PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES

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1 For a video tour, please visit: PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES 267 TOTAL SITES COMBINED COMMUNITY PRICE: $4,14, COMBINED HOMES PRICE: $836, COMBINED TOTAL PRICE: $4,976,

2 PROPERTY DETAILS INVESTMENT HIGHLIGHTS Rare opportunity to acquire three value add properties totaling 267 sites less than 1 minutes apart in Hays, KS. Although in a smaller town, the subject parks have tremendous potential since the local economy thrives with a growing college and general population, low unemployment rate, and strong demographics. Preliminary plans have been drafted to add approximately 2 spaces at Sunset Valley Estates MHC. The parks currently generate over $13, of home rental income per month: $1,8 at Colonial Gardens MHC, $1,42 at Sunset Valley MHC, and $1,2 at Meadow Acres MHC. The average home rent across the properties is approximately $318. Current owners have started a successful home program by bringing in homes at Colonial Gardens MHC, 13 homes at Sunset Valley Estates MHC, and 9 homes at Meadow Acres MHC since they purchased the communities in 28, 21 and 212, respectively. As a result of the successful home program, gross monthly collections at Sunset Valley Estates MHC have increased 4 percent from an average of $8,3 in 21 to $11,688 so far in 217. Since acquisition, parks have sold 24 homes for cash with an average sales price of $1,8 and another 28 homes under RTO structures with an average remaining term of about five years (4 at Colonial Gardens MHC under two years). Tenants generally make down payments ranging from $1k to $4k. A water monitoring system was recently added at Colonial Gardens MHC in December 216, and the park has updated its billing to match the city rates which should result in much higher recapture. At Sunset Valley Estates MHC, water, sewer, and trash are included in the lot rent, creating an opportunity for a buyer to start charging tenants for utilities. Every home at Colonial Gardens MHC has a meter for water, and the city charges the park for both water and sewer by reading a meter on the main incoming supply. At Sunset Valley Estates MHC, there are no meters and water/sewer are included in rent for the tenants. The park is charged a flat fee for sewer by the Big Creek Sewer District. At Meadow Acres MHC, each home has a meter for water, and sewer is billed to tenants based on water usage. Approximately $81k was spent in 21 repaving the roads at Colonial Gardens MHC. AREA HIGHLIGHTS Hays is the largest city in northwestern Kansas with a population of about 23k and serves as an economic hub for the region. The nearby Hays Regional Airport offers direct flights to and from Denver with United Airlines, making the properties easily accessible from anywhere in the country. As of January 217, the unemployment rate in Hays was exceptionally low at only 2.9 percent versus the national rate of.1 percent, both not seasonally adjusted. Fort Hays State University acts as a pillar for the local economy through its main campus, 3,22-acre agricultural research facility, and community outreach. The university is the fastest growing of the Kansas Board of Regents universities, consistently beating records for its all-time top enrollment, most recently for the Spring 217 semester with 12,63 students. Interstate 7, a major thoroughfare stretching all the way from Kansas City to Denver, runs through the city. Several manufacturing plants operate in Hays: EnerSys, employing 267; Amphenoal Adronics, employing 17; Wheelchairs of Kansas; employing 14; S&W Supply, employing 88; and Cross Manufacturing, employing. Within three miles of Colonial Gardens MHC, median household incomes of $44,22 and median home values of $168,93 make affordable housing such as MHCs an attractive option for lower income households. The population within one mile of Sunset Valley Estates MHC grew 1.3 percent per year from 21 to 216, and is expected to increase 4. percent from 216 to 221. Tenants enjoy the presence of several nationally-recognized retailers including two Starbucks locations, a Wal-Mart Supercenter, Bath & Body Works, and Hobby Lobby among several others. Colonial Gardens MHC

3 PROPERTY DETAILS ADDRESS SITE INFORMATION 7 E. 6th Street Hays, KS 6761 COMMUNITY PRICE $1,9, HOMES PRICE $649, TOTAL PRICE $2,99, COLONIAL GARDENS MHC E 6TH STREET E 8TH STREET E 7TH STREET COUNTY Ellis TAX PARCEL ID 732 SITES 116 COMMUNITY TYPE All Age RILEY STREET YEAR BUILT 1963 LAND SIZE DENSITY 11.9 acres 9.7 sites/acre INVENTORY HOMES 29 (21 occupied as of Jun 17) INVESTOR HOMES* 1 (14 occupied as of Jun 17) 183 AVERAGE LOT RENT $227 (base rent only) LAST RENT INCREASE Under-mkt tenants moved to $22 (Aug 1) MH PHYS OCC 84% (97 sites as of Jun 17) MH ECO. OCC 77% (89 sites as of Jun 17) ZONING ROADS NC. (manufactured housing) Asphalt FLOODPLAIN A9 UTILITIES PUBLIC WATER City of Hays (submetered) PUBLIC SEWER City of Hays (fee based on water usage) GAS Midwest Energy (direct billed) ELECTRICITY Midwest Energy (direct billed) TRASH Ideal Refuse (flat fee of $12.) *Investor homes to be transferred to buyer on sale

