THREE PROPERTY 52 UNIT MULTI-HOUSING PORTFOLIO IN PRIME WEST LA

THREE PROPERTY 52 UNIT MULTI-HOUSING PORTFOLIO IN PRIME WEST LA MULTI-HOUSING INVE STMENTS ryan o connor Lee & Associates - LA North/Ventura 818.444.4965 roconnor@lee-re.com BRE Lic # 01931694 Lee & Associates - LA North/Ventura, Inc. Corporate ID #01191898 A Member of the Lee & Associates Group of Companies 15350 Ventura Blvd., Suite 100, Sherman Oaks, CA P:818.986.9800 F:818.783.9260 www.lee-associates.com

TABLE OF CONTENTS EXECUTIVE SUMMARY... 3 PROPERTY DESCRIPTION... 7 LOCATION OVERVIEW... 17 FINANCIAL SUMMARY... 24 MARKET OVERVIEW - COMPARABLES... 30 BROKER RESUME... 55 2 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY Aerial Map 4 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

EXECUTIVE SUMMARY The Offering Lee & Associates is pleased to present the opportunity to purchase three unique multifamily properties totaling 52 units located on the Westside of Los Angeles, CA. This offering consists of 2455 Corinth Avenue located in Portfolio Overview Address: 2455 Corinth Avenue Los Angeles, CA 90064 APN: 4260-038-011 Units: 9 + 1 Non-Conforming Unit Mix: 1(1+1) TH 5(2+2) TH and 4(2+2) Year Built: 1988 Building Size: Lot Size: 9,624 SF 7,499 SF Zoning: R3-1 TOC Program: Tier 3-eligible for up to 70% density bonus (Call agent for more details regarding TOC Program) West Los Angeles, 9404 Regent Street and 3706 Mentone Avenue, both located in the Palms neighborhood of Los Angeles. All three properties can be purchased together or separately. Address: 9404 Regent Street Los Angeles, CA 90034 APN: 4313-019-043 Units: 33 Unit Mix: 12(Studios) 18(1+1) 3(2+2) Year Built: 1971 Building Size: Lot Size: Zoning: R3-1 TOC Program: 22,776 SF 13,171 SF Tier 3-eligible for up to 70% density bonus (Call agent for more details regarding TOC Program) Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 5

PROPERTY DESCRIPTION 3706 Mentone Avenue, Los Angeles Portfolio Overview Address: 3706 Mentone Avenue Los Angeles, CA 90034 APN: 4314-003-002 Units: 9 Unit Mix: 2(Studios) 1(1+1), 1(2+1), 4(2+1.5), 1(3+2) Year Built: 1971 Building Size: Lot Size: 7,396 SF 7,500 SF Zoning: R3-1 TOC Program: Tier 3-eligible for up to 70% density bonus (Call agent for more details regarding TOC Program) Key Investment Features Three Property Portfolio in Prime West Los Angeles First Time on Market in over 15 years Value Add Opportunity High-Demand Rental Markets Substantial Rental Upside Desirable Unit Mix Amenity Rich Neighborhoods with Many Shops, Restaurants, and Nightlife Destinations Ease of Transportation Located Nearby the 405 and 10 Freeways and Expo Line Metro Station Nearby Sony Pictures Studios in Culver City as well as other major employers 6 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION 2455 Corinth Avenue, Los Angeles Property Summary Property Address: Location: Units: 2455 Corinth Avenue Los Angeles, CA 90064 The subject property is located on the east side of Corinth Avenue, east of Sawtelle Blvd and west of Purdue Avenue. Exposition Blvd is north and Pearl Street is just south. 9 + 1 NC Year Built: 1988 Building Size: 9,624 SF APN: 4260-038-011 Property Description The Corinth Apartments is a 9-unit including one non-conforming unit multifamily property constructed in 1988 and is located just west of the 405 Freeway, just north of the 10 Freeway, and is walking distance to the Expo/Sepulveda Station Metro Line. The Property is situated in a prime West Los Angeles location that is centrally located to the beach cities, Beverly Hills, and Downtown Los Angeles. The unit mix consists of one one-bedroom one bath unit and nine two bedroom two bath units. The property has a high walk score of 78, meaning that it is very walkable. 8 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

PROPERTY DESCRIPTION 2455 Corinth Avenue Aerial Map 9 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

PROPERTY DESCRIPTION 2455 Corinth Avenue Parcel Map 10 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

PROPERTY DESCRIPTION 9404 Regent Street. Los Angeles Property Summary Property Address: Location: Units: 33 9404 Regent Street Los Angeles, CA 90034 The subject prioperty is located on the SW corner of Regent Street and Bagley Avenue, just east of Cardiff Avenue and just west of S Canfield Avenue. Venice Blvd is south and the 10 Santa Monica Fwy is north. Year Built: 1971 Building Size: 22,776 SF APN: 4313-019-043 Property Description The Regent Apartments is a 33-unit multifamily property constructed in 1971 and is located just east of the 405 Freeway, just south of the 10 Freeway, and is walking distance to the Palms Station Metro Line. The Property is situated in the Palms area of the City of Los Angeles which is directly adjacent to Downtown Culver City as well as centrally located to the Beach Cities, Beverly Hills, and Downtown Los Angeles. The property has a great unit mix consisting of twelve studio units, eighteen one-bedroom one bath units, and three two bedroom two bath. The property has a very high walk score of 94, meaning that it is walker s paradise. Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 11

PROPERTY DESCRIPTION 9404 Regent Street Aerial Map 12 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

PROPERTY DESCRIPTION 9404 Regent Street Parcel Map Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 13

PROPERTY DESCRIPTION 3706 Mentone Avenue, Los Angeles 14 Property Summary Property Address: Location: Units: 9 Year Built: 1971 Building Size: 3706 Mentone Avenue Los Angeles, CA 90034 The subject prioperty is located on the east side of Mentone Avenue, west of Motor Avenue and east of Keystone Avenue. Regent Street if north and Venice Blvd is south. 7,396 SF APN: 4314-003-002 Property Description The Mentone Apartments is a 9-unit multifamily property constructed in 1971 and is located just east of the 405 Freeway, just south of the 10 Freeway, and is walking distance to the Palms Station Metro Line. The Property is situated in the Palms area of the City of Los Angeles which is directly adjacent to Downtown Culver City as well as centrally located to the Beach Cities, Beverly Hills, and Downtown Los Angeles. The property has a great unit mix consisting of two studio units, one one-bedroom one-bath unit, one two-bedroom one-bath unit, four two-bedroom one and ½ bath units, and one three-bedroom two-bath unit. The property has a high walk score of 88, meaning that it is very walkable. 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

