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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Property Information Package
Table of Contents
Contents
Regarding This Property Information Packet .........................3
Executive Summary ..........................................................4
Area Overview..................................................................5
Major Employers & Employer Trends ...................................7
Market Overview...............................................................9
Demographics ................................................................10
Community Profile...........................................................11
Phoenix Financial Standing...............................................12
Phoenix Apartment Forecast.............................................13
Single Family Market Trends.............................................14
Rent Comparables...........................................................15
Financials.......................................................................17
Pro Forma Cash Flow Analysis ..........................................17
Solidus Team .................................................................18
Contact Information ........................................................20
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Regarding This Property Information Packet
This is not a public offering or offer or invitation to sell securities or make an investment.
Securities may only be offered or sold in the state or states where they are registered or under an
exempt offering.
This information is provided to the best of our knowledge. We make no warranties or
representations of the information contained herein. Each individual shall conduct their own due
diligence and independent investigation.
Any estimates of market rents and/or projected rents that may be provided do not necessarily
mean that rents can be established at or increased to that level.
Legal and tax questions should be discussed with the appropriate professionals.
Questions or inquiries can be directed to:
Solidus Capital Management, LLC
c/o Ginger Macias
Cell: (714) 585-2185
Office: (213) 330-2722 x 700
Email: ginger@solidusteam.com
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Executive Summary
• Excellent Unit Mix: 37 1 Bed/1 Bath &
30 2 Beds/1 Bath
• Built in 1983
• Rentable SF: 50,825
• Number of Buildings: 3
• Lot Size: 1.48 Acres
• Parking: 92 Spaces
• Swimming Pool & BBQ Area
• Purchase Price is below replacement
costs
• In the pathway of development of
Metro Light Rail in the North Mountain
Village Core
• Stable Market
o Employment Strength
o Strong Rental Market
• Only 5 hour drive or 40 minute flight
from Los Angeles
• Construction – wood with pitched
composition shingle roofs.
• The property is individually metered for
electricity; water, sewer and trash are
provided at the expense of the owner
• Community Features - Heated pool &
BBQ area. Onsite laundry
• Unit Amenities – Walk-in closets & high
speed internet access
Property Description
El Descanso is an under-performing apartment
complex in Phoenix, AZ. It has 67 units and a
management office.
There is some deferred maintenance & rents
are currently below market rates.
The property is situated along the I-17 corridor
& adjacent to the expanding Metro Light Rail.
It's very close to shopping centers,
transportation, and schools.
This is an opportunity to increase occupancy &
increase rents to market value.
Property Highlights
Purchase Price: $2,550,000
$38,059/Unit
Rents (Pro Forma):
#Units Rent Current Rent Market
1 Bd/1 Bth 37 $350 $12,950 $650 $24,050
2 Bds/1 Bth 30 $450 $13,500 $795 $23,850
Totals $26,450 $47,900
Value after Stabilization (Year 3)
NOI: $301,137
Cap Rate: 6%
Stabilized Value: $5,018,957 ($74,910/Unit)
Quick Analysis
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Area Overview
El Descanso is located at 2726 West Augusta Avenue. The property is situated just south of Northern on
27th Avenue, a major north-south thoroughfare running through Phoenix, Arizona. There are numerous
retail centers as well as Rio Salado College one-half mile south of the subject property. El Descanso is also
convenient to public transportation, with bus service provided along Northern Avenue.
The area immediately surrounding El Descanso contains a variety of schools, single-family residential
properties, and retail centers. Several neighborhood shopping centers, parks, churches, and public
facilities are located within one mile of the property. Residents with children are close to numerous schools
near El Descanso, including Washington High School, which received an “Excelling” rating from the Arizona
Leading Education Board. Just a short drive from the property is the Phoenix Spectrum Mall and the
Westcor Metrocenter Regional Mall, which gives shoppers the choice of over 135 combined retail stores,
including Target, Walmart, Macy’s, Sears and Dilliards Clearance Center, two Harkin’s theatres and
endless restaurant dining. The Interstate 17 corridor to the north is a significant source of employment,
with numerous office and industrial complexes located on both sides of the highway. The I-17 is located
one-half mile to the east of El Descanso.
