William Penn Apartments – 189 Units WILLIAM PENN a Value Add Opportunity in the Heart of Los Angeles 2208 W

Home , Figueroa Centre

The William Penn Apartments – 189 Units WILLIAM PENN A Value Add Opportunity in the Heart of Los Angeles 2208 W. 8TH STREET | LOS ANGELES, CA

www.WilliamPennApts-CBRE.com Open House: Wednesday, August 8, 2018 from 11:00 AM - 2:00 PM www.WilliamPennApts-CBRE.com

THE OPPORTUNITY

CBRE, Inc. as exclusive agent is pleased to present for sale the William Penn Apartments – an architecturally elegant 189-unit apartment community with ground-level retail space located in the historic MacArthur Park neighborhood of Los Angeles, California.

Current ownership has spent over $2 million in renovating all of the common areas and approximately 74 of the units, and is continuing their ongoing renovation plan. The property offers tremendous upside for a new owner to simply renovate the remaining 115 units which would provide an additional $820,500± in net operating income, a 57%± increase from today.

Located at 2208 West 8th Street, The William Penn displays impressive street presence on its block, boasts an outstanding WalkScore of 95 out of 100 – a “Walker’s Paradise” – and is proximate to the METRO rail Westlake/MacArthur Park subway station. An abundance of Los Angeles’s best shopping, dining, and entertainment amenities are nearby.

Featuring a mix of efficiency and studio units with 9-foot ceilings and ample closet space, The William Penn is rich in architectural detail built in the acclaimed Parisian Beaux-Arts style. Common area amenities include secured access entry, beautifully appointed lobby seating with three lounge areas and a fireplace, a landscaped courtyard with fountain, building WiFi, and a fitness center. Units on upper floors offer sweeping views of the City including the Downtown Los Angeles skyline, the Hollywood sign, and west-facing views.

The Property’s excellent, central location is minutes away from key employment centers including Downtown Los Angeles, Koreatown, Hollywood, West Hollywood, Beverly Hills, and Century City.

P.2 Other significant Los Angeles architecture built in the same Beaux-Arts style as The William Penn includes the Orpheum Theatre and Loft Building, Angels Flight, the Barclay Hotel, Grand Central Market, and the Millennium Biltmore Hotel Los Angeles.

TABLE OF CONTENTS

PROPERTY OVERVIEW P. 10

FINANCIAL ANALYSIS/ SALES COMPARABLES P. 27

AREA OVERVIEW P. 41

Tour Date: Wednesday, August 8, 2018 11:00 AM - 2:00 PM

For more information, please contact:

LAURIE LUSTIG-BOWER KAMRAN PAYDAR Executive Vice President Senior Sales Director +1 310 550 2556 +1 310 550 2529 [email protected] [email protected] Lic. 0979360 Lic. 01242590

www.WilliamPennApts-CBRE.com PROPERTY OVERVIEW www.WilliamPennApts-CBRE.com

PROPERTY DESCRIPTION

2208 W. 8th St Los Angeles 1928 77,558 SF 1 CA 90057 Property Address Year Built Total Building Area Number of Buildings

UNIT MIX

UNIT TYPE UNITS

Efficiency A1 19

Efficiency A2 132

Efficiency A3 24

Studio A4 9

Studio A5 5

TOTAL 189

P.11 www.WilliamPennApts-CBRE.com

PROPERTY FEATURES

Three Lounge Areas 360° Views on Rooptop of Downtown Los Angeles, Hollywood, Koreatown, and MacArthur Park

Attractive Landscaped Nearby METRO Red & Courtyard with Fountain Purple Line

Fire Pit On-Site Clothes Care Center

Gym with Bathrooms Bike Racks

Retail Space (1,700 SF) Custom-Made Furniture

On-Site Storage Units Free Wifi

Elevator Vending Machines

P.12 www.WilliamPennApts-CBRE.com

COMMON AREAS

P.13 www.WilliamPennApts-CBRE.com

COMMON AREAS

P.14

www.WilliamPennApts-CBRE.com

P.16 www.WilliamPennApts-CBRE.com

UNIT FEATURES

Many Units have 74 Units have Upgraded Interiors views of Courtyard, Downtown Los Angeles, Hollywood, Koreatown, Granite Countertops MacArthur Park

Ceramic Bath Counters 9ft Ceilings

Laminated Hardwood Vinyl Plank Flooring Electric Stove

Track Lighting with Dimmer Walk-In Closets/ Ample Closet Space Designer Paint Color Scheme

Compact Refrigerator

Microwave

P.17

www.WilliamPennApts-CBRE.com

ROOFTOP VIEWS

Rooftop View Towards Downtown Los Angeles

Rooftop View Towards Hollywood

P.23 www.WilliamPennApts-CBRE.com

HISTORICAL BACKGROUND ON WILLIAM PENN APARTMENTS HISTORICAL BACKGROUND ON WESTLAKE

The Central Los Angeles neighborhood of Westlake has a long and storied history. In the early 20th Century, the area surrounding MacArthur Park was described as the Champs Elysees of Los Angeles. Currently, new development projects are bringing The William Penn Apartment Homes building in Westlake is a rare gem of history in Los investment capital into the area. Angeles. Built in 1928 in the Beaux Arts architectural style, the building previously housed the William Penn Hotel, a luxury hotel accommodation popular amongst the ever-growing jet-set of vacationers enamored with California’s idyllic Mediterranean climate. Today, the William Penn Apartment Homes maintains the old-school elegance of its early 20th Century history.

P.24 www.WilliamPennApts-CBRE.com

HISTORY OF WILLIAM PENN APARTMENTS

Most likely circa 1920’s

August 7, 1955 William Penn Apartments is a Beaux-Arts architecture, which was the academic architectural style taught at the École des Beaux-Arts in Paris, particularly from the 1830s to the end of the Photograph of the William Penn Hotel 19th Century

1982

View from intersection of Eighth and Alvarado of multi-story brick hotel with businesses on Part of a series entitled first floor. From the William Reagh Collection. Between circa 1930 “California Hotel Post Cards” and circa 1945 from the print department of the Boston Public Library Between circa 1930 and circa 1945

1929 Exterior View of the Building

P.25 www.WilliamPennApts-CBRE.com

PARCEL MAP

APN 5141-022-015

P.26 FINANCIAL ANALYSIS www.WilliamPennApts-CBRE.com

THE WILLIAM PENN OFFERS SIGNIFICANT RENTAL INCOME UPSIDE POTENTIAL THROUGH UNIT RENOVATIONS.

To date, 74 units have been renovated to upgrade flooring, kitchen appliance packages, electrical and plumbing fixtures, and window coverings. Renovated floorplans are achieving rents as much as 40% to 50% higher than rents for comparable unrenovated floorplans.

