Breakwater at Marina Del Ray

BR E A K WAT E R AT

M A R I N A

D E L

R AY

A 224-UNIT WATERFRONT APARTMENT COMMUNITY IN MARINA DEL REY, CALIFORNIA

INVESTMENT ADVISORS

Brett Betzler Senior Managing Director 949.981.1196 brett.betzler@berkadia.com

Kaohu Berg-Hee Director 808.754.0033 kberghee@berkadia.com

FINANCING

Andy Ahlers Managing Director 415.317.7707 andy.ahlers@berkadia.com

Joe Choi Director 626.665.8850 joseph.choi@berkadia.com

SAN FRANCISCO OFFICE 1 Post Street Suite 1000 San Francisco, CA 94104

IRVINE OFFICE 3333 Michelson Drive Suite 620 Irvine, CA 92612

TA B L E O F C O N T E N T S

04

13

27

EXECUTIVE SUMMARY

THE PROPERTY

MARKET OVERVIEW

10

12

14

EXECUTIVE SUMMARY

INVESTMENT OVERVIEW

INVESTMENT OVERVIEW

18

20

38

EXECUTIVE SUMMARY

INVESTMENT OVERVIEW

INVESTMENT OVERVIEW

EXECUTIVE SUMMARY B R E A K WAT E R

AT

M A R I N A

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THE

OPPORTUNITY

Breakwater offers an outstanding opportunity to generate outsized going-in cash returns in a coastal market that is fully built-out with no competitive supply expected for decades to come.

BERKADIA INSTITUTIONAL SOLUTIONS IS PLEASED TO ANNOUNCE THAT IT HAS BEEN RETAINED AS THE EXCLUSIVE LISTING AGENT FOR THE SALE OF BREAKWATER, A 224-UNIT WATERFRONT APARTMENT COMMUNITY IN MARINA DEL REY, CALIFORNIA.

The property was renovated down to the studs in 2012 and reconstructed with completely new infrastructure and systems including the addition of central HVAC, inunit washers and dryers, new MEP systems and a new building envelope. Apartment interiors were renovated with prior cycle Class “A” finishes and have remained virtually untouched since that time, offering investors an opportunity to pursue additional discretionary revenuedriven enhancements during their ownership.

The property is situated on a ±6.3-acre parcel with ±630 linear feet of marina frontage, offering unobstructed views of the marina, Pacific Ocean and surrounding wetlands.

Residents can also walk in 10 minutes to a secluded beach nicknamed “Toes Beach” by local surfers where oceanfront homes sell for up to $7 million.

9 | B REAKWATER AT M A R I NA DE L R E Y

Irreplaceable Low-Density Campus with 630 Linear Feet of Channel Frontage The property caters to high-income renters with an average household income of $___,___, which is _._x average in-place rents suggesting the existing tenants can absorb a $___ increase and still be under the 30% benchmark for housing costs as a percentage of total income. Furthermore, with the nearly three-yearlong ban on renewal increases in LA County recently expiring on December 31, 2022, recently signed leases suggest at least $___ of monthly loss-to-lease per unit on the current rent roll, essentially ensuring stable and consistent revenue growth as these leases roll over and are marked to market.

Like all of the other waterfront properties in the marina, Breakwater was developed on land owned by the County of Los Angeles, conferring unique cash flow, property tax and income tax advantages of a leasehold. The current lease expires on May 9, 2054, with ground rent subject to certain adjustments.

Breakwater has an expansive and attractive low-density campus with a full complement of common area amenities and spacious floorplans averaging 1,041 square feet. With ±630 linear feet of marina frontage, many of the apartments have unobstructed views of the main channel and Pacific Ocean, offering an idyllic backdrop of sailboats, kayakers and paddle boarders exercising along the coastline. The low-density campus of just ±36 units per acre is rarely seen in prime West LA submarkets and unlikely to ever be replicated again.

Walk to the Beach Residents at Breakwater are a 10-minute walk from two popular and secluded beaches in Playa del Rey: Toes Beach and Dockweiler. This is a significant advantage compared to other properties in the marina, which primarily offer walking access to man-made beaches in the harbor. There is also an eight-mile bicycle path extending from the property to Culver City that is popular with cyclists, runners, strollers and beach-goers, with the nearest access point located directly across from the property.

