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CAPITAL MARKETS
INSTITUTIONAL PROPERTIES
A FULLY ENTITLED 3.19 ACRE TRANSIT ORIENTEDRESIDENTIAL DEVELOPMENT OPPORTUNITY TO BUILD 318-UNITS IN AN EXCELLENT URBAN INFILL LOCATION
1101 N. MAIN STREET DOWNTOWN LOS ANGELESCALIFORNIA
Bids are due Tuesday,
November 25, 2014 by 5.00 pm, PST
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Affiliated Business Disclosure
CBRE, Inc. operates within a global family
of companies with many subsidiaries and/or
related entities (each an “Affiliate”) engagingin a broad range of commercial real estate
businesses including, but not limited to,
brokerage services, property and facilitiesmanagement, valuation, investment fund
management and development. At times
different Affiliates may represent variousclients with competing interests in the same
transaction. For example, this Memorandummay be received by our Affiliates, including
CBRE Investors, Inc. or Trammell Crow
Company. Those, or other, Affiliates mayexpress an interest in the property described
in this Memorandum (the “Property”) may
submit an offer to purchase the Propertyand may be the successful bidder for the
Property. You hereby acknowledge that
possibility and agree that neither CBRE,
Inc. nor any involved Affiliate will have anyobligation to disclose to you the involvementof any Affiliate in the sale or purchase of the
Property. In all instances, however, CBRE, Inc.
will act in the best interest of the client(s) itrepresents in the transaction described in this
Memorandum and will not act in concert with
or otherwise conduct its business in a waythat benefits any Affiliate to the detriment of
any other offeror or prospective offeror, but
rather will conduct its business in a mannerconsistent with the law and any fiduciary
duties owed to the client(s) it represents in the
transaction described in this Memorandum.
Confidentiality Agreement
This is a confidential Memorandum intended
solely for your limited use and benefit indetermining whether you desire to express
further interest in the acquisition of the Property.
This Memorandum contains selected
information pertaining to the Property and
does not purport to be a representation of thestate of affairs of the Property or the owner of
the Property (the “Owner”), to be all-inclusive
or to contain all or part of the information
which prospective investors may require toevaluate a purchase of real property. All financial
projections and information are provided for
general reference purposes only and arebased on assumptions relating to the general
economy, market conditions, competition and
other factors beyond the control of the Ownerand CBRE, Inc. Therefore, all projections,
assumptions and other information providedand made herein are subject to material
variation. All references to acreages, square
footages, and other measurements areapproximations. Additional information and
an opportunity to inspect the Property will
be made available to interested and qualifiedprospective purchasers. In this Memorandum,
certain documents, including leases and other
materials, are described in summary form.
These summaries do not purport to be completenor necessarily accurate descriptions of thefull agreements referenced. Interested parties
are expected to review all such summaries
and other documents of whatever natureindependently and not rely on the contents
of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of
their respective directors, officers, Affiliatesor representatives make any representation
or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandumor any of its contents, and no legal commitment
or obligation shall arise by reason of your receipt
of this Memorandum or use of its contents;and you are to rely solely on your investigations
and inspections of the Property in evaluating
a possible purchase of the real property.
The Owner expressly reserved the right,at its sole discretion, to reject any or all
expressions of interest or offers to purchase
the Property, and/or to terminate discussionswith any entity at any time with or without
notice which may arise as a result of review
of this Memorandum. The Owner shall have
no legal commitment or obligation to any
entity reviewing this Memorandum or making
an offer to purchase the Property unless anduntil written agreement(s) for the purchase
of the Property have been fully executed,
delivered and approved by the Owner andany conditions to the Owner’s obligations
therein have been satisfied or waived.
By receipt of this Memorandum, you agree
that this Memorandum and its contents areof a confidential nature, that you will hold
and treat it in the strictest confidence and
that you will not disclose this Memorandumor any of its contents to any other entity
without the prior written authorization of theOwner or CBRE, Inc. You also agree that you
will not use this Memorandum or any of
its contents in any manner detrimental tothe interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you haveno further interest in purchasing the Property,
kindly return this Memorandum to CBRE, Inc.
Disclaimer
© 2014 CBRE, Inc. The information containedin this document has been obtained from
sources believed reliable. While CBRE, Inc.does not doubt its accuracy, CBRE, Inc.
has not verified it and makes no guarantee,
warranty or representation about it. It is yourresponsibility to independently confirm its
accuracy and completeness. Any projections,opinions, assumptions or estimates used arefor example only and do not represent the
current or future performance of the property.
The value of this transaction to you dependson tax and other factors which should be
evaluated by your tax, financial and legaladvisors. You and your advisors should conduct
a careful, independent investigation of the
property to determine to your satisfaction thesuitability of the property for your needs.
