Downtown Chinatown Plan

8/19/2019 Downtown Chinatown Plan

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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

[email protected]

Lic. 00979360

Brad Burton

+1 310 363 4997

[email protected]

Lic. 00859240

Kadie Presley Wilson

+1 310 550 2575

[email protected]

Lic. 01476551

Thomas Bohlinger

+1 310 363 4904

[email protected]

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



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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



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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


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%


AVA LITTLE TOKYO

236 S Los Angeles St


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


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%



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HIKARI

375 E 2nd St


Year Built 2006

Units 128

Occupancy 95%

Phone 866.612.6134

Owner Equity Residential

Manager Equity Residential


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%


JIA APARTMENTS

639 N Broadway


Year Built 2014

Units 280

Occupancy 73% (In Lease-Up)

Phone 213.250.6128




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%



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SAKURA CROSSING

235 S San Pedro St


Year Built 2009

Units 230

Occupancy 96%

Phone 866.661.0424




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%


CANVAS LA

138 N Beaudry Ave


Year Built 2008

Units 204

Occupancy 97%

Phone 888.362.1467

Owner LaSalle Investment Management

Manager Legacy


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%



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AVANT SOUTH PARK

1360 S Figueroa St


Year Built 2014

Units 247

Leased 42% (In Lease-Up)

Phone 855.820.3616

Owner Cypress Equity Investments LLC

Manager Riverstone Residential


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%


MET LOFTS

1050 S Flower St


Year Built 2006

Units 268

Occupancy 98%

Phone 877.546.8087

Owner CalPERS

Manager Alliance


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%



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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.



28/48

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



29/48

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

28 | Area Overview


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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

29 | LA CHINATOWN LOFTS | Area Overview


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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

30 | Area Overview


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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.


LAX-C

Metro Gold Line and Chinatown Station

32 | Area Overview


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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.


Blossom Plaza Jia Apartments



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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

34 | Area Overview


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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 Park



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.


MOCA at Grand Avenue

36 | Area Overview


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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.


Brewery Art Colony

Olvera Street

38 | Area Overview


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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




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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

[email protected]

Lic. 00979360

Kadie Presley Wilson

+1 310 550 2575

[email protected]

Lic. 01476551

Brad Burton

+1 310 363 4997

[email protected]

Lic. 00859240

Thomas Bohlinger

+1 310 363 4904

[email protected]

Lic. 00521778

CBRE, Inc.

Broker Lic. 00409987

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Downtown Chinatown Plan

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