Crystal View Capital Fund IV is excited to share we have a mobile home community portfolio in the greater Detroit metro area under contract which is scheduled to close on April 24th, 2024. Currently, our acquisition pipeline has over $70 million in assets consisting of over 95% mobile home communities and under 5% in self-storage facilities.

This portfolio consists of 359 lots combined and is under contract for approximately $8,600 per lot with a cap rate north of 10% making this acquisition highly favorable. Our team has recognized the value-add opportunity this portfolio provides by utilizing our in-house home sales coordination team to minimize the current 64% vacancy by bringing in new and used homes to increase occupancy. In addition, our strategy to bring back most of the equity into the deal is to exit one of the properties within the portfolio upon executing on CapEx projects such as road repairs, tree trimming, and improve overall curb appeal.

To learn more about this portfolio under contract from our Principal and Managing Partner, Matthew Ricciardella, click the link below: 

https://crystalviewcapital.wistia.com/medias/lkfrly4ox4

Based on comprehensive financial modeling, we anticipate this asset delivering a project-level IRR of approximately 31%, MOIC of 4.1x, and a cash-on-cash return of 13% over a five-year hold period.

As we continue to execute our investment strategy and pursue opportunities in the mobile home community sector, we are actively seeking capital for the closure of assets in our pipeline. New investor contributions are expected to be promptly deployed because of these anticipated acquisitions.

For more information regarding this update and/or interested in making an investment in Fund IV, please email invest@crystalviewcapital.com.