Well, welcome to another episode of The Slash Tax Podcast, where we explore the smartest
strategies to legally and ethically reduce taxes, maximize returns, and build lasting
wealth through strategic investing.
I'm your host Heidi Henderson, and today I'm personally excited on this one.
My guest is Matthew Riccordello, founder and CEO of Crystalview Capital.
This is a private equity real estate firm that is focused on value-bound investments in
self-storage and manufactured housing communities across the United States.
With over 20 years of real estate, more than a billion dollars in transactions, Matt
leads one of the most respected funds in this space.
Under his leadership, Crystalview Capital has built a reputation for disciplined investing,
strong performance and integrity, and now managing roughly $600 million in assets across
multiple funds, and many states, so we'll talk about that a bit.
I'm also really proud to share that I personally am an investor in Crystalview Capital, which
gives me kind of a unique perspective and understanding their approach and the incredible
opportunities that this asset class offers for investors.
In the conversation, we're going to unpack what makes self-storage and mobile home communities
such a powerful, wealth-building vehicle, but also the tax advantages that relate to these
types of investments and how Matt's teams strategically identifies undervalued assets and then
is able to transform them into high-performing investments.
With that, Matt, thank you so much for being here.
Thanks for having me, Heidi, I'm excited about today's event and I appreciate it.
Absolutely.
Okay, so let's start at the beginning.
What led you first to found Crystalview Capital and what was your vision for the firm when
you started?
Yeah, so it's kind of by accident, to be honest with you.
I didn't start out at a college or anything.
I don't have a background with a formal education, I'm kind of self-taught, kind of built from
the street in that sense where I started as a residential realtor and kind of have
a sales background is kind of where I come from and I really built my sales business and
platform up through direct prospecting.
So a lot of cold calling, a lot of door knocking, just face-to-face sales and really building
that rapport and trust with the deal counter party and that is not very different than what
we do today and how we build our sales team around that face-to-face contact.
But the way I kind of stumbled into Crystalview is I was investing in self-sourage and mobile
home communities for my own account for a number of years, six, seven years and did very,
very well through my sales background, I would find these deals off market, kind of turn
them around.
Same strategy hasn't changed very much.
We've professionalized the platform, but really the methodology and the philosophy has
been the same for close to 20 years now.
The problem that I had is I had a finite amount of capital, so I had a great business, made
a lot of sense, the returns were exceptional, but I couldn't scale it because I was reliant
upon my own capital and a little bit of outside capital.
So that was the impetus to form Crystalview Capital, fun one back in 2014.
Nine years.
Look at that.
11 years.
Yeah.
To my math.
But that's amazing.
Well, I was just talking to you before we started that I actually wrote an article.
So I was asked to write an article in one of the self-sourage national publications.
And it was a little bit about my story as to this debate between choosing to be a passive
investor, like limited partner in a syndicated fund like this versus a lot of our investors
that are just direct investors.
I mean, they're going out there buying assets, they actually own real estate or that's
their ultimate goal.
And there are some pros and cons both ways.
It's interesting because I work with thousands and thousands of real estate investors that
are building their own portfolios and they're structuring their own real estate.
One of the reasons that I actually chose to invest with you, I do have my own real estate
as well, but I invest with Crystalview because what you do, I saw that and I thought
to myself, okay, first off, I can't compete with that.
I am not going to go out, I'm not going to hit the ground, I'm not going to drive all
over the country in these interesting places and build relations with property owners and
find those opportunities and be able to have those real conversations with people that
you guys are able to do.
And I think it's something that is so incredibly unique and what also, I mean, certainly converts
to amazing returns, I think, in your portfolios, but talk a little bit about your reputation
of integrity and transparency with how you approach this because I think this really
is such a huge differentiator in what you do versus what I've seen in other groups.
Well, I appreciate that and we also appreciate you investing with us in recognizing that
distinction of what we could offer versus doing it on your own.
But yes, I mean, that integrity that fonds doing what you say you're going to do is just
integral in this industry and reason for it, I think, are several reasons.
One, it's a very small industry.
This is not, I mean, if you have a good reputation that works to your benefit as it has for
us for many, many years over a decade and on the flip side, it could work against you
very quickly.
Big Warren Buffett had an old adage, it said, a great reputation takes decades to build
and it takes five minutes to destroy.
And I always, I've always held that very close to my heart in everything that I do.
I want to treat, if I'm buying a property from somebody, I want to treat them fairly.
And the reason for it is, I think, first, it's the right thing to do morally, but it's
also the right thing to do from a business perspective.
