82-Unit Apartment Building Renovated in 1986 ±1.61 Acres of Land | Sun Valley (Los Angeles), CA 2010

Home , Glenoaks Boulevard, Sierra Highway

Built in 82-Unit Apartment Building Renovated in 1986 ±1.61 Acres of Land | Sun Valley (Los Angeles), CA 2010

GLENOAKS BLVD

$26,200,000 Priced Below Replacement Cost

LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON CALL FOR TOURS +1 310.550.2556 +1 310.550.2575 www.GlenoaksGardens.com [email protected] [email protected] 8601 Glenoaks Blvd Lic. 00979360 Lic. 01476551 Sun Valley, CA 91352 www.GlenoaksGardens.com 1

Universal Studio GRIFFITH Hollywood 14 min. drive PARK Burbank 7 miles GLENDALE Airport 8 min. drive 2.9 miles VINELAND ST. BURBANK NORTH HOLLYWOOD

N. CLYBOURN AVE.

SAN FERNANDO RD.

WHEATLAND AVE.

Glenoaks Gardens SUNLAND BLVD. SUN VALLEY

GLENOAKS BLVD. VALLEY GLEN NORTH HOLLYWOOD Sun Valley Metrolink Station 4 min. drive VINELAND AVE. Less than 1 mile walk

Starbucks SAN FERNANDO RD. 4 min. drive 0.8 miles

El Compadre Restaurant 1 min. drive 0.3 miles SUN VALLEY

Massis SUNLAND BLVD. Bakery WHEATLAND AVE. 2 min. drive Glenoaks 0.5 miles Gardens

GLENOAKS BLVD .

VINELAND ST. Sun Valley Metrolink Station 4 min. drive Less than 1 mile walk

SUN VALLEY

SUNLAND BLVD. Glenoaks TERHUINE AVE. Gardens

The Church of Jesus Christ of Latter-Day Saints

NETTLETON ST.

GLENOAKS BLVD.

Within a mile of Glenoaks Gardens single family homes have recently traded for as much as $1.15 million. LA TUNA CANYON

VINEDALE ST.

8600 Glenoaks Glenoaks Villas NETTLETON ST.

Glenoaks Gardens

GLENOAKS BLVD.

The Church of Jesus Christ of Latter-Day Saints Sun Valley TABLE OF CONTENTS CONTACTS

PROPERTY LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON OVERVIEW +1 310.550.2556 +1 310.550.2575 I Page 9 [email protected] [email protected] Lic. 00979360 Lic. 01476551

FINANCIAL II ANALYSIS Page 18 FOR LOAN QUOTES, PLEASE CONTACT:

AREA BRIAN EISENDRATH TROY TEGELER OVERVIEW +1 310.228.2125 +1 949.509.2114 III Page 31 [email protected] [email protected] BRANDON SMITH ANNIE RICE www.GlenoaksGardens.com +1 310.550.2532 +1 310.550.2675 CALL FOR TOURS [email protected] [email protected] GLENOAKS BLVD.

I.PROPERTY OVERVIEW

EXECUTIVE SUMMARY

CBRE, Inc. is pleased to present for sale Glenoaks Gardens, an 82- unit apartment community situated on 1.6 acres of land in Sun Valley (Los Angeles), California. Built in 1986, the property was renovated in 2010. The spacious units feature stainless steel appliances, walk- in closets, a private patio or balcony (most units), and central heat and air conditioning. Comprised of an attractive mix of mostly one and two bedroom units, many provide beautiful mountain views.

The Glenoaks Gardens community features a sparkling swimming pool, spa, fitness center, built-in gas grills and a barbeque lounge. Gated parking provides for one assigned space per bedroom.

With strong street presence, Glenoaks Gardens is opportunely situated with easy access to the 5, 118, 134, and 170 freeways, as well as the entertainment business hub of Burbank. It is less than one mile to the Antelope Valley Metrolink Sun Valley Train Station, and is less than three miles to the Hollywood Burbank Airport. The Antelope Valley Metrolink Station connects Sun Valley to Lancaster and to Downtown’s Los Angeles Union Station. Downtown Los Angeles features many of the city’s major arts institutions and sports facilities, over 68 million square feet of office space, as well as an array of public art and unique shopping opportunities.

Glenoaks Gardens is priced at $26,200,000, which equates to a current cap rate of 4.27%, although some units have rents that are less than current market rates. With those units assumed at current market rates, the cap rate is 4.45%. Glenoaks Gardens represents a steady performing, well appointed, apartment building with historically very high occupancy in a strong submarket.

For more information, visit the website at www.GlenoaksGardens.com.

Please call to set up a tour. Phone: 310-550-2575 www.GlenoaksGardens.com 12 OPPORTUNITY HIGHLIGHTS

• 82-Unit Building with Strong Street Presence

• Great Cash on Cash Yield

• Excellent Cost Basis

• Built in 1986 and Renovated in 2010 - Recent Renovation of the Asset means Buyer will not be Required to Contribute Much Excess Capital

• Not Subject to Los Angeles Rent Stabilization Ordinance

• Low Density Property Situated on ±1.6-Acres of Land

• Less than One Mile to the Antelope Valley Metrolink Station connecting Sun Valley to Lancaster and Downtown Los Angeles

• Excellent Proximity to the Business Hubs of Burbank, North Hollywood and Glendale

• Sun Valley is a Consistently High Occupancy Submarket with Historically Healthy Rent Growth

www.GlenoaksGardens.com 139 PROPERTY DETAILS Address 8601 Glenoaks Blvd Sun Valley (Los Angeles), CA 91352 Asking Price $26,200,000 Number of Units 82 Year Built 1986 (Renovated in January 2010)

Current Cap Rate Forecasted Cap Rate 4.27% 4.45% Current GRM Forecasted GRM 13.4 13.0

