Mariposa Apartments by Tianna Lange

Offering Memorandum Mariposa Apartments

Mariposa Apartments – 96 Units Adelanto - California

FOR SALE

Offering Memorandum for the Mariposa Apartments. Apartments. A ninetyninety-six unit Apartment Complex located in Adelanto, California. Offering Price: $ 4,195,000 Contact Information : Jason Lamoreaux – CA LIC#01461062 JL@CBCdesert.com 760.792.8338

Mehdi Mostaedi – CA LIC#1392527 MM@CBCdesert.com 760.684.8044

Real Estate Solutions

15500 West Sand St., 2nd Floor – Victorville, CA 92392 Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates. Each Office is Independently Owned and Operated. All information contained herein has been obtained from sources deemed reliable. However, no warranty or guarantee is made as to the accuracy of the information.

www.CBCdesert.com (760) 684-8000

Executive Summary

1 Property Description •Floor Plans •Plat Map

Property Photos • Maps • Aerials

• Exterior Photos • Interior Photos

• Unit Breakdown • 12 Month - Financials

Financials • Summary • Rent Roll

Multi--Family Analysis Multi

5 Apartment Market Review

6 Demographics

7 Comparables • Rentals • Sales

About CBC • About our company • Agent Bios

Mariposa Apartments Real Estate Solutions

Property Description Description::

Mariposa Apartment complex is located in west Adelanto among other apartment complexes and single family housing. The property is comprised of 96 units conveniently located a few short blocks from Highway 395. The complex is equally divided between 48 one bedroom, one bath units; and 48 two bedroom, one bath units, 12 buildings in total.

Location:: Location

The subject property is located on the SWC of Auburn Avenue and Bellflower Street in Adelanto, California. Adelanto is located in the Victor Valley of the High Desert, approximately 85 miles from downtown Los Angeles. The complex is a one block west of Highway 395, allowing easy access to all parts of the Victor Valley. The Mariposa Apartment community is a short distance from Southern California Logistics Airport, the regions center of development and job growth. Longitude: -117.42001 Latitude: 34.59416

Investment Summary Summary::

This offering represents and opportunity to acquire a seasoned apartment complex with strong rental income and cash flow in one of the fastest growing communities in the Southwest. The current ownership group has invested heavily into the property, improving the quality of the complex while increasing occupancy consistently since acquisition. Additional opportunity may be available with increased occupancy and rental rates.

Market Area Area::

Inland Empire MSA / Victor Valley / San Bernardino County

Mariposa Apartments Real Estate Solutions

Property Name:

Mariposa Apartments

Address:

11200 Auburn Ave – Adelanto, CA 92301

Building Size:

26,160 SF – 48 1 bed / 1 bath units 32,400 SF – 48 2 bed / 1 bath units 12 Buildings – 8 units per Building

Rental Rates:

1 bed/1 bath - $510 p/m 2 bed/2 bath - $610 p/m

Total Rentable SF:

58,560 SF

Lot Size:

3.94 Acres / 171,626 SF

Year Built:

1986

Year Renovated:

2006 - 2008

Property APN:

0459-073-22,23

Zoning:

Multi – Family (R3)

Construction:

Wood/Stucco with Composition Roof

Foundation/Lot:

Concrete/Asphalt

Electric/Gas:

Southern CA Edison / Southwest Gas

Staffing:

Onsite Manager & Assistant Manager Onsite Maintenance Manager & Assistant Manager

Mariposa Apartments Real Estate Solutions

APN 04590459-073 073--22,23

Mariposa Apartments Real Estate Solutions

Mariposa Apartments 11200 â&#x20AC;&#x201C; 11210 Auburn Ave Adelanto, CA

Mariposa Apartments Real Estate Solutions

4 Rent Roll

Mariposa Apartments Real Estate Solutions

4 Rent Roll

Mariposa Apartments Real Estate Solutions

Victor Valley – High Desert The High Desert has experienced steady growth for the past decade with an increase of 16,900 residents in 2008, a year most California communities experienced significant declines in population. While population growth has slowed since the peak of 27,700 net residents in 2006, the High Desert is still experiencing an annualized population growth rate of 4%. As of January 1, 2009, the population for the Victor Valley including unincorporated areas was 443,516. The US Census Bureau stated in 2008 the second fastest growing city in the nation was Victorville, California. Multi Family vacancy rates reached 9.4% in the first quarter of 2009, with a five year annualized rate of 3.9%. The increase in vacancy is primary attributed to the low cost of single-family housing that has become readily available. However, inventory of single-family houses has decreased significantly in the second quarter of 2009 with only 1.8 months of inventory, compared to 17 months of inventory for the same quarter in 2008. A five year forecast by REIS projects vacancy rates falling to 5.6%, a result of population growth, limited inventory and the lack of new construction. In addition, REIS has forecasted “Asking Rent Growth” for the Victor Valley of 3.7%, annualized for the next five years. Current average rents for a one bedroom and two bedroom apartments are $639 and $733, respectively. The High Desert offers tremendous opportunity in the multi-family sector.

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Rent Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

Sales Comparables

Mariposa Apartments Real Estate Solutions

About CBC: The largest domestic footprint in Commercial Real Estate.

