Offering Memorandum Montrose Ave EXCELLENT MULTI-FAMILY INVESTMENT OPPORTUNITY. Underwriting Report

Transcription

1 Offering Memorandum Underwriting Report Montrose Ave EXCELLENT MULTI-FAMILY INVESTMENT OPPORTUNITY 44 Unit Apartment Building Glendale, California - Montrose Verdugo City Neighborhood IN THE CITY OF GLENDALE/MONTROSE Montrose Avenue, Glendale, CA * Unit Apartment Complex *Two non-conforming George Issaians Colliers International George.Issaians@colliers.com CalBre Lic. No Accelerating success. John Parks Glen Properties, Inc. johnparks1@outlook.com CalBre Lic. No Lic. No

2 Table of Contents Property Description 4 Floor Plans 5 Unit Description 8 Location Maps 9 Aerial View 10 Plat Map & Zoning 11 Photos 12 Interior Photos 14 Amenities Map 15 Motrose Village 16 The Montrose Shopping Park Association 17 Glendale 20 About Glendale 22 Financial Overview Rent Roll 26 Actual Expenses 29 Income & Expense Statement 30 Projected Scenario 31 Property Valuation 32 Valuation Analysis 33 Cash Flow Investment Analysis 34 Rent Comparables Summary 36 Rent Comparables Photo Comparison 38 Rent Comparables 39 Rent Comparables by Bedroom 46 Two Bedroom Rent Comparables 47 Changes in Rent Comparables 48 Rent Trends 50 Sale Comparables 57 Sales Volume 70 Sales Pricing 71 Multi-Family Market Report 72 Demographic Overview 79 Age & Education 80 Ethnicity 81 Overview 83 Vacancy 84 Rent 86 Rent 87 Construction 88 Sales 91 Sales Past 12 Months 92 Appendix 93 Company Profile 101 Professional Profile 105 2

3 Table of Contents Montrose Ave DEMOGRAPHICS Overview 79 Age & Education 80 Ethnicity 81 MULTI-FAMILY SUBMARKET REPORT Submarket Key Statistics 83 Vacancy 84 Rent 86 Construction 88 Sales 91 Sales Past 12 Months 92 Supply & Demand Trends 93 Vacancy & Rent 94 Sale Trends 97 Deliveries & Under Construction 99 COLLIERS INTERNATIONAL Company Profile 101 Our Difference 102 Our Services 104 Professional Profile 105 3

4 Property Description Location: 2841 Montrose Ave., Glendale, CA APN Number: Property Description: Multi-Family 46 Units (30) 2+1 1/2 (5) Non Conforming (11) Non Conforming Pool, elevated off ground Parking: 75 Tucked Under Parking Spaces Lot Size: ±51,160 SF Building Size: ±38,248 SF Year Built: 1963 Building Design: Stucco/Wood Frame Zoning: GLR3R Highlights: The subject property is located in a very desirable North Glendale location. The location yields an excellent rental market of North Glendale, due to local schools, high school and various churches. Minutes away from I-210 Freeway and California State Route 2 highway. The USC Keck Hospital is another major attraction within close vicinity. The area offers various shopping restaurants and local village lifestyle appeal to average families. 4

5 Floor Plans 5

6 Floor Plans 6

7 Floor Plans 7

8 Unit Description No. of Units Unit Type Approx. SF Current Rents Rent/SF Monthly Income Pro Forma Income Rent/SF 11 1/1 700 $1,250 $1, Avg See Rent Roll $1, (1 Non Conforming) 35 2/1 1/2 775 $1,400 $1, Avg See Rent Roll $1, (1 Non Conforming) All units are 1 1/2 except units: A-9, A-21, A-23, B-9, B-21 and which have just one bedroom. All units have individual balconies except units: A-1 A-12, A-21, A-23, B-8, B-9, B-11, B-12, B-22 and B-23 Units vary in size. Refer to attached floor plans. Largest units are A-10 and A-12. Less desirable units are A-1, A-8, A-13, A-20, B-1, B-13 and B-21. COMMENTS Security Deposit is one month s rent + $100. Application fee is non-refundable payment of $40 for credit report per applicant. Late charge is $50 and assessed effective 4 th of the month. Insufficient Funds (ISF) bad check fee is $30 in addition to late payment of rent charge. Extra parking stall is $50/mo. If available. Parking is free for 1 car. Unused space may not be sub-rented by tenant. Reverts back to building. Water is furnished. Each unit is equipped with electric range/oven, dishwasher, garbage disposal, window treatments. Tenants to furnish own refrigerator. Each unit has their own HVAC. This is an all-electric building. There is a pool and two laundry rooms on-site. Laundry equipment is owned by the property owner. We require all tenants to have Renter s Insurance naming owner as additionally insured. When tenant move out there is a $135 charge for cleaning deducted from the security deposit. Constructed in Purchase in There is a 35,745 sq. ft. currently in 46 units. Constructed as 44 units converted office and storage unit already plumbed into rental units. These units have their own mail box. 1 Bedroom units are A8, 11, 12, 20, 23 and B1, 8, 11, 12, 13, 20 a total of Bedroom units are all the rest a total of 35. All units are 1 ½ bath except A9, 21, 23, B9, 21, 23 which have just one bathroom. All units have individual balconies except: A1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 21, 23 and B8, 9, 11, 12, 22 & 23. Less desirable units are: A1, 8, 13, 20 and B1, 9, 13, & 21. Largest units are: A10 & A22. All units are individually metered except A22 & B23 (converted units). 8

9 Location Maps 9

10 Aerial View 10

11 Plat Map & Zoning 11

12 Photos 12

13 Photos 13

14 Interior Photos 14

15 Amenities Map Archer Travel Service SUBJECT PROPERTY Montrose Travel Hillcrest Pet Hospital Crescenta Valley Weekly ay ew i th o Fo re ll F El Sol Mexican Restaurant Gilligan s Irish Pub First Baptist Church New Life Mission Church Crescenta Valley High School La y wa Cr es SUBJECT PROPERTY ce nta La Crescenta Elementary School Christian Life Church e Fre l l i th Foo se tro Holy Gate Evangelical Church Av e Montrose Preschool & Infant Care e Av La Crescenta Woman s Club n Mo Ra ms de ll A ve Lord s Vision Church Holy Gate Evangelical Church Alexis Deli & Grocery 15

16 Motrose Village Founded on Washington s Birthday in 1913, Montrose has retained its charming Main Street, USA character while at the same time serving as the center of local commerce for more than 75,000 residents who call the Crescenta-Canada Valley their home. The subdivision of present day Montrose took place when developers Holmes and Walton auctioned off 300 acres of land at a catered barbecue at the approximate corner of what is today Verdugo Blvd. and Clifton Place near the site of the local Mobil Station. The original intention was that Montrose Ave. would be the main business district. In fact, Montrose Ave. was constructed as the widest road in Los Angeles County and retained that distinction for many decades. This plan did not materialize however, and by the 1920 s, a two-block business district had grown up along Honolulu Ave., boasting a bank, hardware store, café, men s clothier, drug store and a local newspaper, foreshadowing the opening of the Montrose Shopping Park in Today, along shady, tree-lined streets, nearly 200 independently owned businesses satisfy busy shoppers with high quality gifts, retail merchandise, men s, women s and children s apparel, an art gallery, antiques, dance and fitness studios and service businesses of every imaginable type. Montrose s many restaurants, cafes and bakeries offer outside dining, serving up everything from beignets to barbecue and sashimi to spaghetti. 16

17 The Montrose Shopping Park Association The Montrose Shopping Park Association was formed in 1968 for the primary purpose of representing the interests of the then newly-created Montrose Shopping Park. Since 1973, the Montrose Shopping Park Association has administrated the Business Improvement District known to most locals simply as Montrose. The nearly 200 businesses located within the geographic boundaries of the shopping area assess themselves annually in order to promote the district with advertising, physical improvements, community service, public events and partnership with various community organizations. In addition to providing the facility for our local COPPS Substation as well as funds to maintain the Vietnam War Memorial, the Montrose Shopping Park Association is perhaps best known for the many public events it sponsors, including the Montrose Arts & Crafts Festival, Montrose Harvest Market, Independence Block Party & Hot Rod/Classic Car Show, Montrose Film Festival, Kids n Kritters Day, Halloween Spooktacular, and Montrose Old Town Christmas complete with horse-drawn trolley, live holiday music, carolers and a strolling Santa. We also host the annual Montrose-Glendale Christmas Parade on the first Saturday of December. 17

18 The Montrose Shopping Park Association 18

19 The Montrose Shopping Park Association 19

20 Glendale As the third largest city in Los Angeles County, the City of Glendale is just eight miles north of Downtown Los Angeles and is a much sought-after location due to its excellent school system, favorable business taxes, well-manicured community parks, and renowned shopping and restaruants. Notable companies headquartered in Glendale including Walt Disney, DreamWorks Studios, Nestle USA, UNUM, YP, ihop, Whole Foods, Equity Office, LegalZoom, and Univision Radio. Both the 134 freeway and the 210 freeway intersect Glendale s core, making the city travel friendly and easier for commuting. AThe neighborhood surounding 1001 Melrose is also an attractive residential community for working professionals and families who also conduct business in the area or who are seeking an easy commute to Burbank, Hollywood, Pasadena or Downtown Los Angeles. 20

21 Glendale CITY HIGHLIGHTS ECONOMICS Lowest cost of doing business High city safety rating High mixed-use development activity World class amenities Strong economic factors Destination business districts Entertainment industry cluster Glendale is economically diverse and consists of numerious businesses and industries. The core industries consists of healthcare, retail, entertainment, and manufacturing. In the next five years, the industries with the most projected expansion are in services, retail and government - equating to a combined 72% total job growth. Glendale is the fourth largest city in Los Angeles County and has grown from a small suburb to a thriving and rapidly developing community 21

22 About Glendale RETAIL & LEISURE NEARBY AIRPORTS The Americana at Brand 475,000 Square Feet of open-air luxury retail space 75+ stores and restaurants Anchor tenants are Nordstrom, Pacific Theatres, Bloomingdales, Apple, J. Crew, Calvin Klein and Tesla Glendale Galleria 1.5 Million Square Feet 193+ stores and dining options Anchor tenants are Bloomingdales, Zara, Macy s, Target, JCPenny and Dick s Sporting Goods Burbank Town Center 1.2 Million Square Feet retail stores, restaurants and lifestyle services Anchor tenants are AMC Theatres, Macy s, Sears, Barnes & Noble and Burlington Coat Factory Bob Hope Airport BUR has over 70 daily flights to regional, domestic and foreign destinations 12,440+ employees Annual Economic Impack: $1.8 billion annually; supported ~3.9 million passengers in 2015 Los Angeles International Airport (LAX) - El Segundo, CA 5th busiest airport in the world 408,000+ employees Annual Economic Impact: $60 billion annually; supports ~75 million passengers in

23 About Glendale GROWTH EMPLOYMENT Glendale s population is forecasted to grow over 3% in the next five years By 2021, the number of households in Glendale is expected to increase by 2.5% Los Angeles County employment growth is projected to increase by more than 1.3 million jobs between 2010 and 2040 The city s median household income is projected to reach almost $60,000 by 2021, over 8% growth from 2016 Average rent in the Burbank/North Glendale Submarket has increased over 27% in the past five years Vacancy rates are down to 3.0%, 180 basis points lower than in 2015 Average income within a three-mile radius of the property is $80,524 Median income in Glendale is $53,732 Unemployment in Glendale was 5% in September 2016, down 100 basis points from one year prior Approximately 28% of Glendale households earn $100,000 or more annually, compared to 23% nationally 70% of Glendale residents work in white-collar jobs. 38% of residents had a bachelor s degree or higher, compared to 29% nationally. 23

