Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | Financial_Report.xls |
| EX-32.1 - EXHIBIT 32.1 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v370854_ex32-1.htm |
| EX-31.1 - EXHIBIT 31.1 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v370854_ex31-1.htm |
| EX-31.2 - EXHIBIT 31.2 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v370854_ex31-2.htm |
| EX-32.2 - EXHIBIT 32.2 - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v370854_ex32-2.htm |
| 10-K - 10-K - UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II /MI/ | v370854_10k.htm |
EXHIBIT 99.1
UNIPROP MANUFACTURED HOUSING COMMUNITIES INCOME FUND II
2013-2014 PROPERTY APPRAISALS
Cushman & Wakefield has completed market value appraisals of Uniprop Income Fund II’s seven properties. Five of the seven properties were completed in February 2014, and the Sunshine Village and West Valley properties were completed as part of the refinancing in June 2013. The table below sets forth certain appraisal information for each property, as well as a comparison to the original cash purchase price:
| 02/14 | 06/13 | 02/13 | % | |
| Property | Appraisals | Appraisals | Appraisals | Variance |
| Ardmor Village | $5,050,000 | 4,850,000 | 3.96% | |
| Camelot Manor | 2,250,000 | - | 2,150,000 | 4.44% |
| Dutch Hills | 2,100,000 | - | 2,100,000 | 0.00% |
| El Adobe | 6,600,000 | - | 6,000,000 | 9.09% |
| Stonegate Manor | 2,250,000 | - | 2,150,000 | 4.44% |
| Sunshine Village | - | 11,900,000 | 11,700,000 | 1.68% |
| West Valley | - | 21,000,000 | 21,150,000 | -0.71% |
| Sub-Total: | 18,250,000 | 32,900,000 | ||
| Grand Total: | $51,150,000 | $50,100,000 | 2.05% |
2013 ESTIMATED NET ASSET VALUE OF UNITS
Based on the February 2014 and June 2013 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 February 2014 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, 2013 |
The estimated net asset value of each unit, assuming the sale of the properties at their present appraised value is $9.77 calculated as follows:
| Aggregate appraised value: | $51,150,000 |
| Plus: Cash Reserves | 8,584,140 |
| Less: Selling Expenses (3.0%) | 1,534,500 |
| Mortgage Debt: | 28,674,370 |
| Net Sales Proceeds: | $29,525,270 |
| Number of Units: | 3,303,387 |
| Net Asset Value per unit: | $8.94 |