CORY STEHR Lee & Associates - LA North/Ventura BRE Lic #

Transcription

1 CORY STEHR Lee & Associates - LA North/Ventura cstehr@lee-re.com BRE Lic # JACOB SEIBERT Lee & Associates - LA North/Ventura jseibert@lee-re.com BRE Lic # CORP ID # Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

2 TABLE OF CONTENTS EXECUTIVE SUMMARY... 4 PROPERTY DESCRIPTION... 7 FINANCIAL SUMMARY MARKET OVERVIEW - SALE & LEASE COMPARABLES LOCATION OVERVIEW ABOUT LEE Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

3 EXECUTIVE SUMMARY

4 EXECUTIVE SUMMARY The Offering Lee & Associates is pleased to present a great value-add opportunity in the Central San Fernando Valley. Located in Reseda, CA, a city with one of the lowest vacancy rates in all of Los Angeles County, the property benefits the owner with a strong rental market that has experienced steady growth in recent years. Property Overview Address: 7515 Canby Avenue, Reseda, CA APN: Product Type: Low-Rise Apartment/MF Key Investment Features Tremendous Value add Opportunity with Current Rents 40% Below Market Value. Amenity Rich Neighborhood with Many Shops and Restaurants Near Cal State University Northridge and Numerous Public and Private Schools Crown Canby was built in 1960 and consists of six (6) one-bedroom one-bath, and four (4) two-bedroom one-bath apartment units. Each unit has its own electrical meter and parking space. Current rents are well bellow market values, leaving owner with favorable upside in returns. Net Rentable: Zoning: Parking Spaces: Key Property Features Individual Electric Meters (6) 1 Bed, 1 Bath (4) 2 Bed, 1 Bath Air Conditioning Storage Units 7,450 SF LAR3 5 Surface, 5 Covered 4 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

5 EXECUTIVE SUMMARY The subject property is located on Canby St. between Saticoy St. to the north, and Valerio St. to the south in Reseda, Los Angeles. The property provides a great value add opportunity, with current rents over 40% below market values. Reseda has experienced steady job and population growth in recent years due to new development, and a constant demand for rental housing which is reflected by low vacancy rates. Perpendicular to Canoga Park and Northridge, Crown Canby is nestled in an eclectic pocket of Central San Fernando Valley. It is two blocks east of Reseda Boulevard, a major thoroughfare lined with restaurants, shopping, and service centers. The submarket of Reseda, with a population of 75,565, is among the lowest in apartment vacancy rates in all of Los Angeles County. In addition to its proximity to large employment centers in the San Fernando Valley, 7515 Canby Avenue is close to California State University Northridge, numerous public elementary school, high schools and private schools. Crown Canby offers an ideal demographic profile for a multifamily residence operator. The property was built in 1960 and consists of six, one-bedroom, one-bath units, and four, two-bedroom, one-bath units. To save on operational expenses, all ten units were updated with their own electrical meter. Each unit comes with air conditioning and an individual storage space. All units have either one surface or covered parking spot. It also offers several transportation options including bus routes and easy access to the San Diego (405), and Ventura (101) freeways. Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 5

6 PROPERTY DESCRIPTION

7 PROPERTY DESCRIPTION Aerial View 7 Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

8 PROPERTY DESCRIPTION Parcel Map 8 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

9 PROPERTY DESCRIPTION Location Map Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 9

10 PROPERTY DESCRIPTION Crown Canby Apartments is an apartment complex located in the city of Reseda, CA. Set on a 10,019 square foot lot, the 7,450 square foot property consists of six (6) one-bedroom one-bath apartments and four (4) two-bedroom, one-bath. Property Address: 7515 Canby Avenue Reseda, CA Location: Parking: The subject property is located on Canby Street in Reseda, California between Saticoy Street to the north and Valerio to the south. 5 Surface and 5 Covered Spaces Construction: Completed in 1960 Property Highlights (6) 1-Bedroom, 1-Bath Units (4) 2 Bed, 1 Bath Individually Metered Electric only Nearby Bus Routes and 405, 101 Freeways with Easy Access throughout Los Angeles Amenity-rich neighborhood with many restaurants and shops Near California State Northridge and Numerous public and private elementary and high schools 10 FINANCIAL SUMMARY Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

