A FULLY ENTITLED 3.

19 ACRE TRANSIT ORIENTED

RESIDENTIAL DEVELOPMENT OPPORTUNITY
TO BUILD 318-UNITS IN AN EXCELLENT URBAN INFILL LOCATION

Bids are due Tuesday,

November 25, 2014 by 5.00 pm, PST

CAPITAL MARKETS INSTITUTIONAL PROPERTIES

1101 N. MAIN STREET

DOWNTOWN LOS ANGELES

CALIFORNIA

Afliated Business Disclosure

CBRE, Inc. operates within a global family
of companies with many subsidiaries and/or
related entities (each an Affiliate) engaging
in a broad range of commercial real estate
businesses including, but not limited to,
brokerage services, property and facilities
management, valuation, investment fund
management and development. At times
different Affiliates may represent various
clients with competing interests in the same
transaction. For example, this Memorandum
may be received by our Affiliates, including
CBRE Investors, Inc. or Trammell Crow
Company. Those, or other, Affiliates may
express an interest in the property described
in this Memorandum (the Property) may
submit an offer to purchase the Property
and 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 any
obligation to disclose to you the involvement
of 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) it
represents in the transaction described in this
Memorandum and will not act in concert with
or otherwise conduct its business in a way
that benefits any Affiliate to the detriment of
any other offeror or prospective offeror, but
rather will conduct its business in a manner
consistent with the law and any fiduciary
duties owed to the client(s) it represents in the
transaction described in this Memorandum.

Condentiality Agreement
This is a confidential Memorandum intended
solely for your limited use and benefit in
determining 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 the
state 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 to
evaluate a purchase of real property. All financial
projections and information are provided for
general reference purposes only and are
based on assumptions relating to the general
economy, market conditions, competition and
other factors beyond the control of the Owner
and CBRE, Inc. Therefore, all projections,
assumptions and other information provided
and made herein are subject to material
variation. All references to acreages, square
footages, and other measurements are
approximations. Additional information and
an opportunity to inspect the Property will
be made available to interested and qualified
prospective purchasers. In this Memorandum,
certain documents, including leases and other
materials, are described in summary form.
These summaries do not purport to be complete
nor necessarily accurate descriptions of the
full agreements referenced. Interested parties
are expected to review all such summaries
and other documents of whatever nature
independently 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, Affiliates
or representatives make any representation
or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum
or 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 discussions
with 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 and
until written agreement(s) for the purchase
of the Property have been fully executed,
delivered and approved by the Owner and
any conditions to the Owners obligations
therein have been satisfied or waived.
By receipt of this Memorandum, you agree
that this Memorandum and its contents are
of a confidential nature, that you will hold
and treat it in the strictest confidence and
that you will not disclose this Memorandum
or any of its contents to any other entity
without the prior written authorization of the
Owner or CBRE, Inc. You also agree that you
will not use this Memorandum or any of
its contents in any manner detrimental to
the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have
no further interest in purchasing the Property,
kindly return this Memorandum to CBRE, Inc.

Disclaimer
2014 CBRE, Inc. The information contained
in 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 your
responsibility to independently confirm its
accuracy and completeness. Any projections,
opinions, assumptions or estimates used are
for example only and do not represent the
current or future performance of the property.
The value of this transaction to you depends
on tax and other factors which should be
evaluated by your tax, financial and legal
advisors. 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.

1 EXECUTIVE
SUMMARY
page 01

2 PROPERTY
OVERVIEW
page 05

3 MARKET
OVERVIEW
page 13

4 AREA
OVERVIEW
page 27

North View from Property

PASADENA

LOS ANGELES STATE

HISTORIC PARK
32-acre, $20 million park
under construction
MAIN ST

LAX-C MARKET
Coffee House
and Restaurant

COLLEGE STATION
(EVOQ)
Proposed Development
685 residential units
45,000 sf retail