The William Penn, which operates at 95% occupancy, is a rare opportunity to acquire an apartment building of scale with significant upside potential in one of the most dynamic, densely populated, culturally rich areas of Los Angeles.

P.28 www.WilliamPennApts-CBRE.com

UNIT MIX

CURRENT RENT* Unit TypType Unitsts MiMix AvgAvg SF AvgAvg Rent Rent/St/SF Efficiency A1 19 10% 219 $929 $4.24 Efficiency A2 132 70% 235 $920 $3.92 Efficiency A3 24 13% 275 $990 $3.60 Studio A4 9 5% 340 $1,244 $3.66 Studio A5 5 3% 400 $1,507 $3.77 ToTotatal 18189 10100% 24848 $961 $3.88 * Current Rent with 74 out of 189 units already renovated

FORECASTED RENT** Unit TypType Unittss MMiix AvgAvg SF A Avgvg Rent Rentt/S/SF Efficiency A1 19 10.1% 219 $1,295 $5.91 Efficiency A2 132 69.8% 235 $1,295 $5.51 Efficiency A3 24 12.7% 275 $1,495 $5.44 Studio A4 9 4.8% 340 $1,595 $4.69 Studio A5 5 2.6% 400 $1,795 $4.49 ToTottaal 18189 11000.0% 24488 $11,3,34488 $5.4444 ** Forecasted Rent with 189 units renovated.

P.29 www.WilliamPennApts-CBRE.com CURRENT AND FORECASTED OPERATIONS

CURRENT FORECASTED OPERATIONS OPERATIONS

ESTIMATED INCOME Annual Annual Rent Income $2,198,027 [1] $3,135,900 [2] CURRENT FORECASTED $2,198,027 $3,135,900 Total Scheduled Gross Income OPERATIONS OPERATIONS Vacancy ($65,941) [3] ($156,795) [4] TEoSTtaIMl ANTeEtD R IeNnCtaOl MInEcome Annual $2,132,086 Annual $2,979,105 [1] [2] BadRent IncomeDebt $2,178,964 ($25,652) $3,057,060 ($25,652) ToRetailtal Sc hRentedu landed G CAMross IChargesncome $2,178,964 $54,000 $3,057,060 $54,000 Vacancy ($65,369) [3] ($152,853) [4] Pet Income $10,260 $10,260 Total Net Rental Income $2,113,595 $2,904,207 Rental Income- Through Lease Term $40,000 $40,000 Bad Debt ($25,652) ($25,652) Appliance Rental $8,465 $8,465 Retail Rent and CAM Charges $54,000 $54,000 FeePet Income Income $10,260 $53,734 $10,260 $53,734 LaundryRental Income- Room Through and Snack Lease Machines Term Income $40,000 $9,000 $40,000 $9,000 AntennaAppliance andRental Sign Rental $8,465 $24,157 $8,465 $24,157 RUBSFee Income Income $53,734 $38,877 $53,734 $38,877 TOLaundryTAL E SRoomTIM AandTE DSnack IN CMachinesOME Income $9,000 $2,344,927 $9,000 $3,191,946 Antenna and Sign Rental $24,157 $24,157 RUBS Income $38,877 $38,877 ESTIMATED EXPENSES Annual Annual TOTAL ESTIMATED INCOME $2,326,436 $3,117,048 Property Taxes [5] Ad Valorem Ad Valorem ESDirectTIMAT EAssessmentsD EXPENSES Annual $5,624 Annual $5,624 BusinessProperty Taxes Taxes [5] Ad Valorem $13,228 Ad Valorem $14,303 InsuranceDirect Assessments $5,624 $54,291 $5,624 $54,291 ManagementBusiness Taxes Fee (3% of Total Estimated Income) $13,204 $70,348 $14,208 $95,758 Insurance $54,291 $54,291 On-Site Manager/ Staff Payroll $331,386 $331,386 Management Fee (3.5% of Total Estimated Income) $81,425 $109,097 Electricity $85,997 $85,997 On-Site Manager/ Staff Payroll $331,386 $331,386 WaterElectricity & Sewer $85,997 $27,868 $85,997 $27,868 OtherWater & Utilities Sewer $27,868 $8,642 $27,868 $8,642 GasOther Utilities $8,642 $21,902 $8,642 $21,902 Telephone/Cable/InternetGas $21,902 $1,200 $21,902 $1,200 LifeTelephone/Cable/Internet Safety, Security Patrol $1,200 $78,574 $1,200 $78,574 TurnoverLife Safety, Security Patrol $78,574 $21,000 $78,574 $21,000 Turnover $21,000 $21,000 Repairs and Maintenance $71,517 $71,517 Repairs and Maintenance $71,517 $71,517 Garbage Collection Collection $11,100 $11,100 $11,100 $11,100 Administration $26,710 $26,710 $26,710 $26,710 By continuing to Advertising $16,618 $16,618 $16,618 $16,618 Professional Fees Fees (Legal (Legal and and Credit Credit Check) Check) $28,200 $28,200 $28,200 $28,200 renovate and Reserves $37,800 $37,800 $37,800 $37,800 re-lease the remaining TTOTALL EESSTTIMIMATAETDE DEX EPEXNPESENSS WESIT HWOITUHTO PRUOTP PERTOYP TEARXTEYS TAXES $923,057 $912,004 $951,733 $938,490 115 units, there is ESTIMATED NET OPERATING INCOME WITHOUT PROPERTY TAXES $1,403,379 $2,165,315 ESTIMATED NET OPERATING INCOME WITHOUT PROPERTY TAXES $1,432,923 $2,253,456 potentially 57%± [1] Rent Income based on Current Rent, with 74 out of 189 units already renovated. [1][2] Rent Income Income based based on onForecasted Current Rent, Rent, assuming with 74 all out units of are189 renovated. units already renovated. upside to the Current [2][3] VacancyRent Income factor: based 3% of Totalon Forecasted Scheduled GrossRent, Income.assuming all units are renovated. Net Operating Income. [3][4] Vacancy factor: factor: 5% 3% of Totalof Total Scheduled Scheduled Gross Gross Income. Income. P.30 [4][5] PropertyVacancy Taxes factor: to be5% re-assessed of Total Scheduled at purchase Gross price. CurrentIncome. millage rate is 1.193027%. [5] Property Taxes to be re-assessed at purchase price. Current millage rate is 1.193027%. www.WilliamPennApts-CBRE.com RENT ROLL As of July 24, 2018