24 About Glendale HOME OWNERSHIP The average asking home price is over $1,500,000 in the zip code (as of November 2016 per MLS.com) The average home value within a three-mile radius of the property is $879,020. That average is 35.9% higher than the nation s average which is $316,209 (Tetrad) The average mortgage payment for a single-family home within three miles of the property is $3,649, approximately $1,113 higher than the average rent in the Burbank/North Glendale Submarket ($2,536) The property is located where 38% of residents have a bachelor s degree or higher, compared to 29% nationally. 24

25 VALUE ANALYSIS SUBJECT PROPERTY Montrose Avenue, Glendale, CA George Issaians Colliers International CalBre Lic. No John Parks Glen Properties, Inc. CalBre Lic. No This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Colliers International 701 N. Brand Blvd. Suite 800 Glendale, CA P: F: Lic. No

26 Financial Overview Rent Roll Unit Number Unit Mix Market Rent Acutual Rent in ($) (Monthly) A $1,800 $1,600 A $1,800 $1,750 A $1,800 $1,625 A $1,800 $1,600 A $1,800 $1,600 A $1,800 $1,600 A $1,650 $1,625 A8 1+1 $1,800 $1,525 A9 2+1 $1,900 $1,350 A (Manager) $1,500 $0 A $1,500 $1,550 A $1,650 $1,500 A $1,800 $1,600 A $1,800 $1,550 A $1,800 $1,825 A $1,800 $1,725 A $1,800 $1,625 A $1,800 $1,650 A $1,600 $1,725 A $1,800 $1,350 26

27 Financial Overview Rent Roll Unit Number Unit Mix Market Rent Acutual Rent in ($) (Monthly) A $1,800 $1,575 A $1,900 $1,650 A $1,550 $1,250 B1 1+1 $1,600 $1,350 B $1,900 $1,900 B $1,900 $1,900 B $1,900 $1,600 B $1,900 $1,600 B $1,900 $1,650 B $1,900 $1,800 B8 1+1 $1,900 $1,400 B9 2+1 $1,900 $1,550 B $1,700 $1,550 B $1,700 $1,300 B $1,550 $1,250 B $1,550 $1,600 B $1,800 $1,700 B $1,800 $1,700 B $1,800 $1,725 B $1,800 $1,825 27

28 Financial Overview Rent Roll Unit Number Unit Mix Market Rent Acutual Rent in ($) (Monthly) B $1,700 $1,700 B $1,900 $1,700 B $1,550 $1,500 B $1,800 $1,600 B $1,800 $1,500 B $1,550 $1,550 $861,600* Total SGI *Including non-conforming annual income of $33,600 28

29 Actual Expenses EXPENSES CURRENT NEW Property Tax 40, ,480 Property Ins. 15, , Fire Maintenance Gardening 5, , Appliance Repair Maintenance 70, , Management-Off Site and One Site 25, , Pest Control 1, , Pool Maintenance 1, , Trash 3, , Sewer (Glendale) 7, , Water (Crescent Valley) 18, , Electricity 6, , Electricity on Vacant Units Gas 1, , Misc./Credit Check TOTAL EXPENSES 198, ,102 29

30 Income & Expense Statement Annualized Income: Actual Income Actual Annual Gross Income* $861,000 Laundry and Other Income $7,920 Less: 2% <$17,232> Gross Operating Income $852,288 Less Expenses (includes new R.E. taxes) <$318,102> Net Operating Income: $534,186 *Including two nonconforming units annual income $33,600 30

31 Actual Scenario Investment Summary Projected Purchase Price: $13,250,000 Down Payment: 68% $9,000,000 New Financing: 4.25% 32% $4,250,000 Interest Rate: Price Per Unit: $301,000 Price Per Net Rentable SF: $369 Actual Annualization Operating Data: Scheduled Gross Income: $861,600 Laundry and Other Income $7,920 Less: Current Vacancy: 2% <$17,232> Effective Gross Income: $852,288 Less: Annualized Expenses 36% <$318,102> (Includes current R.E. tax rate) Net Operating Income $534,186 Less: Annual Debt Services <$250,889> Pre-Tax Cash Flow $283,297 Cap Rate Based on current NOI 4.03% Gross Rent Multiplier 15.4 Cash-on-Cash Return 3.14% 31

32 Property Valuation Listing Price $13,250,000 Current Cap Rate 4.03% Market Cap Rate 4.85% Current GRM 15.4 Market GRM 13.6 Price Per Unit $301,136 Price Per SF $346 32

33 Projected Valuation Analysis Projected Scheduled Gross Income 12% over actual VALUATION ANALYSIS AT MARKET RATE $972,600 Laundry $7,920 Gross Income $980,520 2% <$19,610> Effective Gross Income $960,910 Annual Operating Expenses <$318,102> Net Operating Income $642,808 Less Annual Dept Service <$250,889> Pre Tax Cash Flow $391,919 Purchase Price $13,250,000 GRM $13.6 Cap Rate 4.85% Cash on Cash 4.35% 33

34 Cash Flow Investment Analysis CASHFLOW INVESTMENT ANALYSIS Prepared by George Issaians Coldwell Banker Commercial Advisors, Glendale Office Prepared for the Investor LISTING PRICE $13,250,000 Property Add: 2841 Montrose Ave., Glendale Units: 44 Scheduled Gross Income: $875,000 Actual Purchase Price: $13,250,000 Laundry Income: $7,920 Cash Downpayment: $6,250,000 Increase in Inc./Exp. per Year: 5.00% Loan Principal: $7,000,000 Vacancy Rates (% of SGI): 2.00% Loan Term: 30 Operating Expenses (% of SGI) 36.00% Interest: ONLY 4.20% Property Taxes (New Price) $238,500 Loan Payment: $294,000 Net Income Projections Year 1 Year 2 Year 3 Year 4 Year 5 Scheduled Gross Income $875,000 $918,750 $964,688 $1,012,922 $1,063,568 Laundry Income $7,920 $8,316 $8,732 $9,168 $9,627 Vacacny Rates ($17,500) ($18,375) ($19,294) ($20,258) ($21,271) Effective Gross Income $865,420 $908,691 $954,126 $1,001,832 $1,051,923 Operating Expenses ($315,000) ($330,750) ($347,288) ($364,652) ($382,884) Total Expenses ($315,000) ($330,750) ($347,288) ($364,652) ($382,884) Net Operating Income $550,420 $577,941 $606,838 $637,180 $669,039 Loan Payment ($294,000) ($294,000) ($294,000) ($294,000) ($294,000) Net Cashflow $256,420 $283,941 $312,838 $343,180 $375,039 Return on Cash Investment 4.10% 4.54% 5.01% 5.49% 6.00% Financial Investment Ratios Gross Rent Multiplier Sales Capitalization Rate 4.15% Cost Per Unit $301,136 own inquiries as to the accuracy of the information. Colliers International Page excludes 1unequivocally all inferred or implied terms, conditions and warranties arising out of this document 34

35 Rent Comparables Montrose Ave RENT COMPARABLES 44 Unit Apartment Building GLENDALE, Glendale, CALIFORNIA California - Montrose - MONTROSE Verdugo VERDUGO City CITY Neighborhood NEIGHBORHOOD Montrose Avenue, Glendale, CA George Issaians Colliers International George.Issaians@colliers.com CalBre Lic. No John Parks Glen Properties, Inc. johnparks1@outlook.com CalBre Lic. No This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Colliers International 701 N. Brand Blvd. Suite 800 Glendale, CA P: F: Lic. No

36 Rent Comparables Summary Montrose Ave No. Rent Comps 7 Avg. Rent Per Unit $1,970 Avg. Rent Per SF $2.44 Avg. Vacancy Rate 3.0% RENT COMP LOCATIONS RENT COMPS SUMMARY STATISTICS Unit Breakdown Low Average Median High Total Units Studio Units One Bedroom Units Two Bedroom Units Three Bedroom Units Property Attributes Low Average Median High Year Built Number of Floors Average Unit Size 609 SF 804 SF 900 SF 1,000 SF Vacancy Rate 1.4% 3.0% 2.7% 5.0% Star Rating

37 Rent Comparables Summary Montrose Ave Property Size Asking Rent Per Month Per Unit Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF 1 Sunset Ridge at La Cresc 2800 Montrose Ave $1,400 $1,758 $2,390 - $ Montrose Villa Apartments 3030 Montrose Ave $1,704 $2,107 $2,606 $ Pennsylvania Apartments 3155 Montrose Ave $1,517 - $2,967 $ Americana La Crescenta 3049 Montrose Ave $1,515 $2,369 $2,818 $ Piedmont Ave $2,101 - $ Montrose Ave $1,786 - $ Montrose Ave Honolulu Ave $1,950 - $ , $1,757 - $

38 Rent Comparables Photo Comparison Montrose Ave 1 Sunset Ridge at La 2800 Montrose Ave 85 Units / 2 Stories Rent/SF $2.84, Vacancy 3.5% Owner: Realty Center Managemen 2 Montrose Villa 3030 Montrose Ave 38 Units / 2 Stories Rent/SF $2.62, Vacancy 2.6% Owner: - 3 Pennsylvania Apartments 3155 Montrose Ave 66 Units / 3 Stories Rent/SF $2.51, Vacancy 3.0% Owner: Blain & Patricia Anderson Subject Property 4 Americana La Crescenta 3049 Montrose Ave 72 Units / 2 Stories Rent/SF $2.47, Vacancy 2.8% Owner: Realty Center Managemen Piedmont Ave 2750 Piedmont Ave 24 Units / 2 Stories Rent/SF $2.33, Vacancy 0% Owner: Xenon Investment Corpora Montrose Ave Montrose Ave 44 Units / 2 Stories Rent/SF $2.23, Vacancy 0% Owner: Parks Robert M Montrose Ave 3131 Montrose Ave 28 Units / 2 Stories Rent/SF $2.11, Vacancy 0% Owner: David N. Schultz Incorporat Honolulu Ave 2722 Honolulu Ave 24 Units / 2 Stories Rent/SF $1.76, Vacancy 4.2% Owner: David N. Schultz Incorporat 8 Windsor Real Apartments 1377 E Windsor Rd 62 Units / 3 Stories Rent/SF $1.81, Vacancy 0% Owner: Champion Real Estate Co 38

39 Rent Comparables Montrose Ave Montrose Ave - Sunset Ridge at La Crescenta Glendale, California - Montrose Verdugo City Neighborhood PROPERTY Property Size: 85 Units, 2 Floors Avg. Unit Size: 609 SF Year Built: 1972 Type: Apartments - All Rent Type: Market Parking: 48 Spaces; 0.6 per Unit Distance to Subject: 0.1 Miles Distance to Transit: - PROPERTY MANAGER RCMI - Sunset Ridge (818) OWNER Purchased Sep 2006 $12,000,000 ($141,176/Unit) UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio % 1 4.0% $1,400 $3.57 $1,393 $ % % 1 4.0% $1,746 $2.82 $1,738 $ % % 1 4.0% $1,771 $2.75 $1,763 $ % % % $2,450 $2.57 $2,400 $ % , % % $2,330 $2.07 $2,283 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios % 1 4.0% $1,400 $3.57 $1,393 $ % All 1 Beds % 2 4.0% $1,758 $2.78 $1,751 $ % All 2 Beds 1, % % $2,390 $2.30 $2,341 $ % Totals % 5 5.9% $1,727 $2.84 $1,715 $ % Estimate Updated April 03, 2018 SITE AMENITIES Courtyard, Fitness Center, Gated, Grill, Laundry Facilities, Laundry Service, Picnic Area, Pool, Property Manager on Site, Recycling, Sauna UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Ceiling Fans, Dishwasher, Disposal, Heating, Kitchen RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Free Gas, Water, Trash Removal, Sewer ONE TIME EXPENSES Dog Deposit $500 Cat Deposit $500 Application Fee $35 PET POLICY Birds Allowed Cats Allowed - $500 Deposit, $25/Mo, 2 Maximum Dogs Allowed - $500 Deposit, $25/Mo, 2 Maximum Restrictions: Size and/or breed restrictions may apply Fishes Allowed Reptiles Allowed 39

