ANOGA ANOGA WARNER CENTER TOPANGA CANYON BOULEVARD CANOGA AVENUE Canoga Avenue, Canoga Park CA VANOWEN STREET WARNER CENTER

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1 LNR WARNER CENTER TOWERS ($1.5 billion capital infusion - 1,400 residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment and Sports Center) (264 units) (264 units) (397 units) (362 units) TRILLIUM TOWERS OCEANO (244 units) (522 units) REVEAL (438 units) ALTA (298 units) METRO ORANGE LINE BUSWAY CANOGA AVENUE UPTOWN AT $3-4 billion mixed-use, high-rise development TOPANGA CANYON BOULEVARD 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY 6801 ANOGA VANOWEN STREET Canoga Avenue, Canoga Park CA ANOGA 6801 Canoga Avenue, Canoga Park CA UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY

2 INVESTMENT ADVISORS BRANDON MICHAELS Senior Managing Director Investments Senior Director, National Retail Group Tel: (818) License: CA # LONNIE MCDERMOTT First Vice President Investments Senior Director, National Land Group Tel: (818) Fax: (818) License: CA: ANOGA 6801 CANOGA AVENUE 2 BRANDON MICHAELS GROUP 3 COMPARABLES ANALYSIS 4 DEVELOPMENT FINDINGS Ventura Blvd. Suite 100, Encino, CA

3 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY WINNETKA CANOGA PARK UPTOWNREVEAL AT (438 units) 6801 ANOGA $4 billion high-rise development TRILLIUM TOWERS (660,669 SF Office Towers) METRO ORANGE LINE BUSWAY VANOW ET EN STRE CAN FARMER'S PLAZA OFFICE TOWERS OGA AVE NUE WARNER CENTER TOWERS (1.9 Million SF Office Towers) P TO AN GA CA NY ON BO TR IN S ERW UL EV AR D 4 EET ($1.5 billion capital infusion - 1,400 residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment and Sports Center) OW EN SM OU TH AV EN UE 5

4 6801 CANOGA AVENUE

5 EXECUTIVE SUMMARY 37 A high-profile, fully entitled 149 unit mixed-use development site in Warner Center, California. Marcus & Millichap has been selected to exclusively market for sale 6801 Canoga Avenue, a high profile, fully entitled 149 unit mixed-use development opportunity located on the northwestern signalized corner of Canoga Avenue and Vanowen Street in Warner Center, CA within the boundaries of the Warner Center Specific Plan Area (River District). This unique development opportunity is positioned on approximately 43,427 net square feet of land Canoga Avenue is ideally located in the high demand submarket of Warner Center, CA (River District) which boasts high-end demographics ($106,089 to $269,230 average household Income), dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer landlord favored market conditions with significant growth potential. Centrally located just north of the Ventura (101) Freeway, and conveniently positioned in the center of a broad range of employment and retail options, 6801 Canoga Avenue is surrounded by affluent high-end neighborhoods, the third largest shopping center in the United States (Westfield Topanga, The Village at Westfield Topanga, and Westfield Promenade), and numerous high-profile office towers and residential developments. 3 MILLION SF of high-end retail and entertainment including Westfield's Promenade, Westfield Topanga, and The Village 80,000 new jobs created with Warner Center 2035 MILLION SF of business and residential buildings added to Warner Center by Canoga Avenue is positioned directly across from Uptown at Warner Center (United Technologies Corp.), a one-of-a-kind development opportunity consisting of nearly 47 acres. Uptown Warner Center will create a state-of-the-art Live/Work/Play environment that will be a walkable community featuring a combination of residential and commercial uses including retail, office, hotel, research & development, assisted living and community center space surrounding a 5-acre open park. Uptown at Warner Center will become the San Fernando Valley s most desirable, sustainable destination with expedient access to every convenience including numerous shopping, dining, and public transportation options. OVER The San Fernando Valley consists of approximately 260 square miles, making it the largest geographic component in the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area that as a standalone city, would be the seventh largest city in the United States. With the barrage of new hotels, residential buildings, Westfield Promenade, Westfield s The Village, Westfield Topanga, and others still in the planning phase, Warner Center is expecting a significant population increase between 2015 and Therefore, in order to meet the demand for housing, there is a defined need to have an increase in mixed use buildings within that same period Canoga Avenue is 1.10 gross acres of land which is fully entitled for a 149 unit mixed-use retail and multi-family development. The current owner has filed Project Permit Compliance with City of Los Angeles Planning Department under The Warner Center Specific Plan for a new mixed-use development, comprised of a sixstory structure over two levels of subterranean parking. The site consists of ground floor retail space and 149 multi-family units above. Furthermore, ownership has submitted their application with City of Los Angeles Department of Building/Safety and is demolishing the existing structure and clearing existing improvements Canoga Avenue is a unique offering which provides a savvy investor/developer with a fully entitled development opportunity in an irreplaceable, premier San Fernando Valley location. 8,000 quality residences and growing $91.5K Estimated average median household income in Woodland Hills 60% of Woodland Hills' residents have a bachelor's degree or higher. 8 9

6 PROPERTY OVERVIEW PROPERTY INFORMATION Address Canoga Avenue, Canoga Park CA Price Request for Offer Land SF 43,427 SF (Net), 48,220 SF (Gross) Fully Entitled For 149 multi-family units and retail Parking 1 level on-grade and 2 levels sub-terranean APN s Zoning RV (WC) - SN - RIO 6801 ANOGA DEVELOPMENT ASSUMPTIONS Proposed Development Construction of a 6-story apartment building consisting of a 5-story, 149 units apartment over a 1 story parking structure with an at-grade retail component over 2 basement levels of parking SUMMARY OF TERMS Site Area Entitlements Current Use 43,427 SF net of dedications, consisting of 2 parcels Warner Center 2035 Plan Project Permit Compliance, DIR Case SPP, filed October The submitted plans for the project are in complete compliance with all elements of the Warner Center Specific Plan, River District. The site is vacant. Prior use was a restaurant and adjoining parking lot. The restaurant structure has recently been demolished. Interest Offered 100% fee simple interest in 6801 Canoga Avenue, a 48,220 gross square foot land development site, fully entitled for a 149 unit, mixed-use building. Terms of the Sale Property is being offered on a free and clear basis. 10 General Planning Use Building Plan Checks in Progress Regional Commercial Building and Safety, Fire Department Review, ADA, Green and Shoring. Second submittal for these disciplines will be ready for Second Plan Check by the 3rd week of April B Permit and LID Plans in development stage. Project review by Bureau of Engineering was received from Land Development January 2017, B Permit plans are being prepared in accordance with the issued conditions Tours Prospective purchasers are encouraged to visit the site prior to submitting offers. 11

7 WHY BUILD 6801 CANOGA AVENUE FULLY ENTITLED MIXED-USE DEVELOPMENT EXCELLENT LOCATION DIRECTLY ACROSS FROM CONTINUED DEMAND AND DEFINED NEED FOR MULTI-FAMILY HOUSING TRANSIT ORIENTED DISTRICT ACCESSIBILITY y Entitled for 149 Multi-Family Units and Commercial Use y No Entitlement Risk - No market risk though the entitlement process. Construction can start in 4-6 months. y By Right Development Not Subject to new California Code of Regulations Title 24 Update (eff. Jan. 1, 2017) and Measure JJJ or constrained by any recent ballot measures y Thoughtfully designed - excessive parking provided may be an additional revenue stream for savvy investor/developer y Within the Warner Center Specific Plan Area y "The Regional Housing and Employment Hub of the San Fernando Valley" with 1.8 million residents and 850,000 jobs y Tremendous amount of new capital continues to rush into Warner center y Strong occupancy rates within Warner Center y Signalized corner location/excellent visibility y A 47 acre future master planned development allowing for approximately 6 million square feet of mixed-use floor area. y $3 - $4 billion dollar capital infusion will include retail, office, hotel, R&D, senior housing, and community center surrounding a 5 acre open park y Millennials and empty-nesters who are seeking to down-size housing, desire a low maintenance, walkable (urban) lifestyle enhanced by amenities and technology that create a communal livework-play environment y Interest rates are on the rise, renting remains the sole avenue for these demographics to obtain the urban lifestyle experience y Expedient access to freeway, airports, and walking distance to Metro Orange Line Station 6801 Canoga is uniquely positioned to play an integral part of Warner Center and its desirable Live/Work/Play environment 12 13