Chinatown
Gold Line Station

CBRE Capital Markets - Institutional Properties

Laurie Lustig-Bower

Brad Burton

Kadie Presley Wilson

Thomas Bohlinger

+1 310 550 2556

+1 310 363 4997

+1 310 550 2575

+1 310 363 4904

laurie.lustig-bower@cbre.com

brad.burton@cbre.com

kadie.presleywilson@cbre.com

thomas.bohlinger@cbre.com

Lic. 00979360

Lic. 00859240

Lic. 01476551

Lic. 00521778

South View from Property

DISNEY
CONCERT HALL

OLVERA ST

CITY HALL

CIVIC CENTER

DOROTHY
CHANDLER PAVILION

GRAND PARK

UNION
STATION
Chinatown
Gold Line Station

LAX-C
MARKET

MAIN ST

COLLEGE STATION
(EVOQ)
Proposed Development
685 residential units
45,000 sf retail

EXECUTIVE SUMMARY

Executive Summary

CBRE, INC. IS PLEASED TO PRESENT A FULLY-ENTITLED

RESIDENTIAL DEVELOPMENT OPPORTUNITY TO BUILD
318 MARKET RATE UNITS IN AN EXCELLENT TRANSIT
ORIENTED LOCATION.

The site offers spectacular, unobstructed views in all directions,

including the downtown skyline and local mountains. Situated at 1101
N. Main Street in bustling Downtown Los Angeles, LA Chinatown
Lofts 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 a
mile from Los Angeles Union Station, the largest railroad passenger
terminal in the Western United States.

02 | Executive Summary

The LA Chinatown Lofts development opportunity

is offered to the market on an unpriced basis.
Bids are due Tuesday,
November 25, 2014 by 5.00 pm, PST

THE PROJECT BOASTS A VESTING

TENTATIVE TRACT MAP SO A
DEVELOPER MAY CHOOSE TO
BUILD EITHER CONDOMINIUM
UNITS 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 do
not require low-income affordable units to be included in the project.

HISTORIC EL PUEBLO

A Italian Hall
B Hammel Building
C Pelaconi Building
D Sepulveda House
E Machine Shop
F Jones Building
G Simpson Building
H Pico House
I Merced Theatre
J Masonic Hall
K Tononi Winery
L Avila Adobe
M Plaza Substation
N Plaza Methodist Church
O Biscailuz Building
P Hellman Building
Q Plaza Firehouse
R Garnier Building
S Plaza Church
T Plaza House
U Vickrey/Brunswig Bldg

1907
1909
1855
1887
1910
1880s
1894
1869
1870
1858
1880s
1818
1904
1926
1926
1900
1884
1890
1818
1883
1888

03 | LA CHINATOWN LOFTS | Executive Summary

Executive Summary

LA CHINATOWN LOFTS STANDS AT THE NORTHERN

GATEWAY TO ONE OF THE MOST DYNAMIC AND
EXHILARATING 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, boasting over 500,000 employees,
but is wholly under-served by just over 19,700 market rate residential units. This fullyentitled, urban, transit oriented site is strategically poised to capture the in-migration of
home renters or buyers looking to live, work, play and stay in vibrant Downtown LA.

04 | Executive Summary

PROPERTY OVERVIEW

Parcel Map

Property Overview

Address
1101 N. Main Street
Los Angeles, CA 90012

APNs

Lot Area (Acres)

Vesting Tentative Tract Map Number

5409-006-037, 5409-006-038,
5409-006-039, 5409-006-040,
5409-006-041, 5409-006-042,
5409-006-043, 5409-006-045

3.19

62781-CN

Zoning (Project specic)

Adopted General Plan Amendment,

Zone & Height District Change

Lot Area (SF)

138,944

06 | Property Overview

[T][Q]C2-2 (Note: please review

new Cornfield Arroyo Seco Specific
Plan zoning described below)

Ordinance No. 179611

Final Environmental Impact Report
ENV 2005-0881-ENV

SITUATED AT 1101 N. MAIN STREET IN

BUSTLING DOWNTOWN LOS ANGELES,
LA CHINATOWN LOFTS IS A 3.19-ACRE
SITE LOCATED ONE BLOCK FROM THE
CHINATOWN 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

Chinatown
Gold Line Station

MAIN ST

COLLEGE STATION
(EVOQ)
Proposed Development
685 residential units
45,000 sf retail

Plan 1 rendering

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 the
new plan stays within the approved Plan 1 design envelope as specified in the Determination Letter.

