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09/30/2026

Straight from the road, Matt Ricciardella and Ben Brundage sat down to share where Fund IV stands, and the numbers speak for themselves.

This quarter, Crystal View Capital closed on the two largest acquisitions in Fund IV’s history: institutional quality manufactured housing communities in the Midwest, together representing roughly $67M in new investment, a new monthly record for the fund.

Fund IV continues to outperform our original underwriting, generating strong preferred returns for investors. And our conviction runs deeper than the numbers with Matt increasing his person LP investment to a minimum of $4M, on the exact same terms as every investor in the fund.

Watch the update to hear directly from Matt and Ben on the acquisition strategy, the value-creation plan already underway, and what’s next as we round out Fund IV.

Every fund says it creates value. Few will tell you exactly how.Ours is a five-step process, and it runs the same way on...
09/29/2026

Every fund says it creates value. Few will tell you exactly how.

Ours is a five-step process, and it runs the same way on every community we own. We buy off-market, directly from the families who built these communities. We operate them ourselves, with no third-party manager. We grow the income by bringing rents to market, passing through utilities, and filling vacant sites. The yield rises, which funds investor distributions. Then we exit into institutional demand and start again on the next deal.

None of it is complicated. The discipline is doing it the same way every time, which is how a single good deal becomes a track record. If you want to learn more about our process, check out the link in the comments.

09/14/2026

Most firms buy an asset, set a plan, and stick to it. Being an operator means staying willing to change your mind when the property tells you to.

We have owned a mixed-use storage and retail center in the Pacific Northwest for some time, and it has become one of our favorite examples of what hands-on operating actually looks like. We bought it from the original mom-and-pop developers as a sleepy site, planning to convert most of the retail space into self-storage, where demand looked strongest.

Then the market told us something different. A tired, aging grocery space came up, and rather than force our original plan, we brought in a national grocer to anchor it. That one move changed the center. It gave a working-class island community a lower-cost place to buy food, and it put every other tenant on notice that something was happening here. National retailers we had not been able to attract before started coming to the table.

We did the operational work alongside it: renewing existing tenants at market rents, upgrading the buildings, repaving, and converting some underused space into the climate-controlled storage the market was actually asking for.

The result is a stronger center for the community and a more valuable asset for our investors. That is what it means to think like an operator rather than an allocator. You buy with a plan, and you stay honest enough to change it when a better one is in front of you.

There is a persistent myth about manufactured housing. The reality looks like this.The communities we own have paved str...
09/10/2026

There is a persistent myth about manufactured housing. The reality looks like this.

The communities we own have paved streets, clubhouses, and well-kept common areas, and residents who own their homes and take real pride in them. Because owning a manufactured home is far more affordable than a site-built house, these communities give working families a path to ownership that is disappearing almost everywhere else.

Good housing and good returns are not in tension here.

09/08/2026

Some of the best communities we buy have been in the same family for generations. Our latest acquisition is one of them.
We just purchased a portfolio of manufactured housing communities in the Midwest into Fund IV, 382 home sites that had been owned and operated by the same family since 1968. For nearly six decades they built and cared for these communities, and when they were ready to pass them on, they chose us to carry that work forward.

That trust is not won with the largest offer. We sourced the deal off market and built the relationship with the ownership group over three and a half years. The communities came to us roughly 98 percent occupied and institutional quality, with rents about 22 percent below market, which gives us room to add value responsibly over time.

Manufactured housing remains one of the most attainable paths to a home in this country, and communities like these are a big part of why demand for it keeps growing.

From here the plan is straightforward: fill the remaining sites, bring rents responsibly toward market, and operate these communities with the same care the family gave them for fifty-eight years.

09/04/2026

We just closed on a portfolio of manufactured housing communities in the Upper Midwest, 404 home sites across two well-built communities, at about $86,000 per pad.

A few things make this the kind of deal we look for. The communities are institutional quality and ~96% occupied, so the cash flow is already stable. Rents sit about 30% below market, which gives us real room to create value responsibly over time. And we bought them off market, directly from the family that built and operated them, through a relationship we developed over the past four years.