Unit Current Current Forecast Forecast SF Type Move-In Lease End Number Rent Rent/SF Rent Rent/SF A200 275 Efficiency A3 $679 $2.47 $1,510 $5.44 02/01/2012 10/31/2018 A201 235 Efficiency A2 $1,305 $5.55 $1,295 $5.51 07/20/2018 07/31/2019 A202 235 Efficiency A2 $1,200 $5.11 $1,295 $5.51 05/04/2018 04/30/2019 A203 219 Efficiency A1 $448 $2.05 $1,295 $5.91 11/18/2000 11/30/2018 A204 235 Efficiency A2 $809 $3.44 $1,295 $5.51 06/06/2014 03/31/2019 A205 219 Efficiency A1 $771 $3.52 $1,295 $5.91 06/05/2015 01/31/2019 A206 235 Efficiency A2 $1,195 $5.09 $1,295 $5.51 08/16/2017 08/31/2018 A207 235 Efficiency A2 $1,155 $4.91 $1,320 $5.51 02/03/2017 02/28/2019 A208 235 Efficiency A2 $810 $3.45 $1,295 $5.51 07/25/2014 07/31/2019 A209 235 Efficiency A2 $759 $3.23 $1,310 $5.51 10/01/2013 12/31/2018 A210 400 Studio A5 $1,795 $4.49 $1,835 $4.49 - - A211 235 Efficiency A2 $737 $3.14 $1,295 $5.51 12/04/2013 05/31/2019 A212 235 Efficiency A2 $702 $2.99 $1,295 $5.51 02/01/2014 07/31/2019 A214 235 Efficiency A2 $1,200 $5.11 $1,295 $5.51 03/07/2018 02/28/2019 A215 235 Efficiency A2 $723 $3.08 $1,310 $5.51 02/03/2006 05/31/2019 A216 235 Efficiency A2 $694 $2.95 $1,310 $5.51 05/02/2011 03/31/2019 A218 235 Efficiency A2 $443 $1.89 $1,310 $5.51 05/22/2016 06/30/2019 A219 235 Efficiency A2 $339 $1.44 $1,295 $5.51 11/05/1995 11/30/2018 A220 235 Efficiency A2 $1,295 $5.51 $1,295 $5.51 - - A221 219 Efficiency A1 $1,295 $5.91 $1,295 $5.91 - - A222 235 Efficiency A2 $1,295 $5.51 $1,310 $5.51 - - A223 235 Efficiency A2 $919 $3.91 $1,310 $5.51 09/15/2016 09/30/2018 A224 235 Efficiency A2 $1,115 $4.74 $1,310 $5.51 05/24/2018 05/31/2019 A225 235 Efficiency A2 $1,150 $4.89 $1,295 $5.51 07/14/2017 07/31/2019 A226 235 Efficiency A2 $633 $2.69 $1,295 $5.51 07/08/2003 04/30/2019 A227 235 Efficiency A2 $1,195 $5.09 $1,320 $5.51 02/06/2018 01/31/2019 A300 275 Efficiency A3 $826 $3.00 $1,520 $5.44 04/03/2015 12/31/2018 A301 235 Efficiency A2 $1,145 $4.87 $1,305 $5.51 10/27/2017 10/31/2018 A302 235 Efficiency A2 $998 $4.24 $1,305 $5.51 04/14/2017 04/30/2019 A303 219 Efficiency A1 $1,095 $5.00 $1,320 $5.91 05/02/2018 04/30/2019 A304 235 Efficiency A2 $1,024 $4.36 $1,320 $5.51 06/01/2017 05/31/2019 A305 219 Efficiency A1 $487 $2.22 $1,305 $5.91 05/22/2000 04/30/2019 A306 235 Efficiency A2 $919 $3.91 $1,305 $5.51 08/24/2016 08/31/2018 A307 235 Efficiency A2 $756 $3.22 $1,305 $5.51 11/13/2014 08/31/2018 A308 235 Efficiency A2 $426 $1.81 $1,305 $5.51 09/25/1997 03/31/2019 A309 235 Efficiency A2 $667 $2.84 $1,320 $5.51 07/25/2012 03/31/2019 A310 400 Studio A5 $1,755 $4.39 $1,845 $4.49 05/08/2018 04/30/2019 A311 235 Efficiency A2 $1,195 $5.09 $1,305 $5.51 09/15/2017 09/30/2018 A312 235 Efficiency A2 $1,185 $5.04 $1,305 $5.51 05/01/2018 04/30/2019 A314 235 Efficiency A2 $636 $2.71 $1,305 $5.51 12/01/2011 07/31/2019 A315 235 Efficiency A2 $700 $2.98 $1,320 $5.51 01/15/2013 12/31/2018 A316 235 Efficiency A2 $826 $3.51 $1,320 $5.51 01/22/2016 01/31/2019 A317 275 Efficiency A3 $919 $3.34 $1,520 $5.44 12/05/2016 12/31/2018 A318 235 Efficiency A2 $778 $3.31 $1,320 $5.51 06/23/2014 07/31/2019 A319 235 Efficiency A2 $971 $4.13 $1,305 $5.51 01/04/2017 01/31/2019

