Crystal View Capital Fund II, managed by Crystal View Capital, has acquired AAA Platte Self-Storage in Colorado Springs, Colo., for $10.95 million.
The facility consists of 878 storage units/parking spaces, a 35,000-square-foot retail box, and 90,000 square feet of vacant distribution space; it contains a total of 333,588 square feet on 26.5 acres.
Crystal View Capital Fund II is a private equity real estate fund formed in 2017. Fund II is seeking to raise $35 million in equity capital from high-net-wealth individuals and institutional investors. Fund II invests in self-storage and manufactured housing communities in the western United States.
Crystal View Capital was founded by Matthew Ricciardella, who has more than 16 years of experience in the real estate industry as a principal in over $350 million in real estate transactions.
"This property was purchased at a 6.4 percent cap rate on existing net operating income at 78 percent self-storage occupancy