40 Rent Comparables Montrose Ave Montrose Ave - Montrose Villa Apartments La Crescenta, California - Montrose Verdugo City Neighborhood PROPERTY Property Size: 38 Units, 2 Floors Avg. Unit Size: 326 SF Year Built: 1973 Type: Apartments - All Rent Type: Market Parking: 83 Spaces; 2.2 per Unit Distance to Subject: 0.3 Miles Distance to Transit: - PROPERTY MANAGER Madison - Montrose Villa Apartments (818) OWNER Purchased Jan 2018 $15,200,000 ($400,000/Unit) UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions $1,799 - $1, % % 0 0.0% $1,704 $2.62 $1,700 $ % % 1 5.0% $2,107 - $2, % 3 2 1, % 0 0.0% $2,606 $2.61 $2,600 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds % 0 0.0% $1,710 $2.62 $1,705 $ % All 2 Beds % 1 5.0% $2,107 - $2, % All 3 Beds 1, % 0 0.0% $2,606 $2.61 $2,600 $ % Totals % 1 2.6% $1,959 $2.62 $1,950 $ % Estimate Updated April 03, 2018 SITE AMENITIES Controlled Access, Laundry Facilities, Pool UNIT AMENITIES Balcony, Heating, Kitchen RECURRING EXPENSES Free Water, Trash Removal 40

41 Rent Comparables Montrose Ave Montrose Ave - Pennsylvania Apartments La Crescenta, California - Montrose Verdugo City Neighborhood PROPERTY Property Size: 66 Units, 3 Floors Avg. Unit Size: 745 SF Year Built: 1964 Type: Apartments - All Rent Type: Market Parking: 42 Spaces; 0.6 per Unit Distance to Subject: 0.5 Miles Distance to Transit: - PROPERTY MANAGER Deseret Realty (818) OWNER - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions % 2 4.0% $1,517 $2.53 $1,509 $ % , % 0 0.0% $2,967 $2.47 $2,960 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds % 2 4.0% $1,517 $2.53 $1,509 $ % All 3 Beds 1, % 0 0.0% $2,967 $2.47 $2,960 $ % Totals % 2 3.0% $1,869 $2.51 $1,861 $ % Estimate Updated April 01, 2018 SITE AMENITIES Courtyard, Gated, Pool UNIT AMENITIES Balcony, Heating, Kitchen ONE TIME EXPENSES Application Fee $30 41

42 Rent Comparables Montrose Ave Montrose Ave - Americana La Crescenta La Crescenta, California - Montrose Verdugo City Neighborhood PROPERTY Property Size: 72 Units, 2 Floors Avg. Unit Size: 972 SF Year Built: 1964 Type: Apartments - All Rent Type: Market Parking: 108 Spaces; 1.5 per Unit Distance to Subject: 0.3 Miles Distance to Transit: - PROPERTY MANAGER RCMI - Americana la Cresenta (818) OWNER Purchased Sep 1997 $4,700,000 ($65,278/Unit) UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions % 0 0.0% $1,515 $2.19 $1,511 $ % % 0 0.0% $2,322 $2.59 $2,313 $ % $2,538 - $2, % % 0 0.0% $2,260 $2.44 $2,251 $ % % 1 2.8% $2,438 $2.58 $2,428 $ % 3 2 1, % % $2,724 $2.10 $2,697 $ % 3 2 1, % 0 0.0% $3,475 $2.34 $3,440 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds % 0 0.0% $1,515 $2.19 $1,511 $ % All 2 Beds % 1 1.6% $2,372 $2.53 $2,363 $ % All 3 Beds 1, % % $2,818 $2.13 $2,790 $ % Totals % 2 2.8% $2,397 $2.47 $2,386 $ % Estimate Updated April 02, 2018 SITE AMENITIES Controlled Access, Courtyard, Gated, Grill, Laundry Facilities, Laundry Service, Maintenance on site, Package Service, Picnic Area, Pool, Property Manager on Site, Recycling UNIT AMENITIES Balcony, Cable Ready, Carpet, Ceiling Fans, Crown Molding, Deck, Dishwasher, Disposal, Granite Countertops, Hardwood Floors, Microwave, Patio, Range, Refrigerator, Tile Floors, Window Coverings, Yard RECURRING EXPENSES Dog Rent $25 Cat Rent $25 Free Water, Trash Removal ONE TIME EXPENSES Dog Deposit $500 Cat Deposit $300 Application Fee $35 PET POLICY Cats Allowed - $300 Deposit, $25/Mo Dogs Allowed - $500 Deposit, $25/Mo, 2 Maximum, Maximum Weight 60 lb Restrictions: Breed restrictions may apply 42

43 Rent Comparables Montrose Ave Piedmont Ave La Crescenta, California - Montrose Verdugo City Neighborhood PROPERTY Property Size: 24 Units, 2 Floors Avg. Unit Size: 900 SF Year Built: 1974 Type: Apartments - All Rent Type: Market Parking: 45 Spaces; 1.9 per Unit Distance to Subject: 0.3 Miles Distance to Transit: - PROPERTY MANAGER 2750 Piedmont Ave Apartments (818) OWNER Purchased Apr 2017 $10,650,000 ($355,000/Unit) UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions % 0 0.0% $2,101 $2.33 $2,093 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 2 Beds % 0 0.0% $2,101 $2.33 $2,093 $ % Totals % 0 0.0% $2,101 $2.33 $2,093 $ % Estimate Updated April 01, 2018 SITE AMENITIES Laundry Facilities UNIT AMENITIES Balcony, Dishwasher, Oven ONE TIME EXPENSES Application Fee $25 PET POLICY No Pets Allowed 43

44 Rent Comparables Montrose Ave Montrose Ave La Crescenta, California - Montrose Verdugo City Neighborhood PROPERTY Property Size: 28 Units, 2 Floors Avg. Unit Size: 925 SF Year Built: 1961 Type: Apartments - All Rent Type: Market Parking: 41 Spaces; 1.5 per Unit Distance to Subject: 0.4 Miles Distance to Transit: - PROPERTY MANAGER DNS - Montrose Ave Apartments (818) OWNER Purchased May 2003 $3,405,000 ($121,607/Unit) UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions % 2 7.1% $1,950 $2.11 $1,943 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 2 Beds % 2 7.1% $1,950 $2.11 $1,943 $ % Totals % 2 7.1% $1,950 $2.11 $1,943 $ % Estimate Updated April 12, 2018 UNIT AMENITIES Air Conditioning, Balcony, Storage Units ONE TIME EXPENSES Cat Deposit $300 PET POLICY Cats Allowed - $300 Deposit 44

45 Rent Comparables Montrose Ave Honolulu Ave La Crescenta, California - Oakmont Neighborhood PROPERTY Property Size: 24 Units, 2 Floors Avg. Unit Size: 1,000 SF Year Built: 1961 Type: Apartments - All Rent Type: Market Parking: 30 Spaces; 1.3 per Unit Distance to Subject: 0.5 Miles Distance to Transit: - PROPERTY MANAGER David N. Schultz Incorporated (818) OWNER - UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions Studio $1,253 - $1, % $1,595 - $1, % 2 1 1, % 0 0.0% $1,757 $1.76 $1,746 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All Studios $1,253 - $1, % All 1 Beds $1,595 - $1, % All 2 Beds 1, % 0 0.0% $1,757 $1.76 $1,746 $ % Totals 1, % 0 0.0% $1,732 $1.76 $1,722 $ % Estimate Updated April 11, 2018 UNIT AMENITIES Heating, Kitchen, Washer/Dryer Hookup 45

46 Rent Comparables by Bedroom Montrose Ave Studio Comps $1,394 Subject One Bed Comps $1,646 Subject Two Bed Comps $2,146 Subject Three Bed Comps $2,893 Subject - - $1,786 - Current Conditions in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Total Number of Units Vacancy Rate 3.6% 2.5% 3.1% 3.8% Asking Rent Per Unit $1,394 $1,646 $2,146 $2,893 Asking Rent Per SF $3.57 $2.65 $2.28 $2.37 Effective Rents Per Unit $1,387 $1,638 $2,134 $2,880 Effective Rents Per SF $3.55 $2.63 $2.26 $2.36 Concessions 0.5% 0.4% 0.5% 0.5% Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom Year-Over-Year Effective Rent Growth -4.3% 2.6% 4.4% 1.4% Year-Over-Year Vacancy Rate Change -0.4% -0.1% -0.8% 0.0% 12 Month Net Absorption in Units EXISTING UNITS VACANT UNITS ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS 46

47 Two Bedroom Rent Comparables Montrose Ave Change in Rent Property Name/Address Rating Two Bedroom Rent Per Unit Rent/SF Quarter Year Sunset Ridge at La Crescenta 2800 Montrose Ave Americana La Crescenta 3049 Montrose Ave Montrose Villa Apartments 3030 Montrose Ave 2750 Piedmont Ave $2,107 $2,100 $2,390 $2,330 $2,450 $2,372 $2,260 $2,538 $2,107 $2,101 $2.30 $ $ % 0.0% 0.0% 0.0% 7.3% 7.4% 1.4% 1.6% 3131 Montrose Ave $1,950 $ % 2.9% Montrose Ave $1,786 $1,785 $ % 1.6% 2722 Honolulu Ave $1,757 $1,757 $ % 1.4% $1,000 $1,625 $2,250 $2,875 $3,500 47

48 Changes in Rent Comparables Montrose Ave VACANCY CHANGES PAST QUARTER & YEAR Vacancy Levels Change Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year Montrose Ave 3131 Montrose Ave 2750 Piedmont Ave Americana La Crescenta Montrose Ave Pennsylvania Apartments Montrose Ave Sunset Ridge at La Crescenta Montrose Montrose Villa Apartments Montrose Ave 2722 Honolulu Ave 44 0% 0% 1.6% 0% -1.6% % 1.4% 2.9% 0% -1.4% % 1.7% 3.3% 0% -1.7% % 3.0% 3.0% 0% 0% % 2.7% 2.9% 0% -0.2% % 3.6% 4.9% 0% -1.3% % 1.8% 2.1% 0.8% 0.5% % 3.3% 3.8% 1.7% 1.3% ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO Rents Levels Change Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year 2722 Honolulu Ave Sunset Ridge at La Crescenta Montrose 1 $1,253 $1,253 $1,235 0% 1.5% 25 $1,400 $1,400 $1,467 0% -4.5% ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM Rents Levels Change Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year 2722 Honolulu Ave Americana La Crescenta Montrose Ave Montrose Villa Apartments Montrose Ave Pennsylvania Apartments Montrose Ave Sunset Ridge at La Crescenta Montrose 1 $1,595 $1,595 $1,572 0% 1.5% 2 $1,515 $1,515 $1,441 0% 5.1% 17 $1,710 $1,710 $1,687 0% 1.3% 50 $1,517 $1,517 $1,494 0% 1.6% 50 $1,758 $1,758 $1,693 0% 3.9% 48

