gun lake riverview at sparta...6 glenwood estates mhc 1211 glen park dr, sparta, mi 49345 234 96%...

&GUN LAKE RIVERVIEW AT SPARTA

m A N U f A c T U R E d h o m E c o m m U N I T I E S2 4 6 T o T A L S I T E S

PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES

Gun Lake - $5,970,000 ($4,170,000 Real Estate + $1,800,000 Homes)Riverview - $8,760,000 ($7,000,000 Real Estates + $1,760,000 Homes)

For a video tour, please visit: https://vimeo.com/360845150

PORTFOLIO INVESTMENT HIGHLIGHTS• Opportunity to acquire 246 sites (89 at Gun Lake MHC and 157 at Riverview at Sparta MHC) that should qualify for very attractive fixed rate,

nonrecourse debt. Of the 110 park owned homes between the two communities, 103 are 2015 or newer models.

• The properties both sit roughly 30 minutes outside of Grand Rapids and are just over an hour apart, allowing a new owner to benefit from management efficiencies and economies of scale.

• Properties may be purchased together or individually.

• Riverview at Sparta MHC just completed a brand new $2.1 million wastewater treatment plant. With the additional capacity and leach fields decommissioned, the park should be able to expand by approximately 16 lots (see preliminary drawings in property package).

• There is attractive upside in filling the remaining vacant sites and developing additional sites. Current owner has proven out the demand for attractive newer affordable housing in these areas, and a new owner can capitalize on converting the current LTO renters to owners.

LAKEMICHIGAN

GRAND RAPIDS

WOODBURY

CHARLOTTE

ST JOHNS

GRAND HAVEN

MUSKEGON

SAUGATUCK

LANSING

IONIA

MASON

SPARTA

ITHACA

SHELBYVILLE

HOLLAND

ALLEGAN

GUN LAKEM A N U FA C T U R E D H O M E C O M M U N I T Y

RIVERVIEW AT SPARTAM A N U FA C T U R E D H O M E C O M M U N I T Y

RIVERVIEW AT SPARTA MHCGUN LAKE MHC

246 TOTAL SITES NOW TOTAL PRICED: $14,730,000

GUN LAKE: $ 5,970,000RIVERVIEW: $8,760,000 &GUN LAKE

RIVERVIEW AT SPARTAm A N U f A c T U R E d h o m E c o m m U N I T I E S

PORTFOLIO OVERVIEW

LAKEMICHIGAN

GRAND RAPIDS

SHELBYVILLE

HOLLAND

1

2

3

5

4

67

8

9

10


RIVERVIEW AT SPARTAM A N U FA C T U R E D H O M E C O M M U N I T Y

SUMMARY

PROPERTY ADDRESS # OF SITES

PHYSOCC

AVG RENT

RENT INCLUDES

AVG ADJUSTED RENT

1 Algoma Estates MHC 4456 13 Mile Road, Rockford, MI 49341 343 74% $419 W/S/T $342

2 Alpine Meadows MHC 3800 Fruitridge Ave NW, Grand Rapids, MI 49544 403 96% $549 T $536

3 Appletree Estates MHC 1061 Wilson Ave NW, Walker, MI 49534 238 87% $436 T $423

4 Byron Center MHC 2680 84th St, Byron Center, MI 49315 143 99% $527 T $514

5 Cider Mill Village MHC 425 Cider Mill Dr, Middleville, MI 49333 258 97% $417 T $401

6 Glenwood Estates MHC 1211 Glen Park Dr, Sparta, MI 49345 234 96% $340 W/S/T $263

7 Northern Estates MHC 1569 Beavercreek Dr NE, Belmont, MI 49306 292 84% $365 T $352

8 Paris Estates MHC 310 48th St SE, Grand Rapids, MI 49548 155 100% $365 T $352

9 Woodland Estates MHC 6737 Northland Dr, Rockford, MI 49341 170 76% $370 T $357

10 Yankee Springs MHC 1330 North Patterson Rd, Wayland, MI 49348 284 63% $380 None $380

TOTALS/AVERAGES 2,520 87% $423 $396

Gun Lake MHC 11985 Marsh Rd, Shelbyville, MI 49344 89 97% $387 W/T $350

Riverview at Sparta MHC 12481 Long Lake Dr, Sparta, MI 49345 157 94% $405 W/S/T $328

Source: Kent County, Michigan JLT Market Report- Febuary 2018W=Water ($24) / S=Sewer ($40) / T=Trash ($13)




RENT COMPARABLES

INVESTMENT HIGHLIGHTS• Gun Lake MHC is an 89-site, all age community on public utilities located just

30-minutes south of Grand Rapids next to beautiful Gun Lake, which is a sand bottom, all sports lake covering 2,680 acres and offering 24.4 miles of shoreline.

