OFFERING MEMORANDUM

KEMAH SUMMER BREEZE RV RESORT 99 SITES | ±6.5 ACRES IN GALVESTON COUNTY, TX Kemah,

©2017 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. SALE PRICE:

$4,300,000 ($43,434/lot)

CONFIDENTIALITY OFFERING CONTACT US & DISCLAIMER PROCEDURE

Colliers International South Florida, LLC 200 E Broward Blvd, Suite 120 STATEMENT Offers should be submitted in the form of a standard non- Fort Lauderdale, FL 33301 binding Letter of Intent, which can be found on the Colliers International Document Center, and must specify +1 561 353 3635 Intended solely for your own limited use to determine whether the following: you wish to express any further interest in the Property. This confidential memorandum contains brief, selected information • Price (Call for pricing guidance) colliers.com/ManufacturedHousing pertaining to the business and affairs of the Property and has • Length of Inspection Period been prepared by Colliers International South Florida, LLC, • Length of Closing Period primarily from information supplied by the Owner. Although this • Amount of earnest money deposit at execution of a confidential memorandum has been reviewed by representatives Purchase and Sale Contract of the Owner, it does not propose to be all-inclusive, nor does it • Amount of additional deposit upon expiration of contain all the information which a prospective purchaser may Inspection Period require or desire. Neither the Owner, nor any of its officers, directors, employees or agents, nor Colliers International South Florida, LLC, makes any representation or warranty, expressed or MICHAEL J. NISSLEY implied, as to the accuracy or completeness of this confidential National Director memorandum or any of its contents, and no legal liability is Manufactured Housing & RV Group assumed or is to be implied by any of the aforementioned with +1 561 479 1588 respect thereto. Prospective offers are advised to verify the [email protected] information independently. The Owner reserves the right to change the price or any information in this Memorandum, or to withdraw the Property from the market at any time, without HEATHER BLANKENSHIP notice. This confidential memorandum shall not be deemed an Director, RV Business Development indication of the state of affairs of the Property or the Owner, nor Manufactured Housing & RV Group shall it constitute an indication that there has been no change in +1 865 456 4047 the business or affairs of the Property or the Owner since the date [email protected] of preparation of this memorandum. By your receipt of this confidential memorandum, you agree that the information contained herein is of a confidential nature and you will not disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Colliers International South Florida, LLC. KEMAH BOARDWALK

TABLE OF CONTENTS

EXECUTIVE SUMMARY INVESTMENT SUMMARY PORTFOLIO FINANCIAL ANALYIS

PAGE PAGE PAGE 04 06 07

LEASE UP ANALYSIS MARKET OVERVIEWS DEMOGRAPHICS

PAGE PAGE PAGE 10 11 14

RENT COMPARABLES DIGITAL ANALYSIS MANUFACTURED HOUSING & RV GROUP

PAGE PAGE PAGE 15 16 18

3 | COLLIERS INTERNATIONAL EXECUTIVE SUMMARY

GROWING The Colliers Manufactured Housing & RV Group is pleased to offer the SUBMARKETS opportunity to acquire a 100% interest in the the Kemah Summer Breeze RV Resort with a total of 99 lots located in Galveston County in the , TX MSA. The Asking Price for the property is $4,300,000 ($43,434/lot). At this price, the stabilized Cap Rate is 10.0%.

FAMILY-ORIENTED RV Stablized NEIGHBORHOODS Sept 2019 Stablized T-12 Expense Community Sites Monthly NOI / Occupancy Occupancy NOI/Site Ratio Rate Site KEMAH 99 0% 90% $558 $0 $4,339 44%

HIGH QUALITY The property, which was built by an experienced RV Resort developer and operator, has EMPLOYMENT recently opened, giving investors a brand-new asset at a discount to a stabilized price.

RETAIL AMENITIES

The people are

friendly, the SPORTS & RECREATION atmosphere is quiet, and kids are welcome.

4 | COLLIERS INTERNATIONAL PROPERTY LOCATION

HOUSTON 37 MILES NORTH

KEMAH RV RESORT

GALVESTION

24 MILES SOUTH

GULF OF MEXICO

5 | COLLIERS INTERNATIONAL 5 | COLLIERS INTERNATIONAL INVESTMENT SUMMARY

The The Kemah Summer Breeze RV Resort Portfolio gives investors an opportunity to purchase a brand-new property at a discount to a stabilized price. Due to the resurgence of oil production activity, Houston has seen significant investments in refining and export related businesses. This, in addition to the growing retirement population, have created additional need for high-quality affordable housing in the region.

