A 7 5 - S I T E M A N U F A C T U R E D H O M E 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

B O U L D E R R I D G E M H C4 3 7 0 P I N G R E E S T .A L L E N D A L E , M I 4 9 4 0 1

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 y , g o t o : h t t p : / / y o u t u . b e / J B A k V X s I K R 0

Location 4370 Pingree St.

Allendale, MI 49401

County Ottawa County

Price $1,550,000

29 Occupied Developed Sites $1,154,760

(Inventory homes/notes included)

46 Vacant Developed Sites $230,000

Undeveloped Land $165,240

Year Completed 2000

Sites 75 sites

Land Size 50.58 acres

Developed Land 23.04 acres

Undeveloped Land 27.54 acres

Occupancy 52% (September 2011)

Avg Land Lease Rents $367 (Trash included)

Roads Asphalt

Home Inventory 15 (2 additional new homes being installed)

Home Notes 1

Utility System

Sewer Allendale Township

(Master metered to HOA)

Water Allendale Township

(Submetered to Tenants)

Electricity Consumers Energy

(Tenants billed directly)

Trash Republic Services (Included in rent)

Gas DTE Energy (Tenant billed directly)

75 Sites • 50.58 Acres Price $1,550,000 Terms All Cash

SITE INFORMATION

Attractive opportunity to acquire a recently developed, •low density, all age manufactured home community with possibility for expansion.21 of the 96 developed sites have been sold to residents •who pay HOA fees. The HOA fees are $75/site monthly.Expansion land totaling 27.54 acres is being offered along •with the developed sites.All sites contain new, high quality homes with some •stick built garages, giving the property a single family community feel.Amenities include a spacious clubhouse, an indoor •swimming pool, and a children’s playground.Located within the Allendale School District, one of the top •rated districts in the Grand Rapids area.

Boulder Ridge is conveniently located in Allendale, MI in •close proximity to HWY 45 (Lake Michigan Dr.) which leads to Grand Rapids 13 miles to the east.Just minutes from beautiful Lake Michigan, which lies 17 •miles to the west, and provides residents with easy access to beaches,fishing,campingandhiking.The Grand Rapids MSA has a population of nearly 775,000, •and boasted an unemployment rate of 8.6%, compared to the national average of 9.1% (August, 2011).Grand Rapids is home to nearly 90 international companies, •including 4 Fortune 100 companies and 4 additional firmson the Forbes magazine list of the Country’s largest private companies.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.Allendale is home to Grand Valley State University with •an enrollment of over 24,500 students, and nearly 2,000 employees.

INVESTMENT HIGHLIGHTS

AREA HIGHLIGHTS

1 2

3

RENT COMPARABLES

1 Allendale Meadows 11400 Boyne Blvd., Allendale, MI 49401 352 73% $432 Trash $419

2 Knollwood Estates 4595 Knollwood Dr., Allendale, MI 49401 161 78% $393 Trash $380

3 Timberline Estates 260 Pin Oak Dr., Coopersville, MI 49404 296 78% $417 Trash $404

Submarket Average 270 76% $419 $406

Rent Rent IncludesAddress Sites Occupancy

52%Boulder Ridge 754370 Pingree St., Allendale, MI 49401

RENT COMPARABLES

$367 Trash $354

Subject Property Adjusted Rent#

INCOME SEPT ‘11 T-9 ACTUALS CURRENT PROFORMA PER SITE STABILIZED PROFORMA PER SITE

GROSS SCHEDULED RENT1 $125,141 $330,300 $4,404 $330,300 $4,404Less: Vacancy 0 $190,748 $2,543 $33,030 $440

Less: Bad Debt 0 $3,303 $44 0 0

TOTAL RENTAL INCOME $125,141 $136,249 $1,817 $297,270 $3,964Plus: Other Income2 $8,180 $8,426 $112 $10,953 $146