8 6801 CANOGA AVENUE - SITE INFORMATION BUYER BENEFITS - NO ENTITLEMENT RISK LOCATION Canoga Avenue Canoga Park, CA SITE The subject property is located on the northwest signalized corner of Vanowen Street and Canoga Avenue. ENTITLEMENTS Mixed-use development, comprised of a six story structure over two (2) levels of subterranean parking. The site consists of retail space at grade and 149 unit apartment building CANOGA AVENUE VANOWEN STREET The following action steps have been completed: Topographic Survey Soils Reports Preliminary Title Reports/ Plotted Easements Environmental Reports / Remedial Action Work Plan DPI / Demolition Permit Issued / Site Demolished Plumbing (Sewer Cap) Permit Issued / Finalized 03/30/2017 Shoring Plans / Calculations Architectural Plans Structural Plans / Calculations B Permit Engineering Investigation Letter B Permit Curb Transition Plot LADWP Power Planning Submittal Landscape Plans Air Quality Study TDM Program DOT/Mobility Approval Executed Planning Submission / Findings / Paid Receipt Project Permit Compliance / Approval (DIR SPP) filed Oct LADBS Plan Check/Permit Application submitted Dec Parking Tabulation exceeds the required amount of parking by providing 70 additional stalls and guest parking Not subject to Measure JJJ and new title 24 update Not subject to Affordable Housing Linkage Fee requirements The fully entitled development consist of 48,220 SF of land for the construction of a 6-story, mixed use, 149 unit apartment building and retail. The project includes an on grade one story parking structure and two levels of subterranean parking. SQUARE FOOTAGES The net total land square footage is 43,427 square feet. PLAT MAP FRONTAGE AND ACCESS Approximately 258 feet of frontage on Canoga Avenue. Approximately 135 feet of frontage on Vanowen Street. Access is from Vanowen Street and Canoga Avenue. CROSS STREETS The major cross streets are Canoga Avenue, running North/South and Vanowen Street, running East/West. ZONING Zoning is RV(WC)-SN-RIO. WC 2035 River District 6801 CANOGA ELEVATIONS 14 15

9 6801 CANOGA AVENUE - PROJECT HIGHLIGHTS PROJECT BREAKDOWN UNITS PLAN TYPE AVG NET RENTABLE SF TOTAL NET RENTABLE SF AVG GROSS SF TOTAL GROSS SF* 19 A STUDIO/1BA 524 9, ,298 5 B STUDIO/1BA 694 3, ,665 5 C-Alt-Ent 1BD/1BA 641 3, , C 1BD/1BA , ,710 5 C-Alt 1BD/1BA 627 3, ,355 9 B-Loft 1BD/1BA/LFT 765 6, , B 1BD/1BA , ,156 5 A-Alt 2BD/2BA Alt 900 4, , A 2BD/2BA , ,795 5 D 2BD/2BA 909 4, , , ,227 NON-RESIDENTIAL SF AVERAGE GROSS SF LEASING OFFICE / UNISEX BATHROOM 927 GYM/FITNESS CENTER 2,306 RETAIL 4,327 TOTAL COMMERCIAL - NON RESIDENTIAL SF 7,560 GROSS BUILDING SF GROSS BUILDING SF PENTHOUSE LOFT 2,052 6TH STORY 29,823 5TH STORY 29,823 4TH STORY 29,823 3RD STORY 29,824 2ND STORY 33,973 1ST STORY ** 34,025 Total Gross Building SF 189,343 TOTAL PARKING PROVIDED PER LEVEL Gross Parking SF Gross SF Parking Stalls Provided 1ST STORY 22, BASEMENT No. 1 36, BASEMENT No. 2 36, TOTAL GROSS PARKING SF 95, AREA TABULATIONS (OPEN SPACE PROVIDED) Name Area Level Covered Open Space 775 SF 1st Story Front Yard Open Space (Public Access) 1,698 SF 1st Story Rear Yard Open Space 4,318 SF 1st Story Side Yard Open Space 1,579 SF 1st Story Common Open Space - Courtyard 2 (Residential Access) 604 SF 2nd Story Common Open Space - Pool/ Courtyard 1 (Residential Access) 4,059 SF 2nd Story Open to Sky 6,853 SF 2nd Story Grand Total 19,887 SF *Total Gross SF is per unit only and does not include common area (lobby, storage, mailroom, trash, elevator shafts, stairs, courtyard, vestibules, corridors) **Includes 1st Story Gross Parking SF - RIVER DISTRICT PARKING REQUIREMENTS Residential Parking Requirements Required Provided 1 SPACE PER UNIT STALL PER UNIT: GUEST PARKING: 0 41 TOTAL RESIDENTIAL PARKING Commercial Parking Requirements 1 STALL PER 500 SF 10,302 1 STALL PER 500 SF: TOTAL PARKING STALLS RESIDENTIAL BICYCLE CODE BICYCLE CODE PARKING REQUIREMENTS: Required Provided Long term : 1 bicycle stall per unit 1 stall per 2,000 sf = 6 long terms stalls Short term: 1 bicycle stall per 10 units 1 stall/10 units (149 units) = 15 short term Total Residential Bicycle Stalls Commerical Bicycle Code Requirements Long Term: 1 bicycle stall per 2,000 SF 149 units = 149 long term stalls 6 6 Short Term: 1 bicycle stall per 10 units 1 stall/10 units (149) = 15 short term 6 6 Total Non-Residential Bicycle Stalls FLOOR AREA RATIO As Designed Allowed NET BUILDABLE AREA 42,032 SF 42,032 SF ZONING CODE FLOOR AREA 145, ,144 F.A.R AREA TABULATIONS (OPEN SPACE RIVER DISTRICT) Name Area Level Open Space (Public Access & River District) 4,318 SF 1st Story Open Space (Public Access & River District) 4,073 SF 1st Story Grand Total 8,391 SF Buyer shall complete their own investigations and shall not rely on any of the square footages listed above

10 6801 CANOGA AVENUE - PROJECT HIGHLIGHTS 6801 CANOGA ELEVATIONS POTENTIAL UNIT AMENITIES Keyless entry High-end finishes/fixtures Stainless steel appliances Contemporary cabinetry Energy efficient Central air conditioning Dishwasher/microwave Walk-in closets Electric thermostat High ceilings In-unit washer Dryer hook-ups Private balconies Hardwood floors POTENTIAL BUILDING AMENITIES Green building On-site management Assigned covered parking Bicycle parking Business center with Internet Wifi Café Premium fitness center Elevators Controlled access/gated Resort style swimming pool/spa Fire Pits Barbeque grills Dog park PAOS (Public Accessible Open Space Concierge services BUILDING AMENITY CONCEPTS 18 19

11 WARNER CENTER

12 MAJOR CAPITAL INFUSION EXPEDITED APPROVAL PROCESS 5 mile radius Westfield s Promenade 2035 Estimated $1.5 billion capital infusion Uptown at Warner Center $3-4 billion capital infusion Brings entertainment, culture, sporting events to the heart of the San Fernando Valley activating residents to live, work, shop, stay and play. Developers conforming to Specific Plan Urban Design guidelines may process approvals which City of Los Angeles estimates of 4-6 months from complete project submission BY RIGHT DEVELOPMENT Projects within WC2035 are subject to Project Permit Compliance, an expedited discretionary approval process saving time, money and resources WEST HILLS CANOGA PARK 1 mile radius 3 mile radius WINNETKA RESEDA SIGNIFICANT GROWTH PROJECTIONS 21,000 new households and 80,000 new jobs projected in Warner Center by 2035 combined with an additional 37 million square feet of business and residential buildings and 20,000 residential units WHY BUY IN WARNER PREMIER BUSINESS HUB Upscale community containing well-educated and professional workforce, Warner Center is the central business district of the San Fernando Valley CALABASAS WOODLAND HILLS TARZANA ENCINO SELF-SUSTAINING COMMUNITY One of Los Angeles largest urban developments, Warner Center is truly a Self-Sustaining, Walkable, Transit-Oriented, Mixed CENTER? FORTUNE 500 COMPANIES Walt Disney Company Amgen Inc. Health Net Inc. Avery Dennison Corp MAJOR OFFICE TOWERS Warner Center Towers LNR Warner Center Trillium Towers Farmers Plaza WARNER CENTER BOUNDARIES Walkability to area/lifestyle amenities including entertainment, dining, shopping, transit, housing and employment SHOPPING CENTERS Westfield Topanga Westfield Topanga The Village Westfield Promenade UNIQUE LIFESTYLE AND AREA AMENITIES Ideal combination of a downtown lifestyle with the feel of a local neighborhood amidst beautifully landscaped outdoor spaces, cultural event centers, fitness centers, entertainment/sports complexes, and high end retailers and restaurants TRANSIT ORIENTED DEVELOPMENT Ideal mix of housing, shopping, and entertainment, regional transit access, and a pedestrian-oriented environment. Three Orange Line stations

