OFFERING MEMORANDUM 4320 S Centinela Avenue , CA EXCLUSIVELY LISTED BY:

DANIEL WITHERS SVP & Senior Director - Multifamily Direct +1 818 923 6107 Mobile +1 310 365 5054 [email protected] License No. 01325901 (CA)

™

JEFFREY LOUKS Executive Managing Director Investments Senior Director, National Multi-Housing Group Direct +1 818 212 2780 Mobile +1 310 941 5899 [email protected] License No. 00908473 (CA)

ELLIOT SABAG Associate Direct +1 818 212 2672 Mobile +1 818 903 7020 [email protected] License No. CA01989131 (CA)

| 2 CONTENTS

05 PROPERTY OVERVIEW 09 AREA OVERVIEW 19 FINANCIAL OVERVIEW

3 | S CENTINELA AVE

| 4 PROPERTY SECTION OVERVIEW 01

5 | | 6 7 | 4320 S Centinela Avenue LOS ANGELES, CA

LOCAL MAP PROPERTY OVERVIEW 4320 S. Centinela Avenue is a 15-unit apartment building located in a prime Mar Vista, CA. Built in 1990, the property consists entirely of two-bedroom, two-bathroom units. The building features a modern gray façade, private balconies, secure gated parking, controlled building access and central air conditioning and heating.

Situated just South of Washington Boulevard, the property is in close proximity to many restaurants, cafes, coffee shops, boutiques and night life as well as a weekly farmers market. This location provides tenants easy access to surrounding areas including Culver City, Marina Del Rey and Venice. Additionally, the building is conveniently located near both the 405 and 90 Freeways. This area of West Los Angeles is extremely desirable and is a growing entertainment and technology hub with companies such as Amazon, Apple, Google, Sony and HBO in close proximity.

This is an opportunity for an investor to capitalize on approximately 31% upside in a strong rental market.

PROPERTY HIGHLIGHTS • 15-Units, built in 1990 • Unit Mix: (15) 2+2 • Walk Score of 80 – Very Walkable • Property features include private balconies, secure gated parking, controlled access and central air conditioning and heating • Easy access to the 90 and 405 Freeways • Growing entertainment and technology hub with local employers including HBO, Apple, Google, Amazon and Sony • Located in proximity to shopping, dining and entertainment options • 21,268 square foot building on a 10,486 square foot lot zoned LAR3

| 8 AREA SECTION OVERVIEW 02

9 | MAR VISTA, CA

Mar Vista is a residential and commercial neighborhood on the Westside of Los Angeles, . According to the Mapping L.A. project of the Los Angeles Times, Mar Vista is adjoined on the northeast by Palms, on the east, southeast and south by Culver City, on the west by Venice and on the northwest by Santa Monica. Mar Vista’s street and other boundaries are: the San Diego Freeway to the Culver City boundary at on the northeast, the Culver City line on the southeast, Walgrove Avenue on the southwest and the Santa Monica city boundary on the northwest.

| 10 LOS ANGELES, CA The City of Los Angeles and often known by its initials L.A., is the most populous city in California, the second-most populous city in the United States, after New York City; and the third most populous PROPERTY DEMOGRAPHICS city in North America, after Mexico City and New York City. With an estimated population of over four million people, Los Angeles is the cultural, financial, and commercial center of Southern POPULATION 1-MILE 3-MILE 5-MILE California. The city is known for its Mediterranean climate, ethnic diversity, the entertainment 2026 Projection 44,136 284,425 657,818 industry, and its sprawling metropolis. 2021 Estimate 44,285 282,999 657,221