That last point matters most. These were not broadly marketed deals won with the biggest checkbook. They came from years of staying in touch with an owner who wanted to know his communities would be in good hands. That is how we source the large majority of what we buy.

From here the work is familiar: grow occupancy, bring rents responsibly toward market, and improve operations. The same playbook we run in every community we own.

Every month, more American families get priced out of the traditional housing market. The question nobody asks enough is...
09/01/2026

Every month, more American families get priced out of the traditional housing market. The question nobody asks enough is where they go.

Consider the math. To afford the median-priced home in America today, a household needs to earn about $110,000 a year. The typical household earns closer to $88,000. That leaves the average family more than $20,000 short of affording an average home, and the gap has persisted for years.
This is not a blip that a rate cut resolves. It is a structural gap between what people earn and what a home costs.

Families priced out of ownership do not stop needing a place to live. More and more are turning to the most affordable path to homeownership in this country, manufactured housing. A manufactured home, where the average community lot rent is about $772 a month, costs a fraction of a comparable mortgage or apartment.

That is the demand we serve. The most affordable segment of American housing, in a crisis that only deepens it.

In manufactured housing, the story of institutional capital moving in has gotten a lot of attention. The same thing has ...
08/27/2026

In manufactured housing, the story of institutional capital moving in has gotten a lot of attention. The same thing has been happening more quietly in self-storage for years. Large operators and REITs have been consolidating the sector, and they pay premium prices for stabilized, well-run facilities. The question is who does the work to create them.

When we acquired this facility in the Southeast, it was already about 99 percent full. On most screens that looks like a deal with no upside left. Underneath the occupancy, though, it was undermanaged. Rents sat below market, ancillary income was going uncaptured, and the gate system was aging and disconnected from any real management platform.

So we went to work. We upgraded the access system and integrated it with our platform, which made this the only gated facility in its submarket. In a market full of basic, ungated storage, security became the reason residents stay and the reason we can hold our rates. We brought tenant insurance pe*******on to around 93 percent, among the highest in our portfolio, and built ancillary revenue to roughly $50,000 a year.

NOI went from about $150,000 at acquisition to $299,000 today. That is 99 percent growth on the same asset, in under four years, now running 46 percent above our Year 4 underwriting.
Stabilized, well-run assets are what the largest buyers want. This is the work that creates them.

*Past performance is not indicative of future results.

08/25/2026

For most of its history, manufactured housing was too fragmented for institutional capital to bother with. Roughly 44,000 communities across the country, most of them owned by small, private families and operators. That is changing quickly.

Some of the largest investors in the world are now moving in, drawn by the same fundamentals we have always underwritten: essential-use demand, constrained supply, and durable cash flow.

But there is a part of the story that gets missed. The institutions are built to buy scale, stabilized portfolios that are already professionally run. They are not the ones calling a family that has owned a single community for 30 years, building the relationship, and doing the operational work to bring it up to institutional quality.

That is the gap we operate in. We source off-market, improve the asset, and create the kind of stabilized, scaled communities the largest buyers are now competing to own.

Institutionalization does not crowd us out. It gives us a larger, better-capitalized buyer for what we build.

We own exactly two kinds of real estate: manufactured housing and self-storage. Both are essential-use assets with durab...
08/20/2026

We own exactly two kinds of real estate: manufactured housing and self-storage. Both are essential-use assets with durable demand, but the reason goes deeper.

Manufactured housing may be the only kind of real estate where supply is actually shrinking. New communities almost never get built, only about 60 were added nationwide over a recent seven-year span, while demand keeps climbing. Close to three in four U.S. households can no longer afford a median-priced new home, which makes the most affordable form of homeownership more essential every year.

Self-storage has its own quiet stickiness, as long as you are disciplined about where you buy, because it is easy to overbuild.
And both tend to hold up when the economy does not. In 2008, when nearly every real estate sector posted steep losses, self-storage was the only major property type to end the year in positive territory.

It is part of why some of the largest investors in the country, Apollo among them, are now rotating capital into both.

We wrote up the full case for owning just these two, link in the comments.

Address

9515 Hillwood Drive
Las Vegas, NV
89134

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+17025416379

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