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1 EXECUTIVESUMMARY
2 PROPERTYOVERVIEW
3 MARKETOVERVIEW
4 AREAOVERVIEW
page 01 page 05 page 13 page 27
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CBRE Capital Markets - Institutional Properties
Laurie Lustig-Bower
+1 310 550 2556
Lic. 00979360
Brad Burton
+1 310 363 4997
Lic. 00859240
Kadie Presley Wilson
+1 310 550 2575
Lic. 01476551
Thomas Bohlinger
+1 310 363 4904
Lic. 00521778
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MAIN ST
Chinatown
Gold Line Station
OLVERA ST CITY HALL CIVIC CENTER GRAND PARK
DISNEYCONCERT HALL
DOROTHYCHANDLER PAVILION
COLLEGE STATION(EVOQ)
Proposed Development
±685 residential units±45,000 sf retail
LAX-CMARKET
UNION
STATION
South View from Property
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EXECUTIVE SUMMARY
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CBRE, INC. IS PLEASED TO PRESENT A FULLY-ENTITLEDRESIDENTIAL DEVELOPMENT OPPORTUNITY TO BUILD318 MARKET RATE UNITS IN AN EXCELLENT TRANSITORIENTED LOCATION.
The site offers spectacular, unobstructed views in all directions,
including the downtown sky line and local mountains. Situated at 1101
N. Main Street in bustling Downtown Los Angeles, LA ChinatownLofts is a 3.19-acre site located one block from the Chinatown Gold
Line Metro Station, one half block from the new $20 million, 32-acre
Los Angeles State Historic Park (opening in 2015) and just over half amile from Los Angeles’ Union Station, the largest railroad passenger
terminal in the Western United States.
Executive Summary
The LA Chinatown Lofts development opportunityis offered to the market on an unpriced basis.
Bids are due Tuesday,November 25, 2014 by 5.00 pm, PST
02 | Executive Summary
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THE PROJECT BOASTS A VESTINGTENTATIVE TRACT MAP SO ADEVELOPER MAY CHOOSE TOBUILD EITHER CONDOMINIUMUNITS OR APARTMENT UNITS.
It has an approved Environmental Impact Report, architectural plans
and an approved zone change permitting the development of a 318-unit
residential project in a six story building. The existing entitlements donot require low-income affordable units to be included in the project.
A Italian Hall 1907B Hammel Building 1909C Pelaconi Building 1855
D Sepulveda House 1887E Machine Shop 1910F Jones Building 1880s
G Simpson Building 1894H Pico House 1869I Merced Theatre 1870J Masonic Hall 1858K Tononi Winery 1880sL Avila Adobe 1818MPlaza Substation 1904N Plaza Methodist Church 1926O Biscailuz Building 1926P Hellman Building 1900Q Plaza Firehouse 1884R Garnier Building 1890S Plaza Church 1818
T Plaza House 1883
U Vickrey/Brunswig Bldg 1888
H I S T O R I C E L P U E B L O
03 | LA CHINATOWN LOFTS | Executive Summary
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LA CHINATOWN LOFTS STANDS AT THE NORTHERNGATEWAY TO ONE OF THE MOST DYNAMIC ANDEXHILARATING METROPOLITAN AREAS IN THE U.S.
Downtown Los Angeles is in a period of extraordinary revival. It is the largest downtown
employment center in the Western United States, boast ing over 500,000 employees,but is wholly under-served by just over 19,700 market rate residential units. This fully-
entitled, urban, transit oriented site is strategically poised to capture the in-migration ofhome renters or buyers looking to live, work, play and stay in vibrant Downtown LA.
Executive Summary
04 | Executive Summary
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PROPERTY OVERVIEW
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Property Overview
APN’s
5409-006-037, 5409-006-038,5409-006-039, 5409-006-040,
5409-006-041, 5409-006-042,
5409-006-043, 5409-006-045
Lot Area (SF)
± 138,944
Parcel Map
Address
1101 N. Main Street
Los Angeles, CA 90012
Lot Area (Acres)
± 3.19
Zoning (Project specific)
[T][Q]C2-2 (Note: please review
new Cornfield Arroyo Seco Specific
Plan zoning described below)
Vesting Tentative Tract Map Number
62781-CN
Adopted General Plan Amendment,Zone & Height District Change
Ordinance No. 179611
Final Environmental Impact Report
ENV 2005-0881-ENV
06 | Property Overview
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SITUATED AT 1101 N. MAIN STREET INBUSTLING DOWNTOWN LOS ANGELES,LA CHINATOWN LOFTS IS A 3.19-ACRESITE LOCATED ONE BLOCK FROM THECHINATOWN GOLD LINE METRO STATION
Chinatown Gold Line Station
Entitled Development
Approved Number of Units 318
Approved Building Height
75 feet (however project is designed for less)
Approved Number of Stories
Six (6)
Approved Parking Spaces
± 618
07 | LA CHINATOWN LOFTS | Property Overview
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MAIN ST
COLLEGE STATION
(EVOQ)
Proposed Development
±685 residential units±45,000 sf retail
Chinatown
Gold Line Station
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Property Overview
Ownership obtained entitlements based upon Plan 1, described below. Ownership received indication
from the City Planning Department that the City would be amenable to a different plan, so long as thenew plan stays within the approved Plan 1 design envelope as specified in the Determination Letter.