Over 500 offices

Nearly 4,000 professionals across the globe

Cutting edge Property Searching & Listing: CBCWorldwide.com with nearly 15,000 listings, nearly double the amount of our nearest competitor

A subsidiary of Realogy Corporation, the world’s leading real estate franchisor, Coldwell Banker Commercial (CBC) is a worldwide leader in the commercial real estate industry. The CBC brand has its roots in the oldest and most respected national real estate brand in the country, which was founded after the San Francisco earthquake of 1906 by Colbert Coldwell, who was later joined by Benjamin Banker. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises over 250 companies and 4,000 professionals throughout the U.S., as well as internationally. In fact, the CBC organization possesses the largest geographic footprint in today’s commercial real estate marketplace. The success of the CBC organization lies in its striking versatility. The organization deftly combines a powerful national presence with the agility of a regional marker innovator. Each CBC affiliate office has the resources and insight to understand its local market and the expertise to convert this knowledge into tangible value for each client. Our professionals stand ready to help clients discover untapped commercial real estate market opportunities and to deliver a range of services designed to add value to their businesses. The CBC organization’s skillful professionals and nimble affiliate offices service a wealth of business categories in markets of any size, with clients ranging from established corporations to small businesses to individual investors.

Coldwell Banker Commercial US Locations

Industry leading technologies

Over 17,000 transactions completed yearly, and increases year over year

Mariposa Apartments Real Estate Solutions

Jason Lamoreaux President Originally moving to the High Desert in 1979, has been involved with real estate and business development for over twenty years. Over the years, he has developed strong ties to the community, which he continues to stay active in. After attending San Diego State University, Jason returned home to open a business in 1991, which was successfully sold in 2000 after growing the company to two hundred and fifty employees, twelve locations with annual revenues in excess of thirty million dollars. In 2001, Jason acquired a failing company in Central California. Applying his business acumen honed in over the previous decade, Jason was successful in turning around the ailing company within months of his acquisition. After increasing market penetration and expansion, and opening additional locations, he successfully sold the company in 2004. While in negotiations in late 2003 to sell his company, Jason incorporated a real estate development company close to home in Apple Valley, California. With the rapid expansion of the development company, and imminent requirement for a brokerage firm and asset management company, Jason expanded the firm to include a full suite of real estate services in 2004. By 2008, with the rapid growth of his real estate organization, Jason realized his firm would benefit greatly by an association with a national real estate firm. After extensive due diligence and inspection of the nations top real estate firms, Jason choose to affiliate with Coldwell Banker Commercial, the nationâ&#x20AC;&#x2122;s leading premier Commercial Real Estate organization, with over five hundred offices nationwide and over one hundred years of experience. Today, Jason enjoys continued success in the Real Estate industry with Coldwell Banker Commercial, which has assembled the top real estate professionals in the community. His continued involvement with family and the community while providing the best services for his clientâ&#x20AC;&#x2122;s keeps him engaged.

Mariposa Apartments Real Estate Solutions

MEHDI MOSTAEDI Senior Vice President Mr. Mostaedi started his real estate investment/development career in 1975 as well as forming National Land Corporation, which blossomed into a $100 million plus business. He came to the High Desert in 1986 as a land developer/investor and became a commercial land broker in 2003. Mr. Mostaedi has over 30 years experience in land acquisition, entitlement, and development. His list of projects range from California to Florida, Oregon, Nevada, Texas and extend to Canada and even the Caribbean in such diverse commercial and residential projects that include Hotel/Resorts, Conference Centers, Shopping Centers, Office Buildings as well as Master Planned Residential Golf Course Communities. Mr. Mostaediâ&#x20AC;&#x2DC;s insight into the market has lead to many of his most recent accomplishments, which include the acquisition of land that is now the home of the Adelanto Mavericks Stadium, the 40-acre parcel of land that is the Stater Brothers shopping center on the corner of Highway 395 and Palmdale Road as well as a 25-acre business park in Adelanto, California. Mr. Mostaedi has recently completed the sale and acquisition of a 430acre Industrial /commercial zoned parcel that runs along Interstate 15 which fronts Victorville and Apple Valley. He has also recently taken part in the acquisition and entitlement of affordable housing apartment developments in the local area. Mr. Mostaedi single-handedly accomplished the largest priced right-of-way acquisition in Nevadaâ&#x20AC;&#x2122;s state history. Mr. Mostaedi takes great pride in sharing his knowledge of land development and management with his clients and assisting them from start to finish making their development into a reality. He provides a wide array of broker services to fit his clientâ&#x20AC;&#x2122;s needs. Mr. Mostaedi graduated with a BS in Mechanical Engineering from West Coast University in 1975 and a Masters in Systems Engineering also from West Coast University.

Mariposa Apartments Real Estate Solutions

All materials and information received or derived from Coldwell Banker Commercial / Real Estate Solutions (hereinafter collectively “Coldwell Banker Commercial”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by Coldwell Banker Commercial, its directors, officers, agents, advisors, or affiliates as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, develop-ability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Coldwell Banker Commercial, its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Coldwell Banker Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating, under contract, and/or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including, obtaining and reading applicable documents and reports, and consulting appropriate independent professionals. Coldwell Banker Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Coldwell Banker Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Coldwell Banker Commercial in compliance with all applicable fair housing and equal opportunity laws. Coldwell Banker Commercial / Real Estate Solutions is independently owned and operated by Lamor RES, Inc.

Mariposa Apartments Real Estate Solutions

Jason Lamoreaux President/Broker CA LIC # 01461062 JL@CBCdesert.com Direct: (760) 792.8338 Fax: (800) 599.9582

Mehdi Mostaedi Senior Vice President CA LIC # 1392527 MM@CBCdesert.com Direct: (760) 684.8044 Fax: (760) 860.6060

Coldwell Banker Commercial Real Estate Solutions Info@CBCdesert.com 15500 West Sand St., 2nd Floor Victorville, CA 92392 Office: (760) 684.8000 Fax: (760) 243.9700

Mariposa Apartments Real Estate Solutions