Price Per Unit $319,512

Price Per SF $352

Number of Stories 3 Gated Parking Spaces ±156 1.9 Ratio Unit Mix Assessor Parcel Number 2404-025-179 UNIT TYPE NO. OF UNITS AVERAGE SF

Land Square Feet Studio 4 ±450 ±70,150 SF PRICE:Building Square $26,200,000 Feet 1 Bed + 1 Bath 51 ±750 ±74,536 SF 2 Bed + 1 Bath 27 ±850 Utilities Gas and Electricity – Tenants TOTAL 82 ±768 Common Utilities - RUBS www.GlenoaksGardens.com 14 UNIT FEATURES

• Spacious Floor Plans • Wood Style Flooring • Central Heat and Air • Private Patio or Balcony (most units) • Mountain Views • Walk-In Closets • Plenty of Cabinet Space • Designer Paint • High Speed Internet Access • Ceiling Fans • Cable Ready • Tub/Shower • Intercom • Wheelchair Accessible Rooms

Kitchen • Stainless Steel Appliances • Quartz Countertops • Breakfast Nook • Dishwasher • Disposal • Ice Maker • Microwave • Oven • Range • Refrigerator

www.GlenoaksGardens.com 15 PROPERTY FEATURES

• Sparkling Pool • Spa • Fitness Center • Gated Parking - 156 spaces • Gas Grills and Barbecue Lounge • Controlled Access Gated Community • Key Fob Entry • Four Laundry Facilities - Three Washers in Each - Three Dryers in Each • Seperately meter for gas and electricity

www.GlenoaksGardens.com 16 FLOORPLANS

STUDIO 1 BEDROOM & 1 BATH

2 BEDROOM & 1 BATH www.GlenoaksGardens.com 17 GLENOAKS BLVD.

II. FINANCIAL ANALYSIS Glenoaks Gardens RentGLENOA KRollS GARD EasNS -of 860 May1 GLEN O2020AKS BLVD RENT ROLL

Mgmt. Co. Mgmt. Co. Unit Number Est. SF Type Current Rent Current Rent/SF Move-In Lease End Notes Forecast Forecast Rent/SF 215 450 0+1 $1,550 $3.44 $1,576 $3.50 09/01/2016 09/30/2020 315 450 0+1 $1,555 $3.46 $1,576 $3.50 05/21/2018 11/20/2020 2001 450 0+1 $1,535 $3.41 $1,576 $3.50 10/01/2019 06/30/2020 2002 450 0+1 $1,576 $3.50 $1,576 $3.50 07/29/2019 07/31/2020 Employee Unit 103 750 1+1 $1,855 $2.47 $1,895 $2.53 10/01/2016 12/31/2020 104 750 1+1 $1,895 $2.53 $1,895 $2.53 04/04/2020 03/24/2021 105 750 1+1 $1,796 $2.39 $1,895 $2.53 07/04/2019 06/30/2020 106 750 1+1 $1,801 $2.40 $1,895 $2.53 01/02/2018 01/31/2021 107 750 1+1 $1,818 $2.42 $1,895 $2.53 09/04/2018 08/31/2020 108 750 1+1 $1,845 $2.46 $1,895 $2.53 04/15/1996 01/31/2021 110 750 1+1 $1,776 $2.37 $1,895 $2.53 08/01/2018 07/31/2020 111 750 1+1 $1,890 $2.52 $1,895 $2.53 06/28/2014 09/30/2020 114 750 1+1 $1,845 $2.46 $1,895 $2.53 12/23/2019 12/31/2020 116 750 1+1 $1,850 $2.47 $1,895 $2.53 04/09/2020 04/30/2021 117 750 1+1 $1,885 $2.51 $1,895 $2.53 03/01/2020 02/28/2021 118 750 1+1 $1,800 $2.40 $1,895 $2.53 06/17/2019 06/15/2020 119 750 1+1 $1,850 $2.47 $1,895 $2.53 10/10/2017 10/31/2020 120 750 1+1 $1,895 $2.53 $1,895 $2.53 04/14/2020 10/31/2020 121 750 1+1 $1,802 $2.40 $1,895 $2.53 10/17/2016 11/30/2020 122 750 1+1 $1,818 $2.42 $1,895 $2.53 07/19/2016 08/31/2020 126 750 1+1 $1,800 $2.40 $1,895 $2.53 08/01/2018 07/31/2020 203 750 1+1 $1,795 $2.39 $1,895 $2.53 07/26/2019 07/31/2020 204 750 1+1 $1,825 $2.43 $1,895 $2.53 07/29/2019 07/31/2020 205 750 1+1 $1,895 $2.53 $1,895 $2.53 06/15/2020 06/30/2021 206 750 1+1 $1,875 $2.50 $1,895 $2.53 11/20/2019 11/30/2020 207 750 1+1 $1,895 $2.53 $1,895 $2.53 - - VACANT 208 750 1+1 $1,825 $2.43 $1,895 $2.53 11/01/2016 01/31/2021 210 750 1+1 $1,795 $2.39 $1,895 $2.53 05/20/2019 05/31/2020 211 750 1+1 $1,800 $2.40 $1,895 $2.53 03/13/2019 03/31/2020 214 750 1+1 $1,885 $2.51 $1,895 $2.53 03/01/2020 03/31/2021 217 750 1+1 $1,795 $2.39 $1,895 $2.53 05/27/2019 05/31/2020 218 750 1+1 $1,800 $2.40 $1,895 $2.53 06/04/2011 09/30/2020 219 750 1+1 $1,895 $2.53 $1,895 $2.53 12/06/2019 12/31/2020 220 750 1+1 $1,850 $2.47 $1,895 $2.53 01/02/2018 01/31/2021 221 750 1+1 $1,895 $2.53 $1,895 $2.53 06/01/2020 05/31/2021 222 750 1+1 $1,830 $2.44 $1,895 $2.53 09/25/2018 11/30/2020 223 750 1+1 $1,800 $2.40 $1,895 $2.53 10/04/2017 05/31/2020 227 750 1+1 $1,820 $2.43 $1,895 $2.53 09/18/2018 09/30/2020 (Continued on next page) You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. www.GlenoaksGardens.com 19 Glenoaks Gardens RentGLENOA KRollS GARD EasNS -of 860 May1 GLEN O2020AKS BLVD RENT ROLL

