CARLYLE MANUFACTURED HOME COMMUNITY

JANUARY 2018

CONFIDENTIAL EXECUTIVE OFFERING MEMORANDUM

ROXBORO, NC 27573

MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

3178 DURHAM ROAD

MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/ 423-483-0492/GESTERSON@LEEATLANTA.COM

TABLE OF CONTENTSOFFERING OVERVIEW• Welcome Letter

CARLYLEMANUFACTURED HOME COMMUNITY • Executive Summary• Key Considerations• Rent Roll• Investment Highlights• Property Description / Infrastructure• Financial Overview• Aerial Map• Demographics• Location Map• Rent Comps

ADVISOR BIOS

01

03

02

WELCOME LETTERINVESTMENT OPPORTUNITYWe welcome the opportunity to provide you with our in depth overview of Carlyle Manufactured Home Community and its position in this current market. We will give you our honest, no holds barred assessment of this 122-unit community so you have a better understanding of how this investment currently performs, its investment potential, and what it takes to get it there.

As leading specialists in the industry, our primary interest is to give you a clear understanding of the driving forces in the current marketplace. Our evaluation is based on verifiable data, market knowledge and proven experience that we feel will serve your best interest at this time.

We invite you to thoroughly review this offering memorandum, If you have further interest, please contact us to discuss any questions you may have, as well as schedule a tour of the property.

GUIDELINES

Offers must be presented in writing and include:

• Price

• Source of capital and relevant experience

• Proposed schedule of due diligence and closing

• Amount of earnest money

• List of contingencies including committee approvals, possible 1031 exchanges, etc.

NOFFERING OVERVIEW | 3MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COM

GLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

PROPERTY ADDRESS: 3178 Durham RoadRoxboro, NC 27573

PROPERTY TYPE: Manufactured Home Community

TOTAL LOTS: 122 pads plusOne single family home

VACANT PADS: 46

RENT TO OWN TENANTS: 18 POH including 18 RTO

LOT RENT ONLY TENANTS: 57 plus one single family home

LOT RENT: $285 PER MONTH

ACRES: ±17.75

PRICE PER PAD: $23,770

EXECUTIVE SUMMARY

INVESTMENT OPPORTUNITYLee & Associates and The MHP Broker are pleased to offer the sale of Carlyle Manufactured Home Community in Roxboro, North Carolina (Raleigh/Durham MSA). This well-located, value-add MHC has plenty of upside in a very strong market.

The park contains 122 lots with 76 tenants, including one single family home (SFH)and 18 park-owned homes (POH) with 18 rent-to-own (RTO) contracts. Eleven lots are designated for RV rentals. Lot rents are $285 plus water. Rent was raised in 2017. There are 46 vacant lots. Current occupancy is roughly 63%. This MHC has city sewer and city water that is brand new, fully wireless and sub-metered and is billed back to the tenants.

There are 18 POHs that are all on RTO and in good condition of older vintage. There are no vacant POHs. The tenant-owned units are in fair shape with the majority of them being ‘80s and ‘90s models. The privately maintained roads are paved and in excellent condition as our offering price suggests. The park is NOT in a flood zone.

This MHC is being offered as a value-add investment with a 7.30% CAP on current lot rent only using a 32.6% expense ratio, plus minimal consideration for the park-owned homes on RTO contract. There is an additional $43,000 of POH rental income that is not included in the CAP rate. We are asking investors for shell value only on the 18 POH/RTO of $2,500 each, well below replacement cost.

We are looking for cash offers. However, CMBS and Bank Financing may be available to highly qualified buyers for this deal. At full price, using the CMBS loan (5.00% interest only, 20 Year Amortization, 25% down), the overall Cash On Cash Return for the park is ±8.9%. The price per lot is about $23,000 and includes full infrastructure for each lot. We are asking our investors to submit offers at or above $2.9M for the entire park including POH/RTO.

The potential of this park, using an 90% occupancy and only calculating the current lot rent value and equal consideration for the RTO, is $4.1M.

