serrano - loopnet · 2017-07-18 · have its share of l.a. scenesters, los feliz was once home to...

s e r r a n o970

This confidential investment brochure has been prepared solely for informational purposes and does not constitute all or any part of an offer or contract. It is designed to assist a potential investor in determining whether to proceed with an in-depth investigation of the subject property. This investment brochure was prepared by Madison Partners and has been reviewed by representatives of the Owner. It contains select information pertaining to 970 N. Serrano Avenue, Los Angeles, CA and does not purport to be all inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections are provided for general reference purposes, that they are based upon assump-tions relating to the general economy and other factors beyond the control of Owner, and are therefore, subject to material variation. Additional information and an opportunity to inspect the property will be made available to qualified prospective purchasers. Neither the Owner, nor Madison Partners, nor any of their respective offi-

cers, make any representation or warranty, expressed or implied, as to the accuracy or completeness of this investment brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or its contents.

Certain documents in this investment brochure are described in summary form. The summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to independently review all such documents. The terms and conditions stated in this section will relate to all sections of the brochure as if stated inde-pendently therein.

It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors

upon real estate. Madison Partners does not conduct investigations or analyses of environmental matters, and accordingly, urges its cli-ents to retain qualified environmental professionals to determine whether hazardous or toxic wastes and substances, or other unde-sirable materials or conditions are present at the property, and if so, whether any health danger or other liability exists. Various federal, state and local laws and regulations have been enacted dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.

The Owner and Madison Partners expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property, and/or to terminate discussions with any entity at any time, with or without notice. The Owner shall

have no legal commitment or obligation to any entity reviewing this investment brochure or making an offer to purchase the property, unless and until a written commitment to purchase the property has been fully executed, delivered and approved by Owner, and any conditions to Owner’s obligations thereunder have been satisfied or waived.

By receipt of this investment brochure, you agree that its contents are of a confidential nature, that you hold and treat it in the strictest confidence, and that you will not disclose the brochure or any of its contents to any other entity without the prior authorization of Mad-ison Partners, nor will you use this brochure or any of its contents in any fashion or manner detrimental to the best interest of Owner.

For additional information, please contact Bob Safai at 310.820.5959 x202 or email at [email protected].

DISCLAIMER & CONFIDENTIALITY AGREEMENT

MadisonPartners.net

12121 Wilshire Blvd, Suite 900Los Angeles, CA 90025

310.820.5959

DARIN BEEBOWER 310.442.3377

[email protected] License ID No.: 001121421

01 EXECUTIVE SUMMARY

02 PROPERTY INFORMATION

03 FINANCIAL ANALYSIS

04 PROPERTY COMPARABLES

05 AREA & MARKET OVERVIEW

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C O N T E N T S

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E X E C U T I V E S U M M A R Y

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Madison Partners is pleased to offer for sale 970 N. Serrano, a 14 unit, multifamily community located at 970 North Serrano Avenue in Hollywood, California. Situated near the intersection of Santa Monica Boulevard and Western Avenue, the property is in the heart of one of the most desirable submarkets in Los Angeles.

970 N. Serrano is a charming building surrounding a central courtyard. The attractive unit mix features 8 one bed / one bath units, 5 two bed / one bath units, and 1 two bed / one bath + den unit.

Three unit interiors have been renovated to provide the hip, urban living spaces that attract young millennial residents to the area. The remodeled apartments offer new plank hardwood flooring, modern cabinetry, , stainless steel appliances, quartz countertops, designer light fixtures and window coverings, and ceiling fans.

970 N. Serrano is located in the rapidly developing eastern portion of Hollywood — a strategic location with compelling fundamentals, abundant entertainment and dining amenities, and convenient access to employment and educational centers. Residents benefit from their proximity to public transit including multiple bus lines, Metro Red Line Stations and the Hollywood Freeway.

With recent improvements and its charming appeal, renovated units are quickly leased, and current rents are nearly 50% below market rents already being achieved at the property. 970 N. Serrano represents an opportunity to acquire an appealing property in an excellent location, while still providing exceptional value-add potential through continued renovations.

PROPERTY SUMMARY

Address 970 N. Serrano Avenue

City, State, Zip Los Angeles, CA 90029

Number of Units 14

Year Built 1954

Number of Stories 2

Building Size 11,778 SF

Lot Size 12,893 SF

Parking 11 gated and covered spaces

APN 5535-024-012

Zoning LARD 1.5

Unit Mix8 - 1 Bed / 1 Bath

5 - 2 Bed / 1 Bath1 - 2 Bed / 1 Bath + Den

INVESTMENT SUMMARY

Price $3,300,000

Price / Unit $235,714

Price / SF $280.18

Cap Rate (Current / Market) 3.54% / 6.38%

GRM (Current / Market) 16.12 / 10.84

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, please do not contact management directly. All property tours must be arranged through the listing broker.

P R O P E R T Y H I G H L I G H T S

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I N V E S T M E N T H I G H L I G H T S

PROPERTY HIGHLIGHTS

» Nearly 50% rental upside based on most recent rents achieved at property

» Offered at 6.4% proforma cap rate

» Outstanding transit-oriented Hollywood location

» Three units beautifully remodeled - plank hardwood flooring, stainless steel appliances, quartz countertops, modern cabinetry, designer window coverings and light fixtures

» Excellent mix of 1, 2, and 2 bedroom + den units

» Significant upside potential through continued renovations

» Strong rental market with submarket vacancy rate of 2.7% and 4.5% year-over-year rent growth

» A walker’s paradise with WalkScore of 92

» Near the ultra-hip restaurants, bars and shopping of Larchmont Village, Silverlake and Los Feliz

VALUE-ADD POTENTIAL

» Significant upside through continued renovations - 79% of units remain unrenovated

» Potential to implement a tenant relocation incentive package

» Reduce operating expenses through implementation of a Ratio Utility Billing System (RUBS) to reallocate expenses to the building’s residents

» Potential to increase income through owner operation of laundry machines (current laundry lease expires in November of 2017)

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P R I M E H O L LY W O O D

MILLENNIUM HOLLYWOODMillennium Hollywood is a 4.7 acre proposed mixed-use project at the center of Hollywood’s historic downtown. The project’s design objective is to preserve and complement the world-famous Capitol Records Building. It will include 492 residential units, 200 luxury hotel rooms, 215,00 SF of Class A office space (including the Capitol Records and Gogerty Buildings), 34,000 SF of restaurant space, a 35,000 SF sport club, 15,000 SF of commercial retail space, and 2,000 parking spaces.

