KITTY WALLACE Lic. 01218779 310.622.1900 kitty.wallace@colliers.

com

INVESTMENT HIGHLIGHTS

BEVERLY ALVARADO APARTMENTS

Beautifully Renovated Echo Park Apartment Building that is not Subject to RentControl: This 1990 building was recently transformed into a luxurious apartment community featuring classy interiors. Beverly Alvarado Apartments offers residents brand new modern conveniences with granite countertops, black appliances including a dishwasher, refrigerator, and a stove. The units feature large closets, central air and heat, and balconies in most units. 60 + 1 Nonconforming Rened Apartments with Desirable Common Area Amenities including a lobby, an elevator, tness center, laundry facility, and on-site management. The property has gated entrances with controlled access, night patrol, and a two-story parking garage with 80 subterranean spaces. Many units have views of the city skyline just across the 110 freeway. Situated in Echo Park and just ve blocks of Downtown Los Angeles: The population of Echo Park increased by 12% between 2000 and 2012. This was 3 times Los Angeles population growth rate, and it is expected to grow by another 4.2% over the next ve years. Transit oriented location: Downtown, which borders Echo Park, is the most accessible region in Los Angeles County. It is the center of the four most traveled freeways in Southern California, as well as the expanding light-rail and metro-rail systems with hubs at Union Station. Residents can easily walk to one of half a dozen Metro Line stops less than a mile away. Over $32 Billion in New Area Developments: Downtown Los Angeles has undergone a major redevelopment effort since 1999 with exciting new commercial, cultural, and multifamily developments that have transformed the area into one of Southern Californias most desirable residential neighborhoods. There is another $2.5 billion in new projects currently under construction and in the pipeline including the Eli Broad Museum, the Grand Avenue project, the Metropolis, and the much anticipated Farmers Field NFL Stadium. Excellent Multifamily Fundamentals: REIS projects that rents in the Wilshire/ Westlake submarket will increase 2.2% over the next ve years. Year to date submarket rental growth for 2013 is 0.7% compared to Los Angeles at 0.5%, or the nation at 0.7%. The year-to-date occupancy rate for the submarket is 96.7% compared to the West at 96.4% or the nation at 95.7% (Source: REIS).

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PROPERTY DESCRIPTION
Beverly Alvarado Apartments is an impeccably renovated multifamily property that was constructed in 1990 and is not subject to rent control The property has undergone signicant upgrades and the units are currently being leased as well appointed apartments with rents that range from $1,140 to $2,000. The 22,704 square foot property consists of 60 residential units + 1 noncomforming unit totaling 46,126 rentable square feet. The unit mix is comprised of 1 (one) nonconforming studio, 36 (thirty-six) one-bedroom, one-bathroom units, 19 (nineteen) two-bedroom, two-bathroom units, and 5 (ve) two-bedroom, twobathroom loft units. The nonconforming studio is 471 square feet and is currently being held for an onsite manager to occupy upon new ownership. The studio is located on the lower level, just off the courtyard and has an achievable market rent of $1,200/ month. The average one-bedroom unit size is approximately 633 square feet, the twobedroom units average approximately 778 square feet and the average two-bedroom loft unit size is roughly 734 square feet.
Unit Type Nonconforming Studio One Bed, One Bath Two Bed, Two Bath Two Bed, Two Bath + Loft Count 1 36 19 5 SF 471 625-800 625-800 730-750

BEVERLY ALVARADO APARTMENTS

The property has gated entrances with controlled access, night patrol, and a two-story parking garage with 80 subterranean spaces. Many units have views of the city skyline just across the 110 freeway. The apartment community was upgraded with the trendy tastes of Echo Parks urban residents in mind. They are spacious apartment homes offering luxurious one- and two-bedroom units with a variety of open oor plans. The unit interiors feature modern amenities with black kitchen appliances including a refrigerator, stove, and a dishwasher. Additional unit amenities include large closets, hardwood laminate ooring, granite countertops, and central air and heating. Value-Add Potential - Beverly Alvarado Apartments is performing very well in its current state, however we see the opportunity to increase N.O.I. further by implementing a few strategic ideas. There are underutilized areas that could be easily converted to other amenities. In addition, there are further opportunities to implement additional upgrades to the unit interiors, ultimately offering greater rental upside.

