At Crystal View Capital, we are committed to creating long-term value for our assets, and our recent efforts in our mobile home communities within our Connecticut portfolio exemplify this dedication. When faced with operational challenges, we take a proactive, hands-on approach to problem-solving—especially when it results in significant cost savings and improved efficiency.

The Challenge: An Unexplained Surge in Water Usage

In February 2024, our asset management team identified an unusual spike in the water bill across two communities within our Connecticut MHC portfolio. Despite a thorough review by both our in-house team and a national leak detection service, we could not immediately pinpoint the source of the issue.

While investigating the leak, our monthly water bill continued to escalate, increasing by an additional $1,000 to $2,000 per month. With a 30+ day wait time for further leak detection services, we knew we needed to act quickly to mitigate financial losses.

The Solution: A Persistent, Hands-On Approach

Rather than waiting for external services, our on-site manager and maintenance team took the initiative to conduct their own investigation. They began digging test holes, tracing the line from the top of the community, believing this would be the most effective way to locate the issue.

However, heavy rainfall and poor weather conditions further complicated the process. Even after three additional visits from leak detection services, the leak remained undetected.

Determined to find a solution, we adopted a more aggressive strategy. We rented specialized equipment and a utility locator to overcome the challenge of unclear property lines. After months of persistence, our team finally discovered the leak—hidden beneath a 10-foot retaining wall. Once located, our on-site team swiftly corrected the issue.

The Results: Significant Cost Savings and Increased Asset Value

By successfully repairing the leak, we reduced our monthly water bill from an average of $3,600 to just $1,500, resulting in:

• $25,200 in annual savings

• $420,000 in asset value creation at a 6.5% cap rate

This case study underscores our proactive approach to asset management and operational efficiencies. By staying hands-on and leveraging our in-house expertise, we continue to identify and execute value-add opportunities across our portfolio. Whether it's optimizing operational costs, enhancing infrastructure, or creating long-term financial benefits, we remain committed to maximizing returns for our investors and ensuring the sustainability of our communities.