# The BoaVida Group ### Posts #### 12 Not-to-be-Missed Luxury RV Resorts Across the U.S. Capstone Manufactured Housing has brokered the $8 million sale of a 204-site manufactured housing portfolio located within the St. Louis MSA. A private investor sold the 107-site Eagle Creek in High Ridge, Mo., and the 97-site Cedar Hill Estates in Cedar Hill, Mo. Public records show that BoaVida Communities received a $5 million loan from Benefit Street Partners Realty Trust to finance the acquisition. The debt is set to mature in 2023. The buyer has long-term ownership plans for the properties and intends to convert the remaining community-owned homes over to the residents. Click here to view full article. #### 40 Under 40 – Elias Weiner, president and founder, The BoaVida Group Elias Weiner began selling mobile homes in 2000, while still a full-time student. One year later, he cofounded Woodcrest Homes, a manufactured-home dealership that specializes in the sale of new and pre-owned mobile homes. Today he owns several manufactured-housing companies including The BoaVida Group, McDougall Weiner Investments, Cascade Corporate Management and Good Life Communities. Weiner’s companies combined own and operate 80 mobile home and recreational vehicle parks in California, Oregon, Arizona, Nevada and New Mexico. His properties have an asset value of more than $300 million. Click here to view full article. #### Blackstone to Boost Mobile Home Bet with $550 Million Deal Blackstone Group Inc. is pouring more cash into mobile-home parks, a corner of the commercial real estate market that is holding up in the pandemic. The alternative asset manager is in exclusive talks to acquire roughly 40 parks from Summit Communities for about $550 million, according to people with knowledge of the matter. The majority of the properties are located in Florida, said some of the people, who requested anonymity because the transaction isn’t public. Click here to view full article. #### BoaVida Bullish on Virus Impact Living in a recreational vehicle might seem like the ideal way to ride out a pandemic—cocooned in your own aluminum box and free to wander. It isn’t turning out that way for Cindy and Doug Creek. Ten months ago, the couple, both around 40 years old and parents of two children, left Fairbanks, Alaska, and embarked on a freewheeling life as year-round recreational-vehicle nomads. After spending the winter at a KOA campground in Gila Bend, Ariz., they planned a leisurely tour of the American West this summer and fall, featuring stops in Oregon, Colorado and Texas. Click here to view full article. #### BoaVida expands with $10.5 million North Highlands purchase Boavida Group's recent round of new investments in mobile home and RV parks includes a local acquisition on north highlands. Company founder and owner Eli Weiner said Boavida already owns the neighboring park to the new purchase, which is at 5050 Roseville Road. So it made sense when Natomas-based Boavida acquired McClellan Mobile Home & RV Park last month for $10.5 million. Click here to view full article. #### BoaVida Group Sees Dramatic Growth Eli Weiner has been in the mobile home business his entire career, starting when he was a student at the University of California Davis, selling mobile homes in the summer. He launched The BoaVida Group in 2017, after entering into a partnership with Flyers Energy, which wasseling some gas stations and looking to reinvest the moneyin more real estate under a 1031 exchange, which, under certain parameters, allows the investor to avoid paying capital gains taxes. Click here to view full article. #### BoaVida Named Fastest Growing Company The BoaVida Group, owner and operator of mobile home and RV communities across the country, has been named the fastest growing company by the Sacramento Business Journal. The award is based on increase in growth between 2017 and 2019, during which BoaVida grew more than 1,000 percent, finishing 2019 with revenue of $16.29 million. Click here to view full article. #### BoaVida’s Eli Weiner Featured on Podcast In March, BoaVida founder, Eli Weiner, was featured on the Wealth Preservation Podcast to talk about entrepreneurship, real estate investing and the grind of starting a business. Hosts Josh Saunders and Mark Seither gained insight into how Weiner grew The BoaVida Group into the niche space of investing, owning and running successful mobile home and RV parks. Saunders and Seither covered topics such as Eli’s origin story and how being an entrepreneur at a young age shaped him, as well as talking about having a MAMBA mentality and about his time as the night manager at Denny’s. Click here to view full article. #### Capstone Closes St. Louis MHC Portfolio Sale Capstone Manufactured Housing has brokered the $8 million sale of a 204-site manufactured housing portfolio located within the St. Louis MSA. A private investor sold the 107-site Eagle Creek in High Ridge, Mo., and the 97-site Cedar Hill Estates in Cedar Hill, Mo. Public records show that BoaVida Communities received a $5 million loan from Benefit Street Partners Realty Trust to finance the acquisition. The debt is set to mature in 2023. The buyer has long-term ownership plans for the properties and intends to convert the remaining community-owned homes over to the residents. Click here to view full article. #### Crystal View Capital Sells Louisville Mobile Home Community For $15M Crystal View Capital has sold the Southland Mobile Home Community, a 311-site manufactured housing community in Louisville, Ky., for $15 million. The seller previously acquired the property in 2019 for $7.1 million. The transaction was part of the company’s second private equity real estate fund, Fund II, launched in 2017, and included eight other manufactured housing communities and 14 self-storage facilities. Public records show an entity connected to The BoaVida Group acquired Southland Mobile Home Community. Additionally, the new owner assumed a $4.3 million Fannie Mae loan that Berkadia originated for the seller in 2020. Click here to view full article. #### Housing Affordability Hits 18-Month Low Despite low interest rates, a supply shortage coupled with rising home prices contributed to a decline in housing affordability in the second quarter of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 59.6% of new and existing homes sold between the beginning of April and end of June were affordable to families earning an adjusted U.S. median income of $72,900. This is down from the 61.3% of homes sold in the first quarter of 2020 that were affordable to median-income earners and the lowest reading since the fourth quarter of 2018. Click here to view full article. #### Manufactured Housing Weathers Current Economy Manufactured housing has been one of the least affected real estate market sectors this year—despite the pandemic and rising unemployment. Strong rent collections and very limited supply are expected to keep vacancy rates low in the coming quarters, according to a mid-year Marcus & Millichap report, especially along the Pacific Coast and Florida. When it comes to things to be on the watch for, the same report points to the decline in inventory of parks and the shutting down of a growing number of communities to be redeveloped for better returns. Click here to view full article. #### Marcus & Millichap Closes Manufactured Housing Sale to BoaVida Marcus & Millichap has arranged the sale of Vista Estates, a manufactured housing community in Storm Lake, Iowa, for $5.5 million, according to ReBusiness Online. Public records show the new owner is an entity related to The BoaVida Group. Located at 811 Vestal St., the 127-site property is within 2 miles from several retail and dining options—both in stand-alone buildings and within the Storm Lake Plaza—as well as several parks and golf courses. Additionally, the community is close to Buena Vista University and the Buena Vista Regional Medical Center. Completed in 1971, Vista Estates includes 112 homes that are tenant owned. Click here to view full article. #### Property investor BoaVida expands holdings, office space As Sacramento-based property investment company The BoaVida Group prepares to cross the century mark in acquisitions, there’s also a need to expand closer to home. By April, the company will have grown from its current 1,500 square feet into 7,000 additional square feet in a neighboring commercial condo the company bought earlier this year in North Natomas. Click here to view full article. #### RV Maker Crushes Earnings Views As Coronavirus Pandemic Fuels First-Time Buyers Peak summer travel months fueled sales. And Thor expects the trend to continue. Its order backlog hit a record $5.74 billion, a 186.4% year-over-year jump. In a call with investors, Thor Industries said recent surveys and dealer feedback show "first-time buyers represented more than 50% of recent new RV purchases." Thor said recent focus on improving the camping experience bodes well for the industry. Click here to view full article. #### Sacramento’s BoaVida buys two more California mobile home parks for $27 million Affiliates of Sacramento-based Boavida Communities LLC and Cascade Corporate Management recently purchases upscale recreational vehicle and mobile home parks in San Diego Country for $27 million. The Roadrunner Club at Borrego LP,  a private equity pooled investment fund, raised $6.7 million for part of the purchase of the Roadrunner Club. Click here to view full article. #### Two Calif. Luxury Resorts Finalize $27 Million Sale Developer & co-owner of The Springs at Borrego RV Resort, Dan Wright is a past president of CalARVC and past board member of ARVC. Dan will stay on as General Manager. The sale of the roadrunner Club and The Springs RV Resort located at 1010 Palm Canyin Drive and 2255 DI Giorgio Road in Borrego Springs, Calif. closed on oct for $27 million. Click here to view full article. #### What’s next? Young executives tell us their goals, objectives for 2019 We asked our Influencers: Rising Stars to share their goals and objectives for the new year ahead. Here’s what they told us. New funding rounds, staff development and finding new ways to reach into their communities: These were among the answers some of our Influencers: Rising Stars gave us when they talked about what they envision for the year ahead. Click here to view full article. ### Pages #### About URL: https://www.theboavidagroup.com/about/ #### ADA Compliance  URL: https://www.theboavidagroup.com/ada-compliance/ #### All Properties URL: https://www.theboavidagroup.com/all-properties/ #### BoaVida 2019 Fund Properties URL: https://www.theboavidagroup.com/boavida-2019-fund-properties/ #### BoaVida 2020 Fund Properties URL: https://www.theboavidagroup.com/boavida-2020-fund-properties/ #### BoaVida 2021 Fund Properties URL: https://www.theboavidagroup.com/boavida-2021-fund-properties/ #### BoaVida 2022 Fund Properties URL: https://www.theboavidagroup.com/boavida-2022-fund-properties/ #### BoaVida 2023 Fund Properties URL: https://www.theboavidagroup.com/boavida-2023-fund-properties/ #### BoaVida 2024 Fund Properties URL: https://www.theboavidagroup.com/boavida-2024-fund-properties/ #### BoaVida 2025 Fund Properties URL: https://www.theboavidagroup.com/boavida-2025-fund-properties/ #### Careers URL: https://www.theboavidagroup.com/careers/ #### Contact URL: https://www.theboavidagroup.com/contact/ #### Home URL: https://www.theboavidagroup.com/ #### Invest With The Boavida Group URL: https://www.theboavidagroup.com/invest-with-the-boavida-group/ #### Investor Faqs URL: https://www.theboavidagroup.com/investor-faqs/ #### Investors URL: https://www.theboavidagroup.com/investors/ #### News & Updates URL: https://www.theboavidagroup.com/news-updates/ #### Our People URL: https://www.theboavidagroup.com/our-people/ #### Privacy Policy  URL: https://www.theboavidagroup.com/privacy-policy/ #### Thank you URL: https://www.theboavidagroup.com/thank-you/ #### Videos Media URL: https://www.theboavidagroup.com/videos-media/ ### Properties #### Alder Acres We have had interest in purchasing a park in Coos Bay, Oregon for some time now, so when the opportunity arose to throw our hat in the ring for a top-rated, immaculate mobile home and RV park just five minutes from the Pacific Coast, we gathered the Sacramento BoaVida team to create a fun video to convince the Sellers showing how much we wanted it. Well, it worked! Alder Acres features a multi-faceted income stream from three different areas: 1) a 50-space beautiful mobile home park featuring large, subdivision-style lots; 2) an 88-space RV park built in 1998; and 3) a 315-space boat and RV storage area completed in phases starting in 2003. All three components have near-full occupancy with rent levels significantly below market.   The park has city water and sewer as well as direct-billed electricity in the mobile home section. Although the park is located in a convenient suburban location, the park is surrounded by trees and offers a natural setting. Our business plan is to retain the existing management team that has more than 10 years of experience with the park while focusing on increasing revenues by adjusting rents to market levels. #### Alpine Village Manufactured Home Community Alpine Village (140 spaces) and Westshore Estates Manufactured Home Communities (147 spaces) were purchased as a combined transaction of 287 spaces out of receivership.  Both parks are located in Bay City, Michigan, a historic waterfront community located on the southern coast of Lake Huron, and an artistic epicenter. The parks are conveniently located near downtown and provide tenants with easy access to the freeway and the wide range of many employment opportunities in Bay City. #### Apollo Mobile Home Park The Apollo Mobile Home Park is an all-age park located in the strong Reno market. The park is fully occupied with a history of steady occupancy. We acquired the park at an attractive basis of $76,000 per space, which compares very favorably to other transactions in the Reno market over the past 12 months. We believe that the park has significant upside with under market rents as well as the ability to pass through utility costs. The park has been well maintained with little deferred maintenance and features over 100 trees, creating an attractive setting with abundant shade. Our business plan involves completing a number of aesthetic upgrades, bringing in strong management, passing through utility costs, and increasing rents to market levels. #### Arrow Palms Mobile Home Park Arrow Palms Mobile Home Park is an 86 space all-age community located in Las Vegas, Nevada. The park sits on about 9.5 acres less than 20 minutes from downtown and offers Class A amenities such as a newly remodeled pool and deck and spacious clubhouse. The park fronts a road with a traffic count of over 29,000 every 24 hours, providing for great visibility and awareness of the community. Adjacent parcels consist of commercial and residential uses and are well maintained properties. #### Bakersfield Travel RV Park Bakersfield Travel RV Park is conveniently located along Highway 58 in California, which runs through the Bakersfield MSA, an area which is home to more than 400,000 people. The park itself is cosmetically very well kept and enjoys stronger occupancy than the competitive parks in the area. The rents are between $50-$75 lower than nearby parks despite the quality being similar or even better – representing strong rent increase upside. BoaVida's large presence in central California makes this an convenient park to manage, reducing overhead costs. The park has 104 storage spaces and self-storage containers which generate approximately $85,000 per year in income. In addition to general cosmetic upgrades, we are obtaining bids to install a solar system which is expected to yield cost savings of approximately $140,000 per year with an initial cost of $1.4M. These solar panels will also cover the storage spaces which will allow for significantly increased storage rents. #### Beaver Run Manufactured Home Community Beaver Run Manufactured Home Community in Linkwood, Maryland is almost 100% occupied with more than 97% of the occupants in tenant-owned homes. The property is very easy to manage with an experienced manager and maintenance team member in place. Beaver Run has had a very consistent occupancy of more than 95% over the past five years and expectations are it will continue this way for the foreseeable future. The park was purchased with conduit financing at 78% LTV and interest-only payments at a 4.47% interest rate for the next 10 years. This loan will allow investors to see a year-one cash-on-cash return of 13%. #### Beulah's Manufactured Home Community Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Big Bass Mobile Home Park Big Bass Mobile Home Park is located on the shore of Lake Eufaula, the largest lake in Oklahoma. The park was built in the early 1990s and has been owned by the same family ever since. Most tenants use their homes as weekend and vacation homes, and rents are paid annually. The few vacancies that currently exist should be easily filled with a minor marketing effort, which the seller never undertook. #### Blue Haven Mobile Estates Blue Haven Mobile Estates in Paradise, California is a 37-space park that was destroyed in the Camp Fire which burned the city of Paradise in November 2018. This fire destroyed every mobile home park in the city, with over 1,750 mobiles homes lost. We were able to acquire the park all-cash for $20,000 per space, and we estimate the cost to rebuild and stabilize the park will be approximately $8,300 per space. This will create an "all-in" basis of $28,300 per space and we estimate the finished project will be worth in excess of $55,000 per space. The BoaVida Group is uniquely positioned, in terms of its capabilities, to rebuild the park and acquire and sell new homes, which will be a challenge for many other park owners. In addition, Blue Haven is first on the list of parks to be cleaned up by the State of California, and this process began in April. PG&E will be installing all new electrical and gas lines and meters, with the design work scheduled to begin in May. While we have projected rental income to commence in Year 3, we are optimistic that we will be able to significantly beat this timing and are excited by the prospect of being amongst the first mobile home parks to bring residents back to the city of Paradise. #### Blue Ridge Manufactured Home Community The Kansas City, Missouri market has grown 10% in the past 20 years and boasts a population of 475,000. The park is approximately 6 miles from downtown Kansas City. It provides residents a very short commute to a large array of local jobs. The park has shown a history of filling new homes very quickly and we are planning on filling the 40 vacant spaces in the park with brand new homes. We are also going to pass through the water, sewer and trash expense to the tenants in the first two years of operation. #### Blue Willow Mobile Home Park Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Bobette Mobile Home Park Bobette Mobile Home Park is a 57-space, 55+ community located in Las Vegas, Nevada. We acquired the park in August at an attractive basis of $40,350 per pad, while comparable sales prices for parks of this quality in the submarket average closer to $50,000 per pad. The acquisition offers strong synergies with four other mobile home parks owned and operated by The BoaVida Group within a five-mile radius. Although the park does have some deferred maintenance issues that will be addressed, the park is clean and exhibits a strong pride of ownership throughout. The current rents are almost 20% below market and we believe there is the opportunity to bring rents to market fairly quickly, and to pass through water, sewer, and trash expenses, as is customary for MH properties today. In addition, we plan to bring in 10 new homes during the first 18 months to fill the vacant spaces. #### Bon Air Manufactured Home Community Bon Air Manufactured Home Community in Kokomo, Indiana is located less than a mile from the 103 space park in our portfolio, Holiday Estates.  