We are excited to announce Crystal View Capital Fund IV has closed on its first asset in Henderson, NV approximately 20 minutes from the Firm’s corporate office - a 150-unit self-storage/mini-warehouse facility and long-term leased cell tower. The deal was sourced off-market by our in-house acquisitions team and came to fruition when Matthew Ricciardella, the Firm’s managing partner, made a visit on-site to connect further with the prior owner. This asset is comprised of approximately 36,400 rentable sq. ft. and has maintained an average occupancy of 85%.

Our team spent time on-site with the owner prior to close to develop a robust value-add strategy. Once executed upon, typically within 100 days of closing, this property has the potential to generate attractive returns for our investors. The main components of the value-add approach include:

• Bringing rents to market – On day one, we will adjust new tenant rents to market level, which are currently over 100% below the facility’s competitors in a 3-mile radius. Within 90 days, it is expected that the current tenant base variance will be decreased substantially (prior owner had significant number of units not generating revenue due to providing free storage to family and friends), aligning rental charges to our underwritten year 1 monthly projection. Dynamic pricing will ensure that our rates remain competitive as the facility occupancy adjusts throughout this process.

• Capitalize on prior management inefficiencies – The existing owner/operator who built the facility in 1982 did not utilize any technology to manage the facility. All records were kept handwritten over the last 40+ years. With this mismanagement, this creates an opportunity to optimize operations and streamline processes.

• Completing necessary Capex improvements – Property improvements include road repairs, fresh paint, security upgrades including gate installation and are expected to enhance the curb appeal and overall presence of the asset as well as tenant experience. Pictured on the right is one of our Asset Managers on-site the day after closing working on improving the property.

• Continuing education opportunities – Proximity of this facility with our corporate office will allow us to implement ongoing training and development, aligning future asset on-site team members and management with the Firm’s strategic vision.

• Potential for expansion – Once stabilized, there will be additional outdoor space at the property which is planned to be utilized for additional storage units or covered/uncovered parking which will be further evaluated based on market demand.

If successful, based upon our projections, this asset is projected to generate approximately a 22.3% IRR on a levered basis.

We are actively seeking capital for the acquisition of mobile home communities in our pipeline, exceeding $20 million. For those interested in investing, visit our website: https://www.crystalviewcapital.com/ or reach out to our team at invest@crystalviewcapital.com.