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.