We assumed a FNMA loan along with financing for the existing park-owned homes.  The park has some old POH inventory that we will remove (about 12 homes) to make way for brand new homes that will be sold or rented to new tenants.  The property currently cash flows, and with annual rent increases tied to occupancy increases throughout the park, Bon Air will be looking to get above 20% pre-tax returns for our investors. #### Bonanza Terrace RV Park Bonanza Terrace RV Park is located in Reno which has experienced significant growth in housing demand in the last year. New townhomes just finished construction directly adjacent to the park, and proximity to other BoaVida properties in the area will allow for operational advantages. Current rents are approximately $75 below market. The park features a quiet suburban location adjacent to new housing developments. Reno has experienced a dramatic 30% increase in population since 2010, driving demand for affordable housing. The median home price in the market increased a staggering 30.2% over the past year to $530,000. Our business plan includes phasing out older model RVs and improving the appearance of the park. This includes making fenced storage space in the park more available to tenants, keeping extra vehicles out of the main road and improving appearance of the asset thereby allowing for higher rents. #### Brookside Mobile Estates Brookside Mobile Estates, located in Hazlet, New Jersey, is only 40 miles outside of New York City. Hazlet has a very strong housing market with a median home value of $346,000 and a median household income of $95,000. Brookside is in the center of town and is right off HWY 35. Great demographics! Brookside contains 89 mobile home sites, three site-built homes, and two commercial buildings. The park is on city utilities, has brand new paved roads, brand new water and sewer lines, an office, and 80% of the homes in the park are 2016 homes or newer. Brookside will be the first park in the portfolio in New Jersey. #### Buena Vista Buena Vista is located in the San Joaquin Valley town of Taft, CA, approximately 30 miles from Bakersfield. The petroleum and natural gas industries are major drivers of the economy, and there is a strong demand for affordable housing among oil workers. Buena Vista is a high-quality park featuring mostly double-wide spaces and numerous amenities. The asset has been family-owned and operated since the 1970s, and after the patriarch passed away, little has been done to bring homes into the park and increase revenues. There are currently 27 vacant pads (23% vacancy rate) in a market that should have close to zero vacancy, and we will have the opportunity to significantly increase revenues by filling the vacant spaces. Although we have projected filling vacant spaces with mobile homes and have reserved capital for transportation and setup costs, we believe that we will be able to fill many of the spaces with RVs at little cost and in a rapid timeframe and then replace them with permanent mobile homes over time. We are projecting the ability to increase net operating income by 90% over the first five years of the hold period. #### Carriage Court Manufactured Home Community Carriage Court Manufactured Home Community, purchased for $3,000,000, is a 100 space all-age community located in Winnemucca, Nevada. The park sits on about 15 acres in a newer section of town. Market occupancies are extremely strong at nearly 100% due to the growing mining economy in the area, but the seller had not spent time or money to take advantage of the region’s growth, with the park languishing at 23% vacancy. Average rent in the area is over $1,300 so with our space rents being at only $325, we will be able to sell homes where the average payment plus space rent will be well under average market rents. #### Carrie Lynn Estates Carrie Lynn Estates is a high-quality, low-risk mobile home park located in the largest city in Montana. Billings is the state capitol and has a population of more than 115,000 people. The city features an extremely strong housing market and was recently ranked No. 1 on the Wall Street Journal/Realtor.com Emerging Housing Markets Index – driven by affordability and appeal to remote workers.   The BoaVida 2021 Fund acquired 26.85% of the asset in a Tenant-In-Common structure along with another BoaVida investor who did a 1031 exchange to acquire the other 73.15% of the asset. The park has been well-managed, but rents are well below market and utilities are not yet passed through. This 97% occupied park represents the opportunity to increase revenues through raising rents to market and passing through utilities. #### Casa Buena Community (Previously Casa Embers MHP) Casa Grande and Embers Mobile Home Parks are two adjacent parks located in Casa Grande, Arizona. Strategically located between Phoenix and Tucson, the market is experiencing strong economic development with the Lucent Motors factory under construction, which will create 2,000 jobs. We acquired the parks for $25,000 per space, and the properties have good in-place infrastructure with limited competition. We believe there is a strong opportunity to uplift the parks through capital investment and a new home sales/rental program. In addition, we project significant rental growth, with current in-place rents averaging $315 and new move-ins paying $375. #### Columbia Sky Mobile Home Estates Columbia Sky Mobile Home Estates is a beautiful property in Columbia, CA, in the heart of gold country in the Sierra Nevada foothills. This 55+ property is a class A addition to the 2022 Fund portfolio and consists of 145 mostly double-wide spaces on tree-studded rolling hills. The property was brought to us through a long- time friend of a BoaVida team member. Although the sellers had an unsolicited offer of $12M, they were not comfortable that the prospective buyer would treat the tenants and property as they have been cared for over the years, and instead sold it to the Fund for $10,550,000. Columbia Sky is a retiree’s dream, with a pool, rec room, walking trails, BBQ gathering spots, and a long-term on-site management team. With city water and sewer, which also owns the delivery systems through the parks, direct billed propane and sub-metered electricity, this park only needs to have vacant spaces filled. We will install new homes over the first two years and expect them to sell quickly, as 20-year-old homes have recently sold for over $130,000. Rents will increase gradually with CPI and turnover rents will be significantly higher than the current rent-controlled spaces. #### Cornelius Manor Cornelius Manor MHP is located less than 7 miles from Intel's headquarters and 12 miles from Nike's headquarters. The strength of the market is also demonstrated by an adjacent, newly developed subdivision featuring 1,700 square foot homes with small yards selling for almost $300 per square foot. We believe that the strong housing market will enable us to continue to significantly increase income for the foreseeable future. #### Cortez Mobile Home Community Cortez Mobile Home Community is a 57-space community located along Florida’s Gulf Coast in Bradenton, south of the greater Tampa Bay area and north of Sarasota. Bradenton is nestled on the beautiful Manatee River, and is home to a Riverwalk, Village of the Arts, LECOM Park, home of the spring training Pittsburgh Pirates, and minutes from Anna Maria Island. Bradenton has a very healthy rental market with 2-bedroom apartments starting at $2,000 per month. Market space rents in a city correlate to about 50% of the 2-bedroom apartments in that city, putting the market space rent approximately $1,000 per month. The park features city services with gas and electric billed directly to tenants. Water and sewer are included in rent, but we will start passing through this expense to tenants with the next couple of rent increases. The park includes city utilities, high occupancy, and significant upside in rent growth as park rents average $497 per month – about half of the current market rate. Cortez is located within a 3-mile drive from another park we just purchased for the 2021 Fund and will be operated by the same management and maintenance team. Cortez was purchased from an experienced operator who was looking to downsize and slow down as he gets ready for retirement. The park has very little deferred maintenance, but we are planning on fixing the clubhouse, rehabbing an apartment, installing water meters, and filling vacant spaces with new homes or RVs. By performing the described work and increasing rents to market, we expect to achieve (or exceed) a 13.1% IRR. #### Cottonwood Grove Mobile Home Community Cottonwood Grove Mobile Home Community is a 92-space mobile home park, located in Wichita, Kansas, less than five miles from our other properties in the city, and brings our total spaces in Wichita to 649. We are very excited about this addition because it has city services, and every utility is 100% direct-billed. In addition to the infrastructure being easy to manage, we will be able to use our current management team in the Wichita area to manage this property and keep our operating expenses down. The quality of this park is institutional grade with wide roads, off-street parking, a clubhouse, and a pool. There are 17 vacant spaces that we are planning to fill with new homes and five vacant homes we are planning to fill right away. Currently the rents are over $100 less than our other properties in Wichita, and we plan on raising rents by $40 right away to start bringing the tenants to market rates. With our experience in the Wichita market, we plan on filling this park to over 95% occupancy within 18 months and are expecting an investor IRR of 14.7%. #### Country Club Mobile Estates Country Club Mobile Estates is a 110-space, age 55+ park located near Joshua Tree National Park in Yucca Valley, CA. Yucca Valley offers residents significantly lower temperatures than nearby Palm Springs. Country Club Mobile Estates is situated next to a newly redesigned 12-hole golf course, and the park has lush and well-maintained landscaping throughout which provides a "desert oasis" feel for the residents. Amenities include a large clubhouse, pool, and newly-built indoor spa. The low-density layout has wide subdivision-style streets, and all sites accommodate double-wide homes. The park has been operated by absentee ownership, but with a large and responsible on-site staff. #### Countryside Estates Manufactured Home Community Countryside Estates Manufactured Home Community is a 176-space mobile home park located in Fargo, North Dakota and is the first purchase in the state. Countryside is located near North Dakota State University and features city water and sewer that are passed through to the tenants and electricity that is directly billed to each tenant. We have purchased parks from this operator in the past and due to our relationship, we were able to be the only group who even knew this property was for sale. The seller even dropped their asking price to allow us to purchase this property because they only wanted to work with us. Countryside is currently 75% occupied with 40 vacant spaces. We are in already in the process of ordering homes and are excited to fill this park as the market in Fargo is growing and in desperate need of affordable housing. We plan to fill the park, raise rents and help our investors achieve an IRR of 14.7%. #### Dalewood Mobile Home Parks BoaVida has entered its 32nd state! Dalewood Mobile Home Parks consists of two parks within 1.6 miles of each other totaling 134 spaces in Cross Lanes, West Virginia. The acquisition was purchased as an off-market deal directly from the sellers. We were able to secure the property at only $31,343 per space with space rents that average $290 per space. The parks include paved roads, direct billed utilities, and trash services provided by the city. The occupancy at the parks is approximately 90%, and rents are more than $75 below market rent. We plan on beautifying the park by upgrading signs, landscaping, performing tree work, and bringing in new homes/RVs to fill the remaining 13 vacant spaces. By completing the described work and increasing rents to market over the next five years, we will be able to increase park value to almost $8M and achieve an IRR of 14.2% for our investors. #### Delaware Mobile Home Community Delaware Mobile Home Community consists of 67 spaces, located in Delaware, Ohio, a suburb ofColumbus. We were able to acquire this asset off-market via a strong broker relationship. The community is currently 75% occupied, comprised of mostly single-wide homes, with paved roads, on-site sewer plant, and city water. There is little-to-no deferred maintenance–the "mom and pop" seller did an excellent job of maintaining the property. Recent sales of older single-wide homes in the community have been in excess of $90,000! The 25% vacancy is due to the prior owner not having the resources to purchase and install new homes. The Columbus market is the strongest residential market in the state, and the town of Delaware is an affluent suburb with a median home value of $398,000. The local economy is set to benefit immensely by Intel's construction of two chip fabrication plants with an initial cost of $20B. In addition to 7,000 construction jobs, the two plants will create 3,000 permanent jobs at the two plants. Our business plan is to quickly bring in new homes and raise rents to market over the first few years, resulting in a projected increase to net operating income of 160% over the first five years. #### Desert Mobile Home Park Desert Mobile Home Park in Las Vegas, Nevada is an 80 space park located in one of the strongest housing markets in the country. This was an off-market deal obtained after a long pursuit, and we were able to acquire the very clean and well-maintained park including 23 park owned homes for only $54,000 per space. We accommodated the seller’s request to use a relatively low leverage seller carryback loan; however, we have the ability to prepay this loan at any point with a small prepayment penalty. The park has been owned for the past 20 years by a relatively unsophisticated owner who has not been proactive about raising rents or filling vacant spaces as evidenced by rents that are 20% below market. We are planning to bring in new homes to fill the vacant spaces and we are confident that we can quickly bring the park up to full occupancy. While we are acquiring the park at a highly attractive 7% cap rate, with the upside in the below market rents, we project the ability to further increase net operating income by over 36% during the first five years. #### Dollhouse Apartments Dollhouse Apartments is a complex of 28, one bedroom, one bath units located in Winnemucca, Nevada. The seven buildings sit on parcel just under two acres within a five minute drive from downtown. Market occupancies are extremely strong at nearly 100% due to the growing mining economy in the area with this complex seeing an average 95-100% occupancy. The property has been very well maintained with recent improvements such as asphalt sealcoating, apartment deck repairs and exterior wall painting and sealing. #### Eaglewood Estates Waynesville Estates and Eaglewood Estates are strategically located along Interstate 95 in Lumberton, North Carolina – a city within the Fayetteville MSA. The parks total 342 sites. The assets were acquired through foreclosure auctions, allowing the 2025 Fund to secure a significant discount to replacement cost as well as to enter the market with immediate operational scale. The assets were heavily redeveloped; however, the former owner moved too quickly in bringing in several hundred new homes and was unable to service the loan resulting in the foreclosure. We estimate that we purchased the assets for approximately 50% of the previous owner’s basis. These assets are a classic value-add opportunity. Included in the sale are 284 park-owned homes, the vast majority of which are newer vintage homes. A total of 137 of the homes are new vacant homes in varying stages of installation. Physical occupancy across both communities is high at 83%, but economic occupancy is currently below 60% creating substantial upside through occupancy and collections. Both communities have city water service with septic sewer systems. At Waynesville, which includes 242 sites, the Fund plans to stabilize the community by renting or selling the 111 vacant park-owned homes bringing economic occupancy in line with physical occupancy. Rents are currently at $585/month, which remains below market. Eaglewood, with 100 sites, has a similar profile – 47 occupied rentals and 26 vacant park-owned homes that can be activated with light rehab and effective sales/leasing. The average site rent is also $585/month thereby allowing us to stabilize both assets in a similar fashion. With both located minutes apart, there will be significant operational efficiencies through shared management and centralized maintenance. The court-appointed receiver had already begun stabilizing the assets, and BoaVida is stepping in to continue the work with a seasoned management team and proven home sales infrastructure. By filling the vacant homes, raising rents to market, and improving collections, the Fund expects to drive strong cash flows and value creation. These assets offer a compelling opportunity to turn underperforming communities into institutional-quality assets over the next 24–36 months. #### Echo Hills Estates Echo Hills Estates is an exceptionally clean park, silhouetted by beautiful mountains in a quiet corner of Hemet, California. Community amenities include a remodeled clubhouse and pool. The 101-space park was owned by the same family for several decades and has been well maintained. We were able to acquire the asset in an unusual (but profitable) off-market transaction at an attractive price of $57,000 per space. For comparison, we recently refinanced a similar quality park in Hemet which appraised for over $110,000 per space. The entire electrical and gas infrastructure was replaced 2016, and the roads were replaced shortly thereafter. With very little deferred maintenance, the primary value driver for this asset will be filling vacant pads and bringing rents to market, which is approximately $300 below the market average. The park has 25 vacant pads in a market that should not have any vacancy in an asset of this quality. Bringing the park to full occupancy at market rates, while increasing in space rents, will generate significant revenue growth during the stabilization period. We are projecting the ability to increase net operating income by 188% over the first five years of the hold period. #### Edgewood Mobile Home Park Edgewood Mobile Home Park totals 50 spaces located in the heart of Memphis, Tennessee. This is the third park purchased in Memphis and brings our total space count to over 150 spaces in the city. The park includes paved roads, city utilities, a laundry room, and 3 acres of vacant land available for expansion if desired. Edgewood is located across the street from Candlewood MHP, another park in the Fund we acquired last year. Edgewood features city services with gas and electric, trash is billed directly to tenants, and water and sewer are sub-metered. The park will be managed by our current team in the area to keep operating expenses down. We plan on replacing park roads and signs, rehabbing vacant park-owned homes and bringing in new homes and RVs to fill the remaining vacant pads. By performing the described work and increasing rents to market over the next 5 years, we will be able to increase revenues by 80%, increase the value of the park by $1.1M, and achieve an IRR of 15.8% for the Fund. #### El Dorado Mobile Village El Dorado Mobile Village is in a "country-living" desirable area of El Dorado County. Purchased for $1,800,000, we waited out the seller as he accepted higher offers from other buyers that eventually didn’t pan out.  