gayley & LINDBROOK APARTMENTS
LAURIE LUSTIG-BOWER Executive Vice President +1 310 550 2556 34 UNIT APARTMENT BUILDING IN WESTWOOD VILLAGE [email protected] Lic. 00979360 Adjacent to UCLA KADIE PRESLEY WILSON First Vice President Offers Due: Friday, October 30, 2020 by 5:00 PM +1 310 550 2575 [email protected] www.1122Gayley.com Lic. 01476551 2 3 gayley & LINDBROOK APARTMENTS
4 SANTA MONICA AIRPORT MARINA DEL REY PACIFIC OCEAN SANTA MONICA
WEST LOS ANGELES
WESTWOOD BLVD
WILSHIRE BLVD
FUTURE WESTWOOD/ UCLA METRO STATION EXTENSION GAYLEY AVE LINDBROOK DR
gayley & LINDBROOK WESTWOOD BLVD WILSHIRE BLVD APARTMENTS
LINDBROOK DR
5 THE GETTY
PACIFIC OCEAN PACIFIC PALISADES
BRENTWOOD
WEST LOS ANGELES gayley & LINDBROOK APARTMENTS
LE PAIN QUOTIDIEN TOCAYA ORGANICA NAPA VALLEY GRILLE
EXTENSION GAYLEY AVE
HAMMER MUSEUM
NAAB CAFE
WESTWOOD PAPA JOHN’S PIZZA VILLAGE
WESTWOOD BLVD POKE ME
FRESH CORN GRILL
WESTWOOD
6 HOLLYWOOD DOWNTOWN LOS ANGELES
WEST HOLLYWOOD CENTURY CITY BEVERLY HILLS
WESTWOOD
gayley & LINDBROOK APARTMENTS
HAMMER MUSEUM BOILING TENDER WESTWOOD BLVD CRAB GREENS
WESTWOOD BLVD KAZU NORI LINDBROOK DR GAYLEY AVE FUTURE LE PAIN QUOTIDIEN WESTWOOD/UCLA METRO STATION THE GLENDON APARTMENTS TOCAYA ORGANICA TRADER JOE’S WILSHIRE BLVD PINCHES TACOS MINISTRY OF COFFEE JERSEY MIKE’S SUBS EXTENSION
WESTWOOD VILLAGE SQUARE BANK OF AMERICA POKE BAR CRAZY FALAFEL BREWIN’ COFFEE FROZEN LAND VETERAN AVE HEADLINES DINER & GRILL
7 8 9 10 gayley & LINDBROOK EXECUTIVE SUMMARY APARTMENTS11 EXECUTIVE SUMMARY
CBRE, Inc. is pleased to offer investors the rare opportunity to acquire a Class A mixed-use apartment building in Los Angeles’ high barrier to entry Westwood Village submarket. Located adjacent to the University of California Los Angeles (“UCLA”), 1122 Gayley Avenue was built in 2015 and is comprised of 34-apartment residences along with two ground level restaurant spaces tenanted by Tocaya Organica and Le Pain Quotidien.
1122 Gayley Avenue boasts a first-rate amenity package and exquisite attention to detail starting with the grand lobby entrance. In mid-December of 2020 a new rooftop lounge will be unveiled, which will include a fire pit with lounge seating, a barbeque area with kitchenette, and bar-style dining area, as well as excellent views overlooking Westwood Village. A generous community clubhouse with kitchen opens to a landscaped courtyard with patio seating and a vertical garden. There is Wi-Fi access throughout all common areas. The seller contemplated converting a portion of the large clubhouse to a gym for the building and had plans/renderings drawn for the space. The plans/renderings are included in the data room website.
Units at the property feature high ceilings ranging from 9'3" to 11 feet, modern kitchens, full sized washer and dryers, and Nest thermostats. Some units have oversized balconies or terraces up to 605 square feet.
The seller had a historical cost segregation worksheet prepared for the property. They updated the cost segregation worksheet and it now layers in the original cost segregation, additional improvements, and projected amenities installed in 2020 resulting in almost $7.5 million in personal property that would be eligible for bonus depreciation this year. Prospective buyers are advised to obtain advise from their own tax professionals. Please see the detailed cost segregation worksheet provided in the data room at www.1122Gayley.com.
A future Metro Rail Purple Line Station is scheduled to open one block from 1122 Gayley Avenue in 2027. This metro station will connect residents to Century City, Beverly Hills, Mid-Wilshire and Downtown Los Angeles in under 25 minutes.