EASTOWN LAEastown LA is large, 535 unit mixed-use complex located on Hollywood Boulevard and Argyle Avenue. The amenity-rich apartment complex features a state-of-the-art pool and spa, common room, fitness studio and gym, conference rooms, EV charging stations, and 24-7 maintenance service. The property features 70,000 square feet of ground-level retail currently leased out to SoulCycle, Barry’s Bootcamp, Greenleaf, CVS, Dunkin Donuts, and more.

BLVD 6200Blvd 6200 is a large, $200 million mixed-use complex under development near the Pantages Theater and W Hollywood Hotel. The project, which is rising from a 3.18-acre site at 6200 Hollywood Boulevard, will consist of four, seven-story buildings featuring 507 apartments and approximately 60,000 square feet of ground-level retail and restaurant space and an underground parking garage. The project represents the second and final phase of the Blvd 6200 development, which also includes the 535-unit Eastown apartments across the street.

NORTH WESTERN AVENUE

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NORTH WESTERN AVENUE

101 FREEWAY

SANTA MONICA BOULEVARD

Kaiser Permente

Children’s Hospital

Griffith Observatory

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L O C A T I O N H I G H L I G H T S

THE LOCATION

970 N. Serrano enjoys a strategic location on the cusp of four unique neighborhoods that have emerged as some of Los Angeles’ hippest areas, allowing residents to enjoy trendy nightlife, a plethora of culinary hotspots, and other entertainment options.

HOLLYWOOD

Hollywood affords a vibrant mix of activities and entertainment for all types of residents. Highly rated restaurants include Katusya, Cleo, and Musso & Frank Grill (opened in 1919). For the younger cohort, Hollywood also offers an endless amount of bars, chic lounges, and exclusive dance clubs to enjoy. National retailers and original boutiques that line Hollywood Boulevard offer the latest fashions. On Sundays, The Hollywood Farmers Market provides fresh produce and prepared foods. Runyon Canyon Park offers some of Los Angeles’ best views and hikes. Residents have affordable public transportation options provided by the Metro Red Line and several bus lines.

SILVERLAKE

Voted Forbes’ Hippest Neighborhood and built around a city reservoir, Silver Lake is well known for its trendy restaurants, nightlife, and avante garde Modernist architecture. Since the end of 1990’s the area has also been the center of Los Angeles’ indie and alternative music scene. Silver Lake has long been a preferred community, but approximately 15 years ago when gentrification began in earnest, home values and rents have sharply increased.

LARCHMONT VILLAGE

Larchmont Village is a quaint and friendly shopping district in the center of a bustling city. It is located in one of the oldest and most historically significant neighborhoods in Los Angeles and is bordered by some of the most well preserved older homes in the city, ranging from 1920’s California bungalows to grand old estates. Larchmont Village serves as a Main Street retail district to Hancock Park, Windsor Square and nearby Paramount Studios. Larchmont maintains a small town feel and serves as a lovely community gathering place. Enjoy the charm of a day spent on Larchmont experiencing a variety of wonderful ethnic restaurants, sidewalk cafes and upscale boutiques.

LOS FELIZ

Los Feliz lies north of East Hollywood and just south of the Santa Monica Mountains, adjacent to the neighborhoods of Hollywood and Silver Lake. Home to the southern face of Griffith Park, the district includes the Griffith Observatory and the Greek Theatre. Los Feliz boasts some of the best-known residential architecture in Los Angeles, including two homes designed by Frank Lloyd Wright. While current nightlife in the area does have its share of L.A. scenesters, Los Feliz was once home to the favorite dive bars of Charles Bukowski, Lawrence Tierney, and other poets, artists and writers. There remains a quirky artistic element to the neighborhood, thanks to an eclectic mix of bars and restaurants.


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URBAN LIFESTYLE - “WALKER’S PARADISE”Millennials have ditched the suburbs for a more active and dynamic lifestyle. Many don’t own or want to own cars, so they rely on walking, biking, Metro or Uber. Neighborhoods like Hollywood are attracting newcomers because residents can walk to the grocery store, retail outlets, restaurants, hotels, and entertainment venues. 970 N. Serrano Avenue boasts a 92 WalkScore, making it an ideal location for residents. The property is a ten minute walk to the Hollywood/Highland Metro Station providing access to all areas of the city from Downtown LA to the San Fernando Valley to Pasadena and now, Santa Monica. The Hollywood submarket is also heavily serviced by numerous Metro bus lines, many within a short walk of 970 N. Serrano. Hollywood is also home to some of the city’s most exciting new venues like the W Hotel, Eastown and the soon-to-be-completed Millennium Hollywood.

MEDIA & ENTERTAINMENT CAPITAL

Hollywood is the media and entertainment capital of the world and home to major employers suchas Netflix, BuzzFeed, Capitol Music Group (Universal Music Group), Paramount Pictures, Live Nation,Technicolor, and many more. There are more than 180 sound stages in Hollywood and more studio production square footage than any other place in the world, all within 5-10 minutes of 970 N. Serrano Avenue. Also of note is that Hollywood is in the process of adding over 1.5 million square feet of Class A office space with new campus developments such as Columbia Square, Hollywood 959, 1601 Vine, Icon at Sunset Bronson Studios, 5901 Sunset, and The Academy.

VALUE-ADD OPPORTUNITY

Three of the 15 units (21%) have been beautifully remodeled and leased at substantially higher rents. New ownership will have the opportunity to continue this renovation program on the balance of the units. Existing rents at the property are nearly 50% below current market rents already achieved. Other revenue enhancement possibilities include installing owner-operated laundry machines upon laundry lease expiration in November, turning the courtyard into a community amenity featuring a fire pit and BBQ, and implementing a RUBS program to transfer utility cost to the tenants.

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92WALKSCORE

69TRANSITSCORE

69BIKESCORE


HOLLYWOOD IS BOOMING

There has been over $4.8 billion total invested in Hollywood development since 2000 by developers of major retail, commercial, hospitality, and business projects. Projects totaling over $2.2 billion have been completed since 2000 and there are currently $1.6 billion worth of projects under construction and $1.6 billion in the pipeline. 970 N. Formosa residents benefit from the ongoing development in Hollywood, while paying significantly lower rent than new luxury product.

