BALDWIN COUNTY TWO-PARK PORTFOLIO MANUFACTURED … · 2018. 3. 27. · Lee & Associates and The MHP...

BALDWIN COUNTY TWO-PARK PORTFOLIOMANUFACTURED HOME COMMUNITY

MARCH 2018

CONFIDENTIAL EXECUTIVE OFFERING MEMORANDUM

MILLEDGEVILLE, GA 31061

MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/ 423-483-0492/[email protected]

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ALLEN MEMORIAL MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

HARDWICK MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

ADVISOR BIOS

OFFERING OVERVIEW• Welcome Letter

BALDWIN COUNTY TWO-PARK PORTFOLIO • Executive Summary• Key Considerations• Investment Highlights• Financial Overview• Location Map - Two Parks• Demographics• Local Area Information

TABLE OF CONTENTS

WELCOME LETTERINVESTMENT OPPORTUNITYWe welcome the opportunity to provide you with our in depth overview of Baldwin County Two-Park Portfolio and its position in this current market. We will give you our honest, no holds barred assessment of this two-park portfolio comprised of a total of 71 units so you have a better understanding of how this investment currently performs, its investment potential, and what it takes to get it there.

As leading specialists in the industry, our primary interest is to give you a clear understanding of the driving forces in the current marketplace. Our evaluation is based on verifiable data, market knowledge and proven experience that we feel will serve your best interest at this time.

We invite you to thoroughly review this offering memorandum, If you have further interest, please contact us to discuss any questions you may have, as well as schedule a tour of the property.

GUIDELINES

Offers must be presented in writing and include:

• Price

• Source of capital and relevant experience

• Proposed schedule of due diligence and closing

• Amount of earnest money

• List of contingencies including committee approvals, possible 1031 exchanges, etc.

NOFFERING OVERVIEW | 3MAXWELL BAKER/404-442-2807/[email protected]

GLENN ESTERSON/423-483-0492/[email protected]

PROPERTY ADDRESS: Milledgeville, GA 31061

PROPERTY TYPE: Manufactured Home Community

TOTAL LOTS: 71 pads (two parks)

VACANT PADS: 6

VACANT POH: 2

LOT RENT ONLY TENANTS: 10

PARK-OWNED HOMES: 55

LOT RENT: $185 PER MONTH (average)($150-$225)

TOTAL ACRES: ±.8.22 acres (two parks)

PRICE PER PAD: $17,000

EXECUTIVE SUMMARY

INVESTMENT OPPORTUNITYLee & Associates and The MHP Broker are pleased to offer the sale of Baldwin County Two-Park Manufactured Home Community Portfolio in Milledgeville, Georgia (Milledgeville MSA). This well-located, stabilized portfolio has plenty of upside in a strong market. The two parks are located a few miles (five-minute drive) apart and are near all amenities close to downtown Milledgeville, and only 90 minutes south of Hartsfield-Jackson Atlanta International Airport.

The MHC portfolio contains a total of 71 lots with 10 lot rent only tenants each paying an average rent of $185 ($150-$225) per month in both parks. There are five vacant lots in Park #1 (Allen Memorial MHP), and one vacant lot in Park #2 (Hardwick MHP). Current occupancy is approximately 89% for the two parks.

There are 55 park-owned homes (POH) that are in good condition of mostly mid-1980s models. The tenant-owned units are in good shape with the majority of them being ‘80s models. The privately maintained roads are paved and in average condition as our offering price suggests. The two parks are NOT in a flood zone.

This MHC portfolio has city sewer and city water that is sub-metered and is direct billed to the tenant.

This portfolio is being offered as a stabilized investment with a 10.00% CAP on current lot rent only using a 37% expense ratio, plus consideration for the park-owned homes. There is an additional $79,000 of POH rental income that is not included in the CAP rate.

We are asking investors for shell value only on the 55 POH of $3,000 each, well below replacement cost. We are looking for cash offers. However, bank debt may not be available for this deal. At full price, using conventional recourse bank debt (5.50% interest, 15-year amortization, 25% down) the overall Cash On Cash Return for the portfolio is roughly ±12%. The price per lot is about $17,200 each and includes full infrastructure for each lot.