Bordering the northern edge of Westwood Village is UCLA, the largest university in Los Angeles County based on student enrollment. UCLA is a public research university and is the most applied to school in the country, with over 111,322 freshman and 24,328 transfer applications for the Fall semester of 2019. Immediately across the street from 1122 Gayley Avenue is UCLA Extension, one of the nation’s largest and most comprehensive continuing education programs.
With a plethora of retail amenities, including Whole Foods, Trader Joe’s and City Target, not to mention the numerous dining options within walking distance to the building, the elegantly designed 1122 Gayley Avenue provides residents with a refined, cosmopolitan feel in a highly desirable location.
Offers Due: Friday, October 30, 2020 by 5:00pm
Call For Tours - (310) 550-2575 www.1122Gayley.com 12 OPPORTUNITY HIGHLIGHTS • Excellent Westwood Village Location - • Incredibly Strong Demographics - the 2020 Average High Barrier to Entry Submarket Home Value in a 3-Mile Radius was $1,523,762 • Newly Constructed, Highly Amenitized Building • Highly Educated Populace - Almost 74% of the 2020 • Extremely Walkable Area – Outstanding WalkScore® of 94 Population in a 1-Mile Radius, 25-Years and Older, had • Local Amenities include: a Bachelor’s, Graduate or other Professional Degree o Whole Foods o STK Los Angeles • Cost Segregation Potential - Almost $7.5 million o Trader Joe’s o KazuNori Sushi in Personal Property that Would be Eligible o City Target o Fat Sal’s Deli for Bonus Depreciation in Year One o Ralph’s o Frida Mexican Cuisine • Popular Ground Level Restaurants in the Building o Hammer Museum o California Pizza Kitchen - Tocaya Organica and Le Pain Quotidien o Geffen Playhouse o The Boiling Crab o Three Movie Theatres o BJ’s Restaurant & Brewhouse • One Block from the Future Metro Rail Purple Line Station - Opening in 2027 • Adjacent to UCLA - the Largest University in Los Angeles 13 County and Most Applied to School in the Country PROPERTY OVERVIEW gayley & LINDBROOK APARTMENTS PROPERTY OVERVIEW ADDRESS RESIDENTIAL UNIT MIX 1122 Gayley Avenue Los Angeles, CA 90024 TYPE AVERAGE SF UNITS PRICE Studio ±635 SF 11 Unpriced 1+1 ±780 SF 13
RESIDENTIAL UNITS 1+1+Den ±1,095 SF 2 34 2+2 ±1,237 SF 7
RETAIL SPACE 2+2+Den ±1,510 SF 1 5,355 Square Feet TOTAL UNITS 34 YEAR BUILT 2015
TOTAL BUILDING SIZE RETAIL RENT ROLL ±50,055 Square Feet MONTHLY RENEWAL PARKING OCCUPANT NAME RENT CAM LEASE START LEASE END OPTIONS 25 Retail Spaces (includes one HC) Yes - one 51 Subterranean Residential Spaces (includes two HC) Le Pain Quotidien $12,214 $3,230 01/01/2016 03/31/2031 (1) five (5) year option ADDITIONAL OFF-SITE RETAIL PARKING Tocaya Organica $19,255 $3,800 02/22/2019 02/21/2029 No 32 Spaces If the ground floor retail spaces are occupied by restaurants TOTAL MONTHLY RENT $31,469 $7,030 then the owner is required to maintain 13 additional off- site parking spaces for the Le Pain Quotidien space and 19 additional off-site parking spaces for the Tocaya To review the retail leases please, visit the data room at www.1122Gayley.com. Organica space. The seller has a lease agreement with Douglas Emmett Management to lease 32 parking spaces at 10866 Wilshire Boulevard, which shall terminate on the earlier of the expiration or termination of the respective restaurant lease, or July 30, 2035. To review the full lease 15 please visit the data room at www.1122Gayley.com. P. A. TRA REVISED 2008081904004001-23 2014062312003001-23 SEARCH NO OFFICE OF THE ASSESSOR 23 929-17,30&34 67 790416235 2009052008002001-23 2019122676005001-23 COUNTY OF LOS ANGELES 4363 SHEET 2008081904003001-23 2014062312002001-23 2020092373002001-23 COPYRIGHT © 2002 2021
PG BROXTONAVE 24 80
14.14 AVE TRACT MB 161-1-2 92.53 90 110WESTWOOD 1 PROPERTY OVERVIEW 44.88 20 PG 100 N 35°36'34"W 25 92.50 102.50 6 40 97 14.14 N 54°23'26"E STORAGE UNITS 34.68 102.50 B 16780±SF(27 2 7 40 B 97 (29 NO 23 40 9 30.16 42600±SF 60 80 KINROSS 8 14.14 20 14.14 B 102.47 90 TRACT40 GAYLEY 102.50 " PG 9 20 q POR 92.52 20 B 100 B 12.16 3 M B 10 40 72.16 22 LAND AREA MAPPING AND GIS " 60 122.47 SERVICES 50 130.62 110B 20 SCALE 1" = 100' 20 102.53 B 25678 ±0.38 Acres (16,553 Square Feet) 9 " M B 771 -6 94 - 95 40 B 60 B 4 102.5316570±SF 118.15 POR 161 8 " 105.99 B STATE (30 " ASSESSOR PARCEL NUMBER " 7 AVE 74.98 5 113.72 (900 5 B NO " 90 4363-023-030 90 36250±SF 5 - 6 " 16.17 97.77 8 5 " B 5 " 85 LINDBROOK DR PM 101R=20 - 80 - 81 " 1 25.16 UTILITIES B 74.79 4 " 5 200.89 Separately Metered for Gas and Electric PG " B 3 40 26 (34 A 110 80 R=20 27.39 POR BLVD 40 1060024.69 RUBS: Water, Sewer, Trash COST SEGREGATION- 20 2 22420±SF POR 19.34 30 B 276.81