CARLYLE MANUFACTURED HOME COMMUNITY | 4MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

KEY INVESTMENT CONSIDERATIONSOTHER INCOME (Not Capitalized Income)

POH Rents 43,200$ 43,200$ POH Expense 35% -$ (15,120)$

TOTAL OTHER INCOME 43,200$ 28,080$

OPERATING CASH FLOW BEFORE DEBT 265,520$ 236,597$ Interest Rate Amort. Years Down Payment

DEBT SERVICE #1 5.250% 25 25% 172,248$ 172,248$ DEBT SERVICE #2 CMBS -$ TOTAL DEBT SERVICE------------------------------------------------------------ 172,248$ 172,248$

CASH FLOW--------------------------------------------------------------------------- 93,271$ 64,349$ PRINCIPAL REDUCTION 64,974$ 64,974$

158,245$ 129,323$

CAP RATE (NOI/PP) 7.67% 7.30%COCR (CF/DP) 12.9% 8.9%EXP RATIO (EXP/EGI) 28.2% 32.6%TOTAL RETURN (CF+PRIN / DP) 21.8% 17.8%PRINCIPAL REDUCTION 64,974$ 64,974$ DCR (NOI/DS) 1.54 1.37PRICE PER PAD 23,770.49$ 23,770.49$

TOTAL PRE-TAX CASH FLOW

ADVISED PRICING Current Occupancy 63%LOT VALUE 2,857,232$ 7.30% CAPRTO VALUE 43,200$ $2500 | 1 GRM 18 RTO Notes ($146K)TOTAL VALUE 2,900,432$

PRO-FORMA VALUE 90% OccupiedLOT VALUE 4,037,956$      7.50% CAP $285 Lot Rent + H2ORTO VALUE 43,200$            $2500 | 1 GRM 18 RTO Notes ($146K)TOTAL VALUE 4,081,156$ 18 POH 33% Expense Ratio

PROPERTY ADDRESS:

# Pads: 122 PPP= $23,770.49 Seller BuyerBased on Purchase Price of List Price: $2,900,000 Current YEAR 1

$ 3,000,000 $ 3,000,000

Base RentPad Rents 261,600$ 261,600$ Vacant Pads at Market Rents 46 Lots / 0 POH 112,860$ 112,860$

Gross Potential Rent Income (GPRI) 374,460$ 374,460$ Reimbursements

Water 48,000$ 48,000$ Total Expense Reimbursement 48,000$ 48,000$ GROSS POTENTIAL INCOME (GPI) 422,460$ 422,460$

VACANCY 37.70% 112,860$ 112,860$

EFFECTIVE GROSS INCOME (EGI) 309,600$ 309,600$ EXPENSES:

R/E TAX Land 9,797$ 11,757$ R/E TAX POH

INSURANCE Liability 1,250$ 1,500$ INSURANCE POHFLOOD INS Not in Flood Zone

MANAGEMENT PM @ 5% 7,200$ 15,480$ PAYROLL None

MAINTENANCE Park Only 4,860$ 5,100$ MAINTENANCE POH

WATER Billback, Fully wireless 50,000$ 52,896$ SEWER County SewerTRASH Included Dumpsters x 2 7,536$ 7,750$

ELECTRICTY General (Includes POH Setup) 2,952$ 1,200$ LANDSCAPE Manager and Tenant 2,796$ 3,300$

LEGAL 889$ 1,000$ LIC / PERMITS 500$

ROADS Private, paved, resealed 5/17 600$

TOTAL EXPENSES 87,280$ 101,083$

NOI------------------------------------------------------------------------------------ 222,320$ 208,517$

Carlyle MHC - 3178 Durham Rd., Roxboro, NC

INCOME & EXPENSE REPORT

CARLYLE MANUFACTURED HOME COMMUNITY | 5MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