Beverly Alvarado Apartments offers an impressive amenity package including a lobby, an elevator, tness center, laundry facility, and on-site management.

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PROPERTY DETAILS
APN:

BEVERLY ALVARADO APARTMENTS

5157-020-104 Latitude: 34.0688, Longitude: -118.2692 22,704 SF/.521 Acres 117 units per acre 46,126 SF LAR4 Stucco Concrete Slab Flat 3 stories

W CO

URT

ST

Map Coordinates: Gross Lot Area: Density:

ST

Rentable SF: Zoning: Construction Type: Foundation: Roof:

Pricing: Address: Year built: Units: Frontage: Occupancy: Parking: Unit Features:

$12,300,000 245 N. Alvarado Street, Los Angeles, CA 90026 1990 60 + 1 nonconforming units 177 feet on Alvarado Street 89% occupied 80 subterranean secured parking spaces on 2 stories The unit interiors feature modern amenities with black kitchen appliances including a refrigerator, stove, and a dishwasher. Additional unit amenities include large closets, hardwood laminate ooring, granite countertops, and central air and heating. The property has gated entrances with controlled access, a lobby, an elevator, tness center, laundry facility, and on-site management. There is night patrol at the property, and a two-story parking garage with 80 subterranean spaces. Many units have balconies and views of the city skyline just across the 110 freeway.

AL VA R

AD

Stories: Construction Details: Windows: Plumbing: Utilities: Elevators: Utility Service:

Dual Pane Copper Individually metered except for hot water, which is master metered 1 - 5 Stop

Water and Sewer: Gas: Electricity:

Department of Water & Power Southern California Gas Company Department of Water & Power

Amenities:

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PROPERTY PHOTOS

BEVERLY ALVARADO APARTMENTS

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PROPERTY PHOTOS

BEVERLY ALVARADO APARTMENTS

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PROPERTY PHOTOS

BEVERLY ALVARADO APARTMENTS

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PROPERTY PHOTOS

BEVERLY ALVARADO APARTMENTS

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BEVERLY ALVARADO APARTMENTS

Market Overview

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AREA DESCRIPTION
Echo Park: Known for its colorful history, this hilltop residential area lies two miles northwest of downtown Los Angeles. Up until the 1880s, Echo Park consisted of small ranches and farms and beginning in 1886, due to the founding of Angelino Heights and the extension of the Los Angeles street car line, the area began to experience an inux of residents and visitors. The area evolved into an afuent, Victorian neighborhood for Los Angeles late 19th century upper-middle class. It contains some of the best remaining examples of Victorian-era architectural styles in Los Angeles, many of which have been converted into multifamily properties. Although it is close to working-class neighborhoods and some challenging properties, the area is relatively gentried due to its location on the edge of Koreatown and Downtown. Echo Park has once again started to thrive due to its proximity to transportation, popular attractions, and over 500,000 jobs in Downtown Los Angeles.

BEVERLY ALVARADO APARTMENTS

some of the Citys major amenities such as the Staples Center, the Los Angeles Convention Center and L.A. Live, a newly developed entertainment complex which features nearly 20 restaurants and entertainment options from the Nokia Theatre to Lucky Strike. Strong Population Growth: The history, ethnic diversity, and community redevelopment of this area have attracted an inux of young professionals, artists, musicians, and other entertainment industry workers. As a result, the population in this area is continuing to increase at a faster rate than the rest of the city. The population within one square mile increased by 3.1% between 2010 and the current year and it is expected to grow by 4.2% in the next ve years (Source: Claritas). Excellent Multifamily Fundamentals: Echo Parks proximity to major employment centers has resulted in above average occupancy rates historically; however, rental growth is limited in this area due to the populations lower income demographic. According to Reis, rental growth for the submarket increased by 0.7% year-to-date compared to Los Angeles which increased by 0.5% during this same time period. Rental growth in the area is projected to remain positive over the next ve years, especially for high-end properties like Beverly Alvarado Apartments. The submarket occupancy rate is currently 96.7%, higher than the west at 95.7%, and the nation at 95.4%.
Asking Rent Growth Rate Trends and Forecast
5 0 Wilshire Westlake Los Angeles -5 -10 2008 2009 2010 2011 2012 2013 2014 2015 2016 West United States