13 LOCATION HIGHLIGHTS A PREMIER LIVE/WORK/PLAY MIXED-USE DEVELOPMENT OPPORTUNITY IN y A wave of growth is currently reinventing the western San Fernando Valley s downtown as a self-sustaining urban live-work community. y WC Specific Plan 2035 (River District) provides developers a competitive advantage from a building, marketing and leasing perspective or By Right development. y The WC 2035 Plan considers development fundamental to supporting regional transportation investments such as the Metro Orange Line, to create a vibrant Transit Oriented District (TOD) based upon sustainability, community connectedness, accessible public transit, and promotion of innovative businesses, job diversity, and a safe and friendly pedestrian environment. y Property location and previous owner/user historically experienced better-than-market sales levels as a result of exceptional visibility and frontage at the signalized corner of Canoga Avenue and Vanowen Street and exceptional accessibility, ingress and egress. y Close proximity to the rest of the San Fernando Valley, Hollywood, Tri- Cities, West Los Angeles, and Downtown Los Angeles STRONG IMMEDIATE DEMOGRAPHICS AND POPULATION DENSITY y Average household Income of $106,089 to $269,230 within the area y Strong local economy with significant job growth over a multitude of diverse sectors y High daily traffic counts on Vanowen and Canoga RETAIL ATTRACTIONS AND PREMIERE OFFICE HUB y Proximate to the newly built, open-air retail center The Village at Westfield Topanga, Westfield Topanga, a 2.7 million SF regional shopping center with nearly 350 top brands, restaurants and entertainment options, and the anticipated $1.5 billion development set to replace the aging Westfield Promenade. y Local retailers include: Apple Store, Nordstrom, Neiman Marcus, Target, Macy s, REI, Costco, Best Buy Electronics, Crate & Barrel. Restaurants include: Roy s Asian Fusion, Fleming s Steakhouse, California Pizza Kitchen, Cheesecake Factory, Chipotle, Il Fornaio, Pizza Rev, Gaucho Grill, Coffee Bean & Tea Leaf, P.F. Chang s, etc. y Walking distance to Warner Center office buildings with over six million square feet of office space. Approximately 40,000 employees work within the Warner Center area. Major employers include HealthNet Inc., Zenith Insurance, Kaiser Permanente Hospital, Pratt & Whitney, and Pierce College. Free red trolley service connection between Westfield properties via local streets with plans to add additional Warner Center pickup locations. TRANSIT ORIENTED DISTRICT ACCESSIBILITY y Walking distance to Metro Orange Line: Two transit stops are located within walking distance of the Subject Property, linking Warner Center and North Hollywood, with further Metro Red Line service to Downtown Los Angeles. y Ease of Access to 101, 118 and 405 freeways, commuter rail services and high speed bus lanes y Three major airports (LAX-Los Angeles International Airport, Hollywood Burbank Airport and Van Nuys airport) OCEANO (244 units) (264 units) (264 units) (522 units) REVEAL (438 units) ALTA (298 units) (397 units) (362 units) METRO ORANGE LINE BUSWAY CANOGA AVENUE 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY LNR WARNER CENTER TRILLIUM TOWERS UPTOWN AT $3-4 billion mixed-use, high-rise development VANOWEN STREET TOWERS TOPANGA CANYON BOULEVARD ($1.5 billion capital infusion - 1,400 residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment and Sports Center) 6801 Canoga Avenue, Canoga Park CA y 850,000 jobs within the San Fernando Valley y 1.8 million residents in the densely populated San Fernando Valley 6801 ANOGA 24 25

14 2035 PLAN 2035 PLAN RESHAPING THE SAN FERNANDO VALLEY Approved by the Los Angeles City Council and effective December 25, 2013, the Warner Center 2035 Plan ( WC 2035 Plan or the Plan ) is a development blueprint for Warner Center that emphasizes mixed-use and transit-oriented development, walkability and sustainability. The WC 2035 Plan encompasses approximately 1,100 acres, or 1.7 square miles, and is bound by the Los Angeles River to the north, the Ventura Freeway to the south, De Soto Avenue to the east, and the west side of Topanga Canyon Boulevard to the west. KEY ELEMENTS OF THE WC 2035 PLAN Increased development potential in terms of maximum permitted floor area ratios (generally up to 4.5:1) and building heights (generally unrestricted). Promoting structural development with centers of greater residential density and commercial/industrial activity. Provision of green building standards including diminished energy utilization and collection and filtration of rainwater. UPTOWN AT WARNER CENTER 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY 6801 ANOGA DIVISION OF DISTRICTS The WC 2035 Plan divides Warner Center into eight districts, each with its own development guidelines: Uptown, River, North Village, Downtown, Commerce, Park and Topanga. Uptown at Warner Center is positioned in the Uptown district. The Uptown District, envisioned for large-scale office, residential & hotel uses. The River District will consist of properties along the river and add new pedestrian and bicycle paths. The WC 2035 Plan provides urban design guidelines including increasing the Floor Area Ratios (FAR), height and density for commercial and mixeduse lots. The Plan is targeted at a net increase of 14 million square feet of new, non-residential area, including 12.5 million square feet of office uses and 2.3 million square feet of retail uses. The Plan also seeks to develop 23.5 million square feet of new residential area or approximately 20,000 units. Promoting ground floor retail, flexible community space and other pedestrian-oriented uses, with a focus on cultivating active, complete streets. Creating a place where people can live, work and play and where day-to-day needs can be met locally by walking, bicycling or utilizing public transit. Establishing connectivity networks, including new streets and pedestrian adapted pathways within the established districts. The North Village District, served by the Canoga and De Soto Metro Stations, will combine residential with transit-oriented development. The College District, served by the De Soto and new Oxnard Street Orange Line stop, will focus on live-work projects and smaller developments. Creating a network of accessible open spaces to encourage public gathering and pedestrian activity. The Commerce District, served by the Oxnard Street Station, will become a secondary job center to the Downtown District. Establishing an urban environment that is generously landscaped with large parkways, medians, a 5 acre park area and open spaces pertinent to each individual building. The Park District, which includes the Warner Center Park, will allow townhomes and flats. Continuation of the industrial tradition in the area by establishing green and clean professional, scientific, and technical businesses, including engineering, environmental consulting, or research and development companies. The Topanga District will only allow non-residentail uses. The Downtown District will focus on entertainment uses and encourage mixed-use development

15 WOODLAND HILLS An affluent neighborhood in the San Fernando Valley Woodland Hills is an affluent neighborhood in the southwestern region of the San Fernando Valley, which is located East of Calabasas and West of Tarzana. On the North it is bordered by West Hills, Canoga Park, and Winnetka, and on the South by the Santa Monica mountains. The community s location provides easy access to the many business districts of Los Angeles, including Tarzana, Warner Center, Hollywood, West Los Angeles, Downtown Los Angeles, Universal City, and the Tri-Cities areas. Neighborhood residents in Woodland Hills have convenient options to numerous restaurants and nightlife, shopping centers, retail shops, grocery stores, pharmacies, schools, open spaces, parks, sports fields, and walking trails within minutes of their home. Woodland Hills is accessible to all of Los Angeles. The 101 Ventura Freeway provides East to West travel, and easily connects to the 405 San Diego Freeway for North to West travel. Ventura Boulevard, which stretches 18 miles lon throughout the San Fernando Valley, is the longest contiguous avenue of businesses and home to multiple retailers and amenities. Woodland Hills Office Park is situated between two wealthy communities in Los Angeles County, Calabasas to the West and Tarzana to the east. Woodland Hills is home to Warner Center, which is one of Los Angeles County s largest masterplaned business developments, and considered the central business district of the San Fernando Valley. Warner Center offers a sweeping complex of office parks, high-rises, apartments and shopping centers. It is home to the massive Westfield Topanga and brand new The Village at Westfield Topanga, providing consumers a large array of retail options. Multiple luxury apartment communities have sprung up in Warner Center, creating a fashionable and trendy place for residents to live, work and play. An exceptional destination for live, work, and play Warner Center is one of Los Angeles largest urban developments, offering a sweeping complex of office parks, high-rises, apartments, and shopping centers. It is home to approximately 20,000 residents and employs more than 50,000 people. Known as the central business district of the San Fernando Valley, the district combines a mix of office buildings, hotels, world class restaurants, shopping centers, and business parks. Warner Center is poised to undergo profound changes as commercial development expands over the next two decades. With the advent of the Warner Center 2035 Plan, Warner Center is quickly becoming one of the fastest growing sub-markets in the country. The Warner Center 2035 Plan increases the floor area ratio of sites within the designated boundaries to 4.5:1 FAR with unlimited height restrictions. The plan is a development blueprint for Warner Center that emphasizes mixed-use and transit-oriented development, walkability, and sustainability. The Plan seeks to create an environmentally, socially, and economically sustainable center for the West Valley. The Warner Center 2035 Plan will allow the addition of more than 37 million square feet of business and residential buildings to Warner Center by Within the immediate area, over 14 million square feet of nonresidential building area and 200,000 residential units are projected, along with the creation of over 80,000 new jobs. The former Rocketdyne site, named Uptown at Warner Center, located at Vanowen Street and Owensmouth Avenue is slated for a $4 billion, six million square foot development by United Technologies Corporation and Boston Global. The six million square feet project will include 3.95 million square feet of residential space and 1.1 million square feet of Class A office space. The project will also include 310,000 square feet of cultural and public space, 240,000 square feet of assisted living space, 200,000 square feet of high-end retail, and 155,000 square feet of hotel space. $132,447 Average HH income within 1-m radius 119,961 Daytime Population within 5-m radius $99,120 Median HH income within 1-m radius 28 29