• Located just minutes away from US 131 and state highways 179/43, the community offers the peacefulness of rural living with easy access to other larger markets including Kalamazoo and Grand Rapids.

• The community features paved roads, shaded trees, off-street parking, on-site management, and onsite laundry facility. The park is licensed for 92 sites. In addition, there are boat docks and storage units available for lease.

• The offering includes 58 park-owned homes (56 are 2015 or newer), of which 51 are currently occupied either on a lease-to-own agreement or as a pure rental (see document library for specific details). With a strong economic occupancy of 89% and only 7 vacant park-owned homes, there clearly is strong demand for affordable housing in the area. Four brand new homes were just brought into the community and the Owner expects these to be sold/rented very soon.

• The Barry/Kalamazoo market has been one of the most resilient MHC areas in Michigan. According to the JLT Report, all age communities have seen average occupancy go from a floor of 70% in 2012 up to 80% in 2017 and rents have increased from $325 to $363 for that same period, which is a 12% increase or an average of over 2% per year. Going back as far as 1999, rents have increased every year averaging 2.2%.

SITE INFORMATION

ADDRESS 11985 Marsh Rd, Shelbyville, MI 49344

COUNTY Barry County – Orangeville Township

TAX PARCEL IDS 11-005-051-00; 11-005-326-00; 11-005-019-20

SITES 89

SINGLE FAMILY HOME 1 ($1,500 per month)

STORAGE UNITS 20 ($35-75 per month)

BOAT SLIPS 16 ($600 per season)

COMMUNITY TYPE All Age

YEAR BUILT 1980 (expanded in 2018)

LAND SIZE 14.7 acres (6.1 sites/acre)

INVENTORY HOMES 58 (51 occupied as of Nov ‘19)

MH PHYS OCC 96.6% (86 sites as of Nov ‘19)

MH ECO OCC 88.8% (79 sites as of Nov ‘19)

AVG LOT RENT $387 (includes water/trash)

LAST RENT INCREASE $20 (60 front lots) (Fall 2018)

ZONING High Density Residential

ROADS Asphalt

FLOODPLAIN Zone AE / Zone X

WEBSITE www.GunLakeMHC.com

UTILITIES

WATER Private Well (community pays)

SEWER Gun Lake Sewer Authority (billed back to tenants)

ELECTRICITY Great Lakes Energy (direct billed to tenants)

GAS Michigan Gas (direct billed to tenants)

TRASH Arrow Waste Removal (community pays)

AREA HIGHLIGHTS• Gun Lake offers primary and second home residents, as well as a significant

population of transient tourists, lots of activities such as boating, water skiing, tubing, sailing, swimming, kayaking, jet skiing, and great fishing. Catfish, Crappie, Largemouth Bass, Northern Pike, Smallmouth Bass, Sunfish, Walleye, Yellow Perch can all be caught in the lake and ice fishing is popular in the winter. The Gun Lake boat launch is only a ½ mile from the community.

• Along most of the lake are numerous summer homes, cottages, and permanent residences and many are on inlets with private boat slips that provide access to the main lake. The area has become popular as a summer getaway for local MI residents and out of state visitors from Chicago. This strong demand is evidenced by the median home value of $214,552 within a 5-mile radius.

• Located less than a 10-minute drive from the community on the opposite side of Gun Lake, Yankee Springs Recreation Area encompasses 5,200 acres and is home to many different types of recreation including but not limited to camping, hiking, mountain biking, horseback riding, fishing, hunting, cross-country skiing, and swimming.

• Grand Rapids, the 2nd largest city by population in Michigan, is just over a 30 minute drive north of the community. The city and its surrounding communities are economically diverse, with a focus on health care, information technology, and manufacturing.

