Beverly Alvarado Apartments

KITTY WALLACELic. [email protected]

KITTY WALLACELic. [email protected]

COLLIERS INTERNATIONAL | 2

BEVERLY ALVARADO APARTMENTSINVESTMENT HIGHLIGHTS

Beautifully Renovated Echo Park Apartment Building that is not Subject to Rent-Control: This 1990 building was recently transformed into a luxurious apartment community featuring classy interiors. Beverly Alvarado Apartments offers resi-dents 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 Refi ned Apartments with Desirable Common Area Amenities including a lobby, an elevator, fi tness center, laundry facility, and on-site manage-ment. 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 fi 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 fi ve years.

Transit oriented location: Downtown, which borders Echo Park, is the most ac-cessible 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 un-dergone a major redevelopment effort since 1999 with exciting new commercial, cultural, and multifamily developments that have transformed the area into one of Southern California’s most desirable residential neighborhoods. There is another $2.5 billion in new projects currently under construction and in the pipeline in-cluding 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 fi ve years. Year to date sub-market 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% com-pared to the West at 96.4% or the nation at 95.7% (Source: REIS).


BEVERLY ALVARADO APARTMENTSPROPERTY 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 signifi cant 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 (fi ve) two-bedroom, two-bathroom 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 two-bedroom units average approximately 778 square feet and the average two-bedroom loft unit size is roughly 734 square feet.

Beverly Alvarado Apartments offers an impressive amenity package including a lobby, an elevator, fi 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.

The apartment community was upgraded with the trendy tastes of Echo Park’s urban residents in mind. They are spacious apartment homes offering luxurious one- and two-bedroom units with a variety of open fl 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 fl 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.

Unit Type Count SF

Nonconforming Studio 1 471

One Bed, One Bath 36 625-800

Two Bed, Two Bath 19 625-800

Two Bed, Two Bath + Loft 5 730-750


BEVERLY ALVARADO APARTMENTSPROPERTY DETAILS

Pricing: $12,300,000

Address: 245 N. Alvarado Street, Los Angeles, CA 90026

Year built: 1990

Units: 60 + 1 nonconforming units

Frontage: 177 feet on Alvarado Street

Occupancy: 89% occupied

Parking: 80 subterranean secured parking spaces on 2 stories

Unit Features: 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 fl ooring, granite countertops, and central air and heating.

Amenities: The property has gated entrances with controlled access, a lobby, an elevator, fi 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.

APN: 5157-020-104

Map Coordinates: Latitude: 34.0688, Longitude: -118.2692

Gross Lot Area: 22,704 SF/.521 Acres

Density: 117 units per acre

Rentable SF: 46,126 SF

Zoning: LAR4

Construction Type: Stucco

Foundation: Concrete Slab

Roof: Flat

Stories: 3 stories

Construction Details:

Windows: Dual Pane

Plumbing: Copper

Utilities: Individually metered except for hot water, which is master metered

Elevators: 1 - 5 Stop

Utility Service:

Water and Sewer: Department of Water & Power

Gas: Southern California Gas Company

Electricity: Department of Water & Power

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BEVERLY ALVARADO APARTMENTSPROPERTY PHOTOS


BEVERLY ALVARADO APARTMENTS

Market Overview


BEVERLY ALVARADO APARTMENTSAREA 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 infl ux of residents and visitors. The area evolved into an affl uent, 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 gentrifi ed 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.

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 Baseball’s top ranked ballparks, is within 1.5 miles of the property. The property is minutes to

some of the City’s 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 infl ux 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 fi ve years (Source: Claritas).

Excellent Multifamily Fundamentals: Echo Park’s proximity to major employment centers has resulted in above average occupancy rates historically; however, rental growth is limited in this area due to the population’s 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 fi 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%.

Transit Oriented Location: This prime infi ll 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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-5

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5

2008 2009 2010 2011 2012 2013 2014 2015 2016

Asking Rent Growth Rate Trends and Forecast

Wilshire Westlake

Los Angeles

West

United States



Employment: Downtown’s resurgence has helped the local economy tremendously. The residents of Echo Park are within easy reach of the fi nancial district’s 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.

Area Developments: Echo Park and it’s 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 Downtown’s transformation. Below is a description of some of the year’s 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 DTLA’s 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.

