Jones Lang LaSalle has been exclusively retained by ownership to market The Vermont (the Property ), the most. Investment Summary.

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1 Los Angeles Jones Lang LaSalle has been exclusively retained by ownership to market The Vermont (the Property ), the most groundbreaking, luxury, high-rise project to be developed in Los Angeles. With two glistening towers rising 24 and 30 floors high, The Vermont elevates rental living to new and impressive heights, with residential units starting where most projects end, influencing the entire landscape of the Los Angeles rental market.

2 INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS T his unique 464-unit acquisition opportunity offers investors the rare chance to purchase the newest transit-oriented, Class A, luxury multifamily property in the city. This high-profile LEED certified property is located at the corner of Vermont Avenue and Wilshire Boulevard, on one of city s busiest intersections with an average daily traffic count of more than 74,000 cars directly across from the Wilshire/Vermont Metro station. The Vermont incorporates ultra-luxurious finishes throughout, from hardwood floors, custom designer carpets and paint, Kenmore Elite stainless steel appliances, and full-size washers and dryers. The Vermont s amenities are extensive and the seventh floor amenity level, the Sky Lobby, includes a pool, fitness center, yoga lawn, concierge and security center, club room, library lounge, and dog park. The Mid-Wilshire area is poised to continue its dynamic growth with its collection of modern high-rises, contemporary apartments, and renovated historic buildings, serviced by two Metro stations, which connect this central neighborhood to all things Los Angeles. The Vermont s presence will further transform the market, bringing with it a new sense of luxury and living unseen until now. The area is one of the fastest growing, transit-oriented neighborhoods in Los Angeles, and is considered to be a true 24-hour active urban environment similar to that of San Francisco and Manhattan. The Vermont is situated in one of the most convenient residential locales, located less than two miles from Downtown, Hollywood, Hancock Park, the Miracle Mile and La Brea. Given its central location, residents at The Vermont have easy access via metro, bus or car to many of Los Angeles major employment and education centers, making up Los Angeles 1.9 million jobs, in addition to the many leisure and recreational activities in the area. The Vermont, which has an enviable Property WalkScore of 97, is an extremely walkable locale, proximate to all of the local restaurants, endless shopping and lively night life. The Property is located just a short walk from Wilshire s Financial District, which houses over 8.2 million SF of office, and is located directly across from the Wilshire/Vermont metro station, providing access to Downtown LA, Hollywood, Union Station, USC, and eventually Westwood once the Purple Line Extension is complete. 2 JONES L ANG L ASALLE

3 LOCATION HIGHLIGHTS L ocated in one of the most up-and-coming urban neighborhoods in Southern California. Centrally located less than two miles from Downtown, Hollywood, Hancock Park, Miracle Mile and La Brea. High-profile location on the corner of Vermont Avenue and Wilshire Boulevard, with an average daily traffic count of more than 74,000 cars. Property WalkScore of 97 and Transit Score of 86. Transit-oriented Property, located immediately adjacent to the Wilshire/Vermont Metrolink station. Directly adjacent to Southwestern Law School (1,000 students) and less than two miles from the University of Southern California (18,300 students), which has an economic impact of more than $4.9 billion. The average household income within a 1-mile radius of the Property is expected to increase by 15% over the next four years. Approximately 21.3% of the population within a 1-mile radius of The Vermont falls between the age group, the prime renter cohort. Renters make up more than 87% of the population within a 1-mile radius of The Vermont. Property Summary Address Completion Spring 2014 Number of Units 464 Average Unit Size Apartments Net Rentable Area Retail Net Rentable Area Land Area Density 3150 Wilshire, Los Angeles 776 SF 359,948 SF 31,413 SF 2.13 Acres (approx.) Units/Acre Total Parking Spaces 896 Spaces Residential Parking Spaces 722 Residential Parking Ratio 1.56 Spaces/Unit APN Number of Buildings Building Type Two High-Rise Mixed-Use Towers, 24 & 30 floors tall (without 13th floors), over Retail OFFERING MEMOR ANDUM 3