Source: Colliers International – El Descanso Marketing Brochure
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Major Employers & Employer Trends
Nearly 100 private companies have headcounts of 1,000 employees or more in the Phoenix metro area,
providing a significant source of stable employment in the region. Collectively, these companies employ
roughly 400,000 workers in the Phoenix metro; these companies employ nearly one-in-four workers in the
Phoenix metro area. These companies are also a source of recent and future employment gains. These
businesses recorded average local employment growth of nearly 4 percent from year-end 2009 to year-
end 2010, compared to a minimal 0.3 percent increase in the metro area’s total nonfarm employment
during the same timeframe. These companies have announced future staffing additions in the years to
come: PayPal is adding 2,000 workers, Intel will add 1,000 positions, First Solar will hire at least 600
employees, USAA will grow by 500 representatives, and Freeport McMoRan and The Vanguard Group will
each add 300 positions. The largest private employers in the state represent a diverse mix of industries.
Major retailers, including Walmart, McDonald’s, Target and Home Depot are all among the top employers
in the metro. In addition, high-tech businesses such as Honeywell, Intel and General Dynamics all employ
more than 5,000 workers each in the Phoenix area.
Healthcare accounts for a significant share of the local workforce and should be one of the fastest-growing
segments going forward. Healthcare providers account for nearly 20 percent of the Phoenix area’s 30
largest employers, and this industry will continue to expand, particularly as the region’s population growth
significantly outpaces the national average.
The Phoenix metro area serves as the headquarters for seven companies on the 2011 Fortune 500 list, up
from just four companies on the same list from 2006. The seven businesses combine to employ nearly
35,000 workers in the metro area. The Apollo Group—parent company of the University of Phoenix—is the
largest local employer in this group, with approximately 12,000 workers in 2012. While the company has
announced closures and staff cuts nationally, operations in the Greater Phoenix area should be largely
unaffected.
In addition to serving as the headquarters for some of the country’s largest businesses, the Phoenix area
is positioning itself to be home to some of the industries of the evolving economy going forward.
Renewable energy will be a primary source of employment growth in the Phoenix area in the coming
years. Renewable energy sources, particularly solar, will be a source of future growth in the area. In
addition, the city of Phoenix is establishing the Phoenix Biomedical Campus, which will ultimately feature
more than 6 million square feet of biomedical-related research, academic and clinical facilities.
Source: Colliers International –Marketing Brochure
Highlights
• Recent and future employment growth
• Major Employers Include: PayPal, Intel, First Solar, USAA, Freeport McMoRan, the Vanguard Group,
Walmart, McDonald's, Target, Home Depot, Honeywell, General Dynamics
• Healthcare workforce growing rapidly
• 7 Fortune 500 companies are headquartered in Phoenix and employ a combination of 35,000
workers in the metro area.
• City of Phoenix is establishing Phoenix Biomedical Campus
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Source: Quickfacts.census.gov
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Market Overview
The Greater Phoenix metro area consists of Maricopa County and Pinal County, which together include
approximately 4.2 million residents. Greater Phoenix is the 13th largest Metropolitan Statistical Area
(MSA) in the United States and Phoenix is the fifth most populous city in the country. Major cities in the
Phoenix MSA include: Phoenix (population 1.5 million), Mesa (population 448,000), Glendale (population
247,000), Chandler (population 241,000), Scottsdale (population 231,000), Gilbert (population 192,000)
and Tempe (population 170,000).
Primary employment sectors include Downtown Phoenix, the Camelback Corridor, the Southeast Valley
cities (Tempe, Chandler, Mesa and Gilbert) and Scottsdale. Populations in the West Valley cities, including
Buckeye, Avondale, Glendale and Surprise, are usually smaller than those to the north and the east, but
are growing more rapidly than most established areas in the Phoenix MSA.
Prior to the onset of the recession, the Phoenix market was routinely among the leaders for employment
and population growth that was common for many Sunbelt markets. As the economy slowed throughout
the country, growth slowed in Phoenix as well. As the national economy has been transitioning back into
an expansionary phase, population and employment growth in Metro Phoenix has begun to significantly
outpace national rates of growth, trends that are expected to continue in 2013 and 2014.
Source: Colliers International –Marketing Brochure
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Demographics
Maricopa County
Source: Quickfacts.census.gov
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Community Profile
Did you know...
• Phoenix covers more than 519 square miles and has a population of more than 1.4 million, ranking
it the sixth largest city in the country and the largest capital city in terms of population.
• Phoenix is a premier destination, with more than 300 sun-filled days a year and average
temperature of 74.2 degrees.
• Greater Phoenix has consistently outpaced the U.S. population growth over the last 18 years.