Earlier this year, Echo Park Lake was reopened after a two-year $45 million renovation project that not only served as the rebirth of the lake, but of the park and the neighborhood as well. After two years of draining, dredging, and rebuilding, Echo Park Lake now offers its visitors retopped pathways, new beds of lotus plants,playground equipment, and a beautiful place to pass the time. Residents enjoy the convenience of being centrally located to parks, restaurants, shops, transportation, and entertainment. This colorful and charming community offers numerous amenities within walking distance such as recreation at Echo Park Lake or a meal at one of the many neighboring restaurants and cafes. Dodger Stadium, one of Major League Baseballs top ranked ballparks, is within 1.5 miles of the property. The property is minutes to

Transit Oriented Location: This prime inll location is within easy reach of the four most traveled freeways in Southern California. Beverly Alvarado Apartments is only 3 blocks from the 101 freeway, 1.3 miles from the 110 freeway, and within 1 mile of half a dozen Metro Line stops. The 10 freeway is roughly 2.5 miles away and the 5 freeway is approximately 3.5 miles away. Proximity to these 4 major arterials and several public transportation options provides residents with easy access to numerous employment opportunities in Downtown, WilshireCenter, and Hollywood, as well as the surrounding areas.
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AREA DESCRIPTION
Employment: Downtowns resurgence has helped the local economy tremendously. The residents of Echo Park are within easy reach of the nancial districts 400,000+ jobs in over 100 companies. The ratio of jobs to Downtown residents is 12 to 1, which is extremely favorable when compared to other North American cities.
MAJOR EMPLOYERS WITHIN 3 MILES OF BEVERLY ALVARADO BUSINESS ACTIVITY EMPLOYER NO. OF EMPLOYEES
AFGE Local 505 American Apparel Inc American Apparel Retail Inc Arena Club Restaurant California Hospital Med Ctr Ernst & Young Fire Department North Inspection Gibson Dunn & Crutcher Good Samaritan Hospital Kaiser Sunset KPMG LA County Superior Court LA County District Attorneys Levy Restaurants Los Angeles City Hall Los Angeles County Superior Los Angeles Dodgers Los Angeles Sanitation Bureau Metro Los Angeles Couty MTA Pricewaterhouse Coopers Southern California Gas Co. 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 1000-4999 Labor Organizations Clothing - Manufacturers Apparel & Garments - Retail Restaurants Medical Centers Accountants Fire Departments Attorneys Hospitals Hospitals Accountants County Government - Courts Government Offices - County Restaurants City Government - Exec Offices Government Offices - County Professional Sports Clubs Environmental Programs Bus Lines Accountants Gas Companies

BEVERLY ALVARADO APARTMENTS

Eli Broad Museum: Work continues on the $100 million museum known as The Broad, which is rising on top of a three-level, 370-car garage. Once completed, the museum on Grand Avenue across from the Colburn School will house philanthropist Eli Broads 2,000-piece contemporary art collection. The institution is being designed by the New York rm Diller Scodio + Renfro and is scheduled for completion in late 2014 with free admission. Grand Park: The 12-acre Grand Park opened in 2012. It is one of the biggest parks in Los Angeles and stretches from The Music Center on the west to City Hall on the east. This $56 million project was commissioned by Grand Avenue project developer Related Cos. Grand Avenue Project: Related Californias $100 million mixed-use project broke ground in December of 2012 and is supposed to have massive amounts of retail, apartments/condos, and hotel rooms spread over several blocks surrounding Disney Hall. Currently under construction and situated just south of The Broad, the rst tower is a 19-story, 271-apartment tower with a 5,000 square foot restaurant space. Wilshire Grand: A $1 billion hotel and ofce project is coming to take the crown of tallest building in Downtown. Developed by Korean Air Lines Co., the new project will contain 73 stories and will rise to 1,100 ft tall, with a distinctive architectural spire at the top. The roughly 2 million SF endeavor is scheduled to be completed in late 2016. The Metropolis: The Metropolis development project Downtown is comprised of a 6.3 acre parcel of prime real estate between L.A. Live and the 110. The $1 billion project has preliminary approvals for 1.65 million SF of hotels, condos, ofce, and retail. State-owned Shanghai Greenland Holdings Group purchased the land this year and is scheduled to break ground in 2014.
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Area Developments: Echo Park and its immediate surroundings have improved greatly over the past ten years thanks to over $32 billion that was spent on new area developments since 1999. There is another $2.5 billion in new projects currently in development that will help solidify Downtowns transformation. Below is a description of some of the years most exciting developments and a few highly anticipated projects on the horizon. NFL Stadium at LA Live: The City and Mayor Garcetti are still in discussions with AEG about opening a new $1.4 billion NFL Stadium in DTLAs South Park district. If approved, this 68,000 seat stadium would open by 2016. This development would greatly impact the culture and economy of the surrounding neighborhoods by creating more jobs, revenue, and demand for housing.