I can't tell you how many sellers that we've bought properties from, we've treated them
fair, honestly, with integrity, created a win-win deal, they've turned around post-transaction
because of how we treated them and said, you know what?
I don't know what I'm going to do with this capital, I'm going to reinvest it back with
you.
Wow.
That's one example of many.
You know, you treat your residence spirit, yes, what they're going to do, they're going
to turn around and they're going to tell their friends and family, hey, this community
is great, you're going to sell homes within your communities and build your rent roll and
your occupancy by word of mouth rather than having to spend advertising dollars.
You know, you treat your employees fairly.
That's going to spread out there within the community, you're going to get a good name,
we've had investors come in and new sellers come in because of the way our managers spoke
about us and how happy and inspired they were working for this company.
I could go on and on and on, but I'll tell you, it's just a virtuous cycle of each treat
piece, both fairly with integrity, honesty, and you try to create win-win deals and everything
that you do, it's going to come back to you in tenfold.
So there's no reason to screw somebody out there, that's just short-term thinking that's
going to kill you in the long run.
Yeah, I love that philosophy and I couldn't agree with it more.
You know, that in the long run, being in the karma business ultimately, it does come
back to you tenfold by doing what's right and fair, I think, in any case.
Let's kind of rewind to Fund One and talk about, as you started Crystalview Capital
in Fund One, I believe your primary focus was self-storage properties, right?
Both, it was stored really fun one, honestly, was more of a generalist funds.
So we had an office in Fund One, we had retail, we had industrial, we had vacant land.
The primary asset classes were self-storage and MH, manufactured housing communities,
and then Fund Two, Three, and Four are almost entirely manufactured housing and self-storage.
So yeah, that's been the biggest part of our fund's portfolio since inception.
And what led you to those asset classes?
Talk a little bit about your journey and kind of going from having more of a diversified
portfolio to really honing in these assets.
Yeah, so first off, kind of before I even launched Fund One, I think this is relevant.
I invested in all asset classes personally.
In the way, again, I used that sales background to find deals, so I would come in every morning.
I pick up the phone, I make 100, 200 cold calls a day, mom and pop owner operators of
office, industrial, self-storage, manufactured housing, multi-family union.
And I would just look for the best overall value within the marketplace.
I was in Southern California at the time, so my geographical focus was mostly in the Southern
California region.
And what happened is I found time and time again, these other asset classes, the four main
food groups of multi-family office, retail, industrial, mostly institutional owned and operated.
So what that meant is very efficient market and by and large operated very efficiently.
And on the flip side, what I found is the manufactured housing and storage
very fragmented, mostly mom and pop owned and operated and ran very inefficiently without
real defined systems and procedures, protocols.
So naturally, since there was this inefficient market, I was able to really come in and buy
at a very attractive basis. And usually no competition.
You would go directly to the source, you'd strike a deal, you'd put a deal in place that was
fair for both parties. Then once we take over what we found is we could very quickly create value.
And that's kind of what we're known for here at Crystal View is our ability to execute a
business plan of value creation. And that brings us from rents way below market, expenses that are
bloated, unprofessional marketing. We come in and we solve these inefficiencies. Each deal is
different. That would create a lot of value and it would usually happen very quickly. So when you
stack together, buying right and creating value quickly, it translates into very, very nice return.
So and that's why we've focused on those two asset classes and they're both still fragmented.
That's why we continue to focus on those. Have you have you found like that the industry is
getting less fragmented with what I feel like, what seems like a lot of demand for these types
of properties? Yes. I mean, look, you could watch the headlines and you'll see endless
institutional capital flows coming into both asset classes. We saw a breath field for $10 billion
just bought yes communities. I want to say it was about six weeks ago. I think Blue Al just announced
that they want to spin up a joint venture to become the largest self-storage owner operator in
the country. Well, countless of, you know, Apollo, Blackstone, KKR, you name it, they want exposure.
The challenge they have is due to that fragmentation, they can't go to scale or at least they can't
quickly. So what they need to do is assemble portfolios of operators such as us and when we sell
out to those groups, we're going to sell for a premium because of the scale that we've built
painstakingly over time. So that's the answer. That's a long-winded way of answering your question of
there is a lot of capital flow but still mostly mom and pop owned and operated and what that equates
to in our mind and this is really the kind of our thesis. We have a lot of runway to continue to
execute the strategy to aggregate and roll up mom and pop operators with the idea and intention
to exit down the line by 10 plus years from now to these institutional capital providers at a premium
to deliver our investors with outsized risk adjusted returns. Yeah, okay. Well, how are you competing
then with other groups that are out there chasing these projects? They're looking at these. I'm
hearing, I hear a lot of owners directly, we work with a lot of direct owners that are actually
saying my phone rings off the hook. I'm constantly being hounded or offered to sell my property.
