LAS
VEGAS, June 19, 2024 /PRNewswire/ -- Crystal View
Capital Fund IV is pleased to announce that recent appraisals have
shown an increase in value of approximately 45% of recently
acquired mobile home communities in Michigan. The increase in value was driven
heavily by the strategic value-add initiatives implemented by our
in-house asset management team.
This success underscores the Crystal View Capital advantage,
rooted in our vertically integrated approach. By maintaining
control over every aspect of the process—from acquisition to
management—we directly influence the Net Operating Income (NOI).
This comprehensive management strategy enables us to execute
value-add initiatives effectively, driving significant value
creation that would not be possible otherwise.
This mobile home community portfolio is comprised of 360 sites
and a current occupancy of 94%. Since the acquisition in early
2024, the portfolio has appraised for nearly 45% higher than the
initial acquisition cost. Our in-house asset management team
successfully executed a combined 30% lot rent increase as well as
recaptured ~$184,000 in annual
revenue from utility expenses. Through this revenue growth, we
estimate a value generated of approximately $6.1 million at an assumed 6.5% cap rate. Further
value-add initiatives are underway, including the pending delivery
of five brand new homes throughout the portfolio and one
tenant-occupied home being moved into the community, which we
estimate will create approximately $508,000 in additional value at a 6.5% cap
rate.
To date, Crystal View Capital Fund IV, LP has closed on 12
acquisitions since inception and is targeting to raise $200 million in equity capital. The Fund is
actively seeking capital for the acquisition of self-storage and
mobile home communities in our pipeline, exceeding $20 million. For more information, please visit
www.crystalviewcapital.com or reach out to our investor relations
team at invest@crystalviewcapital.com.
Crystal View Capital is a private equity real estate firm that
focuses on the acquisition and management of opportunistic
self-storage facilities and manufactured housing communities. The
firm creates value by sourcing deals primarily off-market and
utilizing their in-house management team to influence property
performance. Please contact our investor relations team to learn
more about making an investment in Crystal View Capital Fund IV,
LP.
Unauthorized Reproduction and Indemnification
Disclaimer:
The contents of this release and any information derived
hereof are confidential and proprietary to Crystal View Capital
Fund IV, LP and its affiliates ("Crystal View Capital").
Reproduction, distribution, or dissemination of this release or any
derivative work, in whole or in part, without prior written consent
from Crystal View Capital is strictly prohibited. Upon receiving
this release, you agree to indemnify Crystal View Capital to cover
any potential losses including damages, fees or expenses including
legal expenses.
Media Contact:
Megan Lore
702-570-2903
379322@email4pr.com
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SOURCE Crystal View Capital