Value-Add Opportunity

Home , Reseda station, Ventura Boulevard

52-U n i t A pa r t m e n t B u i l d i n g TARZANA, CALIFORNIA

RESEDA GARDENS

$10,500,000

www.ResedaGardens.com

FOR MORE INFORMATION, PLEASE CONTACT:

LAURIE LUSTIG-BOWER Executive Vice President Lic 00979360 +1 310 550 2556 [email protected]

KADIE PRESLEY WILSON Senior Sales Director Lic 01476551 +1 310 550 2575 [email protected]

VALUE-ADD OPPORTUNITY

SOUTH EASTERN EXPOSURE SANTA PACIFIC MONICA OCEAN

ENCINO

VENTURA BLVD

101 TARZANA

RESEDA PARK LAKE

VICTORY BLVD

RESEDA BLVD

5 EXECUTIVE SUMMARY www.ResedaGardens.com

6 EXECUTIVE SUMMARY CBRE, Inc., as exclusive agent, is pleased to present for sale Reseda Gardens, a value-add 52-unit apartment property located in the San Fernando Valley neighborhood of Tarzana, just one mile north of famous Ventura Boulevard. The Property, with address 6251-67 Reseda Boulevard, is priced below replacement cost at $10,500,000 and has significant upside potential. Built in 1960, the Property has been owned by the same family for almost 20 years. The current ownership upgraded a handful of units with new laminate flooring and paint and was able to achieve significantly higher rents. If a buyer were to upgrade the units further and bring all the tenants to market, the upside potential is approximately 28% and the cash-on-cash return would be approximately 5%. Reseda Gardens features a sparkling swimming pool and a well-manicured lawn in a courtyard- OPPORTUNITY HIGHLIGHTS style building. It has a desirable unit mix of mostly one and two bedroom units with a handful of three • Priced Below Replacement Costs bedrooms as well. The community is gated and nicely • Great Value-Add Opportunity: ±28% Upside Potential maintained with carport parking. Two units feature • Beautifully Maintained Building with Swimming Pool central heat and air and some units have a balcony or • Owned by the Same Family for Almost 20 Years patio. • Great San Fernando Valley Location: The Property is located near the northern border -Three minute drive to the 101 Freeway. of the City of Tarzana in the San Fernando Valley -Five minute walk to the Metro Orange Line Busway – connecting residents to the region of Los Angeles County. Tarzana includes a two greater Los Angeles region via the metro rail line. mile stretch of Ventura Boulevard with Whole Foods Markets, Gelson’s Market and Von’s all within a five- -Approximately one mile to Ventura Boulevard (five minute drive). minute drive of Reseda Gardens. -Five minute drive to Whole Foods, Gilson’s and Von’s. -Less than a 10 minute drive to Pierce College. www.ResedaGardens.com -Approximately 10 minute drive to Warner Center. • Excellent Demographics: -The City of Tarzana boasted an Average Household Income of $132,921 in 2017 -46.9% of the population (aged 25 and older) hold a Bachelor’s Degree and/or a

Graduate or Professional Degree. -The Median Housing Value in Tarzana in 2017 was $845,238. 7 PROPERTY DESCRIPTION

ADDRESS 6251-6267 Reseda Blvd. Tarzana, CA 91335

PRICE $10,500,000

CURRENT FORECASTED

CAP RATE 4.05% 5.42%

GRM 13.2 10.3

# OF UNITS 52 28 units - 1+1

UNIT MIX 20 units - 2+1

4 units - 3+2 YEAR BUILT 1960

PARKING 59 spaces in gated carport

BUILDING SIZE ±41,944 SF

LOT SIZE ±58,883 SF Water, Sewer, Trash - Landlord UTILITIES Gas, Electric - Tenant Wall Heaters and Window Unit AC MECHANICAL Two Units - Central Heating & AC 2127-012-007 APN 2127-012-008

8 PARCEL MAP APN : 2127-012-007; 2127-012-008

9 COMMUNITY AMENITIES • Swimming Pool • Picnic Area w/ BBQ • Gated Building Access • Gated, Covered Parking • On-Site Laundry Facility • Well-Manicured Lawn

UNIT AMENITIES • Vinyl Wood Flooring (some units) • Wall Heaters • Window Unit AC • Ceiling Fans • Two Units have Central Heat/AC • Refrigerators (owned by Seller) • Dishwasher (all but one unit) • Garbage Disposal • Tiled Showers • Tiled Bathroom and Kitchen Counter Tops