4 DARCIE DRIVE PROPERTY DETAILS ADDRESS SITE INFORMATION 122 Burgundy Lane Hays, KS 6761 COMMUNITY PRICE $1,, HOMES PRICE $87, TOTAL PRICE $1,87, COUNTY TAX PARCEL IDS SITES COMMUNITY TYPE Ellis / / (not including any expansion lots) All Age YEAR BUILT 196 LAND SIZE DENSITY 1.1 acres.1 sites/acre INVENTORY HOMES (4 occupied as of Mar 17) AVERAGE LOT RENT $22 (includes water, sewer and trash) LAST RENT INCREASE Under-mkt tenants moved to $22 (Feb 17) MH PHYS OCC 69% (3 sites as of Mar 17) MH ECO. OCC 68% (2 sites as of Mar 17) ZONING ROADS FLOODPLAIN NC. (manufactured housing) Asphalt Not in Flood Zone UTILITIES SUNSET VALLEY ESTATES MHC MILITARY RESERVATION ROAD E 8TH STREET CANTERBURY DRIVE BURGUNDY LANE VICKI LANE VILLAGE ROAD E 7TH STREET MEADOW DRIVE PRIVATE WATER PUBLIC SEWER GAS ELECTRICITY TRASH Private Well (included in rent) Big Creek Improvement Dist (included in rent) Midwest Energy (direct billed) Midwest Energy (direct billed) Ideal Refuse (included in rent)

5 Meadow Acres MHC PROPERTY DETAILS ADDRESS SITE INFORMATION 1 W 27th St Hays, KS 6761 COMMUNITY PRICE $1,19, HOMES PRICE $1, TOTAL PRICE $1,29, COUNTY Ellis TAX PARCEL IDS SITES 74 MEADOW ACRES MHC W 29TH STREET COMMUNITY TYPE All Age YEAR BUILT 1972 W 12TH STREET LAND SIZE DENSITY 19.2 acres 3.9 sites/acre INVENTORY HOMES 7 (3 occupied as of May 17) AVERAGE LOT RENT $227 (includes trash) LAST RENT INCREASE Under-mkt tenants moved to $22 (Jan 17) MH PHYS OCC 93% (69 sites as of May 17) MH ECO. OCC 89% (66 sites as of May 17) ZONING ROADS FLOODPLAIN NC. (manufactured housing) Asphalt Zone B UTILITIES PRIVATE WATER* PUBLIC SEWER* GAS ELECTRICITY Private Well (submetered) City of Hays (billed based on water usage) Midwest Energy (direct billed) Midwest Energy (direct billed) TRASH Ideal Refuse (included in rent) *3,7 gallons are included in rent, and tenants are charged for usage above that amount

6 combined - FINANCIAL ANALYSIS 216 Actuals 1 Proforma INCOME Gross Scheduled Rent $7,716 $72,36 Less: Vacancy.% 22.4% Less: Bad Debt.% 1.% Less: Concessions.47% 2,382.33% Total Rental Income 99.3% $, % Plus: Water Income , Plus: Trash Income 13,449 2 Plus: Other Income 16 28, Plus: Prepays 1 2,68 Total Other Income , Effective Gross Income EXPENSES $88,771 per site Actual Exp per site Repairs & Maintenance $19 $29,49 $121 Payroll , Administrative 46 12,21 48 Marketing Professional Fees 61 16, Utilities Electricity 4 1,61 41 Water ,69 37 Sewer 12 3,2 13 Trash 116 3,9 119 Total Variable Expenses $824 $22,69 $83 Taxes 33 8,8 1 Insurance 68 18, Management Fee.% 4.% Total Operating Expenses $92 $247,93 $1,69 Plus: Capital Reserves Total Expenses $92 $247,93 $1, ,86 7,23 2,372 $2,82 2,212 13,82 32,97 99,39 $61,864 Proforma Exp $32,4 41,9 12,8 1,33 11,3 1,929 82,49 3,348 31,828 $227,619 13,64 18,22 26,7 $28,4 13,3 $298,94 NET OPERATING INCOME Expense Ratio $341, % $32,96 4.8% UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client; Financials include income and expenses from the lot rental business only 2. Income equals sum of individual property analyses 3. Expenses equal sum of individual property analyses 4. Historical Capital Reserves are unknown and do not represent actual amounts. Proforma is first year projection put together by ARA Newmark and may not represent actual future performance

