Los Angeles, Ca 90006 Units: 21 Offering Memorandum Year Built: 1923

LOS ANGELES, CA 90006 UNITS: 21 OFFERING MEMORANDUM YEAR BUILT: 1923

a Berkshire Hathaway and Jefferies Financial Group company | 1 INVESTMENT ADVISORS

Brent Sprenkle Senior Managing Director 310.621.8221 [email protected] PROPERTY HIGHLIGHTS CA BRE License #01290116

Steffan Braunlich Prime Koreatown Location Senior Director 1 310.209.3209 [email protected] CA DRE License #01859098 2 Great Unit Mix and Parking

3 Very Low Rents-Average Rent $1,006

4 Long Term Owner-Well Maintained

5 95 Walk Score-Walker’s Paradise

SOUTH BAY OFFICE 2321 Rosecrans Avenue Suite #3235 El Segundo, CA 90245 TABLE OF CONTENTS

PORTFOLIO SUMMARY...... 4 THE PROPERTY...... 6 FINANCIAL ANALYSIS...... 16 MARKET POSITIONING...... 20 ECONOMIC AND DEMOGRAPHIC OVERVIEW ...... 34 DEMOGRAPHICS...... 52 MULTIFAMILY REPORT...... 64 PORTFOLIO SUMMARY THE ELEVATE LA PORTFOLIO

Year Built 1928 1923/1924 1923 1920’s Number of Units 30 28 21 473 Total Rentable Area 17,961 SF 17,124 SF 10,980 SF 46,065 SF Average Unit Size 470 SF 520 SF 414 SF 473 SF Current Rent $928 $972 $1,015 $967 Current Rent PSF $1.97 $1.87 $2.45 $2.04

PORTFOLIO ANALYSIS

Listing Price $3,995,000 $3,995,000 $3,350,000 $11,340,000 Price / Unit $133,167 $142,679 $159,524 $143,544 Price / SF $222.43 $233.30 $305.10 $246.17 Current GRM 11.81 12.01 12.87 12.18

- Offers may be submitted for the entire portfolio, for individual assets, or for any combination of assets - Assets may be purchased free & clear, or with assumed debt

| 5 THE PROPERTY PROPERTY DESCRIPTION

The San Marino Apartments is a 21-unit apartment building located just east of Vermont in the Koreatown area of Los Angeles. The two-story wood-frame and stucco structure has a unit mix of 9 one-bedrooms with one-bathroom and 12 studios with a kitchen. There are approximately 10 open parking spaces. All entrances are secured and the 1920’s-built property is serviced by two center hallways and two staircases.

PROPERTY SUMMARY

Units 21

Year Built 1923

Parcel Number(s) 5077-029-008

Type of Buildings 1, Two-Stories with Parking

Construction Type Wood-Frame and Stucco

The Property | 7 LOCATION DESCRIPTION - KOREATOWN

Koreatown is an ethnically diverse neighborhood in the city of Los Angeles situated south of the Hollywood Freeway (U.S. Route 101), north of the Santa Monica Freeway (Interstate 10), west of Downtown Los Angeles, and east of the Mid-Wilshire Neighborhood. Koreatown has over 40,100 persons per square mile, making it the densest neighborhood in Los Angeles.

Koreatown is uniquely suited for renters. Average effective rent in Koreatown is typically about 5% less than in Downtown Los Angeles, and 82% of occupied housing is renter occupied. Approximately 39% of the households in Koreatown have an annual income of $35,000 or less. The neighborhood is rich with cultural cuisine and shopping and is close to world-famous attractions in Downtown Los Angeles and the Mid-Wilshire Neighborhood.

Epicenter of Apartment Development

Apartment construction in the city of Los Angeles is currently greatest in Koreatown. Multifamily developers have 23 apartment communities representing a total of 2,473 units under construction. Also under construction is a 468,000-square-foot, Class A office building in the nearby Mid-Wilshire Neighborhood. Commercial developments in the area in the planning stage include a 146,500-square-foot medical building and four hotels totaling nearly 400,000 square feet. New development in the area will provide rental upside in older rental buildings by creating a “drafting effect” on these luxury rental units.

Solid Market Fundamentals

Approximately 117,100 apartments are in the Mid-Wilshire submarket, which includes the Koreatown, Mid-Wilshire, and Silver Lake areas. The Mid-Wilshire submarket has healthy apartment fundamentals. Year-end apartment occupancy has exceeded 94% every year since 2012. From 2010 to 2019, annual apartment net absorption averaged over 500 units, and effective rents increased an average of 3.2% annually.

8 | The Property The Property | 9 LOCATION DESCRIPTION

NEIGHBORHOOD SHOPPING DEMAND DRIVER LOS ANGELES, CA FROM THE FROM THE 2.0mi PROPERTY 1.9mi PROPERTY 2849 SAN MARINO STREET

NEIGHBORHOOD QUICK FACTS SF SHOPPING JOBS 330k DESTINATION 1.7k SUPPORTED k TOTAL HOSPITAL 650.4 30 STORES 408 BEDS Population Zara | H&M | Target PIH Health Good Samaritan Hospital (Within Three Miles) NEIGHBORHOOD CONVENIENCES DEMAND DRIVER

76% FROM THE 2.4mi PROPERTY Renter Occupied Housing Units (Within Three Miles) JOBS 26.1k SUPPORTED $ 866.6k STUDENTS 46.0k ENROLLED Median Housing Unit Value (Within Three Miles) Within a two-mile radius of the property University of Southern California $ PRIMARY EDUCATION DEMAND DRIVER 48.7k STUDENTS FROM THE Median Household Income 653k SERVED 3.0mi PROPERTY (Within Three Miles) JOBS WITHIN SCHOOLS A 10-MILE . k AND CENTERS k RADIUS * 14 500 10.6% SF OF JOBS OCCUPIED City Unemployment Rate 75.7k SUPPORTED 55.6m OFFICE SPACE Hoover Street ES | Berendo MS (*Preliminary for March 2021) Downtown Los Angeles Los Angeles HS of the Arts 10 | The Property The Property | 11 LOCATION MAP

12 | The Property LOCATION MAP

The Property | 13 BOUNDARY AERIAL

14 | The Property The Property | 15 FINANCIAL ANALYSIS Financial Analysis | 17 RENT ROLL Rent Roll

Rent Roll Estimated Current Current Projected Projected Unit # Unit Description Unit SF Rate Rent Per SF Market Rate Rent Per SF Status 101 One Bedroom, One Bath 500 $1,135.47 $2.27 $1,595.00 $3.19 102 Studio, One Bath 350 $1,295.00 $3.70 $1,295.00 $3.70 Vacant 103 Studio, One Bath 350 $812.05 $2.32 $1,295.00 $3.70 104 Studio, One Bath 350 $937.83 $2.68 $1,295.00 $3.70 105 One Bedroom, One Bath 500 $823.08 $1.65 $1,595.00 $3.19 106 One Bedroom, One Bath 500 $1,137.21 $2.27 $1,595.00 $3.19 107 Studio, One Bath 350 $794.13 $2.27 $1,295.00 $3.70 108 Studio, One Bath 350 $735.91 $2.10 $1,295.00 $3.70 109 Studio, One Bath 350 $679.49 $1.94 $1,295.00 $3.70 110 One Bedroom, One Bath 500 $1,595.00 $3.19 $1,595.00 $3.19 Manager 111 One Bedroom, One Bath 500 $1,197.89 $2.40 $1,595.00 $3.19 201 One Bedroom, One Bath 500 $1,370.00 $2.74 $1,595.00 $3.19 202 Studio, One Bath 350 $764.86 $2.19 $1,295.00 $3.70 203 Studio, One Bath 350 $879.45 $2.51 $1,295.00 $3.70 204 Studio, One Bath 350 $805.42 $2.30 $1,295.00 $3.70 205 One Bedroom, One Bath 500 $1,285.00 $2.57 $1,595.00 $3.19 206 One Bedroom, One Bath 500 $1,022.99 $2.05 $1,595.00 $3.19 207 Studio, One Bath 350 $805.97 $2.30 $1,295.00 $3.70 208 Studio, One Bath 350 $978.50 $2.80 $1,295.00 $3.70 209 Studio, One Bath 350 $901.00 $2.57 $1,295.00 $3.70 210 One Bedroom, One Bath 500 $1,359.42 $2.72 $1,595.00 $3.19

