Offering Memorandum At Simi Valley VistaAssisted Living | Memory Care Investment Simi Valley | California | 93065 CONFIDENTIALITY AGREEMENT

By accepting this Offering Memorandum, the party in possession representations or warranties, expressed or implied, as to the hereof agrees (i) to return it to Owner/Agent immediately upon accuracy or completeness of the Offering Memorandum or any of request and (ii) that this Offering Memorandum and its contents are the contents, and no legal commitment or obligations shall arise by of a confidential nature and will be held and treated in strict reason of the Offering Memorandum or the contents. Analysis and confidence. No portion of this Offering Memorandum may be verification of the information contained in the Offering copied or otherwise reproduced or disclosed to anyone without the Memorandum is solely the responsibility of the prospective prior written authorization of officer of Owner/Agent. Principals and purchaser. real estate brokers are prohibited from disseminating this information without the specific written consent of an officer of Owner reserves the right to reject any or all expressions of interest Owner/Agent. or offers to purchase this property, as well as the right to terminate discussions with any party at any time with our without notice. This Offering Memorandum is subject to errors, omissions, changes Owner shall have no legal commitment or obligation to any or withdrawal without notice and does not constitute a purchase reviewing this Offering Memorandum or making an offer recommendation or endorsement as to the value of the property as to purchase this property unless a written agreement for the a reference and are based on assumptions proposed by purchase of the property has been fully executed, delivered and Owner/Agent and their sources. Prospective purchasers should approved by Owner and any conditions to Owner’s obligations make their own projections and reach their own conclusion of thereunder have been satisfied or waived. value. The terms and conditions set forth above apply to this Offering Certain portions of this Offering Memorandum merely summarize Memorandum in its entirety. or outline property information and are in no way intended to be complete nor necessarily accurate descriptions. All prospective purchasers are to rely upon their own investigations and due diligence in the formation of their assessment of the condition of the property, including engineering and environmental inspections. All relevant documents are expected to be reviewed independently by any prospective purchaser. Neither Owner nor the Agent nor any of their respective officers, advisors, agents, or principals has made or will make any PROPERTY OVERVIEW Vista At Simi Valley | Simi Valley CA

Purchase Price: $25,950,000 | 95-unit Assisted Living (105 Beds) Project Peak Commercial and Anvers Capital Partners is pleased County, California. The property will contain a unit mix of to offer for sale to qualified investors a Newly built 105 75 assisted and 20 memory care units (30 beds). Bed Senior Housing project located in the city of Simi Valley. Project Amenities include a Central Community Dining Room, game room, arts and craft room, library/computer The subject, identified as The Vista at Simi Valley is a center, media room, lounge area, Elevator Access, Laundry proposed 95-unit assisted living residence. The facilities, heath and wellness center, resident storage, mail improvements will be completed in 2020, will be in new room, outside patios/walking areas, gardening areas, and condition, and situated on a 1.39-acre site. The physical more. address is 1236 Erringer Road, Simi Valley, Ventura

Investment Highlights Newly Built 2020 Construction. Property Construction will finish in the fall of 2020. Property to be delivered vacant, and ready for occupancy.

Strong Location | High Barriers to Entry. Property is strategically located on Erringer Road in Simi Valley, on of the busiest streets in the City. High Quality Construction with various building and in-suite amenities. Brand new 2020 construction, to be delivered ready for occupancy. Class-A build with various amenities. Strong Physical Location amongst mostly single family homes Located on Erringer Road near Arcane St, the subject property is nestled in a pocket of Simi Valley consisting of mostly single family homes. Various Exit Strategies Ideal investment upon stabilization, either for continued cash flow, or disposition.

Affluent Location With Favorable Demographics Average household of income of $120,420 within a 3 mile radius with a median home value of $652,620 and a population of 82,48 2.