20 14.14 151.18 The seller had TRACTa historical NO 9768 110 cost segregation70.50 worksheet prepared for the 10 20 1 34.52 110 2044.52 CURRENT REPAIR WORK property. TheyMB 147-70-73 updated2 the cost44.21 segregation worksheet and it now 95.70 56.16 layers in the original costB VAC segregation,20 additional improvements, and After completion of the Building a number of construction defects B B 107.34 (32 projected amenities installed22750±SF in 2020 resulting in almost $7.5 million in 37.67 were discovered and addressed by the Seller. These defects are 1.25 AC personal property that would(40 be eligible for bonus depreciation this R=20 the subject of a pending arbitration between Seller and the original 3 149.04 year. Prospective buyers are199.67 advised to obtain advise from their own general contractor that supervised the construction of the Building, 2 314.93 125 tax professionals. Please see the171.79 detailed cost segregation worksheet as well as other parties to the original construction. The arbitration provided in the data room a www.1122Gayley.com90 . 35.50 with the general contractor and sub-contractors has been resolved 8.84 R=20 and is currently being documented. The repair and replacement 125 work should be completed by the end of 2020. Seller has engaged WILSHIRE BLVD licensed and experienced contractors to perform the repairs and highly-qualified forensic and design consultants in each field related BK to the defects. The repair workDate was Printed: done 9/16/2020 with 7:25:20 all AM necessary permits 4324 and was reviewed and approvedDate Saved: by 9/23/2020 consultants 9:46:56 AM Vanderslice and Skalsky and was also inspected by employees of the City of Los Angeles Department of Building and Safety. The total cost to Seller just to perform the repair work to the Building will exceed Three Million Dollars ($3,000,000.00). This excludes testing, consulting, architectural and engineering costs. Please visit the data room for more information, www.1122Gayley.com 16 LE PAIN QUOTIDIEN (“LPQ”) is an international chain of bakery- restaurants serving a French inspired menu. They are open for breakfast and lunch and provide dine-in or take out options. Le Pain Quotidien, meaning the daily bread, recently underwent a reorganization. They previously had about 100 locations and kept 45 based on the favorable sales at these physical locations, of which Westwood is one. LPQ and the seller signed a Modification, Assignment and Assumption of Lease and Security Deposit dated June 7, 2020, which provides for the following: i. The agreement Exercised Tenant’s 1st Option to Extend which extended the expiration date to March 31, 2031. Tenant still has a 2nd Option to Extend ii. Rent and additional rent was abated for 10 months, April 1, 2020 – January 31, 2021. The total amount of abated rent was $190,824 and the Security Deposit paid to Landlord totaled $190,824. Monthly Rent payments will resume February 1, 2021. iii. The $190,824 Security Deposit will be reduced by $20,000 annually, with the $20,000 being returned to the tenant on the anniversary of the Rent Commencement Date, February 1, 2021, except for the anniversary of year 7 which the amount of Security Deposit will be reduced by $20,824. The Security Deposit will be reduced to $50,000.
17 TOCAYA ORGANICA (“TOCAYA”) offers menu items influenced by traditional Mexican recipes. They are open for lunch and dinner and many locations serve beer and wine.
Tocaya opened at this location in February of 2019 with outstanding sales by restaurant standards. Like many restaurants in Los Angeles, Tocaya has been affected by the restrictions in place due to COVID-19. However, prior to March 2020, the Westwood location was performing extremely well and, according to the seller, Tocaya’s opening week was one of their best openings at the time. They have remained open for delivery and take out during the pandemic, which is a large part of their business even during “normal” times. It is anticipated that once restrictions are lifted in Los Angeles, Tocaya will continue to have an extremely successful business in Westwood.
