Underwriting Report 14829 Mulberry Dr Mulberry Terrace 64 Unit Apartment Building Whittier, California - East Whittier City Neighborhood

PREPARED BY

Luis Carrion CCIM CEO/President 14829 Mulberry Dr - Mulberry Terrace

SUBJECT PROPERTY

Property Details 2

RENT COMPS

Map & List 6

Photo Comparison 8 Rent Comps Details 10 Unit Mix Summary 22 Ranking Chart By Bedroom 23 Changes in Rent Comps 25 Rent Trend Charts 28 Rent Trend Data 34

CONSTRUCTION

Overall Construction Map & Summary 36 Under Construction Map & List 37 Under Construction Details 39 Deliveries Past 12 Months Map & List 40 Delivered Property Details 41 Construction Summary 42

SALE COMPS

Map & List 48 Sale Comp Details 50 Sales Volume 53 Sales Pricing 54 Cap Rates 56 Top Buyers & Sellers 57

DEMOGRAPHICS

Overview 60 Age & Education 61 Ethnicity 62

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 64 Vacancy 65 Rent 68

Construction 70

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 14829 Mulberry Dr - Mulberry Terrace

Sales 74 Sales Past 12 Months 76 Supply & Demand Trends 78 Vacancy & Rent 80 Sale Trends 82 Deliveries & Under Construction 84

MULTI-FAMILY MARKET REPORT

Market Key Statistics 86 Vacancy 87 Rent 90 Construction 95 Under Construction Properties 97 Sales 99 Sales Past 12 Months 101 Economy 103 Market Submarkets 106 Supply & Demand Trends 110 Vacancy & Rent 112 Sale Trends 114 Deliveries & Under Construction 116

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Subject Property

14829 Mulberry Dr - Mulberry Terrace Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER No. of Units: 64 Mulberry Terrace Stories: 2 (562) 941-7899 Avg. Unit Size: 792 SF Type: Apartments - All Rent Type: Market OWNER Year Built: 1986 Family Trust & Siblings Tru Snodgrass Fa… Parking: 60 Spaces; 0.9 per Unit Purchased Dec 2018 Distance to Transit: - Not Disclosed

ASKING RENTS PER UNIT/SF VACANCY 12 MONTH NET ABSORPTION Current: $1,669 $2.02 /SF Current: 0.0% 0 Units Current: 0 Units Last Quarter: $1,666 $2.01 /SF Last Quarter: 0.0% 0 Units Competitor Total: 1 Unit Year Ago: $1,654 $2.00 /SF Year Ago: 0.0% 0 Units Competitor Avg: 0.1 Units Competitors: $1,586 $2.00 /SF Competitors: 3.0% 20 Units Submarket Total: 128 Units Submarket: $1,416 $1.89 /SF Submarket: 3.1% 2,192 Units Submarket Avg: 0.0 Units

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio - - 2 3.1% 0 0.0% $893 - $890 - 0.3% 1 - - 2 3.1% 0 0.0% $1,403 - $1,400 - 0.2% 2 2 845 60 93.8% 0 0.0% $1,704 $2.02 $1,699 $2.01 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios - 2 3.1% 0 0.0% $893 - $890 - 0.3% All 1 Beds - 2 3.1% 0 0.0% $1,403 - $1,400 - 0.2% All 2 Beds 845 60 93.8% 0 0.0% $1,704 $2.02 $1,699 $2.01 0.3% Totals 845 64 100% 0 0.0% $1,669 $2.02 $1,665 $2.01 0.3% Estimate

SITE AMENITIES Courtyard Grill Laundry Facilities Recycling

UNIT AMENITIES Air Conditioning Dishwasher Heating Kitchen Range

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RECURRING EXPENSES Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $30 PET POLICY No Pets Allowed

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 3 Subject Property

Primary Building

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 4 Rent Comparables 14829 Mulberry Dr Mulberry Terrace 64 Unit Apartment Building Whittier, California - East Whittier City Neighborhood

PREPARED BY

Luis Carrion CCIM CEO/President Rent Comparables Summary 14829 Mulberry Dr - Mulberry Terrace

No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate 12 $1,586 $2.30 3.0% RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High Total Units 37 56 50 94 Studio Units 0 2 0 11 One Bedroom Units 0 28 25 65 Two Bedroom Units 4 25 25 48 Three Bedroom Units 0 1 0 4

Property Attributes Low Average Median High Year Built 1958 1966 1965 1973 Number of Floors 1 2 2 3 Average Unit Size SF 598 794 770 1,027 Vacancy Rate 0.0% 3.0% 1.8% 11.9%

Star Rating 2.0

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 6 Rent Comparables Summary 14829 Mulberry Dr - Mulberry Terrace

Property Size Asking Rent Per Month Per Unit

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF Rancho La Mirada Apart… 1 - 1973 52 598 $1,121 $1,478 $1,631 - $2.44 11330 La Mirada Blvd Villa De Oro Apartments 2 - 1972 82 663 $1,353 $1,553 $1,955 $2,205 $2.35 14430 Mulberry Dr Brighton Place 3 - 1972 47 754 - $1,616 $2,010 $2,338 $2.26 14410 Mulberry Dr Pinecrest Apartments 4 - 1964 63 761 $1,427 $1,598 $2,028 - $2.18 15040 Leffingwell Rd Casa Colima 5 - 1972 94 769 $1,337 $1,504 $1,785 - $2.14 10640 Colima Rd Kona Palms Apartments 6 - 1959 37 669 - $1,042 $1,798 $2,199 $2.03 14119 Mulberry Dr Mulberry Terrace - 1986 64 792 - $1,403 $1,704 - $2.02 14829 Mulberry Dr East Whittier Terrace 7 - 1967 50 240 - $1,453 $1,675 - $2.00 10635 Colima Rd Eastridge Terrace Apartm… 8 - 1963 49 979 - $1,578 $1,909 - $1.86 11317 La Mirada Blvd Sandpiper Apartments 9 - 1965 71 861 $1,130 $1,476 $1,701 - $1.86 14515 Leffingwell Rd Candlewood 10 - 1958 42 1,000 - - $1,626 $2,632 $1.67 11500 Colima Rd Colima Villa Apartments 11 - 1965 45 1,027 - $1,391 $1,689 $1,872 $1.57 11442 Colima Rd Monte Vista Home Apart… 12 - 1964 41 771 - $1,074 $1,268 - $1.53 11510 Colima Rd

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 7 Rent Comparables Photo Comparison 14829 Mulberry Dr

1 Rancho La Mirada Apartme… 2 Villa De Oro Apartments 3 Brighton Place 11330 La Mirada Blvd 14430 Mulberry Dr 14410 Mulberry Dr 52 Units / 2 Stories 82 Units / 2 Stories 47 Units / 2 Stories Rent/SF $2.44, Vacancy 3.9% Rent/SF $2.35, Vacancy 0% Rent/SF $2.26, Vacancy 0% Owner: Wayne Kerbs Trust Owner: Benjamin V Rodriguez Owner: L'Abri Management, Inc.

4 Pinecrest Apartments 5 Casa Colima 6 Kona Palms Apartments 15040 Leffingwell Rd 10640 Colima Rd 14119 Mulberry Dr 63 Units / 2 Stories 94 Units / 3 Stories 37 Units / 2 Stories Rent/SF $2.18, Vacancy 12.7% Rent/SF $2.14, Vacancy 0% Rent/SF $2.03, Vacancy 0% Owner: L'Abri Management, Inc. Owner: Revere Village Associates Owner: Carmen Torreblanca;Carmen…

Subject Property

Mulberry Terrace 7 East Whittier Terrace 8 Eastridge Terrace Apartments 14829 Mulberry Dr 10635 Colima Rd 11317 La Mirada Blvd 64 Units / 2 Stories 50 Units / 2 Stories 49 Units / 1 Story Rent/SF $2.02, Vacancy 0% Rent/SF $2.00, Vacancy 0% Rent/SF $1.86, Vacancy 0% Owner: Family Trust & Siblings Tru S… Owner: Andrea Dee Owner: Sirott Investments

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395

Page 8 Rent Comparables Photo Comparison 14829 Mulberry Dr

9 Sandpiper Apartments 10 Candlewood 11 Colima Villa Apartments 14515 Leffingwell Rd 11500 Colima Rd 11442 Colima Rd 71 Units / 2 Stories 42 Units / 2 Stories 45 Units / 2 Stories Rent/SF $1.86, Vacancy 7.0% Rent/SF $1.67, Vacancy 2.4% Rent/SF $1.57, Vacancy 4.4% Owner: Jehan Shahid Owner: William C & Shelley Suh Owner: Four Point Investment Comp…

12 Monte Vista Home Apartme… 11510 Colima Rd 41 Units / 2 Stories Rent/SF $1.53, Vacancy 2.4% Owner: Rio Company

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395

Page 9 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

1 11330 La Mirada Blvd - Rancho La Mirada Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 52 Units, 2 Floors Beach Front - Rancho La Mirada Apartments Avg. Unit Size: 598 SF (562) 903-4955 Year Built: 1973 Type: Apartments - All OWNER Rent Type: Market Purchased May 2013 Parking: - $5,480,000 ($105,385/Unit) Distance to Subject: 0.62 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 400 10 19.2% 0 0.0% $1,121 $2.80 $1,115 $2.79 0.6% 1 1 550 26 50.0% 1 3.9% $1,478 $2.69 $1,470 $2.67 0.5% 2 1 800 16 30.8% 1 6.3% $1,631 $2.04 $1,621 $2.03 0.6%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 400 10 19.2% 0 0.0% $1,121 $2.80 $1,115 $2.79 0.6% All 1 Beds 550 26 50.0% 1 3.9% $1,478 $2.69 $1,470 $2.67 0.5% All 2 Beds 800 16 30.8% 1 6.3% $1,631 $2.04 $1,621 $2.03 0.6% Totals 598 52 100% 2 3.9% $1,456 $2.43 $1,448 $2.42 0.6% Estimate Updated March 21, 2021

SITE AMENITIES Gated, Laundry Facilities, Property Manager on Site

UNIT AMENITIES Air Conditioning, Breakfast Nook, Carpet, Ceiling Fans, Disposal, Granite Countertops, Oven, Range, Refrigerator, Storage Space

RECURRING EXPENSES Dog Rent $25 Cat Rent $50 Free Gas, Water, Heat, Trash Removal,…

ONE TIME EXPENSES Dog Deposit $700 Cat Deposit $700 Application Fee $25

PET POLICY Dog Allowed$700 Deposit, $25/Mo Cat Allowed$700 Deposit, $50/Mo

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 10 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

2 14430 Mulberry Dr - Villa De Oro Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 82 Units, 2 Floors Madacha - Villa De Oro Avg. Unit Size: 660 SF (562) 941-8933 Year Built: 1972 Type: Apartments - All OWNER Rent Type: Market Purchased May 1998 Parking: 50 Spaces; 0.6 per Unit $3,375,000 ($41,159/Unit) Distance to Subject: 0.46 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 - - - - - $1,353 - $1,349 - 0.3% Studio 1 400 11 13.4% 0 0.0% $1,353 $3.38 $1,350 $3.37 0.3% 1 1 680 65 79.3% 0 0.0% $1,553 $2.28 $1,549 $2.28 0.2% 2 1 900 4 4.9% 0 0.0% $1,955 $2.17 $1,950 $2.17 0.2% 3 1.5 1,100 2 2.4% 0 0.0% $2,205 $2.00 $2,200 $2.00 0.2%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 400 11 13.4% 0 0.0% $1,353 $3.38 $1,350 $3.37 0.3% All 1 Beds 680 65 79.3% 0 0.0% $1,553 $2.28 $1,549 $2.28 0.2% All 2 Beds 900 4 4.9% 0 0.0% $1,955 $2.17 $1,950 $2.17 0.2% All 3 Beds 1,100 2 2.4% 0 0.0% $2,205 $2.00 $2,200 $2.00 0.2% Totals 663 82 100% 0 0.0% $1,559 $2.35 $1,555 $2.35 0.3% Estimate Updated March 21, 2021

SITE AMENITIES Courtyard, Laundry Facilities, Pool

UNIT AMENITIES Heating, Kitchen, Range, Refrigerator, Tub/Shower

RECURRING EXPENSES Assigned Covered Parking $0 Unassigned Covered Parking $0 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $35

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3 14410 Mulberry Dr - Brighton Place Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 47 Units, 2 Floors L'Abri - Brighton Place Avg. Unit Size: 754 SF (562) 777-3400 Year Built: 1972 Type: Apartments - All OWNER Rent Type: Market Purchased Jan 2007 Parking: 65 Spaces; 1.4 per Unit $5,553,000 ($118,149/Unit) Distance to Subject: 0.55 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 700 38 80.9% 0 0.0% $1,616 $2.31 $1,612 $2.30 0.3% 2 1 950 7 14.9% 0 0.0% $2,010 $2.12 $2,004 $2.11 0.3% 3 1.5 1,100 2 4.3% 0 0.0% $2,338 $2.13 $2,332 $2.12 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 700 38 80.9% 0 0.0% $1,616 $2.31 $1,612 $2.30 0.3% All 2 Beds 950 7 14.9% 0 0.0% $2,010 $2.12 $2,004 $2.11 0.3% All 3 Beds 1,100 2 4.3% 0 0.0% $2,338 $2.13 $2,332 $2.12 0.3% Totals 754 47 100% 0 0.0% $1,705 $2.26 $1,701 $2.25 0.3% Estimate Updated March 21, 2021

SITE AMENITIES Gated, Laundry Facilities, Online Services

UNIT AMENITIES Air Conditioning, Balcony, Carpet, Ceiling Fans, Dishwasher, Fireplace, Heating, Patio, Range

RECURRING EXPENSES Free Water, Trash Removal

ONE TIME EXPENSES Application Fee $25

PET POLICY No Pets Allowed

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 12 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

4 15040 Leffingwell Rd - Pinecrest Apartments La Mirada, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 63 Units, 2 Floors L'Abri - Pinecrest Apartments Avg. Unit Size: 761 SF (562) 902-0450 Year Built: 1964 Type: Apartments - All OWNER Rent Type: Market Purchased May 2006 Parking: 63 Spaces; 1.0 per Unit $7,925,000 ($125,794/Unit) Distance to Subject: 0.72 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 580 4 6.3% 0 0.0% $1,427 $2.46 $1,413 $2.44 1.0% 1 1 737 49 77.8% 6 12.2% $1,598 $2.17 $1,582 $2.15 1.0% 2 1 950 10 15.9% 1 10.0% $2,028 $2.14 $2,008 $2.11 1.0%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 580 4 6.3% 0 0.0% $1,427 $2.46 $1,413 $2.44 1.0% All 1 Beds 737 49 77.8% 6 12.2% $1,598 $2.17 $1,582 $2.15 1.0% All 2 Beds 950 10 15.9% 1 10.0% $2,028 $2.14 $2,008 $2.11 1.0% Totals 761 63 100% 7 11.1% $1,655 $2.18 $1,639 $2.15 1.0% Estimate Updated March 21, 2021

SITE AMENITIES Laundry Facilities, Pool, Property Manager on Site

UNIT AMENITIES Air Conditioning, Ceiling Fans, Heating, Kitchen

RECURRING EXPENSES Assigned Covered Parking $0 Unassigned Covered Parking $0 Storage Fee $75 Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $25

PET POLICY No Pets Allowed

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 13 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

5 10640 Colima Rd - Casa Colima Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 94 Units, 3 Floors Mooschekian - Casa Colima Avg. Unit Size: 768 SF (562) 944-3628 Year Built: 1972 Type: Apartments - All OWNER Rent Type: Market - Parking: 100 Spaces; 1.1 per Unit Distance to Subject: 0.10 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 475 2 2.1% 0 0.0% $1,337 $2.81 $1,333 $2.81 0.3% 1 1 637 44 46.8% 0 0.0% $1,504 $2.36 $1,500 $2.35 0.2% 2 1 780 9 9.6% 0 0.0% $1,704 $2.18 $1,700 $2.18 0.2% 2 2 930 39 41.5% 0 0.0% $1,804 $1.94 $1,800 $1.94 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 475 2 2.1% 0 0.0% $1,337 $2.81 $1,333 $2.81 0.3% All 1 Beds 637 44 46.8% 0 0.0% $1,504 $2.36 $1,500 $2.35 0.2% All 2 Beds 902 48 51.1% 0 0.0% $1,785 $1.98 $1,781 $1.97 0.2% Totals 769 94 100% 0 0.0% $1,644 $2.14 $1,640 $2.13 0.2% Estimate Updated March 21, 2021

SITE AMENITIES Gated, Grill, Laundry Facilities, Spa

UNIT AMENITIES Air Conditioning, Balcony, Ceiling Fans, Dishwasher, Heating, Patio, Range

RECURRING EXPENSES Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $35

PET POLICY No Pets Allowed

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6 14119 Mulberry Dr - Kona Palms Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 37 Units, 2 Floors Beach Front - Kona Palms Apartments Avg. Unit Size: 669 SF (562) 693-1687 Year Built: 1959 Type: Apartments - All OWNER Rent Type: Market Purchased Nov 2020 Parking: 41 Spaces; 1.1 per Unit $9,495,000 ($263,750/Unit) Distance to Subject: 0.95 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 500 23 62.2% 0 0.0% $1,042 $2.08 $1,039 $2.08 0.3% 2 1 900 11 29.7% 0 0.0% $1,798 $2.00 $1,792 $1.99 0.3% 3 1 1,150 1 2.7% 0 0.0% $2,199 $1.91 $2,192 $1.91 0.3% 3 2 1,100 2 5.4% 0 0.0% $2,199 $2.00 $2,193 $1.99 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 500 23 62.2% 0 0.0% $1,042 $2.08 $1,039 $2.08 0.3% All 2 Beds 900 11 29.7% 0 0.0% $1,798 $2.00 $1,792 $1.99 0.3% All 3 Beds 1,117 3 8.1% 0 0.0% $2,199 $1.97 $2,192 $1.96 0.3% Totals 669 37 100% 0 0.0% $1,361 $2.03 $1,356 $2.03 0.3% Estimate Updated March 21, 2021

SITE AMENITIES Recycling

UNIT AMENITIES Cable Ready, Kitchen

RECURRING EXPENSES Dog Rent $35 Cat Rent $35 Unassigned Covered Parking $5-0

ONE TIME EXPENSES Dog Deposit $400 Cat Deposit $400 Application Fee $35

PET POLICY Dog Allowed$400 Deposit, $35/Mo, 25 lb. Maximum Cat Allowed$400 Deposit, $35/Mo, 25 lb. Maximum

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 15 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

7 10635 Colima Rd - East Whittier Terrace Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 50 Units, 2 Floors Mooschekian - East Whittier Terrace Avg. Unit Size: 560 SF (562) 944-8258 Year Built: 1967 Type: Apartments - All OWNER Rent Type: Market - Parking: - Distance to Subject: 0.11 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 - 15 30.0% 0 0.0% $1,453 - $1,450 - 0.3% 2 1 800 15 30.0% 0 0.0% $1,604 $2.00 $1,599 $2.00 0.3% 2 2 - 20 40.0% 0 0.0% $1,729 - $1,724 - 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds - 15 30.0% 0 0.0% $1,453 - $1,450 - 0.3% All 2 Beds 800 35 70.0% 0 0.0% $1,675 $2.00 $1,671 $2.00 0.3% Totals 800 50 100% 0 0.0% $1,609 $2.00 $1,604 $2.00 0.3% Estimate Updated March 21, 2021

SITE AMENITIES Grill, Laundry Facilities, Maintenance on site, Online Services, Pool

UNIT AMENITIES Air Conditioning, Ceiling Fans, Freezer, Heating, Kitchen, Oven, Refrigerator, Storage Space, Tub/Shower

RECURRING EXPENSES Assigned Covered Parking $0 Unassigned Covered Parking $0 Free Water, Trash Removal

ONE TIME EXPENSES Application Fee $50

PET POLICY Bird Allowed Fish Allowed Reptile Allowed

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8 11317 La Mirada Blvd - Eastridge Terrace Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 49 Units, 1 Floors Sirott - Eastridge Terrace Garden Avg. Unit Size: 978 SF (562) 944-1360 Year Built: 1963 Type: Apartments - All OWNER Rent Type: Market Purchased Aug 2012 Parking: - $7,750,000 ($158,163/Unit) Distance to Subject: 0.58 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 750 13 26.5% 0 0.0% $1,578 $2.10 $1,573 $2.10 0.3% 2 1 1,000 25 51.0% 0 0.0% $1,878 $1.88 $1,872 $1.87 0.3% 2 2 1,200 11 22.4% 0 0.0% $1,979 $1.65 $1,972 $1.64 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 750 13 26.5% 0 0.0% $1,578 $2.10 $1,573 $2.10 0.3% All 2 Beds 1,061 36 73.5% 0 0.0% $1,909 $1.80 $1,903 $1.79 0.3% Totals 979 49 100% 0 0.0% $1,821 $1.86 $1,815 $1.85 0.3% Estimate Updated March 21, 2021

SITE AMENITIES Laundry Facilities, Property Manager on Site

UNIT AMENITIES Air Conditioning, Balcony, Carpet, Dishwasher, Fireplace, Heating, Kitchen, Patio, Storage Space

RECURRING EXPENSES Free Water, Trash Removal

ONE TIME EXPENSES Dog Deposit $500 Cat Deposit $500 Application Fee $25

PET POLICY Dog Allowed$500 Deposit, 1 Maximum, 20 lb. Maximum Cat Allowed$500 Deposit, 1 Maximum, 20 lb. Maximum

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9 14515 Leffingwell Rd - Sandpiper Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 71 Units, 2 Floors Sandpiper Apartments Avg. Unit Size: 861 SF (562) 944-9140 Year Built: 1965 Type: Apartments - All OWNER Rent Type: Market Purchased Mar 2017 Parking: 105 Spaces; 1.5 per Unit $14,400,000 ($202,817/Unit) Distance to Subject: 0.83 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions Studio 1 450 1 1.4% 0 0.0% $1,130 $2.51 $1,126 $2.50 0.4% 1 1 750 29 40.8% 4 13.8% $1,476 $1.97 $1,461 $1.95 1.0% 2 1 950 41 57.7% 1 2.4% $1,701 $1.79 $1,693 $1.78 0.5%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All Studios 450 1 1.4% 0 0.0% $1,130 $2.51 $1,126 $2.50 0.4% All 1 Beds 750 29 40.8% 4 13.8% $1,476 $1.97 $1,461 $1.95 1.0% All 2 Beds 950 41 57.7% 1 2.4% $1,701 $1.79 $1,693 $1.78 0.5% Totals 861 71 100% 5 7.0% $1,601 $1.86 $1,590 $1.85 0.7% Estimate Updated March 21, 2021

SITE AMENITIES Laundry Facilities, Picnic Area, Security System

UNIT AMENITIES Air Conditioning, Disposal, Heating, Kitchen, Range

ONE TIME EXPENSES Application Fee $30

PET POLICY No Pets Allowed

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 18 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

10 11500 Colima Rd - Candlewood Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 42 Units, 2 Floors Sunny California Real Estate Group Avg. Unit Size: 1,000 SF (714) 476-6780 Year Built: 1958 Type: Apartments - All OWNER Rent Type: Market Purchased Jul 2014 Parking: 72 Spaces; 1.7 per Unit $6,900,000 ($160,465/Unit) Distance to Subject: 0.77 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 2 1 950 20 47.6% 1 5.0% $1,588 $1.67 $1,581 $1.66 0.5% 2 2 1,000 20 47.6% 1 5.0% $1,664 $1.66 $1,656 $1.66 0.5% 3 2.5 1,500 2 4.8% 0 0.0% $2,632 $1.75 $2,624 $1.75 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 2 Beds 975 40 95.2% 2 5.0% $1,626 $1.67 $1,618 $1.66 0.5% All 3 Beds 1,500 2 4.8% 0 0.0% $2,632 $1.75 $2,624 $1.75 0.3% Totals 1,000 42 100% 2 4.8% $1,674 $1.67 $1,666 $1.67 0.4% Estimate Updated March 21, 2021

SITE AMENITIES Laundry Facilities, Recycling

UNIT AMENITIES Air Conditioning, Balcony

RECURRING EXPENSES Free Water, Trash Removal

ONE TIME EXPENSES Admin Fee $240

PET POLICY Dog Allowed Cat Allowed small breed/on leash/well behaved

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11 11442 Colima Rd - Colima Villa Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 45 Units, 2 Floors Beach Front - Colima Villa Apartments Avg. Unit Size: 1,026 SF (562) 480-9734 Year Built: 1965 Type: Apartments - All OWNER Rent Type: Market Purchased Jan 2019 Parking: 66 Spaces; 1.5 per Unit $11,500,000 ($255,556/Unit) Distance to Subject: 0.74 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 800 14 31.1% 0 0.0% $1,391 $1.74 $1,386 $1.73 0.4% 2 1 1,000 15 33.3% 1 6.7% $1,676 $1.68 $1,664 $1.66 0.7% 2 2 1,200 12 26.7% 1 8.3% $1,704 $1.42 $1,691 $1.41 0.7% 3 2 1,400 4 8.9% 0 0.0% $1,872 $1.34 $1,867 $1.33 0.3%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 800 14 31.1% 0 0.0% $1,391 $1.74 $1,386 $1.73 0.4% All 2 Beds 1,089 27 60.0% 2 7.4% $1,689 $1.55 $1,676 $1.54 0.7% All 3 Beds 1,400 4 8.9% 0 0.0% $1,872 $1.34 $1,867 $1.33 0.3% Totals 1,027 45 100% 2 4.4% $1,612 $1.57 $1,603 $1.56 0.6% Estimate Updated March 21, 2021

RECURRING EXPENSES Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $30

PET POLICY No Pets Allowed

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 20 Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

12 11510 Colima Rd - Monte Vista Home Apartments Whittier, California - East Whittier City Neighborhood

PROPERTY PROPERTY MANAGER Property Size: 41 Units, 2 Floors Monte Vista Home Apartments Avg. Unit Size: 771 SF (562) 946-8453 Year Built: 1964 Type: Apartments - All OWNER Rent Type: Market Purchased Sep 2017 Parking: 63 Spaces; 1.5 per Unit $8,891,169 ($218,367/Unit) - Part of Portfolio Distance to Subject: 0.79 Miles Distance to Transit: -

UNIT BREAKDOWN

Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 708 19 46.3% 1 5.3% $1,074 $1.52 $1,069 $1.51 0.5% 2 1 825 17 41.5% 1 5.9% $1,277 $1.55 $1,270 $1.54 0.5% 2 2 826 5 12.2% 0 0.0% $1,238 $1.50 $1,231 $1.49 0.5%

