EL ADOBE MHC 825 NORTH LAMB BLVD LAS VEGAS, NV For a video tour of El Adobe, please visit:

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1 EL ADOBE MHC 825 NORTH LAMB BLVD LAS VEGAS, NV 8911 For a video tour of El Adobe, please visit:

2 EL ADOBE Price : TBD by Market Terms: All Cash ADDRESS COUNTY SITE INFORMATION 825 N Lamb Blvd, NV 8911 Clark TAX PARCEL ID SITES 367 INVENTORY HOMES 23 (3 vacant & 1 employee) YEAR BUILT 1973 COMMUNITY TYPE All Age COMBINED LAND SIZE 36. acres DENSITY 1.8 sites / acre MH PHYSICAL OCC. 6.5% (169 sites as of Jan ) MH ECONOMIC OCC..96% (165 sites as of Jan ) AVERAGE RENT $573 (Base rent only) LAST RENT INCREASE $13 (Jan ) ROADS Asphalt FLOODPLAIN Partial Zone X (See FEMA map) INVESTMENT HIGHLIGHTS Tremendous opportunity to acquire a community larger than 3 sites in an MSA with a population of nearly two million. According to the 21 JLT Report, El Adobe is operating at occupancy levels that are almost half of the market average, creating a terrific opportunity for a buyer that will bring in homes proactively to fill sites. Once park achieves higher occupancy it should qualify for an attractive, non-recourse loan at historically low rates. Neighboring parks were very successful in 21 adding newer 3 bed/2 bath homes under LPO or rental structures at a price point of around $795 per month. Municipal water and sewer service are already in place at the community. Unique setting of mature trees with an excellent amenity package including sparkling pool, community center, playground and picnic areas. ZONING WATER SEWER ELECTRICITY GAS Residential Mobile / Manufactured Home Park (R-MHP) UTILITIES City of (Owner bills residents) City of (Owner bills residents) Nevada Power (Direct billed to resident) Southwest Gas (Direct billed to resident) AREA HIGHLIGHTS Statewide unemployment continues to drop (now at around 7.1%) such that the expectation is Nevada will reach its pre-recession employment peak in about two years. This is driven by the building/construction industry with big projects such as the Genting Group s Resorts World nearby on the Strip. El Adobe 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 five miles from Downtown as well as the North end of the Strip. Several major development projects are in the works: the $ billion Resorts World project, a 3,-room resort and the first megaresort to come to the Strip in almost seven years; the $2.3 billion Global Business District project, a refurbishment of the Las Vegas Convention Center that would include a transportation hub and home for the World Trade Center; and the $375 million MGM/AEG Arena, a 22,-seat stadium. Easy access to several major thoroughfares including Interstate 5 and E. Washington Ave., which leads to Blvd. and 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 top brand stores in a 5, sf facility. El Adobe is also located near numerous attractions and golf courses including the Natural History Museum, Desert Pines, and Sunrise Vista Golf Course.

3 EL ADOBE FINANCIAL ANALYSIS Financial Analysis INCOME 2 Gross Scheduled Rent Gross Potential Income Actuals $1,28, Actuals 21 Actuals $1,28,58 $858,32 $858,32 $92,179 $92,179 Budget $1,16,8 $1,16,8 Assumptions Less: Vacancy.%.%.%.% 53.95% Less: Vacant Inventory.%.%.%.%.82% Less: Employee/Model.%.%.%.%.27% Less: Bad Debt.%.%.%.% 1.% Less: Concessions.%.6% 5,5.83% 7,5 2.1% 232, % Total Rental Income 1.% $1,28, % $852, % $89, % $927, % Plus: Utility Income 18 67, ,72 55, , 5 Plus: Other Income 65 23, ,233 16, ,8 5 Plus MH Rent Income 5 1,855-3 (959) 7 2,59 8 Total Other Income 25 93, , , ,8 28 Effective Gross Income $1,121,899 $925,817 $968,67 $995,725 Proforma $2,522,928 $2,522,928 1,361,1 2,623 6,87 25,229 3,77 $955,31 56,89 16,671 2,755 76,275 $1,31,585 EXPENSES per site Actuals per site Actual Exp per site Actual Exp per site Actual Exp per site Proforma Exp Repairs & Maintenance $51 18,622 $19 $,127 $3 $111,619 $253 $92,68 $25 $91,75 Payroll , , , , ,5 Administrative 93 3, , , ,7 1 36,7 Marketing ,835 Professional Fees 1, , , ,8 7 25,69 6 Utilities Electricity 5 19, , , ,2 5 19,757 Water & Sewer , , , , ,182 Gas 3 1,5 1,9 1,519 1,56 1,565 Trash 16 38, , , ,6 2 55,738 Total Variable Expenses $1,31 $378,37 $1,1 $18,5 $1,35 $96,795 $1,2 $55,259 $1,27 $67,667 7 Taxes 2 55, , , ,6 56,385 8 Other Tax 5 16, , , , ,987 Insurance 5 16, , , , 5 18,35 Management Fee 5.% 56,95 5.3% 6, % 51,6.9% 9,2.% 1,263 Total Operating Expenses $1,26 $523,333 $1,97 $59,39 $1,722 $632,13 $1,67 $589,77 $1,623 $595,652 9 Plus: Capital Reserves 5 18,35 Total Expenses $1,26 $523,333 $1,97 $59,39 $1,722 $632,13 $1,67 $589,77 $1,673 $61,2 NET OPERATING INCOME $598,567 $376,378 $336,73 $5,955 $17,583 UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client 2. Proforma GSR = $573 x 367 sites x 12 months 3. Proforma Vacancy assumes move-in of one tenant into a vacant home. Proforma concessions do not include vacant inv. or employee home 5. Utility & Other Income grown 3% from Adjusted Utilities grown 3% from 21; Water and Sewer expense includes charges on vacant lots, which are currently being challenged by the property owner 7. Proforma Taxes = 21 Taxes Grown 5% 8. Other Tax grown 3% from Numbers do not reflect actual expense

