Las Vegas-based Crystal View Capital, a private equity real estate firm, has closed its second fund at $56 million. The original target was $35 million.
LAS VEGAS, July 21, 2020 /PRNewswire/ — Las Vegas-based private equity real estate firm, Crystal View Capital (“The Firm”) has announced its closure of Crystal View Capital Fund II (“Fund II”) to new investments as of July 7, 2020. Fund II originally had a target raise of $35 Million and increased the Maximum Offering to $50 Million in March 2020. While no further increase was anticipated, in order to accommodate investor demand, Fund II increased the offering and closed the total equity raise at just over $56 Million.
With 9 mobile home communities and 14 self-storage facilities located throughout the United States, Fund II controls more than 7600 combined units as of Quarter 2 2020 and has provided an 8% preferred return distribution (per annum) distributed quarterly since inception to its investors. “We are cautiously optimistic about the current investment landscape and feel as though our disciplined acquisition approach coupled with outstanding deal flow will bode well for deploying remaining capital and delivering stated returns to Fund II investors,” says Matthew Ricciardella, Fund II’s acting manager.
“Our ability to increase the size of Fund II in the midst of a global pandemic speaks volumes to the resiliency of Manufactured Housing Communities / Self-Storage Facilities and Fund II’s ability to create value for our investors,” says Matthew. When asked about how the Firm navigated during the pandemic, a note from a current Fund II investor was shared: “It is refreshing that Crystal View Capital Fund II continues to thrive financially, especially under the current conditions. Fund II is consistent and dependable with updates and distributions and informs us of acquisitions and estimated returns and provides video updates on the current market and investment conditions.”
Due to the current success of Fund II, the Firm is working diligently to launch a new fund (“Fund III”). “Regardless of the current market environment, we are confident in our investment thesis of buying off-market self-storage and manufactured housing communities and our ability to effectively go to scale while creating significant value due to the fragmented nature of both asset classes. We anticipate launching Fund III within the next 30 days to provide an ongoing vehicle for defensive investors to allocate capital,” states Matthew.