7 - FINANCIAL ANALYSIS 21 Actuals Actuals Proforma 7 INCOME 2 Gross Scheduled Rent $232,16 $244,66 $316,24 Less: Vacancy.%.% 23.28% Less: Bad Debt.%.% 1.% Less: Concessions.9% 2,77.98% 2,382.7% Total Rental Income 99.1% $229, % $241, % Plus: Water Income 33 38, ,881 4 Plus: Trash Income , , Plus: Other Income 216 2, , Plus: Prepays 27 3,13 Total Other Income , , Effective Gross Income EXPENSES $39,88 $31,681 per site Actuals per site Actual Exp per site Repairs & Maintenance $71 $8,246 $61 $7,23 $1 Payroll 173 2, ,3 1 Administrative 8 9, , 7 Marketing Professional Fees 41 4, ,7 3 Utilities Electricity 2 6,6 3 6,2 Water 42 48, ,324 Trash 12 14, 12 14, 129 Total Variable Expenses $963 $111,669 $984 $114,147 $1,44 Taxes 49,741,8 62 Insurance 71 8, ,26 71 Management Fee.%.% 4.% Total Operating Expenses $1,83 $12,67 $1,1 $128,27 $1,289 Plus: Capital Reserves Total Expenses $1,83 $12,67 $1,1 $128,27 $1,339 73,68 3,162 2,372 $237,98 2,212 13,82 2,863 86,928 $324,26 Proforma Exp $11,6 17,4 8,7 8 3,48 6,386 8,14 14,987 $121,146 7,144 8,236 12,961 $149,487,8 $1,287 NET OPERATING INCOME $184,188 $182,474 $168,738 Expense Ratio 4.6% 41.27% 47.92% UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client; Financials include income and expenses from the lot rental business only 2. Proforma GSR = $227 x 116 sites x 12 months 3. Water Income assumes 9% recovery which is higher than the 21 and 216 recovery since the owner added a water monitoring system and updated billing to match the city rates in December 216; Trash Income grown 3% from 216; Other Income average of 21 and 216; Other Income includes late fees, application fees, NSF fees, service fees, and maintenance fees 4. Adjusted Utilities grown 3% from 216. Proforma Taxes = 216 taxes grown 2%; 217 appraised value = $474,12; 216 taxes = $, Historical Capital Reserves are unknown and do not represent actual amounts 7. Proforma is first year projection put together by ARA Newmark and may not represent actual future performance Colonial Gardens MHC

8 - FINANCIAL ANALYSIS Dec '1 T3 Ann Actuals Proforma 8 INCOME 2 Gross Scheduled Rent $124,32 $16,24 $27,9 Less: Vacancy.%.% 32.47% Less: Bad Debt.%.% 1.% Total Rental Income 1.% $124,32 1.% $16, % Plus: Other Income ,39 8 Plus: Prepays 1 3, Total Other Income 9 4,2 9 7,349 8 Effective Gross Income EXPENSES Repairs & Maintenance $13 $1,2 $174 $13,43 $1 Payroll , ,718 1 Administrative 23 1, Marketing Professional Fees 6 4,96 6 4,976 Utilities $128,84 $113,94 per site Actuals per site Actual Exp per site Electricity 3 4,9 24 1,8 2 Sewer , ,2 43 Trash 82 6,3 82 6,3 84 Total Variable Expenses $77 $4,461 $38 $41,397 $17 Taxes 19 1, 47 Insurance 72,18 72,17 72 Management Fee.%.% 4.% Total Operating Expenses $779 $9,979 $629 $48,414 $711 Plus: Capital Reserves Total Expenses $779 $9,979 $629 $48,414 $761 67, 2,79 $138,321 6, 6, $144,871 Proforma Exp $11, 11, ,8 1,96 3,348 6,489 $39,847 3,97,44,79 $4,783 3,8 $8,633 NET OPERATING INCOME $68,861 $6,18 $86,238 Expense Ratio 46.% 42.62% 4.47% UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client; Financials include income and expenses from the lot rental business only 2. Proforma GSR = $22 x 77 sites x 12 months; a recent rent increase bumping all tenants up to $22 per month was recently implemented contributing to higher rental income compared to Other Income grown 3% from 216; Other Income includes late fees, application fees, NSF fees, service fees, and maintenance fees 4. Professional Fees reduced in Proforma to be more in line with industry average. Adjusted Utilities grown 3% from Proforma Taxes = 216 taxes grown 2%; 217 appraised values total $288,89; 216 taxes total $2, Historical Capital Reserves are unknown and do not represent actual amounts 8. Proforma is first year projection put together by ARA Newmark and may not represent actual future performance