RENT ROLLUnit Park Name Unit Address Unit Type Tenant Lot Rent Home Rent  Rent  Annual Rent1 Carlyle MHP 10 Austyn Lot Rent Teresa Tolentino 285$                  285$              3,420$                        2 Carlyle MHP 10 Bretts Lot Rent Imelda Bello-Perez 285$                  285$              3,420$                        3 Carlyle MHP 10 Carlyle Lot Rent William Miller 285$                  285$              3,420$                        4 Carlyle MHP 100 Austyn Lot Rent Rolando Castillo 285$                  285$              3,420$                        5 Carlyle MHP 100 Brittany Lot Rent Guillermina Lopez 285$                  285$              3,420$                        6 Carlyle MHP 101 Brocks Lot Rent Vanessa Palomera 285$                  285$              3,420$                        7 Carlyle MHP 102 Austyn Lot Rent Julie and Rolando Castillo 285$                  285$              3,420$                        8 Carlyle MHP 104 Brittany Vacant Lot VACANT ‐$               ‐$                             9 Carlyle MHP 105 Carlyle Vacant Lot VACANT ‐$               ‐$                             10 Carlyle MHP 106 Carlyle Lot Rent Inocencio Hernandez 285$                  285$              3,420$                        11 Carlyle MHP 108 Austyn Vacant Lot VACANT ‐$               ‐$                             12 Carlyle MHP 111 Austyn Vacant Lot VACANT ‐$               ‐$                             13 Carlyle MHP 115 Carlyle Lot Rent Edward Cora 285$                  285$              3,420$                        14 Carlyle MHP 116 Austyn Vacant Lot VACANT ‐$               ‐$                             15 Carlyle MHP 12 Brocks Lot Rent Rosalinda Castillo 285$                  285$              3,420$                        16 Carlyle MHP 12 Margies Lot Rent Beatriz Ortiz 285$                  285$              3,420$                        17 Carlyle MHP 120 Brittany RTO Mary Cash/Henry Dowdy 285$                  200$ 485$              5,820$                        18 Carlyle MHP 126 Austyn Vacant Lot VACANT ‐$               ‐$                             19 Carlyle MHP 129 Austyn Lot Rent Florencio Vazquez Alonzo 285$                  285$              3,420$                        20 Carlyle MHP 130 Brittany RTO Missing Name 285$                  200$ 485$              5,820$                        21 Carlyle MHP 136 Austyn Vacant Lot VACANT ‐$               ‐$                             22 Carlyle MHP 137 Brittany Lot Rent Brandy Denny 285$                  285$              3,420$                        23 Carlyle MHP 138 Brittany RTO Carlos Cortez 285$                  200$                        485$              5,820$                        24 Carlyle MHP 144 Austyn Lot Rent Jose Antonio Garibaldi-Garcia 285$                  285$              3,420$                        25 Carlyle MHP 147 Austyn Lot Rent Tina Luxton 285$                  285$              3,420$                        26 Carlyle MHP 151 Friendly Lot Rent Diana Gonzalez 285$                  285$              3,420$                        27 Carlyle MHP 154 Austyn Lot Rent Romelia Garcia-Morales 285$                  285$              3,420$                        28 Carlyle MHP 159 Friendly Lot Rent Maria Bella 285$                  285$              3,420$                        29 Carlyle MHP 16 Bretts Vacant Lot VACANT ‐$               ‐$                             30 Carlyle MHP 17 Margies Vacant Lot VACANT ‐$               ‐$                             31 Carlyle MHP 171 Friendly Lot Rent David Gray 285$                  285$              3,420$                        32 Carlyle MHP 177 Friendly Lot Rent Richard Caltigerone 285$                  285$              3,420$                        33 Carlyle MHP 19 Austyn Lot Rent Carlos Hernandez 285$                  285$              3,420$                        34 Carlyle MHP 191 Friendly Lot Rent Gregory Horton 285$                  285$              3,420$                        35 Carlyle MHP 215 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             36 Carlyle MHP 22 Bretts Lot Rent Robert Espino 285$                  285$              3,420$                        37 Carlyle MHP 22 Brocks Lot Rent Bertha Lidia Chavez 285$                  285$              3,420$                        38 Carlyle MHP 221 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             39 Carlyle MHP 236 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             40 Carlyle MHP 237 Friendly RV - Lot Rent Donald Wheaton 310$                  310$              3,720$                        

CARLYLE MANUFACTURED HOME COMMUNITY | 6MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