4 EL ADOBE MAP & DEMOGRAPHICS Shadow Creek Golf Course Nellis Air Force Base SPRING MOUNTAIN RANCH STATE PARK NORTH LAS VEGAS AIRPORT 57 NORTH LAS VEGAS 17 SUNRISE MANOR SPRING MOUNTAIN RANCH STATE PARK SUMMERLIN SOUTH Spanish Trail Country Club SPRING VALLEY LAS VEGAS STRIP LAS VEGAS 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 HENDERS DEMOGRAPHIC INFORMATION 1 mile 3 mile 5 mile Population Estimate 33,69 226,212 39,13 22 Population Projection 33, ,27 5,183 Population Growth Estimate % 1.35% 2.52% Population Growth % -.7% 1.3% Population Growth %.21% 8.98% Renter Occupied Percentage 52.68% 5.96% 52.66% Owner Occupied Percentage 7.32% 9.% 7.3% Est. Average Family Household Income $1,373 $3,267 $5,58 Est. Median Owner-Occupied Housing Value $83,253 $17,73 $121,68 Source: Claritas, Inc.

5 E L AD OBE L O C A T IO N A E R IA L N LAMB BLVD E WASHINGTON AVE Premium Oulets - North NM AIN ST 579 Country Club RIP Riviera LA SV EG AS ST Sunrise Hospital & Medical Center Convention Center 589 S LAMB BLVD Circus Circus S EASTERN AVE SL E SAHARA AVE SLS Las Vegas E ST LOUIS AVE 9 ST Stratosphere E CHARLESTON BLVD 9 T N O EM FR Desert Pines AS V EG A University Medical Center DOWNTOWN LAS VEGAS S MARYLAND PKWY SB LV D Horizon Specialty Hospital E BONANZA RD E DESERT INN RD The Wynn Wynn The Palazzo 5 Nat. Golf Course The Venetian 592 E FLAMINGO RD LAS VEGAS STRIP Bringing in $6.5 billion of gaming revenue in 213, the Strip is internationally recognized for its casino destinations. Home to the iconic Welcome to Fabulous sign, Tropicana, the Riviera, the Wynn, and numerous other attractions. LAS VEGAS NORTH PREMIUM OUTLETS Recently remodeled in 211, the Outlets boast 35, square feet of space housing retailers such as Armani Exchange, Gap Factory Store, Perry Ellis and Nike Factory Store. Construction to add 3 new stores including Saks Fifth Avenue, and 78 parking spaces started in May 213. UNIVERSITY OF NEVADA - LAS VEGAS Enrollment of 28,5 and offers over 12 fields of undergraduate study. Highly ranked by U.S. News & World Report in Legal Writing (#3), Online Graduate Nursing (#6) and Fine Arts (#9).

6 N LAMB BLVD N LAMB BLVD E WASHINGTON AVE For a video tour of El Adobe, please visit: Information for El Adobe is available on our website at: 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. PRIMARY CONTACTS: 91 S MoPac Expressway Barton Oaks Plaza II Suite 275 Austin, TX ARA. All Rights Reserved Todd Fletcher tfletcher@arausa.com T PRIMARY LAS VEGAS CONTACT: Doug Schuster Newmark Grubb Knight Frank dschuster@ngkf.com T ext 273 Andrew Shih ashih@arausa.com T Jon Shay jshay@arausa.com T RELATIONSHIPS THAT DELIVER RESULTS.