Slide Title44 points SubTitle32 points

1
2007
Marcus Millichap Westside Economic Forecast -
Apartment
The Most Informative Overview of the Real Estate
Market Justin White Regional Manager
2

• Local Demographic and Economic Trends

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Employment GrowthLos Angeles v. U.S.
Annual Percentage Change
Forecast Sources Marcus Millichap Research
Services, Economy.com
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New Home, Condo and Single-Family SalesLos
Angeles
Y-O-Y Change
Y-o-Y Percent Change
-18
-24
-24
1H07 vs. 1H06 Sources Marcus Millichap
Research Services, DataQuick
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Housing Affordability Gap for 2Q 2007Los Angeles
2,195
Average Monthly Payment
460
Mortgage Payment - Amortized over 30 years at a
6.5 percent interest rate and estimated
tax/ins. Sources Marcus Millichap Research
Services, Reis
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• Los Angeles
• Apartment Market

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Apartment Vacancy TrendsLos Angeles
Average Vacancy Rate
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Vacancy TrendsLos Angeles - Submarkets
Average Vacancy Rate
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Vacancy TrendsLos Angeles - Submarkets
Average Vacancy Rate
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Vacancy and Construction TrendsLos
Angeles
Number of Units (000s)
Average Vacancy
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Vacancy by ClassLos Angeles
Average Vacancy Rate
2Q 2007 Estimate Sources Marcus Millichap
Research Services, Reis
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Apartment Asking Rent Trends Los Angeles
Average Asking Rent per Month
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Asking Rent Trends Los Angeles -
Submarkets
Average Asking Rent per Month
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Asking Rent Trends Los Angeles -
Submarkets
Average Asking Rent per Month
Forecast Sources Marcus Millichap Research
Services, Reis
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Apartment Rent TrendsLos Angeles
Year-over-Year Percent Change
Forecast Sources Marcus Millichap Research
Services, Reis
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Vacancy Improvement by Submarket Los Angeles
Sources Marcus Millichap Research Services,
Reis
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Effective Rent Increase by Submarket Los Angeles
Sources Marcus Millichap Research Services,
Reis
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Apartment Sales Price per UnitLos Angeles
Median Price per Unit (000s)
12 month trailing period from August Sources
Marcus Millichap Research Services, CoStar
Group, Inc.
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Apartment Sales Price per UnitLos Angeles -
Submarkets
Median Price per Unit (000s)
12 month trailing period from August Sources
Marcus Millichap Research Services, CoStar
Group, Inc.
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Apartment Sales Price per UnitLos Angeles -
Submarkets
Median Price per Unit (000s)
12 month trailing period from August Sources
Marcus Millichap Research Services, CoStar
Group, Inc.
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Apartment Cap RatesLos Angeles
Average Cap Rate
12 month trailing period from August Sources
Marcus Millichap Research Services, CoStar
Group, Inc.
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Apartment Cap RatesLos Angeles - Submarkets
Average Cap Rate
12 month trailing period from August Sources
Marcus Millichap Research Services, CoStar
Group, Inc.
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Apartment Cap RatesLos Angeles - Submarkets
Average Cap Rate
12 month trailing period from August Sources
Marcus Millichap Research Services, CoStar
Group, Inc.
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Los Angeles Apartment Buyer ProfileLast 12 months
12
9
5
51
8
10
10
2
Based on properties and portfolios 5 million
or greater Sources Marcus Millichap Research
Services, Real Capital Analytics
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Los Angeles Apartment Investment Trends Dollar
Volume by Price Category
7.6 Billion
6.7 Billion
6.0 Billion
3.3 Billion
2.7 Billion
Estimate Sources Marcus Millichap Research
Services, CoStar Group, Inc., Real Capital
Analytics