• Kalamazoo is the home to Western Michigan University and the headquarters of medical equipment maker Stryker. Located a quick 45-minute drive from the community, this area is widely considered to be one of the most important regions in America’s craft brewing explosion.

• As of 2017, the Kalamazoo-Portage MSA population was over 336,000 people, making it the sixth largest metropolitan area in Michigan. Since 2000, the population in this area has grown over 14%. The combined Kalamazoo-Battle Creek-Portage statistical area is the third largest in Michigan with a population well over 500,000.

• The Greater Lansing area is just over a 1-hour drive from the community. As the state capital and home to Michigan State University, this region has a large contingent of government and education workers and is also home to several major national insurance companies.




PROPERTY DETAILS | GUN LAKE MHC

INCOME2 Gross Scheduled Site Rent3 Less: Vacancy

Less: Bad Debt4 Total Site Rental Income5 Plus: Utility Income6 Plus: Other Income7 Plus: Storage Rental8 Plus: Dock Income9 Plus: Stick-Built Home Income

Total Other IncomeEffective Gross Income

EXPENSESRepairs and MaintenancePayroll AdministrativeMarketingProfessional Fees

10 UtilitiesElectricity and GasWater/SewerTrash

Total Variable Expenses11 Taxes12 Other Tax

InsuranceManagement FeeTotal Operating Expenses

13 Plus: Capital ReservesTotal ExpensesNet Operating Income (Real Estate)Expense Ratio (Real Estate)

14 Total POH Income15 Total POH Expense

Net Operating Income (POH)Expense Ratio (POH)

Net Operating Income (Total)Expense Ratio (Total)

Park-Owned Homes (POH)

5.00% 5.00%

39.19% 34.67%

$2,223

$399,785 $4,492 $537,334 $6,037

$2,381

4,133 1.00%

0

7,762 87

23,520 264

4,450 50

$281,119 $3,159

18,000 202

12.36%

8

$1,534

$211,865

$197,811

$9,891

$1,003

811

$358,099 86.64%

29,615 333

17,044 192

3,357 38

$3,030

$13,485 $152

$256,215 $2,879

23.24%

25,391 285

7,565

$269,700

Proforma

4,200

Totals % GSR

$413,316

51,084

100.00%

$111

$187,920 $2,111

26.80%

28,752 323

180

3,259 37

Totals % GSR

$300,553

0 0.00%

0 0.00%

$300,553

89

17,126 4.92%

$136,5130 0

(246)0

47,825$348,377Actuals

$12,22525,3692,382

4458,207

07,536

2,36422,442

16,060

85

21,516 5.00%

$144,746 $1,626

4,450 50

$149,196 $1,676

$430,315 $4,835

Proforma Per Site

$15,130 $170

26,700 300

3,115 35

712

6,042 68

252

27

0

537

$3,914

Per Site

$137

285

27

5

$974

-3

Nov '19 T12 Actuals1

7,899

$86,682

$136,513

24,651

$1,534

92

277

0

85

5,866 66

Financial Analysis

Real Estate (Only)

0

72,216

47

2,844 32

$89,302

Todd Fletcher303‐260‐[email protected]

Andrew Shih512‐637‐1219

[email protected]

1. Actual numbers based on financials provided by the client. Park-owned home income and expenses are valued separately below the “Real Estate (Only)” section.

2. Proforma GSR = 89 MH Sites x $387 average lot rent x 12 mts (vacant pads will be rented at $405/mo thus making the avg in-place rent at $387).

3. There are 10 vacant MH sites currently but the proforma shows 11 vacant (stick-built home valued separately).

4. Total lot rental income is higher on the proforma due to improved occupancy at the park. In 2018, the park had 62 occupied sites compared to 79 currently.

5. Utility Income grown 3% from Nov ’19 T12 Actuals. Utility Income includes water/sewer, electric, and gas.

6. Other Income grown 3% from Nov ’19 T12 Actuals (less $2,273 for site taxes - proforma uses site taxes from the month of Nov ‘19) plus $3 site tax x 79 occupied units x 12 months. Historical Other Income includes filing fees, late fees, site taxes ($3 per site), NSF fees, and other income.

7. Storage Rental grown 3% from Nov ’19 T12 Actuals.

8. Dock Income = $600/summer season x 7 slips. The Historical income excluded 6 months of dock rental income but added back in on the proforma. The owner said, “7 dock spaces were bartered for last year and not in the income stream.”