How do you compete with that? Well, the way we compete with that is by not competing.
The way we don't compete is we work very, very hard and diligently at going out to these
a subset of owners that we've identified as our ideal targets and building those relationships
with them and creating win-win scenarios for them thinking creatively, thinking outside the
box. Sometimes they have needs and demands that these large capital providers can't can't provide
frankly. I mean, sometimes they want to take care of their managers and we'll do that. Sometimes
they want to stay on and live within the community for a certain period of time as long as it pencils
and our underwriting will do that. So, it's thinking creatively offering tax advantages via the 721,
which is a unique structure that we offer, which is kind of like an upgrade structure,
which allows owners to, it allows us to issue stock effectively in the company in exchange for
the asset or a portion in cash, a portion in stock. So, there's a number of things that we could do
differently, but the idea, I come back to what I said in the beginning, the idea is not to compete.
It's to go directly to the source, strike win-win deals, but we still will look at broker deals.
We sell them win those opportunities because of how much action there is in the space and how
much competition there is chasing these deals. But by far, the main way that we go after these deals
is that market approach. Yeah, can you share an example of a property, just give us kind of a
storyline of a project that you guys acquired, what you did to bring value, and then in the end,
what happened with that and how that correlates to returns for investors?
I mean, there's, yeah, there's many of them. You saw a few of them at an investor day.
We had a, I'll tell you one interesting story and I could go on from there and tell you
many if you'd like me to, but we had a community that we bought off-market and Louisville Kentucky
and our fund too. And we kind of bought it during the pandemic and it was through a cold call
and really built rapport actually with the seller's CPA, seller's CPA drove the decision. So,
I personally, you know, spent a lot of time with this individual. We bought this property for
$7 million. We turned around, we brought rents to a market level after we acquired it. We passed
through all the utilities, so water and sewer. We actually submetered, our team did and it was about
$170,000 cost savings, which dropped right to the bottom line. We brought in new homes into this
community to grow occupancy. I actually bumped into somebody at a conference who said, I don't know
how you bought that part because I was offering $9.5 million and you bought it for $7,000 and it comes
back to that relationship. Less than a year after us acquiring that part, Heidi, we actually sold
it for $15 million. I think it was like a 340% IRR within that short period of time just because
of how much valuation jump. But again, it was a stacking, a stacking of buying right, having a vision
around value creation, execution of that business plan, and then realizing that value within the
market place and then obviously our investors reap the benefits of that.
Well, I would imagine that there's a scale of economy with that as well. You have a team now
that's really knowledgeable about this type of property class. Are you able to kind of, I guess,
blend some of the management activities of each of these properties to kind of help with reduced overhead?
Yeah, I mean, what we look to do, and it's interesting, we actually just sold a portfolio in the
state of Connecticut and what we did is we bought three parks and then we added four to that
existing portfolio. So what we look to do is bolt on new acquisitions and to answer your question
very synergistic. So you're going to save tremendously on on-site management costs because you're
going to have that same manager in that region in that foothold that's going to manage seven assets
versus just three. So we really look to build concentration and scale in certain regions that
we have conviction in the marketplace and that we could really cut back on management costs
where it's synergistic. So and then when we go to sell, we also achieve a premium because you're
selling a larger asset, you're going to attract the more institutional type buyer and achieve a
lower capital. Yeah, that makes a lot of sense. So let's shift just a little bit. Can you talk
about how investors can work with you? How is your fund structured? What type of person is a good fit
that could invest in what's kind of overall the requirements that you have for?
Sure. So most of our investors are small family offices and that just means groups that
have had large liquidity events and good amount of wealth, let's say 100 million plus.
But by far the majority is just your retail investor. Just think about your business person that's
done well and had a good liquidity event where it has capital and they don't want to be involved in
day-to-day management. They could see the value in owning these assets from a tax perspective,
from a cash flow perspective, from an appreciation perspective, but say, hey, you've built superior
systems, which are battle tested over 20 years. I don't like kind of what you said in the beginning.
I don't want to go out there and replicate this. I don't want to fly all over the country and
build these relationships. I don't want to assemble a world-class management team of 200 and
build systems and procedures and policies. I would like to just kind of piggyback off your
efforts. You've done the hard work. You've got the systems in place. You've got the track record.
