SUBJECT SITE UCLA WESTWOOD VILLAGE. :: Mark Ventre Senior Sales Director Lic

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1 Capital Markets Multi-Housing Group FULLY ENTITLED DEVELOPMENT SITE PRIME GOLDEN MILE LOCATION ±60 RESIDENTIAL UNITS WILSHIRE BOULEVARD :: LOS ANGELES, CALIFORNIA :: BETWEEN BEVERLY HILLS AND WESTWOOD VILLAGE PACIFIC OCEAN SANTA MONICA BRENTWOOD WESTWOOD VILLAGE UCLA SUBJECT SITE :: Laurie Lustig-Bower Executive Vice President Lic :: Mark Ventre Senior Sales Director Lic :: Nancy Badzey Senior Multi-Housing Specialist Lic

2 10777 WILSHIRE Aerial Map SOUTHEAST VIEW DOWNTOWN LOS ANGELES CENTURY CITY BEVERLY HILLS GOLDEN MILE SUBJECT SITE WILSHIRE BOULEVARD 2

3 table of contents Property Renderings... 4 Property Elevations... 9 Executive Summary Property Description Unit Detail Section Plans Floor Plans Unit Plans SUBJECT SITE Tentative Tract Map Location Highlights Rent Comps Maps CBRE, Inc. The information contained herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All Beverly Hills images are used with permission of Beverly Hills Conference & Visitors Bureau WILSHIRE BOULEVARD 3

4 10777 WILSHIRE Renderings WILSHIRE BOULEVARD 4

5 10777 WILSHIRE Renderings WILSHIRE BOULEVARD 5

6 10777 WILSHIRE Renderings WILSHIRE BOULEVARD 6

7 10777 WILSHIRE Renderings WILSHIRE BOULEVARD 7

8 10777 WILSHIRE Renderings WILSHIRE BOULEVARD 8

9 10777 WILSHIRE Elevations FRONT ELEVATION WILSHIRE BOULEVARD 9

10 10777 WILSHIRE Elevations EAST ELEVATION WILSHIRE BOULEVARD 10

11 10777 WILSHIRE Elevations REAR ELEVATION WILSHIRE BOULEVARD 11

12 10777 WILSHIRE Elevations WEST ELEVATION WILSHIRE BOULEVARD 12

13 EXECUTIVE SUMMARY PRICE Unpriced Gross Bldg. SF ±104,399 net bldg. sf ±83,111 PRODUCT TYPE 5 Stories Wood 1 Story Concrete 2 Levels Subterranean Parking Number of units 60 Unit SIZES ±1,006-1,906 SF Unit DETAILS Unit Mix Type # of Units Avg SF Total SF 1 Bed 1 Bath 8 1,073 8,584 1 Bed 2 Bath + Den 20 1,311 26,220 1 Bed 2.5 Bath + Den 1 1,682 1,682 2 Bed 2 Bath 18 1,391 25,038 2 Bed 2.5 Bath 13 1,661 21,587 Totals 60 1,385 83,111 parking spaces 150 lot area ±26,425 THE OPPORTUNITY The Wilshire Boulevard project is located along the prestigious Wilshire- Westwood Scenic Corridor in the heart of the Golden Mile. This area is known for its elegant mid-rise and high-rise luxury buildings boasting multi-million dollar condominium units and apartments with rents exceeding $10,000 per month. This location is one of the most desirable and prestigeous in Los Angeles due to its close proximity to Westwood (UCLA) and its central location between Beverly Hills/Century City to the east and Santa Monica/Brentwood to the west. The property is also walking distance to grocery stores, movie theaters, restaurants, boutiques and numerous Class A office buildings. DEVELOPMENT PLAN: LINDBROOK DRIVE WILSHIRE BOULEVARD The existing project entitlements include the approval of the development of up to 60 luxury apartments with a condominium tract map within a 6-story, ±104,399 SF building built over a two-level, 150 space subterranean parking garage. The units range from ±1,006 to ±1,906 square feet in size including 1 to 2 bedrooms plus den and 1 to 2½ bathrooms. The proposed project amenities include: Controlled access parking Fitness facility Yoga studio Meditation Garden Club Room Salon Concierge Individual balconies Common roof top patio area with outdoor kitchen SUBJECT SITE WILSHIRE BOULEVARD 13