3 PROEPRTY OVERVIEW Vista At Simi Valley | Simi Valley CA

PROPERTY OVERVIEW

Executive Summary

1234 Erringer Road, Simi Valley, Location: Ventura County California 93065 Property Name The Vista at Simi Valley Website: http://www.vistasimivalley.com Total SqFt : 51,236 Land Area: 1.39 AC Number of Buildings: 1 No. Of Stories 2 APN # 0284-201-31-0000 Year Built 2020 Total Units: 95 Total Beds: 105 Primary Unit of Measure Use Code: Senior Housing Unit of Revenue Units Beds Measure Units Property Identification Assisted Living 75 75 Units 75 The Vista at Simi Valley is a newly construction assisted living project. The imporvements will Memory Care 20 30 Beds 30 be completed in new conidtion, and situated on a 1.39-acre site. The physical addres is 1236 Total 95 105 105 Erringer Road, Simi Valley, Ventura County, Caifornia. The property will contain a unit mix of

75 assisted and 20 memory care units (30 beds).

Primary Unit of Measure

Unit of Revenue Units Beds Measure Units

Assisted Living 76 73 Units 76

Memory Care 20 30 Beds 30

Total 96 103 106 5 PROPERTY DEMOGRAPHICS Vista At Simi Valley | Simi Valley CA

Project Amenities Property and unit amenities for the subject property are summarized below.

• Central Community Dining room • Laundry Facilities • Private • Trash room • Private Dining Room • Health and Wellness Center • Game room • Resident Storage • Arts & Craft room • Mail room • Library/Computer center • Outside Patios/Walking Areas • Beauty/Barber Shop • Gardening Areas • Media room • Multi-Purpose Room • Lounge Areas • Elevator Access to All Areas

The following are the individual living unit amenities and features that are being offered at the subject:

• 24-Hour Emergency Response System • Drapes/Window Treaments/Mini blinds • Telephone Outlets • Private Baths • Individual Heating/Colling Controls • Showers with a Seat and Grab Bars and/or Tub • Wall-to-Wall Carpeting/Vinyl Flooring Shower Combination • Kitchenettes (AL units)

5 INVESTMENT WRITE-UP Vista At Simi Valley | Simi Valley CA

INVESTMENT WRITE-UP

INVESTMENT OVERVIEW

The seniors housing and care industry provides accommodation, as well as an Primary access to the neighborhood is provided the Ronald Reagan (118) array of services and program options to seniors. The demand for these Freeway. The Ronald Reagan Freeway is located within one mile north of the properties is primarily driven by the segment of the seniors population over subject. It is an east/west trending freeway connecting with Interstate 405 to the age of 75. The level of services and variety of options available to the the east and the Moorpark (23) Freeway to the west. Surface street access to seniors housing marketplace continues to evolve as the needs, preferences the neighborhood is provided by Los Angeles Avenue, Cochran Street, Erringer and demands of seniors and their families change. Road, Sycamore Drive and First Street.

The types of properties that facilitate the delivery of accommodation and care The subject consists of a mixture of residential, commercial/retail, and services to seniors are typically divided into four primary categories: recreational uses. Directly to the north, south and east of the subject are independent living ("IL"), assisted living ("AL"), memory care ("MC") and long- religious oriented uses. Additional uses near the subject are primarily single- term care ("LTC"). Seniors housing and care properties also include continuing family in nature. Further north across Los Angeles Avenue are established care retirement communities ("CCRCs"), which typically offer all of the care single- family residential neighborhoods in the city of Simi Valley. The area levels noted above on a single campus. These property types are collectively also includes multi-family uses. Some commercial/retail is found to the referred to as “seniors housing.” northwest, north of Los Angeles Avenue.

