WHISPERING SANDS OLIVE ST Palm StREET REO AUCTION LIVE AUCTION: PROPERTY ID #: STARTING BID: $350,000

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1 PALM ST PALM ST REO AUCTION March 24-26, WHISPERING SANDS A 78 SITE manufactured Home community 1481 Palm StREET LAs Vegas, NV 8914 For a video tour of Whispering Sands, please visit: OLIVE ST PROPERTY ID #: STARTING BID: $35,

2 IMPORTANT AUCTION INFORMATION Property ID #: AUCTION DATE: Live auction date is March 24, 214 at 9: AM PST through March 26, 214 at 1: AM PST AUCTION DATE HOTLINE: GENERAL INFORMATION: ARA has been selected as the exclusive marketing agent for the disposition of Whispering Sands 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 of $1, to bid on Whispering Sands Manufactured Home Community. 5. You have reviewed the Due Diligence 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 (3) 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 (3) 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 (3) calendar / ten (1) business days after the Purchase and Sale Agreement has been executed or as specifically set forth in the Agreement. 1. 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. PROPERTY ID #: STARTING BID: $35,

3 WHISPERING SANDS Address county Site information 1481 Palm Street, NV 8914 Clark County tax map parcel Sites 78 MH community type Age Restricted (55+) YEAR BUILT 1963 LAND SIZE 6.25 acres (12.48 sites/acre) MH physical occ % (59 sites as of Jan 14) MH ECONOMIC OCC % (45 sites as of Jan 14) MARKET LAND LEASE RENTS $44 (includes water and trash) INVENTORY HOMES 18 (4 occupied as of December 213) roads FLOODPLAIN water Sewer electricity GAS trash Asphalt No utilities Valley Water District Valley Water District NV Energy Southwest Gas Republic Service INVESTMENT HIGHLIGHTS Rare opportunity to acquire a well maintained, age restricted community with public utilities centrally located in fabulous Las Vegas, NV. Outstanding value-add potential for an investor to re-position the community after recently coming out of foreclosure. At 58% revenue producing occupancy and strong collections, the existing tenant base provides a solid in place return to a buyer but with terrific upside to sell or rent the remaining 14 vacant park owned homes and to fill empty sites. Once the community reaches stabilization and re-positioned, there may be attractive financing available for the owner to potentially cash out some or most of their initial investment. The community is serviced by public utilities through Valley Water District. The community features mature landscaping and trees providing a peaceful atmosphere for residents. AREA HIGHLIGHTS Whispering Sands is conveniently located in, the largest city in Nevada with a population of over 1.95 million in the metro area. has earned the name Entertainment Capital of the World and is an internationally renowned major resort destination known for gambling, shopping, fine dining, and nightlife. The community is conveniently located less than 5 miles from Downtown as well as the North end of the Strip. Easy access to several major thoroughfares including Interstate, Charleston Blvd., and Fremont St., which leads to the original Downtown Casinos. The community is in close proximity to some of the area s major retail destinations including the Premium Outlets North, which hosts 15 top brand stores in a 54, sf facility. Whispering Sands is also located near numerous attractions and golf courses including the Natural History Museum and the Desert Pines. PROPERTY ID #: STARTING BID: $35,

