Crystal View Capital Closes Oversubscribed Fund

Oak Grove Terrace. Image via Google Street View

Crystal View Capital has closed on its second private equity real estate fund, Fund II, which was launched in 2017. After two offerings, the company exceeded the initial target of $35 million, with the total equity capital surpassing $56 million. Fund II encompasses 9 mobile home communities and 14 self-storage facilities.

The mobile home portfolio totals more than 1,500 sites and includes:

• Southland, located in Louisville, Ky., (311 sites)
• Riverlane & Redgranite MHC in Omro, Wis., (170 sites)
• Lakeview Estates in Durand, Mich., (239 sites)
• Hilltop MHP (110 sites)
• Oak Grove Terrace MHC in Marshfield, Wis. (175 sites)
• Marina Village Mobile Home & RV Community in Corpus Christi, Tx., (246 sites)
• Inverness (129 sites)
• Timber Ridge (142 sites)

Two thirds of the assets were added before the pandemic, with the rest being acquired during the coronavirus shutdown, highlighting that the manufactured housing and mobile home sector remains popular even during challenging economic times. The majority of properties were more than 70 percent occupied at the time of the acquisition, with cap rates between 6 and 9 percent.