PROPERTY DESCRIPTION 3706 Mentone Avenue Aerial Map 15 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

PROPERTY DESCRIPTION 3706 Mentone Avenue Parcel Map 16 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

LOCATION OVERVIEW

LOCATION OVERVIEW 2455 Corinth Avenue Amenities Aerial 18 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

LOCATION OVERVIEW Mentone Avenue & Regent Street Amenities Aerial 19 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

LOCATION OVERVIEW Palms Just North of Culver City, Palms is a small community in the city of Los Angeles offering easy access to the Santa Monica (10) Freeway and the San Diego (405) Freeway as well as the Expo Line connecting west to Santa Monica. Dubbed Best Place in L.A. for Millennials by Niche, Inc. nearly half of Palms population of 45,475 residents falls within the 19-35 age range. Palms proximity to freeways and public transit and location just five miles from UCLA has curried favor with a highly educated demographic seeking more affordable housing than can be found in UCLA s Westwood neighborhood or rapidly gentrifying Culver City. Many of its 45,475 residents are undergrad or graduate students, and it s not unlikely to see UCLA Bruins gold and blue throughout the neighborhood. The neighborhood has a high walk score of 87 with plentiful restaurants within close proximity. Among them, n/naka was named among Eater.com s America s Essential Restaurants 2017 and ranked No.1 on LA Weekly s list of LA s Best Restaurants. The higher than average population density of Palms has attracted developers over the past five years and numerous apartment buildings and mixed use projects have recently been completed or are underway. California Landmark Group has just completed a $25 million apartment complex with 79 market rate apartments and seven affordable units, a fitness center, community room and rooftop deck. Greystar Real Estate Partners is constructing a 135-unit project with 14,000 square feet of ground-floor retail and underground parking. With 11 units designated as affordable housing, Greystar won a density bonus for the project. Although Palms is largely residential, it shares a border with Culver City offering a vibrant job center that includes Sony Picture Studios. Also under development in Culver City, which has been rapidly gentrifying in recent years, is a new HBO headquarters, an expansion of the Culver Studios campus and a makeover for the 1920s-era West End Hotel, among other projects. 20 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

LOCATION OVERVIEW West Los Angeles West Los Angeles is a tiny neighborhood just slightly larger than one square mile in the Westside region of the city of Los Angeles. Tucked south of Westwood and west of Century City, the community offers easy access to the Santa Monica (10) Freeway and San Diego (405) Freeway, but it is the completion of the Expo Line addition that has breathed new life into West L.A. West LA, with its affluent, highly educated population of 13,582 residents, has long been a very attractive neighborhood for developers, but development activity has accelerated ever since the new Metro extension was announced, and a number of new projects are now in planning stages or underway. Among them: a five-story, 129-unit apartment project is slated to replace a strip mall; Martin Expo Town Center, a project planned for 516 apartment units and 81,000 square feet of retail space, will replace a car dealership; and Casden West LA with 600 units will replace a cement plant. Another 100 apartment units are planned for a location opposite the Martin Expo site; a 70-unit multifamily with 6,500 square feet of ground-floor retail is underway from Hypericum Companies; Wiseman Residential is readying construction for 51 units on the site of the former Dolores Restaurant; and a former Vons site will be redeveloped with 166 apartment units above a Whole Foods market. Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 21

LOCATION OVERVIEW West Los Angeles The Expo addition is also generating interest from office developers. McCarthy Cook and Northwood Investors is adding 120,000-square feet of office and retail space to the 1980s-era Trident Center and rebranding it Lumen West L.A. Plans call for reskinning the entire complex with a glass exterior. And Luzzatto Company is constructing Expo Station with three stories of creative office space and outdoor space with estimated delivery in 2019. While Westside Pavilion has fallen victim to the closure of Macy s and Nordstrom s move to neighboring Westfield Century City, the troubles in the retail sector are not the only reason the mall s owners, Macerich Company, have put the property on the sale block. Macerich officials have noted that the Expo addition opens up the ideally located property to other redevelopment opportunities, and they expect to close a sale of the 755,000-square-foot mall within the next year. As they told the Wall Street Journal recently, It s quite likely that other users are going to value that real estate more than a horizontal retail facility, and we re seeing that in terms of the demand and that s coming from really a tremendous number of people. Indeed the $1 billion redevelopment of Westfield Century City just a few miles away speaks to the strong demographics and central location of the area. In addition to its retail offerings, Westfield has attracted an Equinox gym, a cryotherapy clinic, a UCLA health Clinic outpost and, expected to open next year, the flagship location of Dreamscape Immersive, a virtual reality entertainment center financed in part by Steven Spielberg. 22 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

LOCATION OVERVIEW Metro Rail & Station All three properties are exceptionally located nearby multiple Metro Stations along the Expo Line, providing residents with short commute times and ease of access to Santa Monica, Downtown Los Angeles, and all of Greater Los Angeles. 2455 Corinth Avenue is located just 0.3 miles from the Expo/Sepulveda Metro Station and 0.8 miles from the Expo/Bundy Metro Station. 9404 Regent Street is located just 0.4 miles from the Palms Metro Station and 0.5 miles from the Culver City Metro Station. 3706 Mentone Avenue is located just 0.5 miles from the Palms Metro Station and 1 mile from the Culver City Metro Station. 2455 Corinth Ave 3706 Mentone Ave 9404 Regent St Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 23

