sherwood forest manufactured home community...

SHERWOOD FORESTMANUFACTURED HOME COMMUNITY

AUGUST 2017

CONFIDENTIAL EXECUTIVE OFFERING MEMORANDUM

RINGGOLD, GA 30736

MAXWELL BAKER/404-442-2807/[email protected]

250 SHERWOOD FOREST DRIVE

MAXWELL BAKER/404-442-2807/[email protected]

TABLE OF CONTENTSOFFERING OVERVIEW• Welcome Letter

SHERWOOD FORESTMANUFACTURED HOME COMMUNITY • Executive Summary• Key Considerations• Rent Roll• Inventory• Investment Highlights• Property Description• Financial Overview• Aerial Map• Rent Comps• Demographics• Location Map

ADVISOR BIOS

01

03

02

WELCOME LETTERINVESTMENT OPPORTUNITYWe welcome the opportunity to provide you with our in depth overview of Sherwood Forest Manufactured Home Community and its position in this current market. We will give you our honest, no holds barred assessment of this 93-unit community so you have a better understanding of how this investment currently performs, its investment potential, and what it takes to get it there.

As leading specialists in the industry, our primary interest is to give you a clear understanding of the driving forces in the current marketplace. Our evaluation is based on verifiable data, market knowledge and proven experience that we feel will serve your best interest at this time.

We invite you to thoroughly review this offering memorandum, If you have further interest, please contact us to discuss any questions you may have, as well as schedule a tour of the property.

GUIDELINES

Offers must be presented in writing and include:

• Price

• Source of capital and relevant experience

• Proposed schedule of due diligence and closing

• Amount of earnest money

• List of contingencies including committee approvals, possible 1031 exchanges, etc.

OFFERING OVERVIEW | 3MAXWELL BAKER/404-442-2807/[email protected]

PROPERTY ADDRESS: 250 Sherwood Forest DriveRinggold, GA 30736

PROPERTY TYPE: Manufactured Home Community

TOTAL LOTS: 93 pads

VACANT PADS: 14

TOTAL POH: 45 POH

LOT RENT: $250-$300 per month

AVERAGE POH RENT: $593including lot rent of $300

ACRES: ± 24.40

PRICE PER PAD: $26,880

EXECUTIVE SUMMARY

INVESTMENT OPPORTUNITYLee & Associates and The MHP Broker are pleased to offer the sale of Sherwood Forest Manufactured Home Community in Ringgold (Catoosa County), Georgia.

Sherwood Forest is offered as a value-add in the Chattanooga MSA. This medium-sized park consists of 93 lots, including 34 lot renters and 45 park-owned homes (POH), including two RTO contracts and no vacant POH. The park is currently 15% vacant.

The park has city water and sewer which are included in the rent, presenting a great opportunity to sub-meter.

The POH homes have an average manufactured date of 2001, with 13 brand new homes. The remaining homes are in good shape with the majority of them being late 1990s models.

The city maintains the roads which are in excellent condition and were recently replaced in July 2017. The park is NOT in a flood zone.

Sherwood Forest is being offered at an 8% CAP on current lot rent only using a 40% expense ratio. There is an additional $148,000 of POH rental income that is not included in the CAP rate. We are asking investors for shell value only on the POH of $9,000 each, which is well below replacement cost and has a gross rent multipler (GRM) of 2.5. At full price, using a conventional loan (6%, 15 AM and 25% down), the overall total return for the park is ±22%.

The potential of this park, using market lot rent ($325) and 95% occupancy, and only calculating the Lot Rent Value using a 40% expense ratio, is $2,600,000.

SHERWOOD FOREST MANUFACTURED HOME COMMUNITY | 4MAXWELL BAKER/404-442-2807/[email protected]

KEY INVESTMENT CONSIDERATIONSPROPERTY ADDRESS:

# Pads: 93 PPP= $26,881.72 Seller BuyerBased on Purchase Price of List Price: $2,500,000 Current YEAR 1

$ 2,500,000 $ 2,500,000

Base RentPad Rents 269,100$ 269,100$ Vacant Pads at Market Rents 14 Lots / 0 POH 50,400$ 50,400$

Gross Potential Rent Income (GPRI) 319,500$ 319,500$ Reimbursements

WaterTotal Expense Reimbursement -$ -$ GROSS POTENTIAL INCOME (GPI) 319,500$ 319,500$

