MAJOR PRICE REDUCTION

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1 A COMMUNITY PRICE: $2,850,000 $2,300,000 PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES 250 Company Service Rd Carrizo Springs, TX 78834

2 PROPERTY DETAILS SITE INFORMATION ADDRESS COUNTY 250 Company Service Rd Carrizo Springs, TX Dimmit TAX PARCEL ID BEDS 156 COMMUNITY TYPE All Age YEAR BUILT 2012 LAND SIZE/DENSITY 2.5 acres (60 sites/acre) AREA HIGHLIGHTS The Energy Information Administration (EIA) recently announced that it expects a 15 thousand barrel a day increase for crude oil produced in the Eagle Ford Shale area for January According to the Department of Energy, $8 million will be invested on a new laboratory that will test for unconventional oil and gas recovery. INVENTORY HOMES AVG NIGHTLY RENT ROADS FLOODPLAIN 156 Beds (18 fourplex buildings with two beds in each unit or 144 beds + 4 doublewide homes with 3 bed/2 bath layouts or 12 beds) One Night Stay: $75 / Weekly Stay: $55 / Monthly Stay: $28 Gravel No Dimmit County covers over 1,300 sq miles and is situated in South Texas above the Ford Shale Play where companies are targeting both oil, condensate, and gas. Dimmit County produces from both the condensate rich and oil prone areas of the Eagle Ford. Dimmitt County is home to the 106,000 acre Harrison s Piloncillo Ranch- the largest leased land used for oil and gas drilling. At the end of the fiscal year 2015, Carrizo Springs had approximately $16 million invested in broad range of capital assets including police and fire equipment, buildings, roads, bridges, and water and sewer lines. WATER/SEWER ELECTRICITY GAS TRASH UTILITIES City Champion Electric Propane Curbside INVESTMENT HIGHLIGHTS High cash on cash return opportunity where the new owner can earn all his/her money back in less than five years. EFS Housing has operated as temporary housing on a nightly, weekly, and monthly basis focused on oilfield related workers. The property is the last one standing as all the main competition has disappeared. Property is differentiated from the competition by the quality of its units that include attractive kitchenettes. Carrizo Springs lies along U.S. Route 83 (one of the longest north-south highways in the United States), approximately 82 miles northwest of Laredo and 45 miles north of the Mexican border. Dimmit County is 116 miles from San Antonio, a major city in south-central Texas. Carrizo Springs High School is located less than three miles from EFS Housing. In 2015, the school was rated Met Standard by the Texas Education Agency. Property is located within five miles of the local airport and major retailers Walmart and H-E-B Grocery. Artesian wells in the area are known for their pure, clean water which is exported from Carrizo Springs. Chaparral Wildlife Management Area, located 32 miles from property, encompasses 15,200 acres of quality South Texas Brush country (Tamaulipan scrub) and is managed primarily for wildlife research and management. Principal game species under study include white-tailed deer, javelina, feral hogs, Northern Bobwhite, and Scaled Quail. Reportedly municipal sewer is at capacity so there is no room for future developments to tap in. Located in south Texas and focused on oil and gas housing, EFS Housing is primed to benefit from the stabilization of oil prices. Standard & Poors recently gave the state of Texas a positive rating review with the belief the state has turned the corner since the initial oil downturn experienced a couple of years ago. Property offers free satellite, a gym, and club room area for tenants to enjoy. Eagle Ford Region Oil production thousand barrels/day 1,800 1,500 1, Oil +15 thousand barrels/day month over month EFS Housing is on city sewer and water

3 FINANCIAL ANALYSIS Financial Analysis Oct '17 T10 Inc Ann Proforma INCOME 2 Gross Scheduled Rent $976,588 $1,041,639 Total Rental Income % $976, % $1,041, % Effective Gross Income $976,588 $1,041,639 EXPENSES per bed Actual Exp per bed Actual Exp per bed Proforma Repairs & Maintenance $421 $65,718 $441 $68,750 $500 $78,000 Payroll 1, ,074 1, ,409 2, ,000 Administrative , , ,100 Marketing , , Professional Fees , , ,500 Utilities Electricity , , ,479 Water , , ,790 Cable/Internet/Telephone , , ,358 Propane 13 1, , ,015 Trash 17 2, , ,714 Total Variable Expenses $3,205 $500,005 $3,698 $576,818 $3,589 $559,854 Taxes , , Other Tax 36 5, Land Lease , , Insurance 82 12, , Management Fee 0.00% % % Total Operating Expenses $3,617 $564,182 $4,009 $625,354 $4,355 Plus: Capital Reserves , , ,591 5,770 22,920 13,118 52,122 $679,376 15,600 Total Expenses $3,717 $579,782 $4,109 $640,954 $4,455 $694,976 NET OPERATING INCOME $396,806 $400,685 $347,464 Expense Ratio 59.37% 61.53% 66.67% UNDERWRITING ASSUMPTIONS 1. Actual number based on financials provided by the client. 2. Proforma GSR assumes $28/ night x 102 occupied beds x 365 days. 3. Adjusted Utilities grown 3% from Proforma Taxes= 2017 assessed value x 2016 mill rate grown 30%. Oct 17 T10 tax expense calculated using 2017 assessed value x 2016 mill rate. 5. Other Tax grown 3% from Management fee= 5% of Effective Gross Income. 7. Numbers do not reflect actual expenses.

4 PROPERTY LOCATION AND DEMOGRAPHICS San Antonio EAGLE FORD SHALE PLAY Gas Wells EAGLE FORD SHALE HOUSING Oil and Gas Wells Oil Wells Eagle Ford Shale Statistics: Over 6,000 million cubic feet of natural gas production per day (as of January 2018) 1,242,000 barrels of oil produced per day in January 2018 and expected to rise to 1,257,000 by the end of February 2018 Carrizo Springs Statistics: Median household income: $37,550 Population: 6,158 Projected population growth from : 2.24% Dimmit County Statistics: Median household income: $35,061 Population: 12,114 Projected population growth from : 2.87% Projected oil & gas employment for 2021: 10,127 Source: U.S. Census Bureau DEMOGRAPHIC INFORMATION 5 MILES 10 MILES 20 MILES 2017 Population Estimate 8,995 10,693 21, Population Projection 9,866 11,773 22,751 Renter Occupied Housing Units 26.2% 24.7% 26.2% Owner Occupied Housing Units 58.8% 58.3% 57.4% 2017 Est. Median Household Income $37,796 $36,737 $33, Est. Median Owner-Occupied Housing Value $73,313 $70,092 $55,051 Source: U.S. Census Bureau

5 COMMISSARY LEASE IN PLACE WITH EFS HOUSING EAGLE FORD SHALE HOUSING P OO AL D N E UR WORKOUT ROOM LEASE IN PLACE WITH EFS HOUSING N Additional information for Eagle Ford Shale Housing is available on our website at: PRIMARY CONTACTS: Andrew Shih ashih@aranewmark.com T Todd Fletcher tfletcher@aranewmark.com T Jon Shay jshay@aranewmark.com T National Manufactured Housing and RV Park Group: 901 S. MoPac Expressway, Barton Oaks Plaza II, Suite 275, Austin, TX T 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 ARA, A Newmark Company (ARA Newmark) 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 Newmark 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.