Totals Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions All 1 Beds 708 19 46.3% 1 5.3% $1,074 $1.52 $1,069 $1.51 0.5% All 2 Beds 825 22 53.7% 1 4.6% $1,268 $1.54 $1,261 $1.53 0.5% Totals 771 41 100% 2 4.9% $1,178 $1.53 $1,172 $1.52 0.5% Estimate Updated March 21, 2021

SITE AMENITIES Courtyard, Laundry Facilities

UNIT AMENITIES Air Conditioning, Heating, Kitchen, Range

RECURRING EXPENSES Free Water, Trash Removal, Sewer

ONE TIME EXPENSES Application Fee $25

PET POLICY No Pets Allowed

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 21 Rent Comparables by Bedroom 14829 Mulberry Dr - Mulberry Terrace

Studio Comps One Bed Comps Two Bed Comps Three Bed Comps $1,272 $1,475 $1,715 $2,187

Subject Subject Subject Subject - $1,403 $1,704 -

Current Conditions in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Total Number of Units 28 335 297 13 Vacancy Rate 3.5% 3.4% 2.6% 0.5% Asking Rent Per Unit $1,272 $1,475 $1,715 $2,187 Asking Rent Per SF $2.94 $2.18 $1.82 $1.74 Effective Rents Per Unit $1,266 $1,468 $1,708 $2,181 Effective Rents Per SF $2.92 $2.17 $1.81 $1.73 Concessions 0.5% 0.5% 0.4% 0.3% Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Year-Over-Year Effective Rent Growth 2.2% 1.9% 1.8% 0.7% Year-Over-Year Vacancy Rate Change -0.4% -0.5% 0.3% -0.1% 12 Month Net Absorption in Units 0 1 -1 0

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 22 One Bedroom Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

Change in Rent

Property Name/Address Rating One Bedroom Rent Per Unit Rent/SF Quarter Year

Brighton Place $1,616 $2.31 0.2% 2.5% 14410 Mulberry Dr

Pinecrest Apartments $1,598 $2.17 -2.2% 6.9% 15040 Leffingwell Rd

Eastridge Terrace Apartments $1,578 $2.10 0.2% 0.8% 11317 La Mirada Blvd

Villa De Oro Apartments $1,553 $2.28 0.2% 0.2% 14430 Mulberry Dr

Casa Colima $1,504 $2.36 0.2% 2.7% 10640 Colima Rd

Rancho La Mirada Apartments $1,478 $2.69 0.2% 0.9% 11330 La Mirada Blvd

Sandpiper Apartments $1,476 $1.97 0.2% 0.9% 14515 Leffingwell Rd

East Whittier Terrace $1,453 - 0.2% 0.9% 10635 Colima Rd

Mulberry Terrace $1,403 - 0.2% 0.9% 14829 Mulberry Dr

Colima Villa Apartments $1,391 $1.74 0.2% 0.3% 11442 Colima Rd

Monte Vista Home Apartments $1,074 $1.52 0.2% 0.9% 11510 Colima Rd

Kona Palms Apartments $1,042 $2.08 0.2% 0.2% 14119 Mulberry Dr $600 $950 $1,300 $1,650 $2,000

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 23 Two Bedroom Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

Change in Rent

Property Name/Address Rating Two Bedroom Rent Per Unit Rent/SF Quarter Year

Pinecrest Apartments $2,028 $2.14 0.2% 7.0% 15040 Leffingwell Rd

Brighton Place $2,010 $2.12 0.2% 2.4% 14410 Mulberry Dr

Villa De Oro Apartments $1,955 $2.17 0.2% 0.2% 14430 Mulberry Dr

Eastridge Terrace Apartments $1,909 $1.80 0.2% 0.4% 11317 La Mirada Blvd $1,878 $1,979

Kona Palms Apartments $1,798 $2.00 0.2% 0.2% 14119 Mulberry Dr

Casa Colima $1,785 $1.98 0.2% 5.8% 10640 Colima Rd $1,704 $1,804

Mulberry Terrace $1,704 $2.02 0.2% 0.9% 14829 Mulberry Dr

Sandpiper Apartments $1,701 $1.79 0.2% 0.9% 14515 Leffingwell Rd

Colima Villa Apartments $1,689 $1.55 0.2% 0.3% 11442 Colima Rd $1,676 $1,704

East Whittier Terrace $1,675 $2.00 0.2% 0.9% 10635 Colima Rd $1,604 $1,729

Rancho La Mirada Apartments $1,631 $2.04 0.2% 0.9% 11330 La Mirada Blvd

Candlewood $1,626 $1.67 0.2% 0.9% 11500 Colima Rd $1,588 $1,664

Monte Vista Home Apartments $1,268 $1.54 0.2% 0.9% 11510 Colima Rd $1,238 $1,277 $400 $900 $1,400 $1,900 $2,400

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 24 Changes in Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

VACANCY CHANGES PAST QUARTER & YEAR

Vacancy Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Sandpiper Apartments - 14515 Leffingwell Rd 71 6.6% 6.8% 6.5% -0.1% 0.1%

Villa De Oro Apartments - 14430 Mulberry Dr 83 0% 0.1% 3.5% 0% -3.4%

Candlewood - 11500 Colima Rd 42 2.7% 2.7% 2.7% 0% 0%

Casa Colima - 10640 Colima Rd 94 0% 0% 1.7% 0% -1.7%

Brighton Place - 14410 Mulberry Dr 47 0.3% 0.3% 0% 0% 0.3%

Pinecrest Apartments - 15040 Leffingwell Rd 63 11.9% 11.9% 11.2% 0% 0.7%

Kona Palms Apartments - 14119 Mulberry Dr 37 0.8% 0.8% 0% 0.1% 0.8%

Rancho La Mirada Apartments - 11330 La Mirad… 52 4.1% 4.0% 1.9% 0.1% 2.2%

Monte Vista Home Apartments - 11510 Colima Rd 41 3.6% 3.5% 2.7% 0.1% 0.9%

Colima Villa Apartments - 11442 Colima Rd 45 4.5% 4.3% 3.5% 0.2% 1.0%

East Whittier Terrace - 10635 Colima Rd 50 0.3% 0.1% 0% 0.2% 0.3%

Eastridge Terrace Apartments - 11317 La Mirad… 49 0.9% 0.8% 0% 0.2% 0.9%

Mulberry Terrace - 14829 Mulberry Dr 64 0.4% 0.2% 0% 0.2% 0.4%

ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Pinecrest Apartments - 15040 Leffingwell Rd 4 $1,427 $1,440 $1,295 -0.9% 10.2%

Mulberry Terrace - 14829 Mulberry Dr 2 $893 $891 $885 0.2% 0.9%

Sandpiper Apartments - 14515 Leffingwell Rd 1 $1,130 $1,128 $1,120 0.2% 0.9%

Casa Colima - 10640 Colima Rd 2 $1,337 $1,334 $1,279 0.2% 4.5%

Rancho La Mirada Apartments - 11330 La Mirad… 10 $1,121 $1,119 $1,111 0.2% 0.9%

Villa De Oro Apartments - 14430 Mulberry Dr 12 $1,353 $1,351 $1,350 0.2% 0.3%

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ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Pinecrest Apartments - 15040 Leffingwell Rd 49 $1,598 $1,634 $1,495 -2.2% 6.9%

Mulberry Terrace - 14829 Mulberry Dr 2 $1,403 $1,401 $1,390 0.2% 0.9%

Colima Villa Apartments - 11442 Colima Rd 14 $1,391 $1,388 $1,386 0.2% 0.3%

Eastridge Terrace Apartments - 11317 La Mirad… 13 $1,578 $1,575 $1,565 0.2% 0.8%

Monte Vista Home Apartments - 11510 Colima Rd 19 $1,074 $1,072 $1,064 0.2% 0.9%

Kona Palms Apartments - 14119 Mulberry Dr 23 $1,042 $1,040 $1,039 0.2% 0.2%

Rancho La Mirada Apartments - 11330 La Mirad… 26 $1,478 $1,475 $1,464 0.2% 0.9%

Villa De Oro Apartments - 14430 Mulberry Dr 65 $1,553 $1,550 $1,550 0.2% 0.2%

Casa Colima - 10640 Colima Rd 44 $1,504 $1,501 $1,464 0.2% 2.7%

Brighton Place - 14410 Mulberry Dr 38 $1,616 $1,613 $1,576 0.2% 2.5%

Sandpiper Apartments - 14515 Leffingwell Rd 29 $1,476 $1,473 $1,462 0.2% 0.9%

East Whittier Terrace - 10635 Colima Rd 15 $1,453 $1,451 $1,440 0.2% 0.9%

ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Pinecrest Apartments - 15040 Leffingwell Rd 10 $2,028 $2,025 $1,895 0.2% 7.0%

Eastridge Terrace Apartments - 11317 La Mirad… 36 $1,909 $1,906 $1,902 0.2% 0.4%

Rancho La Mirada Apartments - 11330 La Mirad… 16 $1,631 $1,628 $1,616 0.2% 0.9%

Villa De Oro Apartments - 14430 Mulberry Dr 4 $1,955 $1,951 $1,950 0.2% 0.2%

Kona Palms Apartments - 14119 Mulberry Dr 11 $1,798 $1,795 $1,795 0.2% 0.2%

Candlewood - 11500 Colima Rd 40 $1,626 $1,623 $1,611 0.2% 0.9%

Colima Villa Apartments - 11442 Colima Rd 27 $1,689 $1,685 $1,684 0.2% 0.3%

Monte Vista Home Apartments - 11510 Colima Rd 22 $1,268 $1,266 $1,257 0.2% 0.9%

Sandpiper Apartments - 14515 Leffingwell Rd 41 $1,701 $1,697 $1,685 0.2% 0.9%

Casa Colima - 10640 Colima Rd 48 $1,785 $1,782 $1,688 0.2% 5.8%

Mulberry Terrace - 14829 Mulberry Dr 60 $1,704 $1,701 $1,688 0.2% 0.9%

East Whittier Terrace - 10635 Colima Rd 35 $1,675 $1,672 $1,660 0.2% 0.9%

Brighton Place - 14410 Mulberry Dr 7 $2,010 $2,006 $1,963 0.2% 2.4%

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 26 Changes in Rent Comparables 14829 Mulberry Dr - Mulberry Terrace

ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM

Rents Levels Change

Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year

Kona Palms Apartments - 14119 Mulberry Dr 3 $2,199 $2,195 $2,195 0.2% 0.2%

Colima Villa Apartments - 11442 Colima Rd 4 $1,872 $1,869 $1,866 0.2% 0.3%

Candlewood - 11500 Colima Rd 2 $2,632 $2,627 $2,608 0.2% 0.9%

Brighton Place - 14410 Mulberry Dr 2 $2,338 $2,333 $2,283 0.2% 2.4%

Villa De Oro Apartments - 14430 Mulberry Dr 2 $2,205 $2,201 $2,200 0.2% 0.2%

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 27 Rent Trends 14829 Mulberry Dr - Mulberry Terrace

Southeast Los Angeles 1- PROPERTY ATTRIBUTES Mulberry Terrace Rent Comps Los Angeles 1-3 Star 3 Star Existing Units 64 673 68,284 1,064,174

Building Rating 2.1 2.1

Under Construction as % of Inventory - - 0.2% 0.3%

Southeast Los Angeles 1- UNIT MIX Mulberry Terrace Rent Comps Los Angeles 1-3 Star 3 Star 2 Bedroom - 2 Bath 94% 16% 5% 12%

Southeast Los Angeles 1- ASKING RENTS PER SF Mulberry Terrace Rent Comps Los Angeles 1-3 Star 3 Star 2 Bedroom - 2 Bath $2.02 $1.73 $1.95 $2.21

Concessions 0.3% 0.5% 0.5% 0.7%

Southeast Los Angeles 1- AVERAGE EFFECTIVE RENT GROWTH Mulberry Terrace Rent Comps Los Angeles 1-3 Star 3 Star Current Quarter 0.2% 0.0% 0.1% 0.5%

1 Year Rent Growth 0.9% 1.9% 1.5% -0.2%

3 Year Rent Growth 0.0% 10.8% 9.1% 4.9%

5 Year Rent Growth 32.0% 22.8% 20.5% 14.0%

All-Time Average 2.6% 2.7% 2.6% 2.5%

Southeast Los Angeles 1- VACANCY RATE Mulberry Terrace Rent Comps Los Angeles 1-3 Star 3 Star Current Quarter 0.0% 3.0% 3.3% 5.2%

Last Quarter 0.0% 2.9% 3.3% 5.3%

1 Year Ago 0.0% 3.1% 3.3% 4.5%

3 Years Ago 0.0% 3.3% 2.8% 3.7%

5 Years Ago 0.0% 2.4% 2.7% 3.5%

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STUDIO ASKING RENT PER SQUARE FOOT

ONE BEDROOM ASKING RENT PER SQUARE FOOT

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TWO BEDROOM ASKING RENT PER SQUARE FOOT

OVERALL ASKING RENT PER SQUARE FOOT

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OVERALL EFFECTIVE RENT PER SQUARE FOOT

ANNUAL EFFECTIVE RENT GROWTH

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CONCESSIONS

VACANCY RATES

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OCCUPANCY RATES

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RENT COMPARABLES HISTORICAL DATA BY YEAR

Rental Rates Per SF Vacancy

Year Units Asking Effective Growth Concessions Units Percent Change Net Absorption

2021 674 $2.00 $1.99 0.0% 0.5% 20 3.0% 0.0% 0

2020 674 $2.00 $1.99 2.8% 0.5% 20 2.9% -0.2% (1)

2019 674 $1.94 $1.93 3.8% 0.6% 21 3.1% -0.3% (1)

2018 674 $1.87 $1.86 4.4% 0.5% 23 3.4% 0.1% 0

2017 674 $1.79 $1.78 5.9% 0.5% 22 3.3% 0.5% 0

2016 674 $1.69 $1.68 6.8% 0.4% 19 2.9% 0.6% (2)

2015 674 $1.59 $1.58 7.3% 0.6% 15 2.3% 0.2% (1)

2014 674 $1.48 $1.47 2.6% 0.4% 14 2.1% -0.4% 0

2013 674 $1.44 $1.43 2.3% 0.4% 16 2.4% -0.2% 1

2012 674 $1.41 $1.40 1.3% 0.4% 17 2.6% 0.4% (1)

RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS

Rental Rates Per SF Vacancy

Quarter Units Asking Effective Growth Concessions Units Percent Change Net Absorption

2021 Q1 674 $2.00 $1.99 0.0% 0.5% 20 3.0% 0.0% 0

2020 Q4 674 $2.00 $1.99 -0.4% 0.5% 20 2.9% 0.1% (1)

2020 Q3 674 $2.00 $1.99 1.7% 0.5% 19 2.9% -0.1% 0

2020 Q2 674 $1.97 $1.96 0.5% 0.4% 20 2.9% -0.2% 1

2020 Q1 674 $1.96 $1.95 0.9% 0.4% 21 3.1% 0.0% 0

2019 Q4 674 $1.94 $1.93 1.0% 0.6% 21 3.1% 0.2% (1)

2019 Q3 674 $1.92 $1.91 1.1% 0.5% 20 3.0% -0.1% 1

2019 Q2 674 $1.90 $1.89 0.8% 0.5% 21 3.1% -0.2% 1

2019 Q1 674 $1.89 $1.88 0.8% 0.5% 22 3.3% -0.1% 1

2018 Q4 674 $1.87 $1.86 0.8% 0.5% 23 3.4% 0.0% 0

2018 Q3 674 $1.86 $1.85 1.4% 0.5% 23 3.4% 0.1% (1)

2018 Q2 674 $1.83 $1.82 1.6% 0.7% 22 3.3% 0.0% 0

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 34 Construction Survey 14829 Mulberry Dr Mulberry Terrace 64 Unit Apartment Building Whittier, California - East Whittier City Neighborhood

PREPARED BY

Luis Carrion CCIM CEO/President Overall Construction Summary 14829 Mulberry Dr - Mulberry Terrace

All-Time Annual Average Delivered Past 8 Quarters Deliveries Next 8 Quarters Proposed Next 8 Quarters 32 76 50 51

MAP OF 24 MONTH DELIVERIES, UNDER CONSTRUCTION, PROPOSED

PAST AND FUTURE DELIVERIES

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Properties Units Percent of Inventory Avg. No. Units 1 50 0.6% 50

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High Property Size in Units 50 50 50 50

Number of Stories 3 3 3 3

Average Unit Size SF 1006 1006 1006 1006

Star Rating 3.0

Estimated Delivery Date Apr 2021 Apr 2021 Apr 2021 Apr 2021

Months to Delivery 1 1 1 1

Construction Period in Months 43 43 43 43

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 37 Under Construction Properties 14829 Mulberry Dr - Mulberry Terrace

COMPLETIONS WITHIN NEXT 3 MONTHS

Property Name/Address Rating Units Stories Start Complete Developer/Owner Park Place Evanisko Realty & Investment, Inc. 1 50 3 Sep 2017 Apr 2021 14640-14660 Whittier Blvd Danny Rojani

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Park Place -

Whittier, California - East Whittier City Neighborhood Class

PROPERTY CONSTRUCTION INFO Property Size: - Start Date: Sep 2017 Stories: 3 Completion Date: Apr 2021 Total Meeting Space: - Build Time: 43 Months Hotel Location Type: - Time to Delivery: 1 Month

DEVELOPER OWNER Evanisko Realty & Investment, Inc. Danny Rojani

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 39 Deliveries Past 12 Months Summary 14829 Mulberry Dr - Mulberry Terrace

Properties Units Vacancy Rate Avg. Asking Rent/Unit 0 0 - -

DELIVERIES IN PAST 12 MONTHS

DELIVERIES PAST 12 MONTHS SUMMARY STATISTICS Unit Mix Low Average Median High Property Size in Units - - - - Studio Units - - - - One Bedroom Units - - - - Two Bedroom Units - - - - Three Bedroom Units - - - - Property Attributes Low Average Median High Number of Stories - - - - Average Unit Size SF - - - - Rating

Leasing Performance Low Average Median High Vacancy Rate - - - - Asking Rent Per Unit - - - - Effective Rent Per Unit - - - - Asking Rent Per SF - - - - Effective Rent Per SF - - - - Concessions - - - -

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 40 Deliveries Past 12 Months 14829 Mulberry Dr - Mulberry Terrace

No delivery properties found.

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 41 Construction Summary 14829 Mulberry Dr - Mulberry Terrace

UNITS UNDER CONSTRUCTION

PROJECTED DELIVERY DATES OF UNITS UNDER CONSTRUCTION

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CONSTRUCTION DELIVERIES IN UNITS

CONSTRUCTION STARTS IN UNITS

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PERCENT OCCUPIED AT DELIVERY

UNITS OCCUPIED IN DELIVERIES OVER TIME

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NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT

NET ABSORPTION IN UNITS

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ASKING RENTAL RATES PER UNIT

CONCESSIONS IN DELIVERIES PER YEAR

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PREPARED BY

Luis Carrion CCIM CEO/President Sale Comparables Summary Mulberry Terrace - 14829 Mulberry Dr

Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 3 $260 $13.2 4.6%

SALE COMPARABLE LOCATIONS

Sales Attributes Low Average Median High Sale Price $9,495,000 $13,198,333 $10,000,000 $20,100,000

Price Per Unit $256,410 $260,493 $261,038 $263,750

Cap Rate 4.3% 4.4% 4.4% 4.5%

Vacancy Rate at Sale 0% 4.6% 0% 7.8%

Time Since Sale in Months 4.3 7.4 5.7 12.2

Property Attributes Low Average Median High Property Size in Units 36 50 39 77

Number of Floors 2 2 2 2

Average Unit SF 669 692 704 704

Year Built 1959 1965 1965 1971

Star Rating 2.0

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 48 Sale Comparables Summary Mulberry Terrace - 14829 Mulberry Dr

Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF Kona Palms Apartments 1 - 1959 36 0% 11/13/2020 $9,495,000 $263,750 $376 14119 Mulberry Dr Whittier Terrace Apartments 2 - 1965 39 0% 10/1/2020 $10,000,000 $256,410 $334 11445 Santa Gertrudes Ave Seville Apartments 3 - 1971 77 7.8% 3/19/2020 $20,100,000 $261,038 $372 11550 Santa Gertrudes Ave

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1 Kona Palms Apartments - 14119 Mulberry Dr Whittier, CA 90605 - East Whittier City Neighborhood

SALE PROPERTY Sale Date: 11/13/2020 Property Size: 37 Units, 2 Floors Sale Price: $9,495,000 Average Unit Size: 669 SF Price Per Unit: $263,750 Year Built: 1959 Price Per SF: $376 Vacancy At Sale: 0% Cap Rate: - Parking Spaces: 41 Spaces; 1.1 per Unit

CONTACTS Buyer: Carmen Torreblanca Seller: George Pappas Buyer Broker: Triqor Group - Chris Keramati Listing Broker: Triqor Group - Chris Keramati

FINANCING $6,426,000 from Homestreet Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 500 23 62.2% 0 0.0% $1,040 $2.08 $1,037 $2.07 0.3% 2 1 900 11 29.7% 0 0.0% $1,795 $1.99 $1,789 $1.99 0.3% 3 1 1,150 1 2.7% 0 0.0% $2,195 $1.91 $2,188 $1.90 0.3% 3 2 1,100 2 5.4% 0 0.0% $2,195 $2.00 $2,189 $1.99 0.3% Totals 669 37 100% 0 0.0% $1,358 $2.03 $1,354 $2.02 0.3%

SITE AMENITIES Recycling

UNIT AMENITIES Cable Ready, Kitchen

TRANSACTION NOTES Transaction information is per public record. Additional details will be added as soon as they become available.

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2 Whittier Terrace Apartments - 11445 Santa Gertrudes Ave Whittier, CA 90604 - East Whittier City Neighborhood

SALE PROPERTY Sale Date: 10/1/2020 Property Size: 39 Units, 2 Floors Sale Price: $10,000,000 Average Unit Size: 704 SF Price Per Unit: $256,410 Year Built: 1965 Price Per SF: $334 Vacancy At Sale: 0% Cap Rate: 4.5% Parking Spaces: 54 Spaces; 1.4 per Unit

CONTACTS Buyer: Sirott Investments Seller: Kenneth Hilton, Reese Trust Buyer Broker: Marcus & Millichap - Tyler Leeson Listing Broker: Marcus & Millichap - Gordon Reese

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 665 18 46.2% 0 0.0% $1,606 $2.42 $1,602 $2.41 0.3% 2 1 770 18 46.2% 0 0.0% $1,743 $2.26 $1,738 $2.26 0.3% 2 2 810 2 5.1% 0 0.0% $1,853 $2.29 $1,847 $2.28 0.3% 3 2 - 1 2.6% 0 0.0% $4,173 - $4,161 - 0.3% Totals 722 39 100% 0 0.0% $1,748 $2.33 $1,743 $2.32 0.3%

SITE AMENITIES 24 Hour Access, Controlled Access, Courtyard, Gated, Laundry Facilities, Laundry Service, Picnic Area, Pool

UNIT AMENITIES Air Conditioning, Heating, Kitchen, Microwave, Oven, Range

TRANSACTION NOTES The sales price was confirmed by the listing broker and the buyer's broker. The sale is comprised of the Whittier Terrace Apartments totaling 39 units located at 11445 Santa Gertrudes Ave. in Whittier, CA. The subject property was listed on the market at $10.8 million and sold for $10 million that equates to $256,410 per unit. The subject property was fully leased at the time of sale. The property contains no deferred maintenance.

The in-place cap rate was reported at 4.5%; therefore, we were able to calculate the NOI. The GSI was reported at $709,220, and the vacancy factor at 3%; therefore, we were able to calculate the NOI.

The pro forma NOI was reported at $616,304 that equates to a pro forma cap rate of 6.16%.

The motivation for the seller was Hilton Family Trust cashed out, and this was the downleg in a 1031 exchange for Reese Trust.

The motivation for the buyer was to add to his portfolio.

A deed is unavailable at this time.

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3 Seville Apartments - 11550 Santa Gertrudes Ave Whittier, CA 90604 - East La Mirada Neighborhood

SALE PROPERTY Sale Date: 3/19/2020 Property Size: 77 Units, 2 Floors Sale Price: $20,100,000 Average Unit Size: 704 SF Price Per Unit: $261,039 Year Built: 1971 Price Per SF: $372 Vacancy At Sale: 7.8% Cap Rate: 4.3% Parking Spaces: -

CONTACTS Buyer: Stanley A Sirott Trust 6/25/92 Seller: David P Walling, Jack E & Denise M. Stephens Buyer Broker: Marcus & Millichap - Tyler Leeson Listing Broker: Marcus & Millichap - Tyler Leeson

FINANCING $12,250,000 from JP Morgan Chase Bank

UNIT MIX AT SALE

Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Mix % Per Unit Per SF Per Unit Per SF Concessions 1 1 640 61 79.2% 5 8.2% $1,695 $2.65 $1,680 $2.63 0.9% 2 1 940 10 13.0% 1 10.0% $1,975 $2.10 $1,958 $2.08 0.9% 2 1.5 965 6 7.8% 0 0.0% $1,945 $2.02 $1,928 $2.00 0.9% Totals 704 77 100% 6 7.8% $1,751 $2.49 $1,736 $2.46 0.9%

SITE AMENITIES 24 Hour Access, Courtyard, Grill, Laundry Facilities

UNIT AMENITIES Dishwasher, Fireplace, Heating, Kitchen, Oven, Range, Tub/Shower

TRANSACTION NOTES The sales price was confirmed by the broker. The sale is comprised of the Seville Apartments totaling 77 units located at 11550 Santa Gertrudes Ave. in Whittier, CA. The subject property was listed on the market at $21.5 million, and sold for $20.1 million that equates to $261,039 per unit. The subject property was 97% leased at the time of sale. The property contains no deferred maintenance.

The GSI was reported at $1,427,623, vacancy factor at 3% and NOI at $860,429; therefore, we were able to calculate an approximate total operating expenses.

The motivation for the seller was their downleg in a 1031 exchange.

