TRAIL-R-INN MHC. Manufactured Housing Group SITE. MIKE NISSLEY T

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1 Manufactured Housing Group 85 SITE 75 KROGER CONNELL AVE SW METROPOLITAN PKWY SW CLEVELAND AVE For information, contact: MIKE NISSLEY T

2 Breakdown Purchase Price $2,432,000 Cap Rate 8% Lot Rent $330 FORT McPHERSON REDEVELOPMENT AREA HIFI BUYS Spaces 80 $/Space $30,400 AUTO AUCTION Acres 7.8 ( ) Occupancy 90% $/Acre $311,794 $/Sq Ft $7.16 EASTPOINT KROGER SITE 2007 Taxes $16,656 Investment Considerations Access to both I - 85 and I - 75 Close to Hartsfield-Jackson Atlanta International Airport Many trees around and throughout the property Close proximity to downtown Atlanta Many major retailers nearby including Kroger and Kmart shopping centers Eckerds and CVS nearby Several schools in the trade area Great access to public transportation including the Marta station Lakewood/Ft. McPherson and the Oakland City station. Great visibility off Interstate 85 with traffic counts over 220,000 New water lines w/meters Lift station with 2 pumps - 1 is new, 1 backup and 1 extra 85 HARTSFIELD-JACKSON ATLANTA INTERNATIONAL AIRPORT 75 FORD PLANT REDEVELOPMENT AREA MANUFACTURED HOUSING GROUP