Our patience was rewarded when the seller ran out of time to make his 1031 work and we obtained a $100,000 discount by paying cash with a quick close. #### Elsinore Hills RV Park Elsinore Hills RV Park is a fully occupied long-term RV park located adjacent to the city of Lake Elsinore in the Inland Empire area of Southern California. The Lake Elsinore market contains approximately twelve RV parks which are almost exclusively long term RV despite being located in a weekend getaway destination. Most of the parks feature high rental rates and are filled with what we would consider to be above average quality RVs. We believe that the close proximity to all of the major southern California metros will cause the Lake Elsinore market to continue to be highly attractive for retirees desiring long term RV spaces. This park features a quiet and secluded setting and offers residents virtually the only option for a nice quality RV park which is not located directly adjacent to the lake. In addition to nature and hiking, the park's amenities include a swimming pool, jacuzzi, and tennis court. The strength of the location and the amenities can be seen by the very long term average tenancy length in the park. #### Emerald Forest Cabins & RV & Trinidad Extended Stay The California Redwoods are home to Emerald Forest Cabins & RV and Trinidad Extended Stay. Situated less than 1-mile from the ocean, these two properties were purchased in a single transaction after they were on the market for over a year, and were acquired at an 8.3% going-in cap rate. Patience and a good relationship with the Seller’s broker paid off for us; we obtained these irreplaceable properties at a discount of $3,400,000 from original asking price. Trinidad Extended Stay is a very clean long-term RV park where the majority of tenants sign full year leases in order to secure their spaces. Emerald Forest Cabins & RV is a vacation destination featuring a combination of renovated cabins as well as RV and tent sites. The acquisition creates a highly unique and diversified portfolio with the long-term RV park offering a stable cash flow with upside, while the Emerald Forest park offers a very strong cash flow from the outset. The seller completed an extensive rebranding and capital renovation program to both parks and each is well positioned to see increasing revenues going forward, with minimal immediate capital needs. #### Fairmont Mobile Home Parks The parks located in Charleston, South Carolina represent the opportunity to acquire 3 parks located near downtown Charleston. The current ownership has done most of the heavy lifting on this project by fixing and filling vacant homes. We believe the current rents at the property are at least $50 per pad lower than market. Raising rents by $40 in year one, then another $30 in year two with 4% rent increases will add an additional $100k in revenue and create more than $1.5M in value over the same time span. #### Fairview & Amandako Mobile Home Parks Fairview and Amandako Mobile Home Parks represent a two-park portfolio acquired in an off-market transaction at an attractive basis of less than $50,000 per space. The parks are located in the agriculturally focused city of Coalinga, California and are situated less than one mile apart, thereby allowing for operational synergies. The current ownership has limited experience operating mobile home parks and has not been actively managing the parks. Coalinga has experienced a 62% population increase since 1990, and the housing market is relatively strong with a median home price of $191,000 and a low apartment vacancy rate. We believe there is a strong opportunity to uplift the quality of the two parks through addressing deferred maintenance issues and enforcing rules and regulations. In addition, we plan to bring in new homes to fill the 34 vacant spaces. #### Firelands Manor Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Firelands Manor Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Flying A Mobile Home Park The Flying A Mobile Home Park in Red Bluff, California represents the opportunity to acquire a well-located park along the Interstate 5 corridor in Northern California. The 66 space park features a quiet setting in a central location near downtown Red Bluff and is being acquired for less than $25,000 per space. The park has been owned and managed by the same on-site owner for over 45 years. This owner has done a great job of maintaining the park, and the only immediate capital expenditure we project is to install water meters in order to pass through water costs to reduce expenses, do some minor tree work and freshen up the entrance. The rents are “crazy-low” at an average of $237 per space while average rents in the market are $375-$400. We plan to implement a program to quickly raise rents to levels in-line, and we project net operating income to increase by over 160% during the first five years. As we believe we can quickly create such a substantial increase in net income, we have elected to acquire the property all-cash and will look for source a loan in approximately the third year which would finance over 100% of the initial equity. #### Foothills Village Mobile Home Community Foothills Village Mobile Home Community is a 158-space, all-age community located along Interstate 80 in Rock Springs, Wyoming. The park is 94% occupied and features an attractive housing stock, all city utilities, and only three park-owned homes. It is one of two higher quality parks in the market and has the best location which is walkable to numerous retail and employment options as well as proximate to the community college and hospital. The park infrastructure is in great shape and has been well maintained by a family team that is the 3rd generation to manage the park. Rock Springs is a high quality western town with abundant outdoor recreation opportunities. The median income of $77,300 is 26% higher than the U.S. average, and the median home price is $209,000 with homes in newer subdivisions selling for over $400,000. The investment is enhanced by our ability to source a Fannie Mae loan featuring a "record low" interest rate of 2.70% with five years of interest-only payments. #### Fox Run Mobile Home Park We are excited to announce the acquisition of Fox Run Mobile Home Park, a 40-space, 100% occupied asset for $2,600,000 located in the thriving Lewiston, ME housing market. Purchased from a husband-and-wife team who meticulously maintained the park for over 30 years, Fox Run represents a high-quality, stabilized investment with immediate operational upside and long-term growth potential. This acquisition complements our existing Lewiston Portfolio, including Country Lane Estates and Stetson Brook Estates, allowing us to leverage regional efficiencies while enhancing our footprint in this market. Fox Run is an all tenant-owned home community, constructed between 1989 and 1991, featuring newly repaved roads (fall 2023), city utilities, and almost no deferred maintenance. The park’s senior-heavy tenant base contributes to its stability, with minimal turnover and no delinquency issues at closing. Alongside the park, the acquisition includes a vacant commercial lot, previously a mobile home sales site, which offers future revenue opportunities such as storage development or a parcel we can sell off. Our business plan is straightforward: maintain full occupancy and implement modest rent increases aligned with market trends. Current rents stand at $500/month, and we plan a further increase rent by $50 in July 2025. New rents of $550 are still well below market rents of $750 in the area, and we plan to continue to push rents gradually until we reach market rents in Lewiston. We’ve reserved $40,000 for minor capex, including painting the commercial lot building and addressing signage, though the park itself requires no immediate investment. The acquisition was closed with all cash and will be financed by StanCorp within 90 days of close at a 6.375% interest rate. Our expertise in this market positions us to drive value through strategic increases, projecting a value increase of $1,214,192 by year 5. #### Gansett Manufactured Home Community Gansett Manufactured Home Community is a 71-space park in East Providence, Rhode Island.  The park is in an infill location surrounded by numerous restaurants, retail, hospitals, schools and housing developments.  The total population of the Providence MSA is over 1.6 million  residents and the area is in desperate need for affordable housing as median home prices in Rhode Island have increased to $235,000, compared to a median household income of $40,000. This imbalance results in a high demand for lower cost housing. #### Gardena Mobile Home Park This property is an 80-space park located in the densely populated Los Angeles suburb of Gardena. The park features 66 mobile home spaces, 13 studio apartments and a single family home. The park is currently 99% occupied and features a strong occupancy history. We were able to acquire the property through an off-market process, and because of our patience and ability to move quickly, we obtained a discount of $1,000,000 off the original price. #### Golden Arrow Mobile Home Park Golden Arrow Mobile Home Park in Ontario, California is a 22-space park situated in a Southern California infill location. This park has been owned and maintained by the same owner for over 25 years and features a long history of full occupancy and low turnover. Although this is a small park, it is in close proximity to three other BoaVida parks which provides economies of scale that will help control management and maintenance costs. This acquisition includes a site-built home with detached garage, a studio apartment, and a community swimming pool. In addition, the park is ideally located in a small section of unincorporated Ontario which does not have rent control, while all the other mobile home parks in the city are subject to rent control. This will be an important value driver for the park as current rents are approximately 35% below market for competing properties. Our near-term plan is to pass through trash and septic costs which are currently absorbed by the park and to implement rent increases to take the space rents up to market levels. #### Gopher Ridge Mobile Home Park We are excited to announce the acquisition of Gopher Ridge Mobile Home Park, a unique vacation/retirement community located in Fort Gaines, Georgia. Situated on the picturesque Walter F. George Lake, this 55-site park offers tenants a tranquil setting with access to water-based activities, including a dedicated beach area, docks, and boat launch. The park has a loyal tenant base, with some tenants residing there for generations.  Gopher Ridge currently operates with well water and on-site septic systems. The park is predominantly a seasonal, vacation-oriented community which limits the wear and tear on the roads, well, septic systems, and amenities. Recent infrastructure upgrades include the installation of new internet wiring, a new sea wall, and an upgraded boat launch and dock.  Our business plan is straightforward: increase occupancy by filling vacant sites with new homes and/or long-term RVs while increasing rents from $400/month to market rate, which is currently over $650/month. We’ve reserved $241,000 for moving in five new homes and to handle miscellaneous repairs on two park-owned homes.   This acquisition aligns perfectly with our strategy to acquire high-quality assets in strong markets with clear paths to value creation. We are confident that Gopher Ridge will deliver exceptional returns and be a valuable addition to our portfolio. The acquisition was closed with seller financing of $1M for six years with interest-only payments of 6%. By filling the park and increasing rents to market, we project a value increase of $1,755,462 by year 6.  #### Grand Oaks Grand Oaks is an all-age subdivision with 189 double-wide manufactured homes and large fenced yards located in the town of Magnolia, just north of Houston. It is part of a 5-star master planned community, with homes ranging from $175,000 - $350,000. The park has city owned roads, direct billed utilities, and an HOA that maintains all the amenities including a beautiful pool, clubhouse, park, baseball, and soccer fields. #### Green Acres Mobile Home Park Our first acquisition for the BoaVida MH/RV 2019 Fund was Green Acres Mobile Home Park in Fresno, California, a 112 space all-age park. Few properties of this caliber come to market. This urban park is fully occupied, and although rents average only $341 the average rents in the market are $550 plus utilities. Our plan is already in place to bring the rents up to market over the next several years to add significant value. This park will also see the installation of a 67kW solar array to eliminate the park electric bill, adding almost $350,000 to the park value overnight (which by itself is a 100% ROI)! #### Greenspot & Willow Creek Mobile Home Parks The Greenspot & Willow Creek Mobile Home Parks are located a few blocks apart in the strong rental market of Madras, Oregon, approximately 40 miles north of Bend. The parks were acquired at the extremely attractive basis of $33,000 per space, with an average in-place rent of $410. The previous owners operated the parks relatively hands-off, leaving significant upside by means of utility pass-through, rent upside, and replacing delinquent tenants. #### Greentree Village Mobile Home & RV Community The 296-space RV/mobile home hybrid community is centered in one of the best, most popular cities in Texas, just minutes from downtown San Antonio and attractions including the Riverwalk, SeaWorld, the Alamo, world-renowned restaurants, bars and more. The park includes paved roads, city utilities, gated entry, swimming pool, office, convenience store, playground and dog park. As a result of the great location, there is a large demand to stay at this park and the RV side of the park has a majority of long-term tenants. #### Greenville-Spartanburg Portfolio The Greenville-Spartanburg Portfolio is comprised of six parks that total 341 spaces located in Gaffney, Seneca, Greenville, and Spartanburg, South Carolina. The Greenville and Spartanburg areas have experienced massive growth over the past couple of years due to the expansion of companies such as BMW, GE, Michelin, Bosch, Lockheed and many more, and we are excited to add these six parks to the 2021 fund. This will be the fifth portfolio of parks acquired in South Carolina and will bring our total space count to over 800 spaces in the state. The portfolio includes a combination of city water, sewer and private well, septic systems. The portfolio also includes 238 homes that we plan to rent out and/or sell to tenants. The parks do have some deferred maintenance, and as a result, we were able to negotiate a great purchase price that was almost $2M less than the asking price. We put aside over a million dollars to resurface roads, rehab homes, install new homes, and improve the overall appearance of all the parks. The plan is to clean up the properties, sell the park-owned homes, and bring in new homes to fill the park quickly. In addition to repairing the properties, we plan on raising rents throughout the portfolio and expect to achieve a 15.4% IRR for investors. #### Hacienda Apartments Hacienda Apartments features 20, two bedroom, one bath units in Winnemucca, Nevada. The two, 10-unit buildings sit on just over two acres, only a five minute drive from downtown. Market occupancies are extremely strong at nearly 100% due to the growing mining economy in the area with this complex also seeing an average 95-100% occupancy. The property has been very well maintained inside and out. #### Holiday Estates Manufactured Home Community Holiday Estates Manufactured Home Community is located in Kokomo, Indiana, which is about one hour north of Indianapolis and is the seat of Howard County. The park is comprised of 103 spaces and has a current occupancy of over 85% with a majority of the homes owned by the residents. The park was developed in the 1970s with wide streets, large lots, parking for two cars at each lot, and city utilities. Holiday Estates is one of the nicest looking and well maintained parks in the city of Kokomo, and the previous management did a great job of screening tenants and maintaining the grounds. Holiday Estates presents a great opportunity for the Fund because previous ownership did not keep up with market rents. In fact, the rents are currently $60 below the rent for the identical park that is right next door. There are also four vacant lots and another five vacant park owned homes to be filled. The plan is to raise rents within the first 60 days after close of escrow by $30/month, fill the vacant homes, and bring in four homes to fill the vacant pads. This should all be accomplished within the first 9-12 months of ownership, and after the work is completed Holiday Estates will be an institutional-grade property. #### Horseshoe Mobile Home Park Horseshoe Mobile Home Park represents the opportunity to improve an older park in the strong Sacramento market in BoaVida’s backyard. We were able to acquire the 43-site park through an off-market process at an attractive basis of $67,000/site. Owned by an individual investor, they did a good job maintaining the park and keeping a quality tenant base. However, the current rents are at least 25% below market, including the opportunity to pass through water, sewer, and trash expenses. As expected, the park’s occupancy has been stabilized for years, and while the home stock is older, the park is very clean overall.  