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 Broad’s 2,000-piece contemporary art collection. The institution is being designed by the New York fi rm Diller Scofi dio + 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 California’s $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 fi rst tower is a 19-story, 271-apartment tower with a 5,000 square foot restaurant space.

Wilshire Grand: A $1 billion hotel and offi ce 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.

AREA DESCRIPTION

EMPLOYER NO. OF EMPLOYEES BUSINESS ACTIVITYAFGE Local 505 1000-4999 Labor Organizations

American Apparel Inc 1000-4999 Clothing - Manufacturers

American Apparel Retail Inc 1000-4999 Apparel & Garments - Retail

Arena Club Restaurant 1000-4999 Restaurants

California Hospital Med Ctr 1000-4999 Medical Centers

Ernst & Young 1000-4999 Accountants

Fire Department North Inspection 1000-4999 Fire Departments

Gibson Dunn & Crutcher 1000-4999 Attorneys

Good Samaritan Hospital 1000-4999 Hospitals

Kaiser Sunset 1000-4999 Hospitals

KPMG 1000-4999 Accountants

LA County Superior Court 1000-4999 County Government - Courts

LA County District Attorneys 1000-4999 Government Offices - County

Levy Restaurants 1000-4999 Restaurants

Los Angeles City Hall 1000-4999 City Government - Exec Offices

Los Angeles County Superior 1000-4999 Government Offices - County

Los Angeles Dodgers 1000-4999 Professional Sports Clubs

Los Angeles Sanitation Bureau 1000-4999 Environmental Programs

Metro Los Angeles Couty MTA 1000-4999 Bus Lines

Pricewaterhouse Coopers 1000-4999 AccountantsSouthern California Gas Co. 1000-4999 Gas Companies

MAJOR EMPLOYERS WITHIN 3 MILES OF BEVERLY ALVARADO

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, offi ce, and retail. State-owned Shanghai Greenland Holdings Group purchased the land this year and is scheduled to break ground in 2014.


BEVERLY ALVARADO APARTMENTSAREA MAP

BEVERLY ALVARADOBEVERLY ALVARADOAPARTMENTSAPARTMENTS

DODGER STADIUMDODGER STADIUM

LA CONVENTIONLA CONVENTIONCENTERCENTER

UNION STATIONUNION STATION

ECHO PARKECHO PARKLAKELAKE

THE THE METROPOLIS SITEMETROPOLIS SITE

GRAND AVEGRAND AVESITESITE

DOWNTOWNDOWNTOWNECHO PARKECHO PARK

WILSHIRE WILSHIRE GRAND SITEGRAND SITE

L.A. LIVEL.A. LIVE

WALT DISNEYWALT DISNEYCONCERT HALLCONCERT HALL

STAPLESSTAPLESCENTERCENTER


BEVERLY ALVARADO APARTMENTSAREA ATTRACTIONS

to Silverlake/Los Feliz

Ashe

Par

k Av

e. Sunset Blvd.

101 Freeway

Alva

rado

St.

Stadium Wy.

110 Freew

ay

Glen

dale

Blv

d.

to Downtown

1 Bob’s Market 14 Allston Yacht Club

2 Warehouse LA 15 Blue Collar Pet Store

3 Everett Park 16 Cookbook Market

4 Novak Salon 17 Chango Coffee

5 Sunset Pet and Supply 18 Sage Organic Bistro

6 The Park Restaurant 19 El Prado

7 The Short Stop Bar 20 Masa of Echo Park Bakery

8 Little Joy Cocktails 21 The Echoplex

9 Sunset Beer Company 22 Taix

10 Lot 1 Cafe 23 American Apparel

11 The Gold Room Bar 24 Pizza Buona

12 Echo Park Lounge 25 Elf Cafe

13 House of Spirits 26 Mohawk Bend

p y gDowntown Echo Park


BEVERLY ALVARADO APARTMENTSFinancial Analysis


BEVERLY ALVARADO APARTMENTSFINANCIAL ANALYSIS

FINANCIAL SUMMARY: RENT ROLL SUMMARY:Units: 61 CAP Rate: 5.06% GRM: 10.76 PRO FORMA

List Price: $12,300,000 Pro Forma CAP: 6.20% Pro Forma GRM: 9.81 AVERAGE MIN / MAX AVERAGE

