SANTA BARBARA ESTATES

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1 16 N RIDGEVIEW ROAD, OLATHE, KS 6661 For a video tour of Santa Barbara Estates, please visit:

2 MAP AND DEMOGRAPHICS NORTHRIDGE SONIC WASHINGTON ELEMENTARY SCHOOL SANTA FE TRAIL MIDDLE SCHOOL 35 DEMOGRAPHIC INFORMATION 1 mile 3 mile 5 mile 215 Population Estimate 12,37 74, ,99 22 Population Projection 12,744 78, ,35 Population Growth Estimate % 4.49% 5.45% Population Growth % 5.39% 6.82% Population Growth % 17.73% 28.6% Renter Occupied Percentage 33.26% 38.49% 3.63% Owner Occupied Percentage 66.74% 61.52% 69.37% 215 Est. Average Family Household Income $67,427 $76,9 $92, Est. Median Owner-Occupied Housing Value $164,684 $191,377 $219,121 Source: 215 Claritas, Inc.

3 SITE INFORMATION ADDRESS 16 N Ridgeview Road, Olathe, KS 6661 COUNTY TAX PARCEL ID SITES 484 Johnson DF INVENTORY HOMES 34 (5 vacant as of Apr 15) HOME NOTES (OFFERED SEPARATELY) YEAR BUILT 1977 COMMUNITY TYPE COMBINED LAND SIZE DENSITY 1 ($3,195, balance as of Apr 15) All Age acres 5.86 sites/acre MH PHYSICAL OCC % (421 sites as of Apr 15) MH ECONOMIC OCC % (413 sites as of Apr 15) AVERAGE SITE RENT ROADS FLOODPLAIN ZONING PROPERTY WEBSITE WATER SEWER ELECTRICITY GAS TRASH $515 (Includes trash & sewer) Asphalt Zone X Single Family (R1) UTILITIES City of Olathe (Submetered back to residents) City of Olathe (Included in rent) Westar and KCP&L (Direct billed to residents) Atmos (Direct billed to residents) City of Olathe (Included in rent) POTENTIAL LOAN INFORMATION LEVERAGE 7% to 85% INTEREST RATE 3.6% to 4.8% INTEREST ONLY PERIOD AMORTIZATION SCHEDULE TYPE LENDER CONTACT 2 to 1 years 3 years Non-recourse Ed Brown at (61) or ebrown@devonrealtycapital.com This is not a commitment to lend, and is subject to loan approval, including underwriting requirements of the Borrower and Lender. INVESTMENT HIGHLIGHTS Rare opportunity to acquire a 484-site, high-quality park on public utilities in the largest MSA of Kansas with a population of over 2 million. Strong market - management continues to see interest from potential tenants to purchase homes from $35k to $6k. Upside potential to start investing in homes to fill vacant sites. Competitive amenity package includes swimming pool, fitness center, playground, basketball court and a clubhouse. All home sites feature off-street parking for two vehicles and patios with approximately 25% containing carports. Attractive layout with curbs, wide curvilinear streets and mature trees throughout. Average family household income within a five mile radius of $92k. Significant employment opportunities for tenants to live and work in the market. AREA HIGHLIGHTS Santa Barbara is conveniently located in Olathe, KS, 2 miles southwest of Kansas City, 3 east of Lawrence and 6 east of Topeka, the state capital. Johnson County schools earn best-in-nation status; Five Johnson County high schools have been named among the nation s best. (Scripps Media, Inc.) The Kansas City International Airport, which serviced 1.2 million passengers in 214 and is ranked in the top five airports by a J.D. Power and Associates satisfaction study, is 45 minutes from the property. Numerous shopping destinations sit nearby the property including: The Great Mall of the Great Plains, a 1.2-millionsquare-foot outlet mall in Kansas with over 8 stores and restaurants; the Oak Park Mall, the largest mall in Kansas with over 16 stores and 1,562,679 covered square feet; and the Country Club Plaza, a 15-block, high-end shopping district with over 17 stores. The unemployment rate of 5.% for the Kansas City MSA was below the national average of 5.4% in Dec 214, not seasonally adjusted. Kansas City offers renowned tourist destinations such as the National World War I Museum, the Nelson-Atkins Museum of Art, the Kauffman Center, the Starlight Theatre, and more. The University of Kansas is the largest and oldest public university in Kansas and sits 4 minutes from the community. It has an enrollment of 28, and offers over 36 degree programs. Several major employers reside in the area: Cerner Corporation, employing 9,85, HCA Midwest Health System, employing 9,394, Sprint Corporation, employing 7,5 and the Ford Motor Company Assembly Plant, employing 4,9.