Horseshoe is close to a handful of BoaVida’s properties, allowing for operational synergies to help manage operating expenses through shared staffing, strong vendor relationships, and more. Our business plan is to increase rents to market over the first five years while passing through utility expenses in the first three years. Additionally, we will quickly complete various projects to repair deferred maintenance items and improve aesthetics.   #### Ideal Mobile Home Community Ideal Mobile Home Community is a centrally located and well-maintained asset in Fallon, NV, with 197 spaces and 98% occupancy. Locally, it is known as the "Gold Standard" for mobile home parks, which we were able to acquire off-market because of our relationship with a broker insider. While Ideal MHP is the highest quality park in the area, all the parks in the market show strong occupancy - highlighting the need for affordable housing. With two-bedroom apartment rents at an average of $1,400/month and houses in the market selling for $250-$350K, there is significant rent upside. Additionally, there is the opportunity to submeter and pass through utility costs. Major employment centers for Fallon residents include the naval air base, silver/magnesium mines, and Tesla/Panasonic. There is even a company- sponsored shuttle that takes Fallon residents to work in the Tesla and Panasonic "gigafactory" outside of Reno. #### Imperial Estates & Clark’s Run Mobile Home Communities Imperial Estates and Clark’s Run Mobile Home Communities total 271 spaces located in Danville, Kentucky, and are part of the Lexington-Fayette, Kentucky MSA. This is the second and third park purchased in Kentucky and brings our total space count to over 570 spaces in the state. The parks include paved roads, city utilities, a playground, and a dog park, and are located about a half-mile from each other. The parks feature city services with direct-billed gas and electric. The water and sewer are currently included in the rent, but we will start passing through this expense to the tenants within the first six months of ownership. The parks were purchased from the seller as a master lease with the option to purchase the park in 7 to 10 years. The price of the park is very attractive at $8.2M and the terms of the lease option were also great as we were able to control the park with only a 20% down payment. By raising rents, passing through water, sewer, trash charges, and moving in some new homes to the empty spaces, we plan on achieving over a 16% IRR for our investors. #### Iowa City-Kalona MHP Portfolio The Iowa City-Kalona MHP Portfolio represents a four-park acquisition totaling 420 spaces with an existing occupancy of 93%. The BoaVida 2022 Fund acquired the parks in a partnership with a 1031 exchange investor. The parks are all located in and around the vibrant college town of Iowa City, Iowa which is home to the University of Iowa. Three of the four parks, totaling 350 spaces, are located in town while one park, with 70 spaces, is located 20 miles away in the town of Kalona. The market’s need for affordable housing, where the median home price is $285,000, contributed to the city approving a 35-space expansion at one of the parks. The parks themselves are centrally located within the city and are clean, but three of the four parks need repaving, for which we’ve already allocated $650,000. Our business plan entails fixing the roads and to increase rents to market over the first several years while filling the 31 vacant spaces across the portfolio. Lastly, we project to complete the 35-space expansion in the next 12 months. #### Iowa MHP Portfolio Iowa MHP Portfolio is comprised of three properties totaling 254 spaces, located halfway between the rapidly growing Midwest cities of Des Moines, IA and Omaha NE. This is BoaVida’s fourth acquisition in Iowa and brings our total space count just over 600 spaces in the state. We purchased the portfolio at an attractive price per space of $18,110 with space rents averaging $330. The parks include paved roads and direct-billed city utilities. There is significant upside potential from high vacancy across the portfolio – 53.54% – which is due to seller’s lack of resources to bring in new homes. This gives us a great opportunity. We plan to clean up the park and prepare vacant sites for install of 68 new homes over the next 5 years. This, in combination with bringing rents to market, should double revenues and park value within 5 years of acquisition and achieve an IRR of 14.5% for our investors. #### Jersey Mobile Home Park Acquired for $15M, Jersey Mobile Home Park was an off-market deal brought to us by an insider that previously connected us into other successful purchases. Jersey is an older park with a great central Tampa, Florida location next to a major highway. The park consists of 226 spaces, 60 park-owned homes (POH), a single-family house, a commercial building and two large commercial billboards. The park’s utilities are provided by the city with electricity being direct billed to the tenants and water being metered by the park and billed based on individuals’ usage. Even though the city location of this property helps drive occupancy, the mom-and-pop owners did not keep up with the rents. At closing, the rents averaged $400 lower than the surrounding parks, but had a vacancy rate of only 6%. We will take the next 5 years to bring rents to market, will sell the occupied POH to the tenants, and rehab and sell the remaining. The Seller left some deferred maintenance which our team will be starting on, including tree work, fixing roads, and general landscaping and cleanup throughout the park. Jersey was financed with a LTV of 60% at a 4.5% interest rate, with interest-only payments for two years. With the work we are going to do at the park and bringing the rents to market over the next five years, we should be able to achieve a 30-year IRR of 15% for our investors. #### Karcher Mobile Home Park Karcher Mobile Home Park is a 151-space park located in Boise, ID, the fastest growing metropolitan area in the United States in 2018. The park is fully occupied and has experienced only 3 vacancies over the past 10 years. #### Key Estates Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Keywood Manor Keywood Manor is a 272-space park that is 100% occupied and located in Alfred, Maine. Keywood is the second park that we purchased in Maine and is a beautiful 4-5 star and 98% owner-occupied homes. Most of the homes in the park are newer double-wides with garages and fetch over $200,000 when sold on the open market. We purchased this park from an experienced operator who spent a lot of money on infrastructure and keeping the park up to date.   Keywood Manor has rents that are close to $200 under the market. The previous owner was focused on selling the homes to fill the park and now that we have the property, we will begin to bring market rents up to the appropriate level. By continuing the current operations and raising rents, we expect to achieve a 13.0% IRR. #### Kings Mobile Lodge & RV Park Kings Mobile Lodge & RV Park is a 62-space long-term mobile home & RV park located in the Central Valley town of Corcoran, California. The community has seen high occupancy from demand for affordable housing in the area. The Corcoran market is primarily driven by California State Prison workers and agriculture, and it’s close in proximity to additional employment opportunities in Hanford and Visalia 20-30 minutes away. We acquired the asset at $41,130 per space, and it presents an opportunity to increase income through bringing rents to market, while filling the remaining vacancies. Additionally, we secured a below market interest rate of 5.0% on a seller-financed loan with a 10-year term. This loan is projected to save approximately $300,000 in interest expenses throughout the term. The seller has owned the community since the mid-1990s, and in 1999 they developed the RV section, meaning the infrastructure is equivalent to new. The seller did an excellent job of investing in infrastructure and maintenance, which will significantly reduce our operating and capital costs. The office/laundry room building and two single-family residences have new roofs and new cooling/heating systems. The community is enrolled in a utility upgrade program, which encompasses the electric and gas infrastructure in the mobile home section being replaced by the utility providers later this year. #### Kings Towne Mobile Home Community Located in Epson, New Hampshire, Kings Towne Mobile Home Community is a 142-homesite “55+” manufactured housing community situated on 53 acres. The park is in an excellent location within town with median home prices over $250,000 and a huge need for affordable housing. King’s Towne is a well-established community with stable cash flow, with additional short-term NOI increases available through significant operating expense reductions and aggressive leasing efforts. Our business plan is to increase rents to market value over the next five years, pass through water and sewer expenses, and bring in new homes to fill vacant spaces. #### Knoll Terrace Manufactured Home Community The four properties comprising the Knoll Terrace Manufactured Home Community total 140 spaces in Henderson, North Carolina. Henderson is a city located a short 35 minute drive north of Raleigh in North Carolina.  Knoll Terrace is currently at 97% occupancy with paved roads, city utilities and rents that are $50 below the market rate. The park is comprised of mostly single wide mobile homes built in the 1980s and 1990s and all homes are owned by the tenants. #### La Villa Mobile Home Park La Villa Mobile Home Park is a 69 space all-age community located in Las Vegas, Nevada. The park sits on about six acres within an urban core environment less than 15 minutes from downtown. The community has a fenced yard for lounging or kids to play and includes a maintenance storage building and developable laundry facility. The street the park is on has a traffic count of more than 21,000 every 24 hours providing for great visibility and awareness of the community. #### Lackland & Westhill Mobile Home & RV Parks Lackland and Westhill Mobile Home & RV Parks are two all-age parks with a total of 264 mobile home spaces and 71 RV spaces located on the western side of San Antonio, Texas.  The parks are adjacent to Lackland Air Force Base, home of Air Force Basic Training.  San Antonio was recently featured in Forbes as one of the country’s “next boom towns” with a vibrant downtown, large medical presence, and thriving startup scene. #### Lake Padgett Manufactured Home Community Lake Padgett Manufactured Home Community is a high-quality age 55+ mobile home community located in Land O' Lakes, Florida which is a suburb of Tampa Bay. The park sits on the shore of Lake Padgett and offers residents lake access including a boat dock. The park has been owned by the same family since development in the early 1970s and has been extremely well maintained. The community exhibits a pride of ownership throughout. #### Lake Village Estates Lake Village Estates is a high-quality 55+ gated community comprised of 158 double-wide spaces in Clearlake Oaks, CA. The community shows extremely well and has numerous amenities including a clubhouse and swimming pool. It is situated in a serene location less than a 10-minute drive to Clearlake with easy access to retail amenities. The park features municipal sewer and water with all utility costs passed through to the tenants. There are currently 51 vacant spaces, which are ready for new home installs. The previous owner did not have the capabilities to bring in new homes, and we believe that there will be strong demand for homes in this superb park. Our business plan is to quickly bring in new homes, projecting to fill at least 10 spaces per year. Through a combination of raising rents to market and filling vacant spaces, we are projecting to increase net operating income by over 150% by Year 4. #### Lamplighter Estates Lamplighter Estates is an all-age park with 232 spaces located in the northeastern part of San Antonio, Texas.  The park is located right off of Highway 410, a short 15 minute drive to downtown San Antonio.  San Antonio was recently featured in Forbes as one of the country’s “next boom towns” with a vibrant downtown, a large medical presence, and a thriving startup scene. Lamplighter Estates features paved roads, public utilities, gated entry, a swimming pool, office and clubhouse.  The park has a past history of very few vacancies, though it crept up in recent years.  Most of the vacancies consist of empty lots that will accommodate large 3 bd/2 ba homes.  We will immediately start to fill the park by adding 15 homes a year until the park is full.  Adding 30 homes in two years will add an additional $1.1 million of value! The previous ownership has not kept up on market space rents and are currently charging $50 under the going market rate.  We plan on raising rents to market rates over the next couple of years and expect to see the value of the park increase more than $1.2 million per year with the increases alone.  In all, we should have a park worth more than $16.2 million in the next five years with a targeted IRR of 14.9% for our investors. #### Las Palmas Mobile Home Park Las Palmas Mobile Home Park is a 59 space all-age community located in Las Vegas, Nevada. The park sits on just under five acres within an urban core area less than 20 minutes from downtown. The street the park is on has a traffic count of more than 26,000 every 24 hours providing for great visibility and awareness of the community. Adjacent parcels consist of commercial and newly developed residential site-built housing and are well maintained neighborhoods. #### Lewiston MHP Portfolio Country Lane Estates and Stetson Brook Estates represent two 100% occupied, institutional quality assets in the strong housing market of Lewiston, ME. We purchased these parks from a family who acquired and expanded the assets in the 1980s and 1990s. The parks have been well maintained and have limited deferred maintenance. In addition, we own 354 spaces in two adjacent parks, which allows for operational efficiencies that will help control operating expenses. While Stetson Brook Estates has brand new roads, County Lane Estates does have some deferred road maintenance, and we have reserved $150,000 to address this. In addition, we have reserved a further $317,000 for acquisition of snow removal equipment, tree work, and other aesthetic improvements. Although we believe that we acquired the assets at a significant discount from their peak market values, the additional value driver will be the ability to increase rents to market over time. The previous owner did not focus on maintaining market level rents and given the high quality of the assets and the strong housing market, we project the ability to execute moderate rent increases for the next six-to-eight years. The acquisition of the Lewiston properties also included 1.5 acres of commercially zoned land fronting the highway. Our plan is to simply sell this excess property when the right offer is received. We acquired the assets using a Fannie Mae loan with a 6.19% interest rate and eight years of interest- only payments. The rent increases will result in a projected increase in Net Operating Income of over 50% by Year 6. The $2,415,588 investment by the 2023 Fund in the Lewiston properties represents a 16.61% interest and will provide a favorable tax loss on the 2024 K1. #### Lexington Portfolio The Lexington Portfolio is comprised of three parks, 115 spaces, and includes 87 park-owned homes. Lexington, a suburb of Columbia, South Carolina, has a population of 22,157 and is the fastest growing city in the Columbia MSA. This will be our third deal in South Carolina, bringing our total space count in the state to over 330 spaces. #### Llano Grande Resort & Golf Club Llano Grande Resort & Golf Club is a luxurious, 55+ active adult community that caters to a wide variety of residents who travel from the northern states and Canada to escape the cold winters. Llano Grande is more than your typical RV park and includes some top line amenities including multiple pools, tennis courts, dog parks, fitness centers, pickle ball courts, clubhouses, an 18-hole golf course, and a large, 25,000-square-foot events center with a commercial kitchen and bar. Llano Grande is by far the biggest property we own with 1,130 RV and MH spaces and comes with extra parcels that allow us to grow the park as needed. The southern Texas border is a hot bed for many vacationers, and Llano Grande is one of the nicest RV resorts in the area. We are already seeing a large increase in our occupancy this year and expect the demand to remain strong in the years to come. We are very excited about Llano Grande and are expecting investors to achieve an IRR of 16.8% and an increase in park value of over to $8M in 5 years. #### Lucerne on the Lake Lucerne on The Lake is located on a beautiful stretch of the shoreline of Clearlake in Lucerne, CA. We were able to acquire the asset in an off-market transaction at an attractive basis of under $40,000 per space, including 33 park-owned homes. With the park owned home income included, the acquisition cap rate is over 12%. The acquisition also benefits from operational synergies of being located near another BoaVida operated park In Lucerne. Our business plan is to clean up the park, sell the park owned homes, bring in new homes to fill the vacant spaces and increase the rents to market. #### Mad River Rapids RV Park Mad River Rapids RV Park is located in the strong housing market of Arcata, California. We were able to acquire the 92-space park at an attractive basis of $38,000 per space when looking at the average rent of $678/month. Mad River has historically been run as an overnight RV park and, while it’s been successful at maintaining strong occupancy, we believe that we can significantly improve operations. Our business plan is to initially focus on increasing the overnight RV revenues through improved marketing and price optimization, which has proven successful at our other property nearby (Emerald Forest). However, we will also convert a portion of the park to long-term RVs which will result in significantly reduced operating expenses. Arcata is located in the redwoods along the Pacific Ocean and the city is also home to Humboldt State University. The region features a strong housing market both in terms of home prices and apartment rents. The median home price in the market has increased 16.8% over the past year to $421,000. #### Malvern Courts Malvern Courts is an all-age, 108-space mobile home park located in Malvern, Pennsylvania, a high-end suburb outside of Philadelphia. The park is located in a great school district and a neighborhood where homes are selling for over $800,000! We acquired the asset in an off-market deal due to our relationship with one of the brokers, keeping it off the radar from many big players in the industry. Malvern Courts features paved roads, submetered electric, and 2 wells providing excellent water quality with a backup water connection to the city water system. Although no repairs are needed at this time, we have set aside $200,000 for upgrading the water lines to PVC and replace some areas of clay sewer lines. The park has had a history of very few vacancies, and we will move new homes into the 3 current vacant spaces to bring the park to 100% occupancy. Previous ownership had not kept up on market space rents, which currently average $200 under market. We plan on raising rents to market rates over the next couple of years and expect to see the value of the park increase over 50% by year 6 by filling the park and increasing rents. We are targeting an IRR of 12.8% for our investors on this deal. #### Memphis Portfolio Candlewood and Candlelight MHPs total 106 spaces located in the heart of Memphis, Tennessee. This is the third acquisition in Tennessee, bringing the total count to more than 250 spaces in the state.     