GLEN LAKEESTATES

A 5 6 - S I T E M A N U F A C T U R E D H O U S I N G C O M M U N I T Y I N V E S T M E N T O F F E R I N G

G L E N L A K E E S T A T E S1 0 3 7 B a r k e y v i l l e R dG r o v e C i t y , P A . 1 6 1 2 7

Glen Lake Community

Gas Well/Mineral Rights

Total Value of (Phase III)Expansion Area

One Park Owned Home

Additional Raw Land

TOTAL

$818,000

$12,000

$75,040

$3,200

$60,000

$968,240

GLEN LAKEESTATES

Year Completed Phase I: 1978 Phase II : 2006 Phase III: To be determined

Land Size 84 acres; 0.67 sites per acre

Physical Occupancy Phase I: 100% Phase II : 50%

No. of Sites: Phase I: 40 Phase II : 16 Phase III: 14 (undeveloped)

Utility System

Electricity Public (Individually metered) Water Private well treatment system Sewer Private sewage treatment plant Gas Public (Individually metered)

Current Average Rent $232 (includes water and sewer)

Park Owned Homes 1 home that rents at $425/month included in sale with park

Home Notes 3 notes (discounted price TBD)

GLEN LAKE ESTATES56 Sites • 84 Acres Terms All Cash or New Third Party FinancingGross Price $968,240 (See breakdown below)

SITE INFORMATION

NOTE:1 GSR grown 0% from the Site Mix2 Utility & Other Income grown 3% from 20093 Adjusted Utilities grown 3% from 20094 Proforma = 2009 Tax grown by 3%5 Numbers do not refl ect actual expense

FINANCIAL ANALYSIS

INCOME PROFORMA PER SITEGROSS SCHEDULED RENT1 $155,760 $2,781 Less: (Gain). Loss to Lease 3,505 63 GROSS POTENTIAL INCOME $152,255 $2,719 Less: Vacancy 21,806 389 TOTAL RENTAL INCOME $130,449 $2,329 EFFECTIVE GROSS INCOME $130,449 $2,329 OPERATING EXPENSES PROFORMA PER SITERepairs and Maintenance $21,000 $375 Payroll 5,000 89 Administrative 1,400 25 Marketing 560 10 Utilities3

Electricity & Gas 5,073 91 Water and Sewer 8,224 147 TOTAL VARIABLE EXPESES $41,256 $737 Taxes4 3,964 71 Insurance 1,008 18 Management Fees 7,827 6% TOTAL OPERATING EXPENSES $54,056 $965 Plus: Capital Reserves5 2,800 50 TOTAL EXPENSES $56,856 $1,015 NET OPERATING INCOME $73,593 $1,314

Property is available all cash or with third party financing.• Beautifully landscaped all-age community located on an • 84-acre site and complete with a 12 acre lake. Sale also includes one park owned home and all mineral • rights to the property. In addtion to the purchase price, buyer must acquire three home loans.Originally a 40-site community, the property was recently • expanded to include an additional 16 sites. To date, 8 of the additional sites have been occupied.Upside potential with current occupancy. Property was • consistently at 100% occupancy prior to the expansion.Individually metered electric and gas. The community • maintains a Private Water System adequate to supply 120 sites, and Private Sewage with a 70-site capacity.There is ample room for future growth. A second proposed • expansion area, consisting of 14 sites, is situated adjacent to the community with easy access to the road and utilities. All sites should accommodate multi-section homes.• Some lake front homes•

Glen Lake Estates is located 3 miles East of Grove City, PA on • State Route 208, a major artery that connects Interstate 80 and 79.Grove City recently completed a revitalization of its downtown • district to help foster economic development. In addition, it is home to Grove City College, a highly esteemed Christian Liberal Arts School. The College has over 2,500 students and employs over 200 faculty.The Community provides convenient access to both I-80 and • I-79. I-80 connects to Youngstown, OH, 40 miles to the West, and I-79 connects to Pittsburgh, 60 miles to the South. Youngstown has a MSA population of over 570,000, while the • Pittsburgh MSA contains over 2,460,000.According to an article in “Housing Predictor,” Pittsburgh • made the list of “Best 25 Housing Markets 2010.” The article also stated that “the great lakes region is leading the U.S. out of the housing downturn.”The Annual Average Household Income in a 5-mile radius is • $57,296.

INVESTMENT HIGHLIGHTS

PRICING ASSUMPTION

AREA HIGHLIGHTS

1

2

3

54GLEN LAKEESTATES

1 Country Estates 1101 South Lake Rd., Mercer, PA 16137 NA 50 82% $200

2 Popp's MHP 8555 Perry Highway, Erie, PA 16509 1969 112 94% $250

3 Meadow Brook 2381 Route 405, Muncy, PA 17756 1968 83 90% $260

4 Clearfork 1260 State Route 97, Bellville, OH 44813 1975 182 77% $255

5 Mohican River Estates 3055 County Rd., 3175, Loudonville, OH 44842 1964 101 72% $265

Submarket Average 106 82% $246

RENT COMPARABLES

$232

Subject Property#

1037 Barkeyville Rd., Grove City, PA 16127

Year Built

56

SitesAddress

Glen Lake Estates 1978

Occupancy

86%

AverageRent

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 affi liates 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.

208

208

173

17358

58

Enterprise Rd

PINE GROVEPUBLIC GOLF

COURSE

GROVE CITYCOLLEGE

Pinchalong Rd

Tieline Rd

GLEN LAKEESTATES

GROVE CITY

208

ors, omissions, price change and/or withdrawal, and no de by Apartment Realty Advisors (ARA) and/or its agents,

ussion of the above property. This presentation, prepared by ny potential purchaser is advised that s/ he should either have

y an attorney of his/her selection, or be furnished a policy of title

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