We are asking our investors to submit offers at or above $1.20M (10% CAP) for the entire portfolio, including POH. The potential of this portfolio, using a 95% occupancy and only calculating the $250 Lot Rent Value and equal consideration for the POH, is $1.585M.

BALDWIN COUNTY TWO-PARK PORTFOLIO MHC | 4MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

KEY INVESTMENT CONSIDERATIONSOTHER INCOME (Not Capitalized Income)

POH Rents 79,320$ 79,320$ POH Expense 75% -$ (59,490)$

TOTAL OTHER INCOME 79,320$ 19,830$

OPERATING CASH FLOW BEFORE DEBT 161,868$ 124,259$ Interest Rate Amort. Years Down Payment

DEBT SERVICE #1 5.500% 15 25% 88,245$ 88,245$ DEBT SERVICE #2 BankTOTAL DEBT SERVICE------------------------------------------------------------ 88,245$ 88,245$

CASH FLOW--------------------------------------------------------------------------- 73,623$ 36,014$ PRINCIPAL REDUCTION 39,737$ 39,737$

117,289$ 79,680$

CAP RATE (NOI/PP) - LOT RENT ONLY 6.88% 10.00%COCR (CF/DP) 24.5% 12.0%EXP RATIO (EXP/EGI) 50.1% 36.8%TOTAL RETURN (CF+PRIN / DP) 37.8% 25.3%PRINCIPAL REDUCTION 39,737$ 39,737$ DCR (NOI/DS) 1.16 1.41PRICE PER PAD 16,901$ 16,901$

TOTAL PRE-TAX CASH FLOW

ADVISED PRICING Current OccupancyLOT VALUE 1,044,288$ 10.00% CAPPOH VALUE 158,640$ 2 | $3000 GRM / Per POHTOTAL VALUE 1,202,928$

PRO-FORMA VALUE 95% OccupiedLOT VALUE 1,428,353$ 8.50% CAP Lot Rent $250POH VALUE 158,640$ 2 | $3000 GRM / Per POHTOTAL VALUE 1,586,993$ 40% Exp Ratio

Income Lot POH244,620$ 165,300$ 79,320$ 122,310$ Gross Expenses - 50% - Includes POH122,310$ NOI - LOT & POH

10.19% CAP TOTAL VALUE: 1,200,000$

Simple Old School Underwriting

PROPERTY ADDRESS:Lots Park Value

# Pads: 48 Allen Memorial MHP 811,268$ 71 23 Hardwick MHP 388,732$

Seller BuyerBased on Purchase Price of List Price: 1,200,000$ Current YEAR 1

$ 1,200,000 $ 1,200,000

Base RentPad Rents 165,300$ 165,300$ Vacant Pads at Market Rents 11.27% 24,000$ 24,000$

Gross Potential Rent Income (GPRI) 189,300$ 189,300$ Reimbursements

Water Direct Bill x 2 -$ -$ Total Expense Reimbursement -$ -$ GROSS POTENTIAL INCOME (GPI) 189,300$ 189,300$

VACANCY 6 Lots 2 POH Using Current 24,000$ 24,000$

EFFECTIVE GROSS INCOME (EGI) 165,300$ 165,300$ EXPENSES:

R/E TAX Land 8,113$ 10,141$ R/E TAX POH (Presumes POH tax included in Land Tax)

INSURANCE Liability 1,500$ 2,000$ INSURANCE POH 4,500$ FLOOD INS Not in Flood Zone

MANAGEMENT PM @ 10% 16,530$ PAYROLL None 6,000$

MAINTENANCE Park Only 55,934$ 12,000$ MAINTENANCE POH

WATER Direct Bill x 2UTILITIES ALL (as recorded on tax returns) 10,689$

SEWER Direct BillTRASH Included Dumpsters 3,600$

ELECTRICTY GeneralELECTRICTY Street Lights - Allen Memorial 2,016$ 2,100$ LANDSCAPE Manager and Tenant 5,000$

