Lakeside Village

Opportunity

Berkadia Manufactured Housing is pleased to present Lakeside Village, a 131-site manufactured housing community strategically located in San Antonio, TX. San Antonio is ranked the third-fastest growing city in the United States, and single-family home prices increased by 204% since 1998 as the population boomed. A large part of this significant growth is due in part to major employers and the lower cost of living relative to other cities in Texas. Lakeside Village features several operational and financial characteristics that make it a high-quality investment. At 98% occupancy, it is a stabilized, turn-key asset with very few park owned homes to maintain. With all public utilities direct-billed to residents, the community’s overall expenses and management oversight are kept to a minimum. Additionally, the existing loan on the community offers favorable terms, with a low rate, interest-only period for 13 more years. A new owner would greatly benefit from the increased cash flow from all of these factors. This offering presents the opportunity to acquire a stabilized manufactured housing community in a high-growth market with multiple operational efficiencies.

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

San Antonio Office

250 W Nottingham Suite 120 San Antonio, TX 78209

6555 Longshore Street Suite 280 Dublin, OH 43017

Investment Advisors:

Hunter LaRocca

Director 407.227.9643 Email me

Brian Hummell

Director 614.468.5773 Email me

Ian Hilpl

Managing Director 315.406.0900 Email me

Kevan Enger

Senior Managing Director 407.494.8541 Email me

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131 Sites | All-Ages | San Antonio, TX

Lakeside Village

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COLUMBUS OFFICE

TURNKEY OPERATION WITH MINIMAL OVERSIGHT

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Broker of Record MIKE MILLER

Managing Director 210.377.1535

Call for Offers: November 7th

Lakeside Village features minimal operational oversight and a nearly passive investment opportunity due to the rare, coveted features of modern utility infrastructure, direct-billed public utilities, and longstanding stabilized occupancy at 98%. These attractive features can help lower the expense ratio, in turn generating a higher net operating income and several attractive operational characteristics including: • Low overall R&M (no deferred maintenance, few park-owned homes) • Low utilities R&M (PVC water/sewer, new 200amp underground electric) • No utility recapture loss (all utilities direct-billed to residents) • Historically managed by limited off-site staff

ATTRACTIVE ASSUMABLE FINANCING

The community showcases assumable financing that is favorable to a new buyer. The debt features a low 3.30% interest rate with full-term interest only due January 2036, leaving 13 more years of low payments. Due to today’s capital markets, this type of loan at such a favorable rate is unheard of, and a new buyer would greatly benefit by assuming the debt. Loan Terms: • Interest Rate: 3.3% • Full Term I/O • Maturity Date January 2036 • Balance: $4,785,000 • Supplemental Available throughout life of loan

FAVORABLE LOCATION IN STRONG SAN ANTONIO MARKET

San Antonio has been one of the fastest-growing cities in the United States for several years due to job opportunities, a lower cost of living compared to some other major Texas cities, and a desirable quality of life. Although, located near an Air Force Base, Lakeside Village has few if any residents who work for the military and instead has a strong family presence. The park happens to be adjacent to Indian Creek Elementary School, which is a huge draw for parents. The city has attracted a diverse array of businesses, contributing to job creation, economic development, and population growth. This has brought in high demand for housing, leading to increased property values and a competitive housing market. The housing market was active, with new residential developments and construction projects in both the urban core and the suburbs.

UPCOMING RENT INCREASE SENT TO RESIDENTS

The current owners have historically implemented low increases, falling behind in keeping up with the market average. To stay in line with the market, residents have been notified that lot rent will be increased to $580 as of January 1, 2024.

SUBSTANTIAL CAPITAL EXPENDITURES

Current ownership has reinvested over $600,000 into Lakeside Village. Projects included but not limited to, undergrounding of electrical lines, installation of new 200 amp electrical all home sites, new perimeter fencing, and extensive tree removal.

ORLANDO OFFICE

300 South Orange Avenue Suite 1500 Orlando, FL 32801

Judy MacManus

Senior Director 404.654.2074 Email me