The Chalfonte Apartments 709 South

101 UNITS IN PRIME KOREATOWN THE CHALFONTE APARTMENTS TWO APARTMENT BUILDINGS 720 SOUTH NORMANDIE AVENUE

AVAILABLE AS A PACKAGE OR LOS ANGELES, CA 90005 SEPARATELY

61 UNITS BUILT: 1924

709 SOUTH MARIPOSA AVENUE 709 SOUTH MARIPOSA AVENUE

LOS ANGELES, CA 90005

40 UNITS BUILT: 1930

OFFERING MEMORANDUM

a Berkshire Hathaway and Jefferies Financial Group company INVESTMENT ADVISORS

BRENT SPRENKLE SENIOR MANAGING DIRECTOR [email protected] OFFICE: (310) 470-4892 CA DRE #01290116

MORTGAGE BANKING

ED KIM MANAGING DIRECTOR [email protected] OFFICE: (949) 622-9252

SOUTH BAY LOS ANGELES OFFICE 2321 ROSECRANS AVENUE, SUITE #3235 EL SEGUNDO, CA 90245 OFFICE: (424) 239-5900 FAX: (424) 239-5901 THE PROPERTY 4

FINANCIALS 14

THE LOCATION 20

MARKET POSITIONING 28

MARKET OVERVIEW 42

DEMOGRAPHICS 60

APARTMENT UPDATE 72 TABLE OF CONTENTS Thpee Pro rty

4 5 INVESTMENT HIGHLIGHTS

Two Properties in Koreatown that were Previously Gut Renovated

Available as a Package or Separately

Prime Location, Steps from Wilshire

T Boulevard he P Excellent Amenities and Gorgeous roperty Architecture

95 Walk Score-Walker’s Paradise

Situated in a Designated Qualified Opportunity Zone & R5-2 Zoning

Also Available-A parking lot that is an entitled development site for 44 units at 709 S Mariposa Avenue

6 The Property BERKADIA PROPERTY SUMMARY - THE CHALFONTE

Property: The Chalfonte

Address: 720 S Normandie Avenue

City, State: Los Angeles, CA

Parcel: 5094-005-018

Units: 61

Year Built: 1924

Building /Stories: 1/5

Construction Type: Masonry

Roof: Flat

roperty P he T

The Property BERKADIA 7 PROPERTY SUMMARY - 709 SOUTH MARIPOSA AVENUE

Address: 709 S Mariposa Avenue

City, State: Los Angeles, CA

Parcel: 5094-005-002

Units: 40

Year Built: 1930

Building / Stories 1/4

Construction Type: Reinforced Brick

Roof: Flat

T he

roperty

8 The Property BERKADIA EXECUTIVE SUMMARY

720 S. Normandie Ave. and 709 S. Mariposa Ave. consist of two apartment buildings situated on adjacent street that back up to each other through a parking lot at 715 S. Mariposa that is also available for sale.

709 S. Mariposa is a 40-unit apartment building consisting of six units that are efficiencies, 28 units that are studios with a full kitchen and six units that are one-bedrooms with one-bathroom. The property is individually metered for electricity and master-metered for gas.

720 S. Normandie is a 61-unit apartment building consisting of 34 units that are studios with a full kitchen, 13 units that are one-bedrooms with one-bathroom, and 14 units that are two-bedrooms with two-bathrooms. The property is individually metered for electricity. roperty

Both properties are center hallway structures of P reinforced brick that are serviced by two staircases at Mariposa or three staircases at Normandie plus one he elevator per property. Normandie boasts a massive T ornate lobby, leasing office, fitness center, dog run, two courtyards, and a deluxe laundry center plus a lounge. The Mariposa property has an art deco lobby, a massive laundry room and a gazebo in a courtyard located on the south side of the property.

The properties are offered for sale as a package for $22,500,000. However, 720 S. Normandie can be sold separately for $14,750,000 and 709 S. Mariposa can be sold separately for $7,750,000.

Also Available-A parking lot at 715 S Mariposa which is an existing 31 space parking lot entitled for 44-units. This property is adjacent to 709 S. Mariposa but also has a walkway connecting it with 720 S. Normandie. Plans have been submitted to the city of Los Angeles and are currently in plan check. The asking price is $3,000,000.

The Property BERKADIA 9 INVESTMENT HIGHLIGHTS

720 South Normandie, called The Chalfonte, with one-bathroom and a kitchen and six is an architecturally distinct classic 61- units that are one-bedrooms with one- unit apartment building consisting of bathroom. 34 studios with a full kitchen and one- The four-story structure contains a large bathroom, 13 one-bedroom apartments partially utilized basement that is on-grade with one-bathroom and 14 apartments that with the parking lot. There is an attractive are two-bedrooms with two-bathrooms. art deco lobby in a four-story structure The property is individually metered for

T serviced by two staircases and an elevator. electricity and master-metered for gas. The he Units are individually metered for gas and property is adjacent to 715 South Mariposa

P electricity. Similar to 720 S Normandie, the through the rear of the property. Chalfonte roperty property was gut renovated around 2002 features a massive, ornate, restored lobby by a previous owner and the units have been and center hallways serviced by an elevator completely restored and brought to modern and two staircases. The property has been standards, however, there are numerous gut renovated around 2002 by a previous opportunities for cosmetic updates. owner and the units have been completely restored and brought to modern standards, No parking or parking lots are included however, there are numerous opportunities in the sale, however, there is a parking lot for cosmetic updates. In addition to a that is also for sale that can be combined massive lobby, the property features a state- with these two apartment buildings. 715 S. of-the-art laundry facility with a separate Mariposa is an entitled 44-unit development waiting area, a very large gym featuring a site on an 8,100 square foot lot zone R5-2 massive amount of equipment, including this is currently an existing 31 space parking free weights, and a leasing center. The lot. The plans have been submitted to the structure is of five-story reinforced brick. city and are currently in plan check. The Buyer to independently verify renovations asking price is $3,000,000. and upgrades performed to the property.

709 S. Mariposa is a 40-unit apartment building consisting of six efficiency units with one-bathroom, 28 studios apartments

10 The Property BERKADIA AERIAL roperty P he T

The Property BERKADIA 11 T he P roperty

12 The Property BERKADIA

F iNANCIALS

14 15 FINANCIAL ANALYSIS

Rent Roll Estimated Current Current Projected Projected Building Address Unit Description Unit SF Rate Rent Per SF Market Rate Rent Per SF Normandie 101 Two Bedroom, Two Bath 950 $1,895.00 $1.99 $2,100.00 $2.21 Normandie 102 Two Bedroom, Two Bath 950 $1,168.00 $1.23 $2,100.00 $2.21 Normandie 103 One Bedroom, One Bath 800 $1,612.00 $2.02 $1,750.00 $2.19 Normandie 104 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 105 Studio, One Bath 600 $1,184.00 $1.97 $1,400.00 $2.33 Normandie 106 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 107 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 108 Studio, One Bath 600 $820.00 $1.37 $1,400.00 $2.33 Normandie 109 Studio, One Bath 600 $1,208.00 $2.01 $1,400.00 $2.33 Normandie 201 Two Bedroom, Two Bath 950 $1,832.00 $1.93 $2,100.00 $2.21 Normandie 202 Studio, One Bath 600 $1,168.00 $1.95 $1,400.00 $2.33 Normandie 203 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 204 Two Bedroom, Two Bath 950 $2,134.00 $2.25 $2,100.00 $2.21 Normandie 205 One Bedroom, One Bath 800 $1,488.00 $1.86 $1,750.00 $2.19 Normandie 206 One Bedroom, One Bath 800 $1,700.00 $2.13 $1,750.00 $2.19 Normandie 207 Studio, One Bath 600 $1,297.00 $2.16 $1,400.00 $2.33 Normandie 208 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 209 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 210 One Bedroom, One Bath 800 $1,664.00 $2.08 $1,750.00 $2.19 F Normandie 211 Studio, One Bath 600 $1,124.00 $1.87 $1,400.00 $2.33 inancials Normandie 212 Two Bedroom, Two Bath 950 $1,706.00 $1.80 $2,100.00 $2.21 Normandie 214 Studio, One Bath 600 $1,350.00 $2.25 $1,400.00 $2.33 Normandie 301 Two Bedroom, Two Bath 950 $2,200.00 $2.32 $2,100.00 $2.21 Normandie 302 Studio, One Bath 600 $1,352.00 $2.25 $1,400.00 $2.33 Normandie 303 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 304 Two Bedroom, Two Bath 950 $1,792.00 $1.89 $2,100.00 $2.21 Normandie 305 One Bedroom, One Bath 800 $1,560.00 $1.95 $1,750.00 $2.19 Normandie 306 One Bedroom, One Bath 800 $1,600.00 $2.00 $1,750.00 $2.19 Normandie 307 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 308 Studio, One Bath 600 $1,350.00 $2.25 $1,400.00 $2.33 Normandie 309 Studio, One Bath 600 $1,032.00 $1.72 $1,400.00 $2.33 Normandie 310 One Bedroom, One Bath 800 $1,700.00 $2.13 $1,750.00 $2.19 Normandie 311 Studio, One Bath 600 $1,352.00 $2.25 $1,400.00 $2.33 Normandie 312 Two Bedroom, Two Bath 950 $2,000.00 $2.11 $2,100.00 $2.21 Normandie 314 Studio, One Bath 600 $1,168.00 $1.95 $1,400.00 $2.33 Normandie 401 Two Bedroom, Two Bath 950 $2,150.00 $2.26 $2,100.00 $2.21 Normandie 402 Studio, One Bath 600 $1,139.00 $1.90 $1,400.00 $2.33 Normandie 403 Studio, One Bath 600 $1,139.00 $1.90 $1,400.00 $2.33 Normandie 404 Two Bedroom, Two Bath 950 $1,976.00 $2.08 $2,100.00 $2.21 Normandie 405 One Bedroom, One Bath 800 $1,775.00 $2.22 $1,750.00 $2.19 Normandie 406 One Bedroom, One Bath 800 $1,700.00 $2.13 $1,750.00 $2.19 Normandie 407 Studio, One Bath 600 $1,009.00 $1.68 $1,400.00 $2.33 Normandie 408 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 409 Studio, One Bath 600 $1,348.00 $2.25 $1,400.00 $2.33

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2020 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