The City of Los Angeles holds many distinctions. L.A. is the entertainment capital of the world, 2010 Census 42,713 260,406 619,138 a cultural mecca boasting more than 100 museums, many of them world-class, and a paradise of idyllic weather. From tourist attractions like the Walk of Fame’s collection of stars (numbering Growth 2010-2021 0.3% 0.8% 0.6% more than 2,614 and growing by one or two a month) to career opportunities like those presented HOUSEHOLDS 1-MILE 3-MILE 5-MILE in the expanding tech industry, Los Angeles is the place to be. It is the only city in North America 2026 Projection 18,190 128,934 293,367 to have hosted the Summer Olympics twice - and by 2028 the third time. Downtown L.A. is the 2021 Estimate 18,278 128,506 293,618 largest government center outside of Washington, D.C. Los Angeles has the only remaining wooden lighthouse in the state (located in San Pedro’s Fermin Park) and the largest historical 2010 Census 17,768 119,379 279,324 theater district on the National Register of Historic Places (located Downtown on Broadway). Growth 2010-2021 0.5% 0.8% 0.6% (DiscoverLosAngeles.com) INCOME 1-MILE 3-MILE 5-MILE 2021 Avg. $108,486 $132,799 $123,195 Los Angeles is on the leading edge of several growth industries. The Los Angeles metropolitan Household Income area, with more than 23,000 art jobs, is the country’s leading artistic center, surpassing the previous champion, New York. In other words, Los Angeles has both a larger concentration and an absolute number of artists than New York. The L.A. five-county area is also a major tech center, with more than 700,000 people at work in health services/biomedical activities and 190,000 people in aerospace.

Los Angeles County employs over 913,000 A culturally diverse city, with a growing culinary scene, It is the largest and most populous city in the people in several growing industries shopping, museums, and a reputation for being the state of California and the cultural, financial, and creative center of America. commercial center of Southern California.

11 | ECONOMY The LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, interactive games, and recorded music - the Hollywood district of Los Angeles and its surrounding areas are known as the “Movie Capital of the United States” due to the region’s extreme commercial and historical importance to the American motion picture industry. Other significant sectors include shipping and international trade - particularly at the adjacent Port of Los Angeles and Port of Long Beach, together comprising the United States’ busiest seaport. L.A. County is also a major hub for manufacturing, aerospace, a fast-growing high-tech and digital media industry, petroleum, fashion, and tourism.

With $807 billion in annual output, Los Angeles County ranks among the world’s largest economies. Its GDP, which would rank No. 19 in the world if it were a standalone nation, is larger than Switzerland and Saudi Arabia, and right DEVELOPMENTS behind Netherlands and Turkey, underscoring the magnitude of the region’s economy. KURVE ON WILSHIRE: Kurve on Wilshire is a $300 million project located on the eastern edge of Koreatown. The 23-story tower will feature 644 apartment units with many amenities and 15,000-square-feet of retail space on the ground floor. The tower will also be overlooking Lafayette Park and is set to open in the spring of 2021.

PRODUCELA: Los Angeles’s Arts District is undergoing a major transformation. ProduceLA is set to be the newest 4-story office building in the area with tenants expected to occupy the building in early 2021.

IVY STATION: The Ivy Station development features a 5-story office building, a 148-room hotel, and 200 apartment units. HBO is set to occupy the office building and will be moving its Los Angeles corporate headquarters from Santa Monica to the Ivy Station building in Culver City.

| 12 TOURISM A culturally diverse city, with a growing culinary scene, shopping museums, and a reputation for being the creative center of America. According to data compiled by Tourism Economics, Los Angeles visitors spent $24.7 billion on tourism in 2019, generating a record of $37.8 billion in total economic impact. Due to the increase in travel to California, travel and tourism jobs increased to 1.2 million in 2019, which was an additional 13,000 jobs. Tourism supported 50 MILLION 544,700 jobs in the Los Angeles County’s Leisure and Hospitality sector in 2019. 1 in every 8.4 50 Million People traveled to Los Angeles last year workers in the county were employed. (NBC Los Angeles, 2020)

$22 BILLION LA visitors spent $22 billion on hotels, restaurants, shopping, attractions and more