49 Changes in Rent Comparables Montrose Ave ASKING RENT CHANGES PAST QUARTER & YEAR - TWO BEDROOM Rents Levels Change Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year 2722 Honolulu Ave Montrose Ave 2750 Piedmont Ave Americana La Crescenta Montrose Ave Montrose Villa Apartments Montrose Ave Sunset Ridge at La Crescenta Montrose 3131 Montrose Ave 24 $1,757 $1,757 $1,733 0% 1.4% 44 $1,786 $1,786 $1,758 0% 1.6% 24 $2,101 $2,101 $2,068 0% 1.6% 63 $2,372 $2,372 $2,209 0% 7.4% 20 $2,107 $2,107 $2,077 0% 1.4% 10 $2,390 $2,390 $2,228 0% 7.3% 28 $1,950 $1,944 $1, % 2.9% ASKING RENT CHANGES PAST QUARTER & YEAR - THREE BEDROOM Rents Levels Change Property Name - Address Rating Units Now Last Qtr Last Year Past Qtr Past Year Americana La Crescenta Montrose Ave Montrose Villa Apartments Montrose Ave Pennsylvania Apartments Montrose Ave 8 $2,818 $2,818 $2,791 0% 0.9% 2 $2,606 $2,606 $2,572 0% 1.3% 16 $2,967 $2,967 $2,921 0% 1.6% 49

50 Rent Trends Montrose Ave PROPERTY ATTRIBUTES Subject Rent Comps Pasadena 1-3 Star Los Angeles 1-3 Star Existing Units , ,330 Building Rating Under Construction as % of Inventory % 0.2% UNIT MIX Subject Rent Comps Pasadena 1-3 Star Los Angeles 1-3 Star 2 Bedroom Bath 100% 1% 2% 2% ASKING RENTS PER SF Subject Rent Comps Pasadena 1-3 Star Los Angeles 1-3 Star 2 Bedroom Bath $2.23 $2.57 $1.76 $1.78 Concessions 0.3% 0.5% 0.6% 0.7% AVERAGE EFFECTIVE RENT GROWTH Subject Rent Comps Pasadena 1-3 Star Los Angeles 1-3 Star Current Quarter 0.0% 0.0% -0.2% 0.1% 1 Year Rent Growth 1.7% 3.1% 2.3% 2.3% 3 Year Rent Growth 17.0% 18.4% 11.2% 13.2% 5 Year Rent Growth 25.5% 25.0% 20.8% 22.7% All-Time Average 2.9% 3.0% 2.9% 2.6% Vacancy Rate Subject Rent Comps Pasadena 1-3 Star Los Angeles 1-3 Star Current Quarter 0.0% 3.0% 3.3% 3.3% Last Quarter 0.0% 2.8% 3.3% 3.3% 1 Year Ago 2.3% 3.4% 3.6% 3.6% 3 Years Ago 2.3% 3.0% 3.4% 3.7% 5 Years Ago 4.6% 3.8% 4.0% 4.4% 50

51 Rent Trends Montrose Ave TWO BEDROOM ASKING RENT PER SQUARE FOOT OVERALL ASKING RENT PER SQUARE FOOT 51

52 Rent Trends Montrose Ave OVERALL EFFECTIVE RENT PER SQUARE FOOT ANNUAL EFFECTIVE RENT GROWTH 52

53 Rent Trends Montrose Ave CONCESSIONS VACANCY RATES 53

54 Rent Trends Montrose Ave OCCUPANCY RATES 54

55 Rent Trends Montrose Ave RENT COMPARABLES HISTORICAL DATA BY YEAR Rental Rates Per SF Vacancy Year Units Asking Effective Growth Concessions Units Percent Change Net Absorption $2.44 $ % 0.5% % -0.1% (1) $2.42 $ % 0.5% % -0.6% $2.30 $ % 0.5% % 0.8% (1) $2.16 $ % 0.3% % -0.9% $2.01 $ % 0.4% % 0.0% $1.98 $ % 0.4% % -0.2% $1.91 $ % 0.5% % 0.4% $1.87 $ % 0.5% % -0.1% $1.86 $ % 0.5% % -0.4% $1.92 $ % 0.5% % 0.4% 0 RENT COMPARABLES HISTORICAL DATA BY QUARTER PAST 3 YEARS Rental Rates Per SF Vacancy Quarter Units Asking Effective Growth Concessions Units Percent Change Net Absorption 2018 Q2 341 $2.44 $ % 0.5% % 0.2% (1) 2018 Q1 341 $2.44 $ % 0.5% 9 2.8% -0.3% Q4 341 $2.42 $ % 0.5% % -0.5% Q3 341 $2.40 $ % 0.5% % 0.1% Q2 341 $2.37 $ % 0.5% % 0.0% Q1 341 $2.29 $ % 0.5% % -0.3% Q4 341 $2.30 $ % 0.5% % 0.3% (1) 2016 Q3 341 $2.31 $ % 0.5% % 0.3% (1) 2016 Q2 341 $2.28 $ % 0.5% % 0.2% (1) 2016 Q1 341 $2.23 $ % 0.4% % -0.1% Q4 341 $2.16 $ % 0.3% % -0.3% Q3 341 $2.12 $ % 0.2% % 0.2% (1) 55

56 Sale Comparables Montrose Ave SALE COMPARABLES 44 Unit Apartment Building 44 Glendale, UNIT APARTMENT California BUILDING - Montrose Verdugo City Neighborhood Montrose Avenue, Glendale, CA George Issaians Colliers International George.Issaians@colliers.com CalBre Lic. No John Parks Glen Properties, Inc. johnparks1@outlook.com CalBre Lic. No This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Colliers International 701 N. Brand Blvd. Suite 800 Glendale, CA P: F: Lic. No

57 Sale Comparables Montrose Ave Sale Comparables 11 Avg. Price/Unit (thous.) $290 Average Price (mil.) $9.9 Average Vacancy at Sale 5.7% SALE COMPARABLE LOCATIONS SUBJECT PROPERTY Sales Attributes Low Average Median High Sale Price $1,245,000 $9,922,272 $8,850,000 $20,000,000 Price Per Unit $28,295 $290,279 $317,460 $400,000 Cap Rate 3.0% 3.6% 3.5% 4.2% Vacancy Rate at Sale 2.5% 5.7% 3.8% 17.5% Time Since Sale in Months Property Attributes Low Average Median High Property Size in Units Number of Floors Average Unit SF Year Built Star Rating

58 Sale Comparables Montrose Ave Property Information Sale Information Property Name/Address Rating Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF Montrose Villa Apartments % 1/18/2018 $15,200,000 $400,000 $ Montrose Ave 1001 Melrose Apartments % 8/8/2017 $20,000,000 $317,460 $ Melrose Ave 3 4 Columbus Apartments 1219 N Columbus Ave 2750 Piedmont Ave % 5/5/2017 $11,800,000 $393,333 $ % 4/28/2017 $10,650,000 $355,000 $ Elm 1160 Elm Ave Irving Avenue Apartments 1129 Irving Ave 629 N Kenwood 629 N Kenwood St 215 N Belmont Ave % 10/6/2016 $1,245,000 $28,295 $ % 9/29/2016 $8,000,000 $347,826 $ % 9/15/2016 $8,350,000 $298,214 $ % 8/5/2016 $8,850,000 $295,000 $297 9 Windsor Real Apartments 1377 E Windsor Rd % 1/5/2018 $33,600,000* $323,077* N/A Subject Property % Pending $15,500,000 $337,000 $ Montrose Ave *Portfolio Sale Price 58

59 Sale Comparables Montrose Ave 1 Montrose Villa Apartments Montrose Ave La Crescenta, CA Montrose Verdugo City Neighborhood SALE Sale Date: 1/18/2018 Sale Price: $15,200,000 Price Per Unit: $400,000 Price Per SF: $531 Cap Rate: 4.0% PROPERTY Property Size: 38 Units, 2 Floors Average Unit Size: 326 SF Year Built: 1973 Vacancy At Sale: 2.6% Parking Spaces: 83 Spaces; 2.2 per Unit FINANCING $2,000,000 from JP Morgan Chase Bank UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions $1,799 - $1, % % 0 0.0% $1,704 $2.62 $1,700 $ % % 1 5.0% $2,107 - $2, % 3 2 1, % 0 0.0% $2,606 $2.61 $2,600 $ % Totals % 1 2.6% $1,959 $2.62 $1,952 $ % SITE AMENITIES Controlled Access, Laundry Facilities, Pool UNIT AMENITIES Balcony, Heating, Kitchen TRANSACTION NOTES The transaction is currently being researched. 59

60 Sale Comparables Montrose Ave Melrose Apartments Melrose Ave Glendale, CA Verdugo Viejo Neighborhood SALE Sale Date: 8/8/2017 Sale Price: $20,000,000 Price Per Unit: $317,460 Price Per SF: $417 Cap Rate: 4.2% PROPERTY Property Size: 63 Units, 3 Floors Average Unit Size: 771 SF Year Built: 1962 Vacancy At Sale: 17.5% Parking Spaces: 61 Spaces; 1.0 per Unit FINANCING $13,000,000 from JPMorgan Chase Bank UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio $1,728 - $1, % Studio % 1 4.2% $1,720 $3.91 $1,713 $ % Studio % 0 0.0% $1,888 $3.10 $1,880 $ % $2,016 - $2, % % 0 0.0% $2,100 $2.74 $2,087 $ % % 0 0.0% $2,332 - $2, % % % $2,267 $2.58 $2,253 $ % $2,688 - $2, % 3 2 1, % % $1,675 $1.48 $1,658 $ % Totals % % $1,877 $2.40 $1,865 $ % SITE AMENITIES Business Center, Clubhouse, Controlled Access, Courtyard, Elevator, Fitness Center, Gameroom, Gated, Grill, Laundry Facilities, Pool, Sauna UNIT AMENITIES Air Conditioning, Balcony, Cable Ready, Carpet, Dishwasher, Disposal, Heating, High Speed Internet Access, Range, Refrigerator, Storage Units, Views, Wheelchair Accessible (Rooms), Wi-Fi, Window Coverings 60

61 Sale Comparables Montrose Ave TRANSACTION NOTES The sales price was confirmed by one of the listing brokers and the buyer. The sale is comprised of the 1001 Melrose Apartments totaling 63 units located at 1001 Melrose Ave. in Glendale, CA. The subject property was listed on the market at $20,750,000, and sold for $20 million that equates to $317,460 per unit. The property was 98% leased at the time of sale. The property contains no deferred maintenance. The in-place NOI was reported at $830,000 that,equates to a cap rate of 4.15%. The GSI was reported at $1,491,733, and a 5% market vacancy factor; therefore, we were able to calculate an approximate total operating expenses. The motivation for the seller was they repositioned the asset, and wanted to take advantage of current market conditions. This was their downleg in a 1031 exchange. The motivation for the buyer was a great location, and a value-add opportunity through renovating the interior units. This was their upleg in a 1031 exchange. 61

62 Sale Comparables Montrose Ave 3 Columbus Apartments N Columbus Ave Glendale, CA Verdugo Viejo Neighborhood SALE Sale Date: 5/5/2017 Sale Price: $11,800,000 Price Per Unit: $393,333 Price Per SF: $357 Cap Rate: 3.3% PROPERTY Property Size: 30 Units, 3 Floors Average Unit Size: 950 SF Year Built: 1989 Vacancy At Sale: 3.3% Parking Spaces: 51 Spaces; 1.7 per Unit FINANCING $5,900,000 from JP Morgan Chase Bank UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % 0 0.0% $1,460 $1.95 $1,457 $ % 2 2 1, % 1 4.2% $2,250 $2.25 $2,238 $ % Totals % 1 3.3% $2,092 $2.20 $2,082 $ % SITE AMENITIES Courtyard, Recycling UNIT AMENITIES Microwave, Washer/Dryer Hookup 62