Projections show the region is expected to grow by nearly 60 percent by 2030, bringing the
population to more than 6 million people.
• The primary employment sectors and their share of total employment in the Phoenix metropolitan
area consist of service industry (43%); trade (18%); government (14%); construction (5%);
financial activities (8%); and manufacturing (6%). Major employers of the Phoenix metropolitan
area include the state of Arizona, Wal-Mart Stores, Inc., Banner Health Systems, city of Phoenix,
Wells Fargo and Company, Apollo Group, Inc., Maricopa County, Arizona State University, Bank of
America, Intel Corporation, JP Morgan Chase and US Airways Group, Inc.
• Greater Phoenix is a $181 billion marketplace that serves as a hub for innovation and
entrepreneurs by providing international access for aerospace, high-technology, bioscience,
advanced business services and sustainable technologies companies. Global companies such as
Honeywell Aerospace, Freeport McMoran, Avnet, and Republic Services call Phoenix home, while
companies such as American Express, USAA, SUMCO Phoenix Corporation, Charles Schwab, and
Mayo Clinic have major operations here.
• In January 2000, after a yearlong, in-depth study of management efficiency by the Maxwell School
of Citizenship and Public Affairs at Syracuse University, Phoenix was the only city among the
nation's 35 largest urban centers to earn an overall grade of “A.” Phoenix also was named the
“Best Run City in the World” in 1993 by the Carl Bertelsmann Foundation and has earned
numerous other awards for efficient government operations.
Source: City of Phoenix Planning and Development Department
City Incorporation 1881
Form of Government Council-Manager
City Population *
(As of July 1, 2012 - makes Phoenix the sixth-largest
U.S. city)
1,464,405
Arizona Population *
(Official as of April 1, 2010)
6,392,017
Area (in square miles) 519.1 (larger than Los Angeles)
Elevation
1,124 feet (measured at the Phoenix Sky Harbor
Airport)
Median Household Income* $47,085
Average Annual Temperature 74.2 Fahrenheit
Average Precipitation in Inches 7
Average Number of Days of Sunshine, Per Year 334
Moody's General Obligation Bond Rating Aa1
Standard and Poor's General Obligation Bond Rating AAA
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Libraries
Library Facilities 17
Library Books and Audio Visual Materials 1,600,000
Library Card Holders 902,237
Annual Circulation 14,300,000
Annual Visitors 5,167,958
Parks & Recreation The statistics below are as of July 2011.
Acres of Developed City Parks 4,721
Acres of Desert Parks/Preserves 30,830
Acres of Desert Parks 7,693
Acres of Undeveloped Park Sites 1,165
Street Landscape Maintained 725 miles
City Parks 188
City Playgrounds 145
City Basketball Courts 137
Municipally-Operated Golf Courses 8
City Swimming Pools 29
Neighborhood/Recreation Centers 17
Full Service Community Centers 13
Public Transit The statistics below are as of July 2011.
Bus Fleet 515
Neighborhood Circulator Fleet 46
Bus and Circulator Service Miles Annually 18,772,193
Bus and Circulator Average Daily Ridership 129,983 Boardings
Light Rail Average Daily Ridership (Phoenix) 24,645 Boardings
Dial-a-Ride Vehicles 125
Dial-a-Ride Service Hours Annually 324,990
Reserve-a-Ride Transportation
(Elderly and disabled clients served)
164,689
Source: Phoenix.gov
Phoenix Financial Standing
Total City Budget * $3.47 Billion
Number of PLT Licenses* 66,000
Standard & Poor's General Obligation Bond Rating AAA
Moody's Bond Rating Aa1
City Retail Sales Tax Rate 2.0%
City Property Tax Rate (Per $100 of assessed
valuation)
$1.82
* Projected 2011-12 Fiscal Year
Source: City of Phoenix Budget and Research Department
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Phoenix Apartment Forecast
Highlights
• Demand for apartment buildings is strong and demand is outpacing available listings
• Class A apartments – low to mid-5 percent Cap Rate
• Class B apartments (our target after reposition) – close to 6 percent Cap Rate
Source: Marcus & Millichap "Apartment Research Market Report" Phoenix Metro Area Third Quarter 2013
Vacancy, Rents, & Sale Trends
Source: Marchus & Millichap Q3 2013 Report
• Renters prefer newer units with
modern amenities dropping the
vacancy rates to approximately 6
percent
• North Glendale submarket has the
lowest vacancy at 5%
• Vacancy Outlook: Greater renter
demand will outpace the surge in
inventory additions
• Rents have increased over 3% and the
# of units offering concessions has
decreased from 33% to 15.6%
• Rent Outlook: Increase occupancy will
support increased rents
• Sales jumped 33% over past 4
quarters
• Sales Outlook: Quality inventory
should attract large buyers such as
REITs, especially in the Valley
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Single Family Market Trends
Highlights
• 17,500 permits were issued for single-family homes, increasing 38% over last 4 quarters of 2013
though it remains well below pre-recession levels.