• 99 lot brand-new RV Resort property in strong Gulf Coast/Houston market • High Quality Amenities including having a pool, hot tub, clubhouse and laundry facilities • Supply/Demand imbalance in the region’s RV market leading to increased occupancy and rent growth

UPSIDE OPPORTUNITIES:

• Offered at 10.0% Cap rate on stablized operations • Upside in completing lease up of property • Projected to be able to push rates higher as the market continues to see supply and demand imbalances • Increased occupancy and higher average rents across the portfolio through implementation of an online reservation system and dynamic pricing

GALVESTON

6 | COLLIERS INTERNATIONAL PROPERTY OVERVIEW SUMMER BREEZE USA | KEMAH

99 2019 6.5 0% N/A Total Sites Year Built Acres Occupancy Good Sam Rating

Summer Breeze-Kemah RV Resort provides an investment opportunity for those seeking to purchase:

> PROPERTY LOCATION > A brand new, high-quality asset Summer Breeze USA in Kemah enjoys an excellent location less than half an hour from Houston and 15 minutes south of the famous > Near the Kemah boardwalk, a major tourist attraction in the Kemah Boardwalk area which draws over 3 million visitors annually. fast-growing Houston metro area > SITE TYPES > AMENITIES 20/30/50 AMP | Full-Hookups Swimming Pool & Hot Tub > Increased need for temporary housing in the area from Clubhouse & Business Center long-term energy-related construction projects 99 - RV Pads Covered Patio with Deck Tables Commercial Laundry Facility, > A property with upside from implementation of an online Bathroom & Shower Facilities reservation system as well as dynamic pricing software Paved Roads

Area Demographics (3 miles)

Current Population (2018) Total Households (2018) 15,546 3,785

Average Household 5-Year Population Income (2018) Growth (2018) $74,587 2.14%

7 | COLLIERS INTERNATIONAL PROPERTY PHOTOS SUMMER BREEZE USA | KEMAH

8 | COLLIERS INTERNATIONAL

KEMAH SUMMER BREEZE RV RESORT YEAR-1 ADJUSTMENTS & NOTES INCOME AND EXPENSE ANALYSIS > RENTAL REVENUES Proforma Rents based on estimated market rates for Kemah STABILIZED INCOME KEMAH YR 1 occupancy is assumed to be 90% based $ PER SITE on market averages for RV Parks POTENTIAL GROSS RENTS (RV SITES) $755,714 $1,559,306 < 99 Sites Less Vacancy ($75,571) > OTHER INCOME Electric reimbursement and laundry/store/ TOTAL RENTAL INCOME $680,142 $6,870 vending income based on other Summer Adjustments ($11,385) ($115) Breeze locations EFFECTIVE RENTAL INCOME $668,757 $6,755 < 99 Sites > PAYROLL & RELATED Economic Occupancy 90% Manager: Estimated at $30,000 OTHER INCOME Office Personnel: Estimated at $11,520 for one Utility Reimbursment $89,434 $855 PT employee Maintenance Lead: Estimated at $25,000 Other Income $11,385 $113 Balance: Benefits, Taxes and Contingency TOTAL OTHER INCOME $100,819 $1,018 estimated at 12% of compensation EFFECTIVE GROSS INCOME $769,576 $7,773 < 99 Sites

> ADMINISTRATIVE STABILIZED EXPENSES KEMAH % OF EGI Based on historicals of other Summer Breeze $ PER SITE locations, adjusted for occupancy Payroll & Related $74,502 $753 9.7%

> MARKETING, REPAIRS & MAINTENANCE General & Administrative $25,740 $260 3.3% Based on 2018/annualized 2019 average Marketing $12,000 $121 1.6% Maintenance & Grounds $24,750 $250 3.2% > MANAGEMENT FEES Management Fees $15,392 $155 2.0% Estimated at 2% of Total Income (EGI) TOTAL VARIABLE EXPENSES $152,384 $1,539 19.8% > UTILITIES FIXED EXPENSES Based on historicals of other Summer Breeze Utilities $147,364 $1,489 19.1% locations, adjusted for occupancy Insurance $10,300 $104 1.3% > INSURANCE Real Estate Taxes $30,000 $303 3.9% Based on Owner’s proforma estimate TOTAL FIXED EXPENSES $187,664 $1,896 24.4% > REAL ESTATE TAXES TOTAL OPERATING EXPENSES $340,048 $3,435 44.2% Estimated based on assessments of other Expense Ratio (% of EGI) 44.2% Summer Breeze locations. Interested parties NET OPERATING INCOME $429,528 $4,339 55.8% are encouraged to seek their own tax guidance