STRONG MARKET FUNDAMENTALS

There is a highly limited supply of affordable rental housing throughout Los Angeles, particularly in the Hollywood submarket. This lack of supply is causing upward pressure on rents. In fact, rental rates are expected to increase by 4.64% annually over the next five years, according to Axiometrics. Sandwiched between the Westside, San Fernando Valley, and Downtown LA, with excellent access to public transportation, Sunset Formosa is well positioned to benefit from the increased demand for rentals and rising rental rates. Strategic renovations to 970 N. Serrano’s units will only enhance the new owner’s ability to take advantage of the market upswing.

YOUNG, DYNAMIC WORKFORCE

The concentration of entertainment and media companies, covering the full spectrum of content creation and distribution including animation, movies, television, broadcasting, digital gaming and music, attracts a young, educated, dynamic workforce, with the 25-44 age group comprising the largest segment of population growth. In addition 73% of the population surrounding 970 N. Serrano are college graduates (compared to only 57% in Los Angeles County). Average annual wages in the entertainment industry are $117,000.

P R O P E R T Y S U M M A R Y

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P H Y S I C A L D E S C R I P T I O N

Property Address 970 N. Serrano Avenue, Los Angeles, CA 90029

Year Built 1954

Number of Buildings 1

Number of Stories 2

Gross Building Size 11,778

Lot Size 12,893

Parking 11 Gated, Covered Spaces

Number of Units 14

Unit Mix8 - 1 Bed / 1 Bath5 - 2 Bed / 1 Bath1 - 2 Bed / 1 Bath + Den

Assessor’s Parcel Number 5535-024-012

Zoning LARD 1.5

Rental RestrictionsSubject to Los Angeles Rent Stabilization Ordinance.(Allowable annual increases of 3% effective 7/2017)

UtilitiesWater & Sewer - LADWP (Landlord pays)Electric - LADWP (Tenant pays)Gas - SoCal Gas Company (Tenant pays)

Construction

Foundation - RaisedFraming - Wood FrameExterior - StuccoRoof - Pitched, Composite Shingle

MechanicalHeating - Gas Wall UnitsPlumbing - Partial Copper PipingElevator - None

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P R O P E R T Y F E A T U R E S

COMMON AREA AMENITIES

» New exter ior paint and l ight ing f ix tures

» Secured entry

» Serene centra l courtyard

» On-si te laundry faci l i ty

» 1 1 gated, covered parking spaces

» Walker ’s paradise wi th a WalkScore of 92.

UNIT AMENITIES

21% of the units have recent ly been renovated and general ly feature:

» New plank hardwood f loor ing

» Designer window cover ings

» Cei l ing fans

» Stain less steel appl iances

» Quartz countertops

» Modern cabinetry in k i tchens

» Ti le backsplash

» Designer l ight f ix tures

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P L A T M A P

R E G I O N A L M A P

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C A P I T A L I M P R O V E M E N T S U M M A R Y

F I N A N C I A L A N A LY S I S

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F I N A N C I A L S U M M A R Y

FINANCIAL INDICATORS

List Price $3,300,000


Price / SF $280.18

Cap Rate (Current / Market) 3.54% / 6.38%

GRM (Current / Market) 16.12 / 10.84

PROPERTY DETAILSTotal Units 14

Year Built 1954

Total Building SF 11,778 SF

Total Lot SF 12,893

Total Parking 11 gated, covered spaces

FINANCINGProposed Loan Amount $1,980,000

Proposed Down Payment $1,320,000

Interest Rate (Fixed) 3.75%

Monthly Payment $6,188

Loan-to-Value 60%

Interest Only (Years) 3 Years

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0

500

1000

1500

2000

2500

$2,000

$1,500

$1,000

$500

CURRENT MARKET

Type # Units Est. Unit SF Avg Rent Avg RSF Monthly Income Avg Rent Avg RSF Monthly Income

1 Bed / 1 Bath 8 700 $1,002 $1.43 $8,017 $1,595 $2.28 $12,760

2 Bed / 1 Bath 5 900 $1,293 $1.44 $6,466 $1,995 $2.22 $9,975

2 Bed / 1 Bath + Den 1 900 $2,295 $2.55 $2,295 $2,295 $2.55 $2,295

Totals 14 $16,778 $25,030

CURRENT v. MARKET RENTS UNIT MIX DISTRIBUTION

1 Bed / 1 Bath

2 Bed / 1 Bath + Den

2 Bed / 1 Bath

1 Bed / 1 Bath 2 Bed / 1 Bath 2 Bed / 1 Bath + Den

57%36%

7%$2,500

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ANNUALIZED OPERATING DATA Current Market

Scheduled Gross Income $201,333 $300,360

Annual Laundry/Other Income $3,404 $4,004

Total Scheduled Gross Income $204,737 $304,364

Vacancy (3.0%) ($6,142) ($9,131)

Effective Gross Income $198,595 $295,233

ANNUALIZED EXPENSES Current Market

Property Taxes $44,109 $44,109

Insurance $4,767 $4,767

Off-site Management $5,958 $8,857

DWP $10,800 $10,800

Gas $815 $815

Trash Removal $1,868 $1,868

Landscaping $2,100 $2,100

Pest Control $1,070 $1,070

Maintenance & Repair $7,462 $7,462

Reserves $2,800 $2,800

TOTAL EXPENSES $81,749 $84,648

Operating Expenses as % of EGI 41.16% 28.67%

Operating Expenses Per Unit $5,839 $6,046

Operating Expenses Per Sq. Ft. $6.94 $7.17

NET OPERATING INCOME $116,846 $210,585

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E X P E N S E A S S U M P T I O N S

INCOME NOTES

Annual Scheduled Gross Income Year One is based on current rent roll & Proforma is based upon cur-rent market rates achieved at the property.

Annual Laundry / Other IncomeYear One based on trailing 12 month operating statement (June 2016 through May 2017) and estimated parking income. Proforma includes revised laundry income upon lease termination in November 2017.

Vacancy/Collection Estimated at 3% total for vacancy, delinquency and collection loss.

EXPENSE NOTES

Property Taxes Based on actual tax rate of 1.192% and $4,773 in direct assessments.

Insurance Based on trailing 12 month operating statement (June 2016-May 2017).