P.31 www.WilliamPennApts-CBRE.com RENT ROLL As of July 24, 2018

Unit Current Current Forecast Forecast SF Type Move-In Lease End Number Rent Rent/SF Rent Rent/SF A320 235 Efficiency A2 $961 $4.09 $1,305 $5.51 03/27/2018 04/30/2019 A321 235 Efficiency A2 $1,305 $5.55 $1,305 $5.51 - - A322 235 Efficiency A2 $1,210 $5.15 $1,305 $5.51 05/08/2018 04/30/2019 A323 235 Efficiency A2 $1,210 $5.15 $1,305 $5.51 04/02/2018 03/31/2019 A324 235 Efficiency A2 $892 $3.80 $1,305 $5.51 06/07/2016 06/30/2019 A325 219 Efficiency A1 $1,095 $5.00 $1,305 $5.91 11/21/2017 11/30/2018 A326 235 Efficiency A2 $1,220 $5.19 $1,320 $5.51 05/18/2018 05/31/2019 A327 275 Efficiency A3 $1,495 $5.44 $1,520 $5.44 - - A328 235 Efficiency A2 $636 $2.71 $1,305 $5.51 04/13/2012 07/31/2018 A329 235 Efficiency A2 $717 $3.05 $1,305 $5.51 01/02/2005 06/30/2019 A330 275 Efficiency A3 $1,495 $5.44 $1,505 $5.44 - - A331 235 Efficiency A2 $771 $3.28 $1,320 $5.51 04/24/2015 12/31/2018 A332 340 Studio A4 $907 $2.67 $1,620 $4.69 05/22/2016 05/31/2019 A334 340 Studio A4 $1,495 $4.40 $1,630 $4.69 07/24/2017 07/31/2018 A335 235 Efficiency A2 $1,208 $5.14 $1,345 $5.51 06/22/2017 06/30/2019 A336 275 Efficiency A3 $1,310 $4.76 $1,545 $5.44 03/14/2018 02/28/2019 A337 219 Efficiency A1 $866 $3.96 $1,305 $5.91 01/13/2017 01/31/2019 A338 235 Efficiency A2 $1,240 $5.28 $1,305 $5.51 05/07/2018 04/30/2019 A339 235 Efficiency A2 $940 $4.00 $1,295 $5.51 03/17/2017 03/31/2019 A340 235 Efficiency A2 $1,210 $5.15 $1,305 $5.51 02/01/2018 01/31/2019 A341 235 Efficiency A2 $752 $3.20 $1,305 $5.51 12/02/2013 04/30/2019 A342 235 Efficiency A2 $902 $3.84 $1,305 $5.51 06/27/2016 11/30/2018 A400 275 Efficiency A3 $740 $2.69 $1,525 $5.44 08/03/2012 04/30/2019 A401 235 Efficiency A2 $826 $3.51 $1,310 $5.51 01/28/2016 01/31/2019 A402 235 Efficiency A2 $919 $3.91 $1,310 $5.51 11/09/2016 11/30/2018 A403 219 Efficiency A1 $1,095 $5.00 $1,325 $5.91 12/06/2017 12/31/2018 A404 235 Efficiency A2 $745 $3.17 $1,325 $5.51 05/20/2005 03/31/2019 A405 219 Efficiency A1 $1,115 $5.09 $1,310 $5.91 04/06/2018 03/31/2019 A406 235 Efficiency A2 $682 $2.90 $1,310 $5.51 05/10/2011 02/28/2019 A407 235 Efficiency A2 $771 $3.28 $1,310 $5.51 07/28/2015 01/31/2019 A408 235 Efficiency A2 $1,208 $5.14 $1,335 $5.51 06/15/2017 06/30/2019 A409 235 Efficiency A2 $902 $3.84 $1,325 $5.51 08/19/2016 08/31/2018 A410 400 Studio A5 $1,765 $4.41 $1,850 $4.49 05/01/2018 04/30/2019 A411 235 Efficiency A2 $862 $3.67 $1,310 $5.51 03/09/2016 03/31/2019 A412 235 Efficiency A2 $1,215 $5.17 $1,310 $5.51 05/30/2018 05/31/2019 A414 235 Efficiency A2 $1,215 $5.17 $1,310 $5.51 05/29/2018 05/31/2019 A415 235 Efficiency A2 $626 $2.67 $1,325 $5.51 11/29/2002 11/30/2018 A416 235 Efficiency A2 $1,130 $4.81 $1,325 $5.51 06/01/2018 05/31/2019 A417 275 Efficiency A3 $711 $2.58 $1,525 $5.44 11/10/2004 11/30/2018 A418 235 Efficiency A2 $688 $2.93 $1,325 $5.51 08/26/2012 03/31/2019 A419 235 Efficiency A2 $1,295 $5.51 $1,335 $5.51 11/11/2017 11/30/2018 A420 235 Efficiency A2 $919 $3.91 $1,310 $5.51 09/08/2016 09/30/2017 A421 235 Efficiency A2 $1,240 $5.28 $1,335 $5.51 05/22/2018 05/31/2019 A422 235 Efficiency A2 $636 $2.71 $1,310 $5.51 03/01/2012 07/31/2019 A423 235 Efficiency A2 $771 $3.28 $1,310 $5.51 08/28/2015 01/31/2019 A424 235 Efficiency A2 $601 $2.56 $1,310 $5.51 02/01/2011 07/31/2019 A425 219 Efficiency A1 $919 $4.20 $1,310 $5.91 04/21/2017 04/30/2019 A426 235 Efficiency A2 $1,325 $5.64 $1,325 $5.51 - - A427 275 Efficiency A3 $1,310 $4.76 $1,550 $5.44 02/12/2018 01/31/2019 P.32 A428 235 Efficiency A2 $434 $1.84 $1,335 $5.51 11/19/1997 11/30/2018 www.WilliamPennApts-CBRE.com RENT ROLL As of July 24, 2018