16 Financials BERKADIA FINANCIAL ANALYSIS

Rent Roll Estimated Current Current Projected Projected Building Address Unit Description Unit SF Rate Rent Per SF Market Rate Rent Per SF Normandie 410 One Bedroom, One Bath 800 $1,600.00 $2.00 $1,750.00 $2.19 Normandie 411 Studio, One Bath 600 $1,248.00 $2.08 $1,400.00 $2.33 Normandie 412 Two Bedroom, Two Bath 950 $2,137.00 $2.25 $2,100.00 $2.21 Normandie 414 Studio, One Bath 600 $1,400.00 $2.33 $1,400.00 $2.33 Normandie 501 Two Bedroom, Two Bath 950 $2,150.00 $2.26 $2,100.00 $2.21 Normandie 502 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 503 Studio, One Bath 600 $1,400.00 $2.33 $1,400.00 $2.33 Normandie 504 Two Bedroom, Two Bath 950 $2,080.00 $2.19 $2,100.00 $2.21 Normandie 505 One Bedroom, One Bath 800 $1,636.00 $2.05 $1,750.00 $2.19 Normandie 506 One Bedroom, One Bath 800 $1,650.00 $2.06 $1,750.00 $2.19 Normandie 507 Studio, One Bath 600 $1,118.00 $1.86 $1,400.00 $2.33 Normandie 508 Studio, One Bath 600 $1,297.00 $2.16 $1,400.00 $2.33 Normandie 509 Studio, One Bath 600 $1,236.00 $2.06 $1,400.00 $2.33 Normandie 510 One Bedroom, One Bath 800 $1,686.00 $2.11 $1,750.00 $2.19 Normandie 511 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Normandie 512 Two Bedroom, Two Bath 950 $2,100.00 $2.21 $2,100.00 $2.21 Normandie 514 Studio, One Bath 600 $1,300.00 $2.17 $1,400.00 $2.33 Mariposa 101 Studio, One Bath 400 $1,009.00 $2.52 $1,400.00 $3.50 Mariposa 102 Efficiency, One Bath 300 $1,081.00 $3.60 $1,200.00 $4.00 Mariposa 103 Studio, One Bath 400 $1,297.00 $3.24 $1,400.00 $3.50 Mariposa 104 Studio, One Bath 400 $1,002.00 $2.51 $1,400.00 $3.50 Mariposa 105 Studio, One Bath 400 $1,350.00 $3.38 $1,400.00 $3.50 Mariposa 106 Studio, One Bath 400 $1,248.00 $3.12 $1,400.00 $3.50 Mariposa 107 Efficiency, One Bath 300 $1,050.00 $3.50 $1,200.00 $4.00 Mariposa 108 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 109 Studio, One Bath 400 $1,110.00 $2.78 $1,400.00 $3.50

Mariposa 110 Efficiency, One Bath 300 $850.00 $2.83 $1,200.00 $4.00 inancials Mariposa 201 One Bedroom, One Bath 700 $1,750.00 $2.50 $1,750.00 $2.50 F Mariposa 202 One Bedroom, One Bath 700 $1,664.00 $2.38 $1,750.00 $2.50 Mariposa 203 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 204 Studio, One Bath 400 $1,009.00 $2.52 $1,400.00 $3.50 Mariposa 205 Studio, One Bath 400 $1,350.00 $3.38 $1,400.00 $3.50 Mariposa 206 Studio, One Bath 400 $1,004.00 $2.51 $1,400.00 $3.50 Mariposa 207 Efficiency, One Bath 300 $1,050.00 $3.50 $1,200.00 $4.00 Mariposa 208 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 209 Studio, One Bath 400 $1,250.00 $3.13 $1,400.00 $3.50 Mariposa 210 Studio, One Bath 400 $1,250.00 $3.13 $1,400.00 $3.50 Mariposa 301 One Bedroom, One Bath 700 $1,716.00 $2.45 $1,750.00 $2.50 Mariposa 302 One Bedroom, One Bath 700 $1,675.00 $2.39 $1,750.00 $2.50 Mariposa 303 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 304 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 305 Studio, One Bath 400 $1,250.00 $3.13 $1,400.00 $3.50 Mariposa 306 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50

Financials BERKADIA 17 FINANCIAL ANALYSIS

Rent Roll Estimated Current Current Projected Projected Building Address Unit Description Unit SF Rate Rent Per SF Market Rate Rent Per SF Mariposa 307 Efficiency, One Bath 300 $1,200.00 $4.00 $1,200.00 $4.00 Mariposa 308 Studio, One Bath 400 $1,152.00 $2.88 $1,400.00 $3.50 Mariposa 309 Studio, One Bath 400 $1,350.00 $3.38 $1,400.00 $3.50 Mariposa 310 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 401 One Bedroom, One Bath 700 $1,675.00 $2.39 $1,750.00 $2.50 Mariposa 402 One Bedroom, One Bath 700 $1,675.00 $2.39 $1,750.00 $2.50 Mariposa 403 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50 Mariposa 404 Studio, One Bath 400 $1,326.00 $3.32 $1,400.00 $3.50 Mariposa 405 Studio, One Bath 400 $1,350.00 $3.38 $1,400.00 $3.50 Mariposa 406 Studio, One Bath 400 $1,248.00 $3.12 $1,400.00 $3.50 Mariposa 407 Efficiency, One Bath 300 $1,081.00 $3.60 $1,200.00 $4.00 Mariposa 408 Studio, One Bath 400 $1,081.00 $2.70 $1,400.00 $3.50 Mariposa 409 Studio, One Bath 400 $980.00 $2.45 $1,400.00 $3.50 Mariposa 410 Studio, One Bath 400 $1,300.00 $3.25 $1,400.00 $3.50

Estimated Current Rent Range Projected Percent Number Percentage Unit Description SF Rate Per SF Market Rate Vacant of Units of Total Totals: Efficiency, One Bath 1,800.00 $6,312.00 $2.83 - $4.00 $7,200.00 6 5.94% Studio, One Bath 31,600.00 $76,655.00 $1.37 - $3.38 $86,800.00 11.29% 62 61.39% One Bedroom, One Bath 14,600.00 $31,526.00 $1.86 - $2.50 $33,250.00 36.84% 19 18.81% F Two Bedroom, Two Bath 13,300.00 $27,320.00 $1.23 - $2.32 $29,400.00 14 13.86% inancials 61,300 $141,813.00 $156,650.00 13.86% 101

Current Rental Unit Description Estimated Current Projected Projected % Estimated SF Rate Rent Per SF Market Rate Rent Per SF Upside Range Averages: Efficiency, One Bath 300.00 $1,052.00 $3.51 $1,200.00 $4.00 14.07% $850 - $1,200 Studio, One Bath 509.68 $1,236.37 $2.43 $1,400.00 $2.75 13.23% $820 - $1,400 One Bedroom, One Bath 768.42 $1,659.26 $2.16 $1,750.00 $2.28 5.47% $1,488 - $1,775 Two Bedroom, Two Bath 950.00 $1,951.43 $2.05 $2,100.00 $2.21 7.61% $1,168 - $2,200

18 Financials BERKADIA FINANCIAL ANALYSIS

Unit Mix & Rent Schedule INVESTMENT SUMMARY Estimated Current Current Avg. Market Current Market Est. Total Units Unit Type Unit SF Rental Range Rent Rent Rent/SF Rent/SF Net SF Price $22,500,000 6 Efficiency / 1 Bath 300 $850 - $1,200 $1,052 $1,200 $3.51 $4.00 1,800 Price/Unit $222,772 62 Studio / 1 Bath 510 $820 - $1,400 $1,236 $1,400 $2.43 $2.75 31,600 19 1 Bed / 1 Bath 768 $1,488 - $1,775 $1,659 $1,750 $2.16 $2.28 14,600 Price/SF $286.85 14 2 Bed / 2 Bath 950 $1,168 - $2,200 $1,951 $2,100 $2.05 $2.21 13,300 Current Pro Forma Cap Rate 4.14% 101 607 $1,404 $1,551 $2.31 $2.56 61,300 Market Pro Forma Cap Rate 5.09% Gross SF 78,438

Current Market ALL FINANCING Income Pro Forma Pro Forma Scheduled Market Rent $1,701,756 $1,906,020 Total Loan Amount $13,500,000 Less: Vacancy 3.00% ($51,053) ($57,181) Down Payment $9,135,000 Net Rental Income $1,650,703 $1,848,839 LTV 60%

Plus: Misc. Income $2,013 $2,013 Mo. Payment ($42,750) Plus: RUBS Income $5,176 $12,120 Debt Constant 3.8% Plus: Laundry Income $8,391 $8,391 Total Operating Income (EGI) $1,666,283 $1,871,363 NEW FIRST MORTGAGE (to be originated at purchase)

Estimated Expenses Percentage Per Unit LTV for this loan 60% Administrative $20 $2,020 $2,020 Amount $13,500,000 Advertising & Promotion $25 $2,525 $2,525 Payroll $500 $50,500 $50,500 Interest Rate 3.80% Repairs & Maintenance $700 $70,700 $70,700 Amortization Interest only Management Fee 3.50% $590 $59,561 $66,711 Payment ($42,750) Utilities (Water, Sewer, Electric & Gas) $1,656 $167,280 $151,500 Fees 1.00%

Contracted Services $502 $50,680 $50,680 inancials I/O Term (yrs) 2 Base Property Taxes 1.196% $2,664 $269,110 $269,110 F Property Tax Direct Assessments $69 $6,951 $6,951 Insurance $350 $35,350 $35,350 Replacement Reserve $200 $20,200 $20,200 Total Estimated Expenses $734,878 $726,247

% of Scheduled Rent: 43.18% 38.10% Per SF: $9.37 $9.26 Per Unit: $7,276 $7,191 IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this Net Operating Income $931,405 $1,145,116 model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed Less: Debt Service ($513,000) ($513,000) written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® Projected Net Cash Flow $418,405 $632,116 employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. Total Economic Loss 3.0% 3.0% © 2020 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses Cash-on-Cash Return (Based on Asking Price) 4.58% 6.92% are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. Debt Service Coverage 1.82 2.23 conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Cap Rate Cap Rate GRM GRM Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state Cap Rate Analysis Price $/Unit $/SF Current Market Current Pro Forma licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Asking Price $22,500,000 $222,772 $286.85 4.14% 5.09% 13.10 11.67 Purposes Only.

Financials BERKADIA 19 Th e LoCATION

20 21 LOCATION MAP T he L oca tion

720 South Normandie Avenue & 709 South Mariposa Avenue | Los Angeles, CA 90005

22 The Location BERKADIA PROPERTY NEIGHBORHOOD DESCRIPTION

NEIGHBORHOOD SHOPPING DEMAND DRIVER LOS ANGELES, CA FROM THE FROM THE THE CHALFONTE & 2.7mi PROPERTY 2.4mi PROPERTY 709 SOUTH MARIPOSA AVENUE SF SHOPPING JOBS NEIGHBORHOOD QUICK FACTS 330k DESTINATION 1.6k SUPPORTED

TOTAL HOSPITAL 30 STORES 408 BEDS

655.2k Target | Nordstrom Rack | H&M PIH Health Good Samaritan Hospital Population (Within Three Miles)

NEIGHBORHOOD CONVENIENCES DEMAND DRIVER

76% FROM THE . mi PROPERTY tion Renter Occupied Housing Units 28 (Within Three Miles)

JOBS oca SUPPORTED 5.0k L

$ SF he T 998.2k 800k FACILITY Median Housing Unit Value Within a two-mile radius of the property Paramount Pictures Studios (Within Three Miles)

$ 46.2k PRIMARY EDUCATION DEMAND DRIVER

Median Household Income STUDENTS FROM THE (Within Three Miles) 673.8k SERVED 3.0mi PROPERTY

SCHOOLS JOBS * AND CENTERS SUPPORTED 16.8% 1.4k 28.9k JOBS STUDENTS City Unemployment Rate 66.5k SUPPORTED 48.3k ENROLLED (*Preliminary for August 2020) Hobart Boulevard ES (K-5) University of Southern California Ambassador-Global Leadership (6-12)

The Location BERKADIA 23 LOCATION DESCRIPTION - KOREATOWN

The Rise of Koreatown Koreatown is the epitome of a transit-oriented, cultural epicenter filled with diversity, density and new ideas

The changing face of Koreatown is being driven by Millennials and younger people looking for an urban lifestyle and Koreatown provides that lifestyle in spades.