The seller ownership interest as follows:

David P. Walling 50% Jack E. & Denise M. Stephens 50%

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LOS ANGELES METRO SALES VOLUME IN UNITS

SOUTHEAST LOS ANGELES SUBMARKET SALES VOLUME IN UNITS

EAST WHITTIER CITY NEIGHBORHOOD SALES VOLUME IN UNITS

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NATIONAL PRICE INDICES

REGIONAL MULTI-FAMILY PRICE INDICES

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PRICE PER UNIT TRENDS

UNITED STATES SALE PRICE PER UNIT DISTRIBUTION PAST 12 LOS ANGELES SALE PRICE PER UNIT DISTRIBUTION PAST 12 MONTHS MONTHS

PRICE PER UNIT SUMMARY FOR SALES IN PAST YEAR

Geography Transactions Low Bottom 25% Median Average Top 25% High United States 16,487 $5,000 $43,619 $131,250 $163,718 $401,661 $10,197,800 Los Angeles 1,807 $7,692 $158,685 $266,667 $313,051 $509,588 $2,165,000 Southeast Los Angeles 182 $43,000 $120,303 $203,926 $225,568 $369,969 $2,165,000 East Whittier City 6 $211,111 $215,556 $238,205 $250,785 $260,284 $263,750 Selected Sale Comps 3 $256,410 N/A $261,038 $260,493 N/A $263,750

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MARKET CAP RATE

UNITED STATES CAP RATE DISTRIBUTION PAST 12 MONTHS LOS ANGELES CAP RATE DISTRIBUTION PAST 12 MONTHS

CAP RATE SUMMARY STATISTICS IN PAST YEAR

Geography Transactions Low Bottom 25% Median Average Top 25% High United States 6,606 0.7% 3.9% 5.6% 6.1% 9.1% 25.0% Los Angeles 1,238 1.5% 3.3% 4.5% 4.6% 6.0% 9.4% Southeast Los Angeles 121 2.5% 3.6% 4.7% 4.9% 6.4% 8.7% East Whittier City 4 4.3% 4.3% 4.5% 4.6% 5.0% 5.0% Selected Sale Comps 2 4.3% N/A 4.4% 4.4% N/A 4.5%

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TOP LOS ANGELES MULTIFAMILY BUYERS PAST TWO YEARS

Properties Bought Properties Sold

Company Name Bldgs Units Volume Bldgs Units Volume BHI Residential Corporation 2 575 $403,125,000 0 0 - ICONIQ Capital LLC 2 575 $403,125,000 0 0 - The Blackstone Group Inc. 5 894 $318,925,000 5 1,424 $312,940,000 Clarion Partners 3 681 $317,300,000 1 350 $307,924,574 Douglas Emmett, Inc. 1 350 $307,924,574 0 0 - Equity Residential 2 635 $294,180,000 0 0 - Afton Properties 5 1,671 $287,690,000 4 114 $27,884,000 Positive Investments, Inc. 77 1,244 $284,722,975 39 749 $152,200,487 The Carlyle Group 1 606 $272,500,000 2 392 $205,200,000 Divco West Services, LLC 2 824 $247,315,500 0 0 - Waterton Associates L.L.C. 2 611 $241,242,000 0 0 - J.P. Morgan Chase & Co. 2 419 $240,400,000 0 0 - Raintree Partners 14 805 $239,950,000 2 238 $69,750,000 MetLife, Inc. 2 601 $226,584,496 0 0 - WNC Companies 5 655 $211,936,000 0 0 - Veritas Investments, Inc. 27 583 $189,149,020 0 0 - MG Properties Group 4 763 $188,400,000 0 0 - Public Sector Pension Investment Board 1 438 $175,500,000 0 0 - The Hankey Group 1 346 $170,870,000 1 346 $170,870,000 Global Asset Capital, Inc. 1 329 $169,200,000 0 0 - Sirott Investments 16 596 $154,658,000 2 76 $2,365,000 Affordable Housing Access Inc 3 554 $143,920,000 3 411 $123,967,115 Coastline Real Estate Advisors, Inc. 24 351 $142,264,999 18 1,051 $341,825,000 Klein Financial Corporation 1 449 $135,125,000 1 449 $135,125,000 MWest Holdings 3 447 $134,532,500 2 271 $59,461,926

Purchased at least one asset in Southeast Los Angeles Multi-Family submarket

TYPES OF MULTIFAMILY LOS ANGELES BUYERS PAST TWO YEARS

Buying Volume Average Purchase

Company Type Bldgs Units Billions Price/Unit Avg Price

Private 3,883 59,595 $16.64 $279,226 $4,285,473

Institutional 122 7,034 $2.56 $363,629 $20,965,320

Private Equity 28 2,618 $1.02 $390,064 $36,470,988

REIT/Public 3 767 $0.35 $462,425 $118,226,666

$0 $5 $10 $15 $20

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TOP LOS ANGELES MULTIFAMILY SELLERS PAST TWO YEARS

Properties Sold Properties Bought

Company Name Bldgs Units Volume Bldgs Units Volume Holland Partner Group 6 1,807 $996,705,000 1 210 $91,250,000 Sekisui House 3 1,181 $675,625,000 0 0 - Rockpoint Group, L.L.C. 19 1,328 $439,400,000 0 0 - Hearthstone Housing Foundation 3 1,262 $422,815,500 1 375 $112,190,500 Apartment Investment and Management Co… 15 5,863 $411,580,162 0 0 - Coastline Real Estate Advisors, Inc. 18 1,051 $341,825,000 24 351 $142,264,999 The Allstate Corporation 4 884 $315,000,000 0 0 - The Guardian Life Insurance Company of A… 4 884 $315,000,000 0 0 - TruAmerica Multifamily, Inc. 4 884 $315,000,000 0 0 - The Blackstone Group Inc. 5 1,424 $312,940,000 5 894 $318,925,000 Clarion Partners 1 350 $307,924,574 3 681 $317,300,000 Los Angeles County Employees Retirement… 1 350 $307,924,574 0 0 - UBS 2 660 $262,750,000 2 160 $24,837,675 CityView 2 520 $241,370,000 10 374 $109,882,000 Benedict Canyon Equities Inc. 6 735 $227,101,000 3 197 $55,000,000 The Carlyle Group 2 392 $205,200,000 1 606 $272,500,000 Fifield Capital Partners 1 398 $189,000,000 0 0 - Myrna Frame 23 471 $186,999,999 0 0 - The American Opportunity Foundation, Inc. 2 958 $184,858,000 3 182 $60,535,000 Cigna Corporation 2 487 $184,180,000 0 0 - Berkshire 1 438 $175,500,000 0 0 - Lennar 2 600 $171,500,000 0 0 - The Hankey Group 1 346 $170,870,000 1 346 $170,870,000 Sares-Regis Group 2 398 $164,650,000 1 168 $86,776,000 Positive Investments, Inc. 39 749 $152,200,487 77 1,244 $284,722,975

Sold at least one asset in Southeast Los Angeles Multi-Family submarket

TYPES OF MULTIFAMILY LOS ANGELES SELLERS PAST TWO YEARS

Selling Volume Average Sale

Company Type Bldgs Units Billions Price/Unit Avg Price

Private 4,050 62,375 $18.61 $298,355 $4,595,049

Institutional 80 6,913 $2.75 $397,339 $34,335,137

Private Equity 49 4,777 $1.50 $313,601 $30,572,983

REIT/Public 20 6,409 $0.68 $106,001 $33,968,232

$0 $5 $10 $15 $20

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PREPARED BY

Luis Carrion CCIM CEO/President Demographic Overview 14829 Mulberry Dr

Population (1 mi) Avg. HH Size (1 mi) Avg. Age (1 mi) Med. HH Inc. (1 mi) 29,947 3.3 37 $77,515

DEMOGRAPHIC RADIUS RINGS

DEMOGRAPHIC SUMMARY

Population 1 Mile 3 Mile 5 Mile 2020 Population 29,947 180,955 476,372 2025 Population 29,852 180,677 476,077 Pop Growth 2020-2025 (0.3%) (0.2%) (0.1%) 2020 Average Age 37 38 38 Households 2020 Households 8,942 54,040 140,932 2025 Households 8,907 53,953 140,860 Household Growth 2020-2025 (0.4%) (0.2%) (0.1%) Median Household Income $77,515 $83,342 $80,350 Average Household Size 3.3 3.2 3.3 Average HH Vehicles 2 2 2 Housing Median Home Value $567,238 $618,163 $591,172 Median Year Built 1956 1958 1961

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POPULATION BY AGE GROUP IN 1 MILE RADIUS

POPULATION BY AGE IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUS

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POPULATION BY RACE

2021 Population

Race 1 Mile 3 Mile 5 Mile

White 26,156 87.34% 151,578 83.77% 361,870 75.96%

Black 634 2.12% 3,820 2.11% 12,898 2.71%

Asian 1,682 5.62% 16,941 9.36% 79,589 16.71%

American Indian & Alaskan 596 1.99% 3,320 1.83% 8,422 1.77%

Hawaiian & Pacific Islander 115 < 1% 669 < 1% 1,755 < 1%

Other 764 2.55% 4,627 2.56% 11,838 2.49%

0 6,000 12,000 18,000 24,000 30,000

POPULATION BY RACE IN 1 MILE RADIUS HISPANIC POPULATION IN 1 MILE RADIUS

MILITARY POPULATION

2021 Population

1 Mile 3 Mile 5 Mile

Military 0 0.00% 94 < 1% 191 < 1%

Non-Military Workforce 14,030 100.00% 85,749 99.89% 229,664 99.92%

0 3,200 6,400 9,600 12,800 16,000

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Page 62 Multi-Family Submarket Report Southeast Los Angeles Los Angeles - CA

PREPARED BY

Luis Carrion CCIM CEO/President Overview Southeast Los Angeles Multi-Family

12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 6 7 3.3% 1.6%

Southeast L.A. is a densely populated area, primarily recent years, and in contrast to more expensive parts of composed of lower-income residential neighborhoods L.A., rents have continued to climb during the outbreak. and industrial districts. Rent levels here are well below Despite this, average rents remain among the lowest of the L.A. average, and the area's affordability is a any L.A. submarket. Apartments here are generally powerful draw during normal economic times. Now smaller, older, and less luxurious than in most other though, the coronavirus outbreak is eating away at parts of the metro. apartment demand here and across L.A. The combination of low vacancies, healthy rent growth, The northwest corner of the submarket sits next to below-average prices, and proximity to Downtown Downtown L.A., and evidence suggests that Downtown's attracts investors priced out of other parts of L.A.. During momentum was beginning to have an impact here prior normal economic times, Southeast L.A. is one of the to the outbreak. A few larger projects are under most liquid submarkets in the metro, and average per- construction in South Gate and Whittier, and there are unit pricing more than doubled over the past decade. plans to convert a prominent former Sears warehouse in Even a global health and economic crisis can't totally Boyle Heights to a modern mixed-use complex with quash investors' appetite for local apartments, and more than 1,000 apartment units. several sizeable trades have closed since the onset of the pandemic. Low vacancies translated into healthy rent growth in

KEY INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 474 3.3% $2,119 $2,108 3 5 533 3 Star 8,574 3.9% $1,702 $1,694 (7) 0 96 1 & 2 Star 46,569 3.2% $1,389 $1,381 6 0 6 Submarket 55,617 3.3% $1,456 $1,449 2 5 635

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0% 3.4% 3.5% 4.5% 2009 Q3 2.5% 2000 Q4 Absorption Units 7 (22) 192 350 2016 Q1 (544) 2002 Q1 Delivered Units 6 43 151 188 2009 Q4 0 2017 Q3 Demolished Units 0 49 30 370 2012 Q2 0 2020 Q4 Asking Rent Growth (YOY) 1.6% 2.6% 1.7% 6.7% 2001 Q1 -5.0% 2009 Q4 Effective Rent Growth (YOY) 1.5% 2.5% 1.7% 6.7% 2001 Q1 -5.1% 2009 Q4 Sales Volume $289 M $269M N/A $534.3M 2019 Q1 $62.6M 2010 Q4

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The submarket covers a wide swath of the metro from are increasingly choosing suburban communities over Downtown L.A. to the Orange County border. The I-5 dense urban areas. and I-710 freeways that run through the heart of the submarket provide easy access to central L.A. and Demographic realities and restrictive zoning traditionally Orange County job hubs. Low land costs and the limited developer interest in Southeast L.A. Median proximity to employment and cultural centers may incomes here trail the county average, and large swaths eventually attract the attention of developers and of the submarket are given over to single-family wealthier households, but at this point, only Boyle residential or industrial usage. There is a large renter Heights is seeing notable evidence of the gentrification pool, however, as over half the households rent instead going on in neighboring Downtown. of owning their homes.

Vacancy rates in Southeast L.A. trended downward for Strong lease-up at the handful of projects that were built most of the last decade. They currently stand at about in recent years does indicate some appetite for modern 3.3%, still amount the lowest rates of any L.A. apartments in the area. Charles Company's 76-unit submarket, though apartment demand has trended Catalina Luxury Apartments opened in March of 2019 negative during the pandemic. The economic and public and was fully leased by the end of the year. Earlier last health impacts of the pandemic have battered the lower- cycle, The Miro Apartments, a 4 Star, 150-unit complex income households that make up the Southeast L.A. in Santa Fe Springs, opened in mid-2015 and was fully renter pool. And, on the era of social distancing, renters leased by 16Q1.

ABSORPTION, NET DELIVERIES & VACANCY

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OVERALL & STABILIZED VACANCY

VACANCY RATE

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VACANCY BY BEDROOM

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Rents in Southeast L.A., at around $1,460/unit, are Rent growth here was exceeding the metro average prior among the lowest in all of Los Angeles. Rent growth to the outbreak as well. That mirrored a wider L.A. trend traditionally trails the larger metro, as the subpar quality where submarkets with the lowest rent levels posted of inventory suppresses the gains that might be expected some of the strongest rent growth last cycle. With the in a submarket with record-low vacancies. To this point lion's share of new development in L.A. targeting the top in the outbreak, though, less expensive submarkets have of the market, competition for more-affordable, lower- held up better than pricier ones. Rent growth stands at quality units is intense. This allowed landlords to push 1.6% year-over-year versus the L.A. County average of rents even in older, less-amenitized product, and helped -1.1%. drive above-average growth in previously overlooked parts of L.A.

DAILY ASKING RENT PER SF

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MARKET RENT PER UNIT & RENT GROWTH

MARKET RENT PER UNIT BY BEDROOM

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Southeast L.A. has about 56,000 market-rate Southeast L.A. has traditionally been a dead zone for units—more than 80% of which are in 1 & 2 Star new market-rate construction, averaging fewer than 40 properties. There's an abundance of small complexes of new units annually. The redevelopment of the Sears fewer than 20 units. Higher-end 4 & 5 Star properties Tower in Boyle Heights into a mixed-use project are virtually nonexistent, though a few atypical projects featuring more than 1,000 units will help gauge renter are now underway. appetite for the traditionally overlooked submarket, although that project is years from completion. The largest of these is JPI's 244-unit Jefferson SoLA. At 244 units, the mixed-use project will be the largest new It should be noted that multiple new housing projects market-rate residential development built in the have been completed in Southeast L.A. in recent years, submarket since the 1970's. It's located in South Gate but as they are designated for low-income, affordable, or near the intersection of the 710 and 105 Freeways. senior housing, they would not be included in CoStar's market statistics. For instance, the Jordan Downs public Brookfield Residential and Lennar are also underway on housing project is undergoing a redevelopment expected a redevelopment of the 75-acre parcel of state-owned to add more than 700 new affordable units. The land that formerly housed the Whitter State School and Metropolitan Transit Authority has proposed a number of Correctional Facility. The project, dubbed The Groves at mixed-use projects centered around the Gold Line metro Whitter, calls for a 189-unit apartment complex in stations, but these are expected to be rent-controlled as addition to 561 single-family homes and 150,000 SF of well. retail space.

DELIVERIES & DEMOLITIONS

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All-Time Annual Avg. Units Delivered Units Past 8 Qtrs Delivered Units Next 8 Qtrs Proposed Units Next 8 Qtrs 40 100 635 211

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN UNITS

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RECENT DELIVERIES

Property Name/Address Rating Units Stories Start Complete Developer/Owner 1002 E 33rd St - 1 5 2 Mar 2020 Jan 2021 - 3561 Percy St - 2 5 2 Mar 2019 Feb 2020 Luzelba Lozano 8139 4th St - 3 8 2 Mar 2019 Jan 2020 LAM 2004 TRUST 3525 Percy St - 4 6 2 Mar 2018 Apr 2019 Devin Stevens Catalina Luxury Apartme… Excel Property Management Serv… 5 76 3 Dec 2015 Mar 2019 14339 Whittier Blvd Charles Company

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Jefferson SoLA JPI/TDI 1 244 - Jun 2019 Jun 2021 10920 Garfield Ave JPI/TDI The Groves in Whittier Brookfield Residential 2 189 - Dec 2019 Jan 2022 11850 Whittier Blvd State of California 169-181 N Avenue 21 4Site Real Estate 3 100 - Jun 2020 Oct 2021 Brett Goldstone Park Place Evanisko Realty & Investment, Inc. 4 50 3 Sep 2017 Apr 2021 14640-14660 Whittier Blvd Danny Rojani Bella Rosa - 5 21 - May 2018 Apr 2021 8248 Orange Pl D.R. Horton, Inc. 1612 E Pleasant St D T Construction 6 18 - Mar 2020 Nov 2021 D T Construction 4302 Elizabeth St - 7 7 - Dec 2019 Apr 2021 AQP Property Management, Inc. 308 N Lorena St - 8 6 2 Aug 2019 May 2021 Post Investment Group

PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner 4643-4653 E 3rd St National Community Renaissance 1 76 - Mar 2021 Mar 2023 Los Angeles Cnty Dev Authority 1st & Boyle Community Redevelopment Agen… 2 44 5 Apr 2021 Aug 2022 100 S Boyle City of Los Angeles 1550 E Pleasant Ave - 3 34 2 Jun 2021 Jun 2022 Andrew William Raitt Leffingwell Apartment C… - 4 24 3 Mar 2021 Jun 2022 13865-13869 Leffingwell Rd 9max Capital Llc 2432 E Cincinnati St Dayan Investments 5 16 - Apr 2021 Oct 2022 2432 Cincinnati LLC 7224 Florence Ave - 6 6 3 Jun 2021 Dec 2022 Michael Chang & Eric Grismen

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PROPOSED

Property Name/Address Rating Units Stories Start Complete Developer/Owner 5111 Elizabeth St - 7 6 2 Aug 2021 Jan 2022 Stephen L. Nicholson 731-733 S Boyle Ave Toledo Capital Development, LLC 8 5 3 Apr 2021 Apr 2022 Toledo Capital Development, LLC

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Demographics and low-quality inventory tend to depress rate. prices in Southeast L.A. Things picked up in recent A few weeks earlier, L'Abri Management, Inc. paid $13.8 years, however, and average prices more than doubled million ($260,000/unit) for the 53-unit, 2 Star Le over the last decade. Small-scale investors priced out of Cornette, another Downey property built in 1970. The L.A.'s premier submarkets were scouring Southeast L.A. property reportedly needed around $450,000 in deferred for opportunities prior to the outbreak, and while trading maintenance. The cap rate was reported at 4.2% though has slowed since the outbreak, it has not dried up around 20% of tenants were not paying rent at the time entirely. Around 150 trades, totaling more than $350 of sale due to the pandemic. million in volume, closed here in 2020. In March 2020, a private buyer paid $20.1 million, Last year's largest deal came at the end of June when a ($261,000/unit) for the Seville Apartments, a 77-unit, 2 private buyer paid $27.1 million ($271,000/unit) to Star community in Whittier. The property was 97% acquire the 100-unit, 2 Star La Rue Apartments in leased at the time of sale and traded at a 4.3% cap rate. Downey. The asset, which was built in 1964, was 97% leased at the time of sale and traded at a low 3.5% cap

SALES VOLUME & MARKET SALE PRICE PER UNIT

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MARKET CAP RATE

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Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 135 $212 $2.2 3.4%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $365,359 $2,187,659 $1,455,000 $27,100,000

Price/Unit $43,000 $211,606 $200,000 $500,000

Cap Rate 2.5% 4.8% 4.7% 8.7%

Vacancy Rate At Sale 0% 3.4% 0% 37.5%

Time Since Sale in Months 0.4 6.1 5.9 11.8

Property Attributes Low Average Median High Property Size in Units 5 10 7 100

Number of Floors 1 1 2 3

Average Unit SF 79 754 722 2,963

Year Built 1887 1953 1958 2021

Star Rating 2.1

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RECENT SIGNIFICANT SALES

Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

La Rue Apartments 1 - 1964 100 0% 6/30/2020 $27,100,000 $271,000 $351 8721 Imperial Hwy Le Cornette 2 - 1970 53 3.8% 6/12/2020 $13,800,000 $260,377 $243 10700 Downey Ave Whittier Terrace Apartments 3 - 1965 39 0% 10/1/2020 $10,000,000 $256,410 $334 11445 Santa Gertrudes Ave Kona Palms Apartments 4 - 1959 36 0% 11/13/2020 $9,495,000 $263,750 $376 14119 Mulberry Dr The Victoria 5 - 1964 25 0% 6/22/2020 $6,500,000 $260,000 $264 1200 W Victoria Ave Village Whittier Apartments 6 - 1965 22 4.6% 5/13/2020 $5,650,000 $256,818 $239 7639 College Ave Masoner Apartments 7 - 1964 27 3.7% 7/1/2020 $5,450,000 $201,851 $252 4931-4939 Clara St Taylor Manor Apartments 8 - 1971 50 4.1% 2/1/2021 $4,500,000 $90,000 $287 617 N Taylor Ave Park Lane 9 - 1961 16 0% 5/13/2020 $4,250,000 $265,625 $371 9448 Nance Ave 5848 Greenleaf Ave 10 - 1974 12 0% 12/17/2020 $4,150,000 $345,833 $337

8139 4th St 11 - 2020 8 12.5% 11/30/2020 $4,000,000 $500,000 $550

10601 Parrot Ave 12 - 1957 16 6.3% 1/29/2021 $3,875,000 $242,187 $417

6431 Monterey Rd 13 - 1964 20 5.0% 6/25/2020 $3,750,000 $187,500 $272

1034-1040 Carob Way 14 - 1985 14 0% 4/30/2020 $3,700,000 $264,285 $301

10327 Downey Ave 15 - 1959 12 0% 5/29/2020 $3,625,000 $302,083 $288

5814 Clara St 16 - 1936 11 0% 4/17/2020 $3,300,000 $300,000 $369

1907 Nadeau St 17 - 1957 22 4.6% 1/8/2021 $3,250,000 $147,727 $252

311 W Lohart Ave 18 - 1973 14 0% 4/7/2020 $3,240,000 $231,428 $282

841 S Taylor Ave 19 - 1989 9 0% 12/29/2020 $3,010,000 $334,444 $245

3429 Percy St 20 - 2018 6 0% 11/18/2020 $2,700,000 $450,000 $392

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OVERALL SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 56,240 54 0.1% 348 0.6% 0.2 2024 56,186 6 0% 395 0.7% 0 2023 56,180 67 0.1% 403 0.7% 0.2 2022 56,113 254 0.5% 159 0.3% 1.6 2021 55,859 247 0.4% (186) -0.3% - YTD 55,617 5 0% 2 0% 2.5 2020 55,612 13 0% (66) -0.1% - 2019 55,599 75 0.1% (7) 0% - 2018 55,524 110 0.2% (43) -0.1% - 2017 55,414 (66) -0.1% (33) -0.1% 2.0 2016 55,480 6 0% 21 0% 0.3 2015 55,474 40 0.1% 269 0.5% 0.1 2014 55,434 19 0% 101 0.2% 0.2 2013 55,415 (204) -0.4% (25) 0% 8.2 2012 55,619 (263) -0.5% (14) 0% 18.8 2011 55,882 (98) -0.2% (93) -0.2% 1.1 2010 55,980 (140) -0.2% 24 0% - 2009 56,120 170 0.3% (80) -0.1% -

4 & 5 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 1,138 90 8.6% 71 6.2% 1.3 2024 1,048 41 4.1% 42 4.0% 1.0 2023 1,007 0 0% 182 18.1% 0 2022 1,007 289 40.3% 282 28.0% 1.0 2021 718 249 53.1% 28 3.9% 8.9 YTD 474 5 1.1% 3 0.6% 1.7 2020 469 0 0% (2) -0.4% 0 2019 469 76 19.3% 82 17.5% 0.9 2018 393 81 26.0% 75 19.1% 1.1 2017 312 0 0% 0 0% - 2016 312 0 0% 10 3.2% 0 2015 312 150 92.6% 134 42.9% 1.1 2014 162 0 0% 0 0% - 2013 162 0 0% 0 0% - 2012 162 0 0% 0 0% - 2011 162 0 0% 0 0% - 2010 162 0 0% 0 0% - 2009 162 80 97.6% 79 48.8% 1.0

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3 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 8,683 0 0% 44 0.5% 0 2024 8,683 0 0% 72 0.8% 0 2023 8,683 96 1.1% 90 1.0% 1.1 2022 8,587 0 0% (16) -0.2% 0 2021 8,587 13 0.2% (38) -0.4% - YTD 8,574 0 0% (7) -0.1% 0 2020 8,574 13 0.2% 50 0.6% 0.3 2019 8,561 (1) 0% 25 0.3% 0 2018 8,562 29 0.3% (109) -1.3% - 2017 8,533 6 0.1% 21 0.2% 0.3 2016 8,527 6 0.1% 5 0.1% 1.2 2015 8,521 (110) -1.3% (76) -0.9% 1.4 2014 8,631 0 0% 1 0% 0 2013 8,631 (14) -0.2% 27 0.3% - 2012 8,645 0 0% 16 0.2% 0 2011 8,645 9 0.1% 24 0.3% 0.4 2010 8,636 0 0% 18 0.2% 0 2009 8,636 90 1.1% 56 0.6% 1.6

1 & 2 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 46,419 (36) -0.1% 233 0.5% - 2024 46,455 (35) -0.1% 281 0.6% - 2023 46,490 (29) -0.1% 131 0.3% - 2022 46,519 (35) -0.1% (107) -0.2% 0.3 2021 46,554 (15) 0% (176) -0.4% 0.1 YTD 46,569 0 0% 6 0% 0 2020 46,569 0 0% (114) -0.2% 0 2019 46,569 0 0% (114) -0.2% 0 2018 46,569 0 0% (9) 0% 0 2017 46,569 (72) -0.2% (54) -0.1% 1.3 2016 46,641 0 0% 6 0% 0 2015 46,641 0 0% 211 0.5% 0 2014 46,641 19 0% 100 0.2% 0.2 2013 46,622 (190) -0.4% (52) -0.1% 3.7 2012 46,812 (263) -0.6% (30) -0.1% 8.8 2011 47,075 (107) -0.2% (117) -0.2% 0.9 2010 47,182 (140) -0.3% 6 0% - 2009 47,322 0 0% (215) -0.5% 0