10 11 FINANCIAL OVERVIEW www.ResedaGardens.com

12 FINANCIALS 6251-67 RESEDA BLVD TARZANA, CA 91335 RENT ROLL AS OF 11/09/2017

Unit Number Type Actual Rent MRK / RHB Move In Lease End Notes 1 2 + 1 $1,379 $1,700 02/01/12 m-t-m - 2 2 + 1 $1,470 $1,700 08/16/14 m-t-m - 3 2 + 1 $1,625 $1,700 05/26/17 05/25/18 Renovated 4 1 + 1 $1,325 $1,475 09/01/17 08/31/18 Renovated 5 2 + 1 $1,385 $1,700 01/30/10 m-t-m - 6 2 + 1 $1,185 $1,750 09/01/98 m-t-m Corner Unit, Larger 7 1 + 1 $1,072 $1,475 07/15/12 m-t-m - 8 3 + 2 $1,681 $2,050 11/01/10 m-t-m - 9 1 + 1 $1,041 $1,475 01/12/13 m-t-m - 10 1 + 1 $1,031 $1,475 10/01/00 m-t-m - 11 1 + 1 $1,069 $1,475 08/10/10 m-t-m - 12 1 + 1 $1,087 $1,475 11/07/14 m-t-m - 14 1 + 1 $1,175 $1,475 11/08/16 11/07/17 - 15 2 + 1 $1,139 $1,700 09/26/98 m-t-m - 16 2 + 1 $1,595 $1,700 02/01/17 01/31/18 Renovated 17 2 + 1 $1,345 $1,700 05/01/13 m-t-m - 18 1 + 1 $1,175 $1,475 11/01/14 m-t-m - 19 2 + 1 $1,406 $1,700 04/10/15 m-t-m - 20 2 + 1 $1,435 $1,750 10/01/13 m-t-m Corner Unit, Larger 21 1 + 1 $973 $1,475 04/15/99 m-t-m - 22 3 + 2 $1,681 $2,050 06/16/12 m-t-m - 23 1 + 1 $957 $1,475 12/10/97 m-t-m - 24 1 + 1 $1,072 $1,475 01/21/12 m-t-m - 25 1 + 1 $1,087 $1,475 04/01/14 m-t-m - 26 1 + 1 $1,067 $1,475 03/01/11 m-t-m - 27 1 + 1 $1,069 $1,475 02/25/10 m-t-m - 28 1 + 1 $1,120 $1,475 07/20/14 m-t-m - 29 1 + 1 $1,097 $1,475 05/01/09 m-t-m - 30 1 + 1 $1,072 $1,475 08/01/12 m-t-m - 31 1 + 1 $1,069 $1,475 06/15/13 m-t-m - 32 1 + 1 $973 $1,475 01/01/99 m-t-m - 33 3 + 2 $1,710 $2,050 04/05/03 m-t-m - 34 1 + 1 $902 $1,475 07/01/98 m-t-m - 35 2 + 1 $1,238 $1,750 10/01/99 m-t-m Corner Unit, Larger 36 2 + 1 $1,595 $1,700 01/22/17 01/21/18 Floor Replaced 37 1 + 1 $1,120 $1,475 07/01/14 m-t-m - 38 2 + 1 $1,700 $1,700 05/07/97 m-t-m Manager 39 2 + 1 $1,345 $1,700 01/05/13 m-t-m - 40 2 + 1 $1,379 $1,700 07/10/10 m-t-m - 42 1 + 1 $1,002 $1,475 06/13/97 m-t-m -

13 FINANCIALS

Unit Number Type Actual Rent MRK / RHB Move In Lease End Notes 43 1 + 1 $1,049 $1,475 03/01/94 m-t-m - 44 1 + 1 $1,065 $1,475 02/15/14 m-t-m - 45 1 + 1 $1,295 $1,475 05/15/17 05/14/18 - 46 1 + 1 $1,065 $1,475 01/18/14 m-t-m - 47 3 + 2 $1,412 $2,050 07/01/97 m-t-m - 48 1 + 1 $1,375 $1,475 10/22/17 10/21/18 - 49 2 + 1 $1,403 $1,750 05/22/02 m-t-m Corner Unit, Larger 50 2 + 1 $1,385 $1,700 12/19/09 m-t-m - 51 1 + 1 $1,032 $1,475 04/01/00 m-t-m - 52 2 + 1 $1,385 $1,700 10/28/11 m-t-m - 53 2 + 1 $1,420 $1,700 10/22/11 m-t-m - 54 2 + 1 $1,495 $1,700 11/08/16 11/07/17 - $65,232 $83,700

14 FINANCIALS

6251-67 RESEDA BLVD TARZANA, CA 91335 CURRENT OPERATIONS 1.71 1.00 INVESTMENT PRO FORMA HISTORICAL OPERATIONS ESTIMATED INCOME Annual % of EGI Per Unit Comments 2017 2016 Rent Income $65,232 per mon. $782,790 101.3% $15,054 Per Rent Roll $732,384 $714,328 Total Scheduled Gross Income $782,790 101.3% $15,054 $732,384 $714,328 Vacancy 3.0% of SGI ($23,484) -3.0% ($452) Estimated $0 $0 Total Net Rental Income $759,306 98.2% $14,602 Estimated $732,384 $714,328 Parking Income (3 Spaces, $50/Space) $150 per mon. $1,800 0.2% $35 Estimated $0 $0 Laundry Income $585 per mon. $7,015 0.9% $135 2017 Annualized $7,015 $5,635 Other Income $400 per mon. $4,804 0.6% $92 2017 Annualized $4,804 $4,465 TOTAL ESTIMATED INCOME $772,925 100.0% $14,864 $744,203 $724,429