63 Sale Comparables Montrose Ave TRANSACTION NOTES The sales price was confirmed by one of the listing brokers and the buyer's broker. The sale is comprised of the Columbus Apartments totaling 30 units located at 1219 N. Columbus Ave. in Glendale, CA. The subject property was listed on the market at $12 million, and sold for $11.8 million that equates to $393,333 per unit. The property was fully leased at the time of sale. The property contains no deferred maintenance. The GSI was reported at $647,160, vacancy factor at $19,325, EGI at $627,835, total operating expenses at $240,232 and NOI at $387,603. The in-place cap rate was reported at 3.28%. The property contains numerous amenities including private patios/balconies, secured entry, subterranean parking garage totaling 51 spaces, central A/C & heat, common area laundry and washer/dryer hook-ups in each unit. The motivation for the seller was their downleg in a 1031 exchange. The motivation for the buyer was a local investor looking for a long-term hold to add to his portfolio. The seller ownership interest as follows: Veraje Anjargolian 16.5% Maral Anjargaolian 10.8% Amiri Family Trust March 13, % Stepanian Trust Sept. 21, % Garnik Anjargholi Trust Nov. 29, % Georgek Anjargolian 5.7% Marie Daigian Revocable Trust Feb. 5, % 63

64 Sale Comparables Montrose Ave Piedmont Ave La Crescenta, CA Montrose Verdugo City Neighborhood SALE Sale Date: 4/28/2017 Sale Price: $10,650,000 Price Per Unit: $355,000 Price Per SF: $368 Cap Rate: 3.3% PROPERTY Property Size: 24 Units, 2 Floors Average Unit Size: 900 SF Year Built: 1974 Vacancy At Sale: 4.2% Parking Spaces: 45 Spaces; 1.9 per Unit FINANCING $6,755,000 from Banc of California UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % 1 4.2% $2,068 $2.30 $2,058 $ % Totals % 1 4.2% $2,068 $2.30 $2,058 $ % SITE AMENITIES Laundry Facilities UNIT AMENITIES Balcony, Dishwasher, Oven TRANSACTION NOTES Comp information was confirmed by the broker that worked both sides of the deal and the buyer. There was a $1,000,000 option payment that the buyer made to the seller initially, which was ultimately applied to the purchase. So the final price is $10,650,000. There were no vacancies at close of escrow. 64

65 Sale Comparables Montrose Ave Elm Elm Ave Glendale, CA Grandview Neighborhood SALE Sale Date: 10/6/2016 Sale Price: $1,245,000 Price Per Unit: $28,295 Price Per SF: $229 Cap Rate: - PROPERTY Property Size: 44 Units, 2 Floors Average Unit Size: - Year Built: 1986 Vacancy At Sale: 4.6% Parking Spaces: 44 Spaces; 1.0 per Unit UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio Totals % 2 4.6% SITE AMENITIES Bilingual, Laundry Facilities, Property Manager on Site, Recycling UNIT AMENITIES Air Conditioning, Dishwasher TRANSACTION NOTES The details of this report are from public record. 65

66 Sale Comparables Montrose Ave 6 Irving Avenue Apartments Irving Ave Glendale, CA Grandview Neighborhood SALE Sale Date: 9/29/2016 Sale Price: $8,000,000 Price Per Unit: $347,826 Price Per SF: $369 Cap Rate: 3.3% PROPERTY Property Size: 23 Units, 2 Floors Average Unit Size: 935 SF Year Built: 1986 Vacancy At Sale: 4.4% Parking Spaces: 26 Spaces; 1.1 per Unit FINANCING $3,640,000 from JP Morgan Chase Bank UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % 1 4.4% $1,982 $2.12 $1,972 $ % Totals % 1 4.4% $1,982 $2.12 $1,972 $ % SITE AMENITIES Controlled Access, Courtyard, Gated, Laundry Facilities, Security System UNIT AMENITIES Air Conditioning, Carpet, Dishwasher, Disposal, Heating, Intercom, Kitchen, Oven, Range, Refrigerator, Yard TRANSACTION NOTES Comp information was confirmed by the broker that worked both sides of the deal. the 3.28% cap rate was reported at closing. 66

67 Sale Comparables Montrose Ave N Kenwood N Kenwood St Glendale, CA Downtown Glendale Neighborhood SALE Sale Date: 9/15/2016 Sale Price: $8,350,000 Price Per Unit: $298,214 Price Per SF: $351 Cap Rate: - PROPERTY Property Size: 28 Units, 2 Floors Average Unit Size: - Year Built: 1986 Vacancy At Sale: 3.6% Parking Spaces: 34 Spaces; 1.2 per Unit UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions Studio Totals % 1 3.6% SITE AMENITIES Courtyard UNIT AMENITIES Air Conditioning, Balcony, Heating, Kitchen, Oven TRANSACTION NOTES Neither the buyer nor the seller could be reached for comment on this transaction at this time. All information gathered is from public records. 67

68 Sale Comparables Montrose Ave N Belmont Ave Glendale, CA Citrus Grove Neighborhood SALE Sale Date: 8/5/2016 Sale Price: $8,850,000 Price Per Unit: $295,000 Price Per SF: $297 Cap Rate: 3.0% PROPERTY Property Size: 30 Units, 4 Floors Average Unit Size: 780 SF Year Built: 1973 Vacancy At Sale: 3.3% Parking Spaces: 24 Spaces; 0.8 per Unit FINANCING $3,851,000 from JP Morgan Chase Bank UNIT MIX AT SALE Unit Mix Vacancy Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions % 1 5.6% $965 $1.38 $960 $ % % 0 0.0% $1,182 $1.31 $1,176 $ % % 0 0.0% $1,187 - $1, % Totals % 1 3.3% $1,053 $1.37 $1,048 $ % UNIT AMENITIES Air Conditioning, Heating, Kitchen, Oven, Refrigerator TRANSACTION NOTES Per broker and seller property sold for $295,000 per unit. This transaction was in escrow for approximately 60 days. The cap rate was confirmed to be 3.01%, which calculates as an NOI of $266,385. The GRM was reported to be 18.79, which calculates a GSI of $1,662,915. There was a 1031 exchange on both sides. Motivation of the buyer is for their 1031 exchange, they plan on raising the rent roll. The seller was motivated to divest the property was to acquire a newer building on the west side of Los Angeles. 68

69 Sale Comparables Montrose Ave E Windsor Rd - Windsor Real Apartments Glendale, California - Somerset Neighborhood PROPERTY No. of Units: 62 PROPERTY MANAGER Los Feliz - Windsor Real Stories: 3 (818) Avg. Unit Size: 798 SF Type: Apartments - All Rent Type: Market OWNER Year Built: 1972 Champion Real Estate Company Parking: 40 Spaces; 0.6 per Unit Purchased Jan 2018 Distance to Transit: - $33,600,000 ($323,077/Unit) - Portfolio Price UNIT BREAKDOWN Unit Mix Availability Avg Asking Rent Avg Effective Rent Bed Bath Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions % 0 0.0% $1,369 $1.83 $1,366 $ % 2 1 1, % 0 0.0% $1,764 $1.76 $1,759 $ % Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions All 1 Beds % 0 0.0% $1,369 $1.83 $1,366 $ % All 2 Beds 1, % 0 0.0% $1,764 $1.76 $1,759 $ % Totals % 0 0.0% $1,445 $1.81 $1,442 $ % Estimate Updated April 01, 2018 SITE AMENITIES Pool Sundeck UNIT AMENITIES Balcony Heating Kitchen Oven Range RECURRING EXPENSES Free Gas, Water ONE TIME EXPENSES Application Fee $30 69

70 Sales Volume Montrose Ave LOS ANGELES METRO SALES VOLUME IN UNITS PASADENA SUBMARKET SALES VOLUME IN UNITS MONTROSE VERDUGO CITY NEIGHBORHOOD SALES VOLUME IN UNITS 70

71 Sales Pricing Montrose Ave NATIONAL PRICE INDICES REGIONAL MULTI-FAMILY PRICE INDICES 71

72 Multi-Family Market Report Montrose Leasing Units Survey 5-Year Avg Vacant Units Vacancy Rate 3.0% 3.3% 12 Mo. Absorption Units 3 1 Inventory in Units Survey 5-Year Avg Existing Units 1,192 1, Mo. Const. Starts 0 6 Under Construction Mo. Deliveries 0 0 Rents Survey 5-Year Avg Studio Asking Rent $1,075 $1,023 1 Bed Asking Rent $1,480 $1,321 2 Bed Asking Rent $1,799 $1, Bed Asking Rent - - Concessions 0.3% 0.4% Sales Past Year 5-Year Avg Sale Price Per Unit $184,000 $224,390 Asking Price Per Unit - $218,535 Sales Volume (Mil.) $2.8 $4.3 Cap Rate - 3.2% Vacancy Rate For Sale Total Listings Sales Volume 72

73 Multi-Family Market Report Glendale Leasing Units Survey 5-Year Avg Vacant Units 1,356 1,483 Vacancy Rate 3.6% 4.1% 12 Mo. Absorption Units Inventory in Units Survey 5-Year Avg Existing Units 37,630 36, Mo. Const. Starts Under Construction 1,289 1, Mo. Deliveries Rents Survey 5-Year Avg Studio Asking Rent $1,610 $1,502 1 Bed Asking Rent $1,684 $1,518 2 Bed Asking Rent $2,086 $1, Bed Asking Rent $2,724 $2,431 Concessions 1.0% 1.0% Sales Past Year 5-Year Avg Sale Price Per Unit $310,020 $267,185 Asking Price Per Unit $350,260 $289,074 Sales Volume (Mil.) $186 $242 Cap Rate 3.9% 4.0% Vacancy Rate For Sale Total Listings Sales Volume 73

74 Multi-Family Market Report Burbank Leasing Units Survey 5-Year Avg Vacant Units Vacancy Rate 3.3% 3.7% 12 Mo. Absorption Units Inventory in Units Survey 5-Year Avg Existing Units 16,621 16, Mo. Const. Starts 0 96 Under Construction Mo. Deliveries 0 5 Rents Survey 5-Year Avg Studio Asking Rent $1,507 $1,303 1 Bed Asking Rent $1,583 $1,437 2 Bed Asking Rent $2,247 $2, Bed Asking Rent $2,718 $2,548 Concessions 0.4% 0.3% Sales Past Year 5-Year Avg Sale Price Per Unit $341,995 $290,823 Asking Price Per Unit $367,883 $309,131 Sales Volume (Mil.) $159 $82 Cap Rate 3.4% 3.9% Vacancy Rate For Sale Total Listings Sales Volume 74

75 Multi-Family Market Report Pasadena Leasing Units Survey 5-Year Avg Vacant Units 985 1,054 Vacancy Rate 3.8% 4.1% 12 Mo. Absorption Units Inventory in Units Survey 5-Year Avg Existing Units 26,176 25, Mo. Const. Starts Under Construction Mo. Deliveries Rents Survey 5-Year Avg Studio Asking Rent $1,568 $1,405 1 Bed Asking Rent $1,748 $1,595 2 Bed Asking Rent $2,301 $2, Bed Asking Rent $2,515 $2,307 Concessions 0.5% 0.6% Sales Past Year 5-Year Avg Sale Price Per Unit $325,757 $267,123 Asking Price Per Unit $342,762 $268,155 Sales Volume (Mil.) $269 $224 Cap Rate 3.9% 4.1% Vacancy Rate For Sale Total Listings Sales Volume 75