9 | COLLIERS INTERNATIONAL LEASE UP ANALYSIS

NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV INCOME 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 Potential Gross Rents $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $62,976 $64,865 Vacancy Loss $58,523 $54,070 $49,618 $45,165 $40,712 $36,259 $31,806 $27,353 $22,900 $18,448 $13,995 $9,542 $6,487 Vacancy % 93% 86% 79% 72% 65% 58% 51% 43% 36% 29% 22% 15% 10% Total Rental Income $4,453 $8,906 $13,359 $17,811 $22,264 $26,717 $31,170 $35,623 $40,076 $44,529 $48,981 $53,434 $58,379 Adjustments ($949) ($949) ($949) ($949) ($949) ($949) ($949) ($949) ($949) ($949) ($949) ($949) ($977) Effective Rental Income $3,504 $7,957 $12,410 $16,863 $21,316 $25,768 $30,221 $34,674 $39,127 $43,580 $48,033 $52,486 $57,402 Utility Reimbursment $586 $1,171 $1,757 $2,342 $2,928 $3,513 $4,099 $4,684 $5,270 $5,855 $6,441 $7,026 $7,453 Other Income $75 $149 $224 $298 $373 $447 $522 $596 $671 $745 $820 $894 $949 Total Other Income $660 $1,320 $1,980 $2,640 $3,300 $3,960 $4,620 $5,280 $5,941 $6,601 $7,261 $7,921 $8,402 Effective Gross Income $4,164 $9,277 $14,390 $19,503 $24,616 $29,729 $34,842 $39,955 $45,067 $50,180 $55,293 $60,406 $65,803

NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV EXPENSES 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 Payroll & Related $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 $6,209 General & Administrative $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 $2,145 Marketing $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Maintenance & Grounds $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 $2,063 Management Fees $83 $186 $288 $390 $492 $595 $697 $799 $901 $1,004 $1,106 $1,208 $1,316 Total Variable Expenses $11,499 $11,602 $11,704 $11,806 $11,908 $12,011 $12,113 $12,215 $12,317 $12,420 $12,522 $12,624 $12,732 Utilities $965 $1,930 $2,894 $3,859 $4,824 $5,789 $6,754 $7,718 $8,683 $9,648 $10,613 $11,577 $12,280 Insurance $858 $858 $858 $858 $858 $858 $858 $858 $858 $858 $858 $858 $858 Real Estate Taxes $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 Total Fixed Expenses $4,323 $5,288 $6,253 $7,217 $8,182 $9,147 $10,112 $11,077 $12,041 $13,006 $13,971 $14,936 $15,639 Total Operating Expenses $15,822 $16,889 $17,957 $19,024 $20,091 $21,158 $22,225 $23,292 $24,359 $25,426 $26,493 $27,560 $28,371 Expense Ratio (% of EGI) 380.0% 182.1% 124.8% 97.5% 81.6% 71.2% 63.8% 58.3% 54.0% 50.7% 47.9% 45.6% 43.1% NET OPERATING INCOME -$11,658 -$7,612 -$3,567 $479 $4,525 $8,571 $12,617 $16,663 $20,709 $24,755 $28,800 $32,846 $37,432 Note: Summer Breeze-Kemah is assumed to be in lease-up at an average of 7 units per month

10 | COLLIERS INTERNATIONAL MARKET OVERVIEW HOUSTON

Houston has one of the youngest, fastest-growing and most diverse populations in the world. People from around the globe relocate here every year to take advantage of the abundant lifestyle and job opportunities the region provides. The Houston metropolitan area is currently the fifth-largest in the nation with a total of 7 million people. Between 2010 and 2017, Houston’s population grew 16.4%, the fastest rate of growth among the nation’s largest metros.

