclosures Minimum: $4,000,000 – Price should be listed on The subject Property will be delivered “as is” at Seller expressly reserves the right, at its sole a per unit basis. the close discretion, to reject any or all expressions of interest or offers to purchase the property and/or Purchase Terms Close of Escrow terminate discussions with any party at any time Seller will entertain offers contingent upon The Close of Escrow shall occur 30 days after with or without notice. Seller shall have no legal project approvals. Buyer obtains a non-appealable approval of land commitment or obligation to any purchaser Letter of Intent use entitlements, but in no event, more than 12 reviewing this Brochure or making an offer to Upon mutual execution of a non-binding letter of months from opening of escrow. purchase the Property unless a written agreement intent, the parties will enter into a binding for the purchase of the Property has been fully purchase and sale agreement. Offers due 5:00 p.m., May 6, 2019 executed, delivered and approved by the Seller and any conditions to Seller’s obligations there Please submit offers in writing to: Deposits under have been satisfied or waived. The Initial Deposit shall be equal to two and a half Bob Russi percent (2.5%) of the Purchase Price. Said Deposit City Manager shall be paid at the Opening of Escrow and shall City of La Verne remain refundable during the Feasibility Period. 3660 D Street Prior to Buyer’s approval of Feasibility, a Second La Verne, CA 91750 Deposit equal to two and a half percent (2.5%) Tel: 909-596-8726 shall be placed in escrow providing for a total [email protected] Deposit of five percent (5%) of the Purchase Price. Upon Buyer’s approval of its Feasibility, the Initial and Second Deposit shall be nonrefundable, released to the seller, and applicable to the Purchase Price.

Feasibility Period Buyer shall have a Feasibility Period of no more than 60 days in which to investigate all aspects of the Property, including the physical condition of the Property. The Feasibility Period shall begin upon the mutual execution of the Letter of Intent.

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