ESTIMATED EXPENSES Annual % of Exp. % of EGI Per Unit 2017 2016 Property Taxes 1.191849% of est. price $125,144 36.0% 16.2% $2,407 Per LA County Asessor $33,705 $39,413 Direct Assessments $5,563 1.6% 0.7% $107 Per LA County Asessor $0 $0 Business Taxes $3,802 1.1% 0.5% $73 Estimated $4,599 $4,438 Insurance $0.35 per GSF $14,680 4.2% 1.9% $282 Estimated $14,157 $12,177 Management Fee 4.5% EGI $34,782 10.0% 4.5% $669 Estimated $34,807 $33,944 On-Site Manager/Cleaner $3,963 per mon. $47,553 13.7% 6.2% $914 2017 Annualized + Free Apartment $29,853 $29,253 Electricity $797 per mon. $9,562 2.8% 1.2% $184 2017 Annualized $9,562 $7,577 Water & Sewer $2,898 per mon. $34,778 10.0% 4.5% $669 2017 Annualized $34,778 $34,633 Gas $136 per mon. $1,637 0.5% 0.2% $31 2017 Annualized $1,637 $1,302 Telephone/Cable/Internet $196 per mon. $2,354 0.7% 0.3% $45 2017 Annualized $2,354 $2,400 Turnover $150 per unit $7,800 2.2% 1.0% $150 Estimated $26,632 $8,255 Repairs and Maintenance $557 per unit $28,953 8.3% 3.7% $557 Avg 2016 Actual & 2017 Annualized $27,849 $30,057 Pool Service $241 per mon. $2,889 0.8% 0.4% $56 2017 Annualized $2,889 $2,874 Extermination $208 per mon. $2,498 0.7% 0.3% $48 2017 Annualized $2,498 $2,038 Landscaping $538 per mon. $6,458 1.9% 0.8% $124 Avg 2016 Actual & 2017 Annualized $7,440 $5,476 Trash Removal $474 per mon. $5,683 1.6% 0.7% $109 2017 Annualized $5,683 $5,253 Administration $149 per mon. $1,787 0.5% 0.2% $34 2017 Annualized $1,697 $1,877 Advertising $50 per mon. $600 0.2% 0.1% $12 Estimated $69 $247 Legal $50 per mon. $600 0.2% 0.1% $12 Estimated $1,058 $0 Reserves $200 per unit $10,400 3.0% 1.3% $200 Estimated $0 $0 TOTAL ESTIMATED EXPENSES $347,521 100.0% 45.0% $6,683 $255,751 $236,663

ESTIMATED NET OPERATING INCOME $425,404 55.0% $8,181 $488,452 $487,765

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent use. It was not prepared by a licensed or certified appraiser and may Price $10,500,000 not comply with the appraisal standards of the Uniform Standards of Professional Appraisal Practice. Capitalization Rate 4.05% Gross Rent Multiplier 13.2 Unit Type Units Mix Avg Rent Est. Sales Price Per Unit $201,923 1 + 1 28 53.8% $1,087 Price Per Sq. Ft. $250 2 + 1 20 38.5% $1,415 Number of Units 52 3 + 2 4 7.7% $1,621 Est. Expenses Per Unit $6,683 Est. Expenses Minus Taxes Per Unit $4,170 Est. Expenses Per Sq. Ft. $8.29 Bldg. Sq. Ft. 41,944 Total 52 100.0% $1,254 Year Built 1960 APN 2127-012-007 © 2017 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of 2127-012-008 the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent Zip Code 91335 investigation of the property to determine to your satisfaction the suitability of the property for your needs. Date 10/31/2017

15 FINANCIALS

6251-67 RESEDA BLVD TARZANA, CA 91335 FORECASTED OPERATIONS #REF! #REF! INVESTMENT PRO FORMA HISTORICAL OPERATIONS ESTIMATED INCOME Annual % of EGI Per Unit Comments 2,017.00 2,016.00 Rent Income $83,700 per mon. $1,004,400 103.8% $19,315 Estimated $732,384 $714,328 Total Scheduled Gross Income $1,004,400 103.8% $19,315 $732,384 $714,328 Vacancy 5.0% of SGI ($50,220) -5.2% ($966) Estimated $0 $0 Total Net Rental Income $954,180 98.6% $18,350 Estimated $732,384 $714,328 Parking Income (3 Spaces, $50/Space) $150 per mon. $1,800 0.2% $35 Estimated $0 $0 Laundry Income $585 per mon. $7,015 0.7% $135 2017 Annualized $7,015 $5,635 Other Income $400 per mon. $4,804 0.5% $92 2017 Annualized $4,804 $4,465 TOTAL ESTIMATED INCOME $967,799 100.0% $18,612 $744,203 $724,429

