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Crystal View Capital Fund III & Fund IV Joint Venture on a Michigan Mobile Home Community Portfolio

Crystal View Capital is pleased to announce the acquisition of a mobile home community portfolio located in greater Detroit area. This portfolio consists of 359 sites and was acquired through a unique joint venture structure that is split evenly between Crystal View Capital Fund III and Crystal View Capital Fund IV.

Property Highlights

  • Communities are located within 20-miles of each other creating an opportunity to streamline our management and operational efficiencies.

  • Acquired for approximately $8,600 per lot with a cap rate north of 10% after value-add strategy is executed.

  • Increase occupancy across the portfolio by utilizing our in-house home sales coordination team bring in new and used mobile homes to minimize the current 64% vacancy.

  • Recapture ~70% utility expenses that are currently not being pass through to the residents.

  • Potentially exit one of the assets within this portfolio that would bring back the most equity into the deal by executing on CapEx projects such as road repairs, tree trimming, and improve overall curb appeal.

Based on our underwriting and projections, we anticipate this asset delivering a project-level IRR of approximately 30.2%, MOIC of 4.3x, and a cash-on-cash return of 18% over a five-year hold period.

We are actively seeking capital for the closure of mobile home communities in our pipeline, exceeding $65 million. Any new investor contributions are expected to be promptly deployed because of these anticipated acquisitions. For those interested in investing, we invite you to reach out to our team at


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