Unit Current Current Forecast Forecast SF Type Move-In Lease End Number Rent Rent/SF Rent Rent/SF A429 275 Efficiency A3 $1,495 $5.44 $1,535 $5.44 - - A430 275 Efficiency A3 $839 $3.05 $1,535 $5.44 01/07/2015 02/28/2019 A431 235 Efficiency A2 $776 $3.30 $1,325 $5.51 03/02/2015 08/31/2018 A432 340 Studio A4 $1,058 $3.11 $1,625 $4.69 04/06/2016 04/30/2019 A434 340 Studio A4 $1,375 $4.04 $1,610 $4.69 07/14/2017 07/31/2019 A435 235 Efficiency A2 $778 $3.31 $1,325 $5.51 07/03/2014 08/31/2018 A436 275 Efficiency A3 $927 $3.37 $1,525 $5.44 04/20/2016 04/30/2019 A437 219 Efficiency A1 $1,130 $5.16 $1,310 $5.91 06/15/2018 06/30/2019 A438 235 Efficiency A2 $1,295 $5.51 $1,310 $5.51 01/02/2018 12/31/2018 A439 235 Efficiency A2 $919 $3.91 $1,310 $5.51 02/01/2017 01/31/2019 A440 235 Efficiency A2 $1,314 $5.59 $1,310 $5.51 07/13/2018 07/31/2019 A441 235 Efficiency A2 $350 $1.49 $1,310 $5.51 01/28/1994 05/31/2019 A442 235 Efficiency A2 $331 $1.41 $1,310 $5.51 02/08/1994 10/31/2018 A500 275 Efficiency A3 $680 $2.47 $1,555 $5.44 06/15/2013 03/31/2019 A501 235 Efficiency A2 $840 $3.57 $1,340 $5.51 03/15/2016 03/31/2019 A502 235 Efficiency A2 $702 $2.99 $1,340 $5.51 03/01/2014 08/31/2018 A503 219 Efficiency A1 $1,095 $5.00 $1,355 $5.91 11/08/2017 11/30/2018 A504 235 Efficiency A2 $1,260 $5.36 $1,355 $5.51 05/01/2018 04/30/2019 A505 219 Efficiency A1 $1,095 $5.00 $1,340 $5.91 10/20/2017 10/19/2018 A506 235 Efficiency A2 $1,245 $5.30 $1,340 $5.51 05/04/2018 04/30/2019 A507 235 Efficiency A2 $1,245 $5.30 $1,340 $5.51 02/16/2018 02/28/2019 A508 235 Efficiency A2 $919 $3.91 $1,340 $5.51 09/23/2016 09/30/2018 A509 235 Efficiency A2 $1,295 $5.51 $1,355 $5.51 12/22/2017 12/31/2018 A510 400 Studio A5 $427 $1.07 $1,880 $4.49 06/16/1995 03/31/2019 A511 235 Efficiency A2 $737 $3.14 $1,315 $5.51 02/28/2014 06/30/2019 A512 235 Efficiency A2 $1,100 $4.68 $1,315 $5.51 08/08/2017 08/31/2018 A514 235 Efficiency A2 $1,320 $5.62 $1,315 $5.51 06/06/2018 05/31/2019 A515 235 Efficiency A2 $1,225 $5.21 $1,330 $5.51 05/08/2018 04/30/2019 A516 235 Efficiency A2 $810 $3.45 $1,330 $5.51 09/15/2014 09/30/2018 A517 275 Efficiency A3 $1,395 $5.07 $1,530 $5.44 05/17/2018 05/31/2019 A518 235 Efficiency A2 $919 $3.91 $1,330 $5.51 09/23/2016 09/30/2018 A519 235 Efficiency A2 $792 $3.37 $1,315 $5.51 06/21/2016 06/30/2019 A520 235 Efficiency A2 $648 $2.76 $1,315 $5.51 12/23/2012 12/31/2018 A521 235 Efficiency A2 $730 $3.11 $1,315 $5.51 02/28/2014 03/31/2019 A522 235 Efficiency A2 $919 $3.91 $1,315 $5.51 09/08/2016 09/30/2018 A523 235 Efficiency A2 $1,315 $5.60 $1,315 $5.51 - - A524 235 Efficiency A2 $1,245 $5.30 $1,340 $5.51 03/20/2018 03/31/2019 A525 219 Efficiency A1 $919 $4.20 $1,315 $5.91 03/09/2017 03/31/2019 A526 235 Efficiency A2 $1,320 $5.62 $1,330 $5.51 07/18/2018 07/31/2019 A527 275 Efficiency A3 $1,300 $4.73 $1,580 $5.44 07/27/2017 07/31/2019 A528 275 Efficiency A3 $1,395 $5.07 $1,565 $5.44 10/27/2017 10/31/2018 A529 235 Efficiency A2 $1,305 $5.55 $1,340 $5.51 02/09/2018 01/31/2019 A530 275 Efficiency A3 $612 $2.22 $1,540 $5.44 04/22/2010 08/31/2018 A531 235 Efficiency A2 $690 $2.93 $1,355 $5.51 06/19/2013 09/30/2018 A532 340 Studio A4 $1,585 $4.66 $1,680 $4.69 04/01/2018 03/31/2019 A534 340 Studio A4 $1,544 $4.54 $1,640 $4.69 02/14/2018 01/31/2019 A535 235 Efficiency A2 $1,295 $5.51 $1,355 $5.51 - - A536 275 Efficiency A3 $1,320 $4.80 $1,555 $5.44 03/26/2018 03/31/2019 A537 219 Efficiency A1 $673 $3.07 $1,315 $5.91 05/09/2009 05/31/2019 A538 235 Efficiency A2 $794 $3.38 $1,315 $5.51 07/17/2015 01/31/2019 P.33 www.WilliamPennApts-CBRE.com RENT ROLL As of July 24, 2018

Unit Current Current Forecast Forecast SF Type Move-In Lease End Number Rent Rent/SF Rent Rent/SF A539 235 Efficiency A2 $919 $3.91 $1,340 $5.51 12/16/2016 12/31/2018 A540 235 Efficiency A2 $1,275 $5.43 $1,340 $5.51 01/04/2018 12/31/2018 A541 235 Efficiency A2 $607 $2.58 $1,340 $5.51 11/20/2010 11/30/2018 A542 235 Efficiency A2 $601 $2.56 $1,315 $5.51 08/01/2010 07/31/2019 A600 275 Efficiency A3 $666 $2.42 $1,585 $5.44 05/10/2012 09/30/2018 A601 235 Efficiency A2 $1,275 $5.43 $1,370 $5.51 05/08/2018 04/30/2019 A602 235 Efficiency A2 $1,175 $5.00 $1,370 $5.51 08/10/2017 08/31/2018 A603 219 Efficiency A1 $735 $3.36 $1,385 $5.91 03/01/2010 03/31/2019 A604 235 Efficiency A2 $1,290 $5.49 $1,385 $5.51 02/12/2018 01/31/2019 A605 219 Efficiency A1 $1,115 $5.09 $1,370 $5.91 03/05/2018 02/28/2019 A606 235 Efficiency A2 $668 $2.84 $1,370 $5.51 09/17/2011 05/31/2019 A607 235 Efficiency A2 $1,370 $5.83 $1,370 $5.51 07/20/2018 07/31/2018 A608 235 Efficiency A2 $1,370 $5.83 $1,370 $5.51 - - A609 235 Efficiency A2 $657 $2.80 $1,385 $5.51 09/21/2004 08/31/2018 A610 400 Studio A5 $1,795 $4.49 $1,910 $4.49 - - A611 235 Efficiency A2 $734 $3.12 $1,345 $5.51 03/12/2015 09/30/2018 A612 235 Efficiency A2 $297 $1.26 $1,345 $5.51 09/05/1985 05/31/2019 A614 235 Efficiency A2 $763 $3.25 $1,345 $5.51 03/20/2015 03/31/2019 A615 235 Efficiency A2 $694 $2.95 $1,360 $5.51 05/05/2013 05/31/2018 A616 235 Efficiency A2 $415 $1.76 $1,360 $5.51 03/02/1998 03/31/2019 A617 275 Efficiency A3 $919 $3.34 $1,560 $5.44 10/20/2016 10/31/2018 A618 340 Studio A4 $1,595 $4.69 $1,660 $4.69 11/23/2016 11/30/2016 A620 235 Efficiency A2 $701 $2.98 $1,345 $5.51 03/26/2013 02/28/2019 A621 235 Efficiency A2 $1,250 $5.32 $1,345 $5.51 04/06/2018 03/31/2019 A622 235 Efficiency A2 $826 $3.51 $1,345 $5.51 11/30/2015 11/30/2018 A623 235 Efficiency A2 $771 $3.28 $1,345 $5.51 04/02/2015 12/31/2018 A624 235 Efficiency A2 $771 $3.28 $1,345 $5.51 06/30/2015 01/31/2019 A625 219 Efficiency A1 $710 $3.24 $1,345 $5.91 01/02/2015 06/30/2019 A626 235 Efficiency A2 $784 $3.34 $1,360 $5.51 02/06/2015 09/30/2018 A627 275 Efficiency A3 $684 $2.49 $1,585 $5.44 06/05/2012 01/31/2019 A628 275 Efficiency A3 $881 $3.20 $1,570 $5.44 07/31/2015 01/31/2019 A629 235 Efficiency A2 $734 $3.12 $1,370 $5.51 02/07/2015 09/30/2018 A630 275 Efficiency A3 $883 $3.21 $1,570 $5.44 04/15/2016 04/30/2019 A631 235 Efficiency A2 $1,260 $5.36 $1,385 $5.51 05/22/2017 05/31/2019 A632 340 Studio A4 $1,046 $3.08 $1,685 $4.69 11/20/2015 11/30/2018 A634 340 Studio A4 $587 $1.73 $1,670 $4.69 09/20/2000 04/30/2019 A635 235 Efficiency A2 $1,195 $5.09 $1,410 $5.51 11/27/2017 11/30/2018 A636 275 Efficiency A3 $665 $2.42 $1,585 $5.44 10/31/2011 05/31/2019 A637 219 Efficiency A1 $860 $3.93 $1,345 $5.91 09/09/2016 09/30/2018 A638 235 Efficiency A2 $391 $1.66 $1,345 $5.51 07/28/1998 05/31/2019 A639 235 Efficiency A2 $637 $2.71 $1,370 $5.51 03/01/2011 09/30/2018 A640 235 Efficiency A2 $1,195 $5.09 $1,370 $5.51 10/06/2017 10/31/2018 A641 235 Efficiency A2 $494 $2.10 $1,370 $5.51 12/05/2002 05/31/2019 A642 235 Efficiency A2 $1,155 $4.91 $1,345 $5.51 02/23/2017 02/28/2019 Total $183,169 $261,325 Average $969 $3.93 $1,383 $5.58