76 Multi-Family Market Report 01ÿ34ÿ56789ÿ478 6 ÿ54#901ÿ34ÿ56789ÿ ÿ98788 ;?:< (42ÿM86OP&4#9ÿ5ÿ(49ÿ28789 QRÿ3 35S79O#8ÿ5ÿ(49ÿ28789 QT!ÿ3 56ÿN6"#87ÿ6787ÿ5ÿ(49ÿ28789 QURÿ3 54OÿM67ÿ5ÿ(49ÿ #864Wÿ5ÿ(49ÿ28789 QU0Vÿ3 QUUÿ3 ;?::< N#868#ÿ)278W44ÿ5ÿ(49ÿ28789 QX1ÿ3 54O869ÿ(49ÿ28789ÿ5ÿ(49ÿY QTÿ3 6ÿZ79ÿ5ÿ(49ÿ28789 QUTÿ3 ;>:< 47W44ÿ5ÿ(49ÿ28789 Q!ÿ3 54ÿ,7PZÿ47W44ÿ5ÿ(49ÿY Q1XVÿ3 566ÿ346ÿ5ÿ(49ÿ28789 &69686ÿ5ÿ(49ÿ28789 S8976$8ÿ5ÿ(49ÿ28789 [4W4Wÿ(49ÿ28789ÿ5ÿ(49ÿY 54Oÿ(49ÿ28789ÿ5ÿ(49ÿ28789 /69ÿ47W44ÿ5ÿ(49ÿ28789 Q1X1ÿ3 Q1T!ÿ3 Q1Uÿ3 Q1Vÿ3 Q100ÿ3 Q0RRÿ3 ;>::< 874\8ÿ6787ÿ5ÿ(49ÿ28789 Q0RVÿ3 M8]8#7ÿ79P,8#7ÿ,7P,(ÿY Q0R1ÿ3 Z4#O869ÿ(49ÿ28789ÿ5ÿ(49ÿ2Y Q0!Tÿ3 ;=::< 5O8#6ÿ-6$9ÿ5ÿ(49ÿ28789 Q0!!ÿ3 N78678ÿ5ÿ(49ÿ28789 Q0!0ÿ3 N#868#ÿ,7]8#ÿ,7ÿ5ÿ(49ÿ28789 M#"6$ÿ5ÿ(49ÿ28789 Q0UVÿ3 Q0VTÿ3 ;:< S89ÿ47W44ÿ5ÿ(49ÿ28789 Q01ÿ3 S4476ÿ79ÿ5ÿ(49ÿ28789 Q01ÿ3 S89ÿ56ÿ68#64ÿ6787ÿ5ÿ(49ÿY M86Oÿ,489ÿ5ÿ(49ÿ28789 Q00!ÿ3 Q00ÿ3 >ÿ=? H?ÿ=? HIÿ=?H=ÿ=IH>ÿ=I H?ÿ=I HIÿ=IH=ÿ=H>ÿ= H?ÿ= HIÿ=H=ÿ=JH>ÿ=J H?ÿ=J HIÿ=JH=ÿ=KH>ÿ=K H?ÿ=K HIÿ=KH=ÿ=L : 566ÿ,76#6ÿ6787ÿ5ÿ(49ÿ28789 Z4#Oÿ79P&64#66ÿ,7ÿ5ÿ(49ÿY Q0Xÿ3 QX1^Rÿ3 M#"6$ (49ÿ28789ÿ5ÿ, N78678 (49ÿ28789ÿ5ÿ, &69686 (49ÿ28789ÿ5ÿ, 01ÿ34ÿ5678ÿ98 6 ÿ54901ÿ34ÿ5678ÿ ÿ8788 :@<<= O86Qÿ,4$$"8ÿ5ÿ(4ÿ2878 RST!ÿ1 566ÿ346ÿ5ÿ(4ÿ2878 RSSSÿ1 O8U87ÿ7,8"7ÿ,7,(ÿV RSWÿ1 X8ÿ47Y44ÿ5ÿ(4ÿ2878 RZÿ1 [88ÿO86Qÿ5ÿ(4ÿ ÿ5ÿ(4ÿ2878 RTWÿ1 RTSÿ1 :?<= X8ÿ,4"7ÿ5ÿ(4ÿ2878 RS!ÿ1 O"#6%ÿ5ÿ(4ÿ2878 R\ÿ1 35X7Q8ÿ5ÿ(4ÿ2878 RTÿ1 P78678ÿ5ÿ(4ÿ2878 5Q8$6ÿ-6%ÿ5ÿ(4ÿ2878 ]4Y4Yÿ(4ÿ2878ÿ5ÿ(4ÿV X4476ÿ7ÿ5ÿ(4ÿ Y44ÿ5ÿ(4ÿ "QÿO67ÿ5ÿ(4ÿ2878 R!ÿ1 R0ÿ1 R0ÿ1 Rÿ1 R1Zÿ1 R1Zÿ1 :?<<= ABCDÿFGDHIJ X8ÿ56ÿ6864ÿ[6787ÿ5ÿ(4ÿV R1W\ÿ1 :><= 56ÿP6#87ÿ[6787ÿ5ÿ(4ÿ2878 R1T\ÿ1 ^4Q86ÿ(4ÿ2878ÿ5ÿ(4ÿ2V R1TWÿ1 (42ÿO86Q94ÿ5ÿ(4ÿ2878 R1T!ÿ1 566ÿ,766ÿ[6787ÿ5ÿ(4ÿ2878 R1TTÿ1 5"4ÿ,7^ÿ47Y44ÿ5ÿ(4ÿV ^4Qÿ56ÿ6864ÿ[6787ÿ5ÿ(4V R1S1ÿ1 R1S1ÿ1 :><<= [6ÿ^"7ÿ5ÿ(4ÿ2878 R1S0ÿ Yÿ5ÿ(4ÿ2878 R1Sÿ1 *6_66ÿ5ÿ(4ÿ2878 R11!ÿ1 54"Qÿ(4ÿ2878ÿ5ÿ(4ÿ2878 ^4Q28ÿ5ÿ(4ÿ2878 R11ÿ1 R10Zÿ1 >ÿ;? K?ÿ;? K@ÿ;?K;ÿ;@ K>ÿ;@ K?ÿ;@ K@ÿ;@K;ÿ;K>ÿ; K?ÿ; K@ÿ;K;ÿ;LK>ÿ;L K?ÿ;L K@ÿ;LK;ÿ;MK>ÿ;M K?ÿ;M K@ÿ;MK;ÿ;N :;<= /6ÿ47Y44ÿ5ÿ(4ÿ2878 X876%8ÿ5ÿ(4ÿ2878 R10!ÿ1 R10Sÿ1 O"#6% (4ÿ2878ÿ5ÿ, P78678 (4ÿ2878ÿ5ÿ, (4ÿ2878ÿ5ÿ, 76

77 Multi-Family Market Report 01ÿ34ÿ567ÿ869 6 ÿ!4%901ÿ34ÿ567ÿ ÿM67ÿ5ÿ*4ÿ2 NOPQ!"ÿM67ÿ5ÿ*4ÿ2 NOQ L%69%ÿ+2R44ÿ5ÿ*4ÿ2 S4%9Tÿ!6ÿ6%64ÿM67ÿ5ÿ*4U NOQ *42ÿK6TX(4%9ÿ5ÿ*4ÿ2 VOQ!4"9T69ÿ*4ÿ2ÿ5ÿ*4ÿU VOQ Y9ÿ!6ÿ6%64ÿM67ÿ5ÿ*4ÿU VOQ ;<!696ÿ56%96ÿM67ÿ5ÿ*4ÿ2 VONQ 59%6ÿ!6ÿ6%64ÿM7ÿ5ÿ*4ÿU VONQ!4"9Tÿ*4ÿ2ÿ5ÿ*4ÿ2 S4%9TÿX(64%6$6ÿ597ÿ5ÿ*4ÿU VONQ VOVQ ;>< 14%694Rÿ5ÿ*4ÿ2 S4%9T%2ÿ5ÿ*4ÿ2,6%Z66ÿ5ÿ*4ÿ2 VOQ VOQ VO1Q?;< ABCÿEBF Y446ÿÿ5ÿ*4ÿ2 VO1Q!4"9TÿK67ÿ5ÿ*4ÿ2 S4%9T69ÿ*4ÿ2ÿ5ÿ*4ÿ2U VO1Q VO0Q?;>< M6ÿS"7ÿ5ÿ*4ÿ2 VO0Q /69ÿ47R44ÿ5ÿ*4ÿ2!9"4ÿ597XSÿ47R44ÿ5ÿ*4ÿU VO0Q VOQ =;<!T%$6ÿ.6&ÿ5ÿ*4ÿ2 VOQ!6ÿL6#%ÿM67ÿ5ÿ*4ÿ2 O[Q 35YT%ÿ5ÿ*4ÿ2 O[Q =;>< 47R44ÿ5ÿ*4ÿ2 O[Q Y96&ÿ5ÿ*4ÿ2 OWQ \4R94Rÿ*4ÿ2ÿ5ÿ*4ÿU L6ÿ5ÿ*4ÿ2 OWQ OWQ :ÿg= H=ÿG= H?ÿG= HGÿG? H:ÿG? H=ÿG? H?ÿG? HGÿG H:ÿG H=ÿG H?ÿG HGÿG@ H:ÿG@ H=ÿG@ H?ÿG@ HGÿGI H:ÿGI H=ÿGI H?ÿGI HGÿGJ :;< Y9ÿ47R44ÿ5ÿ*4ÿ2 (666ÿ5ÿ*4ÿ2 OPQ OPQ K"%#6& *4ÿ2ÿ5ÿ5 L6 *4ÿ2ÿ5ÿ5 (666 *4ÿ2ÿ5ÿ5 77

78 Demographics Montrose Ave DEMOGRAPHICS 35,884 SF Multi-Family Building 35,884 SF MULTI-FAMILY BUILDING Montrose Avenue, Glendale, CA George Issaians Colliers International CalBre Lic. No John Parks Glen Properties, Inc. CalBre Lic. No This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Colliers International 701 N. Brand Blvd. Suite 800 Glendale, CA P: F: Lic. No

79 Demographic Overview Montrose Ave Population (1 mi) 23,533 Avg. HH Size (1 mi) 2.7 Avg. Age (1 mi) 40 Med. HH Inc. (1 mi) $83,226 DEMOGRAPHIC RADIUS RINGS DEMOGRAPHIC SUMMARY Population 1 Mile 3 Mile 5 Mile 2017 Population 23,533 73, , Population 24,141 75, ,694 Pop Growth % 2.9% 3.0% 2017 Average Age Households 2017 Households 8,588 26,372 99, Households 8,795 27, ,728 Household Growth % 2.8% 2.9% Median Household Income $83,226 $101,060 $75,121 Average Household Size Average HH Vehicles Housing Median Home Value $712,149 $788,819 $736,943 Median Year Built

80 Age & Education Montrose Ave POPULATION BY AGE GROUP IN 1 MILE RADIUS POPULATION BY AGE IN 1 MILE RADIUS POPULATION BY EDUCATION IN 1 MILE RADIUS 80

81 Ethnicity Montrose Ave POPULATION BY RACE 2018 Population Race 1 Mile 3 Mile 5 Mile White 15, % 51, % 198, % Black 218 < 1% 629 < 1% 6, % Asian 7, % 18, % 49, % American Indian & Alaskan 131 < 1% 294 < 1% 1,400 < 1% Hawaiian & Pacific Islander 28 < 1% 59 < 1% 275 < 1% Other % 2, % 10, % 0 3,200 6,400 9,600 12,800 16,000 POPULATION BY RACE IN 1 MILE RADIUS HISPANIC POPULATION IN 1 MILE RADIUS MILITARY POPULATION 2018 Population 1 Mile 3 Mile 5 Mile Military % 1 < 1% 40 < 1% Non-Military Workforce 12, % 37, % 134, % 0 2,800 5,600 8,400 11,200 14,000 81