OFFICE SUPPLIES 500$ ADVERTISING 500$

LEGAL 1,000$ LIC / PERMITS 500$

TRAVEL 500$ ROADS Private, paved - good shape 500$ OTHER

TOTAL EXPENSES 82,752$ 60,871$

NOI----------------------------------------------------------------------------------------- 82,548$ 104,429$

Baldwin County Two-Park Portfolio - Milledgeville GA 28360

INCOME & EXPENSE REPORT


INVESTMENT HIGHLIGHTS

• 71 Lot Stabilized Portfolio with Motivated Seller• 25% Total Return• 10.00% CAP on Lot Rent with 37% Expense Ratio• Direct Billed City Water and Sewer• Large Lots• 55 POH - $3,000 Shell Value• Price Per Lot = $17,000

• Parks could use landscaping improvements• Many homes are 1980s models; some may need

renovations• Seller’s Books and Records are limited

KNOWN ISSUES

INFRASTRUCTURE Allen Memorial MHP Hardwick MHPTotal Lots 48 23POH 36 19Vacant Lots 5 1Vacant POH 0 2Lot Renters 7 3Total Tenants 48 23

Road Type Paved PavedFlood Plane No NoTopography Flat FlatParking Spaces 2/1 2/1Mowing Responsibilities Tenant TenantOther Amenities N/A N/A


LOT RENT: $185 (average rent for two parks)

PARK-OWNED HOMES: 55

TOTAL PRICE: $1,200,000

DOWN PAYMENT: 25% / $300,000

CURRENT OCCUPANCY: 89% across two parks

TOTAL PADS: 71 (total for two parks)

PRICE PER PAD: $17,000

PARCEL SIZE: ±8.22 acres (total for two parks)

FINANCIAL OVERVIEW


LOCATION MAP - TWO PARKS


DEMOGRAPHICS1 MILE 3 MILES 5 MILES

POPULATION

2022 PROJECTION 4,158 18,137 26,714

2017 ESTIMATE 4,021 18,144 27,153

2010 CENSUS POPULATION 4,973 20,209 29,618

HOUSEHOLDS

2022 HH PROJECTION 1,775 7,798 11,474

2017 HH ESTIMATE 1,635 7,429 11,113

2010 HH CENSUS 1,727 7,013 10,701

2017 ESTIMATED POPULATION BY RACE

WHITE 33.2% 41.4% 46.1%

BLACK OR AFRICAN AMERICAN 62.9% 54.3% 49.4%

NATIVE AMERICAN/OTHER 3.9% 4.3% 4.5%

INCOME

2017 ESTIMATED AVERAGE HH INCOME $33,429 $36,456 $46,951

2017 ESTIMATED MEDIAN HH INCOME $21,420 $26,528 $33,891

2017 ESTIMATED PER CAPITA INCOME $13,743 $15,262 $19,478

AGE

MEDIAN AGE 31.4 30.3 32.0


LOCAL AREA INFORMATIONMILLEDGEVILLE / BALDWIN COUNTYMilledgeville, often referred to as the “Heart of Georgia,” is a city of 20,000 residents that boasts cultural vibrancy, historical character and Southern charm. Downtown Milledgeville has experienced a renaissance that recently earned national recognition as a Great American Main Street City. The city’s grand Antebellum homes, coupled with such renowned historical buildings as Andalusia (the family home of American author Flannery O’Connor), the Old Governor’s Mansion, and the Old State Capitol, enrich the area’s connection to its fascinating past.

Milledgeville prides itself on its balance of city living with stewardship of the environment. Recreation opportunities abound for the outdoor enthusiast: 420-acre Walter B. Williams, Jr. Park; the Oconee River Greenway which allows easy river access for swimming, fishing, canoeing and kayaking; 18-hole, par 72 public Little Fishing Creek Golf Course; the “cleanest lake in Georgia,” 15,300-acre Lake Sinclair, offers boating of all types, abundant fishing, and camping.

Dedicated to the arts community, Milledgeville hosts numerous cultural activities throughout the year: monthly First Friday events in downtown; Milledgeville Film Festival; Haunted Trolley Tours; Christmas Parade; along with regular theater performances and live music events.