The parks include paved roads, city utilities, one site-built home, and a commercial building with frontage on State Route 51. Both parks are located less than a 10-minute drive from each other and will be operated by the same management and maintenance team. The parks feature city services with gas, electricity, and trash billed directly to the tenants. The water and sewer are currently included in the rent, but we will start passing through this expense to the tenants within the first six months of ownership.     The parks were purchased from a large operator who neglected to keep an eye on these parks. As a result, they did not enforce rules and did not raise rents to market every year. We plan on replacing the roads in the parks, raising the tree canopy, replacing signs, and enforcing rules. By performing the described work and increasing rents to market over the next five years, we will be able to increase revenues by 74%, increase the value of the parks by $1.77M, and achieve an IRR of 15.6% for our investors.  #### Mesa Bluff Village Surrounded by beautiful desert mountain views, Mesa Bluff Village is a well-cared for asset in the city of Blythe, California. The city has become a hub for large regional and long-term infrastructure investments from SoCal Gas, SoCal Edison, and various large solar installations. These projects have significantly increased local rental demand with the potential to increase the long-term employment base in the area. The park was built in two sections in the 1980s and 1990s and features 98 double-wide spaces. Many of the homes are pit set, which improves the overall aesthetics. At closing, the park had 91 spaces occupied with rents on average $75 lower than surrounding parks in the market. There are 17 park- owned homes we plan to sell off. Each space includes a carport and access to the community pool. The park also benefits from being located outside of the city, adjacent to a quiet, palm tree-studded golf course which creates a highly desirable environment for the residents. These factors, combined with our ability to increase rents, will allow us to generate value quickly along with efficient management and minimal capital expenditures. Our business plan is to improve upon the already strong park operations and to raise rents to market. #### Mesa Terrace Mobile Estates Mesa Terrace Mobile Estates represents the opportunity to acquire a stabilized asset with substantial upside in rents. The high quality of the asset has enabled us to source a 10-year Fannie Mae loan with an interest rate of 3.30% and five years of interest-only. The park has a history of strong occupancy, and a number of the residents are "snowbirds" that pay rent year-round, but only occupy their homes during the winter season. Amenities at the park include a pool, clubhouse, and shuffleboard courts. The park features an ideal location within the Yuma market with easy access to numerous restaurants and retail amenities. Our business plan is to address deferred maintenance issues while upgrading the quality of the park and taking rents to market levels. We will also bring in homes to fill the four vacant spaces and will aggressively market the 11 seasonal RV spaces. #### Midtown Manor Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Mountain Desert Mobile Home Park Mountain Desert Mobile Home Park was sold to us by the owner of a neighboring RV property we purchased in 2018. We are buying this park at a price of $19,351 per space with current rents of $300 per month. This 77 MH space park has 25 vacant spaces, while our other MH and long-term RV properties in the area are full. Our stabilization plan includes preparing empty lots and bringing in new homes for sale, followed by repaving the roads. We will fill the empty spaces with RVs until new homes are ordered and installed. #### Mountain View Mobile Home Community Mountain View Mobile Home Community is a 123-space, all-age community located in the strong Chico, CA market. The park features a low-density layout with wide subdivision-style streets and most spaces sized for double-wide homes. The park has historically strong occupancy and is currently 97% occupied. Amenities include a pool, clubhouse, and several large lawn areas. #### New Philadelphia MHPs Quaker and Pines Manufactured Home Communities are two all-age parks totaling 106 spaces, located in New Philadelphia, OH. We were able to acquire this deal by working with our industry relationships, getting the two parks under contract before any other buyers were able to see it. The New Philadelphia portfolio features paved roads, sub-metered public water and sewer, and direct billed electricity and gas. Overall, the parks are in good condition, with some work needed on the roads, entrance, and signage, new home installs, and other miscellaneous items. We have set aside $389,550 to take care of these repairs and several new home installations. Previous ownership did not keep up on market space rents, and during the 15 years under their ownership, rents were raised a total of $20/month. We plan on raising rents to market rates over the next few years and expect to see the park value double by year 5. We are targeting an IRR of 16.2% for our investors. #### Newberry RV Park Located in La Pine, Oregon, Newberry RV Park is primarily a long-term RV community with 47 spaces and a history of strong occupancy. La Pine is a secondary market to the booming resort town of Bend, and the population of the county has almost doubled since 2000. There is a growing demand for affordable housing in the area, and this asset offers an opportunity to raise rents to market. The former owner held six to 10 sites for campground occupancy, and while this created higher revenues during summer months, it resulted in high staffing costs year-round. Since close of escrow, the former management team was replaced with a single manager-maintenance employee. Another significant benefit of this asset is that the former owner maintained the community with high standards. The property is relatively new construction, built in 2004, and this should result in low maintenance costs on capital improvement projects over time. The underground water and sewer lines are PVC/ABS, which are designed to have a service life of at least 100 years, and the laundry/bathroom building and office were recently renovated. We were able to acquire the asset at a favorable price for a park of this age, quality, and market strength at $47,340 per space. The attractive acquisition basis, in terms of cap rate and price per space, produces a strong value to the investor from the beginning, and bringing rents to market and capitalizing on the strong area demand will be the key to further increased value. We reserved $10,000 for minor asphalt crack sealing and $40,000 for incidental improvements. With strong occupancy from day one and minimal deferred maintenance, we will be able to focus on increasing net operating income. #### North American Manufactured Home Community North American Manufactured Home Community, located in Indianola, Iowa, is a short 15-minute drive from the capital city Des Moines. The Des Moines market has seen over a 30% population growth in the past 20 years and that growth rate isn't slowing down. Des Moines is home to many large insurance companies including Principal Financial Group, EMC Insurance Group, and Allied Insurance, as well as being the headquarters for Wells Fargo, Voya Financial, and Electronic Data Systems (EDS). #### Paradise Ridge Mobile Home Community (Previously Ponderosa MHP) Located in beautiful northern California, Paradise Ridge Mobile Home Community, previously known as Ponderosa Mobile Home Park, was part of the Paradise Camp Fire in November 2018, completely destroying the community. We were able to acquire the park at a basis of $20,000 per pad, which is highly attractive given the reconstruction of the park is mostly complete. At acquisition, PG&E had completed a full rebuild of the electrical and natural has infrastructure. In addition, the seller’s contractor had completed a replacement of the water and sewer lines, as well as replacement of the majority of the advanced septic system. The remaining items to complete include some grading and retention walls as well as installation of the road surface. Once complete, we will begin ordering and installing new homes. #### Park West Mobile Home Park Park West Mobile Home Park in West Sacramento is a well-established senior community just minutes from our corporate office. The community is well-maintained with below market rents. West Sacramento is in the midst of an economic and redevelopment boom and available housing is scarce. The community is priced at approximately $70,000 per space, which is lower than the community we purchased in Antelope/North Highlands in early 2017 for $80,000 per space, and the park is already performing ahead of our proforma projections. #### Parkwood Estates Mobile Home Park Parkwood Estates Mobile Home Park is a 130-space park that is 96% occupied and located in Cape Girardeau, Missouri. The park is located minutes away from the Mississippi River, across the street from a prestigious private school, and close to major a freeway and interstates. Parkwood is a clean park in a good market with 57 park-owned homes, purchased for less than $29k/space including the POHs. Even though city water and sewer lines are available across the street from the park, the property is still on a well and lagoon sewer system. For this reason, we were able to negotiate a $300k price reduction and will use that savings to connect to the city services, which will reduce maintenance and increase the value of the park. The previous owner was focused on fixing up homes and filling them and didn’t keep up with the rents, which are now almost $100 below market. We plan on raising rents over the next five years to market levels and selling the park-owned homes to the residents. With the implementation of our strategy, we expect to increase the value of the park over 50% in the first five years and achieve an investor return of 15.4%. #### Placerville RV Resort & Campground (Previously Placerville KOA) Located in the California foothills town of Placerville, the Placerville KOA is a high-quality and well-maintained 109-space RV campground. Placerville is proximate to the high growth in the Sacramento region and has experienced strong housing rent growth over the past five years. It’s easily accessible from the greater San Francisco Bay Area, and offers easy access to Lake Tahoe and the Sierra Nevada. The park is located near the Red Hawk Casino which is undergoing a large expansion. We acquired the park at an attractive going-in cap rate of 7.0% based on a conservative Year 1 revenue estimate of $1.3 million (the trailing 6-month revenue annualizes to almost $1.5 million). In addition, there is the opportunity to terminate the KOA franchise agreement in 24 months which should provide a savings of $130,000+ per year. Our team has been successful in transitioning several RV parks from the KOA model and increasing revenues at the same time by leveraging more sophisticated marketing. #### Pollock Pines Mobile Home Park Pollock Pines Mobile Home Park is a little 35-space park nestled in the foothills of the gold country between Sacramento and Lake Tahoe. The park includes two apartments and three park-owned homes. Residents are direct-billed for electric and propane, water is currently included in rent, and a relatively new septic system serves the property, also included in the rent. This deal was brought to a BoaVida team member by a friend of a friend, so it never went to market. The Seller did not want the hassle of continuing to manage it, and the park had 30% vacancy in a local market that was fully occupied. We were able to buy the park at a cap rate on current income, resulting in a price of $38,571 per space, with monthly rent of $505. BoaVida has several parks in the area and can efficiently manage this gem with staff from the nearby properties. #### Ponderosa Mobile Home Park Ponderosa Mobile Home Park is an 86-space park located in West Wendover, Nevada which is situated on the Utah/Nevada border. The town is an hour-and-a-half drive from Salt Lake City and is a gambling destination for the area. We were able to source the acquisition through a limited marketing process resulting in an extremely attractive basis of $35,000 per space and a cap rate of over 6%. The park was built in 1986 and features all double-wide spaces with concrete driveways and sidewalks. All the utilities are direct billed to the tenants including water, sewer, and trash. Once we address deferred maintenance and resurface the roads, the park should experience low operating costs going forward. In addition to physical improvements at the park, our business plan is to implement strong management and raise rents to market. #### Portland Mobile Estates Portland Mobile Estates comprises 210 spaces and is the largest mobile home park in Portland, Oregon. This well-maintained park is located in one of the strongest housing MSAs in the western United States, dubbed the "Silicon Forest" due to employers like Intel, Hewlett Packard, and Epson having significant operations in the market. The strong employment base has driven housing demand, with a Zillow home value index of more than $560,000 and 2-bedroom apartments near the park renting for $1,400-$1,800 per month. Mobile home assets of this size rarely come up for sale in Oregon. We were able to acquire the park off- market because of our deep-rooted relationship with the seller, who has sold us four other parks. We purchased the park for an attractive basis of $102,000 per space. A slightly higher quality park located less than 2 miles away from Mobile Estates sold for $176,000 per space during our contract period, further highlighting the attractive basis for this investment. Our business plan for the asset is to continue the strong current operations while raising rents to market levels over the first few years. We also plan to quickly sell off three included single-family homes which are each situated on their own parcels and have combined Zillow estimated values of more than $1.6M. In addition, we will increase occupancy by removing five vacant dilapidated homes and bringing in new homes. #### Possum Kingdom RV Resort & Marina Possum Kingdom RV Resort & Marina, also known as Petey’s RV, is located in Graford, TX along the shore of Possum Kingdom Lake, one of the most sought-after vacation destination lakes in the state. Located less than a two-hour drive from the Dallas-Ft. Worth Metroplex, Possum Kingdom Lake features ample continual water supply and is one of few clearwater destination lakes in Texas. The lake features dramatic limestone cliffs and has an extremely limited amount of land for new development on the east side. We were able to acquire the newly constructed park at a strong value through on off-market process. The park is the only high-quality RV camping option in the area and should generate strong revenues from campground tenants in the summer and long-term tenants in the winter. In addition to 82 RV spaces, we acquired 36 covered boat slips which are highly sought-after in the area and rent for $400 per month. Our business plan is to execute a focused marketing plan designed to deliver on the potential of the park and location. You can view this beautiful 5-star property at Petey's RV Resort & Marina. #### Rainier MHP Portfolio The Rainier MHP Portfolio represents the opportunity to acquire a relatively large portfolio of three parks and 145 spaces located in a strong housing market featuring a median home price of $326,000. The portfolio is 93% occupied. Although the well and septic systems have been well maintained, the parks have not been professionally managed and many of the spaces are in need of significant cleanup. #### Ramona Oaks RV Park The Ramona Oaks RV Park consists of 129 spaces situated on a beautiful 150-acre setting in the San Diego foothills, a short 30-minute drive from the metro area. The property had previously functioned as a short-term camping RV park; however, the strong demand for affordable housing has driven a recent conversion to primarily long-term stays. The seller invested over $1.2 million in capital improvements throughout the past several years, including a $700,000 upgrade to the electrical system, to enable the conversion. We expect to quickly increase the under-market rents as well as explore expanding the park by adding between 20 and 40 new spaces. We were able to acquire the asset at an attractive basis of only $60,000 per space and a strong initial cap rate of 6.9%. #### Redding Portfolio We are excited to share that we have closed on the largest acquisition ever in all the BoaVida Funds – the Redding Portfolio. We closed escrow Dec. 15 on a 777-space, $65M, three-community portfolio located in Redding, CA. These three large communities are institutional-quality assets with strong locations within the local market. We believe that the acquisition price of $83,000 per space represents a significant discount to recent market pricing and the value is further enhanced by highly accretive assumable loans. The two loans have a blended interest rate of 3.28%, loan to value of 41%, and 4.25 years of remaining term. This low interest provides for strong initial cash flows while the remaining term and low leverage provide us time to increase the net operating income significantly prior to our first refinancing. This acquisition also included 57 park-owned homes, with the majority of these homes being 2010 and newer, and we believe that the aggregate value of these homes exceeds $2M.    