ATTRACTIONS 525,000 There are 525,000 jobs supported by the Los Angeles tourism Some of the world’s best-known and most iconic landmarks and attractions call Los Angeles industry home: the Hollywood Sign; Griffith Observatory; the Getty Center; the Walt Disney Concert Hall at the Music Center in Downtown L.A.; the Hollywood Walk of Fame; the TCL Chinese Theatre; Space Shuttle Endeavour at the California Science Center; the Battleship USS Iowa located at the Port of Los Angeles in San Pedro; Air Force One at the Ronald Reagan Library; and Universal Studios Hollywood, with its dynamic immersive experience, The Wizarding World of Harry Potter™. There is something for everyone in Los Angeles. (DiscoverLosAngeles. com) 8 YEARS The Los Angeles County has a 75-mile coastline that is home to several of Southern California’s LA has celebrated 8 consecutive years of record growth sunny beaches. Beaches such as Malibu and Long Beach are famous for being the best surf spots on the West Coast. The coastline is also surrounded by local boutiques and exquisite cuisines that have oceanfront dining. Popular landmarks along the coast include the Santa Monica Pier and the Getty Villa. 13 | ARTS & CULTURE With various museums and exhibits, Los Angeles is full of inspiring art and diverse cultural experiences. In fact, Los Angeles has more museums and theatres than any other city in the U.S., making it the perfect place to be immersed in arts and culture. Los Angeles is home to more than 105 museums, 225 theaters, 55 magnificent structures by the world’s top architects, and 16 of the world’s most beautiful gardens. It also boasts more than 1,500 theatrical productions annually. The city also has one of the premier contemporary art museums in the world, the Broad, located in Downtown L.A., and one of the largest collections of cars in the nation at the Peterson Automotive Museum.

SPORTS With famous venues like the at L.A. LIVE, home to the NBA’s and , NHL’s L.A. Kings, and Dodger’s Stadium, where the serve as a main attraction sports fans flock to in L.A. Los Angeles is also home to several esteemed universities that have large sports followings such as USC and UCLA.

LOS ANGELES LAKERS (National Association) (National Football Association) 18,997 Avg. Attendance 71,229 Avg. Attendance

LOS ANGELES DODGERS (Major League Basketball) (National Hockey Association) 49,065 Avg. Attendance 18,000 Avg. Attendance

| 14 HBO AMAZON STUDIOS HBO has agreed to lease a five-story office building under construction on Amazon has recently moved into Culver City, making a statement that the tech Venice Boulevard in Culver City as the premium cable network cements plans empire is moving to Culver City. The full Culver Studios redevelopment, referred to abandon its longtime corporate offices in Santa Monica. HBO’s new home — to as the “innovation plan,” will grow the existing campus from roughly 358,000 beginning in 2021 — will be part of the Ivy Station mixed-use development, a square feet of studios and media production space to an over 720,850-square- $350-million project that will include apartments, restaurants and shops. The foot complex with production space, sound stages, and offices designed by site is adjacent to the of the Metro Expo Line.

Gensler. The area is turning into a central hub for entertainment studios. News of the New additions to the studio site will include five new office buildings and two eventual move comes as HBO undergoes a major revamp as its new corporate new parking structures with over 1,900 parking spaces for studio workers. bosses prepare to launch a streaming service later this year to compete with Amazon will lease four of the five new office buildings. Amazon’s staff is Apple, Netflix Inc., Amazon.com Inc. and Walt Disney Co. HBO is expected to estimated to be 2,400 employees during 2021. have 750 employees.

APPLE GOOGLE Apple will employ about 1,595 people once construction of its new building is completed, according to Culver City estimates. The move is part of the tech Google recently locked down nearly 585,000 SF of office space at Westside giant’s broader initiative to create 20,000 jobs in the U.S. by 2023 and includes a Pavilion with a 14-year lease. The development is scheduled to be complete new $1 billion facility in North Austin, Texas. in 2022 and will be known as One Westside, a first-ofits-kind conversion from shopping mall to creative office. The multiple year commitment made by Earlier this year Apple agreed to lease a new 128,000-square-foot office building Google, a company with an already long list of office space on the Westside, in Culver City, set to open in late 2019, after HBO nixed plans to move to the site. further demonstrates the value and high demand for space in West Los Angeles. Apple is expected to move its Worldwide Video group, led by Zack Van Amburg and Jamie Erlicht, to the new facility. Lincoln Property Co. is developing the four-story project, which will feature floor-to-ceiling windows on its upper levels. Apple also has other office space in Culver City.