9. Stick-Built Home Income = 1 house x $1,500 rental income per month x 12 mts.

10. Adjusted Utilities grown 3% from Nov ’19 T12 Actuals.

11. Proforma Taxes = 2019 taxable value ($431,900) x 2018 summer/2019 mill rates (.0418896) grown 30%.

12. Other Taxes = Mobile Home Site Taxes. Proforma expense = $3 site tax x 79 occupied units x 12 mts.

13. Numbers do not reflect actual expenses.

14. Historical POH Income = $195,311 ($150,811 LTO Payments and $44,500 Option Fee Payments – Owner provided this breakout and is not shown on profit loss statement) + $2,500 (Home Rent Charges) from the Nov ’19 T12 Actuals. Option fees are non-refundable down payments taken at move-in for the lease-to-own homes, which are typically 5-10% of the home value. According to the owner, “option fees are a recurring income item. We sell and resell homes many times over and the market allows for us to charge this option fee.” Proforma POH Income = 19,225 LTO Payments from Nov ’19 Rent Roll x 12 months + $39,000 annual option fees (assumes turnover of 13 homes per year (23% of homes) that pay $3,000 option fee payment). The proforma assumes the same turnover percentage (23%) as Riverview because it has a more seasoned lease option program.

15. Historical POH Expense and Proforma Expense assumes a 5% expense ratio on the homes. Of the 58-total park-owned homes, 56 are 2015 or newer models. If turnover increases in the future, the next tenant’s Option Fee Payment should cover any turnover cost. Please see the document library for a detailed analysis on the park-owned homes.

UNDERWRITING ASSUMPTIONS




FINANCIAL ANALYSIS | GUN LAKE MHC

TOP EMPLOYERS - KALAMAZOO EMPLOYEES

Bronson Methodist Hospital 6,000

Borgress Medical Center 3,997

Western Michigan University 3,350

Stryker Corp. 3,000

Pfizer 2,100

Hart-Dole-Inouye Center 1,991

PNC Bank 1,800

MPI International 1,250

Meijer Inc. 1,200

JBS Plainwell 1,100 Source: Business Review Western Michigan and W.E. Upjohn Institute for Employers Research

DEMOGRAPHIC INFORMATION 1 MILES 5 MILES 10 MILES

2018 Population Estimate 831 8,078 38,501

Population Growth 2010 - 2018 1.84% 4.92% 4.91%

2018 Renter Occupied Housing Percentage 8.6% 10.7% 14.1%

2018 Owner Occupied Housing Percentage 42.7% 62.4% 68.1%

2018 Estimated Average Household Income $85,025 $83,521 $73,694

2018 Estimated Average Owner-Occupied Housing Value $329,206 $264,163 $214,556

Source: U.S. Census Bureau




AREA EMPLOYMENT & DEMOGRAPHICS | GUN LAKE MHC

W.K. Kellogg Biological Station

• Michigan State University’s largest off-campus education complex covering over 3,800 acres and one of North America’s leading inland field stations

• A premier site for field experimental research in aquatic and terrestrial ecology

• Located just under 30 minutes from Gun Lake MHC

Spectrum Health Pennock

• Highly rated medical center in Barry County offering a large array of medical services

• One of the largest employers in Barry County

• Just over 20 minutes from Gun Lake MHC

KALAMAZOO

HASTINGS

MIDDLEVILLE

NASHVILLE

ALLEGAN

SHELBYVILLE

DELTON

BATTLE CREEK

BELLEVUE

W.K. Kellogg Biological Station

Yankee Springs Recreation Area

Gilmore CarMuseum

Delton Medical Center

Down East Medical Center

HastingsAirport

W.K. Kellogg Airport

Kalamazoo / Battle Creek International Airport

Stonehedge Golf Club

Bedford ValleyGolf Club

Orchard HillsGolf Course

MullenhurstGolf Course

Lake DosterGolf Club

CrestviewGolf Club

Gull Lake View Golf Club & Resort


GRAND RAPIDS

KALAMAZOO ANN ARBORDETROIT

FLINT

LANSING

SAGINAW





AREA ATTRACTIONS | GUN LAKE MHC

INVESTMENT HIGHLIGHTS• Riverview at Sparta MHC is a 157-site, all age community located just outside of

Sparta, a small town with a population of just over 4,300. Due to the growth of the Grand Rapids metro area, the town has developed a more suburban feel with nearby subdivisions being built in large numbers over the last decade. Average home values within a ten-mile radius of the community are $209,500 and expected to rise to over $249,700 by 2023.