Koreatown’s location in the middle of LA puts residents close to jobs and everything else the city has to offer in terms of entertainment, restaurants and cultural amenities. T he L oca The LA Neighborhood Setting Trends tion

The LINE Hotel: the four-star social hub on Wilshire Boulevard anchored everything new and cool in the neighborhood since opening in 2014 Dan Sung Sa: a Korean pub covered in permanent-marker graffiti, the booths encircling a central grill cooking up smoking- hot chicken feet, gooey-crispy rice cakes, and lethal corn cheese. Mama Lion: a dress code and impressive scotch selection have helped secure its place amongst K-town’s most visible venues. The Venue: the Venue is the neighborhood’s first and only VIP underground karaoke experience in town The Walker Inn: Hidden behind a secret door at the back of The Normandie Club, The Walker Inn is a love letter to the cocktail craft.

24 The Location BERKADIA LOCATION DESCRIPTION - KOREATOWN Metro Comparison

Since 2000, the Los Angeles New Supply Since 2000 County apartment market has 250,000 had 152,512 new units added to its inventory. 200,000 Among metros with similar demographics (median age and tion 150,000 income levels), LA boasts the 5th oca L

highest number of new units he trailing Houston, Dallas, and 100,000 T Atlanta. 50,000 119,410 152,512 168,225 178,844 212,775 84,074 98,672 99,484 0

*County Only Source: AxioMetrics

The Location BERKADIA 25 LOCATION DESCRIPTION - KOREATOWN Koreatown Submarket Pipeline

• The Koreatown Submarket Koreatown currently has 30 projects totaling over 7,130 units in the

T pipeline according to Yardi 20% he Martix. L oca • Of these projects, 9 are 40% tion currently in Lease Up and 21 Lease Up / UC are in the Planned / Prospective Planned Phase* Prospective

40%

*The Planned phase is defined as an apartment community that is actively moving through the pre-development phase; specifically intended to be developed as apartments. *The Prospective phase is defined as tentative and subject to entitlement approvals; having been temporarily shelved by the developer; or the developer is uncertain regarding final status - to continue as apartments or to sell units as condominiums.

26 The Location BERKADIA

MA RKET POSITIONING

28 29 COMPARABLE RENTAL PROPERTIES

CURRENT RENT / UNITS TYPE UNIT SF RENT SF 6 Efficiency / 1 Bath 300 $1,052 $3.51 62 Studio / 1 Bath 510 $1,236 $2.43 19 1 Bed / 1 Bath 768 $1,659 $2.16 14 2 Bed / 2 Bath 950 $1,951 $2.05 101 Weighted Average 607 $1,404 $2.31

SUBJECT: THE CHALFONTE & M 709 S. MARIPOSA AVENUE arket LOS ANGELES, CA 90005

P Units: �� 101 ositioning Built:�� 1924 & 1930

MARKET RENT / UNITS TYPE UNIT SF RENT SF 40 Studio / 1 Bath 250 $1,250 $5.00 87 Studio / 1 Bath 500 $1,535 $3.07 Weighted Average 422 $1,445 $3.45

1. THE LANGHAM 715 S Normandie Ave, Los Angeles, CA 90005

Units: �� 181 Built:��1926

30 Market Positioning BERKADIA COMPARABLE RENTAL PROPERTIES

MARKET RENT / UNITS TYPE UNIT SF RENT SF N/A Studio / 1 Bath 500 $1,495 $2.99 Weighted Average 500 $1,495 $2.99

2. NORMANDIE 751 S. NORMANDIE AVENUE, LOS ANGELES, CA 90005

Units: �� 57 Built:��1928 ositioning P

MARKET RENT / arket

UNITS TYPE UNIT SF RENT SF M 23 Studio / 1 Bath 450 $1,450 $3.22 Weighted Average 450 $1,450 $3.22

3. THE BARD 756 S Normandie Ave, Los Angeles, CA 90005

Units: ��30 Built:�� 1925

Market Positioning BERKADIA 31 COMPARABLE RENTAL PROPERTIES

MARKET RENT / UNITS TYPE UNIT SF RENT SF N/A 1 Bed / 1 Bath 650 $1,595 $2.45 Weighted Average 650 $1,595 $2.45

4. 750 S. MARIPOSA AVENUE

M LOS ANGELES, CA 90005 arket

Units: �� 23

P Built:�� 1925 ositioning

MARKET RENT / UNITS TYPE UNIT SF RENT SF N/A 1 Bed / 1 Bath 600 $1,300 $2.17 N/A 1 Bed / 1 Bath 720 $1,650 $2.29 Weighted Average 660 $1,475 $2.23

5. 764 S. NORMANDIE AVENUE LOS ANGELES, CA 90005

Units: �� 32 Built:��1926

32 Market Positioning BERKADIA COMPARABLE RENTAL PROPERTIES

MARKET RENT / UNITS TYPE UNIT SF RENT SF 1 Studio / 1 Bath 508 $1,400 $2.76 1 1 Bed / 1 Bath 423 $1,600 $3.78 Weighted Average 465 $1,500 $3.27

6. WESTLAND @ KTOWN 738 S. MARIPOSA AVENUE, LOS ANGELES, CA 90005

Units: �� 39 Built:�� 1925 ositioning P arket M

Market Positioning BERKADIA 33 COMPARABLE RENTAL PROPERTIES MAP

Subject: The Chalfonte & 709 S. Mariposa Avenue 720 S. Normandie Avenue & 709 S. Mariposa Avenue

1. The Langham 715 S. Normandie Avenue Los Angeles, CA 90005

2. Normandie 751 S. Normandie Avenue M Los Angeles, CA 90005 arket

3. The Bard 756 S. Normandie Avenue P

ositioning Los Angeles, CA 90005

4. 750 S. Mariposa Avenue Los Angeles, CA 90005

5. 764 S. Normandie Avenue Los Angeles, CA 90005

6. Westland @ Ktown 738 S. Mariposa Avenue Los Angeles, CA 90005

34 Market Positioning BERKADIA ositioning P arket M

Market Positioning BERKADIA 35

COMPARABLE SALE PROPERTIES

SUBJECT: THE CHALFONTE & 1. 200 S. KENMORE AVENUE 2. THE BARD 3. LA MARQUISE 709 S. MARIPOSA AVENUE LOS ANGELES, CA 90004 756 S. NORMANDIE AVENUE 535 S. Gramercy Place 720 S. NORMANDIE AVENUE & 709 S. LOS ANGELES, CA 90005 Los Angeles, CA 90020 MARIPOSA AVENUE LOS ANGELES, CA 90005

Built: ...... 1925 Built: ...... 1931

Built: ...... 1926 ositioning Built: ...... 1924/1930

Units: ...... 48 Units: ...... 30 Units: ...... 45 P Units: ...... 101 Price / Unit: ...... $177,083 Price / Unit: ...... $208,333 Price / Unit: ...... $221,111 Price / Unit: ...... $222,772 Price / SF: ...... $379.46 Price / SF: ...... $372.56 Price / SF: ...... $336.38

Price / SF: ...... $286.85 arket Rentable SF: ...... 22,400 Rentable SF: ...... 16,776 Rentable SF: ...... 29,580 Rentable SF: ...... 78,438 M Sold for: ...... $8,500,000 Sold for: ...... $6,250,000 Sold for: ...... $9,950,000 Proposed Price: ...... $22,500,000 Closed: ...... 09/06/2020 Closed: ...... 12/05/2019 Closed: ...... 12/03/2019 Cap Rate: ...... 4 .14% Cap Rate: ...... 5 .20% Cap Rate: ...... 4 .66% Cap Rate: ...... 4.90% GRM: ...... 13.10 GRM: ...... N/A GRM: ...... N/A GRM: ...... 14.16

Market Positioning BERKADIA 37 COMPARABLE SALE PROPERTIES

4. THE LONGINE 5. CHATEAU WESTMORELAND 6. LA CHANDELLE 7. WALLINGFORD M 520 S. MARIPOSA AVENUE 130 N. WESTMORELAND AVE, 525 S. GRAMERCY PL,ACE 765 IROLO STREET arket LOS ANGELES, CA 90020 LOS ANGELES, CA 90004 LOS ANGELES, CA 90020 LOS ANGELES, CA 90005 P Built: ...... 1935 Built: ...... 1926 Built: ...... 1928 Built: ...... 1929 ositioning Units: ...... 48 Units: ...... 24 Units: ...... 45 Units: ...... 24 Price / Unit: ...... $195,313 Price / Unit: ...... $208,333 Price / Unit: ...... $200,000 Price / Unit: ...... $208,333 Price / SF: ...... $3297 .2 Price / SF: ...... $277.58 Price / SF: ...... $161.63 Price / SF: ...... $248.50 Rentable SF: ...... 28,472 Rentable SF: ...... 18,013 Rentable SF: ...... 26,102 Rentable SF: ...... 20,121 Sold for: ...... $9,375,000 Sold for: ...... $5,000,000 Sold for: ...... $9,000,000 Sold for: ...... $5,000,000 Closed: ...... 08/15/2019 Closed: ...... 11/26/2018 Closed: ...... 11/07/2018 Closed: ...... 08/13/2018 Cap Rate: ...... 4.68% Cap Rate: ...... 5.29% Cap Rate: ...... 3%.77 Cap Rate: ...... 5.00% GRM: ...... 12.77 GRM: ...... 11.77 GRM: ...... 14.23 GRM: ...... N/A

38 Market Positioning BERKADIA COMPARABLE SALE PROPERTIES

Subject: The Chalfonte & 709 S. Mariposa Avenue 720 S. Normandie Avenue & 709 S. Mariposa Avenue

1. 200 S Kenmore Avenue Los Angeles, CA 90004

2. The Bard 756 S Normandie Avenue Los Angeles, CA 90005

3. La Marquise 535 S Gramercy Place Los Angeles, CA 90020

4. The Longine 520 S Mariposa Avenue

Los Angeles, CA 90020 ositioning P 5. Chateau Westmoreland 130 N Westmoreland Avenue

Los Angeles, CA 90004 arket M 6. La Chandelle 525 S Gramercy Place Los Angeles. CA 90020

7. Wallingford 765 Irolo Street Los Angeles, CA 90005

Market Positioning BERKADIA 39 COMPARABLE SALE PROPERTIES MAP M arket P ositioning

40 Market Positioning BERKADIA ositioning P arket M

Market Positioning BERKADIA 41 Metark Overview

42 43 LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA Construction Boom

Approximately 3.9 million square feet of office and retail space under construction downtown, with an additional 5.0 million square feet in the proposal stage - DowntownLA

Young Professionals

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

O INTRODUCTION ver As one of the world’s most significant economic and cultural centers, Los Angeles is the second-most-populated city in the United States vie and the largest city in California. The city is seated in Los Angeles County and is an integral part of the Los Angeles-Long Beach-Glendale w Manufacturing Hub Metropolitan Division (MD). The city of Los Angeles spans over 80 different communities and neighborhoods, extending north to the Los Angeles ranked as the No. 1 “Manufacturing City in the Nation” San Fernando Valley, south to the port complex, east to the San Gabriel - The Kyser Center for Economic Research Valley border, and west to the dynamic LAX area.