4 FINANCIAL ANALYSIS 212 Actuals Actuals 214 Actuals Proforma INCOME 2 Gross Scheduled Rent $2,788,892 $2,811,173 $2,93,333 $2,981,64 Gross Potential Income $2,788,892 $2,811,173 $2,93,333 $2,981,64 Less: Lot Vacancy 18.25% 58, % 416, % 395, % Less: RV Storage Vacancy.12% 3,475.1% 225.%.% Less: Bad Debt -.6% (1,659).37% 1,28.11% 3,25.1% Less: Concessions.72% 2,21.77% 21,58.58% 16,859.5% Less: Employee/Model.62% 17,415.63% 17,73.62% 18,6.62% Total Rental Income 8.34% $2,24, % $2,344, % $2,469, % 3, Plus: Utility Income , , , Plus: Other Income 63 3, , , Plus: RV Storage 24 11, ,6 19 9,225 2 Plus: Home Rental 66 32, , , Total Other Income , , ,63 58 Effective Gross Income $2,389,15 $2,571,46 $2,713, ,668 2,981 14,95 18,478 $2,532,32 88,454 41,341 9,52 16,49 245,786 $2,777,818 EXPENSES per site Actuals per site Actual Exp per site Actual Exp per site Proforma Exp 6 Repairs & Maintenance $26 125,819 $324 $156,982 $345 $166,967 $335 $161,975 Payroll , , , ,7 Administrative 49 23, , , ,4 Marketing 2 1,59 7 3, , ,42 Professional Fees 61 29, , , ,46 7 Utilities Electricity 36 17, , , ,319 Water , , , ,931 Waste Water 13 49, , , ,86 Gas , ,783 Total Variable Expenses $1,13 $533,959 $1,455 $74,245 $1,472 $712,252 $1,497 $724,715 8 Taxes , , , ,853 Insurance 39 18, , , ,36 Management Fee.%.%.% 3.% 83,335 Total Operating Expenses $1,728 $836,282 $1,821 $881,237 $1,998 $967,24 $2,246 $1,87,262 9 Plus: Capital Reserves 5 24,2 Total Expenses $1,728 $836,282 $1,821 $881,237 $1,998 $967,24 $2,296 $1,111,462 NET OPERATING INCOME $1,552,733 $1,689,89 $1,746,693 $1,666,356 UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client 2. Proforma GSR = $513 x 484 sites x 12 months 3. Utility Income grown 3% from 214; Other Income average of last 2 years 4. Utility Income only includes submetered water, sewer is included in rent 5. Proforma Home Rent grown 3% from R&M expense in 213 and 214 is adjusted to remove one-time expenses related to homes totaling $14,754 and $31,37 respectively 7. Adjusted Utilities grown 3% from Proforma Taxes = 214 Taxes grown 1%; Johnson County removed wastewater CAP charges from RE tax bill in 212; currently pay Johnson County wastewater bills of $22,5 on a bi-monthly basis 9. Numbers do not reflect actual expense