9 - FINANCIAL ANALYSIS 21 Actuals Actuals Proforma 8 INCOME 2 Gross Scheduled Rent $168,797 $17,4 $21,166 Less: Vacancy.%.% 1.81% Less: Bad Debt.%.% 1.% Total Rental Income 1.% $168,797 1.% $17, % 3 Plus: Other Income 61 4,3 73,4 7 Plus: Prepays 23 1, ,69 Total Other Income 84 6, ,9 7 Effective Gross Income $17,22 $164,49 21,748 2,12 $177,47,62,62 $182,969 EXPENSES per site Actuals per site Actual Exp per site Proforma Exp Repairs & Maintenance $12 $8,868 $117 $8,623 $12 $9,2 Payroll 17 12, , ,9 Administrative 4 3, ,26 4 3,33 Marketing Professional Fees 64 4,74 9 4,342 Utilities Electricity 33 2,44 3 2,6 36 2,637 Water 338 2, , ,3 Trash 136 1, 136 1, 14 1,32 Total Variable Expenses $911 $67,42 $872 $64,2 $9 Taxes 18 1, , 39 Insurance 6 4, ,447 6 Management Fee.%.% 4.% Total Operating Expenses $989 $73,182 $92 $7,472 $1,98 Plus: Capital Reserves $66,623 2,899 4,44 7,319 $81,281 3,7 Total Expenses $989 $73,182 $92 $7,472 $1,148 $84,981 3,7 NET OPERATING INCOME $11,84 $94,23 $97,988 Expense Ratio 41.81% 42.84% 46.4% UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client; Financials include income and expenses from the lot rental business only 2. Proforma GSR = $227 x 74 sites x 12 months; a recent rent increase bumping all tenants up to $22 per month was recently implemented contributing to higher rental income compared to Other Income grown 3% from 216; Other Income includes late fees, application fees, NSF fees, service fees, and maintenance fees 4. Professional Fees reduced in Proforma to be more in line with industry average. Adjusted Utilities grown 3% from Proforma Taxes = 216 taxes grown 2%; 217 appraised values total $22,; 216 taxes total $2, Historical Capital Reserves are unknown and do not represent actual amounts 8. Proforma is first year projection put together by ARA Newmark and may not represent actual future performance

10 PROPERTY locations OMAHA DENVER COLORADO SPRINGS HAYS KANSAS CITY COLONIAL GARDENS MHC SUNSET VALLEY ESTATES MHC MEADOW ACRES MHC WICHITA DEMOGRAPHIC INFORMATION MILES 1 MILES 216 Population Estimate 23,63 26,7 221 Population Projection 24,324 27,288 Population Growth Estimate %.8% Renter Occupied Housing Units 42.2% 39.8% Owner Occupied Housing Units 1.6% 4.% 216 Est. Median Household Income $44,163 $4,17 Source: U.S. Census Bureau Sunset Valley Estates MHC

11 Area Attractions N HAYS MEADOW ACRES MHC COLONIAL GARDENS MHC SUNSET VALLEY ESTATES MHC HAYS MEDICAL CENTER 267-bed hospital providing the only tertiary-level services in the region. 6, admissions and 172, outpatient procedures annually. Largest employer in the county with 1,23 employees. FORT HAYS STATE UNIVERSITY Public university with 31 academic departments and more than 14, students. Home to the Sternberg Museum of Natural Science, Forsyth Library, and a vibrant arts scene. Second-largest employer in the county with 1, employees. HESS SERVICES Oilfield and industrial product manufacturer headquartered in Hays. Has a,-square-foot assembly and fabrication facility on 16 acres. One of the largest employers in the county with 287 employees. TOP TEN EMPLOYERS EMPLOYEES Hays Medical Center 1,23 Fort Hays State University 1, Hays School District 77 Ellis County/City of Hays 427 Wal-Mart 393 Hess Services 287 EnerSys 267 Eagle Communications 26 DSNWK 29 Nex-Tech/Rural Telephone 26 Source: Ellis County Coalition for Economic Development

12 Colonial Gardens MHC Sunset Valley Estates MHC Meadow Acres MHC For a video tour, please visit: Additional information for the Hays Kansas MHC Portfolio is available on our website at: PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES NATIONAL MANUFACTURED HOUSING GROUP PRIMARY CONTACTS: Todd Fletcher tfletcher@aranewmark.com T Andrew Shih ashih@aranewmark.com T Jon Shay jshay@aranewmark.com T Manufactured Housing Group: 91 S. MoPac Expressway, Barton Oaks Plaza II, Suite 27, 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.