P.34 www.WilliamPennApts-CBRE.com

ANTENNA LEASE ABSTRACT

Lessor: Omninet 8th Street LP LEASE ABSTRACT Lessee: Verizon Wireless

LeaseLessor: CommencementOmninet Date: August8th Street 1, LP 2015 Lease Commencement Date: August 1, 2015 LeaseLessee: Expiration Date: JulyVerizon 31, 2020 Wireless [1] Lease Expiration Date [1]: July 31, 2020

Premises The Rooftop Space, Antenna Space, and Cabling Space Permitted Use Installation, Operation, and Maintenance of a communication facility Square Footage 504 SF 2015 Base Year Annual Rent $22,470 [2] Rent Escalation 3% per year, starting on the first anniversary of Commencement Date 2018 Current Year Annual Rent $24,157 Term 5 years (60 months) The lease is automatically extended for 4 additional 5-year terms unless Lessee terminates it at the end of the Extension then current term by giving Lessor written notice of the intent to terminate at least 6 months prior to the end of the then current term. [1] Lease Expiration Date is only valid if the Lessee provides notice of termination 6 months prior to the end of the current lease term.

A copy of the lease is posted in the property's Data Room. A copy of the lease is posted in the property’s Data Room at www.WilliamPennApts-CBRE.com

Rooftop View of Downtown Los Angeles

P.35 www.WilliamPennApts-CBRE.com

SALES COMPARABLES

P.36 www.WilliamPennApts-CBRE.com

SALES COMPARABLES

Criteria: Select Los Angeles Sales Comparables with 30 units or more, sold from July 1, 2015 to July 1, 2018. Source: CoStar, Sorted by Year Built.

Property Address Zip Units Sale Price CAP GRM $/Unit $/SF Bldg SF Built Date Sold 6500 Yucca St 90028 100 32,315,000 2.80% $323,150 $342 94,435 1928 12/13/2017 407 Gramercy Pl 90020 31 6,850,000 3.90% 14.79 $220,968 $328 20,864 1928 12/1/2017 7062-7068 Lanewood Ave 90028 36 10,500,000 3.50% $291,667 $446 23,554 1957 6/9/2017 6520-6530 De Longpre Ave 90028 65 16,450,000 3.16% 18.37 $253,077 $337 48,868 1957 3/1/2017 1570 N Edgemont St 90027 45 12,600,000 3.46% 15.9 $280,000 $381 33,077 1959 5/12/2017 7705 Hampton Ave 90046 30 11,050,000 3.00% $368,333 $378 29,241 1963 12/28/2017 1334 N Las Palmas Ave 90028 32 6,760,000 3.26% 15.28 $211,250 $399 16,938 1967 8/4/2016 1950 Tamarind Ave 90068 112 40,650,000 3.40% $362,946 $404 100,682 1973 3/5/2018 7230 Franklin Ave 90046 80 30,500,000 4.00% $381,250 $434 70,233 1974 3/24/2016 1533 N Martel Ave 90046 39 15,600,000 2.88% 16.54 $400,000 $369 42,300 1974 12/20/2016 1522 N Formosa Ave 90046 36 12,200,000 3.81% 16.06 $338,889 $491 24,829 1985 6/23/2017 1320 N Sierra Bonita Ave 90046 52 18,500,000 3.25% $355,769 $470 39,348 1987 1/14/2016 1255 N Orange Dr 90038 33 10,513,500 3.48% 17.35 $318,591 $424 24,816 1987 11/23/2015 1745-1750 N Wilcox Ave 90028 345 88,500,000 4.00% $256,522 $373 237,212 1988 11/23/2015 635 S Hobart Blvd 90005 159 73,500,000 4.00% $462,264 $540 136,088 2008 3/1/2016 1724 N Highland Ave 90028 270 132,500,000 3.70% $490,741 $556 238,441 2010 1/3/2017 1714 N McCadden Pl 90028 218 109,000,000 3.75% $500,000 $431 253,160 2010 9/9/2016 Average: 3.49% 16.33 $342,083 $418

P.37 www.WilliamPennApts-CBRE.com

SALES COMPARABLES

WILLIAM PENN APARTMENTS LIDO APARTMENTS FRANKLIN PLAZA

2008 W. 8th Street 6500 Yucca Street 7230 Franklin Avenue Los Angeles, CA 90057 Los Angeles, CA 90028 Los Angeles, CA 90046

Price Unpriced Price $ 32,315,000 Price $30,500,000

Units 189 Units 100 Units 80

Year Built 1928 Year Built 1928 Year Built 1974

Building SF 77,558 Building SF 94,435 Building SF 70,233

Price Per Unit $323,150 Price Per Unit $381,250

Price Per SF $342 Price Per SF $434

Cap Rate 2.80% Cap Rate 4.00%

Date Sold 12/13/2017 Date Sold 03/24/2016

P.38 www.WilliamPennApts-CBRE.com

SALES COMPARABLES

LANEWOOD COURT TAMARIND TERRACE 407 GRAMERCY

7062-7068 Lanewood Ave 1950 Tamarind Avenue 407 Gramercy Place Los Angeles, CA 90028 Los Angeles, CA 90068 Los Angeles, CA 90020