Access to the Best of West LA Breakwater is surrounded by the best retail, dining and nightlife in West LA and is located just a short drive from Venice Beach, Abbot Kinney Boulevard, Playa Vista and the Santa Monica Promenade,. It is also located in the heart of LA’s rapidly growing tech hub–Silicon Beach–where major technology and entertainment employers like Riot Games, Google, Facebook, Hulu, Snapchat, Apple and others have a significant presence.

Executive Summary | 10

T HE

PROPE RT Y

B R E A K WAT E R

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The Property | 14

BR E A K WAT E R AT

M A R I N A

D E L

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Breakwater at Marina Del Rey is located on the south end corner of Fiji Way between the Ballona Creek and the Marina Del Rey Channels.

AVGERAGE HOME SALES PRICE $3 MILLION (PAST 3 MONTHS)

The property is comprised of four residential buildings that contain 224 market rate units with an average unit size of 1,041 square feet.

The three-story community features lush landscaping and expansive common area spaces and amenities including two solar heated swimming pools, conference room, business center, fitness center, and multiple outdoor seating to relax and enjoy the stunning ocean views.

2+64+286F 7% 3BR

28% 2BR

1% ST

64% 1BR

M A R I NA DE L P RO P E RT Y U N I T M I X

15-MI

FLOOR PLAN Studio

# OF UNITS 2

AVG. SQ. FT. 440

% OF TOTAL 1%

1 Bed x 1 Bath

144

889

64%

2 Bed x 2 Bath

63

1,246

28%

3 Bed x 2 Bath

15

1,728

7%

TOTAL/AVERAGE

224

1,041

100%

NUTE

WA L K

TO BE A

CH

M A RV

IN BR

A UDE

BIKE P ATH

BA L LONA C R E E K 15 | B R EAKWATER AT M A R I NA D E L R E Y

SANTA MONICA VENICE BEACH

ABBOT KINNEY

R E Y C H A N N E L

BALLONA WETLANDS EC O L O G I C A L R E S E RV E

MA

RV

IN

BR

AU

DE

BIK

EP AT H

FIJI WAY

The Property | 16

APARTMENT F I N I S H E S •

Fully-Equipped Kitchens with Stainless Steel GE Appliances

•

Quartz Countertops in Kitchens and Bathrooms

•

Kitchen Island (select homes)

•

Wood-Look Plank Flooring Throughout First Floor Units and in Kitchen and Entry in Upper Floor Units

•

Floor to Ceiling Windows

•

Full-Size Stacked GE Washers and Dryers in Each Unit

•

Walk-In Closets and Mirrored Closet Sliders (select homes)

•

Built-In Desk Area with Shelving (select homes)

•

Spacious Private Patios

•

Honeywell Smart Thermostat

•

Central Air and Heating

17 | B R EAKWATER AT M A R I NA D E L R E Y

The Property | 18

7-Mile Ballona Creek Bike Path to Culver City 22-Mile Marvin Braude Bike Trail Leasing Center, Fitness Center, Business Center and Conference Room

Solar Heated Swimming Pool, BBQ Grilling Area with Seating, and Sundeck

Serenity Garden

19 | B R EAKWATER AT M A R I NA D E L R E Y

COMMUNITY Solar Heated Swimming Pool, Fire Pit, BBQ Grilling Area with Multiple Lounge Seating

AM EN IT IES

BBQ Grilling Area, Fire Pit with Multiple Lounge Seating and Stunning Ocean Views

Equipment Rentals at Marina Aquatic Center 15-Minute Walk to Beach

The Property | 20

P R O P E RT Y D E TA I L S

PA R K I N G S U M M A RY

Address

13900 Fiji Way Marina Del Rey, CA 90292

Reserved Space

374 spaces

- Inside Garage

343

Year Built

1964-1969

- Outside Garage

31

No. of Units

224 (100% market rate)

Open – Guest

24 spaces (3 are ADA)

Density

35 du/ac

Total Spaces

398

Avg. Unit Size

1,041 sf

Resi Spaces/Unit

1.8/unit

Net Rentable SF

233,242 sf

Resi Spaces/Bed

1.3/bedroom

No. of Buildings

Four (4) residential buildings and one (1) stand-alone building with Leasing Center, Fitness Center, Business Center and Conference Room