The subject property is located in Simi Valley, Ventura County, California. The following table summarizes the area hospitals and their respective Simi Valley is most influenced by trends impacting the Oxnard-Thousand location in relation to distance from the subject: Oaks-Ventura, CA Metropolitan Statistical Area (MSA). Hospital Summary The immediate neighborhood is supportive of the subject’s proposed use as Miles From seniors housing. Development is limited within the subject’s neighborhood. Hospital Summary Beds There are some healthcare providers in the neighborhood that are supportive Subject of the subject with alternate care levels, although primarily residential Simi Valley Hosp. & Health Care 2.17 143 housing which has either seniors or adult children that can act as a feeder. The neighborhood is considered to be in a stage of balance having a favorable Los Robles Hosp. & Medical Center 7.94 382 impact on the subject property. West Hills Hops. & Medical Center 8.56 228 7 PROPERTY DEMOGRAPHICS Vista At Simi Valley | Simi Valley CA

Property Information Cap Rate Analysis Financing Assumptions

Sale Price: $25,950,000 As- Is Purchase Price $25,950,000 ALL CASH ANALYSIS Number of Units: 95 As-Is Stabilized Cap Rate: 8.40% Number of Beds: 105 Cost Per Bed: $247,143 Total Price Indicators Approx. Age: 2020 Additional Cash Infusion: $1,911,056 Apx SqFt: 51,236 Total Price: $27,861,056 Price Per SqFt: $506 Price Per SqFt (TP): $543.78 Approx. Lot Size: 1.39 AC Price Per Bed (TP): $265,343 Cap Rate (TP): 7.82% Parking: Open Lot

Scheduled Income Estimated Expenses No. Of % of Rent Monthly Per % of Expense Amount Per Unit Beds Total Unit Type Unit SF Avg. Rent PSF Income Bldg. SF SGI 57 54% 0+1 AL 310 $3,595 $11.60 $204,915 Real Estate Taxes $259,500 $2,471 $5.06 5.25% 18 17% 1+1 AL 378 $4,495 $11.89 $80,910 Property Insurance $50,916 $485 $0.99 1.03% Utilities $160,022 $1,524 $3.12 3.24% 10 10% 0+1 MC 223 $4,795 $21.50 $47,950 Administrative & General $309,133 $2,944 $6.03 6.26% 20 19% Shared MC 223 $3,895 $17.47 $77,900 Marketing $61,827 $589 $1.21 1.25% Resident Care $1,436,560 $13,682 $28.04 29.08% 105 100% avg: 297 $3,920.71 $8.33 $411,675 $4,940,100 Culinary Services $618,266 $5,888 $12.07 12.52% Level of Care Fees (Middle Tier Service Per Bed) $120,000 Laundry & Housekeeping $141,838 $1,351 $2.77 2.87% Community Fees ($85 per Bed) $8,925 Repairs & Maintenance $141,838 $1,351 $2.77 2.87% Other Income ($95 Per Bed) $9,975 Programing $114,561 $1,091 $2.24 2.32% Monthly Scheduled Gross Income: $550,575 Payroll Taxes & Benefits $481,884 $4,589 $9.41 9.75% Annualized Scheduled Gross Income: $6,606,900 Management Fee $305,792 $2,912 $5.97 6.19% Replacement Reserve: $15,750 $150 $0.31 0.32% Annualized Operating Data Current Monthly Scheduled Rental Income: $4,940,100 $411,675 Additional Income: 1,666,800 138,900 Less Vacancy Rate Reserve: (330,345) 5.0% (27,529)

Gross Operating Income: 6,276,555 523,046 Less Operating Expenses: 4,097,887 62.02% 341,491 Net Operating Income: $2,178,668 $181,556 TOTAL OPERATING EXPENSES: $4,097,887 $39,027 $79.98 82.95% Expense Ratio: 62.02% 8 Cash Flow Schedule (Year 1) Vista At Simi Valley | Simi Valley CA

Market Growth Assumptions M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Total Current Average Per Unit: $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 $3,920.71 # of Units Rented 5 5 5 5 5 5 5 5 5 5 5 5 Total Rented: 5 10 15 20 25 30 35 40 45 50 55 60 % Rented 4.76% 9.52% 14.29% 19.05% 23.81% 28.57% 33.33% 38.10% 42.86% 47.62% 52.38% 57.14%