16 OFFICE TOWERS OF - THE PREMIERE BUSINESS HUB Warner Center's central location and excellent freeway access make the sub-market a desirable and burgeoning office hub. Due to its outstanding living accommodations, desirable lifestyle amenities, and convenient access to public transportation, Woodland Hills/Warner Center has become a leading commercial center as well as a desirable place to live for residents. THE TRILLIUM LNR TOWERS Warner Center employs a diverse range of sectors and is home to many high profile employers: The Trillium is among the most prestigious office campuses in Woodland Hills combining for 660,669 square feet of Class-A office space. The Trillium features an attractive stone and tinted glass exterior, accentuated by lavish interior finishes and on-site amenities. Built in stages between 2001 and 2005, LNR Warner Center is comprised of four fivestory buildings and one three-story building containing approximately 808,274 square feet in total. Tenants include Health Net, UMG Recordings and Viking River Cruises. Warner Center Towers is a 1,937,959 square foot office campus comprised of six prestigious office towers strategically located in the heart of Warner Center. Warner Center Towers is one of Los Angeles' largest office campuses and offers a park-like setting with landscaped plazas, attractive fountains, highend amenities, and breathtaking views

17 WESTFIELD PROMENADE $1.5 BILLION CAPITAL INFUSION Westfield's new mixed use complex set to replace the aging Promenade shopping mall in Woodland Hills. Now, the Australian developer has released new details about the project, which will bring 1,400 units of housing and two hotels to Warner Center. The redevelopment is part of a wave of projects spurred by the new Warner Center 2035 plan, which was designed to reinvent the western Valley s downtown as a more urban live-work community. y More than seven acres of open space including: two acres of open space at ground level with approximately 500 trees and more than 100 of those trees along street frontage; along with approximately five acres of elevated open space featuring rooftop gardens and landscaping atop nearly every building. y A lush and green Promenade Square will serve as the heart of the neighborhood, a gathering place to relax and will play host to a range of community activities. Pocket parks, public spaces as well as courtyards, called the Gardens, will also offer more intimate gathering spaces. y Residential opportunities range from work/live studios to one, two and three bedroom apartments and luxury villas with appeal for artists, up-and-coming executives, young families or empty nesters all with easy access to a lifestyle designed to cater to every need. (Approximately 1,400 residential units) y Class A office space that brings work and home together in unique and diverse ways with shopping, dining and entertainment just steps away where cars are not needed and commutes are walking distance. (Approximately 470,000 square feet) y Smaller, more localized retail opportunities, services and dining experiences along with a community grocery/pharmacy will compliment The Village and Westfield Topanga offerings. (Approximately 244,000 square feet) y A versatile Entertainment and Sports Center will accommodate 15,000 with flexible seating that could adapt for more intimate events and gatherings such as professional, youth and community sports as well as live music, performing arts and speaker series. PROJECT SUMMARY 1,400 residential units 272-room hotel and 300-room hotel 150,000 square feet of creative office space 470,000 SF of Class A office 244,000 SF of retail 15,000 seat Entertainment & Sports Center ECONOMIC BENEFITS Promenade 2035 represents an anticipated $1.5 billion long term investment in the valley DURING CONSTRUCTION: y Creates more than 12,500 full and part-time jobs y Generates nearly $2 billion in total economic output. AT FULL COMPLETION: y Creates more than 7,900 full and part-time jobs. y Generates an estimated $1.6 billion in economic output y Generates nearly $12 million in net new annual revenue to the City s General Fund 32 33

18 UPTOWN at - $3-4 BILLION CAPITAL INFUSION Uptown at Warner Center is a one-of-a-kind development opportunity consisting of nearly 47 acres located in the mature market of Warner Center in the San Fernando Valley, surrounded by the third largest shopping center in the United States (Westfield Topanga, The Village at Westfield Topanga, and Westfield Promenade 2035), numerous high profile office projects, and residential developments. The development will produce a state of the art Live/Work/Play environment that will be a walkable community featuring a combination of residential and commercial uses including retail, office, hotel, research & development, assisted living and community center space surrounding a 5 acre open park. It will be the San Fernando Valley s most desirable, sustainable destination with expedient access to every convenience including numerous shopping, dining, and public transportation options. The San Fernando Valley consists of approximately 260 square miles making it the largest geographic component of the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area, that as a standalone city, would be the seventh largest city in the United States. PROPOSED PROJECT SUMMARY 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY 6801 ANOGA 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY 6801 ANOGA Class A Office 1,130,000 Residential 3,950,000 Assisted Living 240,000 Retail 200,000 Cultural/Public/Education 310,000 Hotel 155,000 Site Central Plants 50,000 Total 6,035,000 Projected Hotel Room Total Projected Residential Units Total Projected Assisted Living Units Total Parking Total Total Development Site Area 210 Rooms 3,950 Units 330 Units 10,030 Spaces 2,037,929 SF 34 35

19 SHOPPING & RETAIL WESTFIELD TOPANGA Westfield Topanga and the brand new The Village at Westfield Topanga is one of Southern California s largest shopping complexes. Westfield Topagna is the only center in the United States with a Neiman Marcus and flagship Nordstrom alongside Target, and is a power shopping paradise with a luxury lineup including Gucci, Tiffany & Co., Salvatore Ferragamo, Louis Vuitton, Cartier, Burberry, Jimmy Choo alongside Apple, Tesla, Tory Burch, Anthropologie, Free People, OMEGA, Splendid, Urban Outfitters and Lacoste. THE VILLAGE AT WESTFIELD TOPANGA The Village showcases trendy local fashion and lifestyle brands, sensational restaurants offering al fresco patio dining, a full-service gym, spa and yoga studio, along with Costco, Crate & Barrel, a weekly farmer s market and more, all under a canopy of native trees and vegetation. With a combined square footage of over 2.5 million, Westfield offers the retail consumer a laundry list of high-end retailers and restaurant choices. It has transformed into a central gathering place for shopping, dining, entertainment and leisure and provides local residents and visitors a destination experience unlike any other in the San Fernando Valley. VENTURA BOULEVARD Ventura Boulevard is one of the primary east west thoroughfares in the San Fernando Valley. Running 18 miles, Ventura Boulevard is the world's longest avenue of contiguous businesses. It has always been a concentrated location for mom and pop shops and small businesses in the Valley; nowadays it has pockets of housing, mini-malls, and shops, along with a wide assortment of businesses, schools, and other establishments. Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities, executives, athletes, and entertainers alike. The Village showcases trendy local fashion and lifestyle brands, sensational restaurants offering al fresco patio dining, a full-service gym, spa and yoga studio, along with Costco, Crate & Barrel, a weekly farmer s market and more, all under a canopy of native trees and vegetation

20 HOUSING MARKET AREA AMENITIES Woodland Hills market trends indicate an increase of $65,000 (10%) in median home sales over the past year. The average price per square foot for this same period rose to $381, up from $351. In general, single-family homes and condominiums located south of Ventura Boulevard are the most expensive in the Valley. These areas benefit from convenient access to the 101 Ventura Freeway, the primary highway covering the San Fernando Valley. In addition, many of these homes are located within the Santa Monica Mountains and provide breathtaking views of the entire Los Angeles MSA. In particular, the communities of Hidden Hills, Woodland Hills, Tarzana, Encino, Sherman Oaks, and Studio City have some of the most exclusive homes in the area, with sale prices well in excess of $1,000,000. Due to the high single-family residential prices, and a continuing demand for housing in San Fernando Valley, there is strong demand for the development of higher density apartment buildings and condominiums. Most new apartment development is occurring from redevelopment of older, low-density projects. Historically, apartment demand has been strong, and has been influenced by high home prices and the central location of the Valley relative to employment centers. As a result, the San Fernando Valley area has become one of the most densely populated areas in Los Angeles County. Warner Center has a large concentration of high-end, resort style apartment communities. These luxury apartments cater to the large and growing workforce population in Warner Center and Woodland Hills. WESTFIELD TOPANGA A 1.6 million square foot two-level indoor shopping center comprised of high-end retail and restaurants such as Ruth s Chris Steak House, Apple, Cheesecake Factory, Gap, Nordstrom, Target, and many others. THE VILLAGE AT WESTFIELD TOPANGA A brand new central gathering place for shopping, dining, events, entertainment and leisure. The open-air destination offers al fresco patio dining, a full-service gym, spa and yoga studio, along with a weekly farmer s market. There are also children s play areas, bocce ball courts and outdoor lounges. WOODLAND HILLS COUNTRY CLUB Woodland Hills Country Cub is a private equity golf club in the foothills of the Santa Monica Mountains. They offer an array of social activities such as musical events, Easter brunch, summer BBQ s, etc. BOB HOPE AIRPORT A public airport which serves the norther Greater Los Angeles area located in Burbank, CA. $700,000 Median Sales Price $381 Price per SF 10% Increase in Median Home Sales $3,800 Median Rent Per Month PIERCE COLLEGE Pierce College is a two-year public institution in Southern California providing opportunities for transfer education, occupational training and life long learning