No. of Stories

Three-stories residential over one-story subterranean

No. of Elevators

Seven (7)

SYSTEMS Heating / AC

Heat pumps

Electric

Individual unit meters

Hot Water Supply

Central boilers (4 total, all gas)

Plumbing

Single master meter with unit sub-meters

Roof

Built up asphalt composition

UTILITIES

PROVIDER

PAID BY

Electricity

Southern California Edison

Resident

Gas

Southern California Gas

Resident

Water

LA County Dept of Public Works

Owner (reimbursed via RUBS)

Sewer

LA County (On Tax Bill)

Owner (reimbursed via RUBS)

Trash

Waste Management

Owner (reimbursed via RUBS)

Wifi

Spectrum / Direct TV

Resident

Cable

Spectrum / Direct TV

Resident

SI T E

PLAN

23 | B R EAKWATER AT M A R I NA D E L R E Y

F LO OR PLANS

1 Bed x 1 Bath | 697 sq. ft.

1 Bed x 1 Bath | 983 sq. ft.

1 Bed x 1 Bath | 987 sq. ft.

The Property | 24

MARKET OVERVIEW B R E A K WAT E R

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B R E A K WAT E R

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is surrounded by the Westside’s best retail and several of its hottest neighborhoods and destinations, like Abbot Kinney, Venice Beach, and the Santa Monica Third Street Promenade.

Market Overview | 28

W E ST W O O D

C E N T U RY C I T Y

Ralph’s, Mendocino Farm, Sugar Fish, Shake Shack, CPK

C E DA R S - S I N A I TRADER JOE’S BALLONA WETLANDS EC O L O G I C A L R E S E RV E

BALLONA WETLANDS TRAILHEAD

BR E A K WAT E R M A R I N A

31 | B R EAKWATER AT M A R I NA D E L R E Y

BI EK RE AC LL ON

to Westside’s Outdoor Amenities

BA

ACCESS

KE

U N PA RA L L E L E D

D E L

R E Y

PA TH

AT

BALLONA CREEK BRIDGE PAT H T O B E AC H

BALLONA WETLANDS ECOLOGICAL RESERVE

Not only is Breakwater at Marina del Rey proximate to all of Westside’s famed social hubs and shopping, but it is also unrivaled in its access to the area’s best outdoor recreation. Bordered on three sides by the marina, Ballona Creek, and the Ballona Wetlands Ecological Reserve, the property is surrounded

by Marina Del Rey’s Natural Beauty. Furthermore, residents have immediate access to the Ballona Wetlands Trailhead and the Ballona Creek Bike Path, and are within walking distance of Toes Beach via the Ballona Creek Bridge.

BALLONA WETLANDS EC O L O G I C A L R E S E RV E

Market Overview | 32

W E A LT H

O F

R E TA I L Residents of Breakwater don’t have to venture very far to satisfy their daily needs, with shopping centers such as Waterside at Marina del Rey and the Villa Marina Marketplace less than a 5-minute drive away. In addition, there is 3 million sq. ft. of retail within a 2-mile radius of the property. Popular neighborhoods such as Playa Vista and Abbot Kinney offer prime West LA retail with high-end markets like Erewhon and Bristol Farms as well as social hotspots such as The Butcher’s Daughter, C&O Restaurant, and KazuNori .

Waterside at Marina del Rey (0.9 mile)

Erewhon (2.9 mile)

Just a 3-minute drive from Breakwater is Waterside at Marina del Rey, providing 191,000 sq. ft. of retail with all the neighborhood amenities Breakwater residents need—such as a Ralphs, Mendocino Farms, Sephora, and LA sushi staple SUGARFISH—and more.

Located at the westernmost end of Abbot Kinney, Erewhon’s Venice outpost provides not just its upscale organic groceries, but also a juice bar, prepared foods, a salad bar, and more. A popular lunch spot for locals, the store also boasts a valet, charming patio, and ample sidewalk bench seating.