3 TRAIL-R-INN MHC Introduction Sprawling across 28 counties, the metropolitan Atlanta area has a population of more than 5.1 million and is the ninth largest Metropolitan Statistical Area (MSA) in the United States. Outgrowing its position as the regional capital of the Southeast in the 1990s, Atlanta became recognized as one of the leading international cities for business. Younger, wealthier and better educated than the national average, Atlantan s are a median age of 34 years, have a median household income of $76,961, and nearly 20 percent of those 25 and older attended at least some college. Median household income grew almost 20percent from According to the 2006 World Wealth Report, Atlanta was the fastest growing millionaire city. Roughly 64,000 households in the Atlanta MSA are millionaire households, the ninth largest millionaire population in the country. Metro Atlanta has attracted more job-seeking newcomers than any other area in the last decade, and with all that Atlanta has to offer, it s no wonder! Opening in vember 2005, the Georgia Aquarium brought in 3.6 million visitors during its first year. In mid-may 2007, the World of Coca-cola will reopen in a new location double its current size and will attract as many as 1.5 million visitors each year. Other metro Atlanta attractions include Atlantic Station, Underground Atlanta, and the Imagine IT! Children s Museum of Atlanta. Atlanta has been ranked in the top five Convention and Tourist Destinations. Economy Atlanta s economy is very diverse, with a high concentration of trade and service employment, and a relatively low percentage of manufacturing jobs. The presence of Georgia Tech and the CDC make Atlanta a magnet for technology and biotech industries, while a strong state and national government presence helps to insulate Atlanta from problems in any single industry. Atlanta s industry mix is its greatest economic strength. The government employs more than 13 percent of the Atlanta workforce. Out of the top 15 employers in Atlanta, the largest employer, Gwinnett County Public Schools with 27,297 employees, and five others are government employers. Atlanta s employment base grew during the past 15 years by more than 30 percent to the current total of more than 3.1 million jobs. Construction 5.70% Financial Activities 6.70% Other Services 4.10% Government 13.20% Leisure & Hospitality 9.30% Information 3.80% Professional & Business Services 16.60% Manufacturing 7.60% Educational & Health Serice 9.90% T.T.U % Natural Resources & Mining 0.10% Metro Atlanta Headquartered Fortune 500 Corporations 13 (Revenue in millions) 1. The Home Depot Revenue: $ Rank: UPS Revenue: $47, Rank: 43 3.The Coca-Cola Company Revenue: $24, Rank: Coca-Cola Enterprises Revenue: $19, Rank: Delta Air Lines Revenue: $17, Rank: Southern Company Revenue: $14, Rank: 168 w recognized around the world as one of the world s top cities for business, Atlanta s national and international business strength can be characterized in the following statement made by the Atlanta Chamber of Commerce: Every time you sip a Coca- Cola, send a package via UPS, bunk down overnight at Holiday Inn, board a Delta Airlines plane, buy paint at Home Depot, get your credit rating checked by Equifax, dry your hands with a Brawny paper towel, make a call on your Cingular phone, or watch the news as it happens on Cable News Network (CNN) on your Philips television, you re doing business with Atlanta. For the sixth year in a row, Atlanta ranked third in the nation among cities with the most FORTUNE 500 headquarters, according to FORTUNE magazine released April 30, Twenty-two companies headquartered in metro Atlanta are ranked among the latest FORTUNE 1,000 companies, with 13 among the FORTUNE 500. Metro Atlanta s FORTUNE 1,000 companies generated $287.2 billion in sales revenue in 2007, and more than $14.5 billion in profit among the area s FORTUNE 500. More than 70 percent of all FORTUNE 1,000 companies have a presence in metro Atlanta. Since 1990, more than 300 companies have relocated their U.S. or regional headquarters to Atlanta, including Holiday Inn Worldwide, UPS, Saab Cars, Mitsubishi Electronics, WorldSpan Travel, Hitachi Home Electronics, C.A.R.E., Newell Rubbermaid, Rayovac and Philips Consumer Electronics. In January 2005, Expansion Magazine ranked Atlanta as the Number One hottest city for relocations and expansions. Atlanta is the also nation s Number Three location of choice for America s top businesses. More than 2,000 companies relocated and/or expanded into the area during the past decade, including more than 400 international companies. Low Cost of Living 7. SunTrust Banks Revenue: $13, Rank: Genuine Parks Revenue: $$10, Rank: Newell Rubbermaid Revenue: $6, Rank: Beazer Homes USA Revenue: $5, Rank: AGCO Revenue: $5, Rank: BlueLinx Holdings Revenue: $4, Rank: Mirant Revenue: $4, Rank: 474 Georgia Fortune 500 Companies Outside of Metro Atlanta AFLAC Revenue: $14, Rank: 164 Columbus, GA Mohawk Industries Revenue: $7, Rank: 304 Calhoun, GA Atlanta s low cost of living combined with some of the lowest operating costs in the nation make Atlanta an ideal place to both work and live. Georgia s corporate tax rate is only six percent and has remained stable at this level for more than 25 years. The city s strong economic prospects and overall positive quality of life factors continue to drive in-migration and population growth. $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 Median Household Income Gains Located at only a three-hour drive from the Appalachian $0 Mountains of rth Georgia, rth Carolina and Tennessee, and only a five-hour drive from the beaches of Hilton Head, South 2000 Source: ESRI, Carolina; Savannah and St. Simons, Georgia; and the Destin-Panama City area of the Florida panhandle, Atlanta combines the advantage of a thriving metropolitan city with the charm, hospitality and beauty of the South. $51,657 $61,142 $75,015 U.S. Atlanta