ESTIMATED EXPENSES Annual % of Exp. % of EGI Per Unit 2,017.00 2,016.00 Property Taxes 1.191849% of est. price $125,144 35.1% 12.9% $2,407 Per LA County Asessor $33,705 $39,413 Direct Assessments $5,563 1.6% 0.6% $107 Per LA County Asessor $0 $0 Business Taxes $4,049 1.1% 0.4% $78 Estimated $4,599 $4,438 Insurance $0.35 per GSF $14,680 4.1% 1.5% $282 Estimated $14,157 $12,177 Management Fee 4.5% EGI $43,551 12.2% 4.5% $838 Estimated $34,807 $33,944 On-Site Manager/Cleaner $3,963 per mon. $47,553 13.3% 4.9% $914 2017 Annualized + Free Apartment $29,853 $29,253 Electricity $797 per mon. $9,562 2.7% 1.0% $184 2017 Annualized $9,562 $7,577 Water & Sewer $2,898 per mon. $34,778 9.8% 3.6% $669 2017 Annualized $34,778 $34,633 Gas $136 per mon. $1,637 0.5% 0.2% $31 2017 Annualized $1,637 $1,302 Telephone/Cable/Internet $196 per mon. $2,354 0.7% 0.2% $45 2017 Annualized $2,354 $2,400 Turnover $150 per unit $7,800 2.2% 0.8% $150 Estimated $26,632 $8,255 Repairs and Maintenance $557 per unit $28,953 8.1% 3.0% $557 Avg 2016 Actual & 2017 Annualized $27,849 $30,057 Pool Service $241 per mon. $2,889 0.8% 0.3% $56 2017 Annualized $2,889 $2,874 Extermination $208 per mon. $2,498 0.7% 0.3% $48 2017 Annualized $2,498 $2,038 Landscaping $538 per mon. $6,458 1.8% 0.7% $124 Avg 2016 Actual & 2017 Annualized $7,440 $5,476 Trash Removal $474 per mon. $5,683 1.6% 0.6% $109 2017 Annualized $5,683 $5,253 Administration $149 per mon. $1,787 0.5% 0.2% $34 2017 Annualized $1,697 $1,877 Advertising $50 per mon. $600 0.2% 0.1% $12 Estimated $69 $247 Legal $50 per mon. $600 0.2% 0.1% $12 Estimated $1,058 $0 Reserves $200 per unit $10,400 2.9% 1.1% $200 Estimated $0 $0 TOTAL ESTIMATED EXPENSES $356,538 100.0% 36.8% $6,856 $255,751 $236,663

ESTIMATED NET OPERATING INCOME $611,261 63.2% $11,755 $488,452 $487,765

Price $10,500,000 This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent use. It was not prepared by a licensed or certified appraiser and Renovation Cost ($15,000, 52 units) $780,000 may not comply with the appraisal standards of the Uniform Standards of Professional Appraisal Practice. Total Investment $11,280,000 Capitalization Rate 5.42% Gross Rent Multiplier 10.3 Unit Type Units Mix Avg Rent Est. Sales Price Per Unit $201,923 1 + 1 28 53.8% $1,475 Price Per Sq. Ft. $250 2 + 1 20 38.5% $1,710 Number of Units 52 3 + 2 4 7.7% $2,050 Est. Expenses Per Unit $6,856 Est. Expenses Minus Taxes Per Unit $4,343 Est. Expenses Per Sq. Ft. $8.50 Bldg. Sq. Ft. 41,944 Total 52 100.0% $1,610 Year Built 1960 APN 2127-012-007 © 2017 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance 2127-012-008 of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent Zip Code 91335 investigation of the property to determine to your satisfaction the suitability of the property for your needs. Date 10/31/2017

16 FINANCIALS

6251-67 RESEDA BLVD TARZANA, CA 91335 SOLD MULTI-FAMILY PROPERTY COMPARABLES

Criteria: Select properties sold within 4 mile radius of Subject, $250/SF or more, 25-75 units, sold from 10/31/15 to 10/31/17 Source: CoStar, Sorted by Price Per Square Foot

Property Address City Zip Units Sale Price CAP GRM $/Unit $/SF Bldg SF Built Date 5919 Reseda Blvd (Part of Multi-Property Sale) Tarzana 91356 50 $8,392,857 - - $167,857 $315 26,606 1964 06/08/16 5204 Yarmouth Ave Encino 91316 29 $9,325,000 - - $321,552 $312 29,936 1971 02/17/17 15716 Saticoy St Van Nuys 91406 42 $9,700,000 3.90% - $230,952 $311 31,178 1986 10/24/17 7115 Milwood Ave Canoga Park 91303 53 $8,500,000 4.66% 11.47 $160,377 $286 29,772 1977 07/26/16 18546 Clark St Tarzana 91356 25 $4,900,000 3.83% - $196,000 $280 17,485 1959 12/30/15 6737 De Soto Ave Canoga Park 91303 27 $11,500,000 4.60% 14.33 $425,926 $277 41,452 2005 08/01/17 5931 Reseda Blvd (Part of Multi-Property Sale) Tarzana 91356 62 $10,407,143 - - $167,857 $271 38,434 1970 06/08/16 18553-18563 Clark St Tarzana 91356 48 $12,075,000 4.11% 14.36 $251,563 $271 44,609 1960 11/08/16 20414 Cohasset St Winnetka 91306 27 $4,751,000 4.58% 13.66 $175,963 $264 17,990 1963 09/08/17 6939 Baird Ave Reseda 91335 28 $5,600,000 4.65% 12.89 $200,000 $261 21,424 1985 12/24/15