AREA MAP

BEVERLY ALVARADO APARTMENTS

DOWNTOWN ECHO PARK ECHO PARK LAKE

DODGER STADIUM

BEVERLY ALVARADO APARTMENTS

GRAND AVE SITE WALT DISNEY CONCERT HALL UNION STATION THE METROPOLIS SITE

WILSHIRE GRAND SITE

STAPLES CENTER L.A. LIVE LA CONVENTION CENTER

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AREA ATTRACTIONS
Downtown p Echo Park y
to Silverlake/Los Feliz

BEVERLY ALVARADO APARTMENTS

g

Glendale Blvd.
Ave . ark

101 Free

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Ash

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St ad ium . Wy

rad o

St.

110

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to Downtown

1 2 3 4 5 6 7 8 9 11 12 13

Bobs Market Warehouse LA Everett Park Novak Salon Sunset Pet and Supply The Park Restaurant The Short Stop Bar Little Joy Cocktails Sunset Beer Company The Gold Room Bar Echo Park Lounge House of Spirits

14 15 16 17 18 19 20 21 22 23 24 25 26

Allston Yacht Club Blue Collar Pet Store Cookbook Market Chango Coffee Sage Organic Bistro El Prado Masa of Echo Park Bakery The Echoplex Taix American Apparel Pizza Buona Elf Cafe Mohawk Bend

10 Lot 1 Cafe

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Financial Analysis

BEVERLY ALVARADO APARTMENTS

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FINANCIAL ANALYSIS
BEVERLY ALVARADO APARTMENTS 245 N. Alvarado Street, Los Angeles, CA 90026 ___________________________________________________________
> 60 + 1 nonconforming unit property situated on 22,704 SF in Echo Park > 1990s Construction with no rent control > High end interiors with modern amenities and views of the City skyline > Transit oriented site within 3 miles of 500,000+ jobs in Downtown > Submarket occupancy rate of 96.7%

BEVERLY ALVARADO APARTMENTS

FINANCIAL SUMMARY:
Units: List Price: Year Built: Parking: Building SF: Lot SF: Price / Unit: Price / SF: 61 $12,300,000 1990 80 46,126 22,704 $201,639 $267 Proposed Down Payment: Proposed New Loan Amount: Assumed Loan Amount: Proposed New Loan 7 Yr Fixed Rate: Assumed Loan 7 Yr Fixed Rate: $4,305,000 $2,895,000 $5,100,000 35% 24% 41% 4.50% 4.90% CAP Rate: Pro Forma CAP: 5.06% 6.20% GRM: Pro Forma GRM: 10.76 9.81

RENT ROLL SUMMARY:

# OF UNITS 1 36 19 5 61 UNIT TYPE Studio One Bedroom, One Bath Two Bedroom, Two Bath Two Bedroom, One Bath + Loft Total Units ACTUAL AVERAGE $1,200 $1,377 $1,781 $1,835 MIN / MAX $1,200 / $1,200 $1,140 / $1,500 $1,425 / $2,000 $1,575 / $1,950 PRO FORMA AVERAGE $1,200 $1,495 $1,995 $1,995

ESTIMATED ANNUALIZED EXPENSES:

ANNUALLY Taxes: Insurance: Payroll: Offsite Management: Utilities & Rubbish: G&A: Leasing and Marketing: Total Security / Life Safety: Elevator: Landscape & Pest Control: Maintenance and Repair: Misc. & Reserves: TOTAL EXPENSES: $160,153 $13,000 $78,000 $34,291 $53,609 $23,391 $2,130 $5,976 $2,065 $5,547 $39,650 $12,200 $430,012 MONTHLY $13,346 $1,083 $6,500 $2,858 $4,467 $1,949 $178 $498 $172 $462 $3,304 $1,017 $35,834 PER UNIT $2,625 $213 $1,279 $562 $879 $383 $35 $98 $34 $91 $650 $200 $7,049 $ / FT $3.47 $0.28 $1.69 $0.74 $1.16 $0.51 $0.05 $0.13 $0.04 $0.12 $0.86 $0.26 $9.32 % OF PGI 14.01% 1.14% 6.82% 3.00% 4.69% 2.05% 0.19% 0.52% 0.18% 0.49% 3.47% 1.07% 37.62%

ESTIMATED OPERATING DATA:

% Gross Rental Income: Annual Laundry Income: Annual RUBS/Utilities Income: Annual Parking Income: Annual Other Income: Potential Gross Income: - Vacancy/Collection: Effective Gross Income: - Operating Expenses: Net Operating Income: - Debt Service: Before Tax Cash Flow: Cash on Cash:
* Estimated based on BOMA guidelines and prevailing market conditions

ACTUAL $1,125,456 $1,861 $5,552 $498 $9,668 $1,143,035

PRO FORMA $1,234,800 $1,954 $5,830 $523 $10,152 $1,253,258

8.0%

($90,036) $1,052,999 ($430,012) $622,987 ($500,827) $122,159 2.84%

5.0%

($61,740) $1,191,518 ($428,744) $762,774 ($500,827) $261,947 6.08%

37.6%

34.21%

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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RENT ROLL
RENT ROLL SUMMARY:
UNIT # v 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 UNIT TYPE Studio Two Bedroom, Two Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath One Bedroom, One Bath Two Bedroom, Two Bath Two Bedroom, Two Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath One Bedroom, One Bath

BEVERLY ALVARADO APARTMENTS

For the period ending October 31st, 2013
SF 471 800 800 625 625 625 800 625 625 625 625 625 625 625 625 800 625 750 800 625 800 800 800 625 625 625 800 625 625 625 625 625 625 625 625 625 625 800 800 625 ACTUAL $1,200 $1,900 $1,800 $1,140 $1,200 $1,400 $1,650 $1,325 $1,425 $1,350 $1,325 $1,425 $1,275 $1,400 $1,400 $1,650 $1,325 $1,400 $1,900 $1,350 $1,650 $1,950 $1,800 $1,325 $1,450 $1,425 $1,800 $1,425 $1,450 $1,325 $1,325 $1,375 $1,425 $1,375 $1,275 $1,699 $1,425 $1,300 $1,800 $1,350 PRO FORMA $1,200 $1,995 $1,995 $1,495 $1,495 $1,495 $1,995 $1,495 $1,495 $1,495 $1,495 $1,495 $1,495 $1,495 $1,495 $1,995 $1,495 $1,495 $1,995 $1,495 $1,995 $1,995 $1,995 $1,495 $1,495 $1,995 $1,995 $1,495 $1,495 $1,495 $1,495 $1,495 $1,495 $1,495 $1,495 $1,995 $1,495 $1,495 $1,995 $1,495 UNIT # 220 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320
Vacant Unit Total Vacant Units

UNIT TYPE Two Bedroom, Two Bath Two Bedroom, Two Bath Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath Two Bedroom, One Bath + Loft Two Bedroom, One Bath + Loft One Bedroom, One Bath Two Bedroom, One Bath + Loft One Bedroom, One Bath Two Bedroom, One Bath + Loft One Bedroom, One Bath Two Bedroom, One Bath + Loft Two Bedroom, Two Bath One Bedroom, One Bath One Bedroom, One Bath Two Bedroom, Two Bath One Bedroom, One Bath Two Bedroom, Two Bath Total Rentable SF:

SF 800 800 800 625 625 625 730 730 750 625 730 625 730 625 730 800 625 625 800 625 800 41,721

ACTUAL $1,800 $1,800 $1,800 $1,500 $1,300 $1,500 $1,800 $1,750 $1,950 $1,400 $1,575 $1,400 $1,950 $1,500 $1,950 $1,699 $1,500 $1,450 $1,925 $1,450 $2,000

