ARA’s National Manufactured Housing Group Executes Sale of 798Site Valley Brook Estates FourStar Community Sits Minutes From Indianapolis International Airport

ARA’s National Manufactured Housing Group Executes Sale of 798-Site Valley Brook Estates Four-Star Community Sits Minutes From Indianapolis International Airport Indianapolis, IN (March 02, 2015) — Atlanta-headquartered ARA, the largest, full-service investment advisory brokerage firm in the nation focusing exclusively on the multi-housing industry, is pleased to announce the sale of Valley Brook Estates, a 798-site community located in Indianapolis, IN. ARA National Manufactured Housing Group’s Andrew Shih based in Austin, TX, Todd Fletcher and Jon Shay, based in Denver, CO represented Southfield, MI based seller Sun Communities in the transaction. The buyer in the transaction was Denver, CO based Casa Feliz LLC. “Just a few years ago, it was very difficult to find financing for communities like Valley Brook due to its lower occupancy; however, today it qualifies. With over 60 conduit shops in the market looking to finance manufactured home communities, the terms are very attractive.” said Todd Fletcher. “We are seeing owners around the country looking to shed non-core assets and buyers coming in with fresh equity, conduit money and new business plans,” added Todd Fletcher. “Although there were 146 community owned homes included in this transaction, almost all of them were occupied with quality tenants,” said Shih. “We think the buyer will be very successful in improving performance as they plan to add homes to the community to increase occupancy,” he added. Constructed from 1973 to 1998 in phases, this mobile home community is located just 13 minutes south from the recently developed Indianapolis International Airport and just 15 minutes from downtown Indianapolis, the state capital of Indiana and 13th-largest US city with a population in the MSA of nearly 1.8 million. Several large companies are headquartered in Indianapolis including Eli Lilly, Brightpoint, Wellpoint, Marsh Supermarkets, Finish Line and hhgregg. The unemployment rate in Indianapolis for October 2014 was 5.0%, well below the national average of 5.7%. Valley Brook features an outstanding amenity package including a clubhouse, two swimming pools, two basketball courts, two playgrounds and RV storage. Public bus transport sits a short fiveminute walk from the property and will take passengers directly to downtown shopping and entertainment with no transfers. The local elementary, middle and high schools are all within walking distance of the property. Occupancy at the time of sale was around 52%. To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com , 404.990.4900 or Amy Morris at amorris@ARAusa.com , 404.990.4902; locally, Eva Coffee at ecoffee@ARAusa.com or 512.637.1216.