33 | B R EAKWATER AT M A R I NA D E L R E Y

SENTOUS

MARINA MARKETPLACE 4,56,400 sq. ft. of retail

PALMS N VE

IC

E

CULVER CITY

CIENEGA

VD BL

BRISTOL FARMS SHOPPING CENTER

MAR VISTA

34,700 sq. ft. of retail

2 mi

THE BOARDWALK SHOPS AT MARINA DEL REY 81,300 sq. ft. of retail

LOS ANGLES

WESTCHESTER SHOPPING CENTER

PLAYA VISTA

2,25,600 sq. ft. of retail

BR E A K WAT E R WATERSIDE AT MARINA DEL REY

AT

M A R I N A

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1,91,000 sq. ft. of retail

WESTCHESTER VILLAGE 1,39,000 sq. ft. of retail

VIS D TA

PLAYA LINCOLN

EL MA

95,000 sq. ft. of retail

R

DEL AIRE

HAWTHORNE

LAWNDALE

NORTH

Market Overview | 34

ABBOT KINNEY Since being dubbed “The Coolest Block in America” by GQ Magazine, the mile-long stretch in Venice Beach has cemented itself as one of the Westside’s most iconic, eclectic, and eye-catching streets, home to bustling restaurants, high-end boutiques, locally-owned coffee shops and Instagrammable street art.

But America’s coolest block isn’t just a can’t-miss stop for any visitor to LA, it’s also one of the most desirable residential amenities for residents on the Westside, conveniently located just 8 minutes from Breakwater.

OUTDOOR CAFÉS Lines are long but worth the wait.

Venice’s outdoor patios serve as the perfect backdrop for grabbing a bite to eat, people watching or just catching up with friends.

35 | B R EAKWATER AT M A R I NA D E L R E Y

Butcher’s Daughter The Butcher’s Daughter opened in 2016 on Abbot Kinney Boulevard and immediately became a Venice brunch staple serving vegetarian and non-dairy dishes, cold pressed juices, raw smoothies and elixir shots in an indoor/outdoor restaurant with farmhouse chic décor.

Market Overview | 36

Intelligensia Coffee On the northern side of Abbot Kinney is Intelligentsia, the quintessential hipster LA coffee shop that lives up to its hype. Originally opened in 2009, this location finished a remodel in 2020 with all-new gear designed for efficient workflow and speedy customer service, while keeping the same high standard of quality and aesthetic.

M arket Over v i ew

Zadig & Voltaire

37

37 | B R EAKWATER AT M A R I NA D E L R E Y

Paris fashion house Zadig & Voltaire is a favorite stop for Westside trendsetters.

Founded in 1997 by Thierry Gillier, the brand quickly became recognized for its edgy style and quality materials, eventually becoming a regular at Paris Fashion Week.

The Coolest Block in America When GQ editors first anointed Abbot Kinney ‘The Coolest Block in America,’ the mile-long stretch of restaurants, coffee shops and high-end boutiques immediately captured the national spotlight and it hasn’t looked back since.

Plant Food + Wine In addition to bringing an amazing natural vibe to its dining experience, PFW presents an amazing selection of locally sourced far in a seasonally crafted menu, enriched by an extensive wine list.

Market Overview | 38

VENICE BEACH The Venice Beach Boardwalk has long been known for its quirky collection of souvenir shops, street performers, tarot card readers, skateboarders and body builders, made famous by Arnold Schwarzenegger and Lou Ferrigno’s legendary beachside workouts in the 1970’s, and where bands like The Doors and Jane’s Addiction got their start on the music scene.

It is home to several local treasures, including Muscle Beach Gym, multiple handball, paddle tennis and basketball courts, an outdoor roller skate dance plaza and the world’s largest beachfront skate park.

39

39 | B R EAKWATER AT M A R I NA D E L R E Y

At roughly 16,000 sq. ft., Venice is home to the largest beachfront skatepark in the world, featuring two bowls, a snake run and a street section with steps, rails and platforms. The $3.5 million park was designed by local skaters and opened in 2009.

VENICE S K AT E PA R K Market Overview | 40

S A N TA MON IC A Santa Monica is a perfect blend of beachside charm and big city sophistication, regularly featured on Forbes’ list of the “Best Downtowns in America.” Its Third Street Promenade is one of the premier retail, entertainment and dining destinations in all of Southern California, attracting 8.7 million visitors per year.