82 MULTI-FAMILY MARKET REPORT GLENDALE MARKET Montrose Avenue, Glendale, CA George Issaians Colliers International CalBre Lic. No John Parks Glen Properties, Inc. CalBre Lic. No This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Colliers International 701 N. Brand Blvd. Suite 800 Glendale, CA P: F: Lic. No

83 Overview Glendale Multi-Family 12 Mo. Delivered Units Mo. Absorption Units 521 Vacancy Rate 3.4% 12 Mo. Asking Rent Growth 2.3% Glendale is one of LA's hotspots for new multifamily construction, but robust demand has prevented any major supply-driven vacancy expansion. Vacancies have held at or near 4% for several consecutive years despite the delivery of more than 2,000 units since With roughly 1,300 more units under construction, local owners and developers are hoping demand continues to intensify. The influx of new supply is weighing on rent growth however, and Glendale now ranks in the bottom half of LA submarkets for rental gains. The average price per unit in multifamily sales remains at or near record highs, and while average cap rates have held below 4% for several straight years. KEY INDICATORS Current Quarter Units Vacancy Rate Asking Rent Effective Rent Absorption Units Delivered Units Under Constr Units 4 & 5 Star 3, % $2,870 $2, ,091 3 Star 4, % $2,110 $2,093 (1) & 2 Star 26, % $1,465 $1,457 (7) 0 0 Submarket 34, % $1,901 $1,881 (8) 0 1,271 Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) -1.3% 3.9% 4.2% 5.2% 2015 Q2 2.8% 2000 Q4 Absorption Units Q1 (264) 2002 Q1 Delivered Units , Q Q4 Demolished Units Q Q1 Asking Rent Growth (YOY) 2.3% 2.5% 1.3% 9.7% 2001 Q3-5.0% 2009 Q4 Effective Rent Growth (YOY) 2.5% 2.5% 1.3% 9.6% 2001 Q3-4.8% 2009 Q4 Sales Volume $167 M $166.2 M N/A $335.9 M 2015 Q1 $58.4 M 2010 Q3 83

84 Vacancy Glendale Multi-Family This cycle has seen heavy supply deliveries in Glendale, and several more large projects are in the pipeline. The arrival of hundreds of new units in a short time has caused some short term vacancy fluctuation, but overall demand has been very encouraging. Despite record levels of new construction this cycle, the vacancy rate has generally held at or around 4%. Glendale's status as a centrally located employment hub should help continue to drive rental demand and offset pressures from this cycle's new deliveries. Demand growth has been robust since the recovery, helping to quickly stabilize the large institutional projects which have characterized this cycle's development. More than 2,000 units have delivered since The major projects which delivered in 2017 have shown strong leasing momentum. The 507-unit first phase of Carmel Partner's 4 Star Altana completed in February 2017 and stabilized in about one year. Chandler Pratt & Partners 183-unit Onyx Glendale also opened at the start of 2017 and stabilized within a year. In a nod to Glendale's competitive lease environment, both communities offered generous concessions of up to 6 weeks free rent in (ultimately successful) attempts to lure renters. ABSORPTION, NET DELIVERIES & VACANCY 84

85 Vacancy Glendale Multi-Family VACANCY RATE VACANCY BY BEDROOM 85

86 Rent Glendale Multi-Family Rents in Glendale are slightly above the LA average. Growth has slowed significantly however, as competition from continued supply additions limits gains. Four quarter rent growth stands at about 2.3%, ranking in the lower half of LA submarkets. The building boom in Glendale will seriously test the submarket s ability to maintain the rent growth of the past few years. Average asking rents in the submarket are slightly lower than those in Tri-City neighbors Burbank and Pasadena. DAILY ASKING RENT PER SF 86

87 Rent Glendale Multi-Family ASKING RENT PER UNIT & RENT GROWTH ASKING RENT PER UNIT BY BEDROOM 87

88 Construction Glendale Multi-Family Glendale remains one of the busiest submarkets in LA for multifamily construction. Around 1,300 units are under construction, and proposals for several more sizable projects are moving through the pipeline. Area developers find it easier to build in Glendale than in many other parts of the metro, thanks to the responsiveness of the community development office and a streamlined entitlement process. New luxury communities are concentrated along Brand Boulevard and North Central Avenue north of the Americana at Brand shopping center. The largest projects underway are Century West s Next On Lex, a 494-unit mixed-use development in Downtown Glendale expected to deliver its first units in late 2018, and Carmel Partners massive Altana, which will total more than 900 units when all phases are complete. Glendale s multifamily inventory totals around 35,000 units. The majority of these units are in lower-end, 1& 2 Star properties more than 20 years old. Nearly 75% of apartment units in Glendale are studios or onebedrooms, a denser concentration of small units than in most LA submarkets. DELIVERIES & DEMOLITIONS 88

89 Construction Glendale Multi-Family All-Time Annual Avg. Units 96 Delivered Units Past 4 Qtrs 42 Delivered Units Next 4 Qtrs 1,271 Proposed Units Next 4 Qtrs 10 PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED PAST & FUTURE DELIVERIES IN UNITS 89

90 Construction Glendale Multi-Family RECENT DELIVERIES Property Name/Address Rating Units Stories Start Complete Developer/Owner 2 Verdara 124 W Colorado St 50 - Apr-2016 Jun-2017 Bidamar Corporation Bidamar Corporation 1 L Lofts 215 N Maryland Ave 42 5 Apr-2015 Aug-2017 Serrano Development Group Mapleton Investments UNDER CONSTRUCTION Property Name/Address Rating Units Stories Start Complete Developer/Owner 1 Next on Lex 201 Lexington Dr Mar-2016 Oct-2018 Century West Partners Century West Partners 2 Vestalia 515 W Broadway Jul-2017 Dec Broadway Vestalia LLC 3 The Harrison 318 W Wilson Ave May-2015 May-2018 The Molasky Group of Companies Swanson Development Group 4 TenTen Milford Residenc Milford St Jun-2017 Jun-2019 MacroCons Central Associates 5 The Link San Fernando Sep-2016 Aug-2018 Pacific Development Partners LLC Pacific Development Partners LLC 6 CCTan Center W Colorado St 90 5 Dec-2017 Dec Angelina Associates, LP 7 Louise Gardens 111 N Louise St 66 - Mar-2016 May-2018 Amidi Group Amidi Group PROPOSED Property Name/Address Rating Units Stories Start Complete Developer/Owner S Louise St 10 - Apr-2018 Feb

91 Sales Glendale Multi-Family Glendale has long been a sought-after submarket for institutional and private investors alike. The average price per unit here had climbed to about $280,000 at year's end, well above the metro average of about $240,000. As in much of LA, investment has declined noticeably in 2017, with total 2017 sales volume about half of 2016's total. A handful of trades north of $10 million have already been recorded in 2018, marking a hot start to the year. The largest deal of the past year was Jinlee Properties LLC August acquisition of the 3 Star 63-unit 1001 Melrose for $20 million, or about $320,000/unit. The property was 98% leased at the time of sale and traded at a 4.1% cap rate. The community was built in 1962 and was renovated in The buyer reportedly plans further capital improvements. SALES VOLUME & MARKET SALE PRICE PER UNIT 91

92 Sales Past 12 Months Glendale Multi-Family Sale Comparables 107 Avg. Price/Unit (thous.) $311 Average Price (mil.) $4.3 Average Vacancy at Sale 3.9% SALE COMPARABLE LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales Attributes Low Average Median High Sale Price $805,556 $4,280,604 $2,915,000 $20,000,000 Price Per Unit $161,111 $311,461 $310,000 $442,500 Cap Rate 2.3% 3.8% 3.7% 5.8% Vacancy Rate at Sale 0% 3.9% 0% 17.5% Time Since Sale in Months Property Attributes Low Average Median High Property Size in Units Number of Floors Average Unit SF ,225 Year Built Star Rating

93 Appendix Glendale Multi-Family OVERALL SUPPLY & DEMAND Inventory Absorption Year Units Growth % Growth Units % of Inv Construction Ratio , % % , % % , % % , % % , % % 0.9 YTD 34, % % , % % , % % ,588 1, % % , % % , % % ,033 (24) -0.1% (1) 0% ,057 (5) 0% % ,062 (27) -0.1% % , % (103) -0.3% , % % ,486 (50) -0.2% % , % % & 5 STAR SUPPLY & DEMAND Inventory Absorption Year Units Growth % Growth Units % of Inv Construction Ratio , % % , % % , % % , % % , % % 1.0 YTD 3, % % , % % , % % ,228 1, % % , % % % % % 9 1.9% % (2) -0.4% % % % % % % % 1 0.8% %

94 Appendix Glendale Multi-Family 3 STAR SUPPLY & DEMAND Inventory Absorption Year Units Growth % Growth Units % of Inv Construction Ratio , % (11) -0.2% , % (15) -0.3% , % (16) -0.3% , % (10) -0.2% , % % 0 YTD 4, % % , % 2 0% , % 1 0% , % % ,887 (21) -0.4% % ,908 (90) -1.8% (100) -2.0% , % % , % % , % % , % (42) -0.8% , % % , % 4 0.1% , % % & 2 STAR SUPPLY & DEMAND Inventory Absorption Year Units Growth % Growth Units % of Inv Construction Ratio ,378 (26) -0.1% (41) -0.2% ,404 (25) -0.1% (60) -0.2% ,429 (25) -0.1% (67) -0.3% ,454 (25) -0.1% (31) -0.1% , % % 0.2 YTD 26, % % , % % , % (73) -0.3% ,473 (16) -0.1% % ,489 (25) -0.1% % ,514 (38) -0.1% (25) -0.1% ,552 (24) -0.1% (22) -0.1% ,576 (5) 0% 8 0% ,581 (27) -0.1% % ,608 (9) 0% (175) -0.7% , % (72) -0.3% ,617 (50) -0.2% % , % % 0 94

95 Appendix Glendale Multi-Family OVERALL VACANCY & RENT Vacancy Asking Rent Effective Rent Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Per Unit Per SF , % 0.1 $2, % 0.1 $1, , % 0.1 $1, % 0.7 $1, , % 0.2 $1, % (1.0) $1, , % 0.1 $1, % (1.7) $1, , % 0.2 $1, % 0.7 $1,915 - YTD 1, % (0.5) $1,901 $ % (1.1) $1,881 $ , % 0.2 $1,879 $ % (0.5) $1,845 $ , % (1.0) $1,838 $ % (1.4) $1,822 $ , % 1.1 $1,788 $ % 1.7 $1,763 $ , % (0.5) $1,716 $ % (0.2) $1,705 $ , % 0.4 $1,674 $ % 0.6 $1,658 $ , % (0.1) $1,631 $ % 1.6 $1,623 $ , % (0.1) $1,598 $ % 2.9 $1,589 $ , % (0.4) $1,590 $ % 2.6 $1,579 $ , % 0.6 $1,629 $ % (5.6) $1,619 $ , % 0.5 $1,713 $ % (4.0) $1,701 $ , % (0.3) $1,702 $ % (2.0) $1,693 $ , % (0.1) $1,625 $ % - $1,616 $ & 5 STAR VACANCY & RENT Vacancy Asking Rent Effective Rent Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Per Unit Per SF % (0.1) $3, % 0.1 $2, % (0.4) $2, % 0.7 $2, % (0.5) $2, % (1.0) $2, % (0.1) $2, % (2.3) $2, % (1.3) $2, % 2.7 $2,849 - YTD % (3.6) $2,870 $ % 1.3 $2,812 $ % 2.4 $2,808 $ % 0.8 $2,684 $ % (18.9) $2,783 $ % (2.0) $2,740 $ % 16.3 $2,781 $ % 0.9 $2,683 $ % (7.0) $2,725 $ % (1.7) $2,700 $ % 13.0 $2,693 $ % 0.2 $2,637 $ % (1.5) $2,619 $ % 2.0 $2,606 $ % 0.4 $2,553 $ % 4.2 $2,537 $ % (3.8) $2,538 $ % 2.2 $2,513 $ % (2.3) $2,633 $ % (6.6) $2,614 $ % 9.5 $2,795 $ % (4.2) $2,764 $ % 0.2 $2,772 $ % (2.5) $2,754 $ % 0 $2,641 $ % - $2,624 $