11 FINANCIAL SUMMARY

12 FINANCIAL SUMMARY Investment Information Sheet 12 PROPERTY NAME Crown Canby Apartments NUMBER OF UNITS 10 ADDRESS 7515 Canby Ave BUILDING SIZE (SQ. FT.) 7,450 CITY, STATE, ZIP Reseda, CA LOT SIZE (SQ. FT.) 10,019 PRICE $2,050,000 COST PER UNIT $205,000 YEAR BUILT 1960 COST PER SQFT $ INVESTMENT HIGHLIGHTS Attractive Unit Mix Copper Repiping Rents 40% Under Market Central SFV Location Low Vacancy Market Great Value Add Opportun RENTAL INFORMATION Current Income Market Income NO. UNITS BDRMS BATHS SQ. FT. AVG. RENT Monthly Income RENT Monthly Inc $1,044 $6,266 $1,495 $8, ,000 $1,324 $5,296 $1,895 $7,580 Scheduled Monthly Income: $11,563 $16,550 ANNUAL PROPERTY OPERATING DATA CURRENT INCOME/YEAR AS % GOI MARKET INCOME/YEAR AS % GOI ESTIMATED ANNUAL EXPENSES AS % GO Scheduled Gross Income $138, % $198, % Taxes (Est. 1.25%) $25, % Other Income $0 0.00% $0 0.00% Insurance $2, % Laundry $2, % $2, % Utilities $8, % Gross Operating Income $141,632 CURRENT MARKET $201,480 Repairs/Maintanence $5, % Vacancy Reserve $4, % GRM $10, % Pest Control $ % Effective Gross Income $137, $191,406 Trash $1, % Expenses $47, % CAP Rate $47, % License/Permits $ % Net Operating Income $89, % 4.39% 7.02% $144, % Miscellaneous $2, % Debt Service $62,322 Cash on Cash $62,322 Pre-Tax Cash Flow $27, % 7.97% $81,686 Principal Reduction $16,506 Return On Equity $16,506 Return on Equity $44, % 9.58% $98,192 MORTGAGE FINANCING INFORMATION Loan Amount $1,025,000 Monthly Loan Payment $5,194 Down Payment $1,025,000 50% Annual Loan Payment $62,322 TOTAL EXPENSES $47, % 5-Year Fixed Rate 4.50% Year 1 Interest Amount $45,816 (Approx.) Amortization Period (Yrs) 30 Year 1 Principal Paydown $16,506 (Approx.) Expense / NRSF Expense / Unit $6.36 $4,740 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

13 MARKET OVERVIEW

14 MARKET OVERVIEW Sale Comparables Summary Address # of Units Year Built Sales Price Variel Ave $1,975,000 6, $197,500 $ % /08/18 Canoga Park, CA Amigo Ave $2,400,000 10, $200,000 $ % /01/16 Northridge, CA Baird Ave $2,425,000 11, $161,667 $ % /01/16 Reseda, CA Roscoe Blvd $2,150,000 9, $179,167 $ % /25/17 Northridge, CA Baird Ave $4,200,000 16, $247,059 $ % /10/16 Reseda, CA Etiwanda Ave $2,125,000 8, $163,462 $ % /14/16 Northridge, CA AVERAGES $1,975,000 6, $191,476 $ % SUBJECT $2,050,000 7, $205,000 $ % Rentable Sq. Ft. Avg SqFt/Unit Price/Unit Price/ Sq. Ft. CAP Rate GRM Close of Escrow 14 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