FINANCIAL SUMMARY

FINANCIAL SUMMARY Corinth-Regent-Mentone Portfolio Financial Summary Unit Mix & Rent Schedule Units Unit Type Current Avg. Rent Current Income/Mo Market Rent Market Income/Mo 14 Studios $1,259 $17,628 $1,750 $24,500 19 1 Bed/1 Bath $1,586 $30,143 $2,150 $40,850 1 1 Bed/1 Bath $1,800 $1,800 $2,150 $2,150 1 2 Bed/1 Bath $1,787 $1,787 $2,650 $2,650 4 2 Bed/1.5 Bath $1,948 $7,794 $2,750 $11,000 3 2 Bed/2 Bath $2,303 $6,909 $2,850 $8,550 9 2 Bed/2 Bath $2,519 $22,670 $3,150 $28,350 1 3 Bed/2 Bath $3,135 $3,135 $3,500 $3,500 Income Current Market Scheduled Gross Income $1,102,389 $1,458,600 Plus: Laundry Income $8,400 $8,400 Gross Operating Income (GOI): $1,110,789 $1,467,000 Vacancy Reserve: 3% ($33,324) ($44,010) Effective Gross Income (EGI) $1,077,465 $1,422,990 Estimated Expenses Percentage Per Unit *Taxes *Based on Purchase Price *Based on Purchase Price Insurance 1.70% $363 $18,870 $18,870 Utilities 2.72% $581 $30,220 $30,220 Repairs/Maintenance 5% $1,068 $55,539 $73,350 Off-Site Management 4% $854 $44,432 $58,680 Landscaping 0.49% $104 $5,400 $5,400 Trash 0.72% $153 $7,960 $7,960 On-Site Management (9404 Regent Street only) 0.54% $182 $6,000 $6,000 Miscellanous 0.47% $100 $5,200 $5,200 Total Estimated Expenses (Property taxes not included) $173,621 $205,680 *Note: Property Taxes not included in estmated expenses. Property taxes will be based on the purchase price. Net Operating Income (NOI) $903,844 $1,217,310 *Note: Property Taxes not included. Property taxes will be based on the purchase price. Factor estimated property taxes into your analysis. Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 25

FINANCIAL SUMMARY 2455 Corinth Avenue, Los Angeles 2455 Corinth Avenue Financial Summary Unit Mix & Rent Schedule Units Unit Type Current Avg. Rent Current Income/Mo Market Rent Market Income/Mo 1 1 Bed/1 Bath $1,800 $1,800 $2,195 $2,195 9 2 Bed/2 Bath $2,519 $22,670 $3,150 $28,350 Income Current Market Scheduled Gross Income $293,640 $366,540 Plus: Laundry Income $1,200 $1,200 Gross Operating Income (GOI): $294,840 $367,740 Vacancy Reserve: 3% ($8,845) ($11,032) Effective Gross Income (EGI) $285,995 $356,708 Estimated Expenses Percentage Per Unit *Taxes *Based on Purchase Price *Based on Purchase Price Insurance 1.84% $550 $5,500 $5,500 Utilities 2.34% $700 $7,000 $7,000 Repairs/Maintenance 5% $1,493 $14,742 $18,387 Off-Site Management 4% $1,195 $11,794 $14,710 Landscaping 0.60% $180 $1,800 $1,800 Trash 0.94% $280 $2,800 $2,800 Miscellanous 0.33% $100 $1,000 $1,000 Total Estimated Expenses (Property taxes not included) $44,636 $51,197 *Note: Property Taxes not included in estmated expenses. Property taxes will be based on the purchase price. Net Operating Income (NOI) $241,359 $305,511 *Note: Property Taxes not included. Property taxes will be based on the purchase price. Factor estimated property taxes into your analysis. 26 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

FINANCIAL SUMMARY 9404 Regent Street. Los Angeles 9404 Regent Street Financial Summary Unit Mix & Rent Schedule Units Unit Type Current Avg. Rent Current Income/Mo Market Rent Market Income/Mo 12 Studios $1,255 $15,060 $1,750 $21,000 18 1 Bed/1 Bath $1,586 $28,543 $2,150 $38,700 3 2 Bed/2 Bath $2,303 $6,909 $2,850 $8,550 Income Current Market Scheduled Gross Income $606,152 $819,000 Plus: Laundry Income $6,000 $6,000 Gross Operating Income (GOI): $612,152 $825,000 Vacancy Reserve: 3% ($18,365) ($24,750) Effective Gross Income (EGI) $593,787 $800,250 Estimated Expenses Percentage Per Unit *Taxes *Based on Purchase Price *Based on Purchase Price Insurance 1.55% $278 $9,170 $9,170 Utilities 3.02% $540 $17,820 $17,820 Repairs/Maintenance 5% $894 $30,308 $40,950 Off-Site Management 4% $715 $24,246 $32,760 Landscaping 0.41% $73 $2,400 $2,400 Trash 0.44% $78 $2,580 $2,580 On-Site Management 1.02% $182 $6,000 $6,000 Miscellanous 0.56% $100 $3,300 $3,300 Total Estimated Expenses (Property taxes not included) $95,824 $114,980 *Note: Property Taxes not included in estmated expenses. Property taxes will be based on the purchase price. Net Operating Income (NOI) $497,964 $685,270 *Note: Property Taxes not included. Property taxes will be based on the purchase price. Factor estimated property taxes into your analysis. Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 27

FINANCIAL SUMMARY 3706 Mentone Avenue, Los Angeles 3706 Mentone Avenue Financial Summary Unit Mix & Rent Schedule Units Unit Type Current Avg. Rent Current Income/Mo Market Rent Market Income/Mo 2 Studios $1,284 $2,567 $1,750 $3,500 1 1 Bed/1 Bath $1,600 $1,600 $2,150 $2,150 1 2 Bed/1 Bath $1,787 $1,787 $2,650 $2,650 4 2 Bed/1.5 Bath $1,948 $7,794 $2,750 $11,000 1 3 Bed/2 Bath $3,135 $3,135 $3,500 $3,500 Income Current Market Scheduled Gross Income $202,596 $273,600 Plus: Laundry Income $1,200 $1,200 Gross Operating Income (GOI): $203,796 $274,800 Vacancy Reserve: 3% ($6,114) ($8,244) Effective Gross Income (EGI) $197,682 $266,556 Estimated Expenses Percentage Per Unit *Taxes *Based on Purchase Price *Based on Purchase Price Insurance 2.09% $467 $4,200 $4,200 Utilities 2.68% $600 $5,400 $5,400 Repairs/Maintenance 5% $1,118 $10,130 $13,680 Off-Site Management 4% $894 $8,104 $10,944 Landscaping 0.60% $133 $1,200 $1,800 Trash 1.28% $287 $2,580 $2,580 Miscellanous 0.45% $100 $900 $900 Total Estimated Expenses (Property taxes not included) $32,514 $39,504 *Note: Property Taxes not included in estmated expenses. Property taxes will be based on the purchase price. Net Operating Income (NOI) $165,168 $227,052 *Note: Property Taxes not included. Property taxes will be based on the purchase price. Factor estimated property taxes into your analysis. 28 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