Centrally located in Georgia and the Southeast, Milledgeville-Baldwin County offers a low-cost, pro-business environment, along with a trained and skilled workforce of more 209,000 throughout central Georgia. Its strategic location in the heart of the state, with approximately 82% of U.S. commercial markets within two days shipping, makes the Milledgeville-Baldwin County area an exceptional location for an array of industries: advanced manufacturing; aerospace; the shared services sector; and warehouse and distribution.

The Milledgeville-Baldwin County area offers vital transportation access:

• 29 miles east of I-75 and I-16• 37 miles south of I-20• 93 miles southeast of Hartsfield-Jackson Atlanta International Airport • Norfolk Southern and CSX railroad lines located in Baldwin County• Ports of Savannah, Charleston and Jacksonville are within a two-to-four-hour drive

Georgia College, Georgia Military College, Central Georgia Technical College and the Georgia Tech Supply Chain & Logistics Institute are located in Milledgeville and offer a wide range of degree, online, workforce training, and continuing education programs. The availability of higher education, technical training and several workforce initiatives give the Milledgeville-Baldwin County area a competitive advantage for ongoing development of employees’ skill set.

The economic, cultural and educational advantages that the area provides, along with its moderate climate, low cost of living and colorful history, make Milledgeville-Baldwin County a great place to live, work and play.

Andalusia - Home of American author, Flannery O’Connor

Georgia College - Ennis Hall

Daily Trolley Toursof Milledgeville


THE OFFERING

PROPERTY ADDRESS: 105 Ivey Drive SWMilledgeville, GA 31061

COUNTY: Baldwin

PARCEL NUMBERS: M13 011

SITE DESCRIPTION

# OF PADS: 48

TOTAL LAND AREA: ± 5.65 acres

AVERAGE RENT: $185 PER MONTH (average)($150-$225)

ZONING: No zoning restrictions in Baldwin County

MECHANICAL

WATER/SEWER: City Water and SewerSub-metered and direct billed to tenant

ELECTRIC: 100 / 200 AMP

PROPERTY DESCRIPTION - ALLEN MEMORIAL MHP

ALLEN MEMORIAL MOBILE HOME PARK| 11MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

AERIAL - ALLEN MEMORIAL MHP


RENT ROLL - ALLEN MEMORIAL MHPMaster Order

Owners Unit #

Park Name Rent Type Serial # Year Make/ModelLot Rent

Home Rent

Rent Annual Rent

1 1.0 Allen Memorial MHP POH GOWVGA3660196 1976 Cameo 225$ 75$ 300$ 3,600$ 2 2.0 Allen Memorial MHP Lot Rent 225$ 225$ 2,700$ 3 3.0 Allen Memorial MHP Lot Rent 175$ 175$ 2,100$ 4 4.0 Allen Memorial MHP Lot Rent 175$ 175$ 2,100$ 5 5.0 Allen Memorial MHP POH H22346G 1982 SUMMIT 225$ 125$ 350$ 4,200$ 6 5.1 Allen Memorial MHP POH GAFLK35A0170SET 1989 Eagle 225$ 150$ 375$ 4,500$ 7 5.2 Allen Memorial MHP POH GBHMK3016 4B 1997 Bellcrest 225$ 375$ 600$ 7,200$ 8 6.0 Allen Memorial MHP POH PH30SGA2320 1994 Pioneer 225$ 150$ 375$ 4,500$ 9 7.0 Allen Memorial MHP POH PH302GA2408 1994 Monterey 225$ 100$ 325$ 3,900$ 10 8.0 Allen Memorial MHP POH F166S143CK693SGA 1985 Westfield 225$ 125$ 350$ 4,200$ 11 9.0 Allen Memorial MHP POH CLFL02020 1991 Springhill 225$ 125$ 350$ 4,200$ 12 10.0 Allen Memorial MHP POH GAFLM07A22243W2 1991 Westfield 225$ 125$ 350$ 4,200$ 13 10.1 Allen Memorial MHP POH 26102503 1969 Kirk 225$ 75$ 300$ 3,600$ 14 10.2 Allen Memorial MHP POH GAFLP7SA18157WE 1993 Westfield 225$ 75$ 300$ 3,600$ 15 10.3 Allen Memorial MHP POH GAFLS7SA24130WE12 1995 Weston 225$ 225$ 450$ 5,400$ 16 10.4 Allen Memorial MHP POH PSHGA3871 1988 Peachstate 225$ 125$ 350$ 4,200$ 17 10.5 Allen Memorial MHP Lot Rent 225$ 225$ 2,700$