© 2017 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

17 RENT SURVEY

6251-6257 Reseda Blvd 1 Tarzana Park Apartments 2 Tarzana 5 3 Bechir 4 Tarzana Court 5 Tarzana Terraces

3 1 2

© 2017 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:4945955 RENT COMPARABLES SELECT RENT COMPARABLES

COMPARABLE 1 TARZANA PARK APARTMENTS 1+1 1804 Erwin St 3+1 21% Tarzana, CA 91335 17% Year Built: 1963 Units: 24 PHOTO Occupancy: 100% Phone: 818.996.9865 Owner: Tillman & Miriam E Pink 2+1 Manager: Tarzana Park Apartments 62%

Type Number of Units Average Effective Rent Average Unit Square Feet Rent per SF 1+1 5 $1,400 750 $1.87 2+1 15 $1,800 1,000 $1.80 3+1 4 $2,400 1,200 $2.00

Amenities: Air Conditioning Pool Laundry Room 25 Parking (Tuck Under/Carport) Controlled Access SELECT RENT COMPARABLES

COMPARABLE 2 TARZANA 5 0+1 6130-6230 Reseda Blvd 5% Tarzana, CA 91335 2+2 Year Built: 1963 25% Units: 200 PHOTO Occupancy: 100% Phone: 818.342.5011 Owner: Tarzana Five LLC 1+1 Manager: Tarzana - 6170 Reseda Blvd 70%

Type Number of Units Average Effective Rent Average Unit Square Feet Rent per SF 0+1 10 $1,238 500 $2.48 1 + 1 140 $1,575 950 $1.66 2+2 50 $1,802 1,320 $1.37

Amenities: Controlled Access Carport and Tuck Under Parking Laundry Rooms 5 Pools 19 RENT COMPARABLES SELECT RENT COMPARABLES

COMPARABLE 3 BECHIR FKA TRIESTE 0+1 6322 Reseda Blvd 2+2 20% Tarzana, CA 91335 36% Year Built/Reno: 1969/2002 Units: 118 PHOTO Occupancy: 99% Phone: 818.578.84575 Owner: Bechirian Investments LLC 1+1 Manager: DB Property Management 44%

Type Number of Units Effective Rent Unit Square Feet Rent per SF 0+1 24 $1,233 - $1,263 550 - 575 $2.20 - $2.24 1+1 52 $1,402 - $1,524 665 - 800 $1.91 - $2.11 2+2 42 $1,703 - $1,903 902 - 1,115 $1.71 - $1.89

Amenities: Controlled Access Two Spas Fitness Center Two Laundry Rooms Two Swimming Pools 159 Parking SpacesSELECT RENT COMPARABLES

COMPARABLE 4 TARZANA COURT 18449 Collins Street Tarzana, CA 91356 Year Built: 1963 Units: 71 PHOTO 3+2 2 + 2.5 Occupancy: 96% 49% 51% Phone: 818.403.3957 Owner: Frank and Amy Lin Manager: Frank and Amy Lin

Type Number of Units Average Effective Rent Average Unit Square Feet Rent per SF 2 + 2.5 36 $1,836 900 $2.04 3+2 35 $2,268 1,100 $2.06

Amenities: Central AC/Heat Laundry Rooms Controlled Access Partial Covered Parking Swimming Pool 143 Parking Spaces

20 RENT COMPARABLES

SELECT RENT COMPARABLES

COMPARABLE 5 TARZANA TERRACES 2+1 18601 Hatteras Street 12% Tarzana, CA 91356 3+2 28% Year Built: 1971 Units: 193 PHOTO Occupancy: 96% Phone: 818-344-5200 Owner: Goldrich & Kest 2+2 Manager: Goldrich & Kest 60%

Type Number of Units Average Effective Rent Average Unit Square Feet Rent per SF 2+1 24 $1,770 - $1,850 875 $2.02 - $2.11 2 + 2 115 $1,880 - $1,935 1,000 $1.88 - $1.94 3+2 54 $2,100 - $2,350 1,195 $1.76 - $1.97

Amenities: Hardwood-Style/Carpet Elevator Indoor Half Basketball Court 300 Covered Parking Wall AC/Heat Picnic/BBQ Area Playground Summer Programs for Children Patio/Balcony Fitness Center Pool Controlled Access Clubhouse Two Laundry Facilities

21 AREA OVERVIEW www.ResedaGardens.com

22 PACIFIC OCEAN

23 TARZANA

Tarzana is an 8.8 square mile affluent suburban neighborhood located in the San Fernando Valley next to Woodland Hills to the west, Reseda to the north, Encino to the east and the Santa Monica Mountains to the south.

Tarzana has a current population of approximately 30,000 people. The average household income is $132,921 with 48% of residents having a bachelor’s degree or higher. The estimated median housing value is currently $845,238, a significant number in comparison to the median housing value of $509,600 in California. The neighborhood is primarily residential.

