SUNSET VILLAGE MANUFACTURED HOUSING COMMUNITY

Wolcott purchased the defaulted first mortgage loan secured by a 350-pad manufactured housing community and acquired title to the property. The property was 40% occupied with a crumbling infrastructure. Together with our operating partner, Ravinia Communities, we executed a $15 million infrastructure improvement plan to remediate environmental issues; replaced the water lines; tied into municipal water, sewer, storm, and waste; and, replaced the roads throughout the community. Ravinia brought in approximately 200 new homes. The community is 98% occupied. We have acquired multiple additional manufactured housing communities with Ravinia over the years.