Designed Project - Plan 1
Construction
Five Levels of Type V over Two Levels of Type I (one level
subterranean and one level on grade)
Building Height
Apx. 65 feet
FAR
2.825:1
Est. Building Area
392,552 SF
Est. Living Area
303,756 SF
Parking Spaces
615
Unit Mix - Plan 1
Unit Type No. of Units Average SF
1 Bedroom 20 ± 782
2 Bedroom 250 ± 981
3 Bedroom 30 ± 1,430
Flex Units 18 ± 1,173
Total 318 ± 1,022 Average Unit Size
Plan 1 rendering
Plan 1 rendering
09 | LA CHINATOWN LOFTS | Property Overview
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Ownership briefly explored a different project (Plan 2), described below. Plan 2 reduced the size of the
project, eliminated the subterranean parking level and added a second parking deck above grade. Ownershipreceived modification approval for Plan 2 from the Fire Department allowing for both concrete decks to
begin on grade (i.e. there is no subterranean level—the concrete decks are the project’s first two floors).
Construction
Four Levels of Type V over Two Levels of Type I on grade
Building Height
61 Feet
FAR Gross
2.097:1
Est. Building Area
291,391 SF
Est. Living Area
245,692 SF
Parking Spaces
626
Designed Project - Plan 2 Unit Mix - Plan 2
Unit Type No. of Units Average SF
1 Bedroom 40 ± 752
2 Bedroom 260 ± 809
3 Bedroom 4 ± 1,293
Flex Units 14 ± 1,380
Total 318 ± 832 Average Unit Size
Plan 1 rendering
10 | Property Overview
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Consultants
Architect
Morris Design Partners
Entitlement Work
Fisher Associates
Traffic Consultant
Overland Traffic Consultants
The Property has specific zoning approval forthe entitled project. Following the approval
of the Property's proposed project, the Cityof Los Angeles approved the Cornfield ArroyoSeco Specific Plan (the "CAS Plan"), in which
the subject Property is located. Under the CAS
Plan, the Property's maximum FAR is 6:1, witha maximum average building height of 120
feet (versus the Property's currently approved
project, designed with a FAR of 2.75:1, anda building height not to exceed 65 feet).
For further information, please contact Broker for link to Property’swebsite to access the below documents and other information:
Architectural Plans Determination Letter
Letter of Decision
Vesting Tentative Tract Map
LADBS Approved Request for Modification of Building Ordinances
Cornfield Arroyo Seco Specific Plan (Informationis available at the following links):
http://cityplanning.lacity.org/EIR/CornfieldArroyo/ texts/CPC_StaffReport_SignedFinal.pdf
http://www.planning.lacity.org/EIR/CornfieldArroyo/ texts/Exhibit%20B.1._FinalPlan.pdf
N B r o a
d w a y
N S p
r i n g S t
L o s A
n g
e l e s R i v e r
S a n F e
r n a n d o R d
N M a i n S
t
72
73
65
69
68
6766
62
63
64
5555
55
55
60A
60B
60C
70
71
21C52
47
45
4644
51
50
49
48
5657
53
54B 58
58
61
22
32
33
23
24
25
30A
2627
28
29C29B29A
30B
30C
35
36
40
39
37
38
41
42
43
34
10
19A
19B
11
16
20
21B
18
17
12
13
14
15
3 4
5
7
6
7
78
7
7
7
9
9
31
68
55
64
65
75
76
74
Los Angeles Riverand Arroyo Seco
Maximum 6:1 FAR
Maximum 5:1 FAR
Maximum 4:1 FAR
Maximum 3:1 FAR
3:1 Base FAR*
1.5:1 Base and Maximum FAR
River Buffer Area
Metro Gold Line & Station
* Additional density available throughBonus or Transfer FAR Programs up toallowed maximum.
Projects with more than 15 units ofresidential are limited to a Base FAR of2:5:1 unless the residential portion of theproject is equal to, or less than, 75% ofthe Base FAR.
Exceptions for Density Bonus projects.
FAR Map
feet
0 200 400 600 800
Source: Los Angeles City Planning Department
11 | LA CHINATOWN LOFTS | Property Overview
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Building Heights MapLos Angeles Riverand Arroyo Seco
Specific Plan Area
Min. 25', Max. Avg. 45'
Min. 25', Max. Avg. 60'
Min. 35', Max. Avg. 75'
Min. 35', Max. Avg. 90'
Min. 45', Max. Avg. 110'
Min. 60', Max. Avg. 120'
Metro Gold Line & Station
N B r o a
d w a y
N S p r i n
g S t
L o s A
n g
e l e s R i v e r
S a n F e r n a n d o R d
N M a i n
S t
Source: Los Angeles City Planning Department 12 | Property Overview
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MARKET OVERVIEW
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THE ENORMOUS DOWNTOWN WORKFORCE, EXCEPTIONAL URBAN AMENITIES,AND THE HIGH COST OF COMMUTINGCOMBINED WITH THE HUGE DEMANDAMONG MILLENNIAL AND BOOMERS FORTRANSIT ORIENTED, URBAN HOUSING,MAKES DOWNTOWN LOS ANGELES ONE
OF THE BEST RESIDENTIAL DEVELOPMENTMARKETS IN SOUTHERN CALIFORNIA.
Market Overview
Residential Market
In the first quarter of 2014, there were 104 condominiums sold in the DTLA
submarket and a 97% apartment occupancy rate, translating to a very highdemand for future residential product.* Downtown is one of the few areas in
the region where high-density residential development is encouraged rather
than being resisted by local government and neighborhood groups.