Year Built: 1990 1 $1,200 $1,200 / $1,200 $1,200

Parking: 80 Proposed Down Payment: $4,305,000 35% 36 $1,377 $1,140 / $1,500 $1,495

Building SF: 46,126 Proposed New Loan Amount: $2,895,000 24% 19 $1,781 $1,425 / $2,000 $1,995

Lot SF: 22,704 Assumed Loan Amount: $5,100,000 41% 5 $1,835 $1,575 / $1,950 $1,995

Price / Unit: $201,639 Proposed New Loan 7 Yr Fixed Rate: 4.50%

Price / SF: $267 Assumed Loan 7 Yr Fixed Rate: 4.90% 61 Total Units

ESTIMATED ANNUALIZED EXPENSES: ESTIMATED OPERATING DATA:ANNUALLY MONTHLY PER UNIT $ / FT % OF PGI % ACTUAL % PRO FORMA

Taxes: $160,153 $13,346 $2,625 $3.47 14.01% Gross Rental Income: $1,125,456 $1,234,800

Insurance: $13,000 $1,083 $213 $0.28 1.14% Annual Laundry Income: $1,861 $1,954

Payroll: $78,000 $6,500 $1,279 $1.69 6.82% Annual RUBS/Utilities Income: $5,552 $5,830

Offsite Management: $34,291 $2,858 $562 $0.74 3.00% Annual Parking Income: $498 $523

Utilities & Rubbish: $53,609 $4,467 $879 $1.16 4.69% Annual Other Income: $9,668 $10,152

G&A: $23,391 $1,949 $383 $0.51 2.05% Potential Gross Income: $1,143,035 $1,253,258

Leasing and Marketing: $2,130 $178 $35 $0.05 0.19% - Vacancy/Collection: 8.0% ($90,036) 5.0% ($61,740)

Total Security / Life Safety: $5,976 $498 $98 $0.13 0.52% Effective Gross Income: $1,052,999 $1,191,518

Elevator: $2,065 $172 $34 $0.04 0.18% - Operating Expenses: 37.6% ($430,012) 34.21% ($428,744)

Landscape & Pest Control: $5,547 $462 $91 $0.12 0.49% Net Operating Income: $622,987 $762,774

Maintenance and Repair: $39,650 $3,304 $650 $0.86 3.47% - Debt Service: ($500,827) ($500,827)

Misc. & Reserves: $12,200 $1,017 $200 $0.26 1.07% Before Tax Cash Flow: $122,159 $261,947

TOTAL EXPENSES: $430,012 $35,834 $7,049 $9.32 37.62% Cash on Cash: 2.84% 6.08%

* Estimated based on BOMA guidelines and prevailing market conditions

ACTUAL# OF UNITS

UNIT TYPE

Studio

One Bedroom, One Bath

Two Bedroom, Two Bath

Two Bedroom, One Bath + Loft

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

BEVERLY ALVARADO APARTMENTS 245 N. Alvarado Street, Los Angeles, CA 90026___________________________________________________________

>60 + 1 nonconforming unit property situated on 22,704 SF in Echo Park

>1990’s 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%



RENT ROLL SUMMARY: For the period ending October 31st, 2013UNIT # UNIT TYPE SF ACTUAL PRO FORMA UNIT # UNIT TYPE SF ACTUAL PRO FORMA