Designed Project - Plan 1

Unit Mix - Plan 1

Construction

Unit Type

No. of Units

Average SF

Five Levels of Type V over Two Levels of Type I (one level

subterranean and one level on grade)

1 Bedroom

20

782

2 Bedroom

250

981

Building Height

3 Bedroom

30

1,430

Apx. 65 feet

Flex Units

18

1,173

FAR

Total

318

1,022 Average Unit Size

2.825:1
Est. Building Area
392,552 SF
Est. Living Area
303,756 SF
Parking Spaces
615

Plan 1 rendering

09 | LA CHINATOWN LOFTS | Property Overview

Ownership briey 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. Ownership
received modification approval for Plan 2 from the Fire Department allowing for both concrete decks to
begin on grade (i.e. there is no subterranean levelthe concrete decks are the projects first two oors).

Designed Project - Plan 2

Unit Mix - Plan 2

Construction

Unit Type

No. of Units

Average SF

Four Levels of Type V over Two Levels of Type I on grade

1 Bedroom

40

752

Building Height

2 Bedroom

260

809

61 Feet

3 Bedroom

1,293

FAR Gross

Flex Units

14

1,380

2.097:1

Total

318

832 Average Unit Size

Est. Building Area

291,391 SF
Est. Living Area
245,692 SF
Parking Spaces
626

Plan 1 rendering

10 | Property Overview

73

Consultants

60C

FAR Map

72

Architect
Morris Design Partners

Maximum 6:1 FAR

Entitlement Work

Maximum 5:1 FAR

Fisher Associates
Trafc Consultant
Overland Traffic Consultants

Maximum 3:1 FAR

55

62

3:1 Base FAR*

58

53

51

48

44

46

d
nan
Fer

47

42

43

d
o R

River

45

Exceptions for Density Bonus projects.

75

41
39

Projects with more than 15 units of

residential are limited to a Base FAR of
2:5:1 unless the residential portion of the
project is equal to, or less than, 75% of
the Base FAR.

40

38
37

y
wa
oad

36

19B

33
32

21B

31

20

22

30C

18
19A

ing

pr

NS

16

St

Determination Letter

13

Letter of Decision

12

17

in
Ma

30A

24
23

25

29A
26

St

29B

29C

27

28

11

Vesting Tentative Tract Map

30B

15

14

Architectural Plans

76
34

NB

35

For further information, please contact Broker for link to Propertys

website to access the below documents and other information:

57
56

49
52

San

geles
Los An

* Additional density available through

Bonus or Transfer FAR Programs up to
allowed maximum.

61

74

50

21C

67

58

55
54B

Metro Gold Line & Station

66
63

55

55
55

68

64
64

River Buffer Area

LADBS Approved Request for Modication of Building Ordinances

65

60A

Maximum 4:1 FAR

69

68

70

1.5:1 Base and Maximum FAR

The Property has specific zoning approval for

the entitled project. Following the approval
of the Property's proposed project, the City
of Los Angeles approved the Cornfield Arroyo
Seco Specific Plan (the "CAS Plan"), in which
the subject Property is located. Under the CAS
Plan, the Property's maximum FAR is 6:1, with
a maximum average building height of 120
feet (versus the Property's currently approved
project, designed with a FAR of 2.75:1, and
a building height not to exceed 65 feet).

65

60B

71

Los Angeles River

and Arroyo Seco

6
10

7
7

Corneld Arroyo Seco Specic Plan (Information

is available at the following links):

http://cityplanning.lacity.org/EIR/CorneldArroyo/
texts/CPC_StaffReport_SignedFinal.pdf

http://www.planning.lacity.org/EIR/CorneldArroyo/
texts/Exhibit%20B.1._FinalPlan.pdf

200

400

600

800

feet

Source: Los Angeles City Planning Department

11 | Prepared
LA CHINATOWN
LOFTSPlanning
| Property
by City of Los Angeles
Dept. Overview
037 d : June 2012

Building Heights Map

Los Angeles River
and 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'

Metro Gold Line & Station

San
d
o R

s River

and

n
Fer

gele
Los An

Min. 60', Max. Avg. 120'

ay
adw

ro
NB

rin
Sp

St

in S

a
NM

12 | Property Overview

Source: Los Angeles City Planning Department

MARKET OVERVIEW

Market Overview

THE ENORMOUS DOWNTOWN WORK

FORCE, EXCEPTIONAL URBAN AMENITIES,
AND THE HIGH COST OF COMMUTING
COMBINED WITH THE HUGE DEMAND
AMONG MILLENNIAL AND BOOMERS FOR
TRANSIT ORIENTED, URBAN HOUSING,
MAKES DOWNTOWN LOS ANGELES ONE
OF THE BEST RESIDENTIAL DEVELOPMENT
MARKETS IN SOUTHERN CALIFORNIA.
Disney Concert Hall