4 TRAIL-R-INN MHC Education Atlanta has more than 40 fields of study. Atlanta-area senior colleges, universities and technical colleges have a combined enrollment of more than 130,000 students. The metro area s five largest area universities with enrollments exceeding 10,000 are Georgia State University and the Georgia Institute of Technology, located downtown, Emory University and Georgia Perimeter College in DeKalb County, and Kennesaw State University in Cobb County. This academic concentration helps make Atlanta one of the country s richest areas in top-level talent. The University of Georgia in Athens also operates Buckhead area and Gwinnett County campuses. Georgia State University is a leading urban research university that features six academic colleges, flexible class hours and an enrollment of more than 24,000. The J. Mack Robinson College of Business Administration, with more than 2,000 students, is Atlanta s largest. Top graduate programs ranked in U.S. News & World Report include: undergraduate risk management and insurance (second), part time MBA (seventh), and graduate level MIS (eighth). The university has an undergraduate enrollment of 26,134, and the annual tuition for in state students is $4,496. Georgia Institute of Technology, the center of emerging technologies for the Southeast, also generates technology transfers and fosters high-tech start-ups at its Advanced Technology Development Center. Rankings include: U.S. News & World Report, nineth among all public universities, first in undergraduate and graduate industrial engineering, fourth in graduate level aerospace engineering, sicth in undergraduate computer engineering, fifth and second in graduate level civil and biomedical engineering respectively; in Business Week, DuPree College of Management is 11th; in Computerworld, Tech s technology education programs rank seventh. Undergraduate enrollment for Georgia Institute of Technology totals 12,360, and the annual tuition for in state students is $4,926. Atlanta University Center is the nation s largest consortium of historically African-American private colleges. The best-known of its colleges are: Clark Atlanta University, the only private, historically black college or university (HBCU) nationally classified a Research/Doctoral-Intensive institution. Morehouse College, the nation s largest private, liberal arts HBCU for men. Spelman College, the largest women s college in Georgia, has ranked fifth in Money magazine s Best College Buys for its value. Spelman has an undergraduate enrollment of 13,000 students. Emory University is recognized as one of the top universities in the nation. Rated 18th by U.S. News and World Report among national universities offering a doctorate, Emory also consistently ranks among the best in several specialty areas. Its business school, marketing and management programs at the undergraduate level are all highly rated by U.S. News, and the medical school is rated 19th. The Goizueta Business School s full-time MBA program was recently ranked 21st by U.S. News and World Report. Emory s undergraduate enrollment totals 11,398 with an annul tuition of $32,100. ACVB and Meeting and Convention Facilities As one of the top convention cities in the United Sates, Atlanta attracts some of the largest meetings and trade shows in the nation. The Georgia World Congress Center, located in downtown Atlanta, is ranked as a top-five convention center in the U.S. Owned and operated by the State of Georgia, the facility contains a total of 2.5 million square feet of exhibition and meeting space. The additional meeting space at the Georgia Dome, Atlanta Merchandise Mart, Apparel Mart, Inforum, and Phillips Arena compliments Atlanta s downtown convention package. More than 3,000 conventions were booked through the Atlanta Convention and Visitors Bureau in 2006 including a record 19 groups with more than 5,000 peak night hotel rooms. The ACVB 2007 room night goal is approximately two million room nights. Convention statistics appear strong for the next several years based on current booking patterns provided by the Atlanta CVB. The Georgia International Conference Center is adjacent to Hartsfield-Jackson International Airport and located at the juncture of three major interstate highways: I-75, I-85, and I-20. The Center includes 2,000 surface parking spaces and 49 acres of landscaped green space. The center is located within a ten minute ride to downtown, or a walk to College Park shops and restaurants. The GICC reflects the latest advances in convention center function and performance. For more than 25 years, the Georgia World Congress Center has been renowned across the world as a premier convention and meeting facility. During the past two decades, the center has continued to grow and today is one of the world s finest convention, sports and entertainment sites. In addition to the 71,250-seat Georgia Dome and 21-acre Centennial Olympic Park, the Georgia World Congress Center encompasses 1.4 million square feet of prime exhibit space in 12 exhibit halls, 106 meeting rooms, two grand ballrooms, three fixed-seat auditoriums and three landscaped plazas. Cobb Galleria Centre has garnered national recognition as one of the leading convention centers, hosting more than 15,000 events and catering to millions of guests. The state-of-the-art venue delivers superior service and amenities within the 88-acre beautifully landscaped Galleria complex, conveniently located in prestigious rthwest Atlanta. Tourism The Atlanta MSA attracts approximately 19 million visitors a year, offering a range of attractions that appeal to a variety of interests. Attractions include Civil War and Civil Rights cultural and historical centers, amusement parks, museums, shopping, and nightclubs. Atlanta s most visited attractions include Underground Atlanta, CNN Center, Stone Mountain Memorial Park, Zoo Atlanta, Centennial Olympic Park, Six Flags Over Georgia, The World