• Home prices are rising as inventory decreases.
• Median home price is $174,300, a 19% increase since last year
• The monthly mortgage payment for a median-price home in Phoenix, including taxes and
insurance, is $33 less than the average rent on an apartment built after 2000. This will limit the
amount that operators in some more affordable neighborhoods can raise rents.
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Rent Comparables
NOTE: El Descanso will be repositioned to a B property
More comps available per request. This is a short list of properties
One Bed + One Bath
Property Name # of
Units
(1 Bed)
Size
(SF)
Rent Rent/SF Yr
Built
Prop.
Rank
Accolade 240 720 $625 $0.87 1984 92
Bell Tower 16 470 $579 $1.23 1986 88
Bell Tower 40 583 $589 $1.01 1986 88
Bell Tower 24 592 $605 $1.02 1986 88
Desert Wind 88 530 $600 $1.13 1987 91
Desert Wind 40 635 $627 $0.99 1987 91
Eagle Crest 96 537 $565 $1.05 1986 96
Eagle Crest 70 563 $585 $1.04 1986 96
Eagle Crest 74 627 $639 $1.02 1986 96
Glenridge 75 640 $625 $0.98 1985 90
NW Gardens 67 600 $649 $1.08 1984 95
Oak Ridge 112 625 $569 $0.91 1984 91
Oak Ridge 60 640 $609 $1.08 1984 91
Paradise Falls 8 564 $460 $0.82 1985 95
Paradise Falls 108 694 $565 $0.81 1985 95
Rancho Santa Fe 60 640 $625 $0.98 1985 96
Rancho Santa Fe 60 690 $655 $0.95 1985 96
Valle Cita Gardens 40 620 $695 $1.12 1985 93
AVERAGE 655 $648 $0.99
Two Beds + One Bath
Property Name # of
Units
(2
Beds)
Size
(SF)
Rent Rent/SF Yr
Built
Prop.
Rank
Accolade 136 840 $740 $0.94 1984 92
Bell Tower 40 790 $740 $0.94 1986 88
Desert Wind 56 715 $709 $0.99 1987 91
Eagle Crest 74 783 $725 $0.93 1986 96
Glenridge 12 819 $675 $0.82 1985 90
NW Gardens 64 840 $769 $0.92 1984 95
Oak Ridge 24 850 $729 $0.86 1984 91
Paradise Falls 28 946 $649 $0.69 1985 95
Rancho Santa Fe 28 790 $695 $0.88 1985 96
Valle Cita Gardens 64 810 $745 $0.92 1985 93
Vaseo 128 865 $847 $0.98 1987 103
Vaseo 112 977 $872 $0.89 1987 103
Villa Encanto 40 818 $745 $0.91 1984 103
Westcreek 36 842 $700 $0.71 1983 88
AVERAGE 846 $742 $0.88
Source: RealData, Inc - 3Q 2013
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Financials
Pro Forma Cash Flow Analysis
Unit Type No. of Beds Current Rent Total Current
Rent
Stabilized Rent Total Stabilized
Rent
1 Bed / 1 Bath 37 $350 $12,950 $650 $24,050
2 Beds / 1 Bath 30 $450 $13,500 $795 $23,850
TOTALS 67 $26,450 $47,900
Year 1 Year 2 Year 3 Year 4 Year 5
INCOME
Rents $317,400 $330,096 $574,800 $597,792 $621,704
Auxillary $8,040 $8,362 $8,696 $9,044 $9,406
Vacancy ($97,632) ($33,846) ($43,762) ($45,513) ($47,333)
Gross Operating Income $227,808 $304,612 $539,734 $561,323 $583,776
EXPENSES
$3,351/unit $204,800 $210,944 $217,272 $223,790 $230,504
Reserves: $300/unit $20,100 $20,703 $21,324 $21,964 $22,623
Total Expense $224,900 $231,647 $238,596 $245,754 $253,127
Net Operating Expenses $2,908 $72,965 $301,137 $315,569 $330,649
Debt Service $140,400 $140,400 $260,088 $260,088 $260,088
CASH FLOW ($137,492) ($67,435) $41,049 $55,481 $70,561
Cumulative Cash Flow ($137,492) ($204,927) ($163,878) ($108,397) ($37,836)
Cash Flow Assumptions
1) Vacancy: 30% (Year 1); 10% (Year 2); 7.5% (Years 3+)
2) Expense Increase: 3% per year
3) Income increase: 4% per year
4) Debt Service: (Year 1-2) 9% fixed interest on $1.56M
5) Debt Service: (Year 3+) 5.25% fixed interest on $3.97M
6) Auxiliary Fees: Application fees, utility reimbursements, late charges, etc ($120/unit)
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Solidus Team
Dan Carrillo
Operations / Administration
Mr. Carrillo is a principal in Solidus and manages the day to day operations. He also takes a role in the
development and construction activities of all our ongoing projects.
