gayley & LINDBROOK APARTMENTS LAURIE LUSTIG-BOWER Executive Vice President +1 310 550 2556 34 UNIT APARTMENT BUILDING IN WESTWOOD VILLAGE [email protected] Lic. 00979360 Adjacent to UCLA KADIE PRESLEY WILSON First Vice President Offers Due: Friday, October 30, 2020 by 5:00 PM +1 310 550 2575 [email protected] www.1122Gayley.com Lic. 01476551 2 3 gayley & LINDBROOK APARTMENTS 4 SANTA MONICA AIRPORT MARINA DEL REY PACIFIC OCEAN SANTA MONICA WEST LOS ANGELES WESTWOOD BLVD WILSHIRE BLVD FUTURE WESTWOOD/ UCLA METRO STATION EXTENSION GAYLEY AVE LINDBROOK DR gayley & LINDBROOK WESTWOOD BLVD WILSHIRE BLVD APARTMENTS LINDBROOK DR 5 THE GETTY PACIFIC OCEAN PACIFIC PALISADES BRENTWOOD WEST LOS ANGELES gayley & LINDBROOK APARTMENTS LE PAIN QUOTIDIEN TOCAYA ORGANICA NAPA VALLEY GRILLE EXTENSION GAYLEY AVE HAMMER MUSEUM NAAB CAFE WESTWOOD PAPA JOHN’S PIZZA VILLAGE WESTWOOD BLVD POKE ME FRESH CORN GRILL WESTWOOD 6 HOLLYWOOD DOWNTOWN LOS ANGELES WEST HOLLYWOOD CENTURY CITY BEVERLY HILLS WESTWOOD gayley & LINDBROOK APARTMENTS HAMMER MUSEUM BOILING TENDER WESTWOOD BLVD CRAB GREENS WESTWOOD BLVD KAZU NORI LINDBROOK DR GAYLEY AVE FUTURE LE PAIN QUOTIDIEN WESTWOOD/UCLA METRO STATION THE GLENDON APARTMENTS TOCAYA ORGANICA TRADER JOE’S WILSHIRE BLVD PINCHES TACOS MINISTRY OF COFFEE JERSEY MIKE’S SUBS EXTENSION WESTWOOD VILLAGE SQUARE BANK OF AMERICA POKE BAR CRAZY FALAFEL BREWIN’ COFFEE FROZEN LAND VETERAN AVE HEADLINES DINER & GRILL 7 8 9 10 gayley & LINDBROOK EXECUTIVE SUMMARY APARTMENTS11 EXECUTIVE SUMMARY CBRE, Inc. is pleased to offer investors the rare opportunity to acquire a Class A mixed-use apartment building in Los Angeles’ high barrier to entry Westwood Village submarket. Located adjacent to the University of California Los Angeles (“UCLA”), 1122 Gayley Avenue was built in 2015 and is comprised of 34-apartment residences along with two ground level restaurant spaces tenanted by Tocaya Organica and Le Pain Quotidien. 1122 Gayley Avenue boasts a first-rate amenity package and exquisite attention to detail starting with the grand lobby entrance. In mid-December of 2020 a new rooftop lounge will be unveiled, which will include a fire pit with lounge seating, a barbeque area with kitchenette, and bar-style dining area, as well as excellent views overlooking Westwood Village. A generous community clubhouse with kitchen opens to a landscaped courtyard with patio seating and a vertical garden. There is Wi-Fi access throughout all common areas. The seller contemplated converting a portion of the large clubhouse to a gym for the building and had plans/renderings drawn for the space. The plans/renderings are included in the data room website. Units at the property feature high ceilings ranging from 9'3" to 11 feet, modern kitchens, full sized washer and dryers, and Nest thermostats. Some units have oversized balconies or terraces up to 605 square feet. The seller had a historical cost segregation worksheet prepared for the property. They updated the cost segregation worksheet and it now layers in the original cost segregation, additional improvements, and projected amenities installed in 2020 resulting in almost $7.5 million in personal property that would be eligible for bonus depreciation this year. Prospective buyers are advised to obtain advise from their own tax professionals. Please see the detailed cost segregation worksheet provided in the data room at www.1122Gayley.com. A future Metro Rail Purple Line Station is scheduled to open one block from 1122 Gayley Avenue in 2027. This metro station will connect residents to Century City, Beverly Hills, Mid-Wilshire and Downtown Los Angeles in under 25 minutes. Bordering the northern edge of Westwood Village is UCLA, the largest university in Los Angeles County based on student enrollment. UCLA is a public research university and is the most applied to school in the country, with over 111,322 freshman and 24,328 transfer applications for the Fall semester of 2019. Immediately across the street from 1122 Gayley Avenue is UCLA Extension, one of the nation’s largest and most comprehensive continuing education programs. With a plethora of retail amenities, including Whole Foods, Trader Joe’s and City Target, not to mention the numerous dining options within walking distance to the building, the elegantly designed 1122 Gayley Avenue provides residents with a refined, cosmopolitan feel in a highly desirable location. Offers Due: Friday, October 30, 2020 by 5:00pm Call For Tours - (310) 550-2575 www.1122Gayley.com 12 OPPORTUNITY HIGHLIGHTS • Excellent Westwood Village Location - • Incredibly Strong Demographics - the 2020 