Off-site Management Estimated at 3% of collected EGI.

DWP Based on trailing 12 month operating statement (June 2016-May 2017).

Gas Based on trailing 12 month operating statement (June 2016-May 2017).

Trash Removal Based on trailing 12 month operating statement (June 2016-May 2017).

Landscaping Based on trailing 12 month operating statement (June 2016-May 2017).

Pest Control Based on trailing 12 month operating statement (June 2016-May 2017).

Maintenance and Repair Based on trailing 12 month operating statement (June 2016-May 2017).

Reserves Estimated at $200 per unit per year.

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R E N T R O L L

CURRENT MARKETUnit No. Unit Type Est. Unit SF Rent Rent / SF Rent Rent / SF Loss to Lease

1 2 Bed / 1 Bath 900 $972.85 $1.08 $1,995.00 $2.22 ($1,022.15)

2 1 Bed / 1 Bath 700 $676.85 $0.97 $1,595.00 $2.28 ($918.15)

3* 1 Bed / 1 Bath 700 $1,595.00 $2.28 $1,595.00 $2.28 ($0.00)

4 1 Bed / 1 Bath 700 $716.11 $1.02 $1,595.00 $2.28 ($878.89)

5 1 Bed / 1 Bath 700 $983.45 $1.40 $1,595.00 $2.28 ($611.55)

6 2 Bed / 1 Bath 900 $1,995.00 $2.22 $1,995.00 $2.22 ($0.00)

7 2 Bed / 1 Bath 900 $1,092.73 $1.21 $1,995.00 $2.22 ($902.27)

8 2 Bed / 1 Bath + Den 900 $2,295.00 $2.55 $2,295.00 $2.55 ($0.00)

9 1 Bed / 1 Bath 700 $983.45 $1.40 $1,595.00 $2.28 ($611.55)

10 2 Bed / 1 Bath 900 $972.85 $1.08 $1,995.00 $2.22 ($1,022.15)

11 1 Bed / 1 Bath 700 $683.22 $0.98 $1,595.00 $2.28 ($911.78)

12 1 Bed / 1 Bath 700 $1,595.00 $2.28 $1,595.00 $2.28 ($0.00)

12A 1 Bed / 1 Bath 700 $784.01 $1.12 $1,595.00 $2.28 ($810.99)

14 2 Bed / 1 Bath 900 $1,432.22 $1.59 $1,995.00 $2.22 ($562.78)

TOTALS 14 786 $16,777.74 $1.51 $25,030.00 $2.28 ($8,252.26)

* Delivered vacant at close of escrow.

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R E N T R O L L

* Manager’s Unit** Vacant

PROPERTY COMPARABLES

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S A L E S C O M P A R A B L E S

Property Details

Address 5853 Lexington Avenue

City, Zip Los Angeles, CA 90038

Units 8

Year Built 1954

Building SF 6,089

Parking 6 Spaces

Price $1,810,000


Price / SF $297.26

Cap Rate 2.85%

GRM 18.17

COE 12/23/16

5853 LEXINGTON AVENUE

Comparison to SubjectBuilding Similar

Unit Mix Similar

Location Similar

Unit Mix

Property Details

Address 5747 La Mirada Avenue


Units 8

Year Built 1953

Building SF 5,348

Parking 7 Spaces

Price $1,840,000


Price / SF $344.05

Cap Rate N/A

GRM N/A

COE 6/9/17

5747 LA MIRADA AVENUE


Unit Mix Inferior

Location Similar

Unit Mix

5 1 Bed / 1 Bath3 2 Bed / 1 Bath

8 1 Bed / 1 Bath

63%

37%

100%

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Property Details

Address 5841 Virginia Avenue


Units 10

Year Built 1956

Building SF 6,810

Parking N/A

Price $1,981,000


Price / SF $290.90

Cap Rate 3.52%

GRM N/A

COE 2/2/17

5841 VIRGINIA AVENUE


Unit Mix Inferior

Location Similar

Unit Mix

Property Details

Address 4855 Elmwood Avenue


Units 18

Year Built 1961

Building SF 16,232

Parking N/A

Price $4,500,000


Price / SF $277.23

Cap Rate N/A

GRM N/A

COE 5/15/17

4855 ELMWOOD AVENUE


Unit Mix Similar

Location Similar

Unit Mix

1 Studio9 1 Bed / 1 Bath


10%

90%

44% 56%

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Property Details

Address 333 S. Oxford Avenue


Units 11

Year Built 1961

Building SF 9,312

Parking 11 Spaces

Price $2,700,000


Price / SF $289.95

Cap Rate N/A

GRM N/A

COE 1/23/17

333 S. OXFORD AVENUE


Unit Mix Similar

Location Similar

Unit Mix

Property Details

Address 3951 Marathon Street


Units 11

Year Built 1961

Building SF 7,700

Parking 12 Spaces

Price $2,620,000


Price / SF $340.26

Cap Rate 3.70%

GRM 16.40

COE 12/2/16

3951 MARATHON STREET


Unit Mix Similar

Location Similar

Unit Mix



18%

82%

55%45%

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Property Details

Address 1149 N. Westmoreland Avenue


Units 15

Year Built 1958

Building SF 9,254

Parking 6 Spaces

Price $2,600,000


Price / SF $280.96

Cap Rate 2.64%

GRM N/A

COE 11/18/16

1149 N. WESTMORELAND AVENUE


Unit Mix Inferior

Location Similar

Unit Mix

Property Details

Address 1026 N. Hudson Avenue


Units 8

Year Built 1958

Building SF 6,593

Parking 8 Spaces

Price $1,683,000


Price / SF $255.27

Cap Rate 3.19%

GRM 18.20

COE 2/24/17

1026 N. HUDSON AVENUE


Unit Mix Similar

Location Similar

Unit Mix

15 Studio 5 1 Bed / 1 Bath3 2 Bed / 1 Bath

100%

37% 63%


Property Details

Address 1943 N. Bronson Avenue


Units 8

Year Built 1940

Building SF 6,363

Parking 6 Spaces

Price $2,145,000


Price / SF $337.11

Cap Rate 2.75%

GRM 21.01

COE 3/7/17

1943 N. BRONSON AVENUE


Unit Mix Inferior

Location Superior

Unit Mix

Subject Property Details

Address 970 N. Serrano Avenue


Units 14

Year Built 1954

Building SF 11,778

Parking 11 Spaces

Price $3,300,000


Price / SF $280,18

Cap Rate 3.54%

GRM 16.12

COE --

970 N. SERRANO AVENUE

Unit Mix

2 Studio4 1 Bed / 1 Bath2 2 Bed / 1 Bath

8 1 Bed / 1 Bath5 2 Bed / 1 Bath1 2 Bed / 1 Bath + Den

50%

25%36%

7%

57%25%

SUBJECT PROPERTY

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S A L E S C O M P A R A B L E S U M M A R Y