*Source The Downtown Center Business Improvement District (DCBID) and Nielsen
Disney Concert Hall
14 | Market Overview
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15 | LA CHINATOWN LOFTS | Market Overview
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Type Q1 2013 Sales % of Total Q1 2014 Sales % of Total
Studio 16 16% 13 13%
1 BR 40 40% 52 50%
2 BR 40 40% 38 37%
3 BR 3 3% 1
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SELECT RENT COMPARABLES COMPARABLE 2
ORSINI
505 N Figueroa St
Los Angeles, CA 90012
Year Built 2004-2010 (Three-Phase Project)
Units 1,072
Occupancy 99%
Phone 877.263.1055
Owner GH Palmer Associates
Manager GHP Management
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 57 $1,569 - $1,625 479 - 568 $2.86 - $3.28
1 + 1 470 $1,850 - $1,899 647 - 945 $2.01 - $2.86
2 + 2 440 $2,399 - $2,995 916 - 1,325 $2.26 - $2.62
2 + 2 Loft 105 $3,000 1,218 $2.46
Amenities
W/D In-Unit Central A/C 9 Foot Ceilings Movie Theater WiFi Conference Rooms
Granite Counters Carpet Flooring Pools/Spas Tanning beds 24 Hour Doorman Computer Rooms
Business Centers Breakfast Bar Fitness Center Putting Green Sauna/Steam Room Stainless Appliances
Parking Garage Storage Study Rooms Den in Select Units
0 + 1
5%
1 + 1
44%2 + 2
41%
2 + 2 Loft
10%
SELECT RENT COMPARABLES COMPARABLE 1
AVA LITTLE TOKYO
236 S Los Angeles St
Los Angeles, CA 90012
Year Built 2014
Units 280
Occupancy N/A (In Lease-Up)
Phone 213.680.8963
Owner Avalon Bay Communities, Inc.
Manager Avalon Bay Communities, Inc.
Type Number of Units Asking Rent Unit SF Rent per SF
0 + 1 5 $1,838 - $2,290 642 $2.86 - $3.57
1 + 1 90 $2,160 - $2,844 614 - 892 $3.19 - $3.52
2 + 2 144 $2,493 - $4,138 808 - 1,424 $2.91 - $3.09
3 + 3 41 $3,630 - $4,935 1,350 - 1,610 $2.69 - $3.07
Type Number of Units Effective Rent Unit SF Rent per SF
Concessions $1,000 bonus on 1 bedroom units, 6 weeks free on 2 bedroom units
0 + 1 5 $1,838 - $2,290 642 $2.86 - $3.57
1 + 1 90 $2,077 - $2,761 614 - 892 $3.09 - $3.38
2 + 2 144 $2,205 - $3,661 808 - 1,424 $2.57 - $2.73
3 + 3 41 $3,630 - $4,935 1,350 - 1,610 $2.69 - $3.07
Amenities
W/D In-Unit Resident Lounge Patio/Balcony Pool/Spa Hardwood Style Floors
Courtyard Patio/Balcony BBQ Area Resident Lounge Stainless Appliances
Quartz Counters Walk-In Closets Fitness Center Hardwood Style Floors Resident DIY Workspace
0 + 1
2%
1 + 1
32%
2 + 2
51%
3 + 3
15%
17 | LA CHINATOWN LOFTS | Market Overview
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SELECT RENT COMPARABLES COMPARABLE 4
HIKARI
375 E 2nd St
Los Angeles, CA 90012
Year Built 2006
Units 128
Occupancy 95%
Phone 866.612.6134
Owner Equity Residential
Manager Equity Residential
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 48 $1,880 516 $3.64
1 + 1 48 $1,960 - $2,140 627 - 777 $2.75 - $3.13
2 + 2 32 $2,355 - $2,610 855 - 1,115 $2.34 - $2.75
Amenities
W/D In-Unit Carpet Floors Pool/Spa Granite Counters Stainless Appliances
BBQ Area Fitness Center Concierge Walk-In Closets
0 + 1
0%
1 + 1
60%
2 + 2
40%
SELECT RENT COMPARABLES COMPARABLE 3
JIA APARTMENTS
639 N Broadway
Los Angeles, CA 90012
Year Built 2014
Units 280
Occupancy 73% (In Lease-Up)
Phone 213.250.6128
Owner Equity Residential
Manager Equity Residential
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 65 $1,740 - $1,820 571 - 663 $2.75 - $3.05
1 + 1 140 $1,905 - $2,145 686 - 835 $2.57 - $2.78
2 + 2 75 $2,770 - $3,445 1,113 - 1,367 $2.49 - $2.52
Amenities
W/D In-Unit Laminate Flooring Island Kitchens Fitness Center Clubhouse Stainless Appliances
Controlled Access Central A/C Storage Business Center Parking Garage
Quartz Counters Walk-In Closets Pool/Spa BBQ Area WiFi
0 + 1
23%
1 + 150%
2 + 2
27%
18 | Market Overview
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SELECT RENT COMPARABLES COMPARABLE 5