These communities are comprised of nearly 100% double-wide spaces with high-quality amenities including swimming pools, clubhouses, lush landscaping, and wide roads. Two of the three communities are in quiet suburban locations that cater to retirees and more affluent residents, while the other community is located in the central park of the city. The communities have been well-maintained with little deferred maintenance. The portfolio is 97% occupied, and we believe we can quickly take occupancy to 100%. In addition, given the quality of the communities with all double-wide spaces, we are confident we will be able to continue to increase rents with the market without risk of losing tenants.    Because of the large size of this acquisition, the total equity raise of $40,290,000 was divided among the 2023 Fund and several other BoaVida Funds and investors. Also, as this investment represents a more stabilized asset profile than usual BoaVida Fund deals, we have structured the deal with the profit split at 70% to the investor/30% to BoaVida, and the preferred return increased to 6%. The first-year cash flow to investors is projected to be a strong 4.4% and is expected to increase approximately 1% each year until the first refinance. We are projecting that investors will receive distributions totaling approximately 80% of their invested capital by Year 4 through cash flow and loan refinancing, and distributions totaling approximately 150% of their invested capital by Year 9 when we do a second refinance.    In summary, we are excited to add this high-quality portfolio to the BoaVida 2023 Fund and are confident that the combination of strong cash flow, limited downside risk, and income growth make this a great fit for our investors.  #### Redwood & Thunderbird Mobile Home Parks Redwood & Thunderbird Mobile Home Parks are adjacent parks totaling 100 spaces. The parks are 99% occupied with the sole vacancy being a mobile home under renovation. We feel that we have been able to acquire the parks at an extremely attractive basis of $34,250 per space. The parks are clean and well maintained with the only deferred maintenance being a needed replacement of the water lines at Redwood Mobile Home Park. #### Ridgeview RV Resort The same broker that brought us Tye also brought Ridgeview RV Resort, a 150-space RV Resort located in Abilene, Texas. Ridgeview adds to BoaVida’s presence in the Texas market and is the nicest RV park within a thousand square miles.   This brand-new RV Resort was completed in March 2021 with paved roads, city utilities, a swimming pool, dog park, laundry room, office, and playground. As a result of the park’s great location on Interstate 20, there is plenty of demand, with most of the tenants staying for over a month at a time. The condition of the park and the great location keeps the occupancy rate very high, and at close the occupancy was over 95%. Ridgeview, along with Tye RV Park (see above), gives us immediate operational efficiencies in the expanding Abilene market. #### Riverlawn Manufactured Home Community Riverlawn Manufactured Home Community in Riverview, Florida presented a great opportunity to purchase a park with less than 2% vacancy in a very strong rental market and rents that are about $100 below current market rates. The park’s location is top-notch with a handful of spaces that have river access. The park is on city services with tenants paying for their individual water/sewer usage and also paying their gas and electric bills directly to the municipality. The park is ready to run as-is and will provide a return of more than 16.3% by only raising rents to current market rates. #### Riverside Estates Mobile Home & RV Park Riverside Estates Mobile Home & RV Park is located in Covington, Georgia, a 30-minute drive east of Atlanta. Covington is a booming suburb where Rivian Automotive recently broke ground on their new $5B manufacturing plant scheduled to open in 2024, which will provide over 7,500 jobs. Riverside is comprised of two separate properties – one is a mobile home park with 136 spaces, and the other property is an RV park with 150 spaces. We already have an Atlanta regional management team in place to manage the park. At the time of purchase, the combined occupancy of the parks is 95%. Both parks are already stabilized, and we expect to take the current rents from $450 to over $650 in the mobile home park by year 5. We were able to purchase this off-market deal because of our existing relationship with the seller. We have purchased other parks from this seller, and they have enjoyed working with us so much that they decided to give us the first shot at this opportunity. We were able to move quickly and close on this large property in less than 90 days, and before the end of the calendar year. Just by increasing rents and operating the park over the next five years, we will be able to increase the value of the parks by over $10M and achieve an IRR of 15.0% for our investors. #### Riverside RV Park Riverside RV Park is a long-term, 112-space RV park located in the Portland suburb of Canby, Oregon. The city features a strong housing market with a median home price of $565,000. Although the park is 21 miles from Portland, Canby features a historic, small town-feel with an abundance of opportunities to enjoy the outdoors. The RV park was built in 1996 and has been owned by the current owner for almost 20 years. The owner has done an exceptional job with keeping up on maintenance and recently invested over $300,000 to upgrade the well systems and completely replace the septic system. The park is 100% occupied, and we believe that the current rents are approximately 35% below market which will allow for significant rent increases for the foreseeable future. The only deferred maintenance needed is a sealcoat on the park’s roads. In addition, we have identified several areas to optimize operating expenses including the opportunity to significantly decrease payroll expenses. #### Roebuck Woods Roebuck Woods is a 42-site mobile home community located in Roebuck, South Carolina, just outside of Spartanburg and within the growing Greenville/Spartanburg MSA. The area benefits from strong industrial and residential growth with continued expansion along the I-85 corridor, driving high demand for affordable housing. This acquisition is a bolt-on to our existing Greenville-Spartanburg Portfolio, growing our regional footprint to 383 sites while leveraging our established management team, home sales infrastructure, and operational efficiencies already in place. The property was developed in 1991 by the seller, who built the sites and installed new homes as rentals. As a result, Roebuck Woods historically operated more like a portfolio of individual rentals than a unified community. Today, 38 of the 42 homes are park-owned. The property is split across two adjacent sections - Carolina Drive and Fortune Drive - and features concrete streets, mature trees, city water with direct-billed meters, and 1:1 septic systems. Occupancy at closing was approximately 90% (38 of 42), with four vacant park-owned homes and current rents ranging from roughly $600-$950/month depending on tenure. Our business plan is straightforward. We will transition management and move tenants onto BoaVida standard month-to-month leases. The team will rehab and occupy the four vacant park-owned homes within the first 90 days to reach 95% occupancy, raise the tree canopy, patch the concrete roads, and implement a proactive septic maintenance program. And rents will gradually be brought up to market, with the first increase scheduled for June 1, 2026. By executing this plan and increasing rents to market over the next five years, we will be able to increase the value of the property to over $2.6M and achieve a projected IRR of 18.2% for our investors. #### Royal Oaks Mobile Home Park The Royal Oaks Mobile Home Park is located in Medford, Oregon and was destroyed by the Alameda Fire in September 2020 along with 11 other mobile home parks. The Medford area featured a very strong housing market prior to the fire, and the supply/demand imbalance post-fire has resulted in a median home price increase of almost 25% to $380,000 over the past year. During our due diligence, we were able to meet directly with all of the relevant government and utility representatives to assess the challenges with the rebuild process. We have written confirmation that we will not need any government approvals for the rebuild aside from standard buildings permits. We are projecting the completion of the rebuild project and the ability to bring in new homes during Year 3. We acquired the park for $28,000 per space, and our total projected cost including the rebuild is$50,000 per space. The park will essentially be brand new upon completion of the rebuild, and our projected stabilized value per space is $114,000. #### San Bernardino RV Park San Bernardino RV Park is a 109-space long-term RV park located in its namesake city of San Bernardino, California. This property was brought to us by a broker who has done several deals with BoaVida and knew us as performers. The seller was motivated to close on the property this year and we were able to snag this gem without it going to the open market. Relationships are valuable! The current owner is nearing retirement and has not invested the time to maximize the potential of this asset. The in-place rents at SBRV are significantly below market, and this represents an opportunity to generate strong returns by increasing rents to market. RV parks of similar quality and location are receiving monthly rents around $900 per month, while this park has an average space rent of only $591 per month. While the city of San Bernardino has rent control for mobile home parks, which keep them from capitalizing on the strong market demand for affordable housing, RV parks are not subject to this rent control. In addition to the opportunity to quickly increase rental income, the park shows well and has little deferred maintenance. Our business plan is to quickly address deferred maintenance to the roads and to increase rents to market over the first five years. This is projected to effectively double NOI over the same period. #### Sandy Creek Village Sandy Creek Village, a 45-site all ages community, is located in Auberry, CA, just 30 minutes from Fresno. The market features a median home price of $338,000 with very few options for affordable housing. We sourced the acquisition through a residential Realtor and acquired the property for $1,825,000, or $40,500/pad. The community has a solid long-term tenant-base, well-maintained infrastructure, and most sites are large enough to accommodate double-wide homes. We feel that the acquisition price represents a strong immediate value with the ability to raise rents to market and pass through the cost of water, sewer, and trash. Immediately upon closing the acquisition, a 90-day notice was issued to pass through the water, sewer, and trash costs, which total $90/month/site. This combined with moderate estimated rent increases results in a projected increase to NOI of 38% by the end of year five. #### Santa Fe Trails Santa Fe Trails was acquired at an extremely attractive basis of just over $18,000 per space, with significant infill upside as well as room to raise rents to market. The location is booming, with Temple being along the corridor between Dallas and Austin. The location of Temple makes it an ideal logistics hub - with businesses including Walmart, McLane Company, and Temple Bottling Company currently operating distribution warehouses in the city. Additionally, between 2010 and 2019 the city's population grew 18.7% to 78,439, fueling housing demand in the area. The investment offers the opportunity to rapidly add significant value, and our business plan is to quickly bring in new homes to fill the 38 vacant pads which will immediately increase revenues as well as uplift the quality of the park. #### Sawmill & Edgewood Estates Sawmill and Edgewood Estates are two mobile home communities located in Paradise, California. The parks were destroyed in November 2018 by the Camp Fire, which burned most of the city. Prior to the fire, Sawmill and Edgewood were the nicest mobile home communities in the area. They feature a density of only two homes per acre. The homes were either double- or triple-wide with attached garages. There is no other mobile home park in the area of similar quality. Much of the rebuild process has been completed including installation of brand-new gas and electric throughout the park. In addition, the water lines have been repaired and tested. The primary remaining repair item is replacement of 21 of the 26 septic tanks which will be a straightforward process. We anticipate being able to order new homes soon and fill up the park to 100% occupancy by the beginning of Year 3. We are in the process of sourcing a loan to fund the remaining repair and cosmetic upgrade items. Our total budget is $1,160,000, or approximately $26,000 per pad. In addition, to completing the rebuild of the communities, we have planned for many cosmetic upgrades to make Sawmill and Edgewood once again premier communities which should command rents that are at least 30% higher than the rest of the market. #### Shady Elms RV Park Shady Elms Mobile Home & RV Park represents a unique opportunity to acquire a non-rent controlled park in a rent controlled market. This is one of three parks in the city of Palmdale, CA (Los Angeles County) with an exemption from rent control. The result is an opportunity to bring rents to market and benefit from the residual demand of a very low vacancy area. Palmdale is referred to as the “aerospace capital of the United States”. We were able to acquire the 64-space park at a going-in cap rate of 6.3% and a low basis of $42k per pad with rents at least $100 below market. Returns are further enhanced by an attractive seller carry loan of 5% for 10 years, with the first 5 years being interest-only payments. The park currently has a 25% economic vacancy due to delinquent tenants. We project the ability to solve these issues and to take the cap rate up to 9.15% by the beginning of Year 3, which will result in a projected cash-on-cash return exceeding 14%. Although this is mixed RV/MH park, it is occupied by all long-term tenants working in the aerospace, retail, education and medical industries. The previous owner invested significantly in infrastructure improvements including new roads and a brand-new solar system which decrease operating costs. While there is little deferred maintenance in the park, we have reserved $114k for the addition of a security gate, tree care, and park cleanup in the first year. With the park soon to be a ‘gated community’, it will further improve the street appeal to attract high quality tenants at higher rents. #### Shady Glen Estates Shady Glen Estates is an age-restricted community located several miles off Interstate 80 in the Sierra Foothills town of Colfax, CA. The property consists of 118 sites, including a 21-site addition featuring double- and triple-wide homes with garages and concrete roads conveying a subdivision feel. Site rents average $746/month with turnover rents at $850/month. We believe with clean-up and improved management, the site rent in the older portion of the community should compare to Grass Valley, which currently averages $900-$1,000/month, and in the newer portion, $1,100-$1,200/month. The property features a renovated clubhouse, pool, and common area. In addition, the private water system was connected to municipal water during our escrow period, thereby eliminating the long-term risk of well operations. The seller purchased the property in 2022 at a similar price to our contract price. While some improvements were done, including seal coating the roads and renovating the clubhouse and common areas, our impression was the seller took a hands-off approach, both in terms of management and additional capital investment. The sellers purchased the property with an 80% LTV carryback loan that was coming due, and they could not refinance without a significant equity investment. Our business plan is to invest approximately $560,000 to address several areas of deferred maintenance and to complete infrastructure improvements, which will set the property up for more efficient operations moving forward. #### Shady Grove & Glenbrook Mobile Home Communities Shady Grove and Glenbrook Mobile Home Communities are in Hinesville, Georgia and are our second and third parks that are purchased in the state. The parks have a total of 155 lots with 132 park-owned homes and an occupancy of more than 92%. Shady Grove has city services with water and sewer that is sub-metered based on each tenant’s usage. Glenbrook has a well and septic, and both utilities are currently included in the rent each tenant pays. Both parks are located within three miles of each other, and we are able to manage them with one management team to keep expenses down. The previous owners were focused on the upkeep of the park and did an excellent job of leaving a park with very little work to be done. We plan on selling the 132 park-owned homes to tenants, to reduce our expenses at the park and to achieve an investor IRR of over 18%. #### Shasta Horizon Mobile Home & RV Park The Chateau Shasta and Horizon Hills Mobile Home Park portfolio represents the opportunity to acquire 90 pads at an attractive basis of $33,300/pad, on an effective $391 space rent. The properties are located in the Northern California cities of Mount Shasta and Montague along the busy Interstate 5 corridor. The City of Mount Shasta welcomes over 25,000 visitors each year and the demand for housing far outweighs the supply, while Montague serves as an affordable community for nearby Yreka. Horizon Hills Mobile Home Park has a history of very strong occupancy and benefits from direct-billed utilities. Both parks