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OVERALL VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 1,323 2.4% (0.5) $1,586 $2.18 3.2% (0.1) $1,578 $2.17 2024 1,616 2.9% (0.7) $1,537 $2.12 3.3% 0.5 $1,529 $2.10 2023 2,005 3.6% (0.6) $1,487 $2.05 2.8% 2.1 $1,480 $2.04 2022 2,342 4.2% 0.2 $1,447 $1.99 0.7% 1.9 $1,439 $1.98 2021 2,245 4.0% 0.7 $1,436 $1.98 -1.2% (2.9) $1,429 $1.97 YTD 1,833 3.3% 0 $1,456 $1.99 0.2% (1.5) $1,449 $1.98 2020 1,830 3.3% 0.1 $1,453 $1.99 1.7% (1.5) $1,446 $1.98 2019 1,750 3.1% 0.1 $1,429 $1.95 3.2% (0.9) $1,423 $1.94 2018 1,667 3.0% 0.3 $1,385 $1.89 4.1% (0.2) $1,376 $1.88 2017 1,513 2.7% (0.1) $1,330 $1.81 4.3% (1.6) $1,322 $1.80 2016 1,544 2.8% 0 $1,276 $1.74 5.9% 0.8 $1,269 $1.73 2015 1,560 2.8% (0.4) $1,205 $1.63 5.1% 1.8 $1,196 $1.62 2014 1,787 3.2% (0.2) $1,147 $1.55 3.3% 0.5 $1,138 $1.53 2013 1,870 3.4% (0.3) $1,110 $1.50 2.8% 1.1 $1,104 $1.49 2012 2,048 3.7% (0.4) $1,080 $1.46 1.7% 0.9 $1,074 $1.45 2011 2,297 4.1% 0 $1,062 $1.43 0.8% 1.7 $1,056 $1.42 2010 2,301 4.1% (0.3) $1,053 $1.42 -0.8% 4.2 $1,047 $1.41 2009 2,467 4.4% 0.4 $1,062 $1.43 -5.0% - $1,056 $1.42

4 & 5 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 77 6.8% 1.2 $2,229 $2.31 2.7% (0.5) $2,218 $2.30 2024 58 5.6% (0.3) $2,171 $2.25 3.1% 0.6 $2,160 $2.24 2023 59 5.8% (18.1) $2,105 $2.18 2.5% 3.3 $2,095 $2.17 2022 242 24.0% (8.5) $2,054 $2.13 -0.8% (0.9) $2,044 $2.12 2021 233 32.5% 29.7 $2,071 $2.14 0.1% 0.7 $2,060 $2.13 YTD 15 3.3% 0.5 $2,119 $2.19 2.4% 3.0 $2,108 $2.18 2020 13 2.8% 0.7 $2,068 $2.14 -0.6% (1.5) $2,058 $2.13 2019 10 2.1% (1.9) $2,081 $2.15 0.9% (1.9) $2,076 $2.15 2018 16 4.0% 1.1 $2,063 $2.14 2.8% (0.6) $2,048 $2.12 2017 9 2.9% 0 $2,007 $2.08 3.3% 2.0 $1,995 $2.06 2016 9 2.9% (3.4) $1,942 $2.01 1.3% 0 $1,911 $1.98 2015 20 6.4% 4.1 $1,917 $1.98 1.3% 2.5 $1,896 $1.96 2014 4 2.3% (0.1) $1,892 $1.96 -1.2% (2.8) $1,882 $1.95 2013 4 2.3% (0.3) $1,914 $1.98 1.7% 0 $1,905 $1.97 2012 4 2.6% 0.1 $1,883 $1.95 1.7% 0.9 $1,869 $1.94 2011 4 2.5% (0.1) $1,851 $1.92 0.8% 2.6 $1,839 $1.90 2010 4 2.6% (0.3) $1,836 $1.90 -1.8% 5.8 $1,822 $1.89 2009 5 2.9% (1.0) $1,869 $1.93 -7.6% - $1,855 $1.92

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3 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 271 3.1% (0.5) $1,846 $2.29 3.1% (0.2) $1,838 $2.28 2024 315 3.6% (0.8) $1,791 $2.22 3.3% 0.5 $1,782 $2.21 2023 387 4.5% 0 $1,734 $2.15 2.7% 2.0 $1,726 $2.14 2022 383 4.5% 0.2 $1,688 $2.09 0.7% 2.2 $1,680 $2.08 2021 366 4.3% 0.4 $1,676 $2.08 -1.5% (3.0) $1,669 $2.07 YTD 333 3.9% 0.1 $1,702 $2.09 0% (1.5) $1,694 $2.08 2020 326 3.8% (0.4) $1,702 $2.09 1.5% (2.6) $1,691 $2.07 2019 363 4.2% (0.3) $1,677 $2.06 4.1% 0.1 $1,669 $2.05 2018 388 4.5% 1.6 $1,611 $1.97 4.0% 0 $1,597 $1.96 2017 250 2.9% (0.2) $1,549 $1.90 4.0% (1.8) $1,537 $1.88 2016 264 3.1% 0 $1,490 $1.82 5.8% 0.3 $1,479 $1.81 2015 264 3.1% (0.3) $1,408 $1.72 5.5% 1.7 $1,391 $1.70 2014 296 3.4% 0 $1,335 $1.62 3.8% 0.7 $1,324 $1.61 2013 297 3.4% (0.5) $1,287 $1.56 3.1% 0.4 $1,276 $1.55 2012 337 3.9% (0.2) $1,248 $1.52 2.6% 0.6 $1,241 $1.51 2011 353 4.1% (0.2) $1,216 $1.48 2.0% 3.0 $1,210 $1.47 2010 367 4.3% (0.2) $1,192 $1.45 -1.0% 4.4 $1,185 $1.44 2009 385 4.5% 0.4 $1,204 $1.46 -5.4% - $1,197 $1.45

1 & 2 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 974 2.1% (0.6) $1,516 $2.15 3.2% (0.1) $1,508 $2.14 2024 1,242 2.7% (0.7) $1,468 $2.08 3.4% 0.5 $1,460 $2.07 2023 1,559 3.4% (0.3) $1,421 $2.01 2.9% 2.1 $1,413 $2.00 2022 1,718 3.7% 0.2 $1,381 $1.96 0.8% 1.9 $1,374 $1.95 2021 1,646 3.5% 0.3 $1,370 $1.94 -1.1% (2.9) $1,363 $1.93 YTD 1,484 3.2% 0 $1,389 $1.96 0.2% (1.6) $1,381 $1.95 2020 1,490 3.2% 0.2 $1,386 $1.95 1.8% (1.2) $1,380 $1.94 2019 1,377 3.0% 0.2 $1,361 $1.92 3.0% (1.1) $1,356 $1.91 2018 1,263 2.7% 0 $1,321 $1.86 4.1% (0.2) $1,314 $1.85 2017 1,253 2.7% 0 $1,269 $1.78 4.4% (1.7) $1,262 $1.77 2016 1,271 2.7% 0 $1,216 $1.70 6.1% 0.9 $1,210 $1.69 2015 1,277 2.7% (0.5) $1,147 $1.60 5.1% 1.8 $1,140 $1.59 2014 1,487 3.2% (0.2) $1,091 $1.51 3.3% 0.6 $1,082 $1.50 2013 1,569 3.4% (0.3) $1,056 $1.46 2.7% 1.3 $1,051 $1.45 2012 1,707 3.6% (0.5) $1,028 $1.42 1.5% 1.0 $1,022 $1.41 2011 1,940 4.1% 0 $1,013 $1.40 0.5% 1.3 $1,008 $1.39 2010 1,929 4.1% (0.3) $1,008 $1.39 -0.8% 4.1 $1,002 $1.39 2009 2,077 4.4% 0.5 $1,015 $1.40 -4.9% - $1,010 $1.40

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$267,978 241 4.5% 2024 ------$258,930 233 4.5% 2023 ------$256,560 231 4.5% 2022 ------$247,953 223 4.5% 2021 ------$246,395 222 4.6% YTD 22 $39.8M 0.4% $1,809,773 $173,865 4.7% $250,520 225 4.6% 2020 152 $367.9M 3.0% $2,468,988 $222,552 4.7% $248,176 223 4.6% 2019 237 $485.5M 4.1% $2,568,752 $212,191 4.7% $244,060 220 4.6% 2018 319 $465.9M 4.5% $2,329,313 $187,244 4.6% $229,746 207 4.7% 2017 354 $380.8M 4.2% $1,755,033 $163,032 4.7% $212,872 192 4.9% 2016 251 $398M 4.4% $2,020,380 $163,523 5.0% $196,907 177 5.0% 2015 267 $410.4M 4.9% $2,011,820 $151,164 5.2% $181,611 163 5.1% 2014 251 $309.4M 4.4% $1,531,524 $127,417 6.0% $165,747 149 5.3% 2013 191 $246.3M 3.5% $1,539,450 $126,639 6.5% $151,118 136 5.6% 2012 186 $188M 3.1% $1,372,312 $109,497 7.0% $147,642 133 5.5% 2011 105 $109.5M 1.8% $1,369,275 $109,433 7.0% $141,575 127 5.6% 2010 69 $62.6M 1.1% $1,043,442 $101,305 7.0% $129,936 117 5.8% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$504,020 167 3.9% 2024 ------$488,044 162 3.9% 2023 ------$580,790 193 3.6% 2022 ------$575,031 191 3.6% 2021 ------$577,912 192 3.6% YTD ------$623,371 207 3.4% 2020 ------$594,275 197 3.5% 2019 2 $59.2M 33.0% $29,619,750 $382,190 5.1% $608,599 202 3.5% 2018 ------$606,120 201 3.4% 2017 ------$573,200 190 3.5% 2016 1 $47.1M 48.1% $47,050,000 $313,667 4.8% $539,080 179 3.6% 2015 ------$504,273 167 3.6% 2014 ------$465,967 155 3.7% 2013 ------$424,995 141 3.9% 2012 ------$409,103 136 3.9% 2011 ------$391,605 130 4.0% 2010 ------$355,646 118 4.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$295,396 252 4.5% 2024 ------$285,520 244 4.5% 2023 ------$274,202 234 4.5% 2022 ------$264,517 226 4.5% 2021 ------$262,615 224 4.5% YTD 2 $6.1M 0.6% $3,050,000 $110,909 3.5% $265,584 227 4.6% 2020 22 $50.1M 2.1% $2,385,429 $272,250 4.9% $263,953 226 4.6% 2019 28 $60.4M 2.8% $2,625,641 $253,738 4.3% $257,202 220 4.6% 2018 28 $124.2M 6.0% $5,400,130 $239,774 4.4% $239,427 205 4.7% 2017 31 $46.4M 3.0% $2,017,063 $179,121 4.5% $220,543 188 4.9% 2016 24 $46M 3.1% $2,092,436 $173,059 5.1% $204,691 175 5.0% 2015 13 $77.1M 4.8% $5,927,346 $190,260 5.1% $189,502 162 5.1% 2014 14 $68.9M 5.0% $5,740,875 $158,734 6.2% $173,201 148 5.2% 2013 16 $27M 2.3% $1,926,786 $133,540 5.9% $158,572 135 5.5% 2012 12 $32.8M 2.4% $3,277,650 $159,109 6.7% $156,075 133 5.4% 2011 2 $6.8M 0.5% $3,400,000 $154,545 6.0% $149,407 128 5.4% 2010 2 $2.7M 0.3% $1,352,000 $90,133 7.2% $137,787 118 5.6% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$257,770 253 4.6% 2024 ------$249,027 245 4.6% 2023 ------$239,095 235 4.6% 2022 ------$230,565 227 4.6% 2021 ------$228,876 225 4.6% YTD 20 $33.7M 0.4% $1,685,750 $193,764 4.8% $231,409 228 4.7% 2020 130 $317.8M 3.2% $2,482,697 $216,328 4.7% $230,102 226 4.7% 2019 207 $365.9M 4.1% $2,230,883 $193,069 4.7% $225,670 222 4.7% 2018 291 $341.7M 4.2% $1,930,280 $173,431 4.6% $211,483 208 4.8% 2017 323 $334.4M 4.5% $1,723,967 $161,025 4.7% $195,685 192 4.9% 2016 226 $304.9M 4.3% $1,752,479 $151,106 5.0% $180,492 177 5.1% 2015 254 $333.4M 5.0% $1,745,318 $144,310 5.2% $166,030 163 5.2% 2014 237 $240.5M 4.3% $1,265,670 $120,600 6.0% $151,229 149 5.4% 2013 175 $219.3M 3.7% $1,502,308 $125,839 6.5% $137,752 135 5.7% 2012 174 $155.2M 3.2% $1,222,285 $102,733 7.1% $134,637 132 5.6% 2011 103 $102.7M 2.0% $1,317,205 $107,358 7.1% $129,181 127 5.7% 2010 67 $59.9M 1.2% $1,032,802 $101,875 7.0% $118,603 117 5.9% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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DELIVERIES & UNDER CONSTRUCTION

Inventory Deliveries Net Deliveries Under Construction

Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2025 - 56,240 2.4% - 90 - 54 - - 2024 - 56,186 2.9% - 41 - 6 - - 2023 - 56,180 3.6% - 102 - 66 - - 2022 - 56,114 4.2% - 289 - 254 - - 2021 - 55,860 4.0% - 271 - 248 - - YTD 4,250 55,617 3.3% 1 5 1 5 8 635 2020 4,249 55,612 3.3% 2 13 2 13 9 640 2019 4,247 55,599 3.1% 2 82 1 75 8 530 2018 4,246 55,524 3.0% 8 110 8 110 4 153 2017 4,238 55,414 2.7% 1 6 (8) (66) 9 209 2016 4,246 55,480 2.8% 1 6 1 6 3 131 2015 4,245 55,474 2.8% 2 158 0 40 2 82 2014 4,245 55,434 3.2% 1 19 1 19 2 158 2013 4,244 55,415 3.4% 0 0 (8) (204) 2 169 2012 4,252 55,619 3.7% 0 0 (23) (263) 0 0 2011 4,275 55,882 4.1% 1 9 (4) (98) 0 0 2010 4,279 55,980 4.1% 0 0 (5) (140) 1 9 2009 4,284 56,120 4.4% 6 188 5 170 0 0

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PREPARED BY

Luis Carrion CCIM CEO/President Overview Los Angeles Multi-Family

12 Mo. Delivered Units 12 Mo. Absorption Units Vacancy Rate 12 Mo. Asking Rent Growth 11,005 (271) 6.3% -1.1%

COVID-19 has upended what is typically one of the The pandemic put an end to nearly a decaude of country's most stable apartment markets. While uninterrupted rent growth. Average rents fell for most of vacancies hovered around 4% for most of the past 2020 but did appear to be stabilizing in 21Q1. Recent decade, they've jumped to 6.3% as apartment demand losses are concentrated in areas near job hubs and on contracted more quickly here than just about anywhere the Westside, however. As renter preferences shift, high- else in the nation in the early months of the outbreak. end 4 & 5 Star communities are posting sharp rent There were some signs of life in late 2020 and early declines. Conversely, demand is holding up well in less 2021 as demand intensified, particularly for larger units in expensive outlying submarkets, where larger units can suburban areas. often be had for less money. Rents in these areas are stable or even increasing. The region's inherent supply constraints will help mitigate the worst effects of the recession. The high costs of land, Prior to the outbreak, domestic and international capital construction, and entitlements, combined with intense was pouring into the L.A. apartment market. Nearly $11 community opposition, severely limit how much housing billion in multifamily trades closed here in both 2018 and is built. Outside of a few development hotspots like 2019, leading all U.S. metros, and average sale prices Downtown L.A., Woodland Hills, and Koreatown, most were above $300,000/unit. The pandemic pushed some submarkets aren't seeing much pressure from new investors to the sidelines in 2020, but sales volume was supply. That is helping to keep occupancies at healthy still near $7 billion, showing that even a global health levels in most parts of town. and economic crisis can't totally quash the appetite for L.A. apartment assets. While this isn't a builder's market, it is very much a renter's market. About 50% of households rent their After years of rapid price appreciation in the metro, homes, one of the highest percentages in the U.S. In growth stagnated in 2020. A 550-plus-unit portfolio of normal economic times, the imbalance between supply mostly suburban properties that sold near the end of the and demand keeps vacancies low and tilts the playing year reportedly received almost 100 offers before the field in favor of landlords and owners. During previous trade closed. That level of interest in the midst of the slowdowns, that same imbalance has limited the scale of pandemic is a testament to the structural advantages of losses and aided the recovery once conditions improved. the local apartment market.

KEY INDICATORS

Absorption Under Constr Current Quarter Units Vacancy Rate Asking Rent Effective Rent Delivered Units Units Units 4 & 5 Star 117,006 13.8% $2,878 $2,815 1,615 1,772 21,636 3 Star 215,019 5.7% $2,068 $2,051 697 109 2,314 1 & 2 Star 640,050 5.1% $1,548 $1,539 (387) 11 6 Market 972,075 6.3% $1,945 $1,924 1,925 1,892 23,956

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 1.1% 4.4% 6.4% 6.3% 2020 Q4 3.0% 2000 Q3 Absorption Units (271) 3,402 7,111 8,972 2005 Q3 (5,282) 2002 Q1 Delivered Units 11,005 5,567 7,298 12,077 2019 Q1 888 2011 Q4 Demolished Units 339 588 579 1,564 2010 Q3 49 2002 Q2 Asking Rent Growth (YOY) -1.1% 2.4% 1.3% 8.2% 2001 Q1 -6.7% 2009 Q4 Effective Rent Growth (YOY) -1.5% 2.3% 1.3% 8.1% 2001 Q1 -6.7% 2009 Q4 Sales Volume $6.3 B $6.1B N/A $11.2B 2020 Q1 $1.7B 2010 Q1

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Apartment demand was contracting in Los Angeles even supply risk lies. Vacancies in top-tier 4 & 5 Star units before the COVID-19 outbreak. Years of outsized rent stand at 13.8%. In more affordable, 1 & 2 Star growth had made L.A. increasingly unaffordable, and the complexes, where demand from L.A.'s cost-burdened region's population began to shrink as some households renter pool is most intense, the vacancy rate is 5.1%. departed for places like the cheaper metros like the Inland Empire, Phoenix, and Las Vegas. Construction hotspots like Downtown, Koreatown, and Woodland Hills may bear the brunt of the pain in the The pandemic and subsequent economic upheaval coming quarters. New communities will be opening in a accelerated this trend for much of last year. L.A. posted very challenging leasing environment and competing with some of the sharpest negative absorption of any major hundreds or thousands of other recently delivered units. U.S. market during 2020, though demand intensified near the end of the year and in the first quarter of 2021. The The long-term disparity between demand and new average vacancy rate, at 6.3%, is near all-time highs for supply in L.A. should keep overall fundamentals from L.A. An all-time high for L.A. is still healthy compared to unwinding too dramatically at a county-wide level, the nation-wide vacancy rate of 6.7%. though, especially in mid-and lower-tier units with more affordable rents. And that same imbalance should speed Many renters appear to be headed east to the Inland the recovery whenever the public health and economic Empire, where average rents are about $400/month situation improves. cheaper, or to other affordable metros like Phoenix and Las Vegas. A similar trend is playing out across the L.A. has one of the highest percentages of renters of any country, with cost-burdened renters leaving pricey U.S. metro, with roughly half of all households renting coastal markets in favor of more moderately priced their homes. Exorbitant home prices are the primary regions. reason for this. It takes an average income above $110,000 to comfortably afford a median-priced L.A. The impact of the outbreak is being felt most acutely at County home. Median household income in L.A. is the top of the market. Virtually all new developments in around $71,000 per year, though of course, the L.A. are high-end, 4 & 5 Star communities targeting the pandemic is reshaping the local economy dramatically. wealthiest end of the renter pool, so this is where the

ABSORPTION, NET DELIVERIES & VACANCY

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OVERALL & STABILIZED VACANCY

VACANCY RATE

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VACANCY BY BEDROOM

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CoStar's daily rent series, which draws on the roughly pandemic. 100,000 individual rental rates CoStar collects in Los The rapid increase in apartment rents last decade took Angeles each day, is perhaps the best leading indicator its toll on metro affordability, and the average rental rate to measure the impact of the pandemic on the local is now around $1,950/month. Growth was already apartment market. It shows that after peaking at slowing noticeably despite tight vacancies prior to the $2.52/SF in February, average asking rents had fallen to outbreak, with the widening disparity between incomes about $2.46/SF by the end of 20Q3, a loss of roughly and housing costs as the primary culprit. 2.5%. Apartment demand intensified in late 2020 and early 2021 though, and rent levels are largely unchanged Assembly Bill 1482, which took effect at the start of over the last two quarters. 2020, limits yearly rent increases across all of California to 5% plus the cost of inflation for the next 10 years, as Most of the losses are coming at the top of the market. well as strengthening renter protections against eviction. High-end 4 & 5 Star properties continue to see The L.A. County Board of Supervisors also voted competition from new development, and renters appear unanimously to implement permanent rent control for hesitant to commit to pricey new leases with so much buildings built before 1995 in unincorporated parts of the economic uncertainty. Rents in 4 & 5 Star properties are county in 2019. These recent rent control initiatives will down -4.8% year over year. Submarkets with not impact the market in the near term given ongoing concentrations of high-end development like Downtown rent losses but may limit the scope of any recovery. and Mid-Wilshire are posting the sharpest losses. In November 2020, Californians voted no on Proposition Conversely, rents are holding stable in the type of lower- 21 by a 60-40% margin. The bill sought to eliminate the priced units that comprise the bulk of inventory in L.A.'s state-wide Costa-Hawkins Act which places limits on suburban and outlying submarkets. Year-over-year rent control. A similar bill from the same group of backers gains in 1 & 2 Star properties stand at 0.4%. L.A.'s most was defeated in 2018 by a roughly 3-2 margin. affordable submarkets like the Antelope Valley and San Gabriel Valley have posted healthy growth during the

DAILY ASKING RENT PER SF

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MARKET RENT PER UNIT & RENT GROWTH

