JULY 2018

| EXCLUSIVE OFFERING MEMORANDUM

EXCLUSIVELY LISTED BY

DEAN ZANDER

Executive Vice President

310.550.2599

Dean.Zander@CBRE.com

CA BRE License No. 00875853

JOSH LUCHS

Senior Vice President

310.550.2676

Josh.Luchs@CBRE.com

CA BRE License No. 01845545

PRIVATE PROPERTY TOURS AVAILABLE

BY APPOINTMENT

TABLE OF CONTENTS

EXECUTIVE SUMMARY

4ASSET DESCRIPTION

8FINANCIAL ANALYSIS

14COMPETITIVE POSITION

20

For more information visit the

dedicated property website:

www.7650resedaCBRE.com

EXECUTIVE SUMMARY

STRONG SAN FERNANDO VALLEY RENTAL AREA

EXCELLENT EXPOSURE ON CORNER LOCATION

ATTRACTIVE ASSUMABLE FINANCING

VALUE-ADD OPPORTUNITY

The Offering

CBRE, as the exclusive listing agent, is pleased to offer for sale The Reseda-Keswick Apartments, a 36-unit multifamily property in the Northern Los Angeles community of Reseda

in the heart of the San Fernando Valley. Reseda-Keswick Apartment homes offers an investor a unique opportunity to acquire an attractive apartment community with the ability to

add significant value through an enhanced interior and common-area renovation program.

The community of Reseda is centrally located just west and south of the San Diego (405) Freeway and the Simi Valley (118) Freeway, providing residents convenient access to all

areas of Los Angeles including Downtown Los Angeles and Burbank studios to the south and east, West Los Angeles to the south, and Warner Center to the south and west.

Apartment operations continue to improve throughout the Valley. The lack of adequate new supply being introduced to the market coupled with the demand for infill San

Fernando Valley apartments has buoyed rents and kept occupancies that average over 95%. The housing crunch affecting the entire state is especially evident in the San Fernando

Valley, making multifamily investment an exceptionally smart strategy. A recent Curbed Los Angeles article noted that home prices have continued to soar stating "San Fernando

Valley home prices shatter all-time record."

A typical Valley residence now runs buyers $700,000—well above the previous median price record of $675,000 set in November

2017. That price is also 16.7% higher than a year earlier... Low inventory is one possible explanation for the skyrocketing prices.

- CURBED LOS ANGELES MAY 2018 .

[ 5 ]

PRICING SUMMARY PROPERTY ASSESSMENT

Price $6,600,000 No. Units 36 Apartments

Price/Unit $183,333 Gross SF 23,713 (per assessor)

Price/SF $278.33 Year Built 1965

Rent Control Yes

Current Cap Rate 4.23% No. Buildings 1 Two-Story Building

Market Cap Rate 4.97% Construction Wood-Frame and Stucco Exterior

Current GRM 13.6 Roof Pitched with Asphalt Shingle

Market GRM 12.1 Metering Separate Gas and Electric

Total Land 0.70 Acre (30,314 SF)

10-Year IRR All Cash 10.2% Parking 11 "Tuck-Under", 2 Open Tandem, 23 Open Single | 38 TOTAL

10-Year IRR Leveraged 14.1% Parcel No. 2119-001-065

Zoning LA R3

INTEREST OFFERED

100-percent fee simple interest in Reseda-Keswick

Apartments, a 36-unit apartment community located at 7650

Reseda Boulevard, Reseda, California.

TERMS OF THE SALE

The property is offered in its present, as-is condition, without

warranties. The existing debt must be assumed.

PROPERTY TOURS

All property tours must be coordinated through the listing

team. Prospective Purchasers are encouraged to visit the

subject property prior to submitting offers. Please do not

contact the on-site management or staff without prior

approval.

[ 6 ]

7650 RESEDA BOULEVARD, RESEDA, CA 91335

A P A R T M E N T H O M E S

RESEDA KESWICK

ASSET DESCRIPTION

METROLINKSTATION

1½ MILES

The Asset

Built in 1965, Reseda-Keswick Apartments offers 36 quality apartments in a single wood-frame, two-story residential building. Residents choose from a wide variety of floor plans

ranging from studio apartments to large three-bedroom units. Interiors offer spacious kitchens with a full appliance package and many include new paint and flooring. Current in-

place rents average 20% less than projected market rents demonstrating considerable upside. An investor is afforded consistent revenue growth for years to come.

