Market Overview – Pacifica Urban Builders

LOS ANGELES HOUSING SHORTAGE / AFFORDABILITY

California has an acute housing shortage of approximately 978,000 units(2)
Of the ~3.2M households in L.A. County, roughly 54% rely on rental housing
Lack of appropriately zoned development land, increasing construction costs and a challenging permitting process severely limit the incoming supply of new, traditional multifamily product, in L.A. County

17% of adults reported delaying or being unable to pay their mortgage/rent payment in the last 2 years

Lack of housing supply has resulted in extremely tight occupancy and continuously strong rent growth across all L.A. submarkets

L.A. County is rife with opportunities to transform single-family homes on single-family or multi-family zoned parcels into horizontal multifamily product
Strong rent growth trends exist across submarkets within the L.A. MSA, rendering a plethora of by-right development opportunities within various, strongperforming submarkets in the metro area

17% of adults reported delaying or being unable to pay their mortgage/rent payment in the last 2 years

Focus on Los Angeles and immediate surroundings. This market alone is big enough to build a property portfolio worth well over $500 million.

Expand within California to San Diego, Sacramento and the Bay Area.

Develop additional reach in Western cities, such as Seattle, Denver and Austin.

National expansion to additional cities, such as Minneapolis, Tampa and Miami.