MARKET RENT PER UNIT BY BEDROOM

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4 & 5 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total Los Angeles $0.89 $1.26 $1.65 $0.55 $1.19 $1.66 $0.78 $3.12 $0.17 $0.40 $1.07 $12.74 Beverly Hills/Centur… $0.84 $1.61 $1.91 $0.51 $1.22 $1.97 $0.84 $3.10 $0.28 $0.62 $1.19 $14.09 Burbank $0.80 $1.38 $1.66 $0.56 $1.18 $1.92 $0.89 $4.53 $0.15 $0.37 $1.25 $14.69 Central San Fernan… $0.69 $1.02 $1.28 $0.54 $0.95 $1.08 $0.55 $2.51 $0.07 $0.07 $0.70 $9.46 Downtown Los Ang… $0.83 $1.20 $1.71 $0.48 $1.38 $2.14 $0.89 $3.06 $0.16 $0.37 $1.25 $13.47 East Hollywood $0.92 $1.30 $1.83 $0.49 $1.38 $1.89 $0.92 $3.15 $0.29 $0.65 $1.25 $14.07 Glendale $0.80 $1.38 $1.66 $0.56 $1.18 $1.92 $0.89 $4.53 $0.15 $0.37 $1.25 $14.69 Greater Culver City $0.90 $1.30 $2.47 $0.80 $1.38 $1.80 $0.92 $3.14 $0.29 $0.65 $1.24 $14.89 Greater Inglewood $0.89 $1.20 $1.72 $0.48 $1.29 $1.65 $0.82 $2.91 $0.25 $0.55 $1.09 $12.85 Hollywood $0.86 $1.10 $1.61 $0.47 $1.20 $1.42 $0.72 $2.66 $0.21 $0.46 $0.94 $11.65 Koreatown $0.92 $1.27 $1.79 $0.48 $1.35 $1.80 $0.89 $3.08 $0.28 $0.62 $1.19 $13.67 Long Beach/Ports $1.53 $1.63 $1.58 $0.55 $1.17 $2.20 $0.72 $2.82 $0.13 $0.49 $1.13 $13.95 Mid-Wilshire $0.71 $0.84 $1.57 $0.65 $1.29 $1.06 $0.88 $3.06 $0.27 $0.60 $1.16 $12.09 North Hills/Panoram… $0.71 $1.05 $1.32 $0.56 $0.98 $1.11 $0.57 $2.62 $0.07 $0.07 $0.75 $9.81 North San Fernand… $0.71 $1.05 $1.32 $0.56 $0.98 $1.11 $0.57 $2.62 $0.07 $0.07 $0.75 $9.81 Northeast Los Ange… $0.78 $1.13 $1.45 $0.54 $1.08 $1.44 $0.67 $2.73 $0.11 $0.30 $0.94 $11.17 Northridge $0.71 $1.05 $1.32 $0.56 $0.98 $1.11 $0.57 $2.62 $0.07 $0.07 $0.75 $9.81 Pasadena $0.77 $1.33 $1.60 $0.54 $1.15 $1.84 $0.86 $4.39 $0.14 $0.35 $1.20 $14.17 San Gabriel Valley $0.93 $1.04 $1.53 $0.54 $1.14 $1.53 $0.64 $2.83 $0.12 $0.33 $1.06 $11.69 Santa Clarita Valley $0.65 $0.53 $1.32 $0.37 $0.59 $1.22 $0.51 $2.56 $0.07 $0.07 $0.75 $8.64 Santa Monica $0.90 $1.21 $1.73 $0.48 $1.30 $1.67 $0.83 $2.93 $0.25 $0.56 $1.10 $12.96 Sherman Oaks $0.71 $1.05 $1.32 $0.56 $0.98 $1.11 $0.57 $2.62 $0.07 $0.07 $0.75 $9.81 South Bay $1.26 $1.47 $1.58 $0.69 $1.28 $1.62 $0.71 $2.80 $0.15 $0.46 $1.11 $13.13 South Los Angeles $1.27 $1.65 $1.66 $0.89 $1.54 $1.72 $0.75 $3.15 $0.15 $0.50 $1.25 $14.53 Southeast Los Ange… $0.80 $1.15 $1.66 $0.56 $1.20 $1.72 $0.75 $3.15 $0.15 $0.37 $1.25 $12.76 Studio City/N Holly… $0.82 $2.50 $1.31 $0.55 $0.97 $1.33 $0.75 $3.79 $0.07 $0.07 $0.74 $12.90 Tarzana $0.71 $1.05 $1.32 $0.56 $0.98 $1.11 $0.57 $2.62 $0.07 $0.07 $0.75 $9.81 Van Nuys $0.73 $1.34 $1.32 $0.56 $0.98 $1.15 $0.61 $2.85 $0.07 $0.07 $0.75 $10.43 Venice Beach $0.91 $1.23 $1.75 $0.48 $1.31 $1.72 $0.86 $3.00 $0.26 $0.59 $1.13 $13.24 West County $0.66 $0.96 $1.23 $0.52 $0.92 $1.05 $0.51 $2.33 $0.06 $0.06 $0.64 $8.94 West Hollywood $0.92 $1.30 $1.83 $0.49 $1.38 $1.89 $0.92 $3.15 $0.29 $0.65 $1.25 $14.07 West San Fernando… $0.71 $1.05 $1.32 $0.56 $0.98 $1.11 $0.57 $2.62 $0.07 $0.07 $0.75 $9.81 Westlake $0.83 $1.04 $1.54 $0.34 $1.32 $1.86 $0.78 $2.46 $0.12 $0.25 $0.89 $11.43 Woodland Hills $0.66 $1.05 $1.32 $0.46 $0.92 $1.11 $0.73 $3.66 $0.11 $0.07 $0.75 $10.84 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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3 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total Los Angeles $0.85 $1.04 $1.09 $0.49 $0.87 $0.93 $0.52 $1.79 $0.05 $0.21 $0.35 $8.19 Antelope Valley $0.45 $0.45 $1.03 $0.53 $0.73 $0.93 $0.22 $1.10 $0.04 $0.04 $0.31 $5.83 Beach Communities $1.33 $1.44 $0.97 $0.61 $1.06 $1.31 $0.49 $0.71 $0.05 $0.41 $0.35 $8.73 Beverly Hills/Centur… $0.76 $0.76 $1.23 $0.50 $0.82 $0.58 $0.49 $2.10 $0.05 $0.17 $0.34 $7.80 Burbank $0.72 $1.11 $1.00 $0.38 $0.71 $0.82 $0.71 $1.74 $0.07 $0.18 $0.35 $7.79 Central San Fernan… $0.55 $1.00 $1.04 $0.41 $0.78 $0.98 $0.52 $2.49 $0.04 $0.04 $0.33 $8.18 Downtown Los Ang… $0.80 $1.01 $1.12 $0.44 $0.88 $0.88 $0.53 $2.00 $0.05 $0.19 $0.38 $8.28 East Hollywood $0.85 $0.81 $1.19 $0.47 $0.83 $0.60 $0.51 $2.09 $0.05 $0.18 $0.34 $7.92 Glendale $0.69 $1.07 $0.96 $0.38 $0.70 $0.81 $0.68 $1.64 $0.07 $0.17 $0.33 $7.50 Greater Culver City $0.73 $0.90 $1.27 $0.78 $0.87 $0.74 $0.52 $2.24 $0.06 $0.20 $0.37 $8.68 Greater Inglewood $0.88 $0.79 $1.22 $0.48 $0.85 $0.57 $0.51 $2.09 $0.05 $0.19 $0.34 $7.97 Hollywood $0.88 $0.74 $1.23 $0.46 $0.83 $0.53 $0.51 $2.15 $0.05 $0.18 $0.34 $7.90 Koreatown $0.88 $0.74 $1.24 $0.46 $0.83 $0.53 $0.51 $2.15 $0.05 $0.18 $0.34 $7.91 Long Beach/Ports $1.41 $1.50 $1.03 $0.54 $1.00 $2.03 $0.51 $0.55 $0.05 $0.44 $0.36 $9.42 Mid-Wilshire $0.71 $0.65 $1.24 $0.55 $0.96 $0.55 $0.53 $2.59 $0.05 $0.19 $0.36 $8.38 North Hills/Panoram… $0.54 $1.00 $1.03 $0.41 $0.78 $0.97 $0.52 $2.48 $0.04 $0.04 $0.32 $8.13 North San Fernand… $0.54 $1.00 $1.03 $0.41 $0.78 $0.97 $0.52 $2.48 $0.04 $0.04 $0.32 $8.13 Northeast Los Ange… $0.76 $1.07 $1.04 $0.51 $0.85 $0.87 $0.50 $1.90 $0.05 $0.18 $0.34 $8.07 Northridge $0.55 $0.99 $1.04 $0.41 $0.78 $0.97 $0.51 $2.45 $0.04 $0.04 $0.32 $8.10 Pasadena $0.71 $1.11 $0.99 $0.37 $0.70 $0.78 $0.71 $1.72 $0.07 $0.17 $0.34 $7.67 San Gabriel Valley $0.89 $0.61 $1.05 $0.48 $0.91 $0.83 $0.21 $1.58 $0.03 $0.18 $0.36 $7.13 Santa Clarita Valley $0.60 $0.52 $1.17 $0.36 $0.57 $1.09 $0.50 $2.52 $0.06 $0.05 $0.53 $7.97 Santa Monica $0.87 $0.75 $1.24 $0.46 $0.84 $0.56 $0.50 $2.13 $0.05 $0.18 $0.36 $7.94 Sherman Oaks $0.55 $1.03 $1.03 $0.41 $0.78 $0.98 $0.52 $2.48 $0.04 $0.04 $0.31 $8.17 South Bay $1.33 $1.47 $1.10 $0.67 $1.17 $1.28 $0.50 $0.77 $0.05 $0.43 $0.34 $9.11 South Los Angeles $1.20 $1.55 $1.28 $0.83 $1.45 $1.15 $0.55 $0.78 $0.05 $0.46 $0.34 $9.64 Southeast Los Ange… $0.76 $1.09 $1.03 $0.51 $0.85 $0.89 $0.50 $1.89 $0.05 $0.18 $0.34 $8.09 Studio City/N Holly… $0.76 $2.21 $1.04 $0.41 $0.86 $1.23 $0.69 $3.43 $0.04 $0.04 $0.32 $11.03 Sun Valley $0.58 $1.22 $1.03 $0.41 $0.79 $1.02 $0.55 $2.66 $0.04 $0.04 $0.32 $8.66 Tarzana $0.55 $0.96 $1.04 $0.41 $0.78 $0.97 $0.49 $2.35 $0.04 $0.04 $0.33 $7.96 Van Nuys $0.58 $1.22 $1.04 $0.41 $0.80 $1.02 $0.55 $2.65 $0.04 $0.04 $0.32 $8.67 Venice Beach $0.89 $0.79 $1.29 $0.46 $0.88 $0.65 $0.55 $2.25 $0.07 $0.23 $0.42 $8.48 West County $0.59 $0.97 $1.12 $0.46 $0.84 $1.01 $0.50 $2.36 $0.05 $0.05 $0.46 $8.41 West Hollywood $0.86 $0.75 $1.24 $0.46 $0.84 $0.55 $0.50 $2.11 $0.05 $0.18 $0.35 $7.89 West San Fernando… $0.44 $0.97 $1.03 $0.39 $0.80 $0.76 $0.50 $2.40 $0.04 $0.04 $0.31 $7.68 Westlake $0.85 $0.85 $1.18 $0.37 $0.83 $0.63 $0.51 $2.08 $0.05 $0.18 $0.34 $7.87 Woodland Hills $0.40 $1.00 $1.12 $0.39 $0.86 $0.65 $0.58 $2.85 $0.06 $0.05 $0.45 $8.41 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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1 & 2 STAR EXPENSES PER SF (ANNUAL)

Operating Expenses Capital Expenditures

Market / Cluster Mgmt. Admin. Payroll Water Utilities Maint. Insurance Taxes Appliance Structural Other Total Los Angeles $0.58 $0.63 $0.92 $0.43 $0.80 $0.70 $0.31 $1.39 $0.04 $0.07 $0.32 $6.19 Antelope Valley $0.43 $0.43 $0.98 $0.50 $0.70 $0.88 $0.21 $1.05 $0.04 $0.03 $0.30 $5.55 Beach Communities $0.70 $0.69 $0.97 $0.50 $0.89 $0.90 $0.33 $0.69 $0.04 $0.06 $0.32 $6.09 Beverly Hills/Centur… $0.73 $0.59 $1.17 $0.41 $0.75 $0.55 $0.30 $1.69 $0.04 $0.06 $0.32 $6.61 Burbank $0.18 $0.38 $0.43 $0.36 $0.67 $0.60 $0.29 $1.65 $0.04 $0.07 $0.32 $4.99 Central San Fernan… $0.52 $0.70 $0.98 $0.39 $0.74 $0.90 $0.34 $1.51 $0.04 $0.03 $0.30 $6.45 Downtown Los Ang… $0.73 $0.82 $1.03 $0.47 $0.82 $0.81 $0.39 $1.66 $0.04 $0.10 $0.32 $7.19 East Hollywood $0.73 $0.71 $1.14 $0.45 $0.82 $0.56 $0.32 $1.66 $0.04 $0.07 $0.32 $6.82 Glendale $0.16 $0.35 $0.41 $0.35 $0.67 $0.73 $0.24 $1.23 $0.04 $0.06 $0.32 $4.56 Greater Culver City $0.69 $0.86 $1.17 $0.54 $0.79 $0.67 $0.31 $1.69 $0.04 $0.07 $0.32 $7.15 Greater Inglewood $0.73 $0.71 $1.16 $0.45 $0.82 $0.54 $0.31 $1.66 $0.04 $0.06 $0.32 $6.80 Hollywood $0.74 $0.71 $1.17 $0.44 $0.82 $0.50 $0.32 $1.70 $0.04 $0.07 $0.32 $6.83 Koreatown $0.74 $0.71 $1.17 $0.44 $0.82 $0.50 $0.31 $1.69 $0.04 $0.06 $0.32 $6.80 Long Beach/Ports $0.79 $0.79 $0.98 $0.50 $0.90 $1.03 $0.35 $0.46 $0.04 $0.11 $0.32 $6.27 Mid-Wilshire $0.63 $0.61 $1.18 $0.48 $0.82 $0.51 $0.31 $1.69 $0.04 $0.06 $0.32 $6.65 North Hills/Panoram… $0.52 $0.70 $0.98 $0.39 $0.74 $0.90 $0.34 $1.51 $0.04 $0.03 $0.30 $6.45 North San Fernand… $0.52 $0.70 $0.98 $0.39 $0.74 $0.90 $0.34 $1.51 $0.04 $0.03 $0.30 $6.45 Northeast Los Ange… $0.70 $0.70 $0.99 $0.50 $0.81 $0.84 $0.33 $1.49 $0.04 $0.07 $0.32 $6.79 Northridge $0.52 $0.70 $0.98 $0.39 $0.74 $0.90 $0.34 $1.51 $0.04 $0.03 $0.30 $6.45 Pasadena $0.16 $0.39 $0.42 $0.29 $0.67 $0.25 $0.29 $1.62 $0.04 $0.06 $0.32 $4.51 San Gabriel Valley $0.71 $0.57 $0.99 $0.46 $0.89 $0.77 $0.19 $1.48 $0.03 $0.07 $0.32 $6.48 Santa Clarita Valley $0.52 $0.48 $0.99 $0.33 $0.53 $0.90 $0.34 $1.53 $0.04 $0.03 $0.30 $5.99 Santa Monica $0.74 $0.71 $1.17 $0.44 $0.82 $0.50 $0.31 $1.69 $0.04 $0.06 $0.32 $6.80 Sherman Oaks $0.53 $0.70 $0.98 $0.39 $0.75 $0.90 $0.33 $1.50 $0.04 $0.03 $0.30 $6.45 South Bay $0.71 $0.70 $1.03 $0.50 $0.89 $0.90 $0.33 $0.72 $0.04 $0.07 $0.32 $6.21 South Los Angeles $0.71 $0.71 $1.22 $0.51 $0.90 $0.90 $0.33 $0.74 $0.04 $0.07 $0.32 $6.45 Southeast Los Ange… $0.70 $0.70 $0.98 $0.50 $0.81 $0.85 $0.33 $1.48 $0.04 $0.06 $0.32 $6.77 Studio City/N Holly… $0.70 $0.71 $0.98 $0.39 $0.82 $0.90 $0.33 $1.50 $0.04 $0.03 $0.30 $6.70 Sun Valley $0.54 $0.70 $0.98 $0.39 $0.75 $0.90 $0.33 $1.49 $0.04 $0.03 $0.30 $6.45 Tarzana $0.52 $0.70 $0.98 $0.39 $0.74 $0.90 $0.34 $1.52 $0.04 $0.03 $0.30 $6.46 Van Nuys $0.55 $0.71 $0.98 $0.39 $0.76 $0.90 $0.34 $1.51 $0.04 $0.03 $0.30 $6.51 Venice Beach $0.74 $0.71 $1.18 $0.44 $0.82 $0.50 $0.32 $1.70 $0.04 $0.07 $0.32 $6.84 West County $0.55 $0.66 $1.01 $0.39 $0.75 $0.84 $0.32 $1.51 $0.04 $0.04 $0.30 $6.41 West Hollywood $0.73 $0.69 $1.17 $0.44 $0.82 $0.50 $0.31 $1.69 $0.04 $0.06 $0.32 $6.77 West San Fernando… $0.52 $0.70 $0.98 $0.39 $0.74 $0.90 $0.34 $1.52 $0.04 $0.03 $0.30 $6.46 Westlake $0.78 $0.72 $1.16 $0.33 $0.82 $0.58 $0.39 $1.81 $0.04 $0.11 $0.32 $7.06 Woodland Hills $0.45 $0.70 $0.98 $0.38 $0.76 $0.77 $0.34 $1.51 $0.04 $0.03 $0.30 $6.26 Expenses are estimated using NCREIF, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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A potent mix of limiting factors combine to make it deliveries was undercutting fundamentals even before difficult to build in L.A. High construction costs, NIMBY the COVID-19 outbreak, and the situation continues to sentiment, anti-density politics, and onerous permitting deteriorate, especially for properties still in lease-up. processes are major impediments to development. These And with massive projects like G.H. Palmer's 1,150-unit hurdles have created a chronic disconnect between Ferrante; Carmel Partners' 475-unit 520 Mateo; and the housing demand and new supply. That imbalance drives 436-unit, Frank Gehry-designed The Grand still strong rent growth during expansions and has helped underway, the Downtown market will continue to be keep the market relatively stable during previous defined by supply pressure for the foreseeable future. economic downturns. A handful of other submarkets emerged as popular Around 24,000 units are under construction in L.A, development targets prior to the pandemic. Greater representing only about 2.5% of existing inventory. That Inglewood, where the NBA's Clippers will soon build a trails other major Western U.S. metros like Seattle (6%), new arena near the NFL's recently opened Sofi Stadium, Phoenix (5.5%) and Denver (5.5%). was overlooked for most of last decade but is now experiencing a wave of construction. Much of the The pandemic is having a chilling effect on new project development there is concentrated in the northwest starts as well. Between 14Q1 and 20Q1, L.A. averaged corner of the submarket near the tech and entertainment about 2,700 new units beginning construction each hub of Culver City. quarter. Fewer than 6,000 units have broke ground since the start of the pandemic though. That's a minuscule Centrally located neighborhoods along transit lines like addition to housing in a metro of more than 10 million Koreatown and Hollywood are also favorite targets for people. builders. High-end infill projects like Jamison Properties 644-unit Kurve Wilshire and Cal Coast Development's While occupancies are down in some areas and average 368-unit Rise Hollywood are changing the character of rents are falling, the impacts of the pandemic would be these historically working-class neighborhoods. even more severe were it not for the limited construction pipeline. Most areas are relatively insulated from Woodland Hills, and specifically the master-planned competition from new supply, but the few hotspots where Warner Center, is one of the few corners of L.A. where development is concentrated are already seeing serious pro-density policies are firmly in place. With plans to stress. evolve the area into the San Fernando Valley's first urban hub, it should continue to be a hub for multifamily Downtown L.A. has been in a sustained building boom development for the foreseeable future. Current for years, and the total number of apartment units nearly construction in Woodland Hills equates to nearly 10% of doubled over the past decade. The relentless pace of existing inventory.

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DELIVERIES & DEMOLITIONS

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Properties Units Percent of Inventory Avg. No. Units 266 23,706 2.4% 89

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner Ferrante G.H. Palmer Associates 1 1,150 7 Aug 2019 Jun 2021 1000 W Temple St G.H. Palmer Associates VOX Carmel Partners 2 918 7 Oct 2018 Apr 2021 3321 S La Cienega Blvd Carmel Partners Kurve Jamison Services, Inc. 3 644 23 Jul 2019 May 2021 2801 W Wilshire Blvd Hankey Investment Company Alexan NOHO West Merlone Geier Management, Inc. 4 642 6 Mar 2021 Mar 2023 6150 Laurel Canyon Blvd Trammell Crow Residential 12101 W Olympic Blvd Hines 5 516 11 Jul 2020 Dec 2023 Hines 520 Mateo Carmel Partners 6 475 35 Jan 2020 Nov 2022 520 Mateo St Carmel Partners The Grand Related California Los Angeles 7 436 38 Feb 2019 Oct 2021 100 S Grand Ave The Related Companies

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UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner The Broadway Block Onni Group 8 400 23 Mar 2020 May 2022 240 Long Beach Blvd Onni Group AMLI Old Pasadena AMLI Residential 9 394 4 Jan 2020 May 2021 75 W Holly St Morgan Stanley Services Group I… Landmark Apartments Douglas Emmett, Inc. 10 376 34 May 2018 Aug 2022 11750 Wilshire Blvd Douglas Emmett, Inc. The Rise Hollywood Cal Coast Development Corp. 11 369 7 Jun 2019 May 2021 1331 N Cahuenga Blvd Rescore Hollywood LLC The Rise - Koreatown Cal Coast Development Corp. 12 364 7 Jun 2019 Apr 2021 3525 W 8th St Encore Capital Management 8811 N Sepulveda Blvd Meta Housing Corporation 13 364 4 Dec 2020 Jun 2022 Meta Housing Corporation The Q Topanga California Home Builders 14 343 7 Feb 2018 Apr 2021 6263-6363 Topanga Cany… California Home Builders Il Villagio Toscano Worthe Real Estate Group 15 325 6 May 2019 Apr 2021 4815-4827 Sepulveda Blvd IMT Residential Llewellyn T A Patty Development, Inc. 16 318 5 Oct 2019 Apr 2021 1101 N Main St Trammell Crow Company Shoreline Gateway AndersonPacific, LLC 17 315 35 Jul 2019 Jun 2021 777 E Ocean Blvd H&R Real Estate Investment Trust Hollywood Park - Reside… Wilson Meany 18 314 3 Jan 2020 Aug 2021 1050 S Prairie Ave Wilson Meany The Gabriel Greystar Real Estate Partners 19 313 - Jan 2021 Jan 2022 2771 N Garey Ave Greystar Real Estate Partners OneMuseumSquare J.H. Snyder Company 20 285 21 Feb 2019 Apr 2021 640 S Curson Ave J.H. Snyder Company 21001 W Kittridge St Fairfield Residential 21 275 - Aug 2020 Feb 2022 One Lambda, Inc. Essence BCEG International Investment -… 22 274 5 Jul 2018 Jul 2021 6041 Variel Ave BCEG International Investment -… 6200 W Sunset Blvd The Hanover Company 23 270 7 Jul 2020 Dec 2021 The Hanover Company 24 by Uncommon - Phas… Uncommon Developers LLC 24 268 5 May 2020 Oct 2022 20000 Prairie St MGA Entertainment, Inc. The Park Witkoff 25 262 7 Nov 2019 Nov 2021 500 Broadway KRE Capital, LLC First Street Village Behunin Construction, Co. 26 261 5 Aug 2020 Aug 2022 315 N 1st St Del Rey Properties The Watermark Gelt Inc. 27 250 6 Apr 2018 May 2021 6611-6625 Reseda Blvd Gelt Inc. 2500 Wilshire Blvd Jamison Services, Inc. 28 248 13 Feb 2020 Apr 2021 Jamison Services, Inc.

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Before the coronavirus upended the economy, the L.A. communities. Raintree Partners paid $142 million multifamily investment market was red hot. Nearly $11 ($258,000/unit) for a five-property, 551-unit portfolio of billion in trades were recorded in both 2018 and 2019, 2 & 3 Star properties in communities including Camarillo, leading the nation in both years. In 2019, volume totals Glendale, and Canoga Park. The portfolio offering, which were boosted by some larger trades, while overall deal had been privately held for more than 30 years, volume declined noticeably relative to previous years. reportedly received nearly 100 offers.

Nearly 3,900 apartment trades took place in L.A. County Much of last year's sales volume stems from less in 2017, and more than 3,200 properties traded in 2018, conventional transactions as opposed to standard but only about 2,400 trades were recorded in 2019. And principal to principal exchanges. In September, REIT in 2020 only about 1,500 sales closed, a clear indicator AIMCO formed a joint venture with an unnamed of the disruption caused by COVID-19. institutional investor when it sold a 39% interest in a 4,051-unit, 12-property portfolio of California The pandemic is having a chilling effect on all types of communities. The portfolio, which included over 1,000 commercial investment, though trading has not units in Mid-Wilshire as well as assets in Pasadena and evaporated entirely. Around $900 million in deals closed Calabasas, was valued at $2.4 billion, or nearly in 20Q2, marking the slowest quarter for apartment sales $600,000/unit. since 2012. Trading picked up in the second half of the year but was still well off the pre-pandemic pace. At the end of 20Q1, Berkshire Property Advisors announced the sale of the ground lease for One Santa In January, Chicago-based Waterton Associates paid Fe, a 4 Star, 438-unit mixed-use mid-rise built in 2015. $121 million, or about $415,000/unit, for the 293-unit, One Santa Fe is the longest building in Los Angeles and, mixed-use Olive DTLA a few blocks from Staples as the first modern apartment community built in the Arts Center. Seller The Wolff Company delivered the project District last decade, has been credited (or criticized) for in 2016, and it was about 90% leased at the time of sale. accelerating the gentrification of the area. The Waterton was actively pursuing a Downtown L.A. asset community sold for $175.5 million, or about and was not dissuaded by sharp rent losses in the area $400,000/unit, and the ground lease runs through 2090. during the pandemic. In a press release, the buyers expressed confidence that Downtown's "diversified Pricing in L.A. stand at roughly $340,000/unit compared economy and business presence will continue to attract to a national average of $210,000/unit. And while deal an affluent and educated renter base" once the public volume slowed noticeably last year, average pricing held health situation improves. relatively steady. Similarly, average cap rates, at around 4.5%, haven't moved much in the limited trading that has A major November trade reflects the shift in renter taken place and remain well below the U.S. average of preferences towards larger units in suburban 5.5%.

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SALES VOLUME & MARKET SALE PRICE PER UNIT

MARKET CAP RATE

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Sale Comparables Avg. Price/Unit (thous.) Average Price (mil.) Average Vacancy at Sale 1,389 $281 $4.6 6.5%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $161,000 $4,584,969 $2,250,000 $175,500,000

Price/Unit $7,692 $281,042 $253,333 $1,280,000

Cap Rate 1.5% 4.5% 4.4% 9.4%

Vacancy Rate At Sale 0% 6.5% 0% 100%

Time Since Sale in Months 0.0 5.8 5.6 12.0

Property Attributes Low Average Median High Property Size in Units 5 16 8 698

Number of Floors 1 2 2 15

Average Unit SF 69 808 787 2,963

Year Built 1887 1956 1959 2021

Star Rating 2.2

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RECENT SIGNIFICANT SALES

Property Information Sale Information

Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

One Santa Fe 1 - 2015 438 8.9% 3/27/2020 $175,500,000 $400,684 $344 300 S Santa Fe Ave The Palazzo East at Park La… 2 - 2005 611 4.6% 9/8/2020 $162,077,870 $265,266 $524 348 S Hauser Blvd Palazzo West at the Grove 3 - 2005 521 3.3% 9/8/2020 $145,751,554 $279,753 $550 6220 W 3rd St Wilshire Vermont Station 4 - 2007 449 11.8% 5/8/2020 $135,125,000 $300,946 $321 3183 Wilshire Blvd Angelene 5 - 2016 179 11.2% 12/21/2020 $124,650,000 $696,368 $518 915 N La Brea Olive DTLA 6 - 2016 293 7.2% 1/21/2021 $121,000,000 $412,969 $433 1243 S Olive St The Vue 7 - 2008 318 6.0% 1/20/2021 $120,242,000 $378,119 $241 255 W 5th St Nola624 8 - 1964 259 5.4% 12/28/2020 $95,800,000 $369,884 $286 600-656 S Glendora Ave The Harrison Glendale 9 - 2018 164 4.3% 3/15/2021 $90,700,000 $553,048 $704 318 W Wilson Ave Malibu Canyon 10 - 1987 698 2.2% 9/8/2020 $87,550,692 $125,430 $388 5758 Las Virgenes Rd Cordova Park Apartment Ho… 11 - 1987 416 4.6% 12/21/2020 $84,000,000 $201,923 $232 43530 Gadsden Ave Granada Villas Apartment Ho… 12 - 1990 320 1.9% 11/18/2020 $66,000,000 $206,250 $247 43230 Gadsden Ave Venice on Rose 13 - 2012 70 11.4% 9/9/2020 $65,000,000 $928,571 $593 512 Rose Ave Sienna Heights Apartment Ho… 14 - 1984 314 2.9% 12/21/2020 $61,440,000 $195,668 $197 43519 Kirkland Ave 416 on Broadway 15 - 2009 115 5.4% 10/28/2020 $60,000,000 $521,739 $473 416 E Broadway The Perigee Apartments 16 - 1985 200 2.0% 11/23/2020 $51,500,000 $257,500 $326 21041 Parthenia St Amber Ridge Apartments 17 - 1973 147 2.0% 7/14/2020 $49,700,000 $338,095 $325 2421 Foothill Blvd Canyon Drive Manor Apartme… 18 - 1973 137 10.2% 11/23/2020 $40,500,000 $295,620 $387 1738 Canyon Dr The Kenmore Los Feliz 19 - 1987 72 5.6% 9/16/2020 $37,625,000 $522,569 $528 1840 N Kenmore Ave ElmView Residences 20 - 2017 30 10.0% 12/3/2020 $35,800,000 $1,193,333 $552 321-327 S Elm Dr

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The Los Angeles economy continues to struggle to find from volumes seen the same month a year ago. Stores, its footing. The metro unemployment rate, after seeing a restaurants, and lodging in tourist hotspots like sustained improvement for months in the second half of Downtown L.A., Hollywood, Beverly Hills, and Santa last year, has increased in recent months, as the latest Monica have been particularly impacted. shutdown led to another round of layoffs. Unemployment in L.A. County remains double the national average. Luckily trade, another staple of the economy, is currently riding high. Long Beach saw its greatest volumes ever There are signals, however, that suggest the worst of the during 2020. The Port of Los Angeles saw its fourth- impact of the pandemic could be behind us. New highest-volume year in history. However, the surge in coronavirus cases as well as deaths have seen imports has resulted in bottlenecks at both ports. Some sustained declines since last peaking in January. shipping lines have started moving ships to smaller ports Lockdown measures are being eased. or canceling sailings altogether. Continued bottlenecks, however, could soon become a headwind for LA's Los Angeles' position as the entertainment capital of the industrial market if conditions at the ports don't improve. world and the increased demand for video streaming and social media had been a boon to the L.A. economy As more of a structural issue that needs to be addressed during the past several years. The sector was deeply long term, the prohibitive cost of housing in L.A. is a impacted, and the number of productions and days of major impediment to hiring and is often cited as a shooting plummeted. Last year's shooting days were half motivating factor for companies to relocate to other parts the levels seen in 2019. Longer term, the industry will of the country. The latest data shows L.A.'s population is bounce back and will be a key driver of the recovery in in decline and has seen minimal growth in other years the metro. The content war never went away; it just went during the past decade. Lower-income households in hibernation. The entertainment business directly or continue to migrate to cheaper U.S. metros. indirectly employs one out of five workers in L.A. County. Despite near-term issues related to the pandemic, the Tourism is important for the local economy, and with metro economy possesses many positive attributes. The travel still down, the impact to this sector and its economy is diverse and largely matches the profile of the employees has been considerable. Before the pandemic, national economy. The metro is an attractive location for over 500,000 people in the county were employed in the immigrants and educated talent throughout the nation. leisure and hospitality industry. L.A. saw 50 million More people making six-figure paychecks continue to visitors in 2019. Air travel remains significantly move to L.A. than are leaving. Education levels, while depressed. January passenger volumes out of Los below the national average, continue to improve every Angeles International Airport (LAX) were down over 75% year.