RENT ROLLUnit Park Name Unit Address Unit Type Tenant Lot Rent Home Rent  Rent  Annual Rent41 Carlyle MHP 240 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             42 Carlyle MHP 243 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             43 Carlyle MHP 244 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             44 Carlyle MHP 245 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             45 Carlyle MHP 247 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             46 Carlyle MHP 249 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             47 Carlyle MHP 250 Friendly RV - Vacant Lot VACANT ‐$               ‐$                             48 Carlyle MHP 26 Brittany Lot Rent Raul David Andrade-Gonzales 285$                  285$              3,420$                        49 Carlyle MHP 26 Carlyle RTO Thaddeus Williams 285$                  150$                        435$              5,220$                        50 Carlyle MHP 27 Austyn Lot Rent Amanda Oakley 285$                  285$              3,420$                        51 Carlyle MHP 28 Margies Vacant Lot VACANT ‐$               ‐$                             52 Carlyle MHP 29 Austyn Vacant Lot VACANT ‐$               ‐$                             53 Carlyle MHP 29 Brittany Vacant Lot VACANT ‐$               ‐$                             54 Carlyle MHP 30 Austyn Vacant Lot VACANT ‐$               ‐$                             55 Carlyle MHP 30 Bretts Lot Rent Marisa Calixto Tellez 285$                  285$              3,420$                        56 Carlyle MHP 31 Margies Lot Rent Brenda Franco 285$                  285$              3,420$                        57 Carlyle MHP 3178 Durham Rd SFH David Yarboro 400$                  -$ 400$              4,800$                        58 Carlyle MHP 34 Brittany Lot Rent Jose Guadalupe Davila 285$                  285$              3,420$                        59 Carlyle MHP 34 Carlyle RTO Jennifer Purdie 285$                  200$                        485$              5,820$                        60 Carlyle MHP 37 Austyn Vacant Lot VACANT ‐$               ‐$                             61 Carlyle MHP 37 Margies Lot Rent Whitney Camarillo 285$                  285$              3,420$                        62 Carlyle MHP 39 Bretts Vacant Lot VACANT ‐$               ‐$                             63 Carlyle MHP 40 Bretts Lot Rent Salvador Ramirez 285$                  285$              3,420$                        64 Carlyle MHP 41 Brittany Lot Rent Magdeliena Mejia 285$                  285$              3,420$                        65 Carlyle MHP 43 Brocks RTO Dennis Johns 285$                  200$                        485$              5,820$                        66 Carlyle MHP 44 Carlyle Lot Rent Mark Glenn 285$                  285$              3,420$                        67 Carlyle MHP 44 Margies Lot Rent Rosa Carmona 285$                  285$              3,420$                        68 Carlyle MHP 45 Austyn Vacant Lot VACANT ‐$               ‐$                             69 Carlyle MHP 45 Carlyle RTO Rick and Trenna McKinney 285$                  200$                        485$              5,820$                        70 Carlyle MHP 46 Austyn Lot Rent Norma Garcia-Cruz 285$                  285$              3,420$                        71 Carlyle MHP 46 Brittany RTO Salvador Ramirez 285$                  ‐$                         285$              3,420$                        72 Carlyle MHP 46 Brocks Vacant Lot VACANT ‐$               ‐$                             73 Carlyle MHP 47 Friendly Lot Rent Amy and Wanda Wilkerson 285$                  285$              3,420$                        74 Carlyle MHP 47 Margies Lot Rent Cesar Garduno 285$                  285$              3,420$                        75 Carlyle MHP 49 Bretts Lot Rent Rene Powell 285$                  285$              3,420$                        76 Carlyle MHP 50 Bretts Vacant Lot VACANT ‐$               ‐$                             77 Carlyle MHP 52 Carlyle Vacant Lot VACANT ‐$               ‐$                             78 Carlyle MHP 53 Brocks Vacant Lot VACANT ‐$               ‐$                             79 Carlyle MHP 54 Brittany Lot Rent Derrick Clayton 285$                  285$              3,420$                        80 Carlyle MHP 55 Austyn Lot Rent Eduardo Erasmo Segundo-Tole 285$                  285$              3,420$                        

CARLYLE MANUFACTURED HOME COMMUNITY | 7MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