VACANCY 15.05% 50,400$ 50,400$

EFFECTIVE GROSS INCOME (EGI) 269,100$ 269,100$ EXPENSES:

R/E TAX Land 60.75$ 5,650$ 6,000$ R/E TAX POH -$

INSURANCE Liability 110.77$ 10,302$ 2,000$ INSURANCE POH -$ FLOOD INS Not in Flood Zone -$

MANAGEMENT PM @ 10% 129.03$ 12,000$ 26,910$ PAYROLL None -$

MAINTENANCE Park Only -$ 3,500$ MAINTENANCE POH -$

UTILITIES Water/Sewer Included, City 520.32$ 48,390$ 50,000$ WELL None -$

LANDSCAPE 140.00$ 13,020$ 6,000$ LANDSCAPE Tree Removal -$

OFFICE SUPPLIES 17.97$ 1,671$ 1,700$ OFFICE 88.35$ 8,217$ 8,250$

ADVERTISING 5.38$ 500$ 1,000$ SECURITY -$

LEGAL 26.88$ 2,500$ 2,000$ LIC / PERMITS -$ 500$

ROADS Brand New Roads -$ -$ Per Pad

TOTAL EXPENSES $1,099.46 102,250$ 107,860$

NOI----------------------------------------------------------------------------------------- 166,850$ 161,240$

INCOME & EXPENSE REPORT

Sherwood Forest MHP - Ringgold (Catoosa County) GAOTHER INCOME (Not Capitalized Income)

POH Rents 148,212$ 148,212$ RTO Rents -$ POH Expenses -$ (59,285)$

TOTAL OTHER INCOME 148,212$ 88,927$

OPERATING CASH FLOW BEFORE DEBT 315,062$ 250,167$ Interest Rate Amort. Years Down Payment

DEBT SERVICE #1 6.000% 15 25% 189,868$ 189,868$ DEBT SERVICE #2 -$ TOTAL DEBT SERVICE------------------------------------------------------------ 189,868$ 189,868$

CASH FLOW--------------------------------------------------------------------------- 125,194$ 60,299$ PRINCIPAL REDUCTION 79,531$ 79,531$

204,725$ 139,831$

CAP RATE (NOI/PP) 6.67% 6.45%COCR (CF/DP) 20.0% 9.6%EXP RATIO (EXP/EGI) 38.0% 40.1%TOTAL RETURN (CF+PRIN / DP) 32.8% 22.4%PRINCIPAL REDUCTION 79,531$ 79,531$ DCR (NOI/DS) 0.88 0.85PRICE PER PAD 26,881.72$ 26,881.72$

TOTAL PRE-TAX CASH FLOW


RENT ROLL93 22,425$ 12,351$ 34,776$ 417,312$

Unit Park Name Rent Type Owners Code POH INFO Lot Rent POH Rent Rent Annual Rent1 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 2 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 3 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 4 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 5 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 6 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 7 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 8 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 9 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$

10 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 11 Sherwood Forest MHP POH ETC - Dan Riggs 300.00$ 300.00$ 600.00$ 7,200$ 12 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 13 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 150 300.00$ 350.00$ 650.00$ 7,800$ 14 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 15 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 16 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 17 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 18 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 19 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 20 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 21 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 22 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 23 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 135 300.00$ 285.00$ 585.00$ 7,020$ 24 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 120 300.00$ 220.00$ 520.00$ 6,240$ 25 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 125 300.00$ 241.00$ 541.00$ 6,492$ 26 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 125 300.00$ 241.00$ 541.00$ 6,492$ 27 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 125 300.00$ 241.00$ 541.00$ 6,492$ 28 Sherwood Forest MHP POH Home On Balance Sheet Weekly - 150 300.00$ 350.00$ 650.00$ 7,800$ 29 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 30 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 31 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 32 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 33 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 34 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 35 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 36 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 37 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 350.00$ 650.00$ 7,800$ 38 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 133.00$ 433.00$ 5,196$ 39 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 140.00$ 440.00$ 5,280$ 40 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 200.00$ 500.00$ 6,000$ 41 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 200.00$ 500.00$ 6,000$ 42 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 200.00$ 500.00$ 6,000$ 43 Sherwood Forest MHP POH Home On Balance Sheet 300.00$ 250.00$ 550.00$ 6,600$ 44 Sherwood Forest MHP Vacant Lot Home On Balance Sheet Tear Down -$ -$ 45 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 46 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$