PROPERTY DESCRIPTION Rent Rolls 2455 CORINTH AVENUE 9404 REGENT STREET 101 2+2 $2,530.00 $3,150.00 102 2+2 $2,530.00 $3,150.00 103 2+2 $2,530.00 $3,150.00 104 2+2 $2,430.00 $3,150.00 105 2+2 $2,530.00 $3,150.00 106 2+2 $2,630.00 $3,150.00 107 2+2 $2,530.00 $3,150.00 108 1+1 $1,800.00 $3,150.00 201 2+2 $2,430.00 $3,150.00 202 2+2 $2,530.00 $3,150.00 Total: $24,470.00 $31,500 Annual Rent: $293,640 $378,000 3706 MENTONE AVENUE Unit Type Rent Market 1 2+1 $1,786.84 $2,695.00 2 2+1.5 $1,786.84 $2,795.00 3 3+2 $3,135.00 $3,350.00 4 Single $1,267.42 $1,595.00 5 2+1.5 $1,786.84 $2,795.00 6 2+1.5 $2,403.51 $2,795.00 7 1+1 $1,600.11 $1,895.00 8 2+1.5 $1,816.41 $2,795.00 9 Single $1,300.00 $1,595.00 Unit Type Rent Market 101 1+1 $1,533.84 $1,895.00 102 1+1 $1,477.60 $1,895.00 103 1+1 $1,700.00 $1,895.00 104 1+1 $1,700.00 $1,895.00 105 1+1 $1,568.29 $1,895.00 106 1+1 $1,605.26 $1,895.00 107 Single $1,259.19 $1,595.00 108 Single $1,325.00 $1,595.00 109 2+2 $2,162.00 $2,895.00 110 Single $1,239.61 $1,595.00 111 Single $1,259.18 $1,595.00 201 1+1 $1,626.00 $1,895.00 202 1+1 $1,682.51 $1,895.00 203 1+1 $1,437.42 $1,895.00 204 1+1 $1,335.57 $1,895.00 205 1+1 $1,732.51 $1,895.00 206 1+1 $1,682.51 $1,895.00 207 Single $1,316.86 $1,595.00 208 Single $1,274.63 $1,595.00 209 2+2 $2,506.51 $2,895.00 210 Single $1,300.00 $1,595.00 211 Single $1,226.22 $1,595.00 301 1+1 $1,580.00 $1,895.00 302 1+1 $1,569.00 $1,895.00 303 1+1 $1,486.34 $1,895.00 304 1+1 $1,358.21 $1,895.00 305 1+1 $1,682.51 $1,895.00 306 1+1 $1,785.51 $1,895.00 307 Single $1,342.61 $1,595.00 308 Single $1,173.69 $1,595.00 309 2+2 $2,240.77 $2,895.00 310 Single $1,100.00 $1,595.00 311 Single $1,243.26 $1,595.00 Total: $16,882.97 $22,310 Annual Rent: $202,596 $267,720 Total: $50,512.61 $61,935 Annual Rent: $606,151 $743,220 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 29

MARKET OVERVIEW

MARKET OVERVIEW Corinth Sale Comparables Summary Address # of Units Year Built Sales Price 1 3353 Shelby Dr 16 1984 $6,737,000 17,252 1,078 $421,063 $391 2.34% NA 05/26/17 Los Angeles, CA 90034 2 11369 Pearl St. 9 1989 $4,826,000 9,852 1,095 $536,222 $490 3.56% 17.29 03/14/17 Los Angeles, CA 90064 3 11235 Richland Ave. 9 1987 $4,250,000 7,916 880 $472,222 $537 NA NA 10/27/17 Los Angeles, CA 90064 4 3321 Keystone Ave. 9 1988 $3,946,000 7,850 872 $438,444 $503 3.72% 16.14 11/18/16 Los Angeles, CA 90034 5 3726 Midale Ave. 7 1987 $2,830,000 6,355 908 $404,286 $445 2.86% 22.05 04/15/17 Los Angeles, CA 90034 6 2642 S. Sepulveda Blvd. 7 1987 $2,535,000 5,698 814 $362,143 $445 4.20% 14.91 11/09/17 Los Angeles, CA 90064 AVERAGES 10 1987 $4,187,333 9,154 941 $439,063 $468 3.34% 17.60 Rentable Sq. Ft. Avg SqFt/Unit Price/Unit Price/ Sq. Ft. CAP Rate GRM Close of Escrow Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 31

MARKET OVERVIEW Corinth Sale Comparables Detail Sales Comparable #1 Sales Comparable #4 3353 Shelby Dr 3321 Keystone Ave. Close of Escrow: 5/26/2017 Los Angeles, CA 90034 Close of Escrow: 11/18/2016 Los Angeles, CA 90034 Sales Price: $6,737,000 CAP Rate: 2.34% Sales Price: $3,946,000 CAP Rate: 3.72% Rentable Sq. Ft.: 17,252 GRM: NA Rentable Sq. Ft.: 7,850 GRM: 16.14 Unit Mix: 8 (1+1) Price/Sq. Ft.: $391 Year Built: 1984 Unit Mix: 4 (1+1) Price/Sq. Ft.: $503 Year Built: 1988 4 (2+2) 5 (2+2) 4 (3+2) Price/Unit: $421,063 Number of Units: 16 Price/Unit: $438,444 Number of Units: 9 Sales Comparable #2 Sales Comparable #5 11369 Pearl St. 3726 Midale Ave. Close of Escrow: 3/14/2017 Los Angeles, CA 90064 Close of Escrow: 4/15/2017 Los Angeles, CA 90034 Sales Price: $4,826,000 CAP Rate: 3.56% Sales Price: $2,830,000 CAP Rate: 2.86% Rentable Sq. Ft.: 9,852 GRM: 17.29 Rentable Sq. Ft.: 6,355 GRM: 22.05 Unit Mix: 9 (2+2) Price/Sq. Ft.: $490 Year Built: 1989 Unit Mix: 4 (1+1) Price/Sq. Ft.: $445 Year Built: 1987 3 (2+2) Price/Unit: $536,222 Number of Units: 9 Price/Unit: $404,286 Number of Units: 7 Sales Comparable #3 Sales Comparable #6 11235 Richland Ave. 2642 S. Sepulveda Blvd. Close of Escrow: 10/27/2017 Los Angeles, CA 90064 Close of Escrow: 11/9/2017 Los Angeles, CA 90064 Sales Price: $4,250,000 CAP Rate: NA Sales Price: $2,535,000 CAP Rate: 4.20% Rentable Sq. Ft.: 7,916 GRM: NA Rentable Sq. Ft.: 5,698 GRM: 14.91 Unit Mix: 7 (2+2) Price/Sq. Ft.: $537 Year Built: 1987 Unit Mix: 6 (1+1) Price/Sq. Ft.: $445 Year Built: 1987 2 (3+2) 1 (2+2) Price/Unit: $472,222 Number of Units: 9 Price/Unit: $362,143 Number of Units: 7 32 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Corinth Rent Comparables Summary - 1 Bedroom # Address City # of Units Year Built 1 Bedroom 1 1725 Purdue Ave. Los Angeles, CA 90025 20 1967 $2,150 2 2901 S. Sepulveda Blvd. Los Angeles, CA 90064 204 1973 $2,285 3 2820 Sawtelle Blvd. Los Angeles, CA 90064 66 2006 $2,195 4 12219 Ocean Park Blvd. Los Angeles, CA 90064 4 1941 $2,150 5 12301 W. Pico Blvd. Los Angeles, CA 90064 94 2014 $2,586 6 1920 Sawtelle Blvd. Los Angeles, CA 90025 41 1988 $2,395 AVERAGES 72 1982 $2,294 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 33

