| Value-add lease-up opportunity — approximately 10 of 52 pads are currently vacant or under-utilized offering meaningful upside as they're brought onl |
| Wide rent spread across occupied units ($350–$1,150/month) signals room to push below-market rents up to comps at turnover or renewal |
| Attractive basis at roughly $41,300 per pad and ~7x gross rental income — a low entry point for a 52-pad, 5-property portfolio |
| Recent capital investment in septic systems, roofing, plumbing, road work, and unit renovations reduces near-term deferred maintenance risk |
| Two-state, two-submarket footprint (Phenix City, AL and Ellaville, GA) spreads geographic and regulatory risk beyond just tenant-level diversification |
| Trash expenses are now being billed back to the tenant. |
Drew Lekowski
MRG Realty Partners