feature below market rents, and our business plan is to implement professional management and raise rents to market level during the first few years of operation. #### Sierra Holiday Sierra Holiday is a 77-space park located in the resort market of Mammoth Lakes, California. The town is a year-round tourist destination for Southern California and features one of the largest and most highly regarded ski areas in North America. The local housing market features a median single-family home price of almost $1.2M. As you can imagine, we weren’t the only prospective buyer for this property. Another buyer offered a higher price than we were willing to pay, but when they were unable to perform, the seller came back to us, and we worked out a price that was even lower than our original offer. The park was developed and owned by the same family for over 50 years, and while it has been well maintained, the previous owners failed to maximize the potential of the property. A limited housing stock coupled with high demand leaves significant room for rents to increase - the primary value driver for this asset. Current space rent is $965 per month, and we believe that the market should support over $1,300 per month. No local rent control exists, which will allow us to quickly bring rents to market and increase NOI. The park also benefits from direct billed water, sewer, electric, and gas thereby eliminating significant overhead cost. Our business plan is to spend approximately $250,000 improving the park entrance, signage, asphalt, and electrical and water systems while bringing the rents to market. The combined impact of increasing rents to market and optimizing expenses is projected to result in an increase to NOI of over 80% by year 5. #### Sierra Vista Mobile Home Community Sierra Vista Mobile Home Community represents the opportunity to acquire a large 145 space park in Shafter, California, a suburb of Bakersfield. The park is nearly fully occupied and has only four vacant spaces. The city of Shafter features relatively strong housing prices, and Sierra Vista MHC is the only quality mobile home park in the city. We acquired the park at an attractive basis of $53,000 per space. It features several amenities including an expansive clubhouse and open spaces. The seller had relatively low experience owning manufactured home communities and has not kept rents in line with market housing costs. The strong desirability of the park and location enabled us to source a loan with Fannie Mae at an interest of 3.21% and a 12-year term. Our business plan is to make improvements to the park by redoing the roads and making other cosmetic updates while also installing water meters which will allow us to pass through the water expense. #### Silver State Mobile Home Park Silver State Mobile Home Park is an 80-space family park in Carson City, the state capital of Nevada. Silver State is clean and stabilized with mostly double-wide units in a region of low vacancy and expected growth. Northern Nevada has experienced continued growth due to a robust economy and the expansion of high-tech companies including Tesla, Apple, Panasonic, Google and Switch in the Reno area. Carson City itself has the largest light manufacturing base in Nevada. . #### Silverstone Lake Estates Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Skyline Estates Skyline Estates is a 91-site mobile home community in Pullman, Washington, the home of Washington State University. WSU has over 20,000 students and provides stable recession-resistant jobs. The market has a limited housing stock and strong demand for affordable housing, positioning this investment for success. We acquired Skyline Estates for approximately $62,600 per site with a $576 monthly site rent. The property has a subdivision-feel with primarily pit-set homes featuring detached two-car garages. At closing, 75 of 91 the sites were occupied. With rents meaningfully below market, we see the opportunity to immediately increase NOI via home infill and reasonable rent increases. The former owner managed the community remotely from over four hours away and underinvested in lease-up, bringing in just a few homes at above-market price points, and visiting the property only two-to-three times per quarter. Despite the lack of active management, the community shows clear pride in ownership, with well-maintained sites, city water and sewer, direct-billed electricity and gas, and virtually no delinquency. We plan to take a more active management role, immediately fill the community with quality homes, raise rents to market, and pass through utilities. As the property fills and tenants turn over, we see a clear pathto more than double NOI over the next five years. #### South Hampton Meadows Mobile Home Park BoaVida enters its 31st state – Virginia – with South Hampton Meadows Mobile Home Park, totaling 233 spaces. Located 40 miles west of Norfolk, VA in Franklin, the park was purchased as an off-market deal directly from the sellers. We were able to secure the property at only $23,605/space, which is well below the average price per pad in that market. The park includes paved roads, two wells, a convenience store, large flat lots that accommodate double- wides, direct-billed electric, and trash services provided by the city. The park’s occupancy is at 95% and rents are extremely low as the seller has raised rents by only $20 in the past 10 years. We plan on beautifying the park by upgrading signs, landscaping, performing tree work and bringing in new homes/RVs to fill the remaining 12 vacant pads. By performing the described work and increasing rents to market over the next 5 years, we expect to be able to increase the value of the park from $5.5 million to $11,235,574 and achieve an IRR of 17.8% for our investors. #### Southern Villa Manufactured Home Community Southern Villa Manufactured Home Community is our first park purchased in the state of Alabama. Located in Montgomery, the capital of Alabama, it has 146 lots with an occupancy of 90%. Montgomery has a population of over 200,000, a median home price of $140,000, numerous colleges, a large air force base, plenty of government jobs, and is home to many high-tech manufacturing companies including Hyundai Motor Manufacturing. #### Southland Mobile Home Community Southland Mobile Home Community is located in Louisville, Kentucky and is one of the nicest parks in the Louisville area. Southland has 313 lots with 251 occupied, has no park owned homes, and has below-market space rents. The property has city services with water and sewer that is sub-metered and passed through to tenants. The current management and maintenance team has years of experience, and we will be looking to use their experience to help fill the park to 95%+ occupancy by filling with new manufactured homes and renting smaller spaces to permanent RVs. #### Springfield Mobile Home Park Springfield Mobile Home Park offers the opportunity to acquire a well located value-add investment in the strong Eugene, Oregon market. The park is 100% full and features rents that are significantly below market. The water lines and the majority of the sewer lines have been replaced with PVC/ABS. However, the park's roads are in disrepair and in need of a complete replacement. In addition, the individual spaces are in need of substantial cleanup. The median home price in Springfield is $364,000 and has increased 22.9% year over year. In addition, the city features an extremely tight rental market with an average apartment rent of $1,460, a 7% year over year increase. Our business plan is to quickly uplift the quality of the park through replacing the roads, addressing deferred maintenance issues, and enforcing cleanup rules which should allow for significant rent increases. #### St. Louis MHP Portfolio St. Louis MHP Portfolio is comprised of 204 sites across two well-located communities: Eagle Creek and Cedar Hill. These communities are ideally situated within the St. Louis, MO MSA and provide scaled entry into the surrounding market. The portfolio features a robust 95% occupancy with immediate rental upside, utilization of public utilities, and shared management capability due to the proximity of both communities. This offering presents an opportunity to acquire two well-occupied, strategically located communities with immediate upside in the St. Louis MSA. #### Stadium View (Previously Stonecroft MHP) Stonecroft Mobile Home Park is located in the heart of Kansas City, Missouri and less than 1-mile from Arrowhead Football Stadium, the home of the Kansas City Chiefs. This 148-space mobile home park includes city utilities, paved roads, picturesque wooded lots, and a mix of single and double-wide homes. Over the past 10 years Stonecroft suffered from lack of quality management that did not screen tenants correctly, refused to repair roads and homes, and let the deferred maintenance accumulate. Stonecroft was an excellent investment opportunity as Wells Fargo Bank was in the process of foreclosure due to the Seller mismanagement. Because of the number of issues at the park and the lack of income, the Fund was able to acquire this park for less than $6,600 per pad. Our operations plan is to invest about $800,000 to upgrade the park and address the deferred maintenance. We will remove over 40 homes, perform road repairs, complete tree work, rehab five homes, and fill vacant pads with brand new homes. With the completion of the work, the Fund will own an extremely attractive, institutional-grade park, and once the park is stabilized, we feel confident that we will achieve an excellent return with a value of over $45,000 per pad. #### Sumter-Columbia Portfolio The Sumter-Columbia Portfolio is comprised of three parks that total 232 spaces, located in Columbia and Sumter, South Carolina. This will be the fourth portfolio of parks acquired in South Carolina and will bring our total space count to over 550 spaces in the state. These value-add parks include a combination of city water and a private well, with all other utilities being provided by the city. The appearance of all three parks is poor and will require new roads, removal of trees, demolition of outdated homes, and lot preparation for new homes. With all the issues at the parks, we were able to acquire the parks at a great price of $18,534/space, which helps us achieve some great returns on this portfolio. The plan is to clean up the properties, sell the park-owned homes to the tenants, and bring in new homes to fill the park quickly. In addition to repairing the properties, we plan on raising rents throughout the portfolio and expect to achieve a 17% IRR for investors. #### Sunrise Mobile Home Park Sunrise Mobile Home Park represented an opportunity to acquire a relatively new construction property (1993-1995) with below market rents and a competitive advantage compares to other parks in the area. The park sits atop a hill overlooking Madras, Oregon, making it one of the most desirable locations in the area, but has rents lower than some in-city parks. It is in excellent physical condition and will require relatively little capital expenditure due to its age and public-owned utilities. The proximity of this park to two other BoaVida-owned parks in Madras eliminates the need for dedicated onsite management. #### Sunset Mobile Home Park Sunset Mobile Home Park is a clean and well-maintained community located in Yuma, Arizona. This 52 space park has been owned by the same family since 1900! The seller used their engineering background to maintain the property with a high level of sophistication and ran the park with a strategy to minimize operating expenses by investing in high-quality infrastructure. The park has a history of very little turnover and the city of Yuma has experienced a tight housing market, with apartment rents increasing 37% over the past year. The current space rent in the park is $330 which is at least $75 below current market levels. Our business plan is to increase the space rent to market throughout the first few years of ownership while continuing to keep the community clean and well maintained. We are projecting to increase the current space rent to $485 per month during the first five years of ownership which results in a projected increase to net operating income of 71%. #### Sunset Shores Manufactured Home Community Sunset Shores Manufactured Home Community is situated in the idyllic private community of Canadian Lakes, Michigan, about 60 minutes north of Grand Rapids, Michigan. Canadian Lakes is a recreational paradise where residents and visitors alike have access to numerous amenities including, pristine lakes for boating and fishing, championship golf courses, tennis courts, fitness centers, and scenic walking trails. Sunset Shores is a 5-star manufactured home community comprised of 80 spaces that accommodate double-wide homes with attached garages. The community currently has 63 occupied, resident-owned homes, and we plan to bring in an additional 17 homes to bring the community to full capacity in the next two years. Sunset Shores has no deferred maintenance, which will free up our team’s time to focus on bringing in new homes to sell at over $200,000 each. Just by increasing rents, filling the community to capacity, and operating the park over the next five years, we will be able to increase the value by over $4M and achieve an IRR of 14.0% for our investors. #### Tara Estates Mobile Home Community We are thrilled to announce the addition of Tara Estates Manufactured Home Community to the BoaVida 2022 Fund Portfolio. This $43M property is 99% occupied and comprises 389 homesites on approximately 263 acres in Rochester, New Hampshire. The park is a five-star asset with large double- and triple-wide homes that are all tenant-owned and include garages, porches, and well-manicured landscaping. The city of Rochester has a population of 131,000 and is part of the Boston-Cambridge- Newton Massachusetts/New Hampshire MSA. The city is approximately 65 miles from Boston. The property also has more room to expand. We currently have a 53-lot expansion under construction, with permits allowing an additional 100 lots to be developed at a later date. The cost to complete the initial expansion is being paid by the seller as part of the purchase agreement, and the project should be completed by this summer. Our business plan is to gradually raise in-place rents to market while significantly increasing rents on tenant turnover. In addition, we plan to fill the 53 expansion spaces with new homes over the first three years. We acquired the park in an off-market transaction. The property came with an assumable Fannie Mae loan with an interest rate under 3.0%, and we sourced a supplemental Fannie Mae loan which provided a combined 54% loan to cost and a fantastic, blended interest rate of 3.7%. Because of the large size of this acquisition, and to balance the amount of 2022 Fund equity invested in any one property, we brought in a side investor for half the deal, and the 2022 Fund provided just over 50% of the equity. #### The Meadows Mobile Home Park Our acquisitions team found The Meadows Mobile Home Park in Conyers, GA, which is just 21 miles outside of downtown Atlanta. The Atlanta MSA is currently the six largest and the third fastest growing region in the country. This 5-star park is the highest quality mobile home park in Dekalb county which has a population of 764,382, a median household income of $77,169, and a median home price of $343,884. The location is a strong housing market which should allow us to quickly fill the 43 vacant sites and increase rents, which are currently $250 below market. The Meadows is an all-age family park with submetered city utilities. The park has been owned and operated by the same owner since it was built in the early 1970s. The asset has been very well maintained, and there is limited deferred maintenance. We believe that we were able to acquire this asset at a price that represents a significant discount to its present market value. For example in Sept, 2023 we sold a 334 space park in the lesser market of Covington, GA, 35 miles from Atlanta, for $91,300 per pad, so the $62,500 acquisition price for The Meadows compares very favorably. Our business plan is to increase the Net Operating Income through a strategy of measured rent increases over the first eight years. This will result in an average rent of $775 in Year 8 which is very supportable given that comparable parks in the market are achieving rents of $650 to $700 today. In addition, we plan to quickly fill the 43 vacant spaces. Although all but two of these spaces can accommodate mobile homes, our plan is to fill most of these with long-term RVs. The increase in rents and occupancy are projected to result in an increase of Net Operating Income of 147% over the first six years, resulting in a projected increase in value from $15 million at acquisition to $24 million. #### Three Oaks Mobile Home Park Three Oaks Mobile Home Park, located in Newport, Tennessee, is our second purchase in Tennessee and is a short 25-minute drive from our other park, Twin Peaks. Three Oaks has 81 total lots, and the purchase price also includes 61 park owned homes. The property has city services with direct billed water, sewer, gas, and electric. We will also be managing the park with the same management team as our Twin Oaks property, so the transition to ownership will be seamless. #### Thunderbird Village Manufactured Home Community Thunderbird Village Manufactured Home Community is a 144-space park in Springfield, Michigan, a suburb of Battle Creek. Battle Creek is the world headquarters for Kellogg’s and home to large divisions of multinational corporations including Kraft Foods and Denso, together providing the area with over 10,000 jobs. The area also boasts numerous hospitals, colleges, military, aviation and auto manufacturing businesses. #### Timberline Estates Mobile Home Parks Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction. Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency. The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses. #### Tradewinds Mobile Home Park Tradewinds Mobile Home Park is a 119-space property located along Florida’s Gulf Coast in Bradenton, south of the greater Tampa Bay area and north of Sarasota. Bradenton is nestled on the beautiful Manatee River, and is home to a Riverwalk, Village of the Arts, LECOM Park, home of the spring training Pittsburgh Pirates, and minutes from Anna Maria Island. Bradenton has a very healthy rental market with 2-bedroom apartments starting at $2,000 per month. Market space rents in a city correlate to about 50% of the 2-bedroom apartments in that city, putting the market space rent approximately $1,000 per month. The purchase includes 14 park-owned homes with significant upside in rent growth, as park rents average $539 per month – about half of the current market rate. Tradewinds is located within a 3-mile drive from another park we just purchased for the 2022 Fund and will be operated by the same management and maintenance team. The park features city services, with gas and electric billed directly to tenants. Water and sewer are currently included in rent, but we will start passing through this expense to tenants with the next couple of rent increases. Tradewinds was purchased from an experienced operator who was looking to downsize and slow down as he gets ready for retirement. The park has very little deferred maintenance, but we are planning on fixing the clubhouse, rehabbing an apartment, installing water meters, and filling vacant spaces with new homes or RVs. By performing the described work and increasing rents to market, we expect to achieve an 12.7% pre-tax return to our investors. The projected IRR is affected negatively due to low leverage because we had to assume a loan to get this deal done. Nevertheless, we see room to grow rents over the long term in this great market and will be able to increase the value year after year. #### Travelier Mobile Home Community The Travelier Mobile Home Community offers the opportunity to acquire one of the largest manufactured home communities in the quickly expanding Reno market. The community consists of 241 mobile home sites and along with 16 site-built rental units. Rents in the community are at least $100 below current market levels. The Reno market has experienced tremendous job growth of over 30% since 2010. The favorable business and tax environment and close proximity to Northern California are transforming the Reno area into a business and distribution hub. The BoaVida Group business plan for the asset is to invest capital to remedy deferred maintenance issues and to quickly implement and enforce rules to require cleanup of tenant homesites and to eliminate the current practice of parking vehicles on the streets. We believe that we can quickly transform the community into a much higher quality asset thereby allowing for significant rent growth. We are projecting the ability to increase rents by $300 over the projected five-year hold period. In addition, we will pass through the costs of water, sewer, and trash to the residents as these costs are currently included in rent. #### Twin Oaks Mobile Home Parks The three properties comprising the Hanahan portfolio are located in Hanahan, South Carolina, just north of Charleston. The Charleston MSA includes more than 750,000 habitants and has a median home price of $252,900.  The market is booming and affordable housing is scarce in the area. In addition to the market, the current owner has overdeveloped the park by spending capital on improving roads, fences, used homes, and the overall appearance to the park. #### Twin Peaks Mobile Home Park Twin Peaks Mobile Home Park is a value-add 69-space, all age community located 30 minutes from Knoxville, Tennessee in the city of Dandridge. We acquired the Twin Peaks mobile home park through a foreclosure process for $6,700 per space plus back taxes of $1,200 per space. Although the park was neglected by the former owner while he continued to squeeze cash, we believe the acquisition price to be an excellent value especially given the strong local housing market. We anticipate full stabilization of the park and the ability to refinance out the invested equity within 3 years. #### Tye RV Park Tye RV Park is a 146-space RV park located in Tye, Texas. This long-term stay property is next to the city of Abilene which offers both its visitors and residents many local attractions, including the Abilene Zoo, Adamson-Spalding Storybook Garden, the Dyess Air Force Base,Swenson House Historical Society, many museums, including the Frontier Texas Museum, as well as breweries and wineries. Tye RV Park is a short 10-minute drive from Ridgeview RV park, which we also closed in November, allowing us to operate both parks with the same management team. The park’s amenities include laundry, WiFi, two billboards, new bathrooms and showers, a six-acre catch & release fishing pond, and dog wash stations. The park operates on city water and sewer, and the park pays for the water, sewer, and trash utilities and bills back electricity to the tenants. Tye RV Park has excess land that will allow for us to expand and add more spaces during our ownership. We are very excited about the Tye RV Park and are expecting to achieve a target investor IRR of16.9% and an increase in park value of close to $2.1 million in 5 years. #### Vallenar View Mobile Home Park Headed north, Vallenar View Mobile Home Park is located along the Inland Passage in the tourist market of Ketchikan, Alaska, a fishing hotspot and popular cruise ship destination. This 73-space asset is one of only two mobile home parks in the market and is far superior to the other park in terms of location and quality. We believe that there is the opportunity to leverage its ocean front location and significantly improve the quality and value of Vallenar View. We plan to pave the gravel roads and carry out a number of improvements, while also cleaning up the park by enforcing rules and incentivizing the tenants to repair and improve their homes. Ketchikan features a tight and expensive housing market, with the median home price of $313,000 and relatively limited rental options. We believe that these strong market fundamentals combined with the quality of the Vallenar View location will enable us to create significant value through improving the asset quality and increasing revenues. #### Valley View Mobile Home Park Valley View Mobile Home Park, comprised of 61 sites, is located in Roseburg, a regional hub along the I-5 corridor in southwest Oregon. Roseburg has a strong housing market with a median home price of $325,000. The $2,550,000 purchase price represents an attractive price per site of just under $42,000. With effective rents of $475/month, near full occupancy, and room to raise rents to market, there is an opportunity to rapidly increase the property’s value while enjoying healthy cashflow immediately. Excluded from the model but a financial bonus to the deal is an opportunity to inexpensively add three additional income-producing sites to the park. Our business plan is to immediately replace the roads and upgrade driveways – thereby significantly elevating the quality of the park and improving the attractiveness to tenants in a tight housing market. We are projecting the ability to increase NOI by 44% over the first five years of the hold period.   #### Visalia Portfolio The Visalia Portfolio is comprised of three mobile home parks totaling 78 spaces and a 90% occupancy. Two of the communities are located in Visalia, California, and the third is 16 miles northeast in Woodlake. The Visalia market has seen quick growth since 2000, with a population increase from 91,000 to 141,000. There is a tight market for housing with a particular demand for affordable housing. We acquired the asset for $46,150 per space from a seller who has owned the communities for more than 20 years, and they are in great condition. The communities had brand new electric and gas infrastructure done by the utility providers, and the roads are in good shape. With new gas and electric infrastructure, primarily city utilities, and recent upgrades to most of the site-built structures, there are very few capital improvements required. We reserved funds for minor asphalt seal coating for the three properties and for the rehab of one of the single-family rentals. There is a significant opportunity to raise rents to market, with current rents sitting about 75% of today's market rates, and we are projecting the ability to increase NOI by over 47% throughout the first five years. We secured a below market interest rate of 5.0% on a seller-financed loan with a 10-year term. This loan is projected to save approximately $400,000 in interest expenses throughout the term as compared to a bank loan at market rates. #### Vista Estates Manufactured Home Community Vista Estates Manufactured Home Community is a 127-space park located in Storm Lake, Iowa. Storm Lake is located two hours north of Omaha, Nebraska and one hour east of Sioux City, IA. Storm Lake is an agricultural hub and home to Tyson Foods’ recently expanded pork and poultry processing plants. The plant expansion brought 2,500 new jobs to Storm Lake which has created a housing shortage. #### Walcott MHC Portfolio The Walcott MHC Portfolio is comprised of two properties in eastern Iowa cities Walcott and Long Grove, totaling 289 sites. The two properties are located near the Iowa and Illinois border, with a MSA population of just under 400,000, and benefits from the economic development in the greater area. We purchased the two parks at an attractive $24,200 per pad. The portfolio includes paved roads, mature trees and green landscapes, as well as a combination of direct billed and sub metered utilities. There is significant upside potential with high vacancy across the portfolio, due to the seller’s lack of resources to bring in new homes. We plan to clean up both properties and prepare vacant sites for install of 105 homes over the next five years. This, in combination with bringing rents to market, should double revenues and park value within five years of acquisition. #### Waynesville Estates Waynesville Estates and Eaglewood Estates are strategically located along Interstate 95 in Lumberton, North Carolina – a city within the Fayetteville MSA. The parks total 342 sites. The assets were acquired through foreclosure auctions, allowing the 2025 Fund to secure a significant discount to replacement cost as well as to enter the market with immediate operational scale. The assets were heavily redeveloped; however, the former owner moved too quickly in bringing in several hundred new homes and was unable to service the loan resulting in the foreclosure. We estimate that we purchased the assets for approximately 50% of the previous owner’s basis. These assets are a classic value-add opportunity. Included in the sale are 284 park-owned homes, the vast majority of which are newer vintage homes. A total of 137 of the homes are new vacant homes in varying stages of installation. Physical occupancy across both communities is high at 83%, but economic occupancy is currently below 60% creating substantial upside through occupancy and collections. Both communities have city water service with septic sewer systems. At Waynesville, which includes 242 sites, the Fund plans to stabilize the community by renting or selling the 111 vacant park-owned homes bringing economic occupancy in line with physical occupancy. Rents are currently at $585/month, which remains below market. Eaglewood, with 100 sites, has a similar profile – 47 occupied rentals and 26 vacant park-owned homes that can be activated with light rehab and effective sales/leasing. The average site rent is also $585/month thereby allowing us to stabilize both assets in a similar fashion. With both located minutes apart, there will be significant operational efficiencies through shared management and centralized maintenance. The court-appointed receiver had already begun stabilizing the assets, and BoaVida is stepping in to continue the work with a seasoned management team and proven home sales infrastructure. By filling the vacant homes, raising rents to market, and improving collections, the Fund expects to drive strong cash flows and value creation. These assets offer a compelling opportunity to turn underperforming communities into institutional-quality assets over the next 24–36 months. #### Wellington Estates Manufactured Home Community Located in Belding, Michigan, about a 30-minute drive from Grand Rapids, Wellington Estates Manufactured Home Community is part of the Grand Rapids MSA that has a population of more than one million residents. Wellington Estates has a total of 142 pads and 104 occupied with city services and direct billed gas and electric. The park is very clean, has paved roads, and has about 25 vacant lots that are large enough to fit double-wide homes. #### West Park Village Manufactured Home Community West Park Village Manufactured Home Community is located in the strong market of Cedar Falls, Iowa. Cedar Falls is home to Fortune 500 companies such as Rockwell Automation/Honeywell, Aegon, and Quaker Oats. The economy is known for its low unemployment and stability. West Park Village features paved roads, direct billed gas and electric with sub-metered public water and sewer. The sellers have been very successful at moving in long-term RVs as well as filling vacancies in manufactured homes as they come available. With the strong demand for housing in the area we plan on ordering a total of 20 homes as needed to fill vacant mobile home sites. #### Westshore Estates Manufactured Home Community Westshore Estates (147 spaces) and Alpine Village Manufactured Home Communities (140 spaces) were purchased as a combined transaction of 287 spaces out of receivership.  Both parks are located in Bay City, Michigan, a historic waterfront community located on the southern coast of Lake Huron, and an artistic epicenter. The parks are conveniently located near downtown and provide tenants with easy access to the freeway and the wide range of many employment opportunities in Bay City. #### Whispering Pines Village & Carolina Springs Mobile Home Park Whispering Pines Village and Carolina Springs Mobile Home Park represent a two-park acquisition totaling 363 pads in Fayetteville, North Carolina. We acquired the parks at an attractive basis of $20,700 per pad. In addition, 173 park-owned homes were included with the purchase. The parks have been owned by a hands-off owner who had let the property slip just a bit, and we view this acquisition as having strong value-add potential due to a combination of below market rents and our ability to quickly bring in new homes to fill vacant spaces. #### Wichita Portfolio Wichita Portfolio (River Oaks) provides immediate scaled entry into the Wichita, Kansas market. This portfolio, purchased for a cool $20 million, encompasses 557 sites across three well-positioned communities. These properties are located within a 10-minute drive of each other, sharing management and maintenance that help keep the operations cost low on the individual parks. In addition, two of the parks offer direct billed utilities where the tenants pay for water, sewer, gas and electric directly to the utility providers. #### Willow Terrace Mobile Home Park Willow Terrace Mobile Home Park in Taunton, Massachusetts is an older park in a great location. The park is located amongst a residential neighborhood with housing prices reaching over $500,000 and borders a small body of water that provides great views. Willow Terrace includes 72 single- and double-wide spaces, city water with brand new water lines, septic system for sewer, and paved roads. At closing, the park had 70 occupied spaces with rents $300 lower on average than surrounding parks. The previous owner left some deferred maintenance, so we will be performing some tree work, fixing roads, connecting to the city sewer, adding new signage, passing water and sewer costs through to tenants, and performing some general landscaping and cleanup throughout the park. By completing the described work and increasing rents to market over the next five years, we will be able to almost double revenues, increase the value of the parks by $5.3M and achieve an IRR of 15.7% for our investors. #### Wilson Landing Manufactured Home Community Wilson Landing Manufactured Home Community in Princess Anne, Maryland provided an opportunity to purchase a 177-space park in a good Maryland market. Space rents are in line with market and the park has a physical occupancy of 67% and an economic occupancy of more than 97%. The park requires new homes to be moved in and set up at a rate of at least five per year. Doing this will make the park more attractive and allow it to achieve an investor return of more than 20%. #### Woodland Park Mobile Home Community The BoaVida Group believes $42,500 per space represents a very attractive basis for this park. The city of Sheridan is the county seat and is a dynamic mountain town located in northern Wyoming, approximately two hours from Billings, Montana. The city has a hospital and a community college. In addition, the city is well served by retail and has evolved into a relatively expensive retirement and tourist destination. This has resulted in a relatively high cost of housing ($245,000 median home price as compared to the median household income of $40,100). There are 13 mobile home parks in Sheridan; however, 9 of these are small, so there are only 4 medium and larger sized parks in the city. In addition, the city features a very tight home and apartment rental market as many of the rental units are furnished and saved for summer vacation rentals. There is a high demand for mobile home park spaces and there are less than five vacant pads in the entire area. We believe the current average space rent of $355 is extremely low compared to the cost of rental and traditional owned housing. #### Woody Acres RV Resort Comprised of 340 sites, Woody Acres RV Resort sits on picturesque 36 acres in Fulton, Texas, just outside of Corpus Christi. Woody Acres is one of the largest RV/mobile home parks in the area and features a pool, sauna, fitness center, club house, and public utilities. The property is almost 80% occupied and many of the mobile home and RV sites have frontage on over four acres of lakes in the park. Our plan to increase value will combine filling vacant lots, passing through the charge for trash to the tenants, and filling 80 spaces with new manufactured homes for sale and rent. We expect the value of the park to increase from our $7.7 million purchase price to over $16 million in year 5 and deliver an investor IRR of approximately 21.2%. #### Yankee Mobile Home Parks Yankee Mobile Home Parks, located in Kittery, Maine, consists of two parks, one 55+ and one all ages, a mile a part totaling 194 sites. Situated on 54 acres, the communities are approximately 40 miles from south of Portland, Maine. Though located in the State of Maine, the property is just north of the New Hampshire State line and the city of Portsmouth, New Hampshire. The parks have little deferred maintenance such has tree work, road repairs, signage, and landscaping. Our business plan is to increase rents to market over the next five years, which will increase the parks’ value to over $2.7M. #### Zion RV Park BoaVida RV Parks and Resorts acquired the Zion RV Park at a price of $11,925,000 on October 30, 2020. The park is one of the highest quality RV resorts in Utah. It was built in 2002 by an owner/general contractor with a background in building major hospitals. The infrastructure was engineered and built to “subdivision standards” and has been immaculately maintained ever since.