21 COMPARABLES ANALYSIS

22 RENT COMPARABLES - RETAIL RETAIL LEASE COMPS # ADDRESS RENTAL RATE/YR RENTAL RATE/MO LEASE TYPE AVAIL SF BLDG SF 6801 ANOGA Canoga Avenue, Woodland Hills $45.00 $3.75 NNN 5,689 5, Erwin Street, Woodland Hills $48.00 $4.00 NNN 4,000 8, Oxnard Street, Woodland Hills $48.00 $4.00 NNN 1,438 14, Victory Blvd, Woodland Hills $35.04 $2.92 NNN 33, ,961 Average $47.00 $ ,068 60,

23 RENT COMPARABLES - MULTIFAMILY ALURA 6333 Canoga Avenue, Woodland Hills Year Built 1972, Renovated 2007 Units 250 Occupancy 92% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF $1,525-1, $ $1,795-1, $ $2, $ $2,255-2, $ $2,500-2, $ OCEANO AT 6355 De Soto Avenue, Woodland Hills Year Built 2012 Units 244 Occupancy 98% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF $1,846-2, $ $2,410-2,438 1,027-1,114 $ $2,600 1,250 $ $2,255-2, $ $2,500-2,600 1,125 $ TRIANA AT 6250 Canoga Avenue, Woodland Hills Year Built 2008 Units 362 Occupancy 96% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF $1,900-2, $ D 16 $2,093-2, $ TH 10 $2, $ $3, $ D 8 $3, $ $3, $2.18 CARABELLA AT 6300 Variel Avenue, Woodland Hills Year Built 2010 Units 224 Occupancy 95% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF $1, $ $ $ D 14 $2464 1,205 $ $ ,077-1,207 $ $ ,087-1,167 $ D 8 $3,000 1,522 $

24 RENT COMPARABLES - MULTIFAMILY BELLA VISTA AT WARNER RIDGE 6150 De Soto Avenue, Woodland Hills Year Built 2003 Units 579 Occupancy 99% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF $1,905-2, $ $2,725-2,855 1,197-1,416 $ $3,200-3,400 1,411-1,442 $ $2,255-2, $ $2,500-2,600 1,125 $ THE MOTIF W Erwin Street Year Built 2015 Units 395 Occupancy 98% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF Type Number of Units Effective Rent Unit Square Feet Rent Per Sf $2,104-2, $ $2,679-2, $ $3,454-3, $ $2,500-2, $ CARILLON APARTMENTS 6301 De Soto Avenue Year Built 2008 Units 264 Occupancy 97% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF Type Number of Units Effective Rent Unit Squar Feet Rent Per SF $1,801-2, $ $2,375-2,507 1,094-1,326 $ $3,000 1,072-1,135 $ D 8 $3,200 1,590 $ $3,100 1,423 $2.18 THE ENCLAVE 6710 Variel Avenue Year Built 2010 Units 195 Occupancy 96% TYPE NUMBER OF UNITS EFFECTIVE RENT UNIT SQUARE FEET RENT PER SF $1,750-1, $ $2,100-2, $ D 14 $2, $ $2,400-2, $ $2,687-2, $ D 8 $3, $

25 DEVELOPMENT FINDINGS

26 CURRENT IMPROVEMENTS FULLY ENTITLED MIXED-USE DEVELOPMENT CANOGA AVENUE 2035 PLAN The WC 2035 Plan considers developments fundamental to supporting regional transportation investments such as the Metro Orange Line to create a vibrant Transit Oriented District (TOD) based upon sustainability, community connectedness, accessible public transit, and promotion of innovative businesses, job diversity, and a safe and friendly pedestrian environment. A developer proposing a project conforming to the Warner Center 2035 Plan may process their approvals through the Project Permit Compliance process. This process is streamlined; the City estimates project approvals to be issued within 4-6 months from submission of a deemed completed submittal package (Buyer to verify). This development opportunity will emphasize mixed-use and transit-oriented development, walkability, and sustainability. Allowed Uses, Specific Plan Bonuses and Incentives can be found at: pdf/warnerc.pdf. The possibilities include mixed-use, live/work units, schools, hotel, office, restaurants, and retail to name a few. INCENTIVIZED USES AND DEVELOPMENT BONUSES Each project that incorporates one or more Incentivized Uses shall be entitled to one development bonus for each Incentivized Use incorporated. The subject property falls within City Jurisdiction of Los Angeles. The General Plan Land Use Designation is Regional Center Commercial with Zoning designation of RV(WC)-SN-RIO. Furthermore, the subject property falls within the Los Angeles State Enterprise Zone, Transit Priority Area and Warner Center 2035 (WC 2035) Specific Plan Area (River District). The River District will consist of properties along the river and add new pedestrian and bicycle paths. Previous improvements included a one-story freestanding restaurant building of average construction quality, design, and overall condition, which was originally constructed in 1978 and includes 9,018 square feet of gross building area. The building had a concrete slab foundation and a wood frame with painted wood siding, and was previously home to Sierra s Mexican Restaurant. The subject property is currently vacant. The current owner has filed Project Permit Compliance with City of Los Angeles Planning Department under The Warner Center Specific Plan for a new mixed-use development, comprised of a six story structure over two (2) levels of subterranean parking. The site consists of retail space at grade and 149 unit apartment building. Furthermore, owner has submitted their application with City of Los Angeles Department of Building / Safety (LADBS) for demolition of building and clearing of lot. This unique offering provides a savvy investor/developer with a fully entitled development opportunity with the ability to step in and finalize construction drawings prior to building plans being finalized. The prior business had historically experienced better than market sales levels as a result of exceptional visibility and frontage at the signalized corner of Canoga Avenue and Vanowen Street and exceptional accessibility, ingress and egress. ENTITLEMENTS The Warner Center Specific Plan process and associated Environmental Review combine to streamline the entitlements process for planned developments. The following items should be taken into consideration for any proposed project within the Specific Plan area: Entitlements Process in lieu of the city s typical Site Plan Review process for a project resulting the construction of 50 net new dwelling units or 50,000 net new gross square feet, projects within the Warner Center Specific Plan area are subject to Project Permit Compliance, an expedited discretionary approval process administered by the Department of City Planning Environmental Review As part of the Warner Center Specific Plan approval process, the City certified a Master EIR contemplating largescale development within the area. As a result, most projects within the Plan area can be approved under a Negative Declaration (ND) or Mitigated Negative Declaration (MND). Incentivized Uses The plan provides development bonuses for a number of uses that the city wishes to target in the area. The project can utilize one bonus per incentivized use provided. The incentives & bonuses include: Urban Design Guidelines Projects within Warner Center are subject to Design Review approval to ensure compliance with the Urban Design Guidelines contained within the specific plan. A developer proposing a project conforming to the Warner Center Specific Plan can process approvals through the Project Permit Compliance process which the City estimates will take 4-6 months for approvals. No separate CEQA approvals are required. Intensity Bonus An additional 0.5:1 FAR above the base maximum FAR shall be permitted for each lncentivized Use incorporated into a project. For illustrative purposes only, a project that offers two Incentivized Uses and requests two development bonuses in the Intensity Bonus category shall be entitled to an additional 1:1 FAR (i.e. aggregate of two 0.5:1 FAR bonuses) above the base maximum FAR. Notwithstanding the foregoing, no project in any District shall exceed a FAR of 6.0:1. Mobility Fees Reduction Bonus A 3% reduction in a project s Mobility Fees shall be permitted for each Incentivized Use incorporated into a project that offers two Incentivized Uses and requests two development bonuses in the Mobility Fees Reduction Bonus category shall be entitled to a 6% (i.e. aggregate of two 3% reductions) reduction in a project s Mobility Fees. Notwithstanding the foregoing, no project in any District shall be entitled to more than 12% in reduction of the Mobility Fee. Incentivized Uses Bonus for Residential Development in College, Commerce, Downtown, and Uptown Districts Projects located within the College District, the Commerce District, the Downtown District, or the Uptown Districts are permitted a Residential Bonus for up to two incentivized uses. Each incentivized use can be used to ascend the Graduated FAR Table use mix by one level. For example: a project in the Uptown District that is within the >2.0 Up to 2.25 FAR level, which permits a minimum of 40% Non-Residential and a maximum of 60% Residential uses within the project, that implements two incentivized uses within the project, would be eligible to utilize the project mix percentages within the >2.5 Up to 2.75 FAR level, which permits a minimum of 30% Non-Residential and a maximum of 70% Residential uses within the project. Notwithstanding the foregoing, no project in any District shall exceed a FAR of 6.0:

27 DEVELOPMENT REGULATIONS - RIVER DISTRICT The following is a broad overview of the development regulations applicable to Canoga Avenue (the Subject Property ), which is located in the River District of the Warner Center 2035 Plan (the Specific Plan ) in Council District 3 (Bob Blumenfield) of the City of Los Angeles. The Subject Property contains approximately 48,220 square feet (+/-1.10 Acres) of lot area. River District Development Regulations: Permitted Uses: (Including, but not limited to) Live/Work Units Eldercare Facilities/ Senior Housing Health-related residential uses and care facilities Multiple Residential Dwelling Units Hybrid Industrial Uses Sound Recording Studios Warehousing/ Storage, Non- Household Goods Art Gallery Bakery Bicycle Sales/ Rentals/Repair Dance/Pilates/ Yoga/Martial Arts Studios Vehicle Display Restaurants/Bars/ Cafés Retail Stores Theater Secondhand Goods Store Supermarket Animal Hospitals/ Veterinary Banks / Financial Institutions Business Support Services Catering Day Care Dry Cleaners Gymnasiums, Health Clubs Hotel and Motels Offices Hair Salons/Nail Salons and Spas Real Estate Offices Places of Worship Standards for the River District: Floor Area Ratio: Base Maximum FAR of 4.5 : 1 is permitted on all lots in the River District Maximum FAR of 4.5 : 1: (48,220 SF * 4.5) = 216,990 SF of Permitted Floor Area Permitted Development by Floor Area: There are no use restrictions on any Project by floor area (i.e. restrictions that require certain percentage of floor area to be devoted to a certain use). Density: Minimum 300 square feet of habitable space/residential unit Maximum Residential Density: (216,990 SF/300 SF) = 723 Dwelling Units Building Height: Unlimited All Projects shall be permitted an unlimited building height subject to the following exceptions: Street Wall: All Projects with frontage along a public street or highway shall be required to have a minimum building height of 25 feet along that public street or highway. The Street Wall s design should follow the guidelines established in the Urban Design Guidelines of the WC Specific Plan 2035 in Appendix F. Any Project over 75 feet in height shall be subject to additional submittal requirements as set forth in the Mitigation Monitoring Program. Setbacks: Minimum 12 feet, Maximum 15 feet Minimum 30% of Setbacks to be Landscaped River Frontage Publicly Accessible Open Space (PAOS): Minimum 15% of the net size area (i.e. after dedication) Requirements: contiguous, internally and externally integrated, accessible to public from 6AM 10PM, 7 Days/Week, open to the sky, 50% Landscape, provide 1 seat per 500 SF of PAOS 100% of an Emergency Vehicle Access Lane may counted towards PAOS, upon meeting certain requirments May be located above the ground floor, upon meeting certain requirements Parking: Residential: Minimum 1 space/unit, Maximum 2 spaces/unit Guest Parking: 0.25 space/unit for 100 unit or less project; optional for more than 100 unit project May increase maximum residential parking by 12.5%, if meets certain requirements Commercial: Minimum 2 spaces/1,000 SF, Maximum 4 spaces/1,000 SF Street Standards: Vanowen Street / Canoga Avenue Vanowen Street is designated as Modified Avenue I Requires 57-foot half right of way (4 FT Private Easement) Canoga Avenue is designated as Modified Avenue II Requires 57-foot half right of way for the first 137 of curb followed by 150 long taper where the right of way tapers from 57 to 52 (4 FT Private Easement) Active Street Frontages: Requirements for Projects along Active Street Frontages are established in Section 6.2 (WC2035 Plan-Wide Standards). One (1) Active Street Frontage shall be established in this District pursuant to the exact specifications of Map 10 and generally described as follows: The North Side of Vanowen Street between Topanga Boulevard to the west (excluding Canoga Park High School) and De Soto Avenue to the east. Incentivized Uses and Bonuses: Each Incentivized Use provided yields one Development Bonus, and a Project may combine Development Bonuses of the same bonus type if multiple Incentivized Uses are provided. Qualifying Uses: 7,500-SF Grocery Store, Fully Subterranean Parking, Five (or more) Ground Floor Local-Serving Retail, 5,000-SF Community- Serving Use, 50% More Publicly Accessible Open Space (above regular requirement), and LEED Gold or Equivalent Projects Accessible to public during regular business hours Minimum 40 hours of operation/week Provide an incentivized use in perpetuity Development Bonuses: 0.5:1 Additional FAR (up to maximum 6.0:1 FAR), 3% Reduction in Mobility Fees (up to 12% maximum reduction), or Increase Maximum Residential Floor Area by one Level in the Graduated FAR Table in the FAR Section above (up to maximum 6.0:1 FAR, and only available to apply to two Incentivized Uses). Active Street Frontage: Vanowen Street: Ground floor parking permitted when a minimum 80% of the ground floor frontage on any side of an above-grade parking structure adjacent to a public street or public open space includes ground floor non-residential uses subject to design and materials standards Limited to ground floor non-residential uses to a minimum depth of 25 feet from the building frontage along the Active Street, minimum 15-foot floor-to-floor height, and subject to certain design standards Certain residential uses are permitted, including the Work portion of Work-Live Units, which must be accessed individually and directly from abutting street Maximum fence or wall height of 42 inches Urban Design Standards/Guidelines: There are various Design Standards pertaining to articulation and materials for the building façade (especially the ground floor), and for parking, lighting, and landscaping, which must be satisfied. The Specific Plan also contains Urban Design Guidelines, compliance with which is highly encouraged but not required. All Projects are subject to review by the City s Urban Design Studio; which has been completed by owner and approved

28 PROJECT PERMIT COMPLIANCE FINDINGS PROJECT PERMIT COMPLIANCE FINDINGS Based on a review of the plans attached to the administrative file, and as modified by the conditions contained herein, the Director of Planning makes the following findings in accordance with Section C.2 of the Los Angeles Municipal Code and the applicable review criteria of the Warner Center 2035 Plan: 1. The project substantially complies with the applicable regulations, findings, standards, and provisions of the Specific Plan. The Site is located within the River District of the WC2035 Plan, and is located within an Activity Node and is located along one (1) Active Street Frontage. As set forth below, the proposed Project complies with the development standards in the River District as well as the development standards that apply to all projects in the WC2035 Plan. A. River District Use and Development Standards WC2035 Plan Section : Uses A range of land uses is permitted in the River District as listed in Appendix A of the WC2035, The Project's proposed multi-family dwelling units, commercial leasing office and retail component are permitted uses in the River District. WC2035 Plan Section : Intensity A base maximum FAR of 4.5:1 is permitted in the River District. In compliance with the Plan, the Project proposes 149,644 (Zoning Code) square feet of floor area and a lot area for purposes of FAR calculation of 42,032 square foot (net of set backs) site for an overall FAR of 3.56:1. WC2035 Plan Section : Permitted Development by Floor Area There are no use restrictions on any Project floor area (i.e. restrictions that require certain percentage of floor area to be devoted to a certain use). WC2035 Plan Section : Building Height Building Height: All Projects shall be permitted an unlimited building height subject to the following exceptions: (a) Street Wall: All Projects with frontage along a public street or highway shall be required to have a minimum building height of 25 feet along that public street or highway. The Street Wall's design should follow the guidelines established in the Urban Design Guidelines in Appendix F. (b) Any Project over 75 feet in height shall be subject to additional submittal requirements as set forth in the Mitigation Monitoring Program. Unlimited height is permitted within the River District. In addition, all Projects with frontage along a public street or highway shall have a minimum building height of 25 feet along that public street or highway, and any Project over 75 feet in height may be subject to additional review for shade and shadow impacts. The proposed building is 80 feet 3 in height, meeting the height standards for the River District. The Project's building height along Vanowen Street and Canoga Avenue is 80 feet 3 inch, meeting the minimum 25-foot Street Wall standard. See Plan Sheet A406 WC2035 Plan Section : River Frontage The project has no river frontage. WC2035 Plan Section : Street Standards Vanowen Street is designated as Modified Avenue I (modification per the Warner Center Specific Plan) and requires a 57-foot half right of way and 4 foot private easement, to be improved with a 45 foot half roadway, 8 foot parkway, and an 8 foot sidewalk, partially constructed in the right-of-way, with the remainder of the sidewalk to be located within a 4 foot wide private easement. The Project has been conditioned to ensure that the proper dedications and improvements are satisfied through the Department of Public Works, Bureau of Engineering. Canoga Avenue is designated as modified Avenue II (modification per the Warner Center Specific Plan) and requires a 57 foot half right-of-way for the first 137 of curb followed by a 150 long taper where the right-of-way tapers from 57 to 52 of which this development will only dedicate that portion of the taper along the lot frontage and 4 foot private easement, to be improved with a 45 foot half roadway along he first 137 followed by a 150 long taper where the curb tapers from 45 to 40 of which this development will only construct that portion of the taper along the lot frontage, an 8 foot parkway and an 8 foot sidewalk, partially constructed in the right-of-way, with the remainder of the sidewalk to be located within a 4 foot wide private easement. See Plan Sheet Curb & Stripping Plan WC2035 Plan Section : Activity Nodes The Project is located at an Activity Node. The Project abuts the Activity Node at the intersection of Vanowen Street and Canoga Avenue. Activity Nodes are to be distinguished by a concentration of commercial development, including pedestrian serving retail and restaurants with outdoor seating/dining that is intended to spur pedestrian activity. Therefore, no residential units are permitted along the street level frontages. The Project is designed with a restaurant along the Vanowen Street and Canoga Avenue frontages. The restaurant includes two separate patio areas, one at the corner and one along Canoga Avenue. The main residential lobby is also located along Canoga Avenue. The second residential lobby and fitness center are located on the west side facing the planned Green Alley required by the recently approved project to the west. Therefore, the Project, as designed, will include pedestrian serving retail and restaurants with outdoor seating/dining that will spur pedestrian activity and thus meets the intent of and is in conformance with the Activity Nodes provision of WC2035 Plan Section See Plan sheets A407 & A203. WC2035 Plan Section : Active Street Frontages The Project is located along one Active Street Frontage: The requirements for Projects along Active Street Frontages are established in Section 6.2 (WC2035 Plan-Wide Standards). One (1) Active Street Frontage shall be established in this District pursuant to the exact specifications of Map 10 and generally described as follows: The north side of Vanowen Street between Topanga Canyon Boulevard to the West (excluding Canoga Park High School) and De Soto Avenue to the East. See Section below. The Project as designed is in conformance with the Standards prescribed and contained in WC2035 Section Active Street Frontages. See Plan Sheets A406, A407 & LP1. WC2035 Plan Section : Setbacks Setbacks: All Projects shall observe a front setback area of no less than 12 feet and no more than 15 feet. Any project not located on an Active Street Frontage shall be permitted a front setback area up to 20 feet. A minimum of 30% of the required setback shall be landscaped. The Project plans show a partially landscaped front setback area of 12 feet from the front property line. The building also proposes architectural projections (balconies) that will encroach into the minimum required setback as permitted by the WC2035 Plan and zoning code. See Plan Sheet A101 & LP1. B. Development Standards Applicable to Entire WC2035 Plan Area WC2035 Plan Section 6.2.1: incentivized Uses and Bonuses The Project is not incorporating any incentivized Uses or utilizing Development Bonuses. WC2035 Plan Section 6.2.2: Publicly Accessible Open Space (PAOS) The Project is required to provide PAOS that has a minimum square footage equal to fifteen percent (15%) of the net site area and satisfies a set of required standards. The Project meets the requirements of the PAOS by providing 15% of the site area (7,244 square feet) for PAOS. See section The Project's PAOS complies with all the standards in WC2035 Plan as follows: As shown on the landscape plans, the PAOS is contiguous and internally integrated into the overall design of the Project. The PAOS is strategically located to allow for external & internal integration and future continuation of the PAOS. The PAOS will be accessible to the public from at least 6 am to 10 pm. The PAOS is completely open to the sky and 50 percent is comprised of landscaping. The PAOS provides seating at a rate of one seat per 500 square feet of PAOS. See Plan Sheet Exhibit 1 & LP