18 PROPERTY DESCRIPTION
UNIT FEATURES
• High Ceilings - ±9’3” on 2nd Floor - ±10’3” on 3rd Floor - ±11’ on 4th Floor • Oversized Balconies or Terraces (some units) • Modern Kitchen with: - Stainless Steel Appliances - Stone Countertops - Tile Backsplash - Gas Stove - Dishwasher - Microwave • Full Size Washer and Dryer • Nest Thermostat • Hardwood Laminate Style Flooring • Bathrooms with Stone Countertops and Tile Backsplash • Recessed Lighting • Double Pane Windows 19 FLOORPLANS To See More Floorplans, Please Visit the Data Room at www.1122Gayley.com
*Actual floorplans may vary *Actual floorplans may vary
STUDIO E STYLE 1E STUDIO, 1 BATH 700 SQ. FT. 1 BEDROOM, 1 BATH 911 SQ. FT.
*Actual floorplans may vary *Actual floorplans may vary
STYLE 1D STYLE 2E 1 BEDROOM + DEN, 1 BATH | 1092 SQ. FT. 2 BEDROOM, 2 BATH 1317 SQ. FT. 20 UNIT 312 UNIT 305
21 UNIT 305 22 UNIT 305 23 UNIT 401 24 UNIT 403 25 UNIT 404 26 UNIT 405 27 UNIT 405 - PATIO 28 UNIT 410 29 UNIT 410 PROPERTY DESCRIPTION
COMMUNITY AMENITIES
• Rooftop Lounge with Fire Pit • Rooftop BBQ Area with Bar Dining Space • Community Clubhouse with Kitchen • Landscaped Courtyard with Patio Seating and Vertical Garden • Ground Floor Restaurants include Tocaya Organica and Le Pain Quotidien • Electric Vehicle Charging Stations • Storage Units Available for Rent • Gated Subterranean Parking • Controlled Access Building • WiFi Access Throughout • Bicycle Racks • Elevator 30 31 COMMUNITY CLUBHOUSE WITH KITCHEN AND WIFI ACCESS 32 COMMUNITY CLUBHOUSE WITH KITCHEN AND WIFI ACCESS 33 LANDSCAPED COURTYARD WITH PATIO SEATING AND VERTICAL GARDEN 34 LOBBY 35 ROOFTOP VIEWS RENDERINGS OF NEW ROOFTOP DECK CURRENTLY UNDER CONSTRUCTION WITH DECEMBER 2020 COMPLETION DATE
36 RENDERINGS OF NEW ROOFTOP DECK CURRENTLY UNDER CONSTRUCTION WITH DECEMBER 2020 COMPLETION DATE
37 AREA OVERVIEW gayley & LINDBROOK APARTMENTS Le Pain Quotidien Tocaya Organica
gayley & LINDBROOK APARTMENTS
94 39 WALKSCORE WESTWOOD
Westwood is a commercial and residential neighborhood in the northern central portion of the Westside region of Los Angeles, California. It is the home of the University of California, Los Angeles (UCLA). Bordering the campus on the south is Westwood Village, a major regional district for shopping, dining, movie theaters, and other entertainment.
Wilshire Boulevard, which runs through Westwood, is a major corridor of condominium towers on the eastern end, and of Class A office towers on the western end. Westwood also contains residential areas of multifamily and single family housing, including the exclusive Holmby Hills neighborhood.
WESTWOOD VILLAGE Bordering the UCLA campus, Westwood Village centers on a 1920s Mediterranean-style shopping precinct, now home to chain boutiques, coffee shops, and casual eateries. The acclaimed Geffen Playhouse presents new plays and classics, while movie theaters include the 1931 Regency Village, with its distinctive Spanish-inspired tower. Exhibitions at the nearby Hammer Museum range from old masters to contemporary art. Shops in Westwood Village include: • Trader Joe’s • Sur La Table • Sports Rush • City Target • Chase Bank • T-Mobile • Whole Foods Market • Bank of America • UCLA Campus Store • Ralph’s • Rite Aid • ULTA Beauty • CVS • Francesca’s • Westwood Flower • Urban Outfitter • Footaction Garden • Brandy Melville • Michael K. Jewlers • Paper Source
Restaurants and eateries in Westwood Village include: • Barney’s Beanery • Fat Sal’s Deli • Pressed Juicery • BJ’s Restaurant & • Frida Mexican • STK Los Angeles Brewhouse Cuisine • BIBIBOP Asian Grill • California Pizza • In-N-Out • Baja California Tacos Kitchen • Boiling Crab • CAVA • Chipotle • Krispy Rice 40 UNIVERSITY OF CALIFORNIA LOS ANGELES (UCLA) Bordering the northern edge of Westwood Village is UCLA, the largest university in Los Angeles County based on student enrollment. UCLA is a public research university and is the most applied to school in the country, with over 111,322 freshman and 24,328 transfer applications for Fall 2019. The school is considered a flagship campus in the UC system. In 2019 the enrollment was approximately 45,742 students (undergraduate and graduate combined) — the largest enrollment in the state of California. Additionally, UCLA employs a staff of approximately 42,000 people.