Rent Range Projected Percentage Unit Description Estimated SF Current Rate Per SF Market Rate Percent Vacant Number Vacant Number of Units of Total Totals: Studio, One Bath 4,200.00 $10,389.61 $1.94 - $3.70 $15,540.00 8.33% 1 12 57.14% One Bedroom, One Bath 4,500.00 $10,926.06 $1.65 - $3.19 $14,355.00 9 42.86% 8,700 $21,315.67 $29,895.00 4.76% 1 21

Current Projected Projected % Estimated Rental Unit Description Estimated SF Current Rate Rent Per SF Market Rate Rent Per SF Upside Range Averages: Studio, One Bath 350.00 $865.80 $2.47 $1,295.00 $3.70 49.57% $679 - $1,295 One Bedroom, One Bath 500.00 $1,214.01 $2.43 $1,595.00 $3.19 31.38% $823 - $1,595

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 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. © 2021 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 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.

18 | Financial Analysis UNIT MIX & RENT SCHEDULE

UNIT MIX & RENT SCHEDULE INVESTMENT SUMMARY Estimated Current Current Avg. Market Current Market Est. Total Units Unit Type Unit SF Rental Range Rent Rent Rent/SF Rent/SF Net SF Price $3,350,000 12 Studio / 1 Bath 350 $679 - $1,295 $866 $1,295 $2.47 $3.70 4,200 Price/Unit $159,524 9 1 Bed / 1 Bath 500 $823 - $1,595 $1,214 $1,595 $2.43 $3.19 4,500 Price/SF $305.10 21 414 $1,015 $1,424 $2.45 $3.44 8,700 Gross SF 10,980 Pro Forma Cap Rate 3.84%

Current Market INCOME Pro Forma Pro Forma ALL FINANCING Scheduled Market Rent $255,788 $358,740 Total Loan Amount $2,010,000 Less: Vacancy 3.00% ($7,674) ($10,762) Net Rental Income $248,114 $347,978 Down Payment $1,360,100 LTV 60% Plus: Misc. Income $1,200 $1,200 Plus: Parking Income $1,620 $6,000 Mo. Payment ($5,444) Plus: Laundry Income $1,763 $1,763 Debt Constant 3.3% Total Operating Income (EGI) $252,697 $356,941

EXPENSES Percentage Per Unit NEW FIRST MORTGAGE (to be originated at purchase) Administrative $40 $840 $840 Payroll $300 $6,300 $6,300 LTV for this loan 60% Repairs & Maintenance $700 $14,700 $14,700 Amount $2,010,000 Management Fee 4.00% $487 $10,232 $14,350 Interest Rate 3.25% Utilities (Water, Sewer, Electric & Gas) $1,323 $27,779 $27,779 Contracted Services $501 $10,518 $10,518 Amortization Interest Only Base Property Taxes 1.200% $1,914 $40,204 $40,204 Payment ($5,444) Property Tax Direct Assessments $87 $1,831 $1,831 Fees 1.00% Insurance $350 $7,350 $7,350 Replacement Reserve $200 $4,200 $4,200 I/O Term (yrs) 2 Total Estimated Expenses $123,954 $128,072

% of Scheduled Rent: 48.46% 35.70% Per SF: $11.29 $11.66 Per Unit: $5,903 $6,099

Net Operating Income $128,743 $228,869

Less: Debt Service ($65,325) ($65,325) Projected Net Cash Flow $63,418 $163,544 IMPORTANT INFORMATION & DISCLAIMER: The information contained herein Total Economic Loss 3.0% 3.0% 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 Cash-on-Cash Return (Based on Asking Price) 4.66% 12.02% 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 Debt Service Coverage 1.97 3.50 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 Cap Rate Cap Rate GRM GRM reproduction and distribution. Not responsible for errors and omissions. CAP RATE ANALYSIS Price $/Unit $/Foot Current Market Current Pro Forma © 2021 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 Asking Price $3,350,000 $159,524 $305.10 3.84% 6.83% 12.87 9.11 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. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

Financial Analysis | 19 MARKET POSITIONING COMPARABLE RENTAL PROPERTIES

Market Positioning | 21 COMPARABLE RENTAL PROPERTIES

SUBJECT: 2849 W SAN MARINO ST LOS ANGELES, CA 90006 1. 943 S ELDEN AVE LOS ANGELES, CA 90006

Units:...... 21 Units:...... 19 Year Built:...... 1923 Year Built:...... 1986

CURRENT RENT / UNITS TYPE UNIT SF RENT SF CURRENT UNITS TYPE UNIT SF RENT / SF 12 Studio / 1 Bath 350 $866 $2.47 RENT 1 Studio / 1 Bath 500 $1,395 $2.79 9 1 Bed / 1 Bath 500 $1,214 $2.43

21 Weighted Average 414 $1,015 $2.45

22 | Market Positioning COMPARABLE RENTAL PROPERTIES

2. 2877 SAN MARINO ST 3. 2737 FRANCIS AVE LOS ANGELES, CA 90006 LOS ANGELES, CA 90005

Units:...... 36 Units:...... 29 Year Built:...... 1923 Year Built:...... 1925

CURRENT RENT / CURRENT RENT / UNITS TYPE UNIT SF UNITS TYPE UNIT SF RENT SF RENT SF

36 Studio / 1 Bath 450 $1,250 $2.78 28 Studio / 1 Bath 700 $1,600 $2.29

Market Positioning | 23 COMPARABLE RENTAL PROPERTIES

4. THE SCARLETT 5. 971 S WESTMORELAND AVE 2757 SAN MARINO ST LOS ANGELES, CA 90006 OS ANGELES, CA 90006

Units:...... 8 Units:...... 12 Year Built:...... 1925 Year Built:...... 1961

CURRENT RENT / CURRENT RENT / UNITS TYPE UNIT SF UNITS TYPE UNIT SF RENT SF RENT SF

8 1 Bed / 1 Bath 700 $1,600 $2.29 9 1 Bed / 1 Bath 650 $1,700 $2.62

24 | Market Positioning COMPARABLE RENTAL PROPERTIES

6. 858 S WESTMORELAND AVE LOS ANGELES, CA 90005

Units:...... 8 Year Built:...... 1940

CURRENT RENT / UNITS TYPE UNIT SF RENT SF

N/A 1 Bed / 1 Bath 350 $1,595 $4.56

Market Positioning | 25 COMPARABLE RENTAL PROPERTIES MAPS

Subject: 2849 San Marino St Los Angeles, CA 90006

1. 943 S Elden Ave Los Angeles, CA 90006

2. 2877 San Marino St Los Angeles, CA 90006

3. 2737 Francis Ave Los Angeles, CA 90005

4. The Scarlett 2757 San Marino St Los Angeles, CA 90006

5. 971 S Westmoreland Ave Los Angeles, CA 90006

6. 858 S Westmoreland Ave Los Angeles, CA 90005

26 | Market Positioning Market Positioning | 27 COMPARABLE SALE PROPERTIES

28 | Market Positioning Market Positioning | 29 COMPARABLE SALE PROPERTIES

SUBJECT: 2849 SAN MARINO ST 1. 2795 W 8TH ST 2. KENMORE TOWERS 3. 915 S KENMORE AVE LOS ANGELES, CA 90006 LOS ANGELES, CA 90005 849 S KENMORE AVE LOS ANGELES, CA 90006 LOS ANGELES, CA 90005