PRO FORMA $1,995 $1,995 $1,995 $1,495 $1,495 $1,495 $1,995 $1,995 $1,995 $1,495 $1,995 $1,495 $1,995 $1,495 $1,995 $1,995 $1,495 $1,495 $1,995 $1,495 $1,995

v v

v 7

Gross Scheduled Monthly Rental Income Gross Scheduled Annual Rental Income Monthly Laundry Income Annual Laundry Income Monthly RUBS/Utilities Income Annual RUBS/Utilities Income Monthly Parking Income Annual Parking Income Monthly Other Income Annual Other Income TOTAL YEARLY SCHEDULED INCOME

$93,788 $1,125,456 $155 $1,861 $463 $5,552 $41 $498 $806 $9,668 $1,143,035

$102,900 $1,234,800 $163 $1,954 $486 $5,830 $44 $523 $846 $10,152 $1,253,258

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SALES COMPARABLES
PROPERTY ADDRESS 1) Park Catalina 690 S Catalina St Los Angeles, Ca 90005 2) The Kelsey 1408 W Washington Blvd Los Angeles, Ca 90007 3) 1150 S Westmoreland Ave Los Angeles, Ca 90006 4) Ardmore Court Apmts 510 S Ardmore Ave Los Angeles, Ca 90020 5) 2117-2119 Clinton St Los Angeles, Ca 90026 6) 3426 W 1st St Los Angeles, Ca 90004 7) 2969 San Marino St Los Angeles, Ca 90006 AVERAGES Beverly Alvarado Apmts 245 N Alvarado St Los Angeles, Ca 90026 44 61 $9,619,714 $12,300,000 42,516 46,126 20 $4,600,000 18,300 18 $2,978,000 14,154 16 $3,560,000 10,644 91 $16,100,000 109,392 30 $6,000,000 31,648 41 $10,450,000 41,270 # UNITS 90 PRICE $23,650,000 BUILDING SF 72,204

BEVERLY ALVARADO APARTMENTS

$ / SF $327.54 $ / UNIT $262,778 GRM 13.64 YEAR BUILT 4.40% * 2002 CAP COE 6/19/2012

$253.21

$254,878

11.74

5.11% *

2012

11/17/2012

$189.59

$200,000

12.00

5.00% *

1987

11/5/2012

$147.18

$176,923

12.85

4.67% *

1979

4/24/2012

$334.46

$222,500

10.84

6.21%

1990

12/17/2012

$210.40

$165,444

10.85

5.53% *

1990

11/28/2012

$251.37

$230,000

14.30

4.80%

2004

On Market

$244.82 $266.66

$216,075 $201,639

12.32 10.76

5.10% 5.06%

1995 1990

09/23/12

Subject Property

* Estimated using 5% Vacancy and 35% Expenses

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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SALES COMPARABLES MAP

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RENT COMPARABLES - 1 BED, 1 BATH

Subject Property: Beverly Alvarado Apmts 245 N Alvarado St Los Angeles, Ca 90026 The Esquire Apmts 274 S La Fayette Park Pl Los Angeles, Ca 90057 Units 61 Year Built 1990 Type 1/1

BEVERLY ALVARADO APARTMENTS

Rent (Avg) $1,377 SF (Avg) 633 PSF $2.17

Los Feliz Club Apartments 1800 N New Hampshire Ave Los Angeles, Ca 90027

Units Year Built

117 1972 Amenities

Units Year Built

134 1988 Amenities

Courtyard, Laundry on-site, Granite countertops, Fitness center with yoga room, Stainless steel appliances, Stylish cabinets, Private balcony Rent Comparison Type 1/1 Rent $1,327 SF 490 PSF $2.71

Fitness center, Pool, Spa, Patio, Dining room, Garage, Laundry on-site, Sundeck, On-site maintenance, Spa Rent Comparison Type 1/1 Rent $1,495 SF 670 PSF $2.23