SAKURA CROSSING
235 S San Pedro St
Los Angeles, CA 90012
Year Built 2009
Units 230
Occupancy 96%
Phone 866.661.0424
Owner Equity Residential
Manager Equity Residential
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 54 $1,685 - $1,760 572 - 711 $2.48 - $2.95
1 + 1 92 $1,965 - $2,125 621 - 775 $2.74 - $3.16
2 + 2 84 $2,715 - $2,900 859 - 1,287 $2.25 - $3.16
Amenities
W/D In-Unit Wood Style Floors Fitness Center Clubhouse
Granite Counters Walk-In Closets Pool/Spa Concierge
Business Center Balcony/Patio BBQ Area Stainless Appliances
0 + 1
23%
1 + 1
40%
2 + 2
37%
SELECT RENT COMPARABLES COMPARABLE 6
CANVAS LA
138 N Beaudry Ave
Los Angeles, CA 90012
Year Built 2008
Units 204
Occupancy 97%
Phone 888.362.1467
Owner LaSalle Investment Management
Manager Legacy
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 91 $1,883 - $2,003 647 - 725 $2.76 - $2.91
1 + 1 17 $2,330 - $2,337 808 $2.88 - $2.89
1 + 1.5 44 $2,272 - $2,560 889 $2.56 - $2.88
2 + 2 52 $2,568 - $3,788 1,072 - 1,259 $2.40 - $3.01
2 + 2.5 4 $3,865 - $4,421 1,541 $2.51 - $2.87
3 + 2 2 $4,720 - $5,204 1,956 $2.41 - $2.66
Amenities
W/D In-Unit Walk-In Closets Pool/Spa Clubhouse Hardwood/Carpet Floors
Granite/Avonite Coun te rs Patio/Balcony Fi tness Cen te r Tech Center Stainless Appliances
0 + 1
43%
1 + 1
8%
1 + 1.5
21%
2 + 2
25%
2 + 2.5
2%
3 + 2
1%
19 | LA CHINATOWN LOFTS | Market Overview
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SELECT RENT COMPARABLES COMPARABLE 7
AVANT SOUTH PARK
1360 S Figueroa St
Los Angeles, CA 90015
Year Built 2014
Units 247
Leased 42% (In Lease-Up)
Phone 855.820.3616
Owner Cypress Equity Investments LLC
Manager Riverstone Residential
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 142 $1,810 - $2,280 510 - 592 $3.55 - $3.85
1 + 1 71 $2,150 - $2,590 667 - 812 $3.19 - $3.22
2 + 1 6 $2,775 - $2,925 956 $2.90 - $3.06
2 + 2 24 $2,957 - $3,607 967 - 1,080 $3.06 - $3.34
Live/Work 4 $3,532 - $4,564 1,009 - 1,304 $3.50
Amenities
W/D In-Unit Plank Style Floors Pool/Spa Resident Lounge 9' Ceilings BBQ Area
Quartz Counters Built-in Audio Fitness Center Sundeck Massage Room Stainless Appliances
0 + 1
57%
1 + 1
29%
2 + 1
2%
2 + 2
10% Live/Work
10%
SELECT RENT COMPARABLES COMPARABLE 8
MET LOFTS
1050 S Flower St
Los Angeles, CA 90015
Year Built 2006
Units 268
Occupancy 98%
Phone 877.546.8087
Owner CalPERS
Manager Alliance
Type Number of Units Effective Rent Unit SF Rent per SF
0 + 1 151 $1,800 - $2,975 687 - 876 $2.62 - $3.40
1 + 1 28 $2,055 - $3,050 810 - 941 $2.54 - $3.24
1 + 2 3 $3,585 1,464 $2.45
2 + 2 85 $2,500 - $3,720 1,043 - 1,404 $2.40 - $2.65
Live/Work 1 $3,000 1,045 $2.87
Amenities
W/D In-Unit Patio/Balcony Fitness Center Pool Hardwood Style Floors Outdoor Dining/Entertainment Area
Granite Counters Walk-In Closets 10’ to 14’ Ceilings Sundeck Night Patrol Courtyards
0 + 1
56%
1 + 1
11%
1 + 2
1%
2 + 2
32%
Live/Work 0.4%
20 | Market Overview
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SELECT DOWNTOWN LOS ANGELES RESIDENTIAL LAND SALE TRANSACTIONS
Name / Land Price / Est. Price /
Address Buyer Seller Price Size SF Land Units FAR Building SF Bldg SF Date Status
1 Fig Central Oceanwide The Moinian $174,800,000 200,812 $870 1,350 [1] - 1,488,101 $117 December Entitled for 1,200 – 1,500 residential units (rental and/or for-
Figueroa St & Real Estate Group 2013 sale) in 2 towers, 500-700 room convention hotel (or 222-
11th St Group room boutique) in 1 tower, 75K – 135K retail and 29K SF
LED signage
2 Metropoli s - Green land IDS Real $150 ,000,000 274,428 $547 - - 1 ,650,000 $91 January Enti tl ed for 1 .65M SF of condo , hotel , retail & office. 1stBordered by 8th St, Group Estate Group 2014 phase is 350 room hotel and 28 story condo tower.