Mgmt. Co. Mgmt. Co. Unit Number Est. SF Type Current Rent Current Rent/SF Move-In Lease End Notes Forecast Forecast Rent/SF 303 750 1+1 $1,830 $2.44 $1,895 $2.53 11/15/2015 03/31/2021 304 750 1+1 $1,895 $2.53 $1,895 $2.53 10/01/2019 09/30/2020 305 750 1+1 $1,855 $2.47 $1,895 $2.53 08/02/2016 09/30/2020 306 750 1+1 $1,825 $2.43 $1,895 $2.53 09/01/2019 08/31/2020 307 750 1+1 $1,845 $2.46 $1,895 $2.53 01/17/2020 02/28/2021 308 750 1+1 $1,825 $2.43 $1,895 $2.53 04/06/2015 06/30/2020 310 750 1+1 $1,825 $2.43 $1,895 $2.53 04/05/2016 01/31/2021 311 750 1+1 $1,825 $2.43 $1,895 $2.53 01/18/2019 01/31/2021 314 750 1+1 $1,895 $2.53 $1,895 $2.53 09/23/2019 09/30/2020 317 750 1+1 $1,825 $2.43 $1,895 $2.53 01/14/2012 12/31/2020 318 750 1+1 $1,840 $2.45 $1,895 $2.53 03/04/2019 03/31/2021 319 750 1+1 $1,830 $2.44 $1,895 $2.53 02/26/2018 03/31/2021 320 750 1+1 $1,840 $2.45 $1,895 $2.53 02/01/2019 01/31/2021 321 750 1+1 $1,855 $2.47 $1,895 $2.53 01/16/2017 11/30/2020 322 750 1+1 $1,865 $2.49 $1,895 $2.53 10/01/2015 11/30/2020 323 750 1+1 $1,872 $2.50 $1,895 $2.53 01/02/2019 02/28/2021 327 750 1+1 $1,829 $2.44 $1,895 $2.53 03/13/2018 05/31/2020 101 850 2+1 $2,000 $2.35 $2,102 $2.47 07/19/2014 04/30/2020 102 850 2+1 $2,050 $2.41 $2,102 $2.47 03/06/2015 03/31/2021 109 850 2+1 $2,075 $2.44 $2,102 $2.47 04/04/2020 04/03/2021 112 850 2+1 $2,102 $2.47 $2,102 $2.47 05/25/2020 05/31/2021 113 850 2+1 $2,100 $2.47 $2,102 $2.47 01/05/2020 01/31/2021 115 850 2+1 $1,975 $2.32 $2,102 $2.47 03/18/2014 06/30/2020 123 850 2+1 $2,025 $2.38 $2,102 $2.47 06/25/2019 06/30/2020 124 850 2+1 $2,025 $2.38 $2,102 $2.47 03/30/2016 04/30/2020 125 850 2+1 $2,065 $2.43 $2,102 $2.47 09/18/2012 12/31/2020 201 850 2+1 $2,025 $2.38 $2,102 $2.47 04/04/2017 05/31/2020 202 850 2+1 $2,102 $2.47 $2,102 $2.47 05/25/2020 05/31/2021 209 850 2+1 $2,050 $2.41 $2,102 $2.47 07/25/2016 09/30/2019 212 850 2+1 $2,000 $2.35 $2,102 $2.47 04/25/2018 04/30/2020 213 850 2+1 $2,102 $2.47 $2,102 $2.47 01/20/2020 01/31/2021 216 850 2+1 $1,980 $2.33 $2,102 $2.47 02/12/2014 07/31/2020 224 850 2+1 $2,100 $2.47 $2,102 $2.47 12/23/2019 12/31/2020 225 850 2+1 $2,100 $2.47 $2,102 $2.47 09/17/2019 09/30/2020 226 850 2+1 $2,100 $2.47 $2,102 $2.47 11/04/2019 10/31/2020 301 850 2+1 $2,015 $2.37 $2,102 $2.47 08/28/2012 04/30/2020 302 850 2+1 $2,029 $2.39 $2,102 $2.47 11/15/2015 06/30/2019 309 850 2+1 $2,060 $2.42 $2,102 $2.47 09/01/2014 02/28/2021 (Continued on next page) You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. www.GlenoaksGardens.com 20 Glenoaks Gardens GRentLENOAK SRoll GARD EasNS - of860 1May GLENO 2020AKS BLVD RENT ROLL

Mgmt. Co. Mgmt. Co. Unit Number Est. SF Type Current Rent Current Rent/SF Move-In Lease End Notes Forecast Forecast Rent/SF 312 850 2+1 $2,050 $2.41 $2,102 $2.47 03/08/2019 03/31/2021 313 850 2+1 $2,100 $2.47 $2,102 $2.47 05/04/2020 05/31/2021 316 850 2+1 $2,055 $2.42 $2,102 $2.47 08/26/1996 11/30/2020 324 850 2+1 $2,102 $2.47 $2,102 $2.47 05/24/2020 05/31/2021 325 850 2+1 $2,050 $2.41 $2,102 $2.47 09/20/2018 09/30/2020 326 850 2+1 $2,100 $2.47 $2,102 $2.47 02/03/2020 01/31/2021 Total 63,000 $155,625 $159,703 Average $1,898 $2.49 $1,948 $2.56 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