Reseda-Keswick is conveniently located on the southeast corner of Keswick Street and Reseda Boulevard, just north of Saticoy Street. Reseda Boulevard is a major thoroughfare

running north-south from the Ventura (101) Freeway in the south to the Simi Valley (118) Freeway to the north therefore residents have easy access to all of greater Los Angeles.

Residents are also close to the Golden State Freeway (I-5) and nearby airports in Van Nuys and Burbank. The popular Northridge Fashion center is a 1.5 million-square-foot

shopping center situated two miles from the property and features more than 170 shops, restaurants, and specialty stores. Anchors include Pacific Theater, Macy's, and JC Penney.

LAX.

20 MILES

CAL-STATENORTHRIDGE

2½ MILES

VENTURA (101)FREEWAY

2½ MILES

NORTHRIDGEFASHION CENTER

2 MILES

DOWNTOWNLOS ANGELES

20 MILES

PACIFIC OCEANBEACHES

11½ MILES

WARNERCENTER

4 MILES

[ 9 ]

Area Highlights

The Van Nuys Municipal Airport contributes more than $1.3 billion to the local

economy, and supports over 12,300 jobs; more than 100 businesses are located

on the 730-acre airport. “The Park” at Van Nuys Airport recently completed its

$21-million, 30-acre propeller aircraft facility creating a full-service aviation

community at the airport.

One of the largest single-campus universities on 356-acres, California State

University at Northridge employs more than 1.700 faculty, enrolls over 38,000

students, and ranks 10 in the U.S. in bachelor's degrees awarded to

underrepresented minority students.

The Warner Center Business District is the largest employment hub in the San

Fernando Valley and 5th largest in Los Angeles County with over 60,000 white-

collar jobs. The Warner Center Specific Plan will guide development in

anticipation of permitting up to 14 million SF of office and industrial space to

support an additional 40,000+ new jobs by 2035.

The San Fernando Valley boasts a diverse, solid economy that continues to grow.

The valley comprises approximately 5% of California's population, with over

850,000 jobs and 70,000 businesses. The valley is home to numerous, well-

known companies that are involved in motion pictures, recording, and television

production; including CBS Studio Center, NBC-Universal, The Walt Disney

Company and its ABC television network, and Warner Brothers.

Corporate Jet Departing Van Nuys Airport

San Fernando Valley by the Numbers

1.57 MillionResidents

700,000Labor Force

4.8%Y-o-Y Rent Growth

(Qtr1 2017-Qtr1 2018)

$1,857Avg Market Rent

(1st Qtr 2018)

96.8%Avg. Occupancy

(1st Qtr 2018)

27%4-Yr Rent Growth

(Since Qtr1 2014)

$2,603Proj. 10-Yr Rent

MULTIFAMILYRENTALMARKET

SFV IS A EMPLOYEE IMPORTER

VS. 850,000JOBS

MARKETDATA

$58,990Median Income

$643,783Median Home

AFFORDABILITY GAP = 83.9%

1,700 EMPLOYEES

1,500 EMPLOYEES

1,115 EMPLOYEES

$3.8 BILLION ECON. IMPACT

300 EMPLOYEES

800 EMPLOYEES

125 EMPLOYEES

732 EMPLOYEES 2,397 EMPLOYEES

[ 12 ]

Reseda is well connected to the San Fernando Valley and offers residents a central location to transportation outlets, education, amenities,

entertainment, parks, and over one million jobs within a 30-mile radius. Residents are only minutes from Warner Center, the largest employment

hub in the San Fernando Valley, as well as the Burbank Studios, Downtown Los Angeles, and West Los Angeles.

[ 13 ]

FINANCIAL ANALYSIS

Detailed Unit Mix Summary

CURRENT RENT (June 2018) MARKET RENT

FLOOR PLAN COUNT AVG SF AVG RENT RANGE $/SF AVG RENT $/SF

Studio 10 27.8% 460 $878 $778 - $1,082 $1.91 $1,100 $2.39

1 Bed | 1 Bath 16 44.4% 600 $1,130 $938 - $1,598 $1.88 $1,450 $2.42

2 Bed | 2 Bath 4 11.1% 900 $1,315 $1,133 - $1,550 $1.46 $1,600 $1.78

2 Bed | 1½ Bath + Den 5 13.9% 950 $1,241 $1,192 - $1,303 $1.31 $1,650 $1.74

3 Bed | 2 Bath 1 2.8% 1,100 $2,043 $1.86 $2,100 $1.91

SUBTOTAL 36 23,650 $40,368 $50,950

WEIGHTED AVERAGE 657 $1,121 $1.71 $1,415 $2.15

Leasing Trends

% OF

TOTAL

$1.20

$1.40

$1.60

$1.80

$2.00

$2.20

$2.40

Ave

rage

Ren

t/SF

[ 15 ]