St, 9th St, 110 Fwy,
and Francisco Ave
3 8th & Grand Ave Carmel Astani $63,000,000 130,000 $485 700 - - - June 2012 Entitled. Under construction for 700 units and 42K
Partners Enterprises SF Whole Foods Market
4 1020-1024 S Grand GID James Myron $25,300,000 64,033 $395 281 - - - June 2013 Proposed for 281 apartments & 12K SF of retail
Ave Investment Trust
Advisors
5 Apex - 900 S UBS ST Residential $14,730,546 38,768 $380 281 - 336,000 $44 May 2014 Entitled. SF includes retail
Figueroa St
6 Park Fifth - 427 MacFarlane AFI USA $36,500,000 98,881 $369 615 - - - June 2014 Proposed. 2 towers (24 & 7 stories) and 17K SF retail
W 5th St Partners
7 G12 - 1213-1237 The Wolff Astani $45,000,000 130,680 $344 640 - - - October Proposed for 640 residential units in two phases and 42K SF
S Olive St Company Enterprises 2013 of retail
8 1500 S Figueroa St Fifield Fraydoon Bral $13,600,000 41,034 $331 192 3.83 157,151 $87 June 2012 Expired entitlements
Companies
9 1201 Main St / 1108 Forest City The Hearst $27,000,000 93,916 $287 400 - - - December Amending entitlements
S Hill St Enterprises Corporation 2013
10 Olympic & Hil l The Hanover EVOQ $18,000,000 64,077 $281 281 6.00 314,653 $57 January Enti tled. Under const ruct ion for 281 uni ts and 16K SF of retai l
- 915- 949 S Hill St Company 2013
11 Bixel & 6th - 1311 Holland AEW Capital $46,239,600 1 78,160 $260 648 - - - December Entitled for 648 units and 40K SF of retail
W 5th St Partners 2013
12 228-232 E 2nd St Sares-Regis The Rela ted $19,300,000 79,366 $243 240 6.00 266,750 $72 May 2012 Enti tled. Under const ruct ion for 240 uni ts and 16K SF of retai l.
Group Companies
13 1001-1017 Lennar RP Realty $12,000,000 54,012 $222 201 - 186,679 $64 January Proposed for 201 units and 4K SF of retail
S Olive St Multifamily Partners 2014
Investors
14 502-516 N Bunker Confidential Private TBD 59,930 TBD 225 6.00 205,990 TBD In escrow Proposed. SF includes 8K SF retail
Hill Ave
Average: $446
Source: CBRE Research, Sorted by Price per SF Land
Note: Unit total is midpoint of Fig Central's proposed range of 1200-1500. Does not include hotel component.
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MANY RESIDENTS CHOOSING TO LIVE IN DOWNTOWNPRIMARILY FALL INTO ONE OF THREE CATEGORIES
Market Overview
Residents who migratedto Downtown for a
more urban lifestyle
Students atDowntown schools
Downtown employees
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Downtown Employees
With over 500,000 employees,the Downtown Los Angelessubmarket is wholly under-served
by the ±19,715 market-rate
residential units (a combination ofapartments and condominiums).
Urban Migration
From 2010 to 2014 DowntownLos Angeles experienced an 8.1%growth in number of households
and that number is expected to
grow another 8.6% by 2019.
Students
There are five colleges in thegreater Downtown area, witha combined full and part-time
student enrollment of ±46,488
students. Only about 6,150 of thesestudents can be accommodated
by on-campus and off-campus
housing provided by the respectiveschools. School provided housing
represents only ±13 percent
of the total student population,leaving nearly 40,338 students
requiring off-campus housing.
DOWNTOWN LOS ANGELES IS FAST APPROACHINGTHE RESIDENTIAL “24-HOUR CITY” STATUS TYPICALOF OTHER SUCCESSFUL DOWNTOWN AREAS LIKE
NEW YORK, SAN FRANCISCO AND CHICAGO.
Downtown areas have historically been more favored by real estate investors and the Downtown Los
Angeles market is now considered a “core” market by institutional multifamily investors and REITs, andattracts investors from all over the world.
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These freeways include the Hollywood Freeway (U.S. Highway 101) to the north and east,
the Santa Ana Freeway (Interstate 5) to the east, the Santa Monica Freeway (Interstate
10) to the south, and the Harbor Freeway (Interstate 110) to the west.
It is also the regional center of public transportation systems, including bus service
by the Metropolitan Transit Authority, commuter and other passenger train servicesby the Metrolink regional rail system and the Metro Rail light rail system.
Together, the transportation system provides the convenient and flexible access to and
from downtown Los Angeles. Downtown LA is poised to take advantage of a growing
population of residents who prefer urban, transit oriented developments.
Market Overview
Transportation
DOWNTOWN LOS ANGELES IS SURROUNDED BYAND BENEFITED FROM A CIRCLE OF FREEWAYS,
MAKING IT ONE OF THE MOST ACCESSIBLELOCATIONS IN SOUTHERN CALIFORNIA.
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AREA OVERVIEW
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53%
56% $98,700
34 75% 41%
91%
Female
Work Downtown Median Household Income
Median Age Between 23-44 Married/Partnered
Employment Rate
THEDOWNTOWNLA RESIDENT2013
Area Overview
Demographics
WITH OVER 500,000 EMPLOYEES, THE DOWNTOWN LOSANGELES SUBMARKET IS WHOLLY UNDER SUPPLIED BYTHE EXISTING ± 19,715 MARKET RATE RESIDENTIAL UNITS,A COMBINATION OF APARTMENTS AND CONDOMINIUMS.