15 MARKET OVERVIEW Sale Comparables Detail Sales Comparable #1 Sales Comparable # Variel Ave Roscoe Blvd Close of Escrow: 2/8/2018 Canoga Park, CA Close of Escrow: 8/25/2017 Northridge, CA Sales Price: $1,975,000 CAP Rate: 5.42% Sales Price: $2,150,000 CAP Rate: 4.06% Rentable Sq. Ft.: 6,768 GRM: Rentable Sq. Ft.: 9,814 GRM: Unit Mix: Price/Sq. Ft.: $292 Year Built: 1959 Unit Mix: Price/Sq. Ft.: $219 Year Built: (1+1) 4 (1+1) 1 (2+1) Price/Unit: $197,500 Number of Units: 10 8 (2+1) Price/Unit: $179,167 Number of Units: 12 Sales Comparable #2 Sales Comparable # Amigo Ave 6955 Baird Ave Close of Escrow: 11/1/2016 Northridge, CA Close of Escrow: 5/10/2016 Reseda, CA Sales Price: $2,400,000 CAP Rate: 4.09% Sales Price: $4,200,000 CAP Rate: 4.40% Rentable Sq. Ft.: 10,728 GRM: Rentable Sq. Ft.: 16,096 GRM: Unit Mix: Price/Sq. Ft.: $224 Year Built: 1959 Unit Mix: Price/Sq. Ft.: $261 Year Built: (1+1) 1 (1 + 1) 4 (2+1) Price/Unit: $200,000 Number of Units: (2+2) Price/Unit: $247,059 Number of Units: 17 4 (3+2) Sales Comparable #3 Sales Comparable # Baird Ave 8809 Etiwanda Ave Close of Escrow: 3/1/2016 Reseda, CA Close of Escrow: 6/14/2016 Northridge, CA Sales Price: $2,425,000 CAP Rate: 4.68% Sales Price: $2,125,000 CAP Rate: 4.31% Rentable Sq. Ft.: 11,157 GRM: Rentable Sq. Ft.: 8,222 GRM: Unit Mix: Price/Sq. Ft.: $217 Year Built: 1964 Unit Mix: Price/Sq. Ft.: $258 Year Built: (1+1) 2 (Studio + 1) 11 (2+ 2) Price/Unit: $161,667 Number of Units: 15 8 (1+1) Price/Unit: $163,462 Number of Units: 13 3 (1+1.5) Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 15

16 MARKET OVERVIEW Lease Comparables Summary # Address City # of Units Year Built & Haskell Ave Van Nuys, CA $1,750 $1, Darby Ave Reseda, CA $1,395 $1, Haskell Ave Van Nuys, CA $1,750 $2, Clark St Tarzana, CA $1,595 $1, Saticoy St Canoga Park, CA $1,350 $1, Haynes St Reseda, CA $1,395 $1,800 AVERAGES $1,539 $1,911 SUBJECT $992 $1, Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

17 MARKET OVERVIEW Lease Comparables Detail Ammenities: Pool Ammenities: Pool Ammenities: Pool Rent Comparable #1 Rent Comparable # Haskell Ave Clark St Van Nuys, CA Tarzana, CA # of Units: 25 Beds Baths Rent # of Units: 29 Beds Baths Rent Year Built: $ - Year Built: $ $ 1, $ 1, $ 1, $ 1,895 Rent Comparable #2 Rent Comparable # Darby Ave Saticoy St Reseda, CA Canoga Park, CA # of Units: 19 Beds Baths Rent # of Units: 43 Beds Baths Rent Year Built: $ - Year Built: $ $ 1, $ 1, $ 1, $ 1,750 Rent Comparable #3 Rent Comparable # Haskell Ave Haynes St Van Nuys, CA Reseda, CA # of Units: 32 Beds Baths Rent # of Units: 22 Beds Baths Rent Year Built: $ - Year Built: $ $ 1, $ 1, $ 2, $ 1,800 Ammenities: Pool Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 17

18 LOCATION OVERVIEW

19 LOCATION OVERVIEW Amenities Aerial 19 Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

20 LOCATION OVERVIEW Reseda The community of Reseda is located in the north-central portion of the San Fernando Valley of the city of Los Angeles close to several centers of higher learning, regional shopping malls and hospitals. Bordered by Northridge to the north, Winnetka to the west and Lake Balboa to the east, Reseda has a population of 66,574 with a median household income of $54,771. When the neighboring communities are included, however, the population of the area balloons to 209,587. The Subject Property is minutes from the Metro Orange Line that traverses the San Fernando Valley from east to west, connecting riders to the Metro Red Line and downtown Los Angeles at its eastern end and to Warner Center, a major business hub at the western end. At the center of this community is California State University, Northridge (CSUN), with a total enrollment of just under 40,000 students, the largest student body of the California university system. CSUN offers 134 bachelor s degrees, three doctoral degrees and 24 teaching credentials. The campus is also home to the Center for Performing Arts, a 1,700- seat venue offering live musical, dance and theater performances and other cultural events. Close by in Winnetka is Los Angeles Pierce College, a two-year college offering associate degrees in arts and sciences, transfer programs to California s four-year institutions and certification programs. Pierce College has an enrollment of 21,550 students. 20 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