MARKET OVERVIEW Corinth Rent Comparables Detail - 1 Bedroom Rent Comparable #1 Rent Comparable #4 1725 Purdue Ave. 12219 Ocean Park Blvd. Los Angeles, CA 90025 Los Angeles, CA 90064 # of Units: 20 Beds Baths Rent # of Units: 4 Beds Baths Rent Year Built: 1967 1 1 $ 2,150 Year Built: 1941 1 1 $ 2,150 Rent Comparable #2 Rent Comparable #5 2901 S. Sepulveda Blvd. 12301 W. Pico Blvd. Los Angeles, CA 90064 Los Angeles, CA 90064 # of Units: 204 Beds Baths Rent # of Units: 94 Beds Baths Rent Year Built: 1973 1 1 $ 2,285 Year Built: 2014 1 1 $ 2,586 Rent Comparable #3 Rent Comparable #6 2820 Sawtelle Blvd. 1920 Sawtelle Blvd. Los Angeles, CA 90064 Los Angeles, CA 90025 # of Units: 66 Beds Baths Rent # of Units: 41 Beds Baths Rent Year Built: 2006 1 1 $ 2,195 Year Built: 1988 1 1 $ 2,395 34 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Corinth Rent Comparables Summary - 2 Bedroom # Address City # of Units Year Built 2 Bedroom 1 2475 Corinth Ave. Los Angeles, CA 90064 33 1987 $2,695 2 12301 W. Pico Blvd. Los Angeles, CA 90064 94 2014 $3,266-$3,462 3 2669 S. Barrington Ave. Los Angeles, CA 90064 22 1990 $2,995 4 2433 Barry Ave. Los Angeles, CA 90064 26 1985 $2,845 5 3165 Sawtelle Blvd. Los Angeles, CA 90066 35 1999 $3,514-$3,702 6 2310 S. Bentley Ave. Los Angeles, CA 90064 5 1958 $2,995 AVERAGES 36 1989 $3,084 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 35

MARKET OVERVIEW Corinth Rent Comparables Detail - 2 Bedroom Rent Comparable #1 Rent Comparable #4 2475 Corinth Ave. 2433 Barry Ave. Los Angeles, CA 90064 Los Angeles, CA 90064 # of Units: 33 Beds Baths Rent # of Units: 26 Beds Baths Rent Year Built: 1987 2 2 $ 2,695 Year Built: 1985 2 2 $ 2,845 Rent Comparable #2 Rent Comparable #5 12301 W. Pico Blvd. 3165 Sawtelle Blvd. Los Angeles, CA 90064 Los Angeles, CA 90066 # of Units: 94 Beds Baths Rent # of Units: 35 Beds Baths Rent Year Built: 2014 2 2 $3,266-$3,462 Year Built: 1999 2 2 $3,514-$3,702 Rent Comparable #3 Rent Comparable #6 2669 S. Barrington Ave. 2310 S. Bentley Ave. Los Angeles, CA 90064 Los Angeles, CA 90064 # of Units: 22 Beds Baths Rent # of Units: 5 Beds Baths Rent Year Built: 1990 2 2 $ 2,995 Year Built: 1958 2 2 $ 2,995 36 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Regent Sale Comparables Summary Address # of Units Year Built Sales Price 1 3200 Bagley Ave. 10 1966 $3,829,000 8,716 872 $382,900 $439 3.77% 15.90 08/08/17 Los Angeles, CA 90034 2 10877 Rose Ave. 9 1969 $3,150,000 10,137 1,126 $350,000 $311 3.50% NA 04/27/17 Los Angeles, CA 90034 3 3652 Clarington Ave. 5 1965 $1,900,000 4,264 853 $380,000 $446 NA NA 12/06/17 Los Angeles, CA 90034 4 10603 10609 Palms Blvd. 5 1963 $2,680,000 4,860 972 $536,000 $551 3.67% NA 03/31/17 Los Angeles, CA 90034 5 3615 Bagley Ave. 8 1965 $2,550,000 5,411 676 $318,750 $471 4.05% 14.82 01/20/17 Los Angeles, CA 90034 6 3667 Keystone Ave. 6 1963 $2,200,000 5,440 907 $366,667 $404 NA NA 07/28/17 Los Angeles, CA 90034 AVERAGES 7 1965 $2,718,167 6,471 901 $389,053 $437 3.75% 15.36 Rentable Sq. Ft. Avg SqFt/Unit Price/Unit Price/ Sq. Ft. CAP Rate* GRM Close of Escrow Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 37