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LOS ANGELES EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 322 0.9 -4.25% -3.71% -1.57% 0.60% -0.09% 0.45% Trade, Transportation and Utilities 819 1.0 -4.00% -2.88% 0.89% 0.86% 0.74% 0.58% Retail Trade 396 0.9 -5.52% -3.07% 0.10% 0.41% 1.21% 0.70% Financial Activities 227 0.9 -1.11% -1.05% 0.63% 1.30% 0.32% 0.74% Government 551 0.9 -7.06% -5.52% -0.20% -0.35% 1.02% 1.00% Natural Resources, Mining and Construction 153 0.6 -2.22% -3.29% 3.74% 2.63% 0.88% 1.08% Education and Health Services 840 1.2 -2.87% -3.59% 2.20% 1.60% 2.13% 1.79% Professional and Business Services 610 1.0 -6.42% -4.01% 1.47% 1.87% 1.38% 1.58% Information 203 2.5 -10.59% -5.77% 0.31% 0.18% 3.26% 2.00% Leisure and Hospitality 430 1.0 -21.63% -17.17% 0.96% 0.42% 5.66% 4.21% Other Services 136 0.8 -15.18% -6.56% -0.31% 0.35% 3.13% 1.35% Total Employment 4,289 1.0 -7.14% -5.30% 0.86% 0.94% 1.80% 1.44% Source: Oxford Economics LQ = Location Quotient

YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

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DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 10,030,731 330,801,250 -0.1% 0.5% 0.2% 0.6% 0.1% 0.5% Households 3,314,441 123,636,281 -0.1% 0.4% 0.3% 0.7% 0% 0.5% Median Household Income $77,975 $69,276 4.9% 3.9% 4.0% 3.3% 2.4% 2.2% Labor Force 5,015,484 160,894,016 -2.0% -1.9% 0.2% 0.5% 0.4% 0.8% Unemployment 11.8% 6.7% 6.8% 2.9% 0% -0.2% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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LOS ANGELES SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs Units % Market Rank Bldgs Units Percent Rank Bldgs Units Percent Rank 1 Antelope Valley 256 9,578 1.0% 31 0 0 0% - 0 0 0% - 2 Beach Communities 881 12,361 1.3% 29 0 1 0% 29 0 0 0% - 3 Beverly Hills/Century City… 2,743 39,646 4.1% 9 5 157 0.4% 19 12 1,151 2.9% 8 4 Burbank 1,057 15,136 1.6% 23 0 0 0% - 1 261 1.7% 23 5 Central San Fernando Vly 265 8,411 0.9% 32 0 0 0% - 1 250 3.0% 24 6 Downtown Los Angeles 419 34,518 3.6% 13 7 1,268 3.7% 1 18 3,328 9.6% 1 7 East Hollywood 2,416 33,169 3.4% 14 3 35 0.1% 23 22 1,022 3.1% 10 8 Glendale 2,705 35,723 3.7% 12 3 156 0.4% 20 1 6 0% 29 9 Greater Culver City 2,248 39,543 4.1% 10 4 374 0.9% 13 22 842 2.1% 11 10 Greater Inglewood 4,163 49,697 5.1% 6 7 517 1.0% 10 12 2,084 4.2% 3 11 Hollywood 1,762 39,848 4.1% 8 9 789 2.0% 6 18 1,991 5.0% 4 12 Koreatown 2,718 57,511 5.9% 3 9 1,058 1.8% 2 26 2,444 4.2% 2 13 Long Beach/Ports 4,344 58,648 6.0% 2 6 829 1.4% 5 9 1,156 2.0% 7 14 Mid-Wilshire 2,446 36,811 3.8% 11 8 231 0.6% 15 28 1,201 3.3% 6 15 North Hills/Panorama City 533 15,055 1.5% 24 3 86 0.6% 21 2 388 2.6% 17 16 North San Fernando Valley 197 5,870 0.6% 35 1 266 4.5% 14 1 0 0% - 17 Northeast Los Angeles 1,581 18,908 1.9% 21 8 166 0.9% 18 12 387 2.0% 18 18 Northridge 316 12,178 1.3% 30 2 577 4.7% 9 0 0 0% - 19 Pasadena 1,740 26,766 2.8% 15 2 6 0% 28 11 767 2.9% 13 20 San Gabriel Valley 3,415 62,469 6.4% 1 2 31 0% 24 7 793 1.3% 12 21 Santa Clarita Valley 115 13,073 1.3% 28 4 591 4.5% 8 0 0 0% - 22 Santa Monica 2,127 25,129 2.6% 17 4 513 2.0% 11 6 469 1.9% 16 23 Sherman Oaks 776 14,919 1.5% 25 0 0 0% - 3 387 2.6% 18 24 South Bay 2,464 47,464 4.9% 7 2 657 1.4% 7 2 286 0.6% 21 25 South Los Angeles 1,401 25,473 2.6% 16 1 1 0% 29 0 0 0% - 26 Southeast Los Angeles 4,250 55,617 5.7% 4 2 7 0% 27 8 635 1.1% 14 27 Studio City/N Hollywood 3,110 50,286 5.2% 5 15 835 1.7% 4 20 1,496 3.0% 5 28 Sun Valley 395 8,394 0.9% 33 1 36 0.4% 22 3 92 1.1% 26 29 Tarzana 158 6,535 0.7% 34 0 0 0% - 0 0 0% - 30 Van Nuys 1,165 22,708 2.3% 18 6 195 0.9% 16 3 74 0.3% 28 31 Venice Beach 686 21,442 2.2% 20 (4) 26 0.1% 26 2 356 1.7% 20 32 West County 59 2,522 0.3% 36 1 29 1.1% 25 1 78 3.1% 27 33 West Hollywood 936 14,624 1.5% 27 0 0 0% - 6 115 0.8% 25 34 West San Fernando Valley 405 14,692 1.5% 26 2 189 1.3% 17 1 268 1.8% 22 35 Westlake 988 22,054 2.3% 19 5 431 2.0% 12 7 598 2.7% 15 36 Woodland Hills 227 15,297 1.6% 22 4 958 6.3% 3 5 1,031 6.7% 9

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SUBMARKET RENT

Asking Rents Effective Rents

No. Market Per Unit Per SF Rank Yr. Growth Per Unit Per SF Rank Yr. Growth Concession Rank 1 Antelope Valley $1,392 $1.69 36 7.8% $1,388 $1.68 36 7.9% 0.3% 36 2 Beach Communities $2,351 $2.70 10 -0.2% $2,339 $2.69 10 0.2% 0.5% 32 3 Beverly Hills/Century City… $2,945 $3.30 2 -2.1% $2,913 $3.26 2 -2.1% 1.1% 14 4 Burbank $2,069 $2.58 11 -2.6% $2,037 $2.54 11 -3.8% 1.5% 5 5 Central San Fernando Vly $1,802 $2.23 24 0.2% $1,791 $2.22 24 0.3% 0.6% 28 6 Downtown Los Angeles $2,448 $2.92 6 -6.2% $2,397 $2.86 7 -6.4% 2.1% 1 7 East Hollywood $1,586 $2.42 16 -1.2% $1,576 $2.41 16 -1.3% 0.6% 27 8 Glendale $1,981 $2.45 15 -1.6% $1,967 $2.43 15 -1.8% 0.7% 24 9 Greater Culver City $2,370 $2.88 8 -4.7% $2,335 $2.83 8 -5.7% 1.5% 6 10 Greater Inglewood $1,470 $2.16 27 1.9% $1,447 $2.12 28 0.5% 1.6% 4 11 Hollywood $2,182 $2.90 7 -3.1% $2,153 $2.86 6 -3.6% 1.3% 7 12 Koreatown $1,647 $2.49 12 -1.8% $1,629 $2.46 12 -2.3% 1.1% 12 13 Long Beach/Ports $1,601 $2.27 23 1.4% $1,583 $2.24 23 0.7% 1.1% 13 14 Mid-Wilshire $2,293 $2.71 9 -4.9% $2,274 $2.69 9 -4.7% 0.8% 21 15 North Hills/Panorama City $1,507 $1.87 35 1.3% $1,499 $1.86 35 1.2% 0.5% 34 16 North San Fernando Valley $1,839 $2.20 25 2.7% $1,823 $2.18 25 2.2% 0.9% 20 17 Northeast Los Angeles $1,586 $2.36 17 -1.3% $1,571 $2.34 17 -1.7% 0.9% 17 18 Northridge $1,893 $2.29 22 1.6% $1,869 $2.26 22 0.8% 1.2% 9 19 Pasadena $2,069 $2.47 13 -0.2% $2,048 $2.44 13 -0.6% 1.0% 16 20 San Gabriel Valley $1,671 $2.05 32 3.1% $1,662 $2.04 32 2.9% 0.6% 29 21 Santa Clarita Valley $2,188 $2.32 18 5.3% $2,146 $2.27 20 3.7% 1.9% 2 22 Santa Monica $2,868 $3.91 1 -5.9% $2,814 $3.83 1 -7.2% 1.9% 3 23 Sherman Oaks $2,040 $2.29 21 -1.0% $2,024 $2.27 19 -1.2% 0.8% 22 24 South Bay $1,659 $2.16 26 0.2% $1,645 $2.14 26 -0.3% 0.9% 18 25 South Los Angeles $1,663 $2.09 30 2.6% $1,655 $2.08 29 2.5% 0.5% 35 26 Southeast Los Angeles $1,456 $1.99 34 1.7% $1,449 $1.98 34 1.6% 0.5% 31 27 Studio City/N Hollywood $1,899 $2.31 19 -1.6% $1,880 $2.29 18 -2.0% 1.0% 15 28 Sun Valley $1,508 $2.05 33 1.8% $1,501 $2.04 33 1.7% 0.5% 33 29 Tarzana $1,843 $2.14 28 0.1% $1,833 $2.13 27 0% 0.5% 30 30 Van Nuys $1,551 $2.07 31 1.1% $1,533 $2.04 31 0.4% 1.1% 11 31 Venice Beach $2,909 $3.23 3 -4.7% $2,874 $3.19 3 -5.2% 1.2% 10 32 West County $2,975 $2.98 5 2.4% $2,954 $2.96 5 2.1% 0.7% 25 33 West Hollywood $2,417 $3.02 4 -2.3% $2,401 $3.00 4 -2.3% 0.7% 26 34 West San Fernando Valley $1,700 $2.10 29 1.4% $1,688 $2.08 30 1.2% 0.7% 23 35 Westlake $1,375 $2.29 20 -0.9% $1,363 $2.27 21 -1.3% 0.9% 19 36 Woodland Hills $2,196 $2.46 14 -0.1% $2,168 $2.43 14 -0.1% 1.3% 8

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SUBMARKET VACANCY & ABSORPTION

Vacancy 12 Month Absorption

No. Submarket Units Percent Rank Units % of Inv Rank Construc. Ratio 1 Antelope Valley 302 3.2% 1 116 1.2% 10 - 2 Beach Communities 612 4.9% 14 49 0.4% 13 - 3 Beverly Hills/Century City… 4,067 10.3% 34 (738) -1.9% 36 - 4 Burbank 758 5.0% 15 (206) -1.4% 30 - 5 Central San Fernando Vly 341 4.1% 10 (59) -0.7% 22 - 6 Downtown Los Angeles 4,479 13.0% 36 465 1.3% 2 2.7 7 East Hollywood 1,782 5.4% 19 (269) -0.8% 31 - 8 Glendale 1,918 5.4% 18 0 0% 20 - 9 Greater Culver City 2,906 7.3% 29 (326) -0.8% 33 - 10 Greater Inglewood 3,446 6.9% 27 (478) -1.0% 35 - 11 Hollywood 4,219 10.6% 35 163 0.4% 7 4.7 12 Koreatown 3,875 6.7% 26 225 0.4% 5 4.5 13 Long Beach/Ports 3,110 5.3% 17 401 0.7% 4 2.0 14 Mid-Wilshire 2,185 5.9% 21 (143) -0.4% 27 - 15 North Hills/Panorama City 487 3.2% 3 92 0.6% 11 0.7 16 North San Fernando Valley 295 5.0% 16 134 2.3% 9 2.0 17 Northeast Los Angeles 1,181 6.2% 23 45 0.2% 14 3.6 18 Northridge 993 8.2% 30 61 0.5% 12 9.4 19 Pasadena 1,204 4.5% 11 (64) -0.2% 23 - 20 San Gabriel Valley 2,503 4.0% 8 (145) -0.2% 28 - 21 Santa Clarita Valley 817 6.3% 24 422 3.2% 3 1.4 22 Santa Monica 2,401 9.6% 32 (304) -1.2% 32 - 23 Sherman Oaks 947 6.3% 25 (168) -1.1% 29 - 24 South Bay 2,273 4.8% 13 (30) -0.1% 21 - 25 South Los Angeles 811 3.2% 2 13 0.1% 17 - 26 Southeast Los Angeles 1,833 3.3% 4 6 0% 19 0.8 27 Studio City/N Hollywood 3,076 6.1% 22 154 0.3% 8 5.1 28 Sun Valley 304 3.6% 6 (70) -0.8% 24 - 29 Tarzana 227 3.5% 5 11 0.2% 18 - 30 Van Nuys 1,065 4.7% 12 (87) -0.4% 25 - 31 Venice Beach 2,147 10.0% 33 (416) -1.9% 34 - 32 West County 102 4.1% 9 42 1.7% 15 0.7 33 West Hollywood 834 5.7% 20 (130) -0.9% 26 - 34 West San Fernando Valley 549 3.7% 7 210 1.4% 6 0.9 35 Westlake 1,578 7.2% 28 32 0.1% 16 13.7 36 Woodland Hills 1,296 8.5% 31 720 4.7% 1 1.3

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OVERALL SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 1,001,284 4,841 0.5% 8,683 0.9% 0.6 2024 996,443 3,124 0.3% 9,466 0.9% 0.3 2023 993,319 5,202 0.5% 11,464 1.2% 0.5 2022 988,117 6,736 0.7% 8,240 0.8% 0.8 2021 981,381 11,168 1.2% 665 0.1% 16.8 YTD 972,075 1,862 0.2% 1,925 0.2% 1.0 2020 970,213 10,745 1.1% (3,757) -0.4% - 2019 959,468 9,477 1.0% 5,055 0.5% 1.9 2018 949,991 9,989 1.1% 7,273 0.8% 1.4 2017 940,002 5,135 0.5% 6,906 0.7% 0.7 2016 934,867 9,776 1.1% 5,921 0.6% 1.7 2015 925,091 7,146 0.8% 7,292 0.8% 1.0 2014 917,945 7,243 0.8% 7,734 0.8% 0.9 2013 910,702 2,508 0.3% 4,543 0.5% 0.6 2012 908,194 801 0.1% 2,561 0.3% 0.3 2011 907,393 (43) 0% 2,713 0.3% 0 2010 907,436 2,880 0.3% 4,363 0.5% 0.7 2009 904,556 3,143 0.3% 587 0.1% 5.4

4 & 5 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 146,401 5,478 3.9% 4,711 3.2% 1.2 2024 140,923 3,237 2.4% 4,097 2.9% 0.8 2023 137,686 4,793 3.6% 9,150 6.6% 0.5 2022 132,893 6,817 5.4% 10,700 8.1% 0.6 2021 126,076 10,842 9.4% 4,280 3.4% 2.5 YTD 117,006 1,772 1.5% 1,615 1.4% 1.1 2020 115,234 9,605 9.1% 5,415 4.7% 1.8 2019 105,629 9,163 9.5% 7,404 7.0% 1.2 2018 96,466 9,260 10.6% 6,798 7.0% 1.4 2017 87,206 6,012 7.4% 7,860 9.0% 0.8 2016 81,194 9,460 13.2% 7,220 8.9% 1.3 2015 71,734 7,245 11.2% 5,601 7.8% 1.3 2014 64,489 7,236 12.6% 6,264 9.7% 1.2 2013 57,253 3,012 5.6% 2,429 4.2% 1.2 2012 54,241 1,647 3.1% 2,085 3.8% 0.8 2011 52,594 621 1.2% 1,676 3.2% 0.4 2010 51,973 3,793 7.9% 3,074 5.9% 1.2 2009 48,180 3,246 7.2% 3,494 7.3% 0.9

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3 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 217,401 15 0% 1,129 0.5% 0 2024 217,386 539 0.2% 2,056 0.9% 0.3 2023 216,847 1,051 0.5% 1,361 0.6% 0.8 2022 215,796 561 0.3% (67) 0% - 2021 215,235 295 0.1% (20) 0% - YTD 215,019 79 0% 697 0.3% 0.1 2020 214,940 1,266 0.6% (2,228) -1.0% - 2019 213,674 534 0.3% 89 0% 6.0 2018 213,140 907 0.4% 443 0.2% 2.0 2017 212,233 30 0% 190 0.1% 0.2 2016 212,203 434 0.2% 32 0% 13.6 2015 211,769 207 0.1% 314 0.1% 0.7 2014 211,562 301 0.1% 949 0.4% 0.3 2013 211,261 285 0.1% 826 0.4% 0.3 2012 210,976 (129) -0.1% 337 0.2% - 2011 211,105 139 0.1% 857 0.4% 0.2 2010 210,966 199 0.1% 686 0.3% 0.3 2009 210,767 849 0.4% 231 0.1% 3.7

1 & 2 STAR SUPPLY & DEMAND

Inventory Absorption

Year Units Growth % Growth Units % of Inv Construction Ratio 2025 637,482 (652) -0.1% 2,843 0.4% - 2024 638,134 (652) -0.1% 3,313 0.5% - 2023 638,786 (642) -0.1% 953 0.1% - 2022 639,428 (642) -0.1% (2,393) -0.4% 0.3 2021 640,070 31 0% (3,595) -0.6% 0 YTD 640,050 11 0% (387) -0.1% 0 2020 640,039 (126) 0% (6,944) -1.1% 0 2019 640,165 (220) 0% (2,438) -0.4% 0.1 2018 640,385 (178) 0% 32 0% - 2017 640,563 (907) -0.1% (1,144) -0.2% 0.8 2016 641,470 (118) 0% (1,331) -0.2% 0.1 2015 641,588 (306) 0% 1,377 0.2% - 2014 641,894 (294) 0% 521 0.1% - 2013 642,188 (789) -0.1% 1,288 0.2% - 2012 642,977 (717) -0.1% 139 0% - 2011 643,694 (803) -0.1% 180 0% - 2010 644,497 (1,112) -0.2% 603 0.1% - 2009 645,609 (952) -0.1% (3,138) -0.5% 0.3

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OVERALL VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 52,974 5.3% (0.4) $2,087 $2.68 2.9% (0.2) $2,065 $2.65 2024 56,813 5.7% (0.7) $2,028 $2.61 3.1% 0.5 $2,006 $2.58 2023 63,151 6.4% (0.7) $1,966 $2.53 2.6% 2.1 $1,945 $2.50 2022 69,411 7.0% (0.2) $1,917 $2.46 0.5% 2.0 $1,896 $2.44 2021 70,915 7.2% 0.9 $1,908 $2.45 -1.5% 0.4 $1,887 $2.43 YTD 60,922 6.3% 0 $1,945 $2.48 0.4% 2.3 $1,924 $2.45 2020 60,966 6.3% 1.4 $1,937 $2.47 -1.9% (3.8) $1,912 $2.43 2019 46,517 4.8% 0.4 $1,974 $2.52 2.0% (1.1) $1,959 $2.50 2018 42,059 4.4% 0.3 $1,935 $2.47 3.1% (0.3) $1,915 $2.44 2017 39,160 4.2% (0.2) $1,877 $2.40 3.4% (0.6) $1,855 $2.37 2016 40,867 4.4% 0.4 $1,815 $2.32 4.0% (1.5) $1,798 $2.29 2015 36,981 4.0% 0 $1,746 $2.23 5.4% 2.0 $1,732 $2.21 2014 37,017 4.0% (0.1) $1,656 $2.11 3.4% 0.7 $1,641 $2.09 2013 37,456 4.1% (0.2) $1,601 $2.04 2.8% 0.7 $1,589 $2.02 2012 39,463 4.3% (0.2) $1,558 $1.98 2.1% 0.8 $1,547 $1.97 2011 41,217 4.5% (0.3) $1,526 $1.94 1.2% 2.0 $1,517 $1.93 2010 43,960 4.8% (0.2) $1,508 $1.91 -0.8% 5.9 $1,497 $1.90 2009 45,410 5.0% 0.3 $1,520 $1.93 -6.7% - $1,510 $1.92

4 & 5 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 14,144 9.7% 0.2 $3,033 $3.29 2.6% (0.2) $2,967 $3.22 2024 13,376 9.5% (0.8) $2,955 $3.21 2.9% 0.5 $2,891 $3.14 2023 14,235 10.3% (3.7) $2,873 $3.12 2.3% 2.3 $2,810 $3.05 2022 18,591 14.0% (3.8) $2,807 $3.05 0% 1.9 $2,746 $2.98 2021 22,475 17.8% 4.0 $2,807 $3.05 -1.9% 3.3 $2,746 $2.98 YTD 16,101 13.8% (0.1) $2,878 $3.11 0.6% 5.8 $2,815 $3.04 2020 15,921 13.8% 2.7 $2,862 $3.09 -5.2% (6.3) $2,783 $3.01 2019 11,698 11.1% 0.8 $3,020 $3.27 1.0% (1.5) $2,983 $3.23 2018 9,898 10.3% 1.9 $2,989 $3.23 2.5% 0.2 $2,935 $3.18 2017 7,290 8.4% (2.8) $2,916 $3.15 2.4% 0.1 $2,857 $3.09 2016 9,082 11.2% 1.7 $2,848 $3.08 2.2% (1.9) $2,801 $3.03 2015 6,816 9.5% 1.6 $2,787 $3.02 4.2% 1.5 $2,755 $2.98 2014 5,074 7.9% 0.8 $2,676 $2.89 2.7% 0 $2,639 $2.85 2013 4,058 7.1% 0.7 $2,606 $2.82 2.7% 0.7 $2,576 $2.79 2012 3,441 6.3% (1.0) $2,538 $2.74 2.0% 0.8 $2,514 $2.72 2011 3,872 7.4% (2.1) $2,488 $2.69 1.2% 2.7 $2,469 $2.67 2010 4,926 9.5% 0.8 $2,458 $2.66 -1.5% 5.8 $2,433 $2.63 2009 4,187 8.7% (1.1) $2,496 $2.70 -7.3% - $2,476 $2.68

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3 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 10,717 4.9% (0.5) $2,224 $2.69 3.0% (0.1) $2,206 $2.67 2024 11,830 5.4% (0.7) $2,158 $2.61 3.2% 0.5 $2,141 $2.59 2023 13,345 6.2% (0.2) $2,092 $2.53 2.7% 2.1 $2,075 $2.51 2022 13,655 6.3% 0.3 $2,037 $2.47 0.6% 1.8 $2,021 $2.45 2021 13,026 6.1% 0.1 $2,025 $2.45 -1.2% 0.9 $2,009 $2.43 YTD 12,224 5.7% (0.3) $2,068 $2.48 0.9% 2.9 $2,051 $2.46 2020 12,843 6.0% 1.6 $2,050 $2.46 -2.1% (4.6) $2,030 $2.43 2019 9,401 4.4% 0.2 $2,094 $2.51 2.5% (1.4) $2,081 $2.50 2018 8,943 4.2% 0.2 $2,042 $2.45 4.0% 0 $2,020 $2.43 2017 8,442 4.0% (0.1) $1,963 $2.36 4.0% (0.7) $1,940 $2.33 2016 8,590 4.0% 0.2 $1,888 $2.26 4.7% (2.3) $1,872 $2.24 2015 8,166 3.9% (0.1) $1,803 $2.16 7.0% 2.3 $1,789 $2.14 2014 8,265 3.9% (0.3) $1,685 $2.02 4.7% 1.4 $1,670 $2.00 2013 8,907 4.2% (0.3) $1,609 $1.92 3.3% 0 $1,598 $1.91 2012 9,461 4.5% (0.2) $1,558 $1.86 3.3% 1.3 $1,547 $1.85 2011 9,929 4.7% (0.3) $1,507 $1.80 2.0% 2.3 $1,498 $1.79 2010 10,645 5.0% (0.2) $1,477 $1.77 -0.3% 6.5 $1,469 $1.75 2009 11,127 5.3% 0.3 $1,482 $1.77 -6.8% - $1,473 $1.76

1 & 2 STAR VACANCY & RENT

Vacancy Market Rent Effective Rents

Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Units Per SF 2025 28,112 4.4% (0.5) $1,678 $2.34 3.1% (0.1) $1,668 $2.33 2024 31,607 5.0% (0.6) $1,628 $2.27 3.2% 0.5 $1,618 $2.26 2023 35,571 5.6% (0.2) $1,577 $2.20 2.7% 2.1 $1,568 $2.19 2022 37,165 5.8% 0.3 $1,535 $2.14 0.6% 2.1 $1,526 $2.13 2021 35,413 5.5% 0.5 $1,525 $2.13 -1.4% (2.2) $1,516 $2.11 YTD 32,598 5.1% 0.1 $1,548 $2.13 0.1% (0.7) $1,539 $2.12 2020 32,202 5.0% 1.1 $1,547 $2.13 0.7% (1.5) $1,538 $2.12 2019 25,418 4.0% 0.3 $1,536 $2.12 2.2% (0.6) $1,528 $2.11 2018 23,218 3.6% 0 $1,502 $2.07 2.9% (0.9) $1,493 $2.05 2017 23,428 3.7% 0 $1,460 $2.00 3.8% (1.0) $1,451 $1.99 2016 23,195 3.6% 0.2 $1,407 $1.93 4.8% (0.5) $1,399 $1.92 2015 21,999 3.4% (0.3) $1,342 $1.84 5.4% 2.2 $1,335 $1.83 2014 23,677 3.7% (0.1) $1,274 $1.74 3.1% 0.7 $1,267 $1.73 2013 24,492 3.8% (0.3) $1,235 $1.68 2.4% 1.2 $1,229 $1.67 2012 26,561 4.1% (0.1) $1,206 $1.64 1.3% 0.6 $1,199 $1.63 2011 27,417 4.3% (0.1) $1,191 $1.62 0.7% 1.2 $1,185 $1.61 2010 28,389 4.4% (0.3) $1,183 $1.61 -0.6% 5.7 $1,176 $1.60 2009 30,096 4.7% 0.3 $1,190 $1.62 -6.3% - $1,183 $1.61

