REO AUCTION SHORT SALE. A 123-SITE MANUFACTURED HOME COMMUNITY INVESTMENT OPPORTUNITY ISLAND LAKE

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1 REO AUCTION SHORT SALE A 123-SITE MANUFACTURE HOME COMMUNITY INVESTMENT OPPORTUNITY ISLAN LAKE 2315 Millville Oxford Rd., Hamilton, OH Live Auction: Property I# Starting Bid: $250,000 asset/ milville-oxford-road-hamilton-oh h t m l

2 IMPORTANT AUCTION INFORMATION Property I #: AUCTION ATE: Live auction date is March 6, 2012 at 9:00 AM PST through March 8, 2012 at 9:00 AM PST AUCTION ATE HOTLINE: GENERAL INFORMATION: ARA has been selected as the exclusive marketing agent for the disposition of Island Lake in conjunction with Auction.com. Please make note of the following important terms and dates related to the auction process. These items are non-negotiable: 1) REGISTRATION: All Investors must register with Auction.com at the following web address: 2) You are a sophisticated investor and understand the complexities of purchasing commercial real estate. 3) For non-institutional investors, you must provide proof of funds which demonstrates your liquidity and the ability to close the transaction for each auction asset you intend to place a bid. 4) You must submit an initial deposit to bid on each individual auction asset you are interested in purchasing. This amount may be different for each auction asset. 5) You have reviewed the ue iligence documents, the form of Purchase and Sale Agreement, and the Auction Terms and Conditions conducted all due diligence who think necessary PRIOR to placing a bid on any auction asset. 6) If you are the winning bidder, you must be available by phone within thirty (30) minutes of being declared the winning bidder. CRITICAL BEST PRACTICE: all bidders are aware of auction day hotline ( ) for all registration or technical issues. 7) The terms of the Purchase and Sale Agreement are non-negotiable and this agreement must be executed within thirty (30) minutes of being declared the winning bidder. 8) The earnest money deposit is due within twenty-four (24) hours of being declared the winning bidder for each auction asset. 9) Closing of the transaction will be within thirty (30) calendar / ten (10) business days after the Purchase and Sale Agreement has been executed or as specifically set forth in the Agreement. 10) You understand that all sales are FINAL, and that purchases are made on an AS IS, WHERE IS basis. 11) You understand that if you are declared the winning bidder and fail to close the transaction and purchase the asset, you may be subject to liquidated damages and/or specific performance requirements.

3 L i v e A u c t i o n : w w w. A u c t i o n. c o m Property I# Starting Bid: $250,000 Terms: All Cash Location County 2315 Millville Oxford Road Hamilton, OH Butler County Tax Parcel Number B B B Year Completed 1977 Community Type Sites 123 All age Home Inventory 23 Included in sale (as of 2/6/12) Land Size SITE INFORMATION acres Physical Occupancy 83% (as of 2/6/12) INVESTMENT HIGHLIGHTS Rare opportunity to acquire an REO community with vacancy upside potential Community will be auctioned at (March 6, March 8, 2012) 23 homes included in the sale Excellent management turnaround opportunity The park features majority single section homes, and all sites contain off street parking The community is wrapped around a scenic lake located on the property Sewer facility was recently completely renovated Economic Occupancy 70% (as of 2/6/12) Avg Land Lease Rents $290 (as of 2/6/12) - Includes trash Roads Utility System Sewer Water Electricity Trash Video Tour Link Asphalt Private septic Public (Southwest Regional istrict) American Electric Power Waste Management AREA HIGHLIGHTS Island Lake is conveniently located just to the west of Hamilton, OH, part of the Cincinnati metropolitan area. Cincinnati is the third largest city in Ohio with a population of over 2,130,000 in the MSA Hamilton Ohio has a population of over 62,000, and has an unemployment rate of 7.7% compared to the national average of 8.5% Close proximity to major thoroughfares such as Old Oxford Rd., which leads to Hamilton to the east Island Lake is situated less than 5 miles from Miami University in Oxford, OH, with an enrollment of over 16,000 students The community is in close proximity to numerous golf courses, including Indian Ridge Golf Club, just minutes away owntown Cincinnati is located just over 25 miles from the community, and is home to major employers such as Proctor & Gamble, Kroger, Macy s, and American Financial Group

4 RENT COMPARABLES RENT COMPARABLES # Subject Property Address Sites Occupancy Rent Island Lake 2315 Millville Oxford Rd., Hamilton, OH % $290 1 erby Hills 784 Whirlaway Ln., Alexandria, KY % $278 2 Greenbriar Estates 2615 Old State Route 32, Batavia, OH % $274 3 Hickory Hills Bruce r., Florence, KY % $308 4 Woodville Gardens 1492 Woodville Pike, Loveland, OH % $287 5 Princeton Village 8873 Princeton Glendale Rd., Hamilton, OH % $ % $285 Submarket Average

5 HUESTON WOOS STATE PARK BROOKVILLE LAKE OXFOR MIAMI UNIVERSITY MILETON 73 SPRINGBORO HAMILTON MILLVILLE 71 MIAMI WHITEWATER FOREST WINTON WOOS CINCINNATI PRESENTE BY 32 EAST FORK STATE PARK ARA National Manufactured Housing Group FOR MORE INFORMATION ON THIS PROPERTY PLEASE CONTACT M NATIONAL MANUFACTURE HOUSING GROUP: R KE LA OR XF EO LL VI ILL AN ISL Todd Fletcher tfletcher@arausa.com R Andrew Shih ashih@arausa.com 901 S. MoPac Expressway Barton Oaks Plaza II, Suite 2 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. o not contact the Property. M U LT I H O U S I N G I N V E S T M E N T S E R V I C E S Atlanta Austin Boca Raton Boston Charlotte Chicago allas ayton enver Houston Irvine Jacksonville Kansas City Las Vegas Orlando Phoenix Portland Sacramento Salt Lake City Seattle Tampa Washington C copyright 2011 Apartment Realty Advisors, Inc. All Rights Reserved