MARKET OVERVIEW Regent Sale Comparables Detail Sales Comparable #1 Sales Comparable #4 3200 Bagley Ave. 10603-10609 Palms Blvd. Close of Escrow: 8/8/2017 Los Angeles, CA 90034 Close of Escrow: 3/31/2017 Los Angeles, CA 90034 Sales Price: $3,829,000 CAP Rate: 3.77% Sales Price: $2,680,000 CAP Rate: 3.67% Rentable Sq. Ft.: 8,716 GRM: 15.90 Rentable Sq. Ft.: 4,860 GRM: NA Unit Mix: 6 (1+1) Price/Sq. Ft.: $439 Year Built: 1966 Unit Mix: 4 (2+1.5) Price/Sq. Ft.: $551 Year Built: 1963 4 (2+2) 1 (3+1) Price/Unit: $382,900 Number of Units: 10 Price/Unit: $536,000 Number of Units: 5 Sales Comparable #2 Sales Comparable #5 10877 Rose Ave. 3615 Bagley Ave. Close of Escrow: 4/27/2017 Los Angeles, CA 90034 Close of Escrow: 1/20/2017 Los Angeles, CA 90034 Sales Price: $3,150,000 CAP Rate: 3.50% Sales Price: $2,550,000 CAP Rate: 4.05% Rentable Sq. Ft.: 10,137 GRM: NA Rentable Sq. Ft.: 5,411 GRM: 14.82 Unit Mix: 4 (1+1) Price/Sq. Ft.: $311 Year Built: 1969 Unit Mix: 1 (0+1) Price/Sq. Ft.: $471 Year Built: 1965 4 (2+2) 2 (1+1) 1 (3+2) Price/Unit: $350,000 Number of Units: 9 2 (2+1) Price/Unit: $318,750 Number of Units: 8 3 (3+2) Sales Comparable #3 Sales Comparable #6 3652 Clarington Ave. 3667 Keystone Ave. Close of Escrow: 12/6/2017 Los Angeles, CA 90034 Close of Escrow: 7/28/2017 Los Angeles, CA 90034 Sales Price: $1,900,000 CAP Rate: NA Sales Price: $2,200,000 CAP Rate: NA Rentable Sq. Ft.: 4,264 GRM: NA Rentable Sq. Ft.: 5,440 GRM: NA Unit Mix: 3 (1+1) Price/Sq. Ft.: $446 Year Built: 1965 Unit Mix: 1 (1+1) Price/Sq. Ft.: $404 Year Built: 1963 2 (2+2) 2 (2+1) Price/Unit: $380,000 Number of Units: 5 3 (3+2) Price/Unit: $366,667 Number of Units: 6 38 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Regent Rent Comparables Summary - Singles # Address City # of Units Year Built Single 1 3742 Motor Ave. Los Angeles, CA 90034 25 1941 $1,695 2 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,290-$2,840 3 10874 Rose Ave. Los Angeles, CA 90034 10 1967 $1,575 4 3745 Glendon Ave. Los Angeles, CA 90034 42 1986 $1,595 5 10751 Rose Ave. Los Angeles, CA 90034 118 1962 $1,650 6 3325 S. Canfield Ave. Los Angeles, CA 90034 28 2006 $1,735-$2,250 AVERAGES 57 1975 $1,845 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 39

MARKET OVERVIEW Regent Rent Comparables Detail - Singles Rent Comparable #1 Rent Comparable #4 3742 Motor Ave. 3745 Glendon Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 25 Beds Baths Rent # of Units: 42 Beds Baths Rent Year Built: 1941 0 1 $ 1,695 Year Built: 1986 0 1 $ 1,595 Rent Comparable #2 Rent Comparable #5 3324 Castle Heights Ave. 10751 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 120 Beds Baths Rent # of Units: 118 Beds Baths Rent Year Built: 1986 0 1 $2,290-$2,840 Year Built: 1962 0 1 $ 1,650 Rent Comparable #3 Rent Comparable #6 10874 Rose Ave. 3325 S. Canfield Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 10 Beds Baths Rent # of Units: 28 Beds Baths Rent Year Built: 1967 0 1 $ 1,575 Year Built: 2006 0 1 $1,735-$2,250 40 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Regent Rent Comparables Summary - 1 Bedroom # Address City # of Units Year Built One Bedroom 1 10001 Venice Blvd. Los Angeles, CA 90034 115 2006 $2,730-$2,879 2 3768 Bagley Ave. Los Angeles, CA 90034 17 1987 $2,295 3 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,560-$3,390 4 10800 Rose Ave. Los Angeles, CA 90034 38 1967 $2,195 5 10853 Rose Ave. Los Angeles, CA 90034 72 1972 $2,250 6 3432 Keystone Ave. Los Angeles, CA 90034 10 1958 $2,000 AVERAGES 62 1979 $2,420 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 41

MARKET OVERVIEW Regent Rent Comparables Detail - 1 Bedroom Rent Comparable #1 Rent Comparable #4 10001 Venice Blvd. 10800 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 115 Beds Baths Rent # of Units: 38 Beds Baths Rent Year Built: 2006 1 1 $2,730-$2,879 Year Built: 1967 1 1 $ 2,195 Rent Comparable #2 Rent Comparable #5 3768 Bagley Ave. 10853 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 17 Beds Baths Rent # of Units: 72 Beds Baths Rent Year Built: 1987 1 1 $ 2,295 Year Built: 1972 1 1 $ 2,250 Rent Comparable #3 Rent Comparable #6 3324 Castle Heights Ave. 3432 Keystone Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 120 Beds Baths Rent # of Units: 10 Beds Baths Rent Year Built: 1986 1 1 $2,560-$3,390 Year Built: 1958 1 1 $ 2,000 42 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Regent Rent Comparables Summary - 2 Bedroom # Address City # of Units Year Built Two Bedroom 1 10001 Venice Blvd. Los Angeles, CA 90034 115 2006 $3,600-$3,644 2 3665 Hughes Ave. Los Angeles, CA 90034 64 1988 $3,095 3 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,850-$3,985 4 10853 Rose Ave. Los Angeles, CA 90034 72 1972 $3,050 5 10705 Rose Ave. Los Angeles, CA 90034 60 1962 $3,050 6 10535 Rose Ave. Los Angeles, CA 90034 31 1968 $2,695 AVERAGES 77 1980 $3,155 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 43