Tarzana offers easy access to the Ventura Freeway (US 101, 1 mile) and the 405 Freeway (4 miles). The property is located only one mile from Ventura Boulevard. Known as the “Boulevard That Has It All,” it is the world’s longest avenue of contiguous businesses. Residents can walk to a vast number of coffee shops, restaurants, boutique specialty shops, grocery stores, retail and entertainment venues. Reseda Gardens is also within walking distance to the Orange Line Buway’s Reseda/Oxnard transit stop.

A testament to Tarzana’s prosperous trend is the recently completed Tarzana Village Walk, on Ventura Blvd, 1.5 miles from the property, a 950-foot pedestrian promenade lined with retail, restaurants, and condominium units.

24 TRANSPORTATION LINKAGES

Reseda Gardens is located two blocks from the Reseda Bus Station, served by Metro Orange Line, within the primary trade corridor of the West San Fernando Valley. The property is less than 1 mile to the 101 Freeway and 4 miles to the 405 Freeway, providing access to the entire Los Angeles Metro Area. metro.net The Property is served by eight nearby transit routes, shuttles and ride-shares. The Metro OrangeMetro Line provides Rail access west & to BuswayWarner Center, north to Chatsworth and east to North Hollywood. The Metro Red Line subway provides service from North Hollywood to Universal City, Hollywood and Downtown Los Angeles.

Chatsworth Amtrak & Metrolink

Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/Citrus College

Roscoe Memorial Park Sherman Way SAN GABRIEL VALLEY eseda R LAX FlyAway Del Mar Canoga De Soto Pierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North Hollywood Fillmore Universal City/Studio City Los Angeles River Warner Ctr Hollywood/Highland South Pasadena

Hollywood/VineLAX FlyAway Highland Park

Hollywood/Western Southwest Museum CENTRAL LA Vermont/Sunset Heritage Sq

Vermont/Santa Monica Lincoln/Cypress

Vermont/Beverly Chinatown

PURPLE LINE EXTENSION Wilshire/WesternWilshire/Normandie Union Station Wilshire/Vermont Amtrak & Metrolink CivicGrand Ctr/Park Metrolink LAX FlyAway LAC+USC MedicalCal State Ctr LA El Monte Westlake/MacArthur Park

WESTSIDE REGIONAL 7th St/Metro Ctr CONNECTOR Pico Pershing Square LATTC/Ortho Soto Institute LittleArts Tokyo/ Dist Indiana Atlantic DOWNTOWN Pico/Aliso Maravilla

LA Mariachi Plaza Grand/LATTC East LA Civic Ctr Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC EASTSIDE 37th St/ San Pedro St SANTA USC MONICA Jefferson/USC Washington

Slauson Vernon Los Angeles River Angeles Los CRENSHAW/ SOUTH LA Slauson Rail Station LAX LINE Manchester Florence Transfer PACIFIC OCEAN Station BuswayStation

Firestone Busway Street Service UNDER 25 103rd St/ CONSTRUCTION Watts Towers Willowbrook/ LAX Shuttle G Crenshaw Harbor Fwy Rosa Parks LAX Aviation/LAXHawthorne/LennoxVermont/Athens Avalon Long Beach LakewoodBl NorwalkBl Metro Rail Rosecrans Compton Mariposa Red Line North Hollywood to Union Station Harbor Artesia El Segundo Gateway Purple Line Transit Ctr GATEWAY CITIES Wilshire/Western to Union Station Del Amo Douglas Blue Line Downtown LA to Long Beach Carson Wardlow Redondo Beach Expo Line Downtown LA to Santa Monica Willow St SOUTH BAY Green Line Redondo Beach to Norwalk Pacific Pacific Coast Hwy Coast Gold Line Hwy East Los Angeles to Azusa Anaheim St Metro Busway Pacific 5th St Av Orange Line San Pedro Downtown 1st St Chatsworth to North Hollywood Long Beach LAX FlyAway Silver Line San Pedro to El Monte Street Service in Downtown LA and San Pedro

Regional Rail

Amtrak amtrak.com Metrolink metrolinktrains.com

Airport Shuttle

LAX FlyAway lawa.org/flyaway LAX Shuttle (free) lawa.org

GROCERS • Trader Joe’s • Ralphs • Gelsons 1 MILE • Vons • Valley Marketplace Reseda • Bangluck Asian Market .5 MILE PARKS • Reseda Park & Reseda Park Lake • Sepulveda Basin Recreation Center • Marvin Braude Mulholland Gateway Park • Corbin Canyon Park RESTAURANTS • Lakeside Lounge • Scratch Bar & Kitchen • Chablis Food + Wine • El Patron Mexican Restaurant • Hummus Bar & Grill • Le Sanglier French Restaurant

2017 AREA .5 MILE 1 MILE 3 MILES DEMOGRAPHICS 27.3% of Households within a 38,524 people live within There are 66,398 Employees .5 mile radius have incomes of a 1 mile radius, ...and that within a 3 mile radius. $100,000 or more. population is projected to grow to 39,616 by 2022 The average 2017 household income within a.5 mile radius is $85,500, which is projected to grow to $101,605 by 2022