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 high
demand 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

14 | Market Overview

15 | LA CHINATOWN LOFTS | Market Overview

Market Overview

DEMAND AND RENTAL RATES

FOR DOWNTOWN APARTMENTS
AND ARTIST LOFTS HAVE RISEN
SHARPLY OVER THE PAST DECADE.

Limited new construction in other areas of the city,

combined with several years of strong economic growth in
Downtown Los Angeles, have driven residential rents and
condominium prices up sharply throughout the region. At
the same time, cultural and social changes have made urban
living more attractive to a large part of the population.

Q1
Price
PerPer
SF SF
Q12014
2014Avg.
Avg.Condo
Condo
Price

Those looking to own their own home [in Downtown LA]

face a far more difficult scenario. Only 68 condominiums
have been built in the past year, and they are all part of
the second phase of the Barker Block, which sits near
the corner of Palmetto and Hewitt streets. The Arts
District residences, developed by CityView, Blackstone
and the Kor Group, range from 679 to 1,355 square
feet. The first release of 15 units sold out in one week,
notching an average of about $575 per square foot...
From an article by Eddie Kim, Los Angeles Downtown News, dated April 2, 2014

$700.00
$622.22
$569.71

$600.00
$500.00

$515.75

$505.60

$400.00

Type

$300.00
$200.00
$100.00
$0.00
Source MLS

16 | Market Overview

1 BR

2 BR

3 BR

% 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%

<1%

Total Sales
Studio

Q1 2013 Sales

99

104

SELECT RENT COMPARABLES

COMPARABLE 1
AVA LITTLE TOKYO
236 S Los Angeles St
3+3
Los Angeles, CA 90012
15%
Year Built
2014
Units
280
Occupancy
N/A (In Lease-Up)
2+2
51%
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%

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
0+1
57
$1,569 - $1,625
1+1
470
$1,850 - $1,899
2+2
440
$2,399 - $2,995
2 + 2 Loft
105
$3,000
Amenities
W/D In-Unit
Central A/C
9 Foot Ceilings
Granite Counters
Carpet Flooring
Pools/Spas
Business Centers
Breakfast Bar
Fitness Center
Parking Garage
Storage
Study Rooms

2 + 2 Loft
10%

2+2
41%

Unit SF
479 - 568
647 - 945
916 - 1,325
1,218

0+1
5%

1+1
44%

Rent per SF
$2.86 - $3.28
$2.01 - $2.86
$2.26 - $2.62
$2.46

Movie Theater
WiFi
Tanning beds
24 Hour Doorman
Putting Green
Sauna/Steam Room
Den in Select Units

Conference Rooms
Computer Rooms
Stainless Appliances

17 | LA CHINATOWN LOFTS | Market Overview

SELECT RENT COMPARABLES

COMPARABLE 3
JIA APARTMENTS
639 N Broadway
0+1
2+2
Los Angeles, CA 90012
23%
27%
Year Built
2014
Units
280
Occupancy
73% (In Lease-Up)
1+1
50%
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

SELECT RENT COMPARABLES

COMPARABLE 4
HIKARI
375 E 2nd St
Los Angeles, CA 90012
2+2
Year Built
2006
40%
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

18 | Market Overview

0+1
0%

1+1
60%

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
0+1
54
$1,685 - $1,760
572 - 711
1+1
92
$1,965 - $2,125
621 - 775
2+2
84
$2,715 - $2,900
859 - 1,287
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

2+2
37%

0+1
23%
1+1
40%

Rent per SF
$2.48 - $2.95
$2.74 - $3.16
$2.25 - $3.16

SELECT RENT COMPARABLES

COMPARABLE 6
CANVAS LA
138 N Beaudry Ave
Los Angeles, CA 90012
Year Built
Units
Occupancy
Phone
Owner
Manager
Type
0+1
1+1
1 + 1.5
2+2
2 + 2.5
3+2
Amenities
W/D In-Unit
Granite/Avonite Counters

