MI/OH MHC Portfolio 3 Properties in Multiple Locations

The MI | OH MHC Portfolio provides an attractive opportunity to acquire a value
add portfolio of three communities on public utilities, totaling 225 sites in strong
Midwestern markets with two in Michigan and one in Ohio.
– The portfolio is currently only 67% physically and economically occupied (151 of 225 sites) and there are no park owned homes. Current
ownership has not been actively purchasing homes to increase occupancy so there is a tremendous opportunity for a new buyer to execute
an infill strategy.
– Increasing occupancy by 10% (or 23 sites) would add approximately $160,000 in annual site rental revenue and bringing the portfolio to a
stabilized occupancy of 95% (an additional 63 sites) would add over $440,000.
– These properties are cross-collateralized with existing non-recourse CMBS debt, which is assumable (please see page three for the
Assumable Loan Overview). However, these loans also may be prepaid allowing a buyer to increase leverage with a new loan.
– All three communities are well-located in major Midwestern MSAs. Pelham and Woodview are approximately 30 minutes of each other in
Metro Detroit, which is in the Detroit-Warren-Dearborn MSA, hosting a population of approximately 4.4 million people and the 14th-largest
MSA in the U.S. Creekwood sits within the Cincinnati MSA, with population of approximately 2.3 million people.
– Within a 10-mile radius of each community, the demographics are strong with average household incomes across the portfolio of
approximately $93,000 and average home values are approximately $275,000. At these income and home value levels, there is typically
demand from qualified home buyers seeking affordable housing and an ability to continue pushing lot rents over time.
– Current ownership has invested significant capital into the properties, spending nearly $100,000 since 2022 on community improvements
and landscaping upgrades. Notable projects included approximately $31,400 at Pelham for the removal of 14 trees and general site cleanup,
along with an additional $62,000 for the removal of 31 trees across the portfolio.