4 PROPERTY HIGHLIGHTS T he Vermont s 464 apartments offer a diverse unit mix of one bedroom, one bedroom flex and two bedroom residences. Residential units begin on the seventh floor and ascend to the 30th floor* of the West Tower and the 24th floor* of the East Tower, providing unparalleled views of Los Angeles most notable icons. Units range from 606 SF to 1,007 SF, with an average unit size of 776 SF. Interiors feature hardwood floors, wood cabinets, stainless steel appliances, granite countertops, full-size washers and dryers and floor to ceiling windows. Standard ceiling height is nine feet with seventh floor and top floor units offering above standard ceiling heights. Apartments offer captivating views of the Downtown skyline, the Griffith Observatory, the Hollywood Sign, the Hollywood Hills, Wilshire streetscape, Bullock s Wilshire, Century City s skyline and the Pacific Ocean. The Vermont s two-tower construction enables residents to have views of the Vermont s own architecture with glass reflections of downtown Los Angeles adding to already spectacular views and sunsets. The Vermont s Sky Lobby is located seventy feet above Wilshire Boulevard. On this near-acre floor, residents will find a collection of amenities and services reminiscent of a grand bazaar including a club room, lounge, fitness center, spinning salon, yoga garden, 127-foot long infinity pool and resort-style sundeck. The Vermont features an approximately 31,400 SF retail plaza on two floors. The ground floor is demised into nine retail suites totaling approximately 23,000 SF. As of December 2013, six suites were under or close to lease. The second floor is currently demised into to two retail suites totaling approximately 8,400 SF. * The Vermont s towers do not have 13th floors. 4 JONES L ANG L ASALLE

5 (Property Highlights continued) The Vermont s streetscape boasts approximately 25,000 SF of high-design open space, including a 3,812 SF park-like landscaped area, approximately 4,500 SF of lithocrete line work accenting the over 15,000 SF of concrete and 1,600 SF of colored concrete. The Vermont features over $1.6M in artwork. At the retail plaza, a Cliff Gartendesigned glass and aluminum staircase and axions connect the ground floor with second floor retail. Suspended above the stair case is a dramatic multi-story lotus flower aluminum sculpture. MULTIFAMILY HIGHLIGHTS C lass A apartment rents in Los Angeles have continued to grow for the 10th consecutive quarter, reaching $1,948 in Q3 2013, representing a 6.7% growth since Q Class A apartment vacancies in Los Angeles have remained below 5% for the 8th consecutive quarter, ending at 4.8% in Q Population growth reached a five-year high in 2012 and is expected to grow at the pace through Strong economic recovery is expected to add more than 200,000 jobs through 2017 in Los Angeles. Los Angeles renter rate remains the highest in the country, at 52.3%, supporting strong apartment demand. Only 3,930 new multifamily units were delivered in the Los Angeles metro in 2012 and through Q3 2013, while 9,675 units were absorbed, demonstrating a strong absorption ratio of 2.5. OFFERING MEMOR ANDUM 5

6 LOS ANGELES DOWNTOWN TO WESTSIDE EXCLUSIVE ADVISORS Inquiries should be directed to the following Jones Lang LaSalle professionals: OFFICES Joe Leon Managing Director T joe.leon@am.jll.com David Young Managing Director T david.young@am.jll.com Financing: Reid McGlamery Executive Vice President T reid.mcglamery@am.jll.com Javier Rivera Vice President T javier.rivera@am.jll.com David Doupé International Director T david.doupe@am.jll.com Retail Leasing: David Thomas Vice President, Retail Brokerage T david.thomas@am.jll.com Downtown Los Angeles 515 S Flower Street, Suite 1300 Los Angeles, CA T Orange County 4 Park Plaza, Suite 900 Irvine, CA T Developer: 6