Units:...... 21 Units:...... 36 Units:...... 22 Units:...... 18 Year Built:...... 1923 Year Built:...... 1925 Year Built:...... 1924 Year Built:...... 1923 Price / Unit:...... $159,524 Price / Unit:...... $166,667 Price / Unit:...... $145,455 Price / Unit:...... $148,611 Price / SF:...... $305.10 Price / SF:...... $297.03 Price / SF:...... $255.73 Price / SF:...... $356.10 Rentable SF:...... 10,980 Rentable SF:...... 20,200 Rentable SF:...... 12,513 Rentable SF:...... 7,512 Listing Price:...... $3,350,000 Price:...... $6,000,000 Price:...... $3,200,000 Price:...... $2,675,000 Cap Rate:...... 3.84% Closed:...... 09/27/2019 Closed:...... 08/14/2020 Closed:...... 10/15/2020 GRM:...... 12.87 Cap Rate:...... 4.07% Cap Rate:...... N/A Cap Rate:...... N/A GRM:...... 12.81 GRM:...... N/A GRM:...... N/A

30 | Market Positioning COMPARABLE SALE PROPERTIES

4. 941 S KENMORE AVE 5 . 2975 LEEWARD AVENUE 6. 2845 SAN MARINO ST 7. 2869 SAN MARINO ST LOS ANGELES, CA 90006 LOS ANGELES, CA 90005 LOS ANGELES, CA 90006 LOS ANGELES, CA 90006

Units:...... 24 Units:...... 46 Units:...... 20 Units:...... 20 Year Built:...... 1923 Year Built:...... 1927 Year Built:...... 1922 Year Built:...... 1923 Price / Unit:...... $160,417 Price / Unit:...... $142,391 Price / Unit:...... $153,237 Price / Unit:...... $148,013 Price / SF:...... $278.99 Price / SF:...... $233.00 Price / SF:...... $398.85 Price / SF:...... $332.61 Rentable SF:...... 13,800 Rentable SF:...... 28,112 Rentable SF:...... 7,684 Rentable SF:...... 8,900 Price:...... $3,850,000 Price:...... $6,550,000 Price:...... $3,064,740 Price:...... $2,960,260 Closed:...... 03/11/2020 Closed:...... 05/28/2019 Closed:...... 11/21/2019 Closed:...... 11/21/2019 Cap Rate:...... 3.37% Cap Rate:...... 4.21% Cap Rate:...... N/A Cap Rate:...... N/A GRM:...... 13.23 GRM:...... 12.67 GRM:...... N/A GRM:...... N/A

Market Positioning | 31 COMPARABLE SALE PROPERTIES MAP

Subject: 2849 San Marino St Los Angeles, CA 90006 1. 2795 W 8th St Los Angeles, CA 90005 2. Kenmore Towers 849 S Kenmore Ave Los Angeles, CA 90005 3. 915 S Kenmore Ave Los Angeles, CA 90006 4. 941 S Kenmore Ave Los Angeles, CA 90006 5. 2975 Leeward Ave Los Angeles, CA 90005 6. 2845 San Marino St Los Angeles, CA 90006 7. 2869 San Marino St Los Angeles, CA 90006

Young Professionals

Mid-Wilshire is ranked one of the “Best Neighborhoods for Young Professionals in Los Angeles” - Niche

Best City to Launch Career

Los Angeles ranked among the “Best Cities to Launch Your Career” - Bankrate

INTRODUCTION 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 County and is an integral part of the Los Angeles-Long Beach-Glendale Metropolitan Division (MD). The city of Los Angeles spans over 80 Construction Boom different communities and neighborhoods, extending north to the San Fernando Valley, south to the port complex, east to the San Gabriel Approximately 3.9 million square feet of office and retail space under Valley border, and west to the dynamic LAX area. construction downtown, with an additional 5.0 million square feet in the proposal stage Separated by only a freeway, the Mid-Wilshire apartment submarket - DowntownLA benefits from the ongoing building boom in Downtown Los Angeles. Developers have been constructing millions of square feet of residential, retail, and office space within downtown, enhancing an already thriving live-work-play environment. Neighborhoods within the submarket, like Koreatown, Pico Union, and Silver Lake, are transforming their skylinesto include multi-story apartment buildings to meet demand, Resilient Economy while still preserving their modest homes and historic sites. As a Local payrolls expanded with 295,300 new and recalled workers year- submarket in transition, the region's strong transit links to major over-year through April 2021 employment hubs continue to underpin demand. - U.S. Bureau of Labor Statistics

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 36 | Economic and Demographic Overview LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

SUBMARKET DEMOS

75% 61% OF RESIDENTS WORK IN 38.4 OF HOUSEHOLDS WHITE-COLLAR MEDIAN AGE IN THE SUBMARKET POSITIONS OF THE SUBMARKET ARE RENTER OCCUPIED RESIDENTS

$ 460.3K 111.5K 83.7K 179.4K 97.4K

From 2021 to 2026, More than 37% of Approximately 19% of The number of The average household the population in the residents age 25 and submarket residents are households in the income in the submarket submarket is forecast older hold a bachelor's in the prime renter age submarket is projected to is projected to reach to grow 6.2%, to over degree or higher, group of 18 to 35 years old increase 6.4% by 2026 $97,496 by 2026, up 460,300 residents compared to 32% surpassing 179,400 units 13.9% from 2020 nationwide

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Economic and Demographic Overview | 37 LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

METRO DIVISION INDUSTRY BREAKDOWN

AVERAGE ANNUAL WAGE BY OCCUPATION

Approximately 4,142,400 workers were on payrolls in Los Angeles County in April 2021. This Management $ number was up 7.1% from one year earlier and recent movement in the local jobs market is 133.7K encouraging, especially with the State of California fully reopening in June 2021. From April 2020 to April 2021 295,300 new or returning workers were added to payrolls. In turn, the Healthcare Practitioners $ county's unemployment rate dropped from 18.2% to 11.0% over the same time frame. & Technical 94.8K

Business & Financial Industry Breakdown Construction Operations $ 81.4K 4% Trade, Transportation, & Utilities Education, Training, 19% & Library $ 69.3K Education & Health Services 20% Sales & Related $ 45.4K Office & Administrative $ LOS ANGELES, CA, Support 42.7K Professional & Business METRO DIVISION Services Financial Activities Transportation & $ 14% EMPLOYMENT BY 5% Material Moving 39.4K SECTOR

Manufacturing $ 38.3K Other Services Government 3% 13% Personal Care & Service $ 29.7K Manufacturing 7% Information Leisure & Hospitality Food Preparation & $ 4% Serving 27.8K 10%

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

38 | EconomicBERKADIA and Demographic Overview ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

MARKET RESILIENCY ANALYSIS

MARKET NATIONAL RATE 50.6% RATE 47.9% of jobs are in low-risk industries of jobs are in low-risk industries

INDUSTRY COMPOSITION JOBS EXPOSURE Risk Level # Employees % of Market National Avg LOW JOB EXPOSURE Agriculture, Forestry, Fishing and Hunting 670 0.2% 1.0% Risk Level Low Medium High Construction 10,839 3.4% 5.6% Educational Services 18,537 5.8% 6.3% Finance and Insurance 16,631 5.2% 4.6% Health Care and Social Assistance 52,178 16.2% 15.3% Management of Companies and Enterprises 9,054 2.8% 1.7% Professional and Technical Services 17,472 5.4% 7.1% Real Estate and Rental and Leasing 2,901 0.9% 1.6% 38.6% Transportation and Warehousing 34,809 10.8% 4.7% Total 163,091 50.6% 47.9% MEDIUM Other Services, Except Public Administration 11,921 3.7% 3.0% 49.9% Public Administration 25,915 8.0% 5.2% Wholesale Trade 10,451 3.2% 4.2% Total 48,287 15.0% 12.4% HIGH Accommodation and Food Services 25,295 7.8% 8.3% Administrative and Waste Services 19,139 5.9% 6.5% Arts, Entertainment, and Recreation 7,457 2.3% 1.4% Information 3,178 1.0% 2.1% Manufacturing 22,114 6.9% 9.1% Mining, Quarrying, and Oil and Gas Extraction 111 0.0% 0.4% Retail Trade 32,522 10.1% 11.2% Unclassified 0 0.0% 0.2% Utilities 1,067 0.3% 0.6% 11.5% Total 110,883 34.4% 39.7% TOTAL 322,261 100.0% 100.0% BERKADIA EconomicECONOMIC and AND Demographic DEMOGRAPHIC OVERVIEW Overview | 39 LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