21 LOCATION OVERVIEW Reseda Northridge Fashion Center is also a short ride from the Subject Property. Anchored by JC Penney, Macy s and a 10-screen Pacific Theatres multiplex, the large shopping mall offers numerous casual and formal dining options, shops and a seasonal farmer s market. The north-central Valley is a family-oriented community with schools and parks nearby. Reseda Park offers programs such as guitar, ballet and yoga for seniors and children in addition to organized sports programs in soccer, baseball and flag football. The park has a lighted baseball diamond and tennis courts in addition to picnic and BBQ facilities. Local residents also enjoy walking, skating and bicycle riding along the busway path, an 18-mile stretch that parallels the Orange Line. that In addition to picnic and BBQ facilities. DEVELOPMENTS IN THE AREA Employers in the area tend to be smaller, entrepreneurial companies as well as the healthcare practitioners concentrated in medical buildings around Northridge Hospital Medical Center, a 188-bed facility owned by Dignity Health. However, developers have recently turned their attention to the community and renovations completed or underway are attracting larger employers. Perhaps the most notable development in 2017 was the renovation of 44- acre mixed use project, The Mix at Harman Campus in Northridge. Shubin- Nadel Realty Advisors re-imagined the campus with 784,000-square-feet of office, R&D and retail space with the bulk of the office space devoted to creative use. Upon completion, the center attracted Facebook, which leased 80,000 square feet of creative office space at the campus. Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 21

22 LOCATION OVERVIEW Reseda Shae Properties is in planning stages to build a $100 million mixed-use project on 6.9 acres near the CSUN campus. The project is slated to include 429 residential units with 21,000 square feet of ground floor retail and stand-alone retail structures. West of Northridge in Chatsworth, MGA Entertainment, the creator of Bratz Dolls, is preparing an ambitious redevelopment of the former Los Angeles Times printing plant. Plans call for converting the property into a mixed-use campus including more than 250,000 square feet of new creative office space along with housing and facilities for light manufacturing. CSUN has proposed the development of a 150-room Hyatt Place Hotel on its campus, and that project is winding its way through the planning process. 22 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

23 LOCATION OVERVIEW Demographics Overview map showing the requested trade area(s) around My Site, 7515 Canby Ave, Reseda, CA, 91335: Complete Demographic Comparison Report for My Site, 7515 Canby Ave, Reseda, CA, 91335: Copyright TomTom. All rights reserved. This material is proprietary and the subject of copyright protection, database right protection and other intellectual property rights owned by TomTom or its suppliers. The use of this material is subject to the terms of a license agreement. Any unauthorized copying or disclosure of this material will lead to criminal and civil liabilities. Trade Areas (in miles) - 1 Trade Areas (in miles) - 3 Trade Areas (in miles) Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 1 of 16 1 mile(s) 3 mile(s) 5 mile(s) 2017B Demographics: Q Employees 8,287 85, ,667 Q Establishments* 1,358 11,132 32,612 Total Population 38, , ,733 Total Households 11,709 81, ,306 Female Population 19, , ,539 % Female 49.8% 50.9% 50.5% Male Population 19, , ,194 % Male 50.3% 49.1% 49.5% Population Density (per Sq. Mi.) 12, , , Employed Civilian Population 16+ Total 18, , ,147 White Collar 50.9% 61.6% 59.5% Blue Collar 49.1% 38.4% 40.5% Seasonal Population by Quarter: Q ,883 Q ,973 Q ,263 Q ,407 Q ,007 2,493 Q ,075 2,590 Q ,111 2,689 Q ,214 Q ,222 Age: Age % 5.8% 6.3% Age % 11.0% 11.7% Age % 6.4% 6.2% Age % 7.7% 7.4% Age % 15.8% 16.0% Age % 14.0% 13.9% Age % 13.9% 13.7% Age % 12.0% 11.6% Age % 7.2% 7.1% 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 2 of 16 Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 23