The ongoing evolution of Downtown Los Angeles continues to drive a building boom of historic proportions. Anchored by world-class amenities like The Broad museum, Disney Concert Hall, and L.A. Live, developers have been constructing millions of square feet of residential, retail, and office space within downtown, enhancing an already thriving live-work-play environment. The district boasts a diverse local economy Entertainment Capital featuring some of the premier firms in the world. Notable employment Los Angeles County was named the “Entertainment Capital of the centers include the headquarters of CBRE and Reliance Steel & United States” Aluminum as well as the offices of Wells Fargo, Ernst & Young, AECOM, - The Kyser Center for Economic Research Gensler, and the Boston Consulting Group.

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 44 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

DEMOGRAPHICS - MID-WILSHIRE SUBMARKET

13.0% 77% OF HOUSING UNITS ARE 37.8

INCOME GROWTH RENTER OCCUPIED MEDIAN AGE PROJECTED FOR THE SUBMARKET COMPARED TO 31% NATIONALLY IN THE SUBMARKET (2020-25) w vie ver O arket M

$ $ 454.0K 99.5K 1.9M 172.7K 55.6K

The Mid-Wilshire Nearly 34% of the The median single-family The submarket's number The Mid-Wilshire submarket’s population submarket’s residents home price in ZIP Code of households is forecast submarket’s median is forecast to grow 4.8% age 25 or older hold a 90005 was $1,900,000 to grow 5.3% over the household income over the next five years, bachelor's degree or in August 2020, down next five years, reaching is projected to reach exceeding 454,000 higher, compared to 31% 15.6% annually 172,679 households $55,577 by 2025, up residents nationally 13.0% from 2020

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Market Overview BERKADIA 45 LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

INDUSTRY BREAKDOWN

AVERAGE ANNUAL WAGE BY OCCUPATION

$ With breakthrough technology companies and research organizations, the home of the largest Management K entertainment industry in the world, and a strong tourism industry, Los Angeles County has 133.7 one of the most diverse, dynamic economies in the country.

Healthcare Practitioners $ The metro division added approximately 41,300 jobs during the 12-month period ending in & Technical 94.8K March 2020, 28,600 of which were in the Education and Health Services sector.

Business & Financial $ Construction Operations 81.4K Industry Breakdown 3% Trade, Transportation,

M & Utilities Education & arket Education, Training, $ 18% Health Services & Library 69.3K 19% O Sales & Related $ ver 45.4K vie Office & Administrative $ LOS ANGELES, CA, w Support K Financial Activities 42.7 Professional & METRO DIVISION Business Services 5% Transportation & $ 14% EMPLOYMENT BY Material Moving 39.4K SECTOR

Production $ Government 38.3K Other Services 3% 13%

Personal Care & Service $ 29.7K Manufacturing 7% Information Food Preparation & $ Leisure & Hospitality 5% Serving Related 27.8K 11% Source: BLS Occupational Employment Statistics Survey Source: BLS Current Employment Statistics Survey

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 46 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

MARKET RESILIENCY ANALYSIS

MARKET NATIONAL RATE 28.7% RATE 22.9% of jobs are in high-risk industries of jobs are in high-risk industries

INDUSTRY COMPOSITION JOBS EPOSURE

Risk Level # Employees % of Market National Avg Low MediumJOB EXPOSUREHigh LOW w Agriculture, forestry, fishing and hunting 215 0.3% 1.1%

Finance and insurance 2,655 3.6% 4.7% vie Health care and social assistance 8,870 11.9% 16.0% Information 3,125 4.2% 2.2% ver Transportation and warehousing 2,879 3.9% 4.4% O Utilities 168 0.2% 0.4% 27.3% Wholesale trade 2,480 3.3% 4.7% 28.7% Total 20,392 27.3% 33.5%

MEDIUM arket

Administrative and waste services 4,180 5.6% 7.4% M Educational services 3,525 4.7% 2.3% Manufacturing 4,546 6.1% 10.1% Mining, quarrying, and oil and gas extraction 54 0.1% 0.5% Other services, except public administration 6,647 8.9% 3.6% Professional and technical services 5,426 7.3% 7.5% Retail trade 8,500 11.4% 12.2% Total 32,878 44.0% 43.6% HIGH Accommodation and food services 11,623 15.6% 11.1% Arts, entertainment, and recreation 2,606 3.5% 1.9% Construction 4,889 6.5% 6.1% Management of companies and enterprises 50 0.1% 1.9% Real estate and rental and leasing 2,238 3.0% 1.8% Unclassified 0 0.0% 0.1% Total 21,406 28.7% 22.9% 44.0%

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Market Overview BERKADIA 47 LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

EMPLOYMENT TRENDS

MARCH 2020 6.4% the city’s monthly unemployment rate was up 190 bps annually

Employment Trends 15% 150,000 LOS ANGELES COUNTY, CA LARGEST EMPLOYERS Los Angeles County 107,400 12% 100,000

M Los Angeles Unified School District 66,520 arket City of Los Angeles 61,900 9% 50,000 University of California, Los Angeles 48,740

O U.S. Government 43,600 ver 6% 0 Kaiser Permanente 40,310 vie State of California 29,800

w University of Southern California 28,870 3% (50,000) Northrop Grumman Corporation 18,000 Providence Health & Services 15,950 0% (100,000) Sources: City of Los Angeles CAFR, 2019; Los Angeles Almanac; LAUSD; USC; UCLA 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20*

*YTD City Unemployment Rate Metro Division Jobs Added / Lost

MARCH 2020 41,300 jobs were created in the metro division, a 0.9% annual increase

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 48 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

TRAE LOGISTICS

ORT OF LOS ANGELES 12 o bo Total Jobs Supported Annual Wages by the Two Ports and Tax Revenues

312 bo Worldwide Trade Value Combined in 2019

Los Angeles County is home to the Port of Los Angeles and the Port of Long Beach, making it one of the world’s leading trade and logistics centers. The two ports provide access to major U.S. markets and the Pacific Rim. The Port of Los Angeles ranked first in the nation in terms of total value of worldwide trade handled in 2019, with 14% of all U.S. trade. Combined, the ports w support more than 1.2 million direct and indirect jobs and generate over $58 billion annually in

wages and tax revenues. vie ver

MANUFACTURING O

NORTHRO GRUMMAN COR No 1 arket Manufacturing Center I-605 Corridor M in the Country Manufacturing Firms

33,200 Jobs Supported

Los Angeles’s unique geography, strong infrastructure, and skilled workforce make it an ideal location for manufacturing companies. With approximately 335,200 jobs supported in the sector, Los Angeles serves as the top manufacturing center in the country. Approximately 65 plants are situated along the city’s I-605 Corridor, providing easy access to the growing industrial hub. Companies like Northrop Grumman Corp., Edelbrock LLC, and Belkin International Inc. help make up the industry’s strong focus on aerospace, fabricated metals, and food processing.

ERAIA ECONOMIC AN EMOGRAHIC OERIE Market Overview BERKADIA 49 LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

ARTS ENTERTAINMENT

ARAMOUNT ICTURES 1 bo Economic Impact 1,00 Theater Productions Metrowide

2,00 Jobs Supported Metrowide

As the “Entertainment Capital of the World,” Los Angeles is home to major production studios, including Disney, Paramount, Universal, and Warner Brothers. Each year, the city boasts more than 1,500 theatrical productions throughout its 225 theaters, making arts and culture major M drivers in the region. Over 792,600 jobs are supported directly and indirectly in the creative arket economy, helping generate an economic impact of $198 billion. There are more artists, writers, filmmakers, actors, dancers, and musicians living in Los Angeles than any other city in the world. O ver ROFESSIONAL USINESS SERICES vie w AERY ENNISON 11 2122 bo Fortune 500 Combined Headquarters Annual Revenue

3,00 Jobs Supported

According to the Global Financial Centres Index, Los Angeles is home to one of the most competitive financial centers in the world, contributing to one of the most dynamic business economies. Los Angeles’s historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers, law firms, and real estate companies. Approximately 639,500 jobs are supported by major businesses, including Amgen, Avery Dennison, and Mattel. Of the more than 50 Fortune 500 companies in California, 11 are headquartered in Los Angeles County.

ERAIA ECONOMIC AN EMOGRAHIC OERIE 50 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

CONSTRUCTION AN EELOMENT

CROSSROAS HOLLYOO SOFI STAIUM AN ENTERTAINMENT ISTRICT AT HOLLYOO AR w vie ver

1 bo 2 bo O Redevelopment Project Investment arket 14 o 1 o M SF Mixed-Use Development SF of Commercial Space

The site of the historic Crossroads of the World complex is set to undergo a A 70,240-seat sport stadium and the adjacent entertainment district are major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4 currently under construction at the former site of Hollywood Park in the million-square-foot, mixed-use development. The project will be comprised city of Inglewood, approximately 10 miles north of Torrance. The stadium of nine buildings, including up to 308 hotel rooms; 950 residential units, will be the new home of the NFL’s Rams and Chargers franchises. At three including 84 affordable units; 185,000 square feet of commercial space; million square feet, it will be the largest stadium in professional football. The 95,000 square feet of office space; and 2,494 underground parking spaces. $2.6 billion, 300-acre, multipurpose facility will also include a 6,000-seat The proposed realignment of Las Palmas Avenue and Sunset Boulevard will performance venue, more than 1.5 million square feet of retail and office promote pedestrian safety and enhance connectivity. The $1 billion project space, 2,500 homes, a 300-room hotel, and 25 acres of parks. Combined team has an estimated 48-month construction timeline, with expected completion annual revenue is estimated to generate $700 million to the region. The new in 2022. stadium is expected to be completed in time for the 2020 NFL season.

