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Crystal View Capital Fund IV Acquires 200+ Site MHC in Michigan

Updated: Apr 8


Crystal View Capital Fund IV is pleased to announce the acquisition of its second mobile home community for the Fund's portfolio located in Muskegon, Michigan. This community boasts 223 sites with an average occupancy of 96%.

Property Highlights

  • Executing a 10% revenue growth in year 1 based on aligning rents with the manufactured housing market comps that is characterized by significant activity and evolving demand for affordable housing.

  • Passing through additional utility expenses to recover expenses within the first year.

  • Potential for a 50-site expansion with approximately 16 acres of undeveloped land zoned for residential use, presenting an opportunity to capitalize on the manufactured housing market (expansion is not part of our underwriting).

Based on our underwriting and projections, we anticipate this asset delivering a project-level IRR of approximately 24.6%, MOIC of 2.7x, and an unlevered cash-on-cash return of approximately 8% immediately after executing our value-add plan. These projections are based on a five-year hold period.

We are actively seeking capital for the closure of mobile home communities and self-storage facilities in our pipeline, exceeding $20 million. Any new investor contributions are expected to be promptly deployed because of these anticipated acquisitions. For those interested in participating in these exciting ventures, we invite you to reach out to us at


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