• The property offers easy access to State Highway 37 which leads to Grand Rapids 17 miles to the south. The community features paved roads, off-street parking, RV/boat storage, on-site manager’s office and a grassy play area with a hiking path along the riverbank.

• The offering includes 52 park owned homes, all currently occupied as lease to own homes averaging $410 for the home rent portion (see document library for specific details). Most are nice homes built in 2014 or newer. Current Owner has had no problems finding qualified tenants once they have a home available.

• A brand new WWTP has been added to the community and construction is now complete with DEQ sign off. The total cost of the plant was approximately $2.1 mil. With the additional capacity and leach fields decommissioned, the park should be able to expand by approximately 16 lots (see preliminary drawings in property package).

• The Grand Rapids market has been one of the most resilient MHC areas in Michigan. According to the JLT Report, all age communities have seen average occupancy go from a floor of 78% in 2012 up to 89% this year and rents have increased from $356 to $427 for that same time period, which is a 20% increase or an average of just over 3% per year. Also, worth noting, going back as far as 1999 rents have increased every year averaging 2.7%.

SITE INFORMATION

ADDRESS 12481 Long Lake Dr, Sparta, MI 49345

COUNTY Kent County – Sparta Township

TAX PARCEL ID 41-05-01-300-028

SITES 157

COMMUNITY TYPE All Age

YEAR BUILT 1967

LAND SIZE 64.9 acres (2.42 sites/acre)

INVENTORY HOMES 52 (52 occupied as of Nov ‘19)

MH PHYS OCC 93.6% (147 sites as of Nov ‘19)

MH ECO OCC 92.0% (146 sites as of Nov ‘19)

AVG LOT RENT $405 (includes water/sewer/trash)

LAST RENT INCREASE $10 (Nov ‘19)

ZONING R-4 (Medium/High Density: Mobile Home Parks)

ROADS Asphalt

FLOODPLAIN Zone C / Zone A3 (small portion of western side of site is Zone A3)

UTILITIES

WATER Private - Well (incl. in rent)

SEWER New Private - Wastewater Treatment Plant (incl. in rent)

ELECTRICITY Consumers Energy (direct billed to tenants)

GAS DTE Gas (direct billed to tenants)

CURBSIDE TRASH Incl. in rent AREA HIGHLIGHTS• Sparta, MI offers residents the best of both worlds with its proximity to Grand

Rapids, providing a small-town, community feel while also offering the benefits of living near a large city.

• Summers in Sparta are filled with plenty of community events, including a Farmer’s Market, concerts and movies in Rogers Park, Sparta Town & Country Days, Celtic Fest, Sparta Gus Macker 3-on-3 Basketball Tournament, and Michigan Apple Fest.

• Riverview at Sparta MHC is located less than 30 minutes from Grand Rapids, a hub for manufacturing with a growing biotech and healthcare center. The city’s unemployment rate is currently 3.7%, below the state and overall US rates. The city is home to nearly 90 international companies, including 4 Fortune 100 companies and 4 additional firms on the Forbes magazine list of the country’s largest private companies.

• Universities within close proximity to the community include Western Michigan University (WMU) (23,000 students enrolled) and Grand Valley State University (25,000 students enrolled). Western Michigan has a regional network of over 20 public universities and 6 regional community colleges. There are over 72,000 students enrolled in Grand Rapids alone.

• Grand Rapids hosts a thriving art and entertainment scene, and is home to Art Prize, the largest art exposition in the United States. In 2018, it showcased over 1,250 works created by over 1,400 artists and attracted over 500,000 visitors.

• Within a ten-mile radius of the community, the current population is 79,500 and expected to rise over 82,700 by 2023. According to Moody’s Analytics, the Grand Rapids metro is one the fastest-growing metros in the Midwest.

• Grand Rapids was named the #1 U.S. travel destination by Lonely Planet in 2014. The New York Times ranked Grand Rapids 20th on the “52 Places to Go in 2016” list.