2008
204
97%
888.362.1467
LaSalle Investment Management
Legacy
Number of Units
Effective Rent
91
$1,883 - $2,003
17
$2,330 - $2,337
44
$2,272 - $2,560
52
$2,568 - $3,788
4
$3,865 - $4,421
2
$4,720 - $5,204
Walk-In Closets
Patio/Balcony

Pool/Spa
Fitness Center

2 + 2.5
2%
2+2
25%

3+2
1%
0+1
43%

1 + 1.5
21%
1+1
8%

Unit SF
647 - 725
808
889
1,072 - 1,259
1,541
1,956
Clubhouse
Tech Center

Rent per SF
$2.76 - $2.91
$2.88 - $2.89
$2.56 - $2.88
$2.40 - $3.01
$2.51 - $2.87
$2.41 - $2.66
Hardwood/Carpet Floors
Stainless Appliances

19 | LA CHINATOWN LOFTS | Market Overview

SELECT RENT COMPARABLES

COMPARABLE 7
AVANT SOUTH PARK
1360 S Figueroa St
2+2
10%
Live/Work
Los Angeles, CA 90015
2+1
10%
2%
Year Built
2014
Units
247
1+1
0+1
Leased
42% (In Lease-Up)
29%
57%
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

SELECT RENT COMPARABLES

COMPARABLE 8
MET LOFTS

Live/Work 0.4%
1050 S Flower St
Los Angeles, CA 90015
2+2
32%
Year Built
2006
Units
268
0+1
56%
Occupancy
98%
1+2
Phone
877.546.8087
1%
1+1
Owner
CalPERS
11%
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

20 | Market Overview

SELECT DOWNTOWN LOS ANGELES RESIDENTIAL LAND SALE TRANSACTIONS

Name /
Address
1 Fig Central

Buyer

Seller

Oceanwide

The Moinian

Figueroa St &

Real Estate

Group

11th St

Group

Price

Land

Price /

Size

SF Land

$174,800,000 200,812

Est.

Price /

Units

FAR

Building SF

Bldg SF

$870 1,350 [1]

1,488,101

$117

Date Status
December Entitled for 1,200 1,500 residential units (rental and/or for2013 sale) in 2 towers, 500-700 room convention hotel (or 222room boutique) in 1 tower, 75K 135K retail and 29K SF
LED signage

2 Metropolis Bordered by 8th St,

Greenland

IDS Real

Group

Estate Group

Carmel

Astani

Partners

Enterprises

GID

James Myron

Investment

Trust

$150,000,000 274,428

$547

1,650,000

$91

January Entitled for 1.65M SF of condo, hotel, retail & office. 1st
2014 phase is 350 room hotel and 28 story condo tower.

St, 9th St, 110 Fwy,

and Francisco Ave
3 8th & Grand Ave
4 1020-1024 S Grand
Ave

$63,000,000 130,000

$485

700

June 2012 Entitled. Under construction for 700 units and 42K

$25,300,000

64,033

$395

281

June 2013 Proposed for 281 apartments & 12K SF of retail

SF Whole Foods Market

Advisors
5 Apex - 900 S

UBS

ST Residential

$14,730,546

38,768

$380

281

336,000

$44

MacFarlane

AFI USA

$36,500,000

98,881

$369

615

The Wolff

Astani

$45,000,000 130,680

$344

640

Company

Enterprises

Fifield

Fraydoon Bral

$13,600,000

41,034

$331

192

3.83

157,151

$87

Forest City

The Hearst

$27,000,000

93,916

$287

400

Enterprises

Corporation
$18,000,000

64,077

$281

281

6.00

314,653

$57

AEW Capital

$46,239,600 178,160

$260

648

Sares-Regis

The Related

$19,300,000

79,366

$243

240

6.00

266,750

$72

Group

Companies

Lennar

RP Realty

$12,000,000

54,012

$222

201

186,679

$64

Multifamily

Partners

May 2014 Entitled. SF includes retail

Figueroa St
6 Park Fifth - 427
W 5th St
7 G12 - 1213-1237
S Olive St
8 1500 S Figueroa St

June 2014 Proposed. 2 towers (24 & 7 stories) and 17K SF retail

Partners
October Proposed for 640 residential units in two phases and 42K SF
2013 of retail
June 2012 Expired entitlements