29 PROJECT PERMIT COMPLIANCE FINDINGS WC2035 Plan Section 6.2.3: Parking Residential Parking Requirements: For residential uses, a minimum of one (1) parking space per unit is required and a maximum of two (2) parking spaces per unit may be provided. Guest parking is optional for projects with more than 100 units. The Project proposes 150 units, with a parking requirement between 150 and 300 maximum parking spaces. A total of 195 residential parking spaces are provided. In addition, the Project will comply with the Municipal Code requirements for bicycle parking by providing 188 parking spaces for long term bicycle parking and 16 short term parking spaces for guests. Commercial Parking Requirements: For Commercial uses, a minimum of one (1) parking space per 500 square feet is required, or 17 spaces for the proposed 8,094 square feet of retail. The Project proposes 31 spaces on the ground floor abutting the retail space. See Sheet A000 for parking tabulations & A201, 2&3 for layout. WC2035 Plan Section 6.2.4: Activity Codes and Active Street Frontages The Project is located along an Active Street Frontage. WC2035 Plan Section : Ground Floor Limitations due to Active Street Frontage As detailed in the District requirements, many of Warner Center's streets are designated as Active Street Frontages. These Active Street Frontages focus on both nonresidential and residential uses with connections to the adjacent street, including transparent frontage and pedestrian serving uses, signage and other design and landscaping elements at the ground level. Parking is only permitted on the ground floor of a building or structure within an Active Street Frontage when at least eighty percent (80%) of the ground floor frontage on any side of the above-grade parking structure, which is adjacent to a public street (except an alley) or adjacent to a public open space/plaza, includes ground floor non-residential use subject to the provisions established in Section (a) and (b) includes the Project site. The Project has been designed so that the two residential lobbies, the building fitness center, recreation room, restaurant space and parking are located only on the ground floor which is in conformance with the standards prescribed in this section. The Project's ground floor areas comply with WC2035 Plan Section subsections (a) through (c) as follows: (a) Ground floor Non-Residential development shall have a minimum depth of 25 feet from the front Building Facade and a minimum of 15 feet in floor-to-floor height. The Project has been designed to comply with this requirement. (b) Ground floor Non-Residential development shall have a minimum of 75 percent of the Building Facade located between 30 inches and 84 inches from the finished grade devoted to transparent windows and/or doors. Dark tinted, reflective or opaque glazing shall not be counted towards such minimum percentage. The Project has been designed to comply with this requirement. (c) Where residential uses are prohibited on the ground floor in the River District, non-habitable uses that are used in conjunction with residential uses may be permitted on the ground floor including but not limited to: leasing offices, community centers, entrance lobbies, gym/fitness center, residential business center, and concierge services. The Project proposes only the two residential lobbies, the building fitness center, recreation room, restaurant space and parking on the ground floor. The Project has been designed to comply with this requirement with no residential units on the ground floor. The Project proposes parking located on the ground floor of the building. The parking is internal to the building and serves the retail space at that same level. The first 15 vertical feet of the structure within view of a public street or walkway is designed in compliance with subsections (a) and (b) and include: facade articulation with change of material and change in facade design, the use of screening with metal slates, and landscape buffering. See Plan Sheets A407. A406 & A203. WC2035 Plan Section 6.2.5: New Streets and Pedestrian Adapted Pathways No New Streets are proposed as part of the project. WC2035 Plan Section 6.2.6: Urban Design Guidelines and Supplemental Urban Design Standards Supplemental Urban Design Standards 1. Parking in Required Setbacks: No parking is proposed within the front setback area. 2. Architecture: The ground-floor elevations of the building will provide different architectural treatments than the upper floors of the building, incorporating large expanses of tempered glass, plaster finishes, metal screens, metal sun shades, and other materials, while the upper floors will have an alternate rhythm of window openings and will be clad with different materials to break up the building mass and provide further visual interest. 3. Lighting and Security: The Project's exterior lighting is integrated into the design of the building and shielded to reduce glare. Site lighting for points of entry into the Project, pedestrian walkways, and outdoor common open space will include building-mounted and pole-mounted lighting that would be focused downward and shielded to reduce glare. Building lighting will include facade lighting as well as illumination of covered outdoor areas and balconies, and would likewise be focused downward or inward, as appropriate, and shielded to reduce glare and prevent light spillover. 4. Utilities: This design standard only applies to Master Plan Projects and is not applicable. 5. Articulation of Building Facades: The Project's building elevations are broken down into appropriately scaled sections on all sides, and incorporate variations in depth and materials. The building facades, which are visible from Vanowen Street and Canoga Avenue and adjacent public open spaces, incorporate changes in building depth through the use of recessed patios and second-floor balconies, and include architectural features such as plaster finishes, composite and metal panel siding, metal sun shades, and an integrated parking design with a metal slat exterior. 6. General Landscape Requirements for All Projects: A Conceptual Landscape plan has been designed in compliance with the City's water conservation requirements, and are in compliance with the RIO. 7. Street Trees: As shown on the landscape plans, the Project proposes a row of Tipuana Tipu / Tipu Tree within the parkway and Washingtonia Filifera / California Fan Palm in the landscaped setback in compliance with the street trees required in Figure 8 in Appendix F of the WC2035 Plan. See Plan Sheets A406, A407 & LP1 WC2035 Plan Sections Hybrid Industrial, Automobile Uses, and Entertainment Uses: The proposed Project does not include any uses addressed in these sections. WC2035 Plan : Sustainability The Project is designed to meet the standards for Leadership in Energy and Environmental Design (LEED ) Silver certification or the equivalent and to comply with Option 1 of the Solar Reflectance Index requirement in Appendix G