www.GlenoaksGardens.com 21 Glenoaks Gardens

CurrentGLENO AOperationsKS GARDENS - 8601 GLENOAKS BLVD CURRENT OPERATIONS

INVESTMENT PRO FORMA ESTIMATED INCOME Annual % of EGI Per Unit Comments FOR LOAN QUOTES, Rent Income $155,625 per mon. $1,867,500 100.0% $22,774 Current Rents PLEASE CONTACT: Concessions $300 per mon. ($3,600) -0.2% ($44) Actual 2019 Total Scheduled Gross Income $1,863,900 99.8% $22,730 Vacancy 5.0% of SGI ($93,195) -5.0% ($1,137) Total Net Rental Income $1,770,705 94.8% $21,594 Pet Rent $37 per mon. $445 0.0% $5 Actual 2019 BRIAN EISENDRATH RUBS $5,118 per mon. $61,422 3.3% $749 Actual 2019 Parking Income $186 per mon. $2,228 0.1% $27 Actual 2019 +1 310.228.2125 Laundry Income $733 per mon. $8,799 0.5% $107 Actual 2019 Credit Report Income $210 per mon. $2,514 0.1% $31 Actual 2019 [email protected] Cable Income $176 per mon. $2,115 0.1% $26 Actual 2019 Month to Month Income $451 per mon. $5,411 0.3% $66 Actual 2019 NSF & Late Charges $548 per mon. $6,577 0.4% $80 Actual 2019 Other Income $649 per mon. $7,787 0.4% $95 Actual 2019 TOTAL ESTIMATED INCOME $1,868,003 100.0% $22,781

TROY TEGELER ESTIMATED EXPENSES Annual % of Exp. % of EGI Per Unit Property Taxes 1.174279% of est. price $307,661 41.0% 16.5% $3,752 Reassessed Tax Amount +1 949.509.2114 Direct Assessments $9,089 $9,089 1.2% 0.5% $111 Per LA County Assessor's Office Business Taxes $5,285 0.7% 0.3% $64 [email protected] Insurance $0.35 per GSF $26,088 3.5% 1.4% $318 Estimated Management Fee 3.0% EGI $56,040 7.5% 3.0% $683 Current Rate On-Site Manager $5,159 per mon. $61,907 8.3% 3.3% $755 2019 $43k Salary + $1,576 Rent Credit Maintenance Employee $2,704 per mon. $32,453 4.3% 1.7% $396 2019 Actual BRANDON SMITH Porter Employee $2,527 per mon. $30,321 4.0% 1.6% $370 2019 Actual Leasing Salary/Bonuses $826 per mon. $9,915 1.3% 0.5% $121 2019 Actual Electricity $2,043 per mon. $24,516 3.3% 1.3% $299 2019 Actual +1 310.550.2532 Water $2,230 per mon. $26,761 3.6% 1.4% $326 2019 Actual Sewer $1,882 per mon. $22,580 3.0% 1.2% $275 2019 Actual [email protected] Gas $781 per mon. $9,373 1.2% 0.5% $114 2019 Actual Telephone/Cable/Internet $727 per mon. $8,723 1.2% 0.5% $106 2019 Actual Cleaning - Common Area $383 per mon. $4,600 0.6% 0.2% $56 2019 Actual Repairs/Maintenance & Turnover $600 per unit $49,200 6.6% 2.6% $600 Estimated ANNIE RICE Landscaping $328 per mon. $3,938 0.5% 0.2% $48 2019 Actual Pool Service $527 per mon. $6,325 0.8% 0.3% $77 2019 Actual +1 310.550.2675 Extermination $113 per mon. $1,354 0.2% 0.1% $17 2019 Actual Patrol Service $206 per mon. $2,475 0.3% 0.1% $30 2019 Actual Fitness Center $49 per mon. $585 0.1% 0.0% $7 2019 Actual [email protected] Trash Removal $198 per unit $16,200 2.2% 0.9% $198 2019 Actual Administration $807 per mon. $9,681 1.3% 0.5% $118 2019 Actual Marketing $725 per mon. $8,700 1.2% 0.5% $106 Estimated Reserves $200 per unit $16,400 2.2% 0.9% $200 Estimated TOTAL ESTIMATED EXPENSES $750,171 100.0% 40.2% $9,148

ESTIMATED NET OPERATING INCOME $1,117,832 59.8% $13,632

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent Price $26,200,000 use. It was not prepared by a licensed or certified appraiser and may not comply with the appraisal standards of the Uniform Standards of Capitalization Rate 4.27% Professional Appraisal Practice. Gross Rent Multiplier 13.4 Unit Type Units Mix Avg SF Avg Rent Rent/SF Est. Sales Price Per Unit $319,512 0+1 4 4.9% 450 $1,554 $3.45 Price Per Sq. Ft. $352 1+1 51 62.2% 750 $1,841 $2.45 Number of Units 82 2+1 27 32.9% 850 $2,057 $2.42 Est. Expenses Per Unit $9,148 Est. Expenses Minus Taxes Per Unit $5,286 Est. Expenses Per Sq. Ft. $10.06 Bldg. Sq. Ft. 74,536 Total 82 100.0% 768 $1,898 $2.47 Year Built 1986 © 2020 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and APN 2404-025-179 completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future Zip Code 91352 performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. www.GlenoaksGardens.com 22 Glenoaks Gardens