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$380,699 242 4.2% 2024 ------$368,463 234 4.2% 2023 ------$354,509 225 4.2% 2022 ------$342,123 217 4.2% 2021 ------$340,089 216 4.2% YTD 282 $1.3B 0.4% $4,678,650 $304,727 4.4% $344,521 219 4.3% 2020 1,524 $6.9B 2.5% $4,585,218 $279,652 4.5% $341,870 217 4.3% 2019 2,400 $10.9B 3.6% $5,773,320 $312,094 4.4% $341,008 217 4.3% 2018 3,255 $10.8B 4.0% $5,252,996 $284,249 4.2% $322,295 205 4.4% 2017 3,905 $9B 3.6% $4,225,149 $263,172 4.3% $300,025 191 4.5% 2016 3,094 $8.8B 3.9% $3,908,997 $243,168 4.6% $278,552 177 4.6% 2015 3,031 $8B 4.2% $3,548,131 $206,396 4.9% $258,980 164 4.7% 2014 2,798 $7.1B 3.8% $3,199,943 $204,727 5.4% $237,414 151 4.9% 2013 2,445 $7B 3.9% $3,458,356 $197,018 5.8% $215,857 137 5.1% 2012 2,391 $5.1B 3.6% $2,772,909 $155,863 6.2% $209,974 133 5.1% 2011 1,798 $3.9B 2.8% $2,847,692 $149,745 6.5% $201,591 128 5.1% 2010 1,134 $2.5B 1.7% $2,633,602 $162,437 6.5% $184,841 117 5.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$640,392 237 3.7% 2024 ------$621,359 230 3.7% 2023 ------$598,877 222 3.7% 2022 ------$578,853 214 3.8% 2021 ------$577,077 213 3.8% YTD 6 $344.7M 0.7% $68,938,700 $428,723 3.9% $583,975 216 3.8% 2020 23 $1.2B 2.7% $53,330,219 $392,510 4.0% $581,101 215 3.8% 2019 42 $3.3B 6.5% $79,619,575 $474,477 4.3% $582,745 216 3.8% 2018 46 $3.5B 8.1% $82,855,926 $442,911 4.0% $553,423 205 3.9% 2017 45 $2.7B 7.3% $66,850,473 $429,065 4.3% $516,710 191 4.0% 2016 55 $2.3B 5.8% $43,718,772 $489,148 4.1% $482,443 178 4.1% 2015 38 $1.7B 7.0% $48,241,651 $335,677 4.3% $452,648 167 4.1% 2014 34 $1.7B 5.9% $59,287,709 $433,209 4.4% $421,349 156 4.3% 2013 32 $1.4B 7.6% $55,722,915 $330,926 4.9% $382,674 142 4.5% 2012 35 $1.1B 6.1% $42,655,004 $323,929 4.6% $366,326 136 4.5% 2011 28 $1.1B 9.3% $44,690,951 $218,582 4.8% $351,066 130 4.5% 2010 23 $747.1M 4.5% $35,574,409 $318,985 5.2% $319,828 118 4.7% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$381,059 248 4.1% 2024 ------$368,600 240 4.1% 2023 ------$354,183 231 4.1% 2022 ------$341,661 223 4.1% 2021 ------$339,358 221 4.1% YTD 27 $181.6M 0.2% $6,726,667 $342,034 4.4% $342,880 223 4.2% 2020 202 $1.6B 2.8% $8,163,708 $271,848 4.4% $340,525 222 4.2% 2019 306 $2.4B 3.5% $9,428,919 $327,543 4.5% $337,801 220 4.2% 2018 339 $2B 3.6% $7,375,451 $261,759 4.2% $317,386 207 4.3% 2017 390 $1.4B 2.5% $4,840,503 $265,871 4.2% $293,241 191 4.4% 2016 303 $1.9B 3.6% $7,076,494 $244,903 4.4% $271,921 177 4.5% 2015 298 $2B 4.4% $7,282,965 $212,670 4.7% $253,073 165 4.7% 2014 324 $1.8B 3.9% $6,275,232 $220,010 5.2% $232,308 151 4.8% 2013 274 $2.5B 4.4% $10,128,178 $267,676 5.5% $210,449 137 5.1% 2012 233 $1.1B 3.5% $6,350,823 $153,912 5.7% $205,229 134 5.0% 2011 169 $928.7M 2.7% $6,150,382 $165,722 6.7% $196,697 128 5.1% 2010 84 $540.4M 1.4% $7,205,898 $177,136 6.3% $180,740 118 5.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate 2025 ------$324,383 243 4.3% 2024 ------$313,693 235 4.3% 2023 ------$301,353 225 4.3% 2022 ------$290,677 217 4.3% 2021 ------$288,678 216 4.4% YTD 249 $783.7M 0.5% $3,160,115 $264,409 4.4% $291,879 218 4.4% 2020 1,299 $4.1B 2.4% $3,160,805 $259,987 4.5% $290,183 217 4.4% 2019 2,052 $5.2B 3.2% $3,266,476 $252,075 4.4% $288,395 216 4.4% 2018 2,870 $5.3B 3.5% $3,041,681 $236,174 4.2% $272,616 204 4.5% 2017 3,470 $4.8B 3.5% $2,689,818 $215,152 4.3% $254,192 190 4.6% 2016 2,736 $4.6B 3.7% $2,383,112 $193,709 4.6% $235,509 176 4.7% 2015 2,695 $4.3B 3.8% $2,223,063 $177,387 4.9% $217,963 163 4.9% 2014 2,440 $3.7B 3.5% $1,913,742 $160,732 5.4% $198,287 148 5.0% 2013 2,139 $3.1B 3.4% $1,749,151 $140,204 5.9% $180,635 135 5.3% 2012 2,123 $2.9B 3.4% $1,765,837 $131,233 6.3% $176,852 132 5.3% 2011 1,601 $1.9B 2.4% $1,572,930 $121,701 6.5% $170,047 127 5.3% 2010 1,027 $1.3B 1.6% $1,445,681 $122,430 6.5% $156,246 117 5.5% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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DELIVERIES & UNDER CONSTRUCTION

Inventory Deliveries Net Deliveries Under Construction

Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs Units 2025 - 1,001,287 5.3% - 5,494 - 4,842 - - 2024 - 996,445 5.7% - 3,777 - 3,126 - - 2023 - 993,319 6.4% - 5,850 - 5,202 - - 2022 - 988,117 7.0% - 7,378 - 6,735 - - 2021 - 981,382 7.2% - 11,582 - 11,169 - - YTD 55,467 972,075 6.3% 28 1,892 27 1,862 270 23,956 2020 55,440 970,213 6.3% 132 11,069 117 10,749 278 23,958 2019 55,324 959,468 4.8% 122 9,803 101 9,477 320 26,854 2018 55,223 949,991 4.4% 121 10,270 94 9,988 283 24,907 2017 55,129 940,002 4.2% 73 6,324 (35) 5,135 252 25,839 2016 55,164 934,867 4.4% 93 10,010 78 9,776 186 23,217 2015 55,086 925,091 4.0% 69 7,627 44 7,159 161 19,188 2014 55,042 917,945 4.0% 70 7,706 44 7,243 123 16,944 2013 54,998 910,702 4.1% 49 3,416 6 2,491 100 14,721 2012 54,992 908,194 4.3% 31 1,878 (29) 801 81 9,638 2011 55,021 907,393 4.5% 31 888 (22) (43) 51 4,804 2010 55,043 907,436 4.8% 47 4,211 (40) 2,879 37 1,372 2009 55,083 904,556 5.0% 74 4,353 2 3,143 52 4,463

3/24/2021 Copyrighted report licensed to Coldwell Banker Alliance Group - 614395 Page 116 15025 WHITTIER BLVD. WH ITTI E R, CA 90603

Luis is the Broker/CEO of Coldwell Banker Alliance Realty. I n this role, he spearheads the company's office practice, focusing on best-in-class representation of owners and buyers throughout the region. Serving as a specialist in the acquisition / disposition, as well as the financial analysis of investment real estate. One expertise includes marketing, research and analysis as well as negotiations. His measured and thorough approach assists both Buyers and Sellers to evaluate options realistically and select the best outcome for their needs.

Categorized as a Dynamic, results-focused executive with 10+ years of experience; Luis has a passion and creative talent for providing strategic merchandising and unique leasing solutions for a variety of retail assets including but not limited to: high street retail, urban mixed-use, lifestyle shopping centers, and community centers.

As President, he coordinates company-wide activities in attracting the best candidates, training and developing Future Commercial Real Estate Professionals. He possesses excellent negotiation and management skills that enhance his ability to close deals. Luis excels in implementing aggressive marketing strategies with a detailed knowledge of his specific market for the properties listed. He provides sellers with the largest possible target market by combining cold calling and canvassing with electronic database management.

Luis is a Coldwell Banker Previews International® specialist. The Previews name is synonymous with luxury and prestige – a badge worn by thousands of Previews Property Specialists worldwide who offer their discerning clients the history, experience, global network, marketing leadership, and trust of one of real estate’s most iconic programs. Luis is also Bilingual English and Spanish!

"Experience Makes The Difference"

Commercial Sales & Acquisitions Real Estate Investment Evaluations Brokers Opinion Business Opportunities Property Management 1031 Exchanges Investment Advisory Commercial Lease Business Acquisitions Residential Sales Business Disposition Probate Sales

LUIS F CARRION, CCIM Cell: (323)803-9422 CEO/President/Owner Office:(877) 556-6667 Coldwell Banker Alliance Realty Email:[email protected] BRE:0174080 Web: LuisCarrionRealEstate.com Why use a CCIM? There are countless benefits to working with a CCIM. Commercial real estate investment requires the counsel of a qualified professional. A Certified Commercial Investment Member provides clients with the assurance that every decision will be made in the best interest of their investment objectives. When assembling a commercial real estate investment team, start with a CCIM.

Credibility Integrity CCIM is the most prestigious designation commercial CCIM designees are bound to the strictest ethical real estate professionals can achieve within the industry. guidelines and standards of practice in the industry Graduate-level education, coupled with industry-leading today. In addition, each CCIM has successfully completed technology tools, practical proven experience, and in- a graduate level program comprised of 200 hours of depth knowledge of their local markets, gives CCIMs the education. If you ask around the industry, you’ll learn ability and the credibility to conduct business confidently that companies and other real estate professionals and successfully. By partnering with a CCIM, you are more likely to seek out experts who possess the effectively utilize the top-level, most reliable performers CCIM designation, as they know CCIM stands for trust, in the industry: with an average of 19 years of experience, knowledge and reliability. When you use a CCIM, you 70% of CCIM members hold executive-level positions and choose experts with integrity. 90% of members refer clients to other business services. When you use a CCIM, you choose the most credible Measurement professional in the business. Overall, CCIM’s global network enables members to close thousands of transactions annually, representing more Community than $200 billion in value. But closing transactions is only T oday there are CCIMs in every state, across Canada and part of what CCIMs can do. In addition to holding deal- Mexico, and in more than 30 countries around the world. making occupations in every property sector, CCIMs are Domestically, the network encompasses more than 1,000 also found in leasing, asset management, development, markets, from large metropolitan areas to small cities lending, financing, property management, site selection and towns. A truly global network, CCIMs are a powerful and corporate real estate positions. So, whatever force in more than 1,000 markets, large and small. When assistance your real estate project requires, a CCIM can you use a CCIM, you choose a trusted community of real help you achieve a better result. In fact, only 6 percent estate professionals that are consistently sought for their of all commercial real estate practitioners hold the elite dependability, integrity, intelligence, success and confidence. CCIM designation, which reflects not only the caliber of the program, but why it is one of the most respected designations in the industry. When you use a CCIM, you choose a professional who produces measurable results. TChe C IM designation is conferred by the Chicago-based CCIM Institute, a commercial real estate affiliate of the National Association of REALTORS®. Learn more about the value of working with a CCIM. Call (312) 321-4460, (800) 621-7027 ext. 3100 or visit www.ccim.com. COVID-19 Real Estate Impact Survey Report

In an effort to assess existing, and anticipated, impacts of the COVID-19 pandemic on real estate, IRR embarked on a national survey of market participants, with each office directly interviewing Real Estate Developers, Property Managers, Property Owners and Investors, Mortgage Brokers, Real Estate Brokers and Lenders. The results of this survey, which were conducted between March 31 and May 1, 2020, and are ongoing, are presented herein. COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Real Estate Developers?

In interviews with Real Estate Developers, IRR asked For those that responded “Yes,” IRR asked when they whether they have stopped any construction projects that anticipate restarting these projects. Slightly more than half were ready to commence. of those surveyed indicated a three- to six-month delay.

28.2% of those surveyed, nationally, indicated a pause in construction during the current pandemic.

HAVE YOU STOPPED ANY CONSTRUCTION PROJECTS IF YES, WHEN DO YOU ANTICIPATE RESTARTING THE THAT WERE READY TO COMMENCE? PROJECT(S)?

More than 180 days 8.3%

Next 180 days 12.5% Yes Unsure at this 28.2% time 25.0%

Next 30 days Next 90 days 12.5% No 41.7% 71.8%

IRR also asked Real Estate Developers whether they have Nearly three-fourths of respondents anticipated abandoned projects that were in the early stages of construction and labor costs would stay the same, or approvals, planning, etc. decrease, due to the pandemic.

The vast majority of those surveyed had no immediate plans to abandon projects.

HAVE YOU ABANDONED PROJECTS THAT WERE IN THE WHAT ARE YOUR EXPECTATIONS FOR CONSTRUCTION EARLY STAGE OF APPROVALS, PLANNING, ETC.? AND LABOR COSTS OVER THE NEXT SIX MONTHS?

Yes 12.9% Don't know 16.5%

Increase Decrease 11.8% 43.5%

No 87.1% Stay the same 28.2% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Property Managers?

FOR PROPERTIES UNDER YOUR MANAGEMENT, HOW WILL RENTAL RATES BE IMPACTED OVER THE NEXT SIX MONTHS?

Property Managers, for all property types, were also surveyed, nationally, by IRR and for those properties under their management they were asked how rental Increase 13.5% rates will be impacted over the next six months.

No The results of this survey show nearly half of those Change 47.3% interviewed anticipated no change in rental Decrease rates during the next six months with 39.2% 39.2% of those surveyed anticipating rates to decline.

FOR PROPERTIES UNDER YOUR MANAGEMENT, HOW WILL EXPENSES BE IMPACTED OVER THE NEXT SIX MONTHS?

Expenses are expected Another factor in the valuation of real estate is the analysis to increase 6.8% and forecast of expenses. IRR also solicited input from Property Managers on how expenses may be impacted in the near term, over the next six months. Reduced through aggressive An overwhelming majority of Property Managers surveyed management anticipate expenses to either maintain at current levels, Maintained at 25.7% current levels or even decrease due to aggressive management. 67.6% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Property Managers? (Continued) HOW HAVE RENT COLLECTIONS BEEN IMPACTED BY THE COVID-19 PANDEMIC?

More than a 20% increase in deliquency or non-payment 9.5% No change in rent A 10-20% As a result of the COVID-19 pandemic, the impact of rent collections increase in collections due to stay-at-home or shelter-in-place orders, 24.3% deliquency or which vary by state and locality nationwide, is widespread. non-payment Of those surveyed, just over 75% are reporting 17.6% delinquencies. Up to a 10% increase in deliquency or non-payment 48.6% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Real Estate Owners/Investors?

During the last global financial crisis in 2008/2009, According to the survey, Property Owners overwhelmingly Property Owners/Investors were particularly vulnerable to believe their properties are appropriately, or under, drastic changes in property values, with many facing capital leveraged; 55.3% of the respondents believe now is the time calls on existing loans or ultimately short sells and to refinance due to favorable rates. bankruptcies. Property Owners and Investors were surveyed by IRR nationwide; among those surveyed, they were asked which best described their current debt position.

BASED ON CURRENT MARKET CONDITIONS, WHICH AS IT RELATES TO REFINANCING ANY OF YOUR STATEMENT BEST DESCRIBES YOUR DEBT POSITION? HOLDINGS, WHICH APPLIES?

Over leveraged 4.7%

None of the above because capital sources Under leveraged are limited or 25.9% Now is the time unwilling to lend to refinance 32.9% because of favorable rates Appropriately 55.3% leveraged 69.4%

Now is not the time to refinance because of property value declines 11.8%

In terms of existing assets, 45.9% of property owners/ A significant number of property owners/investors surveyed investors are reporting some tenancy issues, but assert by IRR, nationally, indicate over the next six to nine months such issues are manageable and they are working through they will focus most attention on maintaining occupancy it. Approximately 18%, however, note an unusually high at their properties. delinquency in rent collection/non-payment.

AS IT RELATES TO TENANCY, WHICH STATEMENT IS OVER THE NEXT 6-9 MONTHS, WHICH STATEMENT MOST ACCURATE? BEST DESCRIBES YOUR HIGHEST PRIORITY?

Work to restructure Unusually high rent or refinance existing delinquency/ non-payment loan terms 17.6% 18.8%

Some issues, but manageable is working through it Work to 45.9% Work to maintain manage occupancy expenses 60.0% 16.5% No issues 36.5%

Work to adjust rental rates 4.7% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Property Owners/Investors? (Continued) OVER THE 6-9 MONTHS, WHICH STATEMENT BEST DESCRIBES YOUR LIKELY ACTIONS?

I am interested in selling some of my With the effects of the COVID-19 pandemic impacting existing portfolio all segments of the national economy, approximately 41% 10.6% of those Property Owners/Investors surveyed, nationally, reported they are actively pursuing new acquisitions while I am in the market 48.2% are focused on maintaining existing assets. Only to acquire new 10.6% of those surveyed reported that they are actively deals, as pricing has seeking to sell existing assets. corrected somewhat 41.2% I am on the sidelines not looking at new deals 48.2%

HOW HAS THE VALUATION OF YOUR PORTFOLIO BEEN IMPACTED YEAR OVER YEAR?

IRR gauged the perceptions of Property Owners/Investors on the asset value of their portfolios as compared to a year ago.

No change in value Based on the results of this survey, 75.3% of those 32.9% Increased in value respondents represented their real estate portfolios either 42.4% increased in value (42.4%) or remained the same (32.9%). Whereas 24.7% of those respondents nationwide believed there was a decrease in the value of their portfolio from the prior year. Decreased in value 24.7% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Investment Brokers?

Investment Brokers expect the Industrial sector to Hospitality and Retail are expected to be the slowest to experience the quickest recovery from the adverse recover followed by the Office and Single-family sectors. economic impact of the COVID-19 pandemic, with Investment Brokers expect the Hospitality and Retail sectors Mutlifamily coming in second. to be hit the hardest by the pandemic, while the Industrial sector is expected to be least impacted.

WHICH SECTORS DO YOU EXPECT TO RECOVER WHICH SECTORS DO YOU EXPECT TO BE HARDEST HIT QUICKEST FROM THE COVID-19 PANDEMIC? BY THE COVID-19 PANDEMIC?

Ranking/Distribution Scores Ranking/Distribution Scores

0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35

1. Industrial 1. Retail

2. Multifamily 2. Hospitality

3. Retail 3. Office

4. Office 4. Multifamily

5. Single-family 5. Single-family

6. Hospitality 6. Industrial

Nearly all Investment Brokers expect rental rates to stay the Respondents are also nearly evenly split between those same or decline in the short-term. More than half expect a who expect cap rates to increase and those expecting rates decrease in rents, while slightly less than half expect no to stay the same. Only a small fraction (6.5%) expect a change in rents. Most respondents expect a level-to- decrease. Overall, about 94% of investment brokers expect downward bias on rental rates in the short-term due to the level to increasing capitalization rates due to the pandemic. pandemic.

WHAT DO YOU EXPECT WILL BE THE IMMEDIATE, WHAT DO YOU EXPECT TO BE THE IMMEDIATE, SHORT-TERM IMPACT ON RENTAL RATES? SHORT-TERM IMPACT ON CAPITALIZATION RATES?

Increase per the lease Decrease 0.8% 6.5%

Stay the Same Decrease 41.8% 57.4% Increase 44.5% Stay the Same 49.0% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Investment Brokers? (Continued) WHEN DO YOU ANTICIPATE A RESUMPTION TO NORMAL BUSINESS OPERATIONS?

Not sure; By the end of the 2nd quarter Nearly three quarters of Investment Brokers expect a could be protracted (July 1) return to normal business operation by the end of 2020. beyond 2020 21.3% However, a significant portion indicate that disruption 30.0% could roll into 2021. By the end of the 3rd quarter (October 1) The survey indicates that opinions vary as to when normal By the end of 2020 23.6% business activity will resume. 25.1% COVID-19 REAL ESTATE IMPACT SURVEY REPORT / INTEGRA REALTY RESOURCES

How is the Pandemic Affecting Mortgage Brokers?

More than 57% of the Mortgage Brokers surveyed have Two-thirds of respondents reported that deal flow was less become more conservative with their underwriting since the than in the prior quarter (Q4’19). Concurrently, one-third said outbreak of the COVID-19 pandemic. More than one third that deal flow was the same or more. Note that the question have made no change, while only a small fraction (4.8%) are included work in their pipeline, so future changes in the more aggressive. majority response will be noteworthy and indicative of deals being done.

HOW HAS YOUR UNDERWRITING CHANGED SINCE THE WHICH STATEMENT BEST DESCRIBES HOW YOUR DEAL OUTBREAK OF THE COVID-19 PANDEMIC? FLOW, INCLUDING PIPELINE, HAS CHANGED?

The same as last quarter 19.0% No change in underwriting metrics 38.1% More Greater than conservative last quarter 57.1% Less than last quarter 14.0% 66.7%

More aggressive 4.8%

The vast majority (83.3%) of the Brokers’ lenders are either being more selective or pulling back on potential deals since the outbreak of the COVID-19 pandemic. Less than a 17% reported that their lenders are moving forward on potential deals.

WHICH STATEMENT BEST DESCRIBES HOW YOUR LENDERS ARE REACTING TO THE COVID-19 PANDEMIC?

They are pulling back on potential deals They are more selective 33.3% on potential deals 50.0%

They are moving forward on potential deals 16.7% Integra Realty Resources (IRR) is one of the largest independent commercial real estate valuation and consulting firms in North America, with over 180 MAI-designated members of the Appraisal Institute among over 600 professionals based in our more than 50 offices throughout the United States and the Caribbean. Founded in 1999, the firm specializes in real estate appraisals, feasibility and market studies, expert testimony, and related property consulting services across all local and national markets. Our valuation and counseling services span all commercial property types and locations, from individual properties to large portfolio assignments. For more information, visit www.irr.com.

COMPREHENSIVE COMMERCIAL REAL ESTATE MARKET RESEARCH, VALUATION AND ADVISORY SERVICES a b o u t i r r

For over 20 years, Integra Realty Resources, Inc. (IRR) one testament to the high levels of training and has grown to become one of North America’s largest experience which we put at our clients’ disposal: as of independent CRE market research, valuation, and January 2019, IRR’s senior management team also counseling firms. Our clients tell us that our 600+ includes: 19 FRICS; 15 MRICS; 19 CREs; 25 SRAs; 21 professionals in 50+ offices deliver extraordinary CCIMs; 6 ASAs. insight, unbiased advice, and excellent service. In 2019, IRR valued over $102 billion in real estate assets across more than 60 metro markets comprising over These designations from the most prestigious real 24,000 assignments. estate organizations in the world mean that from a culture of quality and ongoing professional Every IRR office is supervised by one of our more development, we can offer unparalleled expertise in than 183 MAl-designated professionals, industry appraisals, feasibility and market studies, expert leaders who have over 25 years, on average, of testimony, and related property consulting services experience in their local markets. Having more across all local and national markets. IRR stands MAI-designated experts than any other firm is just ready to serve you with unmatched Local Expertise…Nationally.