RENT ROLL47 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 48 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 49 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 50 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 51 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 52 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 53 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 54 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 55 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 56 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 57 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 58 Sherwood Forest MHP Lot Rent Marty Phillips 250.00$ 250.00$ 3,000$ 59 Sherwood Forest MHP Lot Rent Beverly Swafford 300.00$ 300.00$ 3,600$ 60 Sherwood Forest MHP Lot Rent Beverly Swafford 300.00$ 300.00$ 3,600$ 61 Sherwood Forest MHP Lot Rent Beverly Swafford 300.00$ 300.00$ 3,600$ 62 Sherwood Forest MHP Lot Rent Beverly Swafford 300.00$ 300.00$ 3,600$ 63 Sherwood Forest MHP RTO Lease to Own 300.00$ 300.00$ 3,600$ 64 Sherwood Forest MHP RTO Lease to Own 300.00$ 300.00$ 3,600$ 65 Sherwood Forest MHP Lot Rent Owner Occupied No Rent Shown 250.00$ 250.00$ 3,000$ 66 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 67 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 68 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 69 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 70 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 71 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 72 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 73 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 74 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 75 Sherwood Forest MHP Lot Rent Owner Occupied 250.00$ 250.00$ 3,000$ 76 Sherwood Forest MHP Lot Rent Owner Occupied 275.00$ 275.00$ 3,300$ 77 Sherwood Forest MHP Lot Rent Owner Occupied 300.00$ 300.00$ 3,600$ 78 Sherwood Forest MHP Lot Rent Owner Occupied 300.00$ 300.00$ 3,600$ 79 Sherwood Forest MHP Lot Rent Owner Occupied 300.00$ 300.00$ 3,600$ 80 Sherwood Forest MHP Lot Rent Owner Occupied 300.00$ 300.00$ 3,600$ 81 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 82 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 83 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 84 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 85 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 86 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 87 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 88 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 89 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 90 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 91 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 92 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$ 93 Sherwood Forest MHP Vacant Lot Vacant Lot -$ -$


INVENTORYAddress BR BA Year Make/Model Serial # Size

BD033 2 1 1984 Edgewood GAFL1AD52075436 14x60 PH014 3 2 1984 Destiny 31152A/B6708598 26x64 BD024 3 2 1986 Fleetwood NCFLRK1G024106858 14x52 PH002 3 2 1990 Palm Harbor PH142025A/B 28x48 LR014 2 2 1992 Fleetwood VAFLN19A31103WG 14x70 PH045 3 2 1993 Fleetwood GAFLP07A27447W2 16x76 SH011 2 2 1994 General GMHGA230927012 16x70 SH014 2 1 1994 Destiny 0-38575 14x48 CL007 2 1 1995 General GMHGA250944724 14x56 PH007 3 2 1995 Fleetwood ALS36082 14x80 PH033 2 2 1995 Pioneer PH308GA6622 14x70 BD019 2 2 1996 Fleetwood GAFLW39A11322VH11 14x66 BD026 3 2 1996 Fleetwood GAFLT07A38811W212 16x76 CL006 2 2 1996 Fleetwood GAFLS75A64442WE11 14x70 CL016 3 2 1996 Horton H20A785G 16x76 CL033 2 1 1996 Pioneer PH307GA8045 12x48 CP121 3 2 1996 Fleetwood GAFLT39A06051V412 14x70 PH044 3 2 1996 Horton H202560G 16x76 PH061 3 2 1996 Fleetwood GAFLT39A06359VH11 14x70 SH012 2 2 1996 Fleetwood GAFLT07A36937W212 14x70 AW015 3 2 1997 Southern H811566GLR 27x52 CL020 3 2 1997 Fleetwood GAFLT34A/B25329-OK11 28x60 CL029 3 2 1997 Destiny H811003GLR 27x56 CL035 3 2 1997 Fleetwood GAFLT34A/B24737-SH12 28x64 LR012 3 2 1997 Legend HL7130AL 16x80 PH063 3 2 1997 General GMHGA4139819810A 28x60 AW003 2 2 1998 Peach State PSH2GA0814 16x66 LR017 3 2 1998 Fleetwood GAFLV3514023-HL11 28x56 BD020 3 2 1999 Peach State PSHGA22383A/B 28x48 PH027 3 2 1999 Fleetwood GAFLX39A/B13131-F212 28x40 SH096 3 2 1999 Sunshine ALS39825A&B 28x64 PH032 2 2 2000 Fleetwood GAFLY75A36969WT12 16x80 PH042 4 2 2000 Destiny HOGA18105441 16x76 PH066 4 2 2000 Giles GM2737AB 28x60 LR015 4 2 2001 Clayton CLM076117TN 16x72 BD100 4 2 2002 Fleetwood GAFL275A/B73498CD11 32x76 CL002 2 2 2002 General GMHGA4240128266 16x64 SH094 2 2 2002 Dynasty H851770G 14x68 SH081 3 2 2013 Fleetwood FLE260GA12-60582A 14x70 AW005 3 2 2016 River Birch RB16AL19908 14x70 AW007 3 2 2016 River Birch RB16AL19907 14x70 AW010 3 2 2016 River Birch RB16AL19909 14x70 PH029 3 2 2016 River Birch SRB20352AL 14x70 PH077 3 2 2016 River Birch RB16AL19910 13x74 PH078 3 2 2016 River Birch RB16AL19911 13x70 CP123 3 2 2017 River Birch SRB021247AL 13x70 LR009 3 2 2017 River Birch SRB20354AL 13x70 LR010 3 2 2017 River Birch SRB20351AL 13x70 PH040 3 2 2017 River Birch SRB021249AL 13x70 PH043 3 2 2017 River Birch SRB20355AL 13x70 PH076 3 2 2017 River Birch SRB021250AL 13x70 SH083 3 2 2017 River Birch SRB021246AL 13x70 CL012 3 2 Year Make/Model SRB20353AL 13x70