UCLA EXTENSION Located across the street from 1122 Gayley, UCLA Extension, the not-for- profit and self-supporting community outreach arm of UCLA, is one of the nation’s largest and most comprehensive continuing education programs, with 100 certificate courses in over 20 different fields. Its resources are tailored to the needs of working adults and lifelong learners, with open enrollment and evening, weekend, daytime and online courses. Six of its eight locations are located in Westwood Village or Westwood, with the other two locations in Beverly Hills and Downtown Los Angeles.
UCLA STATISTICS
• 45,742 UCLA total enrollment (2018-2019) • 52% UCLA students live off-campus (2019) th gayley & LINDBROOK • 14 in Global Ranking (U.S. News & World Report ranked) APARTMENTS • First among public universities (2020 Wallstreet Journal/Times
Higher Education/ U.S. News & World Report) EXTENSION • 20th National University 41 BRENTWOOD
Tucked between the ritzy communities of Bel Air, Westwood, and Pacific Palisades, Brentwood is a tranquil and affluent neighborhood in Los Angeles. One of the neighborhood’s defining features is the Getty, which delivers world-class art from its mountainside perch. Brentwood includes high-style boutiques and trendy restaurants balanced by large secluded luxury houses in the foothills of the Santa Monica mountains. It provides a tranquil refuge for residents, while maintaining a distinct presence in greater Los Angeles culture. One of the wealthiest areas of Los Angeles, Brentwood’s population of roughly 235,000 people has been peppered over the years with affluent professionals, political figures, and celebrities like Harrison Ford, Steve McQueen, Cindy Crawford, Gwyneth Paltrow, Marilyn Monroe, Arnold Schwarzenegger, and Lebron James.
42 CENTURY CITY
Century City is a prominent business community comprised of major industry sectors: legal, financial, entertainment, hospitality, medical, professional and retail services. This “city within a city” is home to a cluster of high-rises that command a visible stretch of L.A.’s skyline. Nearly 50,000 people flock to Century City for the workday, but only approximately 6,000 Angelenos call this sleek, commercially-driven neighborhood home. Though its population density thins at the end of the workday, Century City is rife with neighborhood infrastructure. The upscale 422,000-square-foot Westfield Shopping Mall as well as a host of chic restaurants contribute to a thriving retail and nightlife scene within this commercial center.
NEW CENTURY PLAZA DEVELOPMENT
Woodridge Capital Partners began construction on this $2.5 Billion project in 2016. The development consists of two 44-story towers, located at 2025 Avenue of the Stars, and will house a combined 268 luxury residences once completed. Architecture firm Pei Cobb Freed & Partners designed the twin towers, which are fashioned in the shape of Reuleaux triangles - a nod to the design of the iconic Century Plaza office towers across the street. Right next to the towers, the historic Century Plaza Hotel is undergoing a full refurbishment and will transform into a 400-key Fairmont Hotel. It will include 63 condominiums on the upper floors, as well as 93,000 square feet of commercial space. Gensler and Marmol Radziner designed the 16-story adaptive reuse structure, building upon Minoru Yamasaki’s original design. As of October 2019, the Los Angeles Times reports that sales prices at for the new condominiums would range from as low as $2 million to more than $50 million. More than $200 million in pre-sales had been closed at that point in time. Completion of the hotel is expected this Spring, while the toweres are scheduled to open in Spring 2021. 43 SANTA MONICA
More than 7 million visitors a year come to Santa Monica because it’s renowned beaches and other cultural attractions. The City of Santa Monica averages more than 300 days of sunshine a year and offers some of the best sunsets on the West Coast. Known as a walkable and bike- friendly town, Santa Monica is densely packed with a variety of retail shops, restaurants, as well as other attractions like the Santa Monica Pier, Third Street Promenade, and more. Located just two miles from 1122 Gayley Avenue, Santa Monica’s 8.3 square miles is comprised of a diverse mix of lively neighborhoods, many of which are designated “Business Improvement Districts” (BID). In a cooperative effort between The City of Santa Monica and several private organizations, great care has been taken to ensure that the City is an exceptional place to live, work, and play.