ForcastedGLENOAKS GARDENS Operations- 8601 GLENOAKS BLVD FORECASTED OPERATIONS

INVESTMENT PRO FORMA ESTIMATED INCOME Annual % of EGI Per Unit Comments Rent Income $159,703 per mon. $1,916,436 99.9% $23,371 Market Rents Concessions $0 per mon. $0 0.0% $0 Estimated Total Scheduled Gross Income $1,916,436 99.9% $23,371 Vacancy 5.0% of SGI ($95,822) -5.0% ($1,169) Total Net Rental Income $1,820,614 94.9% $22,203 Pet Rent $37 per mon. $445 0.0% $5 Actual 2019 RUBS $5,118 per mon. $61,422 3.2% $749 Actual 2019 Parking Income $186 per mon. $2,228 0.1% $27 Actual 2019 Laundry Income $733 per mon. $8,799 0.5% $107 Actual 2019 Credit Report Income $210 per mon. $2,514 0.1% $31 Actual 2019 Cable Income $176 per mon. $2,115 0.1% $26 Actual 2019 Month to Month Income $451 per mon. $5,411 0.3% $66 Actual 2019 NSF & Late Charges $548 per mon. $6,577 0.3% $80 Actual 2019 Other Income $649 per mon. $7,787 0.4% $95 Actual 2019 TOTAL ESTIMATED INCOME $1,917,912 100.0% $23,389

ESTIMATED EXPENSES Annual % of Exp. % of EGI Per Unit Property Taxes 1.174279% of est. price $307,661 40.9% 16.0% $3,752 Reassessed Tax Amount Direct Assessments $9,089 $9,089 1.2% 0.5% $111 Per LA County Assessor's Office Business Taxes $5,348 0.7% 0.3% $65 Insurance $0.35 per GSF $26,088 3.5% 1.4% $318 Estimated Management Fee 3.0% EGI $57,537 7.7% 3.0% $702 Current Rate On-Site Manager $5,159 per mon. $61,907 8.2% 3.2% $755 2019 $43k Salary + $1,576 Rent Credit Maintenance Employee $2,704 per mon. $32,453 4.3% 1.7% $396 2019 Actual Porter Employee $2,527 per mon. $30,321 4.0% 1.6% $370 2019 Actual Leasing Salary/Bonuses $826 per mon. $9,915 1.3% 0.5% $121 2019 Actual Electricity $2,043 per mon. $24,516 3.3% 1.3% $299 2019 Actual Water $2,230 per mon. $26,761 3.6% 1.4% $326 2019 Actual Sewer $1,882 per mon. $22,580 3.0% 1.2% $275 2019 Actual Gas $781 per mon. $9,373 1.2% 0.5% $114 2019 Actual Telephone/Cable/Internet $727 per mon. $8,723 1.2% 0.5% $106 2019 Actual Cleaning - Common Area $383 per mon. $4,600 0.6% 0.2% $56 2019 Actual Repairs/Maintenance & Turnover $600 per unit $49,200 6.5% 2.6% $600 Estimated Landscaping $328 per mon. $3,938 0.5% 0.2% $48 2019 Actual Pool Service $527 per mon. $6,325 0.8% 0.3% $77 2019 Actual Extermination $113 per mon. $1,354 0.2% 0.1% $17 2019 Actual Patrol Service $206 per mon. $2,475 0.3% 0.1% $30 2019 Actual Fitness Center $49 per mon. $585 0.1% 0.0% $7 2019 Actual Trash Removal $198 per unit $16,200 2.2% 0.8% $198 2019 Actual Administration $807 per mon. $9,681 1.3% 0.5% $118 2019 Actual Marketing $725 per mon. $8,700 1.2% 0.5% $106 Estimated Legal $0 per mon. $0 0.0% 0.0% $0 Estimated Reserves $200 per unit $16,400 2.2% 0.9% $200 Estimated TOTAL ESTIMATED EXPENSES $751,732 100.0% 39.2% $9,167

ESTIMATED NET OPERATING INCOME $1,166,180 60.8% $14,222

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for Price $26,200,000 subsequent use. It was not prepared by a licensed or certified appraiser and may not comply with the appraisal standards of the Uniform Capitalization Rate 4.45% Standards of Professional Appraisal Practice. Gross Rent Multiplier 13.0 Unit Type Units Mix Avg SF Avg Rent Rent/SF Est. Sales Price Per Unit $319,512 0+1 4 4.9% 450 $1,576 $3.50 Price Per Sq. Ft. $352 1+1 51 62.2% 750 $1,895 $2.53 Number of Units 82 2+1 27 32.9% 850 $2,102 $2.47 Est. Expenses Per Unit $9,167 Est. Expenses Minus Taxes Per Unit $5,305 Est. Expenses Per Sq. Ft. $10.09 Bldg. Sq. Ft. 74,536 Total 82 100.0% 768 $1,948 $2.53 Year Built 1986 © 2020 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and APN 2404-025-179 completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future Zip Code 91352 performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. www.GlenoaksGardens.com 23 Glenoaks Gardens Sold Multi-FamilyGLENOAKS GARD EPropertyNS - 8601 GLEN ComparablesOAKS BLVD SOLD MULTI-FAMILY PROPERTY COMPARABLES

Criteria: Properties located in LA County, $350 PSF +, 50 units+, sold from July 2019 - July 2020 Source: CoStar, Sorted by Price Per Square Foot