INVESTMENT HIGHLIGHTS

• Value-Add MHP / 15% Vacant• All Offers Considered• Growth Market! Chattanooga MSA• 8% CAP on Lot Rent with 40% Expense Ratio• 22% Total Return• City Water and Sewer Included in Rent• Private, Brand New Paved Streets• 45 POH (13 Brand New POH) - $9,000 Shell Value• Price Per Lot = $26,880


THE OFFERING

PROPERTY ADDRESS: 250 Sherwood Forest DriveRinggold, GA 30736

COUNTY: Catoosa

PARCEL NUMBERS: 0020B0240020B022 (modified)

SITE DESCRIPTION

# OF PADS: 93

TOTAL LAND AREA: ± 24.40 acres

POH / LEASE OPTION HOMES: 43 / 2

ZONING: R-1

MECHANICAL

WATER: CITY WATERINCLUDED IN RENT

ELECTRIC: 0 / 200 AMP

PROPERTY DESCRIPTION


LOT RENT: $250-$300 PER MONTH

POH (NOT INCLUDING LOT RENT): $293

TOTAL PRICE: $2,500,000

DOWN PAYMENT: 25% / $625,000

TOTAL PADS: 93

PRICE PER PAD: $26,880

PARCEL SIZE: ± 24.40 ACRES

FINANCIAL OVERVIEW


AERIAL


COMPETITIVE RENT COMPSPHOTO PARK NAME # OF PADS LOT RENT COMP DATE

SHERWOOD FOREST MHPRINGGOLD, GA

93 $300 2017

1HICKORY GROVE MHPRINGGOLD, GA

68 $300 2017

2AUBURN HILLS MHPOOLTEWAH, TN

116 $335 2017


COMPETITIVE RENT COMPSPHOTO PARK NAME # OF PADS LOT RENT COMP DATE

3YES COMMUNITIESROSSVILLE, GA

348 $325 2017

4GREEN ACRES WEST & SOUTH MHPROSSVILLE, GA

386 $325 2017


DEMOGRAPHICS1 MILE 3 MILES 5 MILES

POPULATION

2022 PROJECTION 3,649 27,923 95,328

2017 ESTIMATE 3,549 27,103 92,330

2010 CENSUS POPULATION 3,406 25,397 88,806

HOUSEHOLDS

2022 HH PROJECTION 1,376 11,598 40,766

2017 HH ESTIMATE 1,321 11,078 38,852

2010 HH CENSUS 1,251 10,219 36,749

2017 ESTIMATED POPULATION BY RACE

WHITE 92.5% 85.8% 82.0%

BLACK OR AFRICAN AMERICAN 2.8% 7.3% 10.2%

OTHER 4.7% 6.9% 7.8%

INCOME

2017 ESTIMATED AVERAGE HH INCOME $69,262 $73,584 $68,558

2017 ESTIMATED MEDIAN HH INCOME $67,891 $59,427 $57,726

2017 ESTIMATED PER CAPITA INCOME $25,780 $30,158 $28,912

AGE

MEDIAN AGE 38.3 39.8 39.8


LOCATION, SCHOOLS, WALMART & MHP SUPPLY


Maxwell R. Baker is a commercial real estate broker that specializes in purchasing and selling mobile home communitiesin the Southeast. His family has been involved with mobile home parks for more than 15 years, and he has been a part ofmanagement, rehabilitation, and disposing mobile home parks since his family purchased their first park.

Last Year he completed approximately 80% of all the Georgia transactions and is currently expanding into other statesin the Southeast. Max's core competencies include structuring complicated transactions, owner financing, research andoutsourcing, and his "deal-making" capabilities.

A team of Virtual Assistants in Guatemala, Philippines, and India do all of MaxÕs rent comparables, sales comparables.With his team of brokers, Max has accomplished deals in Georgia, Tennessee, Alabama, North Carolina, South Carolina,and Florida. He has been through many transactions and understands complicated deal structures, owner financing,research, and outsourcing.

¥ Georgia State University - B.A. Real Estate¥ United States Marine Corps

¥ Atlanta Commercial Board of Realtors¥ Real Estate Broker - Georgia¥ Georgia Manufactured Housing Association (GMHA) member¥ Southeast Community Owners (SECO) member

Biography

Education

Memberships & Associations

