Confidential Broker Opinion of Value

East Palmdale Multifamily Portfolio

Five Individual Broker Opinions of Value

Prepared Exclusively for Elizabeth Gould
August 2026

5Properties
202Units
$26.45MCombined Individual BOV Values
Pinecrest ApartmentsShadow Park ApartmentsParkside ApartmentsVista Del Sol ApartmentsAvalon Park Apartments

Portfolio Snapshot

Five independently underwritten assets

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.

142,862Combined Building SF
8.92Combined Acres
$1.78MCurrent NOI
$2.02MMarket NOI

Geographic Concentration

East Palmdale portfolio map

Three assets are concentrated along 11th Street East, with the remaining properties on 15th and 20th Street East.

Map of all five East Palmdale portfolio properties
1 Pinecrest Apartments2 Shadow Park Apartments3 Parkside Apartments4 Vista Del Sol Apartments5 Avalon Park Apartments

Individual Valuations

Explore the five properties

Open any completed property BOV for its rent roll, expense detail, comparable sales, financing analysis, and value conclusion.

Exterior of Pinecrest Apartments

32 units · built 1989

Pinecrest Apartments

38050 11th Street East
Palmdale, CA 93550

$4,750,000Individual BOV value 6.73%Current cap 7.78Current GRM
View Full BOV
Exterior of Shadow Park Apartments

36 units · built 1981

Shadow Park Apartments

38220 11th Street East
Palmdale, CA 93550

$4,450,000Individual BOV value 6.44%Current cap 7.95Current GRM
View Full BOV
Exterior of Parkside Apartments

36 units · built 1985

Parkside Apartments

38238 11th Street East
Palmdale, CA 93550

$4,950,000Individual BOV value 6.19%Current cap 8.32Current GRM
View Full BOV
Exterior of Vista Del Sol Apartments

22 units · built 1986

Vista Del Sol Apartments

38745 15th Street East
Palmdale, CA 93550

$2,800,000Individual BOV value 6.42%Current cap 7.83Current GRM
View Full BOV
Exterior of Avalon Park Apartments

76 units · built 1971

Avalon Park Apartments

38705 20th Street East
Palmdale, CA 93550

$9,500,000Individual BOV value 7.21%Current cap 7.23Current GRM
View Full BOV

Approved Portfolio Summary

Property-by-property financial breakdown

The figures below reproduce the approved Portfolio Summary and the conclusions presented in the five individual BOVs.

PropertyUnitsPricePrice / UnitPrice / SFCap CurrentCap MarketGRM CurrentGRM MarketDCR
Vista Del Sol Apartments38745 15th Street East 22$2,800,000$127,273 $212.316.42%7.44% 7.837.191.55
Pinecrest Apartments38050 11th Street East 32$4,750,000$148,438 $179.986.73%7.87% 7.787.091.63
Shadow Park Apartments38220 11th Street East 36$4,450,000$123,611 $200.726.44%6.93% 7.957.631.56
Parkside Apartments38238 11th Street East 36$4,950,000$137,500 $199.156.19%7.05% 8.327.701.50
Avalon Park Apartments38705 20th Street East 76$9,500,000$125,000 $168.877.21%8.24% 7.236.681.75
Portfolio Total / Average 202$26,450,000$132,364 $192.216.72%7.65% 7.827.261.60

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

Team Track Record

Expertise, execution, excellence.

490Closed Transactions
340Apartment Sales
6Within 10 Miles
#1Most Active in LA County

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.

As Featured InBISNOWYAHOO FINANCECONNECT CRESFVBJTHE PINNACLE LIST

The Assignment Team

Principals plus Antelope Valley coverage

Glen Scher

Principal

Glen Scher

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

Filip Niculete

Principal

Filip Niculete

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

Blake Lewitt

Antelope Valley Assignment Team

Blake Lewitt

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

Every active LA multifamily buyer, within days of launch

23,500+Active Email Subscribers
36,000+Owner & Investor Contacts
60,000+Buildings Tracked
100+Targeted Buyer Calls

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.

Direct owner and buyer outreach

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.

Marcus & Millichap platform

National listing distribution, the firm's investor database, and coordination with MMCC on debt terms so a buyer arrives pre-qualified rather than exploring.

Dedicated digital presentation

A property-specific offering site, targeted email, and syndication to the platforms Antelope Valley buyers actually search.

Contact

LA Apartment Advisors

16830 Ventura Blvd, Suite 100, Encino, CA 91436

Glen Scher

Senior Managing Director Investments

(818) 212-2808
Glen.Scher@marcusmillichap.com
CA License: 01962976

Filip Niculete

Senior Managing Director Investments

(818) 212-2748
Filip.Niculete@marcusmillichap.com
CA License: 01905352

Blake Lewitt

Associate Investments

(818) 212-2813
Blake.Lewitt@marcusmillichap.com
CA License: 02363670