Companies
9 1201 Main St / 1108
S Hill St
10 Olympic & Hill
- 915- 949 S Hill St
11 Bixel & 6th - 1311
W 5th St
12 228-232 E 2nd St
13 1001-1017
S Olive St

The Hanover EVOQ

2013

Company
Holland

December Amending entitlements

January Entitled. Under construction for 281 units and 16K SF of retail
2013

Partners

December Entitled for 648 units and 40K SF of retail

2013
May 2012 Entitled. Under construction for 240 units and 16K SF of retail.
January Proposed for 201 units and 4K SF of retail
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.
21 | LA CHINATOWN LOFTS | Market Overview

Market Overview

MANY RESIDENTS CHOOSING TO LIVE IN DOWNTOWN

PRIMARILY FALL INTO ONE OF THREE CATEGORIES

Downtown employees
Students at
Downtown schools

22 | Market Overview

Residents who migrated

to Downtown for a
more urban lifestyle

DOWNTOWN LOS ANGELES IS FAST APPROACHING

THE RESIDENTIAL 24-HOUR CITY STATUS TYPICAL
OF 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, and
attracts investors from all over the world.

Downtown Employees

Students

Urban Migration

With over 500,000 employees,

the Downtown Los Angeles
submarket is wholly under-served
by the 19,715 market-rate
residential units (a combination of
apartments and condominiums).

There are five colleges in the

greater Downtown area, with
a combined full and part-time
student enrollment of 46,488
students. Only about 6,150 of these
students can be accommodated
by on-campus and off-campus
housing provided by the respective
schools. School provided housing
represents only 13 percent
of the total student population,
leaving nearly 40,338 students
requiring off-campus housing.

From 2010 to 2014 Downtown

Los Angeles experienced an 8.1%
growth in number of households
and that number is expected to
grow another 8.6% by 2019.

23 | LA CHINATOWN LOFTS | Market Overview

Transportation

Market Overview

DOWNTOWN LOS ANGELES IS SURROUNDED BY

AND BENEFITED FROM A CIRCLE OF FREEWAYS,
MAKING IT ONE OF THE MOST ACCESSIBLE
LOCATIONS IN SOUTHERN CALIFORNIA.

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 services
by the Metrolink regional rail system and the Metro Rail light rail system.
Together, the transportation system provides the convenient and exible 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.

24 | Market Overview

25 | LA CHINATOWN LOFTS | Market Overview

AREA OVERVIEW

Demographics
Area Overview

WITH OVER 500,000 EMPLOYEES, THE DOWNTOWN LOS

ANGELES SUBMARKET IS WHOLLY UNDER SUPPLIED BY
THE EXISTING 19,715 MARKET RATE RESIDENTIAL UNITS,
A COMBINATION OF APARTMENTS AND CONDOMINIUMS.

THE
DOWNTOWN
LA RESIDENT
2013

53% 34
Female

Median Age

75% 41%
Between 23-44

Married/Partnered

56% $98,700 91%

Work Downtown

Median Household Income

Source: Downtown Center Business Improvement Districts Downtown LA Market Overview July 2014

28 | Area Overview

Employment Rate

AS OF 2013, THE RESIDENTS OF DTLA

HAD A MEDIAN INCOME OF $98,700
AND AT LEAST 80% HAD A BACHELORS
DEGREE OR HIGHER EDUCATION LEVEL.
Urth Cafe

In the rst quarter of 2014, there were

104

condominiums sold in the

DTLA submarket and a

56%

of DTLA residents work

in DTLA, with almost

97%
55%

occupancy rate in the rental

product, translating to a
very high demand for future
residential product*

in Top Management
positions

71%

of DTLA residents are currently

renting their primary resident

26%
$150K
of DTLA residents
earn more than

per year

*Source The Downtown Center Business Improvement District (DCBID) and Nielsen

29 | LA CHINATOWN LOFTS | Area Overview

Local Points
of Interest
HISTORIC EL PUEBLO

A Italian Hall
B Hammel Building
C Pelaconi Building
D Sepulveda House
E Machine Shop
F Jones Building
G Simpson Building
H Pico House
I Merced Theatre
J Masonic Hall
K Tononi Winery
L Avila Adobe
M Plaza Substation
N Plaza Methodist Church
O Biscailuz Building
P Hellman Building
Q Plaza Firehouse
R Garnier Building
S Plaza Church
T Plaza House
U Vickrey/Brunswig Bldg

