Killeen MHP Portfolio

• 3 parks zoned MHP in a high barrier-to-entry market, adjacent to Fort Cavazos (largest military installation in the country by population), driving deep and recurring workforce housing demand
• All 3 parks on city utilities — no well/septic capex or O&M risk, and simpler path to agency financing at stabilization
• City has released numerous articles regarding need for affordable housing as demand continues to rise in the Killeen market
• City TIRZ project blocks away driving economic growth and development to the city
• Attractive assumable debt available with long term balloons and interest only
• In-place cash flow throughout the value-add period, reducing basis risk and funding capex from operations
• Vacant/underutilized pad infill opportunity to add units without new zoning
• Deferred maintenance and capex program (roads, utility infrastructure, common areas) to reposition the parks
• Upside from professional management upgrade (tighter collections, reduced delinquency, better expense control)
• Portfolio scale supports more efficient management overhead and stronger positioning for agency debt
• Strong exit opportunity with numerous institutional groups actively acquiring in the market, providing validated exit comps