32 units · built 1989
Pinecrest Apartments
38050 11th Street East
Palmdale, CA 93550
Confidential Broker Opinion of Value
Five Individual Broker Opinions of Value
Prepared Exclusively for Elizabeth Gould
August 2026




Portfolio Snapshot
Each property was independently underwritten and each opinion of value was prepared on its own merits. The combined total aggregates the five individual conclusions for reference and is not itself a separate portfolio value conclusion.
Geographic Concentration
Three assets are concentrated along 11th Street East, with the remaining properties on 15th and 20th Street East.

Individual Valuations
Open any completed property BOV for its rent roll, expense detail, comparable sales, financing analysis, and value conclusion.
32 units · built 1989
38050 11th Street East
Palmdale, CA 93550
36 units · built 1981
38220 11th Street East
Palmdale, CA 93550
36 units · built 1985
38238 11th Street East
Palmdale, CA 93550
22 units · built 1986
38745 15th Street East
Palmdale, CA 93550
76 units · built 1971
38705 20th Street East
Palmdale, CA 93550
Approved Portfolio Summary
The figures below reproduce the approved Portfolio Summary and the conclusions presented in the five individual BOVs.
| Property | Units | Price | Price / Unit | Price / SF | Cap Current | Cap Market | GRM Current | GRM Market | DCR |
|---|---|---|---|---|---|---|---|---|---|
| Vista Del Sol Apartments38745 15th Street East | 22 | $2,800,000 | $127,273 | $212.31 | 6.42% | 7.44% | 7.83 | 7.19 | 1.55 |
| Pinecrest Apartments38050 11th Street East | 32 | $4,750,000 | $148,438 | $179.98 | 6.73% | 7.87% | 7.78 | 7.09 | 1.63 |
| Shadow Park Apartments38220 11th Street East | 36 | $4,450,000 | $123,611 | $200.72 | 6.44% | 6.93% | 7.95 | 7.63 | 1.56 |
| Parkside Apartments38238 11th Street East | 36 | $4,950,000 | $137,500 | $199.15 | 6.19% | 7.05% | 8.32 | 7.70 | 1.50 |
| Avalon Park Apartments38705 20th Street East | 76 | $9,500,000 | $125,000 | $168.87 | 7.21% | 8.24% | 7.23 | 6.68 | 1.75 |
| Portfolio Total / Average | 202 | $26,450,000 | $132,364 | $192.21 | 6.72% | 7.65% | 7.82 | 7.26 | 1.60 |
Methodology: Units and Price are portfolio totals. Current and Market Cap Rates are weighted by each property's price. Price/Unit, Price/SF, Current GRM, Market GRM, and DCR are simple averages across the five properties.
Market Cap Rate reflects NOI at the highest rent already achieved for each unit type on the June 2026 rent roll. It is not an unsupported future projection. Each full BOV contains the supporting rent roll, expense detail, comparable sales, and financial analysis.
LA Apartment Advisors
Expertise, execution, excellence.
The LAAA Team has closed 490 transactions totaling $1.55B across 21 states and Washington, D.C., including 340 apartment sales covering 4,668 units.
That record is built on the same discipline applied here: verified rent rolls and operating statements, comparable sales confirmed against recorded deeds rather than aggregator data, and a value conclusion a buyer's lender can follow.
The Assignment Team
Principal
Senior Managing Director Investments
Glen Scher co-leads LA Apartment Advisors and advises apartment owners across Los Angeles County and the Antelope Valley on pricing, positioning and execution.
(818) 212-2808
Glen.Scher@marcusmillichap.com
CA License: 01962976
Principal
Senior Managing Director Investments
Filip Niculete co-leads LA Apartment Advisors with a focus on disciplined marketing, buyer coverage and closing certainty on multifamily assignments.
(818) 212-2748
Filip.Niculete@marcusmillichap.com
CA License: 01905352
Antelope Valley Assignment Team
Associate Investments
Blake Lewitt covers apartment ownership in the San Fernando Valley and the Antelope Valley and originated this assignment.
(818) 212-2813
Blake.Lewitt@marcusmillichap.com
CA License: 02363670
Marketing Approach & Reach
Our public, continuously maintained reach combines active email subscribers, owner and investor contacts, a building-owner database, and targeted direct buyer calls for each listing.
“We are proactive marketers, not reactive.”
Most brokers are reactive. They post the listing, run an email blast, and wait for the phone to ring. We do all of that, and we do it well. Then we do the part almost nobody does. We pick up the phone.
Before your building goes to market, our system builds a probable buyer list for it specifically. It pulls the county assessment record for every property in the surrounding area: who owns it, where their mail goes, what they paid, when they bought, who financed it, and how many other buildings they hold. Out of that come the three groups most likely to buy your building: owners of comparable product nearby, buyers who have closed on buildings like yours recently, and exchange buyers with money that has to be placed on a deadline.
That list runs well over 100 names, and we call every one of them.
Sitting on top of it is the part software cannot buy: careers spanning 20 years of notes on these same buyers. Every seller we take on inherits all of it on day one.
Named calls into the Antelope Valley buyer pool, the 1031 exchange buyers who have traded in this size class, and the private capital already holding product in Palmdale.
National listing distribution, the firm's investor database, and coordination with MMCC on debt terms so a buyer arrives pre-qualified rather than exploring.
A property-specific offering site, targeted email, and syndication to the platforms Antelope Valley buyers actually search.
Contact
16830 Ventura Blvd, Suite 100, Encino, CA 91436
Senior Managing Director Investments
(818) 212-2808
Glen.Scher@marcusmillichap.com
CA License: 01962976
Senior Managing Director Investments
(818) 212-2748
Filip.Niculete@marcusmillichap.com
CA License: 01905352