v 100 Studio 471 $1,200 $1,200 220 Two Bedroom, Two Bath 800 $1,800 $1,995101 Two Bedroom, Two Bath 800 $1,900 $1,995 301 Two Bedroom, Two Bath 800 $1,800 $1,995102 Two Bedroom, Two Bath 800 $1,800 $1,995 302 Two Bedroom, Two Bath 800 $1,800 $1,995103 One Bedroom, One Bath 625 $1,140 $1,495 303 One Bedroom, One Bath 625 $1,500 $1,495104 One Bedroom, One Bath 625 $1,200 $1,495 304 One Bedroom, One Bath 625 $1,300 $1,495105 One Bedroom, One Bath 625 $1,400 $1,495 305 One Bedroom, One Bath 625 $1,500 $1,495106 Two Bedroom, Two Bath 800 $1,650 $1,995 306 Two Bedroom, Two Bath 730 $1,800 $1,995107 One Bedroom, One Bath 625 $1,325 $1,495 307 Two Bedroom, One Bath + Loft 730 $1,750 $1,995108 One Bedroom, One Bath 625 $1,425 $1,495 v 308 Two Bedroom, One Bath + Loft 750 $1,950 $1,995109 One Bedroom, One Bath 625 $1,350 $1,495 309 One Bedroom, One Bath 625 $1,400 $1,495110 One Bedroom, One Bath 625 $1,325 $1,495 310 Two Bedroom, One Bath + Loft 730 $1,575 $1,995111 One Bedroom, One Bath 625 $1,425 $1,495 311 One Bedroom, One Bath 625 $1,400 $1,495112 One Bedroom, One Bath 625 $1,275 $1,495 v 312 Two Bedroom, One Bath + Loft 730 $1,950 $1,995113 One Bedroom, One Bath 625 $1,400 $1,495 313 One Bedroom, One Bath 625 $1,500 $1,495114 One Bedroom, One Bath 625 $1,400 $1,495 v 314 Two Bedroom, One Bath + Loft 730 $1,950 $1,995115 Two Bedroom, Two Bath 800 $1,650 $1,995 315 Two Bedroom, Two Bath 800 $1,699 $1,995116 One Bedroom, One Bath 625 $1,325 $1,495 316 One Bedroom, One Bath 625 $1,500 $1,495117 One Bedroom, One Bath 750 $1,400 $1,495 317 One Bedroom, One Bath 625 $1,450 $1,495

118 Two Bedroom, Two Bath 800 $1,900 $1,995 318 Two Bedroom, Two Bath 800 $1,925 $1,995

119 One Bedroom, One Bath 625 $1,350 $1,495 v 319 One Bedroom, One Bath 625 $1,450 $1,495

120 Two Bedroom, Two Bath 800 $1,650 $1,995 320 Two Bedroom, Two Bath 800 $2,000 $1,995

v 201 Two Bedroom, Two Bath 800 $1,950 $1,995

202 Two Bedroom, Two Bath 800 $1,800 $1,995 v Vacant Unit Total Rentable SF: 41,721

203 One Bedroom, One Bath 625 $1,325 $1,495 7 Total Vacant Units

204 One Bedroom, One Bath 625 $1,450 $1,495

205 Two Bedroom, Two Bath 625 $1,425 $1,995 Gross Scheduled Monthly Rental Income $93,788 $102,900

206 Two Bedroom, Two Bath 800 $1,800 $1,995 Gross Scheduled Annual Rental Income $1,125,456 $1,234,800


v 208 One Bedroom, One Bath 625 $1,450 $1,495 Monthly Laundry Income $155 $163

209 One Bedroom, One Bath 625 $1,325 $1,495 Annual Laundry Income $1,861 $1,954


211 One Bedroom, One Bath 625 $1,375 $1,495 Monthly RUBS/Utilities Income $463 $486

212 One Bedroom, One Bath 625 $1,425 $1,495 Annual RUBS/Utilities Income $5,552 $5,830


214 One Bedroom, One Bath 625 $1,275 $1,495 Monthly Parking Income $41 $44

215 Two Bedroom, Two Bath 625 $1,699 $1,995 Annual Parking Income $498 $523


217 One Bedroom, One Bath 800 $1,300 $1,495 Monthly Other Income $806 $846

218 Two Bedroom, Two Bath 800 $1,800 $1,995 Annual Other Income $9,668 $10,152


TOTAL YEARLY SCHEDULED INCOME $1,143,035 $1,253,258

RENT ROLL


BEVERLY ALVARADO APARTMENTSSALES COMPARABLES

1) Park Catalina 90 $23,650,000 72,204 $327.54 $262,778 13.64 4.40% * 2002 6/19/2012

690 S Catalina St

Los Angeles, Ca 90005

2) The Kelsey 41 $10,450,000 41,270 $253.21 $254,878 11.74 5.11% * 2012 11/17/2012

1408 W Washington Blvd


3) 1150 S Westmoreland Ave 30 $6,000,000 31,648 $189.59 $200,000 12.00 5.00% * 1987 11/5/2012


4) Ardmore Court Apmts 91 $16,100,000 109,392 $147.18 $176,923 12.85 4.67% * 1979 4/24/2012

510 S Ardmore Ave


5) 2117-2119 Clinton St 16 $3,560,000 10,644 $334.46 $222,500 10.84 6.21% 1990 12/17/2012