Average High Barrier to Entry Submarket Home Value in a 3-Mile Radius was $1,523,762 • Newly Constructed, Highly Amenitized Building • Highly Educated Populace - Almost 74% of the 2020 • Extremely Walkable Area – Outstanding WalkScore® of 94 Population in a 1-Mile Radius, 25-Years and Older, had • Local Amenities include: a Bachelor’s, Graduate or other Professional Degree o Whole Foods o STK Los Angeles • Cost Segregation Potential - Almost $7.5 million o Trader Joe’s o KazuNori Sushi in Personal Property that Would be Eligible o City Target o Fat Sal’s Deli for Bonus Depreciation in Year One o Ralph’s o Frida Mexican Cuisine • Popular Ground Level Restaurants in the Building o Hammer Museum o California Pizza Kitchen - Tocaya Organica and Le Pain Quotidien o Geffen Playhouse o The Boiling Crab o Three Movie Theatres o BJ’s Restaurant & Brewhouse • One Block from the Future Metro Rail Purple Line Station - Opening in 2027 • Adjacent to UCLA - the Largest University in Los Angeles 13 County and Most Applied to School in the Country PROPERTY OVERVIEW gayley & LINDBROOK APARTMENTS PROPERTY OVERVIEW ADDRESS RESIDENTIAL UNIT MIX 1122 Gayley Avenue Los Angeles, CA 90024 TYPE AVERAGE SF UNITS PRICE Studio ±635 SF 11 Unpriced 1+1 ±780 SF 13 RESIDENTIAL UNITS 1+1+Den ±1,095 SF 2 34 2+2 ±1,237 SF 7 RETAIL SPACE 2+2+Den ±1,510 SF 1 5,355 Square Feet TOTAL UNITS 34 YEAR BUILT 2015 TOTAL BUILDING SIZE RETAIL RENT ROLL ±50,055 Square Feet MONTHLY RENEWAL PARKING OCCUPANT NAME RENT CAM LEASE START LEASE END OPTIONS 25 Retail Spaces (includes one HC) Yes - one 51 Subterranean Residential Spaces (includes two HC) Le Pain Quotidien $12,214 $3,230 01/01/2016 03/31/2031 (1) five (5) year option ADDITIONAL OFF-SITE RETAIL PARKING Tocaya Organica $19,255 $3,800 02/22/2019 02/21/2029 No 32 Spaces If the ground floor retail spaces are occupied by restaurants TOTAL MONTHLY RENT $31,469 $7,030 then the owner is required to maintain 13 additional off- site parking spaces for the Le Pain Quotidien space and 19 additional off-site parking spaces for the Tocaya To review the retail leases please, visit the data room at www.1122Gayley.com. Organica space. The seller has a lease agreement with Douglas Emmett Management to lease 32 parking spaces at 10866 Wilshire Boulevard, which shall terminate on the earlier of the expiration or termination of the respective restaurant lease, or July 30, 2035. To review the full lease 15 please visit the data room at www.1122Gayley.com. P. A. TRA REVISED 2008081904004001-23 2014062312003001-23 SEARCH NO OFFICE OF THE ASSESSOR 23 929-17,30&34 67 790416235 2009052008002001-23 2019122676005001-23 COUNTY OF LOS ANGELES 4363 SHEET 2008081904003001-23 2014062312002001-23 2020092373002001-23 COPYRIGHT © 2002 2021 PG BROXTONAVE 24 80 14.14 AVE TRACT MB 161-1-2 92.53 90 110WESTWOOD 1 PROPERTY OVERVIEW 44.88 20 PG 100 N 35°36'34"W 25 92.50 102.50 6 40 97 14.14 N 54°23'26"E STORAGE UNITS 34.68 102.50 B 16780±SF(27 2 7 40 B 97 (29 NO 23 40 9 30.16 42600±SF 60 80 KINROSS 8 14.14 20 14.14 B 102.47 90 TRACT40 GAYLEY 102.50 " PG 9 20 q POR 92.52 20 B 100 B 12.16 3 M B 10 40 72.16 22 LAND AREA MAPPING AND GIS " 60 122.47 SERVICES 50 130.62 110B 20 SCALE 1" = 100' 20 102.53 B 25678 ±0.38 Acres (16,553 Square Feet) 9 " M B 7716 - 94 - 95 40 B 60 B 4 102.5316570±SF 118.15 POR 161 8 " 105.99 B STATE (30 " ASSESSOR PARCEL NUMBER " 7 AVE 74.98 5 113.72 (900 5 B NO " 90 4363-023-030 90 36250±SF 5 - 6 " 16.17 97.77 8 5 " B 5 " 85 LINDBROOK DR PM 101R=20 - 80 - 81 " 1 25.16 UTILITIES B 74.79 4 " 5 200.89 Separately Metered for Gas and Electric PG " B 3 40 26 (34 A 110 80 R=20 27.39 POR BLVD 40 1060024.69 RUBS: Water, Sewer, Trash COST SEGREGATION- 20 2 22420±SF POR 19.34 30 B 276.81 20 14.14 151.18 The seller had TRACTa historical NO 9768 110 cost segregation70.50 worksheet prepared for the 10 20 1 34.52 110 2044.52 CURRENT REPAIR WORK property. TheyMB 147-70-73 updated2 the cost44.21 segregation worksheet and it now 95.70 56.16 layers in the original costB VAC segregation,20 additional improvements, and After completion of the Building a number of construction defects B B 107.34 (32 projected amenities installed22750±SF in 2020 resulting in almost $7.5 million in 37.67 were discovered and addressed by the Seller. These defects are 1.25 AC personal property that would(40 be eligible for bonus depreciation this R=20 the subject of a pending arbitration between Seller and the original 3 149.04 year. Prospective buyers are199.67 advised to obtain advise from their own general contractor that supervised the construction of the Building, 2 314.93 125 tax professionals.