RENT ROLLUnit Park Name Unit Address Unit Type Tenant Lot Rent Home Rent  Rent  Annual Rent81 Carlyle MHP 55 Bretts Vacant Lot VACANT ‐$               ‐$                             82 Carlyle MHP 55 Carlyle Lot Rent Jose Rafael Ortiz-Sanchez 285$                  285$              3,420$                        83 Carlyle MHP 55 Friendly Lot Rent David Yarboro 285$                  285$              3,420$                        84 Carlyle MHP 56 Brocks RTO Karen Holly 285$                  200$                        485$              5,820$                        85 Carlyle MHP 60 Bretts Vacant Lot VACANT ‐$               ‐$                             86 Carlyle MHP 62 Brittany Lot Rent Antonio Calixtro Merida 285$                  285$              3,420$                        87 Carlyle MHP 62 Carlyle Lot Rent Marcos Tolentino Avarado 285$                  285$              3,420$                        88 Carlyle MHP 63 Austyn Vacant Lot VACANT ‐$               ‐$                             89 Carlyle MHP 63 Brocks RTO Missing Name 285$                  200$                        485$              5,820$                        90 Carlyle MHP 64 Brocks Lot Rent Anna Gonzales 285$                  285$              3,420$                        91 Carlyle MHP 65 Carlyle Lot Rent Antonio Avarado 285$                  285$              3,420$                        92 Carlyle MHP 65 Friendly Vacant Lot VACANT ‐$               ‐$                             93 Carlyle MHP 66 Austyn Lot Rent Samuel Justo Islas 285$                  285$              3,420$                        94 Carlyle MHP 67 Bretts Lot Rent Anna K. Reyes Mora 285$                  285$              3,420$                        95 Carlyle MHP 68 Bretts Lot Rent Karina Martinez 285$                  285$              3,420$                        96 Carlyle MHP 70 Carlyle RTO Fernando Sosa 285$                  200$                        485$              5,820$                        97 Carlyle MHP 71 Austyn Vacant Lot VACANT ‐$               ‐$                             98 Carlyle MHP 71 Brocks RTO Missing Name 285$                  200$                        485$              5,820$                        99 Carlyle MHP 72 Brocks RTO Timothy Soloman 285$                  200$ 485$              5,820$                        100 Carlyle MHP 74 Brittany Lot Rent Helen Parker 285$                  285$              3,420$                        101 Carlyle MHP 75 Carlyle Vacant Lot VACANT ‐$               ‐$                             102 Carlyle MHP 75 Friendly RTO New Tenant 285$                  200$ 485$              5,820$                        103 Carlyle MHP 76 Bretts Vacant Lot VACANT ‐$               ‐$                             104 Carlyle MHP 77 Bretts Vacant Lot VACANT ‐$               ‐$                             105 Carlyle MHP 78 Brocks Lot Rent Roxanna Morales 285$                  285$              3,420$                        106 Carlyle MHP 78 Carlyle Vacant Lot VACANT ‐$               ‐$                             107 Carlyle MHP 79 Brocks RTO New Tenant 285$                  200$                        485$              5,820$                        108 Carlyle MHP 82 Austyn Vacant Lot VACANT ‐$               ‐$                             109 Carlyle MHP 82 Brittany RTO New Tenant 285$                  200$ 485$              5,820$                        110 Carlyle MHP 85 Bretts Lot Rent Jordan & Brittany Oliver 285$                  285$              3,420$                        111 Carlyle MHP 85 Carlyle RTO Francisco Mosqueda 285$                  450$                        735$              8,820$                        112 Carlyle MHP 85 Friendly Lot Rent Herbert Yarboro 285$                  285$              3,420$                        113 Carlyle MHP 86 Bretts Vacant Lot VACANT ‐$               ‐$                             114 Carlyle MHP 88 Carlyle Lot Rent Jose Rolando Medina Aguilera 285$                  285$              3,420$                        115 Carlyle MHP 89 Brittany Lot Rent Angelica Garcia 285$                  285$              3,420$                        116 Carlyle MHP 91 Brocks Vacant Lot VACANT ‐$               ‐$                             117 Carlyle MHP 92 Brittany RTO New Tenant 285$                  200$                        485$              5,820$                        118 Carlyle MHP 95 Carlyle Vacant Lot VACANT ‐$               ‐$                             119 Carlyle MHP 96 Austyn Lot Rent Liliana Judith Alonso-Cardenas 285$                  285$              3,420$                        120 Carlyle MHP 98 Brocks Vacant Lot VACANT ‐$               ‐$                             121 Carlyle MHP 98 Carlyle Vacant Lot VACANT ‐$               ‐$                             122 Carlyle MHP 99 Brocks Vacant Lot VACANT ‐$               ‐$                             

CARLYLE MANUFACTURED HOME COMMUNITY | 8MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

INVESTMENT HIGHLIGHTS

• 122 Lot Value-Add MHC• 17.8% Total Return• Located 25 Minutes from Durham, NC• Roads in Excellent Condition• Very Low Management Responsibilities• Brand New Wireless Bill-Back Water and Sewer Sub-metering• Large Lots• Mostly Lot Rent• 100% Pay-Lease Payment System (Minimal Cash Handling)