Dan Carrillo's 32-year career in the real estate and housing industry is filled with a broad range of
experiences and leadership roles. In the residential and commercial brokerage community, Dan's
experience with successful real estate firms as an executive, sales manager, trainer, business
development expert and director of relocation and corporate services bring a unique mixture of talent and
expertise to his current work as a consultant and principle owner of a residential and commercial
brokerage here in Los Angeles.
Dan lives in the foothills of Pasadena California with his wife Christine.
Ginger Macias, MPH, MS
Investor Relations
Miss Macias is a principal at Solidus and is responsible investor relations. She handles all inquires and
manages all communications and meetings with investors. Ginger also handles all SEC regulation
compliance requirements. Some of her other responsibilities include acquisitions and marketing.
Ginger is an active wholesaler, rehabber, landlord, and educator. She founded
OCWholesalers.com in 2008 which has been supplying investment properties at a discount
to rehabbers, landlords, and end-users. Ginger also is a popular mentor and speaker at local investment
clubs where she teaches others how to get started in real estate. She owns www.RealEstateInsiders.co an
online membership site dedicated to teaching real estate investment strategies online.
Ginger has two Master degrees from the University of Southern California in Epidemiology
and Biostatistics.
Al Penaranda
Development and Construction
Mr. Penaranda is a principal at Solidus and oversees all the development and construction. This includes
conducting all the due diligence/feasibility reports, entitlement processes, and complying with green
building standards.
Al Penaranda has been involved in real estate for 25 years. His background is in appraisal of
commercial property. He received the MAI designation from the Appraisal Institute, which
is considered the highest designation in the appraisal field. His training in appraisal is from
the litigation side and for 10 years served as an expert witness in court. Appraisal work and
experience include analysis of virtually every product type, both existing and proposed.
Property types include: commercial, industrial hotel/hospitality, recreational, residential care
facilities, mixed use, golf courses, and special purpose properties and developments for a
diversified client base. Mr. Penaranda was CEO and owner of North by Northwest
Commercial, a commercial appraisal firm located in Old Pasadena.
Mr. Penaranda attended California State Long Beach and Los Angeles. He received a
Bachelor of Science degree, majoring in Real Estate.
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Alain Romero
Asset Acquisition and Sales
Mr. Romero is principal at Solidus and oversees the acquisition and deposition of assets. This includes
deal evaluation, contract negotiations, and business development. He also supports investor relations
within the company.
Alain Romero is also the broker of record and a managing partner at North By Northwest Capital, a
boutique commercial real estate firm and has been practicing real estate for close to 10 years both on the
transaction as well as the financing ends of the business.
In addition, his core expertise is in the area of valuation and viability assessment, and financial modeling.
He holds a master’s degree in applied economics & finance, a bachelor’s
degree in economics from University of California, and is a graduate of the Pepperdine
University, The Graziadio School of Business with Executive Business Management
Certificate. Mr. Romero is a former board member of NHREP-LA and a Founder/President of
The Society Of Latino Professionals.
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El Descanso Apartments – 67 Units
2726 W. Augusta Ave, Phoenix, AZ 85051
Contact Information
If you are interested in learning about this or other opportunities feel free to contact us.
Website: www.SolidusTeam.com
Email: support@SolidusTeam.com
Phone: (213) 330-2722
Mailing Address:
3579 E Foothill Blvd, #237
Pasadena, CA 91107
Offices:
555 West 5th Street, 31st Floor
Los Angeles, CA 90013