24 LOCATION OVERVIEW Demographics 1 mile(s) 3 mile(s) 5 mile(s) Age % 3.9% 3.9% Age % 2.4% 2.2% Median Age Housing Units Total Housing Units 11,968 83, ,781 Occupied Housing Units 97.7% 97.2% 96.9% Vacant Housing Units 2.3% 2.8% 3.1% Housing Units by Tenure Total Households in Tenure 11,709 81, ,306 Owner Occupied Housing Units 4,915 39,620 96,933 Owner Occupied free and clear 18.3% 20.9% 21.7% Owner Occupied with a mortgage or loan 81.7% 79.1% 78.3% Renter Occupied Housing Units 6,793 41, ,372 Race and Ethnicity American Indian, Eskimo, Aleut 0.7% 0.6% 0.6% Asian 14.7% 13.8% 13.7% Black 4.1% 4.7% 4.6% Hawaiian/Pacific Islander 0.2% 0.2% 0.1% White 47.0% 55.6% 54.7% Other 27.5% 19.3% 20.6% Multi-Race 5.9% 5.9% 5.6% Hispanic Ethnicity 57.9% 42.8% 45.0% Not of Hispanic Ethnicity 42.9% 57.8% 55.5% Race of Hispanics Hispanics 22, , ,879 American Indian 0.9% 1.0% 0.9% Asian 0.4% 0.5% 0.4% Black 1.0% 0.9% 0.9% Hawaiian/Pacific Islander 0.1% 0.1% 0.1% White 44.7% 46.7% 46.2% Other 47.3% 44.6% 45.4% Multi-Race 5.7% 6.3% 6.1% Race of Non Hispanics Non Hispanics 16, , ,854 American Indian 0.4% 0.3% 0.3% Asian 34.0% 23.6% 24.4% 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 3 of 16 1 mile(s) 3 mile(s) 5 mile(s) Black 8.3% 7.5% 7.6% Hawaiian/Pacific Islander 0.3% 0.2% 0.2% White 50.0% 62.1% 61.6% Other 0.8% 0.5% 0.5% Multi-Race 6.1% 5.7% 5.2% Marital Status: Age 15 + Population 31, , ,129 Divorced 10.2% 10.4% 9.7% Never Married 40.9% 39.9% 39.8% Now Married 43.6% 44.3% 45.3% Now Married - Separated 4.0% 3.1% 3.2% Widowed 5.4% 5.5% 5.2% Educational Attainment: Total Population Age , , ,917 Grade K % 7.9% 9.2% Grade % 8.2% 8.3% High School Graduate 24.0% 22.5% 21.8% Associates Degree 5.9% 7.2% 6.7% Bachelor's Degree 16.4% 21.2% 21.4% Graduate Degree 5.1% 9.1% 9.9% Some College, No Degree 21.7% 21.2% 20.1% No Schooling Completed 3.4% 2.7% 2.7% Household Income: Income $ 0 - $9, % 6.9% 6.2% Income $ 10,000 - $14, % 5.0% 5.2% Income $ 15,000 - $24, % 9.7% 9.9% Income $ 25,000 - $34, % 9.4% 9.7% Income $ 35,000 - $49, % 12.1% 12.6% Income $ 50,000 - $74, % 18.4% 17.3% Income $ 75,000 - $99, % 12.4% 11.9% Income $100,000 - $124, % 9.7% 9.0% Income $125,000 - $149, % 5.6% 5.5% Income $150, % 10.9% 12.7% Average Household Income $67,933 $82,128 $87,302 Median Household Income $49,759 $59,644 $58,927 Per Capita Income $20,822 $28,079 $29,798 Poverty: Status of Families by Family Type/Presence of Children 18 Yrs and Under 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 4 of Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

25 ABOUT LEE

26 ABOUT LEE Our Company 26 Since its inception in 1979, Lee & Associates has been driven by a unique notion: that a local division of a national real estate company managed and run by its brokers would be singularly equipped to deliver personalized, client-driven solutions and optimal customer service. That notion has made Lee & Associates the largest broker-owned firm in the country today, just as it has shaped our culture and guided our direction and approach to business. The 30-plus broker owners of Lee & Associates-LA North/Ventura are not bound by the structure of a traditional brokerage. We can react to opportunities or shift gears at a moment s notice. We are limited only by our own resourcefulness and creativity and our clients needs. As a Top 10 commercial real estate brokerage in Los Angeles County, Lee & Associates has its finger on the pulse of the market and can identify the most active players, saving time and money in marketing costs. Our extensive relationships in the business community also allow us to provide real-time knowledge of competitive market transactions to assist clients in decision-making. Working with our sister companies, we can access that same expert intelligence in 53 markets nationally and in Canada. Doubtless, our broker-owners are transactional experts, but we are not driven by the transaction. Our decision making is guided by an overriding belief that the strength of the relationships we establish with our clients will determine our success. That is why we are equally comfortable working on a single requirement or representing a portfolio of properties, and why the solutions we offer are rooted in each clients individual situation and not canned formulas. Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