EMPLOYMENT TRENDS

APRIL 2021 11.0% The Metro Division's monthly unemployment rate was down 720 bps year over year

Employment Trends LOS ANGELES COUNTY 15% 400,000 LARGEST EMPLOYERS Los Angeles County 95,210 12% 200,000 Los Angeles Unified School District 75,670 City of Los Angeles 72,600

9% 0 University of California, Los Angeles 51,010 Kaiser Permanente 41,340 Federal Government 30,600 6% (200,000) State of California 27,990 University of Southern California 22,160 3% (400,000) Target Corp. 20,000 Northrop Grumman 18,000

0% (600,000) Sources: Los Angeles Almanac - 2020 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*

*YTD Unemployment Rate Jobs Added / Lost

APRIL 2021 295,300 jobs were created in the L.A. Metro Division a 7.1% annual increase

40 | Economic and Demographic Overview BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

TRADE & LOGISTICS

1.2 million Total Jobs Supported

$58 billion Annual Wages and Tax Revenues

Los Angeles County is home to the Port of Los Angeles and the Port of Long Beach, making it one of the world’s leading trade and logistics centers. The two ports provide access to major U.S. markets and the Pacific Rim. The Port of Los Angeles ranked first in the nation in terms of total value of worldwide trade handled with 14% of all U.S. trade. Combined, the ports support more than 1.2 million direct and indirect jobs and generate over $58 billion annually in wages and tax revenues.

MANUFACTURING

No. 1 65 Manufacturing I-605 Corridor Center Manufacturing Firms

303,300 Jobs Supported

Los Angeles’ unique geography, strong infrastructure, and skilled workforce make it an ideal location for manufacturing companies. With approximately 303,300 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 Corridor, providing easy access to the growing industrial hub. Companies like Northrop Grumman Corp., Edelbrock LLC, Belkin International Inc., and Farmer John LLC help drive the industry’s strong focus on aerospace, fabricated metals, and food processing. Economic and Demographic Overview | 41 BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

ARTS & ENTERTAINMENT

$203.2 billion Economic Impact 1,500 Theater Productions Metrowide

797,100 Jobs Supported Metrowide

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 theatrical productions throughout its 225 theaters, making arts and culture major drivers in the region. According to the 2020 Otis Report on the Creative Economy, over 797,100 jobs are supported directly and indirectly in the creative economy, helping generate an economic impact of $203.2 billion. There are more artists, writers, filmmakers, actors, dancers, and musicians living in Los Angeles than any other city in the world.

FINANCIAL ACTIVITIES AND PROFESSIONAL BUSINESS SERVICES

10 Fortune 500 Headquarters

803,600 Jobs Supported

According to the Global Financial Centres Index, Los Angeles is home to one of the most dynamic business economies in the world. Los Angeles’ historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers, law firms, and real estate companies. Approximately 803,600 jobs are supported in the financial activities and the professional and business services sectors, which include major employers Farmers Insurance and Mercury General Corporation. Of the more than 50 Fortune 500 companies in California, 10 are headquartered in Los Angeles County. 42 | Economic and Demographic Overview BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

CONSTRUCTION AND DEVELOPMENT

CROSSROADS HOLLYWOOD ON VINE

$1.0 billion $450 million Redevelopment Project Investment

1.4 million 335,000 SF Mixed-Use Development SF of Office Space

The site of the historic Crossroads of the World complex is set to undergo a One of Hollywood's highly anticipated media-entertainment campuses, On major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4 Vine, is nearing completion. Located directly south of the ArcLight Hollywood million-square-foot, mixed-use development. The project will be comprised parking garage, the $450 million development will be made up of four-mid- of nine buildings, including up to 308 hotel rooms; 950 residential units, 84 rise commercial buildings and one 20-story residential tower. The office affordable units; 185,000 square feet of commercial space; 95,000 square component of the project is already complete and features 335,000 square feet of office space; and 2,494 underground parking spaces. The proposed feet of office space and 13,000 square feet of retail space. Before the office realignment of Las Palmas Avenue and Sunset Boulevard will promote space was completed, tenants like Netflix had already signed leases to occupy pedestrian safety and enhance connectivity. The $1 billion project has an the buildings. By mid-2021 the residential tower is scheduled to be ready for estimated 48-month construction timeline, with expected completion in tenants. 2022.

Economic and Demographic Overview | 43 BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

CONSTRUCTION AND DEVELOPMENT

VERMONT CORRIDOR HOLLYWOOD PARK ENTERTAINMENT AND RESIDENTIAL DISTRICT

$270 million $5.0 billion Office Tower Investment

2,990 1.5 million Jobs Supported SF of Commercial Space

Along Vermont Avenue in Los Angeles’ Koreatown, a three-site development Construction on the 70,000-seat SoFi Stadium completed September is underway. Site one of the Vermont Corridor will include a $270 million, 2020. It resides at the former site of Hollywood Park in the city of Inglewood, 21-story tower that will house government offices and nearly 2,200 approximately 10 miles north of Redondo Beach. The stadium is the new employees. The second site will be converted into 172 units of residential home of the NFL’s Rams and Chargers franchises. At three million square feet, housing. Additionally, the building will feature street-level retail and a rooftop it is the largest stadium in professional football. Nearing completion next deck. Site three includes demolishing the existing parks and recreation office to the $5 billion, 300-acre, multipurpose facility is a 6,000-seat performance and replacing it with a six-story structure with senior housing units and a venue that is expected to be ready by early next year. The first phase of the 13,200-square-foot community center. In total, the sites will support more Hollywood Park entertainment and residential district is underway and than 2,990 employees and provide over 2,100 parking spaces. All three sites expected to open prior to Super Bowl LVI in February 2022, including an office are expected to be completed by 2023. tower that will house the headquarters of NFL Media, more than 500,000 square feet of retail space, and 314 apartment units. A 300-room hotel is planned for later phases. 44 | EconomicBERKADIA and Demographic Overview ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | |CALIFORNIA MID-WILSHIRE

CONSTRUCTION AND DEVELOPMENT

METRO PURPLE LINE LAX MODERNIZATION PROGRAM

$6.3 billion $14 billion Investment Investment

22,000 121,000 Construction Jobs Construction Jobs

Construction on the Metro’s Purple Line continues. The project’s first phase Known as the largest public-works program in the history of the city of Los will open to the public in 2023. In February 2018, officials broke ground on Angeles, the $14 billion LAX Modernization Program began in 2009 and the $2.5 billion second phase, which will run 2.5 miles west from Wilshire has a projected completion date of 2023. The Tom Bradley International Boulevard and La Cienega Avenue to Century City by 2025. The final section Terminal was completed in September 2013 and features new aircraft gates from Century City to the VA campus broke ground in 2019. In total, the Purple and concourses, retail shops, and other amenities. Other projects that were Line extension project will cost about $6.3 billion. At build-out, the nine-mile recently completed include new taxiways and taxi lanes, infrastructure extension will add seven more stops, generating 78,000 new daily trips. With upgrades, and renovation improvements to all terminals. The future $5.5 an expected completion date in 2026, the Purple Line will be fully operational billion Landside Access Modernization Program (LAMP) will generate for the 2028 Summer Olympics. additional terminal renovations and provide the growing number of airport passengers convenient connections to public transportation from the airport.