14 PROPERTY DESCRIPTION Existing Project Detail Current Land Use Zoning Density HEIGHT LIMIT Construction Plans 32-unit vacant apartment building [Q]R5-3 Multiple Dwelling Zone 100 DU/acre as per the Wilshire Westwood Scenic Corridor Specific Plan (WWSCSP) 6 stories or 75 ft in height unless approved per WWSC Specific Plan Architectual plans are in Design Development stage Existing Entitlement History Planning Commission Approval of: ENV MND Tentative Tract Map No /10/2006 Seller s Timeline of Upcoming Project Milestones Hearing with the Wilshire Corridor Design Review Board on June 22, A demo permit may be pulled the following week. Seller estimates approximately $280,000 to finish the work and construction documents for the following: architect, structural engineer, civil, shoring, MEP, waterproofing, landscape architect, acoustical engineer, ADA consultant, and interior design. According to the seller, this will take approximately 2-3 months to prepare and submit, then approximately 1-2 months to get final approval to pull the permit and begin construction WILSHIRE BOULEVARD 14

15 10777 WILSHIRE Unit Detail UNIT NUMBER UNIT TYPE NO. OF UNITS UNIT SF TOTAL UNIT SF UNIT 1 (L-1) South 1 Bed/2 Bath + Den 2 1,309 2,618 UNIT 3 (L-1) South 1 Bed/2.5 Bath + Den 1 1,682 1,682 UNIT 5 (L-1) South 2 Bed/2 Bath 2 1,378 2,756 UNIT 2 (L-1) North 1 Bed/2 Bath + Den 2 1,426 2,852 UNIT 4 (L-1) North 2 Bed/2 Bath 2 1,496 2,992 UNIT 6 (L-1) North 2 Bed/2.5 Bath 1 1,905 1,905 UNIT 1 (L-2) South 1 Bed/2 Bath + Den 2 1,207 2,414 UNIT 3 (L-2) South 2 Bed/2.5 Bath 1 1,728 1,728 UNIT 5 (L-2) South 2 Bed/2 Bath 2 1,279 2,558 UNIT 2 (L-2) North 1 Bed/2 Bath + Den 2 1,416 2,832 UNIT 4 (L-2) North 2 Bed/2 Bath 2 1,484 2,968 UNIT 6 (L-2) North 2 Bed/2.5 Bath 1 1,882 1,882 UNIT 1 (L-3) South 1 Bed/2 Bath + Den 2 1,207 2,414 UNIT 3 (L-3) South 2 Bed/2.5 Bath 1 1,728 1,728 UNIT 5 (L-3) South 2 Bed/2 Bath 2 1,279 2,558 UNIT 2 (L-3) North 1 Bed/2 Bath + Den 2 1,416 2,832 UNIT 4 (L-3) North 2 Bed/2 Bath 2 1,484 2,968 UNIT 6 (L-3) North 2 Bed/2.5 Bath 1 1,882 1,882 UNIT 1 (L-4) South 1 Bed/2 Bath + Den 2 1,207 2,414 UNIT 3 (L-4) South 2 Bed/2.5 Bath 1 1,728 1,728 UNIT 5 (L-4) South 2 Bed/2 Bath 2 1,279 2,558 UNIT 2 (L-4) North 1 Bed/2 Bath + Den 2 1,416 2,832 UNIT 4 (L-4) North 2 Bed/2 Bath 2 1,484 2,968 UNIT 6 (L-4) North 2 Bed/2.5 Bath 1 1,882 1,882 UNIT 7 (L-5) South 1 Bed/1 Bath 2 1,006 2,012 UNIT 9 (L-5) South 2 Bed/2.5 Bath 1 1,531 1,531 UNIT NUMBER UNIT TYPE NO. OF UNITS UNIT SF TOTAL UNIT SF UNIT 11 (L-5) South 1 Bed/1 Bath 2 1,053 2,106 UNIT 8 (L-5) North 1 Bed/2 Bath + Den 2 1,209 2,418 UNIT 10 (L-5) North 2 Bed/2.5 Bath 1 1,539 1,539 UNIT 12 (L-5) North 2 Bed/2.5 Bath 2 1,268 2,536 UNIT 13 (L-6) South 1 Bed/1 Bath 2 1,093 2,186 UNIT 14 (L-6) South 1 Bed/1 Bath 2 1,140 2,280 UNIT 15 (L-6) South 2 Bed/2.5 Bath 1 1,618 1,618 UNIT 16 (L-6) North 2 Bed/2.5 Bath 1 1,628 1,628 UNIT 17 (L-6) North 1 Bed/2 Bath + Den 2 1,297 2,594 UNIT 18 (L-6) North 2 Bed/2 Bath 2 1,356 2,712 TOTALS 60 83, WILSHIRE BOULEVARD 15