27 ABOUT LEE Our Company 27 Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

28 ABOUT LEE Our Company 28 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

29 ABOUT LEE Our Company Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 29

30 ABOUT LEE Broker Resume Specialty / Expertise JACOB W. SEIBERT Lee & Associates-LA North/Ventura, Inc. Corporate ID# ; License ID # A Member of the Lee & Associates Group of Companies Ventura Blvd. Ste. 100 Sherman Oaks, CA d: l c: l f: jseibert@lee-re.com Jacob Seibert is an Associate of Lee & Associates-LA North/Ventura specializing in representing buyers and sellers of multifamily properties throughout Southern California. A recent graduate of California State University Los Angeles with an emphasis on entrepreneurship, Mr. Seibert is focused on problem-solving and finding innovative strategies that optimize returns and minimize risk for investors. His expertise includes marketing, project management, sales and negotiating. Career History / Professional Recognition Mr. Seibert most recently served as a Vice President of Proud Angeles, an innovative Internet-based retailer of men s apparel. He has worked in sales and sales management while attending college, winning several awards for exceptional customer service as well as productivity. Associations / Education B.S. Business Management, Emphasis on Entrepreneurship, California State University of Los Angeles Attended San Diego State University California Bureau of Real Estate License 30 Investment Opportunity CROWN CANBY APARTMENTS 7515 Canby Avenue, Reseda, CA 91335

31 ABOUT LEE Broker Resume Specialty / Expertise Cory Stehr is a Principal of Lee & Associates-LA North/Ventura with nearly a decade of experience transacting multifamily and retail sales throughout Southern California. His expertise includes analyzing, evaluating and underwriting properties, developing and executing lease-up strategies and negotiating sales and tenant improvements for multifamily buildings, shopping centers, NNN leased investments and office properties as well as providing guidance on entitlement procedures and ground-up development. Over the course of his career, Mr. Stehr has successfully closed approximately $300 million in commercial real estate sales. He recently represented the buyer and seller in a luxury apartment property transaction that commanded $660,000 per unit, to date the highest per unit price paid for a multifamily property in the San Fernando Valley. A staunch advocate for his clients, Mr. Stehr approaches each transaction by understanding the needs of the parties involved and developing an equitable solution that meets or exceeds clients investment objectives and creates value. Career History / Professional Recognition Mr. Stehr was ranked among the Top 10 Producers for He was honored as the Top Associate in 2015 and elevated to principal status. Prior to joining Lee, Mr. Stehr was a Senior Associate with BRC Advisors where he specialized in multifamily and retail investment sales. He began his commercial real estate career with Cusumano Real Estate Group, Burbank, CA, a real estate development and investment company, where he was responsible for property management and leasing, underwriting and overseeing tenant improvements. Representative Sales (partial list) Successfully assembled multiple land parcels totaling nine acres valued at $120 million in USC/Exposition Park area of Los Angeles Represented buyer and seller in the sale of a 159-unit 3-building portfolio in the Koreatown submarket of Los Angeles for $16,575,000. Represented buyer and seller in the sale of 2055 Central Avenue, a 180-unit multifamily property in Highland, CA for $17,150,000. Represented buyer and seller in the sale of Ramona Avenue, a 198-unit apartment property in Chino, CA for $30.5 million. Represented buyer in the acquisition of a 60,000-square-foot shopping center in the North Hollywood submarket of Los Angeles for $43 million. Represented buyer in the sale of 5501 Newcastle Avenue, a 120-unit multifamily property in the Encino submarket of Los Angeles, for $44 million. Represented buyer and seller in the sale of a 22-unit apartment property in the Studio City submarket of Los Angeles for $14,518,000. Represented buyer and seller in the sale of a 24-unit multifamily property in the Encino submarket of Los Angeles for $9.9 million. Represented buyer and seller in the sale of a 100,000-SF grocery-anchored shopping center in Palmdale, CA for $16.5 million. Represented buyer in the purchase of a 42-unit multifamily property in Burbank, CA for $8 million. Associations / Education CORY STEHR Lee & Associates-LA North/Ventura, Inc. Corporate ID# ; License ID # A Member of the Lee & Associates Group of Companies Ventura Blvd. Ste. 100 Sherman Oaks, CA d: l c: l f: cstehr@lee-re.com Attended University of California, Los Angeles (UCLA) Member, International Council of Shopping Centers (ICSC) California BRE License Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 31