Emeral Terrace 160 S Virgil Ave Los Angeles, Ca 90004

Virgil Square Apmts 411 S Virgil Ave Los Angeles, Ca 90020

Units Year Built

302 1971 Amenities

Units Year Built

142 1979 Amenities

Vaulted ceilings, Private patios, Panoramic views, Pool, Spa, Picnic area, Outdoor BBQ, 24 hour maintenance Rent Comparison Type 1/1 Rent $1,543 SF 670 PSF $2.30

Ceiling fans, Walk-in closets, Vaulted ceilings, Pool, Patio, Laundry on-site, Security officer, Outdoor BBQ Rent Comparison Type 1/1 Rent $1,400 SF 620 PSF $2.26

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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RENT COMPARABLES - 2 BED, 2 BATH

Subject Property: Beverly Alvarado Apmts 245 N Alvarado St Los Angeles, Ca 90026 The Esquire Apmts 274 S La Fayette Park Pl Los Angeles, Ca 90057 Units 61 Year Built 1990 Type 2/2 2/1 Loft

BEVERLY ALVARADO APARTMENTS

Rent (Avg) $1,781 $1,835 SF (Avg) 778 734 PSF $2.29 $2.50

Los Feliz Club Apartments 1800 N New Hampshire Ave Los Angeles, Ca 90027

Units Year Built

117 1972 Amenities

Units Year Built

134 1988 Amenities

Courtyard, Laundry on-site, Granite countertops, Fitness center with yoga room, Stainless steel appliances, Stylish cabinets, Private balcony Rent Comparison Type 2/2 Visconti 1221 W 3rd St Los Angeles, Ca 90017 Rent $1,800 SF 969 PSF $1.86

Fitness center, Pool, Spa, Patio, Dining room, Garage, Laundry on-site, Sundeck, On-site maintenance, Spa Rent Comparison Type 2/2 Rent $1,995 Bixel at Fifth 1311 West 5th St Los Angeles, Ca 90017 SF 955 PSF $2.09

Units Year Built

297 2005 Amenities

Units Year Built

80 2007 Amenities

Fitness center, Covered parking, Doorman, Pool, High ceilings, Granite countertops, Stainless steel appliances, Maple cabinets, Fire pit Rent Comparison Type 2/2 2/2 Rent $2,199 $2,199 SF 979 985 PSF $2.25 $2.23

Fitness center, Covered parking, Pool, Spa, W/D in unit, Stainless steel appliances, Granite countertops, Balconies Rent Comparison Type 2/2 2/2 Loft Rent $2,480 $2,250 SF 1,047 1,030 PSF $2.37 $2.18

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

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RENT COMPARABLES MAP

BEVERLY ALVARADO APARTMENTS

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DISCLAIMER
Colliers International is the exclusive advisor for the sale of Beverly Alvarado Apartments, located at 245 N. Alvarado Street, Los Angeles, California. As a requisite to submitting an offer on the Property, prospective purchasers will be obligated to execute a Confidentiality Agreement. The Investment Offering Memorandum has been prepared by Colliers International for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Colliers International and designated sources and not by Seller. They are based upon assumptions relating to the general economy, competition and other factors beyond the control of Colliers International and Seller, and therefore are subject to variation. No representation is made by Seller or Colliers International as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller and its employees, disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Colliers International, Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, the Investment Offering Memorandum, or any other written or oral communication transmitted or made available to the recipient. The Investment Offering Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation of the Investment Offering Memorandum have remained the same. Analysis and verification of the information contained in the Investment Offering Memorandum is solely the responsibility of the prospective purchaser. Other than historical revenue and operating expense figures for the Property, Seller has not and will not, provide Colliers International or any prospective purchaser with any income and expense figures, budgets or projections regarding the Property. Prospective Purchasers must perform their own investigation on the feasibility of a condominium conversion. Seller and Colliers International each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Seller shall have no legal commitment or obligations to any entity reviewing the Investment Offering Memorandum or making an offer to purchase the Property, unless and until such offer is approved by Seller, a written agreement for the purchase of the Property has been fully executed, delivered and approved by Seller and its legal counsel and any conditions to Sellers obligations there under have been satisfied or waived. This Investment Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public are of a confidential nature. By accepting the Investment Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Investment Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Colliers International and that you will not use the Investment Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Colliers International.

BEVERLY ALVARADO APARTMENTS

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