THE GREEN ARROW NURSERY SITE; One of the most transformative mixed-use development opportunities currently available in the urban Los Angeles market. The site is comprised of approximately 4.35 acres of land with both medium residential and general commercial general plan land use designations. 131,032 SF C2-1 Land [General Commercial GP] Allowable 3:1 FAR with SB1818 58,661 SF RA-1 Land [Medium Residential GP] Potential R3 Zone Change or CUP Ownership may entertain certain subject-to-entitlement purchase and closing transactional structures. The initial development scenario presented herein by PSL Architects may serve as a basis for establishing the site s potential yield. $19.25M Evanisko Realty & Investment, Inc. BRE 01383591
The site s redevelopment would present the most significant injection of new rental units into the North Hills submarket since the 1990 s. The location is brimming with demand for quality yet affordable new rental product with a 3% apartment vacancy rate within a 2- mile radius. Overall LA City apartment vacancy at 4.7%. The site lends itself to both market-rate and affordable multifamily development. The site is surrounded by a plethora of non-entertainment based employers and transportation [Page 7]. The site enjoys over 500 of frontage along one of Los Angeles most visible and traveled major arterials. Generational, family-owned real estate for over 50 years. Evanisko Realty & Investment, Inc. BRE 01383591
Evanisko Realty & Investment, Inc. has been retained by ownership on an exclusive basis in conjunction with Stevenson Real Estate Services to handle the marketing and disposition of this potential development opportunity. It is indented that the marketing convey the Sellers amenability to a transactional structure whereby closing will coincide with the successful entitlement of a proposed viable development project. The information contained in this brochure has been obtained from sources we believe to be reliable. However, Evanisko Realty & Investment, Inc. has not verified, and will not verify, any of the information contained herein, nor has Evanisko Realty & Investment, Inc. conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All interested parties must take appropriate measures to verify all of the information set forth herein. For additional Information please contact: Evanisko Realty & Investment, Inc. Frank Evanisko (818) 985-9700 frank@evaniskorealty.com
Evanisko Realty & Investment, Inc. has been retained by ownership on an exclusive basis in conjunction with Stevenson Real Estate Services to handle the marketing and disposition of this potential development opportunity. It is indented that the marketing convey the Sellers amenability to a transactional structure whereby closing will coincide with the successful entitlement of a proposed viable development project. One potentially feasible entitlement / development program by PSL Architects for the subject property has been outlined herein. The information contained in this brochure has been obtained from sources we believe to be reliable. However, Evanisko Realty & Investment, Inc. has not verified, and will not verify, any of the information contained herein, nor has Evanisko Realty & Investment, Inc. conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All interested parties must take appropriate measures to verify all of the information set forth herein. For additional Information please contact: Evanisko Realty & Investment, Inc. Frank Evanisko (818) 985-9700 frank@evaniskorealty.com
Class II Major Highway 58,661 SF RA-1 General Plan: Medium Residential Recommended Entitlement Procedure: Change Zoning to R3-1 or CUP 131,032 SF C2-1 General Plan: General Commercial Recommended Entitlement Procedure: Utilize SB1818 to increase FAR to 3:1 Langdon Avenue Elementary School 720 API Land Comp. Sold 8/2015 $1,825,000 8750 Sepulveda Blvd. 17,704 SF Land C2-1 Future 47 Unit Market Apt. Metro Rapid Line 734 Stop Immediate Location Amenities
Approaching the property as two separate development sites will allow for the circumvention of many discretionary entitlement procedures in the development of Site A which accounts for a majority of the project s overall yield. Ownership may consider a separate [but concurrent] sale of Site A and Site B. The total list price for Site A & Site B is $19,250,000. Potential Entitlement Scenario
Site A would involve the redevelopment of the C2-1 zoned parcels which consists of approximately 131,032 SF [3 acres] of land. SB1818 will be utilized to increase FAR of C2-1 portion to 3:1 and to reduce required parking for 1+1 units. The site s adjacency to a Class II major highway, its commercial zoning designation, as well as its proximity to a Metro rapid bus line stop will allow the FAR increase under SB1818. PSL Architects has completed an initial site [parking and massing] study for site A demonstrating a feasible yield of 286-302 apartment units depending on unit mix. The development will utilize a podium garage structure [essentially at-grade] and a slightly raised mezzanine parking level over the rear portion of the site. This scenario accommodates 4,000 SF of retail at the corner of Rayen Street and Sepulveda Boulevard. Site A includes APN s 2654-013-001, 035, 005, 006 Potential Entitlement Scenario Site A