18 10.6Allen Memorial MHP POH BM12308 1981 Brighton Manor

225$ 100$ 325$ 3,900$ 19 11.0 Allen Memorial MHP Lot Rent 225$ 225$ 2,700$ 20 12.0 Allen Memorial MHP Vacant Lot ‐$ ‐$ 21 13.0 Allen Memorial MHP POH GAFL1AC14071520 1982 Westfield 225$ 110$ 335$ 4,020$ 22 14.0 Allen Memorial MHP POH CCHGA2740004 1988 Gren 225$ 75$ 300$ 3,600$ 23 14.1 Allen Memorial MHP Lot Rent 150$ 150$ 1,800$ 24 14.2 Allen Memorial MHP POH CHCAN601410936248 1986 Connor 225$ 75$ 300$ 3,600$ 25 14.3 Allen Memorial MHP POH 1546 1972 Para 225$ 75$ 300$ 3,600$ 26 14.4 Allen Memorial MHP Vacant Lot ‐$ ‐$ 27 14.5 Allen Memorial MHP POH 2000 HORT 225$ 175$ 400$ 4,800$ 28 14.6 Allen Memorial MHP POH X6 651 22D B022126 1976 Westf ield 225$ 75$ 300$ 3,600$ 29 14.7 Allen Memorial MHP Vacant Lot ‐$ ‐$ 30 14.8 Allen Memorial MHP POH H3158S770GGA 1988 5out hwind 225$ 175$ 400$ 4,800$


RENT ROLL - ALLEN MEMORIAL MHPMaster Order

Owners Unit #


Home Rent

Rent Annual Rent

31 14.9 Allen Memorial MHP POH H109086G 1995 Horton 225$ 225$ 450$ 5,400$ 32 15.0 Allen Memorial MHP Lot Rent 175$ 175$ 2,100$ 33 15.1 Allen Memorial MHP POH PH304GA3496 1994 Pioneer 225$ 75$ 300$ 3,600$ 34 16.0 Allen Memorial MHP Vacant Lot ‐$ ‐$ 35 17.0 Allen Memorial MHP POH GAFLN07A266018M 1993 Broadm ore 225$ 225$ 450$ 5,400$ 36 18.0 Allen Memorial MHP POH 52V2FK2906 1974 Vega 225$ 100$ 325$ 3,900$ 37 19.0 Allen Memorial MHP POH DG78N50272 1967 Broadm ore 225$ 75$ 300$ 3,600$ 38 20.0 Allen Memorial MHP POH FDGAL0662 1980 Fie s 225$ 75$ 300$ 3,600$ 39 21.0 Allen Memorial MHP Vacant Lot ‐$ ‐$ 40 22.0 Allen Memorial MHP POH 21GA077D 1980 Amherst 225$ 50$ 275$ 3,300$ 41 23.0 Allen Memorial MHP POH FDGA2P4074 1983 Fies 225$ 125$ 350$ 4,200$ 42 24.0 Allen Memorial MHP POH 02l15567 1980 Liberty 225$ 75$ 300$ 3,600$ 43 25.0 Allen Memorial MHP POH 1971 Voyager 225$ 100$ 325$ 3,900$ 44 26.0 Allen Memorial MHP POH 2243398 1974 Monterey 225$ 75$ 300$ 3,600$ 45 27.0 Allen Memorial MHP POH SMHNC13922 1987 225$ 75$ 300$ 3,600$ 46 28.0 Allen Memorial MHP POH GAFL1AD38074650 1983 Westfield 225$ 175$ 400$ 4,800$ 47 29.0 Allen Memorial MHP POH 1985 HORT 225$ 175$ 400$ 4,800$ 48 30.0 Allen Memorial MHP POH 1988 Innovan 225$ 125$ 350$ 4,200$