30 PROJECT PERMIT COMPLIANCE FINDINGS WC2035 Plan Section 7: Mobility The WC2035 Plan allows credit for any uses that were active on January 1, 2008 or after to be deducted from a project's Mobility Fee. The site is currently developed with a 9622 square foot restaurant (CofO VN28519/75 & VN29809/75 issued on June 7, 1976) that was occupied on January 1, Based on the in-lieu credits for the existing use as well as the planned street improvements, the Project will not be required to pay a Mobility Fee since the in-lieu credits are greater than the fee required for the Project's new uses. Project will be required to dedicate and improve the entire frontage of Vanowen Street and Canoga Avenue. In compliance with WC2035 Plan , the Applicant shall be required to join the Transportation Management Organization (TMO) and comply with the TMO's goals and objectives in A-F. See TDM & Curb & Stripping Plan. WC2035 Plan Section 8: Neighborhood Protection Program This section is applicable, however, the total in-lieu credits for the existing use and the planned street improvements would exceed the net Mobility Fee and, therefore, no Mobility Fee would be owed. See DOT Mobility memo. WC2035 Plan Section 9: Cultural Amenities The Project will pay the Warner Center Cultural Amenities Development Fee based on the building permit valuation at the time of building permit issuance. Appendix F: Urban Design Guidelines Section 2: Blocks The development of the proposed 150-unit modern midrise community apartment project with ground floor retail will be completed in a single phase of construction. The project consists of a 6-story building located on the northwest corner of Vanowen Street and Canoga Avenue. The ground floor of the Project is comprised of two dramatic 2-story lobbies, a fitness center, recreation room, restaurant and a parking garage that will serve the restaurant. The proposed development will provide future residents with all the modern comforts and conveniences you would expect to find, blending in smart home technology. Residents will appreciate the best in class amenities and green living features (see sections 6 & 7 that follows for a full complement of project amenities and architectural components), offering an unmatched urban experience. The ground floor level of the Project also serves as an entrance to the River publically accessible open space, along with bike rooms, and other ancillary uses. The west side of the building incorporates the new Mobility 2035 plan and converts the current alley into a pedestrian-friendly green open space that will connect Vanowen Street to the River access (required of Project to the west). The rear of the building connects to the Green Alley and accesses Publically Accessible Open Space along the west side rear of the site. The central courtyard will be developed with park benches, fire pits, outdoor exercise stations, seating areas, a pool, and other amenities. Section 3: Streets Vanowen Street is designated as Modified Avenue I (modification per the Warner Center Specific Plan) and requires a 57 foot half right-of-way and 4 foot private easement, to be improved with a 45 foot half roadway, an 8 foot parkway and an 8 foot sidewalk, partially constructed in the right-of-way, with the remainder of the sidewalk to be located within a 4 foot wide private easement. The Project complies with the required street standards and will be constructing the above improvements, to also include a decorative sidewalk, lawn areas and plantings, and street trees in accordance with the WC2035 Plan's Urban Design Guidelines. As shown on the landscape plans, the Project proposes a row of Tipuana Tipu Trees within the parkway and California Fan Palms in the landscaped setback in compliance with the street trees required in Figure 8 in Appendix F of the WC2035 Plan. The setbacks fronting the building would include pedestrian hardscape and landscaping designed to treat and infiltrate storm water. No parking is proposed within the setback areas. Section 4: Street Wall and Ground Floor Building walls along the sidewalk (Street Walls) should be designed to define the street and to provide a comfortable scale for pedestrians. The Project's proposed building exceeds the minimum 25-foot Street Wall height, and would provide a continuous building presence along Vanowen Street and Canoga Avenue. To sustain street level interest and promote pedestrian traffic, the ground floor areas fronting Vanowen and Canoga will include public accessible entries, appropriately designed transparent storefronts, and building articulation to differentiate the ground floors from the upper floors as shown on the Project elevations and renderings. Section 5: Parking and Access Permanent parking for the building is incorporated into the building structure taking access off Canoga Avenue to serve the residences and off Vanowen Street to serve the retail uses. The Project's parking is in excess of one parking space per residential unit and one space per 500 square feet of commercial. The Project is parked per the requirements of the WC Plan. In compliance with the City's Bicycle Ordinance, the Project would provide a total of 188 long term and 16 short term bicycle parking spaces on the ground floor of the parking structure within 500 feet of the building's main entrances. The number of curb cuts is limited only to provide vehicular access to the parking structure. Section 6: Architecture Projects within the WC2035 Plan should include well designed and innovative architecture, expressed in a cohesive style throughout all aspects of the building. The Project represents a unique expression of urban architecture designed with a variety of massing types integrated around a network of public open spaces and common private courtyards. Privacy and natural light and air for the residential units are provided by the unique placement of windows throughout the building. The Project is also designed with variations in architectural details, facade depths, colors, and materials, with a distinguishing building entryway. Project materials for the building include storefront composite panels, siding, metal sunshades, and stucco on the lower floors and metal framed balconies, stucco, and metal panels on the upper floors. The Project's exterior lighting will also be integrated into the design of the building and shielded to reduce glare, and designed to ensure a safe, secure environment for residents, and guests. The Project's mechanical equipment, ventilation systems, antennas and satellite dishes would be located to be screened from public view to minimize impacts on neighbors. Section 7: On-Site Open Space The Project proposes 15,244 square feet of total open space and 8,391square feet of publicly accessible open space. Dedicated outdoor common open space for the residents will be provided within two (2) open-air courtyards that totals 4,284 square feet as well as rear yard open space. The exterior courtyard spaces, located atop the twostory parking podium, will create a community feel and are also designed to provide intimate private spaces for social groups and or private gatherings. Site amenities within the larger community courtyard would be a swimming pool, a spa adjacent to a fire pit and benches including an exterior shower, and planting green screen wall. Ample lounge layout seating has been provided around the pool and spa area for tanning and relaxing. Adjacent to the main pool and spa areas will be a two way fireplace adjacent to the exterior kitchen/ BBQ and bar area that includes an overhead trellis which provides for an enjoyable exterior dining space alongside the more intimate seating areas next to the outdoor fireplace and fire pit areas. The entire area will be enhanced with built in corten planters with full size landscaping to assist in providing a soft pedestrian feel. The smaller open sky meditation courtyard will include seat walls, fountains, and café seating table and chairs so to encourage individual reflection and or small group conversations. Additional resident amenities include a leasing office, a fitness center and recreation room. Section 8: Landscape and Storm water Treatment The proposed landscape plan is intended to provide an attractive setting for residents while also supporting the Plan's goals for water conservation. Landscaping would be provided in publicly accessible and private open space areas, and would constitute a minimum of 50 percent of the PAOS

31 PROJECT PERMIT COMPLIANCE FINDINGS The Vanowen Street and Canoga Avenue frontages would be delineated by a sidewalk, plantings, and street trees in accordance with the WC2035 Plan's Urban Design Guidelines. The Courtyards within the building would feature distinctive landscape elements, including water features, mature ornamental trees, palms, climbing vines. The Green Alley provides access to the LA River and would also feature decorative landscaping elements including decorative pavement, native grasses, and seating nodes. Evergreen shade trees would line this pedestrian walkway. The landscaping palette would incorporate drought-tolerant plants, water conservation, and storm water management features. The Project would also be designed to comply with the Storm water Management Guidelines as required by the City's Low Impact Ordinance (LID) and would employ an underground water quality detention basin. the depicted trellis's and that the tabulation sheet A000 have a reference table added to it to aide in the review of the plan set for project compliance subsections in the River District. Section 10: Signage: No signage is requested as part of this project. Section 11: Cultural Amenities The Project will pay the Warner Center Cultural Amenities Development Fee based on the building permit valuation at the time of building permit issuance. Section 9: Streetscape Improvements As described in Section 3 above, the Project would provide an 8 foot sidewalk and 8 foot parkway in compliance with Figure 1-12 of the WCSP2035 Plan. The parkway would be landscaped and designed to collect runoff. The Project proposes a row of Tipuana Tipu Trees within the parkway and California Fan Palms in the landscaped setback in compliance with the street trees required in Figure 8 in Appendix F of the WC2035 Plan. The street trees are provided an average of 30 feet on center. See A000 for tabulation, Exhibit 1 & LP1 for plan compliance for all sections of Urban Design Guidelines. The Applicant met with the Urban Design Studio team on October 20th for a plan review. The UDS team found the overall design, materials and layout of the project met all of the elements required of the Specific Plan's District. UDS has requested that one material call out be added to sheet A406 for 6801 CANOGA AVENUE 60 61

32 LNR WARNER CENTER TOWERS ($1.5 billion capital infusion - 1,400 residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment and Sports Center) (264 units) (264 units) (397 units) (362 units) TRILLIUM TOWERS OCEANO (244 units) (522 units) REVEAL (438 units) ALTA (298 units) METRO ORANGE LINE BUSWAY CANOGA AVENUE UPTOWN AT $3-4 billion mixed-use, high-rise development TOPANGA CANYON BOULEVARD 149 UNIT FULLY ENTITLED MIXED-USE DEVELOPMENT OPPORTUNITY VANOWEN STREET 6801 Canoga Avenue, Canoga Park CA ANOGA