4 WHISPERING SANDS FINANCIAL ANALYSIS & DEMOGRAPHICS Financial Analysis Proforma INCOME 2 Gross Scheduled Rent $29,365 $288,93 $27,574 $249,244 Assumptions.% $411,84 Less: Vacancy Less: Bad Debt Total Rental Income 3 Plus: Utility Income 3 Plus: Other Income 7 Plus: Home Income Total Other Income Effective Gross Income.%.% 1.% $29,365 5,73 5,73 $296,68.%.% 1.% $288,93 3,958 3,958 $292,51.%.%.%.% 1.% $27,574 1.% 3 2, , $272,933 $249,244 3,711 3,711 $252, % 1.% 55.41% 179,521 4,118 $228,21 $228,21 EXPENSES Repairs & Maintenance Payroll Administrative Marketing Professional Fees 4 Utilities Total Variable Expenses 5 Taxes Insurance Management Fee Total Operating Expenses 6 Plus: Capital Reserves Total Expenses per unit Actuals per unit Actual Exp per unit Actual Exp per unit Actual Exp $418 32,615 $214 $16,661 $144 $11,247 $173 $13, , , , , , , , , , , , , , , , , ,849 $1,314 $12,531 $1,72 $83,599 $973 $75,933 $1,18 $79, , , % 12, 4.11% 12, 5.94% 16, % 13,387 $1,476 $115,136 $1,249 $97,48 $1,197 $93,372 $1,24 $93,948 $1,476 $115,136 $1,249 $97,48 $1,197 $93,372 $1,24 $93,948 per unit $ $1, % $1,487 5 $1,537 Buyers Exp $15,6 23,4 6,63 1,95 3,9 35,86 $87,286 11,94 3,9 13,692 $115,971 3,9 $119,871 NET OPERATING INCOME $18,932 $194,643 $179,561 $159,7 $18,329 UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the previous borrower and therefore we cannot represent their accuracy. 2. Proforma GSR based on the Dec 13 Rent Roll. 3. There is currently no utility or other income. 4. Adjusted Utilities are grown 3% from 211 Actuals. 5. Proforma Tax = 213 Tax grown by 3%. 6. Proforma Capital Reserves do not reflect actual expense and are estimated at $5/site. 7. At foreclosure, park inherited four rental leases that previous owner put in place at only the cost of site rent of $44. DEMOGRAPHIC INFORMATION 1 mile 3 mile 5 mile 214 Population Estimate 219 Population Projection Population Growth Population Over Age 55 2, ,875 56,941 2, , , %.16% 1.7% 27.% 21.73% 22.35% 214 Family Household Estimate 7,684 77, , Family Household Projection 7,647 78, ,521 Family Household Growth Family Household Growth Estimate %.3%.45% -.48%.95% 1.61% Renter Occupied Percentage 51.76% 56.72% 55.25% Owner Occupied Percentage 48.24% 43.28% 44.75% 214 Est. Average Family Household Income 214 Est. Median Owner-Occupied Housing Value $34,353 $4,292 $43,769 $44,496 $9,39 $16,168 Source: 214 Claritas, Inc. PROPERTY ID #: STARTING BID: $35,

5 WHISPERING SANDS AREA AERIAL Premium Oulets - North 579 Horizon Specialty Hospital University Medical Center 15 Circus Circus Wynn The Palazzo The Venetian Stratosphere The Wynn MAIN MAIN ST N 159 E SAHARA AVE SLS Las Vegas Riviera Convention Center L A S V E G A S S T R I P S LAS VEGAS BLVD Country Club S MARYLAND PKWY DOWNTOWN LAS VEGAS E CHARLESTON BLVD E ST LOUIS AVE Sunrise Hospital & Medical Center RD E DESERT INN S EASTERN AVE S EASTERN AVE Nat. Golf Course 589 FREMONT FREMONT ST ST Desert Pines 592 E FLAMINGO RD PROPERTY ID #: STARTING BID: $35,

6 Shadow Creek Golf Course Nellis Air Force Base SPRING MOUNTAIN RANCH STATE PARK NORTH LAS VEGAS AIRPORT NORTH LAS VEGAS 147 SUNRISE MANOR SPRING MOUNTAIN RANCH STATE PARK SUMMERLIN SOUTH Spanish Trail Country Club SPRING VALLEY LAS VEGAS STRIP LAS VEGAS 15 DOWNTOWN LAS VEGAS The Wynn University of Nevada, PARADISE MCCARRAN INTERNATIONAL AIRPORT LAS VEGAS Desert Rose Golf Course Royal Links SILVER BOWL PARK DESERT HILLS Rhodes Ranch Taylor Made Golf Experience 582 H ARA NATIONAL MANUFACTURED HOUSING GROUP w Information for Whispering Sands is available at: Property ID#: For a video tour of Whispering Sands, please visit: 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. 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 Brian Vita bvita@arausa.com T Jon Shay jshay@arausa.com T relationships that deliver results. ARA. All Rights Reserved