Houston ranked among the top-performing U.S. metros last year and has historically been a top 10 metro leading the nation in population and job growth. According to the U.S. Census Bureau, the Houston-The Woodlands-Sugar Land MSA recorded the 3rd largest year- over-year increase in nonfarm payroll employment, recording an increase of 86,200 jobs or 2.8%. Professional and business services added the largest number of jobs from April 2018 to April 2019, up 22,300. Based on data provided by the SPC, the following is a quick comparison of basic information for the largest county in Houston and the three surrounding counties where the Portfolio’s RV Parks are located: Harris Montgomery Galveston Victoria Population (2017) 4,652,980 570,934 335,036 67,106 Workforce (2015) 2,220,000 272,115 156,219 46,071 Unemployment Rate 3.2% 2.8% 3.3% 2.9% Average Travel Time (Mins) 28.0% 30.8 26.0 19.7 Median Home Price $174,000 $235,400 $206,400 $129,200 Median Rent (Housing) $1,011/M $1,165/M $1,010/M $887/M

Houston is home to the second largest number of Fortune 1000 companies in the country including a number of advanced industries, ranging from startups to global headquarters. Firms like United Airline, Exxon Mobil, Kroger, Shell, Sysco, Waste Management, and hundreds of others are investing in technology and leveraging the city’s innovation capacity. Houston’s strategic location and core strengths, including an expanding healthcare sector, cutting-edge medical advancements, technological breakthroughs across industries and strong import/export trade activity (No. 1 U.S. port in foreign tonnage), uniquely position it to play a vital role in meeting national and global market demands. Houston has and will continue to stand as a global leader among U.S. metros and the world.

11 | COLLIERS INTERNATIONAL GALVESTON COUNTY RV MARKET

HIGH RV DEMAND | Given its location, Galveston County is capable of attracting the population of 29.37 million in Texas, and 19.38 million in Texas’ largest MSAs that include Houston, Dallas-Fort Worth, San Antonio and Austin. With the portfolio being located on less than 30 minutes from Galveston Island, it benefits from many of the same demand drivers.

• The Galveston area is a popular RV destination that serves snow birds in the winter and beach vacationers in the summer • Texas has the highest level of state RV registrations in the United States (680,000+) • Area RV parks offer a very affordable alternative to hotels and rental units. As an example Galveston Island hotels are very expensive at an average rate of $146 per night. By contrast, RV parks in the area average $44 per night (just $14.50 per night when renting on a monthly basis)

SUPPLY | DEMAND IMBALANCE • Prevailing occupancy rates on both Galveston Island and the Bolivar Peninsula are high with limited monthly site availability. This is indicative of the surrounding area, including Kemah, where the portfolio is located. • The greater Galveston area is under served by existing RV resorts. The density (number of RV parks) within a 50 mile radius is on the low end of the spectrum for the Gulf Coast area • On a national basis, the ratio of RV sites to hotel room counts is about 37%. The Galveston area has roughly 5,150 hotel rooms. At the 37% RV site ratio, this would yield 1,905 RV sites. This compares to the actual RV site count on Galveston Island and Bolivar Peninsula of approximately 745 sites (13 RV parks that we were able to identify, there may be other small RV properties) • This suggests plenty of room for added sites in the market (1,156 more sites) at a demand to supply ratio of 2.55

12 | COLLIERS INTERNATIONAL MARKET With a population of 335,000 in Galveston County, DRIVERS tourism is a key driver for local economy.

GALVESTON PLEASURE PIER MOODY GARDENS & KEMAH BOARDWALK SCHLITTERBAHN

This pier extends nearly 1,200 feet into the Gulf of One of the most recognizable views of the The Kemah Boardwalk is a 60-acre Texas Gulf Mexico and offers a variety of activities that would Galveston skyline are the three pyramids rising on Coast theme park in Kemah, Texas, approximately be enough to fill a family’s entire vacation. There the western side of the Island. These pyramids 30 miles southeast of , Texas. are numerous rides to pick from including the Iron belong to the Moody Gardens Resort. The The Boardwalk is built entirely along the shores of Shark Rollercoaster, Pirate’s Plunge water log attractions featured at the resort include several Galveston Bay and , and is considered ride, Sea Dragon swing ride, and the iconic Ferris aquariums, an IMAX theatre and a rainforest. wheel-The Galaxy Wheel. There are also several Sharing the Moody Gardens property space is the among the premier boardwalks in the United shopping and dinning options on the pier Galveston location of the nationally-known States.The complex is owned and operated by including Bubba Gump Shrimp. Schlitterbahn water park chain. Schlitterbahn Landry’s, Inc., and is home to more than 10 Galveston Island features unique and innovative restaurants, a collection of rides, midway games, water rides and has quickly become one of the attractions, a boutique hotel, a charter yacht, a major tourist destinations on the Texas Gulf Coast. 400-slip marina and multiple shops. Furthermore, this particular Schlitterbahn is a “convertible” park, offering outdoor fun in the summer and indoor water rides during the winter.