MARKET OVERVIEW Regent Rent Comparables Detail - 2 Bedroom Rent Comparable #1 Rent Comparable #4 10001 Venice Blvd. 10853 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 115 Beds Baths Rent # of Units: 72 Beds Baths Rent Year Built: 2006 2 2 $3,600-$3,644 Year Built: 1972 2 2 $ 3,050 Rent Comparable #2 Rent Comparable #5 3665 Hughes Ave. 10705 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 64 Beds Baths Rent # of Units: 60 Beds Baths Rent Year Built: 1988 2 2 $ 3,095 Year Built: 1962 2 2 $ 3,050 Rent Comparable #3 Rent Comparable #6 3324 Castle Heights Ave. 10535 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 120 Beds Baths Rent # of Units: 31 Beds Baths Rent Year Built: 1986 2 2 $2,850-$3,985 Year Built: 1968 2 2 $ 2,695 44 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Mentone Sale Comparables Summary Address # of Units Year Built Sales Price 1 3200 Bagley Ave. 10 1966 $3,829,000 8,716 872 $382,900 $439 3.77% 15.90 08/08/17 Los Angeles, CA 90034 2 10877 Rose Ave. 9 1969 $3,150,000 10,137 1,126 $350,000 $311 3.50% NA 04/27/17 Los Angeles, CA 90034 3 3652 Clarington Ave. 5 1965 $1,900,000 4,264 853 $380,000 $446 NA NA 12/06/17 Los Angeles, CA 90034 4 10603 10609 Palms Blvd. 5 1963 $2,680,000 4,860 972 $536,000 $551 3.67% NA 03/31/17 Los Angeles, CA 90034 5 3615 Bagley Ave. 8 1965 $2,550,000 5,411 676 $318,750 $471 4.05% 14.82 01/20/17 Los Angeles, CA 90034 6 3667 Keystone Ave. 6 1963 $2,200,000 5,440 907 $366,667 $404 NA NA 07/28/17 Los Angeles, CA 90034 AVERAGES 7 1965 $2,718,167 6,471 901 $389,053 $437 3.75% 15.36 Rentable Sq. Ft. Avg SqFt/Unit Price/Unit Price/ Sq. Ft. CAP Rate* GRM Close of Escrow Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 45

MARKET OVERVIEW Mentone Sale Comparables Detail Sales Comparable #1 Sales Comparable #4 3200 Bagley Ave. 10603-10609 Palms Blvd. Close of Escrow: 8/8/2017 Los Angeles, CA 90034 Close of Escrow: 3/31/2017 Los Angeles, CA 90034 Sales Price: $3,829,000 CAP Rate: 3.77% Sales Price: $2,680,000 CAP Rate: 3.67% Rentable Sq. Ft.: 8,716 GRM: 15.90 Rentable Sq. Ft.: 4,860 GRM: NA Unit Mix: 6 (1+1) Price/Sq. Ft.: $439 Year Built: 1966 Unit Mix: 4 (2+1.5) Price/Sq. Ft.: $551 Year Built: 1963 4 (2+2) 1 (3+1) Price/Unit: $382,900 Number of Units: 10 Price/Unit: $536,000 Number of Units: 5 Sales Comparable #2 Sales Comparable #5 10877 Rose Ave. 3615 Bagley Ave. Close of Escrow: 4/27/2017 Los Angeles, CA 90034 Close of Escrow: 1/20/2017 Los Angeles, CA 90034 Sales Price: $3,150,000 CAP Rate: 3.50% Sales Price: $2,550,000 CAP Rate: 4.05% Rentable Sq. Ft.: 10,137 GRM: NA Rentable Sq. Ft.: 5,411 GRM: 14.82 Unit Mix: 4 (1+1) Price/Sq. Ft.: $311 Year Built: 1969 Unit Mix: 1 (0+1) Price/Sq. Ft.: $471 Year Built: 1965 4 (2+2) 2 (1+1) 1 (3+2) Price/Unit: $350,000 Number of Units: 9 2 (2+1) Price/Unit: $318,750 Number of Units: 8 3 (3+2) Sales Comparable #3 Sales Comparable #6 3652 Clarington Ave. 3667 Keystone Ave. Close of Escrow: 12/6/2017 Los Angeles, CA 90034 Close of Escrow: 7/28/2017 Los Angeles, CA 90034 Sales Price: $1,900,000 CAP Rate: NA Sales Price: $2,200,000 CAP Rate: NA Rentable Sq. Ft.: 4,264 GRM: NA Rentable Sq. Ft.: 5,440 GRM: NA Unit Mix: 3 (1+1) Price/Sq. Ft.: $446 Year Built: 1965 Unit Mix: 1 (1+1) Price/Sq. Ft.: $404 Year Built: 1963 2 (2+2) 2 (2+1) Price/Unit: $380,000 Number of Units: 5 3 (3+2) Price/Unit: $366,667 Number of Units: 6 46 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Mentone Rent Comparables Summary - Singles # Address City # of Units Year Built Single 1 3742 Motor Ave. Los Angeles, CA 90034 25 1941 $1,695 2 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,290-$2,840 3 10874 Rose Ave. Los Angeles, CA 90034 10 1967 $1,575 4 3745 Glendon Ave. Los Angeles, CA 90034 42 1986 $1,595 5 10751 Rose Ave. Los Angeles, CA 90034 118 1962 $1,650 6 3325 S. Canfield Ave. Los Angeles, CA 90034 28 2006 $1,735-$2,250 AVERAGES 57 1975 $1,845 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 47

MARKET OVERVIEW Mentone Rent Comparables Detail - Singles Rent Comparable #1 Rent Comparable #4 3742 Motor Ave. 3745 Glendon Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 25 Beds Baths Rent # of Units: 42 Beds Baths Rent Year Built: 1941 0 1 $ 1,695 Year Built: 1986 0 1 $ 1,595 Rent Comparable #2 Rent Comparable #5 3324 Castle Heights Ave. 10751 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 120 Beds Baths Rent # of Units: 118 Beds Baths Rent Year Built: 1986 0 1 $2,290-$2,840 Year Built: 1962 0 1 $ 1,650 Rent Comparable #3 Rent Comparable #6 10874 Rose Ave. 3325 S. Canfield Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 10 Beds Baths Rent # of Units: 28 Beds Baths Rent Year Built: 1967 0 1 $ 1,575 Year Built: 2006 0 1 $1,735-$2,250 48 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Mentone Rent Comparables Summary - 1 Bedroom # Address City # of Units Year Built One Bedroom 1 10001 Venice Blvd. Los Angeles, CA 90034 115 2006 $2,730-$2,879 2 3768 Bagley Ave. Los Angeles, CA 90034 17 1987 $2,295 3 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,560-$3,390 4 10800 Rose Ave. Los Angeles, CA 90034 38 1967 $2,195 5 10853 Rose Ave. Los Angeles, CA 90034 72 1972 $2,250 6 3432 Keystone Ave. Los Angeles, CA 90034 10 1958 $2,000 AVERAGES 62 1979 $2,420 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 49