16 10777 WILSHIRE Section Plan WILSHIRE BOULEVARD 16

17 10777 WILSHIRE Floor Plans GROUND FLOOR WILSHIRE BOULEVARD 17

18 10777 WILSHIRE Floor Plans WILSHIRE BOULEVARD 18

19 10777 WILSHIRE Floor Plans WILSHIRE BOULEVARD 19

20 10777 WILSHIRE Floor Plans ROOF WILSHIRE BOULEVARD 20

21 10777 WILSHIRE Unit Plans WILSHIRE BOULEVARD 21

22 10777 WILSHIRE Unit Plans WILSHIRE BOULEVARD 22

23 10777 WILSHIRE Tentative Tract Map Pag WILSHIRE BOULEVARD 23

24 LOCATION HIGHLIGHTS The Westwood neighborhood is located approximately 10 miles west of downtown Los Angeles. The neighborhood is identified as the Westwood Community Plan Area as designated by the city of Los Angeles. It is generally rectangular in shape, and is bounded by Sunset Boulevard to the north, the city of Beverly Hills to the east, Santa Monica Boulevard to the south, and Sepulveda Boulevard to the west. This community is a highly desirable residential suburb within the city of Los Angeles. The West Los Angeles location and metropolitan freeway system gives the community access to major employment centers in the area and throughout Los Angeles County. Significant land uses in the community include the University of California at Los Angeles (UCLA), Westwood Village, the Los Angeles Country Club, and the Mormon Temple. Adjacent to the west side of the plan area is the Veterans Administration facility located on unincorporated Los Angeles County land. LAND USE WESTWOOD VILLAGE The Westwood Community Plan Area encompasses approximately 2,571 acres, less than one percent of the land within the city of Los Angeles. The terrain varies from flat land in the southern section to rolling hillside in the north (north of Wilshire Boulevard). A large portion of the community, including all multi-family development and most of the commercial areas, is currently regulated through specific plans that address development density, signage, parking, height, landscaping, and design. These include the Westwood Village, Wilshire-Westwood Corridor, Westwood Community Plan Multiple Family Residential, and the North Westwood Village Specific Plans, all of which require Design Review Board approval for all projects. The following paragraphs are a summary of the information provided in the Westwood Community Plan. Residential The predominant land use in the community is residential, accounting for 1,124 acres or approximately 44 percent of the total land area. The average net density for all housing types is 19 units per acre. Single-family development accounts for 70 percent of the residential land use and constitutes 16 percent of all housing units at a density of five units per acre. Single-family housing is located generally between Westwood Boulevard and the Los Angeles Country Club, both north and south of Wilshire Boulevard; and east of San Diego (405) Freeway, south of Sunset Boulevard. The majority of the housing in the area is well maintained WILSHIRE BOULEVARD 24