Downtown Santa Monica has more than 2.5 million square feet of retail space and a thriving tourism industry that pumped $750 million into the local economy in 2021, setting a new record for visitor spending. Hotels also continue to be among the strongest in Los Angeles, with an average occupancy of 77.8% and a daily rate of $359.

Forbes’ list of the “Best Downtowns in America.”

41 | B R EAKWATER AT M A R I NA D E L R E Y

CASSIA

Eater Los Angeles has named Cassia as one of the best restaurants to open in Santa Monica, set in a historic Art Deco building from the 1930’s just off of Santa Monica Boulevard. It is the creation of Bryant and Kim Ng, three-time winners of the LA Times Gold Award.

ELEPHANTE

Elephante’s tasty salads, woodfired pizzas, and fresh pastas are only rivaled by its rooftop view. With food and ambiance this good, it’s no wonder the hip, easygoing restaurant received a Michelin Plate award in 2021.

RENT COMP S B R E A K WAT E R

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Rent Comps | 64

01 WAYFARER Units: 379 Year Built: 1975 (2018 R)

03 AMLI MARINA DEL REY Units: 585 Year Built: 2018

1

3

02 NEPTUNE MARINA Units: 526 Year Built: 2019

4

2

7

07 HARBORSIDE MARINA BAY Units: 205 Year Built: 2019

04 ESPRIT MARINA DEL REY Units: 437 Year Built: 2008

6

06 WAVES Units: 149 Year Built: 2021

5

05 MARINA HARBOR UNITS: 966 Year Built: 2005

BR E A K WAT E R AT

65 | B R EAKWATER AT M A R I NA D E L R E Y

M A R I N A

D E L

R E Y

R EN T COMPARABLES P R O P E RT Y / A D D R E S S

D I S TA N C E

UNITS

B U I LT

O C C U PA N C Y

AV G S F

S

BREAKWATER AT MARINA DEL REY 13900 Fiji Way Marina Del Rey, CA 90292

-

224

1964 2012 (R)

98%

1,041

1

WAYFARER 14000 Palawan Way Marina Del Rey, CA 90292

2.8

379

1975 2018 (R)

96%

985

2

NEPTUNE MARINA 14126 Marquesas Way Marina Del Rey, CA 90292

2.8

526

2019

94%

1,013

3

AMLI MARINA DEL REY 4242 Via Marina Marina Del Rey, CA 90292

3.0

585

2018

92%

1,111

4

ESPRIT MARINA DEL REY 13900 Marquesas Way Marina Del Rey, CA 90292

3.1

437

2008

93%

1,346

5

MARINA HARBOR 4500 Via Marina Marina Del Rey, CA 90292

3.2

966

1964 1970 2005

97%

1,009

6

WAVES 13900 Tahiti Way Marina Del Rey, CA 90292

3.3

149

1968

99%

1,129

7

HARBORSIDE MARINA BAY 14015 Tahiti Way Marina Del Rey, CA 90292

3.4

205

1968 2013 (R)

98%

878

464

1986

96%

1,067

AVERAGES* *Averages do not include Subject Property

Rent Comps | 66

1

BEDROOM

R E N T OneC Bedroom H A RRentTChart Avg Water View

Avg Base Rent $4,993

Avg. Rent

$5,000

$4,000

$3,897

$3,625

$3,861

$3,735

$3,200 $3,000

$4,096

$3,200

$3,275

Waves

Marina Harbor

$4,256 $4,010

$4,380

$4,396 $4,419

$3,756

$3,957

$2,000

2

BE DROOM

Harborside

Wayfarer

Neptune

Esprit

Breakwater (Market Rents)

AMLI

RENT CHART Two-Bedroom Rent Chart

$7,000

$6,505

Avg. Rent

$6,000

$5,000

$4,000

$5,725 $5,070

$5,280 $4,999

$5,383

$5,876

$5,967

$6,788

$6,196

$5,713

$5,137

$5,250

Neptune

Waves

$4,948

$4,320

$3,000 Marina Harbor 67 | B R EAKWATER AT M A R I NA D E L R E Y

Harborside

Wayfarer

Breakwater (Market Rents)

Esprit

AMLI

3

BEDROOM

RENT CHART Three-Bedroom Rent Chart

$9,000

$8,596 $8,000

Avg. Rent

$8,000

$7,552

$7,021

$7,000

Esprit

Waves

$7,253

$6,383

$6,000 $5,000

$7,761

$6,954

$7,000

$8,052

Wayfarer

Marina Harbor

Harborside

Breakwater (Market Rents)