TIKTOK TikTok, in a signal of the short-form video app’s growing clout and entertainment ambitions, announced the company’s Los Angeles operations have moved into a new 120,000-square-foot office in Culver City, CA. TikTok’s new office space occupies five floors at the C3 campus at 5800 Bristol Parkway in Culver City. According to the company, the space was designed from the ground up “to embody TikTok’s fun and joyful personality.” TikTok says it could grow to about 1,000 people. 15 | AVERAGE HOUSEHOLD INCOME

AVERAGE HOUSEHOLD INCOME

$75,000 or more

$60,000 or more

$45,000 or more

$30,000 or more

$30,000 or less

| 16 Culver City ± 2.9 MI

Venice ± 2.9 MI Marina Del Rey ± 2.8 MI

CULVER CITY, CALIFORNIA MARINA DEL REY, CALIFORNIA VENICE, CALIFORNIA

Culver City is a city in Los Angeles County, California. Hundreds Marina del Rey is an unincorporated seaside community in Los From its world famous boardwalk and beautiful beach to the of movies have been produced on the lots of Culver City’s Angeles County, California, with a marina that is a major boating shopper’s paradise of Abbot Kinney Blvd., if you’re looking studios: Sony Pictures Studios Culver Studios, and the former and water recreation destination of the greater Los Angeles area. for cool things to do in California, Venice offers a unique and Hal Roach Studios. Getting around the city is easy since the The area is a popular tourism destination for water activities vibrant mix of activities and attractions. Originally called Culver City station of the Los Angeles Metro Expo Line sits at such as paddle board and kayak rentals, dining cruises, and “Venice of America,” Venice was founded in 1905 by developer the Culver Junction near Venice and Robertson Boulevards in yacht charters. This Westside locale is approximately 4 miles Abbot Kinney as a beachfront resort town. Kinney’s initial vision Culver City. The Expo Line provides a light rail connection from south of Santa Monica, and 4 miles north of Los Angeles of creating a cultural mecca was set aside to accommodate the Culver City to Downtown Los Angeles in the east and Downtown International Airport. The Marina Expressway, California State public, and Venice became the “Coney Island of the Pacific,” Santa Monica in the west, mostly following the right-of-way Route 90, terminates at Lincoln Blvd in northeastern Marina complete with an amusement pier and a miniature steam that the used, also known del Rey and links the area with Culver City. Marina del Rey is railroad. Kinney also created a system of canals and imported as the Exposition Blvd. Additionally, the city is served by the Los in the Los Angeles Unified School District, although there are gondolas and gondoliers from Venice, Italy. Today, Venice is Angeles International Airport that is just a quick 7 miles away. no schools in the area proper. Students from Marina del Rey one of the most popular destinations in Los Angeles for visitors attend Coeur d’Alene Avenue Elementary School, Marina del and locals alike. Rey Middle School, and Venice High School. 17 | MARINA DEL REY

S CENTINELA AVE

| 18 FINANCIAL SECTION OVERVIEW 03

19 | INVESTMENT SUMMARY

4320 S Centinela Avenue Property Address: Los Angeles, CA 90066 Number of Units: 15 Year Built: 1990 APN: 4232-023-038 Gross Sq. Ft.: 21,268 Average S.F. Per Unit: 1,418 Lot Size (Acres): 0.24 Density: 63

CURRENT MARKET OFFERING PRICE/UNIT PRICE/FOOT PRICE CAP RATE GRM CAP RATE GRM

$7,995,000 $533,000 $375.92 3.45% 16.92 4.25% 14.76

UNIT MIX TOTAL UNIT UNIT MIX CURRENT CURRENT MARKET MARKET RENT UNITS MIX % AVG. RENT MONTHLY RENT MONTHLY RENT 15 2+2 100% $2,611 $39,170 $2,995 $44,925