3500 Lenox RoadSuite 200Atlanta, GA 30326

T [email protected]

Partial Client ListBeal BankColony CapitalMarket Street CapitalAffordable Housing Communities Inc. Capital Square Holdings LLCThe Reach GroupMidland Loan Services

PrincipalMAXWELL BAKER

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - MAXWELL BAKER

ADVISOR BIOS| 17MAXWELL BAKER/404-442-2807/[email protected]

Glenn Esterson is a Senior Director with Lee & Associates, specializing in investment grade mobile home communities.During his fifteen years in the commercial real estate business, Mr. Esterson has successfully owned and operated mobilehome parks as well as assisting his clients in the sales, leasing and management of mobile home communities throughoutthe southeastern U.S. markets.

Early in his career, Mr. Esterson was working on apartment sales, condo-conversions and property management. Fromthere, Mr. Esterson transitioned into investment sales of multi-tenanted small business parks throughout the Southeast andmid-Atlantic. He and his team has transacted in nearly every southeastern state and holds multiple real estate licenses.

Mr. Esterson works exclusively with private investors as their primary real estate investment advisor for their acquisition anddisposition needs. Mr. Esterson provides clients with expertise in asset management, portfolio analysis, site selection, leaseadvisory and consulting. Mr. Esterson has executed over 200 sale or lease transactions over his career with a transactionalvolume in excess of $100 million.

¥ 2016-Present Lee & Associates, Atlanta - Senior Director Mobile Home Communities¥ 2013-2016 Marcus & Millichap, National Office & Industrial Properties Group¥ 2003-2013 Esterson Management Solutions, Inc. Ð Founding Member¥ 2001-2005 American Commercial Properties, Director of Multi-Family Investment

¥ Sierra Nevada CollegeBachelor of Arts

Profile

Experience

Education

3500 Lenox RoadSuite 200Atlanta, GA 30326

T [email protected]

Senior DirectorGLENN ESTERSON

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - GLENN ESTERSON

ADVISOR BIOS| 18MAXWELL BAKER/404-442-2807/[email protected]

The information contained in this Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Lee & Associates and should not be made available to any other person or entity without the written consent of Lee & Associates. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Lee & Associates has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Lee & Associates has not verified, and will not verify, any of the information contained herein, nor has Lee & Associates conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICELee & Associates is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Lee & Associates, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Lee & Associates, and is solely included for the purpose of providing tenant lessee information.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LEE & ASSOCIATES AGENT FOR MORE DETAILS.

EXCLUSIVELY LISTEDBIRMINAAL

MAXWELL BAKER / PRINCIPALPHONE: 404.442.2807 | [email protected] & ASSOCIATES | ATLANTA 3500 LENOX ROAD, SUITE 200 | ATLANTA, GA 30326

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