Property Address City Zip Units Sale Price CAP GRM $/Unit $/SF Bldg SF Built Date 2501 Pico Blvd Santa Monica 90405 174 $58,550,000 3.27% - $336,494 $868 67,441 1960 11/25/19 13723-13801 S Vermont Ave Gardena 90247-2096 69 $4,750,000 -- $68,841 $844 5,626 1930 10/17/19 639 N Fairfax Ave Los Angeles 90036-1714 63 $36,000,000 -- $571,429 $730 49,338 2018 12/18/19 8250 Lankershim Blvd North Hollywood 91605-1629 196 $27,320,000 -- $139,388 $723 37,780 1952 06/11/20 3510 Maricopa St Torrance 90503 180 $74,160,000 -- $412,000 $718 103,228 1973 02/06/20 755 S Spring St (Part of Multi-Property Sale) Los Angeles 90014-2905 275 $199,625,000 -- $725,909 $705 283,351 2018 07/02/19 2545 W 235th St (Part of Multi-Property Sale) Torrance 90505-4217 183 $95,300,000 -- $520,765 $694 137,250 1967 12/18/19 130 S Sepulveda Blvd Los Angeles 90049-3116 59 $40,250,000 3.30% - $682,203 $657 61,295 2011 12/20/19 28085 Whites Canyon Rd Canyon Country 91351-1279 232 $62,500,000 4.80% - $269,397 $639 97,780 1985 12/10/19 435 W Los Feliz Rd Glendale 91204 220 $118,500,000 4.00% - $538,636 $611 193,953 2018 11/14/19 2867 Sunset Pl Los Angeles 90005-3913 60 $29,250,000 4.64% 14.07 $487,500 $608 48,089 2018 10/31/19 7141-7155 Santa Monica Blvd West Hollywood 90046-5899 166 $103,200,000 -- $621,686 $600 172,000 2016 08/30/19 1110 S 5th Ave Monrovia 91016-3804 154 $75,000,000 -- $487,013 $560 134,030 2017 11/26/19 232 E 2nd St Los Angeles 90012-3803 240 $115,750,000 4.60% - $482,292 $551 210,000 2016 02/07/20 687 S Hobart Blvd Los Angeles 90005-2819 346 $170,870,000 -- $493,844 $551 310,063 2018 12/17/19 1344 N Hobart Blvd Los Angeles 90027 142 $48,000,000 -- $338,028 $545 88,005 1974 02/26/20 245 S Reno St Los Angeles 90057 66 $11,240,000 5.18% 11.58 $170,303 $526 21,368 1964 05/05/20 1106 W 6th St Los Angeles 90017-1829 606 $272,500,000 4.25% - $449,669 $523 520,625 2017 09/27/19 620 S Virgil Los Angeles 90005-4004 398 $189,000,000 4.30% - $474,874 $521 362,580 2017 08/16/19 630 Masselin Ave Los Angeles 90036-5757 168 $86,776,000 -- $516,524 $516 168,133 1990 01/29/20 21425 Vanowen St Canoga Park 91303-2749 174 $70,500,000 -- $405,172 $504 140,000 2020 11/20/19 11 S Termino Ave Long Beach 90803 60 $28,600,000 2.60% 20.60 $476,667 $492 58,174 1964 12/04/19 11058 Chandler Blvd North Hollywood 91601-3226 329 $169,200,000 -- $514,285 $476 355,181 2019 09/24/19 222 S Main St Los Angeles 90012-3708 237 $105,180,000 4.25% - $443,797 $470 223,783 2017 07/11/19 14015 Tahiti Way Marina del Rey 90292-6507 205 $86,000,000 6.00% - $419,512 $453 190,000 1968 10/14/19 919 S Prairie Ave Inglewood 90301 50 $10,325,000 5.16% 12.46 $206,500 $452 22,861 1959 09/30/19 410 N Rossmore Ave Los Angeles 90004-2416 78 $29,000,000 2.00% - $371,795 $445 65,133 1930 01/22/20 6207-6225 De Longpre Ave Los Angeles 90028 88 $24,000,000 -- $272,727 $442 54,324 1922 10/25/19 15950 Sherman Way Van Nuys 91406 146 $50,035,000 -- $342,705 $428 116,961 1983 12/24/19 1286 W Capitol Dr (Part of Portfolio) San Pedro 90732 160 $70,000,000 -- $437,500 $412 170,000 1984 09/06/19 1840 Winona Blvd Los Angeles 90027 50 $14,640,000 -- $292,800 $408 35,895 1963 02/07/20 3250 Fairesta St Glendale 91214 92 $34,525,000 4.80% - $375,272 $401 86,008 1964 11/27/19 221 N Cedar St Glendale 91206-4936 60 $28,000,000 3.15% 18.79 $466,667 $397 70,552 1986 02/04/20 6333 Canoga Ave Woodland Hills 91367 250 $79,000,000 4.50% - $316,000 $394 200,669 1977 09/17/19 (Continued on next page)

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. www.GlenoaksGardens.com 24 Glenoaks Gardens

Sold Multi-FamilyGLENOAKS GARDE NPropertyS - 8601 GLENO ComparablesAKS BLVD SOLD MULTI-FAMILY PROPERTY COMPARABLES

Criteria: Properties located in LA County, $350 PSF +, 50 units+, sold from July 2019 - July 2020 Source: CoStar, Sorted by Price Per Square Foot

Property Address City Zip Units Sale Price CAP GRM $/Unit $/SF Bldg SF Built Date 5800 Green Valley Cir Culver City 90230-6941 57 $21,625,000 3.50% 16.40 $379,385 $392 55,124 1970 08/15/19 23418 Anza Ave (Part of Multi-Property Sale) Torrance 90505-4534 239 $126,200,000 -- $528,033 $389 324,450 1967 12/18/19 1020 Grand Ave Diamond Bar 91765 204 $72,250,000 4.25% - $354,167 $383 188,777 1979 10/31/19 7115 Milwood Ave Canoga Park 91303-2277 53 $11,350,000 5.13% 13.33 $214,151 $381 29,772 1977 11/27/19 18641 Saticoy St Reseda 91335 78 $30,000,000 4.25% 12.65 $384,615 $380 79,000 1987 11/01/19 1520 W 8th St Los Angeles 90017 68 $7,100,000 -- $104,412 $380 18,708 1924 06/18/20 23645 Meadow Ridge Dr (Part of Portfolio) Santa Clarita 91321-4207 176 $54,250,000 -- $308,238 $379 143,163 1987 09/06/19 401 W 6th St Long Beach 90802 51 $12,000,000 3.24% 18.42 $235,294 $379 31,674 1974 03/02/20 18427 Studebaker Rd Cerritos 90703-5334 150 $48,600,000 5.00% - $324,000 $376 129,089 1969 02/10/20 901-929 W Cameron Ave West Covina 91790-4111 158 $52,858,000 -- $334,544 $374 141,174 1970 08/30/19 2201 E 21st St Signal Hill 90755-5941 60 $16,850,000 4.00% 15.16 $280,833 $372 45,250 1964 11/07/19 9423 Reseda Blvd Northridge 91324 202 $70,250,000 4.50% - $347,772 $372 188,683 2007 08/08/19 11550 Santa Gertrudes Ave Whittier 90604 77 $20,100,000 4.28% 14.08 $261,039 $372 54,070 1971 03/19/20 12520 Lakewood Blvd Downey 90242 58 $13,427,500 -- $231,508 $371 36,176 1962 08/22/19 310 N Cedar St Glendale 91206-3714 80 $26,000,000 -- $325,000 $368 70,632 1972 08/29/19 12350 Del Amo Blvd (Part of Portfolio) Lakewood 90715 390 $137,500,000 -- $352,564 $354 387,968 1971 09/05/19 14340 Addison St Sherman Oaks 91423-1859 88 $29,350,000 4.64% 14.02 $333,522 $353 83,040 1962 10/15/19 1580 Yosemite Dr Los Angeles 90041-2855 50 $15,500,000 3.40% 15.50 $310,000 $350 44,272 1951 01/07/20