ADDRESS YEAR BUILT

# UNITS PRICE PRICE / UNIT PRICE / SF CAP RATE GRM SALE DATE

1 5853 Lexington Avenue 1954 8 $1,810,000 $226,250 $297.26 2.85% 18.17 12/23/16

2 5747 La Mirada Avenue 1953 8 $1,840,000 $230,000 $344.05 -- -- 6/9/17

3 5841 Virginia Avenue 1956 10 $1,981,000 $198,100 $290.90 3.52% -- 2/2/17

4 4855 Elmwood Avenue 1961 18 $4,500,000 $250,000 $277.23 -- -- 5/15/17

5 333 S. Oxford Avenue 1961 11 $2,700,000 $245,455 $289.95 -- -- 1/23/17

6 3951 Marathon Street 1961 11 $2,620,000 $238,182 $340.26 3.70% 16.4 12/2/16

7 1149 N. Westmoreland Avenue 1958 15 $2,600,000 $173,333 $280.96 2.64% -- 11/18/16

8 1026 N. Hudson Avenue 1958 8 $1,683,000 $210,375 $255.27 3.19% 18.2 2/24/17

9 1943 N. Bronson Avenue 1940 8 $2,145,000 $268,125 $337.11 2.75% 21.01 3/7/17

AVERAGES 1956 11 $2,431,000 $226,647 $301.44 3.11% 18.45 --

SUBJECT PROPERTYYEAR BUILT

# UNITS PRICE PRICE / UNIT PRICE / SF CAP RATE GRM SALE DATE

970 N. Serrano Avenue 1954 14 $3,300,000 $235,714 $280.18 3.54% 16.12 --

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R E N T C O M P A R A B L E S

ADDRESS YEAR BUILT # OF UNITS UNIT TYPE UNIT SF RENT RENT / SF

1 853 N. Oxford AvenueLos Angeles, CA 90029 1935 8 1 Bed / 1 Bath N/A $1,595 N/A

2 725 N. Western AvenueLos Angeles, CA 90029 1925 14 1 Bed / 1 Bath 650 $1,695 $2.61

3 5622 La Mirada AvenueLos Angeles, CA 90038 1958 9 1 Bed / 1 Bath N/A $1,750 N/A

4 1246 N. Edgemont StreetLos Angeles, CA 90029 1963 12 1 Bed / 1 Bath 650 $1,695 $2.61

5 1400 N. Normandie AvenueLos Angeles, CA 90027 1962 22 1 Bed / 1 Bath 750 $1,650 $2.20

6 645 N. Ardmore AvenueLos Angeles, CA 90004 1967 22 2 Bed / 1 Bath 865 $2,200 $2.54

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R E N T C O M P A R A B L E S

RENT COMP AVERAGES 1 Bed / 1 Bath 683 $1,677 $2.47

2 Bed / 1 Bath 841 $2,177 $2.49

SUBJECT PROPERTY AVERAGES 1 Bed / 1 Bath 700 $1,002 $1.43

2 Bed / 1 Bath 900 $1,293 $1.44

2 Bed / 1 Bath + Den 900 $2,295 $2.55

ADDRESS YEAR BUILT # OF UNITS UNIT TYPE UNIT SF RENT RENT / SF

7 5533 Barton AvenueLos Angeles, CA 90038 1989 8 2 Bed / 1 Bath 800 $1,995 $2.49

8 5656 Fountain AvenueLos Angeles, CA 90028 1957 8 2 Bed / 1 Bath 850 $1,995 $2.35

9 1631 N. Hobart BoulevardLos Angeles, CA 90027

1953 20 2 Bed / 1 Bath 850 $2,200 $2.59

10 5632 Harold WayLos Angeles, CA 90028

1961 10 2 Bed / 1 Bath N/A $2,195 N/A

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R E N T C O M P A R A B L E S U M M A R Y

ADDRESS YEAR BUILT # UNITS UNIT TYPE SF RENT RENT / SF

1 853 N. Oxford Avenue 1935 8 1 Bed / 1 Bath N/A $1,595 N/A

2 725 N. Western Avenue 1925 14 1 Bed / 1 Bath 650 $1,695 $2.61

3 5622 La Mirada Avenue 1958 9 1 Bed / 1 Bath N/A $1,750 N/A

4 1246 N. Edgemont Street 1963 12 1 Bed / 1 Bath 650 $1,695 $2.61

5 1400 N. Normandie Avenue 1962 22 1 Bed / 1 Bath 750 $1,650 $2.20

6 645 N. Ardmore Avenue 1967 22 2 Bed / 1 Bath 865 $2,200 $2.54

7 5533 Barton Avenue 1989 8 2 Bed / 1 Bath 800 $1,995 $2.49

8 5656 Fountain Avenue 1957 8 2 Bed / 1 Bath 850 $1,995 $2.35

9 1631 N. Hobart Boulevard 1953 20 2 Bed / 1 Bath 850 $2,200 $2.59

10 5632 Harold Way 1961 10 2 Bed / 1 Bath N/A $2,195 N/A

SUBJECT PROPERTY970 N. Serrano AvenueLos Angeles, CA 90029

1954 141 Bed / 1 Bath2 Bed / 1 Bath

2 Bed / 1 Bath + Den

700900900

$1,002$1,293$2,295

$1.43$1.44$2.55

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AREA + MARKET OVERVIEW

s e r r a n o970

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L O S A N G E L E S O V E R V I E W

LOS ANGELES COUNTY

Los Angeles County is the most heavily populated county in the country with approximately 10.8 million residents within the city limits and the unincorporated areas of the county. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates.

Approximately 27 percent of California’s residents live in Los Angeles County. According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.