Historical Pro Forma Income & Expense Comparison

CURRENT RENTS

WITH PRO FORMA EXPENSES

COE PROJECTIONS

MARKET PRO FORMA

EOY1 PROJECTIONS DECEMBER 2017 T12

Total Market Rent1

$611,400 $611,400

Year One Rent Growth $18,342 3.0%

Loss to Lease2

($126,978) 20.8% ($82,536) 13.5%

Vacancy3

($18,342) 3.0% ($30,570) 5.0%

Net Rental Income $466,080 $516,636

Laundry Income4

$10,800 $10,800

SCEP Fee4

$1,939 $1,939

Other Income4

$422 $422

Effective Gross Income $479,241 $529,797

EXPENSES Per Unit Per SF Per Unit Per SF

Payroll5

$17,400 $483 $0.73 $17,400 $483 $0.73

Office & Administrative $7,200 $200 $0.30 $7,200 $200 $0.30

Management Fee6

$16,773 $466 $0.71 $18,543 $515 $0.78

Utilities7

$38,500 $1,069 $1.62 $38,500 $1,069 $1.62

Contract Services8

$11,714 $325 $0.49 $11,714 $325 $0.49

Maintenance & Repairs $14,400 $400 $0.61 $14,400 $400 $0.61

Insurance9

$7,114 $198 $0.30 $7,114 $198 $0.30

Controllable Subtotal $113,101 $3,142 $4.77 $114,871 $3,191 $4.84

Property Tax10

$78,740 $2,187 $3.32 $78,740 $2,187 $3.32

Direct Assessments $3,391 $94 $0.14 $3,391 $94 $0.14

Miscellaneous / Reserve11

$5,000 $139 $0.21 $5,000 $139 $0.21

Non-Controllable Subtotal $87,131 $2,420 $3.67 $87,131 $2,420 $3.67

Total Expenses $200,232 $5,562 $8.44 $202,002 $5,611 $8.52

41.8% EGI 38.1% EGI

Net Operating Income $279,008 $327,795

[ 16 ]

Financial Notes

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)

11)

Existing Debt Structure (existing debt must be assumed)

Loan Balance $3,360,000 Loan Origin Date 5/1/2018

Down Payment 49% $3,240,000 Maturity Date 3/20/2033

Amortization 30 Years Interest Rate 4.07%

Payment ($16,177) Terms Fixed rate through April 1, 2021 then 2.5% + 6-month LIBOR

(cash flow analysis projects 0.25% annual rate increases)

Pro forma management fee is calculated at 3.5% of the effective gross income

Market rent reflects our suggested asking rent for vacancies. According to Yardi Matrix, market rent in Reseda is projected to average 3.2% annual increases over the next 10 years. The cash flow analysis

uses 3.0% annual growth.

"In-place" Loss to Lease represents the annualized difference between the in-place rents as of June 2018 and the market rent as detailed above. Loss to lease is projected to be reduced 35% annually until

reaching 1.5% in year 6 and then 1.5% annually thereafter.

Per the June 2018 rent roll, vacancy at Reseda-Keswick Apartments stood at 2.8% (one vacant apartment). The Pro Forma vacancy reserve is projected to be 5% annually.

Pro forma miscellaneous income items are calculated at 3% over the T12 figure provided by management.

Pro forma payroll is calculated as rent credit for a one-bedroom apartment apartment

Pro forma utility expense reflects savings from recent plumbing improvements evident in recent DWP statements

Contract services include expense for Gardening, Fire Protection, Pool Maintenance, Pest Control and Trash Removal. Pro forma contact services is calculated at 3% over the T12 figure

Pro forma liability insurance is calculated at $0.30 per square foot.

Property taxes are calculated at 1.193027% of the list price. Each column in the analysis (including the 2017 column) uses this figure for comparative purposes. The property tax rate and direct assessments

were obtained from the Los Angeles County Assessor's office.