Disclaimer © 2020 Integra Realty Resources, Inc. / While the great majority of data and content contained herein is proprietary to IRR. While the available data is presumed to be accurate, no representation or warranty is made regarding the accuracy of the information contained in this publication. This publication does not render legal, accounting, appraisal, counseling, investment or other professional advice. Should such services or other expert assistance be needed, it is recommended that the services of a competent person or firm, having access to the details of the situation, be employed. CCIM Institute Equipping the world’s best minds in commercial real estate

Cash Flow Analysis Worksheet

Property Name MRS. GALE HAUSMANN Acquisition Price $20,000,000 Location 14829 MULBERRY DRIVE, 90604 Plus Acquisition Costs $10,000 Type of Property MULIFAMILY Plus Loan Costs $38,000 Size of Property (sf/units)64 Minus Mortgages $3,800,000 Purpose of Analysis DISPOSITION ANALYSIS Equals Initial Investment $16,248,000 Prepared by LUIS CARRION,CCIM Date Prepared March 25, 2021

MORTGAGE DATA COST RECOVERY DATA BASIS DATA 1st Mortgage 2nd Mortgage Improvements Personal Property Amount $3,800,000 Value $16,310,151Acquisition Price $20,000,000 Interest Rate 4.10% C. R. Method SL SLAcquisition Costs $10,000 Amortization Period 30 Useful Life 27.5Total Acquisition Basis $20,010,000 Loan Term 5 In Service Date 1-Jan 1-Jan Payments/Year 12 Date of Sale 31-Dec 31-Dec Periodic Payment $18,361.54 12 Months % age 3.636% Annual Debt Service $220,338 11.5 Months % age 3.485% Loan Fees/Costs $38,000

TAXABLE INCOME End of Year 1234567891011 1POTENTIAL RENTAL INCOME $1,166,711 $1,225,047 $1,286,299 $1,350,614 $1,418,145 $1,489,052 2-Vacancy & Credit Losses $35,001 $36,751 $38,589 $40,518 $42,544 $44,672 3EFFECTIVE RENTAL INCOME $1,131,710 $1,188,295 $1,247,710 $1,310,095 $1,375,600 $1,444,380 4+Other Income (collectable) $9,918 $10,116 $10,319 $10,525 $10,736 $10,950 5GROSS OPERATING INCOME $1,141,628 $1,198,412 $1,258,029 $1,320,620 $1,386,336 $1,455,330 6TOTAL OPERATING EXPENSES $555,923 $567,041 $578,382 $589,950 $601,749 $613,784 7NET OPERATING INCOME $585,705 $631,370 $679,646 $730,671 $784,587 $841,547 8-Interest-First Mortgage $154,574 $151,826 $148,963 $145,981 $142,875 9 -Interest-Second Mortgage 10-Cost Recovery-Improvements $568,409 $593,037 $593,037 $593,037 $568,409 11 -Cost Recovery-Personal Property 12-Loan Costs Amortization $7,600 $7,600 $7,600 $7,600 $7,600 13 - 14 - 15REAL ESTATE TAXABLE INCOME ($144,878) ($121,093) ($69,954) ($15,948) $65,703 16Tax Liability (Savings) at 25% ($36,220) ($30,273) ($17,488) ($3,987) $16,426

CASH FLOW 17NET OPERATING INCOME (Line 7) $585,705 $631,370 $679,646 $730,671 $784,587 18-Annual Debt Service $220,338 $220,338 $220,338 $220,338 $220,338 19 - 20 - 21 - 22CASH FLOW BEFORE TAXES $365,366 $411,032 $459,308 $510,332 $564,248 23-Tax Liability (Savings) (Line 16 ) ($36,220) ($30,273) ($17,488) ($3,987) $16,426 24CASH FLOW AFTER TAXES $401,586 $441,305 $476,796 $514,319 $547,823 CCIM Institute Legend Equipping the world’s best minds in commercial real estate Formula Cells Description Cells Proof of Before Tax IRR

EOY Cash Flows Sale Proceeds ($16,248,000) 1 $365,366 2 $411,032 3 $459,308 4 $510,332 5 $564,248 + $20,807,174 IRR = 7.62% Beginning Amount Beginning Amount Plus Amount Ending Investment Earned/ Amount Withdrawn/ Investment Year Amount + Return On = Earned - Cash Flow = Amount Return Of 1 $16,248,000 + $1,237,860 = $17,485,860 - $365,366 = $17,120,494 ($872,494) 2 $17,120,494 + $1,304,332 = $18,424,826 - $411,032 = $18,013,795 ($893,300) 3 $18,013,795 + $1,372,388 = $19,386,183 - $459,308 = $18,926,875 ($913,080) 4 $18,926,875 + $1,441,952 = $20,368,827 - $510,332 = $19,858,495 ($931,620) 5 $19,858,495 + $1,512,928 = $21,371,422 - $21,371,422 = $19,858,495 Totals $6,869,460 $23,117,460 $16,248,000 CCIM Institute Legend Equipping the world’s best minds in commercial real estate Input Cells Formula Cells Description Cells Measures of Investment Performance Before Tax After Tax EOY $ EOY $ 0 ($16,248,000) 0 ($16,248,000) 1 $365,366 1 $416,074 2 $411,032 2 $453,414 3 $459,308 3 $483,792 4 $510,332 4 $515,914 5 $564,248 + $20,807,174 5 $541,252 + $19,588,033

IRR = 7.62% IRR = 6.55%

NPV @ 2.93% = $3,868,726 NPV @ 2.93% = $2,910,292

End of Year 12345678910 Value Using Acquisition Cap Rate $21,559,000 $23,208,000 $24,950,000 $26,791,000 $28,736,000 Loan Balance $3,734,235 $3,665,722 $3,594,347 $3,519,990 $3,442,526 Loan to Value 17.32% 15.80% 14.41% 13.14% 11.98% Debt Service Coverage Ratio 2.66 2.87 3.08 3.32 3.56 Return on Asset 2.93% 3.16% 3.40% 3.65% 3.92% Before Tax Cash on Cash 2.25% 2.53% 2.83% 3.14% 3.47% After Tax Cash on Cash 2.56% 2.79% 2.98% 3.18% 3.33% Acquisition Cap Rate 2.93% Gross Rent Multiplier 17.14 Effective Tax Rate 14.03% CCIM Institute Equipping the world’s best minds in commercial real estate Cash Sale Worksheet MORTGAGE BALANCES 1 End of Year: 12345678910 2 Principal Balance - 1st Mortgage $3,734,235 $3,665,722 $3,594,347 $3,519,990 $3,442,526 3 Principal Balance - 2nd Mortgage 4 TOTAL UNPAID BALANCE $3,734,235 $3,665,722 $3,594,347 $3,519,990 $3,442,526 CALCULATION OF SALE PROCEEDS 5 END OF YEAR 12345678910 6 PROJECTED SALES PRICE (Rounded to nearest 000) $25,526,000 CALCULATION OF ADJUSTED BASIS 7 Basis at Acquisition $20,010,000 8 +Capital Additions 9 -Cost Recovery (Depreciation) Taken $2,915,929 10 -Basis in Partial Sales 11 =Adjusted Basis at Sale $17,094,071 CALCULATION OF CAPITAL GAIN ON SALE 12 Sale Price $25,526,000 13 -Costs of Sale $1,276,300 14 -Adjusted Basis at Sale (Line 11) $17,094,071 15 - 16 =Gain or (Loss) $7,155,629 17 -Straight Line Cost Recovery (limited to gain) (Line 9) $2,915,929 18 -Suspended Losses 19 =Capital Gain from Appreciation $4,239,700 ITEMS TAXED AS ORDINARY INCOME 20 Unamortized Loan Fees/Costs (negative) 21 + 22 =Ordinary Taxable Income CALCULATION OF SALE PROCEEDS 23 Sale Price $25,526,000 24 Cost of Sale $1,276,300 25 -Participation Payments on Sale 26 -Mortgage Balance(s) $3,442,526 27 +Balance of Funded Reserves 28 =SALE PROCEEDS BEFORE TAX $20,807,174 29 -Tax (Savings)on Ordinary Income (Line 22 x 25%) 30 -Tax on Cost Recovery Recapture (Line 17 x 20%) $583,186 31 -Tax on Capital Gain (Line 19 x 15%) $635,955 32 =SALE PROCEEDS AFTER TAX $19,588,033 CCIM Institute Equipping the world’s best minds in commercial real estate

Cash Flow Analysis Worksheet

Property Name MRS. GALE HAUSMANN Acquisition Price $20,000,000 Location 14829 MULBERRY DRIVE, 90604 Plus Acquisition Costs $10,000 Type of Property MULIFAMILY Plus Loan Costs $38,000 Size of Property (sf/units)64 Minus Mortgages $3,800,000 Purpose of Analysis DISPOSITION ANALYSIS Equals Initial Investment $16,248,000 Prepared by LUIS CARRION,CCIM Date Prepared March 25, 2021

MORTGAGE DATA COST RECOVERY DATA BASIS DATA 1st Mortgage 2nd Mortgage Improvements Personal Property Amount $3,800,000 Value $16,310,151Acquisition Price $20,000,000 Interest Rate 4.10% C. R. Method SL SLAcquisition Costs $10,000 Amortization Period 30 Useful Life 27.5Total Acquisition Basis $20,010,000 Loan Term 5 In Service Date 1-Jan 1-Jan Payments/Year 12 Date of Sale 31-Dec 31-Dec Periodic Payment $18,361.54 12 Months % age 3.636% Annual Debt Service $220,338 11.5 Months % age 3.485% Loan Fees/Costs $38,000

TAXABLE INCOME End of Year 1234567891011 1POTENTIAL RENTAL INCOME $953,061 $1,000,714 $1,050,750 $1,103,287 $1,158,452 $1,216,374 2-Vacancy & Credit Losses $28,592 $30,021 $31,522 $33,099 $34,754 $36,491 3EFFECTIVE RENTAL INCOME $924,469 $970,693 $1,019,227 $1,070,189 $1,123,698 $1,179,883 4+Other Income (collectable) $9,918 $10,116 $10,319 $10,525 $10,736 $10,950 5GROSS OPERATING INCOME $934,387 $980,809 $1,029,546 $1,080,714 $1,134,434 $1,190,833 6TOTAL OPERATING EXPENSES $555,923 $567,041 $578,382 $589,950 $601,749 $613,784 7NET OPERATING INCOME $378,464 $413,768 $451,164 $490,764 $532,685 $577,049 8-Interest-First Mortgage $154,574 $151,826 $148,963 $145,981 $142,875 9 -Interest-Second Mortgage 10-Cost Recovery-Improvements $568,409 $593,037 $593,037 $593,037 $568,409 11 -Cost Recovery-Personal Property 12-Loan Costs Amortization $7,600 $7,600 $7,600 $7,600 $7,600 13 - 14 - 15REAL ESTATE TAXABLE INCOME ($352,119) ($338,695) ($298,437) ($255,855) ($186,199) 16Tax Liability (Savings) at 25% ($88,030) ($84,674) ($74,609) ($63,964) ($46,550)

CASH FLOW 17NET OPERATING INCOME (Line 7) $378,464 $413,768 $451,164 $490,764 $532,685 18-Annual Debt Service $220,338 $220,338 $220,338 $220,338 $220,338 19 - 20 - 21 - 22CASH FLOW BEFORE TAXES $158,126 $193,429 $230,825 $270,425 $312,346 23-Tax Liability (Savings) (Line 16 ) ($88,030) ($84,674) ($74,609) ($63,964) ($46,550) 24CASH FLOW AFTER TAXES $246,155 $278,103 $305,434 $334,389 $358,896 CCIM Institute Legend Equipping the world’s best minds in commercial real estate Input Cells Formula Cells Description Cells Measures of Investment Performance Before Tax After Tax EOY $ EOY $ 0 ($16,248,000) 0 ($16,248,000) 1 $158,126 1 $246,155 2 $193,429 2 $278,103 3 $230,825 3 $305,434 4 $270,425 4 $334,389 5 $312,346 + $20,807,174 5 $358,896 + $19,588,033

IRR = 6.35% IRR = 5.54%

NPV @ 1.89% = $3,794,720 NPV @ 1.89% = $3,024,763

End of Year 12345678910 Value Using Acquisition Cap Rate $21,866,000 $23,842,000 $25,934,000 $28,150,000 $30,494,000 Loan Balance $3,734,235 $3,665,722 $3,594,347 $3,519,990 $3,442,526 Loan to Value 17.08% 15.38% 13.86% 12.50% 11.29% Debt Service Coverage Ratio 1.72 1.88 2.05 2.23 2.42 Return on Asset 1.89% 2.07% 2.26% 2.45% 2.66% Before Tax Cash on Cash 0.97% 1.19% 1.42% 1.66% 1.92% After Tax Cash on Cash 1.51% 1.71% 1.88% 2.06% 2.21% Acquisition Cap Rate 1.89% Gross Rent Multiplier 20.99 Effective Tax Rate 12.79% CCIM Institute Legend Equipping the world’s best minds in commercial real estate Formula Cells Description Cells Proof of Before Tax IRR

EOY Cash Flows Sale Proceeds ($16,248,000) 1 $158,126 2 $193,429 3 $230,825 4 $270,425 5 $312,346 + $20,807,174 IRR = 6.35% Beginning Amount Beginning Amount Plus Amount Ending Investment Earned/ Amount Withdrawn/ Investment Year Amount + Return On = Earned - Cash Flow = Amount Return Of 1 $16,248,000 + $1,031,476 = $17,279,476 - $158,126 = $17,121,350 ($873,350) 2 $17,121,350 + $1,086,919 = $18,208,269 - $193,429 = $18,014,839 ($893,490) 3 $18,014,839 + $1,143,640 = $19,158,480 - $230,825 = $18,927,655 ($912,815) 4 $18,927,655 + $1,201,589 = $20,129,243 - $270,425 = $19,858,818 ($931,163) 5 $19,858,818 + $1,260,702 = $21,119,520 - $21,119,520 = $19,858,818 Totals $5,724,325 $21,972,325 $16,248,000 CCIM Institute Equipping the world’s best minds in commercial real estate Cash Sale Worksheet MORTGAGE BALANCES 1 End of Year: 12345678910 2 Principal Balance - 1st Mortgage $3,734,235 $3,665,722 $3,594,347 $3,519,990 $3,442,526 3 Principal Balance - 2nd Mortgage 4 TOTAL UNPAID BALANCE $3,734,235 $3,665,722 $3,594,347 $3,519,990 $3,442,526 CALCULATION OF SALE PROCEEDS 5 END OF YEAR 12345678910 6 PROJECTED SALES PRICE (Rounded to nearest 000) $25,526,000 CALCULATION OF ADJUSTED BASIS 7 Basis at Acquisition $20,010,000 8 +Capital Additions 9 -Cost Recovery (Depreciation) Taken $2,915,929 10 -Basis in Partial Sales 11 =Adjusted Basis at Sale $17,094,071 CALCULATION OF CAPITAL GAIN ON SALE 12 Sale Price $25,526,000 13 -Costs of Sale $1,276,300 14 -Adjusted Basis at Sale (Line 11) $17,094,071 15 - 16 =Gain or (Loss) $7,155,629 17 -Straight Line Cost Recovery (limited to gain) (Line 9) $2,915,929 18 -Suspended Losses 19 =Capital Gain from Appreciation $4,239,700 ITEMS TAXED AS ORDINARY INCOME 20 Unamortized Loan Fees/Costs (negative) 21 + 22 =Ordinary Taxable Income CALCULATION OF SALE PROCEEDS 23 Sale Price $25,526,000 24 Cost of Sale $1,276,300 25 -Participation Payments on Sale 26 -Mortgage Balance(s) $3,442,526 27 +Balance of Funded Reserves 28 =SALE PROCEEDS BEFORE TAX $20,807,174 29 -Tax (Savings)on Ordinary Income (Line 22 x 25%) 30 -Tax on Cost Recovery Recapture (Line 17 x 20%) $583,186 31 -Tax on Capital Gain (Line 19 x 15%) $635,955 32 =SALE PROCEEDS AFTER TAX $19,588,033 For Sale Map & List Report

Records Avg. Cap Rate Avg. Price/Unit Avg. Vacancy 2 5.7% $300,505 4.6%

FOR SALE LOCATIONS

FOR SALE SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $3,200,000 $3,650,000 $3,650,000 $4,100,000 Price/Unit $145,455 $300,506 $300,506 $455,556 Cap Rate 4.4% 5.7% 5.7% 7.0% Days on Market 30 49 49 67

Property Attributes Low Average Median High Property Size in Units 9 15.5 16 22 Floors 2 2 2 2 Average Unit SF - - - - Vacancy Rate 4.6% 4.6% 4.6% 4.6% Year Built 1987 2003 2003 2018 Star Rating 3.0 3.0

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Property Sale

Days on Property Name - Address Type Yr Built Size Vacancy Price Price/Area Cap Rate Market

167 2 EHarHav dP Multi-Family 2018 9 Units - $4,100,000 $455,556/Unit 4.4% 67 Ontario, CA 91764

l 3 9 NAHAcH Nri Apartments 1987 22 Units 4.6% $3,200,000 $145,455/Unit 7.0% 30 San Bernardino, CA&

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For Sale: 1672 E Harvard Pl Ontario, CA 91764 - Ontario Submarket

FOR SALE DETAILS Price $4,100,000 Price/Unit $455,556 Price/SF $286.29 Cap Rate 4.37% NOI $179,125 On Market 67 Days Last Updated Mar 23, 2021 Status Active Sale Type Investment Conditions Bulk/Portfolio Sale Total Units 9

BUILDING LAND Type 4 Star Multi-Family Land SF 25,700 SF Location Suburban Bldg FAR 0.56 Units 9 Parcel 0108-551-52 Avg Unit Size 1,592 SF Land Acres 0.59 AC GLA 14,321 SF Floors 2 Typical Floor 7,161 SF Class B Construction Wood Frame Year Built 2018 Market Segment All # of Buildings 5 Rent Type Market

SALE HIGHLIGHTS • 9 individually parceled condos • gated community • 2 car garage per condo

SALE NOTES

Rare opportunity to own 9 condominiums each with it's own parcel all contained within the Active HOA included in sales price. 3 year old construction, gated community, and amenities include playground, gazebo, and BBQ area. All 9 condos currently leased and tenants pay all utilities. Property located minutes from Ontario Airport, Ontario Mills, freeways, restaurants, and Ontario Convention Center.

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For Sale: 1672 E Harvard Pl Ontario, CA 91764 - Ontario Submarket

AMENITIES

Unit Amenities Site Amenities • Air Conditioning • Dishwasher • Controlled Access • Picnic Area • Heating • Kitchen • Playground • Gated • Granite Countertops • Oven • Stainless Steel Appliances • Range • Tub/Shower • Yard • Double Pane Windows • Family Room • Pantry

MARKET CONDITIONS Vacancy Rates 2021 Q1 YOY Change Subject Property 1.9% -2.6% Submarket 3-5 2.0% -3.4% Market Overall 2.3% -3.1% Market Rent Per Area YOY Change Submarket 3-5 $2,173 16.0% Market Overall $1,667 11.3% Concessions YOY Change Submarket 3-5 0.3% -0.3% Market Overall 0.4% -0.3% Under Construction Units YOY Change Market Overall 1,489 -32.7% Submarket Sales Activity 2021 Q1 Prev Year 12 Mo. Sales Volume (Mil.) $180.62M $306.74M 12 Mo. Price Per Area $301.68K $268.13K

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For Sale: 1672 E Harvard Pl Ontario, CA 91764 - Ontario Submarket

LOCATION TRANSPORTATION Zip 91764 Commuter Rail 6 min drive to Upland Commuter Rail (San Bernardino Line) Submarket Ontario Airport 7 min drive to Ontario International Submarket Cluster Greater Ontario/Rancho Cucamonga Airport Market Inland Empire (California) Walk Score® Very Walkable (75) County San Bernardino Transit Score® Minimal Transit (21) State CA CBSA Riverside-San Bernardino-Ontario, CA DMA Los Angeles, CA-NV

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For Sale: 1672 E Harvard Pl Ontario, CA 91764 - Ontario Submarket

NEARBY SALE COMPARABLES

Address Name Rating Yr Blt/Renov Size Sale Date Sale Price Price/Unit

1101 E 5th St 1985 4,121 SF Jul 2019 $1,145,000 $229,000

571 E Richland St The Richland Apartments 1965/2003 16,719 SF Oct 2019 $4,000,000 $222,222

326 N Begonia Ave 4 Plex Ontario, CA 1964/2005 4,464 SF Jul 2019 $770,000 $192,500

1032-1042 W Pine St Pine Street Apartments 1970 7,464 SF Aug 2019 $1,950,000 $243,750

9332 Ben Nevis Blvd 1943 7,476 SF Oct 2020 $1,560,000 $120,000

8945 Juniper Ave Juniper Apartments 1987 14,546 SF Jul 2020 $2,650,000 $147,222

8861 Laurel Ave 1960 4,074 SF May 2019 $960,000 $192,000

11984-12016 Herman Dr 1944 8,945 SF Sep 2020 $1,970,000 $218,889

610-612 W Grand Blvd 1974 5,935 SF Sep 2019 $1,450,000 $161,111

4068 Moody St 1950 4,500 SF Feb 2021 $805,000 $115,000

3628 Madison St 2017 8,760 SF May 2019 $2,450,000 $204,167

219 W Puente St 1990 9,594 SF Sep 2020 $1,384,000 $346,000

933 N Alameda Ave 933 N Alameda Ave 1959 4,416 SF Apr 2019 $1,400,000 $233,333

18242 Mandarin Ln Mandarian Gardens 1966 4,080 SF Jan 2021 $1,480,000 $370,000

2030-2040 Sierra Leone 1981/2016 8,864 SF Oct 2020 $2,700,000 $270,000 Ave

1226 W Belleview St 1963 2,820 SF Jul 2020 $540,000 $108,000

708 W 9th St 1910 6,350 SF Nov 2020 $1,316,000 $146,222

367 W 10th St 1987 5,616 SF Jul 2020 $1,075,000 $134,375

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For Sale: 1319 N Acacia Ave San Bernardino, CA 92405 - Downtown San Bernardino Submarket

FOR SALE DETAILS Price $3,200,000 Price/Unit $145,455 Price/SF $203.28 Cap Rate 7.03% NOI $224,960 GRM 9.36 On Market 30 Days Last Updated Feb 23, 2021 Status Active Sale Type Investment Total Units 22

BUILDING LAND Type 2 Star Low-Rise Apartments Land SF 30,492 SF Location Suburban Bldg FAR 0.52 Units 22 Zoning RM Avg Unit Size 873 SF Parcel 0145-203-55 GLA 15,742 SF Land Acres 0.70 AC Floors 2 Typical Floor 7,871 SF Class C Construction Wood Frame Year Built 1987 Owner Occup No Market Segment All # of Buildings 1 Rent Type Market/Affordable

SALE HIGHLIGHTS • In-place CAP Rate of 6.34% With a ProForma CAP Rate of 7.03% / Current GRM of 10.12 With a ProForma GRM of 9.36 • Stable collection during Pandemic. A?ordable Housing Programs Both City and Statewide Are Also Contributing to High Demand For This Type of Unit Mix. • 100% Occupied, Markets Rents & Stable Collection Throughout Pandemic. Professional Property Management In-place. • Located Just Blocks From he Proposed Carousel Mall Redevelopment / Downtown Development Project -City of San Bernardino • San Bernardino county, has become the area’s largest employer, including a massive 950,000-square-foot distribution center in San Bernardino, CA. • Potential To Implement Onsite Laundry With Owner Supplied Machines to Increase Passive Cash-flow. / Job creation is driving rental prices citywide.

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For Sale: 1319 N Acacia Ave San Bernardino, CA 92405 - Downtown San Bernardino Submarket

SALE NOTES

The apartment community located at 1319 Acacia Avenue in San Bernardino, CA is ideally situated between the 215 freeway, the 10 freeway and 210freeways. The property is situated on a 0.70 acre lot, with onsite parking. This twenty-two unit complex is composed of a very desirable unit mix of 12 one bedroom / one bath units, 9 two bedroom / one bath units and 1 three bedroom / two bath unit. The current ownership's has made it a priority to perform routine maintenance and create a strong community cohesion. The professional o?site management was tasked with leasing to well quali?ed tenants, which has resulted in far less turnover when compared to neighboring apartments. The property(s) centralized location, as well as the range in units sizes, make it an ideal situations for single people or working class families.

AMENITIES

Unit Amenities Site Amenities • Air Conditioning • Balcony • Courtyard • Laundry Facilities • Microwave • Refrigerator • Range

SALE HISTORY Sale Date Price Sale Type Buyer Seller Sep 2019 $2,475,000 ($112,500/Unit) Individual Property William Medina Trust Alejo Lugo Aug 2019 Not Disclosed Individual Property* Codrin Mihai 1319 Acacia Trust Aug 2014 Not Disclosed Individual Property* 1319 Acacia Trust 1319 Acacia Trust Jul 2012 $970,000 ($44,091/Unit) Individual Property EMC2 Ventures, Inc. Logix Federal Credit Union May 2012 Not Disclosed Individual Property* Logix Federal Credit Union Fidelity National Default Services Dec 2004 $1,740,000 ($79,091/Unit) Individual Property Gerald V Cotts Jeff Venture II, Inc.

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For Sale: 1319 N Acacia Ave San Bernardino, CA 92405 - Downtown San Bernardino Submarket

MARKET CONDITIONS Vacancy Rates 2021 Q1 YOY Change Subject Property 4.2% 0.1% Submarket 1-3 2.0% -2.1% Market Overall 2.3% -3.1% Market Rent Per Area YOY Change Subject Property $851 2.4% Submarket 1-3 $1,399 9.2% Market Overall $1,667 11.3% Concessions YOY Change Subject Property 0.5% 0.0% Submarket 1-3 0.3% -0.2% Market Overall 0.4% -0.3% Under Construction Units YOY Change Market Overall 1,489 -32.7% Submarket Sales Activity 2021 Q1 Prev Year 12 Mo. Sales Volume (Mil.) $243.35M $413.81M 12 Mo. Price Per Area $181.42K $163.18K

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For Sale: 1319 N Acacia Ave San Bernardino, CA 92405 - Downtown San Bernardino Submarket

LOCATION TRANSPORTATION Zip 92405 Parking 22 available (Covered);16 available (Surface);Ratio of 1.73/Unit Submarket Downtown San Bernardino Commuter Rail 6 min drive to San Bernardino Com- Submarket Cluster San Bernardino muter Rail (San Bernardino, Inland Market Inland Empire (California) Airport 31 min drive to Ontario International Airport County San Bernardino Walk Score® Very Walkable (76) State CA Transit Score® Some Transit (38) CBSA Riverside-San Bernardino-Ontario, CA DMA Los Angeles, CA-NV

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For Sale: 1319 N Acacia Ave San Bernardino, CA 92405 - Downtown San Bernardino Submarket

NEARBY SALE COMPARABLES

Address Name Rating Yr Blt/Renov Size Sale Date Sale Price Price/Unit

7443 Elm St Casa Del Sol 1964 16,200 SF Feb 2021 $2,400,000 $120,000

2741 Park Ave 1987 17,828 SF Feb 2021 $3,500,000 $152,174

901 N Arrowhead Ave 1932 11,182 SF Jan 2021 $1,450,000 $72,500

209 Sonora Dr 1957 8,798 SF Nov 2020 $1,913,000 $173,909

176 W 8th St Mt. Sierra Apartments 1986 22,918 SF Sep 2020 $4,310,000 $126,765

3231 Acacia Ave 1940 7,340 SF Aug 2020 $1,175,000 $97,917

2741 Park Ave 1987 17,828 SF Jul 2020 $2,036,000 $88,522

1415 E Date St 1963 38,064 SF Apr 2020 $3,894,500 $88,511

1415 E Date St 1963 38,064 SF Mar 2020 $3,313,000 $75,295

1414-1446 E Citrus St Cedarwood Apartments 1963 30,898 SF Jan 2020 $3,995,000 $110,972

1539 E Pumalo St Rose Garden Apartments 1964 20,472 SF Dec 2019 $3,125,000 $130,208

1151 N D St Hyde Park Apartments 1971 14,996 SF Dec 2019 $2,044,000 $97,333

1187 Huff St 1986 11,600 SF Oct 2019 $1,720,000 $122,857

237 15th St 1947 9,792 SF Oct 2019 $1,725,000 $107,813

660-672 W 9th St 1944 7,221 SF Jul 2019 $980,000 $75,385

170 S K St 1965 9,090 SF Jul 2019 $2,255,000 $98,043

1483 E Lynwood Dr Villa Park 1985 13,100 SF May 2019 $2,148,000 $102,286

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For Sale: 1319 N Acacia Ave San Bernardino, CA 92405 - Downtown San Bernardino Submarket

PLAT MAP

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