Income M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Total Gross Potential Residential Rent $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $411,675 $4,940,100 Other Income -Misc $6,614 $13,229 $19,843 $26,457 $33,071 $39,686 $46,300 $52,914 $59,529 $66,143 $72,757 $79,371 $515,914.29 Less: ResidentialPhysical Vacancy ($392,071) ($372,468) ($352,864) ($333,261) ($313,657) ($294,054) ($274,450) ($254,846) ($235,243) ($215,639) ($196,036) ($176,432) ($3,411,021) Effective Gross $26,218 $52,436 $78,654 $104,871 $131,089 $157,307 $183,525 $209,743 $235,961 $262,179 $288,396 $314,614 $2,044,993

Expenses:

Real Estate Taxes $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $21,625 $259,500 Property Insurance $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $4,243 $50,916 Utilities $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $13,335 $160,022 Administrative & General $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $25,761 $309,133 Marketing $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $5,152 $61,827 Resident Care $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $119,713 $1,436,560 Culinary Services $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $51,522 $618,266 Laundry & Housekeeping $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $11,820 $141,838 Programing $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $9,547 $114,561 Payroll Taxes & Benefits $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $40,157 $481,884 Management Fee $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $25,483 $305,792 Replacement Reserve: $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $1,313 $15,750

TOTAL OPERATING EXPENSES $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $329,671 $3,956,049 NOI ($303,453) ($277,235) ($251,017) ($224,799) ($198,581) ($172,364) ($146,146) ($119,928) ($93,710) ($67,492) ($41,274) ($15,056) ($1,911,056)

NOI & REP. RESERVE ($303,453) ($277,235) ($251,017) ($224,799) ($198,581) ($172,364) ($146,146) ($119,928) ($93,710) ($67,492) ($41,274) ($15,056) ($1,911,056)

Less Loan Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Plus Cash Infusion $303,453 $277,235 $251,017 $224,799 $198,581 $172,364 $146,146 $119,928 $93,710 $67,492 $41,274 $15,056 $1,911,056 Pre-Tax Cash Flow $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 9 Cash Flow Schedule (Year 2) Vista At Simi Valley | Simi Valley CA

Market Growth Assumptions M13 M14 M15 M16 M17 M18 M19 M20 M21 M22 M23 M24 Total Current Average Per Unit: $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 $4,018.73 # of Units Rented 4 4 4 4 4 4 4 4 4 4 4 1 Total Rented: 64 68 72 76 80 84 88 92 96 100 104 105 % Rented 60.95% 64.76% 68.57% 72.38% 76.19% 80.00% 83.81% 87.62% 91.43% 95.24% 99.05% 100.00%

Income M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Total Gross Potential Residential Rent $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $421,967 $5,063,603 Other Income -Misc $86,779 $92,203 $97,627 $103,051 $108,474 $113,898 $119,322 $124,745 $130,169 $135,593 $141,017 $142,373 $1,395,250.50 Less: ResidentialPhysical Vacancy ($164,768) ($148,693) ($132,618) ($116,543) ($100,468) ($84,393) ($68,318) ($52,244) ($36,169) ($20,094) ($18,707) ($18,707) ($961,723) Effective Gross $343,978 $365,477 $386,976 $408,474 $429,973 $451,472 $472,970 $494,469 $515,967 $537,466 $544,276 $545,632 $5,497,130

Expenses:

Real Estate Taxes $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $22,058 $264,690 Property Insurance $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $4,328 $51,934 Utilities $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $13,602 $163,222 Administrative & General $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $26,276 $315,316 Marketing $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $5,255 $63,064 Resident Care $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $122,108 $1,465,291 Culinary Services $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $52,553 $630,631 Laundry & Housekeeping $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $12,056 $144,675 Programing $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $9,738 $116,852 Payroll Taxes & Benefits $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $40,960 $491,522 Management Fee $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $25,992 $311,908 Replacement Reserve: $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $1,339 $16,065

