| CREOP

Shalom Villa is an established age-restricted manufactured home park, with long-term residents that show a great pride of ownership in their community. The property consists of 24 home spaces and one site-built 4BD/2BA house, all sitting within two separate city parcels. All of the spaces in Shalom Villa will accommodate a multi-section home. There are currently two park-owned multisection homes that are included in the purchase.

Shalom Villa is a very-well cared for property that requires little management oversight. The property has a long history of full occupancy, it is entirely serviced by municipal utilities, and all tenants have individual trash service. The age restriction and long established residency of the community allows for minimal landlord or management requirements.

Located on W. Cherry Ln, just west of Vista Ave and south of Overland Rd in central Boise, Shalom Villa is in a premiere Boise location. The senior residents of the community benefit from immediate access to Boise's downtown and retail service centers. Landmark locations like the Boise Airport, Boise State University, and the St. Luke's Hospital campus are just minutes from the property.

The water, sewer and trash services are currently included with the rent, offering new owners the ability to recapture these utility expenses. The SFR is on a second city parcel that includes three manufactured homes. That parcel may be adjusted, splitting the senior community from the SFR and thereby creating two separate assets. Shalom Villa also presents the potential for capital improvement opportunities like direct-metering to the homes for city services.

Vacancy rates in the area surrounding downtown Boise are the lowest in Idaho. The available of affordable senior housing within the sub-market is extremely scarce. The location of Shalom Villa and demand for the product type provide investors with significant near-term growth potential, matched with long-term security though the life of the property.

The Boise Market has experienced unprecedented growth over the last ten years. For many of those years, Boise represented the #1 fastest growing MSA in the country. Idaho is currently the #2 fastest growing state and Boise is consistently ranked among the best cities to live and work anywhere; the demand for affordable housing in Boise is now amongst its highest levels ever.