Botega Restaurant

Sugarsh

Pinot

30 | Area Overview

The Standard

1907
1909
1855
1887
1910
1880s
1894
1869
1870
1858
1880s
1818
1904
1926
1926
1900
1884
1890
1818
1883
1888

Los Angeles State Historic Park (The Corneld)

LOCATED ONE BLOCK NORTH OF THE SUBJECT

PROPERTY, THE 32-ACRE PARK IS CURRENTLY
UNDERGOING A $20 MILLION RENOVATION AND
IS DUE TO RE-OPEN IN 2015.

Baco Mercat

The Los Angeles State Historic Park is situated on the former site of the Southern Pacific
Transportation Companys River Station. Highlights of the renovation include three event
spaces, a 14-foot-tall elevated walkway including the Roundhouse Observation Deck which rises
above an exposed archaeological reveal space, an amphitheater, space for a Farmers Market,
a childrens interpretive play area, as well as play, workout and group gathering areas.

31 | LA CHINATOWN LOFTS | Area Overview

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.

Local Points
of Interest

The Gold Line, which operates from Union Station

to Pasadena, opened in July of 2003. The Gold Line
East 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.

Metro Gold Line and Chinatown Station

LAX-C Market
Located directly across the street from the Subject Property
is a wholesale market. Known as the Asian Costco, LAX-C
sells 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 features
a coffee shop (Chimney Coffee House), a Thai restaurant
(E-Sea Fresh) and a dessert shop. On the weekends, food
stands in the parking lot sell a variety of Thai foods.

LAX-C
32 | Area Overview

Jia Apartments

Local Points
of Interest

Blossom Plaza

Jia Apartments

Blossom Plaza

The 280-unit Jia apartments, at the northwest corner of

Broadway 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 apartment
delivered in Chinatown. The six-story project also has 18,000
square feet of street-level space for restaurants and retail.

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 the
foundation 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 and
retail 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.

33 | LA CHINATOWN LOFTS | Area Overview

Union Station

Local Points
of Interest

UNION STATION IS THE

LARGEST RAILROAD
PASSENGER TERMINAL
IN THE WESTERN
UNITED STATES.

Union Station

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 Great
Railway Stations, Union Station was placed on the National Register of Historic Places in 1980.

EVOQ Site

EVOQ Site

Directly across W. Roundout Street from the Subject Property is EVOQs 4.91-acre
site. EVOQ submitted two development plans to the city in mid-2014. In August
2014, EVOQ (OTC US EVOQ) was sold to an investor group led by Atlas Capital.
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.

34 | Area Overview

Grand Central Market

Local Points
of Interest

GRAND CENTRAL MARKET WAS OPENED

IN 1917 AND IS LOS ANGELES LARGEST
AND OLDEST PUBLIC MARKET.
Grand Central Market

Located in the Homer Laughlin Building at 317 S. Broadway, it

hosts a collection of old school and new school eateries in an
indoor farmers market style layout. It was recently listed in Bon
Appetits Best New Restaurants in America nominations (one
of 50 restaurants).
Grand Park

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 Music
Center on Grand Avenue the park has four distinct areas ranging
from a restored historic Arthur J. Will Memorial Fountain, a small
performance lawn, a community terrace and a grand event lawn.

35 | LA CHINATOWN LOFTS | Area Overview

Piggyback Yard

Piggyback Yard

Local Points
of Interest

THE PIGGYBACK YARD PROPOSAL IS A PLAN TO REVITALIZE 125 ACRES

OF RIVER-ADJACENT LAND THAT SEEKS TO RECLAIM THE UNION
PACIFICS MISSION YARDS LOCATED BETWEEN EAST LOS ANGELES
AND 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 the
Los 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 Avenue
is the only museum in Los Angeles dedicated exclusively
to contemporary art and is home to almost 5,000
artworks. Their collection includes masterpieces by classic
contemporary artists and new works by emerging and midcareer artists from Southern California and the world.