25 EAST VIEW A majority of the multiple-family housing consists of High- Medium and Medium density residential of over 82 units an acre. These two residential land-use categories account for 58 percent of the total housing units. High-rise towers are located along Wilshire Boulevard between the Los Angeles Country Club and Malcolm Avenue. Significant concentrations of multi-family development are on Beverly Glen Boulevard, adjacent to Veteran Avenue and in North Westwood Village to the west of UCLA. Low-rise multifamily housing, including three- and four-story buildings, is concentrated south of Wilshire Boulevard along Hilgard Avenue, east of UCLA, and on portions of Sepulveda Boulevard. The average net density for multiple family land use in the community plan is 55 units per acre. SUBJECT SITE THE GOLDEN MILE MARKET DETAILS The tenant base envisioned for this project is expected to include retirees, empty nesters, high income individuals, international buyers, and young professionals. The newer luxury apartment buildings in the area are enjoying typical occupancies of 95-99% with rents ranging from $ $4.10 per square foot. This project will offer units and amenities on par if not surpassing those of its nearest competitors. WILSHIRE BLVD WILSHIRE BOULEVARD 25

26 10777 WILSHIRE Rent Comps 1 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF The Ashton Market Rent Wilshire Boulevard $4,200 $6,000 1,050 1,800 $4.00 $3.33 Los Angeles, CA $6,000 $8,000 1,500 2,000 $4.00 $4.00 PH $11,000 $11,000 2,500 2,500 $4.40 $4.40 PH $11,000 $11,000 3,000 3,000 $3.67 $3.67 Concession: None Year Built: 2010 Units: 58 Occupancy: 95% Amenities: Controlled Access Full Size Washer/Dryer In All Units Business/Conference Center Individual A/C and Heat Date called Clubhouse Fireplaces Available in Select Units 4/23/2012 Parking Type- Subterranean Vaulted Ceilings Private Balcony/Patio Microwave Ovens 2 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF Wilshire Margot Market Rent Wilshire Boulevard Studio $2,000 $2, $3.74 $3.83 Los Angeles, CA $2,500 $3, $3.09 $ $3,500 $4,400 1,280 1,409 $2.73 $ $4,800 $6,000 1,520 1,600 $3.16 $3.75 Concession: None Year Built: 2007 Units: 94 Occupancy: 96% Amenities: Controlled Access Private Balcony/Patio Date called Fitness Center Central Heat and Air Conditioning 4/23/2012 Business/Conference Center Stacked Washer/Dryer In All Units Full Covered Parking Above Standard Ceiling Height Parking Type- Subterranean Microwave Ovens 3 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF The Legacy Market Rent Wilshire Boulevard $2,437 $3, $3.52 $3.71 Los Angeles, CA $3,025 $4,200 1,146 1,335 $2.64 $ $4,857 $6,907 1,553 1,775 $3.13 $3.89 Concession: None Year Built: 2000 Units: 187 Amenities: Controlled Access Spa Full Size Washer/Dryer In All Units Date called Fitness Center Full Covered Parking Monitored Security 4/23/2012 Business/Conference Center Parking Type- Subterranean Vaulted Ceilings Clubhouse Private Balcony/Patio Microwave Ovens Swimming Pool Central Heat and Air ConditioningHigh Speed Internet Access WILSHIRE BOULEVARD 26