SILICON BEACH
Partly located in Santa Monica, Silicon Beach (named after its proximity to the Pacific Ocean) is proving to be an attractive option for startups. It is home to more than 500 tech startups along with incubators and accelerators. Greater Los Angeles accelerators include Startup UCLA, Amplify, and Disney Accelerator, in addition to incubators, tech studios, hacker spaces, gaming and media innovation. As more and more people pursue a mobile, on-demand lifestyle, there has been an explosion of digital video content. Globally, hundreds of millions of people watch billions of online videos daily, and online videos account for almost 75 percent of all web traffic. This puts Los Angeles at the right place at the right time due to its proximity to the largest pool of media talent in the world: Hollywood. Companies are capitalizing on the city’s unique position. 44 DEMOGRAPHICS Stats shown based on 1 mile radius
POPULATION TRAFFIC COUNTS 2020 Population 46,655 Gayley Avenue at Midvale Avenue 24,781 ADT 2025 Population 47,030 Gayley Avenue at Kinross Avenue 29,415 Vendor Est. 2020 Daytime Residents 26,501 Source: CBRE Analytics 2020. DEMOGRAPHIC BRIEF
PLACES OF WORK 1122 GAYLEY AVE
2020 Businesses 4,198
2020 Daytime Workers 89,567 3 MILES 2020 Employees 128,376 Bel Air
gayley & LINDBROOK APARTMENTS The Getty EDUCATION 1 MILE Percent of 2020 Population, 25 and Beverly Hills Over, who have a Bachelor’s, Graduate or Professional Degree 73.9%
Beverlywood Stats shown based on 3 mile radius Sawtelle
HOUSEHOLD VALUE Mid-City Percent of 2020 Owner Occupied Housing Units Valued Over $1 Million 70.8% 2020 Median Value of Owner Occupied Housing Units $1,470,910 2020 Average Value of Owner Occupied Housing Units $1,523,762 NAME LATITUDE LONGITUDE
1122 GAYLEY AVE 34.0596908804579 -118.445944424347
©2020 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for Source: CBRE Analytics 2020 example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property45 for your needs. Source: Esri ProjectID:642252 TRANSPORATION
gayley & LINDBROOK APARTMENTS
METRO RAIL PURPLE LINE 1122 Gayley is approximately one block from the future Westwood/UCLA Metro Station which will be serviced by the Purple Line. Metro Rail is the rapid transit rail system consisting of six separate lines (the Blue, Red, Purple, Green, Gold and Expo Lines) which cumulatively serve 80 stations throughout Los Angeles County. The Purple Line currently terminates at Wilshire/Western Station in the heart of Koreatown. The currently under construction Purple Line Expansion will eventually extend to West Los Angeles, offering a dependable alternative for commuters traveling between Downtown Los Angeles, Beverly Hills, Century City and Westwood/UCLA. It is anticipated that the Westwood/VA Hospital Metro Station will be operational by 2027. 46 gayley & LINDBROOK APARTMENTS
DOWNTOWN LOS ANGELES
DESTINATION DRIVE TIME (WITHOUT TRAFFIC) PACIFIC OCEAN WESTWOOD 1 MINUTE BEVERLY HILLS 5 MINUTES CENTURY CITY 6 MINUTES SANTA MONICA 6 MINUTES VENICE 10 MINUTES HOLLYWOOD 12 MINUTES LOS ANGELES INTERNATIONAL AIRPORT 15 MINUTES DOWNTOWN LOS ANGELES 1647 MINUTES MAJOR AREA EMPLOYERS WITHIN 3 MILES OF THE SUBJECT PROPERTY
EMPLOYERS # OF EMPLOYEES
UCLA HEALTH SYSTEM 35,543
UCLA 27,489
CENTURY PLAZA TOWERS 4,001
OAKWOOD WORLDWIDE 3,500
US VETERANS MEDICAL CENTER 3,000
LEONARD GREEN & PARTNERS LP 2,000
FOX LATIN AMERICA CHANNEL INC 2,000
PROFESSIONAL SECURITY CONSLNTS 1,600
R B INDUSTRIES INC 1,263
PROVIDENCE ST JOHN’S 1,252 HEALTH CENTER
CBS FILMS 1,200
48 FINANCIALS gayley & LINDBROOK APARTMENTS RENT ROLL AS OF SEPTEMBER 2020 1122 GayleyMANY Avenue UNITSRent Roll ARE VACANT DUE TO as of September 22, 2020REPAIR WORK.