Economic and Demographic Overview | 45 BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

ABSORPTION / DELIVERIES

NEW NET DELIVERIES 493 units ABSORPTION 691 units during 1Q21 in 1Q21

Mid-Wilshire often competes with other core Los Angeles submarkets for the MID-WILSHIRE attention of developers and renters alike. The submarket boasts many of the APARTMENT SUBMARKET

same demand driver as nearby Downtown, Hollywood, and Koreatown. Until Construction vs Absorption vs Occupancy 2020, development had been relatively measured over the past five years, 2,250 averaging just over 560 new units annually. Construction activity picked up briskly in 2020, with 1,150 new units added to the submarket inventory, 1,500 roughly 3% of market inventory. Development momentum has continued into the first quarter of 2021 as an additional 493 units were added in the 493 750 479 submarket, equating to a 76.1% annual increase in new deliveries. 180 169 141 1,784 1,087 1,369 617 1,151 691

0 594 As residents shifted to work-from home environments, demand for

multifamily units in the submarket met strong headwinds. However with the - 559 -750 - 879 reopening of the greater Los Angeles economy has residents returning to the submarket which boasts a unique live / work / play lifestyle. Leasing activity -1,500 in the submarket surpassed 690 units during the first three months of 2021 2015 2016 2017 2018 2019 2020 1Q21 a sharp contrast to one year prior where net absorption totals were negative. Deliveries Absorption

46 | Economic and Demographic Overview BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | |CALIFORNIA MID-WILSHIRE

RENT / OCCUPANCY

EFFECTIVE $ OCCUPANCY RENT 2,205 RATE 95.1% in 1Q21, down 11.4% from one year prior in 1Q21, down 120 bps annually

Encompassing some of the most prestigious neighborhoods in Los Angeles, MID-WILSHIRE the Mid-Wilshire apartment submarket boasts a central location featuring APARTMENT SUBMARKET strong transit links to major employment hubs that continue to underpin $2,600 Rent and Occupancy 100% demand. The challenge for this submarket has been attracting and retaining more affluent residents as the area diversifies and high-end product delivers nearby. Obstacles doubled as some renters departed during the first wave $2,450 98% of the pandemic and construction activity reached record levels. In turn apartment occupancy fell to 95.1%, representing a piece of a larger trend $2,300 96% across the metro area.

The Mid-Wilshire apartment submarket has some of the highest rents in Los $2,150 94% Angeles. Rents have grown at a steady annual pace for most of the cycle. As of March 2021, average effective rent in the submarket decreased 11.4% annually $2,000 92% to $2,205 per month. Year-over-year rent declines in the submarket were $2,205 $2,205 $2,306 $2,485 $2,417 $2,228 $2,341 among the most pronounced across greater Los Angeles. However much of $2,211 $1,850 90% the decrease can be attributed to the aggressive increase in concessions at 2015 2016 2017 2018 2019 2020 1Q21 the 4,250-unit Park La Brea. The largest apartment complex in Los Angeles Effective Rent Occupancy Rate comprises roughly 11.5% of the submarket inventory.

Economic and Demographic Overview | 47 BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

EDUCATION

HIGHER ANNUAL EDUCATION 34.6k GRADUATES 60.0k students in the submarket produced by metro Los Angeles universities each year

With over 120 colleges and universities that provide jobs and drive economic growth, CITY OF LOS ANGELES the region is a hub for higher education and generates sustained demand for off- campus housing. The universities alone produce 60,000 graduates annually, the HIGHER EDUCATION highest number of any county in the nation. Los Angeles Community College District 147,600

The University of California, Los Angeles (UCLA) is world-renowned for its high-quality University of Southern California 48,500 academic, research, and athletic programs. UCLA offers over 125 undergraduate majors University of California, Los Angeles 46,000 and 150 graduate degree programs. The university is one of the largest employers in California State University Northridge 38,400 the region, supporting approximately 65,600 jobs countywide. With an enrollment of 44,370 students, UCLA generates $284.4 million in taxes and a $5.7 billion economic California State University Los Angeles 26,400 impact for Southern California. Loyola Marymount University 9,700

The University of Southern California (USC) has an enrollment of roughly 48,500 Mount Saint Mary’s University 3,000

students and employs more than 27,650 residents. USC has the largest private- Source: listed college websites; California Community Colleges university graduate program in the nation in science, engineering, and health. In Chancellor’s Office 2019, the University of Southern California was tied for No. 22 among the best national universities by U.S. News and World Report.

48 | EconomicBERKADIA and Demographic Overview ECONOMIC AND DEMOGRAPHIC OVERVIEW LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

LIFESTYLE AND ENTERTAINMENT

ELYSIAN DODGER PARK 600 STADIUM 56,000 acres seat capacity

Developed around the Miracle Mile in the 1920s, the Mid-Wilshire DODGER STADIUM neighborhood is a cultural nucleus of the central region of Los Angeles. The neighborhood features the El Rey Theatre, the George C. Page Museum, the Los Angeles County Museum of Art, and the Petersen Automotive Museum. The Miracle Mile has one of the best collections of intact art deco architecture in the world. Other attractions include Hancock Park and the La Brea Tar Pits.

Bordering Silver Lake on the southeast is Echo Park, one of Los Angeles’s most historic and diverse neighborhoods. Echo Park is made up of five major districts, which include Elysian Valley, Elysian Heights, Angelino Heights, Victor Heights, and Historic Filipinotown (HiFi). Each district has its own history, architecture, and charm, including stunning Victorian mansions. The vibrant area is the epicenter of the LA experience featuring colorful street murals, coffee shops, quirky boutiques, indie music venues, trendy bars, and taco trucks along Sunset Boulevard, the neighborhood’s main thoroughfare.

Occupying 2.4 square miles of Central LA, the neighborhood encompasses Dodger Stadium, Echo Park Lake, and Elysian Park. The lake recently reopened after a $45 million renovation and features paddle-boating, walking paths, a lotus garden, and the Lady of the Lake statue on its northern shores. Dodger Stadium is the home of Major League Baseball’s Los Angeles Dodgers, the world’s largest stadium by seat capacity at 56,000. Bordering the stadium is the 600-acre Elysian Park, the city’s oldest park, offering hiking trails leading to vista points of downtown’s skyline and the LA Basin.

BERKADIA EconomicECONOMIC and AND Demographic DEMOGRAPHIC OVERVIEW Overview | 49 LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

TRANSPORTATION

MTA LAX PASSENGERS 213.1m AIRPORT 28.8m rail and bus passengers in 2020 passengers served in 2020

Los Angeles boasts an extensive freeway network with major routes, LOS ANGELES INTERNATIONAL AIRPORT including the Golden State Freeway (I-5), San Diego Freeway (I-405), Foothills Freeway (I-210), Santa Monica Freeway (I-10), San Gabriel River Freeway (I-605), Harbor Freeway (I-110), Long Beach Freeway (I-710), and the Hollywood Freeway (U.S. Route 101).

The Metropolitan Transportation Authority (MTA) provides local bus and rail service, linking communities of Long Beach, Downtown Los Angeles, Hollywood, Pasadena, and the San Fernando Valley. MTA provided service to 213.1 million rail and bus passengers in 2020.

Los Angeles International Airport (LAX) supports 408,000 direct and indirect jobs and has an annual economic impact of $60 billion. LAX served nearly 28.8 million passengers in 2020.

Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; 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 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 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 BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 50 | Economic and Demographic Overview LOSLOS ANGELES ANGELES | CALIFORNIA| MID-WILSHIRE

MID-WILSHIRE SUBMARKET BY THE NUMBERS

TOTAL POPULATION MEDIAN AGE 2010 415,439 2010 36.1 2021* 433,472 2021* 38.4 2026* 460,381 2026* 40.5 Change Rate (2021 - 2026) 6.2%

TOTAL HOUSEHOLDS MEDIAN HOME PRICE ZIP Code 90019 2010 161,669 May - 2020 $1,190,000 2021* 168,610 May - 2021 $1,300,000

2026* 179,438 Change Rate Y-o-Y 9.2% Change Rate (2021 - 2026) 6.4%

AVERAGE HH INCOME EMPLOYMENT Los Angeles County 2010 $65,418 April - 2020 3,847,100 2021* $85,635 April - 2021 4,142,400

2026* $97,496 Change Rate Y-o-Y 7.7% Change Rate (2021 - 2026) 13.9%

RENT SHARE OF WALLET RENT VS. OWN National - 2021 26.0% Average Mortgage Payment $5,651 Mid-Wilshire - 2021 30.9% Effective Rent $2,205

National - 2026* 26.7% Difference $3,446 Mid-Wilshire - 2026* 26.3% *Projected *Projected 30-yr fixed; 20% down; 3.5% interest rate; 0.77% CA property taxes; Annual Rent / Median Household Income $1,000 annual homeowner’s insurance BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Economic and Demographic Overview | 51 DEMOGRAPHICS Demographics | 53 Site Map 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28 Legend Map

54 | Demographics Study Area Map 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28 Legend Map

Demographics | 55 Demographic Report 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % 2000 Census 130,991 617,608 1,239,962 9,519,061 12,365,353 285,230,478 2010 Census 123,835 608,410 1,232,955 9,818,605 12,828,837 312,471,327 2021 Estimate 131,230 650,412 1,296,514 10,082,098 13,285,645 336,051,421 2026 Projection 135,696 681,994 1,343,419 10,294,260 13,538,641 346,112,103

Population Growth 2000-2010 -5.5% -1.5% -0.6% 3.2% 3.8% 9.6%

POPULATION Population Growth 2021-2010 6.0% 6.9% 5.2% 2.7% 3.6% 7.6% Population Growth 2026-2021 3.4% 4.9% 3.6% 2.1% 1.9% 3.0%

2000 Census 44,495 204,615 425,667 3,133,678 4,068,951 106,741,406 2010 Census 45,128 217,064 443,451 3,241,204 4,233,985 118,092,823 2021 Estimate 47,954 237,720 473,327 3,339,977 4,403,851 127,035,832 2026 Projection 49,672 252,856 495,054 3,418,034 4,499,030 130,771,432

Household Growth 2000-2010 1.4% 6.1% 4.2% 3.4% 4.1% 10.6% Household Growth 2021-2010 6.3% 9.5% 6.7% 3.1% 4.0% 7.6% Household Growth 2026-2021 3.6% 6.4% 4.6% 2.3% 2.2% 2.9%

Owner Occupied Housing Units 51,852 257,793 511,640 3,540,233 4,662,012 142,512,284 HOUSEHOLDS Vacant Housing Units 3,898 7.5% 20,073 7.8% 38,313 7.5% 200,256 5.7% 258,161 5.5% 15,476,452 10.9% Occupied Housing Units 47,954 92.5% 237,720 92.2% 473,327 92.5% 3,339,977 94.3% 4,403,851 94.5% 127,035,832 89.1% Owner-Occupied 4,139 8.0% 41,865 16.2% 107,341 21.0% 1,593,679 45.0% 2,225,092 47.7% 82,968,203 58.2% Renter-Occupied 43,815 84.5% 195,855 76.0% 365,986 71.5% 1,746,298 49.3% 2,178,759 46.7% 44,067,629 30.9%

Est. Pop. 25+ by Educational Attainment 88,897 437,436 871,457 6,760,506 8,930,807 226,801,289 Less than 9th Grade 21,798 24.5% 83,660 19.1% 159,479 18.3% 849,724 12.6% 1,026,283 11.5% 11,907,282 5.3% Some High School, No Diploma 11,351 12.8% 49,282 11.3% 93,267 10.7% 593,973 8.8% 740,324 8.3% 15,710,473 6.9% High School Graduate (or GED) 18,746 21.1% 87,313 20.0% 167,428 19.2% 1,402,709 20.7% 1,777,130 19.9% 61,268,178 27.0% Some College, No Degree 11,023 12.4% 64,962 14.9% 137,367 15.8% 1,283,404 19.0% 1,713,932 19.2% 46,232,996 20.4% Associate Degree 4,424 5.0% 22,283 5.1% 46,523 5.3% 472,123 7.0% 639,293 7.2% 19,328,841 8.5%

EDUCATION Bachelor's Degree 16,651 18.7% 93,492 21.4% 186,242 21.4% 1,407,052 20.8% 1,967,351 22.0% 44,601,640 19.7% Graduate/Professional Degree 4,902 5.5% 36,444 8.3% 81,150 9.3% 751,521 11.1% 1,066,494 11.9% 27,751,879 12.2%

56 | Demographics Demographic Report 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % Population by Age 0 - 4 10,013 7.6% 45,790 6.7% 91,451 6.8% 684,193 6.6% 890,142 6.6% 20,895,157 6.0% 5 - 14 17,172 13.1% 89,554 13.1% 179,078 13.3% 1,259,645 12.2% 1,636,180 12.1% 37,712,530 10.9% 14 - 18 5,953 4.5% 33,192 4.9% 66,995 5.0% 507,815 4.9% 662,654 4.9% 16,778,130 4.8% 18 - 22 5,044 3.8% 38,218 5.6% 67,632 5.0% 516,359 5.0% 680,755 5.0% 20,348,518 5.9% 22 - 25 4,152 3.2% 21,222 3.1% 42,311 3.1% 372,835 3.6% 493,430 3.6% 13,987,975 4.0% 25 - 35 17,598 13.4% 71,298 10.5% 146,732 10.9% 1,302,225 12.7% 1,716,396 12.7% 44,237,978 12.8% AGE 35 - 45 23,106 17.6% 107,076 15.7% 204,320 15.2% 1,345,810 13.1% 1,743,454 12.9% 41,037,005 11.9% 45 - 55 18,822 14.3% 100,564 14.7% 198,345 14.8% 1,301,819 12.6% 1,690,616 12.5% 40,941,820 11.8% 55 - 65 14,060 10.7% 77,937 11.4% 155,297 11.6% 1,255,537 12.2% 1,674,407 12.4% 42,684,101 12.3% 65 - 75 9,314 7.1% 57,947 8.5% 113,714 8.5% 1,029,692 10.0% 1,376,690 10.2% 38,660,207 11.2% 75 - 85 4,451 3.4% 29,601 4.3% 58,623 4.4% 551,226 5.4% 745,596 5.5% 22,545,444 6.5% 85+ 1,545 1.2% 9,595 1.4% 18,920 1.4% 167,104 1.6% 228,321 1.7% 6,283,238 1.8% CY Estimated HH by HH Income 47,954 237,720 473,327 3,339,977 4,403,851 127,035,832 < $15,000 7,107 14.8% 34,860 14.7% 64,364 13.6% 308,921 9.2% 374,881 8.5% 12,518,938 9.9% $15,000 - $24,999 6,286 13.1% 27,932 11.7% 49,550 10.5% 251,666 7.5% 305,184 6.9% 10,615,454 8.4% $25,000 - $34,999 6,668 13.9% 26,186 11.0% 47,178 10.0% 258,467 7.7% 318,653 7.2% 10,931,890 8.6% $35,000 - $49,000 8,024 16.7% 32,526 13.7% 60,606 12.8% 366,187 11.0% 457,673 10.4% 15,465,776 12.2% $50,000 - $74,999 8,888 18.5% 38,266 16.1% 74,785 15.8% 517,959 15.5% 667,487 15.2% 21,700,588 17.1% $75,000 - $99,999 4,938 10.3% 25,367 10.7% 52,924 11.2% 419,728 12.6% 556,381 12.6% 16,350,973 12.9% $100,000 - $149,999 3,949 8.2% 26,634 11.2% 60,727 12.8% 548,680 16.4% 752,024 17.1% 19,896,393 15.7%