27 10777 WILSHIRE Rent Comps 4 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF Westwood Village Market Rent 1033 Hilgard Avenue Studio $1,800 $1, $3.00 $3.00 Los Angeles, CA $2,300 $2, $3.29 $ $2,800 $2,800 1,000 1,000 $2.80 $2.80 Concession: None Year Built: 1977 Units: 91 Occupancy: 95% Amenities: Controlled Access Spa Full Size Washer/Dryer In All Units Date called Fitness Center Full Covered Parking Monitored Security 4/25/2012 Business/Conference Center Parking Type- Subterranean Vaulted Ceilings Clubhouse Private Balcony/Patio Microwave Ovens Swimming Pool Central Heat and Air ConditioningHigh Speed Internet Access 5 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF Wilshire Summit Market Rent Wilshire Avenue $1,800 $2, $2.25 $2.39 Los Angeles, CA $2,200 $2,800 1,160 1,190 $1.90 $2.35 Concession: None Year Built: 1988 Units: 180 Occupancy: 99% Amenities: Controlled Access Spa Full Size Washer/Dryer In All Units Date called Fitness Center Full Covered Parking Monitored Security 4/25/2012 Business/Conference Center Parking Type- Subterranean Vaulted Ceilings Clubhouse Private Balcony/Patio Microwave Ovens Swimming Pool Central Heat and Air ConditioningHigh Speed Internet Access 6 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF Village Bel Air Market Rent 130 S. Sepulveda Boulevard $2,675 $2, $3.72 $3.76 Los Angeles, CA $3,620 $4,195 1,080 1,175 $3.35 $3.57 Year Built: 2012 Effective Rent Units: $2,564 $2, $3.56 $3.60 Occupancy: 22% $3,318 $3,845 1,080 1,175 $3.07 $3.27 (In Lease Up) Concession: 1 month free on 2 BRs, 2 weeks free on 1BRs, 2 months free on select 2BRs Date called 4/25/2012 Amenities: Controlled Access Individual A/C and Heat Microwave Ovens Fitness Center Heat Central High Speed Internet Access Parking Type- Subterranean Stacked Washer/Dryer In All Units Community Room Above Standard Ceiling Height WILSHIRE BOULEVARD 27

28 10777 WILSHIRE Rent Comps 7 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF Palazzo Westwood Market Rent 1060 Glendon Avenue $2,500 $3, $3.33 $3.30 Los Angeles, CA $3,200 $4,500 1,000 1,500 $3.20 $ $4,400 $4,800 1,500 1,710 $2.93 $2.81 TH $5,500 $5,500 1,710 1,710 $3.22 $3.22 Concession: None Year Built: 2009 Units: 350 Occupancy: 100% Amenities: Swimming Pool Concierge Services Microwave Ovens Date called Spa Clubhouse High Speed Internet Access 4/25/2012 Fitness Center Rooftop sundeck Controlled Access Business/Conference Center 8 Address Type Low Rent High Rent Low SF +/- High SF +/- Low $/Low SF High $/ High SF blu Market Rent 8601 Wilshire Boulevard $3,100 $3, $3.94 $3.72 Beverly Hills, CA $5,100 $5,200 1,255 1,255 $4.06 $4.14 Year Built: 1957 Converted: 2007 Units: 37 Concession: None Amenities: Valet services Stacked Washer/Dryer In All Units Date toured: Concierge Services Stainless Steele Appliances Two parking spaces per unit 4/23/2012 Fitness Center Microwave Ovens Walk-in closets Lounge Controlled Access Wood-style floors Rooftop sundeck Parking Type- Subterranean WILSHIRE BOULEVARD 28

29 10777 WILSHIRE Aerial Map WEST VIEW PACIFIC OCEAN SANTA MONICA BRENTWOOD WILSHIRE BLVD WESTWOOD VILLAGE SUBJECT SITE WILSHIRE BOULEVARD 29

30 10777 WILSHIRE Area Map WILSHIRE BOULEVARD 30

31 10777 WILSHIRE Regional Map CBRE 1840 Century Park East Suite 900 Los Angeles, CA CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. :: Laurie Lustig-Bower Executive Vice President Lic laurie.lustig-bower@cbre.com :: Mark Ventre Senior Sales Director Lic mark.ventre@cbre.com :: Nancy Badzey Senior Multi-Housing Specialist Lic nancy.badzey@cbre.com