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Location Highlights (continued)

Access to Transit: nearby is the Jan Heidt Metrolink station on Railroad Avenue at Market Street. The line extends
north through the Antelope Valley and south to Union Station in Downtown Los Angeles where riders can transfer to
all other forms of transit including other Metrolink lines, bus, Amtrak, and Metro light rail thereby providing

convenience to the entirety of Greater Los Angeles.

High Barrier to Entry: As a master-planned community, much of the development we see today took years of

planning and city approvals. Today’s high costs for new construction and the restrictions associated with a master-
planned community serve as difficult barriers to entry for the local apartment supply. The population of the
Santa Clarita Valley is expected to increase by 6.8% over the next five years. This growth

combined with the constraints on new construction will continue to drive rents in the market and
support value-add investment strategies. Santa Clarita has seen consistent rent and job growth over recent

years. These trends are expected to continue their steady pace. New industries have emerged in the market to
support wage and population growth. Typical of High-Barriers-to-Entry markets, the Santa Clarita Valley has
witnessed extremely tight vacancies in multifamily properties.

Livability: The Santa Clarita Valley receives high marks for its livability. Areavibes grades the valley an "A" or better

for weather, extremely low crime, and amenities. Taking advantage of these trends, new industries have emerged in
the market to support wage and population growth. The leading industries in recent years have been film /
entertainment, aerospace, and tech industries, which have sought refuge from the high city taxes of Los Angeles,

without leaving California, providing a strong employment base for the residents of the Valley. The Santa Clarita
Valley is regularly featured in Forbes' "America's 50 most livable cities".

Nearby Parks and Recreation: In addition to world-famous Six Flags Magic Mountain, other nearby recreation
options include Quigley Canyon Open Space, The Oaks Club at Valencia, Placerita Canyon Nature Center, and the
Golden Valley Ranch Open Space which is home to the new Disney, ABC Studios at the Ranch, 56 acres filled with

sound stages and production facilities and employs more than 3,000 people.

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