• Park could use landscaping improvements• Rent-to-own homes are older

KNOWN ISSUES

CARLYLE MANUFACTURED HOME COMMUNITY | 9MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

THE OFFERING

PROPERTY ADDRESS: 3178 Durham RoadRoxboro, NC 27573

COUNTY: Person

PARCEL NUMBER: 102 12

SITE DESCRIPTION

# OF PADS: 122 pads plusOne single family home

TOTAL LAND AREA: ± 17.75 acres

CURRENT OCCUPANCY: 63%

ZONING: B-1 Highway Business District

MECHANICAL

WATER: Wireless Bill-BackSewer Sub-metering

ELECTRIC: 100 / 200 AMP

PROPERTY DESCRIPTION

Carlyle MHC is located in Person County which combines the benefits of living and doing business in a rural setting with the economic and cultural opportunities afforded by regional North Carolina’s acclaimed Research Triangle Park and nearby cities Durham and Raleigh. Located in the heart of Person County, Roxboro is a small town teeming with history and heritage. Historic Roxboro is both a thriving business district and a center of community celebration. Home to special events such as the annual Personality festival, Rox ‘N’ Roll Cruise-In series, Jingle on Main and Music on Main, this Main Street America community exudes delightful southern charm and a genuine sense of community pride.

INFRASTRUCTURE Carlyle MHCNumber of MHP Spaces 110Number of RV Spaces 11

Number of Park‐Owned 0Vacant Pads 46

Number of RTO Contracts 18Single‐Wide Homes 76Double‐Wide Homes 0

Number of Lot Renters 57Single Family Homes 1

Road Type PavedFlood Plane NoTopography Flat

Parking Spaces 2/1Water City, Sub-Metered, BillbackSewer CityTrash Dumpsters

Mowing Responsibilities TenantOther Amenities N/A

CARLYLE MANUFACTURED HOME COMMUNITY | 10MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

LOT RENT: $285 per month plus water

PARK-OWNED HOMES: 18 POH with 18 RTO contracts

TOTAL PRICE: $2,900,000

DOWN PAYMENT: 25% / $725,000

TOTAL PADS: 122 pads plusOne single family home

PRICE PER PAD:(WITHOUT LEASE-OPTION HOMES)

$23,770

PARCEL SIZE: ± 17.75 acres

FINANCIAL OVERVIEW

CARLYLE MANUFACTURED HOME COMMUNITY | 11MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

AERIAL

CARLYLE MANUFACTURED HOME COMMUNITY | 12MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

DEMOGRAPHICS1 MILE 3 MILES 5 MILES

POPULATION

2022 PROJECTION 893 6,666 18,083

2017 ESTIMATE 896 6,613 17,852

2010 CENSUS POPULATION 857 6,733 17,608

HOUSEHOLDS

2022 HH PROJECTION 364 2,810 7,499

2017 HH ESTIMATE 359 2,742 7,273

2010 HH CENSUS 333 2,706 7,135

2017 ESTIMATED POPULATION BY RACE

WHITE 53.3% 56.6% 61.4%

BLACK OR AFRICAN AMERICAN 36.1% 36.5% 32.5%

OTHER 10.6% 6.9% 6.1%

INCOME

2017 ESTIMATED AVERAGE HH INCOME $41,705 $46,489 $45,643

2017 ESTIMATED MEDIAN HH INCOME $32,011 $38,126 $37,672

2017 ESTIMATED PER CAPITA INCOME $16,730 $19,346 $19,006

AGE

MEDIAN AGE 38.6 40.9 41.3

CARLYLE MANUFACTURED HOME COMMUNITY | 13MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

LOCATION, SCHOOLS, WALMART & MHP SUPPLY

CARLYLE MANUFACTURED HOME COMMUNITY | 14MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

COMPETITIVE RENT COMPSPHOTO PARK NAME

# OF PADS

LOT RENT

COMP DATE

CARLYLE MHPROXBORO, NCPERSON COUNTY

122 $285 2017

1BIRCHWOOD MHPDURHAM, NCORANGE COUNTY

100 $290 2017

2ACRES OF SPACE MOBILE HOMEKNIGHTDALE, NCWAKE COUNTY

124 $300 2017

3ROCKY TOP MH VILLAGEGRAHAM, NCALAMANCE COUNTY

110 $300 2017

CARLYLE MANUFACTURED HOME COMMUNITY | 15MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

Maxwell R. Baker joined Lee & Associates in 2014 as a commercial real estate broker specializing in purchasing and sellingmobile home communities in the Southeast. His family has been involved with mobile home parks for more than 15 years,and he has been a part of management, rehabilitation, and disposing mobile home parks since his family purchased theirfirst park. Max is also Founder and President of The MHP Broker offering mobile home park owners and investors brokerageservices, free mobile home park analyses, in-depth market research, and mobile home park financing consultation.

