A 1 2 6 - S I T E M A N U F A C T U R E D H O U S I N G C O M M U N I T Y I N V E S T M E N T O F F E R I N G

G R E E N F I E L D E S T A T E S5 2 1 5 G r o v e p o r t R o a d , G r o v e p o r t , O H 4 3 1 2 5

G R E E N F I E L DE S T A T E S

F o r a v i d e o t o u r o f t h e p r o p e r t i e s , g o t o h t t p : / / a r a u s a . l i s t i n g l a b . c o m / G r e e n f i e l d E s t a t e s / i n d e x . c f m ? d o L D P a g e = 3

REO ASSET

Location 5215 Groveport Rd., Groveport, OH

County Franklin County

Year Completed 1972

Sites 126 sites

Land Size 20.65 acres; 5.10 sites per acre

Physical Occupancy 91.3% (Jan. 2011)

Utility System

Electric Public

Water Public

Sewer Public

Trash Public

Avg. Rent (Jan. 2011) $290 (trash included in rent)

Community Type All Age

Roads Asphalt

126 Sites • 20.65 Acres Price $2,765,000 Terms All Cash or Third Party Financing

SITE INFORMATION

Opportunity to increase occupancy with in-house •

sales program

Below market rents•

No homes and notes to be purchased with community•

All age community located within the Columbus MSA, only •

11 miles from downtown Columbus

Public water and sewer•

No rent control in Ohio•

Non-recourse debt may be available•

Improvements include paved streets, curbs and sidewalks•

Closest mobile home park to Groveport Commerce Center •

that contains over 290-acres of industrial warehouse space

owned by public REITs like Duke, Centerpoint, and First

Industrial.

Columbus is the largest city in Ohio with over 733,000 residents •

and a population over 1.7 million in the MSA.

As the state capital and the home of Ohio State University, •

Columbus has weathered the economic downturn better

than most areas in the Midwest. The city economy relied

more heavily on government and education and was less

affected by the auto industry.

With an enrollment of over 50,000 students, and the third •

largest campus in the country, Ohio State University is one of

the most well-known universities in the nation and is a major

economic driver for the region.

The property provides convenient access to several major •

thoroughfares including Loop 270, which circles the city.

The community is in close proximity to the Great Southern •

Shopping Center, which is anchored by Kroger, Wal-Mart,

and Lowes and is home to numerous other shops and

restaurants.

The Columbus Motor Speedway is located less than three •

miles from the community. It can hold over 5,000 spectators

and is home to events including the NASCAR sponsored

Whelen All-American Series.

INVESTMENT HIGHLIGHTS

AREA HIGHLIGHTS

G R E E N F I E L DE S T A T E S

12

3

4

56

GREENFIELDESTATES

1 Big Run Bluffs 2035 Frank Rd., Columbus, Ohio 43223 350 93% $323

2 Caravan Village 1049 Harmon Ave., Columbus, Ohio 43223 242 80% $275

3 Ashville MHP 4800 Duvall Rd., Ashville, Ohio 43101 124 96% $264

4 ByWay MHP 2778 Innis Rd., Columbus, Ohio 43291 56 96% $273

5 MANNS MHP 755 Stelzer Rd., Columbus, Ohio 43291 232 100% $302

6 Westbrook MHP 2700 Harrision Rd., Columbus, Ohio 43204 84 97% $280

Submarket Average 181 92% $295

Occupancy

91%

RentAddress

Greenfield Estates 1265215 Groveport Rd., Groveport, Ohio 43125

RENT COMPARABLES

$290

Subject Property Sites#

NOTE:1 Based in Jan. 2011 rent roll2 New owner should be able to generate other income3 Adjusted Utilities grown 3% from 20104 Taxes = 25% of Price X 2010 Tax Rate

FINANCIAL ANALYSIS

INCOME PROFORMA PER SITE

GROSS SCHEDULED RENT1 $437,808 $3,474Less: Vacancy 38,308 304Less: Bad Debt 8,756 70Plus: Other Income2 1,890 15EFFECTIVE GROSS INCOME $392,634 $3,116OPERATING EXPENSES PROFORMA PER SITE

Repairs and Maintenance 18,900 150 Payroll 37,800 300Administrative 9,450 75Marketing 1,260 10 Professional Fees 3,150 25 Utilities3

Electric 5,701 45 Water 217 2 Sewer 340 3TOTAL VARIABLE EXPENSES $76,818 $610 Taxes4 47,597 378 Insurance 6,300 50 Management Fees 15,705 125TOTAL OPERATING EXPENSES $146,420 $1,162NOI BEFORE CAPITAL RESERVES $246,213 $1,954Plus: Capital Reserves 6,300 50 NOI AFTER CAPITAL RESERVES $239,913 $1,904

270

Greenfield EstatesGreenfield Estates

DowntownColumbusDowntownColumbus

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 Apartment Realty Advisors (ARA) 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, 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.

GROVEPORT RD

OLD GROVEPORT RD

BIXBY RD

RECREATIONAL PARK COMING SOON

GREENFIELD ESTATES

COLUMBUS

DUBLIN

WESTERVILLE

GROVEPORT

GROVE CITY

GAHANNA

REYNOLDSBURG

UPPERARLINTON

Ohio StateUniversity Airport

PickeringtonPonds Metropark

HooverReservoir

Prairie OaksMetropark

Gould Park

Je�erson Meadows

71

71

70

70

70

270 270

270

670

161

315

33

GREENFIELDESTATES

Port ColumbusInternational

Airport

www.ARAusa.com

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F o r a v i d e o t o u r o f t h e p r o p e r t i e s , g o t o h t t p : / / a r a u s a . l i s t i n g l a b . c o m /

G r e e n f i e l d E s t a t e s / i n d e x . c f m ? d o L D P a g e = 3

PRESENTED BY

ARA National Manufactured

Housing Group

FOR MORE INFORMATIONON THIS PROPERTY

PLEASE CONTACT

NATIONAL MANUFACTURED HOUSING GROUP:

Todd Fletcher 512.637.1236

tfletcher@ARAusa.com

Andrew Shih 512.637.1219

ashih@ARAusa.com

901 S. MoPac Expressway Barton Oaks Plaza II, Suite 275

Austin, Texas 78746 Tel: 512.637.1237

Fax: 512.637.1740

DAYTON OFFICE:

Debbie Corson 800.853.9118

dcorson@ARAusa.com

331 Regency Ridge Drive Dayton, Ohio 45459

Tel: 800.853.9118 Fax: 937.439.1855