PROPERTY DETAILS | RIVERVIEW AT SPARTA MHC

INCOME2 Gross Scheduled Site Rent

Less: VacancyLess: Employee/ModelLess: Bad DebtTotal Site Rental Income

3 Plus: Other IncomeTotal Other IncomeEffective Gross Income

EXPENSESRepairs and MaintenancePayroll AdministrativeMarketingProfessional Fees

4 UtilitiesElectricity and GasWater/SewerTelephone and InternetTrashOther Utilities

Total Variable Expenses5 Taxes6 Other Tax

InsuranceManagement FeeTotal Operating Expenses

7 Plus: Capital ReservesTotal ExpensesNet Operating Income (Real Estate)Expense Ratio (Real Estate)

8 Total POH Income9 Total POH Expense

Net Operating Income (POH)Expense Ratio (POH)

Net Operating Income (Total)Expense Ratio (Total)

Park-Owned Homes (POH)

29.76% 36.80%

$796,511 $5,073 $755,114 $4,810

2.56% 5.00%

Totals % GSR

$763,020

53,460

49,489

0

Financial Analysis

Real Estate (Only)

0

48,047 306

$725,397

190

0 0

Nov '19 T12 Actuals1

0 0.00%

$215,866 $1,375

29,904

0

17,952

$4,620

114

0 0

14,859 95

20,153 128

75

29,862 4.00%

$266,850 $1,700

7,850 50

$274,700 $1,750

$746,558 $4,755

Proforma Per Site

$47,100 $300

51,025 325

11,775 75

785

759 5

18,647 119

0 0.00%

0 0.00%

$181,100 $1,154

Actuals Per Site

$40,392 $257

60,361 384

10,215 65

737 5

18,104 115

(1,673) -11

$677,350 100.00%

48,047 306

0 0.00%

Totals % GSR

$677,350

Proforma

7.01%

4,860 0.64%

7,630 1.00%

5,256 33

(1,723) -11

$180,130

20,758 132

$1,147

315

11,775

$298,164

$697,070 91.36%

49,489 315

$1,899

$14,908 $95

$283,256 $1,804

27.72%

$471,858 $3,005

4,862 31

$215,866 $1,375

$509,531 $3,245

$294,519$7,539 $48

$286,980 $1,828

21.90%

$1,876

0 0

0

15,304 97

39,827 254

15,700 100

5

Todd Fletcher303‐260‐[email protected]

Andrew Shih512‐637‐1219

[email protected]

1. Actual numbers based on financials provided by the client. Park-owned home income and expenses are valued separately below the “Real Estate (Only)” section.

2. Proforma GSR = 157 sites x $405 average lot rent x 12 mts. Lot rents include water/sewer usage.

3. Other Income grown 3% from Nov ’19 T12 Actuals. Other Income includes filing fees, site tax reimbursements ($3 per unit), maintenance fees, shed fees, late fees, and pet fees.

4. Adjusted Utilities grown 3% from Nov ’19 T12 Actuals. A brand new WWTP was just completed is now up and running.

5. Proforma Taxes = 2019 taxable value ($645,003) x 2018 mill rates (.0474976) grown 30%.

6. Other Taxes = Mobile Home Site Taxes. Proforma expense = 146 occupied x $3 x 12 mts.

7. Numbers do not reflect actual expenses.

8. Historical POH Income = $246,974 (Home Rent Charges) + $41,905 (Option Fee Payments) + $5,640 (Insurance Reimbursements). Average lease option payments are approximately $410 per month. Option fees are non-refundable down payments taken at move-in for the lease-to-own homes, which are typically 5-10% of the home value. According to the owner, “option fees are

a recurring income item. We sell and resell homes many times over and the market allows for us to charge this option fee.” Insurance reimbursements are home renter’s insurance that choose coverage under the community policy ($40 per month). Proforma POH Income = $21,377 Home Rent Payments from Nov ’19 Rent Roll x 12 months + $36,000 annual option fees (assumes turnover of 12 homes per year (23% of the homes) that pay $3,000 option fee payment) + $5,640 (Nov ’19 T12 Insurance Reimbursements). From Dec ’18 to Nov ’19, a total of 12 homes turned over in that span (23% turnover on the POH).