©You202 0areCBR Esolely, Inc. The responsibleinformation above hasforbeen independentlyobtained from sources verifyingbelieved reliable. the While informationwe do not doubt its in accuracy, this Memorandum.we have not verified it and ANYmake no RELIANCEguarantee, warranty ON or IT representation IS SOLELY about it.ATIt isYOURyour responsibility OWNto RISK.independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

www.GlenoaksGardens.com 25 Rent Comp Map

Glenoaks Gardens Rent Survey

Rent Comp Map RENT SURVEY MAP

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

Layout ID:L01 MapId:7340928 © 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed.www.GlenoaksGardens.comThe information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by 26 either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L01 MapId:7340928 © 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Glenoaks Gardens Rent Survey

SELECT RENT COMPARABLES

1 COMPARABLE 1 8600 Glenoaks Blvd Sun Valley, CA Year Built: 2018 Units: 60 2+2 1+1 PHOTO Occupancy: - 50% 50% Phone: (818) 901 - 0100 Owner: Rukard Group Manager: Rukard Group

Type Number of Units Asking Rent Effective Rent Unit Square Feet Effective Rent per SF 1x1 1 Specific Unit $1,950 $1,950 900 $2.17 2x2 1 Specific Unit $2,200 $2,200 1,150 $1.91

Concession: None

Amenities: 1 Pkg Space Included Washer/Dryer In Unit Wood Style Laminate Flooring Controlled Access BBQ Area Fitness Center Stainless Steel Appliances

Pictures:

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

www.GlenoaksGardens.com 27 Glenoaks Gardens Rent Survey

SELECT RENT COMPARABLES

2 COMPARABLE 2 1+1 8700-8714 Glenoaks Blvd 1% Sun Valley, CA 3+2 Year Built: 2009 19% Units: 70 PHOTO Occupancy: - 2+2 Phone: (818) 767-9700 80% Owner: Pacifica Enterprises Manager: Pacifica Enterprises

Type Number of Units Asking Rent Effective Rent Unit Square Feet Effective Rent per SF 1x1 1 $2,300 $2,300 1,222 $1.88 2x2 56 $2,450 $2,450 1,252 $1.96 3x2 13 $3,060 $3,060 1,620 $1.89

Concession: None

Amenities: Controlled Access Washer Dryer In Unit Stainless Steel Appliances Fitness Center Wood Style Laminate Flooring Pool Central AC

Pictures:

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

www.GlenoaksGardens.com 28 Glenoaks Gardens Rent Survey

SELECT RENT COMPARABLES

3 COMPARABLE 3

10817 Crockett St Sun Valley, CA Year Built: 2018 Units: Back House PHOTO 1+1 Occupancy: - 100% Phone: (818) 376) 9102 Owner: - Manager: -

Type Number of Units Asking Rent Asking Rent Unit Square Feet Effective Rent per SF 1x1 1 Specific Unit $1,800 $1,800 600 $3.00

Concession: None

Amenities: Private Patio Washer/Dryer Hookup In unit Pkg Not included, street only Central AC/Heat Recessed Lighting Wood Style Laminate Flooring

Pictures:

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

www.GlenoaksGardens.com 29 Glenoaks Gardens Rent Survey

SELECT RENT COMPARABLES

4 COMPARABLE 4

12040 Sheldon St Sun Valley, CA Year Built: 1963 Units: 144 2x1 1+1 PHOTO 50% 50% Occupancy: - Phone: (818) 405 - 8487 Owner: Hanes Investment Realty Manager: Hanes Investment Realty

Type Number of Units Asking Rent Effective Rent Unit Square Feet Effective Rent per SF 1x1 1 Specific Unit $1,460 $1,460 470 $3.11 2x1 1 Specific Unit $1,700 $1,700 650 $2.62

Concession: None

Amenities: Laundry On Site Granite Countertops Courtyards Gas Stove

Pictures:

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

www.GlenoaksGardens.com 30 GLENOAKS BLVD.

III. AREA OVERVIEW Sun Valley SUN VALLEY

Glenoaks Gardens is located on Glenoaks Boulevard in the bustling suburban bedroom community of Sun Valley, just down the street from the city of Burbank. The 82-unit apartment building is less than three miles away from the Hollywood Burbank Airport and is centrally located in proximity to major employment hubs such as Burbank, Glendale and North Hollywood. The property enjoys easy access to the 5, 118, 134, and 170 freeways, and is less than one mile to the Antelope Valley Metrolink Sun Valley Train Station.