36 | Area Overview

MOCA at Grand Avenue

Disney Concert Hall

Dorothy Chandler Pavilion

Dorothy Chandler Pavilion and Disney Concert Hall

Local Points
of Interest

The Dorothy Chandler Pavilion is one of the halls in the Los Angeles
Music Center (which is one of the three largest performing arts centers
in the United States). The Music Center's other halls include the Mark
Taper Forum, Ahmanson Theatre, and Walt Disney Concert Hall.
The Walt Disney Concert Hall was designed by Frank Gehry. It opened on
October 24, 2003. The concert hall seats 2,265 people and serves as the home
of the Los Angeles Philharmonic orchestra and the Los Angeles Master Chorale.

Cathedral of our Lady of the Angels

Located on the north side of Temple Street, adjacent to the Hollywood Freeway,
the $195,000,000 cathedral is headquarters of the Los Angeles Catholic Archdiocese.
It was designed by Jose Ralph Moneo, a noted European architect, to last
500-years and drew over 1,000,000 visitors its first year. The 63,000-square-foot,
3,000-seat cathedral and a three-acre plaza opened in September 2002. Church
services alone draw approximately 600,000 people per year.

Cathedral of our Lady of the Angels

37 | LA CHINATOWN LOFTS | Area Overview

Brewery Art Colony

Olvera Street

Local Points
of Interest

38 | Area Overview

Brewery Art Colony

USC Health Sciences Campus

Olvera Street

The Brewery Art Colony is considered

the largest live and work artists colony
in the world. The compound sits on
twenty-one former warehouses with
an old Edison power plant chimney
dating back to 1903. Twice annually the
Colony hosts the Brewery Art Walk
where artists open up their homes to
the public and allow them to browse
and purchase their artwork in their lofts.

The Keck School of Medicine of the

University of Southern California
is located on the 79-acre Health
Sciences Campus, three miles
northeast of Downtown Los Angeles.
The Keck School of Medicine has
more than 1,500 full-time faculty,
2,000 staff and 1,200 students.

Olvera Street is in the oldest part of

Downtown Los Angeles and is part of
the El Pueblo de Los Angeles Historic
Monument. In 1953 Olvera Street was
designated as a California State Historic
Landmark. Attracting two million visitors
per year, Olvera Street recreates old
Mexico with old structures, street
vendors, cafes, restaurants and gift
shops.

Points of Interest
1

Los Angeles Historic State Park

Metro Gold Station

Union Station

Chinese American Museum

Grand Park

MOCA Grand Avenue

The Broad Museum

Disney Concert Hall

Museum of Contemporary Art

12

15

10 Ahmanson Theatre
11 Cathedral of our Lady of Angels
12 Dodger Stadium
13 Elysian Park
14 Piggyback Yard

16

15 Radio Hill Gardens

10

16 USC Health Sciences Campus

2

Retail
1

LAX-C Market

Chimney Coffee House

E-Sea Fresh Restaurant

Homegirl Cafe

Philippe's Restaurant

Yang Chow Restaurant

Ocean Sea Food Restaurant

ABC Seafood Restaurant

Master Chef Restaurant

6
7

12

4
14
14

11
5

11

10 Phoenix Bakery
11 Michael J's Kitchen

8 10 7

12 San Antonio Winery

15

13

2014 CBRE Limited. Data TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the Information) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has no
neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change
Information is protected by copyright and shall be fully enforced.

39 | LA CHINATOWN LOFTS | Area Overview

Layout ID:L04

MapId:1917367

Grand Central Market

The LA Chinatown Lofts development

opportunity is offered to the
market on an unpriced basis.

Bids are due Tuesday,

November 25, 2014 by 5.00 pm, PST

CBRE Capital Markets - Institutional Properties

INVESTMENT
CONTACTS

Laurie Lustig-Bower

Brad Burton

+1 310 550 2556

+1 310 363 4997

laurie.lustig-bower@cbre.com

brad.burton@cbre.com

Lic. 00979360

Lic. 00859240

Kadie Presley Wilson

Thomas Bohlinger

+1 310 550 2575

+1 310 363 4904

kadie.presleywilson@cbre.com

thomas.bohlinger@cbre.com

Lic. 01476551

Lic. 00521778

2014 CBRE, Inc. This information has been obtained from sources believed reliable. We have not
veried 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 future
performance 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

CBRE, Inc.
Broker Lic. 00409987