Miscellaneous and replacement reserves are estimated $5,000

[ 17 ]

Discounted Cash Flow Analysis

Income COE EOY 1 EOY 2 EOY 3 EOY 4 EOY 5 EOY 6 EOY 7 EOY 8 EOY 9 EOY 10 EOY 11

Total Market Rent Includes Annual Growth 611,400 629,742 648,634 668,093 688,136 708,780 730,044 751,945 774,503 797,738 821,670 846,321

Loss To Lease (126,978) (82,536) (56,916) (38,105) (25,511) (17,080) (11,435) (11,279) (11,618) (11,966) (12,325) (12,695)

Vacancy (18,342) (30,570) (32,432) (33,405) (34,407) (35,439) (36,502) (37,597) (38,725) (39,887) (41,084) (42,316)

Miscellaneous Income 13,161 13,161 13,556 13,962 14,381 14,813 15,257 15,715 16,186 16,672 17,172 17,687

Effective Gross Income 479,241 529,797 572,843 610,546 642,599 671,074 697,364 718,783 740,347 762,557 785,434 808,997

Market Rent Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Loss to Lease 20.8% 13.5% 8.8% 5.7% 3.7% 2.4% 1.6% 1.5% 1.5% 1.5% 1.5% 1.5%

Miscellaneous Income Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Operating Expenses

Controllable Expenses (113,101) (114,871) (118,317) (121,866) (125,522) (129,288) (133,167) (137,162) (141,276) (145,515) (149,880) (154,377)

New Property Taxes (82,131) (82,131) (83,774) (85,449) (87,158) (88,901) (90,679) (92,493) (94,343) (96,230) (98,154) (100,117)

Miscellaneous / Reserve (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000) (5,000)

Total Expenses (200,232) (202,002) (207,091) (212,315) (217,680) (223,189) (228,846) (234,655) (240,619) (246,744) (253,034) (259,494)

Escalation for Expenses 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Taxes (Increases) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Net Operating Income 279,008 327,795 365,752 398,231 424,919 447,885 468,518 484,129 499,728 515,813 532,399 549,503

CAP RATE 4.23% 4.97% 5.54% 6.03% 6.44% 6.79% 7.10% 7.34% 7.57% 7.82% 8.07% 8.33%

Purchase

Capital Investment

Pre-Debt Cash Flow 279,008 327,795 365,752 398,231 424,919 447,885 468,518 484,129 499,728 515,813 532,399

Mortgages

Principal (58,455) (58,455) (60,879) (63,403) (66,033) (66,915) (68,269) (70,123) (72,514) (75,485) (79,089)

Interest (135,670) (135,670) (133,246) (130,721) (128,092) (133,091) (137,707) (141,910) (145,661) (148,914) (151,617)

Post-Debt Cash Flow 84,884 133,671 171,628 204,106 230,794 247,879 262,542 272,096 281,553 291,413 301,693

Debt Interest Rate 4.07% 4.07% 4.07% 4.07% 4.07% 4.32% 4.57% 4.82% 5.07% 5.32% 5.57%

Cash on Cash 2.6% 4.1% 5.3% 6.3% 7.1% 7.7% 8.1% 8.4% 8.7% 9.0% 9.3%

DCR 1.44 1.69 1.88 2.05 2.19 2.24 2.27 2.28 2.29 2.30 2.31

($3,240,000)

($6,600,000)

$0

($6,600,000)

$3,360,000

[ 18 ]

Pricing Analysis & Investment Indicators

GRM CAP RATE 10-YEAR IRR

PRICE $ / UNIT $ / SF CURRENT MARKET CURRENT MARKET ALL CASH LEVERAGED

$6,600,000 $183,333 $278.33 13.6 12.1 4.23% 4.97% 10.2% 14.1%

All-Cash IRR Leveraged IRR

Reversion Cap Rate: 5.00% | Selling Expense: 4.00% Reversion Cap Rate: 5.00% | Selling Expense: 4.00%

5.1

8%

8.0

8%

9.2

5%

9.8

0%

9.9

7%

10.0

7%

10.1

4%

10.1

8%

10.2

2%

4%

5%

6%

7%

8%

9%

10%

11%

Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10

6.3

5%

11.9

3%

13.8

8%

14.6

0%

14.6

2%

14.5

4%

14.4

2%

14.2

9%

14.1

4%

4%

6%

8%

10%

12%

14%

16%

Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10

[ 19 ]

COMPETITIVE POSITION

Survey of Recent Comparable Sales

PROPERTY UNITS PRICE COE

1. Park Tampa Apartments 28 1959 950 $6,200,000 $221,429 $233.18 13.87 4.27% 01/12/2018

6430-6432 Shirley Ave.