According to CoStar, the Sun Valley submarket typically sees minimal multifamily development, although healthy rent growth and rock-bottom vacancies drove a slight uptick in construction in recent years. Vacancies are among the lowest in Los Angeles and have held below 3% for most of this cycle. The Sun Valley apartment market is typically sleepy and stable, as supply constraints and low vacancies limit net absorption. While a few new projects delivered in 2018, the amount of new supply was not sufficient to significantly alter fundamentals. Located at the northern edge of the San Fernando Valley, much of the submarket is zoned for single-family residences, which inhibits multifamily development.

www.GlenoaksGardens.com 33 SUN VALLEY POINTS OF INTEREST AND DEVELOPMENT

Approved $7 Million to Develop New Park in 1 Sun Valley • Park will inculde: - Half acre of land - Two splash ponds - Walking and fitness path - Outdoor fitness equipment - Public Art - BBQ & Picnic areas 3 - Shade from trees, public restrooms, lighting 1 throughout entire park Glenoaks 2 Sun Valley Recreation Center Gardens (Less than 1 mile from the Subject Property) • 17+ acre recreation center • Facility Features: - Baseball Diamond (Lighted), Basketball Courts (Lighted / Outdoor), Children’s Play Area, Football Field (Lighted), Picnic Tables, Soccer Field (Lighted), Tennis Courts (Lighted), Jogging Path, Kitchen, Pool with Slide, Multipurpose Room, Synthetic Turf Field (Lighted)

3 Alliance Marine Innovation and Technology 6-12 Complex • This free public charter school is part of a network of high-performing secondary schools in Los 2 Angeles • Charter School • College Prep School • STEM School • Alliance schools are also recognized by the California Department of Education and the U.S. Department of Education among the best in the nation with accolades including the California Distinguished School awards, California Gold Ribbon Award for Academic Excellence and the National Blue Ribbon, considered the highest honor a school can receive.

www.GlenoaksGardens.com 34 DEMOGRAPHICS HIGHLIGHTS within a 3-Mile Radius of 8601 Glenoaks Blvd. 2019

5,710 Businesses 137,094 2019 Population

63,250 139,297 2024 Population Employees

$83,898 2019 Average Household Income

$99,510 2024 Average Household Income TRANSPORTATION

ANTELOPE VALLEY TRAIN LINE The Antelope Valley Line is a commuter rail line that serves the Northern Los Angeles County area as part of the Metrolink system. The Antelope Valley Line has 19 trains en route to Union Station and 19 trains en route to Lancaster on weekdays and six trains each way on weekends. Portions of its route through Sun Valley run parallel to the former US Route 6, now San Fernando Road and Sierra Highway. The Antelope Valley Metrolink Station connects to Lancaster to Downtown Los Angeles. Downtown Los Angeles has over 68 million square feet of office space, and boasts having opened approximately 1,200 new restaurants, bars, retail shops and other amenities in the last decade.

Glenoaks Gardens is less than one mile to the Sun Valley Metro Train Station.

Glenoaks Gardens

Sun Valley Metrolink Station

www.GlenoaksGardens.com 36 DRIVE TIMES Glenoaks 8601 Glenoaks Blvd. Gardens Sun Valley, CA (without traffic)

HOLLYWOOD BURBANK AIRPORT 5 minutes Hollywood Burbank BURBANK North Airport 8 minutes Hollywood

NORTH HOLLYWOOD Sherman Studio 8 minutes Oaks City GLENDALE 10 minutes

STUDIO CITY 16 minutes Downtown SHERMAN OAKS Los Angeles 18 minutes

DOWNTOWN LOS ANGELES 20 minutes Los Angeles SANTA MONICA International 26 minutes Airport Pacific Ocean LOS ANGELES INTERNATIONAL AIRPORT 30 minutes

www.GlenoaksGardens.com 37

© 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:7311247 BURBANK

The city of Burbank has a nearly one to one ratio of employment to population and is one of only five cities in the Los Angeles County region that is federally classified as a job-rich “Central City”. The primary business sectors in the city include motion picture and television production, services, retail, and manufacturing.

Located less than two-miles from Glenoaks Gardens, Burbank is often referred to as “the media capital of the world”, based on the significant concentration of entertainment/ media companies that are headquartered, or have major operations, in Burbank. These companies include ABC Television, Cartoon Network, Clear Channel Communication, IDT Entertainment, NBC/Universal, Nickelodeon, Sony Pictures Digital, The Walt Disney Company, Warner Bros., Warner Music, and Yahoo!. The major entertainment/media companies in turn attract many related uses including: 1) special effects, digital houses, and production studios, including such companies as DIC Animation, Dick Clark Productions, and Westwind Media; and 2) post- production operations, including such companies as Foto-Kem Industries, Dolby, Technicolor, and Four Media. Information provided by the city of Burbank indicates that there are over 700 media related businesses operating in the city, including television networks, broadcasting companies, and music labels.

www.GlenoaksGardens.com 38 NORTH HOLLYWOOD

Approximately 1.5 miles from Glenoaks Gardens, North Hollywood, in the San Fernando Valley, is an eclectic neighborhood with modest residential blocks and the humming NoHo Arts District. The historic El Portal Theatre and many up-and-coming playhouses share the scene with art galleries, sound studios and the Academy of TV Arts and Sciences. The subway- accessible area also features retro- inspired cocktail lounges, craft beer bars, vintage shops and casual cafes.

www.GlenoaksGardens.com 39 GLENOAKS GARDENS 8601 Glenoaks Blvd. Sun Valley, CA 82 Units www.GlenoaksGardens.com

$26,200,000 Sun Valley

ADDISON APARTMENTS 14320 Addison St. North Hollywood Sherman Oaks, CA 56 Units www.AddisonApartments-CBRE.com $19,200,000

Encino Sherman Oaks Studio City GLENOAKS GARDENS is offered for sale by the same Seller as ADDISON APARTMENTS. The Properties may be purchased separately or together.

www.GlenoaksGardens.com 40 AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valua-tion, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detri-mental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confiden-tial Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior writ-ten authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expres-sions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

GLENOAKS BLVD.

$26,200,000 Priced Below Replacement Cost