Source: Downtown Center Business Improvement District’s Downtown LA Market Overview July 2014
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*Source The Downtown Center Business Improvement District (DCBID) and Nielsen
AS OF 2013, THE RESIDENTS OF DTLAHAD A MEDIAN INCOME OF $98,700AND AT LEAST 80% HAD A BACHELOR’SDEGREE OR HIGHER EDUCATION LEVEL.
In the first quarter of 2014, there were
97% 104condominiums sold in theDTLA submarket and a
26%
$150K per year
of DTLA residentsearn more than
71% of DTLA residents are currentlyrenting their primary resident
55% 56% of DTLA residents workin DTLA, with almost
in Top Managementpositions
occupancy rate in the rentalproduct, translating to avery high demand for futureresidential product*
Urth Cafe
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Sugarfish
Botega Restaurant
Pinot
Local Pointsof Interest
The Standard
A Italian Hall 1907
B Hammel Building 1909
C Pelaconi Building 1855
D Sepulveda House 1887
E Machine Shop 1910
F Jones Building 1880s
G Simpson Building 1894
H Pico House 1869
I Merced Theatre 1870
J Masonic Hall 1858
K Tononi Winery 1880s
L Avila Adobe 1818
M Plaza Substation 1904
N Plaza Methodist Church 1926
O Biscailuz Building 1926
P Hellman Building 1900
Q Plaza Firehouse 1884R Garnier Building 1890
S Plaza Church 1818
T Plaza House 1883
U Vickrey/Brunswig Bldg 1888
H I S T O R I C E L P U E B L O
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The Los Angeles State Historic Park is situated on the former site of the Southern Pacific
Transportation Company’s River Station. Highlights of the renovation include three eventspaces, a 14-foot-tall elevated walkway including the Roundhouse Observation Deck which rises
above an exposed archaeological reveal space, an amphitheater, space for a Farmer’s Market,
a children’s interpretive play area, as well as play, workout and group gathering areas.
Los Angeles State Historic Park (The Cornfield)
LOCATED ONE BLOCK NORTH OF THE SUBJECTPROPERTY, THE 32-ACRE PARK IS CURRENTLYUNDERGOING A $20 MILLION RENOVATION ANDIS DUE TO RE-OPEN IN 2015.
Baco Mercat
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Metro Gold Line and Chinatown Station
Located one block from the Property is the Metro
Gold Line Chinatown Station, which is the last / next stop before/after Union Station. The Metro Gold
is part of the Los Angeles Metro rail system.
The Gold Line, which operates from Union Station
to Pasadena, opened in July of 2003. The Gold LineEast extension opened in 2009 and the Gold Line
Foothill extension from Pasadena to Monrovia in
the San Gabriel Valley is under construction. Today,tens of thousands of people use this segment
daily to travel to work, school, museums, local
institutions, entertainment, shopping and more.
LAX-C Market
Located directly across the street from the Subject Property
is a wholesale market. Known as the “Asian Costco,” LAX-Csells food and goods at wholesale prices. The market contains
an array of foods and household items that make LAX-C a
viable, one-stop grocery option for Downtown residents. In
addition to selling foods and supplies, LAX-C also featuresa coffee shop (Chimney Coffee House), a Thai restaurant
(E-Sea Fresh) and a dessert shop. On the weekends, foodstands in the parking lot sell a variety of Thai foods.
Local Pointsof Interest
LAX-C
Metro Gold Line and Chinatown Station
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Blossom Plaza
Blossom Plaza at the northeast of Broadway and College
Street (adjacent to the Metro Gold Line Chinatown station)
is a $100 million Forest City project that began pouring thefoundation in August 2014. The five-story project will have 237
apartments including 53 units reserved for low-income residents
along with 19,000 square feet of street-level restaurant andretail space. Additionally, there will be a 17,000-square-foot
public plaza with a walkway connecting the light rail station to
Broadway. The project is scheduled to open by June 2016.
Jia Apartments
The 280-unit Jia apartments, at the northwest corner ofBroadway and Cesar Chavez Avenue at the south gateway
of Chinatown opened in January 2014. The $93 million
Equity Residential project is the first new Class A apartmentdelivered in Chinatown. The six-story project also has 18,000
square feet of street-level space for restaurants and retail.
Local Pointsof Interest
Blossom Plaza Jia Apartments
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Local Pointsof Interest
The station provides 60,000 passengers a day access to Amtrak long distance and regional trains,
the Metrolink and several Metro Rail subway and light rail lines. Known as the “Last of the GreatRailway Stations,” Union Station was placed on the National Register of Historic Places in 1980.
Union Station
UNION STATION IS THELARGEST RAILROADPASSENGER TERMINALIN THE WESTERNUNITED STATES. Union Station
EVOQ Site
Directly across W. Roundout Street from the Subject Property is EVOQ’s 4.91-acre
site. EVOQ submitted two development plans to the city in mid-2014. In August2014, EVOQ (OTC US EVOQ) was sold to an investor group led by Atlas Capita l.The group has yet to announce its plans for the Chinatown site; however, it is
anticipated that they will continue to entitle the property, or sell it to a developer.
Various plans for the contemplated development propose up to 685 residential
units and up to 45,000 square feet of retail space.
EVOQ Site
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Located in the Homer Laughlin Building at 317 S. Broadway, it
hosts a collection of old school and new school eateries in anindoor farmer’s market style layout. It was recently listed in Bon
Appetit’s ‘Best New Restaurants in America’ nominations (one
of 50 restaurants).