TOTAL OPERATING EXPENSES $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $336,264 $4,035,170 NOI $7,714 $29,213 $50,711 $72,210 $93,709 $115,207 $136,706 $158,205 $179,703 $201,202 $208,012 $209,368 $1,461,960

NOI & REP. RESERVE $7,714 $29,213 $50,711 $72,210 $93,709 $115,207 $136,706 $158,205 $179,703 $201,202 $208,012 $209,368 $1,461,960

Less Loan Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Plus Equity Infusion $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Pre-Tax Cash Flow $7,714 $29,213 $50,711 $72,210 $93,709 $115,207 $136,706 $158,205 $179,703 $201,202 $208,012 $209,368 $1,461,960 10 Cash Flow Schedule (5-Year Projections) Vista At Simi Valley | Simi Valley CA

Market Growth Assumptions Y0 Stabalized Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Current Average Per Unit: $3,920.71 $3,920.71 $4,018.73 $4,119.20 $4,222.18 $4,327.73 $4,435.93 Revenue Growth Per Year: 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Operating Expense Growth Per Year: 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Vacancy: 5.00% 5.00% 5.00% 5.00% 5.00% Income: $/Unit Gross Potential Residential Rent $4,940,100 $47,049 $4,940,100 $5,063,603 $5,190,193 $5,319,947 $5,452,946 $5,589,270 Other Income -Misc $1,666,800 $15,874 $515,914 $1,395,251 $1,751,182 $1,794,961 $1,839,835 $1,885,831 Less: ResidentialPhysical Vacancy ($247,005) 5.00% ($3,411,021) ($253,180) ($259,510) ($265,997) ($272,647) ($279,463) Effective Gross $6,359,895 $60,570 $2,044,993 $6,205,673 $6,681,865 $6,848,911 $7,020,134 $7,195,637 Expenses:

Real Estate Taxes $259,500 $2,471 $259,500 $264,690 $269,984 $275,383 $280,891 $286,509 Property Insurance $50,916 $485 $50,916 $51,934 $52,973 $54,032 $55,113 $56,215 Utilities $160,022 $1,524 $160,022 $163,222 $166,487 $169,817 $173,213 $176,677 Administrative & General $309,133 $2,944 $309,133 $315,316 $321,622 $328,054 $334,616 $341,308 Marketing $61,827 $0 $61,827 $63,064 $64,325 $65,611 $66,924 $68,262 Resident Care $1,436,560 $13,682 $1,436,560 $1,465,291 $1,494,597 $1,524,489 $1,554,979 $1,586,078 Culinary Services $618,266 $5,888 $618,266 $630,631 $643,244 $656,109 $669,231 $682,616 Laundry & Housekeeping $141,838 $1,351 $141,838 $144,675 $147,568 $150,520 $153,530 $156,601 Programing $114,561 $1,091 $114,561 $116,852 $119,189 $121,573 $124,005 $126,485 Payroll Taxes & Benefits $481,884 $4,589 $481,884 $491,522 $501,352 $511,379 $521,607 $532,039 Management Fee $305,792 $2,912 $305,792 $311,908 $318,146 $324,509 $330,999 $337,619 Replacement Reserve: $15,750 $150 $15,750 $16,065 $16,386 $16,714 $17,048 $17,389 TOTAL OPERATING EXPENSES $3,956,049 $37,677 $3,956,049 $4,035,170 $4,115,873 $4,198,191 $4,282,155 $4,367,798 NOI $2,403,846 $22,894 ($1,911,056) $2,170,503 $2,565,991 $2,650,720 $2,737,979 $2,827,840 Operating Expense Ratio 62.2% 65.0% 61.6% 61.3% 61.0%

Plus Cash Infusion $1,911,056 $0 $0 $0 $0 $0 Pre-Tax Cash Flow $0 $2,170,503 $2,565,991 $2,650,720 $2,737,979 $2,827,840 11 IRR and Cash Flow Analysis Vista At Simi Valley | Simi Valley CA

