52TEN aims to repeat the success of Fund I with a second fund built around recession resistant mobile home communities. Fund II will maintain a similar objective, but with a focus on higher quality and larger communities.

52TEN believes:

· Quality properties and quality locations will experience higher demand and faster rent growth

· Larger communities will attract superior debt resulting in a lower overall cost of capital

· Larger communities offer economies of scale that result in more efficient operations

· Quality will outperform cheap over the long-term

Fund II will seek to acquire value-add properties in markets where population and demand for affordable housing are increasing. The primary focus will be cities in the sun belt, which are growing faster than the rest of the country and are experiencing a greater shortage of affordable housing.

52TEN deploys a “direct to owner” acquisition strategy that focuses on properties that are not for sale. This strategy allows access to properties that never hit the open market and results in quality value-add properties, typically at a discount to replacement cost.

With Fund II, Investors will gain exposure to mobile home communities through an experienced sponsor who is adept at finding quality value-add properties, repositioning them, and delivering a “best in class” investment experience.

INVESTMENT PROGRAM

The Fund will invest in recession resistant real estate, with a primary target of mobile home communities, to hold in a portfolio for cash flow and appreciation, for an average holding period of five to seven years and a target terminal date of 10 years.

INVESTMENT OBJECTIVES

The investment objective of the Fund will be to achieve income generation and capital appreciation with respect to the capital contributions of the Investors. Specifically, the Fund will aim to distribute 6% or more from cash flow, while generating a target overall return to Investors of 14-16% or more, depending on class of interests.

To achieve these objectives, the Fund will acquire properties with current cash flow, but underperforming in such a manner, that when remedied, will provide increased performance and substantial appreciation. Once acquired, the Fund will seek to add value by increasing cash flow, and therefore forcing appreciation, over an average holding period of five to seven years.

At the expiry of the Fund, the properties will be sold unless unanimous consent is reached by GP/LP interests. The properties may be sold at fair market value to an arms-length independent third party, to the GP and its affiliates, or to the GP and existing + potentially new LP members. (this third option is essentially “buying out” LPs who want out, in the event all other parties would prefer to stay)

Fund II is a 506c fund with a target equity offering of $30MM.

52TEN

Overview

Details

Track Record

Team

Jack Martin

Nathan Pattee

Opportunities

Manufactured Housing Communities

52TEN Fund II

Manufactured Housing Communities

Melody Mobile Court

Manufactured Housing Communities

Country Breeze Mobile Home Park

Manufactured Housing Communities

OG RV Resort

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