Grand Park Grand Park encompasses 12 acres in the civic center of
Downtown Los Angeles and is part of the larger Grand Avenue
Project. Stretching from City Hall to the Los Angeles MusicCenter on Grand Avenue the park has four distinct areas ranging
from a restored historic Arthur J. Will Memorial Fountain, a smallperformance lawn, a community terrace and a grand event lawn.
Grand Central Market
GRAND CENTRAL MARKET WAS OPENEDIN 1917 AND IS LOS ANGELES’ LARGESTAND OLDEST PUBLIC MARKET.
Grand Central Market
Grand Park
Local Pointsof Interest
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Piggyback Yard
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Piggyback Yard
THE PIGGYBACK YARD PROPOSAL IS A PLAN TO REVITALIZE 125 ACRES
OF RIVER-ADJACENT LAND THAT SEEKS TO RECLAIM THE UNIONPACIFIC’S MISSION YARDS LOCATED BETWEEN EAST LOS ANGELESAND DOWNTOWN LOS ANGELES.The vision for Piggyback Yard is based on four principles to revitalize the LA River at the heart of the city, create significant open space, connect
adjacent neighborhoods, and build a diverse, vibrant community where people live, work, learn and play. The fundamental ideals for using theLos Angeles River as invaluable park and open space for the citizens of Los Angeles has helped provide a catalyst for the visioning efforts for the
Cornfield Park, as well as the Piggyback Yard. Each of these park properties provides an opportunity to re-establish valuable open space in the
city core and reconnect people with the significance of Los Angeles history.
MOCA at Grand Avenue
The Museum of Contemporary Art (MOCA) Grand Avenueis the only museum in Los Angeles dedicated exclusively
to contemporary art and is home to almost 5,000
artworks. Their collection includes masterpieces by classiccontemporary artists and new works by emerging and mid-
career artists from Southern California and the world.
Local Pointsof Interest
MOCA at Grand Avenue
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Brewery Art Colony
The Brewery Art Colony is considered
the largest live and work artists’ colonyin the world. The compound sits on
twenty-one former warehouses withan old Edison power plant chimney
dating back to 1903. Twice annually theColony hosts the Brewery Art Walk
where artists open up their homes to
the public and allow them to browseand purchase their artwork in their lofts.
Olvera Street
Olvera Street is in the oldest part of
Downtown Los Angeles and is part ofthe El Pueblo de Los Angeles Historic
Monument. In 1953 Olvera Street wasdesignated as a California State Historic
Landmark. Attracting two million visitorsper year, Olvera Street recreates old
Mexico with old structures, street
vendors, cafes, restaurants and giftshops.
USC Health Sciences Campus
The Keck School of Medicine of the
University of Southern Californiais located on the 79-acre Health
Sciences Campus, three milesnortheast of Downtown Los Angeles.
The Keck School of Medicine hasmore than 1,500 full-time faculty,
2,000 staff and 1,200 students.
Local Pointsof Interest
Brewery Art Colony
Olvera Street
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. - . “ .. .
.
: :
2
Points of Interest
1 Los Angeles Historic State Park
2 Metro Gold Station
3 Union Station
4 Chinese American Museum
5 Grand Park
6 MOCA Grand Avenue
7 The Broad Museum
8 Disney Concert Hall
9 Museum of Contemporary Art
10 Ahmanson Theatre
11 Cathedral of our Lady of Angels
12 Dodger Stadium
13 Elysian Park
14 Piggyback Yard
15 Radio Hill Gardens
16 USC Health Sciences Campus
Retail
1 LAX-C Market
2 Chimney Coffee House
3 E-Sea Fresh Restaurant
4 Homegirl Cafe
5 Philippe's Restaurant
6 Yang Chow Restaurant
7 Ocean Sea Food Restaurant
8 ABC Seafood Restaurant
9 Master Chef Restaurant
10 Phoenix Bakery
11 Michael J's Kitchen
12 San Antonio Winery
14
4 3
11 5
7 8 10
6 9
15
1
1 2
3
12
16
12
4
6
10 9
8 5
11
13 15
14 7
39 | LA CHINATOWN LOFTS | Area Overview
Grand Central Market
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INVESTMENTCONTACTS
© 2014 CBRE, Inc. This information has been obtained from sources believed reliable. We have notverified it and make no guarantee, warranty or representation about it. Any projections, opinions,assumptions or estimates used are for example only and do not represent the current or futureperformance of the property. You and your advisors should conduct a careful, independent investigation
of the property to determine to your satisfaction the suitability of the property for your needs.
PMC0006194 10/14
The LA Chinatown Lofts developmentopportunity is offered to themarket on an unpriced basis.
Bids are due Tuesday,November 25, 2014 by 5.00 pm, PST
CBRE Capital Markets - Institutional Properties
Laurie Lustig-Bower
+1 310 550 2556
Lic. 00979360
Kadie Presley Wilson
+1 310 550 2575
Lic. 01476551
Brad Burton
+1 310 363 4997
Lic. 00859240
Thomas Bohlinger
+1 310 363 4904
Lic. 00521778
CBRE, Inc.
Broker Lic. 00409987
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