Los Angeles County is served by one of the largest freeway networks in the country, providing access to the five neighboring counties of Orange, Riverside, San Bernardino, Kern, and Ventura, as well as the rest of the nation. Los Angeles County’s extensive freeway network facilitates the movement of people and freight throughout the region, the state, and the nation.

The Port of Los Angeles is one of the oldest ports and is currently the number one port in the United States handling more cargo than it’s neighboring Port of Long Beach. It is also an environmental leader in the industry and prides itself on ultra-modern terminal efficiency and its world class security operations with Homeland Security. Today, the port generates $39.1 billion in annual revenue and provides jobs to more than 919,000 people annually. The Port is completely self-supporting with no income from tax dollars and is an industry leader in sustainable growth. The Port of Los Angeles is also invested in world-class waterfront developments in the San Pedro area that donates thousands of dollars each year to local

community programs.

Los AngelesAt-a-Glance

4,752TOTAL SQUARE MILES

$87.8KAVERAGEHOUSEHOLD INCOME

15FORTUNE 500CO. HQ IN LA

$887.9BIN GDP

82MPASSENGERSPASSED THROUGH LAX IN 2015

16THLARGEST ECONOMY IN THE WORLD

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H O L LY W O O D S U B M A R K E T

Hollywood has long been recognized throughout the world as the

historical center of the entertainment industry. In addition to its large base

of entertainment facilities, including a major studio, television stations,

numerous independent studios, radio stations, record companies, and

post-production companies, Hollywood also serves as a strategic central

location relative to the entertainment concentrations throughout the

Westside and San Fernando Valley markets. Now far more than just a

hub of the entertainment industry, Hollywood is undergoing a wave of

redevelopment which includes significant expansions in housing, retail,

hospitality, recreation and transit, making it one of the largest urban infill

redevelopment zones in the country.

Bounded roughly by Melrose Avenue on the south, West Hollywood

on the west, the Hollywood Hills on the north, and Silver Lake on the

east, Hollywood has over 60 new and upcoming developments in

the works. The area’s central location, expanded transit and access

options, world-class entertainment and nightlife, and the expansion of

companies migrating to the area all serve to drive additional demand for

development. With nearly $3 billion in current and planned development

underway, it is readily apparent that Hollywood is fast becoming a true

“live / work / play” urban environment. Previously under-served by

quality housing stock, transit, and community-serving retail, thousands

of class A housing units and retail projects have been added to the

area to service the burgeoning population of young professionals

who are attracted to Hollywood’s walkable urban environment that

is rich in history, with an array of tech, media and entertainment

employment centers, nightlife/recreation, restaurants and quality public

transportation.

Dozens of new restaurants, upscale bars, and nightclubs have opened

in Hollywood since the downturn, signaling a resurgence of this area’s

cache as one of Los Angeles’ top nightlife destinations. Centering the

area’s expansion as a major player in the transit-oriented development

sphere, Hollywood’s three MTA Red Line light rail stops (Hollywood/

Western, Hollywood/Vine and Hollywood/Highland) provide regional

transit mobility to a new wave of car-free urban employees and

residents, while spurring significant additional development adjacent

to these stations. The MTA Red Line services nearly 160,000 riders per

day, with an annual ridership of over 50 million people. In addition to

the growth in the business and residential sectors, Hollywood remains

a top draw for tourists, who are drawn to the area’s rich history, tourist

attractions, nightlife and quality hospitality stock.


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P R I M E H O L LY W O O D L O C A T I O N

N E A R BY A M E N I T I E S

THE REDBURY Owned and operated by lifestyle-curating entertainment company, SBE, this smaller sister property to the SLS includes spacious and stylish rooms that feel more like lofts. The Redbury, located a mile away, has a striking crimson red exterior, iconic hallway imagery of early Hollywood films and a hip Mediterranean eatery, Cleo.

THE W HOTEL The new $350-million W Hollywood Hotel is located at the corner of Hollywood and Vine. Hollywood hotspot Drai’s is located at the W Hollywood and is one of the most popular nightclubs and dayclubs in Los Angeles. In addition to Drai’s, the hotel offers several dining establishments, including its signature restaurant, Delphine, a 6,000-square-foot indoor/outdoor French bistro and raw bar.

PANTAGES THEATRE Located at Hollywood and Vine, the Pantages Theatre was designed by architect B. Marcus Priteca. The 2,703 capacity theatre is one of Los Angeles’ leading venues for live theatre.

SUNSET + VINE The Sunset + Vine retail center sits below 300 multifamily units at the Sunset and Vine intersection. The ± 87,000 square foot center is occupied by Walgreens, Bed Bath and Beyond, and Verizon Wireless.

HOLLYWOOD and HIGHLAND Hollywood and Highland is one of the most visited tourist attractions in Los Angeles. The nearly

400,000 square foot outdoor retail center is home to such brands as Louis Vuitton, Lucky Brand,

Gap and H&M. The center also includes the TCL Chinese Theater (formerly Mann Grauman’s

Chinese Theatre) and the Dolby Theatre, which serves as the annual site of the Academy Awards

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HOLLYWOOD BOWL The Hollywood Bowl is the largest natural amphitheater in the United States, with a seating capacity of nearly 18,000 patrons. The Hollywood Bowl is home to the Hollywood Bowl Orchestra, the Los Angeles Philharmonic and hosts hundreds of musical events each year.

ROOSEVELT HOTEL After its $30-million renovation, this 12-story landmark has become ‘the place’ to stay in Hollywood. Host to the first Academy Awards in 1929, this national landmark is Hollywood’s only historic hotel still in operation today. The Roosevelt is a hotspot for the young Hollywood scene, from the poolside Tropicana bar, to the exclusive Teddy’s lounge, The Spare Room, Beacher’s Madhouse and Library Bar. The hotel offers two restaurants including the feature restaurant, Public Kitchen, and the popular late night burger bar, 25 Degrees.

HOLLYWOOD PALLADIUM The Hollywood Palladium includes an ±11,200 square foot dance floor and capacity for 4,000 people. In 2007, Live Nation signed a 20-year lease to host concerts at the venue.

RUNYON CANYON Runyon Canyon Park is a 60-acre park set at the eastern end of the Santa Monica Mountains. The park, which features several hiking trails and a dog park, serves as one of the most popular hiking destinations in Los Angeles with a peak elevation of 1,320 feet at a point known as Indian Rock. Because of its proximity to the residential areas of Hollywood and the Hollywood Hills, celebrity sightings are common.