Price $6,850,000 Price $40,650,000 Price $6,850,000

Units 36 Units 112 Units 31

Year Built 1957 Year Built 1973 Year Built 1928

Building SF 23,554 Building SF 100,682 Building SF 20,864

Price Per Unit $291,667 Price Per Unit $362,946 Price Per Unit $220,968

Price Per SF $446 Price Per SF $404 Price Per SF $328

Cap Rate 3.50% Cap Rate 3.40% Cap Rate 3.90%

Date Sold 06/09/2017 Date Sold 03/05/2018 Date Sold 12/01/2017

P.39 www.WilliamPennApts-CBRE.com

SALES COMPARABLES

DE LONGPRE APARTMENTS 1334 N. LAS PALMAS 7705 HAMPTON

6520-6530 De Longpre Avenue 1334 N. Las Palmas Avenue 7706 Hampton Avenue Los Angeles, CA 90028 Los Angeles, CA 90028 Los Angeles, CA 90046

Price $16,450,000 Price $6,760,000 Price $11,050,000

Units 65 Units 32 Units 30

Year Built 1957 Year Built 1967 Year Built 1963

Building SF 48,868 Building SF 16,938 Building SF 29,241

Price Per Unit $253,077 Price Per Unit $211,250 Price Per Unit $368,333

Price Per SF $337 Price Per SF $399 Price Per SF $378

Cap Rate 3.16% Cap Rate 3.26% Cap Rate 3.00%

Date Sold 03/01/2017 Date Sold 08/04/2016 Date Sold 12/28/2017

P.40 III

AREA OVERVIEW www.WilliamPennApts-CBRE.com

North View Westlake/MacArthur park Station

SILVER LAKE los angeles medical center

MacArthur MacArthur Park Park Lake

7th St MacArthur Park visual and performing arts elementary

S Alvarado St

W 8th St

LAKE ST

S GRAND VIEW ST

P.42 www.WilliamPennApts-CBRE.com

South View

LOS ANGELES CONVENTION CENTER

Hoover St

W 8th St

S Alvarado St

Westlake/MacArthur park Station

S LAKE ST

S GRAND VIEW ST

MacArthur MacArthur Park Lake Park 7th St

P.43 www.WilliamPennApts-CBRE.com

AREA HIGHLIGHTS EXCELLENT DENSE URBAN INFILL LOCATION

Well-located asset with a WalkScore of Highly Dense Population in Area Located in the most densely populated district in 95 out of a 100 Los Angeles County

634,000 population within three mile radius Proximate to the METRO Red & Purple Line Close to Downtown Los Angeles and Koreatown subway portal at Westlake/MacArthur Park employers, entertainment and restaurants 1,240,000 population within five mile radius

Local area streets include Average Daily Traffic Counts of 17,000 to 25,000 vehicles

Strong rental demand drivers: 88% of households in the immediate area are renter-occupied

P.44 www.WilliamPennApts-CBRE.com

REGIONAL MAP

P.45 www.WilliamPennApts-CBRE.com

DRIVE TIMES BY LOCATION

DRIVE TIME FOR LOCATION NAME 2208 WEST 8TH ST

Downtown Los Angeles 5-7 Minutes

Koreatown 5-7 Minutes

Dodger Stadium 11-15 Minutes

Larchmont Village 14-15 Minutes

The Grove 18-22 Minutes

Hollywood 18-20 Minutes

Glendale 25-28 Minutes

West Hollywood 25-28 Minutes

Beverly Hills 27-32 Minutes

Culver City 28-32 Minutes

Burbank Airport 28-32 Minutes

LAX 30-32 Minutes

Santa Monica 37-40 Minutes

P.46 metro.net Metro Rail & Busway www.WilliamPennApts-CBRE.com TRANSPORTATION

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

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 CivicGrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark 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 Pacific SANTA USC Ocean 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

The William Penn is approximately 2 blocks from the Westlake/MacArthur Park MetroFirestone Station which is serviced by Metro Red and Purple Lines. Busway Street Service Metro Rail is the rapid transit rail system consisting of six separate lines (the Blue, Red, Purple, Green, Gold and Expo Lines) which cumulativelyUNDER 103rd St/ CONSTRUCTION serve 80 stations throughout Los Angeles County. The Red Line has daily ridership ofWatts over Towers 200,000 passengers and directly links Downtown Los Willowbrook/ LAX Shuttle G Crenshaw Harbor Fwy Rosa Parks Angeles, Koreatown, Hollywood, and North Hollywood.LAX TheAviation/LAX PurpleHawthorne/Lennox LineVermont/Athens currentlyAvalon terminates atLong Wilshire/Western Beach LakewoodBl NorwalkBl Station in the heart of Koreatown. The currently under construction Purple Line Expansion will eventually extend the Purple Line to West Los Angeles, offering a dependableMetro Rail alternative Rosecrans Compton Mariposa Red Line for commuters traveling between Downtown Los Angeles, Miracle Mile, Beverly Hills, and Westwood. Westlake/MacArthur NorthPark Hollywood Station to Union Station is just one Harbor Artesia stop (an approximate 4 minute ride) away from El7th Street Segundo Metro Center whichGateway is the transfer point to the Blue and the Expo PurpleLines, Line providing service Transit Ctr GATEWAY CITIES Wilshire/Western to Union Station Del Amo to LongDouglas Beach and Culver City/Santa Monica respectively. Blue Line Downtown LA to Long Beach Carson Wardlow Redondo Beach Expo Line Downtown LA to Santa Monica P.47 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

DOWNTOWN LOS ANGELES

Downtown Los Angeles is bounded by the Los Angeles river to the east, 101 Hollywood Freeway to the north, the 10 Santa Monica Freeway on the south and just west of the 110 Harbor Freeway on the west. Downtown Los Angeles features many of the city’s major arts institutions and sports facilities, a variety of skyscrapers and associated large multinational corporations, an array of public art, unique shopping opportunities and the hub of the city’s freeway and public transportation networks.

Downtown Los Angeles features one of the largest skylines in the United States, and its development has continued in recent years. The skyline will continue to see rapid growth with a number of high profile Asia-based developers building landmark projects.

The renaissance of Downtown Los Angeles that began in the late 1990’s has attracted over $17.3 Billion of investment. With many historic buildings having been converted into lofts, the transformation continues today as numerous retail businesses and restaurants are opening, and new mid- and high-rise residential buildings are being built and in the planning pipeline.

Downtown LA’s residential growth has been unprecedented. Since the passage of the Adaptive Reuse Ordinance in 1999 more than 22,000 new housing units have been constructed in Downtown Los Angeles and another 7,400 additional residential units are currently under construction. Of the new units, 6,509 are market rate rental units and 69 are affordable units. With a current 95% rental occupancy rate, the long term demand for housing is expected to be strong.

