RECEIVERSHIP SALE SHORT SALE A 303-SITE MANUFACTURED HOME INVESTMENT OPPORTUNITY WEST RIDGE GREEN West Ridge Rd., Elyria, OH Price: TBD

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1 RECEIVERSHIP SALE SHORT SALE A 303-SITE MANUFACTURED HOME INVESTMENT OPPORTUNITY WEST RIDGE GREEN 9235 West Ridge Rd., Elyria, OH Price: TBD 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 :

2 WEST RIDGE GREEN Price: TBD Terms: A l l C a s h SITE INFORMATION Location 9235 West Ridge Rd. Elyria, OH Total Sites 303 Community Type All Age Year Built 1974 Land Size 47.2 acres (6.42 sites per acre) Physical Occupancy 60.40% (as of March 2012) Economic Occupancy 58.75% (as of March 2012) Avg Land Lease Rents $357 (Includes trash) Homes Inventory 5 (as of March 2012) INVESTMENT HIGHLIGHTS Rare opportunity to acquire a well maintained, all age community within the Cleveland MSA through a Receivership Sale. Vacancy upside potential with below market occupancy. Opportunity to purchase the community at an attractive basis and implement a sales or leasing program. Five community owned homes (as of March 12) to be included in the sale. Amenities include an on-site leasing office, a swimming pool, and a basketball court. Roads Utility Systems Water Sewer Electricity Gas Trash Asphalt Elyria Public Utilities Elyria Public Utilities Ohio Edison/First Energy Amerigas Allied Waste/Republic Waste The community is serviced by public utilities. No rent control in Ohio. AREA HIGHLIGHTS West Ridge Green is conveniently located in Elyria, OH within the Greater Cleveland MSA, the largest metropolitan area in the state of Ohio, with a population over 2.25 million. The community is located roughly 30 miles west of Cleveland in close proximity to several major thoroughfares including Interstate-80. Cleveland, long known as a manufacturing hub, is also home to major employers such as Applied Industrial Technologies, Eaton, Sherwin-Williams Company, and KeyCorp. Traditionally considered a bedroom community of Cleveland, Elyria has over 54,000 residents and is now home to the headquarters for Invacare, RIDGID Tools, Diamond Products, and Bendix Commercial Vehicle Systems. Easy access to quality retail centers such as Midway Mall, a large indoor mall anchored by Best Buy, JC Penny, Macy s, and Sears. Just minutes from Lake Erie, a popular fishing, boating and tourist destination.

3 RENT COMPARABLES

4 PROFORMA INCOME PROFORMA PER SITE GROSS SCHEDULED RENT 1 $709,855 $687,059 $952,659 $1,310,451 $4,325 Less: Vacancy , ,628 1,708 Less: Inventory/Model ,662 45, Less: Bad Debt 0 0 7,138 13, Less: Concessions ,898 26, TOTAL RENTAL Income $709,855 $687,059 $692,226 $707,643 $2,335 Plus: Other Income 2 18,285 9,717 15,672 16, Effective gross income $728,140 $696,776 $707,898 $723,786 $2,389 OPERATING EXPENSES PROFORMA PER SITE Repairs & Maintenance 52,734 51,003 47,204 53, Payroll 101, , , , Administrative 27,849 72,164 58,515 30, Marketing 4,212 2,520 6,644 7, Professional Fees 4,964 43,740 18,661 7, Utilities 3 Electricity 5,932 5,223 5,539 5, Water 3,860 4, , Sewer 6,438 8,737 5,592 8, Gas 4,526 4, , Trash 21,650 23,459 26,137 24, TOTAL VARIABLE EXPENSES $223,496 $326,215 $304,494 $252,277 $832 Taxes 4 75,358 82,815 57,680 59, Insurance 7,614 6,537 13,271 7, Management Fee 21,889 27,843 48,158 28, TOTAL OPERATING EXPENSES $338,357 $443,410 $423,603 $348,164 $1,149 Capital Reserves , Total Expenses $338,357 $443,410 $423,603 $363,314 $1,199 NET OPERATING INCOME $389,783 $253,366 $284,295 $360,471 $1,190 1 Proforma GSR grown 0% from the Site Mix 2 Utility and Other Income grown 3% from Adjusted Utilities grown 3% from Proforma Taxes = 2011 Taxes grown by 3% * 2009 & 2010 Financials provided by borrower provided by current property manager, Newbury Management Services, but includes informtion from the previous borrower.

5 WEST RIDGE GREEN SITE PLAN

6 PRESENTED BY ARA National Manufactured Housing Group FOR MORE INFORMATION ON THIS PROPERTY PLEASE CONTACT NATIONAL MANUFACTURED HOUSING GROUP: Todd Fletcher Andrew Shih S. MoPac Expressway Barton Oaks Plaza II, Suite 275 Austin, Texas Tel: Fax: 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. 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 : MULTIHOUSING INVESTMENT SERVICES Atlanta Austin Boca Raton Boston Charlotte Chicago Dallas Dayton Denver Houston Irvine Jacksonville Kansas City Las Vegas Nashville Orlando Phoenix Portland Sacramento San Francisco Salt Lake City Seattle Tampa Tulsa Washington DC copyright 2012 Apartment Realty Advisors, Inc. All Rights Reserved