I've got the capital from selling a business or I've inherited well, whatever it may be.
I want to realize all that upside and all of that cash flow along the way. So those are typically
kind of fits our LP investor profile, but what they do have to have is they have to be accredited.
And that's a process put in place by the SEC, which, and that's not my rules, that's their
rules based on our specific offering, which is a 506C. They have to have a minimum network
of a million dollars or have a salary where they make $200,000 plus per year. And we have to verify
that status. Right now, we have more than 400 individual investors across our funds. And
the outreach has been tremendous as of late because of our ability to continue to deliver
outsize returns. Yeah, absolutely. Can you talk a little bit? So let's say that somebody comes in.
They're investing with you now as an LP. What type, and I know this is a really difficult question,
but what types of returns are you typically seeing in a fund? And then talk a little bit about
the hold period. Someone comes in, they say, look, I'm just, we'd rather piggyback on your success.
I'd like to invest. What can that investor expect in terms of distributions,
hold periods, and what they might see as being an LP? Yeah. So just for clarification,
when you say invest in a fund, do you mean a crystal view fund or a non-bustal view fund?
Yeah, you're, yeah, yeah. I'm talking specifically about going to investor with you.
Thanks. Not to be cute, but I think the returns may vary between the two.
Absolutely. So it was typically our guidance is high teens low 20. That's kind of how we
underwrite our projects. I will say, and I have to caveat this with past performances and
indicative of future performance, but on average, our exits have averaged more than 55 percent
IRRs. And we're underwriting to, again, low 20 high teens level returns. So we take great pride in
under promising and over delivering for investors. Along the way, we're typically hitting
high single digit low double digit cash on cash returns across our vehicles as well. So it's a
current pay, which is paid out quarterly, ranging from 8 to 10 percent cash on cash. And then
as we exit investments, or we have liquidity events to refinancing activities, we're typically
making distributions. We're either reinvesting or making distributions to our investors. So
it's kind of putting things in context. I think this answers your question. What kind of liquidity
can they expect as they invest, like in our fund too, through the form of special distributions,
return to capital and preferred returns, we've raised about 58 million and we've returned
north of 60 back to investors. And that was a 2018 vintage fund. We still have 125 million plus
and assets under management in that vehicle. And we're still throwing off the preferred return
and continuing to execute on the business plan. So in an ideal world, that's what we're looking
to achieve for our investors. These are longer term vehicles in nature, 10 plus. But fun one,
we exited it in about six and a half years and hit a mid 40s level IRR within that fund.
Wow. Yeah, that's pretty compelling. And it'll a lot of work and a lot of effort going into it.
And as you mentioned, I was at your investor event. And it's incredible to see your team and
understand the expertise that everybody has. And the interest as well, one thing I really enjoyed
hearing was that many of your staff members invest and have a little bit of skin in the game
in terms of being involved in crystal view, right? Absolutely. I think that's a big piece of
the puzzle here that you just hit on. And that's our mantra here. Heidi is think like an owner.
The only way you're going to think like an owner is when you have skin in the game.
And for some of these folks, you know, these checks may not seem huge. But for them,
that's a large portion of their net worth. It really shows that they have conviction in what we're
doing. They believe in what we're doing. They believe in this culture of winning that we built
that crystal view as do I. And that's why I continue to put a big share of my personal net worth.
And as an LP, on the same terms as everyone else, I'm not getting any preferential treatment,
or there's no special unit class for me, which you see in the PPM is what I get to invest in
as well. And actually, some folks have better unit classes than even I do. And I'm okay with that,
because I want an alignment of interests with my partners, with the investors who have entrusted us
here as a crystal view. And then frankly, for selfish reasons, I don't know where I could go out
and get a better risk at just return by being an LP and crystal view.
Right. Yeah, I mean, that's one of the things that's really fascinating about what you've built.
Let's talk a little bit about tax strategy, given that this podcast is very largely about
the slashing tax and the ability to give us that. Yeah, let's not forget about that, especially it seems
this year with the one big beautiful bill and a lot of these changes. How do these asset classes
specifically support tax advantage investing? Yeah, well, honestly, I would rather defer to the
professionals such as yourself. I will give you the. I will give you the non-CPA non-professional
tax person opinion as to why. I will say, and you know this quite well in terms of the big beautiful
bill and 100% bonus depreciation being back. It's generating some pretty sizable
NOLs across our funds, which we're very excited about as our investors are very excited about.
