The Timberline MHP portfolio is a three park package consisting of 277 sites known as Timberline, Echo Valley I and Echo Valley II. The three properties combined are 109.30 acres and are located in West Burlington, Iowa. Timberline is located at 14876 Washington Road, consists of 206 sites on 78.54 acres. Echo Valley I is located at 11541 Beaverdale Road, northeast of Timberline, consists of 30 sites on 12.01 acres. Echo Valley II is located at 11686 Beaverdale Road, northeast of Timberline and Echo Valley I, consists of 41 sites on 18.75 acres. Timberline amenities include RV storage and a lake. Utilities are lagoons and wells.

We are offering the property at $7,942 per site at $2,200,000. Based on the permanent residents in the 150 MH sites this would produce a 9.04% Cap Rate in Year 1. Due to a high volume of construction in Burlington, Iowa with a $1.8b fertilizer plant, in addtional to other industries expanding, these communities have benefited from temporary construction workers to the tune of an additional 53 RV sites being rented. Using the RV income the Cap Rate is 14.67%.