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H O L LY W O O D D E V E L O P M E N T

HOLLYWOOD 959

J.H. Snyder Company recently completed construction on 959 Seward, a two-building creative office campus

encompassing approximately 245,000 square feet of space situated in the heart of the Hollywood Media District.

959 Seward will offer availability for users ranging from 5,000 square feet to an entire floor of 36,000 square feet of

contiguous space. The building is also available for a single user to lease the entire building. 959 Seward is ideally

located at the corner of Seward Street and Romaine Street, directly across from Hollywood Center Studios. Designed

by Ware Malcomb, the premiere office campus features two state-of-the art glass buildings offering an unrivaled

customized work environment with open, green outdoor spaces. The common areas will include a restaurant, fitness

center, outdoor event space, screening room, bike storage and parking garage to allow for 3.2/1000. 959 Seward is

situated within minutes of numerous Hollywood studios, world famous venues, luxury residences and hotels.

1600 VINE

Located on the historic Walk of Fame at Hollywood and Vine, this hip, breakthrough mixed use adaptive reuse rental

community is a $250 million dollar TOD with retail by Legacy Partners Residential. With 375 apartments and 215 on-site

public parking spaces, 1600 Vine is a first-of-its-kind community in the heart of Hollywood. It shares a city block and

grand valet parking entry and podium with the W Hotel Hollywood (305 rooms) and W residences for sale (143 units)

and sits above the MTA rail and bus station. Ground floor retail is occupied by nationally-known Trader Joe’s, Wells

Fargo Bank and café Entourage.

CAMDEN HOLLYWOOD

Located at the southeast corner of Vine Street and Selma Avenue, Camden Hollywood is a $140 million mixed-use

development from the Houston Based Camden property Trust. Designed by TCA Architects, the Camden Hollywood

will rise seven stories, containing 287 market rate apartments and just under 40,000 square feet of ground floor

commercial space. Camden has partners with SBE Entertainment to provide resort style amenities for future residents.

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6230 SUNSET BOULEVARD

Real Estate Investment Trust Essex acquired the Nickelodeon theater on Sunset Boulevard just east of Vine. The

project, most recently referred to as 6230 Sunset, will have 4,700 square feet of commercial space on Sunset with 200

apartments (a mix of studios, one-bedrooms, and two-bedrooms) above. The third floor of the new building will have

a podium with a pool and open space facing west toward Vine. There will also be a pedestrian “paseo” between the

Carroll (which will remain as it is, used for commercial/office space) and the new development.

SUNSET GORDON

This 1.7-acre land site, a new development from CIM, is located at the northeast corner of Sunset Boulevard and

Gordon Street in Hollywood. Once completed, the site will include a mixed-use project with 299 residential units,

approximately 37,000 square feet of office space, approximately 13,000 square feet of retail and restaurant space, and

a parking garage with 525 spaces.

COLUMBIA SQUARE

Located in the heart of Hollywood, encompassing a full city block, Columbia Square is a 4.7 acre site currently under

construction for 875,000 square foot of mixed use office, retail and residential space. It includes the redevelopment

of three existing historic buildings and a new mixed-use media campus that will preserve its historic character, while

creating a new state-of-the-art office project, a residential community, and an amenity-rich retail environment. Columbia

Square is just two blocks from the storied corner of Sunset and Vine and one block from KRC’s Sunset Media Center.

Columbia Square was the first movie studio in Hollywood and was the home of Columbia Broadcasting System’s

(CBS) West Coast operations headquarters and housed performances from Lucille Ball, Johnny Carson, Jack Benny,

Bing Crosby and others. The neighborhood offers all the ingredients for the urban live, work and play lifestyle, being

surrounded by significant retail amenities as well as the Metro Redline. Neighbors include the Academy Awards,

Grauman’s Chinese Theater,

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BLVD 6200

BLVD 6200 is an exciting new mixed-use development that will enrich the landscape of its historic home along

Hollywood’s most famous thoroughfare and serve as the eastern gateway to Hollywood. The development site spans

both sides of Hollywood Boulevard between Argyle and El Centro Avenues. The $200 million BLVD6200 will feature

535 well-appointed residential and diverse retail components with associated parking for each.

WEST HOLLYWOOD GATEWAY PROJECT

The West Hollywood Gateway is an outdoor shopping mall developed by the JH Snyder Company and designed by

renowned architect, Jon Jerde. The four-story structure features two subterranean parking levels and two above-

ground retail levels. The West Hollywood Gateway is located on the southwest corner Santa Monica Blvd. and La Brea

Avenue. The mall is anchored by the first big box retailers in the city, Target and Best Buy, and it also features eight

restaurants as well as several retail stores. Occupying a total of 257,000 square feet (23,900 m2), construction on

the West Hollywood Gateway began in September 2002 as part of the City of West Hollywood’s Santa Monica Blvd.

Redevelopment project. The West Hollywood Gateway opened to the public in March 2004. The site includes the free-

standing famous Hollywood landmark, the Formosa Cafe.

AMPAS MUSEUM

The Academy of Motion Picture Arts and Sciences is building the world’s leading movie museum in the heart of

Los Angeles. Located in the historic Wilshire May Company building next to the campus of the Los Angeles County

Museum of Art, the six story Academy Museum was greenlit by the Academy’s Board of Governors in October 2012.

The Academy Museum will feature six floors of exhibition spaces, a movie theater, education studios, special event

spaces, conservation areas, and a café and store. A new spherical addition will connect to the May Company building

with glass bridges and will feature a state-of-the-art 1,000-seat theater and a rooftop terrace. The main lobby level of

the museum will feature public areas including a free introductory gallery. The lobby will connect to the outdoor public

piazza and a new pedestrian walkway. The museum also will have a main entrance on Wilshire Boulevard, facilitating

easy access for pedestrians and mass transit riders.

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SUNSET VINE TOWER

The slender 20-story Sunset Vine Tower that was Los Angeles’ first modern skyscraper when it opened to international

acclaim in 1963 at Sunset Boulevard and Vine Street has been converted into a luxury apartment building. In 2003,

the CIM Group acquired the skyscraper and began mapping plans to rehabilitate it. The company eventually decided

to gut the building and convert it into residential units. There are 63 units, from a 720-square-foot one-bedroom for

$2,375 per month to the largest two bedroom at $14,000, all the way up to the full-floor, 4,400-square-foot penthouse

that goes for $24,995 per month. There is a maximum of four units on each of the other floors, and many have two.

