Attached files
| file | filename |
|---|---|
| 10-K - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v178028_10k.htm |
| EX-32.1 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v178028_ex32-1.htm |
| EX-31.2 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v178028_ex31-2.htm |
| EX-31.1 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v178028_ex31-1.htm |
| EX-32.2 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v178028_ex32-2.htm |
EXHIBIT
99.1
UNIPROP
MANUFACTURED HOUSING COMMUNITIES INCOME FUND II
2010
PROPERTY APPRAISALS
Cushman
& Wakefield has recently completed market value appraisals of Uniprop Income
Fund II’s seven properties. The table below sets forth certain
appraisal information for each property, as well as a comparison to the original
cash purchase price:
|
03/10
|
3/09
|
%
|
||||||||||
|
Property
|
Appraisals
|
Appraisals
|
Variance
|
|||||||||
|
Ardmor
Village
|
$ | 5,850,000 | $ | 6,700,000 | (12.6 | )% | ||||||
|
Camelot
Manor
|
2,000,000 | 2,250,000 | (11.1 | )% | ||||||||
|
Dutch
Hills
|
2,500,000 | 3,100,000 | (19.3 | )% | ||||||||
|
El
Adobe
|
8,400,000 | 8,500,000 | (1.1 | )% | ||||||||
|
Stonegate
Manor
|
2,250,000 | 2,650,000 | (15.0 | )% | ||||||||
|
Sunshine
Village
|
8,500,000 | 10,400,000 | (18.2 | )% | ||||||||
|
West
Valley
|
20,200,000 | 20,650,000 | (2.1 | )% | ||||||||
|
Grand
Total:
|
$ | 49,700,000 | $ | 54,250,000 | (8.3 | )% | ||||||
2010
ESTIMATED NET ASSET VALUE OF UNITS
Based on
the March 2010 appraisal of the Partnership's properties, the General Partner
has calculated the estimated net asset value of each Unit, based on the
following assumptions:
o Sale
of the Properties in March 2010 for their appraised value.
o Costs
and selling expenses at 3.0% of the sale price.
o Tax
consequences of a sale are not taken into consideration.
o Cash
reserves as of December 31, 2009
The
estimated net asset value of each unit, assuming the sale of the properties at
their present appraised value is $9.94 calculated as follows:
|
Aggregate
appraised value:
|
$ | 49,700,000 | ||
|
Plus:
Cash Reserves
|
7,370,544 | |||
|
Less: Selling
Expenses (3.0%)
|
1,491,000 | |||
|
Mortgage Debt:
|
22,750,674 | |||
|
Net
Sales Proceeds:
|
$ | 32,828,870 | ||
|
Number
of Units:
|
3,303,387 | |||
|
Net
Asset Value per unit:
|
$ | 9.94 |