Plus: Lease Operations $65,931 $78,709 $1,049 $102,322 $1,364

Plus: HOA Operations3 ($49,517) ($51,003) ($680) ($66,304) ($884)

TOTAL OTHER INCOME $24,594 $36,132 $482 $46,972 $626EFFECTIVE GROSS INCOME $149,736 $172,381 $2,298 $344,242 $4,590OPERATING EXPENSES SEPT ‘11 T-9 ACTUALS CURRENT PROFORMA PER SITE STABILIZED PROFORMA PER SITE

Payroll 21,193 22,500 300 26,250 350

Administrative 8,939 7,500 100 9,375 125

Marketing 1,493 750 10 750 10

TOTAL VARIABLE EXPENSES $31,625 $30,750 $410 $36,375 $485 Taxes4 31,253 54,227 723 54,227 723

TOTAL OPERATING $62,879 $84,977 $1,133 $90,602 $1,208NET OPERATING INCOME $86,857 $87,403 $1,165 $253,639 $3,382

PROFORMA

1 Current proforma GSR grown 0% from the site mix2 Other Income grown 3% from Sept ‘11 T-93 HOA operations include property expenses such as insurance and utilities4 Proforma Taxes = 100% of price x 2010 tax rate

Local Allendale Housing Cost Comparison

Type Price Int. Rate* Amort.*Montly

P&IMonthly

Taxes

Monthly Home Rent

Monthly Site Rent

Monthly Total

Down Payment

DW Lease to Own in Boulder Ridge - - - - - $545 $354 $899 $899

SW Lease to Own in Boulder Ridge - - - - - $345 $354 $699 $699

DW condo sale in Boulder Ridge $100,000 7.00% 30 $665 $114 - $0 $780 $5,000

2011 Median Single Family Home Price $160,546 7.00% 30 $1,015 $201 - - $1,215 $8,027

Notes:

2. PMI insurance, homeowner’s insurance, closing costs were disregarded for purposes of simplicity

3. Home Taxes are assumed to be 1.5% of the home value

4. Average home price in subject is estimate based on age and quality of park

5. Lease to Own Prices based on current rates in subject

6. 2011 Estimated Median All Owner Occupied Housing Value w/ in 5-mile radius

* Estimates based on current market

1. Down payment assumption is 5%

We believe that Boulder Ridge is properly positioned to be filled using two strategies. One is that the community owner can retain ownership of homes they put in the community and offer homes to residents on a lease to own basis ($899 for DW/$699 for SW per month). The other strategy is for the community owner to sell homes with the land so that home owners can originate a more attractive loan ($665 per month). Both scenarios are presented below and compare favorably to what it would cost to buy a stick built single family home in the area ($1,215 per month).

LOCAL ALLENDALE HOUSING COST COMPARISON

GOODING ST

COOLIDGE ST

WILSON ST

CLEVELAND ST

ARTHUR ST

13 MILE RD

LAKE MICHIGAN DR

WERNER ST

FILLMORE ST

TAYLOR STBAUER RD

PORT SHELDON ST

NEW HOLLAND ST CHICAGO DR

44TH ST

32ND ST

S MO

ORLA

ND

RD

BLACKM

ER RD

55TH AVE

48TH AVE

24TH AVE

8TH AVE

10 MILE RD

FULTON ST

BELDING RD

CANNONSBURG RD

LEONARD ST

196

196

96

96

96

37

37

37

44

44

44

11

6 6

121

45

131

131

AMANPARK

GRAND VALLEYSTATE UNIVERSITY

MILLENNIUMPARK

GERALD R FORDINTERNATIONAL

AIRPORT

CANNONSBURGSTATE GAME AREA

WELLSAIRPORT

AIRPORTSPARTA

GRAND RAPIDS

WALKER

ALLENDALECHARTER

TOWNSHIP

WYOMING

KENTWOOD

COOPERSVILLE

SPARTA

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.

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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

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 y , g o t o : h t t p : / / y o u t u . b e / J B A k V X s I K R 0