ASSUMPTIONS CURRENT RETURN/RESIDUAL VALUE RATIO - UNLEVERAGED YEAR 5 Total Equity Required Y0 $27,861,056 Percent of Cost per Unit $247,143 IRR Total Return Analysis Period 5 Years Total Unlevered IRR 14.59% 100.00% Terminal CAP Rate 6.50% Cash Flow with No Apppreciation 6.97% 47.80% Terminal Price Determination Following Year NOI Apreciation Return 7.62% 52.20% Y5 Sale Price $43,505,226 Cost of Sale 2.00% Equity Multiple 1.89 RETURNS - UNLEVERAGED Year Ending: Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 NOI Return (1,911,056) 2,170,503 2,565,991 2,650,720 2,737,979 2,827,840 Levered Cash Flow (27,861,056) - 2,170,503 2,565,991 2,650,720 2,737,979 2,827,840 NOI Return -6.86% 7.79% 9.21% 9.51% 9.83% 10.15% Cash to Initial Equity 0.00% 7.79% 9.21% 9.51% 9.83% Internal Rate of Return 17.46% 21.10% 17.40% 15.63% 14.59%

PRESENT VALUES AT VARIOUS DISCOUNT RATES AND HOLDING PERIODS - UNLEVERAGED PRESENT VALUES Discount Rate Year 1 Year 2 Year 3 Year 4 Year 5 6 9.50% $29,885,393 $34,075,817 $34,203,894 $34,321,912 $34,430,642 9.75% $29,817,317 $33,920,751 $33,974,792 $34,022,873 $34,065,557 10.00% $29,749,550 $33,766,741 $33,747,748 $33,727,153 $33,705,275 10.25% $29,682,091 $33,613,777 $33,522,741 $33,434,708 $33,349,720 10.50% $29,614,937 $33,461,851 $33,299,747 $33,145,494 $32,998,820

12% 25% Present Value At 10% Discount

10% 20% Cash Cash

- 8% $33,766,741 on 15% IRR - $33,747,748 6% $33,727,153 10% $33,705,275 Returns 4%

2% 5% NOI & Cash NOI& 0% 0% Year 2 Year 3 Year 4 Year 5 Year 2 Year 3 Year 4 Year 5 NOI Return Cash on Cash Return IRR

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. PROPERTY PHOTOS Vista At Simi Valley | Simi Valley CA

12 CITY OVERVIEW – SIMI VALLEY Vista At Simi Valley | Simi Valley CA

The city of Simi Valley is a suburban submarket located in the southeast corner of Ventura County in the greater Los Angeles area. It is located just northwest of the boarder of Los Angeles city, and less Simi Valley than 40 miles from downtown Los Angeles. A study done by the University of Simi Valley is surrounded by the Santa Susana Mountain range and Vermont also ranked Simi Valley the Simi Hills. The city neighbors Moorpark (to the west), Thousand as the fifth-happiest city in the Oaks (to the south), and the San Fernando Valley (to the east). The 118 freeway runs through Simi Valley, connecting it to the city of Los United States. According to crime Angeles via the Santa Susana Pass. statistics by the FBI in 2013, it is The city features a pleasant combination of housing, offices, retail the seventh-safest city in the U.S. and industrial building. There are many schools, parks, and government services such as a public library, USPS, and DMV offices. Simi Valley is home to the Ronald Reagan Presidential Library and a rail station service by Amtrak, Metrolink, and local buses.

It is considered one of the safest cities in the area, with a large proportion of its residents being current or former police officers. FBI crime statistics from 2016 ranked it as the 7th safest city in the United States with a population of 100,000 or more, similar to Thousand Oaks and Moorpark.