In 2014 and 2015, Max completed approximately 80% of all Georgia manufactured home community transactions andhas also closed transactions in other Southeast states including Tennessee, Alabama, North Carolina, South Carolinaand Florida. Max's core competencies include structuring and negotiating complicated transactions, owner financing,research and outsourcing, and his "deal-making" capabilities.

Max, along with his expert team of researchers, compile and maintain the industryÕs most comprehensive database ofmobile home community data in the Southeast. Max and The MHP Broker are recognized as a trusted advisor in this rapidlygrowing multifamily, affordable housing sector.

¥ Georgia State University - B.A. Real Estate¥ United States Marine Corps

¥ Atlanta Commercial Board of Realtors¥ Real Estate Broker - Georgia¥ Georgia Manufactured Housing Association (GMHA) member¥ Southeast Community Owners (SECO) member

Biography

Education

Memberships & Associations

3500 Lenox RoadSuite 200Atlanta, GA 30326

T 404.442.2807mbaker@leeatlanta.com

Partial Client ListBeal BankColony CapitalMarket Street CapitalAffordable Housing Communities Inc. Capital Square Holdings LLCThe Reach GroupMidland Loan ServicesHartman Wright Group, LLC Affordable Communities Group, LLC

PrincipalMAXWELL BAKER

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - MAXWELL BAKER

ADVISOR BIOS| 16MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

Glenn Esterson is a Senior Director with Lee & Associates, specializing in investment grade mobile home communities.During his fifteen years in the commercial real estate business, Mr. Esterson has successfully owned and operated mobilehome parks as well as assisting his clients in the sales, leasing and management of mobile home communities throughoutthe southeastern U.S. markets.

Early in his career, Mr. Esterson was working on apartment sales, condo-conversions and property management. Fromthere, Mr. Esterson transitioned into investment sales of multi-tenanted small business parks throughout the Southeast andmid-Atlantic. He and his team has transacted in nearly every southeastern state and holds multiple real estate licenses.

Mr. Esterson works exclusively with private investors as their primary real estate investment advisor for their acquisition anddisposition needs. Mr. Esterson provides clients with expertise in asset management, portfolio analysis, site selection, leaseadvisory and consulting. Mr. Esterson has executed over 200 sale or lease transactions over his career with a transactionalvolume in excess of $100 million.

¥ 2016-Present Lee & Associates, Atlanta - Senior Director Mobile Home Communities¥ 2013-2016 Marcus & Millichap, National Office & Industrial Properties Group¥ 2003-2013 Esterson Management Solutions, Inc. Ð Founding Member¥ 2001-2005 American Commercial Properties, Director of Multi-Family Investment

¥ Sierra Nevada CollegeBachelor of Arts

Profile

Experience

Education

3500 Lenox RoadSuite 200Atlanta, GA 30326

T 404.442.2825C 423.483.0492gesterson@lee-associates.com

Senior DirectorGLENN ESTERSON

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - GLENN ESTERSON

ADVISOR BIOS| 17MAXWELL BAKER/404-442-2807/MBAKER@LEEATLANTA.COMGLENN ESTERSON/423-483-0492/GESTERSON@LEEATLANTA.COM

The information contained in this Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Lee & Associates and should not be made available to any other person or entity without the written consent of Lee & Associates. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Lee & Associates has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Lee & Associates has not verified, and will not verify, any of the information contained herein, nor has Lee & Associates conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICELee & Associates is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Lee & Associates, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Lee & Associates, and is solely included for the purpose of providing tenant lessee information.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LEE & ASSOCIATES AGENT FOR MORE DETAILS.

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MAXWELL BAKER / PRINCIPALPHONE: 404.442.2807 | mbaker@leeatlanta.comLEE & ASSOCIATES | ATLANTA 3500 LENOX ROAD, SUITE 200 | ATLANTA, GA 30326