96 Appendix Glendale Multi-Family 3 STAR VACANCY & RENT Vacancy Asking Rent Effective Rent Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Per Unit Per SF % 0.2 $2, % 0.1 $2, % 0.3 $2, % 0.7 $2, % 0.3 $2, % (1.0) $2, % 0.2 $2, % (2.0) $2, % (0.2) $2, % 0.2 $2,137 - YTD % (0.3) $2,110 $ % (2.0) $2,093 $ % (0.1) $2,085 $ % (0.6) $2,071 $ % 0 $2,020 $ % (1.3) $2,008 $ % (0.4) $1,946 $ % (0.1) $1,941 $ % (0.7) $1,852 $ % 2.6 $1,845 $ % 0.3 $1,761 $ % (0.7) $1,756 $ % (0.2) $1,717 $ % 2.5 $1,712 $ % (0.2) $1,664 $ % 2.5 $1,654 $ % (0.6) $1,652 $ % 3.8 $1,642 $ % 0.8 $1,682 $ % (5.4) $1,673 $ % 0.9 $1,783 $ % (5.1) $1,771 $ % (0.1) $1,788 $ % (1.3) $1,781 $ % (0.2) $1,705 $ % - $1,697 $ & 2 STAR VACANCY & RENT Vacancy Asking Rent Effective Rent Year Units Percent Ppts Chg Per Unit Per SF % Growth Ppts Chg Per Unit Per SF % 0.1 $1, % 0.1 $1, % 0.1 $1, % 0.7 $1, % 0.2 $1, % (1.0) $1, % 0 $1, % (1.0) $1, % 0.3 $1, % (0.4) $1,486 - YTD % (0.1) $1,465 $ % (2.4) $1,457 $ % (0.1) $1,459 $ % (1.5) $1,450 $ % 0.3 $1,419 $ % (1.1) $1,412 $ % (0.1) $1,361 $ % 3.3 $1,355 $ % (0.3) $1,291 $ % (0.5) $1,285 $ % 0 $1,265 $ % 1.6 $1,259 $ % 0 $1,232 $ % 0.7 $1,226 $ % (0.1) $1,219 $ % 2.0 $1,213 $ , % (0.3) $1,215 $ % 2.2 $1,209 $ , % 0.6 $1,236 $ % (5.0) $1,230 $ % 0.3 $1,286 $ % (3.4) $1,280 $ % (0.3) $1,273 $ % (2.0) $1,267 $ % (0.1) $1,219 $ % - $1,213 $

97 Appendix Glendale Multi-Family OVERALL SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate $346, % $342, % $345, % $355, % $357, % YTD 21 $61.9 M 0.9% $5,624,960 $330, % $354, % $162.8 M 3.9% $3,321,888 $280, % $341, % $311.1 M 4.3% $5,099,820 $273, % $319, % $162.3 M 3.4% $2,897,473 $240, % $291, % $317.3 M 4.0% $5,768,888 $297, % $260, % $120.7 M 3.6% $2,681,943 $191, % $239, % $118.8 M 2.4% $1,980,592 $182, % $228, % $105.9 M 2.1% $2,252,738 $188, % $219, % $99.3 M 1.6% $2,835,971 $206, % $186, % $62.8 M 1.4% $1,495,781 $152, % $161, % $110.4 M 2.2% $1,840,243 $157, % $201, % $270.9 M 4.4% $3,762,559 $206, % $232, % (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 4 & 5 STAR SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate $467, % $463, % $469, % $488, % $497, % YTD $496, % $481, % $54.2 M 5.7% $54,200,000 $430, % $468, % $0 M 3.8% $440, % $162.0 M 33.7% $81,000,000 $397, % $399, % $0 M 22.2% $369, % $354, % $340, % $43.0 M 23.8% $43,000,000 $373, % $284, % $242, % $298, % $351, % (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 97

98 Appendix Glendale Multi-Family 3 STAR SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate $326, % $322, % $325, % $335, % $337, % YTD 1 $6.4 M 0.3% $6,400,000 $400, % $335, % $36.2 M 2.5% $9,047,000 $341, % $323, % $48.8 M 3.1% $12,187,500 $322, % $301, % $48.9 M 3.5% $8,157,500 $307, % $276, % $20.7 M 1.6% $5,166,000 $271, % $248, % $35.6 M 8.8% $4,445,375 $209, % $226, % $14.8 M 1.4% $2,952,400 $210, % $217, % $46.4 M 4.2% $7,730,833 $219, % $208, % $15.8 M 1.9% $3,169,200 $168, % $177, % $2.9 M 0.4% $1,445,000 $262, % $152, % $11.6 M 1.1% $2,900,004 $210, % $189, % $150.2 M 11.9% $15,015,700 $265, % $217, % (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 1 & 2 STAR SALES Completed Transactions (1) Market Pricing Trends (2) Year Deals Volume Turnover Avg Price Avg Price/Unit Avg Cap Rate Price/Unit Price Index Cap Rate $331, % $328, % $330, % $339, % $340, % YTD 20 $55.5 M 1.2% $5,547,456 $324, % $337, % $126.6 M 4.7% $2,812,989 $266, % $324, % $208.1 M 4.4% $3,716,768 $241, % $300, % $113.3 M 3.3% $2,266,270 $219, % $271, % $134.6 M 3.1% $2,747,446 $230, % $241, % $85.1 M 2.0% $2,300,660 $185, % $222, % $104.1 M 2.6% $1,892,246 $178, % $212, % $59.5 M 1.7% $1,451,066 $169, % $203, % $40.4 M 1.1% $1,393,552 $149, % $173, % $59.9 M 1.6% $1,498,320 $149, % $151, % $98.8 M 2.5% $1,764,546 $152, % $189, % $120.7 M 3.1% $1,947,536 $162, % $216, % (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. 98

99 Appendix Glendale Multi-Family DELIVERIES & UNDER CONSTRUCTION Inventory Deliveries Net Deliveries Under Construction Year Bldgs Units Vacancy Bldgs Units Bldgs Units Bldgs , % , % , % , % , % YTD 2,689 34, % , ,689 34, % , ,685 33, % , ,685 33, % 4 1, , ,682 32, % (1) , ,683 32, % (3) , ,686 32, % 0 0 (1) (24) 5 1, ,687 32, % 0 0 (1) (5) ,688 32, % 0 0 (1) (27) ,689 32, % ,689 31, % ,685 31, % 0 0 (5) (50) ,690 31, % Units 99

100 COLLIERS INTERNATIONAL LOS ANGELES MARKET Montrose Avenue, Glendale, CA George Issaians Colliers International CalBre Lic. No John Parks Glen Properties, Inc. CalBre Lic. No This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Colliers International 701 N. Brand Blvd. Suite 800 Glendale, CA P: F: Lic. No

101 Company Profile About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serv-ing clients in the world s most important markets. Colliers is the fastest-growing publicly listed global real es-tate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion include affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and pro-ject management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real es-tate services firm. Colliers has also been ranked the number one property manager in the world by Commer-cial Property Executive for two years in a row. Where it comes together. Even in today s highly connected world, WHERE is still the foundation of every business. Learn how Colliers clients around the globe are achieving outcomes that accelerate success. Our Clients. We build our client relationships on a foundation of memorable service and enduring trust. Our unified global platform gives us the power to deliver services seamlessly, wherever and however our clients choose to do business. Our professionals challenge themselves to see things differently and consistently achieve outcomes that ex-ceed our clients expectations. Our People. Colliers professionals are experts in their fields who help our clients achieve their greatest po-tential. We cultivate a culture of leadership: a collaboration among creative, entrepreneurial people who be-lieve they can and will make a difference. We re passionate about what we do, take personal responsi-bility for success and act efficiently all natural extensions of our enterprising culture. Our clients and colleagues motivate us every day to innovate and elevate our level of service. We attract, de-velop and retain exceptionally talented people with the highest integrity. Our clients always come first and our advice is tailored to support the best business decisions. Our success comes from taking our work (but not ourselves) seriously and enjoying what we do. Awards We are honored by many professional associations and independent publications as a leader in real estate, both for our business accomplishments and our passion for innovation and social responsibility. IAOP World s Best Outsourcing Advisors: Global Outsourcing 100 Super Stars of the Global Outsourcing 100: Colliers International has been ranked among the top 100 global outsourcing firms by the IAOP for 13 consecutive years, more than any other real estate services firm. First Place: Top Property Managers Commercial Property Executive names Colliers International the top property manager based on firm growth, market share and property diversity. First Place: Most Innovative Corporate Strategy Commercial Property Executive recognizes the strategic separation of Colliers International Group Inc. and FirstService Corporation in a deal that created two market leaders and a tax-free distribution to sharehold-ers. Top International / Global Construction Management Engineering News-Record (ENR) Magazine Top 10 Non-U.S. firms in International Construction Management and Program Management Top 10 Non-U.S. firms in Total Global Construction Management and Program Management Best Places to Work Forbes names Colliers International as one of the Best Places to Work 2016 The Lipsey Company Top 25 Commercial Real Estate Brands 101

102 102

103 103

104 104

105 Professional Profile PROFESSIONAL PROFILE CAREER SUMMARY George Issaians has been in the commercial real estate industry for over 28 years. He has been involved in investment transactions totaling well over 1 Billion. In 1994, 1995, 2002, and 2003, Mr. Issaians while in CB Richard Ellis, Inc. was among the Top 10 Apartment Specialist in Southern California, the company s largest region. He has also been in the Top 10 Apartment Specialist in the Western U.S. Division of the company. He manages the entire process of income-producing real estate acquisitions, dispositions, as well as investment requirements, financing, and 1031 Tax Deferred Exchanges for clients. Mr. Issaians began his career with U.S. Properties, Inc., an asset management company in Boston, MA in 1981 as its President. In 1991, he joined CB Richard Ellis as an Investment Salesperson in the Glendale, CA office. In 2006, Mr. Issaians, along with partners Greg Barsamian and Bill Ukropina started the Coldwell Banker Commercial North County office as President of Investment Properties. George Issaians Senior Executive Vice President CalBRE Lic. # Direct Fax Mobile George.Issaians@Colliers.com SPECIALTY Multi-Family Buildings Shopping Centers Office Buildings ACHIEVEMENTS Realty Investment Association of California - Past President Candidate for CCIM designation Glendale Apartment Association - Director YMCA Board Member, Glendale Armenian Educational Foundation Board Member, Glendale Armenian American Real Estate Association - Ex -Vice President MLS I-Tech Member Broker License, Massachusetts EDUCATION Crawley College, England Diploma, Business Administration North London Polytechnic, England Post Diploma, Purchasing and Supplying University of North Wales, United Kingdom Masters in Financial Economics PARTIAL CLIENT LIST Ming Management, Inc. Gaska, Inc. Properties International, Inc. Sabrina Properties Winstar Properties. LLC Anchor Pacifica Komar Investments Dr. S. Sirolt Revere Investments, Inc. Capital City Funding The Stratham Group Sandu Corporation Helix Holdings 105