Site A Project Information [Option 1] Quantity Net Rentable SF Total Residential SF % 1 Bed 1 Bath 148 610 90,280 52% 2 Bed 2 Bath 138 910 125,580 48% 286 755 Average 215,860 The yield study assumes the use of SB1818. A percentage of low or very low-income units will be required. The yield study considers all required street dedications. The yield study assumes no transitional height against the RA [Medium Residential ] lots to the west. The yield study includes all required bike parking and does not utilize bike ordinance for parking reductions. The yield study total residential SF assumptions are based on a massing study reflective of the design above. Parking spaces and total leasable SF for Site A [Option 1 and 2] are the same. PSL Architects site yield studies Option 1 and 2 for Site A are available upon request. Potential Entitlement Scenario Site A [PSL Yield Study]
Typical Residential Floor Plan [Option 1] The yield study assumes the use of SB1818. A percentage of low or very low-income units will be required. The yield study considers all required street dedications. The yield study assumes no transitional height against the RA [Medium Residential ] lots to the west. The yield study includes all required bike parking and does not utilize bike ordinance for parking reductions. The yield study total residential SF assumptions are based on a massing study reflective of the design above. Parking spaces and total leasable SF for Site A [Option 1 and 2] are the same. PSL Architects site yield studies Option 1 and 2vor Site A is available upon request. Potential Entitlement Scenario Site A [PSL Yield Study]
The listing brokers have retained The Concord Group in order to establish a feasible initial rental rate assumption for an apartment community at this location. The study considers rental rates at the various nodes of high apartment development activity in the San Fernando Valley and makes adjustments accordingly based on location, competition, and demand. The study recommends the assumption of a Base List Rent rate of $2.00/FT for the proposed market rate units. The Concord Group rental rate assumption study is available upon request. Potential Entitlement Scenario Site A [TCG Market Study]
Site B would involve the redevelopment of the RA-1 zoned parcels which consists of approximately 58,661 SF of land into either of the following: Apartment Units: This will require a zone change procedure to R3-1 such that the zoning of the land coincides with the underlying land use [General Plan] designation. Under this scenario, the land will permit up to 73 units or 99 units with SB1818. Charter School: May be developed under a RA-1 zone designation with CUP approval. Site B includes APN s 2654-013-028, 025, 026 Potential Entitlement Scenario Site B
Sepulveda Blvd. is the longest street in the City and County of Los Angeles and stretches approximately 8.5 miles in the San Fernando Valley between Ventura Boulevard to the South and Rinaldi Street to the North (just north of the 118 Freeway). It serves as one of the most visible and frequently used transportation thoroughfares for both private and public transportation methods. The subject site happens to enjoy over 500 feet of frontage along this arterial hence making it perhaps the most visible development site in the San Fernando Valley. 512 Site Frontage Sepulveda Boulevard
Facey Medical Center Greater Los Angeles VA Medical Center Subject Development Site Cal State Northridge Micro Solutions Enterprises Moore Industries Worldwide Harman Audio Anheuser-Busch MGA Entertainment, Inc. Exelis Munchkin, Inc. Van Nuys Airport IMT Sherman Village Apartments [350 Units Under Construction] Valley Presbyterian Hospital Robert Fulton College Prep. School The site is surrounded by sizeable non-entertainment based employers and manpower-intensive industry, hospitals, and public transit. No competing class A/B product exists within a 2+ mile radius of site. Closest is under construction. Pictured above. Significant and Immediate Employment Providers
Carmel Partners, Inc. 338 Apartments Under Const. Subject Development Site 3.4 Miles 2.4 Miles IMT 284 Apartments Under Const. Carmel Partners, Inc. 338 Apartments Under Const. IMT 284 Apartments Under Const. Nearest Class A Apartment Developments
Market Rate Homebuilder Site +/- 50 Lots In Escrow Evanisko Realty & Investment, Inc. Market Rate Homebuilder Site 32-40 Potential Homes [Site Available] Evanisko Realty & Investment, Inc. Market Rate Homebuilder Site 6 Homes Under Const. Market Rate Homebuilder Site 6 Homes Under Const. Market Rate Homebuilder Site 35 Homes Under Const. Evanisko Realty & Investment, Inc. Charter School Development Under Construction Market Rate Homebuilder Site 65 Homes Under Const. The Green Arrow Nursery Site +/- 350 Units [Site Available] Evanisko Realty & Investment, Inc. Market Rate Homebuilder Site 16 Homes Under Const. Market Rate Homebuilder Site 16 Homes Under Const. Market rate homebuilders have already caught on to the North Hills community. The subject site represents the only apartment development opportunity in North Hills. North Hills Development Activity
Parcel Map +/- 350 Unit Mixed-Use Development Site
For additional information contact: Evanisko Realty & Investment, Inc. Frank Evanisko BRE: 01383591 (818) 985-9700 frank@evaniskorealty.com The Green Arrow Nursery Development Site