ERAIA ECONOMIC AN EMOGRAHIC OERIE Market Overview BERKADIA 51 LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

CONSTRUCTION AN EELOMENT

METRO URLE LINE ERMONT CORRIOR M arket O ver 3 bo 20 o

vie Investment Office Tower w 22,000 2,0 Construction Jobs Jobs Supported

Construction on the Metro’s Purple Line continues. The project’s first phase Along Vermont Avenue in Los Angeles’s Koreatown, a three-site development will open to the public in 2023. In February 2018, officials broke ground on is underway. Site one of the Vermont Corridor will include a $270 million, the $2.5 billion second phase, which will run 2.5 miles west from Wilshire 21-story tower that will house government offices and nearly 2,200 Boulevard and La Cienega Avenue to Century City to complete in 2025. The employees. The second site will be converted into 172 units of residential final section from Century City to the VA campus broke ground in 2019. In housing. Additionally, the building will feature street-level retail and a rooftop total, the Purple Line extension project will cost about $6.3 billion. At build- deck. Site three includes demolishing the existing parks and recreation office out, the nine-mile extension will add seven more stops, generating 78,000 and replacing it with a six-story structure with senior housing units and a new daily trips. With an expected completion date in 2026, the Purple Line 13,200-square-foot community center. In total, the sites will support more will be fully operational for the 2028 Summer Olympics. than 2,990 employees and provide over 2,100 parking spaces. All three sites are expected to be completed by 2023.

ERAIA ECONOMIC AN EMOGRAHIC OERIE 52 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

CONSTRUCTION AND DEVELOPMENT

BROADWAY TRADE CENTER LAX MODERNIZATION PROGRAM w vie ver

1.1 million $14 billion O SF Renovation Investment arket 1,500 121,000 M Jobs Created Construction Jobs

Plans are underway to renovate the early 20th century Broadway Trade Known as the largest public-works program in the history of the city of Los Center into a 15-story multiuse property in Downtown Los Angeles. The Angeles, the $14 billion LAX modernization program began in 2009 and 1.1 million-square-foot renovation will feature retail space on the ground has a projected completion date of 2023. The Tom Bradley International floor, restaurants, multiple bars, a spa, a private club, office space capable Terminal was completed in September 2013 and features new aircraft gates of accommodating up to 3,000 workers, more than 150 hotel rooms, and and concourses, retail shops, and other amenities. Other projects that were underground parking for 400 to 600 vehicles. The renovated property will recently completed include new taxiways and taxi lanes, infrastructure showcase a rooftop activity area with a movie screen and Olympic-size upgrades, and renovation improvements to all terminals. The future $5.5 swimming pool. The project is expected to be completed in 2020. billion Landside Access Modernization Program (LAMP) will generate additional terminal renovations and provide the growing number of airport passengers convenient connections to public transportation from the airport.

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Market Overview BERKADIA 53 LOS ANGELES CALIORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

ABSORPTION / DELIVERIES

NEW NET DELIVERIES ABSORPTION in the first quarter of 2020 through March 2020

COVID-19 is taking its toll on Los Angeles's economy, especially on its MID-WILSHIRE APARTMENT SUBMARKET entertainment, tourism, and international trade. Fortunately, essential 2,000

M businesses, such as the area's large concentration of manufacturers, have Construction vs. Absorption arket remained open, and many of the area's white-collar workers have been able to work from home. Regardless, apartment demand throughout Los Angeles 1,500 County is expected to persist due to a lack of adequate housing supply. O 1,000

ver Silver Lake is situated within the Mid-Wilshire apartment submarket, who's desirable location at the heart of the metro has spurred development and

vie investor interest in recent months, particularly along the submarket’s border 500 with red-hot downtown Los Angeles. In the first quarter of 2020, 289 units w were added in the submarket, over two times the number of units during the same time last year. 0

Demand for multifamily units tends to keep pace with new supply in Mid- Wilshire, helping maintain elevated occupancy rates. The submarket’s (500) central location within Los Angeles provides a fairly easy commute to 2014 2015 2016 2017 2018 2019 1Q20* numerous important employment nodes in the city, including Miracle Mile, *YTD Deliveries Absorption Downtown, Century City, and Hollywood. In the first three months of 2020, the Mid-Wilshire apartment submarket noted a 69-unit deficit, up from 270 net move-outs in the first three months of 2019.

With home prices approaching $1.3 million, residents wanting this central location are moving into the newly developed Class A communities in Mid-Wilshire. This is good news for operators and investors, as Mid- Wilshire competes with several other core submarkets with significant new development that boast many of the same demand drivers as Mid-Wilshire.

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 54 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

RENT / OCCUPANCY

EFFECTIVE $ OCCUPANCY RENT 2,484 RATE 96.4% in 1Q20, unchanged from one year prior in 1Q20, up 1.5% year over year

With COVID-19 wreaking havoc on the regional economy, the Mid-Wilshire MID-WILSHIRE APARTMENT SUBMARKET apartment submarket benefits from its prestigious location in close proximity 98% Occupancy & Ask Rent $2,600 to local job hubs and abundant retail and entertainment options. Los Angeles

County’s stay-at-home order through May 15, 2020, allowed operation of w essential businesses, meaning the county’s upsides during this downturn are

96% $2,400 vie as numerous as its challenges. ver Encompassing the neighborhood of Silver Lake, the Mid-Wilshire apartment O submarket location brings consistent demand and boasts some of the 94% $2,200 highest rents in Los Angeles. Rents have grown at a steady annual pace in the Mid-Wilshire apartment submarket, and elevated demand drove gains above arket the historical average for most of the cycle. In March 2020, average effective 92% $2,000 M rent in the submarket increased 1.5% to $2,484 per month. This speaks to a submarket in transition, as new development driven by growth in adjacent

submarkets pushes into what has traditionally been a low-income area. $2,076 $2,219 $2,309 $2,338 $2,413 $2,482 $2,484 90% $1,800 Mid-Wilshire’s central location and strong transit links to major employment 2014 2015 2016 2017 2018 2019 1Q20* hubs continue to underpin demand. The average occupancy rate in the * YTD Rent Occupancy Mid-Wilshire apartment submarket was 96.4% in the first quarter of 2020, unchanged from one year prior and on par with the preceding five-year average. During the declared state of emergency, the California Judicial Council’s renter eviction protections prohibit eviction under a vast array of circumstances, even where renters can't pay their lease.

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Market Overview BERKADIA 55 LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

EDCATION

HIGHER ANNUAL EDUCATION 625k GRADUATES 60k students metrowide produced by metro Los Angeles universities each year

With over 120 colleges and universities that provide jobs and drive economic growth, the region CITY OF LOS ANGELES is a hub for higher education and generates sustained demand for off-campus housing. The

M universities alone produce 60,000 graduates annually, the highest number of any county in the HIGHER EDUCATION arket nation. Los Angeles Community College District 147,630 University of Southern California 48,500 The University of California Los Angeles (UCLA) is world-renowned for its high-quality academic,

O research, and athletic programs. UCLA offers over 125 undergraduate majors and 150 graduate University of California Los Angeles 44,370 ver degree programs. The university is one of the largest employers in the region, supporting California State University Northridge 39,390 approximately 65,600 jobs countywide. With an enrollment of 44,370 students, UCLA generates vie $284.4 million in taxes and a $5.7 billion economic impact for Southern California. California State University Los Angeles 23,360

w Loyola Marymount University 9,680 The University of Southern California (USC) has an enrollment of over 48,500 students and employs 28,870 residents. USC has the largest private-university graduate program in the nation Mount Saint Mary’s University 2,970 in science, engineering, and health. In 2019, the University of Southern California was ranked No. Sources: listed college websites; California Community Colleges 22 among national universities by U.S. News and World Report. Chancellor’s Office

BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 56 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

LIESTLE AND ENTERTAINMENT

WALK DINING SCORE 80 OPTIONS 60+ one of the most walkable neighborhoods in in the Silver Lake area Los Angeles

Often referred to as Los Angeles’s hippest neighborhood, Silver Lake is home to a diverse mix of residents ranging from celebrities, creatives, and SUNSET JUNCTION professionals to an increasing number of families. Silver Lake offers the best of Los Angeles living, with picturesque hilltop views, boutique shopping, and a popular dining scene with over 60 options. Conveniently located w near Griffith Park, Downtown Los Angeles, Echo Park, and Hollywood, the vie neighborhood is attracting younger residents that are looking to be closer

to the action while avoiding the tourist-filled streets of Hollywood, Santa ver

Monica, and Venice. O

The main hub of Silver Lake is Sunset Junction, a walkable strip along Sunset Boulevard that boasts dozens of trendy shops, including Mohawk arket

General Store and The Odells as well as local bars and coffee shops. The M Satellite venue hosts a great lineup of concerts and offers an indie vibe.

Silver Lake Reservoir, which the neighborhood was named after, is a popular 2.25-mile loop for runners and walkers seeking a pleasant stroll through several parks. Silver Lake’s famous secret stairs are historic steps, which were formerly used by residents to enter their steep hillside homes to the main streets. Today, most of the steps are used by locals for fitness and by visitors for photo ops since many of them are vibrantly painted, featuring the Music Box Steps of Laurel and Hardy, Micheltorena Stairs, and Swan Stairs.

Silver Lake has developed a trendy reputation of its own in recent years, appealing to the desired Millennial demographic. The eastside neighborhood is currently home to nearly 33,700 residents and is projected to increase 3.3% over the next five years, adding about 1,110 new residents. BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Market Overview BERKADIA 57 OS ANGEES CAIORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

TRANSPORTATION

MTA A PASSENGERS AIRPORT rail and bus passengers in 2019 passengers served in 2019

Los Angeles boasts an extensive freeway network with major routes, OS ANGEES INTERNATIONA AIRPORT A including the Santa Ana Freeway (I-5), San Diego Freeway (I-405), Foothills

M Freeway (I-210), Santa Monica and San Bernardino Freeways (I-10), Harbor arket Freeway (I-110), Long Beach Freeway (I-710), and San Gabriel River Freeway (I-605).

O The Metropolitan Transportation Authority (MTA) provides local bus and ver rail service, linking communities of Long Beach, Downtown L.A., Hollywood, Pasadena, and the San Fernando Valley. MTA provided service to 370.5 vie million rail and bus passengers in 2019. w Los Angeles International Airport (LAX) supports 408,000 local jobs and has an annual economic impact of $60 billion. LAX served over 88.1 million passengers in 2019, making it the second-busiest airport in the nation and among the ten busiest airports in the world.

Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; CoreLogic; Wikipedia; Axiometrics; California Association of Realtors; City of Los Angeles CAFR; State of California Employment Development Department Forbes; California Division of Tourism; Los Angeles County Metropolitan Transportation Authority; Los Angeles County; Los Angeles Times; Los Angeles Economic Development Corporation; Los Angeles Area Chamber of Commerce; Los Angeles World Airports; Port of Los Angeles; Los Angeles Unified School District; Los Angeles Convention and Visitors Bureau; City of Los Angeles; Los Angeles Business Journal; Los Angeles Daily News; Los Angeles Downtown News; UCLA; USC; CSU-Northridge; CSU-L.A.; Los Angeles Community College District; Mt. St. Mary’s College; Occidental College; Southern California Association of Governments; Airports Council International BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW 58 Market Overview BERKADIA LOS ANGELES | CALIFORNIA LOS ANGELES CITY | MID-WILSHIRE, CA

B THE NMBERS MIDWISHIRE SBMARKET

TOTAL POPULATION MEDIAN AGE 2010 414,491 2010 34.5 2020* 433,341 2020* 37.8 2025* 454,035 2025* 39.6

Change Rate (2020 - 2025) 4.8%

TOTAL HOUSEHOLDS MEDIAN HOME PRICE 2010 156,734 August - 2019 $2,250,000 w 2020* 164,010 August - 2020 $1,900,000 vie 2025* 172,679 Change Rate Y-o-Y (15.6%)

Change Rate (2020 - 2025) 5.3% ZIP Code: 90005 ver O

MEDIAN INCOME EMPLOYMENT GROWTH (MD) arket

2010 $38,029 March - 2019 4,555,900 M

2020* $49,168 March - 2020 4,597,200 2025* $55,577 Growth Rate Y-o-Y 0.9%

Change Rate (2020 - 2025) 13.0%

RENT SHARE OF WALLET RENT VS. OWN National - 2020* 29.0% Average Mortgage Payment** $8,160 Mid-Wilshire Submarket - 2020* 60.6% Effective Rent $2,484

National - 2025* 29.4% Difference $5,676 Mid-Wilshire Submarket - 2025* 56.6% *Projected *Projected **30-yr fixed; 20% down; 3.5% interest rate; 0.77% CA property Annual Rent / Median Household Income taxes; $1,000 annual homeowner’s insurance; ZIP Code 90005 BERKADIA ECONOMIC AND DEMOGRAPHIC OVERVIEW Market Overview BERKADIA 59 D peMOGra hics 61

BERKADIA 61 DEMOGRAPHICS

Site Map 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08 Legend Map D emographics

62 Demographics BERKADIA DEMOGRAPHICS

Study Area Map 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08 Legend Map emographics D

Demographics BERKADIA 63 DEMOGRAPHICS

Demographic Report 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % 2000 Census 129,298 631,423 1,211,890 9,519,061 12,365,353 281,421,872 2010 Census 119,051 615,468 1,206,371 9,818,605 12,828,837 312,471,327 2020 Estimate 125,383 655,171 1,272,339 10,105,228 13,303,255 333,763,864 2025 Projection 134,227 708,701 1,365,927 10,688,170 13,954,546 349,471,212

Population Growth 2000-2010 -7.9% -7.9% -7.9% 3.2% 3.8% 11.0%

POPULATION Population Growth 2020-2010 5.3% 5.3% 5.3% 2.9% 3.7% 6.8% Population Growth 2025-2020 7.1% 7.1% 7.1% 5.8% 4.9% 4.7% D emographics 2000 Census 46,139 216,262 434,503 3,133,678 4,068,951 106,741,406 2010 Census 46,471 225,474 450,999 3,241,204 4,233,985 118,092,823 2020 Estimate 49,150 243,510 481,923 3,347,776 4,409,388 126,193,630 2025 Projection 52,772 266,124 522,473 3,551,519 4,639,417 132,005,633

Household Growth 2000-2010 0.7% 4.3% 3.8% 3.4% 4.1% 10.6% Household Growth 2020-2010 5.8% 8.0% 6.9% 3.3% 4.1% 6.9% Household Growth 2025-2020 7.4% 9.3% 8.4% 6.1% 5.2% 4.6%

Owner Occupied Housing Units 53,298 263,450 521,153 3,547,361 4,665,547 141,534,165 HOUSEHOLDS Vacant Housing Units 4,148 7.8% 19,940 7.6% 39,230 7.5% 199,585 5.6% 256,159 5.5% 15,340,535 10.8% Occupied Housing Units 49,150 92.2% 243,510 92.4% 481,923 92.5% 3,347,776 94.4% 4,409,388 94.5% 126,193,630 89.2% Owner-Occupied 5,017 9.4% 42,142 16.0% 109,947 21.1% 1,597,243 45.0% 2,227,246 47.7% 82,369,022 58.2% Renter-Occupied 44,133 82.8% 201,367 76.4% 371,976 71.4% 1,750,533 49.3% 2,182,142 46.8% 43,824,608 31.0%

Est. Pop. 25+ by Educational Attainment 86,115 439,843 863,495 6,761,287 8,921,513 224,666,463 Less than 9th Grade 15,490 18.0% 81,410 18.5% 146,577 17.0% 873,845 12.9% 1,055,531 11.8% 12,162,100 5.4% Some High School, No Diploma 10,009 11.6% 46,079 10.5% 87,576 10.1% 602,858 8.9% 748,841 8.4% 15,958,090 7.1% High School Graduate (or GED) 18,855 21.9% 88,272 20.1% 164,065 19.0% 1,408,580 20.8% 1,779,039 19.9% 61,012,096 27.2% Some College, No Degree 11,544 13.4% 66,114 15.0% 138,977 16.1% 1,296,855 19.2% 1,733,591 19.4% 46,207,402 20.6% Associate Degree 4,112 4.8% 22,610 5.1% 45,945 5.3% 469,343 6.9% 637,445 7.1% 18,934,243 8.4%

EDUCATION Bachelor's Degree 20,254 23.5% 96,576 22.0% 193,947 22.5% 1,373,552 20.3% 1,925,035 21.6% 43,479,879 19.4% Graduate/Professional Degree 5,850 6.8% 38,784 8.8% 86,408 10.0% 736,254 10.9% 1,042,031 11.7% 26,912,653 12.0%

64 Demographics BERKADIA DEMOGRAPHICS

Demographic Report 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % Population by Age 0 - 4 10,039 8.0% 49,553 7.0% 94,895 6.9% 717,720 6.7% 926,100 6.6% 21,157,498 6.1% 5 - 14 16,067 12.8% 95,695 13.5% 186,164 13.6% 1,316,279 12.3% 1,697,533 12.2% 38,267,689 11.0% 14 - 18 4,886 3.9% 32,887 4.6% 62,471 4.6% 513,051 4.8% 665,813 4.8% 16,979,124 4.9% 18 - 22 4,457 3.6% 38,282 5.4% 64,591 4.7% 530,162 5.0% 695,072 5.0% 20,636,863 5.9% 22 - 25 3,819 3.0% 22,108 3.1% 41,687 3.1% 395,269 3.7% 519,917 3.7% 14,239,575 4.1% 25 - 35 16,625 13.3% 75,726 10.7% 146,468 10.7% 1,373,886 12.9% 1,795,355 12.9% 44,696,629 12.8% AGE 35 - 45 22,471 17.9% 115,491 16.3% 216,350 15.8% 1,408,193 13.2% 1,809,394 13.0% 41,595,617 11.9% 45 - 55 18,434 14.7% 102,546 14.5% 202,540 14.8% 1,355,022 12.7% 1,750,034 12.5% 41,466,484 11.9% 55 - 65 14,049 11.2% 78,892 11.1% 157,920 11.6% 1,309,851 12.3% 1,736,212 12.4% 43,688,680 12.5% 65 - 75 9,009 7.2% 58,611 8.3% 114,910 8.4% 1,051,461 9.8% 1,393,781 10.0% 38,627,628 11.1% 75 - 85 4,214 3.4% 29,283 4.1% 58,489 4.3% 548,178 5.1% 736,458 5.3% 21,965,145 6.3% 85+ 1,313 1.0% 9,626 1.4% 19,440 1.4% 169,098 1.6% 228,877 1.6% 6,150,280 1.8% CY Estimated HH by HH Income 49,150 243,510 481,923 3,347,776 4,409,388 126,193,630 < $15,000 7,015 14.3% 36,772 15.1% 68,960 14.3% 333,800 10.0% 403,572 9.2% 13,388,420 10.6% $15,000 - $24,999 6,751 13.7% 31,053 12.8% 56,181 11.7% 288,751 8.6% 350,275 7.9% 11,581,472 9.2%

$25,000 - $34,999 6,715 13.7% 27,689 11.4% 48,742 10.1% 277,369 8.3% 342,772 7.8% 11,569,992 9.2% emographics

$35,000 - $49,000 8,510 17.3% 33,777 13.9% 61,165 12.7% 384,525 11.5% 481,370 10.9% 15,902,895 12.6% D $50,000 - $74,999 9,264 18.8% 40,125 16.5% 77,184 16.0% 539,702 16.1% 699,321 15.9% 22,109,895 17.5% $75,000 - $99,999 4,759 9.7% 24,807 10.2% 51,240 10.6% 408,803 12.2% 545,842 12.4% 15,922,351 12.6% $100,000 - $149,999 3,935 8.0% 25,116 10.3% 58,273 12.1% 524,848 15.7% 724,281 16.4% 18,726,708 14.8%

INCOME $150,000 - $199,999 1,238 2.5% 12,122 5.0% 29,486 6.1% 308,670 9.2% 451,574 10.2% 10,667,627 8.5% > $200,000 963 2.0% 12,048 4.9% 30,691 6.4% 281,308 8.4% 410,381 9.3% 6,324,270 5.0% 2020 Median Household Income $ 41,772 $ 46,150 $ 51,732 $ 67,252 $ 72,022 $ 61,151 2025 Median Household Income $ 47,888 $ 53,263 $ 58,914 $ 76,994 $ 82,008 $ 68,878 2020 Average Household Income $ 55,167 $ 71,858 $ 81,041 $ 97,966 $ 103,240 $ 85,791 2025 Average Household Income $ 62,891 $ 82,431 $ 92,331 $ 111,333 $ 116,715 $ 96,554

Pop. 16+ by Employment Status 96,926 512,809 994,690 7,973,324 10,524,173 267,643,213 Labor Force 69,050 71.2% 350,736 68.4% 667,937 67.2% 5,122,430 64.2% 6,793,130 64.5% 168,846,389 63.1% In Armed Forces 19 0.0% 43 0.0% 148 0.0% 3,539 0.0% 5,092 0.0% 1,128,997 0.4% FORCE

Civilian, Employed 65,925 68.0% 333,337 65.0% 634,024 63.7% 4,883,211 61.2% 6,503,131 61.8% 162,578,422 60.7% Civilian, Unemployed 3,126 3.2% 17,399 3.4% 33,913 3.4% 239,219 3.0% 289,999 2.8% 6,267,967 2.3% Not in Labor Force 27,876 28.8% 162,073 31.6% 326,753 32.8% 2,850,894 35.8% 3,731,043 35.5% 98,796,824 36.9% LABOUR Unemployment Rate 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%

