EXHIBIT 99.28
UNIPROP INCOME FUND II
2007 PROPERTY APPRAISALS
Cushman & Wakefield has recently completed market value appraisals of Uniprop
Income Fund II's nine properties. The table below sets forth certain appraisal
information for each property, as well as a comparison to the original cash
purchase price:
3/07 3/06 %
PROPERTY APPRAISALS APPRAISALS VARIANCE
- -------- ----------- ----------- --------
Ardmor Village $ 9,150,000 $ 9,000,000 1.6%
Camelot Manor 5,300,000 5,300,000 0%
Country Roads 3,550,000 3,250,000 9.2%
Dutch Hills 4,750,000 5,950,000 (20.1%)
El Adobe 15,400,000 13,750,000 12.0%
Paradise Village 12,300,000 6,450,000 90.6%
Stonegate Manor 5,150,000 5,700,000 (9.6%)
Sunshine Village 16,450,000 16,050,000 2.4%
West Valley 23,650,000 18,550,000 27.4%
----------- ----------- -----
Grand Total: $95,700,000 $84,000,000 13.9%
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2007 ESTIMATED NET ASSET VALUE OF UNITS
Based on the March 2007 appraisal of the Partnership's properties, the General
Partner has calculated the estimated net asset value of each Unit, based on the
following assumptions:
- - Sale of the Properties in March 2007 for their appraised value.
- - Costs and selling expenses are 3.0% of the sale price.
- - Tax consequences of a sale are not taken into consideration.
The estimated net asset value of each unit, assuming the sale of the properties
at their present appraised value is $20.14 calculated as follows:
Aggregate appraised value: $95,700,000
Less: Selling Expenses (3.0%) 2,871,000
Mortgage Debt: 26,274,078
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Net Sales Proceeds: $66,554,922
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Number of Units: 3,303,387
Net Sales Proceeds per unit: $ 20.14