EAST TEXAS MANUFACTURED HOME COMMUNITY FOR SALE

Cedarvale Manufactured Home Community ia a 30-acre, 115-lot community located within the city limits of Palestine, Texas.

Cedarvale is provided with sewer, water and garbage collection services by the City of Palestine and all services are paid for by residents.

The community is currently approximately 56 percent occupied. Occupancy could be significantly increased with the addition of park-owned homes for rent or sale. The owner bought a similar park in Houston from 5% to 100% occupancy by purchasing homes but has been forced to curtail similar marketing efforts due to relocation and other
business commitments.

The City of Palestine is the county seat or Anderson County. With a population of more than 50,000 in the county, people in the surrounding areas travel to Palestine for the many restaurants, unique shops, and healthcare services. Palestine is centrally located 108 miles of Dallas, 54 miles southwest of Tyler, and 123 miles north of Houston.

Major employers in the area include the Texas Department of Criminal Justice (TDCJ) and its five men's prison units just south of town. TDCJ employs more than 3,900 employees. More than 1,600 people are employed by two area Wal-Mart distribution centers. The third largest industry in the area is the medical and healthcare services industry. A 500 employee call center has also been opened this year in the City's business development park. All of these large employers offer stable employment to the typical manufactured home resident.

PARK OWNED HOMES

Thirty-five park owned homes are located within Cedarvale and generate significant positive cash flow. Holes are either sold to residents under a lease-option program or rented. Most homes are singlewides and most are 16x76 and were built between 1996 and 2000. There are a few doublewides. Homes are to be sold for slightly more than current cumulative loan balance.