114 Multifamily Units | Coastal, 55+ Turnkey Active Lifestyle Community with Value Add A 55+ ACTIVE SENIOR’S APARTMENT LOCATED JUST 2 MILES FROM THE PACIFIC OCEAN: Nestled in Huntington Beach, this property benefits from the lifestyle appeal and prestige of one of Southern California's most iconic coastal cities. RECENT PROPERTY UPGRADES Some renovations have been completed at the property to enhance the appeal and operational efficiency, including renovating 62% of unit interiors. Other upgrades include: – New roofs and exterior repainting – Upgraded fitness center, clubhouse, community kitchen and hallways – Lobby and leasing office remodeling – New business center – Elevator upgrades – The addition of outdoor barbecues and a fire pit IMMEDIATE UPSIDE AND ADDITIONAL VALUE ADD Steady rental increases allowed by AB1482 and capturing loss to lease is projected to increase the NOI by nearly 13% by end of year one. Additionally, Huntington Breeze presents investors a unique re-positioning opportunity through additional renovation by adding contemporary styling and modern community amenities. See a complete list of value-add suggestions in the offering memorandum. CONVENIENT ACCESS TO SHOPPING The property is within walking distance of the Vons/CVS-anchored Marina Village Shopping Center, offering residents easy access to daily conveniences and retail options. POTENTIAL TO ADD ADU UNITS With minimal CapEx, a few public spaces may be converted to additional apartments. These spaces, which contain bathrooms, appear to have been configured as rental units, but they are currently used as a library/business center, office space, and a maintenance room. Converting these three spaces into additional apartments would be a low-cost value-add; however, city approval may be required. HIGHLY VISIBLE LOCATION Featuring over 500 feet of frontage on a major thoroughfare, the property enjoys excellent visibility and accessibility. STABLE TENANT BASE With an impressive 55-month average residency, this property boasts a highly stable tenant base, underscoring its appeal to the active adult demographic. FREE SENIOR TRANSPORTATION | “SENIORS-ON-THE-GO” Huntington Beach offers a free transportation program that provides door-to-door service to medical appointments, shopping, and any other venue specifically within Huntington Beach. Additionally, residents appreciate the numerous amenity options nearby such as shopping and restaurants. STRONG OCCUPANCY & RENT GROWTH FORECAST Robust demand for active adult housing has caused occupancies to average well above 97% in Orange County over the last 5 years and annual rent growth to average 4.7% over the same time. CoStar Inc projects that rent growth will average between 3% and 4% annually over the next 5 years and growing demand will maintain downward pressure on vacancies. Notably, Orange County occupancy rates rank 2nd highest among the nation’s largest 50 markets. EXTREME ORANGE COUNTY HOUSING SHORTAGE Further contributing to the strong rent growth and occupancy rates is an extreme housing shortage across the county. This is especially true for 55+ apartments. The active senior housing supply pipeline in Orange County includes only two projects under construction. Combined, these projects will deliver only 139 new 55+ apartments to the entire marketplace.