APT BALCONY/ SIZE SF Current Current PSF MOVE-IN NO. TERRACE 202 2+2+Den 1,510 $5,500 $3.64 Vacant Due to Renovation 203 1+1 700 $3,145 $4.49 09/26/20 204 2+2 1,355 $5,375 $3.97 09/10/20 205 1+1 1,030 $4,650 $4.51 09/17/18 206 1+1 1,030 $4,650 $4.51 05/26/19 207 2+2 1,165 $5,265 $4.52 07/01/16 208 Studio 670 $3,495 $5.22 09/04/19 209 Studio 670 $3,445 $5.14 Vacant 210 Studio 670 $2,995 $4.47 Vacant 211 Studio 785 $3,500 $4.46 10/23/19 212 Studio 700 $3,295 $4.71 Vacant 77 SF 301 1+1 745 $4,200 $5.64 08/14/19 302 1+1+Den 1,095 $4,895 $4.47 Vacant Due to Renovation 63 SF 303 2+2 1,150 $4,950 $4.30 03/20/16 58 SF 304 2+2 1,355 $5,700 $4.21 Vacant Due to Renovation 305 1+1 1,030 $4,525 $4.39 07/05/19 306 1+1 1,030 $4,500 $4.37 01/01/19 307 2+2 1,165 $6,295 $5.40 Vacant 308 Studio 670 $3,295 $4.92 10/15/18 309 Studio 670 $3,650 $5.45 03/25/19 310 Studio 670 $3,450 $5.15 Vacant 311 Studio 785 $3,850 $4.90 08/01/20 312 Studio 700 $3,350 $4.79 01/03/20 313 1+1 1,030 $4,325 $4.20 07/15/19 401 1+1 745 $4,255 $5.71 Vacant 402 1+1+Den 1,095 $5,295 $4.84 Vacant Due to Renovation 63 SF 403 2+2 1,150 $5,495 $4.78 05/22/19 58 SF 404 2+2 1,320 $6,495 $4.92 02/23/17 453 SF 405 1+1 910 $6,125 $6.73 Vacant Due to Renovation 406 SF 406 1+1 1,175 $6,295 $5.36 06/15/18 605 SF 407 1+1 715 $4,795 $6.71 Vacant Due to Renovation 451 SF 408 1+1 725 $5,050 $6.97 07/01/16 518 SF 409 Studio 700 $4,150 $5.93 Vacant 410 1+1 1030 $4,595 $4.46 Vacant Total $154,850 50 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK ESTIMATED STABILIZED OPERATIONS
1122 GAYLEY AVENUE, LOS ANGELES, CA 90024
INVESTMENT PRO FORMA ESTIMATED INCOME Annual % of EGI Per Unit Comments Apartment Rent Income $154,850 per mon. $1,858,200 82.9% $54,653 Based on 2020 Retail Income $33,878 per mon. $406,536 18.1% Based $14,046 and $19,832 per mo. Concessions ($4,984) per mon. ($59,806) -2.7% ($1,759) Resi Vacant: 1mo. free on 13mo. lease Total Scheduled Gross Income $2,204,930 98.3% $64,851 Vacancy 5.0% of SGI ($110,246) -4.9% ($3,243) Total Net Rental Income $2,094,683 93.4% $61,608 Parking Income $1,510 per mon. $18,125 0.8% $533 Based on 2019 Utility Reimbursement $2,197 per mon. $26,366 1.2% $775 Based on 2019 Retail CAM Income $7,000 per mon. $84,000 3.7% $2,471 Based on 2020 Other Income $1,597 per unit/mo $19,164 0.9% $564 Storage, Late Fees, Retained Sec. Dep., Misc. TOTAL ESTIMATED INCOME $2,242,338 100.0% $65,951
ESTIMATED EXPENSES WITHOUT PROP TAXES Annual % of Exp. % of EGI Per Unit Property Taxes 1.193027% of est. price Ad Valorem Estimated Direct Assessments $19,560 4.1% 0.9% $575 Assessor's office Business Taxes $4,055 0.8% 0.2% $119 Based on income Insurance $0.71 Per SF $33,076 6.9% 1.5% $973 2020 Quote Management Fee 3.0% EGI $67,270 14.0% 3.0% $1,979 Based Upon Mgmt Contract On-Site Manager $5,000 per mon. $60,000 12.5% 2.7% $1,765 Estimated Electricity $3,135 per mon. $37,625 7.8% 1.7% $1,107 2019 Actual Water & Sewer $2,192 per mon. $26,299 5.5% 1.2% $774 2019 Actual Parking Lot Expense $2,472 per mon. $29,667 6.2% 1.3% $873 Off-Site Pkg Contract & Misc. Gas $396 per mon. $4,750 1.0% 0.2% $140 2019 Actual Telephone/Cable/Internet $1,348 per mon. $16,171 3.4% 0.7% $476 2019 Actual Cleaning: Day Porter, Janitorial, Carpet $3,068 per mon. $36,813 7.7% 1.6% $1,083 2019 Actual Repairs, Maintenance and Turnover $1,000 per unit $34,000 7.1% 1.5% $1,000 Estimated Elevator Service $1,320 per mon. $15,837 3.3% 0.7% $466 2019 Actual Extermination $150 per mon. $1,805 0.4% 0.1% $53 2019 Actual Landscape $360 per mon. $4,320 0.9% 0.2% $127 2019 Actual Trash Removal $2,065 per mon. $24,779 5.2% 1.1% $729 2019 Actual Administration $542 per mon. $6,507 1.4% 0.3% $191 2019 Actual Advertising $2,000 per mon. $24,000 5.0% 1.1% $706 Estimated Security $2,250 per mon. $27,000 5.6% 1.2% $794 Per Contract Reserves $200 per unit $6,800 1.4% 0.3% $200 Industry standard TOTAL ESTIMATED EXPENSES WITHOUT PROP TAXES $480,334 100.0% 21.4% $14,127
ESTIMATED NET OPERATING INCOME WITHOUT PROP TAXES $1,762,004 78.6% $51,824
