Crystal View Capital Fund II Announces Successful Value Creation and Strong Returns at AAA Platte Self Storage

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Sep 05, 2023, 08:44 ET

LAS VEGAS, Sept. 5, 2023 /PRNewswire/ -- Crystal View Capital Fund II ("Fund") is excited to announce the recent disposition of AAA Platte Self Storage located in Colorado Springs, CO. Over the past 44 months, Crystal View Capital's ("Firm") strategic efforts and commitment to value creation have led to showcasing the Firm's ability to execute on its value-add strategy and generate strong returns for its investors.

Property Overview:
AAA Platte Self Storage boasts a total of 844 storage units and parking spaces, along with 90,000 sq. ft. industrial warehouse space. The property was originally purchased in 2019 and sold in August 2023.

Enhancing Value:
The approach to maximizing property value involved a comprehensive strategy including.

Curb Appeal Transformation: Fresh paint to the entire exterior of the building and upgraded signage due to deferred maintenance from previous ownership.
Optimized Parking: Paved, stripped, and reconfigured outdoor parking layout to align with market demand. This allowed us to increase revenue and enhance the overall tenant experience.
Tenant-Focused Upgrades: Significant tenant improvements were completed to attract premium tenants and allowed us to align with market rents.
Lease Success: Entered a 5-year lease agreement with a national tenant, securing the 50,000 sq. ft. industrial warehouse space.
Increased Net Operating Income (NOI) from acquisition by approximately 31%
Debt Refinancing: Refinanced the property in 2021 allowing us to lock in 10 years of interest only debt service at an attractive rate which decreased debt service by approximately 42%.
Subdivided and Sale Retail Space: Separated a 35,000 sq. ft. retail space and parking lot from the storage and industrial property which was subsequently sold in 2021 for $1.9 million.

Financial Success:
With the implementation and execution of our value-add strategy, the Firm is pleased to share that this asset's performance exceeded the initial projections. At acquisition, we projected a property level IRR of approximately 32% and 2.2x MOIC. Upon the sale the realized IRR was approximately 40%, and 2.6x MOIC generating a total net cash flow of $10.6 million.

Crystal View Capital is excited to announce that we are currently raising capital for Crystal View Capital Fund IV, with a target raise of $200 million. The successful sale of AAA Platte Self Storage serves as a testament to our commitment to delivering value to our investors. If you're interested in learning more about investing with Crystal View Capital, please don't hesitate to reach out to our investor relations team at [email protected].

About Crystal View Capital

Crystal View Capital is a private equity real estate firm that specializes in the acquisition and management of self-storage facilities and manufactured housing communities across the United States. Known for their in-house acquisitions and management team and unique company culture, Crystal View Capital is vertically integrated, disciplined in their investment strategy, and has a proven track record since the Firm's launch in 2014.

Matthew Ricciardella, Principal and Managing Partner
Crystal View Capital

Investor Relations Manager
[email protected]
www.crystalviewcapital.com

Unauthorized Reproduction and Indemnification Disclaimer:

The contents of this release and any information derived hereof are confidential and proprietary to Crystal View Capital Fund II LLC and its affiliates ("Crystal View Capital"). Reproduction, distribution, or dissemination of this release or any derivative work, in whole or in part, without prior written consent from Crystal View Capital is strictly prohibited. By receiving this release, you agree to indemnify Crystal View Capital to cover any potential losses including but not limited to damages and fees or expenses including legal expenses.

Investor Relations Team, 702-541-6379, [email protected]

SOURCE Crystal View Capital