5 SITE PLAN

6 TOP AREA EMPLOYERS Farmers Insurance 3, employees GARMIN International 3, employees Olathe Unifed School District 2, employees Olathe Medical Center 1,762 employees TransAm Trucking 1, employees School District HQ OLATHE MEDICAL CENTER UNIVERSITY OF KANSAS Largest public university in the state with 1,1 acres and an enrollment of 28,. Total estimated economic impact of $2.9 billion with an employment impact of 24,58 jobs, according to a study done in 211. GARMIN INTERNATIONAL A GPS system product developer and manufacturer headquartered in Olathe, KS. Tied for Olathe s biggest employer with 3, employees. CERNER CORPORATION A healthcare information technology solutions supplier and largest private employer in Kansas City. Recently acquired Siemens Health Services for $1.3 billion and is developing a new $4.5 billion campus in South Kansas City where it hopes to house 16, new employees in the next decade.

7 PHOTOS DISCLAIMER Prospective purchasers are hereby advised RRG Santa Barbara LLC ( Owner ) of Santa Barbara Estates in Olathe, KS ( Property ), are soliciting offers through ARA NEWMARK, which may be accepted or rejected by the Owners at the Owners sole discretion. Any solicitation of an offer for the Property offered hereunder will be governed by this Offering, as it may be modified or supplemented. Prospective purchasers are advised that as part of the offer process, the Owners will be evaluating several factors including the experience and financial qualifications of the purchasing entity. The Owners shall have no obligation to accept any offer from any prospective purchaser. The Owners reserve the right to withdraw the Property from consideration at any time prior to final execution of a Purchase Agreement. This Offering document is furnished to prospective purchasers for the purpose of determining whether to invest in the Property offered hereby. The information contained herein, or any other related information provided by the Owners, may not be reproduced, redistributed or used in whole or in part without the prior written consent of the Owners. No person has been authorized to give any information or make any representation or warranty, either expressed or implied and, if given or made, such information or representation must not be relied upon. While the Owners and ARA NEWMARK have no reason to believe that the information provided herein or in subsequent information updates delivered to potential purchasers hereunder contains any material inaccuracies, neither the Owners nor ARA NEWMARK nor any of the Owners or ARA NEWMARK s respective subsidiaries, affiliates, companies, or the officers, directors, employees, agents and representatives of any such entities, etc., make any representations or warranties, expressed or implied, as to the validity, accuracy or completeness of the information provided or to be provided, and nothing herein shall be deemed to constitute a representation, warranty or promise by any such parties as to the future performance of the Property or any other matters set forth herein. Any obligations to prospective purchasers that the Owners may have with respect to the Property are limited to those expressly set forth in a fully executed Purchase Agreement between the parties. Prospective purchaser s sole and exclusive rights against the Owners, with respect to this prospective transaction, the Property, or information provided herein or subsequently, shall be limited to those remedies expressly provided in an executed Purchase Agreement, which shall not survive the closing. Further, in no event shall prospective purchasers have any claims against the Owners, ARA NEWMARK, or any of their respective affiliates for any damages, liability, or causes of action relating to the Purchase Agreement. Prospective purchasers are not to construe the contents of this Offering or any prior or subsequent information communications from the Owners or any of their respective officers, employees or agents as legal, tax or other advice. Prior to purchasing, prospective purchasers should consult with their own legal counsel and personal and tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment. No commission or finder s fee shall be payable to any party by the Owners nor any affiliate or agent thereof in connection with the sale of the Property unless otherwise agreed to by the Owners in writing. Acquisition of properties such as this offered hereunder involves a high degree of risk and are suitable only for persons and entities of substantial financial means.

8 For a video tour of Santa Barbara Estates, please visit: Information for Santa Barbara Estates is available on our website at: 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. NATIONAL MANUFACTURED HOUSING GROUP 91 S MoPac Expressway Barton Oaks Plaza II Suite 275 Austin, TX PRIMARY CONTACTS: Todd Fletcher tfletcher@arausa.com T Andrew Shih ashih@arausa.com T Jon Shay jshay@arausa.com T KANSAS CITY CONTACT: Reid Teaney rteaney@arausa.com T ARA Newmark. All Rights Reserved 1-15 RELATIONSHIPS THAT DELIVER RESULTS.