13 | COLLIERS INTERNATIONAL DEMOGRAPHIC SUMMARY

POPULATION 1 Mile 3 Mile 5 Mile

2010 Total Population 1,596 12,834 24,363

2018 Total Population 1,935 15,546 32,463

2023 Total Population 2,201 17,279 36,776

2018-2023 Annual Growth Rate 2.61% 2.14% 2.53%

2018 Median Age 43 40 38

HOUSEHOLD 1 Mile 3 Mile 5 Mile

2018 Households 743 5,777 11,416

2023 Households - Five Year Projection 844 6,410 12,886

2018 Housing Units - Owner Occupied 567 3,785 7,933

2018 Housing Units - Renter Occupied 176 1,992 3,483

2023 Housing Units - Owner Occupied 665 4,350 9,234

2023 Housing Units - Renter Occupied 179 2,061 3,652

2018 Household Size 2.6 2.7 2.8

HOUSEHOLD INCOME & SPENDING 1 Mile 3 Mile 5 Mile

2018 Average Household Income $82,972 $74,587 $83,111

2023 Average Household Income $95,635 $87,192 $96,966

2018 Median Household Income $64,037 $74,587 $60,907

2023 Median Household Income $74,226 $63,209 $71,995

2018 Per Capita Income $31,568 $27,634 $29,947

2023 Per Capita Income $36,318 $32,253 $34,805

2018 demographics provided by ESRI

14 | COLLIERS INTERNATIONAL Rent Comparables

KEMAH RV RESORT

# Monthly Good Sam Trip Advisor Facebook Name City, State # of Sites Rate Rating Rating Rating Primary Amenities Summer Breeze Usa Kemah RV Resort San Leon, TX 99 $558 Heated Pool, Hot Tub, Laundry, Wi-Fi 1 Marina Bay RV Resort Kemah, TX 236 $716 10/10/9.0 3.5/5.0 NR Heated Pool, Fitness Center 2 Kemah RV Resort Bacliff, TX 100 $495 NR 2.5/5.0 NR Pool, Wi-Fi 3 Marquee on the Bay RV Resort Dickinson, TX 77 $575 8.5/9.5/9.5 NR 4.8/5.0 Pool, Lake/Bayou Access 4 Gordy Road RV Park Bacliff, TX 93 $435 8.5/9.0/7.0 NR 4.2/5.0 Pool, Playground, 2 Dog Parks 5 Galveston Bay RV Resort & Marina Dickinson, TX 225 $514 9.5/9.0/9.5 4.5/5.0 4.7/5.0 Pool, Fishing Piers, Bayou Access COMPARABLES 146 $547

15 | COLLIERS INTERNATIONAL DIGITAL ANALYSIS REPORT JULY 24, 2019

Below is a brief summary and independent third-party view of the marketing efforts, online presence, and reputation ofSummer Breeze USA - Kemah, a similar property in Texas run by the seller as of July 24th, 2019. Detailed reports are available in the due diligence file that include a wealth of data that led to these conclusions. This has been provided to help buyers of Summer Breeze USA – Kemah in understanding the digital landscape (note that the below information has been edited by Colliers to better reflect recommendations applied to Summer Breeze USA – Kemah). There are four parts to this summary, although much more data is available in the due diligence.

> WEBSITE DESIGN > REPUTATION

Summer Breeze USA owns multiple locations and merged it together There is an excellent opportunity to increase the number of into a single website for all properties. While this saves on expenses reviews the park has, which will in turn make the campground from a website development perspective, it creates issues for search rank higher. engines and negatively impacts the visibility of the individual locations. A higher ranking will help potential campers find the Summer While the website is built in WordPress, we would highly recommend Breeze USA – Kemah resort more easily and drive occupancy splitting the Kemah location off into a separate website to maximize and revenue. visibility. This will allow potential guests looking for an RV park near the Kemah area to find the Summer Breeze USA location much easier.