5 TRAIL-R-INN MHC of Coca Cola and The Martin Luther King, Jr. Historical Site and Center for nviolent Social Change. Stone Mountain Memorial Park, approximately 30 miles east of the city, offers 3,200 acres of trails, Civil War exhibits, train routes, lakes and gardens surrounding one of the world s largest pieces of exposed granite. The $200 million Georgia Aquarium opened in downtown adjacent to Centennial Olympic Park in vember It contains approximately five million gallons of freshwater and saltwater exhibits, making it one of the largest aquariums in the world. Attendance at the aquarium reached an unexpected 3.5 million people in The new, $100 million World of Coca-Cola museum opened in May 2007 and contains the largest collection of memorabilia of the world s most popular soft drink. Attendance is anticipated to reach approximately 1,200,000 people. The 92,000-square foot-attraction is located downtown, adjacent to the Georgia Aquarium and Centennial Olympic Park. Underground Atlanta consists of twelve acres and offers dining, entertainment, and shopping for downtown visitors and had more than five million attendees in It has been undergoing new development and strategy to revitalize the area. Atlanta is also a Mecca of sporting activity. Downtown Atlanta is home to professional football, baseball, men s and women s basketball and hockey franchises. The 22,000-seat Philips Arena opened in 1999 and is home to the Atlanta Hawks basketball team, and is used for a variety of other venues. The NCAA men s basketball Final Four tournament games were held in the Philips Arena in 2004 and 2007, with approximately 75,000 spectators. The Georgia Dome has a total capacity for 71,500 people and was opened in August, It is home to the Atlanta Falcons football team and was the site for Super bowl XXVII and Super bowl XXXIV in The Dome also hosted gymnastics, basketball and the finals of team handball during the 1996 Centennial Olympic Games. The Major League Baseball Braves franchise moved to Turner Field in the 1997 season. The Braves play 82 regular season home games with a maximum seating capacity of more than 49,000 in Turner Field. Because of the success of the Atlanta Braves, Turner Field has hosted many playoff games for a number of seasons. The Atlanta Thrashers hockey team plays at Phillips Arena and the Gwinnett Gladiators minor league hockey team plays at Gwinnett Arena. Professional golf tournaments held in Atlanta include the AT&T Classic held at the TPC Sugarloaf every year in the spring. The Fox Theater, located on Peachtree Street in midtown attracted almost 700,000 people in The Fox Theater is a fully restored 1929 Movie Palace. It has 4,678 seats and is used as a multiple purpose facility, including the showing of Broadway shows, ballet, symphonies, Rock & Roll concerts, movies and private corporate events. Transportation Road and Rail Network Georgia has the largest highway system in the South, containing 1,244 miles of interstate highways and 18,000 miles of designated federal and state highways. One of the few U.S. cities with three major interstate highways converging near the Central Business District, Atlanta is a hub for regional commerce and distribution. More than 5,400 miles of railroad track link Atlanta with the rest of Georgia and the Southeast, emphasizing the city s importance as a hub for the region. Mass Transit With nearly 1,600 miles of coverage, the Metropolitan Atlanta Rapid Transit Authority (MARTA) has been recognized as one of the cleanest and best-run public rapid rail and bus systems in the United States. The Georgia Regional Transportation Authority (GRTA) also provides bus and rail service throughout Fulton and DeKalb counties. In addition, Cobb Community Transit operates eight local bus routes that connect to the MARTA Arts Center Station for access to Atlanta s northwestern suburbs. Clayton County Transit system (C-TRAN) now operates two routes originating from MARTA at Hartsfield airport. In 2001, Gwinnett County launched a public transportation system that includes six bus routes along the I-85 corridor, linking into the MARTA system at the Doraville station. Air Service Hartsfield-Jackson Atlanta International Airport is the nation s busiest international airport, serving more than 84.8 million passengers in More than 1,200 flights leave from Hartsfield-Jackson Atlanta International Airport on an average day, and approximately 500 nonstop flights serve 40 international destinations weekly. With flying times of less than two hours to 80 percent of the U.S. population, and more flights to more destinations, both domestic and international, the airport has earned the nickname Gateway to the World. Port System Additional major container shipping locations are in the coastal cities of Savannah and Brunswick as well as the inland cities of Bainbridge and Columbus, located on the Flint and Chattahoochee Rivers respectively. The Port of Savannah alone services 12 major distribution centers, moving more than 300,000 containers annually through more than nine million square feet of warehousing.