Demographics BERKADIA 65 DEMOGRAPHICS

Demographic Report 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % Employed Population 16+ by Industry 65,925 333,337 634,024 4,883,211 6,503,131 162,578,422 Agriculture/Mining 4,272 6.5% 24,271 7.3% 40,722 6.4% 313,830 6.4% 415,869 6.4% 13,582,407 8.4% Manufacturing 4,959 7.5% 27,184 8.2% 51,496 8.1% 476,762 9.8% 682,168 10.5% 16,591,451 10.2% Wholesale & Retail Trade 9,391 14.2% 43,804 13.1% 81,039 12.8% 674,802 13.8% 901,931 13.9% 22,651,925 13.9% Transpotation/Utilities 2,741 4.2% 13,276 4.0% 27,630 4.4% 287,950 5.9% 344,497 5.3% 8,496,094 5.2% Information 1,962 3.0% 17,145 5.1% 42,140 6.6% 209,137 4.3% 241,755 3.7% 3,314,897 2.0% Finance/Insurance/Real Estate 4,056 6.2% 16,447 4.9% 30,966 4.9% 295,034 6.0% 433,285 6.7% 10,644,601 6.5% Professional/Management/Scientific 8,562 13.0% 42,707 12.8% 86,523 13.6% 625,016 12.8% 860,768 13.2% 18,488,792 11.4%

D Education/Health/Social Services 8,789 13.3% 55,197 16.6% 107,421 16.9% 1,007,693 20.6% 1,319,266 20.3% 37,580,949 23.1% emographics Arts/Ent./Accomodation/Food Services 13,311 20.2% 56,267 16.9% 102,298 16.1% 543,964 11.1% 720,663 11.1% 15,568,903 9.6% Other Services 6,981 10.6% 30,876 9.3% 50,778 8.0% 291,231 6.0% 379,652 5.8% 7,930,605 4.9% EMPLOYMENT Public Administration 901 1.4% 6,163 1.8% 13,010 2.1% 157,792 3.2% 203,277 3.1% 7,727,798 4.8%

Employed Civilian Pop. 16+ by Occupation 65,925 333,337 634,024 4,883,211 6,503,131 162,578,422 White Collar 31,680 48.1% 173,983 52.2% 351,409 55.4% 2,891,340 59.2% 3,951,492 60.8% 97,584,743 60.0% Services 20,985 31.8% 87,925 26.4% 150,825 23.8% 927,413 19.0% 1,206,688 18.6% 28,922,356 17.8% Blue Collar 13,260 20.1% 71,429 21.4% 131,789 20.8% 1,064,458 21.8% 1,344,951 20.7% 36,071,323 22.2%

Owner-Occupied Housing Units by Value 5,017 42,142 109,947 1,597,243 2,227,246 82,369,022 Less than $50,000 47 0.9% 279 0.7% 1,008 0.9% 24,871 1.6% 34,459 1.5% 4,785,061 5.8% $50,000 - $99,999 77 1.5% 249 0.6% 585 0.5% 18,814 1.2% 26,089 1.2% 7,600,438 9.2% $100,000 - $199,999 208 4.1% 452 1.1% 1,061 1.0% 24,690 1.5% 35,116 1.6% 18,465,636 22.4% $200,000 - $299,999 139 2.8% 634 1.5% 1,475 1.3% 32,943 2.1% 45,372 2.0% 14,397,348 17.5% $300,000 - $399,999 182 3.6% 1,107 2.6% 3,888 3.5% 68,381 4.3% 85,999 3.9% 9,995,632 12.1% VALUE $400,000 - $499,999 252 5.0% 2,016 4.8% 6,982 6.3% 121,156 7.6% 154,082 6.9% 7,226,813 8.8% $500,000 - $749,999 933 18.6% 7,191 17.1% 21,653 19.7% 422,993 26.5% 551,224 24.7% 9,674,448 11.7% $750,000 $1,000,000 1,223 24.4% 9,211 21.9% 21,528 19.6% 304,977 19.1% 466,312 20.9% 4,628,181 5.6%

HOUSING $1,000,000 or more 1,956 39.0% 21,004 49.8% 51,768 47.1% 578,418 36.2% 828,593 37.2% 5,595,465 6.8%

Median Housing Unit Value $ 887,053 $ 998,179 $ 962,770 $ 819,492 $ 847,189 $ 268,887 Average Housing Unit Value $ 891,161 $ 1,095,070 $ 1,071,513 $ 953,632 $ 962,205 $ 386,818

66 Demographics BERKADIA DEMOGRAPHICS

Demographic Report 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08

Los Angeles-Long 1 miles 3 miles 5 miles Los Angeles National Key Demographics Beach et al, CA Count % Count % Count % Count % Count % Count % Estimated Population by Ethnicity 125,383 655,171 1,272,339 10,105,228 13,303,255 333,763,864 America 494 0.4% 5,641 0.9% 15,152 1.2% 153,288 1.5% 235,364 1.8% 20,966,850 6.3% American 292 0.2% 4,066 0.6% 11,805 0.9% 110,150 1.1% 176,553 1.3% 17,988,018 5.4% Native American 144 0.1% 1,080 0.2% 2,354 0.2% 20,143 0.2% 26,861 0.2% 2,445,174 0.7% Hawaiian 58 0.0% 494 0.1% 994 0.1% 22,995 0.2% 31,950 0.2% 533,658 0.2% Hispanic 65,359 52.1% 353,461 53.9% 632,885 49.7% 4,845,271 47.9% 5,919,064 44.5% 59,029,676 17.7% Mexican 30,205 24.1% 171,881 26.2% 355,560 27.9% 3,635,973 36.0% 4,545,540 34.2% 34,874,548 10.4% Puerto Rican 386 0.3% 2,214 0.3% 5,278 0.4% 44,548 0.4% 57,191 0.4% 8,452,948 2.5% Cuban 277 0.2% 2,061 0.3% 4,038 0.3% 40,990 0.4% 49,807 0.4% 2,094,705 0.6% Dominican 40 0.0% 301 0.0% 815 0.1% 4,781 0.0% 5,619 0.0% 1,745,263 0.5% Central American 27,040 21.6% 139,085 21.2% 204,828 16.1% 719,320 7.1% 774,747 5.8% 4,711,293 1.4% South American 954 0.8% 6,652 1.0% 11,682 0.9% 118,256 1.2% 153,560 1.2% 3,250,922 1.0% Other Hispanic 6,457 5.1% 31,266 4.8% 50,684 4.0% 281,403 2.8% 332,600 2.5% 3,899,997 1.2% Asian 43,976 35.1% 131,902 20.1% 181,852 14.3% 1,395,938 13.8% 1,992,599 15.0% 16,442,563 4.9% Chinese 2,057 1.6% 13,777 2.1% 29,112 2.3% 438,941 4.3% 542,617 4.1% 3,930,270 1.2% Japanese 684 0.5% 4,392 0.7% 9,588 0.8% 102,570 1.0% 137,879 1.0% 807,436 0.2% Korean 31,746 25.3% 67,828 10.4% 77,035 6.1% 214,282 2.1% 304,764 2.3% 1,443,736 0.4% emographics

SC Asian 1,762 1.4% 6,794 1.0% 10,213 0.8% 107,517 1.1% 165,660 1.2% 4,071,755 1.2% D

ETHNICITY SE Asian 6,640 5.3% 35,913 5.5% 50,781 4.0% 482,374 4.8% 772,168 5.8% 5,345,855 1.6% Other Asian 1,087 0.9% 3,198 0.5% 5,124 0.4% 50,254 0.5% 69,511 0.5% 843,511 0.3% European 912 0.7% 27,758 4.2% 106,859 8.4% 1,052,236 10.4% 1,636,588 12.3% 109,409,666 32.8% British 147 0.1% 4,085 0.6% 14,522 1.1% 164,382 1.6% 269,455 2.0% 16,893,850 5.1% Dutch 13 0.0% 420 0.1% 1,535 0.1% 19,565 0.2% 33,184 0.2% 2,329,110 0.7% French 45 0.0% 1,430 0.2% 5,246 0.4% 44,166 0.4% 68,062 0.5% 4,631,118 1.4% German 152 0.1% 4,353 0.7% 16,457 1.3% 190,333 1.9% 314,200 2.4% 28,451,311 8.5% Italian 104 0.1% 2,747 0.4% 10,898 0.9% 108,917 1.1% 168,000 1.3% 10,488,089 3.1% Polish 35 0.0% 1,500 0.2% 5,817 0.5% 48,479 0.5% 69,157 0.5% 5,487,586 1.6% Scandinavian 51 0.0% 1,609 0.2% 5,960 0.5% 70,456 0.7% 118,017 0.9% 6,781,809 2.0% Scotch/Irish 173 0.1% 4,947 0.8% 17,477 1.4% 190,598 1.9% 307,097 2.3% 23,741,742 7.1% Other European 193 0.2% 6,666 1.0% 28,949 2.3% 215,340 2.1% 289,416 2.2% 10,605,051 3.2% Middle Eastern 140 0.1% 4,865 0.7% 17,978 1.4% 210,611 2.1% 257,123 1.9% 2,112,423 0.6% Other Ethnicity 13,231 10.6% 114,200 17.4% 265,963 20.9% 1,982,892 19.6% 2,573,555 19.3% 76,858,520 23.0% Unclassified 1,270 1.0% 17,344 2.6% 51,649 4.1% 464,992 4.6% 688,962 5.2% 48,944,166 14.7%

Demographics BERKADIA 67 DEMOGRAPHICS

Median Household Income 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08 Legend Map D emographics

68 Demographics BERKADIA DEMOGRAPHICS

Median Housing Value 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08 Legend Map emographics D

Demographics BERKADIA 69 DEMOGRAPHICS

Population Density 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08 Legend Map D emographics

70 Demographics BERKADIA DEMOGRAPHICS

% Population Change: 2010-2020 720 Normandie Ave, Los Angeles, CA 90005 0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.059003, -118.299572 2020-Oct-08 Legend Map emographics D

Demographics BERKADIA 71 Aaentp rtm Update 73 MARKET AT A GLANCE

OCCUPANCY RATE 94.2% Down 190 bps since 2Q19 SECOND QUARTER 2020 LOS ANGELES WEST MULTIFAMILY REPORT EFFECTIVE $ RENT 2,708 Down 3.9% since 2Q19

MARKET AT A RENTGLANCE PAYMENT TRACKER 79.0% (Jul 1-6) OCCUPANCY Down 320 bps since June 1-6 RATE 94.2% Down 190 bps since 2Q19 OCCUPANCY AND RENT TRENDS

L.A. METRO FORBEARANCE RATE LOWER THAN U.S. PRIMARYEFFECTIVE MARKETS$ RENT 2,708

A Builders delivered 2,498 apartment units in the second quarter of 2020 in Los Angeles West, whileDown operators 3.9% since recorded 2Q19 net partment negative absorption of 4,179 units. This supply imbalance spurred a 170-basis-point quarter-over-quarter reduction in occupancy to 94.2% in June. During that time, net absorption increased only in the DowntownRENT Los Angeles PAYMENT submarket, though a wave of new apartments fueled a decrease in occupancy. Effective rent fell 3.9% from March 2020 to June in Downtown Los Angeles, TRACKER 79.0% which mirrored the rest of Los Angeles West. Since March 2020, monthly effective rent in Los(Jul Angeles 1-6) West depreciated 4.2% to $2,708. Approximately 79% of renters paid all or part of their rent from July 1 to July 6. Metrowide, accepted applications for loan forbearance rose from 2.6% of outstanding loans in May to 2.8% in June. Even with thisDown increase, 320 thebps rate since of Juneforbearance 1-6 U in the metro area was lower than the 3.6% average rate among primary apartment markets in the U.S. Looking forward, 5,057 pdate OCCUPANCY AND RENT TRENDS OCCUPANCYapartment AND unitsRENT are TRENDS scheduled for delivery in Los Angeles West in the last half of 2020. These additions may test occupancy and rent growth, but the county’s ongoing housing shortage will help sustain long-term demand for multifamily housing.