INCOME $150,000 - $199,999 1,231 2.6% 12,139 5.1% 29,007 6.1% 309,653 9.3% 444,748 10.1% 10,265,818 8.1% > $200,000 863 1.8% 13,811 5.8% 34,184 7.2% 358,716 10.7% 526,820 12.0% 9,290,002 7.3% 2021 Median Household Income $ 41,926 $ 48,656 $ 54,459 $ 73,236 $ 78,221 $ 65,229 2026 Median Household Income $ 48,557 $ 57,150 $ 62,436 $ 83,739 $ 89,234 $ 74,500 2021 Average Household Income $ 54,915 $ 75,415 $ 84,262 $ 105,445 $ 110,917 $ 91,691 2026 Average Household Income $ 62,854 $ 87,058 $ 96,692 $ 120,614 $ 126,326 $ 104,472

Pop. 16+ by Employment Status 101,167 509,882 1,009,606 7,950,080 10,505,201 269,805,522 Labor Force 72,008 71.2% 342,451 67.2% 673,909 66.7% 5,124,654 64.5% 6,798,410 64.7% 170,292,919 63.1% In Armed Forces 16 0.0% 70 0.0% 199 0.0% 4,257 0.1% 5,974 0.1% 1,172,570 0.4% FORCE

Civilian, Employed 61,909 61.2% 294,485 57.8% 579,050 57.4% 4,485,351 56.4% 6,034,612 57.4% 159,481,945 59.1% Civilian, Unemployed 10,099 10.0% 47,966 9.4% 94,859 9.4% 639,303 8.0% 763,798 7.3% 10,810,974 4.0% Not in Labor Force 29,159 28.8% 167,431 32.8% 335,697 33.3% 2,825,426 35.5% 3,706,791 35.3% 99,512,603 36.9% LABOUR Unemployment Rate 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%

Demographics | 57 Demographic Report 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % Employed Population 16+ by Industry 61,909 294,485 579,050 4,485,351 6,034,612 159,481,945 Agriculture/Mining 5,246 8.5% 21,415 7.3% 38,906 6.7% 290,609 6.5% 391,543 6.5% 13,475,785 8.4% Manufacturing 5,482 8.9% 24,174 8.2% 46,800 8.1% 422,125 9.4% 612,908 10.2% 16,238,208 10.2% Wholesale & Retail Trade 8,839 14.3% 39,290 13.3% 76,205 13.2% 607,233 13.5% 821,651 13.6% 21,940,767 13.8% Transpotation/Utilities 2,845 4.6% 13,163 4.5% 27,782 4.8% 274,128 6.1% 331,040 5.5% 8,519,813 5.3% Information 1,620 2.6% 14,595 5.0% 36,647 6.3% 193,989 4.3% 224,554 3.7% 3,141,640 2.0% Finance/Insurance/Real Estate 3,008 4.9% 14,177 4.8% 26,659 4.6% 270,641 6.0% 403,089 6.7% 10,448,417 6.6% Professional/Management/Scientific 7,675 12.4% 39,083 13.3% 79,148 13.7% 587,656 13.1% 813,680 13.5% 18,333,303 11.5% Education/Health/Social Services 8,178 13.2% 47,660 16.2% 96,580 16.7% 930,461 20.7% 1,231,692 20.4% 36,933,801 23.2% Arts/Ent./Accomodation/Food Services 12,115 19.6% 50,044 17.0% 93,182 16.1% 498,987 11.1% 666,899 11.1% 15,176,997 9.5% Other Services 5,964 9.6% 25,634 8.7% 44,774 7.7% 261,118 5.8% 344,594 5.7% 7,733,808 4.8% EMPLOYMENT Public Administration 938 1.5% 5,251 1.8% 12,367 2.1% 148,404 3.3% 192,962 3.2% 7,539,406 4.7%

Employed Civilian Pop. 16+ by Occupation 61,909 294,485 579,050 4,485,351 6,034,612 159,481,945 White Collar 27,069 43.7% 151,240 51.4% 311,725 53.8% 2,675,000 59.6% 3,693,313 61.2% 96,054,487 60.2% Services 19,956 32.2% 78,899 26.8% 140,368 24.2% 847,020 18.9% 1,110,699 18.4% 28,090,543 17.6% Blue Collar 14,885 24.0% 64,346 21.9% 126,957 21.9% 963,331 21.5% 1,230,600 20.4% 35,336,915 22.2%

Owner-Occupied Housing Units by Value 4,139 41,865 107,341 1,593,679 2,225,092 82,968,203 Less than $50,000 63 1.5% 206 0.5% 613 0.6% 19,778 1.2% 27,498 1.2% 4,393,157 5.3% $50,000 - $99,999 70 1.7% 311 0.7% 551 0.5% 16,987 1.1% 23,826 1.1% 7,344,067 8.9% $100,000 - $199,999 204 4.9% 538 1.3% 1,238 1.2% 22,175 1.4% 32,851 1.5% 18,052,877 21.8% $200,000 - $299,999 236 5.7% 1,067 2.5% 2,478 2.3% 40,830 2.6% 53,521 2.4% 14,517,480 17.5% $300,000 - $399,999 275 6.6% 2,013 4.8% 5,256 4.9% 77,448 4.9% 96,336 4.3% 10,390,462 12.5% VALUE $400,000 - $499,999 481 11.6% 3,097 7.4% 8,973 8.4% 153,562 9.6% 186,955 8.4% 7,674,713 9.3% $500,000 - $749,999 1,134 27.4% 9,212 22.0% 23,483 21.9% 426,976 26.8% 572,144 25.7% 10,078,693 12.1% $750,000 $1,000,000 996 24.1% 9,622 23.0% 23,008 21.4% 358,593 22.5% 523,517 23.5% 5,087,105 6.1%

HOUSING $1,000,000 or more 556 13.4% 10,586 25.3% 26,556 24.7% 303,211 19.0% 465,771 20.9% 3,727,894 4.5%

Median Housing Unit Value $ 663,376 $ 866,648 $ 870,398 $ 777,273 $ 807,043 $ 278,712 Average Housing Unit Value $ 710,191 $ 1,013,527 $ 1,071,531 $ 977,628 $ 984,840 $ 401,691

58 | Demographics Demographic Report 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % Estimated Population by Ethnicity 131,230 650,412 1,296,514 10,082,098 13,285,645 336,051,421 America 688 0.5% 5,779 0.9% 15,178 1.2% 155,462 1.5% 236,137 1.8% 20,720,422 6.2% American 419 0.3% 3,959 0.6% 11,738 0.9% 111,487 1.1% 176,158 1.3% 17,672,740 5.3% Native American 179 0.1% 1,319 0.2% 2,487 0.2% 20,606 0.2% 27,503 0.2% 2,499,933 0.7% Hawaiian 90 0.1% 500 0.1% 954 0.1% 23,369 0.2% 32,476 0.2% 547,749 0.2% Hispanic 83,465 63.6% 356,012 54.7% 687,716 53.0% 4,847,953 48.1% 5,927,399 44.6% 60,360,493 18.0% Mexican 40,263 30.7% 178,499 27.4% 401,622 31.0% 3,634,211 36.0% 4,548,628 34.2% 35,466,515 10.6% Puerto Rican 422 0.3% 2,296 0.4% 5,294 0.4% 45,184 0.4% 57,880 0.4% 8,610,669 2.6% Cuban 247 0.2% 2,062 0.3% 3,957 0.3% 41,355 0.4% 50,013 0.4% 2,176,648 0.6% Dominican 34 0.0% 328 0.1% 799 0.1% 4,437 0.0% 5,213 0.0% 1,805,700 0.5% Central American 34,381 26.2% 136,032 20.9% 210,906 16.3% 718,468 7.1% 773,917 5.8% 4,876,156 1.5% South American 1,003 0.8% 5,881 0.9% 10,983 0.8% 119,900 1.2% 155,117 1.2% 3,378,929 1.0% Other Hispanic 7,115 5.4% 30,914 4.8% 54,156 4.2% 284,398 2.8% 336,631 2.5% 4,045,876 1.2% Asian 32,775 25.0% 134,574 20.7% 181,975 14.0% 1,411,274 14.0% 2,026,152 15.3% 16,966,276 5.0% Chinese 1,941 1.5% 18,842 2.9% 31,916 2.5% 445,855 4.4% 558,047 4.2% 4,059,252 1.2% Japanese 675 0.5% 4,588 0.7% 9,205 0.7% 102,805 1.0% 139,200 1.0% 808,789 0.2% Korean 23,472 17.9% 66,220 10.2% 75,204 5.8% 212,003 2.1% 302,805 2.3% 1,458,243 0.4% SC Asian 957 0.7% 6,456 1.0% 9,932 0.8% 111,623 1.1% 170,848 1.3% 4,283,820 1.3%