In a test through multiple keywords, we were unable to locate the Kemah location on Google Maps for a variety of keywords that they should show up for. This means that potential guests may have the same issue which leads to a tremendous upside potential for buyers.

An investment into a new website should easily increase awareness and revenue.

16 | COLLIERS INTERNATIONAL 16 | COLLIERS INTERNATIONAL DIGITAL ANALYSIS REPORT CONTINUED

> SOCIAL MEDIA > LOCAL SEO

Building a community of engaged followers on social media takes Through work on citations and listings across the internet, as well as determined effort. This will require some effort for new owners, but some foundational work on the website, we believe Summer Breeze with time and patience should result in greater brand awareness and USA - Kemah could rank high against local competitors. engagement that results in more reservations. Buyers of the park should be confident that with small tweaks there Buyers of the park should be confident that there is upside to be had is growth potential. through a dedicated social media strategy that could raise awareness and bring in new guests to the park.

> OVERALL

Overall we feel Summer Breeze USA - Kemah has multiple opportunities for huge growth and new buyers should be confident that there are easy paths, through marketing only, to enhance revenue.

We believe that implementing online reservations, yield management, and advanced digital marketing strategies could be a strong driver of near-term growth.

> UPSIDE • Improved website with SEO to drive traffic from new residents, campers and those who have been staying in competitive parks • Encourage residents to leave reviews to draw new residents and campers • Implementation of dynamic pricing software to drive higher average revenues per site • Develop active social media presence for “free” advertising

17 | COLLIERS INTERNATIONAL 17 | COLLIERS INTERNATIONAL The Manufactured Housing & RV Group

For more information regarding The Colliers Manufactured Housing & RV Group focuses exclusively on Summer Breeze USA Kemah please contact: Manufactured Housing Communities and RV Resorts across the United States and Canada. Our group offers a diverse collection of relevant industry experience including community ownership and management, acquisitions, disposition, debt and equity finance, land development and assemblage, property marketing and market research.

Our professionals have been involved in more than $3.3 billion of manufactured home community and RV resort transactions and have consistently ranked among the top producers in the industry. Our services include:

ACQUISITIONS & DISPOSITIONS MICHAEL J. NISSLEY National Director Colliers International Manufactured Housing & RV Group experts have Manufactured Housing & RV Group developed significant influence within the local, regional, national and [email protected] international investment communities as trusted advisors. We leverage our extensive property marketing resources, real-time market knowledge and research to produce world-class marketing campaigns for a wide range of clients. Our transaction experience ranges from single, one-off assets in tertiary markets to large, multi-market portfolios. We routinely execute assignments on behalf of REITs, large institutional investment firms, family offices and owner operators. In addition, the experience we bring as owners and operators of Manufactured home communities and RV resort assets adds significant value during both the pre-marketing and marketing phases.

VALUATION & ADVISORY SERVICES

HEATHER BLANKENSHIP Each year Colliers International Valuation & Advisory Services (CIVAS) Director RV Business Development appraises over 500 manufactured home communities (MHC). This includes Manufactured Housing & RV Group age restricted (55+) communities, all age family communities and resident [email protected] owned communities (ROC). We also have experience with unique communities such as AANR and MHC/Recreational Vehicle combo developments. Assignments range from single assets to large multi-state portfolios.

18 | COLLIERS INTERNATIONAL We make real estate happen.

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• strategic advice and execution for property sales, leasing and finance; • global corporate solutions; • property, facility and project management; • workplace solutions; appraisal, valuation and tax consulting; • customized research; COLLIERS INTERNATIONAL • and thought leadership consulting. AT A GLANCE We believe that clients get the best results through partnerships with local experts, who 17,000 professionals in know your business, market and are backed by a strong global brand. 68 countries • US $3.3 billion in annual revenue OUR PEOPLE • 2 billion* square feet under management total sale/lease transactions Our professionals are dedicated to creating strategic partnerships with their clients. • > 69,000 in total transaction value Through careful listening and a system of uncovering client needs, we understand the • $127+ billion USD subtle business drivers behind key real estate decisions. We design truly customized services to transform real estate—often one of the largest expenses for a * Square footage includes office, industrial and retail property business—into a competitive advantage. under management. Residential property is excluded from this total. All statistics are for 2018.

19 | COLLIERS INTERNATIONAL