AMLI

Neptune

Rent Comps | 68

1

WAY FA R E R

14000 Palawan Way, Marina Del Rey, CA 90292 PROPERTY DETAILS

UNIT MIX & AVERAGE RENT

Distance:

2.8 Miles

TYPE

UNITS

AVG SF

Total Units:

379

AVG RENT

RENT/ SF

Owner:

Legado Companies

Studio

3

708

$2,843

$4.02

Manager:

Legacy Partners

1 Bed

287

892

$3,828

$4.29

Year Built:

1975 (2018 R)

2 Bed

87

1,289

$5,257

$4.08

Net Rentable Sq. Ft.:

383,549

3 Bed

2

1,538

$6,220

$4.04

Occupancy:

96%

379 Total

985

$4,161

$4.22

Concessions:

None

Date Surveyed: Parking Policy:

$300/month for a single space.

2+75221F 1%

1%

23%

UNIT MIX

Studio 1 Bed 2 Bed 3 Bed

69 | B R EAKWATER AT M A R I NA D E L R E Y

75%

2

N E P TUNE

MARINA

14126 Marquesas Way, Marina Del Rey, CA 90292

PROPERTY DETAILS

UNIT MIX & AVERAGE RENT

Distance:

2.8 Miles

TYPE

UNITS

AVG SF

Total Units:

526

AVG RENT

RENT/ SF

Owner:

Prudential

1 Bed

284

823

$3,496

$4.25

Manager:

Greystar

2 Bed

220

1,190

$4,276

$3.59

Year Built:

2019

3 Bed

22

1,699

$7,302

$4.30

Net Rentable Sq. Ft.:

519,542

526 Total

1,013

$3,981

$3.93

Occupancy:

94%

Concessions:

None

Date Surveyed: Parking Policy:

$195/month for a single parking space.

54++424F 54 4%

42%

54%

UNIT MIX

1 Bed 2 Bed 3 Bed

Rent Comps | 70

3

A MLI

MARINA DEL

REY

4242 Via Marina, Marina Del Rey, CA 90292

PROPERTY DETAILS

UNIT MIX & AVERAGE RENT

Distance:

3.0 Miles

TYPE

UNITS

AVG SF

Total Units:

585

AVG RENT

RENT/ SF

Owner:

AMLI Residential

Studio

169

629

$3,277

$5.21

Manager:

AMLI Residential

1 Bed

189

967

$4,518

$4.67

Year Built:

2018

2 Bed

169

1,448

$5,708

$3.94

Total Sq. Ft.:

700,000

3 Bed

58

2,001

$7,781

$3.89

Occupancy:

92%

585 Total

1,111

$4,827

$4.35

Concessions:

8 weeks free

Date Surveyed: Parking Policy:

29+32+2910F 29 10%

29%

29%

UNIT MIX

32%

Studio 1 Bed 2 Bed 3 Bed

71 | B R EAKWATER AT M A R I NA D E L R E Y

4

E SPRIT MARINA DEL 13900 Marquesas Way, Marina Del Rey, CA 90292

REY

PROPERTY DETAILS

UNIT MIX & AVERAGE RENT

Distance:

3.1 Miles

TYPE

UNITS

AVG SF

Total Units:

437

AVG RENT

RENT/ SF

Owner:

Kennedy Wilson

Studio

68

741

$3,443

$4.65

Manager:

E&S Ring

1 Bed

156

1,100

$4,713

$4.28

Year Built:

2008

2 Bed

176

1,351

$5,722

$4.24

Total Sq. Ft.:

551,000

3 Bed

35

1,829

$6,871

$3.76

Occupancy:

93%

4 Bed

2

3,674

$13,999

$3.81

Concessions:

None

437 Total

1,215

$5,137

$4.23

Date Surveyed: Parking Policy:

15+36+4081F 15 1%

8%

40%

15%

UNIT MIX

36%

Studio 1 Bed 2 Bed 3 Bed 4 Bed

Rent Comps | 72

5

M ARINA HARBOR 4500 Via Marina, Marina Del Rey, CA 90292

PROPERTY DETAILS

UNIT MIX & AVERAGE RENT

Distance:

3.2 Miles

TYPE

UNITS

AVG SF

Total Units:

966

AVG RENT

RENT/ SF

Owner:

Kennedy Wilson

Studio

95

529

$2,855

$5.39

Manager:

E&S Ring

1 Bed

396

829

$3,423

$4.13

Year Built:

1964 / 1970 / 2005

2 Bed

475

1,255

$4,902

$3.91

Total Sq. Ft.:

1,126,601

966 Total

1,009

$4,094

$4.06

Occupancy:

97%

Concessions:

None

Date Surveyed: Parking Policy:

1 parking space included in rent.

10+41+49F 10 10%

49%

UNIT MIX

Studio 1 Bed 2 Bed

73 | B R EAKWATER AT M A R I NA D E L R E Y

41%

6

WAV E S

13900 Tahiti Way, Marina Del Rey, CA 90292 PROPERTY DETAILS

UNIT MIX & AVERAGE RENT

Distance:

3.3 Miles

TYPE

UNITS

AVG SF

Total Units:

149

AVG RENT

RENT/ SF

Owner:

Penn Equities

Studio

8

720

$3,505

$4.87

Manager:

Penn Equities

1 Bed

49

878

$3,791

$4.32

Year Built:

1968

2 Bed

84

1,260

$4,876

$3.87

Total Sq. Ft.:

187,722

3 Bed

8

1,786

$6,400

$3.58

Occupancy:

99%

149 Total

1,133

$4,527

$3.99

Concessions:

None

Date Surveyed: Parking Policy:

5+33575F 5% 5%

57%

UNIT MIX

33%

Studio 1 Bed 2 Bed 3 Bed

Rent Comps | 74

SA LE B R E A K WAT E R

COM P S AT

M A R I N A

D E L

R E Y

# PROPERTY

ADDRESS

DATE YEAR CLOSED BUILT

UNITS PRICE

PRICE PER UNIT

PER SF

BUYER

SELLER

01

Modera West LA

5901 Center Dr

Jul-22

2018

374

$230,660,000

$616,738

$722

CA Home Builders

Mill Creek Res.

02

1221 Ocean Avenue

1221 Ocean Ave

Apr-22

1971/2018 (R)

120

$330,000,000

$2,750,000

$1,787

Douglass Emmett

Irvine Company

03

Hanover West LA (Recap)

6711 S Sepulveda Blvd

Mar-22

2021

180

$135,000,000

$750,000

$813

R&V Management

Hanover/Invesco

04

The Eastway

8740 La Tijera Blvd

May-22

2019

136

$73,255,000

$538,640

$658

Zurich

CIM Group

05

The Vermont

3150 Wilshire Blvd

Nov-22

2014

464

$235,000,000

$506,466

$644

Harbor Group

TruAmerica/Principal

06

THEA at Metropolis

1000 W 8th St

Nov-22

2020

685

$504,000,000

$735,766

$691

Northland

Greenland USA

07

Aliso

950 E 3rd St

Sept-22

2019

472

$311,500,000

$659,958

$682

Legendary Dev.

Brookfield

08

Angelene

915 N La Brea Ave

Mar-23

2016

179

$112,500,000

$628,492

$593

Olympus Property

JP Morgan

Price Per Unit x Avg. Rent at Close Price Per Unit

Avg. Rent $2,750K

Thousands

$2,000

$10,000

$1,000

$0

$15,000

$506K

$539K

$617K

$628K

$660K

$736K

$750K

The Vermont

The Eastway

Modera West LA

Angelene

Aliso

THEA at Metropolis

Hanover West LA

$5,000

1221 Ocean Avenue

Avg. Rent

Price Per Unit

$3,000

$0

Price Per Sq. Ft. x Avg. Unit Size Price Per Sq. Ft.

$2,000

Avg. Unit Size (sf) $1,787

Price Per Sq. Ft.