Local apartment fundamentals continued on an upward track in L.A.the last METRO FORBEARANCE RATE LOWER THAN U.S. PRIMARY MARKETS four quarters. Builders delivered 402 apartments in the Albuquerque 98% $2,900 metro area in the four quarters ending in March of this year. MoreBuilders than delivered 2,498 apartment units in the secondOCCUPANCY quarter of AND 2020 RENT in LosTRENDS Angeles West, while operators recorded net 80% of new inventory was in the North Valley submarket amongnegative two absorption of 4,179 units. This supply imbalance spurred a 170-basis-point quarter-over-quarter reduction in occupancy developments: the 226-unit Broadstone Northpoint and the 232-unitto 94.2% in June. During that time, net absorption increased only in the Downtown Los Angeles submarket, though a wave of Markana apartment communities. Renters occupied 677 apartmentsnew apartments fueled a decrease in occupancy. Effective rent fell 3.9% from March 2020 to June in Downtown Los Angeles, 96% $2,700 across the metro since the first quarter of 2018. The which heightened mirrored the rest of Los Angeles West. Since March 2020, monthly effective rent in Los Angeles West depreciated 4.2% demand pushed average occupancy up 50 basis points annuallyto $2,708. to Approximately 79% of renters paid all or part of their rent from July 1 to July 6. Metrowide, accepted applications for 94.3% in March 2019. Meanwhile, operators taking advantage of loanhealthy forbearance rose from 2.6% of outstanding loans in May to 2.8% in June. Even with this increase, the rate of forbearance apartment demand raised rent 4.1% over the last four quarters, resultingin the metro area was lower than the 3.6% average rate among primary apartment markets in the U.S. Looking forward, 5,057 94% $2,500 in average effective rent of $809 per month by March. Over theapartment next units are scheduled for delivery in Los Angeles West in the last half of 2020. These additions may test occupancy four quarters, 50 apartments are slated for delivery in the metroand area, rent growth, but the county’s ongoing housing shortage will help sustain long-term demand for multifamily housing. and four apartment communities comprising a total of 718 units are scheduled to break ground, though the earliest lease date expected 92% $2,300 among these developments will not be until the third quarter of 2020.98% $2,900 3Q15 1Q16 3Q16OCCUPANCY 1Q17 3Q17 AND RENT 1Q18 TRENDS 3Q18 1Q19 3Q19 1Q20 Eight apartment communities are in the early planning stages and could break ground after 2019. Occupancy Rate Effective Rent

74 Apartment Update BERKADIA 96% $2,700

94% $2,500

92% $2,300 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20

Occupancy Rate Effective Rent LOS ANGELES WEST MULTIFAMILY REPORT

DELIVERIES AND DEMAND

8,000 DELIVERIES AND DEMAND

DELIVERIES 4,308 Units YTD 4,000

LOS ANGELES WEST MULTIFAMILY REPORT 0

DELIVERIES AND DEMAND NET ABSORPTION -3,189 Units YTD -4,000 DELIVERIES AND DEMAND 8,000 2015 2016 2017 2018 2019 2020* Deliveries Demand DELIVERIES 4,308 *Year to date Units YTD 4,000 ECONOMIC TRENDS

2019 UNEMPLOYMENT* 2020 0 4.5% 1,640 BPS 20.9% NET CHANGE ABSORPTION -3,189 Units YTD -4,000 2019 EMPLOYMENT* 2020 2015 2016 2017 2018 2019 2020* m -13.6% m 4.6 Deliveries Demand 3.9 *Year to date CHANGE

ECONOMIC TRENDS 2019 EXISTING SFH SALES** 2020 LOS ANGELES WEST 61.1k -16.5% 51.0k MULTIFAMILY REPORT CHANGE 2019 UNEMPLOYMENT* 2020 BPS DELIVERIES AND DEMAND 4.5% 1,640 2019 POPULATION**20.9% 2020 CHANGE LOS ANGELES WEST 10.0m 0.1% 10.0m MULTIFAMILY REPORT MULTIFAMILY REPORT SECOND QUARTER 2020 CHANGE LOS ANGELES WEST DELIVERIES AND DEMAND2019 EMPLOYMENT* 2020 8,000 4.6m -13.62019% 10-YEAR3.9 TREASURY**m 2020 DELIVERIES AND DEMAND CHANGE 2.07% -130 BPS 0.73% DELIVERIES CHANGE DELIVERIES AND DEMAND 4,308 ECONOMIC TRENDS 2019 EXISTING SFH SALES** 2020 Units YTD DELIVERIES AND DEMAND 4,0008,000 U.S. SHARE OF WALLET METRO SHARE OF WALLET 61.1k *May;-16.5 **June % 51.0k CHANGE 2018 UNEMPLOYMENT* 2019 DELIVERIES 4,308 5.5% -702019 BPS 4.8POPULATION**% 2020 Units YTD 4,0000 CHANGE LOS ANGELES WEST 10.0m 0.1% U.S. 10.0m MARKET MULTIFAMILY REPORT CHANGE ANNUAL RENT ANNUAL RENT NET 2018 EMPLOYMENT* 2019 DELIVERIES AND DEMAND ABSORPTION -3,189 2019 10-YEAR TREASURY** 27.7 % 2020 43.9% Units YTD 393.6k 0.5% 395.7k share of wallet share of wallet -4,0000 2.07CHANGE% -130 BPS 0.73% 8,000 DELIVERIES AND DEMAND 2015 2016 2017 2018 2019 2020* CHANGE NET 2018 Deliveries*May;EXISTING **JuneDemand SFH SALES**U.S. SHARE OF WALLET 2019 METRO SHARE OF WALLET DELIVERIES ABSORPTION -3,189 *Year to date 4,308 Units YTD k -9.9% k Units YTD 4,000 -4,000 15.1 13.6 CHANGE pdate 2015 2016 2017 2018 2019 2020* ECONOMIC TRENDS U 2018 Deliveries POPULATIONDemand U.S. 2019 MARKET 0 *Year to date ANNUAL RENT ANNUAL RENT $ k % $ k 2019 UNEMPLOYMENT*203.3 2.0 2020 207.4 NET CHANGE 27.7 % 43.9% ABSORPTION -3,189 ECONOMIC TRENDS% BPS share of wallet% share of wallet Units YTD 4.5 1,640 20.9 -4,000 CHANGE2018 10-YEAR TREASURY** 2019 2015 2016 2017 2018 2019 2020* partment 2019 UNEMPLOYMENT*2.84% -30 BPS 2020 2.57% A Deliveries Demand CHANGE *Year to date 2019 EMPLOYMENT* 2020 4.5% 1,640 BPS 20.9% 4.6m -13.6CHANGE% 3.9m ECONOMIC TRENDS SUBMARKET BREAKDOWN CHANGE 2019 EMPLOYMENT* 2020 2019 UNEMPLOYMENT* 2020 OCCUPANCY EFFCTIVE RENT NET ABSORPTION DELIVERED UNITS 2019 EXISTING SFH SALES** 2020 4.5% 1,640 BPS 4.6m 20.9% Q-o-Q-13.6 % 3.9m CHANGE 61.1k Change-16.5CHANGE Y-o-Y% Change Q-o-Q 51.0k SUBMARKET NAME 2Q20 (BPS)CHANGE (BPS) 2Q20 Change Y-o-Y Change 2Q20 Annual 2Q20 Annual 2019 EMPLOYMENT*Downtown Albuquerque/University 2020 93.5% 94.7% 2.1% 4.4% $766 $800 -53 188 2019 EXISTING SFH SALES** 2020 4.6m Kirtland/Four-13.6% Hills 2019 3.994.9%m POPULATION**94.7% 2.0% 3.4% 2020 $707 $731 -42 -14 CHANGE % North Valley 61.1k 93.7% 93.7%-16.5 3.1% 3.3% 51.0k $789 $815 20 315 m CHANGE0.1% m Northeast Heights10.0 94.5% 94.2% 3.7% 6.5% 10.0 $859 $915 -41 -25 2019 EXISTING SFH SALES** 2020 CHANGE Uptown 92.7% 93.6% 2.1% 2.7% $669 $687 -19 87 61.1k -16.5% 2019 51.0k POPULATION** 2020 Westside/RioCHANGE Rancho 2019 93.9% 10-YEAR95.1% TREASURY** 2.4% 3.8% 2020 $858 $891 -52 125 m 0.1% m TOTALS 10.0 93.8% 94.3% BPS 2.6% 4.1% 10.0 $777 $809 -187 677 2019 POPULATION**2.07% 2020 -130CHANGE 0.73% CHANGE 10.0m 0.1% 10.0m CHANGE Apartment Update BERKADIA 75 *May; **June 2019 U.S. SHARE OF WALLET 10-YEAR TREASURY** METRO SHARE OF WALLET 2020 BPS 2019 10-YEAR TREASURY**2.07% 2020 -130 0.73% CHANGE 2.07% -130 BPS 0.73% CHANGE *May; **June U.S. SHARE OF WALLET METRO SHARE OF WALLET *May; **June U.S. SHARE OF WALLET METRO SHARE OF WALLET U.S. MARKET ANNUAL RENT ANNUAL RENT 27.7 % 43.9% U.S. MARKET U.S.share of wallet shareMARKET of wallet ANNUAL RENT ANNUAL RENTANNUAL RENT ANNUAL RENT 27.7 % 43.9% share of wallet share of wallet27.7 % 43.9% share of wallet share of wallet INVESTMENT ADVISORS

BRENT SPRENKLE SENIOR MANAGING DIRECTOR [email protected] OFFICE: (310) 470-4892 CA DRE #01290116

MORTGAGE BANKING

ED KIM MANAGING DIRECTOR [email protected] OFFICE: (949) 622-9252

SOUTH BAY LOS ANGELES OFFICE 2321 ROSECRANS AVENUE, SUITE #3235 EL SEGUNDO, CA 90245 OFFICE: (424) 239-5900 FAX: (424) 239-5901 DISCLAIMER AND CONFIDENTIALITY AGREEMENT

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.

Berkadia® is a trademark of Berkadia Proprietary Holding LLC

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details, visit: http:// www.berkadia.com/legal/licensing.aspx SOUTH BAY LOS ANGELES OFFICE 2321 ROSECRANS AVENUE, SUITE #3235 EL SEGUNDO, CA 90245 OFFICE: (424) 239-5900 FAX: (424) 239-5901

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