26 TRANSIT / SUBWAY

RESEDA STATION (ORANGE LINE) 6 MIN

AIRPORT

BOB HOPE AIRPORT 24 MIN

LOS ANGELES INTERNATIONAL AIRPORT 31 MIN

COMMUTER RAIL

NORTHRIDGE COMMUTER RAIL (VENTURA COUNTY LINE) 12 MIN

VAN NUYS COMMUTER RAIL (VENTURA COUNTY LINE) 12 MIN

27 AREA OVERVIEW

Located approximately 4.6 miles from Reseda Gardens is The Village at Westfield Topanga, the Warner Center’s just- completed 550,000 square foot premier destination retail center. Retailers at The Village include Fleurish Flower Bar, REI, Costco, YogaWorks, Tender Greens, Sushi Katsu-ya, and Il Fornaio Cucina Italiana.

YEAR-ROUND ARTS & CULTURE EVENTS, ENTERTAINMENT, & DINING OPTIONS WITHIN 6-MILE RADIUS TO PROPERTY SITE

WESTFIELD PROMENADE Located approximately 5 miles from Reseda Gardens at Oxnard St. is the Westfield Promenade shopping mall. Anchored by AMC Theater, dining options at the Promenade include Ruth’s Chris Steak House, P.F. Chang’s China Bistro, Maggiano’s Little Italy and Corner Bakery Cafe. WESTFIELD TOPANGA REGIONAL SHOPPING CENTER Located approximately 4.5 miles from Reseda Gardens, at Victory Boulevard, is Westfield Topanga, one of Southern California’s top regional retail destinations. Home to more than 260 top brands, including Cartier, Jimmy Choo, Salvatore Ferragamo, Louis SHERMAN OAKS GALLERIA Vuitton, Burberry, Gucci and Tiffany & Co. Other tenants include Located six miles from the Property on Ventura and Sepulveda Abercrombie & Fitch, Anthropologie, H&M, Hugo Boss, Kevin’s Boulevards is the open-air Sherman Oaks Galleria shopping mall. Jewelers, Lacoste, Lego, Lenscrafters, L’Occitane En Provence, With its 300,000 square feet of retail floor space. Lucky Brand Jeans, Macy’s, Nordstorm, Swarovki, Target, Tesla, Urban Outfitters, Victoria’s Secret, Williams Sonoma and Zara. Tenants and Lifestyle include Urban Home, 24 Hour Fitness, Arclight Cinemas, Burke Williams Spa and Paul Mitchell. Dining options at Westfield Topanga include California Pizza Kitchen, The Cheesecake Factory, Gyu-Kaku, La Vaca Brazilian Dining options include Hana Grill, P.F. Chang’s China Bistro, Robeks Grill, Sorabol Korean BBQ, Starbucks Coffee, and Yogurtland. Juice, Salad Farm, Ben & Jerry’s and The Cheesecake Factory.

28 SAN FERNANDO VALLEY

The San Fernando Valley, or “the Valley” as it is generally known, employs over 700,000 people and boasts a significant percentage of Los encompasses most of the northern portion of the City of Los Angeles. It is Angeles County’s media and entertainment firms, aerospace, technology, bounded on the west by the Santa Susana Mountains, on the north by the manufacture, finance, health, insurance and real estate companies. San Gabriel Mountains, on the east by the Verdugo Hills, and on the south by the Santa Monica Mountains. With its highly diversified development, the San Fernando Valley boasts some of Southern California’s premier employer concentrations, Home to 1.77 million people, the Valley has become one of the most densely destination retail, tourist attractions, and residential living. populated areas in Los Angeles County. The Valley’s bustling economy 29 NEARBY PUBLIC COLLEGES/ UNIVERSITIES

Los Angeles Pierce College 6201 Winnetka Ave, Woodland Hills, CA 91371

Distance from Site: 3 miles or 10 minute drive time Institution Type: Public Types of Programs Offered: Associate Degrees (AA /AS), Occupational Certification Programs (C) California State University – Northridge

Annual Student Headcount: • 2013-2014: 29,875 • 2014-2015: 31,331 • 2015-2016: 31,160 • 2016-2017: 31,020

California State University – Northridge 18111 Nordhoff St, Northridge, CA 91330 www.csun.edu Distance from Site: 4 miles or 15 minute drive time Institution Type: Public Types of Programs Offered: Bachelors Degrees (BA /BS), Masters Degrees (MA/MS)

Annual Student Headcount: • 2013-2014: 38,310 • 2014-2015: 40,131 • 2015-2016: 41,548 • 2016-2017: 39,916

30 Los Angeles Pierce College NEARBY EMPLOYMENT CENTERS EMPLOYERS IN SURROUNDING AREAS SUCH AS WARNER CENTER, ENCINO AND SHERMAN OAKS, ARE LESS THAN A 10 MINUTE DRIVE TIME.

