At Crystal View Capital, our investment strategy is rooted in a "boots-on-the-ground" philosophy, prioritizing disciplined execution and operational excellence to drive long-term value. Acquired just one year ago as joint venture between Fund III and Fund IV, this 302-site manufactured housing community in Wisconsin serves as a prime example of how our vertically integrated management model transforms underperforming assets into high-yield, institutional-grade properties.

Strategic Rent Optimization & Premium Positioning

Upon acquisition of this 302-site asset, we identified a significant gap between existing rents and true market value. Rather than a "one-size-fits-all" increase, we implemented a market-driven rent strategy that utilized lot differentiation. By identifying and pricing premium lots based on location and size, we captured the full revenue potential of the site while maintaining a competitive edge and high tenant satisfaction.

High-Efficiency Hybrid Management

We deployed a remote management framework supported by a seasoned local team. This hybrid approach allowed us to maintain institutional-level operational standards across all 302 sites while drastically reducing the traditional overhead costs associated with "mom-and-pop" management.

Regional Synergies & In-House Maintenance

Through our dedicated in-house management team, we strengthened our in-house maintenance capabilities and tapped into regional synergies. By standardizing procedures and sharing resources across our existing Wisconsin portfolio, we achieved:

• Reduced Repair Costs: Bulk purchasing power and shared labor across regional assets.

• Faster Response Times: Improved tenant retention through better, more professional service.

• Operational Consistency: A unified standard of excellence across the board.

Organic Growth via Strategic Expansion

Value creation doesn't stop at optimization. We have strategically planned the addition of 16 pad sites, which will bring the community to a total of 318 sites. This expansion provides a clear runway for organic growth, allowing us to manufacture appreciation and maximize the property’s density and revenue potential through disciplined development.

The Bottom Line: Forced Appreciation

In the last year, the cumulative impact of our disciplined expense management and operational "heavy lifting" has yielded transformative results:

• Increased estimated NOI: 178%

• Exit cap rate assumptions: 5.25%

• Total value created: ~$11.7 million

This Wisconsin asset is a blueprint for our broader portfolio. It demonstrates the power of the Crystal View philosophy: when data-driven decision-making meets execution, the result is measurable, long-term success for our investors.

If you have questions about this asset or our current deployment strategy for Fund IV, please schedule a call with our Investor Relations team.

Disclaimer: Past performance is not indicative of future results. The investment returns referenced herein, including IRR and MOIC, reflect historical outcomes specific to this asset and are not a guarantee of future performance. This communication is intended for informational purposes only and should not be construed as an offer to sell or a solicitation of an offer to buy any security or investment product. Any offering is made only pursuant to formal offering documents and in accordance with applicable securities laws.