They boast 13-foot ceilings and custom window treatments. A gym and 24-hour concierge are available; a pool is in the

works; and the ground floor houses a Chipotle, Bodega Wine Bar, and Tender Greens.

MILLENNIUM HOLLYWOOD

Millennium Hollywood will be a transformative mixed-use project constructed on two vacant parking lots adjacent to and

across the street from the iconic Capitol Records Building, steps from the intersection of Hollywood and Vine, the world

‘s most famous intersection and the center of Hollywood’s historic downtown. Comprising a total of 4.47 acres of land,

the project’s central design objectives will be to preserve, complement and highlight the Capitol Records Building by

creating extensive and inviting open spaces that will greatly enhance the pedestrian experience of the area and forever

preserve the critical views of one of the 20th century’s most recognized and beloved structures. The project will define

a new sense of place for Hollywood by locating two architecturally distinguished towers along Vine Street continuing

the tradition of grand and innovative architecture started by the Capitol Records Building. Millennium Hollywood

would develop approximately 1 million square feet of new uses, including a combination of residential dwelling units,

hotel rooms, office and associated uses, restaurant space, a health and fitness club, retail establishments and 2,000

new parking spaces. Implementation of the project would enable flexibility regarding the proposed arrangement and

density of specific land uses, siting, and massing characteristics within parameters established by the project approvals

and the environmental review.

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H O L LY W O O D D E V E L O P M E N T & I N V E S T M E N T

2000 - 20041 Galaxy Retail Center

2 Hollywood & Highland Center

3 Cherokee Retail Strip

4 The Hudson

5 Selma Park

6 Sunset & Vine Apartments

7 The Pantages Theater Renovation

2005 - 20098 Palladium Renovation

9 Technicolor Building

10 LA Film School - Ivar Theater

11 The Broadway Building

12 The Equitable Building

13 AMDA

14 AMDA Student Housing

15 6565 Sunset

16 The Jefferson

17 1800 Highland Office Tower

18 6904 Hollywood Retail

19 6922 Hollywood Office Tower

20 Hollywood/Sycamore

21 7083 Hollywood

2010 - 201422 7001 Hollywood

23 The Lowes Hotel

24Musicians Institute Expansion Pt 1

25 The Rubix

26 1800 Whitley

27 Mama Shelter

28 East Cahuenga (EaCa) Alley

29 CNN Tower

30 Sunset & Vine Tower

31 Sunset Media Center

32 Emerson College

33 Sunset & Gordon

34 Metropolitan Apartments

35 The Fonda Theatre Renovation

36 Eastown Apartments (North)

37 W Hotel

38 The Residences @ the W

39 1600 Vine Apartments

40 The Taft Building

41 The Redbury Hotel

42 AMDA Classroom Building

2015 and beyond43 Kimpton Hotel

44 Yucca at Argyle Apartments

45 Millennium Hollywood

46 UDR Apartments

47 Eastown Apartments (South)

48 1601 N. Vine

49 Camden Apartments

50 Ametron Office Tower

51 Crescent Heights Apartments

52 Columbia Square

53 Hudson’s Icon

54 5901 Hudson

55 Essex Apartments

56 Academy Square

57 Hollywood Dream Hotel

58 AMDA Student Housing

59 M! Expansion - Pt. 2

60 Champion Apartments

61 Cherokee Apartments

62 Metropolitan West

$4.8BILLION

$2.2 BILLIONIN COMPLETED0 PROJECTS SINCE 2000

TOTAL INVESTED INHOLLYWOOD DEVELOPMENT SINCE 2000BY DEVELOPERS OF MAJOR RETAIL, COMMERCIAL, HOSPITALITY, AND BUSINESS PROJECTS

$1BCURRENTLY UNDERC O N S T R U C T I O N

$1.6 BILLIONPROJECTS IN THE PIPELINE

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H O L LY W O O D D E V E L O P M E N T & I N V E S T M E N T

Source: Hollywood Property Owners Alliance (HPOA) s e r r a n o970

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M U LT I F A M I LY D E M A N D I N L O S A N G E L E S

Steady economic growth over the past several years has kept the multifamily market moving forward. Demand continues to outpace supply despite a significant number of new deliveries over the past year. Favorable demographic trends, strength in the job market and reduced affordability of owning a home will continue to fuel a strong demand for multifamily rental units across Los Angeles.

CURRENT MARKET-RATE MULTIFAMILY DEVELOPMENT IN LOS ANGELES COUNTY

±31,000TOTAL UNITS

IN LEASE-UP OR UNDER CON-STRUCTION

0.00.20.40.60.81.0 0.00.20.40.60.81.0

±24,000UNITS

UNDER CONSTRUCTION

±7,000UNITS

IN LEASE-UP

0.00.20.40.60.81.0

±31,000UNITS

UNDER CONSTRUCTION OR IN LEASE-UP

±126,000

UNITSSHORT OF ESTIMATED

HOUSING NEEDED TO KEEP PACE WITH DEMOGRAPHIC TRENDS AND POPULATION

GROWTH

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I M P A C T O F L A ’ S G R O W T H O N R E N T A L H O U S I N G

10,181,1402015 ESTIMATED POPULATION OF LA COUNTY

1,700,000ESTIMATED RENTER HOUSEHOLDS IN LA

5.7:1RENTERS TO RENTAL HOUSING UNIT RATIO

11,075,4402025 ESTIMATED POPULATION OF LA COUNTY

9%INCREASE IN POPULATIONFROM 2015-2025

157,000ADDITIONAL NEW RENTAL UNITS NEEDED TO HOUSE ESTIMATED 2025 POPULATION

As the population of Los Angeles county continues to grow at a rapid pace, demand for quality rental housing will continue to rise exponentially. In addition, studies show the millennial generation is choosing to rent over own for a substantially longer period of time and are willing to spend a larger portion of their income on rent than past generations. These factors will continue to drive rental rates up, vacancy levels down, and a deficit of multifamily housing.

MadisonPartners.net

12121 Wilshire Blvd, Suite 900Los Angeles, CA 90025

310.820.5959

DA R I N B E E B OW E R 310.442.3377

[email protected] License ID No.: 001121421

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