2 101 2 3

405

1. WOODLAND HILLS/ WARNER CENTER 2. ENCINO 3. SHERMAN OAKS Warner Center EMP. EMP. EMP. COMPANY EMP. COMPANY TOTAL COMPANY TOTAL COMPANY TOTAL TOTAL is considered the 21ST CENTURY FARMERS ENCINO-TARZANA AVIDA “Downtown” of the 1200 500 500 HOLDING COMPANY GROUP REGIONAL 800 CAREGIVERS HOSPITAL San Fernando and BLUE CROSS MORAVEE HEALTH-NET, INC. 1000 400 500 Conejo Valley office BLUE SHIELD ANSWER AGENCY PIERCE COLLEGE 1000 325 LOS ANGELES FINANCIAL INC. PROSPECT markets with over 300 400 PRATT & WHITNEY 1000 DAILY NEWS MORTGAGE, LLC 6.9 million square PANAVISION PREMIERE INNOVATIVE 300 300 feet of office space. MERCHANT 1000 INV. NETWORKS SOLUTIONS 31 WARNER CENTER

Warner Center employers engage in a diverse range of sectors including real estate, transportation, insurance, accounting, banking, manufacturing and government. Local employers include:

HealthNet Inc. Universal Music Group (Corporate Headquarters) Wells Fargo Zenith Insurance ATK Defense Electronics Systems United Online Inc. Viking River Cruises Unico American Corp Automatic Data Processing Rach Local Inc. Medesthetica Medical Group Kaiser Permanente Hospital The California Wellness Foundation Westfield Oplink Communications Pratt & Whitney Rubicon (Division of United Technologies) Music Reports Inc. Pierce College (Student population of 19,938 and 463 employees) Farmers Insurance Girl Scouts of Greater Los Angeles United Imaging Avnet Inc. Medtek Net Inc. Intuit Inc. Anthem Blue Cross Redbox Morgan Stanley Smith Barney Merrill Lynch American International Group Activision Publishing ReachLocal LLC REAL Software Systems

32 AFFILIATED BUSINESS DISCLOSURE Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, complete- CBRE, Inc. operates within a global family of companies with many subsidiaries ness, or fitness for any particular purpose. All information is presented “as is” with- and related entities (each an “Affiliate”) engaging in a broad range of commercial out representation or warranty of any kind. Such information includes estimates real estate businesses including, but not limited to, brokerage services, property based on forward-looking assumptions relating to the general economy, market and facilities management, valuation, investment fund management and develop- conditions, competition and other factors which are subject to uncertainty and ment. At times different Affiliates, including CBRE Global Investors, Inc. or Tram- may not represent the current or future performance of the Property. All references mell Crow Company, may have or represent clients who have competing interests to acreages, square footages, and other measurements are approximations. This in the same transaction. For example, Affiliates or their clients may have or express Memorandum describes certain documents, including leases and other materials, an interest in the property described in this Memorandum (the “Property”), and in summary form. These summaries may not be complete nor accurate descrip- may be the successful bidder for the Property. Your receipt of this Memorandum tions of the full agreements referenced. Additional information and an opportunity constitutes your acknowledgement of that possibility and your agreement that nei- to inspect the Property may be made available to qualified prospective purchas- ther CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ ers. You are advised to independently verify the accuracy and completeness of all interest or involvement in the sale or purchase of the Property. In all instances, summaries and information contained herein, to consult with independent legal however, CBRE, Inc. and its Affiliates will act in the best interest of their respective and financial advisors, and carefully investigate the economics of this transaction client(s), at arms’ length, not in concert, or in a manner detrimental to any third and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. manner consistent with the law and all fiduciary duties owed to their respective The Owner expressly reserves the right, at its sole discretion, to reject any or all client(s). expressions of interest or offers to purchase the Property, and/or to terminate CONFIDENTIALITY AGREEMENT discussions at any time with or without notice to you. All offers, counteroffers, and Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have confidential Memorandum solely for your limited use and benefit in determining any legal commitment or obligation except as set forth in a fully executed, defini- whether you desire to express further interest in the acquisition of the Property, (ii) tive purchase and sale agreement delivered by the Owner. you will hold it in the strictest confidence, (iii) you will not disclose it or its con- © 2017 CBRE, Inc. All rights reserved. This information has been obtained from tents to any third party without the prior written authorization of the owner of the sources believed reliable, but has not been verified for accuracy or completeness. Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memo- You should conduct a careful, independent investigation of the property and verify randum in any manner detrimental to the Owner or CBRE, Inc. all information. Any reliance on this information is solely at your own risk. CBRE If after reviewing this Memorandum, you have no further interest in purchasing and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on the Property, kindly return it to CBRE, Inc. this document are the property of their respective owners. Photos herein are the DISCLAIMER property of their respective owners and use of these images without the express This Memorandum contains select information pertaining to the Property and written consent of the owner is prohibited. the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the

33 52-U n i t A pa r t m e n t B u i l d i n g TARZANA | CALIFORNIA

RESEDA GARDENS

$10,500,000

www.ResedaGardens.com FOR MORE INFORMATION, PLEASE CONTACT:

LAURIE LUSTIG-BOWER Executive Vice President Lic 00979360 +1 310 550 2556 [email protected]

KADIE PRESLEY WILSON Senior Sales Director Lic 01476551 +1 310 550 2575 [email protected]

© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_November2017