Unit Type Units Mix Avg SF Avg Rent Rent/SF Studio 11 32.4% 635 $3,498 $5.50 1-B 13 38.2% 780 $4,701 $6.03 1D 2 5.9% 1,095 $5,095 $4.65 2-B 7 20.6% 1,237 $5,654 $4.57 2D 1 2.9% 1,510 $5,500 $3.64
Total 34 100.0% 867 $4,554 $5.25 51 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many DISCLAIMER subsidiaries and related entities (each an “Affiliate”) engaging in a broad This Memorandum contains select information pertaining to the Property and range of commercial real estate businesses including, but not limited to, the Owner, and does not purport to be all-inclusive or contain all brokerage services, property and facilities management, valuation, or part of the information which prospective investors may require to investment fund management and development. At times different Affiliates, evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but including CBRE Global Investors, Inc. or Trammell Crow Company, may have has not been verified for accuracy, completeness, or fitness for or represent clients who have competing interests in the same transaction. For any particular purpose. All information is presented “as is” without example, Affiliates or their clients may have or express an interest in the representation or warranty of any kind. Such information includes estimates property described in this Memorandum based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which (the “Property”), and may be the successful bidder for the Property. Your are subject to uncertainty and may not represent the current or future receipt of this Memorandum constitutes your acknowledgement of that performance of the Property. All references to acreages, square footages, possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an and other measurements are approximations. This Memorandum describes obligation to disclose to you such Affiliates’ interest or involvement in the sale certain documents, including leases and other materials, in summary form. or purchase of the Property. In all instances, however, CBRE, Inc. and its These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect Affiliates will act in the best interest of their respective client(s), at arms’ the Property may be made available to qualified prospective purchasers. length, not in concert, or in a manner detrimental to You are advised to independently verify the accuracy and completeness of any third party. CBRE, Inc. and its Affiliates will conduct their respective all summaries and information contained herein, to consult with independent businesses in a manner consistent with the law and all fiduciary duties owed to legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE their respective client(s). CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. CONFIDENTIALITY AGREEMENT The Owner expressly reserves the right, at its sole discretion, to reject any or Your receipt of this Memorandum constitutes your acknowledgement that (i) it all expressions of interest or offers to purchase the Property, and/or to is a confidential Memorandum solely for your limited use and benefit in terminate discussions at any time with or without notice to you. All offers, determining whether you desire to express further interest in the acquisition counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not commitment or obligation except as set forth in a fully executed, definitive disclose it or its contents to any third party without the prior written purchase and sale agreement delivered by the Owner. authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to Copyright Notice the Owner or CBRE, Inc. © 2020 CBRE, Inc. All Rights Reserved.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
52 gayley & LINDBROOK LAURIE LUSTIG-BOWER APARTMENTS Executive Vice President +1 310 550 2556 [email protected] Lic. 00979360 KADIE PRESLEY WILSON First Vice President +1 310 550 2575 [email protected] Lic. 01476551
34 UNIT APARTMENT BUILDING IN WESTWOOD VILLAGE Adjacent to UCLA Offers Due: Friday, October 30, 2020 by 5:00 PM www.1122Gayley.com