THE OFFERING

PROPERTY ADDRESS: 147 N. Main StreetMilledgeville, GA 31061

COUNTY: Baldwin

PARCEL NUMBER: M25 045

SITE DESCRIPTION

# OF PADS: 23

TOTAL LAND AREA: ±2.57 acres

AVERAGE RENT: $185 PER MONTH (average)($150-$225)

ZONING: No zoning restrictions in Baldwin County

MECHANICAL

WATER/SEWER: City Water and SewerSub-metered and direct billed to tenant

ELECTRIC: 100 / 200 AMP

PROPERTY DESCRIPTION - HARDWICK MHP

HARDWICK MOBILE HOME PARK| 15MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

AERIAL - HARDWICK MHP


RENT ROLL - HARDWICK MHPMaster Order

Owners Unit #


Home Rent

Rent Annual Rent

49 161.0 Hardwick MHP POH 225$ 125$ 350$ 4,200$ 50 161.1 Hardwick MHP POH MG15643 1984 MANORW 225$ 150$ 375$ 4,500$ 51 15.0 Hardwick MHP POH ‐ Vacant 5H9M2S11400 1969 FLEET ‐$ ‐$ ‐$ 52 159.1 Hardwick MHP POH 4812DC0621 1985 CLASS 225$ 50$ 275$ 3,300$ 53 157.0 Hardwick MHP POH H95291G 1992 HORT 225$ 225$ 450$ 5,400$ 54 155.0 Hardwick MHP POH ‐ Vacant PSHGA3732 1988 Ptree ‐$ ‐$ ‐$ 55 153.0 Hardwick MHP POH ALW12210886 1983 MONACO 225$ 125$ 350$ 4,200$ 56 151.0 Hardwick MHP Vacant Lot ‐$ ‐$ ‐$ 57 149.0 Hardwick MHP Lot Rent FDGAL0662 FIESTA 150$ 150$ 1,800$ 58 106.0 Hardwick MHP Lot Rent 200$ 200$ 2,400$ 59 106.1 Hardwick MHP POH PSHGA2744 1988 PEACH 225$ 125$ 350$ 4,200$ 60 108.0 Hardwick MHP POH GAFL1AF450710506 1986 EDGWD 225$ 75$ 300$ 3,600$ 61 108.1 Hardwick MHP POH 4814DC1140 1986 NUGG 225$ 125$ 350$ 4,200$ 62 110.0 Hardwick MHP POH H53384G 1986 SUMMIT 225$ 75$ 300$ 3,600$ 63 110.1 Hardwick MHP POH 4911 1973 ECHO 225$ 25$ 250$ 3,000$ 64 112.0 Hardwick MHP POH SG14701670 1984 SPIRIT 225$ 125$ 350$ 4,200$ 65 112.1 Hardwick MHP POH GAFLH07A15655E" 1988 EDGEW 225$ 125$ 350$ 4,200$ 66 114.0 Hardwick MHP POH G81CM16530 1984 CADET 225$ 150$ 375$ 4,500$ 67 116.0 Hardwick MHP POH HMST3144GA 1988 lnnoVan 225$ 175$ 400$ 4,800$ 68 118.0 Hardwick MHP POH GAFLWE1AG4475" 1987 WESTO 225$ 150$ 375$ 4,500$ 69 120.0 Hardwick MHP Lot Rent H70839G 1988 SUMMIT 150$ 150$ 1,800$ 70 122.0 Hardwick MHP POH 5G16831 1982 Sentry 225$ 200$ 425$ 5,100$ 71 124.0 Hardwick MHP POH H78087G 1990 Summit 225$ 125$ 350$ 4,200$


Maxwell R. Baker joined Lee & Associates in 2014 as a commercial real estate broker specializing in purchasing and sellingmobile home communities in the Southeast. His family has been involved with mobile home parks for more than 15 years,and he has been a part of management, rehabilitation, and disposing mobile home parks since his family purchased theirfirst park. Max is also Founder and President of The MHP Broker offering mobile home park owners and investors brokerageservices, free mobile home park analyses, in-depth market research, and mobile home park financing consultation.