Reseda

2. Royal Garden Apartments 19 1978 656 $3,425,000 $180,263 $274.92 12.80 4.60% 12/07/2017

21025 Bryant St.

Canoga Park

3. The Verona 45 1978 1,035 $10,025,000 $222,778 $215.17 16.88 3.50% 11/29/2017

15314 Gault St.

Van Nuys

4. Variel Tower 25 1962 937 $5,050,000 $202,000 $215.69 11.76 5.30% 09/06/2017

7237 Variel Ave.

Canoga Park

5. Kingsbury Apartments 70 1971 735 $14,165,000 $280,000 $234.32 13.78 4.20% 08/11/2017

16867 Kingsbury St.

Granada Hills

6. Lanark Apartments 33 1964 912 $6,515,000 $197,424 $216.51 12.73 4.80% 06/30/2017

21909 Lanark St.

Canoga Park

7. Cambridge Courtyard 28 1963 802 $6,125,000 $218,750 $272.63 13.00 4.60% 06/30/2017

17931 Devonshire St.

Northridge

AVERAGE 35 1968 874 $7,357,857 $207,681 $237.49 13.55 4.47%

S Reseda-Keswick 36 1965 657 $6,600,000 $183,333 $278.33 13.61 4.23% Z Current

7650 Reseda Blvd. 12.05 4.97% Z Market

Reseda

YEAR

BUILT

AVG

UNIT SF

PRICE

/ UNIT

PRICE

/ SF CAP RATEGRM

[ 21 ]

$150,000

$170,000

$190,000

$210,000

$230,000

$250,000

$270,000

$290,000

2 SUBJECT 6 4 7 1 3 5

Royal Garden

Apartments

Reseda-Keswick Lanark Apartments Variel Tower Cambridge Courtyard Park Tampa

Apartments

The Verona Kingsbury Apartments

PRICE/UNIT COMPARISON

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

3 1 SUBJECT 5 7 2 6 SUBJECT 4

The Verona Park Tampa

Apartments

CURRENT Kingsbury

Apartments

Cambridge

Courtyard

Royal Garden

Apartments

Lanark Apartments MARKET Variel Tower

GRM COMPARISON

SURVEY AVERAGE

[ 22 ]

1

2

3

4

5

6

Park Tampa Apartments

Royal Garden Apartments

The Verona

Variel Tower

Kingsbury Apartments

Lanark Apartments

1.

2.

3.

4.

5.

6.

Reseda-KeswickS.

Cambridge Courtyard7.

S

7

Survey of Comparable Rental Properties

STUDIO ONE-BEDROOM TWO-BEDROOM

PROPERTY UNITS AVG SF AVG RENT RENT/SF AVG SF AVG RENT RENT/SF AVG SF AVG RENT RENT/SF

1. Tahitian Village 73 1964 400 $1,220 $3.05 600 $1,448 $2.41 800 $1,837 $2.30

7923 Reseda Blvd.

Reseda

2. Villa Sorrento 93 1970 372 $1,202 $3.23 608 $1,452 $2.39 900 $1,759 $1.95

7947 Reseda Blvd.

Reseda

3. The Willows 57 1964 525 $1,511 $2.88 770 $1,662 $2.16 825 $1,756 $2.13

19344 Wyandotte St.

Reseda

4. Corbin Terrace 84 1985 700 $1,779 $2.54 952 $2,130 $2.24

7240 Corbin Ave.

Reseda

5. The Casitas 53 2005 475 $1,497 $3.15 1,008 $2,070 $2.05

18553 Saticoy St.

Reseda

6. Talavera 172 1976 462 $1,252 $2.71 623 $1,566 $2.51 960 $1,715 $1.79

19609 Sherman Way

Reseda

7. Northview/Southview 160 1976 450 $1,441 $3.20 687 $1,582 $2.30 1,025 $1,996 $1.95

8111 Reseda Blvd.

Reseda

AVERAGE 99 1977 442 $1,325 $3.00 638 $1,569 $2.46 924 $1,895 $2.05

S Reseda-Keswick 36 1965 460 $878 $1.91 600 $1,130 $1.88 928 $1,274 $1.37 Z Current

