The $35 million fund is focused exclusively on buying self-storage and manufactured home properties
May 28, 2019: Las Vegas-based Crystal View Capital is targeting self-storage properties more aggressively under its second private-equity fund, Crystal View Capital Fund II. Second private-equity fund focuses only on manufactured homes and self-storage in the West. To date, 60 percent of the assets in the Fund II portfolio are self-storage compared to about 40 percent in Fund I.
So far, the fund has raised $11.2 million of its target capital raise. In that time, it’s acquired five self-storage properties and expects to close on another $14 million in assets, including three storage properties, by mid-July.
As part of its acquisition strategy, Crystal View has an in-house sales team to call self-storage operators seeking off-market deals.
“Sometimes it takes years, but if the returns are there, it’s all worth it” Said by Matthew Ricciardella, principal and managing partner.
The company planning to utilize the Found II for underperforming, class-B facilities in secondary markets that are owned and managed by a single operator. The company prefers properties with a minimum monthly cash flow of about $25,000 and comprising between 40,000 and 120,000 square feet.
Crystal View Capital founded in 2014. The company specializes in manufactured-housing and self-storage investments. Through its two funds, the company has raised nearly $20 million in equity capital and currently has approximately $60 million of assets.