In 2014 and 2015, Max completed approximately 80% of all Georgia manufactured home community transactions andhas also closed transactions in other Southeast states including Tennessee, Alabama, North Carolina, South Carolinaand Florida. Max's core competencies include structuring and negotiating complicated transactions, owner financing,research and outsourcing, and his "deal-making" capabilities.

Max, along with his expert team of researchers, compile and maintain the industryÕs most comprehensive database ofmobile home community data in the Southeast. Max and The MHP Broker are recognized as a trusted advisor in this rapidlygrowing multifamily, affordable housing sector.

¥ Georgia State University - B.A. Real Estate¥ United States Marine Corps

¥ Atlanta Commercial Board of Realtors¥ Real Estate Broker - Georgia¥ Georgia Manufactured Housing Association (GMHA) member¥ Southeast Community Owners (SECO) member

Biography

Education

Memberships & Associations

3500 Lenox RoadSuite 200Atlanta, GA 30326

T [email protected]

Partial Client ListBeal BankColony CapitalMarket Street CapitalAffordable Housing Communities Inc. Capital Square Holdings LLCThe Reach GroupMidland Loan ServicesHartman Wright Group, LLC Affordable Communities Group, LLC

PrincipalMAXWELL BAKER

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - MAXWELL BAKER

ADVISOR BIOS| 18MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

Glenn Esterson is a Senior Director with Lee & Associates, specializing in investment grade mobile home communities.During his fifteen years in the commercial real estate business, Mr. Esterson has successfully owned and operated mobilehome parks as well as assisting his clients in the sales, leasing and management of mobile home communities throughoutthe southeastern U.S. markets.

Early in his career, Mr. Esterson was working on apartment sales, condo-conversions and property management. Fromthere, Mr. Esterson transitioned into investment sales of multi-tenanted small business parks throughout the Southeast andmid-Atlantic. He and his team has transacted in nearly every southeastern state and holds multiple real estate licenses.

Mr. Esterson works exclusively with private investors as their primary real estate investment advisor for their acquisition anddisposition needs. Mr. Esterson provides clients with expertise in asset management, portfolio analysis, site selection, leaseadvisory and consulting. Mr. Esterson has executed over 200 sale or lease transactions over his career with a transactionalvolume in excess of $100 million.

¥ 2016-Present Lee & Associates, Atlanta - Senior Director Mobile Home Communities¥ 2013-2016 Marcus & Millichap, National Office & Industrial Properties Group¥ 2003-2013 Esterson Management Solutions, Inc. Ð Founding Member¥ 2001-2005 American Commercial Properties, Director of Multi-Family Investment

¥ Sierra Nevada CollegeBachelor of Arts

Profile

Experience

Education

3500 Lenox RoadSuite 200Atlanta, GA 30326

T 404.442.2825C [email protected]

Senior DirectorGLENN ESTERSON

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - GLENN ESTERSON

ADVISOR BIOS| 19MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

The information contained in this Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Lee & Associates and should not be made available to any other person or entity without the written consent of Lee & Associates. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Lee & Associates has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Lee & Associates has not verified, and will not verify, any of the information contained herein, nor has Lee & Associates conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICELee & Associates is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Lee & Associates, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Lee & Associates, and is solely included for the purpose of providing tenant lessee information.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LEE & ASSOCIATES AGENT FOR MORE DETAILS.

EXCLUSIVELY LISTEDBIRMINAAL

MAXWELL BAKER / PRINCIPALPHONE: 404.442.2807 | [email protected] & ASSOCIATES | ATLANTA 3500 LENOX ROAD, SUITE 200 | ATLANTA, GA 30326

BALDWIN COUNTY TWO-PARK PORTFOLIO MANUFACTURED … · 2018. 3. 27. · Lee & Associates and The MHP...

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Transcript of BALDWIN COUNTY TWO-PARK PORTFOLIO MANUFACTURED … · 2018. 3. 27. · Lee & Associates and The MHP...