$1,200 $800

1,200 sf $593

$644

$658

$682

$691

$722

$813

800 sf

$400 $0

79

1,600 sf

400 sf

Angelene

The Vermont

The Eastway

Aliso

THEA at Metropolis

Modera West LA Hanover West LA

1221 Ocean Avenue

0 sf

Avg. Unit Size (sf)

$1,600

2,000 sf

GLENDALE

H O L LY W O O D 8

5

BR E A K WAT E R AT

M A R I N A

D E L

6

LOS ANGELES 7

C U LV E R C I T Y

R E Y

2 3

1 4

INGLEWOOD WESTMONT

NORTH

Sales Comps | 80

SALE

COMP PROFILES

MODERA WEST LA

1

5901 Center Drive Los Angeles, CA 90045

1221 OCEAN

2

1221 Ocean Avenue Santa Monica, CA 90401

HANOVER WEST LA

3

THE EASTWAY

6711 S Sepulveda Blvd Los Angeles, CA 90045

8740 La Tijera Blvd Los Angeles, CA 90045

BUILT: 2018

BUILT: 1971 / 2018 (Reno)

BUILT: 2021

BUILT: 2019

UNITS: 374 units

UNITS: 120 units

UNITS: 180 units

UNITS: 136 units

SALE DATE: Jul-22

SALE DATE: Apr-22

SALE DATE: Mar-22

4

SALE DATE: May-22

PRICE: $230,660,000

PRICE: $330,000,000

PRICE: $135,000,000

PRICE: $73,255,000

$/UNIT: $616,738

$/UNIT: $2,750,000

$/UNIT: $750,000

$/UNIT: $538,640

PRICE / SF: $722

PRICE / SF: $1,787

PRICE / SF: $813

PRICE / SF: $658

AVG SF: 854 sf

AVG SF: 1,539 sf

AVG SF: 922 sf

AVG SF: 818 sf

BUYER: CA Home Builders

BUYER: Douglass Emmett

BUYER: R&V Management

BUYER: Zurich Alternative A.M.

SELLER: Irvine Company

SELLER: Invesco/Hanover

SELLER: CIM Group

SELLER: Mill Creek Residential COMMENTS:

COMMENTS:

COMMENTS:

COMMENTS:

Property includes 1,561 SF of retail.

New loan of $173 million (74.9% LTV) with Morgan Stanley. To be rebranded The Q Playa.

Renovated 1970's high-rise in Santa Monica with average rents of $14,500/month. New loan of $175 million (52.7% LTV) with Wells Fargo.

Recap while in lease-up.

None.

81 | B R EAKWATER AT M A R I NA D E L R E Y

THE VERMONT

5

6

7

8

THEA AT METROPOLIS

ALISO

3150 Wilshire Blvd Los Angeles, CA 90010

1000 W 8th Street Los Angeles, CA 90017

950 E 3rd Street Los Angeles, CA 90013

915 N La Brea Avenue West Hollywood, CA 90038

BUILT: 2014

BUILT: 2020

BUILT: 2019

BUILT: 2016

UNITS: 464 units

UNITS: 685 units

UNITS: 472 units

UNITS: 179 units

SALE DATE: Nov-22

SALE DATE: Nov-22

SALE DATE: Sep-22

ANGELENE

SALE DATE: Mar-23

PRICE: $235,000,000

PRICE: $504,000,000

PRICE: $311,500,000

PRICE: $112,500,000

$/UNIT: $506,466

$/UNIT: $735,766

$/UNIT: $659,958

$/UNIT: $628,492

PRICE / SF: $644

PRICE / SF: $691

PRICE / SF: $682

PRICE / SF: $593

AVG SF: 787 sf

AVG SF: 1,065 sf

AVG SF: 968 sf

AVG SF: 874 sf

BUYER: Harbor Group

BUYER: Northland

BUYER: Legendary Development

BUYER: Olympus

SELLER: TruAmerica/Principal

SELLER: Greenland USA

SELLER: Brookfield

SELLER: JP Morgan

COMMENTS:

COMMENTS:

COMMENTS:

COMMENTS:

Includes 31,800 sf of retail.

59-story luxury apartment building in Downtown LA purchased in 1031 exchange.

Legendary Developments, LLC acquired a 50% interest in Aliso, with Brookfield retaining a 50% interest.

Seller and buyer co-developed the property. Includes 22,000 sf of retail.

Includes 33,500 sf ground floor Sprouts Farmers Market.

Sales Comps | 82

BR E A K WAT E R AT

M A R I N A

D E L

R E Y