Scheduled Monthly Rent: $39,170 $44,925

Scheduled Yearly Rent: $470,040 $539,100

* Per Certificate of Occupancy: 14 Units Apartment + 1 Guest Room

| 20 ANNUAL OPERATING SUMMARY

CURRENT MARKET

Scheduled Gross Income: $470,040 $539,100 15% Upside

Less Vacancy Reserve: $14,173 3.0% $16,245 3.0%

Laundry Income: $2,400 $2,400

Gross Operating Income: $458,267 $525,255

Expenses: $182,597 38.8% $185,277 34.37% *

Net Operating Income: $275,670 $339,978

Pre-Tax Cash Flow: $275,670 3.45% $339,978 4.25% **

Pre-Tax Cash Flow: $275,670 3.45% $339,978 4.25% **

* As a percent of Scheduled Gross Income ** As a percent of Down Payment

21 | PRO FORMA ANNUAL OPERATING EXPENSES

PRO FORMA ESTIMATES % OF SGI CURRENT PER UNIT MARKET PER UNIT % OF SGI

Property Taxes 1.200% x Sale Price 20.41% $95,940 $6,396 $95,940 $6,396 17.8%

Off-Site Management 4.0% x GOI 3.90% $18,331 $1,222 $21,010 $1,401 3.9%

Insurance $740 X Units 2.36% $11,101 $740 $11,101 $740 2.1%

Reserves $250 x Units 0.80% $3,750 $250 $3,750 $250 0.7%

Repairs & $1,619 x Units 5.17% $24,291 $1,619 $24,291 $1,619 4.5% Maintenance

Landscaping $158 x Units 0.50% $2,368 $158 $2,368 $158 0.4%

Utilities $1,374 x Units 4.38% $20,611 $1,374 $20,611 $1,374 3.8%

Trash $202 x Units 0.64% $3,026 $202 $3,026 $202 0.6%

Elevator $212 x Units 0.68% $3,180 $212 $3,180 $212 0.6%

Total Expenses 38.85% $182,597 $12,173 $185,277 $12,352 34.4%

CURRENT PER UNIT % OF SGI

Non-controllable expenses: Taxes, Ins., Reserves: $110,791 $7,386 23.6%

Total Expense without Taxes $86,657 $5,777 18.44%

For the purposes of this financial analysis, we are utilizing pro forma financials. A pro forma financial analysis is one that contains estimates and projections of both the income and expenses to show the possible operational performance of this investment property on an annual basis.

| 22 RENT ROLL

# UNIT MIX RENT MARKET RENT

1 101 2+2 $2,750 $2,995

2 102 2+2 $2,695 $2,995

3 103 2+2 $2,495 $2,995

4 104 2+2 $2,495 $2,995

5 105 2+2 $2,750 $2,995

6 201 2+2 $2,695 $2,995

7 202 2+2 $2,652 $2,995

8 203 2+2 $2,435 $2,995

9 204 2+2 $2,360 $2,995

10 205* 2+2 $2,995 $2,995

11 301 2+2 $2,435 $2,995

12 302 2+2 $2,435 $2,995

13 303 2+2 $2,435 $2,995

14 304* 2+2 $2,995 $2,995

15 305 2+2 $2,548 $2,995

Totals $39,170 $44,925 15 Averages $2,611 $2,995 *Vacant

23 | SALES COMPS

13 10 5 9 3 6

2

11 12

7 4 1 8

| 24 YEAR PRICE PER PRICE PER ACTUAL CAP PROPERTY SALE PRICE BLDG SF # OF UNITS GRM SALE DATE BUILT UNIT SF RATE 4320 S Centinela Ave 1990 $7,995,000 21,268 15 $533,000 $375.92 3.45% 16.92 - Los Angeles, CA 90066