P.48 www.WilliamPennApts-CBRE.com DOWNTOWN LOS ANGELES AMENITY MAP

P.49 www.WilliamPennApts-CBRE.com

TOP DOWNTOWN LA RESTAURANTS

Redbird Perch Bestia Broken Spanish Bottega Louie Shibumi Nick & Stef’s Steakhouse Q Sushi Patina The NoMad Water Grill 71Above Katsuya Preux & Proper Flemings Steakhouse Majordomo Church and State Otium

P.50 www.WilliamPennApts-CBRE.com

DOWNTOWN LA IMPROVEMENTS

It’s difficult to overstate how quick the pace of development has been lately in Downtown LA’s South Park neighborhood—bounded roughly by Eighth Street to the north, Broadway to the east, the 10 Freeway to the south, and the 110 Freeway to the west. Developers descended upon the area in the mid-2000s and came back with a vengeance following the Great Recession. A list of skyline-altering structures comprised of commercial and residential spaces are entering the development pipeline, which includes the following: Olympia, Shenzhen Hazens towers, Oceanwide Plaza, Metropolis, Olympic and Hill, Apex II, Figueroa Centre, Circa, Los Angeles Convention Center, 1212 Flower, 1233 Grand, 1201 Grand, Fig+Pico, 1600 Figueroa, 1133 Hope, Olympic Tower, 888 South Hope, 1600 Flower Street, Cambria Hotel, 820 Olive, 949 Hope Street, 1323 Grand, 1300 Figueroa, and Mack Urban Tower.

P.51 www.WilliamPennApts-CBRE.com KOREATOWN AMENITY MAP

P.52 www.WilliamPennApts-CBRE.com

KOREATOWN LARCHMONT VILLAGE

Koreatown is a gorgeous and densely packed three-quarter mile community offering a delightful fusion of history and hipsters. With its labyrinth of bistros, coffee shops, boutique hotels and endless shopping in readapted art deco structures with terra cotta facades, it has an approachable urban aesthetic that both charms and infuses this historic neighborhood with a life that is excitingly new. Local values and luxe style blend with ease and have transformed this area just west of downtown into one of the hippest neighborhoods around. Koreatown is in full boom.

Koreatown never sleeps. It is known for having one of the largest concentration of bars, coffee shops and 24 hour restaurants and businesses in Southern California. With the opening of the trendy Line Hotel and its accompanying Roy Choi-led amenities, including the much buzzed about rooftop greenhouse restaurant Commissary, Koreatown is steeped in all things uber-hip.

Larchmont Village is a half-square-mile neighborhood, notable for its quaint old-town shopping street and well-maintained historic homes. It has four schools and one small park. It has been the site of early and recent motion picture shoots. Larchmont Village serves as a Main Street retail district to Hancock Park, Windsor Square and nearby Paramount Studios. Larchmont maintains a small town feel and serves as a community gathering place. Larchmont has a variety of restaurants, sidewalk cafes and upscale boutiques such as Café Gratitude, Salt & Straw, Peet’s Coffee and Tea, Jamba Juice and many more.

P.53 www.WilliamPennApts-CBRE.com

RESTAURANTS IN KOREATOWN

Slurpin’ Ramen Bar Seong buk dong Han Bat Shul Lung Tang Kang Ho-dong Baekjeong Beer Belly Ahgassi Gopchang Wings and Tails Ong Ga Nae Korean BBQ Gogobop Korean Rice Bar The Bun Shop Sun Nong Dan Quarters Korean BBQ Hangari Bajirak Kalguksu Yangji Gamjatang Dumpling House Kobawoo House Escala Boogie McGee’s Bayou Mimimyunga Smokehouse BBQ Concerto M Grill

P.54 www.WilliamPennApts-CBRE.com

RESTAURANTS IN LARCHMONT

Providence Girasole Osteria Mamma Mr. Holmes Bakehouse Lemonade Vernetti Salt & Straw Burger Lounge Kali Restaurant Pinche Tacos The Larchmont Le Petit Greek Go get em tiger Village Pizzeria Prado Bricks and Scones Erin McKenna’s Bakery Le Pain Quotidien Louise’s Trattoria Cafe Gratitude Marino Mario’s Peruvian & Seafood

P.55 www.WilliamPennApts-CBRE.com

AFFILIATED BUSINESS DISCLOSURE DISCLAIMER CBRE, Inc. operates within a global family of companies with many subsidiaries and related This Memorandum contains select information pertaining to the Property and the Owner, and does not entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses purport to be all-inclusive or contain all or part of the information which prospective investors may require including, but not limited to, brokerage services, property and facilities management, valuation, to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained investment fund management and development. At times different Affiliates, including CBRE from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have any particular purpose. All information is presented “as is” without representation or warranty of any competing interests in the same transaction. For example, Affiliates or their clients may have kind. Such information includes estimates based on forward-looking assumptions relating to the general or express an interest in the property described in this Memorandum (the “Property”), and economy, market conditions, competition and other factors which are subject to uncertainty and may not may be the successful bidder for the Property. Your receipt of this Memorandum constitutes represent the current or future performance of the Property. All references to acreages, square footages, your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any and other measurements are approximations. This Memorandum describes certain documents, including Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale leases and other materials, in summary form. These summaries may not be complete nor accurate or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in descriptions of the full agreements referenced. Additional information and an opportunity to inspect the the best interest of their respective client(s), at arms’ length, not in concert, or in a manner Property may be made available to qualified prospective purchasers. You are advised to independently detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective verify the accuracy and completeness of all summaries and information contained herein, to consult with businesses in a manner consistent with the law and all fiduciary duties owed to their respective independent legal and financial advisors, and carefully investigate the economics of this transaction client(s). and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or Memorandum solely for your limited use and benefit in determining whether you desire to express further offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall disclose it or its contents to any third party without the prior written authorization of the owner of the have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner sale agreement delivered by the Owner. detrimental to the Owner or CBRE, Inc.

P.56 Open House: Wednesday, August 8, 2018 WILLIAM PENN 11:00 AM - 2:00 PM 2208 W. 8TH STREET | LOS ANGELES, CA www.WilliamPennApts-CBRE.com

For more information, please contact:

LAURIE LUSTIG-BOWER Executive Vice President +1 310 550 2556 [email protected] Lic. 0979360

KAMRAN PAYDAR Senior Sales Director +1 310 550 2529 [email protected] Lic. 01242590

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject CBRE, Inc. to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all Broker Lic. 00409987 information. Any reliance on this information is solely at your own risk. 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.