6) 3426 W 1st St 18 $2,978,000 14,154 $210.40 $165,444 10.85 5.53% * 1990 11/28/2012


7) 2969 San Marino St 20 $4,600,000 18,300 $251.37 $230,000 14.30 4.80% 2004 On Market


AVERAGES 44 $9,619,714 42,516 $244.82 $216,075 12.32 5.10% 1995 09/23/12Beverly Alvarado Apmts 61 $12,300,000 46,126 $266.66 $201,639 10.76 5.06% 1990

Subject Property 245 N Alvarado StLos Angeles, Ca 90026

* Estimated using 5% Vacancy and 35% Expenses

$ / UNITPROPERTY ADDRESS # UNITS PRICEBUILDING

SF$ / SF GRM CAP

YEAR BUILT

COE



BEVERLY ALVARADO APARTMENTSSALES COMPARABLES MAP


BEVERLY ALVARADO APARTMENTSRENT COMPARABLES - 1 BED, 1 BATH

Units Year Built Type Rent (Avg) SF (Avg) PSF

61 1990 1/1 $1,377 633 $2.17

Units 117 Units 134

Year Built 1972 Year Built 1988

Type Rent SF PSF Type Rent SF PSF

1/1 $1,327 490 $2.71 1/1 $1,495 670 $2.23

Units 302 Units 142



1/1 $1,543 670 $2.30 1/1 $1,400 620 $2.26


Amenities

Rent Comparison

Vaulted ceilings, Private patios, Panoramic views, Pool, Spa, Picnic area, Outdoor BBQ, 24 hour maintenance

Ceiling fans, Walk-in closets, Vaulted ceilings, Pool, Patio, Laundry on-site, Security officer, Outdoor BBQ

Rent Comparison

Virgil Square Apmts

Amenities

The Esquire Apmts

274 S La Fayette Park Pl


Amenities

Rent Comparison

Fitness center, Pool, Spa, Patio, Dining room, Garage, Laundry on-site, Sundeck, On-site maintenance, Spa

160 S Virgil Ave


Los Feliz Club Apartments

1800 N New Hampshire Ave


Amenities

Rent Comparison

411 S Virgil Ave

Subject Property:

Beverly Alvarado Apmts

245 N Alvarado St


Emeral Terrace

Courtyard, Laundry on-site, Granite countertops, Fitness center with yoga room, Stainless steel appliances, Stylish cabinets, Private balcony



BEVERLY ALVARADO APARTMENTSRENT COMPARABLES - 2 BED, 2 BATH

Units Year Built Type Rent (Avg) SF (Avg) PSF

61 1990 2/2 $1,781 778 $2.29

2/1 Loft $1,835 734 $2.50

Units 117 Units 134



2/2 $1,800 969 $1.86 2/2 $1,995 955 $2.09

Units 297 Units 80



2/2 $2,199 979 $2.25 2/2 $2,480 1,047 $2.37

2/2 $2,199 985 $2.23 2/2 Loft $2,250 1,030 $2.18

Courtyard, Laundry on-site, Granite countertops, Fitness center with yoga room, Stainless steel appliances, Stylish cabinets, Private balcony

Fitness center, Pool, Spa, Patio, Dining room, Garage, Laundry on-site, Sundeck, On-site maintenance, Spa


Rent Comparison Rent Comparison

274 S La Fayette Park Pl 1800 N New Hampshire Ave

Los Angeles, Ca 90057 Los Angeles, Ca 90027

Amenities Amenities

Fitness center, Covered parking, Doorman, Pool, High ceilings, Granite countertops, Stainless steel appliances, Maple cabinets, Fire pit

Fitness center, Covered parking, Pool, Spa, W/D in unit, Stainless steel appliances, Granite countertops, Balconies

Rent Comparison Rent Comparison

Visconti Bixel at Fifth

1221 W 3rd St 1311 West 5th St

Los Angeles, Ca 90017 Los Angeles, Ca 90017

Amenities Amenities

Subject Property:

The Esquire Apmts Los Feliz Club Apartments

Beverly Alvarado Apmts

245 N Alvarado St



BEVERLY ALVARADO APARTMENTSRENT COMPARABLES MAP



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 Seller’s 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.

DISCLAIMER

Beverly Alvarado Apartments

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