What's happening here is breaking out the components through these cost segregation studies into
personal property equipment and kind of segregating the land. The compelling thing here is the land
of these within these two asset classes, especially how we invest are in secondary and tertiary
markets. So it's a lot easier to allocate a smaller percentage of that overall purchase price
to the land and you could back it up with cost by the way. Yeah, absolutely. And the overwhelming
majority is going to depreciable assets, which is allowing us to pick up the lion's share of
the purchase price in the form of depreciation that we get to pass through to our investors through
their individual pay one. So it's creating this scenario where they're receiving actual losses
within their pay ones, but they're getting these really nice distributions that we've talked about
earlier. Yep, exactly. I mean, yeah, you know, this question does completely link into the cost
segregation, which is very commonly part of the discussion on this show because we're all about
tax strategy and real estate is one of the most, if not the most tax advantaged investment,
you can possibly be investing in these asset classes. It's what's so fascinating is you've really
pinpointed some huge parameters that that magnify the benefits. I think this is also why we've seen
such a big inflexion interest in demand for self storage and mobile home parks or manufactured
housing developments. Because to your point, we take out the land, which is non depreciable,
but in some of these and many of these assets, all of them, the improvements qualify as
tangible personal property assets versus real estate, especially in these mini storage type projects,
these drive-through metal type buildings. A lot of this stuff is 100% bonus eligible. So you could
be buying a $10, $20, $30 million property and capturing $20 million in deductions. How that
then correlates for investors to your point is this massive deduction where an investor could
put in a certain amount into the fund that they're investing, but oftentimes the K1 is actually
sending out a pretty big loss that's like significantly larger their investment.
So not only are they getting tax-free distributions, normally those losses can then offset
other gains, other revenue and income that those investors have. Is that something that you
market to your investors and your conversations or you talk with them about is they're considering?
Yeah, so it's interesting and you are right and there is a designation about being a real estate
professional and your ability to do that. And this is in a pitch, but I will say this,
a lot of our fund two and fund three investors, as we execute on the business plan and maximize
the net operating income of these assets, and we go to dispose of them and sell them in the open
market. They're generating some pretty sizable gains, especially if we do our job right.
So now you have to recapture that depreciation. So that's the other side of that coin.
And those investors come to us and say, wow, you did really well. I appreciate this distribution.
Now, however, I've got this taxable event, any advice on what I should do. And I say, well,
I'll tell you what I would do or tell you what I am doing is I'm investing in our fund four
because we're at the beginning stages now where those NOLs are highly stacked on the front end,
and that offsetting those gains from the K1s of those earlier vintage funds that are having
those liquidity events from those assets sales. So that's kind of a way to balance that out and
to kind of counteract that taxable gain, which is working well for me personally. And I'm about
taking advantage of it as well. It's exactly the conversation we're having. You know,
there is a lot of concern with investors about recapture and about the capital gain, the increase
in capital gain tax that the incur, be incurred at the time of sale, whether it's their own asset or
whether it's in this type of a liquidation in your one of your funds. But to your point, we always
tell people, yeah, it's, you know, it's like there's the joke that real estate investors always just
seem to be addicted to the next deal. Part of that is out of necessity to continue to grow those
investments, to grow personal net worth. And that is by continually reinvesting, re-infusing that
and then using those losses to offset the gains. And so it's very cyclical and something to be aware
of. But I'm glad you brought that up because recapture is definitely a topic that we run into. People
feel concerned about. Sure. What do you think are the biggest opportunities that you see coming
in the next three to five years within value ad real estate or whether it's the sector or others?
Yeah. Great question. I mean, again, I still see a lot of value, a lot of opportunity in what we're
doing, you know, in our court kind of pure play niches being the self-story to the manufacturing
housing because they are still fragmented and they will be fragmented for at least the foreseeable
future. Let's say five years, you know, 10 years plus. I don't know where we're going to be.