6 Financial Overview Purchase Price $2,432,000 Spaces 80 $/Space $30,400 Current GRM (monthly) 89 Current CAP Rate 8% $/Acre $311,794 $/Sq Ft $7.16 Annualized Operating Data Scheduled Gross Income $328,958 Less Expenses $135,680 Net Operating Income $193,278 Proposed Financing Loan Balance: $1,700,000 Amortization: 20 years 10 year term with 9 years remaining Assume 1.5% 6.5% rate Monthly Payment: $11,479 Home Income $1,900 per month income from 11 notes MANUFACTURED HOUSING GROUP

7 Scheduled Income # Spaces Monthly Income Lot Rent $330 5 Contract Home Income $200 6 Contract Home Income $150 0 Vacant/n-performing $0 Total Scheduled Rent 100% Late Fees ($30 each) $690 Monthly Laundry $235 Monthly Schedule Gross Income $26,400 Annual Scheduled Gross Income $328,958 Estimated 2007 Expenses Taxes - Tax Rate:2007 $16,656 Resident Manager $18,600 Insurance $5,916 Utilities $7,049 Maintenance & Repairs $5,005 Security $12,000 Landscaping $6,100 Electricity $7,049 Plumbing $7,192 Total Expenses $135,680 Upside Increase rents Increase occupancy Pass through expenses Future change of use/development of property MANUFACTURED HOUSING GROUP

8 Property Information Year Built Flood Plain All Municipal Utilities School District Distance to Shopping Community Location 1960s Yes Yes City of Atlanta 0.3 miles South Fulton County/ City Of Atlanta/Urban Community Features Swimming Pool Clubhouse Recreational Facilities Playground Sidewalks Street Type Parking Available Paved On street. of Vehicles 1 Community Density Other +/- 10 acre Easy Highway access to I-85 and I-75 Tenant Policies Resident age restriction Rent Control Written rules and regulations Subleasing allowed Home re-sale instructions Yes Yes New tenants must be approved by office MANUFACTURED HOUSING GROUP

9 Home Characteristics Homes Pre-Hud 90% Homes % Homes % Homes Double 0% Homes Single 100% Major Skirting Type Aluminum Homes Skirted? Yes Site History 8/15/07 1/12/07 1/1/06 1/1/05 Average Site Rent $330 $330 $320 $320 Total sites Vacant sites Under Development Rentals Unoccupied sites 5 Billboards 3 billboards on the property t included in sale Traffic count 220,000 vehicles per day on I-85 Manufactured Housing MANUFACTURED HOUSING GROUP Group

10 TRAIL-R-INN Manufactured Housing Group Driving Distances Location Distance (mi) Turner Field 3.7 Downtown Atlanta & Capital Building 4.0 Public Transportation Bus stop 0.1 Eastpoint 2.56 Lakewood/ Ft. McPherson Marta Station 3.38 Oakland City Marta Station 4.56 Schools Emma Hutchinson Elementary School 0.4 Tri-Cities High School 2.1 Airports Hartsfield-Jackson Atlanta International Airport 5.2 Grocery/Retail Kroger 0.3 Blockbuster 0.3 Athlete s Foot 0.3 BOA 0.3 Burger King 0.3 Wahington Mutual 0.3 Big Lots 0.3 TRAIL-R-INN JC Market 0.4 K-Mart 0.65 For information, contact: MIKE NISSLEY mike.nissley@cbre.com T CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Printed 04/2008 HOU BRO.