MARKET OVERVIEW Mentone Rent Comparables Detail - 1 Bedroom Rent Comparable #1 Rent Comparable #4 10001 Venice Blvd. 10800 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 115 Beds Baths Rent # of Units: 38 Beds Baths Rent Year Built: 2006 1 1 $2,730-$2,879 Year Built: 1967 1 1 $ 2,195 Rent Comparable #2 Rent Comparable #5 3768 Bagley Ave. 10853 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 17 Beds Baths Rent # of Units: 72 Beds Baths Rent Year Built: 1987 1 1 $ 2,295 Year Built: 1972 1 1 $ 2,250 Rent Comparable #3 Rent Comparable #6 Los Angeles, CA 90034 3432 Keystone Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 120 Beds Baths Rent # of Units: 10 Beds Baths Rent Year Built: 1986 1 1 $2,560-$3,390 Year Built: 1958 1 1 $ 2,000 50 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Mentone Rent Comparables Summary - 2 Bedroom # Address City # of Units Year Built Two Bedroom 1 10001 Venice Blvd. Los Angeles, CA 90034 115 2006 $3,600-$3,644 2 3665 Hughes Ave. Los Angeles, CA 90034 64 1988 $3,095 3 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,850-$3,985 4 10853 Rose Ave. Los Angeles, CA 90034 72 1972 $3,050 5 10705 Rose Ave. Los Angeles, CA 90034 60 1962 $3,050 6 10535 Rose Ave. Los Angeles, CA 90034 31 1968 $2,695 AVERAGES 77 1980 $3,155 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 51

MARKET OVERVIEW Mentone Rent Comparables Detail - 2 Bedroom Rent Comparable #1 Rent Comparable #4 10001 Venice Blvd. 10853 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 115 Beds Baths Rent # of Units: 72 Beds Baths Rent Year Built: 2006 2 2 $3,600-$3,644 Year Built: 1972 2 2 $ 3,050 Rent Comparable #2 Rent Comparable #5 3665 Hughes Ave. 10705 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 64 Beds Baths Rent # of Units: 60 Beds Baths Rent Year Built: 1988 2 2 $ 3,095 Year Built: 1962 2 2 $ 3,050 Rent Comparable #3 Rent Comparable #6 3324 Castle Heights Ave. 10535 Rose Ave. Los Angeles, CA 90034 Los Angeles, CA 90034 # of Units: 120 Beds Baths Rent # of Units: 31 Beds Baths Rent Year Built: 1986 2 2 $2,850-$3,985 Year Built: 1968 2 2 $ 2,695 52 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

MARKET OVERVIEW Mentone Rent Comparables Summary - 3 Bedroom # Address City # of Units Year Built Three Bedroom 1 3325 S. Canfield Ave. Los Angeles, CA 90034 28 2006 $3,585 2 3737 S. Bentley Ave. Los Angeles, CA 90034 25 2018 $4,000-$4,300 AVERAGES 27 2012 $3,868 Lee & Associates - LA North/Ventura 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 818.986.9800 Corp ID #01191898 No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 53

MARKET OVERVIEW Mentone Rent Comparables Detail - 3 Bedroom Rent Comparable #1 10001 Venice Blvd. Los Angeles, CA 90034 # of Units: 115 Beds Baths Rent Year Built: 2006 2 2 $3,600-$3,644 Rent Comparable #2 3665 Hughes Ave. Los Angeles, CA 90034 # of Units: 64 Beds Baths Rent Year Built: 1988 2 2 $ 3,095 54 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California

BROKER RESUME

ABOUT LEE Broker Resume 56 Specialty / Expertise RYAN o connor Lee & Associates-LA North/Ventura, Inc. Corporate ID# 01191898; License ID #01931969 A Member of the Lee & Associates Group of Companies 15250 Ventura Blvd. Ste. 100 Sherman Oaks, CA 91403 d: 818.444.4965 l c: 805.341.1273 l f: 818.385.4365 E-mail: roconnor@lee-re.com Ryan O Connor is an Associate of Lee & Associates-LA North/Ventura with a broad-based background in real estate, property management and property tax assessment. He has worked extensively with property owners and financial institutions evaluating and preparing properties for sale and representing buyers and sellers in the acquisition and disposition of multifamily and retail assets. Mr. O Connor s expertise also includes assisting property owners to reduce property taxes by analyzing assets including income generation, researching comparable properties and filing appeals with the County Assessor. He is also familiar with all aspects of unlawful detainer/abandonment cases. Career History / Professional Recognition Mr. O Connor joined Lee & Associates as a sales assistant and was elevated to associate status after less than a year. He previously worked for Jamison Services, Inc., a prominent real estate investment firm with a portfolio in excess of 150 properties. Earlier in his career, Mr. O Connor served with Assessment Appeal Advisors LLC-Commercial Realty Consultants. Representative Sales (partial list) 80-Unit Multifamily; San Bernardino, CA; $10,250,000 14-Unit Multifamily; Sherman Oaks, CA; $6,150,000 28-Unit Multifamily; Van Nuys, CA; $4,575,000 12-Unit Multifamily; Venice, CA; $3,930,000 9-Unit Multifamily; North Hollywood, CA; $1,580,000 15,620-SF Retail; Bakersfield; CA; $4,100,000 5,165-SF Retail; Peoria, AZ; $2,735,000 1,974-SF Retail; Fresno, CA; $2,200,000 Associations / Education B.A., University of Southern California College of Letters Arts and Sciences where his academic achievements included membership in the USC Chapter of Sigma Alpha Lambda s Honor s Society and Dean s List recognition. California Bureau of Real Estate Salesperson License 3-PROPERTY PORTFOLIO INVESTMENT MULTIFAMILY West Los Angeles & Palms, California