11905 Avon Way 1 1987 $4,500,000 6776 10 $450,000 $664.11 - - 8/26/19 Los Angeles, CA 90066

3712 S Bentley Ave 1990 $4,375,000 9194 8 $546,875 $475.85 4.12% 16.99 5/23/19 2 Los Angeles, CA 90034

3666 Clarington Ave 1988 $3,020,000 5632 7 $431,429 $536.22 4.18% 15.42 10/13/20 3 Los Angeles, CA 90034

11737 Courtleigh Dr 4 1990 $6,950,000 15432 16 $434,375 $450.36 3.85% 16.87 12/23/20 Los Angeles, CA 90066

3646 Dunn Dr 1989 $2,990,000 6012 7 $427,143 $497.34 3.90% 15.74 10/13/20 5 Los Angeles, CA 90034

3701 Hughes Ave 6 1989 $3,470,000 8622 8 $433,750 $402.46 3.79% 15.94 11/30/20 Los Angeles, CA 90034

12626 Matteson Ave 1988 $9,687,500 20922 20 $484,375 $463.03 4.13% - 4/7/20 7 Los Angeles, CA 90066

3989 Meier St 1989 $2,650,000 5742 5 $530,000 $461.51 - - 12/16/20 8 Los Angeles, CA 90066

3610 Motor Ave 2006 $5,932,500 10050 12 $494,375 $590.30 4.86% 14.39 7/30/19 9 Los Angeles, CA 90034

10615 Rose Ave 1985 $10,275,000 21344 24 $428,125 $481.40 3.09% 19.67 10/22/19 10 Los Angeles, CA 90034

11910 Venice Blvd 1984 $3,550,000 6900 9 $394,444 $514.49 4.37% 15.64 10/2/20 11 Los Angeles, CA 90066

11936 Venice Blvd 1986 $3,425,000 9840 8 $428,125 $348.07 3.55% 16.01 2/25/21 12 Los Angeles, CA 90066

3380 Vinton Ave 1986 $8,050,000 18214 18 $447,222 $441.97 2.91% 19.98 11/5/19 13 Los Angeles, CA 90034

AVERAGES $456,172 $486.70 3.89% 16.70

25 | RENT COMPS

4

2

1

3

| 26 TWO BEDROOM UNITS CURRENT AVG PROPERTY UNITS YEAR BUILT UNIT MIX RENT

4320 S Centinela Ave 15 1990 2+2 $2,611 Los Angeles, CA 90066

12716 Mitchell Ave 1 9 1988 2+2 $2,800 Los Angeles, CA 90066

12035 Washington Pl 2 10 1988 2+2 $3,175 Los Angeles, CA 90066

4470 S Centinela Ave 15 1990 2+2.5 $2,800 3 Los Angeles, CA 90066

3255 Sawtelle Blvd 4 34 2002 2+2 $3,295 Los Angeles, CA 90066

AVERAGES $3,018

27 | Confidentiality Agreement & Disclaimer This Offering Memorandum contains select information pertaining to the business and affairs located at 4320 S Centinela Ave, Los Angeles (“Property”). It has been prepared by Matthews Real Estate Investment Services and Marcus & Millichap. The Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller, Marcus & Millichap, or Matthews Real Estate Investment Services. The material and information in the Offering Memorandum is unverified. Matthews Real Estate Investment Services and Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to square footage, income and expenses, the future financial performance of the property, future rent, and real estate value market conditions, the condition or financial prospects of any tenant, or the tenants’ plans or intentions to continue to occupy space at the property. All prospective purchasers should conduct their own thorough due diligence investigation of each of these areas with the assistance of their accounting, construction, and legal professionals, and seek expert opinions regarding volatile market conditions given the unpredictable changes resulting from the continuing COVID-19 pandemic. The information is based in part upon information supplied by the Owner and in part upon financial information obtained from sources the Owner deems reliable. Owner, nor their officers, employees, or real estate agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum, or any of its content, and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Matthews Real Estate Investment Services and Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee in the Offering Memorandum. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Matthews Real Estate Investment Services.

Owner and Matthews Real Estate Investment Services and Marcus & Millichap expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

| 28 4320 S Centinela Avenue LOS ANGELES, CA EXCLUSIVELY LISTED BY:

DANIEL WITHERS SVP & Senior Director - Multifamily Direct +1 818 923 6107 Mobile +1 310 365 5054 [email protected] License No. 01325901 (CA)

JEFFREY LOUKS Executive Managing Director Investments Senior Director, National Multi-Housing Group

Direct +1 818 212 2780 Mobile +1 310 941 5899 [email protected] License No. 00908473 (CA)

ELLIOT SABAG Associate Direct +1 818 212 2672 Mobile +1 818 903 7020 [email protected] License No. CA01989131 (CA)

29 |