ETHNICITY SE Asian 5,228 4.0% 34,993 5.4% 50,280 3.9% 485,704 4.8% 780,854 5.9% 5,478,488 1.6% Other Asian 502 0.4% 3,475 0.5% 5,438 0.4% 53,284 0.5% 74,398 0.6% 877,684 0.3% European 725 0.6% 22,310 3.4% 89,188 6.9% 1,029,458 10.2% 1,600,165 12.0% 108,174,861 32.2% British 117 0.1% 3,506 0.5% 12,129 0.9% 162,400 1.6% 265,821 2.0% 16,818,937 5.0% Dutch 15 0.0% 294 0.0% 1,232 0.1% 18,572 0.2% 32,048 0.2% 2,264,492 0.7% French 35 0.0% 1,236 0.2% 4,405 0.3% 42,874 0.4% 66,021 0.5% 4,517,375 1.3% German 118 0.1% 3,776 0.6% 13,640 1.1% 182,038 1.8% 300,438 2.3% 27,772,884 8.3% Italian 87 0.1% 2,354 0.4% 9,297 0.7% 106,603 1.1% 164,161 1.2% 10,315,274 3.1% Polish 20 0.0% 1,042 0.2% 4,711 0.4% 47,248 0.5% 67,244 0.5% 5,425,968 1.6% Scandinavian 52 0.0% 1,456 0.2% 4,956 0.4% 68,821 0.7% 115,311 0.9% 6,775,997 2.0% Scotch/Irish 146 0.1% 4,289 0.7% 15,193 1.2% 185,672 1.8% 298,118 2.2% 23,343,130 6.9% Other European 135 0.1% 4,356 0.7% 23,624 1.8% 215,230 2.1% 291,003 2.2% 10,940,804 3.3% Middle Eastern 88 0.1% 2,961 0.5% 13,319 1.0% 207,947 2.1% 253,345 1.9% 2,113,429 0.6% Other Ethnicity 12,301 9.4% 112,175 17.2% 259,580 20.0% 1,953,411 19.4% 2,524,941 19.0% 76,762,661 22.8% Unclassified 1,188 0.9% 16,601 2.6% 49,559 3.8% 476,593 4.7% 717,506 5.4% 50,953,279 15.2%

Demographics | 59 Median Household Income 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28 Legend Map

60 | Demographics Median Housing Value 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28 Legend Map

Demographics | 61 Population Density 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28 Legend Map

62 | Demographics % Population Change: 2010-2021 2849 San Marino St, Los Angeles, CA 90006 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.055255, -118.290537 2021-May-28 Legend Map

Demographics | 63 MULTIFAMILY REPORT Demographics | 65 LOS ANGELES MULTIFAMILY REPORT

OCCUPANCY AND RENT TRENDS

DOWNTOWN LOS ANGELES REMAINS A DESIRABLE DESTINATION FOR RENTERS

New and existing apartment renters in Downtown Los Angeles took the long view and looked forward to the eventual reopening of the urban core’s numerous amenities and cultural attractions. Unlike many urban centers in the U.S. that lost renters in the last year, annual net apartment absorption through the first quarter of 2021 was positive in the Downtown Los Angeles submarket. Renters had a wide selection of new apartments as 1,765 units came online in the submarket during the last four quarters. This wave of new apartments and challenging economic conditions generated heightened competition among apartment communities, however, resulting in an 11.3% annual reduction in effective rent. Across Los Angeles West, the 5,447 units that were delivered had a similar effect: effective rent fell 10.4% year over year to $2,526 per month in the first quarter of 2021. Meanwhile, apartment occupancy fell 200 basis points to 93.8%. The pandemic’s harsh impact to the apartment market in Los Angeles West is only temporary, and economic recovery is underway. By March 2021, employers created or reinstated 247,500 jobs from the low point in April 2020.

MARKET AT A GLANCE 98% $3,000 OCCUPANCY AND RENT TRENDS

96% $2,800 OCCUPANCY RATE 93.8%

94% $2,600 Down 200 bps since 1Q20

92% $2,400 EFFECTIVE $ RENT 2,526 90% $2,200 Down 10.4% since 1Q20

RENT PAYMENT 88% $2,000 TRACKER 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20 4Q20 91.5% (APRIL 1-20) Occupancy Rate Effective Rent Down 120 bps YOY 66 | Multifamily Report LOS ANGELES MULTIFAMILY REPORT

DELIVERIES AND DEMAND 10,000 DELIVERIES AND DEMAND

7,500 DELIVERIES 984 Units YTD 5,000 2,500

NET 0 ABSORPTION 558 -2,500 Units YTD 2016 2017 2018 2019 2020 2021* Deliveries Demand *Year to date

ECONOMIC TRENDS U.S. SHARE OF WALLET

2020 UNEMPLOYMENT* 2021 5.0% 630 BPS 11.3% CHANGE U.S. 2020 EMPLOYMENT* 2021 ANNUAL RENT 4.6m -10.1% 4.1m CHANGE 24.8% share of wallet METRO SHARE OF WALLET 2020 EXISTING SFH SALES* 2021 49.3k 44.4% 71.2k CHANGE

2020 POPULATION* 2021 METRO 10.0m 0.3% 10.1m ANNUAL RENT CHANGE 40.5% share of wallet 2020 10-YEAR TREASURY* 2021 0.87% 70 BPS 1.61% CHANGE *March | 67 LOS ANGELES MULTIFAMILY REPORT

SUBMARKET BREAKDOWN

DELIVERED OCCUPANCY EFFECTIVE RENT NET ABSORPTION UNITS Q-o-Q Y-o-Y Change Change Q-o-Q Y-o-Y SUBMARKET NAME 1Q21 (BPS) (BPS) 1Q21 Change Change 1Q21 Annual 1Q21 Annual Brentwood/Westwood/Beverly Hills 92.9% 10 -290 $2,985 -0.9% -9.6% 119 -1,592 50 50 Downtown Los Angeles 92.2% -20 -180 $2,282 -0.6% -11.3% -85 689 0 1,765 Hollywood 93.8% -30 -190 $2,424 -0.8% -9.7% -120 -883 193 866 Mid-Wilshire 95.1% 20 -120 $2,205 -0.2% -11.4% 691 -51 493 1,364 Palms/Mar Vista 93.2% -70 -330 $2,512 0.3% -10.0% -107 -1,025 200 434 Santa Monica/Marina del Rey 94.3% 0 -200 $3,255 -0.1% -10.1% 60 -28 48 968 TOTALS 93.8% -10 -200 $2,526 -0.5% -10.4% 558 -2,890 984 5,447

© 2021 Berkadia Real Estate Advisors LLC Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC Document sources: Berkadia Research; RealPage; Federal Reserve Bank of St. Louis; Moody’s

68 | | 69 DISCLAIMER

The material contained in this document is confidential, 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 recipient agrees to keep all material contained herein confidential.

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 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, financial 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 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 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.

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 financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal 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 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 qualified 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, 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.

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 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.

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