9. Historical POH Expense = $7,539 (Includes HVAC, Exterminator, Cleaning, POH Materials & Supplies, and Landscaping expenses from Nov ’19 T12 Profit loss statement). Proforma POH Expense assumes a 5% expense ratio on the proforma park-owned home income. Of the 52-total park-owned homes, approximately 50 are 2014 or newer models. If turnover increases in the future, the next tenant’s Option Fee Payment should cover any turnover cost. Please see the document library for a detailed analysis on the park-owned homes.

UNDERWRITING ASSUMPTIONS




FINANCIAL ANALYSIS | RIVERVIEW AT SPARTA MHC

TOP EMPLOYERS - GRAND RAPIDS EMPLOYEES

Spectrum Health 25,000

Meijer Inc 10,343

Mercy Health 8,500

Axios Inc 5,000

Amway Corp 4,000

Johnson Controls Inc 3,900

Gentex Corp 3,900

Perrigo Co 3,800

Herman Miller Inc 3,621

Steelcase Inc 3,500 Source: City of Grand Rapids, 2018-2019

DEMOGRAPHIC INFORMATION 3 MILES 5 MILES 10 MILES

2018 Population Estimate 8,824 20,436 79,503

Population Growth 2010 - 2018 4.6% 6.0% 7.3%

2018 Renter Occupied Housing Percentage 19.5% 15.4% 13.6%

2018 Owner Occupied Housing Percentage 75.3% 80.8% 82.8%

2018 Estimated Average Household Income $62,021 $69,417 $80,493

2018 Estimated Average Owner-Occupied Housing Value $193,606 $194,024 $209,597

Source: U.S. Census Bureau




AREA EMPLOYMENT & DEMOGRAPHICS | RIVERVIEW AT SPARTA MHC

SPARTA

DISTRIBUTION CENTER

Camp Lake

Frederik Meijer GardensJohn

Ball Zoo

Gerald R. Ford Museum

Medical Mile

Gerald R. Ford International Airport

Sparta MillerAirport

Alpine Golf Club

Scott Lake Golf & Practice Center

RIVERVIEW AT SPARTAM A N U F A C T U R E D H O M E C O M M U N I T Y

GRAND RAPIDS

KALAMAZOO ANN ARBORDETROIT

FLINT

LANSING

SAGINAW

RIVERVIEW AT SPARTAM A N U F A C T U R E D H O M E C O M M U N I T Y

Grand Rapids, MI• The second largest city in Michigan with an estimated 2017 population of 198,829.

• Grand Rapids is a historic furniture manufacturing center and is home to some of the world’s largest office furniture companies including American Seating, Steelcase, Haworth, and Herman Miller.

• Gerald R. Ford International Airport offers more than 120 nonstop daily flights to and from 23 major market destinations and serves over two million passengers annually.

• Home to the John Ball Zoological Garden, Gerald R. Ford Presidential Museum, and the Frederik Meijer Gardens & Sculpture Park, which is one of the world’s 100 most-visited art museums.

Camp Lake• A 150-acre lake located just over one mile from the community that is great for water

skiing, tubing, and wakeboarding as well as taking a relaxing cruise on a pontoon boat around the lake.

• The lake contains bass, pike, and pan fish and is home to numerous wild water fowl in the summer months.




AREA ATTRACTIONS | RIVERVIEW AT SPARTA MHC

This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Newmark Knight Frank (NKF) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA Newmark was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.Do not contact the Property.

www.ngkf.comManufactured Housing 2530 Walsh Tarlton Ln, Suite 200, Austin, TX 78746 | T 512.342.8100

LON

G LAKE DR

15 MILE RD NW

VIKING DR NW

MARSH RD

ERICA LN

GUNLAKE

PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES

Additional information is available on our website at: http://arausa.listinglab.com/GunLakeRiverviewatSpartaMHCs

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For a video tour, please visit: https://vimeo.com/360845150

RIVERVIEW AT SPARTA MHCGUN LAKE MHC

Andrew [email protected] 512.637.1219

Joe [email protected] 512.637.1228

PRIMARY CONTACTS

Todd [email protected]

gun lake riverview at sparta...6 glenwood estates mhc 1211 glen park dr, sparta, mi 49345 234 96%...

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