But until that time, we see a real opportunity to continue to go out there and roll these assets
up and aggregate and execute that business plan as we have over the past decade plus. We are seeing
some other unique opportunities which we call niches within niches. And I'll give you a couple
examples of those. On the manufactured housing side, we own and we are looking at pursuing RV
parks which are kind of nuance that are more of a business that have a very similar fundamentals
of the manufactured housing aspect class with marinas. On the storage side, we do own and we're
looking to pursue kind of incubator space, small bay industrial. Think about larger kind of storage
units, 1,500 square foot plus and that range that are at least to your local electrician and your
local plumber. There is no virtually no new supply of that product coming to market and most
geographies which allows an interesting supply demand dynamic where you could really grow your
occupancy and grow your rents without competing like you would in the traditional storage space
in some markets it is oversupplied. We also are seeing industrial outdoor storage opportunities
which is kind of think about like semi lay downs based these large lots where it's just open
outdoor parking equipment, semis, trucks, buses about business equipment, things of that sort
where we're buying those assets and we could kind of institutionalize operations, put in
real gates, utilize AI to have a gated access code or they can only access it if they're
current on their rent those type of things. So I think given our core competency kind of gravitating
and pivoting into these niches is going to be a real opportunity for us to continue to scale,
continue to find great value in the marketplace and continue to deliver great returns for our
investors. Yeah that's exciting. I mean I love that and that's one thing again that I really
appreciate about what you're doing is being innovative and staying kind of ahead of the market
I think in terms of seeing those opportunities. So with that talk about a little bit about what
crystal view capital is planning for any new directions funds or any other you kind of talked
about sectors but you know right now we're recording we're getting right now down towards the end
of the year for 2025 so maybe there's some some opportunity for 2025 still there's a little
time left but also I'm sure many listeners will be listening to this in 2026 as well. So for our
listeners what are you guys doing and what's what do you suggest or what are things you're excited
about with crystal view that investors should know about for this year and next. Yeah so in terms
right now we're approaching Thanksgiving and not much time left in the year which is crazy
quickly it's done. Yeah but we are we are in the process of winding down the rays and fun for
we've raised north of 100 million give or take inequity and we anticipate closing this vehicle
around the first we're beginning second quarter of 2026 and from there we are going to
launch a new vehicle or vehicles that kind of focus on again this these niche strategies of
manufactured housing communities storage and then kind of these hybrids we just discussed
around RV and also the iOS and small bay industrial kind of we so we may we're debating kind of
bifurcating the strategy in two different vehicles we're staying in kind of the the consolidated
vehicle which aggregates all of the asset classes together we also have had a lot of interest
around an evergreen fund. So what that would mean is a lot of our investors it's interesting being
a fun manager I come from the restaurant business. Oh okay I remember and I I'm going to kind
of create an analogy here so my father you know him being a restaurant tour I remember him always
saying no matter what you do or how perfect the food is how great the services inevitably somebody
is going to complain and be like well why why was that happen and well he was right and it also
applies to what we do and I'll give you an example you know we'll buy an asset right we'll execute
the business plan we'll have a wonderful exit in the forties we'll make a distribution
inevitably we will receive a phone call from somebody that says yeah well obviously good
return but I'm upset why are you returning my capital I want you to continue to do this forever
so I think my job as a GP is to find out what our customers want and give it to them it's a lot
of these folks yes they like distributions but they want long-term wealth accumulation and
they are very tax conscious and they would prefer we don't sell assets and I will tell you one
of the biggest mistakes I've made is selling assets but I have to yeah for students or fun
documents and I look back at some of these sales I was very happy at the time but two three four
years passed and you think wow look what that's worth today so we may create a evergreen fun that
goes on in perpetuity so that's generally what we're thinking but I will say this fun for has
performed exceptionally well and as we as we close that out the interest has been really remarkable
and for anybody who is interested in investing that window is going to close quickly we would love
the opportunity to serve you in fun for or in subsequent vehicles but as fun for closes down there
is a lag in between formation of that new vehicle and ramp up of acquiring assets executing the
business plan where that cash flow starts to kick in again so there's a unique opportunity to
get in at the end where you're buying into an existing cash flow and you're going to have these
nice tax advantages that we just discussed yeah fantastic well that's real exciting I can't wait
to share this one and get this out quickly so that our investors and I can share it because like
say I have so many people looking for opportunities still before the end of the year and I'm sure
you'll have more coming into next year that people can get involved with but before we wrap up
tell or share a little bit with our listeners about what the best way is to get in touch with your
team with your group or you and how they can learn more about your funds yeah so visit our website
www.crystalviewcapital.com reach out to our investor relations team Ben Brundich who leads up
investor relations and you can email him at investatcrystalviewcapital.com
beautiful perfect well Matt thank you so much for being here I really appreciate the time
and I'm really excited to share this with our listeners and begin to share out more about what
you guys are doing because I think it's fantastic well we appreciate you Heidi and thank you for
letting me be a part of your program today happy Thanksgiving to you thank you so much you too
all right thanks