It’s been ranked as the fifth happiest city in the US, according to a study by the University of Vermont. Wide open spaces, affordable rent, easy freeway access, and a laid-back lifestyle in what is otherwise one of the busiest areas in the United States, all lend themselves to being a dream place to live, at any stage in one’s life. Outdoors enthusiasts will find a great deal to love in Simi Valley, as will fans of shopping and nightlife. With several golf courses located around the city, and locations like Big Sky Park (which truly lives up to its name), you’ll never run out of entertainment options in this city

13 CITY OVERVIEW – SIMI VALLEY Vista At Simi Valley | Simi Valley CA

Take a tour of our local Museums and Historical Sites.

Simi Valley is home to multiple museums. From the world renowned Ronald Reagan Presidential Library and Museum to its local California Historical Landmark – Grandma Prisbrey’s Bottle Village, visitors will find interesting facts about fascinating people and step back in time as they explore hand curated artifacts. If those don’t spark your interest, maybe Old Santa Susanna Depot Museum and Model Railroad, Strathearn Historical Park or the famous Skatelab will!

Hikes and Trails.

Simi Valley is known for its beautiful landscape and amazing trail system. The city is surrounded by greenbelts and wild life corridors with 50 miles worth of trails winding as far as Los Angeles. Mount McCoy and Rocky Peak are local favorites.

Outdoor Concerts

Everything moves outdoors in the Simi summertime where even the hottest day ends with a nice cool breeze. Vistors and residents can expect to enjoy concerts in the local parks, courtyards and even at the Ronald Reagan Presidential Library and Museum.

Farmer’s Market

The City’s local Farmer’s Market is one of Simi’s best kept secrets. Ventura County is one of California’s largest agricultural regions. You cannot get produce much fresher than this. The market is everything artisan from the produce and fully prepared foods (try the tamales!) to arts, crafts and jewelry.

Simi Valley Days Carnival and Parade!

Simi Valley Days has been an annual celebration for over 40 years. Carnival rides, games, food, concerts… and more including its yearly parade.

14 PROPERTY DEMOGRAPHICS Vista At Simi Valley | Simi Valley CA

Radius 1 Mile 3 Mile 5 Mile Population: 2025 Projection 20,394 82,603 126,949 2020 Estimate 20,287 82,482 126,695 2010 Census 19,646 81,576 124,942 Growth 2020-2025 0.53% 0.15% 0.20% Growth 2010-2020 3.26% 1.11% 1.40%

Households: 2025 Projection 6,120 26,310 42,070 2020 Estimate 6,085 26,278 41,979 2010 Census 5,888 26,075 41,431 Growth 2020 - 2025 0.58% 0.12% 0.22% Growth 2010 - 2020 3.35% 0.78% 1.32% Owner Occupied 4,327 19,650 31,023 Renter Occupied 1,758 6,628 10,956 2020 Avg Household Income $106,621 $120,420 $124,180 2020 Med Household Income $87,861 $98,242 $99,681

2020 Households by Household Inc: <$25,000 696 2,347 3,943 $25,000 - $50,000 984 3,535 5,456 $50,000 - $75,000 846 3,250 5,100 $75,000 - $100,000 1,003 4,310 6,574 $100,000 - $125,000 664 3,233 5,048 $125,000 - $150,000 731 2,630 3,874 $150,000 - $200,000 546 3,494 5,638 $200,000+ 614 3,479 6,346

15 Subject Property

16 Subject Property

17 18 PROPERTY DEMOGRAPHICS Vista At Simi Valley | Simi Valley CA

Subject Property

18 CONTACT INFORMATION:

David Meir Peak Commercial | Anvers Capital Partners Director | Managing Partner

CA License #00877523 5900 Canoga Ave #110 Woodland Hills, CA 91307 818.206.4349 [email protected] [email protected] www.anverscp.com | www.peakcommercial.com ______

Jack Minassian Peak Commercial | Anvers Capital Partners Director | Managing Partner

CA License #01275434 5900 Canoga Ave #110 Woodland Hills, CA 91307 818.206.3168 [email protected] [email protected] www.anverscp.com | www.peakcommercial.com