7650 Reseda Blvd. 460 $1,100 $2.39 600 $1,450 $2.42 928 $1,628 $1.75 Z Market

Reseda

YEAR

BUILT

[ 24 ]

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

SUBJECT 1 SUBJECT 2 5 6 7 3 4

CURRENT Tahitian Village MARKET Villa Sorrento The Casitas Talavera Northview/Southview The Willows Corbin Terrace

ONE-BEDROOM RENT COMPARISON

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

SUBJECT SUBJECT 6 3 2 1 7 5 4

CURRENT MARKET Talavera The Willows Villa Sorrento Tahitian Village Northview/Southview The Casitas Corbin Terrace

TWO-BEDROOM RENT COMPARISON

SURVEY AVERAGE

[ 25 ]

1

2

34

5

6

Tahitian Village

Villa Sorrento

The Willows

Corbin Terrace

The Casitas

Talavera

1.

2.

3.

4.

5.

6.

Reseda-KeswickS.

Northview/Southview7.

S

7

DISCLAIMER

This Memorandum contains select information pertaining to the Property and the Owner,

and does not purport to be all-inclusive or contain all or part of the information which

prospective investors may require to evaluate a purchase of the Property. The information

contained in this Memorandum has been obtained from sources believed to be reliable, but

has not been verified for accuracy, completeness, or fitness for any particular purpose. All

information is presented “as is” without representation or warranty of any kind. Such

information includes estimates based on forward-looking assumptions relating to the

general economy, market conditions, competition and other factors which are subject to

uncertainty and may not represent the current or future performance of the Property. All

references to acreages, square footages, and other measurements are approximations. This

Memorandum describes certain documents, including leases and other materials, in

summary form. These summaries may not be complete nor accurate descriptions of the full

agreements referenced. Additional information and an opportunity to inspect the Property

may be made available to qualified prospective purchasers. You are advised to

independently verify the accuracy and completeness of all summaries and information

contained herein, to consult with independent legal and financial advisors, and carefully

investigate the economics of this transaction and Property’s suitability for your needs. ANY

RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions

of interest or offers to purchase the Property, and/or to terminate discussions at any time

with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding

and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except

as set forth in a fully executed, definitive purchase and sale agreement delivered by the

Owner.

Copyright Notice

© 2018 CBRE, Inc. All Rights Reserved.

AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and

related entities (each an “Affiliate”) engaging in a broad range of commercial real

estate businesses including, but not limited to, brokerage services, property and

facilities management, valuation, investment fund management and development. At

times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow

Company, may have or represent clients who have competing interests in the same

transaction. For example, Affiliates or their clients may have or express an interest in the

property described in this Memorandum (the “Property”), and may be the successful

bidder for the Property. Your receipt of this Memorandum constitutes your

acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor

any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement

in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its

Affiliates will act in the best interest of their respective client(s), at arms’ length, not in

concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will

conduct their respective businesses in a manner consistent with the law and all fiduciary

duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a

confidential Memorandum solely for your limited use and benefit in determining

whether you desire to express further interest in the acquisition of the Property, (ii) you

will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any

third party without the prior written authorization of the owner of the Property (“Owner”)

or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner

detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the

Property, kindly return it to CBRE, Inc.

DEAN ZANDER

Executive Vice President

310.550.2599

Dean.Zander@CBRE.com

CA BRE License No. 00875853

JOSH LUCHS

Senior Vice President

310.550.2676

Josh.Luchs@CBRE.com

CA BRE License No. 01845545

FOR MORE INFORMATION VISIT:WWW.7650RESEDACBRE.COM

EXCLUSIVELY LISTED BY:

SOUTHERN CALIFORNIA MULTIFAMILY

© 2018 CBRE, Inc. All rights reserved. This information has been obtained

from sources believed reliable, but has not been verified for accuracy or

completeness. Any projections, opinions, or estimates are subject to uncertainty.

The information may not represent the current or future performance of the

property. You and your advisors should conduct a careful, independent

investigation of the property and verify all information. Any reliance on this

information is solely at your own risk. CBRE and the CBRE logo are service

marks of CBRE, Inc. and/ or its affiliated or related companies in the United

States and other countries. All other marks displayed on this document are the

property of their respective owners. Photos herein are the property of their

respective owners and use of these images without the express written consent

of the owner is prohibited.